/raid1/www/Hosts/bankrupt/TCRAP_Public/140805.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, August 5, 2014, Vol. 17, No. 153
Headlines
A U S T R A L I A
ACN 129765279: Berths at Horizon Shores Marina Up for Sale
APB BRITCO: Receivers Seek Expressions of Interest
B.J. JARRAD: Ferrier Hodgson Appointed as Administrators
CLEAR SECURITY: Hall Chadwick Appointed as Administrators
CRISTAL MINING: S&P Withdraws 'B' CCR at Company's Request
DSG HOLDINGS: Receivers Say Sale "Extremely Unlikely"
FERN EARTHMOVING: Placed in Administration
MISSION NEW ENERGY: Had AUD458,000 in Cash at June 30
TC & L PROPERTIES: In Administration; First Meeting Set Aug. 12
WPCS INTERNATIONAL: Sold Australia Operations for $1.4 Million
C H I N A
INDUSTRIAL AND COMMERCIAL: Moody's Affirms BFSR at 'D+'
JINGRUI HOLDINGS: New USD Notes No Impact on Moody's (P)B2 CFR
REDCO PROPERTIES: Fitch Assigns 'B' Rating to USD125MM Sr. Notes
I N D I A
ALFA TRANSFORMERS: CRISIL Ups Rating on INR245MM Loans From 'D'
ANURADHA STEELS: CRISIL Suspends 'D' Rating on INR190MM Loans
DREAM GATEWAY: CRISIL Suspended 'B' Rating on INR512.1MM Loans
FIRST LEASING: Madras HC Appoints Provisional Liquidator
FIRST WINNER: CRISIL Suspends 'D' Rating on INR284MM Loans
GIOVANI FASHIONS: ICRA Suspends 'D' Rating on INR14cr Bank Limits
GTN ENGINEERING: ICRA Lowers Rating on INR225.38cr Loans to 'D'
JYOTI INGOTS: ICRA Suspends 'B' Rating to INR6.5cr Bank Loans
KIJALK INFRA: CRISIL Suspends 'D' Rating on INR200MM Loan
KISHOR SORTEX: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
MUSKAN OVERSEAS: CRISIL Suspends 'D' Rating on INR140MM Loans
PR ECOENERGY: CRISIL Suspends 'D' Rating on INR80MM Loans
PYRAMID TIMBER: ICRA Reaffirms 'B+' Rating on INR2.35cr Loans
RAMA FERRO: CRISIL Suspends 'B+' Rating on INR30MM Loan
RAMSHYAM TEXTILE: CRISIL Suspends 'D' Rating on INR442MM Loans
S.R. CHADDHA: ICRA Assigns 'B+' Rating to INR19.5cr Loans
S. S. B. METAL: CRISIL Suspends 'B' Rating on INR32MM Loans
SAI TRADERS: ICRA Assigns B+ Rating to INR12cr Cash Credit
SENGUNTHAR MILLS: CRISIL Reaffirms B+ Rating on INR114.7MM Loans
SHIV TRADERS: CRISIL Assigns 'B' Rating to INR55MM Loan
SHREE HARI: CRISIL Suspends 'B' Rating on INR93.3MM Loans
SRI VIJAYA: ICRA Suspends 'B' LT Rating on INR13cr Bank Loans
STAR PAPER: CRISIL Suspends 'B' Rating on INR190MM Loan
SWASTIK COTEX: CRISIL Assigns 'B' Rating to INR100MM Cash Credit
TECHNO INDIA: CRISIL Suspends 'D' Rating on INR610MM Loans
THE WOODIND: ICRA Reaffirms 'B' Rating on INR2cr Cash Credit
TRIBHUWAN NARAYAN: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
USHA CHEM: CRISIL Suspends 'B' Rating on INR45MM Loans
U V PROMOTERS: CRISIL Suspends 'B' Rating on INR50MM Term Loan
VINAYAK HATCHERIES: ICRA Assigns 'B' Rating to INR7.11cr Loans
WORLD SCHOOLS: CRISIL Suspends 'C' Rating on INR100MM Term Loan
I N D O N E S I A
MNC SKY: Moody's Says 1H 2014 Results No Impact on 'B1' Rating
N E W Z E A L A N D
ALLIED FARMERS: Settles NZ$2 Million Debt With Crown Management
LAKE FRONT: Group of Pubs Placed in Receivership
T A I W A N
INTERNATIONAL BILLS: Fitch Affirms 'B+' Support Rating Floor
X X X X X X X X
* BOND PRICING: For the Week July 29 to August 1, 2014
- - - - -
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A U S T R A L I A
=================
ACN 129765279: Berths at Horizon Shores Marina Up for Sale
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Marina berths at
Horizon Shores Marina are on auction under instructions from ACN
129765279 Pty Ltd liquidator Boardman Insolvency. The company
entered liquidation on March 26, 2014, the report discloses.
A meeting with creditors is scheduled for April 10, according to
Dissolve.com.au.
Horizon Shores Marina is one of Australia's biggest wet berth
marinas. It caters for up to 80 feet vessels which include house
boats, catamarans and cruising boats.
APB BRITCO: Receivers Seek Expressions of Interest
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Ferrier Hodgson is
seeking expressions of interest for the sale of APB Britco
Switchrooms, an APB Britco Pty Ltd division.
APB Britco Pty Ltd was placed into administration on July 30,
2014. Ferrier Hodgson's Tim Michael and Will Colwell and
Jim Sarantinos were appointed as administrators.
The division offers customised module building solutions to
international customers. It specialises in delivering electrical
switchrooms, mobile and skid switchrooms, telecommunication
sheleters as well as control and protection switchrooms.
B.J. JARRAD: Ferrier Hodgson Appointed as Administrators
--------------------------------------------------------
Ferrier Hodgson has been appointed as Voluntary Administrators of
civil services and water infrastructure company B.J. Jarrad Pty
Ltd.
The sole Director of B.J. Jarrad Pty Ltd resolved to appoint
Voluntary Administrators on July 31, 2014.
Tim Mableson -- tim.mableson@fh.com.au -- and Martin Lewis --
martin.lewis@fh.com.au -- of Ferrier Hodgson were appointed
Voluntary Administrators and have assumed responsibility for B.J.
Jarrad Pty Ltd's business and assets.
Urgent expressions of interest will be sought in relation to the
Company's assets this week.
Mr. Mableson said Ferrier Hodgson has commenced an urgent
assessment of the company's financial position, resources and
project pipeline.
"Discussions are taking place with key stakeholders including the
company's current clients ahead of a creditor's meeting on
August 12."
"At this stage, the Administrators will be continuing work on the
contracts while the company is in Voluntary Administration."
"However, it is too early to assess the outcome of the
administration."
A creditors meeting will be held on Aug. 12, 2014 at Clifton's
Adelaide, Level 1, 80 King William St, in Adelaide.
CLEAR SECURITY: Hall Chadwick Appointed as Administrators
---------------------------------------------------------
David Ross -- dross@hallchadwick.com.au -- and Steven Gladman --
sgladman@hallchadwick.com.au -- of Hall Chadwick were appointed as
administrators of Clear Security Services Pty Limited on
Aug. 1, 2014.
A first meeting of the creditors of the Company will be held at
Level 10, 575 Bourke Street, in Melbourne on Aug. 12, 2014, at
11:00 a.m.
CRISTAL MINING: S&P Withdraws 'B' CCR at Company's Request
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its corporate credit
rating on Australia-based mineral sands producer Cristal Mining
Australia Ltd. At the time of the withdrawal, the corporate
credit rating was 'B'. The rating was withdrawn at the issuer's
request. The rating withdrawal follows the repayment of all
outstanding external rated debt.
DSG HOLDINGS: Receivers Say Sale "Extremely Unlikely"
-----------------------------------------------------
Eloise Keating at SmartCompany reports that the receivers of
embattled discount chain Retail Adventures said it is "extremely
unlikely" that they will find a buyer for most of the business.
SmartCompany says the admission comes as KordaMentha announced the
closure of another 22 Crazy Clark's and Sam's Warehouse stores in
New South Wales, Queensland and Victoria by August 10.
SmartCompany relates that the latest round of closures brings to
109 the total number of stores closed since DSG Holdings, the
company behind Retail Adventures, that collapsed into receivership
for the third time in three years.
The closures include eight outlets in NSW, 10 outlets in
Queensland and two outlets in Victoria, the report notes.
According to the report, a spokesperson from KordaMentha said in a
statement more than 1,400 workers have now been affected by
closures across the group and the receivers are focusing on
selling as much stock as possible in order to pay employee
entitlements.
"The receivers hope to be in a position to pay those entitlements
-- a total of AUD10 million -- by the end of September," the
report quotes the spokesperson as saying. "But this depends on
stock sales."
The spokesperson told SmartCompany further store closures are
likely.
"It is fair to assume that there will be no buyer of a large
number of stores," the spokesperson, as cited by SmartCompany,
said. "By Sunday week, more than 100 of the 143 stores will be
closed and it is likely more store closures will be announced this
week and next."
SmartCompany relates that while the spokesperson said the
receivers are "confident" they will be able to pay staff
entitlements, it is "too early to say what the outlook is for
other creditors".
At the time of entering administration, DSG Holdings owed in the
vicinity of AUD20 million to trade creditors, although that was a
relatively minor component of the company's debts, the report
says. Most of the debt is understood to be owed to a number of
other companies owned by Jan Cameron, including Bichen
Investments, the report states.
SmartCompany notes that Ms. Cameron, the founder of outdoor
clothing chain Kathmandu, bought Retail Adventures out of
receivership in 2009 for AUD85 million, but the discount chain
collapsed into administration again in 2012, with debts worth $200
million.
According to SmartCompany, Ms. Cameron bought the chain back again
in 2013 after striking a AUD5.5 million deal with creditors and
saving the company from liquidation.
However, administrators Deloitte were not impressed at the time,
arguing creditors had more to gain from rejecting the offer, and
making allegations to ASIC that Cameron's company had traded while
insolvent, the report notes.
DSG Holdings Australia Pty Limited operates retailers Crazy Clarks
and Sam's Warehouse. It currently employs approximately 2,500
people across 143 retail outlets, has a distribution centre in
Queensland and a head office at North Ryde.
David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited. This follows the appointment of Steve
Nicols of Nicols + Brien as Voluntary Administrator of DSG.
FERN EARTHMOVING: Placed in Administration
------------------------------------------
David Ross and Steven Gladman of Hall Chadwick were appointed as
administrators of Fern Earthmoving Pty Limited on Aug. 1, 2014.
A first meeting of the creditors of the Company will be held at
Level 10, 575 Bourke Street, in Melbourne, on Aug. 12, 2014, at
10:00 a.m.
MISSION NEW ENERGY: Had AUD458,000 in Cash at June 30
----------------------------------------------------
Mission New Energy Limited filed with the U.S. Securities and
Exchange Commission its Appendix 4C (Quarterly Report for entities
admitted on the basis of commitments) for the quarter ended June
30, 2014.
