/raid1/www/Hosts/bankrupt/TCRAP_Public/120501.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, May 1, 2012, Vol. 15, No. 86
Headlines
A U S T R A L I A
ANGAS SECURITIES: S&P Affirms 'B+/B' Issuer Credit Ratings
* AUSTRALIA: SME Insolvencies Hit Record Level in February
C H I N A
CHINA ZHENGTONG: S&P Gives 'BB-' Corp. Credit Rating; Outlook Pos
GREENTOWN CHINA: S&P Lowers Corporate Credit Rating to 'CCC+'
H O N G K O N G
NATURE'S FARM: Members and Creditors' Meetings Set for May 21
OMNIA PRODUCTS: Ivan Cabeza Mora Steps Down as Liquidator
ORIGINAL MARK: Chan Sek Kwan Rays Steps Down as Liquidator
PERFECT SQUARE: Members' Final Meeting Set for May 21
PRAX CAPITAL: Commences Wind-Up Proceedings
PRIME POLYMER: Members' Final General Meeting Set for May 21
SIEMENS WATER: Creditors' Proofs of Debt Due May 22
S.M.S. PLASTIC: Creditors' Meeting Set for May 15
SVCM CAPITAL: Creditors' Proofs of Debt Due May 19
TIP TOP: Members' Final General Meeting Set for May 21
TRI RUSS: Members' Final Meetings Set for May 23
WINDERMERE TRADING: Creditors' Proofs of Debt Due May 19
I N D I A
ASANSOL POLYFABS: CRISIL Puts 'CRISIL B-' Rating on INR55MM Loan
ASHTAVINAYAK AUTO: CRISIL Puts 'B+' Rating on INR75MM Cash Credit
DAEJUNG MOPARTS: CRISIL Puts 'B+' Rating on INR130.6MM Loans
DELTON CABLES: Inadequate Info Cues Fitch to Migrate Ratings
DEVA INTERIORS: CRISIL Assigns 'CRISIL B+' Rating to INR60MM Loan
DHANSHREE SEEDS: CRISIL Assigns 'B' Rating to INR65MM Loans
EXCLUSIVE STEEL: CRISIL Puts 'D' Rating on INR216.4MM Loans
GRANITE GATE: CRISIL Upgrades Rating on INR1.25BB Loans to 'BB+'
INDO AMERICAN: Fitch Puts Rating on Two Bank Loans at Low-B
KAMAKSHI STEELS: Fitch Assigns Nat'l Long-Term Rating at 'BB-'
MEP TOLL: Inadequate Info Cues Fitch to Migrate Ratings
M.G.B MOBILES: CRISIL Assigns 'BB-' Rating to INR130MM Loans
NISHA KISHAN: Delay in Loan Payment Cues CRISIL Junk Ratings
N.K BHOJANI: CRISIL Cuts Rating on INR115MM Loan to 'B-'
RAJESHWARI METPRO: CRISIL Rates INR30MM Cash Credit at 'B+'
RAMYA STEEL: Fitch Assigns INR90-Mil. Fund-Based Limits at 'B+'
RASHI METALS: Defaults in Payment Cue Fitch to Put 'D' Ratings
SAINOR LABORATORIES: CRISIL Rates INR65.6MM Loans at 'CRISIL BB-'
SHITAL FIBRES: CRISIL Cuts Rating on INR310MM Loans to 'BB'
SHRISHTI TECHNOLOGIES: Fitch Assigns 'B' Nat'l. Long-Term Rating
SHRI MAA: CRISIL Assigns 'CRISIL B-' Rating to INR107MM Loans
SIGNATURE BUILDCON: CRISIL Rates INR150MM Cash Credit at 'B+'
S.N.K.M. AND SONS: CRISIL Puts 'B+' Rating on INR40MM Loans
SYNDICATE BANK: Moody's Issues Summary Credit Opinion
J A P A N
JLOC XXXIV: Lack of Investor Interest Cues Fitch to Drop Rating
TOKYO ELECTRIC: Japan Rescue Plan to Based on Resona Bailout
N E W Z E A L A N D
CRAFAR FARMS: Owner in Talks with Indian Bank for Refinancing
LOMBARD FINANCE: FMA Appeals Non-Custodial Sentences
S I N G A P O R E
ASICHEM TRADING: Creditors Get 100% Recovery on Claims
DESIGN36 PRIVATE: Court to Hear Wind-Up Petition on May 11
DIRECT LINK: Court to Hear Wind-Up Petition on May 11
GLOBAL BRANDS: Creditors Get 100% Recovery on Claims
GLOBAL BRANDS SINGAPORE: Creditors Get 100% Recovery on Claims
V I E T N A M
VIETNAM NATIONAL: Moody's Affirms 'B2' CFR; Outlook Negative
X X X X X X X X
* BOND PRICING: For the Week April 23 to April 27, 2012
- - - - -
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A U S T R A L I A
=================
ANGAS SECURITIES: S&P Affirms 'B+/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' issuer
credit ratings on Angas Securities Ltd. and revised the outlook
to negative from stable.
"The negative outlook reflects our view that Angas' capital
position has weakened as a result of a buyback of ordinary share
capital in 2011. Also, in our view, the new debt securities
issued by the company have minimal capital credit. The negative
outlook also reflects potential downward pressure on the rating
due to some ongoing challenges that Angas has experienced with
resolving its sizeable portfolio of nonperforming assets, which
includes some large exposures, when assessed against the
company's modest capital base," S&P said.
"The rating could stabilize at the current level if Angas were to
successfully reduce its nonperforming loans without requiring any
new material loan loss provisioning and if the company were to
return to a consistent cash earnings profit contributing to an
improvement in its capital position while maintaining its
debenture reinvestment rate," said credit analyst Lisa Barrett,
of the Financial Services Ratings group.
"The 'B+' issuer credit rating on Angas reflects the company's
profile as a small, niche commercial-property financier, with
total assets of A$256 million and adjusted total equity of A$7.5
million at Dec. 31, 2011. In our view, a key weakness in Angas'
credit profile includes its focus on a high-risk lending segment
and its materially concentrated loan portfolio, particularly
when assessed against its modestly sized capital base," S&P said.
* AUSTRALIA: SME Insolvencies Hit Record Level in February
----------------------------------------------------------
SmartCompany reports that small business insolvencies have
reached record levels with the number of companies placed into
external administration in February at the highest level since
the statistics were introduced in 1999.
According to the report, Australian Securities and Investments
Commission statistics show 1,123 businesses were placed into
administration in February, compared with 518 in January.
The previous highest figure was in March 2009 when 1,095
businesses went into administration, the report discloses.
SmartCompany notes that the ASIC figures show a marked increase
in businesses being wound up through the courts, which reached a
record of 449 in February compared with 79 the month before.
Andrew Fielding, partner at insolvency firm BDO, said the rise in
insolvencies is mainly being driven by the Australian Tax Office
pursuing outstanding taxes, SmartCompany adds.
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C H I N A
=========
CHINA ZHENGTONG: S&P Gives 'BB-' Corp. Credit Rating; Outlook Pos
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to China-based auto retailer China
Zhengtong Auto Services Holdings Ltd. The outlook is positive.
"We also assigned our 'cnBB+' Greater China credit scale rating
to Zhengtong. At the same time, we assigned our 'BB-' issue
rating and our 'cnBB+' Greater China credit scale rating to the
company's proposed U.S. dollar senior unsecured notes. The
company will use the issuance proceeds for refinancing purposes,"
S&P said.
"The rating on Zhengtong reflects the company's aggressive growth
appetite and the execution risk associated with its expansion and
integration of a recent acquisition," said Standard & Poor's
credit analyst Johnson Ng. "The rating also reflects Zhengtong's
exposure to the highly competitive and fragmented auto-retail
market in China."
"Tempering these risks are Zhengtong's established market
position in China, its low operating cost structure, and the high
growth potential for the high-end car retail market in China,
which Zhengtong focuses on. We view the company's business risk
profile as 'weak' and the financial risk profile as
'aggressive,'" S&P said.
"We expect Zhengtong's sales concentration on new car sales to
remain high in the next two to three years. Potential volatility
in the new car market and a change in customers' tastes in the
high-end car sector in China could materially affect the
company's profitability and cash flow. Nevertheless, Zhengtong
has a somewhat diversified brand mix. We expect single-brand
revenue contribution to remain about 30% of total revenue in the
next two years. We also anticipate that the company will
gradually increase its penetration into the high margin and
stable after-sales service business," S&P said.
"In our view, Zhengtong's risk and financial management is
largely untested for accelerated expansion. The company's
acquisition of a similar size car dealer, Top Globe, in December
2011 improved its geographic and brand coverage and scale, in our
view. However, we see integration risk in 2012. The company's
more than 10 years of growth and a relative smooth transition in
the first quarter post the acquisition temper such risk," S&P
said.
"We expect Zhengtong to maintain satisfactory gross margins (at
about 10%-11%) in the next two years due to the increasing
contribution from after-sales service and sales of its top-end
cars. Zhengtong's operating expense is lower than our rated U.S.
peers' mainly due to its lower labor costs. In our view, the low-
cost structure provides Zhengtong some flexibility to weather an
industry downturn," S&P said.
"We anticipate that Zhengtong's capital structure will remain
stable in the next one to two years. Strong operating profit
growth is likely to offset an increase in debt. In our base-case
scenario, we estimate that Zhengtong's EBITDA (after fully
consolidating Top Globe) will increase more than 20% in both 2012
and 2013, with the company opening new stores. We expect
Zhengtong's debt-to-EBITDA ratio to be 2.0x-2.5x and the ratio of
funds from operations (FFO) to debt at 25%-30% in the period.
Zhengtong's credit profile could weaken materially if sales
growth and profit margin are significantly below our
expectation," S&P said.
"The positive outlook reflects our expectation that a
satisfactory integration of Top Globe could materially improve
Zhengtong's competitive position," said Mr. Ng. "We expect the
company to focus more on integrating Top Globe and slow down
expansion in the next year.' We expect Zhengtong to moderately
improve its capital structure over the next year if the
integration is smooth."
"We could raise the rating if the integration of Top Globe's
operations is satisfactory, Zhengtong can achieve satisfactory
sales growth, maintain or improve its gross margin and capital
structure, and be disciplined toward financial and risk
management," S&P said.
