/raid1/www/Hosts/bankrupt/TCRAP_Public/170425.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 25, 2017, Vol. 20, No. 81
Headlines
A U S T R A L I A
AUSSIE CARE: First Creditors' Meeting Set for May 2
CLK SERVICES: Second Creditors' Meeting Set for April 28
DAMAT HOLDINGS: First Creditors' Meeting Set for May 2
G.J. & N.J.: First Creditors' Meeting Set for May 3
KEYSTONE GROUP: Court Grants 4-Week Extension to Convene Meeting
LABOUR 2U: First Creditors' Meeting Set for May 2
LOOP CREATIVE: First Creditors' Meeting Set for May 3
MARCS AND DAVID: Myer Rescue Won't Save Hundreds of Jobs
READY FLOWERS: First Creditors' Meeting Set for May 4
C H I N A
GUANGZHOU R&F: S&P Affirms 'B+' CCR, Outlook Stable
TONGJI HEALTHCARE: Incurs $3.64 Million Net Loss in 2016
YIDA CHINA: Fitch Assigns 'B' Rating to US$300MM Senior Notes
ZOOMLION HEAVY: S&P Affirms 'B' CCR & Revises Outlook to Stable
H O N G K O N G
PACIFIC ANDES: Asks Judge Permission to Subpoena Ex-Liquidators
PACIFIC ANDES: Claims Bar Date Slated for May 12
I N D I A
AGL POLYFIL: CARE Reaffirms B+ Rating on INR17.75cr LT Loan
BAGGA LUXURY: CRISIL Assigns B+ Rating to INR10MM Cash Loan
BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.60cr LT Loan
BLA PROJECTS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
BREMELS RUBBER: CRISIL Lowers Rating on INR15MM Loan to 'B'
CALYX TELECOM: CARE Issues B+ Issuer Not Cooperating Rating
CHARMING PRINTING: CRISIL Reaffirms B Rating on INR4MM Cash Loan
CRBR INDUSTRIES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DELTA JEWELLERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
DGP STEEL: CRISIL Raises Rating on INR2MM Cash Loan to B-
DHARAMPAL PIPE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
DUFLON INDUSTRIES: CRISIL Raises Rating on INR30MM Loan to BB-
GLAZE GARMENTS: CARE Lowers Rating on INR21.94cr Loan to 'D'
GUPTA METAL: CARE Issues B Issuer Not Cooperating Rating
GURMON HOTELS: CRISIL Reaffirms B- Rating on INR20MM Term Loan
GVR AUTOMOTIVES: CRISIL Assigns 'B' Rating to INR6.5MM Term Loan
HARMAN COTTEX: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
HGP CARS: CRISIL Assigns B+ Rating to INR10MM Loan
HI-QUALITY FOODS: CRISIL Cuts Rating on INR15MM Loan to B-
ITMS INDIA: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
JAY AGRO: CARE Issues B+ Issuer Not Cooperating Rating
JAY DURGA: CRISIL Assigns B+ Rating to INR5MM Cash Loan
MAN COTT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
MUGHALSARAI NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
OPULENT HOSPITALITY: CARE Assigns B+ Rating to INR5.30cr Loan
P.K. & COMPANY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
PANDA INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
PMR INFRASTRACTURES: CRISIL Assigns B Rating to INR4MM Loan
PROVENTUS AGER: CARE Issues B+ Issuer Not Cooperating Rating
RADIANT POLYMERS: CARE Issues B Issuer Not Cooperating Rating
RAKESH CREDITS: CRISIL Reaffirms 'B' Rating on INR8MM LT Loan
SATLUJ SPINTEX: CRISIL Lowers Rating on INR121.75MM Loan to B+
SHINE FLEXIBLE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
SILVER ENTERPRISE: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SMARTHA ENTERPRISES: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
SOUBHAGYA PROCESSOR: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SRI S. SUBBIAH: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
SUNRAJ CERAMIC: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
SWARGIYA DADASAHEB: Ind-Ra Migrates BB Rating to Non-Cooperating
ULTRA READY: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
VIDEOCON TELECOM: CARE Reaffirms 'D' Rating on INR2562.5cr Loan
I N D O N E S I A
BANK DANAMON: Fitch Affirms B Short-Term IDRs; Outlook Stable
J A P A N
TOSHIBA CORP: To Split In-House Firms Into Wholly Owned Units
P H I L I P P I N E S
RURAL BANK OF RAGAY: Placed Under PDIC Receivership
S O U T H K O R E A
HANJIN SHIPPING: Korea Losing Port Calls After Firm's Bankruptcy
X X X X X X X X
* BOND PRICING: For the Week April 17 to April 21, 2017
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A U S T R A L I A
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AUSSIE CARE: First Creditors' Meeting Set for May 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Aussie
Care Holdings Ltd trading as Aussie Care will be held at offices
of SV Partners Insolvency (NSW) Pty Ltd, Suite 3, Level 3, 426
King Street, in Newcastle, on May 2, 2017, at 10:00 a.m.
Daniel Jon Quinn and Darren John Vardy of SV Partners were
appointed as administrators of Aussie Care on April 19, 2017.
CLK SERVICES: Second Creditors' Meeting Set for April 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of CLK Services
Pty Ltd has been set for April 28, 2017, at 10:30 a.m., at the
offices of Worrells Solvency & Forensic Accountants, Suite 54,
Level 5, HQ@Robina, 58 Riverwalk Avenue, in Robina, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 27, 2017, at 5:00 p.m.
Jason Walter Bettles and Raj Khatri of Worrells Solvency &
Forensic Accountants were appointed as administrators of CLK
Services on March 15, 2017.
DAMAT HOLDINGS: First Creditors' Meeting Set for May 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Damat
Holdings Pty Ltd will be held at the offices of Heard Phillips
Chartered Accountants, Level 12, 50 Pirie Street, in Adelaide, on
May 2, 2017, at 2:00 p.m.
Mark Lieberenz and Anthony Phillips of Heard Phillips were
appointed as administrators of Damat Holdings on April 19, 2017.
G.J. & N.J.: First Creditors' Meeting Set for May 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of G.J. &
N.J. Semertzidis Pty Ltd, trading as Arnold Webbing, will be held
at the offices of Chartered Accountants ANZ, Level 18, 600 Bourke
Street, in Melbourne, Victoria, on May 3, 2017, at 10:30 a.m.
Richard Trygve Rohrt & Leigh William Dudman of Hamilton Murphy
were appointed as as administrators of G.J. & N.J. on April 20,
2017.
KEYSTONE GROUP: Court Grants 4-Week Extension to Convene Meeting
----------------------------------------------------------------
The Sydney Morning Herald reports that celebrity chef Jamie
Oliver's plan to salvage his Australian Jamie's Italian
restaurant chain has narrowly avoided collapse with a court
granting administrators and receivers extra time to complete the
takeover from failed hospitality company the Keystone Group.
SMH relates that the buy-back decision by the star chef, who has
built an empire from being an apprentice cook in his dad's pub in
Essex, UK, came after Keystone was put into receivership in June
last year owing more than AUD100 million.
But Mr. Oliver's plans to bring his eponymous restaurants back
in-house under his British parent group hit a snag when the sale
was not finalised by the April 11 deadline for a creditors'
meeting mandated under the corporations law, according to the
report.
During an urgent hearing, the New South Wales Supreme Court was
told that if an extension of time was not granted, the Jamie's
companies -- which are insolvent -- would proceed into
liquidation, with the loss of more than 300 jobs, SMH relates.
According to SMH, administrator Katherine Barnet told the court
both parties agreed to the sale on December 31 but there had been
a delay in finalisation for a number of reasons, including the
complexity of the transaction and negotiations with the
respective landlords at each restaurant.
SMH relates that Justice Fabian Gleeson on April 21 agreed to a
four-week extension to reconvene the second meeting of creditors
for the Jamie's entities in order to allow the sale to be
completed.
Under the terms of the agreement with Jamie's Italian
International Limited -- an English company of which Oliver is a
director -- all employees will be offered the same or similar
jobs with the same terms and conditions, the report notes.
In January, receivers Ferrier Hodgson announced 16 of Keystone's
17 venues had been sold, with the Dixon Group buying Bungalow 8,
Cargo Bar, Manly Wine, The Rook, The Winery, Kingsleys
Woolloomooloo and Kingsleys Brisbane, the report recalls. The
Gazebo and Sugarmill Hotel were sold via private sales and
Chophouse Sydney was sold to the Solotel Group, which is part-
owned by celebrity chef Matt Moran.
The Keystone Group was placed in receivership when it failed to
renegotiate an $80 million loan with its financiers, the private
equity group KKR and Olympus Capital.
Ms. Barnet told the court at least 257 proofs of debt have been
received by the administrators worth a total AUD118 million, SMH
relays.
Following Keystone's shock collapse, Mr. Oliver said the
Australian franchises were some of the best performing Jamie's
Italian restaurants worldwide and Keystone's woes were not a
reflection on the performance of the restaurants, adds SMH.
About Keystone
Founded in 2000, Keystone Group runs venues throughout Australia
such as the celebrity chef Jamie Oliver-branded chain Jamie's
Italian, as well as Sydney staples Kingsleys, the Sugarmill,
Cargo Bar and Bungalow 8.
On June 28, 2016, the Group was placed into receivership by a
syndicate of lenders due to an inability to reach agreement with
the Board on key aspects of the Keystone Group's financial
structure.
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
Receivers and Managers to the Keystone Hospitality Group.
Venues continued to operate while Receivers commenced a sales
campaign for them.
LABOUR 2U: First Creditors' Meeting Set for May 2
-------------------------------------------------
A first meeting of the creditors in the proceedings of Labour 2U
Pty Ltd will be held at the offices of Jirsch Sutherland, Level
27, 259 George Street, in Sydney, NSW, on May 2, 2017, at
2:30 p.m.
Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator of Labour 2U on April 21, 2017.
LOOP CREATIVE: First Creditors' Meeting Set for May 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Loop
Creative Australia Pty Ltd will be held at the offices of
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, NSW, on May 3, 2017, at 11:00 a.m.
Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Loop Creative on April 20, 2017.
MARCS AND DAVID: Myer Rescue Won't Save Hundreds of Jobs
--------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that hundreds of
workers from Marcs and David Lawrence stores will still lose
their jobs in the next few days despite Myer's last-minute rescue
of the high profile brands.
Myer announced on April 13 it would acquire the failed fashion
brands which went into administration in February, the report
says.
According to the report, the move surprised many retail insiders,
who believed the chain was committed to a "wanted brands"
strategy rather than investing in private label lines.
SMH notes that even after the Myer deal some 130 jobs will still
go, with the shutdown of 36 stand alone stores in Brisbane,
Adelaide, Perth and Canberra leaving just three David Lawrence
stores and nine Marcs outlets trading in Sydney and Melbourne.
SMH says administrator Rodgers Reidy has already shut down 13 in-
store boutiques or concession stores in Myer and David Jones as
well as the New Zealand chain for both brands, decisions that
have already cost at least 100 jobs.
Myer refused to reveal what it paid for the inventory and
intellectual property associated with Marcs and David Lawrence or
comment on whether influential rag-trader and Myer shareholder
Solomon Lew had any influence over the decision, the report says.
Myer has acquired popular fashion brands Marcs and David
Lawrence, which collapsed in February.
David Jones and Myer both operate concessions for both labels and
insiders suggest Myer's acquisition will likely lead to the shut
down of these retail spaces in David Jones.
According to the report, Mr. Bracken said Myer had been "quietly
hoping" an appropriate buyer would emerge but when the
administrator indicated plans for a wind-up process it was forced
to step in.
"We were faced with losing these brands that are extremely
productive in our portfolio," the report quotes Mr. Bracken as
saying. "What we have not acquired is Webster Holdings, we've
acquired the assets of Webster Holdings that have the most value
for Myer."
Myer admitted the acquisition was as much about "buying time" as
it was about purchasing the two fashion labels.
"We were motived by the fact both brands align very strongly with
our strategy but I don't think we can make any assumptions at the
moment," the report quotes Mr. Bracken as saying. "We've bought
ourselves time, the administrator is closing a number of stores
but there are a small number we asked them not to close."
SMH relates that Myer said it was working with the administrator
to "determine the future of the brands' concessions, free-
standing stores and arrangements with other retail partners."
About Marcs and David Lawrence
Retail fashion labels Marcs and David Lawrence has 52 standalone
stores, 11 outlets and over 140 concession stores operating out
of Australia and New Zealand.
In Australia, the Companies employ approximately 1,130 staff. 640
staff are employed on a casual basis, approximately 260 staff are
employed on a full-time basis and 230 on a part-time basis. There
are 10 stores in New Zealand employing 42 staff.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2017, The Sydney Morning Herald said high-profile
Australian fashion labels Marcs and David Lawrence have collapsed
under debts of close to AUD30 million, including close to AUD3
million in worker entitlements and a AUD700,000 debt to the tax
office.
The combined companies that operate retail fashion labels in
Australia and New Zealand appointed Voluntary Administrators on
Feb. 1, 2017.
Pursuant to resolutions passed by the sole director of the
Companies on Feb. 1, 2017:
* Geoffrey Reidy and Andrew Barnden, Directors of Rodgers
Reidy, were appointed as Voluntary Administrators to
M. Webster Holdings Pty Limited and Webster Asset Pty
Limited; and
* Andrew Barnden and Paul Vlasic, a Director at Rodgers
Reidy's Auckland office, were appointed as Voluntary
Administrators to M. Webster Holdings (NZ) Limited.
The Companies' sole director, Mr. Malcolm Webster, has informed
the Administrators that the appointment of administrators was
necessary due to factors including deteriorating sales, general
market conditions and poor cash flow.
READY FLOWERS: First Creditors' Meeting Set for May 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ready
Flowers Pty Ltd will be held at the offices of SM Solvency
Accountants, Level 8/490 Upper Edward Street, in Spring Hill,
Queensland, on May 4, 2017, at 10:00 a.m.
Brendan Nixon and Leon Lee of SM Solvency were appointed as
administrators of Ready Flowers on April 20, 2017.
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C H I N A
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GUANGZHOU R&F: S&P Affirms 'B+' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating and 'cnBB' long-term Greater China regional scale rating
on China-based developer Guangzhou R&F Properties Co. Ltd. and
R&F Properties (HK) Co. Ltd. The outlooks for both companies
remain stable.
S&P Global Ratings revised its assessment of Guangzhou R&F's
liquidity to adequate from less than adequate because the
company's increased cash balance has significantly strengthened
its liquidity sources. At the same time, S&P also revised its
assessment of R&F HK's liquidity to adequate from less than
adequate. As the parent's offshore financing platform, R&F HK's
liquidity mainly mirrors that of Guangzhou R&F. None of the
ratings on Guangzhou R&F and R&F HK were affected by the
assessment change.
S&P estimates that Guangzhou R&F's liquidity sources to be over
1.2x its liquidity uses for the next 12 months. The company's
cash balance rose by over 110% to Chinese renminbi (RMB46)
billion in 2016. The significant increase was because Guangzhou
R&F issued RMB42.5 billion in onshore bonds during the year. The
company's contracted sales were in line with S&P's expectations
and the cash collection rate was good in 2016 due to favorable
market conditions, and also contributed positively. In addition,
the onshore bond issuances have lengthened Guangzhou R&F's debt
maturities, which are now more evenly spread out over the next
few years. That has also helped to even out R&F's liquidity
uses.
Our liquidity assessment also suggests that Guangzhou R&F has a
reasonable ability to absorb high-impact, and low-probability
events. It also maintains good relationship with banks, as shown
by its track record of having good access to bank credits and
capital market. R&F has a generally satisfactory standing in
credit markets, as shown by a low-cost new bond that it issued
recently.
Principal liquidity sources include:
-- Cash and restricted cash of RMB45.9 billion as of Dec. 31,
2016;
-- Cash receipts from sales and recurrent income of
RMB57.1 billion in 2017;
-- A new U.S. dollar bond issuance of around RMB5.5 billion in
the first three months of 2017.
Principal liquidity uses include:
-- Construction cost of RMB24 billion in 2017;
-- Estimated committed land premiums of RMB8.0 billion as of
Dec. 31, 2016;
-- Debt maturities in one year of RMB33.7 billion as of
Dec. 31, 2016;
-- Selling, general, and administrative expenses, taxes, and
interest payments of RMB20.4 billion in 2017;
-- Committed land premium payment of RMB8 billion in 2016;
-- Declared cash dividend payment and other payment of
RMB8 billion.
S&P affirmed the rating on Guangzhou R&F because S&P believes the
company's leverage will remain stable over the next 12 months
following a moderate deterioration in 2016 due to the higher-
than-expected total debt level. S&P expects the company to use
its ample cash balance to pay down maturing high-cost financing.
Hence, its total debt level should increase at a slower pace over
the next two years, in S&P's view. Guangzhou R&F's established
market position, its satisfactory scale of operations, and above-
peer profitability also support the current rating.
The stable outlook reflects S&P's expectation that Guangzhou R&F
will maintain steady growth in property sales and above-average
profit margins over the next 12 months. S&P also expects the
company's leverage to remain stable despite more active land
acquisitions, and that liquidity will stay adequate over the next
12 months.
S&P may lower the rating if: (1) the company deviates from
disciplined growth management and pursues debt-funded expansion
more aggressively than S&P anticipates, such that its EBITDA
interest coverage falls below 1.5x or the ratio of total debt to
EBITDA continues to rise without any sign of improvement; or (2)
R&F's liquidity substantially deteriorates and refinancing risk
heightens because of weak access to new funding.
S&P could raise the rating if R&F improves its credit profile
through strong sales, good profitability, and well-managed
leverage, such that the ratio of total debt to EBITDA improves
towards 5x on a sustainable basis.
TONGJI HEALTHCARE: Incurs $3.64 Million Net Loss in 2016
--------------------------------------------------------
Tongji Healthcare Group, Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $3.64 million on $1.93 million of total operating
revenue for the year ended Dec. 31, 2016, compared to a net loss
of $588,557 on $2.35 million of total operating revenue for the
year ended Dec. 31, 2015.
As of Dec. 31, 2016, Tonji had $8.36 million in total assets,
$14.52 million in total liabilities and a total stockholders'
deficit of $6.16 million.
Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016.
The Company has negative working capital of $6,745,663, an
accumulated deficit of $7,206,416, and shareholders' deficit of
$6,162,728 as of Dec. 31, 2016.
"The Company's ability to continue as a going concern ultimately
is dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations. The consolidated financial statements do
not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and
classification of liabilities that might be necessary should the
Company not be able to continue as a going concern."
A full-text copy of the Form 10-K is available for free at:
https://is.gd/tolwrr
About Tongji Healthcare
Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.
YIDA CHINA: Fitch Assigns 'B' Rating to US$300MM Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned Yida China Holdings Limited's (Yida,
B/Positive) US$300 million 6.95% senior unsecured notes a final
'B' rating and Recovery Rating of 'RR4'.
The notes are rated at the same level as Yida's senior unsecured
rating because they constitute the company's direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on 10 April 2017.
Yida's ratings are constrained by its high leverage, as measured
by net debt/adjusted inventory, the still-small contribution from
operations outside the city of Dalian in China's Liaoning
province, and limited scale. Its ratings are supported by its
strong record in business park operation in Dalian and expanding
presence in other Chinese cities.
KEY RATING DRIVERS
High Leverage: Yida's leverage has remained above 45.0%
historically and was at 46.7% at end-2016, which is higher than
for most mid-to-high 'B' rating category Chinese developers.
Fitch expects leverage to drop gradually from 2017, due to
stronger sales and better cash collection, as well as from cash
gradually recycling from the Dalian government as a result of
primary land development in the early years. However, leverage is
likely to remain above 40% during 2017-2019, considering the
company's expansion plans and continuous investment property
development.
