/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/150420.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 Monday, April 20, 2015, Vol. 18, No. 076 Headlines A U S T R A L I A BENCHMARK DESIGNER: First Creditors' Meeting Set For April 28 FORTESCUE METALS: Moody's Downgrades CFR to Ba2, Outlook Negative GUNNS LIMITED: 550 Hectares of Land Up for Sale JPB TRANSPORT: First Creditors' Meeting Set For April 28 MURANO HOLDINGS: Hall Chadwick Appointed as Administrators NEWSAT LIMITED: Files For Chapter 15 Protection NEWSAT LIMITED: Chapter 15 Case Summary THE STAG: Hotel Closes Doors Following Administration C H I N A CHINA SHANSHUI: S&P Puts B+ LT Corp. Credit Rating on Watch Neg. TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014 I N D I A AEON MANUFACTURING: CRISIL Cuts Rating on INR500MM LOC to D AMARESH RICE: CRISIL Suspends D Rating on INR126MM Term Loan AMRIT DURAPARTS: CRISIL Suspends D Rating on INR109.2MM Loan ANAND EDUCATION: CRISIL Suspends D Rating on INR38.5MM Term Loan ANAND MOTOR: CRISIL Suspends B+ Rating on INR100MM Cash Loan ANGEL FIBERS: CRISIL Assigns B+ Rating to INR411MM LT Loan APEX CONSTRUCTIONS: ICRA Rates INR4cr Cash Credit at B+ B.R. AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan B.V. COTS: ICRA Assigns B+ Rating to INR18cr Cash Credit BHAVYAADEV ROADLINES: CRISIL Suspends D Rating on INR134.7MM Loan BISHANDAYAL INDERCHAND: CRISIL Suspends D Rating on INR150MM Loan CAUVERY IRON: ICRA Cuts Rating on INR187.55cr Term Loan to D COMMERCIAL AUTO: CRISIL Suspends B Rating on INR65MM Cash Loan D V S STEELS: CRISIL Suspends B+ Rating on INR90MM Credit Limit DEV ROADLINES: CRISIL Suspends D Rating on INR252.2MM Term Loan DEVANG PAPER: ICRA Reaffirms B+ Rating on INR5.93cr Term Loan FRONTIER TEXTILES: CRISIL Suspends B Rating on INR50MM Loan GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan GOVINDA MINERALS: CRISIL Suspends D Rating on INR70MM Cash Loan GRV SPINTEX: CRISIL Reaffirms B+ Rating on INR477.5MM Term Loan GSR TEXTILES: ICRA Reaffirms B Rating on INR18.27cr Loan HARSHITA POLYPACK: ICRA Reaffirms B+ Rating on INR4.6cr Cash Loan NATVAR PARIKH: CRISIL Reaffirms B+ Rating on INR200MM Term Loan P.I. JEWELLERS: CRISIL Suspends D Rating on INR160MM Cash Loan PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan S.K. SOLVEX: ICRA Reaffirms 'B' Rating on INR8.50cr LT Loan SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit STYLIN SANITARYWARES: ICRA Assigns B Rating to INR5cr Term Loan SURYAUDAY SPINNING: ICRA Reaffirms B+ Rating on INR12.20cr Loan SWAGAT HOSPITALS: CRISIL Reaffirms B Rating on INR250MM Loan VIKAS COTEX: ICRA Reaffirms B Rating on INR12.35cr Cash Loan N E W Z E A L A N D LEFTBRAIN GROUP: Goes Into Voluntary Liquidation P H I L I P P I N E S EXPORT AND INDUSTRY BANK: Creditors Ordered to Files Claims RURAL BANK OF LABRADOR: Placed Under PDIC Receivership S I N G A P O R E * Court OKs Man's Bid to Wind Up 3 Firms Controlled By Brother - - - - - ================= A U S T R A L I A ================= BENCHMARK DESIGNER: First Creditors' Meeting Set For April 28 ------------------------------------------------------------- Richard Albarran and Cameron Shaw of Hall Chadwick Chartered Accountants were appointed as administrators of Benchmark Designer Homes Pty Limited on April 15, 2015. A first meeting of the creditors of the Company will be held at Duxton Room 4, Duxton Hotel, 1 St Georges Terrace, in Perth, on April 28, 2015, at 11:30 a.m. FORTESCUE METALS: Moody's Downgrades CFR to Ba2, Outlook Negative ----------------------------------------------------------------- Moody's Investors Service downgraded Fortescue Metals Group Ltd's corporate family rating to Ba2 from Ba1. At the same time Moody's has downgraded FMG Resources (August 2006) Pty Ltd's senior unsecured rating to Ba3 from Ba2 and senior secured rating to Ba1 from Baa3. The outlook on all ratings is negative. "The downgrade of Fortescue's corporate family rating reflects the very weak iron ore fundamentals and our expectation that iron ore prices will remain around the current weak levels through 2016", says Matthew Moore, a Moody's Vice President and Senior Analyst. "Such price levels will lead to a substantial weakening of Fortescue's earnings and key credit metrics compared to our previous expectation", adds Moore. "Iron ore prices (62% Fe CFR index) are currently ranging between USD45 and USD50 per metric tonne (t) and we expect slowing steel production growth in China and significant oversupply issues will keep prices at low levels through 2016" says Moore, adding "As a result we have lowered our base case average price sensitivities for iron ore to USD50/t