"We may revise the outlook to stable if the sales growth of
Zhengtong's new cars or profit margin is below our expectation,
such that its debt-to-EBITDA ratio rises to above 2.5x. This
could happen if Zhengtong fails to integrate Top Globe well,
industry growth slows down significantly, or competition among
dealers rises substantially. If Zhengtong expands more
aggressively than we expect, it could also weigh on the rating,"
S&P said.
GREENTOWN CHINA: S&P Lowers Corporate Credit Rating to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based property developer
Greentown China Holdings Ltd. to 'CCC+' from 'B-'. The outlook is
negative. "At the same time, we lowered the issue rating on the
company's outstanding senior unsecured notes to 'CCC' from
'CCC+'. We also lowered the Greater China credit scale rating on
Greentown to 'cnCCC+' from 'cnB-' and that on the company's
outstanding senior unsecured notes to 'cnCCC' from 'cnCCC+'," S&P
said.
"We lowered the ratings because we believe Greentown faces
heightened liquidity risks in the next 12 months. The company's
recent asset sales may have provided some funds to meet
obligations, but we expect the refinancing risks to increase for
its outstanding debt and other financial obligations," said
Standard & Poor's credit analyst Frank Lu. "Our view is based on
Greentown's likely weak property sales, its large commitments for
construction, and likely tight bank credit. We view the business
risk profile as 'weak' and the financial risk profile as 'highly
leveraged."
"Greentown's contract sales are likely to remain weak in the next
six to 12 months, in our view. This is mainly because of the
government's restrictions on home purchases, which we expect to
persist in 2012, and subdued investment demand particularly for
high-end properties. In 2011, the company achieved just 83% of
its revised target of Chinese renminbi (RMB) 40 billion," S&P
said.
"In our base case scenario, we expect the company's contract
sales to be RMB25 billion-RMB30 billion, compared with the
company's target of about RMB40 billion. Our forecast factors in
lower prices because the company has cut prices for some projects
and this has had a limited but positive impact on demand. In the
first quarter of 2012, the company achieved RMB5.2 billion in
contract sales, or 13% of its full-year budget," S&P said.
"Greentown has large maturities and fixed construction
commitments in 2012. We expect the company to have limited
flexibility to cut capital expenditure as completion and delivery
of its properties are important to maintain its reputation and
buyers' confidence in the company," S&P said.
"In our view, Greentown is likely to continue to sell its
projects to meet its obligations in 2012. Over the past five
months, the company has received most of the cash proceeds of
about RMB3.86 billion for its five projects sales. A recently
announced project sale to SOHO China Ltd. (not rated) will bring
in another RMB1.5 billion for Greentown. Nevertheless, such asset
sales are uncertain and cash proceeds may not be available when
Greentown needs funds the most," S&P said.
"The company's financial risk profile will likely remain 'highly
leveraged'. We expect Greentown's borrowings to increase modestly
to RMB33 billion-RMB35 billion in 2012 following a decline in
2011. This is because we anticipate that the company will use
debt to fund its large construction commitments. The decline in
total debt to RMB33 billion from RMB47.6 billion is due partly to
project sales," S&P said.
"We have limited information and visibility about the cash
movements and liabilities of Greentown's large number of joint
ventures. These joint ventures could require cash injections from
shareholders to meet obligations. Greentown's corporate structure
is complex and involves extensive related-party transactions,"
S&P said.
"The negative outlook reflects our expectation that Greentown
faces heighted liquidity risks in the next 12 months. The company
faces material refinancing risks due to likely weak property
sales against large debt maturities and construction
commitments," said Mr. Lu.
"We may lower the rating if: (1) Greentown's contract sales in
the first half of 2012 are less than RMB12 billion, and the
company shows no sign of meeting at least RMB25 billion in
property sales for 2012 (i.e. our base case); (2) its asset sales
and cash proceeds are materially delayed; or (3) the company can
not obtain new onshore bank loans to refinance its short-term
borrowings," S&P said.
"Conversely, we could revise the outlook to stable if the
company's property sales improve to more than its budget and its
liquidity position stabilizes," S&P said.
================
H O N G K O N G
================
NATURE'S FARM: Members and Creditors' Meetings Set for May 21
-------------------------------------------------------------
Members and creditors of Nature's Farm Products Limited will hold
their final meetings on May 21, 2012, at 4:00 p.m., and 4:30
p.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
OMNIA PRODUCTS: Ivan Cabeza Mora Steps Down as Liquidator
---------------------------------------------------------
Ivan Cabeza Mora stepped down as liquidator of Omnia Products
Limited on April 20, 2012.
ORIGINAL MARK: Chan Sek Kwan Rays Steps Down as Liquidator
----------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of Original Mark
Limited on March 30, 2012.
PERFECT SQUARE: Members' Final Meeting Set for May 21
-----------------------------------------------------
Members of Perfect Square (Holdings) Limited will hold their
final general meeting on May 21, 2012, at 10:00 a.m., at 13/F,
Luk Kwok Centre, at 72 Gloucester Road, Wan Chai, in Hong Kong.
At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
PRAX CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Members of Prax Capital Charitable Foundation Limited, on
April 12, 2012, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidator is:
Tsang Kwok Fai
Room 1902, 19/F
Henan Building, 90-92 Jaffe Road
Wanchai, Hong Kong
PRIME POLYMER: Members' Final General Meeting Set for May 21
------------------------------------------------------------
Members of Prime Polymer Asia Company Limited will hold their
final general meeting on May 21, 2012, at 5:45 p.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SIEMENS WATER: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
Creditors of Siemens Water Technologies International Sales
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by May 22, 2012, to be included in
the company's dividend distribution.
The company's liquidators are:
John Chi Wai Wong
Peggy Pei Chi Cheng
21/F, Edinburgh Tower
The Landmark
15 Queen's Road
Central, Hong Kong
S.M.S. PLASTIC: Creditors' Meeting Set for May 15
-------------------------------------------------
Creditors of S.M.S. Plastic Manufactory Limited will hold their
meeting on May 15, 2012, at 11:00 a.m., for the purposes provided
for in Sections 241, 242, 243, 244, and 255A of the Companies
Ordinance.
The meeting will be held at Room 202, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.
SVCM CAPITAL: Creditors' Proofs of Debt Due May 19
--------------------------------------------------
Creditors of SVCM Capital Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 19,
2012, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 13, 2012.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
TIP TOP: Members' Final General Meeting Set for May 21
------------------------------------------------------
Members of Tip Top Industrial Limited will hold their final
general meeting on May 21, 2012, at 10:00 a.m., at Flat 1903,
19/F, Block 5, No. 163 1038 Hua Shan Road, Shanghai, China
200050, in China.
At the meeting, Wang Dianyi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TRI RUSS: Members' Final Meetings Set for May 23
------------------------------------------------
Contributories and creditors of Tri Russ International (Hong
Kong) Limited will hold their final meetings on May 23, 2012, at
10:30 a.m., and 11:00 a.m., respectively at 602 The Chinese Bank
Building, at 61-65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WINDERMERE TRADING: Creditors' Proofs of Debt Due May 19
--------------------------------------------------------
Creditors of Windermere Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 19, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 13, 2012.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
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I N D I A
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ASANSOL POLYFABS: CRISIL Puts 'CRISIL B-' Rating on INR55MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Asansol Polyfabs Private Limited. The
ratings reflect APPL's modest scale of operations in a highly
fragmented industry and working capital intensive nature of
operations. These weaknesses are partially offset by extensive
experience of promoters in the packaging industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Line of Credit 5 CRISIL B-/Stable
Bank Guarantee 3 CRISIL A4
Cash Credit 50 CRISIL B-/Stable
For arriving at its rating, the CRISIL has consolidated the
business and financial risk profiles of Shri Maa Polyfabs Limited
and Asansol Polyfabs Pvt Ltd, together referred to as the Asansol
group. This is because of their common management and similar
line of business.
Outlook: Stable
CRISIL believes that Asansol Group will maintain a stable
business risk profile on the back of its established market
presence and long standing experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in its operating revenues while maintaining its
operating margins and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in its operating revenues or profitability or further
lengthening of its working capital cycle leading to deterioration
of its financial risk profile.
About the Group
Asansol Group, established by the Kolkata based Bansal family,
comprises of Shri Maa Polyfabs Pvt Ltd and Asansol Polyfabs Pvt
Ltd. Both the companies are engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics.
About Asansol Polyfabs
APPL, established in 2002, is engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics. The company generates around 95 per cent of
its revenues from woven sacks while the balance 5 per cent is
from woven fabrics. The major end-user segments are fertilizers,
cement, polymers, chemicals, textiles, machinery and automobile
parts etc. The manufacturing facility of APPL is located in
Asansol, West Bengal with an installed capacity of 2400 tonnes
per annum
Mr. Sajjan Bansal, Chairman, and Mr Nitesh Sharma, Director,
oversee the day to day operations of the company.
APPL (standalone) reported a profit after tax (PAT) of INR1.0
million on net sales of INR91.2 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR1.7
million on net sales of INR140.4 million for 2009-10.
ASHTAVINAYAK AUTO: CRISIL Puts 'B+' Rating on INR75MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ashtavinayak Auto Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable
The rating reflects AAPL's weak financial risk profile, marked by
small net worth and high gearing, exposure to intense competition
in the auto dealership market, and limited bargaining power with
principal. These rating weaknesses are partially offset by AAPL's
established market position as an auto dealer for Chevrolet Sales
India Pvt Ltd's passenger vehicles.
Outlook: Stable
CRISIL believes that AAPL will benefit over the medium term from
its established position in the automobile dealership business
and strong relationship with Chevrolet. The outlook may be
revised to 'Positive' in case of increase in revenues with
sustained improvement in profitability, leading to substantial
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
operating margin or revenues, resulting in weakening of its
financial risk profile.
About Ashtavinayak Auto
Incorporated in 2007 by Mr. Puneet Kumar and his father, Mr.
Lalit Kumar, AAPL is an authorised dealer for Chevrolet cars in
Mumbai (Maharashtra). AAPL operates through a showroom in Andheri
and a service workshop in Oshiwara (both in Mumbai). The showroom
is owned by a group company, AVK Automart Pvt Ltd (AVKA), while
the service centre is on a rental basis. AVKA is also a dealer of
Chevrolet in Mumbai and together with AAPL, is the only dealer
for Chevrolet for the region extending from Andheri (West) to
Borivali (Mumbai). AVKA operates two showrooms in Goregaon and
Vasai (both in Mumbai) and two service centres in Kandivali and
Dahisar (both in Mumbai). AVKA recorded a turnover of around
INR1200 million in 2010-11 (refers to financial year, April 1 to
March 31).
