FCCB List

125

Appendix 2: Universe of FCCBs By Issuer

Universe of FCCBs By Issuer

COMPANY NAME ISSUE SIZE ($M) AMOUNT O/S ($M) MATURITY DATE REDM. AMT ($m)

3I INFOTECH LTD 38 38 4/3/2012 53

3I INFOTECH LTD 50 22 3/17/2011 31

3I INFOTECH LTD 100 100 7/27/2012 141

ABAN OFFSHORE LTD 119 5 4/15/2011 7

ACC LTD 60 23 3/19/2009 24

ADANI ENTERPRISES LTD 250 250 1/27/2012 250

ADLABS FILMS LTD 107 107 1/26/2011 130

AFTEK LTD 35 34 6/25/2010 44

AKSH OPTIFIBRE LTD 9 9 1/29/2010 11

ALOK INDUSTRIES LTD 45 24 5/27/2010 31

AMTEK AUTO LTD 150 18 6/3/2010 23

AMTEK AUTO LTD 250 250 6/16/2011 336

AMTEK INDIA LTD 100 44 11/12/2010 59

ANKUR DRUGS & PHARMA LTD 16 15 5/27/2011 21

ASHOK LEYLAND LTD 100 100 4/30/2009 100

ASSAM COMPANY LTD 48 45 11/30/2011 68

AUROBINDO PHARMA LTD 60 56 8/11/2010 78



BAJAJ HINDUSTHAN LTD 50 50 5/14/2010 68

BAJAJ HINDUSTHAN LTD 120 120 2/2/2011 160

BALLARPUR INDUSTRIES LTD 60 60 7/13/2010 82

BARTRONICS INDIA LTD 25 6 6/11/2012 9

BARTRONICS INDIA LTD 50 50 1/4/2013 72

BHARAT FORGE LTD 40 40 4/28/2012 57




BHARATI SHIPYARD LTD 20 1 12/13/2008 2

BHARATI SHIPYARD LTD 80 47 12/13/2010 67

BHARTI AIRTEL LTD 115 107 5/12/2009 119

BILCARE LTD 50 41 12/22/2010 60

BRUSHMAN INDIA LTD 12 12 6/13/2013 15

CORE PROJECTS & TECHNOLOGIES 80 25 5/12/2012 37

COUNTRY CLUB INDIA LTD 25 25 11/12/2009 31

CRANES SOFTWARE INTL LTD 42 42 3/18/2011 47

DECCAN CHRONICLE HLDGS LTD 54 20 3/17/2011 28

DISHMAN PHARMACEUTICALS & CH 50 3 8/19/2010 4

EDUCOMP SOLUTIONS LTD 80 79 7/26/2012 111

ELECTROSTEEL CASTINGS LTD 75 75 5/26/2011 101

ERA INFRA ENGINEERING LTD 75 75 1/25/2012 112

EVEREST KANTO CYLINDER LTD 35 35 10/10/2012 50

FINANCIAL TECHN (INDIA) LTD 100 100 12/21/2011 147

FIRSTSOURCE SOLUTIONS LTD 275 275 12/4/2012 383

GAYATRI PROJECTS LTD 32 32 8/3/2012 38

GEMINI COMMUNICATIONS LTD 19 19 7/17/2012 20

GEODESIC LTD 125 125 1/18/2013 173

126




GHCL LTD 81 80 3/21/2011 111

GITANJALI GEMS LTD 110 74 11/25/2011 105

GLENMARK PHARMACEUTICALS LTD 20 3 2/16/2010 4



GRABAL ALOK IMPEX LTD 20 20 4/5/2012 28

GRAPHITE INDIA LTD 40 35 10/20/2010 42

GREMACH INFRASTRUCTURE EQUIP 50 50 2/13/2013 69

GTL INFRASTRUCTURE LTD 300 268 11/29/2012 376

GUJARAT NRE COKE LTD 55 Blank 4/12/2011 0

GUJARAT NRE COKE LTD 60 Blank 3/14/2010 0

H.E.G. LTD 29 18 7/30/2010 24

HELIOS & MATHESON INFO TECH 20 20 7/15/2011 28

HINDUSTAN CONSTRUCTION CO 100 100 4/1/2011 138

HOTEL LEELAVENTURE LTD 89 54 9/16/2010 68

HOTEL LEELAVENTURE LTD 100 100 4/25/2012 147

HOUSING DEVELOPMENT FINANCE 500 111 9/27/2010 139

ICSA INDIA LTD 22 10 3/10/2012 14

ICSA INDIA LTD 24 13 4/28/2012 18

INDIA CEMENTS LTD 75 75 5/12/2011 111

IVRCL INFRASTRUCTURES & PROJ 65 65 12/9/2010 93

JAIN IRRIGATION SYSTEMS LTD 60 60 3/30/2011 84




JBF INDUSTRIES LTD 35 35 12/1/2010 47

JCT LTD 35 26 4/8/2011 31

JINDAL SAW LTD 93 60 7/1/2011 70

JSL LTD 60 55 12/24/2009 72

JSW STEEL LTD 325 325 6/28/2012 464

JUBILANT ORGANOSYS LTD 75 63 5/24/2010 87



KARUTURI GLOBAL LTD 50 50 10/19/2012 71

KEI INDUSTRIES LTD 36 35 11/30/2011 51

KLG SYSTEL LTD 22 19 3/27/2012 27

KOHINOOR FOODS LTD 20 9 9/5/2010 12

LARSEN & TOUBRO LTD 150 150 11/30/2009 172

LARSEN & TOUBRO LTD 119 Blank 1/28/2011 0

LUPIN LTD 100 80 1/7/2011 108

MAHARASHTRA SEAMLESS LTD 75 75 7/30/2010 102

MAHINDRA & MAHINDRA LTD 200 200 4/14/2011 256

MAN INDUSTRIES (INDIA) LTD 50 50 5/23/2012 73