for 2015 and USD45/t for 2016". The downgrade of Fortescue's corporate family rating follows Moody's previous comments that any further deterioration in industry fundamentals and in the iron ore price - relative to our previous base case sensitivities of around USD65-70/t (62% Fe CFR index) - could pressure the rating and/or outlook. At current prices, and under Moody's revised sensitivity ranges, Moody's expects that Fortescue's key credit metrics will weaken materially from previously strong levels. Assuming prices in the USD45-50/t range through 2016, Moody's expects that Fortescue's key metric of debt-to-EBITDA will average around 4.5x-5.0x in the period. This compares to around 1.8x for the financial year ended June 2014 (FY14) and around 2.5x for the 12 months to December 2014. "Fortescue has made material progress reducing its cash costs and breakeven levels and we expect the company will continue to make reductions" says Moore, adding "While this should help to preserve liquidity, the rapid fall in prices means earnings and cash flow generation will be much lower over the next 12-24 months leading to our expectations for margins and credit metrics to be indicative of the lower ratings". Fortescue reported that cash costs for the quarter ended March 2015 fell to around USD26 per wet metric tonne (wmt) and has guided that cost could be around USD18/wmt in FY16. This has come down from around USD30/wmt in the first half of FY15 and at these costs levels Moody's expect that Fortescue will remain cash flow breakeven (inclusive of royalties, interest, sustaining capital expenditures, and moisture and discount adjustments) under our price sensitivities. Fortescue has reported that it expects to be cash flow break even at around a USD39/t index price in FY16. The company's earnings could also benefit from further favorable movements in Australian dollar foreign exchange rates and lower fuel costs. However, Moody's expects EBITDA margins to fall significantly with EBITDA per tonne dropping to around USD12 or lower through 2017 versus the over USD40 per tonne achieved in FY14. "Our negative outlook reflects our view that Fortescue's credit profile will remain very sensitive to movements in the iron ore price, which is exposed to downside risk", says Moore. The negative outlook also reflects our expectation that credit metrics are likely to remain outside our tolerance levels for the rating for the next 12-to-18 months. Moody's would consider stabilizing Fortescue's outlook if prices improve and are sustained above our sensitivity ranges or the company reduces costs and/or debt to levels where the company can maintain Debt-to-EBITDA below 3.5x through all reasonable pricing assumptions. "The rating could be downgraded further if the company is unable to sustain and improve on recent cost reductions such that all in breakeven unit costs of production remains above our pricing sensitivities", says Moore, adding "Continued pressure on iron ore prices below our sensitivity cases could also lead to a downgrade. Financial metrics that Moody's would consider for a downgrade would be an inability to improve Debt-to-EBITDA to below 4.0x on a consistent basis." Fortescue's liquidity profile remains solid and Moody's expects cash balances, combined with operating cash flow, to be adequate to cover expected cash uses over the next 12-18 months under Moody's base case price sensitivities. Moody's also expects that success in Fortescue's ongoing cost reduction plans will allow it to remain around breakeven cash flow levels. The company had around USD1.8 billion of cash on hand at 31 March 2015. The corporate family rating could also be downgraded if Fortescue's liquidity levels deteriorate materially, including cash on-hand dropping below USD1 billion for a protracted period. The principal methodology used in these ratings was Global Mining Industry published in August 2014. Fortescue Metals Group Ltd based in Perth, is an iron ore producer engaged in the exploration and mining of iron ore for export, mainly to China. Fortescue is Australia's third largest iron ore producer and exporter as well as one of the world's largest producers and sea-borne traders. GUNNS LIMITED: 550 Hectares of Land Up for Sale ----------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that expressions of interest are sought by the receivers and managers of Gunns Limited for the purchase of around 550 hectares of land that fit for industrial development. The property is located in Bell Bay, Northern Tasmania, the report says. Dissolve.com.au relates that main features of the land for sale include strategic location on the Tamar