AAPL reported a loss of INR27.4 million on net sales of
INR1,140 million for 2010-11, as against a PAT of INR44 million
on net sales of INR444 million for 2009-10.
DAEJUNG MOPARTS: CRISIL Puts 'B+' Rating on INR130.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Daejung Moparts Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 40.6 CRISIL B+/Stable
Proposed Cash Credit 40 CRISIL B+/Stable
Limit
Letter of Credit 20 CRISIL A4
Letter Of Guarantee 21.3 CRISIL A4
Cash Credit 50 CRISIL B+/Stable
Export Packing Credit 17 CRISIL A4
The ratings reflect DMPL's below-average financial risk profile,
marked by low net worth size and weak debt protection metrics.
The rating also factors in relatively small scale of operations
and exposure to customer concentration risks in its revenue
profile. These rating weaknesses are partially offset by the
healthy operational and financial support, which DMPL derives
from its parent, Daejung High Polymers Industries Co Ltd.
Outlook: Stable
CRISIL believes that DMPL's credit risk profile will benefit over
the medium term from its experienced management and the support
it receives from its parent company. The outlook may be revised
to 'Positive' if the company diversifies its product portfolio
and increases its scales of operations significantly, while
improving its profitability and working capital management
Conversely, the outlook may be revised to 'Negative' in case
DMPL's cash accruals decline owing to deterioration of its
relationship with its key customers or low capacity utilization
owing to labour issues or if it undertakes a large debt-funded
capital expenditure programme, thereby weakening its financial
profile.
About Daejung Moparts
Incorporated in 2003, DMPL manufactures plastic components for
air conditioners and radiators for the automobile industry. DMPL
caters primarily to Visteon Automotive Systems (India) Private
Limited which in-turn supply to Hyundai Motor India Ltd (rated
'CRISIL A1+'). The other key customers of DMPL include Behr India
Limited (rated 'CRISIL BBB+/Stable/CRISIL A2') and Doowon
Automotive Systems India Pvt Ltd. DMPL has its manufacturing
facility in Melrosapuram, Chennai (Tamil Nadu). The company is
managed by Mr. Kiseo Lee, CEO and is a 100 per cent subsidiary of
DHPICL, Korea. DHPICL was set up by Mr. Bae in 1992 and is
engaged in the manufacture of rubber gaskets for the automobile
industry.
DMPL reported a net loss of INR3.1 million on net sales of
INR142.1 million for 2010-11 (refers to financial year, April 1
to March 31), as against a net loss of INR4.4 million on net
sales of INR89.7 million for 2009-10.
DELTON CABLES: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Delton Cables Limited's
'Fitch BB+(ind)' National Long-Term rating with a Negative
Outlook to the non-monitored category. This rating will now
appear as 'Fitch BB+(ind)nm' on the agency's website.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Delton. The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period. However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a Rating Action Commentary.
Fitch has also classified Delton's following bank loan ratings as
non-monitored:
-- Outstanding INR10.6m term loans: migrated to 'Fitch BB+
(ind)nm' from 'Fitch BB+(ind)'
-- INR320m fund-based working capital limits: migrated to
'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
BB+(ind)'/'Fitch A4+(ind)'
-- INR606m non-fund-based working capital limits: migrated to
'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+
(ind)'/'Fitch A4+(ind)'
DEVA INTERIORS: CRISIL Assigns 'CRISIL B+' Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Deva Interiors Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable
Letter of Credit 30 CRISIL A4
The ratings reflect DIPL's exposure to risks related to its
tender-based business, its below-average financial risk profile
marked by high gearing and weak debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of DIPL's
promoters and its established market position in the interior
decoration business.
Outlook: Stable
CRISIL believes that DIPL will continue to benefit from its
promoter's extensive industry experience and its established
market position in the interior decoration business, over the
medium term. The outlook may be revised to 'Positive' if DIPL
generates more-than-expected cash accruals, driven by improved
profitability, or increases its scale of operations. Conversely,
the outlook may be revised to 'Negative' if DIPL's financial risk
profile deteriorates further, most likely because of large debt-
funded capital expenditure, or decline in margins or revenues.
About Deva Interiors
Established in 1995 by Mr. R P Singh, DIPL is engaged in
executing interior decoration projects for office spaces,
commercial real estate ventures, banks and retail showrooms.
DIPL, based in Chennai (Tamil Nadu), offers a wide range of
services including electrification and related installation
works, and providing furniture and other civil works, such as
carpentry and plumping. Since inception, the company has executed
various projects in different locations including Chennai, Mumbai
(Maharashtra), Bhubaneshwar (Orissa), Bengaluru (Karnataka),
Bhopal (Madhya Pradesh), and Hyderabad (Andhra Pradesh). The
company currently has orders of around INR240 million to be
executed over the next six months.
DIPL reported a profit after tax (PAT) of INR6 million on net
sales of INR161 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR221 million for 2009-10.
DHANSHREE SEEDS: CRISIL Assigns 'B' Rating to INR65MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhanshree Seeds Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable
Long-Term Loan 15 CRISIL B/Stable
The rating reflects DSPL's nascent stage of operations, presence
in a fragmented industry, and weak financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of DSPL's promoter in the agro-products
industry.
The promoter and his associates have extended unsecured loans of
about INR22 million to DSPL, which will be retained in the
business until the bank loans are repaid. These unsecured loans
are non-interest bearing in nature. Therefore, for arriving at
its rating, CRISIL has treated these loans as neither debt nor
equity.
Outlook: Stable
CRISIL believes that DSPL will benefit over the medium term from
its promoter's extensive experience in the agro-products
industry. The outlook may be revised to 'Positive' in case of
timely completion of project, along with better-than-expected
cash accruals and efficient working capital management during the
initial phase of operations. Conversely, the outlook may be
revised to 'Negative' in case of time or cost overruns in
implementation of project or in case of lower-than-expected cash
accruals or larger-than-expected working capital requirements
during the initial phase of operations, resulting in pressure on
the company's liquidity.
About Dhanshree Seeds
Incorporated in 2012 by Mr. Pritesh Shah, DSPL is currently
setting up a brown rice milling and sorting unit in Moriya
(Gujarat). The unit, once operational, will have a milling and
sorting capacity of about 5 tonnes per hour. Work on the unit
commenced in January 2012 and commercial production is expected
to commence in June 2012. The company expects to sell 50 per cent
of output through exports and the remaining 50 per cent through
sales to traders from Gujarat, Maharashtra, and Karnataka.
EXCLUSIVE STEEL: CRISIL Puts 'D' Rating on INR216.4MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Exclusive Steel and Casting Pvt Ltd. The ratings
reflect instances of continuous overdrawing of cash credit
account for more than 30 days owing to company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 55 CRISIL D
Letter of Credit 51.4 CRISIL D
Bank Guarantee 10 CRISIL D
Cash Credit 100 CRISIL D
ESCP also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics coupled
with small scale of operations and susceptibility to intense
competition and cyclicality in steel industry. These rating
weaknesses are partially offset by ESCP's promoters' extensive
stainless steel industry experience.
About Exclusive Steel
ESCP was incorporated in 2008 and manufactures stainless steel
(SS) ingots, SS flats, SS cold rolled sheets, and SS turnings.
The company commenced operations in 2008 by setting up a
manufacturing plant with a capacity of around 700 tonnes per
month (tpm). It is promoted by Mr. Maneklal Jain and his son, Mr.
Ratanlal M Jain, and its daily operations are handled by Mr.
Ratanlal Jain.
ESCP reported a profit after tax (PAT) of INR2.5 million on net
sales of INR 236 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.9 million on net
sales of INR 133 million for 2009-10.
GRANITE GATE: CRISIL Upgrades Rating on INR1.25BB Loans to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Granite
Gate Properties Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long- 375 CRISIL BB+/Stable
Term Bank Loan
Facility
Term Loan 875 CRISIL BB+/Stable
The upgrade reflects GGPPL's improving liquidity position, driven
by healthy customer advances following strong bookings at its two
projects in Noida (Uttar Pradesh). As on April 11, 2012, the
company has received bookings for more than 80 per cent of its
total saleable area in the two projects. For these bookings, it
has received around 48 per cent of its total sales value as
customer advances. GGPPL's healthy liquidity position is also
reflected in the fact that it has prepaid part of its term loans
during 2011-12 (refers to financial year, April 1 to March 31).
The ratings reflect GGPPL's comfortable market position, healthy
inflow of advances from customers, and the low debt contracted to
fund for its projects. These strengths are partially offset by
GGPPL's exposure to high fund fungibility between group entities
and its susceptibility to inherent risks and downturns in the
domestic real estate industry.
Outlook: Stable
CRISIL believes that GGPPL will maintain its comfortable position
in the real estate market in Noida. The outlook may be revised to
'Positive' if GGPPL demonstrates timely completion of its ongoing
projects, supported by continued timely inflow of customer
advances. Conversely, the outlook may be revised to 'Negative' if
GGPPL faces significant delays in its projects or it provides
more-than-expected funding support to group companies, causing
its liquidity to weaken.
About Granite Gate
GGPPL was incorporated in 2009-10 as part of the Three C group to
undertake residential real estate development projects. The
company is developing two group housing projects in Greater
Noida: Lotus Panache and Lotus Boulevard. The flagship company of
the Three C group, Three C Universal Developers Pvt Ltd, wholly
owns GGPPL. GGPPL has issued 24,424,914 fully and compulsory
convertible debentures to the private equity fund Red Fort
Capital to fund the project. Ownership of Three C Universal
Developers Pvt Ltd in GGPPL is expected to reduce to around 60.95
per cent after conversion of these debentures into equity.
INDO AMERICAN: Fitch Puts Rating on Two Bank Loans at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned India-based Indo American Electricals
Limited a National Long-Term Rating of 'Fitch B+(ind)'. The
Outlook is Stable.
The ratings reflect IAEL's short track record of operations since
December 2009, post its deregistration from the Board for
Industrial and Financial Reconstruction (BIFR) in July 2010. The
ratings also reflect the company's weak EBITDA margin of 5.6% and
high net financial leverage (net debt/EBITDA) of 12.8x in FY11
(financial year ending March).
However, Fitch expects net financial leverage to have
significantly improved in FY12, given the improvement in EBITDA
margins to 6.4% in 9MFY12 and the significant increase in revenue
to INR1,757.3m at end-9MFY12 from INR379.7m in FY11. The
increase in revenue is a result of capacity expansion to 7,200
metric tonnes per annum (MTPA) of PVC insulated wires and cables
in June 2011 from 2,400MTPA earlier.