MARKSANS PHARMA LTD 55 55 11/9/2010 80

MASCON GLOBAL LTD 50 50 12/28/2012 65

MERCATOR LINES LTD 60 8 4/27/2010 10

MONNET ISPAT & ENERGY LTD 60 58 3/3/2011 85

127




MONNET ISPAT & ENERGY LTD 60 16 2/24/2010 21

MOSER BAER INDIA LTD 75 75 6/21/2012 101

MOSER BAER INDIA LTD 75 75 6/21/2012 105

MOTHERSON SUMI SYSTEMS LTD 64 64 7/16/2010 81

MSK PROJECTS INDIA LTD 5 4 5/4/2011 4

MURLI INDUSTRIES LTD 23 23 2/6/2012 34

NAHAR INDUSTRIAL ENTERPRISES 45 45 2/16/2011 61

NAVA BHARAT VENTURES LTD 62 52 9/30/2011 66

NECTAR LIFESCIENCES LTD 35 33 4/26/2011 50

OK PLAY INDIA LTD 10 10 7/24/2012 15

ORCHID CHEMICALS & PHARMA 43 17 11/3/2010 25

ORCHID CHEMICALS & PHARMA 175 175 2/28/2012 250

PANACEA BIOTEC LTD 175 175 2/14/2011 250

PARAMOUNT COMMUNICATION LTD 27 27 11/23/2011 39

PLETHICO PHARMACEUTICALS LTD 75 75 10/23/2012 109

PRIME FOCUS LTD 55 55 12/13/2012 79

PSL LTD 40 40 9/7/2010 57

PUNJ LLOYD LTD 125 50 4/8/2011 63

PYRAMID SAIMIRA THEATRE LTD 90 90 7/4/2012 123

RADICO KHAITAN LTD 50 50 7/27/2011 65

RAJESH EXPORTS LTD 150 150 2/21/2012 222

RANBAXY LABORATORIES LTD 440 440 3/18/2011 558

RASANDIK ENGINEERING INDS 10 10 4/8/2009 11

RELIANCE COMMUNICATIONS LTD 500 297 5/10/2011 374

RELIANCE COMMUNICATIONS LTD 1000 990 3/1/2012 1264

RELIANCE INFRASTRUCTURE LTD 178 100 3/24/2009 111

RELIANCE NATURAL RESOURCES L 300 300 10/17/2011 300

ROLTA INDIA LTD 150 150 6/29/2012 209

RUCHI INFRASTRUCTURE LTD 40 40 2/3/2012 58

S. KUMARS NATIONWIDE LTD 50 50 4/8/2011 65

SAKTHI SUGARS LTD 20 20 5/30/2009 25

SAKTHI SUGARS LTD 40 40 5/31/2011 59

SHAKTI PUMPS (INDIA) LTD 7 7 5/10/2012 10

SHREE ASHTAVINYAK CINEVISION 33 28 12/22/2012 35

SICAL LOGISTICS LTD 75 75 4/19/2011 102

SIMBHAOLI SUGAR LTD 33 33 3/11/2011 45

SINTEX INDUSTRIES LTD 50 50 10/25/2010 70

SINTEX INDUSTRIES LTD 225 225 3/13/2013 291

SRI ADHIKARI BROS TELE NTWRK 9 8 6/12/2012 11

STERLING BIOTECH LTD 250 250 5/16/2012 342



STRIDES ARCOLAB LTD 100 100 6/27/2012 145

STRIDES ARCOLAB LTD 40 40 4/19/2010 55

SUBEX LTD 180 180 3/9/2012 245

SURYAJYOTI SPINNING MILLS 10 10 2/17/2012 14

SUZLON ENERGY LTD 300 300 6/12/2012 436

128




SUZLON ENERGY LTD 200 200 10/11/2012 290

TATA CHEMICALS LTD 150 150 2/1/2010 181

TATA MOTORS LTD 119 119 3/21/2011 118

TATA MOTORS LTD 100 4 4/27/2009 4

TATA MOTORS LTD 490 490 7/12/2012 646

TATA MOTORS LTD 300 300 4/27/2011 365

TATA POWER CO LTD 200 200 2/25/2010 231

TATA STEEL LTD 875 875 9/5/2012 1079

TATA TELESERVICES MAHARASHTR 125 13 6/2/2009 16

TULIP TELECOM LTD 150 150 8/26/2012 217

UFLEX LTD 85 69 3/9/2012 84

UNITED PHOSPHORUS LTD 80 80 1/7/2011 105

UNITED SPIRITS LTD 100 100 3/30/2011 127

UTTAM GALVA STEELS LTD 25 25 8/10/2010 33

VARDHMAN TEXTILES LTD 60 60 2/17/2011 81

VENUS REMEDIES LTD 12 12 5/4/2009 14

VIDEOCON INDUSTRIES LTD 105 67 7/25/2011 86

VIDEOCON INDUSTRIES LTD 90 43 3/7/2011 50

VIVIMED LABS LTD 15 15 4/19/2012 15

WELSPUN-GUJARAT STAHL LTD 75 75 11/29/2010 107

WOCKHARDT LTD 110 108 10/25/2009 140

XL TELECOM AND ENERGY LTD 40 20 10/23/2012 29

ZEE ENTERTAINMENT ENTERPRISE 100 5 4/29/2009 6

ZENITH INFOTECH LTD 33 30 9/21/2011 40

ZENITH INFOTECH LTD 45 45 8/17/2012 55

Source: Bloomberg

129

Appendix 3: FCCB Universe


COMPANY NAME ISSUE SIZE AMOUNT CONV. Share Price CON. MATURITY REDEM REDEMPTION CUR MKT Avg. Daily Val. DEBT to YTM (%)