River with direct access to a sea port. About Gunns Ltd Based in Launceston, Australia, Gunns Limited (ASX:GNS) -- http://www.gunns.com.au/-- was an hardwood and softwood forest products company. It operated within three segments: Forest products, Timber products and Other activities. Gunns has about 645 employees in Tasmania, Victoria, South Australia and Western Australia. On Sept. 25, 2012, the directors of Gunns Limited and its 35 entities, and the responsible entity of Gunns Plantations Limited appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB Advisory as Voluntary Administrators. KordaMentha has also been appointed Receivers and Managers. The appointment came after Gunns failed to secure an equity investor amid high debt and a prolonged trading halt, The Australian reported. Gunns was placed into liquidation in March 2013. JPB TRANSPORT: First Creditors' Meeting Set For April 28 -------------------------------------------------------- Richard Albarran, David Ross and Cameron Shaw of Hall Chadwick Chartered Accountants were appointed as administrators of JPB Transport & Logistics Pty Limited on April 15, 2015. A first meeting of the creditors of the Company will be held at the Duxton Hotel, 1 St Georges Terrace, in Perth, on April 28, 2015, at 10:30 a.m. MURANO HOLDINGS: Hall Chadwick Appointed as Administrators ---------------------------------------------------------- Richard Albarran, David Ross and Cameron Shaw of Hall Chadwick Chartered Accountants were appointed as administrators of Murano Holdings Pty Limited on April 15, 2015. NEWSAT LIMITED: Files For Chapter 15 Protection ----------------------------------------------- BankruptcyData.com reported that Victoria, Australia-based NewSat Limited and six affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 15-10810. The Company, which operates as an integrated satellite communications provider, is represented by Joseph M. Barry of Young, Conaway, Stargatt & Taylor. On April 16, 2015, a Security Trustee exercised its right, under Section 436C(1) of Australia's Corporations Act, to appoint Administrators, with such appointment commencing an Australian receivership proceeding. "Amidst these financial difficulties, allegations of mismanagement at the NewSat Group came to light. Such allegations of impropriety include (i) abuse of expense policies by certain executives, (ii) improper disclosure and allocation of related party transactions, and (iii) substantial payments to a yacht company part-owned by the NewSat Group's founder and chief executive, Mr. Adrian Ballantine, and several other past and present board members. Further, one of the NewSat Group's customers, TrustComm Inc., filed a lawsuit against NewSat and NewSat America, Inc. in Virginia alleging a $10 million fraud," BankruptcyData.com relates citing documents filed with the Court. NewSat Limited's Chapter 15 petition indicates total assets of $542 million, the report discloses. NEWSAT LIMITED: Chapter 15 Case Summary --------------------------------------- Chapter 15 Petitioners: Stephen James Parbery and Marcus William Ayres, of PPB Advisory in Sydney, Australia Chapter 15 Debtors: Name Case No. ---- -------- NewSat Limited 15-10810 Level 4 6 Riverside Quay Southbank Melbourne Victoria 3006 NSN Holdings Pty Ltd. 15-10811 NewSat Services Pty Ltd. 15-10812 Jabiru Satellite Holdings Pty Ltd. 15-10813 NewSat Space Resources Pty Ltd. 15-10814 NewSat Networks Pty Ltd. 15-10815 Jabiru Satellite Ltd. 15-10816 Type of Business: Satellite communications company Chapter 15 Petition Date: April 16, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Kevin J. Carey Chapter 15 Petitioners' Counsel: Joseph M. Barry, Esq. Matthew B. Lunn, Esq. YOUNG, CONAWAY, STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, DE 19801 Tel: 302-571-6600 Email: jbarry@ycst.com mlunn@ycst.com - and - Ken Coleman, Esq. Mark Nixdorf, Esq. ALLEN & OVERY LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 610-6300 Fax: (212) 610-6399 Email: ken.coleman@allenovery.com mark.nixdorf@allenovery.com Estimated Assets: $500 million to $1 billion Estimated Liabilities: $100 million to $500 million THE STAG: Hotel Closes Doors Following Administration ----------------------------------------------------- Peter Gill at InDaily reports that The Stag on East Terrace has closed its doors in the face of financial difficulties within the group running the hotel and a problematic sale attempt. Up to 35 staff, including seven full-time positions, have lost their jobs, the report says. The Stag had been in administration since March 19 this year but the administrators, Ferrier Hodgson, announced on April 16 