At the beginning of the quarter, the Company had AUD1 million in
cash. The Company reported a decrease in cash held of AUD514,000
and exchange rate adjustment of AUD34,000. As a result, the
Company had AUD458,000 in cash at June 30, 2014.
The Company reported AUD0 receipts from customers during the
quarter. The Company paid AUD179,000 in wages.
A full-text copy of the Quarterly report is available for free at:
http://goo.gl/aNf8na
About Mission NewEnergy
Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.
The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.
The Company's balance sheet at Dec. 31, 2013, showed $4.92 million
in total assets, $13.96 million in total liabilities and a $9.04
million total deficiency.
Mission NewEnergy disclosed net profit of AUD10.05 million on
AUD8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of AUD6.19 million on AUD38.20 million
of total revenue during the prior fiscal year.
BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.
TC & L PROPERTIES: In Administration; First Meeting Set Aug. 12
---------------------------------------------------------------
Terry Grant van der Velde -- terry.vandervelde@svp.com.au -- and
Stephen Wesley Hathway -- stephen.hathway@svp.com.au -- of SV
Partners were appointed as administrators of TC & L Properties Pty
Ltd on July 31, 2014.
A first meeting of the creditors of the Company will be held at SV
Partners, 5 Hicks Street, in Southport, Queensland, on Aug. 12,
2014, at 10:30 a.m.
WPCS INTERNATIONAL: Sold Australia Operations for $1.4 Million
--------------------------------------------------------------
WPCS International Incorporated announced that on July 31, 2014,
the Company completed the sale of The Pride Group (QLD) Pty Ltd.,
to Turquino Equity LLC, whose managing member is Andrew Hidalgo,
the former Chairman and CEO of WPCS. With the sale, the Company
eliminates its outstanding $1.1 million severance obligation to
Hidalgo.
Sebastian Giordano, interim CEO of WPCS, commented, "The sale of
our unprofitable Australia Operations falls in line with our
restructuring strategy and is another key step in our turnaround,
separating ourselves from a non-core business that was
underperforming and declining in value. We have now successfully
disposed two unprofitable operations in Australia and Trenton,
while settling the remaining $1.1 million severance obligation to
Hidalgo through this sale."
The Company agreed to sell the Australia Operations to Turquino
for a purchase price of $1.4 million. At closing, the purchase
price was subject to adjustment based on the net tangible asset
value of the Australia Operations, and the purchase price was to
be settled by applying the net after tax severance balance due
Hidalgo as payment towards the purchase price. At the closing,
the parties agreed that the closing NTAV of the Australia
Operations was $970,000. Hidalgo agreed to reduce the total
severance owed to him under his separation agreement by about
$167,000 to $970,000, the NTAV of the Australia Operations on the
closing date. As a result, the Company was not required to make
any further payments to Hidalgo pursuant to his separation
agreement.
Mr. Giordano continued, "We are now focused on closing on the sale
of the assets of our Seattle Operations, which will bring working
capital into the Company. This transaction is subject to
shareholder approval and is expected to close in August 2014."
On July 30, 2014, WPCS International Incorporated entered into a
waiver agreement with holders of a majority of the outstanding
senior secured convertible notes and warrants that were sold
pursuant to a securities purchase agreement dated Dec. 4, 2012.
The Notes are secured by a first priority lien on the assets of
the Company and subsidiaries pursuant to a security and pledge
agreement dated Dec. 4, 2012, by the Company and subsidiaries in
favor of Worldwide Stock Transfer LLC, in its capacity as
collateral agent for the Holders. As a result of the Waiver, the
Collateral Agent released the stock of The Pride Group (QLD) Pty
Ltd., a wholly-owned subsidiary of the Company, from Collateral
pursuant to the Security Agreement.
About WPCS International Incorporated
WPCS -- http://www.wpcs.com-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.
As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.
The Company's former auditors, CohnReznick LLP, in Roseland, New
Jersey, expressed substantial doubt about WPCS International's
ability to continue as a going concern following the annual report
for the year ended April 30, 2013. The independent auditors noted
that the Company has incurred net losses and negative cash flows
from operating activities, had a working capital deficiency as of
and for the years ended April 30, 2013, and 2012, and has an
accumulated deficit as of April 30, 2013.
As of Jan. 31, 2014, the Company had $22.37 million in total
assets, $15.18 million in total liabilities and $7.19 million in
total equity.
"At January 31, 2014, the Company has losses from operations, and
has outstanding balances due to its former surety under a
forbearance agreement of $1,533,757. These factors raise
substantial doubt about the Company's ability to continue as a
going concern. The financial statements do not include any
adjustments to the carrying amount and classification of recorded
assets and liabilities should the Company be unable to continue
operations. Management's plans are to continue to raise
additional funds through the sales of debt or equity securities.
There is no assurance that additional financing will be available
when needed or that management will be able to obtain financing on
terms acceptable to the Company and whether the Company will
become profitable and generate positive operating cash flow. If
the Company is unable to raise sufficient additional funds, it
will have to develop and implement a plan to further extend
payables and reduce overhead until sufficient additional capital
is raised to support further operations. There can be no
assurance that such a plan will be successful," the Company stated
in its quarterly report for the period ended Jan. 31, 2014.
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C H I N A
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INDUSTRIAL AND COMMERCIAL: Moody's Affirms BFSR at 'D+'
-------------------------------------------------------
Moody's Investors Service has upgraded to A2/P-1 from A3/P-2 the
deposit ratings of Industrial and Commercial Bank of China (Macau)
Ltd. The bank has strengthened its local franchise in Macau while
maintaining geographically diversified loans exposures to Macau,
Hong Kong and Mainland Chinese borrowers. The bank has also
maintained good asset quality metrics, sound capitalization, and
adequate profitability. These factors contribute to the upward
change in the bank's baseline credit assessment (BCA) to baa3 from
ba1. ICBC Macau's bank financial strength rating (BFSR) is
affirmed at D+.
The outlook for the bank's ratings remains stable.
Moody's parental support assumptions for ICBC Macau's long-term
ratings remain unchanged. In Moody's assessment, there is very
strong support from the bank's parent Industrial and Commercial
Bank of China (ICBC), which results in four notches of uplift in
the A2 long-term deposit rating from the baa3 standalone
assessment.
Ratings Rationale
The change in ICBC Macau's standalone BCA to baa3 from ba1
primarily reflects the bank's strengthening local franchise in
Macau, and the bank's maintenance of good asset quality metrics,
sound capitalization, and adequate profitability.
The bank has strengthened its local franchise in Macau since 2011.
Although its share of banking system deposits has remained
relatively steady, retail deposits have accounted for an
increasing share of the bank's total customer deposits in recent
years. The bulk of the bank's customer deposits consist of those
sourced from Macau customers. The increase in retail deposits and
the local sourcing of deposits reduce the risk of deposit flight
in the event of systemic stress.
ICBC Macau has consistently reported good asset quality metrics,
and the bank's problem loan ratio has been below 0.1% since 2011.
Although the bank's growing loan balances contributed to the
maintenance of good asset quality metrics due to the denominator
effect, the bank's balance of problem loans and special mention
loans have nevertheless both declined since 2011.
Although the bank has maintained good asset quality metrics,
Moody's notes that the bank remains exposed to potential swings in
Macau's small and open economy. The local economy is highly
dependent on the gaming and tourism sectors, with visitors from
Mainland China and Hong Kong accounting for the bulk of arrivals.
Any prolonged decline in tourist arrivals can weaken economic
growth and negatively affect the bank's asset quality.
The bank's geographically diversified loans exposures partially
offset concerns over potential volatilities in the local economy.
Loans to local Macau customers accounted for less than 42% of the
bank's overall loans. The bank aims to continue growing its loans
for use in Macau, Hong Kong and China going forward.
ICBC Macau has maintained good capitalization. The bank reported
total capital ratio of 13.3% at end-2013, little changed from end-
2012. A material proportion of the bank's loans are either
collateralized with cash deposits or backed by bank guarantees,
which reduce their regulatory risk weights.
Although the bank has increased its loan balances at a strong pace
in recent years, deposit growth has kept pace, and the bank
maintained sound loan-to-deposit ratio of 78% at end-2013.
ICBC Macau maintained stable profitability between 2011 and 2013
with an average return on average assets of 1.1%. Moody's expect
the bank to maintain similar level of profitability in 2014.
What Could Change the Rating - Up
The bank's deposit rating may be upgraded if the parent's deposit
rating were upgraded.
Its standalone assessment may be adjusted higher if the bank
maintains sound capitalization with a Tier 1 ratio consistently
above 11%, and further increases contributions from its retail
business.
The standalone assessment may also be adjusted higher if the bank
can maintain sound asset quality metrics through an economic
downturn and a significant correction in the local property
market, with NPLs staying below 1.5% of gross loans.
What Could Change the Rating - Down
ICBC Macau's deposit rating may be downgraded if parental support
weakens.
The bank's standalone assessment may be adjusted lower if
capitalization weakens with a Tier 1 ratio below 10%, asset
quality deteriorates materially with NPL ratio above 3%, or if the
loan-to-deposit ratio rises to above 100%.
The list of affected ratings are:
Long-term bank deposit rating: A2
Long-term deposit note/CD program: (P)A2
Short-term bank deposit rating: P-1
Short-term deposit note/CD program: (P)P-1
Bank financial strength/baseline credit assessment: D+/baa3
The outlook on all ratings is stable
JINGRUI HOLDINGS: New USD Notes No Impact on Moody's (P)B2 CFR
--------------------------------------------------------------
Moody's Investors Service says it sees no immediate impact on
Jingrui Holdings Ltd.'s (P)B2 corporate family rating and (P)B3
senior unsecured debt rating from its proposed USD senior
unsecured notes issuance.
The outlook for the ratings is stable.
Once the notes issuance is completed, and upon satisfactory terms
and conditions, Moody's will remove the provisional status of the
ratings.
The proceeds of the notes will be used to refinance existing
indebtedness and to fund the development of property projects.
"The proposed notes will improve Jingrui's liquidity position and
debt maturity profile," says Franco Leung, a Moody's Vice
President and Senior Analyst.
Moody's estimates that Jingrui's cash holdings, proceeds from the
proposed bond issuance and projected operating cash flows will
fully support its committed land payments, repayment of maturing
debt and dividend payments over the next 12 months.
Jingrui achieved RMB3.02 billion of contracted sales in 1H 2014,
which represents around 30% growth from the same period last year.
Its cash collection and pace of land acquisitions in 1H 2014 were
within Moody's expectations.
Jingrui's (P)B2 corporate family rating reflects its track record
of developing mass-market properties in sub-urban Shanghai and
other cities in the Yangtze River Delta.
Jingrui's focus on mass-market products in lower tier cities has
resulted in lower profit margins. On the other hand, its business
strategy of fast turnover maximizes liquidity, while its products
are less susceptible to regulatory measures.
"The rating is constrained by Jingrui's high debt leverage as
measured by adjusted debt to capitalization and weak capital
structure, which features a high level of short-term debt," adds
Leung.