The ratings draw strength from the financial support extended by
the established SPS group which acquired the company in April
2007. SPS group provided unsecured loans to the extent of INR81m
in FY11.
Positive rating action may result from net financial leverage of
below 4.5x on a sustained basis. Conversely, net financial
leverage above 6x on a sustained basis may result in negative
rating action.
IAEL manufactures electrical cables and wires under the brand
name 'MW Wires and Cables'. It was incorporated in 1961 and was
taken over by the SPS group after being referred to BIFR in 1995.
Fitch has also assigned ratings to IAEL's bank facilities as
below:
-- INR104.3m long-term loans: 'Fitch B+(ind)'
-- INR450m fund-based limits: 'Fitch B+(ind)'
KAMAKSHI STEELS: Fitch Assigns Nat'l Long-Term Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned India's Kamakshi Steels Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'. The
Outlook is Stable.
The ratings are constrained by KSPL's modest scale of its
operations (revenue: INR397m in FY11 (financial year ending
March)) and a tight liquidity position as reflected in its high
(98%-99%) working capital utilization during September 2011 to
February 2012.
The ratings are also constrained by Fitch's expectation that
KSPL's cash conversion cycle (FY11: 82 days, FY10: 71 days) could
be further stretched in the near term due to a fall in supplier
credit as the company intends to improve its margins. This may
lead to additional debt funding and a consequent weakening of
credit metrics. In FY11, net debt/EBITDA was 2.4x and EBITDA
interest coverage was 2.4x. Other rating constraints include the
absence of long-term contracts for purchase of raw materials and
low operating efficiency of its facilities.
The ratings are, however, supported by over two-decade-long
experience of KSPL's founders in steel trading as well as by the
company's strong revenue growth at a CAGR of 16.8% and stable
EBITDA of around 5.5% over FY09-FY11.
Negative rating action may result from a decline EBITDA margins
or a further worsening of cash conversion cycle leading to net
debt/EBITDA exceeding 6x and/or EBITDA interest cover falling
below 1.5x. Conversely, improved EBITDA margins or cash
conversion cycle leading to net debt/EBITDA below 4x and EBITDA
interest cover above 2.0x on a sustained basis may result in
positive rating action.
KSPL is a Vijayawada-based steel manufacturer, with a re-rolling
capacity of 30,000 metric tonnes per annum. The company sells
its products under the brand name - Vijay TMT Rebars.
Rating actions on KSPL:
-- National Long-Term rating assigned at 'Fitch BB-(ind)';
Outlook Stable
-- INR0.4m term loans: assigned at 'Fitch BB-(ind)'
-- INR65m fund based limits: assigned at 'Fitch BB-
(ind)'/'Fitch A4+(ind)'
-- INR15m non-fund-based working capital limits: assigned at
'Fitch A4+(ind)'
MEP TOLL: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------
Fitch Ratings has migrated India-based MEP Toll Road Private
Limited's instrument ratings to the non-monitored category as
follows:
-- INR327.2m bank loan facilities: migrated to 'Fitch BBB-
(ind)nm' from 'Fitch BBB-(ind)'
-- INR1,750m non-fund based limits: migrated to 'Fitch
BB(ind)nm' from 'Fitch BB(ind)'
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of MEPTRPL's instruments. The
ratings will remain in the non-monitored category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a Rating Action Commentary.
M.G.B MOBILES: CRISIL Assigns 'BB-' Rating to INR130MM Loans
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of M.G.B Mobiles to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL BB-/Stable
Long -Term Loan 20 CRISIL BB-/Stable
Proposed Long -Term 20 CRISIL BB-/Stable
Bank Loan Facility
The upgrade reflects sustained improvement in MGB's business risk
profile, marked by increasing scale of operations and improving
profitability; the upgrade also factors in timely infusion of
funds by the promoters to support its business and capital
expenditure plans. MGB's scale of operations and profitability
are expected to improve marginally over the medium term,
following the opening of the company's new service centre and
expected opening of a new showroom over the near term.
The rating reflects MGB's established market position as a
Mahindra & Mahindra Ltd (M&M, rated 'CRISIL AA+/Stable/CRISIL
A1+') automobile dealer in Ananthapur (Andhra Pradesh). These
rating strengths are partially offset by below-average financial
risk profile, marked by high total outside liabilities to
tangible net worth ratio, low profitability, and weak debt
protection metrics, and its susceptibility to cyclicality in the
automobile sector.
Outlook: Stable
CRISIL believes that MGB's business risk profile will remain
stable over the medium term, backed by its established market
position as an authorised dealer of M&M. The outlook may be
revised to 'Positive' if MGB successfully stabilises operations
at its new and upcoming facility and increases its revenues and
profitability while improving its capital structure through
equity infusion and diversifying its business risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a larger-than-expected, debt-funded capital
expenditure programme, its revenues and profitability decline
sharply, or if significant capital withdrawals by partners cause
its financial risk profile to weaken.
About M.G.B Mobiles
Established as a partnership firm in 2003 by Mrs. M Usha
Raghunath and her sons, MGB is an authorised dealer of passenger
and light commercial vehicles of M&M, Mahindra Renault Pvt Ltd,
and Mahindra Navistar Automotives Ltd. It also sells spares and
services passenger and light commercial vehicles. MGB is the sole
dealer of passenger vehicles in the Ananthapur and Kadapa
districts of Andhra Pradesh, and sole dealer for utility vehicles
in Ananthapur. The firm has three workshops, and two showrooms in
Ananthapur and Kadapa. The firm is setting up another showroom in
Ananthapur which is expected to be operational during June 2012.
MGB reported a profit after tax (PAT) of INR6.7 million on net
sales of INR691 million for 2010-11 (refers to financial year,
April 1 to March 31) as against a PAT of INR4.0 million on net
sales of INR525 million for 2009-10.
NISHA KISHAN: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Nisha Kishan Spinning Mills Pvt Ltd. The rating reflects
instances of delay by NSPL in servicing its term loan; the delays
have been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 140 CRISIL D
Cash Credit 160 CRISIL D
Letter of Credit 40 CRISIL D
NSPL also has a weak financial risk profile marked by high
gearing and weak debt protection metrics. The company, however,
benefits from the extensive experience of the company's promoters
in the spinning industry.
About Nisha Kishan
Set up in 1993, NSPL manufactures polyester-cotton blended yarn.
Its spinning mills, located in Theni (Tamil Nadu), have installed
capacity of 25,200 spindles. NSPL is owned by Mr. S K A P
Balakrishnan and his family.
NSPL reported a profit after tax of INR3 million on net sales of
INR651 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a net loss of INR21 million on net sales of
INR399 million for 2009-10.
N.K BHOJANI: CRISIL Cuts Rating on INR115MM Loan to 'B-'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of N.K Bhojani (P) Ltd (part of the Bhojani group) to 'CRISIL B-
/Stable' from 'CRISIL B+/Stable' while reaffirming its rating on
the short-term bank facilities at CRISIL A4.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 115.0 CRISIL B-/Stable
Export Packing Credit 80.0 CRISIL A4
Bank Guarantee 7.5 CRISIL A4
Letter of Credit 27.5 CRISIL A4
The rating downgrade reflects sharp deterioration in NKB's
liquidity mainly driven by higher-than-expected increase in the
company's working capital requirements in 2011-12 (refers to
financial year, April 1 to March 31), which resulted in increased
debt level during the year. NKB's increased working capital
requirements also led to high bank limit utilization at an
average of 97 per cent over the 12 months through February 2012.
The downgrade also reflects CRISIL's belief that NKB's liquidity
will remain weak over the medium term because of the company's
large incremental working capital requirements and the stretch in
payment by its group company leading to high bank limit
utilization over the medium term.
The rating reflects Bhojani group's working-capital-intensive
operations and marginal market share in the steel industry. These
rating weaknesses are partially offset by the extensive industry
experience of the Bhojani group's promoters and the group's
above-average financial risk profile marked by an above-average
gearing, and average debt protection metrics.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NKB and Phil Ispat Pvt Ltd (PIPL),
together referred to as the Bhojani group. This is because NKB
owns about 28 per cent stake in PHIL. About 40 per cent of the
requirement of crushed iron ore required by PIPL is sourced from
NKB. Moreover, the two entities share a common management and
have business linkages with each other; also, NKB offers indirect
support to PIPL by way of favourable credit terms, in case the
need arises.
Outlook: Stable
CRISIL believes that NKB's liquidity will remain weak, because of
high credit period offered to its group company, over the medium
term. Furthermore, the company's business risk profile will
remain constrained by lack of integration. However, NKB will
maintain its above-average financial risk profile during this
period, supported by moderate cash accruals. The outlook may be
revised to 'Positive' if the company diversifies its revenue
profile while it sustains its profitability. Conversely, the
outlook may be revised to 'Negative' if the company reports less-
than-expected capacity utilisation, which may adversely affect
its operating margin, or if it undertakes a large debt-funded
capital expenditure programme, thereby adversely affecting its
capital structure.
About the Group
NKB, incorporated in 1996, manufactures sponge iron with capacity
of 36,000 tonnes per annum (tpa); its crusher machines have
combined capacity to crush 208,000 tpa of iron ore. NKB also
undertakes iron ore mining works, and has a dealership contract
with Larsen & Toubro Ltd for spares sales and service. NKB also
had a mild steel ingot manufacturing plant with capacity of
48,000 tpa; the ingot unit was sold for a consideration of INR75
million in November 2010. PIPL, incorporated in June 2004, was
acquired by Mr. N K Bhojani and Mr. S K Thacker in 2006-07
(refers to financial year, April 1 to March 31) at a total
consideration of INR110 million. PIPL manufactures sponge iron,
with capacity of 60,000 tonnes per annum at its facility in
Bilaspur (Chhattisgarh).
RAJESHWARI METPRO: CRISIL Rates INR30MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajeshwari Metpro Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable
Letter of Credit 20 CRISIL A4
The ratings reflects RMPL's below-average financial risk profile,
marked by modest net worth and weak debt protection metrics,
modest scale of operations in a competitive and fragmented
industry, and susceptibility of profit to volatility in commodity
prices. These rating weaknesses are partially offset by the
extensive experience of RMPL's promoter in the commodity trading
industry
CRISIL has treated unsecured loans of INR25 million, extended by
RMPL's promoter as on March 31, 2012, as neither debt nor equity.