Limited Geographic Diversification: More than 90% of Yida's
attributable contracted sales were generated from Dalian before
2016, although this decreased to 82% in 2016 due to a higher
contribution from new projects in the city of Wuhan in China's
Hubei province. Fitch expects Dalian to still account for around
80% of contracted sales in the next two to three years, given 87%
of Yida's attributable land reserve was located in Dalian as of
end-2016.
Small Scale: Yida's contracted sales of around CNY7 billion-8
billion in 2015 and 2016 are small compared with 'B+' rated
developers, which generate more than CNY10 billion in contracted
sales annually. Housing market risk will continue to
significantly affect Yida's credit profile, as development
property sales remain its key operating cash contributor.
Increasing maturity of the company's investment properties in its
new business parks and the expanding scale of its development
property sales, with more projects generating sustainable sales,
will eventually mitigate its small scale.
Leading Business Park Developer: Yida has 15 years of experience
in business park development and operation, starting with its
first project, Dalian Software Park, in 2002. The company has
demonstrated an ability to attract large multinational
corporations and reputable local companies to its business parks.
Its strong retention rate is reflected by the 92% occupancy rate
enjoyed by Dalian Software Park and average occupancy rates of
above 80% for mature assets. The strong performance of its
business parks can also be seen from the sustained positive
annual rental reversion of 5%-8%. Its fast-expanding entrusted
businesses in 2015 and 2016 also demonstrates the company's
proficiency in business park operation.
Rising Recurring Income: Fitch expects recurring income from
Yida's business parks and entrusted operation business to
increase at 10%-18% yoy from CNY435 million in 2016 to CNY649
million in 2019, with recurring EBITDA interest coverage
improving from 0.3x towards 0.5x. Recurring income growth will be
driven by both enlarged leasable gross floor area, with new parks
in Dalian and Wuhan, and increasing occupancy rates in existing
business parks.
New Shareholder, No Immediate Impact: Fitch believes Yida's
business development may benefit from the entry of new
shareholder, China Minsheng Investment Group (CMIG), but there
are no changes to the company's operations as yet. CMIG can
facilitate more business opportunities outside Yida's Dalian
stronghold that Yida is already exploring. Furthermore, CMIG may
bring more funding flexibility. CMIG, a leading private
investment group, in November 2016 bought a 53% equity interest
from Yida's founder, Mr. Sun Yinhuan. The acquisition was made by
CMIG's subsidiary, China Minsheng Jiaye Investment Limited (CMIG
Jiaye), which is CMIG's platform specialising in property
investment. CMIG Jiaye held 61.1% of Yida as of end-March 2017.
DERIVATION SUMMARY
Yida's business profile as a leading regional homebuilder and
business park developer in Dalian, with a sufficient and sound-
quality land bank to support its property development, is
commensurate with a 'B' rating. Yida also has a satisfactory
EBITDA margin of above 20%, which is comparable with 'BB' rating
category peers. Its recurring income from investment property
assets, especially from mature office buildings in Dalian
Software Park, provides an extra liquidity buffer.
However, Yida's leverage is higher than most of its 'B' rated
peers, such as Xinyuan Real Estate Co., Ltd. (B/Stable), and its
contracted sales are small compared to 'B+' rated developers,
such as Modern Land (China) Co., Limited (B+/Stable). Yida's
insignificant recurring income and geographic concentration in
Dalian cap its rating at 'B'.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Attributable contracted sales to stay at CNY7 billion to
CNY9 billion during 2017-2019.
- Construction expenditure accounting for 30%-40% of contracted
sales during 2017-2019.
- Land acquisition payments accounting for around 20%-30% of
contracted sales during 2017-2019.
- Capex for new investment properties at CNY350 million-450
million per year during 2017-2019.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action include:
- recurring EBITDA/gross interest sustained above 0.3x (2016:
0.3x; 2015: 0.2x);
- net debt/adjusted inventory of below 45% for a sustained
period (2016: 46.7%; 2015: 52.8%); and
- EBITDA margin sustained above 25.0% (2016: 25.6%; 2015:
27.8%).
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Failure to maintain the above positive rating sensitivities
will lead to the Positive Outlook reverting to Stable.
LIQUIDITY
Adequate Liquidity: Yida had CNY2.9 billion in cash, including
restricted cash, on hand as of end-2016 and unused bank
facilities of CNY4.1 billion; sufficient to cover its short-term
debt of CNY4 billion.
Diversified Funding Channels: Yida has access to diversified
funding channels, including domestic corporate bonds, bank
borrowings, trust borrowings and the equity market. It issued two
tranches of domestic bond, totalling CNY3 billion, during
September 2015 to March 2016 at a cost of 6.0%-6.5%. Its average
borrowing cost was hence lowered to around 7% in 2016, from 10%
in 2014. The company's borrowing structure was improved after it
replaced part of its short-term debt with longer-maturity
corporate bonds in 2016. Also, the portion of secured debt among
total debt was cut to 80%, from above 90% in previous years.
ZOOMLION HEAVY: S&P Affirms 'B' CCR & Revises Outlook to Stable
---------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on
Zoomlion Heavy Industry Science and Technology Co. Ltd. to stable
from negative. At the same time, S&P affirmed its 'B' long-term
corporate credit rating on the China-based machinery manufacturer
and our 'B' long-term issue rating on the senior unsecured notes
that Zoomlion H.K. SPV Co. Ltd. issued. Zoomlion guarantees the
notes. In line with the outlook revision, S&P revised its long-
term Greater China regional scale rating on Zoomlion and the
notes to 'cnBB-' from 'cnB+'.
"We revised the rating outlook on Zoomlion to stable from
negative because we anticipate that the company's cash flow and
leverage will improve over the next 12 months," said S&P Global
Ratings credit analyst Stanley Chan.
S&P anticipates a recovery in demand in the construction
machinery sector in China because of a higher commencement rate
of infrastructure projects. Also, the machinery replacement
cycle is likely to kick off. S&P believes demand will continue
to recover in the coming 12 months, but with some uncertainties
over demand from the property sector.
S&P expects Zoomlion's debt leverage to decrease but still remain
high over the next 12 months. The gross debt balance is likely
to decline modestly in the period. The company has ceased to
provide off-balance-sheet guarantees to its customers since 2013.
Its outstanding guarantee balance has been shrinking and is
likely to be minimal by 2019.
The credit risk on Zoomlion's account receivables is likely to
gradually reduce. That's because a pick-up in machinery
operating hours over the past few quarters should boost earnings
and cash flows of downstream customers and leasing companies.
Moreover, Zoomlion is increasingly selective with client
engagements based on credit risks. S&P forecasts that the
company will generate Chinese renminbi (RMB) 800 million-RMB1.3
billion in positive operating cash flow in 2017, versus negative
operating cash flows in 2015 and 2016, of RMB1.8 billion and
RMB5.3 billion, respectively.
S&P estimates that Zoomlion's revenue from its construction
machinery business will reach around RMB10 billion in 2017, up
20%-30% from 2016. S&P also anticipates more rational behavior
from customers and machinery makers in China with renewed focus
on cash flows instead of on gaining market share.
S&P expects Zoomlion's EBITDA margin to reach 8%-9% over the next
12 months, from 0%-1% in 2016, mainly driven by lower overhead
costs owing to restructuring of operations.
"The stable outlook reflects our expectation that Zoomlion's debt
and interest-serving capacity will improve in the coming 12
months on the back of a demand recovery in the construction
machinery business," said Mr. Chan. "In our base case scenario,
we anticipate that the company will reduce its on- and off-
balance-sheet debt-like obligations owing to its positive
operating cash flows. However, the deleveraging will be gradual."
S&P may downgrade Zoomlion if the company's ratio of operating
cash flows to debt is lower than 5% for a sustained period. This
could happen if Zoomlion's working capital management or
profitability is worse than S&P expects.
S&P may also lower the ratings if Zoomlion's funding and
liquidity pressure escalates and its debt maturity profile
deteriorates. This could happen if the company's banking
relationships weaken, reflected in higher borrowing costs and a
lower share of bank facilities from major lenders.
The potential for an upgrade of Zoomlion is limited for the next
12 months. Nevertheless, S&P may raise the rating if the
company's debt-to-EBITDA ratio improves to less than 5.0x for a
sustained period. This could happen if Zoomlion generates
positive operating cash flows for early debt prepayment and
continues to reduce its on- and off-balance-sheet debt.
================
H O N G K O N G
================
PACIFIC ANDES: Asks Judge Permission to Subpoena Ex-Liquidators
---------------------------------------------------------------
Jason Smith at Undercurrent News reports that the Ng-family
controlled Pacific Andes Resources Development, (PARD), a key
subsidiary of the financially troubled fishing conglomerate
Pacific Andes, seeks to question liquidators attempting to wind
up three group subsidiaries.
According to the report, PARD, the group's frozen fish supply
chain management division, is asking New York bankruptcy judge
James Garrity for permission to issue subpoenas compelling
documents and testimony from FTI Consulting and three of its
employees.
Undercurrent News relates that the action could bring the so-
called "FTI report", a document that lender HSBC reportedly used
as evidence before a Hong Kong court in 2015 to have a liquidator
appointed over group subsidiary China Fishery, into the public
record for the first time.
In addition to the firm's authoring of the report, three FTI
representatives -- Ian Morton, Nicholas James Gronow and Joshua
Taylor -- were recently named by a court in the British Virgin
Islands (BVI) as liquidators of three PARD subsidiaries
registered there, Undercurrent News says.
PARD's lawyers have argued that the appointment is a conflict of
interest, given the men's past involvement in the 2014 report,
the documents state, according to Undercurrent News.
They want to use a provision in US bankruptcy law known as Rule
2004 to be granted subpoena authority to investigate FTI's
"aggressive, arguably improper and unnecessary actions adverse to
PARD and the affiliated debtors," the lawyers said in court
filings cited by Undercurrent News.
Undercurrent News relates that the information to be subpoenaed
is wide-ranging in scope relating to the FTI liquidators'
appointments over PARD subsidiaries PAE-BVI, Parkmond Group
Limited and PARD Trade. It includes 13 separate requests for
information relating to communications between the liquidators
and other creditors, the FTI report and investigation of Pacific
Andes companies and any communications that FTI representatives
had with journalists about the liquidations, the report states.
According to the report, the filing stated that PARD accuses FTI
of "apparently providing letters containing false allegations
regarding PARD's business operations to the media."
The company hinted in the filing that it may sue FTI
depending on what its investigation uncovers, the report adds.
"If in fact FTI is taking actions adverse to PARD and the
Affiliated Debtors, it is incumbent upon PARD to take discovery
on those matters and take any action necessary to pursue damages
on behalf of PARD's estate," Undercurrent News quotes PARD's
lawyers as saying.
FTI disputed PARD's characterization that the firm was
conflicted, the report says.
"The prior role of FTI Consulting involving Pacific Andes was
brought to the attention of the BVI court when the application
was made by a creditor to appoint representatives of FTI
Consulting as liquidators and was again dealt with at a further
contested Court hearing in the BVI. The BVI court has now twice
ruled to the effect that the prior role of FTI Consulting does
not constitute a conflict of interest to the appointment of FTI
Consulting representatives as liquidators," Matt Bashalany, a
spokesman for FTI said in a statement to Undercurrent News.
About Pacific Andes Resources Development Limited
Hong Kong-based Pacific Andes Resources Development Limited
(PARD) is engaged in sourcing, processing, distribution and sales
of seafood products. The Company is focused on the development,
marketing and distribution of fish, frozen fish and fish
products.
PARD sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S. D. N.Y. Case No. 16-12739) on September 29, 2016. The
petition was signed by Ng Puay Yee, Annie (Jessie), executive
chairman.
The Debtor is represented by Tracy L. Klestadt, Esq., at Klestadt
Winters Jureller Southard & Stevens, LLP. The case is assigned
to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at $1
billion to $10 billion and debts at $100 million to $500 million.
The Debtor's case is not jointly administered with the case of
its affiliate China Fishery Group Ltd. (Cayman), which sought
Chapter 11 protection on June 30, 2016.
PACIFIC ANDES: Claims Bar Date Slated for May 12
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set May 12, 2017, at 5:00 p.m. (Eastern Time) as last date and
time for each person or entity and governmental units to file
proofs of claim against Pacific Andes Resources Development
Limited.
All proofs of claim must be filed either electronically by
authorized users of the Court's electronic case filing system or
for all other, by delivery of the original proof of claim form by
hand, or mailing the original proof of claim at:
U.S. Bankruptcy Court Southern District of New York
One Bowling Green, Room 534
New York, NY 10004-1408
For further details, contact:
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Attn: Matthew S. Barr, Esq.
Tel: (212) 310-8000
Email: matt.barr@weil.com
As reported by the Troubled Company Reporter on Sept. 30, 2016,
Pacific Andes is related to China Fishery Group Limited (Cayman).
About Pacific Andes Resources
Based in Hong Kong, Pacific Andes Resources Development Limited
engages in commercial fishing. The Company filed for Chapter 11
bankruptcy protection on Sept. 29, 2016 (Bankr. S.D.N.Y. Case No.
16-12739). The Hon. James L. Garrity Jr. presides over the
Debtor's case. Tracy L. Klestadt, Esq., at Klestadt Winters
Jureller Southard & Stevens LLP, represents the Debtor. The
Debtor estimated assets of between $1 billion and $10 billion,
and debts of between $100 million and $500 million.
=========
I N D I A
=========
AGL POLYFIL: CARE Reaffirms B+ Rating on INR17.75cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
AGL Polyfil Pvt Ltd (AGL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 17.75 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 5.94 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
AGL is on account of decline in turnover and cash loss incurred
during FY16 (refers to the period April 1 to March 31). Moreover
the rating continues to remain constrained by its moderate scale
of operation, susceptibility to raw material price fluctuations
and working capital intensive nature of operation. The aforesaid
constraints are partially offset by the experienced promoters and
demand of the product from different sectors.
Going forward, the ability of AGL to increase its scale of
operations with improvement in profit margins and effective
management of working capital would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoter: Mr. Sunil Kr. Agarwal and Mr. Suresh Kr.
Agarwal have an experience of more than three decade in trading
of cotton and PSF fibre. The other two directors, Mr. Saurabh
Agarwal and Mr. Sudarshan Agarwal have an experience of around a
decade in similar line of business. Demand of the product in
various fields: PSF has a wide market demand with the product
finding usage in manufacturing of quilts, winter wear, sleeping
bags, car fabrics, filling of sofas, pillows, soft toys, etc., in
wadding industry, filtration industry, spinning mills. This is
also being used in the construction industry in the construction
of roads, pools, etc.
The wide usage of the product in various sectors of the economy
provides ready market for the product and significant demand
potential.
Key Rating Weaknesses
Modest scale of operation: The total operating income (TOI) has
declined by 20.38% in FY16 (A) to INR64.70 crore over FY15 (A) on
account of fire which occurred in its unit in January, 2015 and
lower demand of its manufactured products. The tangible net worth
as on March 31, 2016 stands at INR24.74 crore.
Susceptibility to raw material price fluctuations: The major raw
materials required by AGL is crushed pet bottles, the prices of
the same witnesses seasonal movements with prices peaking up
during winter, when consumption of cold drinks is lesser and
availability of the bottles goes down. Hence, the profitability
of the company is susceptible to volatility of raw material
prices. Raw material costs contribute a major proportion of cost
of sales, accounting around 65% of total cost of sales in FY16.
Working capital intensive nature of operation: The operating
cycle of the company has deteriorated to 115 days for FY16 from
101 days in FY15 mainly on account of increase in inventory
period. Average utilisation of working capital limit remained
around 90% in State Bank of India and 85% in ICICI Bank during
the last twelve month ending November 30, 2016.
Leveraged capital structure: The capital structure has
deteriorated as on March 31, 2016 with deterioration in overall
gearing ratio to 1.06x in FY16 from 0.92x In FY15 owing to higher
utilisation of working capital borrowings.
AGL Polyfil Pvt. Ltd. (AGL), incorporated in March 2002 as Udita
Properties Pvt. Ltd. by Mr. Sheo Shankar Pandey and Mr. Shrigopal
More of Kolkata. After remaining dormant for six years the
company was taken over by the Agarwal family of Kolkata in Sep.
2008 and was rechristened to its present name. AGL commenced
commercial operations from Nov. 2010 and is engaged in
manufacturing of Pet Flakes, Polyester Staple Fibre (PSF) and
Polyester Yarn. The company manufacturers its products by
recycling industrial & consumer plastic waste (PET bottles,
polyester waste) instead of crude oil which is used to
manufacture virgin form of the products. The manufacturing
facility of the company is located at Chandrapur, in West Bengal,
with an annual installed capacity of 14000 MTPA for PSF, 30000
MTPA for PF and 2100 MTPA for yarn. The company also exports PSF
to Germany & Italy with the exports comprising 1.56% of the
overall sales in FY16.
In FY16 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR64.70 crore and net loss
of INR5.99 crore as against a total operating income of INR81.26
crore and net loss of INR3.27 crore in FY15. In FY16 the company
has also incurred the cash loss of INR4.38 crore as against gross
cash accrual of INR1.18 crore. As per the management, AGL has
achieved a turnover of INR66.51 crore during 11MFY17.
BAGGA LUXURY: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facility of Bagga Luxury Motorcars LLP (BLML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable
The rating reflects the modest scale of operations in the
intensely competitive automobile dealership industry and working
capital intensity in operations led by large inventory. These
weaknesses are partially offset by extensive experience of the
partners.
Analytical Approach
For arriving at the ratings, CRISIL has treated unsecured loans
extended to BLML by its partners, as neither debt nor equity as
these loans bear a lower rate of interest than the market rate,
and should remain in business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amidst intense competition
Stiff competition from several organised and unorganised players
in the auto dealership business, has kept the scale of operations
modest, as reflected in revenue of INR10.9 crore in fiscal 2016.
Moreover, the luxury car segment, especially in India, is already
flooded with many foreign manufacturers, and entry of few more
players could further intensify competition in the medium term.
* Working capital intensity in operations
Operations are highly working capital intensive, marked by gross
current assets of 558 days as on March 31, 2016, mainly due to
large inventory of 445 days. Working capital management is likely
to improve, once the firm stabilises its operations over the
medium term.
Strength
* Significant experience of the partners in automotive dealership
business
Partners, Mr Sukhbir Singh Baggga and MrsKhushboo Kaur been
engaged in the auto dealership business, in and around Ahmedabad,
for nearly 15 years. They also deal in two-wheelers of Suzuki and
Yamaha (via Planet Automotive Pvt Ltd), passenger cars of
Hyundai, and medium and heavy commercial vehicles of Ashok
Leyland (Petal Motocon Pvt Ltd).
Outlook: Stable
CRISIL believes BLML will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if the firm reports substantial growth in revenue and
cash accrual, and maintains its profitability and working capital
cycle. The outlook may be revised to 'Negative' in case of an
unexpected capital outflow through withdrawals, poor working
capital management or decline in cash accrual, most likely due to
a drop in revenue or profitability.
BLML was established on April 24, 2015, as a limited liability
partnership firm, by Mr Sukhbir Singh Baggga and MrsKhushboo Kaur
Bagga. The firm holds the dealership of Maserati Luxury cars for
the Ahmedabad market.
In fiscal 2016, net profit was INR0.04 crore on operating income
of INR10.91 crore.
BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.60cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhagyoday Agro Industries, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 7.60 CARE B+; Stable Reaffirmed
Long term/Short 2.00 CARE B+; Stable/CARE A4
Term Bank Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of BAI continue to
remain constrained on account of modest scale of operations with
low capitalization, leveraged capital structure, weak debt
coverage indicators and thin profitability margins owing to
limited value addition nature of business and working capital
intensive nature of operations. The ratings are further
constrained by exposure of profitability margins to fluctuation
in raw material price, presence of entity in highly competitive
cotton ginning and pressing industry with susceptibility to
adverse changes in government regulations and limited financial
flexibility owing to partnership nature of constitution.
However, the ratings continue to factor in experience of
promoters in cotton industry and location advantage. The ability
of the entity to increase its scale of operations, improve its
solvency position and profitability margins along-with efficient
management of working capital requirements remain the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: BAI, incorporated in 2009, is promoted by
Mr. Shantilal Gulabchandji Pahade and his wife Mrs. Anita Pahade.