that the hotel's lessee, Complete Hospitality Pty Ltd "has ceased trading effective immediately". "While the receivers and managers had entered into a sale contract with a purchaser, the sale of this iconic hotel unfortunately could not proceed as an extension of the lease was not forthcoming," the report quotes Ferrier Hodgson Partner David Kidman as saying. "The control of the hotel will now revert back to the landlord." The landlord is Rundle East Company Pty Ltd, owned by the Maras Group. Maras Group chairman Theo Maras told InDaily: "We never received an offer from Ferrier Hodgson. No offer was made by Ferrier Hodgson, none". "We will negotiate our own tenant on the basis of who will offer the best for the hotel and the area in order to maintain the ongoing East End ethos," Mr. Maras said. The Stag joins a number of other Adelaide hotels which are in financial strife with industry insiders suggesting that up to a dozen hotels in the CBD are in receivership or on the market, InDaily adds. ========= C H I N A ========= CHINA SHANSHUI: S&P Puts B+ LT Corp. Credit Rating on Watch Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating and 'cnBB' long-term Greater China regional scale rating on China Shanshui Cement Group Ltd. on CreditWatch with negative implications. S&P also placed its 'B' long-term issue rating and 'cnBB-' Greater China regional scale rating on the China-based cement manufacturer's outstanding senior unsecured notes on CreditWatch with negative implications. S&P said, "Our CreditWatch placement reflects our view that Tianrui (International) Holding Co. Ltd.'s acquisition of 28.16% of Shanshui may trigger the "change-of-control" clause in Shanshui's 2016 notes. With the purchase, Tianrui's voting right will exceed that of the existing controlling shareholder, China Shanshui Investment Co. Ltd., which holds about 25.09% as of Dec. 31, 2014. Shanshui may have to buy back its outstanding 2016 notes at a price equal to 101% of the principal amount plus accrued and unpaid interest no later than 30 days following a change of control." In S&P's view, the potential buyback of the notes due in 2016, combined with the planned redemption of US$400 million in notes due 2017 on April 27, 2015, may hurt Shanshui's short-term liquidity and operations. In addition, S&P may also reassess the company's access to the domestic capital market due to the change of control. "We aim to resolve the CreditWatch status when we have more information about the impact of the change of control on Shanshui," said Standard & Poor's credit analyst Jian Cheng. "We may lower the corporate credit rating to 'B-' if we believe the company's liquidity will deteriorate to weak because of the acceleration of bond repayment." TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014 ---------------------------------------------------- Tongji Healthcare Group, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $462,000 on $2.52 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $730,000 on $2.37 million of total operating revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $17.1 million in total assets, $19.5 million in total liabilities, and a $2.4 million total stockholders' deficit. "The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has negative working capital of $17,469,780, an accumulated deficit of $2,977,005, and shareholders' deficit of $2,403,815 as of December 31, 2014. The Company's ability to continue as a going concern ultimately is dependent on the management's ability to obtain equity or debt financing, attain further operating efficiencies, and achieve profitable operations. Over the past years, the Company had been successful in raising funds from related parties to fund the operation and new hospital construction. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company not be able to continue as a going concern," the Company said in the report. A full-text copy of the Form 10-K is available for free at: http://is.gd/B87INK About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. ========= I N D I A ========= AEON MANUFACTURING: CRISIL Cuts Rating on INR500MM LOC to D ----------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of Aeon Manufacturing Pvt Ltd (AMPL; part of the Balaji group) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 200 CRISIL D (Downgraded from 'CRISIL BB-/Stable') Letter of Credit 500 CRISIL D (Downgraded from 'CRISIL A4+') The rating downgrade reflects delays by AMPL in servicing its debt, with its cash credit account remaining overdrawn for more than 30 days. The delays have been on account of weak liquidity, which has, in turn, been caused by stretch in working capital cycle. The rating continues to reflect the group's weak liquidity, exposure to risks related to intense competition in a fragmented industry, and to adverse foreign exchange rate movements. These rating weaknesses are partially offset by the promoters' extensive experience in the timber industry. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of AMPL, Sri Balaji Forest Products Pvt Ltd, Shree Ram Saw Mills Pvt Ltd, Sri Balaji Logs Products Pvt Ltd, and MK Patel Exim Pvt Ltd. This is because these companies, collectively referred to as the Balaji group, are under a common management, operate in the same industry, and derive significant operational benefits from each other. AMPL was incorporated in August 2012 by the Pandey family of Kolkata (West Bengal). The Balaji group is engaged in timber trading and allied manufacturing activities. The group's product portfolio includes timber-related products such as plywood, veneers, wooden sleepers, and sawn timber. AMARESH RICE: CRISIL Suspends D Rating on INR126MM Term Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Amaresh Rice Mill (ARM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1 CRISIL D Suspended Cash Credit 63 CRISIL D Suspended Term Loan 126 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by ARM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ARM is yet to provide adequate information to enable CRISIL to assess ARM'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' Formed in 2005 as a partnership firm, ARM is engaged in milling and processing of paddy into rice, rice bran, broken rice, and husk. Its rice mill is in Burdwan (West Bengal). Mrs. Supriya Hazra manages ARM's day-to-day operations. AMRIT DURAPARTS: CRISIL Suspends D Rating on INR109.2MM Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Amrit Duraparts Pvt Ltd (ADPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL D Suspended Export Packing Credit 2 CRISIL D Suspended Proposed Long Term Bank Loan Facility 6.8 CRISIL D Suspended Term Loan 109.2 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by ADPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ADPL is yet to provide adequate information to enable CRISIL to assess ADPL'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' For arriving at the ratings, CRISIL has combined the business and financial risk profiles of ADPL and Amrit Engineering and Foundry Works (AEFW). This is because the two entities, together referred to as the Amrit group, have operational and financial linkages with each other, and are under a common management. ADPL was incorporated in 2004 by Mr. Amandeep Singh at Goraya. It is engaged in casting of pig iron and machining of components for supply in automotive and tractor industry. Its manufacturing facilities are located at Goraya and Phagwara (Punjab). ANAND EDUCATION: CRISIL Suspends D Rating on INR38.5MM Term Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Anand Education Society (AES). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 30 CRISIL D Suspended Term Loan 38.5 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by AES with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AES is yet to provide adequate information to enable CRISIL to assess AES'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' AES was set up more than 15 years ago. The society runs two pre- nursery schools and one higher secondary school in New Delhi under the Lancer brand. All three schools are affiliated with the Central Board of Secondary Education. ANAND MOTOR: CRISIL Suspends B+ Rating on INR100MM Cash Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Anand Motor Agencies Ltd (AMAL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable Suspended Inventory Funding Facility 60 CRISIL B+/Stable Suspended Proposed Long Term Bank Loan Facility 49.7 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by AMAL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AMAL is yet to provide adequate information to enable CRISIL to assess AMAL'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' Established in 1969 as Anand Motor Agencies Pvt. Ltd by the Agarwal family, the company was reconstituted as AMAL in 1980. AMAL is an authorized dealer for passenger vehicles for Maruti Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). The company is having two showrooms and service workshops in Lucknow and one showroom and workshop in Bahraich (Uttar Pradesh). ANGEL FIBERS: CRISIL Assigns B+ Rating to INR411MM LT Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Angel Fibers Pvt Ltd (AFPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 411 