This is because the company has subordinated the same to its bank
Outlook: Stable
CRISIL believes that RMPL will continue to benefit over the
medium term from its promoter's extensive experience in the
commodity trading industry. The outlook may be revised to
'Positive' if RMPL's working capital management or profitability
improves significantly, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates due to increase
in working capital or lower-than-expected profitability margins.
About Rajeshwari Metpro
RMPL was incorporated in 2009-10 (refers to financial year,
April 1 to March 31) by Mr. Jayaram. The company's operations
were taken over from its group entity, Rajeshwari Metallurgical
Pvt Ltd. RMPL mainly trades in non-ferrous metals and alloy
scraps, such as copper, brass, zinc, and aluminium. The company
imports about 80 per cent of its requirements from Malaysia,
Australia, the US, and Europe. The remaining procurement is done
from the local market. During 2011-12, RMPL derived more than 60
per cent of its revenue from trading in copper and brass.
RAMYA STEEL: Fitch Assigns INR90-Mil. Fund-Based Limits at 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned India's M/s Ramya Steel Syndicate a
National Long-Term rating of 'Fitch B+(ind)'. The Outlook is
Stable. Fitch has also assigned RS's INR90m fund-based limits
'Fitch B+(ind)'/'Fitch A4(ind)' ratings.
The ratings are constrained by RS's small scale of operations
coupled with weak EBITDA margins and modest credit metrics. In
the financial year ended March 2011 (FY11), revenue was INR963m
(FY10: INR716.2m), EBITDA margins were 1.7% (1.1%), and EBITDA
interest coverage was 1.6x (1.4x).
The ratings, however, benefit from over two-decade-long
experience of RS's founders in steel trading and the company's
established relationship with Rashtriya Ispat Nigam Limited. The
ratings also benefit from RS's operational linkages with its
sister concern -- Kamakshi Steels Private Limited ('Fitch BB-
(ind)'/Stable), which operates a steel manufacturing plant, and
the financial support extended by its founders by way of
unsecured loans (9MFY12: INR38m, FY11: INR20m).
The ratings also reflect an expected improvement in RS's
liquidity position in the near term after the sanction of
INR127.5m of cash credit facility by its bank, which would
replace the existing INR90m fund-based facility. At end-FY11,
the company had cash balances of INR3m. This would enable RS to
stretch its working capital cycle (FY11: 38 days) further to
support its growing revenue. Also, lower interest rates to be
offered on its new facility are likely to offset any
deterioration of interest coverage emanating from a stretched
working capital cycle.
Negative rating action may result from a decline of EBITDA
margins and/or a stretch in working capital cycle leading to
EBITDA interest cover below 1.3x on a sustained basis.
Conversely, an improvement in EBITDA margins and working capital
cycle leading to EBITDA interest cover above 1.6x on a sustained
basis may lead to positive rating action.
Ramya Steels is a Vijayawada-based steel trader. In 11MFY12,
revenue was INR988m and EBITDA was INR20m as per the unaudited
results.
RASHI METALS: Defaults in Payment Cue Fitch to Put 'D' Ratings
--------------------------------------------------------------
Fitch Ratings has assigned India-based Rashi Metals Pvt Limited a
National Long-Term rating of 'Fitch D(ind)'.
The ratings reflect Rashi Metals's defaults in the payment of its
term loan principal and interest, amounting to INR6.4m
outstanding since 31 March 2012. The defaults were due to the
company's tight liquidity position, as reflected in its average
cash credit facility utilisation of 95% in the last 12 months.
Also, the volatility in raw material prices resulted in EBIDTA
margins declining to negative 19.7% in FY11 (FY10: 2.5%).
The ratings may be upgraded upon an improvement in the company's
liquidity position, thus resulting in timely repayments of its
term liabilities for two consecutive quarters.
Rashi Metals is a Kolkata-based manufacturer of steel billets.
The company started commercial production in 2008, and has an
installed capacity of 1,50,000 metric tonnes per annum.
Fitch has also assigned ratings to Rashi Metals's bank loans as
follows:
-- INR126.3m term loan: 'Fitch D(ind)'
-- INR130.5m cash credit limit: 'Fitch D(ind)'
-- INR42.5m non-fund-based limit: 'Fitch D(ind)'
SAINOR LABORATORIES: CRISIL Rates INR65.6MM Loans at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sainor Laboratories Pvt Ltd (part of the
Sainor group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5.6 CRISIL BB-/Stable
Cash Credit 60 CRISIL BB-/Stable
Letter of Credit 50 CRISIL A4+
The ratings reflect the benefits that the Sainor group derives
from its promoters' extensive industry experience, and its above-
average financial risk profile, marked by comfortable capital
structure and debt protection metrics. These rating strengths are
partially offset by the group's weak liquidity profile arising
from working capital intensive operations, susceptibility to
risks related to intense competition in the bulk drugs industry.
The ratings also reflect the group's moderate scale of
operations, and product concentration in its revenue profile.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sainor Pharma Pvt Ltd (SPPL), Sainor
Life Sciences Pvt Ltd (SLS), and SLPL, collectively referred to
as the Sainor group. The consolidated approach is because all the
entities have common promoters, operate in the same industry,
derive significant operating synergies from each other, and have
fungible cash flows among them.
Outlook: Stable
CRISIL believes that the Sainor group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
higher-than-expected increase in revenues, while sustaining its
profitability. Conversely, the outlook may be revised to
'Negative' if the group records considerable decline in revenues
and profitability or undertakes larger-than-expected capital
expenditure programme, resulting in weakening in its financial
risk profile.
About the Group
Established in 2003, the Hyderabad (Andhra Pradesh) based Sainor
group manufactures bulk drugs and drug intermediates. The
promoters of the group, include Mr. U Tata Rao, Mr. S P Naidu,
Mr. A P Rameshwar Rao, and Mr. T Venkateshwar Rao. The group
comprises three main entities: SPPL, SLPL and SLS.
Incorporated in 2003, SPPL produces drug-loaded pellets and
specializes in the production of Omeprazole and Lansoprazole
pellets which has end user application in anti-ulcer and anti-
peptic therapeutic segment. The company's manufacturing unit
located at Jeedimetla near Hyderabad has an installed production
capacity of 80 tonnes /month. Operations of SPPL are World Health
Organisation Good Manufacturing Practices (WHO cGMP) and ISO
9001:2008 certified.
Established in 2004, SLPL processes butyllithium-based fine
pharmaceutical chemicals used in the preparation of anti-
retroviral drugs and statins. Its manufacturing unit located at
Jeedimetla near Hyderabad has an installed production capacity of
50 tonnes /month and the company is certified by ISO 9001:2008.
Incorporated in 2007, SLS, manufactures bulk drug intermediates
and has its manufacturing unit at Vishakhapatnam (Andhra
Pradesh). The company was set up as a captive plant, primarily to
manufacture azole based drug intermediates used as raw material
by SPPL. SLS commenced its commercial operations in 2010-11.
The Sainor group reported a profit after tax (PAT) of
INR54.92 million on net sales of INR1.01 billion for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR31.71 million on net sales of INR744.01 million for 2009-
10.
SHITAL FIBRES: CRISIL Cuts Rating on INR310MM Loans to 'BB'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shital Fibres Ltd to 'CRISIL BB/CRISIL A4+' from 'CRISIL
BBB/Stable/CRISIL A3+' and has placed the ratings on 'Rating
Watch with Negative Implications'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL BB/Watch Negative
Letter of Credit 120 CRISIL A4+/Watch Negative
Rupee Term Loan 110 CRISIL BB/Watch Negative
The rating action reflects expected deterioration in SFL's
business risk profile and pressure on its liquidity over the near
term because of sudden disruptions in the company's operations
resulting from an accident at one of the manufacturing units on
April 15, 2012. The accident led to the collapse of the
manufacturing unit's building and might lead to adverse
regulatory action.
CRISIL is in discussions with SFL's management to have clarity on
the nature and implications of the event on SFL's business and
financial risk profiles. CRISIL will remove the ratings from
watch and take a final rating action once it has clarity on the
aforementioned issue and implications of regulatory outcome on
the business of SFL.
The ratings continue to reflect SFL's above-average financial
risk profile marked by low gearing, and established position in
niche segment of manufacturing mink blankets, supported by
promoters' extensive industry experience. These rating strengths
are partially offset by seasonality in demand for SFL's products,
the company's working-capital-intensive operations, and its
susceptibility to intense competition from local players and
cheaper Chinese imports.
About Shital Fibres
SFL was incorporated in 1992, promoted by Mr. Shital K Vij and
his family. SFL is in the business of manufacturing acrylic mink
blankets. It caters to the domestic and export markets. Exports
contributed around 8 per cent of its total sales in 2009-10
(refers to financial year, April 1 to March 31). Its
manufacturing unit is in Jalandhar (Punjab) and has capacity of 3
million pieces per annum.
For 2010-11, SFL reported a profit before tax ofINR50 million on
net sales ofINR1470 million on provisional basis, against a
profit after tax ofINR9 million on net sales of INR1182 million
for 2009-10.
SHRISHTI TECHNOLOGIES: Fitch Assigns 'B' Nat'l. Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India-based Shrishti Technologies a
National Long-Term rating of 'Fitch B(ind)'. The Outlook is
Stable.
The ratings are constrained by Shrishti's small size of
operations and its declining operating profitability. In the
financial year ended March 2011 (FY11), revenue was INR580m
(FY10: INR495m) and EBITDA margin was 3.2% (FY10: 5.4%). The
decline in the margins was due to the company's limited ability
to pass on price increases in raw materials (mainly copper) to
its single customer -- Bajaj Electrical Limited.
The ratings are also constrained by Shristi's weak credit
profile, as reflected by its moderate net financial leverage (net
debt/EBITDA: 3.49x in FY11, 2.32x in FY10) and low interest
coverage (FY11: 2.22x, FY10: 3.81x). Fitch expects net financial
leverage to have increased in FY12 due to lower EBITDA margins in
9MFY12. Fitch also notes the company's stressed liquidity
position as illustrated by around 94.2% of working capital
utilisation in FY12.
The ratings draw comfort from the presence of Shrishti's founders
in the domestic fan manufacturing industry since 2004. The
ratings are also supported by Shrishti's high revenue growth of
at a CAGR of 29.63% over FY10-FY12 and the eight-year tax holiday
period available to the firm by virtue of being located in Baddi
(Himachal Pradesh).
