FCCB List

Appendix 2: Universe of FCCBs By Issuer
Universe of FCCBs By Issuer

ISSUE SIZE ($M)
AMOUNT O/S ($M)
MATURITY DATE
3I INFOTECH LTD
COMPANY NAME
38
38
4/3/2012
REDM. AMT ($m)

53
3I INFOTECH LTD
50
22
3/17/2011
31
141
3I INFOTECH LTD
100
100
7/27/2012
ABAN OFFSHORE LTD
119
4/15/2011
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
1/29/2010
11
ALOK INDUSTRIES LTD
45
24
5/27/2010
31
AMTEK AUTO LTD
150
18
6/3/2010
23
336
AMTEK AUTO LTD
250
250
6/16/2011
AMTEK INDIA LTD
100
44
11/12/2010
59
ANKUR DRUGS & PHARMA LTD
16
15
5/27/2011
21
100
ASHOK LEYLAND LTD
100
100
4/30/2009
ASSAM COMPANY LTD
48
45
11/30/2011
68
AUROBINDO PHARMA LTD
60
56
8/11/2010
78
219
150
150
5/17/2011
50
50
5/17/2011
73
BAJAJ HINDUSTHAN LTD
50
50
5/14/2010
68
120
120
2/2/2011
160
BALLARPUR INDUSTRIES LTD
60
60
7/13/2010
82
BARTRONICS INDIA LTD
25
6/11/2012
50
50
1/4/2013
72
BHARAT FORGE LTD
40
40
4/28/2012
57
BHARAT FORGE LTD
40
40
4/28/2013
63
BHARAT FORGE LTD
60
60
4/20/2010
76
BHARAT FORGE LTD
60
60
4/20/2010
78
BHARATI SHIPYARD LTD
20
12/13/2008
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
8/19/2010
EDUCOMP SOLUTIONS LTD
80
79
7/26/2012
111
ELECTROSTEEL CASTINGS LTD
75
75
5/26/2011
101
112
ERA INFRA ENGINEERING LTD
75
75
1/25/2012
EVEREST KANTO CYLINDER LTD
35
35
10/10/2012
50
FINANCIAL TECHN (INDIA) LTD
100
100
12/21/2011
147
383
FIRSTSOURCE SOLUTIONS LTD
275
275
12/4/2012
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
125

ISSUE SIZE ($M)
AMOUNT O/S ($M)
MATURITY DATE
GHCL LTD
COMPANY NAME
81
80
3/21/2011
REDM. AMT ($m)

111
GITANJALI GEMS LTD
110
74
11/25/2011
105
GLENMARK PHARMACEUTICALS LTD
20
2/16/2010
50
49
2/16/2010
66
30
30
1/11/2011
42
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
60
Blank
3/14/2010
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
100
100
4/25/2012
147
139
HOUSING DEVELOPMENT FINANCE
500
111
9/27/2010
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
210
13
3/9/2013
17
583
400
395
9/12/2012
100
2/17/2010
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
464
JSW STEEL LTD
325
325
6/28/2012
JUBILANT ORGANOSYS LTD
75
63
5/24/2010
87
200
200
5/20/2011
285
35
5/15/2009
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
9/5/2010
12
LARSEN & TOUBRO LTD
150
150
11/30/2009
172
LARSEN & TOUBRO LTD
119
Blank
1/28/2011
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
4/27/2010
10
MONNET ISPAT & ENERGY LTD
60
58
3/3/2011
85
126

ISSUE SIZE ($M)
AMOUNT O/S ($M)
MATURITY DATE
COMPANY NAME
60
16
2/24/2010
REDM. AMT ($m)