Jingrui funded its growth primarily through the use of debt,
resulting in high leverage of 72.3% at end-2013, as measured by
adjusted debt/capitalization.
Its debt mainly consists of onshore bank loans and trust loans,
which have high costs and which partly contributed to its low
EBITDA interest coverage of around 0.9x for FY2013.
Moody's also notes that the company issued a profit warning for
its 1H 2014 results due to lower revenue recognition.
Moody's expects Jingrui's EBITDA/interest to reach 1.0x in the
next 12 months, due to ongoing margin pressure and high debt
levels. Its adjusted EBITDA margin was 12.8% in FY2013 and
unlikely to materially improve over the next 12 months.
In addition, Moody's expects that the company's debt leverage will
remain high at around 70%-75%. These metrics position the company
in the mid-to-low single B range.
The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and grow sales as planned.
Moreover, Moody's expects the company will exercise flexibility in
its expansion, adjusting its plan in accordance with market
conditions to avoid a material deterioration in its credit
profile.
Upward rating pressure is limited but could emerge over the medium
term if Jingrui (1) expands its scale through growth in contracted
sales; (2) maintains strong liquidity, such that cash to short-
term debt rises above 1.5x; and (3) improves revenue recognition
and debt leverage, such that its EBITDA/interest improves to above
2.0x-2.5x.
Downward rating pressure could emerge if (1) Jingrui's liquidity
and operating cash flow generation weaken, due to lower-than-
expected contracted sales growth, aggressive land acquisitions, or
the emergence of more severe conditions in China's property
sector; (2) property prices decline and profit margins come under
pressure, in turn negatively affecting interest coverage and
financial flexibility; or (3) the company engages in material
debt-funded acquisitions.
Credit metrics that Moody's would consider for a downgrade
include: (1) cash balance below 1.0x of short-term debt; (2)
EBITDA interest coverage below 1.0x; and (3) debt leverage
substantially higher than the level recorded at end-2013.
The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.
Established in 1993, Jingrui Holdings Ltd. is a property developer
based in Shanghai and principally focused on residential projects
in the Yangtze River Delta region. It was listed on the Hong Kong
Stock Exchange in October 2013. As of December 2013, it had a land
bank of 4.52 million sqm in gross floor area across 13 cities in
China, including Shanghai, Tianjin and Chongqing, and cities in
Zhejiang Province and Jiangsu Province.
REDCO PROPERTIES: Fitch Assigns 'B' Rating to USD125MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based residential property
developer Redco Properties Group Limited's (Redco; B/Stable)
USD125m 13.75% senior unsecured notes due 2019 a final rating of
'B' and Recovery Rating of 'RR4'. The assignment of the final
rating follows the receipt of documents conforming to information
already received and the final rating is in line with the expected
rating assigned on July 25, 2014.
The notes are rated at the same level as Redco's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.
Redco's 'B' rating is supported by its low land-bank cost,
satisfactory profit margin and prudent control on SG&A expenses.
However, the rating is constrained by its small business scale,
overall land-bank quality and aggressive bidding for land in
Shenzhen.
KEY RATING DRIVERS
Limited Business Scale: Redco has a limited business scale among
the Chinese property developers that Fitch has rated. With 11
projects in the pipeline in seven cities, Redco had a land-bank
size of 4.0m square metres (sqm) as at end-2013. Redco achieved
contracted sales of CNY3.1bn in 2013. Fitch thinks Redco does not
have a significant presence in any of the cities except for
Nanchang, where Redco ranked seventh in terms of contracted sales
in 2013.
Projects Mostly In Secondary Locations: Redco's projects are
mostly in secondary locations (except in Nanchang and Jinan),
which is reflected in its low average selling price of
CNY6,473/sqm in 2013. Fitch expect the company to add land mainly
in Yantai, Xianyang and the seafront of Tianjin, where Redco has
4.3m sqm GFA of land pending acquisition under framework
agreements with local governments. The potential downside risk is
insufficient demand for these sizable projects in secondary
locations where there is abundant supply from competitors.
Aggressive Bidding In Shenzhen: Fitch has concerns that Redco is
being aggressive in purchasing land in public auctions when it
enters new cities with intense competition. For example, in
Fitch's opinion, the land parcel that Redco bought in Shenzhen in
4Q13 was not cheap. The land is in Pingshan district and was sold
at CNY980m, 211% above the base price. Redco placed a high
priority on building its brand name in Shenzhen, a first-tier city
that it was entering. However, the property market in China has
shown signs of faltering in 2014, and the profit margin of Redco's
Shenzhen project could be squeezed.
Low Land Cost: Redco enjoyed a low land cost of CNY962/sqm at end-
2013 through early involvement with local governments and
acquiring land at cheaper costs. Redco has also signed framework
agreements or letters of intent with local governments in Tianjin,
Yantai and Xianyang to make sure that it can continue to expand
its land bank at lower costs.
Margins Comparable to Peers': In 2012-2013, Redco achieved gross
profit margin of around 30%, a level that is comparable to
similarly rated peers'. This is because Redco acquired land in
earlier years at low costs and it enjoyed rising property prices
over the last few years. Besides, Redco controls its SG&A expense
well, which amounted to 5.1% and 6.0% of its contracted sales and
gross revenue respectively in the past three years. However,
Redco's profit is heavily concentrated on two to three projects.
Hence, its profit margin could be volatile.
Sufficient Liquidity to Repay Debt: At end-December 2013, Redco
had cash and cash equivalents of CNY828m (excluding restricted
cash of CNY132m). Together with the IPO net proceeds of CNY752m
received in January 2014, we believe that this is sufficient to
cover the company's short-term debt of CNY474m and settle the
amounts due to related parties of CNY748m in 2014.
RATING SENSITIVITIES
Positive: Future developments that may collectively lead to
positive rating actions include:
-- Annual contracted sales sustained above CNY8bn (2013:
CNY3.1bn) without compromising leverage, and
-- EBITDA margin sustained above 20% (2013: 28%), and
-- Contracted sales/total debt sustained above 1.3x (2013:
2.1x).
Negative: Factors that may, individually and collectively, lead to
negative rating action include:
-- Net debt/ adjusted inventory sustained above 50% (end-2013:
32.6%), or
-- EBITDA margin sustained below 15%, or
-- Contracted sales/total debt sustained below 1.0x.
=========
I N D I A
=========
ALFA TRANSFORMERS: CRISIL Ups Rating on INR245MM Loans From 'D'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Alfa
Transformers Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 40 CRISIL A4 (Upgraded
from 'CRISIL D')
Cash Credit 119 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 42.50 CRISIL A4 (Upgraded
from 'CRISIL D')
Proposed Long Term 32.80 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 10.70 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects Alfa's payment of its entire term debt
obligations in July, 2014. The company's business risk profile has
improved, marked by 25 per cent year-on-year increase in revenue
in 2013-14 (refers to financial year, April 1 to
March 31), along with increase in operating margin and net cash
accruals. Its liquidity, however, is expected to remain stretched
over the medium term because of modest cash accruals and large
working capital requirements, reflected in highly utilised bank
limits.
The ratings reflect Alfa's subdued financial risk profile marked
by low profitability, moderate net worth, and weak debt protection
metrics. The rating weakness is partially offset by Alfa's
established track record and adequate technical competence in the
transformer industry.
Outlook: Stable
CRISIL believes that Alfa will continue to benefit over the medium
term from its promoters' extensive industry experience and its
technical expertise. The outlook may be revised to 'Positive' in
case of sustainable increase in the company's scale of operations
and profitability, and improvement in its debt protection metrics
and liquidity. Conversely, the outlook may be revised to
'Negative' if Alfa records low revenue or profitability, or if its
working capital cycle lengthens, leading to deterioration of its
financial risk profile, particularly liquidity.
Set up by Mr. D K Das in 1982, Alfa began operations by
manufacturing small distribution transformers at its unit in
Bhubaneswar (Odisha). Over the years, the company has increased
its range of products to include power and other specialised
transformers, including furnace, stabilised output, amorphous
metal alloy, and single-phase transformers. It also offers related
technical assistance and services, including repair work. Alfa's
manufacturing units are in Bhubaneswar and Vadodara (Gujarat).
Alfa reported a net loss of INR1.4 million on net sales of
INR258.3 million for 2013-14, against a net loss of INR35.6
million on net sales of INR210.3 million for 2012-13.
ANURADHA STEELS: CRISIL Suspends 'D' Rating on INR190MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anuradha Steels Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D Suspended
Term Loan 130 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by ASPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASPL is yet to
provide adequate information to enable CRISIL to assess ASPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
ASPL, based in Chittor (Andhra Pradesh), was set up in 2010.
Currently, ASPL has an induction furnace with an installed
capacity of 150 tonnes per day of ingots. The capacities operated
at an average utilisation of around 50 per cent. ASPL markets its
production in Andhra Pradesh.
DREAM GATEWAY: CRISIL Suspended 'B' Rating on INR512.1MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dream
Gateway Hotels Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 32.1 CRISIL B/Stable Suspended
Bank Loan Facility
Rupee Term Loan 480.0 CRISIL B/Stable Suspended
The suspension of ratings is on account of non-cooperation by
DGHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DGHPL is yet to
provide adequate information to enable CRISIL to assess DGHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
DGHPL, incorporated in 2009, is developing Dream Best Western
Hotel, a five star category hotel project, at Rajarhat near City
Centre II, Kolkata and a residential project at Madhyam gram. The
hotel will be managed Best Western International, USA, a leading
hospitality chain. The company is managed by Mr. Prem Jain along
with his sons Mr. Shrayans Jain and Mr. Rishi Jain.
FIRST LEASING: Madras HC Appoints Provisional Liquidator
--------------------------------------------------------
Gireesh Babu at Business Standard reports that the Madras High
Court has allowed an application of ICICI Bank Ltd to appoint a
provisional liquidator for crisis-ridden First Leasing Company of
India Ltd, a leasing firm founded by AC Muthiah along with Farouk
Irani. A petition by the bank seeking winding up the company is
under consideration of the Single Judge, Business Standard says.
According to Business Standard, the bank counsel alleged company
officials and employees colluded and stripped the company. At
least two forensic reports have come out on the financial issues
in the company -- one from the Reserve Bank of India and another
by an expert appointed by the company's board of directors, the
report notes.
Business Standard relates that a large number of employees had
submitted their resignation letters and under these circumstances,
the operations of the company had to be taken care by a
provisional liquidator, the counsel, as cited by Business
Standard, argued.
First Leasing senior counsel said while it was saddening that the
49-year-old listed company was in such a situation, the company
was currently facing a situation in which most of the employees
had left their job and the company was not in a position to pay
the salary, the report relates. It also has more than 10 bankers
who have lent money to the company, Business Standard reports.