Negative rating action may result from a decline in operating
EBITDA and/or a further stress on liquidity, both on a sustained
basis, resulting in net financial leverage above 5x. Conversely,
an improvement in operating EBITDA and liquidity position on a
sustained basis resulting in net financial leverage below 3x may
result in positive rating action
Shrishti, a partnership firm, is involved in the manufacturing of
home appliances and assembly of electrical fans, with a total
capacity to manufacture 900,000 fans in one year.
Fitch has also assigned ratings to Shristi's bank loans as
follows:
-- INR60m fund-based limit: 'Fitch B(ind)'/'Fitch A4(ind)'
-- INR0.77m term loan: 'Fitch B(ind)'
SHRI MAA: CRISIL Assigns 'CRISIL B-' Rating to INR107MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shri Maa Polyfabs Limited (SMPL). The
ratings reflect SMPL's modest scale of operations in a highly
fragmented industry and working capital intensive operations.
These weaknesses are partially offset by extensive experience of
promoters in the packaging industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 64.2 CRISIL B-/Stable
Bank Guarantee 3 CRISIL A4
Cash Credit 42.8 CRISIL B-/Stable
For arriving at its rating, the CRISIL has consolidated the
business and financial risk profiles of Shri Maa Polyfabs Limited
(SMPL) and Asansol Polyfabs Pvt Ltd (APPL), together referred to
as the Asansol group. This is because of their common management
and similar line of business.
Outlook: Stable
CRISIL believes that Asansol Group will maintain a stable
business risk profile on the back of its established market
presence and long standing experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in its operating revenues while maintaining its
operating margins and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in its operating revenues or profitability or further
lengthening of its working capital cycle leading to deterioration
of its financial risk profile.
About the Group
Asansol Group, established by the Kolkata based Bansal family,
comprises of Shri Maa Polyfabs Pvt Ltd and Asansol Polyfabs Pvt
Ltd. Both the companies are engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics.
About Shri Maa
SMPL, established in 2007, is engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics. The company generates around 95 per cent of
its revenues from woven sacks while the balance 5 per cent is
from woven fabrics The major end-user segments are fertilizers,
cement, polymers, chemicals, textiles, machinery and automobile
parts etc. The manufacturing facility of SMPL is located in
Asansol, West Bengal with an installed capacity of 3800 tonnes
per annum.
Mr. Sajjan Bansal, Chairman, and Mr Nitesh Sharma, Director,
oversee the day to day operations of the company.
SMPL (standalone) reported a profit after tax (PAT) of INR3.8
million on net sales of INR258.8 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR3.2
million on net sales of INR228.8 million for 2009-10.
SIGNATURE BUILDCON: CRISIL Rates INR150MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Signature Buildcon.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B+/Stable
The rating reflects Signature's exposure to offtake-related risks
associated with its ongoing project, and its susceptibility to
inherent risks and cyclicality in the real estate sector in
India. These rating weaknesses are partially offset by the
extensive experience of Signature's promoters in the real estate
business.
Outlook: Stable
CRISIL believes that Signature will maintain its business risk
profile, backed by its promoter's experience in the real estate
sector. The outlook may be revised to 'Positive' in case of
significant improvement in Signature's business and financial
risk profiles, backed by timely completion and high saleability
of its ongoing project, leading to healthy cash accruals on
sustainable basis. The outlook may be revised to 'Negative' in
case of time and cost overruns in the ongoing project or
significant pressure on Signature's liquidity, if there are
delays in receiving customer advances, leading to pressure on
revenues and profitability and consequently, to deterioration in
its debt-servicing ability.
About Signature Buildcon
Signature is a special purpose vehicle for development of
commercial projects in Ahmedabad (Gujarat). The firm has been
promoted by eight partners, of which three are real estate
players, namely Mr. Ashok Agarwal, Mr. Rajesh Jindal, and Mr.
Hemal Parikh. The other five are financial partners: Mr. Bansilal
Kabra, Mr. Pramodbhai Kanodia, Mr. Prashantkumar Agarwal, Mr.
Pravinbhai Dobaria, and Mr. Vijay Dobaria.
The firm is constructing a 0.36 million square foot high-end
commercial complex at Sarkhej Cross Road, Ahmedabad. The project
is expected to cost INR480 million and is being funded in a debt-
to-equity ratio of 0.53:1. Construction of the project,
Signature 2, is expected to be completed by October 2012.
S.N.K.M. AND SONS: CRISIL Puts 'B+' Rating on INR40MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.N.K.M. and Sons Timbers Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Letter 10 CRISIL A4
of Credit
Proposed Cash 5 CRISIL B+/Stable
Credit Limit
Cash Credit 35 CRISIL B+/Stable
Letter of Credit 40 CRISIL A4
The ratings reflect SNKM's small scale of operations in a highly
fragmented timber industry, its modest financial profile marked
by high total outside liabilities to tangible net worth (TOL/TNW)
and its working capital intensive operations. These rating
weaknesses are partially offset by the extensive industry
experience of SNKM's promoters and its established regional
presence in the timber trading and saw mill business.
Outlook: Stable
CRISIL believes that SNKM will benefit over the medium term from
its promoters' extensive experience in the timber trading
industry. The outlook may be revised to 'Positive' if there is
substantial equity infusion by the promoters or if SNKM's
profitability margins and working capital management improves on
sustained basis leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SNKM's profitability declines due to volatility in raw material
prices and foreign exchange rates or if it undertakes a larger-
than-expected debt-funded capital expenditure there by leading to
a deterioration in its financial risk profile.
About S.N.K.M. and Sons
Incorporated in 1995, SNKM is engaged in trading and processing
of hardwood mostly in Tamil Nadu (TN) and Andhra Pradesh (AP).
The company has established relationships with around 60 timber
depots and sawmills spread across TN and AP. SNKM also has a
warehouse or stock yard of around 1 acre in Porur (TN) along with
a sawmill to meet its storage requirements. The company has a
processing facility of 400 cubic feet per day and is currently
operating at around 250 cubic feet per day. SNKM is promoted and
managed by Mr. Sahul Hameed and his family members.
SNKM reported a profit after tax (PAT) of INR0.2 million on net
sales of INR116.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.1 million on net
sales of INR78.8 million for 2009-10.
SYNDICATE BANK: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Syndicate Bank and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for Syndicate Bank and its
affiliates.
Moody's current ratings on Syndicate Bank and its affiliates are:
Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2
Long Term Bank Deposits (domestic currency) ratings of Baa2
Long Term Bank Deposits (foreign currency) ratings of Baa3
Bank Financial Strength ratings of D+
Subordinate MTN Program (foreign currency) ratings of (P)Baa3
Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1
Short Term Bank Deposits (domestic currency) ratings of P-2
Short Term Bank Deposits (foreign currency) ratings of P-3
Syndicate Bank, London Branch
Senior Unsecured (foreign currency) ratings of Baa2
Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2
Subordinate MTN Program (foreign currency) ratings of (P)Baa3
Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1
Ratings Rationale
Moody's Investors Service has affirmed all Syndicate Bank's local
currency deposit ratings and all its debt ratings. At the same
time, it has revised the outlook on these ratings to negative
from stable. The affected ratings are its Baa2/P-2 local currency
deposits, Baa2 foreign currency senior unsecured debt, (P)Baa2
foreign currency senior unsecured debt program, (P)Baa3 foreign
currency subordinated debt program and (P)Ba1 foreign currency
junior subordinated debt program. The outlook on the foreign
currency deposit rating of Baa3/P-3 is stable, as this rating has
been constrained by the sovereign ceiling for foreign currency
deposits. The change in the outlook reflects a negative outlook
being assigned to the bank financial strength rating (BFSR), of
D+, mapping to a baseline credit assessment (BCA) of ba1.
The revision in the rating outlook factors in the increasingly
challenging operating environment for Indian banks. As Syndicate
Bank has a weaker franchise than other Indian banks rated Baa2 by
Moody's, its rating is more vulnerable to potential deterioration
in financial strength in the current environment. Moody's
believes the bank's franchise is weaker than other Indian banks
rated Baa2 and is unlikely to significantly change over the next
few quarters.
Asset quality indicators are deteriorating. Its gross NPL ratio
reached 2.38% at end-September 2011 (2.24% at end-September
2010). Over the next few quarters, given the trend in increasing
levels of gross NPLs and net NPLs, and expected stress in the
restructured loan portfolio, Moody's expects that Syndicate Bank
could report a gross NPL ratio in excess of 2.5% and net NPLs to
net advances of over 1.25%. Given the local economic slowdown,
which is expected to impact the financial position and repayment
capacity of borrowers, asset quality indicators could further
deteriorate.
During the six-month period ending September 2011, net interest
margins declined to 3.26% (3.32% as of end-September 2010),
driven by an increase in costs of funds. Over the next few
quarters, Moody's expects the costs of funds to continue rising
as maturing deposits are re-priced at a higher interest rate,
increasing pressure on net interest margins. Apart from pressures
on net interest margins, Syndicate Bank compares unfavorably to
other Baa2-rated Indian banks in terms of its low fee income
share -- at 8% of total income -- due to its franchise as a mid-
sized public sector bank.
Syndicate's global local currency rating of Baa2/P-2 continues to
receive a two-notch uplift from its BCA. The rating uplift
factors in the very high likelihood of support from the Indian
government in the event of a systemic crisis. The Indian
government has supported public-sector banks by infusing equity
to increase core Tier 1 capital and maintaining its shareholding
to a minimum of 58%.
Rating Outlook
The rating outlook is negative.
What Could Change the Rating - Up
Given the negative outlook, an upgrade is unlikely during the
next one to two years.
What Could Change the Rating - Down
The bank's ratings could be downgraded if net NPLs increase to
over 1.25% of net loans, and/or if there is a decline in the
return on average risk weighted assets below 0.75%. If Syndicate
fails to maintain a core tier I capital ratio of 8% or above, its
ratings would also see downward pressure. Any decline in the
bank's franchise - as seen by a decline in the market share of
deposits or loans to less than 2% -- and a further increase in
the proportion of bulk purchased deposits in its total funding
mix would also likely trigger a rating revision.
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
=========
J A P A N
=========
JLOC XXXIV: Lack of Investor Interest Cues Fitch to Drop Rating
---------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXXIV's class D trust
beneficiary interests (TBIs) due October 2013 to 'Dsf' and
simultaneously withdrawn the rating due to lack of investor
interest. The transaction is a Japanese multi-borrower type CMBS
securitisation.