($M) O/S ($M) PRICE PREM (%) DATE VAL AMT. ($m) CAP ($m) Traded 3M ($) EQUITY

SICAL LOGISTICS LTD 75 75 564 26 2101 4/19/2011 136 102 21 158,817 1.7 57.8

SUBEX LTD 180 180 656 34 1824 3/9/2012 136 245 24 2,797,630 1.2 49.1

GEMINI COMMUNICATIONS LTD 19 19 257 19 1229 7/17/2012 105 20 38 164,894 1.6 21.2

NECTAR LIFESCIENCES LTD 35 33 260 20 1187 4/26/2011 151 50 63 966,259 1.6 24.7

GREMACH INFRASTRUCTURE EQUIP 50 50 376 33 1044 2/13/2013 137 69 10 68,238 1.8 39.3

BAJAJ HINDUSTHAN LTD 120 120 456 48 857 2/2/2011 134 160 138 6,589,800 2.4 38.1

AMTEK AUTO LTD 250 250 459 49 846 6/16/2011 134 336 139 1,077,251 0.6 36.3

PYRAMID SAIMIRA THEATRE LTD 90 90 386 44 783 7/4/2012 136 123 25 914,563 N/A 46.3

SIMBHAOLI SUGAR LTD 33 33 153 18 769 3/11/2011 137 45 8 7,809 2.3 90.2

AUROBINDO PHARMA LTD 150 150 1,014 121 735 5/17/2011 146 219 133 696,102 1.3 51.4

SAKTHI SUGARS LTD 40 40 283 38 649 5/31/2011 148 59 24 103,036 2.1 28.8

AUROBINDO PHARMA LTD 50 50 879 121 624 5/17/2011 147 73 133 696,102 1.3 44.5

PRIME FOCUS LTD 55 55 1,387 192 622 12/13/2012 144 79 50 44,907 0.2

OK PLAY INDIA LTD 10 10 98 14 619 7/24/2012 146 15 4 6,436 0.7 47.5

SAKTHI SUGARS LTD 20 20 271 38 618 5/30/2009 123 25 24 103,036 2.1 65.5

TATA MOTORS LTD 119 119 1,001 140 617 3/21/2011 99 118 1,281 11,659,429 1.4 21.9

SUZLON ENERGY LTD 200 200 372 52 610 10/11/2012 145 290 1,599 48,388,678 0.7 36.2

FIRSTSOURCE SOLUTIONS LTD 275 275 92 13 591 12/4/2012 139 383 117 1,784,315 1.5 38.4

TATA MOTORS LTD 490 490 961 140 588 7/12/2012 132 646 1,281 11,659,429 1.4 28.4

SUZLON ENERGY LTD 300 300 360 52 588 6/12/2012 145 436 1,599 48,388,678 0.7 35.7

BHARAT FORGE LTD 40 40 690 102 575 4/28/2013 156 63 464 1,650,837 0.8 14.2

BHARATI SHIPYARD LTD 80 47 498 74 573 12/13/2010 143 67 42 333,380 0.3 28.2

NAHAR INDUSTRIAL ENTERPRISES 45 45 200 31 550 2/16/2011 136 61 22 20,065 1.5 42.8

SRI ADHIKARI BROS TELE NTWRK 9 8 94 15 530 6/12/2012 134 11 3 3,950 0.3 35.3

MOSER BAER INDIA LTD 75 75 364 59 518 6/21/2012 135 101 202 6,756,922 1.2 60.0

MOSER BAER INDIA LTD 75 75 364 59 518 6/21/2012 139 105 202 6,756,922 1.2 58.0

HELIOS & MATHESON INFO TECH 20 20 130 22 505 7/15/2011 139 28 10 46,136 0.3 38.2

BHARAT FORGE LTD 40 40 604 102 491 4/28/2012 143 57 464 1,650,837 0.8 14.9

MARKSANS PHARMA LTD 55 55 34 6 485 11/9/2010 145 80 42 816,614 2.2 47.2

BHARATI SHIPYARD LTD 20 1 422 74 471 12/13/2008 120 2 42 333,380 0.3 34.8

GHCL LTD 81 80 161 28 470 3/21/2011 139 111 58 1,586,269 6.1 48.3

HINDUSTAN CONSTRUCTION CO 100 100 248 44 462 4/1/2011 138 138 231 4,787,007 2.5 19.7

In the Table, "Universe of Indian FCCBs" the highlighted companies symbolises risk of non conversion of FCCBs as the stock prices more than 200% below the conversion price.The FCCBs which face high risk of non redemption have been put in bold letter. As these companies have high capital gearing.