The promoters have an average experience of half decade in cotton
ginning & pressing under BAI. Mr. Shantilal Pahade and Mrs.Anita
Pahade looks after the manufacturing activity of the entity.
Strategic location of plant: BAI is located in Maharashtra, which
is the 2nd largest producer of cotton in India. The land under
cultivation in Maharashtra has increased over the last three
years. BAI falls under the Marathwada cotton belt which is the
2nd largest producer of cotton in Maharashtra thus providing
logistic benefits.
Key Rating Weaknesses
Modest scale of operations, weak capital structure and debt
coverage indicators: The scale of operations of the entity
remained small with low networth base in FY16, thus depriving it
of scale benefits. Further high dependence of entity on external
borrowings resulted in leveraged capital structure owing to low
networth base.
Susceptibility of margins to fluctuation in input prices and
adverse changes in government regulations: The price of raw
cotton in India is regulated through function of MSP by the
government. Hence, any adverse change in government policy i.e.
higher quota for any particular year, ban on the cotton or cotton
yarn export may negatively impact the prices of raw cotton in
domestic market and could result in lower realizations and profit
for BAI.
Risk associated with seasonality and fragmented nature of
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from July to September and the
harvesting season is spread from October to March. Hence, the
average working capital utilization is high. Further, the cotton
industry is highly fragmented with large number of players
operating in the unorganized sector.
Bhagyoday Agro Industries (BAI) was incorporated in January 2009
as a partnership firm by Mr. Shantilal Gulabchandji Pahade and
his wife Mrs. Anita Pahade. BAI is engaged in the business of
cotton ginning and pressing. BAI's sole processing unit is
located at Vaijapur, Aurangabad with an installed capacity of 135
Metric Tonne Per Annum (MTPA) for cotton seeds and 8000 MTPA for
cotton bales as on March 31, 2016. The firm has utilised around
80% of its annual installed capacity in FY16 and works for 180
days (October to May) in a year. The firm does not operate in
rest 180 days due to unavailability of raw material. During this
period, the firm undertakes maintenance of its unit and
machineries. In FY16, the firm has done exports of around 60%
(through distributors) of total sales whereas the rest 40% sales
are in the domestic market. The firm procures raw material from
the local market and the domestic sales are made in the regions
in and around Maharashtra.
The entity reported TOI of INR39.35 crores with PAT of INR0.12
crore in FY16 against TOI of INR39.08 crore with a PAT of INR0.14
crore in FY15.
BLA PROJECTS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded BLA Projects
Pvt. Ltd.'s (BPPL) Long-Term Issuer Rating to 'IND BB' from 'IND
B+'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR226 mil. Fund-based limits raised to 'IND BB/Stable'
rating; and
-- INR890 mil. Non-fund-based limit raised to 'IND A4+' rating
KEY RATING DRIVERS
The upgrade reflects BPPL's improved liquidity position. Its
maximum working capital utilization was 91.82% on average for the
12 months ended March 2017 as against 100.47% for the 12 months
ended November 2015.
Also, healthy execution of work orders from the mining division
led to the company reporting a large revenue of INR2.148 billion
in FY16 (FY15: INR1.597 billion) which further improved to
INR2.371 billion in FY17. Similarly, operating profitability
improved to 12.2% (9.3%) and further to 12.3%. The improvement
in margin was due to lower construction cost.
Consequently, the credit metrics have become strong after gross
interest coverage (operating EBITDA/gross interest expense)
improved to 3x during FY16 (FY15: 2x) and net financial leverage
(adjusted net debt/operating EBITDAR) reduced to 1.3x (2.4x).
According to the unaudited financials for FY17, gross interest
coverage was 3x and net financial leverage was 0.8x.
However, the current order book is moderate at INR5.042 billion
(2.34x of FY16 revenue).
The ratings are supported by the company's negative net cash
cycle of one day during FY16 on account of high creditor days and
promoters two decades of experience in the construction business.
RATING SENSITIVITIES
Positive: An increase in the scale of operations along with
maintenance of the credit metrics could lead to a positive rating
action.
Negative: Deterioration in the profitability leading to
deterioration in the credit metrics could lead to negative rating
action.
COMPANY PROFILE
Kolkata-based BPPL (formerly Bonwari Lal Agarwal Pvt Ltd) was
reconstituted as a private limited company in 1998. The company
is engaged in the extraction of coal and removal of overburden
for subsidiaries of Coal India Ltd. BPPL also undertakes the
construction and maintenance of road projects.
BPPL is promoted by Banowari Lal Agarwal, Liladhar Agarwal, Ajay
Agarwal and Sarita Devi Agarwal.
BREMELS RUBBER: CRISIL Lowers Rating on INR15MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Bremels Rubber Industries Private Limited (Bremels) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4 (Downgraded from
'CRISIL A4+')
Bill Discounting 3 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
Cash Credit 7 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 2 CRISIL A4 (Downgraded from
'CRISIL A4+')
Term Loan 15 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects deterioration in the financial risk
profile, particularly liquidity, due to a stretched working
capital cycle and inadequate net cash accrual against fixed debt
repayment obligation. Owing to a longer inventory holding period
and stretched debtors, reliance on the working capital bank line
is high, weakening liquidity. While operations are expected to
remain working capital intensive, any enhancement in the bank
line, or long-term fund infusion by the promoters will be a key
rating driver over the medium term.
The ratings reflect large working capital requirement, a modest
scale of operations in a highly fragmented industry, and a below-
average financial risk profile because of high gearing and a
small networth. These rating weaknesses are partially offset by
the extensive experience of the promoters in the tyres and rubber
industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The gearing was high at
2.84 times, primarily on account of a modest networth of INR7
crore, as on March 31, 2017. The debt protection metrics were
subdued as indicated by an interest coverage ratio of 1.84 times
and a net cash accrual to total debt ratio of 0.05 time, for
fiscal 2017.
* Working capital-intensive nature, and a modest scale, of
operations in a highly fragmented industry: Gross current assets
were high at about 321 days, primarily on account of large
receivables of 219 days and inventory of 47 days, as on March 31,
2017. This has led to significant utilisation of the short-term
bank line. Moreover, revenue was modest at around INR30 crore in
fiscal 2017.
Strength
* Extensive experience of the promoters and an established brand:
The company was founded by the Shetty family in 1971. The family
has been engaged in the tyre industry for nearly 30 years and has
gained significant experience. Products are sold under the
Bremels brand. The company is a large player in the domestic tyre
industry, catering only to the commercial vehicles rethreading
segment and has no presence in the two-wheeler and passenger
vehicle segments.
Outlook: Stable
CRISIL believes the financial risk profile will remain
constrained over the medium term on account of the ongoing large,
debt-funded capital expenditure. The outlook may be revised to
'Positive' if significant long-term funds from the promoter or
substantial cash accrual shores up liquidity. The outlook may be
revised to 'Negative' if a decline in cash accrual on account of
fall in revenue and profitability, or a delay in stabilisation of
the upcoming manufacturing facilities adversely affect the
financial risk profile, especially liquidity.
Bremels, set up in 1971, manufactures tyre retreads used for
retreading worn-out tyres of heavy vehicles. It sells its
products under the Bremels brand. The company also manufactures
solid tyres for forklifts. It is setting up a solid-tyre
manufacturing unit at the Padubidri special economic zone in
Udupi, Karnataka. This will add a capacity of 1.5 lakh tyres per
year.
For fiscal 2016, profit after tax (PAT) was INR33.09 lakh on net
sales of INR27.92 crore, against a PAT of INR25.86 crore on net
sales of INR41.24 crore for fiscal 2015.
CALYX TELECOM: CARE Issues B+ Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE Ratings has been seeking information from Calyx
Telecommunication Private Limited (CTPL) to monitor the rating(s)
vide email communications/ letters dated February 17, 2017,
January 16, 2017 and November 9, 2016 and numerous phone calls.
However, despite CARE's repeated requests, the Calyx
Telecommunication Private Limited has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express an opinion on the rating. Furthermore, Calyx
Telecommunications Private Limited has not paid the surveillance
fees for the rating exercise as agreed to in its Rating
Agreement. In line with the extant SEBI guidelines CARE's rating
on Calyx Telecommunication Private Limited's long term bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 15 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in November 16, 2015 following were
the rating strengths and weaknesses:
Key Rating Strengths
Experienced Partners: CTPL is promoted by Mr Sunil Somani and Mr
Gaurav Somani having an experience of more than two decades in
the cellular phone trading business.
Established distribution network: The company has an established
the dealership network during the year in Tier I and Tier II
cities for ZTE Mobiles. Till December 2014, the company had 29
dealers for ZTE mobiles which are continued for the current
distributorship of Samsung, Lenovo and Gionee. Furthermore, the
company has increased the number of distributors to 60. These
distributors further distribute the products to retailers across
India.
Key Rating Weaknesses
Weak capital structure and debt coverage indicators: The scale of
operations of the company although grew, remained small with TOI
of INR78.64 crore in FY16. Furthermore, the company has a small
net worth base of INR5.42 crore as on March 31, 2016.
Working capital intensive nature of operations: Operations of the
company are working capital intensive led by high collection
period and high inventory period.
Fragmented nature of industry: The mobile phone segment is highly
fragmented with a large number of organized and unorganized
players operating in the market. The company faces competition
other players operating in the same segment and also from from
low-priced products from China in the mobile handset and
accessories segment.
Technology obsolescence risk: The mobile handsets and accessories
segment is characterized by rapid changes in technology keeping
in line with the changing customer preferences and requirements
and continuous innovation. Thus, the company faces the risk of
its products getting obsolete with the introduction of new
technologies.
Incorporated in the year 2013, Calyx Telecommunications Private
Limited (CTPL) is a part of Calyx Group based out of Pune,
Maharashtra. Till December 2014, CTPL was engaged in distribution
of smart phones of ZTE Telecom India Private Limited (ZTE)
through a contract with ZTE. However, in FY15, the company
discontinued the contract and is currently engaged in wholesale
trading of mobile handsets for Lenovo, Gionee and Samsung (no
contract). The company purchases in bulk from these handset
providers and sells the handsets online as well as through 60
distributors having presence across India. The company is
registered with Amazon India, Flipkart and Snapdeal for online
selling. The contribution from online selling is around 60% to
the total operating income while remaining is contributed by
sales to distributors. The promoters of the group have interest
in varied businesses such as real estate (since 1998),
construction and telecommunication.
CHARMING PRINTING: CRISIL Reaffirms B Rating on INR4MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Charming Printing and Graphics Private Limited (CPGL) at
'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B/Stable (Reaffirmed)
Letter of Credit 13 CRISIL A4 (Reaffirmed)
The ratings continue to reflect CPGL's weak financial risk
profile, with modest networth and interest coverage ratio. These
rating weaknesses are partially offset by the extensive
experience of promoters in the paper trading industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest interest coverage ratio
Low operating margin and moderate debt led to modest interest
coverage ratio of 1.1 times for fiscal 2016.
* Modest networth
Networth was modest at INR3.57 crore as on March 31, 2016 due to
low accretion to reserves in line with the past.
Strengths
* Extensive experience of promoters in the paper trading industry
Mr. Surinder Garg has been in the paper trading industry for over
a decade through other group entities such as Vipul Overseas Pvt
Ltd (rated 'CRISIL B+/Stable/CRISIL A4') and Bangalore Paper
Store ('CRISIL B+/Stable/CRISIL A4'). Over the years, he has
developed healthy relationships with suppliers, leading to a
stable procurement network.
Outlook: Stable
CRISIL believes CPGL will benefit over the medium term from its
promoters' extensive industry experience and their established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of scaling up of operations while
improving its profitability and improved financial flexibility
through effective working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue or operating margin, or stretch in working capital cycle,
weakening the financial risk profile.
CPGL, incorporated in 2005, is based in Delhi. The company trades
in paper and related products in the export and domestic markets.
It is promoted by Mr Surinder Garg and his family.
CPGL reported a profit after tax of INR0.10 crore on net sales of
INR58.49 crore in fiscal 2016, against a net profit of INR0.08
crore on net sales of INR51.45 crore in fiscal 2015.
CRBR INDUSTRIES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CRBR Industries
Private Limited (CIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR10 mil. Fund-based working capital assigned with
'IND BB-/Stable/IND A4+' rating; and
-- INR55 mil. Non-fund-based working capital assigned with
'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect CIPL's small scale of operations with revenue
of INR194.35 million in FY16 (FY15: INR227.67 million) and weak
EBITDA margins of 3.62% (2.14%). The ratings also factor in the
company's weak-to-moderate credit metrics with net leverage
(adjusted net debt/operating EBITDA) of 1.84x in FY16 (FY15:
3.75x) and gross interest coverage (operating EBITDA/gross
interest expense) of 1.17x (1.33x).
The ratings are constrained by the company's tight liquidity
position as evident from its around 97.85% utilization of the
fund-based limits during the 12 months ended February 2017.
The ratings, however, are supported by CIPL's promoter's
experience of around 18 years in the timber trading industry.
RATING SENSITIVITIES
Positive: A substantial improvement in the revenue and
profitability leading to an improvement in the overall credit
metrics could lead to a positive rating action.
Negative: A decline in the operating profitability leading to
deterioration in the overall credit metrics could lead to a
negative rating action.
COMPANY PROFILE
Established in 1999, the company was a proprietorship firm set up
under the name Chaudhary Ram Baldev Raj. It was converted into a
private limited company in June 2016 and renamed CRBR Industries
Private Limited. CIPL is engaged in the trading of imported
timber and manufacturing of wooden doors and other small wooden
items. In FY16, the revenue contribution from the manufacturing
and trading segments was 64.50% and 35.50%, respectively.
DELTA JEWELLERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Delta Jewellers
Pvt Ltd.'s (DJPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR100 mil. Fund-based limits affirmed with
'IND BB/Stable/IND A4+' rating
KEY RATING DRIVERS
The affirmation reflects DJPL's continued small scale of
operations along with moderate credit profile due to the trading
nature of the business and volatility in gold prices. Revenue
fell to INR333 million (FY15: INR376 million) because of low
sales volume. Interest coverage improved to 2.4x in FY16 (FY15:
1.7x) due to an improvement in operating EBITDA margin to 4.6%
(3.8%) because of a decline in the purchases. Net financial
leverage increased to 5.1x in FY16 (FY15: 3x) due to the
increased debt level.
The liquidity profile of the company is moderate with average
working capital utilization of around 78% during the 12 months
ended March 2017.
The ratings, however, are supported by the company's directors'
decade-long experience in the jewelry business.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations along with an
overall improvement in the credit profile will be positive for
the ratings.
Negative: Any fall in the profitability leading to deterioration
in the credit metrics will be negative for the ratings.
COMPANY PROFILE
Incorporated in 2006, DJPL is a franchise of Tanishq. The
company has its registered office and retail showroom in
Durgapur, West Bengal and is managed by Mr. Dokania and family.
DGP STEEL: CRISIL Raises Rating on INR2MM Cash Loan to B-
---------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
DGP Steel Star Engineering Private Limited (DGP) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 0.25 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 0.50 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of term debt by DGP.
Although net cash accrual may remain low at INR0.35-0.40 crore
annually over the medium term, liquidity will be supported by the
absence of maturing debt.
The ratings continue to reflect small scale and working capital
intensity in operations and concentration risks in revenue
profile. These rating weaknesses are partially offset by moderate
revenue visibility for the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital intensity: Working capital requirement is
expected to remain large over the medium term. Gross current
assets were sizeable at 169 days as on March 31, 2016, because of
credit of around 90 days extended to customers, and inventory
mostly work-in-progress of 90 days.
* Small scale of operations: Intense competition in the
construction industry and the tender-driven nature of business
will continue to constrain scalability. Despite being in
operations since 1973, DGP's operating income was modest at
INR18.78 crore in fiscal 2016, exposing its profitability to
volatile raw material prices.
* Concentration risks in revenue: Operations are concentrated in
West Bengal and Odisha. Hence, the company is susceptible to
changes in the policies of the governments in these states.
Strengths
* Moderate revenue visibility: Unexecuted orders of INR10 crore
support revenue visibility for the medium term as on March 31,
2017.
Outlook: Stable
CRISIL believes DGP will continue to benefit over the medium term
from its long track record in the civil and industrial
construction sector and its healthy order book. The outlook may
be revised to 'Positive' in case of improvement in liquidity,
most likely through improved accrual or working capital
management, or infusion of capital by the promoters, along with
significant ramp-up in scale of operations. Conversely, the
outlook may be revised to 'Negative' if low accrual, stretch in
working capital cycle, or any large, capital expenditure weakens
financial metrics, including liquidity.
DGP was originally set up in 1973 as a proprietorship firm. In
1990, the firm was reconstituted as a corporate entity. It is
primarily engaged in industrial construction, including
construction of industrial buildings, setting up and
commissioning of industrial machinery and equipment such as
boilers in power plants, and fabrication and erection of rolling
mill structures. The company's day-to-day operations are looked
after by its current promoter-director, Mr PS Mukherjee.
Profit after tax (PAT) was INR0.3 crore on revenue of INR18.78
crore in fiscal 2016, against PAT of INR0.31 crore on revenue of
INR23.03 crore in fiscal 2015.
DHARAMPAL PIPE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Dharampal Pipe and Tubes Pvt Ltd (DPTPL) at 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B/Stable (Reaffirmed)
Revenue is estimated to decline by around 6% in fiscal 2017, as
the announcement of demonetisation adversely affected demand in
the last quarter. DPTPL is expected to report stable revenue
growth of around 10% per fiscal over the medium term, once market
conditions improve. Operating margin, estimated around 2.3% in
fiscal 2017, may continue to be low, given the limited value
addition, and the trading nature of the business.
Liquidity is marked by modest cash accrual against debt
obligation over the medium term, and moderate bank limit
utilisation (averaging 85% over the 12 months through February
2017.)
Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of the promoters: Benefits from the two
decade-long experience of the promoters in the steel industry,
their keen grasp over local market dynamics, and healthy
relationships with customers and suppliers, will continue.
* Moderate working capital requirement: Operations are moderately
working capital intensive, as reflected in gross current assets
(GCAs), inventory and receivables of 80, 38 and 40 days,
estimated as on March 31, 2017, with minimal support via payables
of 2 days. GCAs are expected to be in the range of 85- 90 days in
the medium term.
Weakness
* Modest scale of operations in the steel trading industry:
Intense competition in the steel trading business has kept the
scale of operations modest, as reflected in estimated revenue of
INR35.85 crore in fiscal 2017. The scale is unlikely to improve
significantly, despite moderate revenue growth of around 10%
expected in the medium term.
* Weak financial risk profile: Financial risk profile may remain
weak over the medium term, owing to muted profitability and
moderate dependence on working capital debt. Interest coverage
and net cash accrual to total debt (NCAAD) ratios were estimated
at 1.28 times and 0.03 time in fiscal 2017. However, the total
outside liabilities to tangible networth (TOL/TNW) ratio remains
moderate at around 2.58 times estimated as on March 31, 2017.
Outlook: Stable
CRISIL believes DPTPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if the
company reports a significant improvement in revenue and
profitability, stronger debt protection metrics and prudent
working capital management. The outlook may be revised to
'Negative' in case of any further decline in revenue and
profitability, or if major debt-funded capital expenditure, or
stretch in the working capital cycle, weakens the financial risk
profile, especially liquidity.
DPTPL, incorporated on February 14, 2013, commenced operations
from April 1, 2013. The company, promoted by Mr Ajay Kumar
Singhal, Ms Rinky Singhal, and Surge Exim Pvt Ltd, trades in
round steel tubes, mild steel pipes, and galvanised iron pipes.
DPTPL, on a standalone basis, reported a profit after tax INR0.07
crore on net sales of INR38.06 crore in fiscal 2016, vis-a-vis
INR0.07 crore and INR39.09 crore, respectively, in fiscal 2015.