21
MOSER BAER INDIA LTD
75
75
6/21/2012
101
75
75
6/21/2012
105
MOTHERSON SUMI SYSTEMS LTD
64
64
7/16/2010
81
MSK PROJECTS INDIA LTD
5/4/2011
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
175
175
2/28/2012
250
250
PANACEA BIOTEC LTD
175
175
2/14/2011
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
123
PYRAMID SAIMIRA THEATRE LTD
90
90
7/4/2012
RADICO KHAITAN LTD
50
50
7/27/2011
65
RAJESH EXPORTS LTD
150
150
2/21/2012
222
558
RANBAXY LABORATORIES LTD
440
440
3/18/2011
RASANDIK ENGINEERING INDS
10
10
4/8/2009
11
RELIANCE COMMUNICATIONS LTD
500
297
5/10/2011
374
1264
1000
990
3/1/2012
RELIANCE INFRASTRUCTURE LTD
178
100
3/24/2009
111
RELIANCE NATURAL RESOURCES L
300
300
10/17/2011
300
209
ROLTA INDIA LTD
150
150
6/29/2012
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
5/10/2012
10
SHREE ASHTAVINYAK CINEVISION
33
28
12/22/2012
35
102
SICAL LOGISTICS LTD
75
75
4/19/2011
SIMBHAOLI SUGAR LTD
33
33
3/11/2011
45
SINTEX INDUSTRIES LTD
50
50
10/25/2010
70
225
225
3/13/2013
291
6/12/2012
11
STERLING BIOTECH LTD
SRI ADHIKARI BROS TELE NTWRK
250
250
5/16/2012
342
234
175
175
9/30/2010
50
50
9/30/2009
53
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
127

ISSUE SIZE ($M)
AMOUNT O/S ($M)
MATURITY DATE
SUZLON ENERGY LTD
COMPANY NAME
200
200
10/11/2012
REDM. AMT ($m)

290
TATA CHEMICALS LTD
150
150
2/1/2010
181
118
TATA MOTORS LTD
119
119
3/21/2011
TATA MOTORS LTD
100
4/27/2009
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
1079
TATA STEEL LTD
875
875
9/5/2012
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
127
UNITED SPIRITS LTD
100
100
3/30/2011
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
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
29
XL TELECOM AND ENERGY LTD
40
20
10/23/2012
ZEE ENTERTAINMENT ENTERPRISE
100
4/29/2009
ZENITH INFOTECH LTD
33
30
9/21/2011
40
ZENITH INFOTECH LTD
45
45
8/17/2012
55
Source: Bloomberg
128
Appendix 3: FCCB Universe

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.

COMPANY NAME
ISSUE SIZE
AMOUNT
CONV.
Share Price
CON.
MATURITY
REDEM
REDEMPTION
CUR MKT
Avg. Daily Val.
DEBT to
EQUITY
YTM (%)
($M)
O/S ($M)
PRICE
PREM (%)
DATE
VAL
AMT. ($m)
CAP ($m)
Traded 3M ($)
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
38.1
120
120
456
48
857
2/2/2011
134
160
138
6,589,800
2.4
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
7,809
2.3
90.2
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
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
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
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
94
15
530
6/12/2012
134
11
3,950
0.3
35.3
75
75
364
59
518
6/21/2012
135
101
202
6,756,922
1.2
60.0
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
47.2
MARKSANS PHARMA LTD
55
55
34
485
11/9/2010
145
80
42
816,614
2.2
20
422
74
471
12/13/2008
120
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
129

COMPANY NAME
ISSUE SIZE
AMOUNT
CONV.
Share Price
CON.
MATURITY
REDEM
REDEMPTION
CUR MKT
Avg. Daily Val.
DEBT to
EQUITY
YTM (%)
($M)
O/S ($M)
PRICE
PREM (%)
DATE
VAL
AMT. ($m)
CAP ($m)
Traded 3M ($)
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
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
36.7
STRIDES ARCOLAB LTD
100
100
462
95
386
6/27/2012
145
145
78
300,666
4.8
VIVIMED LABS LTD
15
15
185
39
377
4/19/2012
100
15
10,373
1.1
ALOK INDUSTRIES LTD
45
24
72
15
371
5/27/2010
129
31
61
546,975
3.0
COUNTRY CLUB INDIA LTD
25
25
103
22
370
11/12/2009
123
31
35
85,669
(0.3)
34.0
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
60
56
522
121
330
8/11/2010
140
78
133
696,102
1.3
39.2
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
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
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
2,504
3.0
37.2
TATA MOTORS LTD
100
573
140
310
4/27/2009
95
1,281
11,659,429
1.4
35.8
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
55
14
290
1/29/2010
121
11
16
14,887
0.6
50.1
JSW STEEL LTD
AKSH OPTIFIBRE LTD
325
325
953
246
287
6/28/2012
143
464
938
10,592,748
1.8
29.8
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
130