130





TATA MOTORS LTD 300 300 780 140 459 4/27/2011 122 365 1,281 11,659,429 1.4 26.9

KEI INDUSTRIES LTD 36 35 86 17 421 11/30/2011 146 51 21 107,125 1.5 32.7

AFTEK LTD 35 34 75 15 419 6/25/2010 128 44 28 390,688 (0.4) 38.7

PARAMOUNT COMM. LTD 27 27 43 8 417 11/23/2011 146 39 14 62,317 1.5 40.2

WOCKHARDT LTD 110 108 486 97 403 10/25/2009 130 140 216 382,551 2.0 26.2

STRIDES ARCOLAB LTD 100 100 462 95 386 6/27/2012 145 145 78 300,666 4.8 36.7

VIVIMED LABS LTD 15 15 185 39 377 4/19/2012 100 15 6 10,373 1.1

ALOK INDUSTRIES LTD 45 24 72 15 371 5/27/2010 129 31 61 546,975 3.0 34.0

COUNTRY CLUB INDIA LTD 25 25 103 22 370 11/12/2009 123 31 35 85,669 (0.3) 36.6

PLETHICO PHARMACEUTICALS LTD 75 75 605 133 354 10/23/2012 146 109 92 101,721 0.1 28.5

VARDHMAN TEXTILES LTD 60 60 253 56 350 2/17/2011 134 81 66 38,342 1.9 44.0

TATA STEEL LTD 875 875 756 168 349 9/5/2012 123 1,079 2,508 53,183,578 1.7 12.5

AMTEK AUTO LTD 150 18 210 49 333 6/3/2010 130 23 139 1,077,251 0.6 28.0

AUROBINDO PHARMA LTD 60 56 522 121 330 8/11/2010 140 78 133 696,102 1.3 39.2

VIDEOCON INDUSTRIES LTD 105 67 477 111 329 7/25/2011 128 86 521 1,218,524 0.7 44.6

KLG SYSTEL LTD 22 19 400 94 328 3/27/2012 144 27 24 329,783 0.5 28.4

BARTRONICS INDIA LTD 50 50 290 68 326 1/4/2013 143 72 40 723,418 1.1 29.5

3I INFOTECH LTD 100 100 166 39 325 7/27/2012 141 141 104 538,759 1.6 31.2

XL TELECOM AND ENERGY LTD 40 20 260 61 325 10/23/2012 144 29 23 483,727 1.8 22.6

AMTEK INDIA LTD 100 44 120 28 325 11/12/2010 134 59 65 366,606 0.4 31.1

GITANJALI GEMS LTD 110 74 275 65 323 11/25/2011 142 105 113 1,406,227 0.3 25.2

MURLI INDUSTRIES LTD 23 23 565 137 314 2/6/2012 150 34 29 17,974 3.1 30.6

JCT LTD 35 26 12 3 311 4/8/2011 120 31 21 12,518 2.4 33.7

SURYAJYOTI SPINNING MILLS 10 10 42 10 310 2/17/2012 140 14 3 2,504 3.0 37.2

TATA MOTORS LTD 100 4 573 140 310 4/27/2009 95 4 1,281 11,659,429 1.4 35.8

VIDEOCON INDUSTRIES LTD 90 43 452 111 307 3/7/2011 117 50 521 1,218,524 0.7 47.9

RAJESH EXPORTS LTD 150 150 96 24 304 2/21/2012 148 222 121 1,133,091 (5.3) 25.2

3I INFOTECH LTD 38 38 154 39 296 4/3/2012 140 53 104 538,759 1.6 30.4

AKSH OPTIFIBRE LTD 9 9 55 14 290 1/29/2010 121 11 16 14,887 0.6 50.1

JSW STEEL LTD 325 325 953 246 287 6/28/2012 143 464 938 10,592,748 1.8 29.8

ORCHID CHEMICALS & PHARMA 175 175 348 91 283 2/28/2012 143 250 131 1,089,187 2.9 28.6

GAYATRI PROJECTS LTD 32 32 378 99 283 8/3/2012 120 38 20 78,037 3.1 24.8

STRIDES ARCOLAB LTD 40 40 359 95 278 4/19/2010 137 55 78 300,666 4.8 37.0

131





FINANCIAL TECHN (INDIA) LTD 100 100 2,362 648 264 12/21/2011 147 147 607 2,631,477 (0.1) 20.9