DUFLON INDUSTRIES: CRISIL Raises Rating on INR30MM Loan to BB-
--------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Duflon Industries Private Limited (DIPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.35 CRISIL A4+ (Upgraded from
'CRISIL A4')
Cash Credit 4.00 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
Export Packing 30.00 CRISIL BB-/Stable (Upgraded
Credit from 'CRISIL B+/Stable')
Letter of Credit 9.00 CRISIL A4+ (Upgraded from
'CRISIL A4')
Proposed Long Term 18.91 CRISIL BB-/Stable (Upgraded
Bank Loan Facility from 'CRISIL B+/Stable')
Term Loan 7.74 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
The rating upgrades reflect the improvement in the business risk
profile marked by an increase in the scale of operations and
operating margin.
Operating income is estimated at INR93-95 crore for fiscal 2017
as against about INR83 crore in fiscal 2016, supported by better
demand from customers and hence improvement in capacity
utilisation. The operating margin is also estimated to have
improved to 15-16% from 13%.
The ratings continue to reflect the extensive experience of the
promoter in the poly tetra flouro ethylene (PTFE) products
industry and a moderate financial risk profile. These rating
strengths are partially offset by large working capital
requirement and exposure to associate companies engaged in
unrelated businesses.
Key Rating Drivers & Detailed Description
Strengths
* Extensive industry experience of the promoter: The promoter,
Mr. Shailesh H Mehta, has over two decades of experience in the
PTFE products industry. This has helped establish a strong
relationship with suppliers and customers, resulting in a stable
flow of orders.
* Moderate financial risk profile:
The networth was INR57.71 crore and gearing 0.71 time as on
March 31, 2016. The debt protection metrics were moderate, with
interest coverage ratio of about 3.8 times and net cash accrual
to total debt ratio of 21% in fiscal 2016.
Weakness
* Highly working capital-intensive operations:
Gross current assets were at 300 days as on March 31, 2016,
driven by high debtor days and large inventory requirement.
* High exposure to group companies mainly engaged in unrelated
businesses:
The company had invested around INR11.6 crore in subsidiary and
associate companies in the form of equity and loans and advances
as of March 31, 2016. These companies are engaged in the e-
learning business, providing e-learning tools to corporates,
online training, and also conducting online examinations. Any
further exposure to group companies, impacting own cash accrual
may weaken liquidity and will remain a rating sensitivity factor.
Outlook: Stable
CRISIL believes DIPL will continue to benefit from the extensive
industry experience of its promoter and its established market
position. The outlook may be revised to 'Positive' in case of
sustainable growth in revenue and profitability, leading to
healthy cash accrual, along with efficient working capital
management, thus strengthening liquidity. The outlook may be
revised to 'Negative' if profitability is significantly
constrained, leading to lower-than-expected cash accrual, the
capital structure deteriorates, or the working capital cycle is
stretched further.
DIPL, promoted by Mr Shailesh H Mehta, was incorporated in 1988
as Duflon Polymers Pvt Ltd, which was renamed in fiscal 2011. The
company manufactures PTFE products such as nozzles, valves, and
lined pipes, which are used mainly in the pumps and valves
industry.
Profit after tax was INR2.84 crore on net sales of INR83.60 crore
in fiscal 2016, against INR(14.15) crore on net sales of INR69.32
crore, respectively, in fiscal 2015.
GLAZE GARMENTS: CARE Lowers Rating on INR21.94cr Loan to 'D'
------------------------------------------------------------
CARE Ratings has been seeking information from Glaze Garments
(India) Limited (GGIL) to monitor the ratings vide e-mail
communications/letters dated November 1, 2016, January 6, 2017,
February 10, 2017, February 20, 2017, March 21, 2017, March 23,
2017, March 24, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Glaze Garments (India) Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 21.94 CARE D; Issuer Not
Facilities Cooperating; Revised from
CARE BB; Based on best
available information
Short-term Bank 10.50 CARE D; Issuer Not
Facilities Cooperating; Revised from
CARE A4; Based on best
available information
The ratings have been revised on account of overutilizations in
the cash credit accounts and devolvement in the letter of credit
which have not been settled for more than 30 days.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
The ratings have been revised on account of overutilizations in
the cash credit accounts and devolvement in the letter of credit
which have not been settled for more than 30 days.
Key Rating Weaknesses
Working capital intensive nature of operations: The working
capital cycle remained elongated at about 105 days as on March
31, 2016. Furthermore, there are overutilizations in the cash
credit accounts and devolvement in the letter of credit which
have not been settled for more than 30 days. Weak financial risk
profile: The total operating income increased by around 4% in
FY16. The PBILDT margins of the company, however, deteriorated to
5.26% in FY16 (from 5.39% in FY15). The overall gearing ratio of
the company remained leveraged at 2.73x, as on March 31, 2016
(PY: 2.58x, as on March 31, 2015). The total debt to GCA ratio
also stood at a weak level of 38.01x, as on March 31, 2016 as
compared to 31.52x respectively, as on March 31, 2015.
Concentration of revenue from a single customer: The revenue of
GGIL is highly concentrated as Venus Garments (India) Limited
(VGIL) alone contributed a significant amount of the total
revenue (about 54% in FY15). Therefore, the relationship with the
VGIL exposes the company to higher customer concentration risk.
Highly fragmented market resulting in intense competition from
unorganized players: The readymade garment industry in India is
highly fragmented and dominated by a large number of independent
and small scale unorganized players leading to high competition
among industry players.
Key Rating Strengths
Experienced promoters and established track record of operations:
GGIL is engaged in the business of garment manufacturing and
trading of yarn & fabrics for the last about 15 years. The day-
to-day operations of the company are looked after by Mr Anil
Kumar Jain who has an industry experience of more than four
decades. Mr Anil is assisted by his two sons, Mr Tarun Jain and
Mr Varun Jain, who have an industry experience of nearly one
decade. Ms Sunita Jain (wife of Mr Anil Jain) is also involved in
the business for more than 15 years.
GGIL was incorporated in the year 1998 by Mr Anil Kumar Jain. The
company is engaged in the manufacturing of garments and trading
of yarn & fabrics. The products manufactured by the company
include polo shirts, T-shirts, jogging suits, sweat shirts,
thermal wear, and sweaters, etc.
GGIL registered a total operating income of INR108.85 crore
during FY16 (refers to the period April 1 to March 31) with PAT
of INR0.58 crore as against total operating income of INR105.08
crore during FY15 with a PAT of INR0.56 crore.
GUPTA METAL: CARE Issues B Issuer Not Cooperating Rating
--------------------------------------------------------
CARE Ratings has been seeking information from Gupta Metal Sheets
Limited (GMSL) to monitor the ratings vide e-mail
communications/letters dated March 20, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Furthermore, Gupta Metal Sheets Limited
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on Gupta Metal
Sheets Limited bank facilities will now be denoted as CARE B/CARE
A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 75.00 CARE B; Issuer Not
Facilities Cooperating; Based on
best available Information
Short-term Bank 52.02 CARE A4; Issuer Not
Facilities Cooperating; Based on
best available information
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.
The ratings of the bank facilities of Gupta Metal Sheets Ltd
(GMSL) continue to be constrained by weak financial profile of
the business marked by low profitability, high overall gearing
and low debt protection metrics. The ratings also factor in the
working capital intensive nature of business, vulnerability to
volatility in raw material prices and highly competitive nature
of the business.
However, the ratings draw comfort from the experience of the
promoters with long track record of operations, healthy demand
from the diversified end-user industry and good order book.
Detailed description of the key rating drivers At the time of
last rating on January 28, 2016 the following were the rating
strengths and weaknesses (updated for the information available
from the company):
Key Rating Weaknesses
Weak financial risk profile
The financial risk profile of GMSL continues to be weak, though
there is moderate improvement in the operating profitability of
the company. The total income of GMSL saw a decline of 4% on year
on year basis from INR391.73 crore in FY15 (refers to the period
from April 1, 2014 to March 31, 2015) to INR374.47 crore in FY16.
The increased interest expenses and the tax adjustments for
earlier years charged in FY16, became the key contributors to the
losses after tax reported by the company. The reported losses for
the year further impacted the net-worth of GMSL which stood at
INR28.43 crore (as on March 31, 2016). The higher utilisation of
the working capital limits and increase in the unsecured loans
from related party triggered the overall gearing risk of the
company to rise to 3.31x as at March 31,2016 as against 2.19x as
at March 31, 2015.
Vulnerability to volatility in raw material prices
GMSL is engaged in the process of converting copper cathodes into
copper/brass sheets/coils. The chief raw materials are purchased
from Hindalco Industries Ltd (Dahej) and the local market in
Rewari. GMSL prices its products on the basis of average of 15 to
30 days (immediately preceding the date of delivery) London Metal
Exchange (LME) prices plus fixed conversion charges. The purchase
price is also determined in the same way. Historically, the
company's ability to pass on the increase in copper and zinc
prices to its customers has been limited. The operating
profitability is thus highly dependent on copper and zinc prices
and margins are vulnerable to adverse movements in the raw
material prices.
Key Rating Strengths
Long track record of the promoters in the copper business The
promoters of the company Mr Ripu Daman Gupta, Mr Ravi Shanker
Gupta, Mr Radhey Shyam Gupta and Mr Vijay Kumar Gupta have
experience of more than 20 years in the copper business. The
Gupta family has been into the business of selling non-ferrous
products since the last several decades. The patriarch of the
family the late Mr Braj Mohan Gupta was engaged in manufacturing
of bronze utensils since 1947. GMSL enjoys long-term
relationships with many customers developed by its promoters over
the years.
Healthy demand from diversified end-user industries
Copper and brass sheets processed by the company find application
across various industries. It is used in the automobiles for
radiators and car keys; in electrical equipment for water heaters
and wiring harnesses; and other industries for washers, gaskets,
bath fittings and making fancy artefacts. The clientele of GMSL
comprises the government agencies, characterized by prompt
realisations, not only support the growth in its revenues but
also lowers the credit risk associated with the business.
Gupta Metal Sheets Ltd (GMSL) was originally incorporated as a
private limited company by the name of Gupta Metal Sheets Pvt.
Ltd. (GMSPL) in the year 1995. GMSPL was incorporated by
converting Gupta Enterprises, an equal partnership firm between
brothers Mr Ripu Daman Gupta, Mr Ravi Shanker Gupta, Mr Radhey
Shyam Gupta and Mr Vijay Kumar Gupta, into a company. All the
partners became equal shareholders in GMSPL which was later
converted into a public limited company i.e., GMSL in April,
2011. Currently the entire shareholding of the company is held
between the four brothers.
GMSL is primarily engaged in conversion of copper cathodes into
copper and copper alloys sheets/ strips. The company's
manufacturing plant is located in Rewari (Haryana) with an
installed capacity of 14,500 Tonnes Per Annum (TPA). GMSL
primarily sells its products to mints, automobile manufacturers,
electric goods manufacturers and defense sector. The company
provides strips and sheets in various sizes starting from 0.01 MM
to 14 MM to the customer base across states of Delhi,
Maharashtra, Tamil Nadu, Rajasthan, Haryana, Uttar Pradesh,
Gujarat and Punjab.
The company reported a total operating income of INR374.47 crore
(PY: 391.73 crore) along with the operating profits of INR14.15
crore (PY: 10.00 crore) in FY16. However, the net worth of the
company declined marginally on account of losses after tax of
INR0.23 crore in FY16 as against profits of INR0.96 crore in
FY15.
GURMON HOTELS: CRISIL Reaffirms B- Rating on INR20MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Gurmon Hotels Private Limited (GHPL) at 'CRISIL B-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 20 CRISIL B-/Stable (Reaffirmed)
The rating continues to reflect GHPL's modest scale of operations
and its exposure to the cyclicality inherent in the hospitality
industry. These rating weaknesses are partially offset by funding
support from the company's promoters and its tie-up with Country
Inn & Suites by Carlson for operations and management of its
hotel.
Key Rating Drivers & Detailed Description
Weakness
* Vulnerability to cyclical demand and competition in hotel
industry: The hotel industry is vulnerable to economic downturns.
The global economic slowdown has been significantly affected the
revenue per available room for premium hotels. In contrast, the
costs of operating premium properties remains high even during
downward shifts in demand; thus indicating susceptibility of cash
to economic slowdowns.
Strengths
* Tie-up with Country Inn, for operations and management: GHPL
has collaborated with Country Inn for nine years for operations
and management. Country Inn is a reputed brand in the hospitality
sector, with over 500 hotels worldwide, and is expanding to
countries such as India, China and Mexico. GHPL has signed an
agreement (renewable after nine years), with Country Inn. Through
the agreement, GHPL will have a presence in the hospitality
industry which is mainly dominated by large and established
groups such as the Taj group, and the Oberoi group, which have a
diversified geographic presence and large scale of operations.
GHPL's tie-up is likely to ensure premium services to customers,
thereby establishing a reputation for the company.
* Funding support from promoters: GHPL's promoters are extending
financial support to the company through unsecured loans. The
promoters have funded the hotel project, with a total outlay of
INR37 crore, with a debt to promoters funds ratio of 2:1. The
hotel has commenced commercial operations. The promoters are
servicing the interest payments with their own funds, and will
meet continue to do so for the principal obligation for 2017-18.
Outlook: Stable
CRISIL believes that GHPL will benefit over the medium term from
its tie-up with Country Inn & Suites by Carlson for operations
and management of its hotel. The outlook may be revised to
'Positive' in case of a substantial increase in the hotel's
average room rent and occupancy rates in the initial phase of
operations, resulting in comfortable accruals and thus to a
healthy financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a delay in completion of GHPL's
project.
Incorporated in 2011 in Delhi and promoted by the Arora family,
GHPL is constructing a hotel at Sohna Road, Gurgaon (Haryana).
The company is being managed by Mr. Vikas Arora.
For fiscal 2016, GHPL reported a losses of INR6.27 crore on an
operating income of INR5.68 crore against a losses of INR9.08
crore on an operating income of INR2.07 crore in fiscal 2015.
GVR AUTOMOTIVES: CRISIL Assigns 'B' Rating to INR6.5MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of GVR Automotives Private Limited
(GAPL). The rating reflects its limited track record of
operations, risk related to completion of ongoing project, and
weak capital structure. These weaknesses are partially offset by
the benefits of its promoter's extensive experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 6.5 CRISIL B/Stable
Proposed Cash
Credit Limit 2.0 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 2.5 CRISIL B/Stable
Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of promoter: The promoter, Mr K Sivaraju,
an electrical engineer, with over three decades of experience in
executing various projects in India and abroad. Also, he has vast
knowledge in electrical, control, mechanical, and construction
fields. Moreover, he is an expert in material handling systems
and workshop management, and has sound experience in major water
transmission system pipelines, hydraulics, and large valves. His
experience also helped add customers such as Mitsuba Sical India
Ltd, Sungwoo Hitech, and Sungwoo Stamping Pvt Ltd'a tier I vendor
of Hyundai Motors. The promoter's extensive experience should
help it scale up operations over the medium term.
Weakness
* Weak capital structure: The financial risk profile is expected
to be average, with high gearing and moderate debt protection
metrics over the medium term. The project is aggressively funded
through external debt. With low profitability, the debt
protection metrics are expected to be average over the medium
term.
* Start-up nature of operations in an intensely competitive
industry: GAPL operates in the highly fragmented auto ancillary
industry, with several small unorganised players, resulting in
intense competition from existing and upcoming players. Also,
track record of operations is limited. Moreover, being a modest
player, with four pressing machines, bargaining power will likely
remain limited.
Outlook: Stable
CRISIL believes GAPL will benefit over the medium term from the
promoter's extensive experience. The outlook may be revised to
'Positive' if timely stabilisation of operations of its proposed
plant and higher-than-expected revenue and profitability lead to
higher cash accrual. Conversely, the outlook may be revised to
'Negative' if delays in commencement of its operations, or lower-
than-expected cash accrual during the early stage of operations
puts pressure on liquidity.
Incorporated in April 2015, GAPL, promoted by Mr K Sivaraju,
manufactures fabricated metal products and provides metal working
service activities to vendors of original equipment
manufacturers.
HARMAN COTTEX: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Harman Cottex's
(HC) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The instrument-wise rating action is:
-- INR140 mil. Fund-based limits affirmed with 'IND BB-
/Stable'
rating
KEY RATING DRIVERS
The affirmation reflects the sustainable improvement in HC's
scale of operations as expected by Ind-Ra; however, the scale of
operations is small and credit metrics are weak due to the
company's presence in a highly competitive industry which is
vulnerable to fluctuation in the price of raw cotton.
Unaudited financials for FY17 indicate revenue of INR934 million
(FY16: INR648 million), EBITDA margin of 2.7% (2.3%), gross
interest coverage of 2.4x (2.3x) and net financial leverage of
5.9x (5.3x). Deterioration in net financial leverage was on
account of high utilization of short-term debt during FY17.
The ratings also reflect HC's moderate working capital
utilization of 87.28% of its fund-based facility for the six
months ended March 2017. The ratings are constrained by its
proprietorship structure of business.
The ratings, however, are supported by HC's founder's experience
of more than two decades in the cotton ginning business.
RATING SENSITIVITIES
Positive: A positive rating action could result from a
substantial improvement in the scale of operations along with
improvement in the credit metrics.
Negative: A negative rating action could result from
deterioration in the credit metrics.
COMPANY PROFILE
Incorporated in 2007, HC is promoted by Puneet Group of Khargone,
Madhya Pradesh, and is a proprietorship concern of Mr. Rasdeep
Singh Chawla. It is primarily engaged in the ginning and
pressing of cotton at its manufacturing unit on Bistan Road,
Khargone. It has 44 ginning machines and can process 30,000
tonnes of seed cotton every year.
HGP CARS: CRISIL Assigns B+ Rating to INR10MM Loan
--------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable rating to the
long-term bank facilities of HGP Cars Private Limited (HGPCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 0.5 CRISIL B+/Stable
Cash Credit 3.0 CRISIL B+/Stable
Inventory Funding
Facility 10.0 CRISIL B+/Stable
The rating reflects the company's below-average financial risk
profile because of small networth, its modest scale of
operations, and fluctuations in its operating income and profit.
These weaknesses are partially offset by the extensive experience
of its promoters in the automobile dealership industry, its
exclusive dealership of Renault India Pvt Ltd in Kanpur, Uttar
Pradesh, and its efficient working capital management.
Key Rating Drivers & Detailed Description
Weaknesses
* High gearing and small networth: Networth was INR1.54 crore and
total outside liabilities to tangible networth ratio was more
than 7 times as on March 31, 2017. However, with expected
increase in networth driven by moderate accretion to reserves and
capital infusion, the capital structure should improve over the
medium term.
* Fluctuations in operating margin: Because of its trading
business, HGPCL's operating income and profit have fluctuated.
The operating margin is expected to remain modest on account of
competition from other automotive dealerships in the region.
Strengths
* Promoters extensive experience in the automobile dealership
industry: The promoters have been in the automobile dealership
business for more than a decade through group companies. Other
than Renault India, the promoters have dealership of Chevrolet
Sales India Pvt Ltd (through Romi Motors Pvt Ltd) and Ford India
Pvt Ltd (through Swarn Cars Pvt Ltd). Their experience has led to
strong brand image for HGPCL in its region.
* Exclusive dealership of Renault India in Kanpur: HGPCL is the
only authorized dealer of Renault India in Kanpur, which
mitigates the risk of competition and enabled the company post
healthy increase in sales in fiscal 2017.
* Low receivables risk: Most of the company's clients are retail
customers, minimising customer concentration risk. Also, majority
of sales are against upfront payment or through banks/non-banking
financial companies, leading to negligible risk of default.
Outlook: Stable
CRISIL believes HGPCL will continue to benefit from its exclusive
dealership of Renault India in Kanpur, and will maintain
efficient working capital management. The outlook may be revised
to 'Positive' if the financial risk profile improves on account
of higher-than-expected accrual and improvement in capital
structure. The outlook may be revised to 'Negative' if a stretch
in working capital cycle, or larger-than-expected, debt-funded
capital expenditure leads to deterioration in the financial risk
profile.