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
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
100
100
72
21
245
4/25/2012
147
147
161
1,086,543
1.9
27.8
ABAN OFFSHORE LTD
119
2,789
810
244
4/15/2011
122
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
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
50
50
148
48
209
5/14/2010
138
68
138
6,589,800
2.4
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
17.6
ADANI ENTERPRISES LTD
250
250
1,066
370
188
1/27/2012
100
250
1,861
2,235,969
2.3
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
28.8
RADICO KHAITAN LTD
50
50
159
57
179
7/27/2011
130
65
119
417,477
2.2
PANACEA BIOTEC LTD
175
175
358
130
175
2/14/2011
143
250
177
1,068,974
0.4
26.5
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
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
50
MASCON GLOBAL LTD
50
55
14
159
12/28/2012
129
65
41
72,931
0.5
32.4
63
25
153
4/12/2011
139
235
5,239,861
0.3
24.6
24.7
GRABAL ALOK IMPEX LTD
20
20
136
54
152
4/5/2012
142
28
19,834
3.2
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
131

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
JINDAL SAW LTD
93
60
675
277
144
7/1/2011
118
70
294
1,687,739
N/A
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
22.3
ZENITH INFOTECH LTD
45
45
522
225
132
8/17/2012
123
55
56
99,183
1.4
24.3
89
54
47
21
124
9/16/2010
126
68
161
1,086,543
1.9
28.5
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
153
70
119
5/10/2012
141
10
3,080
3.7
30.7
MSK PROJECTS INDIA LTD
96
44
117
5/4/2011
100
21
80,459
0.7
19.5
60
58
317
150
111
3/3/2011
145
85
151
1,023,571
0.7
20.2
MERCATOR LINES LTD
60
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
25
140
68
105
6/11/2012
143
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
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
30
30
583
326
79
1/11/2011
140
42
1,665
6,277,395
0.5
19.4
75
63
273
155
77
5/24/2010
138
87
467
292,445
1.1
26.1
ZEE ENTERTAINMENT ENTERPRISE
100
198
113
76
4/29/2009
116
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
210
13
112
70
61
3/9/2013
132
17
1,676
43,436,230
1.8
11.3
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
2.2
WELSPUN-GUJARAT STAHL LTD
75
75
163
108
51
11/29/2010
143
107
409
3,897,450
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
132

COMPANY NAME
ISSUE SIZE
AMOUNT
CONV.
Share Price
CON.
MATURITY
REDEM
REDEMPTION
CUR MKT
Avg. Daily Val.
DEBT to
EQUITY
YTM (%)
($M)
O/S ($M)
PRICE
PREM (%)
DATE
VAL
AMT. ($m)
CAP ($m)
Traded 3M ($)
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
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
15.0
60
60
346
298
16
3/30/2011
139
84
440
1,849,678
1.4
DISHMAN PHARMACEUTICALS & CH
50
172
150
15
8/19/2010
129
247
404,015
1.1
250
250
205
181
13
5/16/2012
137
342
886
2,805,020
0.9
18.9
50
50
184
173
10/25/2010
140
70
481
2,042,171
0.3
14.0
35
163
155
5/15/2009
114
467
292,445
1.1
LUPIN LTD
100
80
567
546
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
175
175
153
181
-16
9/30/2010
134
234
886
2,805,020
0.9
14.7
KOHINOOR FOODS LTD
20
85
109
-22
9/5/2010
131
12
60
388,274
3.2
5.0
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
100
47
70
-32
2/17/2010
132
1,676
43,436,230
1.8
(9.5)
(0.8)
20
216
326
-34
2/16/2010
134
1,665
6,277,395
0.5
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
133
Appendix - 4 : GA FCCB Picks
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:
Appendix
Bond Name
STOCK
PRICE
IND.
PARITY
YTM
BOND
ISSUE
AMOUNT
GA CREDIT
Avg. FCCB
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