FIRST WINNER: CRISIL Suspends 'D' Rating on INR284MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of First
Winner Industries Ltd (FWIL; part of the First Winner group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL D
Letter of Credit 30 CRISIL D
Long Term Loan 104 CRISIL D
The suspension of ratings is on account of non-cooperation by FWIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FWIL is yet to
provide adequate information to enable CRISIL to assess FWIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
CRISIL has combined the business and financial risk profiles of
FWIL, its three wholly owned subsidiaries-Ramshyam Textile
Industries Ltd, First Winner Lifestyle Ltd, and Pal Trading
Company Pvt Ltd; and its five associates-Rikosh Fashions Pvt Ltd,
Solitaire Texfeb & Traders Pvt Ltd, First Winner Textiles (India)
Pvt Ltd (formerly, Kassi Trading Company Pvt Ltd), Bhagwat
Textiles Pvt Ltd, and Starwood Exports Pvt Ltd. This is because
all these companies, together referred to as the First Winner
group, have significant operational, management, and financial
synergies with each other.
Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis.
GIOVANI FASHIONS: ICRA Suspends 'D' Rating on INR14cr Bank Limits
-----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR14.0
Crore bank limits of Giovani Fashions Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
GTN ENGINEERING: ICRA Lowers Rating on INR225.38cr Loans to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR170.48 crore
(enhanced from INR36.13 crore earlier) fund based facilities and
INR2.25 crore (enhanced from INR0.75 crore earlier) non fund based
facilities of GTN Engineering (India) Limited to [ICRA]D from
[ICRA]BBB. ICRA has also revised the [ICRA]A2 rating assigned to
INR34.65 crore (reduced from INR45.00 crore earlier) fund based
facilities and INR18.00 crore non fund based facilities of GTN to
[ICRA]D (pronounced ICRA D). Previous ratings of
[ICRA]BBB/[ICRA]A2 correspond to the engineering division of GTN
Engineering (India) Limited on standalone basis without the
amalgamated units Perfect Knitters Limited, Imperial Garments
Limited (IGL) and Cotstyle Apparels Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 170.48 Revised to [ICRA]D
based facilities from [ICRA]BBB
Long term non 2.25 Revised to [ICRA]D
fund based from [ICRA]BBB
facilities
Short term fund 34.65 Revised to [ICRA]D
based facilities from [ICRA]A2
Short term non 18.00 Revised to [ICRA]D
fund based from [ICRA]A2
facilities
D ratings were assigned to the borrowings of erstwhile PKL and
IGL, which were amalgamated into GTN in July 2013. Despite having
sufficient & unencumbered cash and cash equivalents of over INR60
crore as on Mar 31, 2014, GTN failed to honour its repayment
commitments in timely manner during April & May 2014 towards its
borrowings in its textile divisions. Though the repayment
obligations were much lower than the surpluses available with the
company, the debt servicing was delayed in the amalgamated
entities owing to the management policy of holding each division
responsible for its own commitments and making it financially &
operationally self sufficient. The inter division support was
extended only after the textile divisions failed to meet their
debt obligations. While the interest and principal repayment on
the INR36.13 crore long term fund based, INR0.75 crore non-fund
based and INR45 crore short term fund based facilities rated by
ICRA continue to be on time, ICRA has downgraded the rating to D,
given the delayed payments by GTN pertaining to borrowings by
erstwhile PKL and IGL entities.
Going forward, improvement in financial discipline of GTN
supported by timely debt servicing for at least next three months
will be the key rating sensitive factor. ICRA will review the
rating for possible upgrade subject to timely payment of all debt
obligations.
GTN Engineering (India) Limited (GTN, erstwhile GTN Exports Ltd)
was incorporated in 1999 and is closely held by Mr. Patodia &
Family, who also has business interests in textiles segment
through its flagship company namely GTN Industries Ltd. The
company was initially into merchandising activities for supply of
engineering goods to third parties and started supplying API
valves on sample order basis to FMC Technologies, USA (FMC), a
leading oil field equipment company [rated Baa2/Stable by Moody's]
in 2000. Subsequently, GTN entered into contract manufacturing
agreement with FMC for first five years till FY 2005 which was
later amended in 2005 by further six years. In March 2008,
contract manufacturing agreement was further amended by another 10
years i.e. currently valid up to CY 2022. With the high court
approval received in July, 2013 the amalgamation of three group
companies: Perfect Knitters Limited a 3600 MTPA fabric processing
unit (Rated [ICRA]D in August 2011 and suspended in August 2012),
Imperial Garments Limited with garment manufacturing for 27 lakh
knitted garments per annum (Rated [ICRA]C/A4 in June 2013,
withdrawn in July 2014) and Cotstyle Apparels Limited, a garment
retailing entity with its own brand 'Cotstyle' was completed
during FY 14 with appointed date as April 1, 2012. Also, GTN took
over a sick spinning unit with 30,240 spindle capacity of Soma
Textiles & Industries located at Baramati (Maharashtra) was taken
over during FY 14 for a total consideration of INR28 crore.
JYOTI INGOTS: ICRA Suspends 'B' Rating to INR6.5cr Bank Loans
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.5 crore
bank facilities of Jyoti Ingots Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
KIJALK INFRA: CRISIL Suspends 'D' Rating on INR200MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kijalk
Infrastructure Pvt Ltd (KIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 200 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by KIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KIPL is yet to
provide adequate information to enable CRISIL to assess KIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
KIPL was set up in 2006 by Mr. Ashok Kumar Verma and his brother,
Mr. Surendra Kumar Verma. However, the company started operations
only in 2011. KIPL has set up a 2-megawatt solar power plant in
Raj Nagar (Jharkhand). The installation of plant and machinery was
completed in January 2012, and the solar power plant was
commissioned under the Rooftop PV and Small Solar Generation
Programme'Jawaharlal Nehru National Solar Mission, on January 16,
2012.
KISHOR SORTEX: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facility of Kishor Sortex and Rice
Mill Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term 20 CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
The rating reflects KRPL's below average financial risk profile,
marked by a small net worth and moderate debt protection metrics,
modest scale of operations in a highly fragmented rice industry,
and large and seasonal working capital requirements. The rating
weaknesses are partially offset by promoters' extensive experience
in the rice milling industry.
Outlook: Stable
CRISIL believes that KRPL's business risk profile will continue to
be supported by its promoters' experience. The outlook may be
revised to 'Positive' if KRPL is able to achieve a significant
improvement in its scale of operations or profitability or in case
of equity infusion by promoters, leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if
there is pressure on its profitability, or in case of a more-than-
expected increase in working capital requirements.
Update
For 2013-14 (refers to financial year, April 1 to March 31),
KRPLreported an estimated top line of INR 15.2crs a y-o-y growth
of 9%. The company's topline remains susceptible to monsoons and
state government policies with regard to mandatory custom milling
and export/import bans. The company is estimated to report
moderate operating margins of around 5.3% during 2013-14 broadly
in line with the past. KRPL's operations remain working capital
intensive during peak season. The company's financial risk profile
remains below average constrained by its small networth estimated
at INR3.2 crs as on March 31, 2014 and averageinterest coverage of
around 1.7 times during 2013-14.. While the gearing level is
estimated to stand at only 0.20 times as on March 31, 2014, the
same peaks at over 1.5 times during peak season. Liquidity has
also remained stretched marked by low cash accruals which are
estimated at around INR35-40 lacs over the medium term and fully
utilised bank limits during peak season.
Over the medium term, CRISIL expects, KRPL's operations to remain
highly susceptible to monsoon conditions and state government
policies. KRPL's financial risk profile is also likely to remain
below average over the medium term, marked by small networth and
weak interest coverage coverage ratio. Liquidity will remain
stretched due to low cash accruals and high peak season bank limit
utilisation levels.
Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar
Agarwal and Mr. Bishwanath Agrawal. The company is engaged in the
milling and processing of non-basmati rice. The company has a
processing unit located at Durg (Chattisgarh).
MUSKAN OVERSEAS: CRISIL Suspends 'D' Rating on INR140MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Muskan
Overseas Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL D Suspended
Cash Credit 10 CRISIL D Suspended
Packing Credit 120 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by MOPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MOPL is yet to
provide adequate information to enable CRISIL to assess MOPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
MOPL was set up in 1999 as a partnership firm by Mr. Manish Gupta
and his brother, Mr. Dinesh Gupta. It was reconstituted as a
private limited company in April 2010. MOPL is engaged in the
milling, processing, and export of basmati rice. MOPL mainly
processes the 1121 variety of basmati rice, which it sells in the
overseas markets, and its by-products, such as broken rice, husk,
and bran, which it sells in the domestic market.
PR ECOENERGY: CRISIL Suspends 'D' Rating on INR80MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PR Ecoenergy Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL D Suspended
Cash Credit 30 CRISIL D Suspended
Term Loan 45 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by
PREPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PREPL is yet to
provide adequate information to enable CRISIL to assess PREPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
PREPL, started in 2003-04, deals in the business of power
generation through bio-mass (mainly sugarcane bagasse, sugarcane
trash, cotton stalk etc) based co-generation. The company was
earlier into cotton trading business and were also providing
consultancy regarding renewable energy till 2006-07; however
promoters stopped the trading business and started providing
services of energy production by using bio-mass from 2008-09
onwards. The company is managed by Mr. Pawankumar Agarwal and is
located at Vapi, Gujarat.
PYRAMID TIMBER: ICRA Reaffirms 'B+' Rating on INR2.35cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
INR2.35 crore* fund based bank facilities of Pyramid Timber
Associates Private Limited. ICRA has also reaffirmed the short
term rating at [ICRA]A4 assigned to INR13.65 crore non-fund based
facilities of PTAPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 2.35 [ICRA]B+ reaffirmed
based Limits
Short term non- 13.65 [ICRA]A4 reaffirmed
fund based Limits
The ratings reaffirmation continues to be constrained by the high
working capital intensive nature of business primarily driven by
high inventory holding period. Further, the profitability of the
company remained exposed to the fluctuation in the foreign
exchange rates as majority of raw material imports are not order
backed and the persisting high competitive and fragmented nature
of industry. In addition, ban on export of timber logs by Myanmar
government has an impact on the company's ability to source the
required quantity of timber; however, the risk is mitigated to an
extent by the fact that the company has increased the sourcing of
raw materials from other countries. The rating is also constrained
by the persisting sectoral concentration as majority of the
company's revenue are driven by real estate sector and any
slowdown in the building construction activity could impact the
revenue growth. Nonetheless, the rating favorably factors in the
significant increase in operating income of the company at a CAGR
of 36% in the period FY12-FY14. IN addition, the ratings continue
to draw comfort from the long experience and established track
record of the of the promoters in timber business.
Established in 1987, Pyramid Timber is engaged in the manufacture
of Veneers, Panel Doors, Door and Window Frames, Window Shutters,
Kitchen Cabinet Shutters, Floorings, Moldings, Finger Jointed
Boards, Composite Door Shutters and Frames. The company is
promoted by Mr. Mohammedi T Vagh, and his family members. Based
out of Mysore, Karnataka, the manufacturing facility is equipped
with the state-of-the-art machineries that include the advanced
veneer slicing and splicing plant, a team of dedicated and
technically skilled workforce.