Incorporated in 2012, HGPCL is the authorised exclusive dealer
for passenger vehicles of Renault India in Kanpur, where it has
two showrooms and two dedicated service centres.
The company is promoted by Mr Manmohan Singh, Mr Satwant Singh,
Mr Ravinder Singh, Mr Gagandeep Singh, and Mr Harpreet Singh. The
promoters were previously in the used cars and brokerage
businesses.
Net profit was INR1.25 lakhs on net sales of INR29.40 crore in
fiscal 2016, against a net loss of INR6.59 lakhs and sale of
INR19.80 crore, respectively, in fiscal 2015.
HI-QUALITY FOODS: CRISIL Cuts Rating on INR15MM Loan to B-
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Hi-Quality Foods & Beverages Private Limited (HQFBPL)
to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 15 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The downgrade reflects delay in commencement of operations and
the consequent adverse impact on liquidity. Operations were
originally scheduled to commence in April 2016, but are now
expected to start from May 2017. The company is exposed to
project-related risks, and has no track record of operations in
the food and beverage industry. This has significantly increased
dependency on promoter funding to support debt servicing in a
timely manner until the scale of operations and profitability are
ramped up.
The downgrade also factors in a significant loss in fiscal 2016,
leading to insufficient net cash accrual to meet repayment
obligation during the year. However, the obligation was met
through unsecured loans extended by the promoter. As on March 31,
2016, the outstanding balance of such loans was INR18.42 crore.
Furthermore, losses have eroded the networth and led to higher
dependence on bank borrowing, weakening the capital structure.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to project risks
There has been a significant delay in commencement of operations.
A track record of timely ramp up in and breakeven of operations
is yet to be seen.
* Weak financial risk profile
Debt protection metrics are poor. Continued losses have also
eroded the networth and led to higher dependency on bank
borrowing, weakening the capital structure.
Strength
* Entrepreneurial experience of the promoter: The promoter has
been doing business since 1992 in an unrelated industry through a
group entity, Delhi Chain Company Private Limited, which is
engaged in the jewellery business. The entrepreneurial experience
of promoter is expected to support the current business.
Outlook: Stable
CRISIL believes HQFBPL will continue to benefit over the medium
term from the wide network of customers its promoter has
established through his existing business. The outlook may be
revised to 'Positive' in case of a significant ramp-up in the
scale of operations while funding support from the promoter
continues. The outlook may be revised to 'Negative' if
significant time and cost overruns result in insufficient cash
accrual to meet repayment obligation.
HQFBPL, based in Delhi, was established in 2015, promoted by Mr
Rajendra Kumar Soni. The company will commence operations from
May 2017. It will be manufacturing products such as cold drinks,
juices, spices, milk, flavoured milk, natural water, lassi,
mineral water, and others under its own brand, Hi-Quality; these
would be supplied to its entire customer base spread across
Delhi/National Capital Region.
The company will have five manufacturing units in Bawana and GT
Karnal Road in Delhi, Una in Himachal Pradesh, and Sonipat in
Haryana.
ITMS INDIA: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded ITMS India
Private Limited's (ITMSIPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable. Instrument-wise rating
actions are:
-- INR55 mil. Fund-based working capital facility raised to
'IND BB-/Stable/IND A4+' rating; and
-- INR25 mil. Non-fund-based working capital facility raised
to 'IND A4+' rating
KEY RATING DRIVERS
The upgrade reflects an improvement in ITMSIPL's scale of
operations and operating profitability. During FY16, revenue
grew 18.51% yoy to INR376.79 million (FY15: 23.25% yoy) and
EBITDA margin improved to 6.15% (3.90%) driven by the company's
association with LG Hausys(South Korea), which is among the
global leaders in the signage industry for its northern and
eastern India distributorship.
As per 11MFY17 provisional financials, revenue was INR549.64
million and credit metrics remained moderate with gross interest
coverage of 2.32x (FY16: 1.94x; FY15: 1.99x) and net financial
leverage of 3.63x (4.43x; 4.16x).
The ratings also draw comfort from the promoters' over six years
of experience in the signage industry and ITMSIPL's strong
relationships with its suppliers and customers.
However, the ratings are constrained by ITMSIPL's tight liquidity
position as indicated by 102.24% average utilization of fund-
based facility during the 12 months ended March 2017.
RATING SENSITIVITIES
Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics will be negative for the ratings.
Positive: A sustained growth in revenue along with an improvement
in the EBITDA margin will be positive for the ratings.
COMPANY PROFILE
Incorporated in October 2012, ITMSIPL is a Delhi-based company
operating in the signage and offset printing industry. ITMSIPL
has structured its business in to three verticals: signage,
interior & architectural, and offset printing.
JAY AGRO: CARE Issues B+ Issuer Not Cooperating Rating
------------------------------------------------------
CARE Ratings has been seeking information from Jay Agro
Industries (JAI), to monitor the rating(s) vide e-mail
communications/ letters dated March 9, 2017, March 6, 2017,
February 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Jay Agro Industries' bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 16.51 CARE B+; Issuer Not
Facilities Cooperating
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating in April 12, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths
Long-standing track record of partners in agrochemical industry
Mr Nimmagadda Prasad, the key partner, is a Post Graduate and has
an experience of more than two decades in the industry. He looks
after the overall administration of the firm. Before this, he has
worked in Baroda Agro Chemical Limited for 5 years and was
involved in marketing of agro products. Ms Aruna Prasad is not
actively involved in day-to-day operations of the firm.
Key Rating Weaknesses
Improvement in total operating income (TOI) albeit profitability
remains thin
During FY15 (refers to the period April 01 to March 31) (A),
JAI's TOI grew by 17.39% to INR22.61 crore as against INR19.26
crore during FY14.
During FY15 (A), the PBILDT margin of JAI has improved
significantly to 19.89% as against 10.71% in FY14 mainly on
account of lower material procurement cost. During FY15, JAI's
raw material consumption cost constituted 62% of total cost as
against 73% in FY14. Despite improvement in PBILDT margin, PAT
margin declined significantly and remained thin at 0.90% as
against 30.09% in FY14 mainly on account of higher depreciation
cost on account of addition of new machinery.
Capital structure, debt coverage indicators and liquidity
indicators continues to remain moderate
Capital structure of JAI deteriorated marginally and remained
moderate as on March 31, 2015, as reflected by overall gearing
ratio of 2.93 times (as on March 31, 2014: 1.71 times). Total
debt as on March 31, 2015 stood at INR19.71 crore as against
INR12.47 crore as on March 31, 2014. The debt coverage indicators
of JAI has remained moderate marked by an interest coverage ratio
of 2.03 times as on March 31, 2015, as against 1.85 times as on
March 31, 2014, on account of higher PBILDT. The total debt to
GCA deteriorated and remained high at 9.01 times as against 1.88
times as on March 31, 2014.
During FY15, the liquidity position of the firm remained
moderate. During FY15, working capital cycle remained in line at
34 days as against 36 days in FY14. The current ratio of JAI
remained below unity at 0.99 times (as on March 31, 2014: 1.01
times) and quick ratio remained at 0.80 times (as on March 31,
2014: 0.74 times). Current ratio falls below unity mainly on
account of higher utilization of working capital limit along with
higher creditors as on balance sheet date.
Vadodara-based JAI was promoted by Mr Nimmagadda Prasad and Ms
Aruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara district of Gujarat
having an installed capacity of 2,400 metric tons per annum
(MTPA) & 600 kilo liter per annum (KLPA) as on March 31, 2015 for
production of Agrochemicals, Pesticides and Insecticides. JAI is
an ISO 9001: 2008 and UKAS Quality Management certified firm.
The firm has facilities to formulate Emulsion Concentrates (EC),
Soluble Concentrates (SC), Wettable Powders (WP), Water
Dispersible Granules (WDG), Coated Granules (G), Dusting Powders
(DP), etc.
JAY DURGA: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Jay Durga Enzymatic Private Limited
(JDEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 2 CRISIL B+/Stable
Cash Credit 5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 3 CRISIL B+/Stable
The rating reflects JDEPL's small scale of operations and large
working capital requirements driven by large inventory. The
rating also factors in a below-average financial profile marked
by small networth and subdued debt protection metrics. These
strengths are partially offset by the extensive industry
experience of promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: Geographical concentration in
revenue profile, being present majorly in Odisha, keeps the scale
small. Operating income is estimated at INR13 crore in fiscal
2017.
* Working capital-intensive operations: Operations are working
capital intensive as reflected in gross current assets of 171-283
days over the three fiscals ended March 31, 2016, primarily due
to high inventory of 169-265 days.
* Below-average financial risk profile: The financial risk
profile is constrained by small networth, estimated at INR2.3-2.4
crore as on March 31, 2017, and subdued debt protection metrics
with interest coverage and net cash accruals to total debt
estimated to be 1.5-1.6 times and 0.06-0.07 times in fiscal 2017.
Strengths
* Promoters extensive industry experience: Mr. Kailash Prusty and
Mr. Deepak Prusty has 40 and 8 years of industry experience,
respectively. This supports the business risk profile of the
company.
Outlook: Stable
CRISIL believes JDEPL will benefit from its promoters' extensive
experience in the medium term. The outlook may be revised to
'Positive' if the scale and profitability increase, 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.
JDEPL, incorporated in 2012, manufactures wall putty and cement
paints, and trades in white cement. The company is based in
Cuttack, Odisha, and has production capacity of 10 tonne per day
for cement paints and 3 tonne per day of wall putty. Operations
are handled by Mr Kailash Prusty and Mr Deepak Prusty.
For fiscal 2016, JDEPL reported a profit after tax (PAT) of
INR0.04 crore on an operating income of INR12.14 crore against
PAT of INR0.03 crore on an operating income of INR9.77 crore in
fiscal 2015.
MAN COTT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Man Cott Private
Limited's (MCPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. Instrument-wise rating actions are:
-- INR250 mil. Fund-based limits affirmed with 'IND BB/Stable'
rating
KEY RATING DRIVERS
The affirmation reflects MCPL's continued moderate credit
metrics. As per provisional FY17 financials, gross interest
coverage improved to 2.5x (FY16:1.3x; FY15:1.2x) owing to a
decrease in financial cost. However, net financial leverage was
volatile at 5.7x in FY17 (FY16: 8.6x; FY15: 5.0x). Although, net
financial leverage deteriorated in FY16 on account of an increase
in short-term debt, it improved in FY17 owing to an improvement
in operating EBITDA. Operating EBITDA margin continued to remain
volatile at 3.0% in FY17 (FY16: 2.7%, FY15: 3.1%) on account of
fluctuation in the raw material price.
However, the ratings are supported by an increase in the
company's scale of operations, with revenue rising to INR1.711
billion in FY17 (FY16: INR971 million). The ratings are also
supported by MCPL's comfortable liquidity position as reflected
by 65.57% use of fund-based limits during the six months ended
March 2017.
The ratings also continue to draw comfort from the founders more
than two decades of experience in the cotton ginning business.
RATING SENSITIVITIES
Positive: A positive rating action may result from a substantial
improvement in the scale of operations along with an improvement
in the credit metrics on a sustained basis.
Negative: A negative rating action may result from a decline in
the scale of operations along with deterioration in the credit
metrics.
COMPANY PROFILE
Incorporated in 2003, MCPL is promoted by Shri Bhupendra Singh
Rajpal and Shri Rajendra Singh Rajpal of Manjeet Group of
Sendhwa, Madhya Pradesh. The company is primarily engaged in
ginning and pressing of cotton. It has a 290bales/day
manufacturing unit in Pimpalgaon (Maharashtra) and an
180bales/day manufacturing unit in Kuppa (Maharashtra).
MUGHALSARAI NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mughalsarai
Nagar Palika Parishad (MNPP) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.
KEY RATING DRIVERS
Mughalsarai Nagar has inadequate civic infrastructure as a result
water supply services and sewerage systems in the town are
inadequate. The coverage of water supply connection is around
21% and sewerage network system of 4% as on March 2016. However,
there is scope for an improvement in the infrastructure
facilities due to its selection under Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) scheme.
Mughalsarai jurisdiction is only 16.55 sq km with a population of
1,09,650. Economic activities in the town are not buoyant and
taxes on average contributed 2.28% to the total revenue over
FY12-FY16. Being a municipality, MNPP's revenue sources comprise
of tax revenue and non-tax revenue, with average contribution to
the total revenue income being 2.28% and 9.29% respectively. The
municipality's own non-tax revenue mainly emanates from fees and
rental income from municipal properties, with an average
contribution of 65.53% and 31.92%, respectively, to the total
non-tax revenue during FY12-FY16.
MNPP has a high level of dependence on the state government. It
receives compensation in lieu of stamp duty and revenue grants
and equity contributions. Revenue compensation and revenue
grants cumulatively contributed 86.04% to the total revenue
income during FY12-FY16.
MNPP reported a moderate financial performance in FY16. Its
revenue receipts increased to INR245.31 million in FY16 from
INR127.06 million in FY12, at a CAGR of 17.88%. Also, its
revenue balance improved to INR111.27 million in FY16 from
INR67.63 million in FY12. However, the revenue margin
deteriorated to 45.36% in FY16 from 53.22% in FY12, mainly due to
an increase in revenue expenditure yoy.
RATING SENSITIVITIES
Positive: A significant improvement in MNPP's operating
performance and timely execution of smart city and AMRUT
projects, would be positively for the rating.
Negative: An unexpected withdrawal of revenue support by the
state government without a suitable compensatory plan would
trigger a negative rating action.
COMPANY PROFILE
Mughalsarai is located in the Chandauli district of Uttar
Pradesh. This town is located at a distance of 16km away from
Varanasi. Mughalsarai is an important railway junction in Uttar
Pradesh, with about 125 passenger trains passing through this
junction. Two important railway lines intersect at the junction.
Mughalsarai is known for its railway yard and railway colonies.
Mughalsarai is administered by MNPP. According to 2011 census,
Mughalsarai had an average literacy rate of 81.17%, compared to
the national average of 72.99%.
OPULENT HOSPITALITY: CARE Assigns B+ Rating to INR5.30cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Opulent Hospitality India Private Limited (OHIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.30 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of OHIPL are
constrained on account of nascent stage of operation and project
funding & execution risk, marketing risk and cyclical nature of
the real estate industry.
The ratings however, derive strength from experienced promoters
in the construction industry and favorable location of the
project.
The ability of OPHIPL to timely execute the project without any
cost & time overrun and successful booking of the flats to
timely repay its debt are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters in the construction industry: Directors, Mr
Abhu Bhai Desai and Mr Krunal Desai of OHIPL have experience of
more than two decades in the construction and real estate sector
through its group companies namely DN Infrastructure Private
Limited; Bhairav Industries Private Limited and Comfort
Hospitality Private Limited.
Location advantage: The project is located in Balewadi, Pune
being close to Balewadi Sports Complex and Hotel Sadanand
Regency. Furthermore, the project is located in close proximity
of banks, schools and hospitals.
Key rating Weakness:
Project funding & execution risk: The total cost of the project
is INR12.77 crore and till March 23, 2017, the entity has
incurred 27.14% of the total project cost which was mainly funded
through unsecured loan of INR2.83 crore and balance through bank
debt. The entity faces risk for the balance project in light of
competition and cyclical nature of industry.
Marketing risk: OHIPL has not yet commenced the booking of the
flats. Timely sale of the flats and receipt of funds would be
crucial for the project.
Incorporated in 2011, Opulent Hospitality India Private Limited
(OHIPL) is into developing of real estate properties. The company
is managed by two experienced directors namely Mrs Abubhai Desai
& Mr Krunal Desai. Currently, OHIPL is executing a residential
cum commercial project at Balewadi, Pune with total cost of the
project is INR12.77 crore and funding pattern of 0.22:0.36:0.42
(equity: customer advances: term loan) total constructed area of
25,000 square feet (comprising of 17,500 square ft.-residential
and balance as commercial space of G+ 7 floors (6 shops which
includes 2 showrooms on ground floor & 4 offices on the first
floor with total size of 7500 sq ft & 25 flats which includes 5
flats on each floor (4 1BHK & &1 2BHK with total size of 17500 sq
ft area)) with ground and first floor comprising of commercial
and balance floors for residential. OHIPL has received
Commencement Certificate (CC) for all the G+7 floors and is
planning to start the booking from July 2017.
P.K. & COMPANY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P.K. & Company
(PK) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. Instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital limit assigned with
'IND B+/Stable' rating; and
-- INR150 mil. Non-fund-based working capital limit assigned
with 'IND A4' rating
KEY RATING DRIVERS
The ratings reflect PK's small scale of operations, and moderate
credit metrics due to a high amount of debt. In FY16, revenue
was INR159 million (FY15: INR166 million), EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.8x
(1.5x) and net financial leverage (adjusted net debt/operating
EBITDAR) was 4.3x (3.3x). Revenue has been constantly declining
since FY14, when it was INR260 million, due to low order
execution.
The ratings factor in the moderate liquidity of the company which
can be seen from its average maximum utilization of 91.23% of the
working capital facilities for the 12 months ended February 2017.
The ratings are constrained by the partnership nature of the
company's business.
The ratings, however, are supported by the company's strong
EBITDA margins, which deteriorated to 13.5% in FY16 (FY15:
20.45%) due to an increase in construction expenses. Also, the
company's owners have more than two decades of experience in the
construction work.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations along with
improvement in its credit profile will lead to a positive rating
action.
Negative: Continuous deterioration in the EBITDA margin leading
to deterioration in the credit metrics would lead to a negative
rating action.
COMPANY PROFILE
PK was incorporated in 1992 as a partnership firm. It undertakes
road and bridge construction projects in Assam and Meghalaya.
The company was incorporated by Kirorimal Kumar Agarwal, Mahavir
Prasad Agarwal, Sajjan Kumar Agarwal, Samsundar Agarwal and Pawan
Kumar Agarwal. The company is based out of Guwahati, Assam.
PANDA INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Panda Infra
Project Limited (PIPL) 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; and
-- INR100 mil. Non-fund-based limits assigned with
'IND A4+'rating
KEY RATING DRIVERS
The ratings reflect PIPL's moderate scale of operations and
credit metrics. In FY16, PIPL's revenue declined to INR596
million (FY15: INR761 million) due to low work orders in hand.
According to provisional financials for FY17, PIPL's revenue was
INR695 million. Moreover, interest coverage (operating
EBITDA/gross interest expense) and net financial leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 3.5x (FY15:
4.6x) and 4.8x (FY15: 2.2x) in FY16, respectively. The
deterioration was due to higher interest expenses, driven by an
increase in debt. Operating EBITDA margin improved to 11.6% in
FY16 from 9.0% in FY15 due to a decline in overhead expenses.
The ratings, however, are supported by the directors' over 10
years of experience in the construction business. The ratings
also consider PIPL's moderate unexecuted order book of
INR1.253 billion (2.1x of FY16 revenue) as of March 2017, which
is scheduled/likely to be completed in next two-three years.
RATING SENSITIVITIES
Negative: A decline in operating EBITDA margin leading to a
deterioration in credit metrics would be negative for the
ratings.
Positive: An improvement in the scale of operations and overall
credit metrics could be positive for the ratings.
COMPANY PROFILE
Incorporated in 2002, PIPL is a closely held limited company
engaged in civil construction. The company was formed by
Mr. Pratap Kishore Panda and his wife Ms. Sujata Panda. Based in
Odisha, PIPL executes contracts in the state.
PMR INFRASTRACTURES: CRISIL Assigns B Rating to INR4MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of PMR Infrastractures Private Limited (PMR). The
ratings reflects the modest scale of operations, exposure to
risks related to tender-based nature of business, and the below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the partners in the
construction industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Overdraft
Facility 4 CRISIL B/Stable
Secured Overdraft
Facility 1 CRISIL B/Stable
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to risks related to the
tender-based nature of business:
Estimated revenue of INR15 crore for fiscal 2017, reflects the
modest scale of operations. As sales are almost entirely tender-
based, revenue is highly dependent on the firm's ability to bid
successfully. Competitive pricing in the industry further exerts
pressure on profitability.