JAIPRAKASH ASSOCIATES LTD 400 395 248 70 256 9/12/2012 148 583 1,676 43,436,230 1.8 30.4

GEODESIC LTD 125 125 302 85 256 1/18/2013 138 173 160 547,127 (0.3) 28.9

INDIA CEMENTS LTD 75 75 306 87 253 5/12/2011 148 111 498 1,742,269 0.4 22.1

JSL LTD 60 55 120 34 253 12/24/2009 130 72 112 235,475 2.7 33.4

RUCHI INFRASTRUCTURE LTD 40 40 43 12 249 2/3/2012 145 58 51 5,833 1.4 26.3

MAN INDUSTRIES (INDIA) LTD 50 50 115 33 247 5/23/2012 147 73 36 143,083 0.4 32.2

HOTEL LEELAVENTURE LTD 100 100 72 21 245 4/25/2012 147 147 161 1,086,543 1.9 27.8

ABAN OFFSHORE LTD 119 5 2,789 810 244 4/15/2011 122 7 624 18,908,060 24.1 25.2

CORE PROJECTS & TECHNOLOGIES 80 25 165 49 241 5/12/2012 146 37 85 11,631,263 0.3 24.9

SINTEX INDUSTRIES LTD 225 225 580 173 236 3/13/2013 129 291 481 2,042,171 0.3 18.1

BHARAT FORGE LTD 60 60 336 102 229 4/20/2010 127 76 464 1,650,837 0.8 16.4

BHARAT FORGE LTD 60 60 336 102 229 4/20/2010 130 78 464 1,650,837 0.8 16.8

ADLABS FILMS LTD 107 107 543 168 224 1/26/2011 122 130 158 9,898,443 1.3 21.9

RANBAXY LABORATORIES LTD 440 440 716 223 221 3/18/2011 127 558 1,912 27,863,892 1.3 14.2

BAJAJ HINDUSTHAN LTD 50 50 148 48 209 5/14/2010 138 68 138 6,589,800 2.4

RELIANCE COMMUNICATIONS LTD 1,000 990 661 218 204 3/1/2012 128 1,264 9,158 58,102,999 0.9 25.4

3I INFOTECH LTD 50 22 115 39 195 3/17/2011 140 31 104 538,759 1.6 29.9

MAHINDRA & MAHINDRA LTD 200 200 922 316 192 4/14/2011 128 256 1,667 6,145,649 1.4 20.3

ADANI ENTERPRISES LTD 250 250 1,066 370 188 1/27/2012 100 250 1,861 2,235,969 2.3 17.6

UNITED PHOSPHORUS LTD 80 80 272 96 185 1/7/2011 131 105 854 3,178,311 0.4 21.0

ASSAM COMPANY LTD 48 45 29 10 182 11/30/2011 150 68 65 124,442 0.8 31.8

RADICO KHAITAN LTD 50 50 159 57 179 7/27/2011 130 65 119 417,477 2.2 28.8

PANACEA BIOTEC LTD 175 175 358 130 175 2/14/2011 143 250 177 1,068,974 0.4 26.5

ORCHID CHEMICALS & PHARMA 43 17 244 91 168 11/3/2010 147 25 131 1,089,187 2.9 24.6

BRUSHMAN INDIA LTD 12 12 129 48 168 6/13/2013 128 15 11 156,028 1.9 21.3

JUBILANT ORGANOSYS LTD 200 200 413 155 168 5/20/2011 142 285 467 292,445 1.1 27.8

UFLEX LTD 85 69 164 62 166 3/9/2012 122 84 82 27,707 1.6 32.8

MASCON GLOBAL LTD 50 50 14 5 159 12/28/2012 129 65 41 72,931 0.5 32.4

GUJARAT NRE COKE LTD 55 63 25 153 4/12/2011 139 - 235 5,239,861 0.3 24.6

GRABAL ALOK IMPEX LTD 20 20 136 54 152 4/5/2012 142 28 9 19,834 3.2 24.7

VENUS REMEDIES LTD 12 12 437 175 150 5/4/2009 119 14 30 51,784 1.1 75.4

ELECTROSTEEL CASTINGS LTD 75 75 42 17 148 5/26/2011 134 101 98 401,601 0.4 25.8

132





JINDAL SAW LTD 93 60 675 277 144 7/1/2011 118 70 294 1,687,739 N/A 22.3