FLEX INDUSTRIES $ 4.000 '12
2,426.3
84.5
68.2
14.9
80.0
78.5
9.8
1.9
62.5
55.0
34.2
32.8
85.0
69.0
6.7
0.9
1.6
GITANJALI GEMS $ 1.000 '11
72.6
74.5
30.1
23.5
110.0
73.9
11.9
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
111.0
1,558.7
118.5
114.1
3.2
500.0
JAIN IRR SYT LTD $ 0.000 '11
HOUSING DEV FIN $ 0.000 '10
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
(1.1)
MOSER BAER INDIA $ 0.000 '12
68.2
25.0
15.4
60.0
75.0
75.0
6.6
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
1.2
TATA MOTORS LTD $ 1.000 '11
137.2
67.5
17.2
26.9
300.0
300.0
7.9
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
* Ind. Bond Price: Indicative Bond Price represents the Ask Price on the Bond
Share price as on 14th Nov.08
134

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Appendix 2: Universe of FCCBs By Issuer

Universe of FCCBs By Issuer

AMOUNT O/S ($M)

REDM. AMT ($m)

ABAN OFFSHORE LTD

ADANI ENTERPRISES LTD

ADLABS FILMS LTD

AKSH OPTIFIBRE LTD

ALOK INDUSTRIES LTD

AMTEK AUTO LTD

AMTEK AUTO LTD

AMTEK INDIA LTD

ANKUR DRUGS & PHARMA LTD

ASHOK LEYLAND LTD

ASSAM COMPANY LTD

AUROBINDO PHARMA LTD

AUROBINDO PHARMA LTD

AUROBINDO PHARMA LTD

BAJAJ HINDUSTHAN LTD

BAJAJ HINDUSTHAN LTD

BALLARPUR INDUSTRIES LTD

BARTRONICS INDIA LTD

BARTRONICS INDIA LTD

BHARAT FORGE LTD

BHARAT FORGE LTD

BHARAT FORGE LTD

BHARAT FORGE LTD

BHARATI SHIPYARD LTD

BHARATI SHIPYARD LTD

BHARTI AIRTEL LTD

BRUSHMAN INDIA LTD

CORE PROJECTS & TECHNOLOGIES

COUNTRY CLUB INDIA LTD

CRANES SOFTWARE INTL LTD

DECCAN CHRONICLE HLDGS LTD

DISHMAN PHARMACEUTICALS & CH

EDUCOMP SOLUTIONS LTD

ELECTROSTEEL CASTINGS LTD

ERA INFRA ENGINEERING LTD

EVEREST KANTO CYLINDER LTD

FINANCIAL TECHN (INDIA) LTD

FIRSTSOURCE SOLUTIONS LTD

GAYATRI PROJECTS LTD

GEMINI COMMUNICATIONS LTD

Appendix 2: Universe of FCCBs By Issuer

AMOUNT O/S ($M)

REDM. AMT ($m)

GITANJALI GEMS LTD

GLENMARK PHARMACEUTICALS LTD

GLENMARK PHARMACEUTICALS LTD

GLENMARK PHARMACEUTICALS LTD

GRABAL ALOK IMPEX LTD

GRAPHITE INDIA LTD

GREMACH INFRASTRUCTURE EQUIP

GTL INFRASTRUCTURE LTD

GUJARAT NRE COKE LTD

GUJARAT NRE COKE LTD

HELIOS & MATHESON INFO TECH

HOTEL LEELAVENTURE LTD

HOTEL LEELAVENTURE LTD

HOUSING DEVELOPMENT FINANCE

ICSA INDIA LTD

ICSA INDIA LTD

INDIA CEMENTS LTD