JPY2 billion* Class D TBIs downgraded to 'Dsf' from 'Csf'; rating
withdrawn
*as of April 26, 2012
The downgrade of the class D TBIs follows a debt waiver of the
remaining defaulted underlying loan in April 2012. The workout
of this loan has resulted in a loss, after the sale of all
underlying assets. The remaining balance of the class D TBIs
will be fully written down and the transaction will
simultaneously be terminated on the payment date in early May
2012. The class A to C TBIs have already been redeemed in full.
Fitch will no longer calculate the Recovery Estimate for the
class D TBIs as the rating is being withdrawn.
This transaction was originally a securitisation of two Tokutei
Mokuteki Kaisha specified bonds and one non-recourse loan backed
by 61 properties and two loan assets.
Fitch will no longer provide ratings or analytical coverage for
this transaction.
TOKYO ELECTRIC: Japan Rescue Plan to Based on Resona Bailout
------------------------------------------------------------
Bloomberg News reports that Japan plans to seize control of Tokyo
Electric Power Co. on the same terms it applied to a bailout of
the nation's fifth-biggest bank nine years ago.
Bloomberg relates that the Nikkei newspaper said April 28 the
government will inject JPY1 trillion (US$12 billion) capital into
Tepco as early as July, taking more than 50 percent of voting
rights in return. It will have an option to boost to two-thirds
its voting rights in the utility, Nikkei reported.
According to Bloomberg, Trade and Industry Minister Yukio Edano
has said Japan will adopt the model used to rescue Resona
Holdings Inc. in 2003, when it pumped almost JPY2 trillion into
the bank for 70% control. Bloomberg notes that TEPCO has been on
government life-support since last year's earthquake and tsunami
wrecked its Fukushima Dai-Ichi nuclear station, causing reactor
meltdowns and forcing about 160,000 people to evacuate from
nearby areas.
"This is the last chance to restore Tepco," Kazuhiko Shimokobe, a
corporate turnaround lawyer who will be the utility's next
chairman, told reporters on April 27. "Tepco employees should
take to heart that they can't restore public confidence in the
company without reforms."
Meanwhile, The Wall Street Journal reports that Japan's biggest
utility agreed to a JPY1 trillion bailout by the government.
The Journal notes that the US$12.42 billion bailout, part of a
turnaround plan submitted to the government on Friday, would
effectively nationalize TEPCO, putting a pillar of Japan's
economy under government control as the country rebuilds
following last year's disasters. It marks the end of months of
acrimonious battling over the fate of a company that is seen as
key to setting the direction of energy policy for years to come,
the Journal says.
According to the Journal, people familiar with the plan said the
actual capital injection, which will take place after TEPCO's
June shareholders' meeting, will consist of special shares that
pay high dividends and give the owner voting rights. TEPCO will
provide the government with a warrant, or right, to acquire up to
a two-thirds voting stake, if the company fails to make progress
with restructuring, the Journal's sources said.
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co. The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3. The ratings outlook is negative.
In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.
====================
N E W Z E A L A N D
====================
CRAFAR FARMS: Owner in Talks with Indian Bank for Refinancing
-------------------------------------------------------------
Fairfax NZ News reports that just days after the Overseas
Investment Office approved the sale of Allan Crafar's farming
empire to Chinese company Shanghai Pengxin, the straight-talking
dairy farmer confirmed he is in discussions to stitch up a
financing deal and wrest control of his central North Island
farms from receivers.
Fairfax relates that the Sunday Star-Times understands those
discussions involve a major Indian bank, which would also fund
construction of an associated milk powder factory.
According to the report, Mr. Crafar has the right to take back
control of the farms, provided he repays the debt on them and the
costs associated with the receivership.
Fairfax notes that a source who has been working with the Crafar
family on a refinancing package said an Indian bank was close to
making a decision on a deal which would repay the debt, allowing
Mr. Crafar to regain control of the farms. The bank would then
fund construction of a milk powder factory, which would process
the milk the farms produced.
If it goes ahead, the new business would operate as New Zealand
Dairy Foods. The Companies Office has already approved the use
of the name and the company itself was expected to be registered
in the next few days.
According to the report, Mr. Crafar said it was important that
New Zealanders realised he had the right to take the farms out of
receivership, provided he could raise the money.
"If New Zealanders knew that they would bloody well all cough up
a few dollars for me and I'd do it, piece of piss," the report
quotes Mr. Crafar as saying.
"If you want to save it from overseas ownership, you put the
owners back in charge, you don't wank around with a whole lot of
other people," he said, referring to a deal the receivers have
entered into to sell the farms to Chinese company Shanghai
Pengxin, and a rival proposal by a consortium led by businessman
Sir Michael Fay to buy the farms.
The sale to Shanghai Pengxin has been approved by the government
and this could make it difficult for Crafar to stitch together a
refinancing package at the 11th hour, adds Fairfax NZ.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.
The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.
LOMBARD FINANCE: FMA Appeals Non-Custodial Sentences
----------------------------------------------------
BusinessDesk reports that the Financial Markets Authority is
appealing the non-custodial sentences handed out to the directors
of failed lender Lombard Finance & Investments.
A spokesman for the market watchdog confirmed the sentences will
be appealed, but wouldn't provide more details.
In 2010, the Securities Commission, now known as the Financial
Markets Authority, commenced civil proceedings under the
Securities Act against Lombard Finance directors Sir Douglas
Graham, Michael Reeves, William Jeffries and Lawrence Bryant.
The Commission alleged that Lombard Finance's offer documents and
advertisements misled investors by misrepresenting the investment
risks, especially in relation to liquidity, the quality of the
loan book, adherence to credit policies and the company's overall
financial position. The Commission also alleged that the
directors made false statements in the registered prospectus
dated September 7, 2007, as amended by a memorandum of amendments
dated December 24, 2007, and investment statements dated
December 28, 2007.
Last month, BusinessDesk recalls, Messrs. Graham, Jeffries,
Bryant and Reeves avoided prison sentences. BusinessDesk notes
that Messrs. Graham and Bryant each received 300 hours community
service and would each pay NZ$100,000 in reparation, while
Messrs. Jeffries and Reeves were sentenced to 400 hours community
service. Mr. Reeves avoided a custodial sentence due to ill-
health and family obligations.
Earlier this month, says BusinessDesk, all four men lodged papers
appealing their convictions.
About Lombard Finance
Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.
Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited. PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company. The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited. The receivership does not impact on
Lombard Group Limited.
The company owed NZ$127 million to 4,400 investors.
=================
S I N G A P O R E
=================
ASICHEM TRADING: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Asichem Trading (S) Pte Ltd declared the first and final
preferential dividend on April 27, 2012.
The company paid 100% and 87.74% for preferential claims.
The company's liquidator is:
Aw Eng Hai
47 Hill Street #05-01,
Singapore Chinese Chamber of
Commerce & Industry Building
Singapore 179365
DESIGN36 PRIVATE: Court to Hear Wind-Up Petition on May 11
----------------------------------------------------------
A petition to wind up the operations of Design36 Private Limited
will be heard before the High Court of Singapore on May 11, 2012,
at 10:00 a.m.
Lim Kai Boon, James filed the petition against the company on
April 19, 2012.
The Petitioner's solicitors are:
Messrs Bih Li & Lee
79 Robinson Road, #24-08
CPF Building
Singapore 068897
DIRECT LINK: Court to Hear Wind-Up Petition on May 11
-----------------------------------------------------
A petition to wind up the operations of Direct Link Pte Ltd will
be heard before the High Court of Singapore on May 11, 2012, at
10:00 a.m.
United Overseas Bank Limited filed the petition against the
company on April 17, 2012.
The Petitioner's solicitors are:
Yeo-Leong & Peh LLC
10 Shenton Way
9th Floor, MAS Building
Singapore 079117
GLOBAL BRANDS: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Global Brands Group Pte Ltd declared the first and final dividend
on April 23, 2012.
The company paid 100% to the received claims.
The company's liquidator is:
Hamish Alexander Christie
Global Brands Group Pte Ltd
c/o Borrelli Walsh Pte Ltd
One Raffles Place
Tower 2 #10-62
Singapore 048616
GLOBAL BRANDS SINGAPORE: Creditors Get 100% Recovery on Claims
--------------------------------------------------------------
Global Brands Singapore Pte Ltd declared the first and final
dividend on April 23, 2012.
The company paid 100% to the received claims.
The company's liquidator is:
Hamish Alexander Christie
Global Brands Group Pte Ltd
c/o Borrelli Walsh Pte Ltd
One Raffles Place
Tower 2 #10-62
Singapore 048616
=============
V I E T N A M
=============
VIETNAM NATIONAL: Moody's Affirms 'B2' CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has changed the outlook for Vietnam
National Coal Minerals Industries Holding Corporation Limited
(Vinacomin) to negative from stable.
At the same time, Moody's has affirmed the company's B2 corporate
family rating.
Ratings Rationale
"The negative outlook reflects Vinacomin's high level of debt-
funded capex and the high domestic interest rate environment,
which is expected to weaken its EBIT/interest expense to below 2x
over the next 12-18 months, thereby exerting pressure on
Vinacomin's liquidity," says Simon Wong, a Moody's Vice President
and Senior Analyst.
A significant increase in domestic interest rates during 2011 --
which almost doubled from 2010 -- contributed to a major decline
in the EBIT/interest expense ratio to an estimated 2.0x at end-
2011 from 7.1x at end-2010.
"At the same time, Vinacomin's operating margin will continue to
face pressure from rising production costs, limitations to
Vinacomin's ability to raise prices for coal and electricity sold
to EVN, and a decline in exports due to the need to meet
increased domestic demand for coal," adds Mr. Wong, also the lead
analyst for Vinacomin.
Vinacomin is planning a large capex program aimed at increasing
coal production, developing its mineral and metallurgical
business, as well as to invest in additional green-field power
projects.
Despite being 100%-owned by the government of Vietnam
(B1/negative), Moody's believes that the government is unlikely
to provide more than selective and partial support in a
distressed situation, and therefore Moody's does not include any
rating uplift in Vinacomin's rating.
The company's B2 rating reflects its strategic importance in
managing and developing the country's coal and mineral reserves,
which should continue in the medium term. Such operating
strengths are supported by the group's monopoly position and
demonstrated access to funds for its substantial coal, mineral
and power expansion projects.
At the same time, the rating recognizes key challenges such as
(1) Vinacomin's large debt-funded capex program, (2) the
standard, quality and timeliness of its consolidated reporting,
as well as issues pertaining to the regulatory environment and
the emerging market risks arising from operating in Vietnam; and
(3) the limited degree of clarity regarding long-term shareholder
intentions and strategic direction, and which are compounded by
its complex group structure.