S. KUMARS NATIONWIDE LTD 50 50 57 24 136 4/8/2011 129 65 106 1,259,998 1.7 23.0

JBF INDUSTRIES LTD 35 35 90 38 136 12/1/2010 134 47 48 28,825 1.6 27.2

DECCAN CHRONICLE HLDGS LTD 54 20 105 45 132 3/17/2011 140 28 225 676,049 (0.1) 20.4

ZENITH INFOTECH LTD 45 45 522 225 132 8/17/2012 123 55 56 99,183 1.4 24.3

HOTEL LEELAVENTURE LTD 89 54 47 21 124 9/16/2010 126 68 161 1,086,543 1.9 28.5

RELIANCE COMMUNICATIONS LTD 500 297 481 218 121 5/10/2011 126 374 9,158 58,102,999 0.9 22.8

ERA INFRA ENGINEERING LTD 75 75 159 72 120 1/25/2012 149 112 170 1,196,416 2.4 34.6

SHAKTI PUMPS (INDIA) LTD 7 7 153 70 119 5/10/2012 141 10 7 3,080 3.7 30.7

MSK PROJECTS INDIA LTD 5 4 96 44 117 5/4/2011 100 4 21 80,459 0.7 19.5

MONNET ISPAT & ENERGY LTD 60 58 317 150 111 3/3/2011 145 85 151 1,023,571 0.7 20.2

MERCATOR LINES LTD 60 8 60 28 111 4/27/2010 125 10 136 3,392,356 1.0 29.3

ASHOK LEYLAND LTD 100 100 31 15 108 4/30/2009 100 100 404 1,505,878 0.4 33.2

BILCARE LTD 50 41 880 427 106 12/22/2010 145 60 150 140,189 1.3 26.1

BARTRONICS INDIA LTD 25 6 140 68 105 6/11/2012 143 9 40 723,418 1.1 22.5

RELIANCE INFRASTRUCTURE LTD 178 100 1,007 490 105 3/24/2009 110 111 2,321 74,822,093 0.2 24.4

PSL LTD 40 40 188 92 105 9/7/2010 144 57 80 181,834 0.8 25.0

ROLTA INDIA LTD 150 150 369 184 100 6/29/2012 139 209 604 6,859,690 0.1 25.2

GUJARAT NRE COKE LTD 60 48 25 94 3/14/2010 127 - 235 5,239,861 0.3 39.6

IVRCL INFRASTRUCTURES & PROJ 65 65 234 125 87 12/9/2010 143 93 339 8,416,481 0.4 24.4

EVEREST KANTO CYLINDER LTD 35 35 271 152 79 10/10/2012 143 50 313 759,010 0.3 20.1

GLENMARK PHARMACEUTICALS LTD 30 30 583 326 79 1/11/2011 140 42 1,665 6,277,395 0.5 19.4

JUBILANT ORGANOSYS LTD 75 63 273 155 77 5/24/2010 138 87 467 292,445 1.1 26.1

ZEE ENTERTAINMENT ENTERPRISE 100 5 198 113 76 4/29/2009 116 6 996 6,023,680 0.1 25.8

MAHARASHTRA SEAMLESS LTD 75 75 253 151 68 7/30/2010 136 102 217 699,770 (0.1) 21.5

PUNJ LLOYD LTD 125 50 273 164 67 4/8/2011 126 63 1,011 33,822,909 0.4 16.6

JAIPRAKASH ASSOCIATES LTD 210 13 112 70 61 3/9/2013 132 17 1,676 43,436,230 1.8 11.3

MONNET ISPAT & ENERGY LTD 60 16 237 150 58 2/24/2010 132 21 151 1,023,571 0.7 20.2

BALLARPUR INDUSTRIES LTD 60 60 35 23 53 7/13/2010 136 82 262 282,413 1.7 23.2

WELSPUN-GUJARAT STAHL LTD 75 75 163 108 51 11/29/2010 143 107 409 3,897,450 2.2

TATA CHEMICALS LTD 150 150 231 154 50 2/1/2010 121 181 738 4,006,720 1.2 17.8

UTTAM GALVA STEELS LTD 25 25 45 30 49 8/10/2010 131 33 70 535,995 1.7 13.8

H.E.G. LTD 29 18 192 131 47 7/30/2010 134 24 118 415,779 1.2 21.4

133





GRAPHITE INDIA LTD 40 35 53 36 47 10/20/2010 122 42 112 137,931 0.9 23.4