The company reported an operating income of INR29.75 Cr and net
profit of INR1.28 Cr for the financial year 2013-2014 as against
an operating income of INR15.36 Cr and net profit of INR0.59 Cr
for the financial year 2012-13.
RAMA FERRO: CRISIL Suspends 'B+' Rating on INR30MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rama Ferro Alloys & Finance Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable Suspended
Letter of Credit 30 CRISIL A4 Suspended
Letter of Credit 15 CRISIL A4 Suspended
Bill Discounting
The suspension of ratings is on account of non-cooperation by
RFAFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RFAFPL is yet to
provide adequate information to enable CRISIL to assess RFAFPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
RFAFPL manufactures various ferro alloys, such as ferro
molybdenum, ferro vanadium, ferro titanium, ferro boron, ferro
nickel, low and medium carbon ferro manganese, ferro aluminium,
and ferro chrome. The company also manufactures aluminium shots,
ash, notched bars, and ingots. However, majority of the company's
revenue comes from sale of ferro molybdenum. RFAFPL's factory is
located in Kolkata (West Bengal). The company's day-to-day
operations are managed by its promoter-director, Mr. Dinesh
Kapoor, who has experience of around four decades in a similar
line of business.
RAMSHYAM TEXTILE: CRISIL Suspends 'D' Rating on INR442MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ramshyam Textile Industries Ltd. (RSTIL; part of the First Winner
group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL D Suspended
Letter of Credit 20 CRISIL D Suspended
Proposed Long Term
Bank Loan Facility 306.2 CRISIL D Suspended
Standby Line of Credit 6 CRISIL D Suspended
Term Loan 59.8 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by
RSTIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSTIL is yet to
provide adequate information to enable CRISIL to assess RSTIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
CRISIL has combined the business and financial risk profiles of
First Winner Industries Ltd, its three wholly owned subsidiaries-
RSTIL, First Winner Lifestyle Ltd, and Pal Trading Company Private
Limited; and its five associates- Rikosh Fashions Pvt Ltd,
Solitaire Texfeb & Traders Pvt Ltd, First Winner Textiles (India)
Pvt Ltd (formerly, Kassi Trading Company Pvt Ltd), Bhagwat
Textiles Pvt Ltd, and Starwood Exports Pvt Ltd. This is because
all these companies, together referred to as the First Winner
group, have significant operational, management, and financial
synergies with each other.
Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis.
S.R. CHADDHA: ICRA Assigns 'B+' Rating to INR19.5cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ for INR11.0 crore
fund based facilities and INR8.5 crore bank guarantee limits of
S.R. Chaddha Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 11.0 [ICRA]B+ (Assigned)
Bank Guarantee limits 8.5 [ICRA]B+ (Assigned)
The assigned rating factors in the moderate scale of SRCIL's
operations in manufacturing of power and distribution
transformers, its high client concentration and high receivable
days (as on April 30, 2014) resulting in pressure on the liquidity
position. Further the rating also takes into consideration the
weak financial profile of the clientele base of the company which
are primarily the distribution companies of Uttar Pradesh Power
Corporation Limited; highly fragmented nature of the transformer
industry leading to intense competition from organized as well as
unorganized players and vulnerability of its profitability to raw
material price fluctuations.
However rating draws comfort from the long experience of the
SRCIL's promoters in the power and distribution transformer
industry, healthy order book position of the company which
provides revenue visibility in the medium term and favorable
demand prospects of transformers given the Government of India'
increased focus on rural electrification.
S.R. Chaddha Industries Limited is engaged in manufacturing of
power and distribution transformers. The company is managed by Mr.
Ravi Kant Chaddha who has more than 25 years of experience in the
production, distribution and maintenance of power and distribution
transformers. The company was incorporated on 1st April, 2014,
however the promoter had been involved in same line of business
for around three decades.
S. S. B. METAL: CRISIL Suspends 'B' Rating on INR32MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S. S.
B. Metal Works.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 Suspended
Cash Credit 10 CRISIL B/Stable Suspended
Letter of Credit 5 CRISIL A4 Suspended
Packing Credit 38 CRISIL A4 Suspended
Proposed Long Term
Bank Loan Facility 22 CRISIL B/Stable Suspended
The suspension of ratings is on account of non-cooperation by SSB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSB is yet to
provide adequate information to enable CRISIL to assess SSB's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Set up as a sole proprietorship in 1989, SSB was reconstituted as
a partnership firm in 1994 with three partners, Mr. Pravin Lunia,
Mr. Bharat Lunia, and Mrs. Chandravati Lunia. In 2003, two more
partners were added - Mr. Pravin Lunia and Mr. Bharat Lunia (HUF).
In 2009, Mrs. Chandravati Lunia resigned as a partner. SSB
manufactures and exports writing instruments including metal ball
point pen, plastic ball point pen, gift sets, multifunction pen,
fountain pen, roller pen, pencils, and pen parts for corporate
gifts.
SAI TRADERS: ICRA Assigns B+ Rating to INR12cr Cash Credit
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR12.00
crore fund based limits (cash credit) of Sai Traders.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based- 12.00 [ICRA]B+ assigned
Cash Credit
The rating assignment favourably factors in the established track
record of the promoter in liquor business and the company's
diversified and established customer base across customer
categories like wine shops, permit rooms, etc. The rating also
factors in the diversified product portfolio of Sai Traders and
the healthy growth prospects of the company; with new brands being
added in the product portfolio on a regular basis to support
future revenue growth.
The ratings are however constrained by the financial profile of
the company as indicated by the stretched capital structure,
modest size of operations and weak profitability. The rating is
also constrained by Sai Trader's low profitability arising from
regulated and highly competitive nature of the liquor business.
Sai Traders is a proprietorship concern which was incorporated in
the year 1990 and promoted by Mr. Ram Dhanwani. Sai Traders is
primarily engaged in the wholesale trading and distributorship of
branded liquor. Sai Traders deals in a variety of liquor products
like Beer and Indian-made foreign liquor (IMFL) products like
Whisky, Rum, Vodka, etc. Some of the main brands sold by ST are
Khajuraho Beer, Kangaroo 10000 Beer, Officer's Choice Whisky, RIA
Whisky, Royale Gold whisky, Classic Vodka, Aristocrat Whisky etc.
The company has its office and warehouse in Ulhasnagar and caters
mainly to Thane and Raigad District in Maharashtra. Sai Traders
distributes liquor to ~3000 outlets which includes Retail liquor
shops, Beer shops, Wine Shops, Bars, Permit Rooms, Restaurants
etc.
Recent results:
The company reported a PAT of INR0.38 crore on an operating income
of INR61.95 crore in FY 2014 as compared to a PAT of INR0.38 crore
on an operating income of INR62.08 crore in FY 2013.
SENGUNTHAR MILLS: CRISIL Reaffirms B+ Rating on INR114.7MM Loans
----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Sengunthar
Mills Pvt Ltd (SMPL) continues to reflect SMPL's modest scale of
operations and susceptibility to volatility in raw material
prices, large working capital requirements, and below-average
financial risk profile marked by a highly leveraged capital
structure and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SMPL's promoters in the textile industry, and the company's
established position in the cotton yarn segment in Tamil Nadu.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 54.7 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's revenue and profitability
along with improvement its capital structure, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SMPL undertakes any larger-than-
expected, debt-funded capital expenditure programme, or registers
significant decline in its profitability or its working capital
management deteriorates resulting in weakening of its financial
risk profile, especially liquidity.
Update
For 2013-14 (refers to financial year, April 1 to March 31),
SMPL's operating income estimated to increase to INR420.3 million
from INR197.7 million in 2012-13, on back of increase in prices of
cotton yarn and also due to few large orders from existing
clients. However SMPL's operating profitability declined to 10.0
per cent in 2013-14 from 15.3 per cent in 2012-13. CRISIL believes
that SMPL will maintain operating margin in the range of 10 to 12
per cent over the medium term.
The company's business is working-capital-intensive, as reflected
in its gross current assets (GCAs) of 96 days as on March 31,
2014, against 109 days as on March 31, 2013. The operations of the
company are working capital intensive due to high inventory
holding requirements and moderate debtor levels of the company. As
per the management, the company generally holds inventory of
around two to three months because of the seasonal nature of its
raw material. The company provides credit of 45 to 60 days to
customers, resulting in large GCAs of 90 to 110 days over the past
three years ending March 31, 2014. Increase in working capital
requirements and decline in profitability have resulted in higher
dependence on external funds to fund working capital requirements.
As a result, SMPL utilised its working capital limits extensively
over the 12 months through April 2014.
SMPL has a modest financial risk profile, marked by a highly
leveraged capital structure and average debt protection measures.
The company has a modest networth of INR26.7 million at the year
ending March 31, 2014. Gearing of the company is high at 4.10
times mainly due to lower networth base and working capital
intensive operations resulting in high debt levels due to low cash
accruals from operations. SMPL's debt protection measures remain
average, with interest coverage ratio and net cash accruals to
total debt ratio at 1.54 times and 0.21 times, respectively, for
2013-14.
SMPL reported an estimated net loss of INR23.5 million on
operating revenues of INR420.3 million for 2013-14 (refers to
financial year, April 1 to March 31), against a profit after tax
of INR25.5 million on operating revenues of INR297.7 million for
2012-13.
SMPL was set up in 1980 by Mr. K S A Kandasamy Mudaliar and Mr. T
N Thiruvenkadam and their relatives. It manufactures cotton yarn.
Its facility is at Tiruchengode (Tamil Nadu). SMPL's promoter-
director, Mr. T N Thiruvenkadam, has been in similar lines of
business for the past three decades. The company has wind power
generators with combined capacity of 2.95 megawatts in Tamil Nadu.
SHIV TRADERS: CRISIL Assigns 'B' Rating to INR55MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M/s. Shiv Traders - Anjangaon (ST).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B/Stable
The rating reflects ST's below-average financial risk profile,
marked a weak capital structure and below-average debt protection
metrics. The rating also factors in the firm's exposure to intense
competition and slender operating margin in the cotton-trading
business. These rating weaknesses are partially offset by the
benefits that ST derives from the extensive experience of its
proprietor in the cotton-trading business and his established
relationship with customers and suppliers.
Outlook: Stable
CRISIL believes that ST will continue to benefit from its
proprietor's extensive experience in the trading of cotton. The
outlook may be revised to 'Positive' if the firm demonstrates
sustainable improvement in scale of operations and profitability,
leading to higher-than-expected cash accruals, and improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if its financial risk profile, particularly
liquidity, deteriorates further because of large working capital
requirements, or there is significant pressure on the firm's cash
accruals.
ST was set up in 1996 as a proprietorship firm by Mr. Sudhakar
Kakad. The firm was engaged in the trading of raw cotton, yarn,
and cotton seeds. Currently, however, the firm is trading only in
raw cotton. ST procures majority of its cotton from cotton ginners
in Maharashtra apart from a few ginners spread all over India.