* Working capital-intensive operations:
PMR's estimated gross current assets are at 562 days as on
March 31, 2017, due to large inventory and receivables. Also
retention money held up with departments leads to working capital
intensive operations.
Strengths
* Extensive experience of the partners
The two decade-long experience of the partners in the civil
construction industry, and their established relationships with
key customers and suppliers, will continue to support the
business risk profile.
Outlook: Stable
CRISIL believes PMR will continue to benefit from the healthy
flow of orders, and extensive experience of its promoters. The
outlook may be revised to 'Positive' if the firm reports an
improvement in revenue and profitability, better working capital
management, and a stable capital structure. The outlook may be
revised to 'Negative' if sizeable working capital requirement, or
significant debt-funded capital expenditure, weakens the
financial risk profile, particularly liquidity.
Set up in 2004, PMR Infrastructure Pvt. Ltd. undertakes civil
construction works, mainly related to irrigation projects. Daily
operations of the Hyderabad-based company are managed by Mr P
Mohan Reddy and his family members.
In fiscal 2016, net loss was Rs.0.6 crore was reported on net
sales of INR4.1 crore, against INR0.3 crore and INR8.1 crore,
respectively, in fiscal 2015.
PROVENTUS AGER: CARE Issues B+ Issuer Not Cooperating Rating
------------------------------------------------------------
CARE Ratings has been seeking information from Proventus Ager
India Pvt Ltd to monitor the rating(s) vide e-mail
communications/letters dated August 30, 2016, October 5, 2016,
November 10, 2016, February 16, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 13.00 CARE B+; Issuer not
Facilities cooperating; Based on best
Available Information
The rating of Proventus Ager India Pvt Ltd bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.
The ratings assigned to the bank facilities of Proventus Ager
India Pvt Ltd (PAPL) continue to remain constrained on account of
its financial risk profile marked by its moderate scale of
operations, moderate liquidity position, thin profitability,
leveraged capital structure and moderate debt coverage indicators
which continues to remain exposed to volatile raw material and
its presence in the fragmented nature of industry with high
degree of competition.
The ratings continue to derive strength from the wide experience
of the promoters and established marketing and distribution
network.
The ability of PAPL to increase its scale of operations, improve
its profitability and capital structure with efficient working
capital management are the key rating sensitivitie.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in February 18, 2016 the following
were the rating strengths and weaknesses.
Key Rating Strengths
Experienced promoters
Mr.Doraprasad Ramarao Nimmagada, aged 49, is the key promoter
director of PAPL. He is a science graduate and has done MBA in
marketing. He has an experience of more than a decade in the same
line of business of Agrochemicals though association with other
two companies. He is also the promoter director of another two
companies namely Jay Agro Industries (JAI) & Jay Polypack Private
Limited (JPPL).
Key Rating Weaknesses
Modest scale of operations and thin profitability: FY16 was the
first full year of operations. During March 31, 2016, PAIPL's TOI
stood at INR48.55 crore. PBILDT margin stood at 3.67% and PAT
margin stood at 0.22% as on March 31, 2016. Leveraged capital
structure and moderate debt coverage indicators Capital structure
of PAIPL remained leveraged by overall gearing of 30.69 times on
account of high total debt amounting to INR15.60 crore consisting
of working capital borrowings. Interest coverage ratio stood at
1.22 times and TDGCA stood weak at 47.62 years on account of
higher total debt and lower GCA.
Moderate Liquidity
As on March 31, 2016, PAIPL's current ratio stood modest at 1.09
times. Also, working capital cycle remained moderate at 60 days
in FY16.
Vadodara-based PAPL is promoted by Mr Doraprasad Nimmagada
(promoter of Jay Polypack Private Limited and Jay Agro
Industries) in January 2015. The board of directors of PAPL
comprises of Mr Doraprasad Nimmagada, his wife Mrs Aruna
Nimmagada and his son MrVijay Nimmagada.
PAIPL has commenced the trading operations during FY16 (refers to
the period April 1 to March 31) from May 2015. The company
primarily procures Agrochemicals, Pesticides and Insecticides
from its group entity i.e Jay Agro Industries (JAI, rated CARE B+
in April 2015) and markets it through dealers across the country.
RADIANT POLYMERS: CARE Issues B Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from Radiant Polymers
Private Limited (RAPL), to monitor the rating(s) vide e-mail
communications/ letters dated March 14, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In-line with the SEBI guidelines, CARE has reviewed the
rating on the basis of publicly available information which,
however, In care's opinion is not sufficien t to arrive at fair
rating. Furthermore, Radiant Polymers Private Limited has not
paid the surveillance fees for the rating exercise as agreed to
in its rating agreement. The ratings of RAPL will now be denoted
as CARE B/A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 19 CARE B; Issuer did not
Facilities Cooperate; Based on best
Available Information
Long-term/Short- 3 CARE B/A4; Issuer did not
Term Bank Cooperate; Based on best
Facilities Available Information
Short-term Bank 7 CARE A4; Issuer did not
Facilities Cooperate; Based on best
Available Information
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating(s).
Detailed description of the key rating drivers
At the time of last rating in April 18, 2016, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Modest scale of operations: The total operating income of the
company continues to remain modest which inherently limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.
Moderate profitability margins, leveraged capital structure and
weak coverage indicators: The profitability margins stood
moderate for FY16 (refers to the period April 1 to March 31). The
capital structure of the company continues to remain leveraged on
account of high debt levels and low net worth base. Furthermore,
the debt coverage indicators also stood weak due to high debt
levels.
Working capital intensive nature of operations: The Company
maintains minimum inventory of raw material and WIP of around 2-3
months for smooth functioning of production. The company allows
credit of about two months to its customers. Subsequently, the
suppliers are paid with an average payable period of around 2
months. The working capital needs being largely met through bank
borrowings which resulted into almost full utilization of the
working capital limits during the 12 months ended February 2017.
Highly fragmented market resulting in intense competition from
unorganised and organised players: The industry is highly
fragmented with a large number of small and unorganised players
catering to the demand of the customers. RAPL faces stiff
competition from the other players present in the region as well
as from other large pan-India players.
Key Rating Strengths
Experienced promoters with long and satisfactory track record of
operations: RPL started its operation of manufacturing of plastic
engineering molded components in 1988 and has 29 years of
operational track record. RPL is jointly managed by Mr Nalin
Bahl, director, a technocrat with more than two decades of
experience and Mr Kumud Jayee, Director, with over two decades of
experience in this industry.
RPL was incorporated on August 5, 1988, by Mr Nalin Bahl and Mr
Kumud Jayee of New Delhi. Since its inception, the company has
been engaged in the manufacturing of plastic moulded components
which finds application in automotive, lighting and other
industrial sectors. RPL has three manufacturing facilities (two
in Ghaziabad and one in Uttarakhand).
During FY15 (refers to the period April 1 to March 31), RPL has
earned ~97% of its revenue from the domestic market and balance
from overseas market. RPL exports its products in the countries
like Argentina, Dubai and Gulf.
The company has achieved the total operating income of INR115.50
crore and PAT of INR5.60 crore in FY16 (refers to the period
April 1 to March 31) as against INR105.53 crore and net loss of
INR1.09 crore in FY15.
RAKESH CREDITS: CRISIL Reaffirms 'B' Rating on INR8MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rakesh
Credits Limited (RCL) for obtaining information through letters
and emails dated February 21, 2017, and March 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 8 CRISIL B/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
'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 reaffirmed its rating on the long-term bank facilities
of RCL at 'CRISIL B/Stable'.
The rating reflects inadequate information and lack of management
cooperation, thereby restricting CRISIL from taking a forward-
looking view on the credit quality of the entity. CRISIL believes
that the information available for RCL is consistent with 'CRISIL
B rating category' and consistent with 'Scenario 1' outlined in
'Framework for Assessing Consistency of Information with CRISIL
B/Stable Rating category.' Thus, based on these factors, CRISIL
has reaffirmed its rating at 'CRISIL B/Stable'.
Key Rating Drivers & Detailed Description
Weakness
* Small scale in operations with regional concentration
RCL is a small vehicle financing non-banking financial company
(NBFC) with an assets under management of INR5.7 crore as on
March 31, 2016. Portfolio is concentrated in two districts
(Mallappuram and Pallakad) of Kerala. Car loan constituted around
70% of the total portfolio mix. CRISIL believes RCL will remain
a small geographically concentrated player in the vehicle
financing segment over the medium term.
Strength
* Long track record of promoters operating in Kerala
Promoters have been operating in the vehicle finance business in
two districts of Kerala since 1993. It is expected to benefit
from the promoters' understanding of the local economy in its
operating geographies.
RCL is a non-deposit-accepting NBFC incorporated on July 26,
1993, as a private limited company. It was reconstituted as a
limited company in January 15, 1997, and renamed Rakesh Credits
Ltd from Rakesh Trade Credits Pvt Ltd. RCL's registered office is
in Chennai, but it operates through two branches in Palakkad and
Malappuram districts of Kerala. It provides loans for the
purchase of used vehicles such as cars, commercial vehicles, and
two- and three-wheelers. It had portfolio outstanding of INR5.7
crore and networth of INR3.5 crore as on March 31, 2016.
The company had a net profit of INR10 lakh and a total income of
INR1.06 crore in fiscal 2016, against a net profit of INR3.2 lakh
and a total income of INR90 lakh for the previous fiscal.
SATLUJ SPINTEX: CRISIL Lowers Rating on INR121.75MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Satluj
Spintex Limited (SSL) for getting information. It has sent emails
dated October 3, 2016, November 8, 2016, November 21, 2016,
January 25, 2017, and April 5, 2017, apart from making telephone
calls, asking for information. However, the issuer has remained
non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 97 CRISIL B+/Stable (Issuer Not
Co-operating; Downgraded
from 'CRISIL BBB-/Stable')
Proposed Long 1.25 CRISIL B+ (Issuer Not
Term Bank Loan Co-operating; Downgraded
Facility from 'CRISIL BBB-/Stable')
Term Loan 121.75 CRISIL B+/Stable (Issuer Not
Co-operating; Downgraded
from 'CRISIL BBB-/Stable')
'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 rating on the long-term bank facilities
of SSL to 'CRISIL B+/Stable' from 'CRISIL BBB-/Stable'.
The downgrade reflects CRISIL's inability in maintaining the
ratings at 'CRISIL BBB-/Stable' due to inadequate information and
lack of management cooperation, thereby restricting CRISIL from
taking a forward looking view on the credit quality of the
entity. SFPL scores high ('L') on availability of past
information. It scores low ('L') on future information due to
unavailability of management's public stated stance on future
expectations, strategic decisions, and capital expenditure
(capex), and low ('L') on the stability attributes listed in
CRISIL's criteria for surveillance of ratings of non-cooperative
issuers. On the basis of the aforementioned, CRISIL believes the
available information is consistent with a 'CRISIL B+/Stable'
category rating.
Key Rating Drivers & Detailed Description
Strengths
* Promoters' extensive experience and established customer
relationships: Promoters have over 25 years of experience in the
cotton ginning industry, thus leading to established
relationships with clients. Such established customer
relationships enable timely availability of raw material
requirement and smooth business operations.
Weakness
* Working capital-intensive operations: The operations have been
working capital intensive, as reflected in high gross current
assets of 157 days as on March 31, 2016, driven by large
inventory of 105 days. The key raw material, raw cotton, is
procured domestically from traders across Punjab, Haryana, and
Rajasthan. Most of it is procured during the peak season between
November and March, resulting in high inventory levels at year
end.
Outlook: Stable
CRISIL believes SSL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial increase in cash
accrual, strengthening the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if large, debt-funded
capex or lower-than-expected cash accrual, results in
deterioration in the financial risk profile.
Incorporated in 2010, SSL, promoted by Mr Sham Lal Goyal,
manufactures cotton yarn. Its cotton spinning unit, based in
Mansa (Punjab), has 50,000 ring spindles and 3500 rotors.
Profit after tax was INR3.36 crore on revenue of INR520.38 crore
in fiscal 2016, against a profit after tax of INR2.81 crore on
revenue of INR355.42 crore in fiscal 2015.
SHINE FLEXIBLE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of Shine Flexible Print And Packs Private Limited
(SFP) at 'CRISIL B+/Stable'. The rating continues to reflect a
modest scale of business in the intensely competitive flexible
packaging industry, and working capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.36 CRISIL B+/Stable (Reaffirmed)
Term Loan 1.64 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description.
Weakness
* Weak financial risk profile: The net worth was modest and
gearing high, at INR3.38 crore and 1.79 times, respectively, as
on March 31, 2016.
* Working-capital-intensive operations: Gross current asset was
high and was around 214 days as on March 31, 2016, primarily on
account of a stretched collection cycle and large inventory.
Strengths
* Extensive industry experience of the promoters: The promoters,
Mr K S Lal, Mrs Bisha Lalu, and Mr K Rajan Nair, have been
involved in the packaging business since 2006. This has enabled
the maintenance of a sound relationship with key customers, and
has improved the scale of operations. The company is estimated to
record operating income of around INR17-20 crores for fiscal 2017
vis-a-vis INR14 crores for the previous fiscal year.
Outlook: Stable
CRISIL believes SFP will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in revenue and
profitability, leading to higher-than-expected cash accrual and
hence to an improvement in the financial risk profile.
Deterioration in the financial risk profile, particularly
liquidity, most likely because of low cash accrual or a stretched
working capital cycle, may lead to a revision in the outlook to
'Negative'.
SFP, established in 2006, manufactures flexible packaging
materials such as polyester laminated rolls, pouches, and
polyester and poly vinyl chloride (PVC) twist wrap film. The
company's manufacturing facility is in Aluva, Kochi.
Profit after tax was INR0.35 crore on total revenue of INR13.94
crore in fiscal 2016, vis-a-vis a net loss of INR0.18 crore on
total revenue of INR10.10 crore in fiscal 2015.
SILVER ENTERPRISE: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Silver
Enterprise's Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. Instrument-wise rating actions are:
-- INR155.2 mil. (reduced from INR250) Term loan affirmed with
'IND BB/Stable' rating
KEY RATING DRIVERS
The affirmation reflects elimination of the company's project
execution risk as the construction was completed in March 2017
and receipt of Building Use Certificate for six of the eight
blocks. However, saleability risks still exist for Silver
Enterprises' project (Silver Maxima) as the firm sold only 65
flats and entered into agreement of sale for 30 flats of the
total 192 flats by end-March 2017. The ratings also factors in
the partnership structure of the organization.
However, the ratings benefit from the partners' track record of
completing 18 projects in Surat and a-decade-long experience in
the real estate business.
RATING SENSITIVITIES
Positive: Sale of units as planned, leading to a strong
visibility of cash flows could lead to a positive rating action.
Negative: Further leveraging the existing business for new
projects leading to cash flow mismatches could be negative for
the ratings.
COMPANY PROFILE
Incorporated in 2010, Silver Enterprise is a partnership firm
engaged in residential and commercial real estate development.
The firm is a part of the Silver group. The project consists of
eight blocks and each block has 12 floors. It has a total
saleable area of 499,392sf.
SMARTHA ENTERPRISES: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Smartha
Enterprises Private Limited's (SEPL) Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR15 mil. Fund-based limits affirmed with
'IND B+/Stable/IND A4' rating; and
-- INR150 mil. Non-fund-based limit affirmed with 'IND A4'
rating
KEY RATING DRIVERS
The affirmation reflects SEPL's continued small scale of
operations and low operating profitability due to the trading
nature of its business. In FY16, revenue rose 23.68% yoy to
INR467.79 million, largely driven by a demand-supply gap in the
domestic market. SEPL's operating EBITDA margin was 1.88x in
FY16 (FY15: 1.86x).
The ratings factor in SEPL's moderate liquidity profile,
indicated by a 99.75% average peak utilization of its fund-based
limits in two of the last 12 months ended March 2017.
The ratings, however, are supported by a marginal improvement in
gross interest coverage (operating EBITDA/gross interest expense)
to 1.04x in FY16 (FY15: 0.95x) and a significant improvement in
net leverage (total adjusted net debt/operating EBITDAR) to 2.90x
(15.54x). The improvement in net leverage was mainly due to a
decline in net working capital borrowings on account of an
improvement in net working capital days to two days (FY15: 72
days).
Moreover, the ratings continue to be supported by the founders'
over three decades of experience in the trading business and the
company's established customer relationships.
RATING SENSITIVITIES
Negative: Any deterioration in operating EBITDA margin and/or an
elongation in the working capital cycle leading to a
deterioration in credit metrics will be negative for the ratings.
Positive: Revenue growth, along with an increase in operating
EBITDA margin, leading to an improvement in gross interest
coverage on a sustained basis will be positive for the ratings.
COMPANY PROFILE
Incorporated in November 2010, SEPL commenced operations in
February 2011. It is engaged in the trading of edible oils,
fertilizers, pulses and metal scraps.
SOUBHAGYA PROCESSOR: Ind-Ra Assigns 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Soubhagya
Processor Private Limited (SPPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR25.00 mil. Fund-based limits assigned with
'IND B/Stable/ IND A4' rating;
-- INR42.00 mil. Term loan assigned with 'IND B/Stable'
rating;
-- INR13.00 mil. Proposed term loan* assigned with
'Provisional IND B/Stable' rating
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by SPPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect SPPL's short operational track record, given
the company commenced operations from September 2015. The
ratings factor in that Ind-Ra expects SPPL's scale of operations
to have remained small in FY17 at INR140 million-160 million
(FY16: INR67.82 million), with weak interest coverage (operating
EBITDA/gross interest expense) at 1.55x (1.86x) and net leverage
(total adjusted net debt/operating EBITDAR) at 6.28x (6.91x).
The ratings reflect the company's tight liquidity position,
indicated by an average working capital utilization of 98% during
the six months ended February 2017.
However, the ratings are supported by a comfortable EBITA margin,
estimated to have stood at about 12% in FY17 (FY16: 16.69%), and
the promoter's experience of around two decades in garment
manufacturing.
RATING SENSITIVITIES
Negative: Inability to achieve stable business operations could
be negative for the ratings.
Positive: Stabilization of operations leading to an increase in
the scale of operations and a consequent sustained improvement in
the credit profile will lead to a positive rating action.
COMPANY PROFILE
SPPL was incorporated as a private limited company in 2010. It
is engaged in the processing of textiles (i.e. dyeing and
printing) at its factory in Sikanderabad District, Bulandshahr,
and Uttar Pradesh. SPPL primarily executes orders for its group
company (JSV Fabs Private Limited).
SRI S. SUBBIAH: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Sri S. Subbiah and Company
(SSC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 20 CRISIL B+/Stable (Reaffirmed)
Standby Line of
Credit 2 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect weak liquidity, due to stretched
receivables, and consequently, high gross current assets. The
rating also factors in geographical concentration in its revenue
profile. These weaknesses are partly offset by the extensive
experience of proprietor in the civil construction industry.
Key Rating Drivers & Detailed Description
Weakness
* Weak liquidity:
Liquidity remains weak with receivables of 226 days as on
March 31, 2016 (151 days as on March 31, 2015), leading to high
gross current assets of 397 days. Working capital cycle will
continue to remain stretched due its low bargaining power with
principals.
* Geographical concentration: SSC derives significant proportion
of revenue from South Tamil Nadu leading to high geographical
concentration risk. Consequently, revenue is susceptible to
infrastructure development in the region
Strengths
* Extensive experience of proprietor: Proprietor's experience of
over two decades in the civil construction industry should
support the business risk profile over the medium term.
Outlook: Stable
CRISIL believes SSC will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be
revised to 'Positive' in case of scaling up of operations while
maintaining operating profitability, leads to improved financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if revenue is lower than expected, or
working capital cycle deteriorates, weakening the financial risk
profile, particularly liquidity.