ANKUR DRUGS & PHARMA LTD 16 15 165 112 47 5/27/2011 145 21 43 205,026 2.8 22.0

MOTHERSON SUMI SYSTEMS LTD 64 64 74 51 45 7/16/2010 127 81 371 631,242 0.6 28.2

GTL INFRASTRUCTURE LTD 300 268 53 37 45 11/29/2012 140 376 577 3,097,169 1.3 27.4

KARUTURI GLOBAL LTD 50 50 12 8 42 10/19/2012 141 71 57 650,916 0.6 26.6

ICSA INDIA LTD 22 10 250 180 39 3/10/2012 136 14 162 1,524,496 0.4 17.7

ICSA INDIA LTD 24 13 250 180 39 4/28/2012 136 18 162 1,524,496 0.4 17.4

ZENITH INFOTECH LTD 33 30 310 225 38 9/21/2011 132 40 56 99,183 1.4 12.4

NAVA BHARAT VENTURES LTD 62 52 137 103 33 9/30/2011 126 66 164 409,008 0.1 18.5

CRANES SOFTWARE INTL LTD 42 42 115 92 25 3/18/2011 113 47 215 404,398 0.6 16.3

EDUCOMP SOLUTIONS LTD 80 79 2,950 2,374 24 7/26/2012 141 111 836 33,169,196 0.3 14.9

TATA TELESERVICES MAHARASHTR 125 13 24 20 20 6/2/2009 119 16 793 4,026,446 (12.8) 13.2

JAIN IRRIGATION SYSTEMS LTD 60 60 346 298 16 3/30/2011 139 84 440 1,849,678 1.4 15.0

DISHMAN PHARMACEUTICALS & CH 50 3 172 150 15 8/19/2010 129 4 247 404,015 1.1

STERLING BIOTECH LTD 250 250 205 181 13 5/16/2012 137 342 886 2,805,020 0.9 18.9

SINTEX INDUSTRIES LTD 50 50 184 173 6 10/25/2010 140 70 481 2,042,171 0.3 14.0

JUBILANT ORGANOSYS LTD 35 2 163 155 6 5/15/2009 114 2 467 292,445 1.1

LUPIN LTD 100 80 567 546 4 1/7/2011 135 108 923 2,911,138 0.8 9.1

HOUSING DEVELOPMENT FINANCE 500 111 1,399 1,443 -3 9/27/2010 126 139 8,372 80,553,244 5.5 6.6

UNITED SPIRITS LTD 100 100 781 806 -3 3/30/2011 127 127 1,633 8,723,058 0.6 12.2

ACC LTD 60 23 374 422 -11 3/19/2009 108 24 1,614 4,955,602 (0.3) 22.0

SHREE ASHTAVINYAK CINEVISION 33 28 440 499 -12 12/22/2012 126 35 105 1,191,871 1.8

TATA POWER CO LTD 200 200 591 697 -15 2/25/2010 116 231 3,149 18,212,254 1.1 11.2

STERLING BIOTECH LTD 175 175 153 181 -16 9/30/2010 134 234 886 2,805,020 0.9 14.7

KOHINOOR FOODS LTD 20 9 85 109 -22 9/5/2010 131 12 60 388,274 3.2 5.0

GLENMARK PHARMACEUTICALS LTD 50 49 253 326 -22 2/16/2010 134 66 1,665 6,277,395 0.5 7.9

LARSEN & TOUBRO LTD 150 150 561 771 -27 11/30/2009 115 172 9,218 91,177,213 1.0

JAIPRAKASH ASSOCIATES LTD 100 2 47 70 -32 2/17/2010 132 3 1,676 43,436,230 1.8 (9.5)

GLENMARK PHARMACEUTICALS LTD 20 3 216 326 -34 2/16/2010 134 4 1,665 6,277,395 0.5 (0.8)

RELIANCE NATURAL RESOURCES L 300 300 26 47 -45 10/17/2011 100 300 1,567 52,819,094 (0.8)

TULIP TELECOM LTD 150 150 137 560 -75 8/26/2012 145 217 331 606,684 0.7 29.0

Source: Bloomberg

134

Appendix - 4 : GA FCCB Picks

Appendix

Bond Name STOCK IND. PARITY YTM ISSUE AMOUNT GA CREDIT Avg. FCCB

PRICE BOND SIZE ($m) O/S ($m) SCORE Redemp.