ST reported profit after tax (PAT) of INR0.6 million on net sales
of INR514.7 million for 2012-13 (refers to financial year,
April 1 to March 31) against PAT of INR0.8 million on net sales of
INR483.4 million for 2011-12.
SHREE HARI: CRISIL Suspends 'B' Rating on INR93.3MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Hari Om Foods.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.1 CRISIL A4 Suspended
Cash Credit 80.0 CRISIL B/Stable Suspended
Proposed Long Term
Bank Loan Facility 4.8 CRISIL B/Stable Suspended
Term Loan 8.5 CRISIL B/Stable Suspended
The suspension of ratings is on account of non-cooperation by SHOF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHOF is yet to
provide adequate information to enable CRISIL to assess SHOF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Set up in 2009 by its partners, Mr. Lalit Singla, Mr. Rakesh
Kumar, Mr. Kailash Singla, and Mr. Vijay Kumar, SHOF is engaged in
milling and processing of basmati rice; the firm sells the same in
the domestic market. SHOF's plant is located in Nissing (Haryana).
SRI VIJAYA: ICRA Suspends 'B' LT Rating on INR13cr Bank Loans
-------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B and short term
rating of [ICRA]A4 rating assigned to the INR13.00 crore bank
facilities of Sri Vijaya Venkateswara Cotton Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
STAR PAPER: CRISIL Suspends 'B' Rating on INR190MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Star
Paper Mills Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 190 CRISIL B/Negative Suspended
The suspension of ratings is on account of non-cooperation by SPML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPML is yet to
provide adequate information to enable CRISIL to assess SPML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Set up in 1936, SPML is an integrated pulp and paper manufacturer.
The company manufactures a wide range of paper products, but
mainly produces kraft paper. SPML is part of the Duncan Goenka
group, headed by Mr. G P Goenka. The company's mill at Saharanpur
(Uttar Pradesh) has four paper machines, with aggregate capacity
of 75,000 tonnes per annum (tpa).
SWASTIK COTEX: CRISIL Assigns 'B' Rating to INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Swastik Cotex (SC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B/Stable
The rating reflects SC's nascent phase and modest scale of
operations in the highly competitive cotton industry, large
working capital requirements, and weak financial risk profile
marked by high gearing and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SC's promoters and proximity of its manufacturing
facilities to raw material and labour sources.
Outlook: Stable
CRISIL believes that SC will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations
earlier than expected, leading to large cash accruals and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low accruals because of
reduced profitability, or deterioration in the firm's financial
risk profile, most likely because of stretch in working capital
cycle or substantial debt-funded capital expenditure.
SC is a partnership firm set up in 2013. It is promoted by members
of the Rajkot (Gujarat)-based Sangani and Sejpal families who have
over 35 years of experience in the cotton industry. The firm is
engaged in cotton ginning and pressing operations. The firm
started its commercial operations in January 2014.
TECHNO INDIA: CRISIL Suspends 'D' Rating on INR610MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of TECHNO
INDIA (TI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 431 CRISIL D Suspended
Proposed Long Term
Bank Loan Facility 58.6 CRISIL D Suspended
Term Loan 120.4 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by TI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TI is yet to
provide adequate information to enable CRISIL to assess TI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
TI operates an engineering-cum-management college (Techno India
College), one engineering college (Techno Global, Balurghat), two
degree colleges (Techno India, Kolkata and Hooghly), and seven
schools. Of the seven schools, two (named Techno Model School)
provide higher secondary education, while five (named Techno India
Group Public School) provide pre-primary, primary, and secondary
education.
THE WOODIND: ICRA Reaffirms 'B' Rating on INR2cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR2.00
crore cash credit (sub limit) facilities of The WoodInd. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to INR10.00
crore letter of credit facilities of the firm. ICRA had earlier
suspended the ratings in June 2014. The suspension now stands
revoked.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT Cash Credit (2.00) [ICRA]B/Reaffirmed;
Facilities (Sub suspension revoked
limit of Letter
of Credit)
ST Letter of 10.00 [ICRA]A4 reaffirmed;
Credit suspension revoked
The ratings consider the experience of promoters in the timber
trading industry for over a decade, its established relationship
with customers. However, the ratings remain constrained by firm's
small scale of operations in a highly competitive industry which
restricts the benefits of scale economies and weak financial
profile characterised by thin profit margins owing to trading
nature of business and high working capital intensity on the back
of large inventory holding period. Going forward, the firm's
ability to improve its scale of operations with adequate profits
and better inventory management will be key credit monitorables.
The Woodind initially established as proprietorship concern in
2006 by Mr. Russal M Easa was later converted in to a partnership
firm in December 2013. The firm is engaged in trading of timber.
The firm imports timber mainly from Myanmar, Latin American
countries and also from African countries. The timber imported
belongs to two main categories - Teak and Pincoda. The firm is
located in Kochi (Kerala), caters to the needs of the wholesalers
as well as the retailers in North Kerala. Prior to establishing
the firm, the promoter was engaged in similar business (of trading
in timber) with his brother since the year 2000.
Recent Results
During 2013-14, the firm reported a profit after tax of INR0.02
crore on an operating income of INR10.2 crore as against a profit
after tax of INR0.02 crore on an operating income of INR13.4 crore
during the corresponding previous year.
TRIBHUWAN NARAYAN: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tribhuwan Narayan Singh
continues to reflect TNS's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and its
modest scale of operations in the highly fragmented civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
proprietor.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 100 CRISIL A4 (Reaffirmed)
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
CRISIL had downgraded its rating to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+' to the bank facilities of
Tribhuwan Narayan Singh(TNS) on July 17, 2014.
Outlook: Stable
CRISIL believes that TNS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significantly better-than-expected cash accruals or substantial
capital infusion, while managing its working capital requirements
efficiently. Conversely, the outlook may be revised to 'Negative'
if TNS's cash accruals are lower-than-expected, or its working
capital requirements are large, or it undertakes debt-funded
capital expenditure, which will further weaken its liquidity.
About the Firm
TNS was established in 1991 as a proprietorship firm by Mr.
Tribhuwan Narayan Singh and is currently being managed by his son
Mr. Abhishek Singh. The firm is based in Ghazipur (Uttar Pradesh)
and is engaged in the construction of roads and bridges for
government departments in Uttar Pradesh and Jharkhand.
TNS is estimated to report a profit after tax (PAT) of INR4.6
million on operating income of INR612.7 million for 2013-14, as
against a PAT of INR3.3 million on sales of INR532.8 million for
2012-13.
USHA CHEM: CRISIL Suspends 'B' Rating on INR45MM Loans
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Usha
Chem.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 45 CRISIL A4 Suspended
Proposed Long Term 30 CRISIL B/Stable Suspended
Bank Loan Facility
Letter of Credit 15 CRISIL B/Stable Suspended
The suspension of ratings is on account of non-cooperation by Usha
Chem with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Usha Chemis yet
to provide adequate information to enable CRISIL to assess Usha
Chem's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Usha Chem, established in the year 2008 as partnership firm of Mr.
Kishor Kulchandani along with his family members, is engaged in
trading of chemicals and dyes primarily used in the textile,
pharmaceutical and paint industry. It is also engaged in trading
of spices. The firm has its administrative office at Mumbai.
U V PROMOTERS: CRISIL Suspends 'B' Rating on INR50MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of U V
Promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 50 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by UVP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UVP is yet to
provide adequate information to enable CRISIL to assess UVP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
UVP was established in December 2011 by Mr. S Paul Raj, Mrs.
Yamunabhai, Mrs. Vijayalakshmi and Mrs. P Manivasagi as a
partnership concern. UVP is developing residential villas, named
Auro Breeze, in Pondicherry. It is the first real estate
development project executed by the firm. Auro Breeze comprises 20
residential villas near Pondicherry University. The project was
launched in February 2012 and is expected to be completed by March
2014. The partners have a combined experience of more than a
decade through a group concern, P S Constructions, which is
engaged in construction of residential and commercial real estate
properties in Tamil Nadu.
VINAYAK HATCHERIES: ICRA Assigns 'B' Rating to INR7.11cr Loans
--------------------------------------------------------------
ICRA has assigned [ICRA] B ratings for the INR7.11 Crore bank
facilities of M/s Vinayak Hatcheries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 1.70 [ICRA]B Assigned
Term Loan 5.41 [ICRA]B Assigned
The assigned rating takes into account the significant experience
of the promoters of Vinayak Hatcheries (VH) in the poultry
business and the healthy demand outlook for the broiler chicken
industry in India. The demand for the same remains high, both on
account of the lower cost of chicken over other alternatives as
well as religious preferences, which hinder consumption of other
forms of meat.
The ratings, however, are constrained by VH's moderate financial
profile as indicated by moderate gearing levels, thin net margins
and low coverage indicators. The ratings are further constrained
by the inherent weaknesses of the business in the form of seasonal
demand and susceptibility to risks like disease outbreak. ICRA
also takes note of the fragmented industry structure with the
presence of various unorganised players which limits pricing
flexibility, while the profitability margins remain vulnerable to
volatility in raw material prices. The ability of the firm to
manage the feed costs and increase its scale of operations in a
profitable manner will remain key sensitivities.
Recent Results
As per the provisional figures for FY14, VH recorded an operating
income of INR10.8 crore, operating profit before depreciation,
interest and tax of INR1.5 crore and profit after tax of INR0.1
crore.
M/s Vinayak Hatcheries was incorporated in 2011 as a partnership
firm. The firm is engaged in the breeding of parent birds,
artificial hatching of the eggs obtained from them and selling
them to dealers located in Jharkhand, Uttarakhand, Uttar Pradesh,
M.P. and Bihar. The farm is located at Panipat in Haryana whereas
the hatchery is located at Allahabad in Uttar Pradesh. The
partners in the firm are Mr. Suresh Khatri, Mr. Jagdev Singh and
Mr. Jagdeep Singh. The unit is run under the direct supervision
and control of the partners.
WORLD SCHOOLS: CRISIL Suspends 'C' Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of World
Schools Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 100 CRISIL C
The suspension of ratings is on account of non-cooperation by WSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WSPL is yet to
provide adequate information to enable CRISIL to assess WSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Set up in 2007 by Mr. Venkatesh Korvadi, WSPL runs a kindergarten-
to-twelfth-standard school, Treamis World School (Treamis), in
Bangalore. The school currently has 370 students. Of the 370
students, 35 are international students from Thailand and Korea.
The school also has a hostel, which has a capacity to accommodate
86 students. The school is authorized to offer International
General Certificate of Secondary Education (IGCSE) program from
the University of Cambridge International Examinations Syndicate
and CBSE program from Central Board of Secondary Education of
India. The school caters mainly to children from the families of
professionals in information technology at Electronic City in
Bangalore and to professionals who are working abroad.
=================
I N D O N E S I A
=================
MNC SKY: Moody's Says 1H 2014 Results No Impact on 'B1' Rating
--------------------------------------------------------------
Moody's Investors Service says that P.T. MNC Sky Vision's (Sky
Vision, B1 stable) moderate 1H 2014 financial results have no
immediate impact on its B1 rating and stable outlook.