SSC, set up in 2003, executes civil construction work for the
Tamil Nadu Public Works Department and the National Highways
Authority of India (rated 'CRISIL AAA/Stable') in Tamil Nadu. The
firm's operations are managed by Mr. S Subbiah.
SSC reported net profit of INR1.15 crore on operating income of
INR33.12 crore in fiscal 2016 against net profit of INR2 crore on
operating income of INR51.7 crore in fiscal 2015.
SUNRAJ CERAMIC: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunraj Ceramic
Pvt. Ltd.'s (SCPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR40 mil. Fund-based working capital limits affirmed with
'IND BB-/Stable' rating;
-- INR7.40 mil. (reduced from INR17.6) Term loan affirmed with
'IND BB-/Stable' rating; and
-- INR22.5 mil. Non-fund-based working capital limits affirmed
with 'IND A4+' rating
KEY RATING DRIVERS
The affirmation reflects SCPL's moderate scale of operations and
credit profile. In FY16, revenue was INR177 million (FY15:
INR217 million), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.8x (1.5x), net financial leverage (total
adjusted net debt/operating EBITDA) was 3.6x (5.8x) and EBITDA
margin was 12.4% (8.0%). The decline in revenue was on account
of a temporary halt in production due to factory maintenance for
two months. Meanwhile, the improvement in EBITDA margin was due
to the addition of a new variety of tiles of different dimensions
with comparatively high margins to the product line. Net
leverage improved due to a decline in the total debt of the
company.
The affirmation factors in SCPL's moderate liquidity position,
indicated by an 86.54% average utilization of fund-based limits
during the 12 months ended March 2017.
However, the ratings continue to be supported by the promoters'
over 10 years of experience in tile industry. Moreover, the
company has strong relationships with existing customers.
RATING SENSITIVITIES
Negative: Any deterioration in its operating profitability will
be negative for the ratings.
Positive: A substantial increase in its scale of operations while
maintaining its credit metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2009, SCPL manufactures wall tiles. Its
manufacturing plant is located in Wankaner District, Gujarat, and
has a capacity of 6,000 boxes of tiles per day. The company is
managed by Dhirajlal B Kavathiya, Jayantilal B Kavathiya,
Parasbhai D Kavathiya, Sandipbhai D Kavathiya and Hirenbhai J
Kavathiya.
SWARGIYA DADASAHEB: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swargiya
Dadasaheb Kalmegh Smruti Pratishthan's (SDKSP) bank facilities 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. Instrument-wise rating actions are:
-- INR20 mil. Fund-based working capital limit migrated
to Non-Cooperating Category; and
-- INR30 mil. Non-fund-based working capital limit migrated to
Non-Cooperating Category
NOTE: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SDKSP was established in 1997 as a non-profit institution. It is
registered under the Indian Trust Act, 1860 in Nagpur. The trust
manages a 100-bed hospital and a dental college, offering
Bachelor of Dental Surgery and Mater of Dental Surgery (in eight
subjects). As of February 2016, the college had about 521
students.
ULTRA READY: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Ultra Ready Mix Concrete Private Limited (URMC) at
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 25 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 19.68 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's below-average
financial risk profile marked by high gearing and average debt
protection metrics, and stretched liquidity as a result of large
working capital requirement and debt obligations. The rating also
reflects moderate scale of operations, geographical concentration
in its revenue profile. These weaknesses are mitigated by the
benefits derived from the extensive experience of the promoters
in the ready mix concrete (RMC) industry.
Key Rating Drivers & Detailed Description
Weakness
* Working capital intensive operations: URMC's operations have
been working capital intensive with high GCA days of about 238
days as on March 31, 2016 mainly due to high raw material
inventory maintained by the firm.
* Moderate financial risk profile marked by high gearing and
moderate net worth: Gearing is high at 2.9 time as on March 31,
2016 due to significant debt funded capex undergone and high
working capital debt requirements. Moderate scale of operations
led to average debt protection metrics in fiscal 2016. Debt
protection metrics are likely to be average, with interest
coverage and net cash accrual to total debt ratios expected at
2.17 times and 13%, respectively, in fiscal 2017.
Strengths
* Extensive experience of the promoters in the ready mix concrete
(RMC) industry:
The promoters have been in similar lines of business over the
past 3 decades. The company is expected to benefit from the
extensive experience of promoters in the RMC industry and
established relationships with customers and suppliers.
Outlook: Stable
CRISIL believes URMC will continue to benefit from the extensive
experience of the promoters over the medium term. The outlook may
be revised to 'Positive' if the company scales up its operations
significantly while maintaining profitability and improving
working capital management leading to better-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
URMC's financial risk profile and liquidity further deteriorate
driven by lower-than-expected cash accrual, increase in working
capital requirements, or large, debt-funded capital expenditure.
Started in 2005 and based in Coimbatore (Tamil Nadu), URMC
manufactures RMC. The operations are managed by Mr. S Sivasamy.
Profit after tax was INR1.59 crore on net sales of INR80.50 crore
in fiscal 2016, against INR1.05 crore on net sales of INR71.38
crore, respectively, in fiscal 2015.
VIDEOCON TELECOM: CARE Reaffirms 'D' Rating on INR2562.5cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Videocon Telecommunications Limited (VTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 2562.50 CARE D Reaffirmed
Short term Bank
Facilities 644.92 CARE D Reaffirmed
The rating assigned to the bank facilities of VTL continues to
take into account the delays in interest servicing and debt
repayment owing to the strained liquidity position of the
company.
Detailed description of the key rating drivers
Key Rating Strengths
Strong promoter group along with continuous support in the form
of
equity infusion
VTL is a part of the Videocon Group. The Videocon Group is global
business conglomerate with a presence in Consumer Electronics &
Home Appliances (CE&HA), Oil & Gas (O&G), Retail, Telecom, DTH
and the Power sector. The Group is rated among India's Top 15
Business Houses according to a Boston Consulting Group study.
During FY16, the promotors have done equity infusion of INR800
crore (Rs.921 crore in FY15) in the company furthermore; the
promoters have infused funds to the tune of INR6500 crore in last
four years to fund the losses and repayment obligations of the
company.
Diversified product offerings
VTL has NLD/ILD license which allows the Company to offer long-
distance domestic as well as international calls in all 22
circles across India. The Company is operating NLD Services and
terminating ILD traffic on its own NLD network across India.
Key Rating Weaknesses
Delay in interest servicing and debt repayment
VTL was granted the license for providing Unified Access Services
(UAS) in 21 circles by the Department of Telecommunications,
Government of India (DoT) in 2008 and was also allotted spectrum
in 20 circles. The Hon'ble Supreme Court of India, vide its
judgment dated February 2, 2012, quashed all the UAS license
granted on or after January 10, 2008, and subsequent allocation
of spectrum to these licenses, which also included the 21 UAS
licenses granted to the company and the spectrum allotted to it.
Owing to the cancellation of licenses and closure of its
operations in 8 circles; it faced huge losses and severe
liquidity crunch and was not in position to repay the debt on
time.
Although the promoters have supported the company in terms of
infusion of equity and unsecured loans from time to time, the
company is still facing pressure on its liquidity and is repaying
its debt obligation with delays.
Videocon Telecommunication Limited (VTL) was incorporated as
Datacom Solutions Private Limited on June 7, 2007 and in 2009 was
renamed as Videocon Telecommunications Limited. VTL is a Videocon
Group company; the flagship company of the group is Videocon
Industries Limited. During H1FY17, VTL has closed its GSM
business. VTL had entered into agreement to transfer right to use
of its spectrum to Bharti Airtel Limited in all the six circles
in FY16. The transaction was completed in May-2016.
VTL also has National Long Distance (NLD)/International Long
Distance (ILD) license which allows the company to offer
long-distance domestic as well as international calls across
India.
In FY16 (refers to the period April 1 to March 31), VTL has
reported loss of INR917.13 crore (loss of INR1971.99 crore in
FY15) on total operating income of INR1064.81 crore (Rs.1040.09
crore in FY15).
=================
I N D O N E S I A
=================
BANK DANAMON: Fitch Affirms B Short-Term IDRs; Outlook Stable
-------------------------------------------------------------
Fitch Ratings Indonesia has affirmed the National Ratings of
Indonesia-based PT Bank Central Asia Tbk (BCA), PT Bank Danamon
Indonesia Tbk (Danamon) and BCA's subsidiary PT BCA Finance
(BCAF). At the same time, Fitch has affirmed the Issuer Default
Ratings (IDRs) of BCA, Danamon and PT Bank Pan Indonesia Tbk
(Panin). The rating Outlooks are Stable.
'AAA(idn)' Long-Term National Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.
'AA(idn)' Long-Term National Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country. The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.
'F1(idn)' Short-Term National Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.
KEY RATING DRIVERS
IDRs, VIABILITY RATINGS AND NATIONAL RATINGS
BCA's IDRs, Viability Rating (VR) and National Ratings reflect
Fitch's view that its strong credit fundamentals will continue to
be underpinned by its business model, which focuses on low-risk
transactional banking. The fundamentals will remain comparable
with higher-rated peers' in emerging markets. However, the credit
profile also reflects BCA's operating environment, where the
developing financial market is more susceptible to systemic
liquidity and funding risk than in developed markets. BCA has
demonstrated resilient and strong performance during 2016's
challenging operating conditions, with improved profitability and
sound asset quality. It benefited from high interest rates thanks
to its large low-cost current and savings deposits (CASA) base.
BCA's common equity Tier-1 capital ratio remains sound at 21.3%
at end-2016, supported by strong internal capital generation.
Danamon's IDRs, VR and National Ratings reflect its satisfactory
company profile, its solid consumer finance franchise and
benefits from its ultimate parent, Temasek Holdings Pte Ltd,
which is wholly-owned by the Singapore sovereign (AAA/Stable).
Its relatively weaker funding profile and internal capital
generation are counterbalanced by a strong capital profile
(common equity Tier-1 capital ratio at 20.1% at end-2016). The
ratings also consider its moderate asset quality, as reflected in
its non-performing loan ratio of 3.1% at end-2016, in line with
the industry average of 2.9%. Funding and liquidity weaknesses
are highlighted by the bank's reliance on high-cost non-CASA
deposits and above-peer loan-to-deposit ratios.
Panin's IDRs and VR reflect its modest earnings that are lower
than those of higher-rated Indonesian banks, although this is
counterbalanced by improved capital and satisfactory asset
quality. Panin's core capital is strong, with a common equity
Tier-1 ratio of 18.5% at end-2016. Despite a weaker operating
environment, the bank's profitability was resilient in 2016
thanks to manageable asset quality with lower-than-peers credit
costs. Fitch assessment also captures the bank's domestic
franchise as a family-controlled mid-sized bank.
BCAF's ratings reflect Fitch's expectation of a strong
probability of support from its parent in times of need. The
ratings also incorporate Fitch's assessment of BCAF's role as a
core subsidiary supporting BCA's business expansion in
Indonesia's consumer financing market. BCAF's important role in
managing BCA's entire portfolio of car loans makes it integral to
BCA's consumer business chain. The car loan portfolio constituted
a significant 37% of BCA's consumer loans at end-2016. BCA's
support is manifested in the common brand name it shares with
BCAF, the provision of funding, and operational alignment, such
as utilisation of BCA's branch network. Business referrals from
BCA also remain significant at around 40% of BCAF's new financing
in 2016.
SUPPORT RATINGS and SUPPORT RATING FLOORS
The Support Ratings and Support Rating Floors for BCA, Danamon
and Panin reflect Fitch's view of a moderate probability of
extraordinary state support being made available, if needed.
Fitch believes these three banks are systemically important to
Indonesia as BCA, Danamon and Panin are the third-, eighth- and
seventh-largest banks in Indonesia by assets, respectively. BCA's
higher Support Rating Floor reflects Fitch's view of its higher
systemic importance as the transactional banking leader in
Indonesia, with much higher market share of industry assets
(10.1% at end-2016) relative to Danamon and Panin (both around
3.0%).
ISSUE RATINGS
BCAF's senior bonds are rated at the same level as BCAF's
National Long- and Short-Term Ratings in accordance with Fitch
criteria.
RATING SENSITIVITIES
IDRs, VIABILITY RATINGS AND NATIONAL RATINGS
BCA's ratings are sensitive to a stronger operating environment.
Deeper and less volatile financial markets, sustained
improvements in the economy or a higher sovereign rating could
trigger a VR upgrade if they further strengthened the bank's
financial profile. BCA's ratings would also be sensitive to a
considerable change in its business model, resulting in greater
appetite for risk. However, Fitch believes this scenario is
unlikely in the near term because of management's prudent
approach, especially with regards to asset quality, core
capitalisation and liquidity.
Danamon's ratings are sensitive to deterioration in its financial
profile, including asset quality and profitability. Rating upside
for Danamon may result from material improvement in its
franchise, leading to improved funding and liquidity metrics
while maintaining sound capitalisation similar to that of higher-
rated peers.
For Panin, rapid loan expansion, which could negatively affect
its capital and funding position in a difficult economy, may
result in a downgrade to the bank's VR. However, as Panin's 'BB'
IDR is at the same level as its Support Rating Floor, the IDR
will not be affected by a downgrade of the bank's VR unless
considerations underpinning its 'BB' SRF also weaken. Sustained
improvements in its ability to generate capital and profitability
would be positive for its VR.
Any significant dilution in BCA's ownership or perceived
weakening of support for its subsidiary would exert downward
pressure on the ratings on BCAF, including the possibility of
multi-notch downgrades. However, Fitch sees this prospect as
remote in the foreseeable future, given BCAF's core role in BCA's
consumer business strategy. There is no rating upside as the
rating is already at the highest point on the scale.
SUPPORT RATINGS and SUPPORT RATING FLOORS
A change in Fitch's view of the government's ability and
willingness to provide extraordinary support would affect these
banks' Support Ratings and Support Rating Floors. Fitch will
review the potential impact on SRs and SRFs as more key details
and supporting regulations for the Financial System Crisis
Prevention and Mitigation Law become available during 2017.
ISSUE RATINGS
Any changes in BCAF's National Long- and Short-Term Ratings would
affect the issue ratings.
FULL LIST OF RATING ACTIONS
BCA:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(idn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Danamon:
Long-Term IDR affirmed at 'BB+'; Outlook Stable
Short-Term IDR affirmed at 'B'
National Long-Term Rating affirmed at 'AA+(idn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(idn)'
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Panin:
Long-Term IDR affirmed at 'BB'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
BCAF:
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(idn)'
Rupiah senior debt issuance affirmed at 'AAA(idn)' and 'F1+(idn)'
=========
J A P A N
=========
TOSHIBA CORP: To Split In-House Firms Into Wholly Owned Units
-------------------------------------------------------------
Toshiba Corporation announced on April 24, 2017, that it has
decided to split off its four in-house companies into wholly-
owned subsidiaries. After the company splits, Toshiba Group will
further enhance collaboration between the split-off companies,
and, at the same time, aim to maximize the value of each
business. In addition, it will establish an optimized structure
for ensuring business continuity in respect of maintaining
special construction business licenses required to do business in
Japan.
After executing the splits, Toshiba Corporate will further
concentrate on maximizing the Group's value and strengthening its
governance system.
1. About the business entities
The company splits will allow the New Companies, as independent
business entities, to clarify their responsibilities to the
market and customers, which will ultimately support maximization
of their business value. Additionally, the New Companies will aim
to refine governance and risk management structures so as to
match their diverse business environments, and will directly
secure the services of external auditors.
The company splits will be effected as follows, on July 1st and
after.
(1) As of July 1, 2017
A) Infrastructure System & Solutions Company
The Company will split off its in-house company, Infrastructure
System & Solutions Company, and merge it into Toshiba Electric
Service Corporation, which is responsible for part of the
installation work, electrical construction, maintenance and
inspection services in the social infrastructure business and
holds special construction business licenses.
The Company will split off its in-house company, Infrastructure
System & Solutions Company, and merge it into Toshiba Electric
Service Corporation, which is responsible for part of the
installation work, electrical construction, maintenance and
inspection services in the social infrastructure business and
holds special construction business licenses. As the succeeding
company holds special construction business licenses, this will
realize a continuous and smooth business transaction. The New
Company also aims to realize continuous growth for the social
infrastructure business by positioning it to continue to promote
a spiral lifecycle business offering products, systems and
services that improve customer value, which will ultimately lead
to maximization of its business value.
B) Storage & Electronic Devices Solutions Company
The Company will split off its in-house Company, Storage &
Electronic Devices Solutions Company and transfer it to a newly
established company. The Company established Toshiba Memory
Corporation on April 1 for the memory business. With this company
split, the Company aims to realize continuous growth and
maximization of its other electronic devices business, including
discrete semiconductors, system LSIs, HDDs and related products,
by providing products and services that maximize customer value.
C) Industrial ICT Solutions Company
The Company will split off its in-house company, Industrial ICT
Solutions Company, and merge it into Toshiba Solutions
Corporation, which is responsible for construction work related
to the ICT solutions business and holds special construction
business licenses. This will allow continuity of business
operations that require such licenses. As the succeeding company
holds special construction business licenses, this will maintain
continuity in business areas that requires such licenses. The
merger will also allow establishment of a business structure that
unifies development, manufacturing and sales of ICT solutions
that utilize IoT and AI, increase the scale of solutions
businesses for manufacturing, industry, social infrastructure,
distribution and finance, government and municipalities, and
support further business growth. The New Company will also
realize timely responses to digital transformation, aim to expand
its business through its "SPINEX" IoT architecture, as an
innovator that creates and provides valuable services, and
contribute to maximizing the corporate value of the Group.
(2) As of October 1, 2017
D) Energy Systems & Solutions Company
The Company will split off its in-house company, Energy Systems &
Solutions Company, and the Nuclear Energy Systems & Solutions
Division, and transfer them to a newly established company. The
New Company will obtain special construction business licenses,
in order to maintain business continuity in respect of its
ability to engage in businesses that requires such licenses. By
this, it will realize a continuous and smooth business
transaction. The New Company also aims to realize further growth
for the energy business by offering products, systems and
services that improve customer value in next generation energy
sources.
2. About the corporate function
The Company will continue to strengthen the Group's internal
controls, as announced in the March 14th announcement, "Measures
to Rebuild Toshiba," by further promoting collaboration between
Toshiba Corporate, which will dedicate itself to enhancing
corporate functions, and the Group's affiliated business
entities. While details are still to be determined, Toshiba
Corporate will focus on maximizing corporate value and
strengthening governance of the Group as a whole, and advance the
Group's business strategic planning, including flexible
reorganization on the business portfolio, resource allocation and
enhanced risk management.
The decision follows the "Strengthening Toshiba Group's
Organizational Management," as disclosed in "Measures to Rebuild
Toshiba," announced on March 14th, 2017. On the same date, the
Company also announced its intentions in respect of "Eliminating
Risk Related to the Overseas Power Business," which has been
realized by the commencement of Chapter 11 proceedings that
eliminate Westinghouse from FY2016 consolidated earnings results,
as was announced on March 29th.
Toward "Swiftly Recovering and Strengthening the Financial Base,"
the Company established Toshiba Memory Corporation on April 1st,
to secure management resources for the continued growth of Memory
business, and to further enhance the Group's financial bases by
considering transfers of shares in the new company to a third-
party, up to majority.
Toshiba Group said the company will further continue upmost
effort to recover the trust of shareholders and investors and all
other stakeholders.
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
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.
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF RAGAY: Placed Under PDIC Receivership
---------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Ragay (Camarines Sur), Inc. from doing
business in the Philippines. Under Resolution No. 635.B dated
April 20, 2017, the MB directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of the bank. PDIC took over the bank on April 21,
2017.