Upward rating pressure is limited, given the negative outlook.
The outlook could revert to stable should the EBIT/interest
expense exceeds 2.5- 2.75x on a sustained basis.
The rating could also experience upward pressure should Moody's
concerns over the quality of the company's consolidated financial
reporting ease, and clarity regarding its strategy and the
financial extent of its role in national development is
forthcoming. A clear and sustained shift towards market prices
for its products would probably lead to markedly stronger credit
metrics and be positive for the rating.
On the other hand, downward pressure on the rating could emerge
should 1) the quality and timeliness of Vinacomin's financial
reporting deteriorate, or 2) Vinacomin takes on further projects,
or expand existing development projects, such that adjusted
debt/EBITDA exceeds 3.5-4.0x, or EBIT/ interest expenses remains
below 2x for an extended period, or 3) evidence that Vinacomin is
facing difficulties in raising the funds required to sustain and
grow its current business plan.
The principal methodology used in rating Vinacomin was the Global
Mining Industry Methodology published in May 2009.
Vinacomin is the largest coal producer in Vietnam, accounting for
over 95% of total production. The company is also engaged in
power generation, mineral exploration and smelting, and other
operations related to its core coal and minerals business.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 23 to April 27, 2012
-------------------------------------------------------
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.07
ANTARES ENERGY 10.00 10/31/2013 AUD 2.00
CHINA CENTURY 12.00 09/30/2014 AUD 0.70
COM BK AUSTRALIA 1.50 04/19/2022 AUD 68.98
DIVERSA LTD 11.00 09/30/2014 AUD 0.13
EXPORT FIN & INS 0.50 12/16/2019 NZD 73.50
EXPORT FIN & INS 0.50 06/15/2020 AUD 71.80
EXPORT FIN & INS 0.50 06/15/2020 NZD 71.60
IMF AUSTRALIA 10.25 12/31/2014 AUD 1.72
KIMBERLY METALS 10.00 08/05/2016 AUD 0.34
MIDWEST VANADIUM 11.50 02/15/2018 USD 62.00
MIDWEST VANADIUM 11.50 02/15/2018 USD 65.62
NEW S WALES TREA 0.50 09/14/2022 AUD 73.75
NEW S WALES TREA 0.50 10/07/2022 AUD 73.75
NEW S WALES TREA 0.50 10/28/2022 AUD 65.61
NEW S WALES TREA 0.50 11/18/2022 AUD 65.41
NEW S WALES TREA 0.50 12/16/2022 AUD 65.24
NEW S WALES TREA 0.50 02/02/2023 AUD 64.79
NEW S WALES TREA 0.50 03/30/2023 AUD 64.40
TREAS CORP VICT 0.50 08/25/2022 AUD 65.89
TREAS CORP VICT 0.50 03/03/2023 AUD 64.39
TREAS CORP VICT 0.50 11/12/2030 AUD 46.08
CHINA
-----
CHINA GOVT BOND 1.64 12/15/2033 USD 64.02
CHINA RAIL GROUP 4.88 01/27/2020 CNY 71.12
CHINA THREE GORG 3.45 04/08/2014 CNY 70.00
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 32.50
INDIA
-----
EX-IM BK OF IN 9.45 06/15/2014 INR 9.92
JSL STAINLESS 0.50 12/24/2019 USD 68.70
MASCON GLOBAL 2.00 12/28/2012 USD 9.25
PRAKASH IND LTD 5.25 04/30/2015 USD 70.64
PRAKASH IND LTD 5.62 04/30/2015 USD 69.89
PYRAMID SAIMIRA 1.75 07/04/2012 USD 0.75
REI AGRO 5.50 11/13/2014 USD 73.79
REI AGRO 5.50 11/13/2014 USD 73.79
SHIV-VANI OIL 5.00 08/17/2015 USD 62.59
SUZLON ENERGY LT 5.00 04/13/2016 USD 56.29
INDONESIA
---------
ARPENI PRATAMA 12.00 03/18/2013 USD 33.33
JAPAN
-----
ELPIDA MEMORY 2.03 03/22/2012 JPY 23.75
ELPIDA MEMORY 2.10 11/29/2012 JPY 24.50
ELPIDA MEMORY 2.29 12/07/2012 JPY 23.75
ELPIDA MEMORY 0.50 10/26/2015 JPY 53.75
ELPIDA MEMORY 0.70 08/01/2016 JPY 23.12
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 62.54
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 61.66
NIPPON SHEET 1.22 07/28/2016 JPY 72.84
TOKYO ELEC POWER 1.45 09/30/2019 JPY 72.99
TOKYO ELEC POWER 1.37 10/29/2019 JPY 72.44
TOKYO ELEC POWER 1.81 02/28/2020 JPY 74.03
TOKYO ELEC POWER 1.48 04/28/2020 JPY 71.97
TOKYO ELEC POWER 1.39 05/28/2020 JPY 71.13
TOKYO ELEC POWER 1.31 06/24/2020 JPY 70.40
TOKYO ELEC POWER 1.94 07/24/2020 JPY 73.87
TOKYO ELEC POWER 1.22 07/29/2020 JPY 69.51
TOKYO ELEC POWER 1.15 09/08/2020 JPY 68.71
TOKYO ELEC POWER 1.63 07/16/2021 JPY 69.43
TOKYO ELEC POWER 2.34 09/29/2028 JPY 63.50
TOKYO ELEC POWER 2.40 11/28/2028 JPY 64.00
TOKYO ELEC POWER 2.20 02/27/2029 JPY 63.00
TOKYO ELEC POWER 2.11 12/10/2029 JPY 62.50
TOKYO ELEC POWER 1.95 07/29/2030 JPY 61.50
TOKYO ELEC POWER 2.36 05/28/2040 JPY 64.40
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.08
ASTRAL SUPREME 3.00 08/08/2021 MYR 0.16
BERJAYA CORP BHD 5.00 04/22/2022 MYR 0.80
CRESENDO CORP B 3.75 01/11/2016 MYR 1.73
DUTALAND BHD 7.00 04/11/2013 MYR 0.98
DUTALAND BHD 7.00 04/11/2013 MYR 0.45
ENCORP BHD 6.00 02/17/2016 MYR 0.91
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.30
LION DIVERSIFIED 4.00 12/17/2013 MYR 1.17
MALTON BHD 6.00 06/30/2018 MYR 0.90
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.40
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.20
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.21
PANTECH GROUP 7.00 12/21/2017 MYR 0.09
PRESS METAL BHD 6.00 08/22/2019 MYR 2.09
REDTONE INTL 2.75 03/04/2020 MYR 0.10
RUBBEREX CORP 4.00 08/14/2012 MYR 0.70
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.51
SCOMI GROUP 4.00 12/14/2012 MYR 0.06
TRADEWINDS CORP 2.00 02/26/2016 MYR 1.53
WAH SEONG CORP 3.00 05/21/2012 MYR 2.51
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.52
YTL LAND & DEVEL 3.00 10/31/2021 MYR 0.48
NEW ZEALAND
-----------
BLUE STAR GROUP 9.10 09/15/2015 NZD 4.60
FLETCHER BUILDING 8.50 03/15/2015 NZD 6.90
INFRATIL LTD 8.50 09/15/2013 NZD 8.00
INFRATIL LTD 8.50 11/15/2015 NZD 7.35
INFRATIL LTD 4.97 12/29/2049 NZD 55.70
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.09
NEW ZEALAND POST 7.50 11/15/2039 NZD 65.85
NZF GROUP 6.00 03/15/2016 NZD 3.17
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 7.00
TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.60
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.98
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/2049 USD 20.50
BAYAN TELECOMMUN 13.50 07/15/2049 USD 20.50
SINGAPORE
---------
BLUE OCEAN 11.00 06/28/2012 USD 36.00
BLUE OCEAN 11.00 06/28/2012 USD 35.37
DAVOMAS INTL FIN 11.00 12/08/2014 USD 21.52
DAVOMAS INTL FIN 11.00 12/08/2014 USD 25.62
UNITED ENG LTD 1.00 03/03/2014 SGD 0.98
WBL CORPORATION 2.50 06/10/2014 SGD 1.03
SOUTH KOREA
-----------
CN 1ST ABS 8.00 02/27/2015 KRW 32.34
CN 1ST ABS 8.30 11/27/2015 KRW 33.65
EX-IMP BK KOREA 0.50 01/25/2017 KRW 68.56
EX-IMP BK KOREA 0.50 10/23/2017 KRW 65.46
EX-IMP BK KOREA 0.50 12/22/2017 KRW 64.70
GRKABS 2ND ABS 10.00 09/29/2014 KRW 30.35
GYEONGGI MUTUAL 8.00 01/22/2016 KRW 70.13
GYEONGGI SOLOMON 8.10 04/19/2015 KRW 70.13
HYUNDAI SWISS BK 8.50 10/02/2013 KRW 10.14
HYUNDAI SWISS BK 8.50 07/15/2014 KRW 9.42
HYUNDAI SWISS II 8.30 01/13/2015 KRW 70.14
JINHEUNG MUTUAL 8.50 10/17/2014 KRW 70.13
KOREA MUTUAL SAV 8.10 06/26/2015 KRW 70.13
KOREA MUTUAL SAV 8.00 12/17/2015 KRW 40.13
NEW LIFE 1ST ABS 10.00 03/08/2014 KRW 30.50
PUM YANG CONSTRC 4.50 11/01/2013 KRW 69.09
SINBO CO 1ST ABS 10.00 06/30/2014 KRW 31.10
SINBO CO 1ST ABS 10.00 09/29/2014 KRW 30.33
SOLOMON MUTUAL B 8.50 12/09/2013 KRW 60.21
YOUNGNAM MUTUAL 8.50 12/18/2014 KRW 70.14
SRI LANKA
---------
SRI LANKA GOVT 7.50 08/15/2018 LKR 74.93
SRI LANKA GOVT 6.20 08/01/2020 LKR 64.12
SRI LANKA GOVT 7.00 10/01/2023 LKR 61.44
SRI LANKA GOVT 5.35 03/01/2026 LKR 48.41
SRI LANKA GOVT 8.00 01/01/2032 LKR 60.10
THAILAND
--------
THAILAND GOVT 9.25 01/04/2022 VND 74.82
*********
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
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Friday's edition of the TCR-AP features a list of companies with
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Don't be fooled. Assets, for example, reported at historical
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sheet for liabilities that may never materialize. The prices at
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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., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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*** End of Transmission ***