"Sky Vision's revenue growth slowed considerably in 1H 2014, as
increasing levels of competition exerted pressure on subscriber
growth and average revenue per user (ARPU). However, there is
sufficient cushion in the company's rating to absorb this moderate
operating performance," says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst.
Year-over-year revenue growth was just 9% in 1H 2014, which is
well below historical growth rates of 20% to 30%. At the same
time, content costs increased 29% in 1H 2014 from 1H 2013, in part
reflecting a weaker rupiah against the US dollar, as around 70% of
Sky Vision's content costs are denominated in US dollar.
"Slower growth, combined with higher content costs also caused
EBITDA margins to contract in 1H 2014 to 37% from 41% in 1H 2013
and 40% at FYE 2013. Nonetheless, Moody's expect Sky Vision's
margins to recover in 2H 2014, as the company introduced price
hikes in its pay-TV offerings in mid-April to mitigate the impact
of local currency depreciation," adds Di Chiara.
Moody's estimates Sky Vision's leverage was around 2.6x for the
last twelve months ended June 30, which is line with the company's
B1 rating.
The stable outlook reflects Moody's expectation that Sky Vision's
leading market share and product offering will continue to support
significant organic growth over the next 12-18 months, and support
EBITDA margins in the 37% to 40% range.
However, downward pressure on Sky Vision's rating could develop if
competition intensifies further, resulting in a decline in the
company's market share and operating profit margins.
In particular, Moody's would consider downgrading the rating or
revising the outlook to negative if operating margins deteriorate
below 35%, or if the company's cash cushion deteriorates
materially, such that it would need to rely on additional external
funds to support growth.
Sustained negative free cash flow generation over the longer term
or more aggressive shareholder initiatives, including sizeable
dividends, would also be negative for the rating.
The principal methodology used in this rating was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013.
Headquartered in Jakarta, P.T. MNC Sky Vision is a provider of
direct-to-home, pay-TV services.
The company is 66.47% owned by PT Global Mediacom Tbk (unrated), a
diversified media company, and which is 53.47% owned by PT MNC
Investama Tbk (B1 stable). Global Mediacom and MNC Investama are
publicly listed in Indonesia.
====================
N E W Z E A L A N D
====================
ALLIED FARMERS: Settles NZ$2 Million Debt With Crown Management
---------------------------------------------------------------
Allied Farmers Limited (ALF) announced on Aug. 4, 2014, that it
has entered into an agreement to fully and finally settle all
outstanding debts and obligation to its first ranking secured
lender, Crown Asset Management Limited (CAML).
The Allied Group has on demand loan liabilities from CAML, and
CAML and ALF have agreed to fully satisfy this liability by Allied
Group immediately paying NZ$1 million in cash to CAML (tranche 1),
and an additional NZ$1 million on or before 3 October 2014
(tranche 2).
Additionally, the holders of the bonds that were issued by AFRL on
13 September 2013 (010 Bonds) have agreed to extend the maturity
date for the 010 Bonds from 29 August 2014 to 29 August 2015.
ALF will fund tranche 1 by selling 10 percent of the shares that
its wholly owned subsidiary, Allied Farmers Rural Limited (AFRL),
owns in NZ Farmers Livestock Limited (NZFL) (Sale Shares) for
NZ$1 million, and proposes to fund tranche 2 by issuing non-listed
bonds in AFRL with a three year term on or before 30 September
2014. If tranche 2 is not paid by 3 October 2014, CAML will, as it
has for some time now, continue to reserve its rights.
The other significant shareholders in NZFL, Stockmans Limited and
Agent Company Limited, are the purchasers of the Sale Shares. On
completion, AFRL will retain 57 percent of the shares in NZFL.
NZX Regulation has granted a waiver from Listing Rule 9.2 in
relation to the sale of the Sale Shares and the extension of the
maturity date for the 010 Bonds. Further details of the
transactions subject of this announcement are set out in the NZX
waiver decision which has been released together with this
announcement.
Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber). Rural Services comprise livestock, merchandise and real
estate operations. The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu. Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch. Timber processing comprises the Company's
discontinued sawmilling operations.
Allied Farmers Limited reported an unaudited loss of
NZ$14.1 million for the year ended June 30, 2012, compared with
NZ$40.9 million in 2011. A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.
The Hawera-based company made a loss of NZ$4.4 million in the year
to June 30, 2013.
LAKE FRONT: Group of Pubs Placed in Receivership
------------------------------------------------
Dave Burgess at BusinessDay.co.nz reports that a fistful of
companies running pubs around New Zealand have been placed in
receivership but a pair of enterprising Wellington booze barons
have picked up the management of some of them to keep the drinks
flowing.
And the same businessmen also have plans to open a "funky seafood
restaurant" at the former site of Martin Bosley's Yacht Club
Restaurant, the report says.
According to the report, Jamie and Andrew Williams, co-owners of
Upstream Hospitality, are managing, for receivers PwC, The
Residence in Courtenay Place, the Water Bar in Wanaka and the
Stellar Bar in Whanganui. They may also end up running a
Palmerston North bar for the receivers, the report relates.
The sole director of Lake Front Entertainment, the company which
operated the Water Bar, is listed on the Companies Register as
being Paul Lecheminant from Island Bay, BusinessDay.co.nz says.
A further six companies in which he is sole director have also
gone into receivership, while another with Ricky Paul Quirk has
also suffered the same fate, the report notes.
Mr. Quirk is a former hospitality mogul who owned bars across the
South Island. He was declared bankrupt in 2009, the report
discloses.
BusinessDay.co.nz relates that Jamie Williams said Upstream were
in a guardianship role at The Residence, Water Bar and Stellar Bar
on behalf of the receivers.
"They asked us to run the businesses, to put our systems and
processes in place so they get transparency and visibility into
the operation," BusinessDay.co.nz quotes Mr. Williams as saying.
Mr. Williams said the receivers covered all costs and collected
the turnover, while Upstream had a few staff monitoring the bars,
according to the report.
===========
T A I W A N
===========
INTERNATIONAL BILLS: Fitch Affirms 'B+' Support Rating Floor
------------------------------------------------------------
Fitch Ratings has affirmed six Taiwanese bills finance companies
(BFCs): International Bills Finance Corporation (International
BFC), China Bills Finance Corporation (China BFC), Grand Bills
Finance Corporation (Grand BFC), Taching Bills Finance Corporation
(Taching BFC), Dah Chung Bills Finance Corporation (Dah Chung
BFC), and Taiwan Finance Corporation (Taiwan Finance Corp).
At the same time, Fitch has affirmed the ratings of Waterland
Financial Holdings (Waterland Financial) and Waterland Securities
Corporation (Waterland Securities), which are linked to the
ratings of International BFC, the principal operating subsidiary
of the group. The Outlooks are all Stable.
KEY RATING DRIVERS - IDRs, National Ratings and Viability Ratings
(VR)
The IDRs and National Ratings of International BFC, China BFC,
Grand BFC, Taching BFC and Dah Chung BFC are driven by their
standalone credit profiles, which are reflected in their VRs.
Taiwan Finance Corp's IDRs reflect the potential for institutional
support from its largest shareholders, which is reflected in its
Support Rating.
Their VRs - mostly at 'bbb' and 'bbb-' - are underpinned by the
ample liquidity in Taiwan, which mitigates the risk associated
with the BFCs' reliance on wholesale funding, the BFCs' ability to
maintain adequate capitalization and their sufficient underwriting
and asset quality. The ratings also reflect their shared
weaknesses, including limited business scope, susceptibility to
external shocks due to their relatively small balance sheets and
concentrated risk exposures.
Fitch expects the rated BFCs to comfortably navigate a tighter
liquidity environment because they are able to access the
repurchase (repo) market due to their high credit quality fixed-
income holdings and to quickly wind down their short-dated
commercial paper guarantee book under a stressed market. The BFCs
restrained market risk appetites have reduced the probability of
significant losses from a possible rate reversal that could result
in severe capital erosion.
In Fitch's view, the smaller-sized firms (Grand BFC, Taching BFC,
Dah Chung BFC and Taiwan Finance Corp), which are less diversified
in their borrowers and bond repo counterparties, face higher
concentration risk than International BFC and China BFC. The
concentration risk, their visibly smaller market presence and
smaller loss absorption capacity resulted in lower ratings for
these smaller firms. However, their focus on creditworthy
corporates and high-quality collateral against repo agreements
help to mitigate potential risks.
China BFC and International BFC have the highest ratings of 'BBB'
among Fitch-rated peers. They are more significant to the
Taiwanese money market because of their consistently strong market
presence in guarantee underwriting and market-making.
RATING SENSITIVITIES - IDRs, National Ratings and VRs
Dah Chung BFC's expanded interest rate exposure is a potential
credit negative because of capital erosion should there be a rise
in interest rates. The agency expects Dah Chung BFC to maintain
its capital profile commensurate with its risk-taking, given its
self-imposed loss limit and measured guarantee growth. Any
deterioration in its capital buffer resulting from excessive
increases in investments would lead to negative rating action.
Grand BFC reported high credit growth in 2013, the majority of
which was at the higher end of the credit spectrum or backed by
strong collateral. Further aggressive growth leading to weakened
capitalization or asset quality would pressure its ratings.
Taiwan Finance Corp reported the strongest growth in guarantees
among peers in 2012-2014 as it rebuilt its guarantee portfolio
after a sharp reduction during 2007-2009 due to a business re-
orientation. The growth focused on borrowers with sound
creditworthiness and was under close oversight by its bank
shareholders and hence the associated risk is manageable.
The IDRs and National Ratings of International BFC, China BFC,
Grand BFC, Taching BFC and Dah Chung BFC are sensitive to same
factors that could change their respective VRs. A change in
Fitch's assessment of the ability or propensity of Taiwan Finance
Corp's largest shareholders to provide support is likely to result
in a change in its IDRs and National Ratings.
The rated entities' VRs have limited upside due to the sector-wide
structural limitations, such as their wholesale funding nature,
limited business scope and vulnerability to interest rate changes.
Negative rating action may result from any compromises in
underwriting quality, weakened capital strength arising from
aggressive growth, or unexpected market disruptions resulting in
liquidity stress.
KEY RATING DRIVERS AND SENSITIVITIES - SR and SRF
International BFC's and China BFC's SRs and SRFs reflect a limited
probability of government support, if needed. SRs and SRFs for
Grand BFC, Taching BFC and Dah Chung BFC reflect Fitch's view that
state support cannot be relied upon, due to their low systemic
importance. Taiwan Finance Corp's SR is driven by expected
support from its bank shareholders, including Mega International
Commercial Bank, Cathay United Bank, and International BFC.
The SRs and SRFs of International BFC, China BFC, Grand BFC,
Taching BFC and Dah Chung BFC are sensitive to changes in
assumptions around the propensity of the government to provide
timely support. Taiwan Finance Corp's SR may be downgraded if the
willingness or ability of its top shareholders to extend support
were deemed to be reduced.