Rural Bank of Ragay is a two-unit rural bank with Head Office
located at Tomas Delgado St. cor. Provincial Road, Poblacion
Ilaod, Ragay, Camarines Sur. Its lone branch is located in Del
Gallego, Camarines Sur. Based on the General Information Sheet
filed by the bank with the Securities and Exchange Commission as
of June 30, 2016, Rural Bank of Ragay is owned by Linda C. Aquino
(18.87%), Jaime A. Manubay (11.61%), Mildred A. Perez (10.45%),
Kristoffer Lloyd C. Aquino (6.68%), Emma Louisa C. Aquino
(5.80%), Maika C. Aquino (5.80%), Charina A. Lonogan (5.25%),
Rolando M. Carandang (4.13%), Theresita B. Aquino (3.30%),
Guillermo E. Abogado (3.18%), and Ruben D. Literal (2.35%). The
Bank's Chairman and President is Emma Louisa C. Aquino.
Latest available records show that as of December 31, 2016, Rural
Bank of Ragay had 8,062 deposit accounts with total deposit
liabilities of PHP178.5 million. Total insured deposits amounted
to PHP172.9 million equivalent to 96.8% of total deposits.
PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Rural Bank of Ragay or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. They may
update their addresses until May 2, 2017 using the Mailing
Address Update Forms to be distributed by PDIC representatives at
the bank premises.
For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Rural Bank of Ragay and to transact only with
designated PDIC representatives at the bank premises. For more
information on the requirements and procedures for filing claims
and settlement of loan obligations, all depositors and borrowers
of the bank are enjoined to attend the Depositors-Borrowers'
Forum which will be held in a venue near the premises of the bank
on May 4 and 5, 2017. Details will be posted in the bank premises
and in other public places.
Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.
====================
S O U T H K O R E A
====================
HANJIN SHIPPING: Korea Losing Port Calls After Firm's Bankruptcy
----------------------------------------------------------------
Yonhap News Agency reports that global shipping companies have
reduced their calls at South Korean ports despite adding more
worldwide services, partly a result of Hanjin Shipping going
bankrupt, a research organization said April 21.
Yonhap says four different shipping alliances have been realigned
into three major players -- 2M, The Alliance and Ocean
Alliance -- in April after South Korea's Hanjin, once the world's
seventh largest maritime transport company, went under the month
before. CKYHE, the alliance that Hanjin had led, disappeared with
it.
The three alliances together ply 74 routes, more than 64 by the
previous four, but the number of calls to South Korea's
southeastern ports of Busan last year actually fell from 31 to
28, and those to Gwangyang Port from five to two, Yonhap relates
citing the Korea Maritime Institute. Calls to Shanghai increased
from 46 to 48, and for Hong Kong from 26 to 30. Qingdao received
21 calls, up from 19, and Tokyo nine, up from eight, Yonhap
notes.
According to Yonhap, the institute said the main reason for the
fall is the bankruptcy of Hanjin Shipping who used to handle
cargo volume of 1.88 million TEUs (twenty-foot equivalent units)
a year in and out of South Korea, plus 2.72 million TEUs of
transshipment freight.
South Korea's transshipment volume last year fell 3 percent from
2015 and was expected to drop even more this year.
Yonhap adds that industry watchers said conditions may worsen
with no new entries to the alliances by South Korean companies.
Hyundai Merchant Marine Co., another South Korean container
carrier, narrowly averted bankruptcy in December last year. It
has since struck a strategic cooperation with 2M for slot
exchanges and purchases.
Yonhap says the diminishing port calls limit the available
choices for South Korean shippers and may induce a hike in
freight shipment and service fees, the institute said, with
freight charges for exports already becoming more expensive than
for Chinese ports.
About the only solution is to withstand difficulties until
Hyundai Merchant and SM Line Corp., who purchased Hanjin
Shipping's U.S.-Asia route, to become strong enough to replace
Hanjin, the institute said, Yonhap reports.
About Hanjin Shipping
Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.
The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100
million tons of cargo per year. It also operates 13 terminals
specialized for containers, two distribution centers and
six Off Dock Container Yards in major ports and inland areas
around the world. The Company is a member of "CKYHE," a
global shipping conference and also a partner of "The
Alliance," another global shipping conference to be
launched in April 2017.
Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.
As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets. The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.
On Sept. 2, 2016, Hanjin Shipping Co. filed in the U.S. a
voluntary petition under Chapter 15 of the Bankruptcy Code. The
Chapter 15 case is pending in New Jersey (Bankr. D.N.J. Case No.
16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves
as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly
appointed foreign representative of Hanjin Shipping.
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* BOND PRICING: For the Week April 17 to April 21, 2017
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Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 14.50
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 15.00
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.05
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.38
CML GROUP LTD 9.00 01/29/20 AUD 1.04
CRATER GOLD MINING LTD 10.00 08/18/17 AUD 20.00
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.30
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72
LAKES OIL NL 10.00 05/31/18 AUD 8.03
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10
PALADIN ENERGY LTD 7.00 03/31/20 USD 68.00
PALADIN ENERGY LTD 6.00 04/30/17 USD 70.00
RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76
RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76
STOKES LTD 10.00 06/30/17 AUD 0.32
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 69.91
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 51.06
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 61.13
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 60.96
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.74
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.80
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 41.60
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.56
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.71
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.87
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 58.50
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 61.47
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 59.01
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 60.42
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 61.71
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.05
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.61
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.00
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 62.02
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 61.59
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.20
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.53
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 50.01
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.02
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 60.77
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.44
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 74.40
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 59.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 60.61
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 40.27
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 72.89
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 61.19
BENGBU URBAN INVESTMENT 5.78 08/10/17 CNY 30.03
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.77
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 60.99
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 61.50
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.72
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.51
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.64
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.76
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.97
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 55.60
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 61.24
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.70
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.99
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.30
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.75
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.03
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.41
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.50
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.27
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.78
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.80
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 61.06
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 61.14
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 62.11
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.57
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.80
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.00
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.40
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.58
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.73
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 61.36
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.31
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.50
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.52
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.53
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.14
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.37
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.15
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.30
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.26
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.66
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 72.76
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.50
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.74
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.78
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 62.11
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.89
CHIFENG CITY CONSTRUCTI 6.18 05/18/17 CNY 50.05
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 60.93
CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 40.38
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 40.38
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.11
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.60
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.66
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 62.09
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.72
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.79
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.05
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.06
CHONGQING FULING STATE- 6.39 01/21/20 CNY 61.36
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.63
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.55
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.92
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.48
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.71
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.77
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.85
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.93
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.66
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.89
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 61.13
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 39.92
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 41.62
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.53
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.75
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.10
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.11
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 61.65
CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.93
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 60.30
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 61.82
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 61.43
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.97
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.94
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 62.06
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 61.52
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 61.36
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.57
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.82
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 62.13
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.21
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 61.24
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.30
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.31
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 56.30
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 62.07
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.28
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 62.11
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.87
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 64.00
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 61.45
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 60.98
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 61.26
DALIAN MACHINE TOOL GRO 7.00 07/30/18 CNY 53.94
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 73.53
DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 39.96
DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 70.45
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.52
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 61.84
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 63.00
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 61.36
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.90
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 61.27
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 39.60
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.04
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 31.17
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 61.39
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.80
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.55
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.93
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 62.07
DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.51
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.62
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.95
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 62.08
DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 70.75
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.00
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 62.23
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 25.06
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.13
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 50.83
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.01
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 61.70
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.36
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.51
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 72.33
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 72.88
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.25
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 60.00
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.97
FUZHOU INVESTMENT DEVEL 7.75 02/28/18 CNY 50.51
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.85
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.67
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 51.00
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 71.24
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 71.75
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.00
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.64
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.84
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 51.05
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.74
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.97
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.29
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.34
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.59
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 61.06
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.95
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.96
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 60.01
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 61.99
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.78
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.79
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 71.01
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 73.21
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.01
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.70
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.35
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.55
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 41.83
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 46.90
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.69
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 61.33
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 62.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 60.66
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 44.40
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.74
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.05
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.69
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 71.30
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 72.40
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.00
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.64
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 61.42
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 71.85
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 72.07
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.97
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 62.00
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 61.05
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 81.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.13
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.52
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.20
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.28
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 51.04
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.50
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 41.33
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 82.80
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.30
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.89
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.52
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.75
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.59
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.69
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.75
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.76
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 61.61
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 61.42
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 81.75
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 40.30
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 42.06
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.45
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.53
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 61.31
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 73.50
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 61.90
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 61.84
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 61.15
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 81.85
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.09
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 40.51
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.85
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.83
HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.00
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.52
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.53
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.50
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 51.04
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.50
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.58
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.53
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 62.06
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 61.42
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.91
HULUDAO INVESTMENT GROU 8.47 03/01/19 CNY 61.20
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 51.13
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.20
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.25
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.92
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.93
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 41.75
HUZHOU URBAN CONSTRUCTI 7.02 12/21/17 CNY 40.50
HUZHOU URBAN CONSTRUCTI 6.70 12/14/19 CNY 61.27
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.81
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 60.01
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.41
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 40.51
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 41.68
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 60.51
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 61.79
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.50
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.97
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 41.13
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 40.01
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 41.69
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 62.00
JIANGSU DAFENG HARBOR H 7.98 11/15/17 CNY 50.01
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.00
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.74
JIANGSU HUAJING ASSETS 5.68 09/28/17 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.76
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.51
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.82
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.28
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.47
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.06
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.55
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 60.01
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.70
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 61.83
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 72.68
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 73.42
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.66
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 61.78
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.04
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.37
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.39
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 60.00
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 61.53
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 61.89
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.16
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.62
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.56
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 41.76
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 60.90
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 61.33
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.16
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.29
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.15
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.61
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.64
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.83
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.51
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 51.11
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 61.62
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 41.68
JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.59
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.37
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.80
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 62.17
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 61.71
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 61.96
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.81
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.30
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 41.99
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.31
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.42
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 61.83
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.65
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.79
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 61.13
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.41
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.74
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.98
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.31
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.65
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.50
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.17
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.31
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.67
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.78
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 61.39
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 41.51
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 30.34
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.50
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.51
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.01
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.60
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.82
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.86
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 61.63
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 65.74
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.01
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 41.69
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 61.18
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.60
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.62
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 61.18
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.50
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 61.35
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 61.66
LINYI CITY ASSET MANAGE 6.80 03/24/20 CNY 72.50
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 62.73
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.80
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.77
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 40.51
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 41.82
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 61.10
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 61.25
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 68.52
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.77
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 41.00
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.87
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.15
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.70
LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 62.14
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 61.06
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.60
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 72.50
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 52.89
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 59.10
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 61.28
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.78
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 51.01
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.14
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.17
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 62.00
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.73
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 82.30
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 62.67
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 61.11
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.75
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 61.64
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 61.84
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 61.38
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.26
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.46
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.58
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 81.85
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.75
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.96
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.00
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.88
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.97
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.29
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.00
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.31
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.63
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.67
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.76
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 61.78
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.36
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.56
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.57
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.97
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.98
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.12
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 60.10
PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 61.13
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 61.34
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.25
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.57
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 61.79
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 62.37
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 71.06
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 72.40
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.68
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.74
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 60.20
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.62
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.50
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.83
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.39
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.45
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.27
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 61.34
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.61
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.85
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.68
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 49.00
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 50.53
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 62.08
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.66
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 60.00
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 61.03
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.00
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.06
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 61.55
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.05
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 61.69
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 29.60
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 30.30
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 50.89
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.08
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.68
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 62.13
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.85
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15
QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.00
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 60.88
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 61.11
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.63
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.74
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 61.75
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.83
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 62.60
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.54
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.55
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 61.57
RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.74
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.67
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 62.00
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 52.28
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.65
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 63.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.44
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.80
SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.54
SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.61
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.55
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.70
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 62.02
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 71.03
SHANDONG SHANSHUI CEMEN 6.20 05/12/17 CNY 66.29
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.41
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.54
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 60.20
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 61.40
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.80
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.20
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.50
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 71.80
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 72.04
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.29
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.30
SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.07
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.51
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.66
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 60.53
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 61.23
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 62.01
SHANGXI HUAYU OF CHINAC 5.53 12/26/17 CNY 39.92
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.50
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.63
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.78
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 62.01
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 50.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.17
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 62.20
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.92
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 51.10
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 61.73
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.10
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 61.58
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.13
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 51.02
SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.37
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 47.06
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.89
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 51.36
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.87
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 61.88
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.59
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.90
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 73.14
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 73.22
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 61.60
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 81.49
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.24
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.27
SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 50.75
SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 50.75
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 50.75
SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 50.75
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.12
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 60.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 61.21
STAR LAKE BIOSCIENCE CO 5.80 07/07/17 CNY 59.90
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 61.96
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 41.16
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.33
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 41.29
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 61.43
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.38
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 61.06
SUZHOU NEW & HI-TECH IN 7.98 09/27/18 CNY 72.28
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 51.14
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 61.19
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 65.20
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 73.04
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.61
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.86
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.25
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.80
TAIAN CITY TAISHAN INVE 6.76 01/25/20 CNY 61.86
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 72.55
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 73.03
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 61.85
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.03
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 61.85
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.65
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.75
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 72.09
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 61.18
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.85
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.86
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.20
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.81
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 71.51
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 73.50
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.87
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 61.21
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.60
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.76
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.75
TENGZHOU CITY STATE-OWN 6.45 05/24/18 CNY 58.00
TENGZHOU CITY STATE-OWN 6.45 05/24/18 CNY 60.86
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.07
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.30
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 60.27
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 72.34
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 61.27
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.24
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.39
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 41.76
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.35
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.36
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 61.21
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 61.50
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.50
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.51
TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 59.71
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 61.50
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 60.01
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 62.25
TONGLIAO URBAN INVESTME 5.98 09/01/17 CNY 40.15
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 61.03
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 61.18
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 60.01
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 61.26
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 58.00
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 60.22
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 61.24
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 52.16
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 60.69
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 60.90
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 50.31
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 50.38
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 62.05
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 71.63
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.77
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 61.06
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 61.54
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.32
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.63
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.00
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 62.26
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 61.25
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 61.36
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 40.75
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.61
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 61.05
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 61.16
WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 50.80
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 60.76
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 50.40
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.60
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.87
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 61.90
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 61.34
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 61.35
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.81
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.82
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.43
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.83
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 70.54
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 73.45
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 61.86
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 61.63
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 81.80
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 61.76
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 61.13
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.59
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.78
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 72.31
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 72.49
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.00
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 41.76
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.47
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.80
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 61.63
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.51
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.56
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.99
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 51.29
XIANYANG MUNICIPAL CONS 7.90 12/09/17 CNY 40.05
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 41.65
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.84
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.95
XINING CITY INVESTMENT 7.70 04/27/19 CNY 61.73
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 50.91
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 50.44
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 40.38
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 61.02
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 61.42
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.87
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 50.87
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 61.77
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 41.72
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 50.82
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 60.90
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 61.84
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 63.00
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.05
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 61.94
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.89
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 50.57
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 61.21
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 61.30
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 61.05
YANTAI CITY MOUPING DIS 8.05 03/04/19 CNY 71.01
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.64
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 61.06
YANTAI URBAN CONSTRUCTI 5.99 03/14/20 CNY 61.27
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 70.58
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 61.47
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 62.02
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 61.32
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 61.70
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 59.00
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 61.45
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.96
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.97
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 50.95
YINGKOU CITY CONSTRUCTI 7.98 04/18/20 CNY 73.55
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 61.09
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 61.16
YINGKOU ECO & TECH DEVE 6.17 04/08/20 CNY 60.00
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.21
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.29
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 61.62
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.12
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.49
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 61.86
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 61.56
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 51.00
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 61.93
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 62.30
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.00
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 61.50
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 61.50
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 62.07
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 30.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 61.34
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 62.09
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 61.33
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 70.48
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 61.84
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 61.66
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 61.78
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.52
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.99
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 61.25
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 70.70
ZHENGZHOU CITY CONSTRUC 6.37 12/03/19 CNY 61.00
ZHENGZHOU CITY CONSTRUC 6.37 12/03/19 CNY 61.45
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.00
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.02
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 60.95
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 61.19
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 50.66
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.20
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 72.82
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 72.94
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 30.69
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 37.50
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 40.30
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 61.53
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 61.86
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.61
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.64
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 61.84
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.01
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.10
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 61.68
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.19
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.81
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 61.64
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 36.00
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 61.52
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 61.70
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 61.13
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 70.86
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 51.11
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 20.18
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.73
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 70.01
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 70.71
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 40.71
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 41.85
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 72.83
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.73
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 70.00
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 38.54
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.13
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 1.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 1.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 1.45
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 1.45
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 17.38
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.11
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.27
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.41
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 36.88
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 41.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 10.00
JCT LTD 2.50 04/08/11 USD 27.00
JM FINANCIAL CREDIT SOL 9.00 03/23/22 INR 0.71
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.54
REI AGRO LTD 5.50 11/13/14 USD 1.54
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.48
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 30.00
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 74.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.13
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.13
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.13
TAKATA CORP 0.58 03/26/21 JPY 60.00
TAKATA CORP 0.85 03/06/19 JPY 62.63
TAKATA CORP 1.02 12/15/17 JPY 68.38
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.56
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.56
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 31.31
CHEJU REGIONAL DEVELOPM 3.00 07/25/18 KRW 25.49
DAEWOO SHIPBUILDING & M 3.79 04/21/19 KRW 64.30
DAEWOO SHIPBUILDING & M 3.28 03/19/18 KRW 66.39
DAEWOO SHIPBUILDING & M 3.50 11/29/17 KRW 66.82
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 52.21
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 49.63
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 52.13
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 29.80
KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 30.57
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 33.86
KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 34.36
KOREA SOUTH-EAST POWER 4.38 12/07/42 KRW 55.51
KOREA SOUTH-EAST POWER 4.44 12/07/42 KRW 55.99
LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 34.89
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 36.52
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 37.08
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 30.01
OKC SECURITIZATION SPEC 3.00 02/17/42 KRW 52.33
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SHINHAN BANK 3.83 12/08/31 KRW 73.67
SHINHAN BANK 3.83 12/08/31 KRW 73.67
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 18.57
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 27.56
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 27.67
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 27.87
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 28.61
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 28.81
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 29.23
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 29.52
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 29.58
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 29.87
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 30.92
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 30.92
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 31.15
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 31.15
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 31.39
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 31.39
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 31.77
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 31.77
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 31.79
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 32.14
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 32.44
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 33.88
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43
SINBO SECURITIZATION SP 5.00 07/24/17 KRW 42.79
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71
U-BEST SECURITIZATION S 5.50 11/16/17 KRW 36.55
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 62.18
WOORI BANK 5.21 12/12/44 KRW 340.03
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.10
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.61
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.39
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.48
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.92
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.31
I-BHD 2.50 10/09/19 MYR 0.43
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.03
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.16
MALTON BHD 6.00 06/30/18 MYR 1.36
PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.05
PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.09
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.18
SEE HUP CONSOLIDATED BH 4.60 12/22/17 MYR 0.15
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.19
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.52
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.90
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.23
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.61
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.97
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.34
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.67
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.98
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 66.33
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.69
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 69.04
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 69.12
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 69.78
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.58
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 71.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 72.13
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.13
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 73.00
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.68
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.99
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 74.96
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.29
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.39
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.03
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.47
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 1.75
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.64
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.95
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 8.99
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 11.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 18.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
RICKMERS MARITIME 8.45 05/15/17 SGD 24.25
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 30.13
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 36.51
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 40.55
ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 45.00
ENERCOAL RESOURCES PTE 9.25 04/07/18 USD 45.50
EZION HOLDINGS LTD 4.88 06/11/21 SGD 46.95
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.00
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.88
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.03
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.25
EZION HOLDINGS LTD 5.10 03/13/20 SGD 59.96
EZION HOLDINGS LTD 4.70 05/22/19 SGD 65.02
AUSGROUP LTD 7.95 10/20/18 SGD 66.25
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 68.38
ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 70.00
EZION HOLDINGS LTD 4.85 01/23/19 SGD 70.21
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 61.34
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 67.75
SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 68.01
SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 69.08
SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 72.76
SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 73.25
SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 73.72
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.12
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.63
*********
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 ***