PRICE * Cover

ADANI ENTERPRISE $ 6.000 '12 384.4 42.0 5.6 54.9 250.0 250.0 8.2 (0.1)

ALOK INDUSTRIES $ 1.000 '10 16.9 81.0 20.7 34.0 45.0 23.8 7.1 (0.3)

AMTEK AUTO $ 0.500 '10 60.1 89.5 27.3 33.9 150.0 18.0 8.4 0.9

AMTEK AUTO LTD $ 0.000 '11 60.1 57.0 12.8 29.0 250.0 250.0 8.4 0.9

AUROBINDO PHARMA $ 0.000 '11 128.3 55.5 12.9 47.2 150.0 150.0 8.8 (0.1)

AUROBINDO PHARMA $ 0.000 '11 128.3 52.0 14.8 41.6 50.0 50.0 8.8 (0.1)

BARTRONICS INDIA $ 0.000 '12 75.2 67.0 44.5 22.5 25.0 6.0 8.2 (0.2)

BARTRONICS INDIA $ 0.000 '13 75.2 46.0 20.9 29.5 50.0 50.0 8.2 (0.2)

BHARATI SHIPYARD $ 0.000 '10 79.8 85.5 16.7 28.0 80.0 47.0 10.6 0.3

CORE PROJECTS $ 0.000 '12 54.2 68.0 30.1 24.5 80.0 25.2 11.7 0.7

CRANES SOFTWARE EUR 2.500 '11 87.0 83.0 66.0 16.2 53.0 53.0 8.3 1.0

EDUCOMP SOLUTION $ 0.000 '12 2,426.3 84.5 68.2 14.9 80.0 78.5 9.8 1.9

FLEX INDUSTRIES $ 4.000 '12 62.5 55.0 34.2 32.8 85.0 69.0 6.7 0.9

GITANJALI GEMS $ 1.000 '11 72.6 74.5 30.1 23.5 110.0 73.9 11.9 1.6

GTL INFRASTRUCTR $ 0.000 '12 36.3 52.0 54.0 28.1 300.0 267.7 6.0

HOTEL LEELA VENT $ 0.000 '12 22.2 60.0 26.3 27.8 100.0 100.0 5.8 0.0

HOTEL LEELA VENT EUR 1.000 '10 22.2 78.5 41.4 28.5 89.0 54.0 5.8 0.0

HOUSING DEV FIN $ 0.000 '10 1,558.7 118.5 114.1 3.2 500.0 111.0

JAIN IRR SYT LTD $ 0.000 '11 296.8 100.0 80.7 14.5 60.0 60.0 9.1 1.6

JAIPRAKASH ASSO $ 0.000 '12 73.4 53.8 24.9 30.4 400.0 395.0 6.5 (1.2)

MAHINDRA & MAHIN $ 0.000 '11 333.6 80.5 32.2 20.3 200.0 200.0 9.4 2.2

MAN INDUSTRIES $ 0.000 '12 32.7 55.0 23.0 32.2 50.0 50.0 9.3 1.3

MARKSANS PHARMA $ 0.000 '10 6.6 64.0 21.4 45.8 55.0 55.0 7.5 0.1

MOSER BAER INDIA $ 0.000 '12 68.2 25.0 15.4 60.0 75.0 75.0 6.6 (1.1)

PUNJ LLOYD LTD $ 0.000 '11 182.9 86.0 62.7 15.2 125.0 49.7 10.3 4.0

PYRAMID SAIMIRA $ 1.750 '12 44.1 35.0 12.3 44.1 90.0 90.0 7.5 0.4

RELIANCE COMM $ 0.000 '11 218.9 74.0 39.7 24.7 500.0 297.0 5.1 1.6

RELIANCE COMM $ 0.000 '12 218.9 58.0 28.7 24.7 1,000.0 990.0 5.1 1.6

ROLTA INDIA LTD $ 0.000 '12 166.6 62.0 37.5 25.2 150.0 150.0 8.2 0.9

SICAL LOGISTICS $ 0.000 '11 27.3 42.0 5.6 54.9 75.0 75.0 6.1 0.2

SUZLON ENERGY LT $ 0.000 '12 54.6 45.0 12.5 35.7 300.0 300.0 9.3 2.0

SUZLON ENERGY LT $ 0.000 '12 54.6 43.5 11.8 36.2 200.0 200.0 9.3 2.0

TATA MOTORS LTD $ 0.000 '12 137.2 50.0 12.9 28.4 490.0 490.0 7.9 1.2

TATA MOTORS LTD $ 1.000 '11 137.2 67.5 17.2 26.9 300.0 300.0 7.9 1.2

TATA POWER CO $ 1.000 '10 746.7 122.0 119.9 (3.2) 200.0 200.0 6.0

TULIP IT SRVCS $ 0.000 '12 615.1 50.0 45.1 30.2 150.0 150.0 9.8 0.5

VIDEOCON INDUS $ 4.500 '11 112.2 45.0 21.5 47.5 90.0 43.0 8.9 3.0

VIDEOCON INDUS $ 5.000 '11 112.2 45.0 21.7 44.3 105.0 67.0 8.9 3.0

The initial booklet covers 14 FCCB Reports. We are hoping to cover all the following FCCBs and update this booklet over the coming

weeks. We urge investors to let us know any other FCCBs that require our critical analysis techniques as a service to institutional clients:

* Ind. Bond Price: Indicative Bond Price represents the Ask Price on the Bond Share price as on 14th Nov.’08

Documents

FCCB List