KEY RATING DRIVERS AND SENSITIVITIES - Waterland Financial and
Waterland Securities
The IDRs and National Ratings of Waterland Financial and Waterland
Securities are aligned with those of International BFC, the
principal operating subsidiary in the group. Waterland
Securities' ratings also reflect the obligatory support from its
parent Waterland Financial under Taiwan's Financial Holding
Company Act. Waterland Financial and Waterland Securities'
standalone financial performances remain healthy, including the
maintenance of adequate liquidity and sound financial flexibility.
Waterland Financial's ratings are driven by the financial strength
of its principal operating subsidiary, International BFC. Any
weakening of IBF's credit profile, and/or Waterland Financial's
standalone liquidity and leverage could pressure its ratings.
Waterland Securities' ratings will move in tandem with the ratings
of its parent, Waterland Financial.
FULL LIST OF RATING ACTIONS
International BFC:
Long-Term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook
Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'
Waterland Financial:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Waterland Securities:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
China BFC:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '4'
Support Rating Floor affirmed at B+'
Dah Chung BFC:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Taching BFC:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Grand BFC:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Taiwan Finance Corp:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '2'.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 29 to August 1, 2014
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------- -------- -------- -----
AUSTRALIA
---------
A1 INVESTMENTS & 12.00 09/30/14 AUD 0.05
ANTARES ENERGY LT 10.00 10/30/23 AUD 2.14
BOART LONGYEAR MA 7.00 04/01/21 USD 72.25
BOART LONGYEAR MA 7.00 04/01/21 USD 71.13
GRIFFIN COAL MINI 9.50 12/01/16 USD 72.75
GRIFFIN COAL MINI 9.50 12/01/16 USD 72.75
KBL MINING LTD 10.00 08/05/16 AUD 0.28
LAKES OIL NL 10.00 11/30/14 AUD 19.90
MIDWEST VANADIUM 11.50 02/15/18 USD 45.00
MIDWEST VANADIUM 11.50 02/15/18 USD 43.06
MIRABELA NICKEL L 8.75 04/15/18 USD 23.13
MIRABELA NICKEL L 8.75 04/15/18 USD 24.00
NEW SOUTH WALES T 0.50 03/30/23 AUD 74.75
STOKES LTD 10.00 06/30/17 AUD 0.37
TREASURY CORP OF 0.50 11/12/30 AUD 54.99
CHINA
-----
CHANGCHUN CITY DE 6.08 03/09/16 CNY 70.53
CHANGCHUN CITY DE 6.08 03/09/16 CNY 70.35
CHANGZHOU INVESTM 5.80 07/01/16 CNY 70.06
CHANGZHOU INVESTM 5.80 07/01/16 CNY 70.14
CHANGZHOU SMALL & 6.18 11/29/14 CNY 60.19
CHINA GOVERNMENT 1.64 12/15/33 CNY 62.42
CHINA RAILWAY COR 4.10 11/15/36 CNY 74.93
DANYANG INVESTMEN 6.30 06/03/16 CNY 70.28
GUANGXI XINFAZHAN 5.75 11/30/14 CNY 39.90
JIANGSU LIANYUN D 7.85 07/22/15 CNY 71.59
KUNSHAN ENTREPREN 4.70 03/30/16 CNY 69.33
KUNSHAN ENTREPREN 4.70 03/30/16 CNY 69.42
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 49.70
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 49.29
WUXI COMMUNICATIO 5.58 07/08/16 CNY 49.80
WUXI COMMUNICATIO 5.58 07/08/16 CNY 49.88
YANGZHOU URBAN CO 5.94 07/23/16 CNY 70.45
YANGZHOU URBAN CO 5.94 07/23/16 CNY 70.37
ZHENJIANG CITY CO 5.85 03/30/15 CNY 70.32
ZHENJIANG CITY CO 5.85 03/30/15 CNY 70.21
ZHUCHENG ECONOMIC 7.50 08/25/18 CNY 57.26
ZIBO CITY PROPERT 5.45 04/27/19 CNY 59.13
ZOUCHENG CITY ASS 7.02 01/12/18 CNY 70.96
INDONESIA
---------
DAVOMAS INTERNATI 11.00 12/08/14 USD 19.38
DAVOMAS INTERNATI 11.00 12/08/14 USD 19.38
INDONESIA TREASUR 6.38 04/15/42 IDR 74.40
PERUSAHAAN PENERB 6.75 04/15/43 IDR 74.77
PERUSAHAAN PENERB 6.10 02/15/37 IDR 70.50
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 43.50
CORE EDUCATION & 7.00 05/07/15 USD 9.50
COROMANDEL INTERN 9.00 07/23/16 INR 14.93
GTL INFRASTRUCTUR 2.53 11/09/17 USD 34.87
INCLINE REALTY PV 10.85 08/21/17 INR 20.37
INCLINE REALTY PV 10.85 04/21/17 INR 17.35
INDIA GOVERNMENT 0.23 01/25/35 INR 19.96
JCT LTD 2.50 04/08/11 USD 20.00
MASCON GLOBAL LTD 2.00 12/28/12 USD 10.00
PYRAMID SAIMIRA T 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 55.88
REI AGRO LTD 5.50 11/13/14 USD 55.88
SHIV-VANI OIL & G 5.00 08/17/15 USD 27.52
JAPAN
-----
ELPIDA MEMORY INC 0.70 08/01/16 JPY 16.50
ELPIDA MEMORY INC 0.50 10/26/15 JPY 15.38
ELPIDA MEMORY INC 2.03 03/22/12 JPY 16.50
ELPIDA MEMORY INC 2.10 11/29/12 JPY 16.50
ELPIDA MEMORY INC 2.29 12/07/12 JPY 16.50
JAPAN EXPRESSWAY 0.50 03/18/39 JPY 72.66
JAPAN EXPRESSWAY 0.50 09/17/38 JPY 73.32
KOREA
------
DONGBU METAL CO L 5.20 09/12/19 KRW 66.19
EXPORT-IMPORT BAN 0.50 10/23/17 TRY 74.47
EXPORT-IMPORT BAN 0.50 12/22/17 BRL 68.84
EXPORT-IMPORT BAN 0.50 11/21/17 BRL 70.03
EXPORT-IMPORT BAN 0.50 12/22/17 TRY 73.23
HYUNDAI MERCHANT 7.05 12/27/42 KRW 43.92
KIBO ABS SPECIALT 10.00 09/04/16 KRW 30.75
KIBO ABS SPECIALT 10.00 02/19/17 KRW 30.03
KIBO ABS SPECIALT 10.00 08/22/17 KRW 32.56
SINBO SECURITIZAT 5.00 12/13/16 KRW 29.81
SINBO SECURITIZAT 5.00 07/19/15 KRW 71.14
SINBO SECURITIZAT 5.00 07/08/17 KRW 30.47
SINBO SECURITIZAT 5.00 08/31/16 KRW 30.04
SINBO SECURITIZAT 5.00 08/31/16 KRW 30.04
SINBO SECURITIZAT 5.00 10/01/17 KRW 29.79
SINBO SECURITIZAT 5.00 10/01/17 KRW 29.79
SINBO SECURITIZAT 5.00 10/01/17 KRW 29.79
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.60
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.60
SINBO SECURITIZAT 5.00 09/28/15 KRW 70.97
SINBO SECURITIZAT 5.00 10/05/16 KRW 30.01
SINBO SECURITIZAT 5.00 10/05/16 KRW 30.01
SINBO SECURITIZAT 5.00 01/29/17 KRW 29.71
SINBO SECURITIZAT 5.00 09/13/15 KRW 64.13
SINBO SECURITIZAT 5.00 07/08/17 KRW 30.47
SINBO SECURITIZAT 4.60 06/29/15 KRW 72.65
SINBO SECURITIZAT 4.60 06/29/15 KRW 72.65
SINBO SECURITIZAT 5.00 12/07/15 KRW 72.67
SINBO SECURITIZAT 5.00 01/19/16 KRW 72.59
SINBO SECURITIZAT 5.00 02/02/16 KRW 73.17
SINBO SECURITIZAT 5.00 03/14/16 KRW 72.51
SINBO SECURITIZAT 5.00 06/29/16 KRW 73.15
SINBO SECURITIZAT 8.00 03/07/15 KRW 74.43
SINBO SECURITIZAT 5.00 07/26/16 KRW 30.11
SINBO SECURITIZAT 5.00 07/26/16 KRW 30.11
SINBO SECURITIZAT 5.00 09/13/15 KRW 73.30
SINBO SECURITIZAT 5.00 06/07/17 KRW 27.78
SINBO SECURITIZAT 5.00 06/07/17 KRW 27.78
SINBO SECURITIZAT 5.00 08/16/16 KRW 30.22
SINBO SECURITIZAT 5.00 08/16/17 KRW 30.16
SINBO SECURITIZAT 5.00 08/16/17 KRW 30.16
SINBO SECURITIZAT 5.00 05/27/16 KRW 73.22
SINBO SECURITIZAT 5.00 05/27/16 KRW 73.22
SINBO SECURITIZAT 5.00 08/24/15 KRW 71.04
SINBO SECURITIZAT 5.00 02/21/17 KRW 29.56
SINBO SECURITIZAT 5.00 02/21/17 KRW 28.06
STX OFFSHORE & SH 6.90 04/09/15 KRW 75.01
TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00
U-BEST SECURITIZA 5.50 11/16/17 KRW 30.04
WOONGJIN ENERGY C 2.00 12/19/16 KRW 61.54
MALAYSIA
--------
BANDAR MALAYSIA S 0.35 02/20/24 MYR 64.85
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 68.02
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 66.55
LAND & GENERAL BH 1.00 09/24/18 MYR 0.43
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.33
NEW ZEALAND
-----------
KIWI INCOME PROPE 8.95 12/20/14 NZD 1.04
PHILIPPINES
-----------
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM PT 11.50 05/07/15 USD 10.50
BAKRIE TELECOM PT 11.50 05/07/15 USD 10.25
BLD INVESTMENTS P 8.63 03/23/15 USD 29.63
BUMI CAPITAL PTE 12.00 11/10/16 USD 48.00
BUMI CAPITAL PTE 12.00 11/10/16 USD 45.91
BUMI INVESTMENT P 10.75 10/06/17 USD 47.65
BUMI INVESTMENT P 10.75 10/06/17 USD 47.50
ENERCOAL RESOURCE 9.25 08/05/14 USD 39.75
INDO INFRASTRUCTU 2.00 07/30/10 USD 1.88
OVERSEA-CHINESE B 3.50 12/27/37 USD 72.65
SRI LANKA
---------
SRI LANKA GOVERNM 5.35 03/01/26 LKR 69.35
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 13.63
MDX PCL 4.75 09/17/03 USD 17.25
VIETNAM
-------
BANK FOR INVESTME 10.33 05/19/16 VND 1.00
BANK FOR INVESTME 10.20 05/19/21 VND 74.29
DEBT AND ASSET TR 1.00 10/10/25 USD 52.44
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***