CRISIL B+/Stable Bank Guarantee 15 CRISIL A4 Cash Credit 70 CRISIL B+/Stable The ratings reflect the extensive experience AFPL's promoters in the cotton industry, the favourable location of its manufacturing unit, and its established distribution channels in the domestic market. These rating strengths are partially offset by the company's modest scale of operations in a fragmented industry, its average capital structure, and its exposure to risks related to its ongoing project. Outlook: Stable CRISIL believes that AFPL will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the company stabilises its operations earlier than expected, leading to healthy accruals and an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if AFPL's operating margin is low, or if it undertakes a sizeable debt-funded expansion project, or its working capital management deteriorates, thereby significantly weakening its financial risk profile. Incorporated in 2014, AFPL is promoted by Rajkot-based Mr. Ashok Dudhagara and his family and friends. The company is setting up a facility for manufacture of cotton yarn, mainly in the 30s count, used for knitting and weaving. The company is expected to commecne its operation from June 2015. APEX CONSTRUCTIONS: ICRA Rates INR4cr Cash Credit at B+ ------------------------------------------------------- ICRA has assigned the long term rating of [ICRA]B+ to INR4.00 crore fund-based cash credit facility of Apex Constructions. ICRA has also assigned the short term rating of [ICRA]A4 to INR5.00 crore non fund based bank guarantee facility of AC. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 4.00 [ICRA]B+ assigned Bank Guarantee 5.00 [ICRA]A4 assigned The ratings are constrained by the AC's modest size of operations and its weak financial profile characterised by low profitability, adverse capital structure and highly working capital intensive nature of business. The ratings are also constrained by the high competitive intensity in the construction space; geographical concentration risk due to concentration of most of the ongoing and future projects in Gujarat entailing stagnancy in turnover and the vulnerability of profitability to fluctuation in cement and steel prices though partly mitigated by price escalation clause in most of the contracts. Further the ability of the firm to maintain execution timelines and performance parameters because of the Liquidated Damages (LD) clause present in the contracts remains critical. The ratings, however, favourably factor in the experience of the promoters in the construction industry and favourable demand outlook for the construction sector given the government's focus on infrastructure development. Apex Constructions was incorporated as partnership firm in 1997. There was reconstitution of partnership firm in April 2014 and it is currently managed by Mr. Raman Patel, Mr. Rajesh Patel, and Mr. Nirav Patel along with four other partners. The firm is primarily engaged in the execution of government tendered civil construction contracts of Roads. The firm has "A" category registration with the Government of Gujarat, enabling it to bid for larger contracts as compared to other lower rated entities. B.R. AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of B.R. Agro Foods Pvt Ltd (BRPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable Suspended Proposed Long Term Bank Loan Facility 3.6 CRISIL B+/Stable Suspended Term Loan 13.8 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by BRPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BRPL is yet to provide adequate information to enable CRISIL to assess BRPL'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' BRPL was promoted by the Yadav and Bhatia families in 2012 to undertake processing of rice. It has a paddy-processing plant at Bilaspur (Uttar Pradesh). B.V. COTS: ICRA Assigns B+ Rating to INR18cr Cash Credit -------------------------------------------------------- The long-term rating of [ICRA]B+ has been assigned to the INR18.00 crore cash credit facility and the INR3.15 crore term loan facility of B.V. Cots Spin Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 18.00 [ICRA]B+ assigned Term Loan 3.15 [ICRA]B+ assigned The assigned ratings are constrained by lack of track record of operation of B.V. Cos Spin Industries as its commercial production commenced in November 2013. The ratings are further constrained by highly competitive and fragmented industry structure owing to low entry barriers and vulnerability of the firm's profitability to the adverse fluctuations in raw cotton prices, which are subject to seasonality, crop harvest and regulatory risks with regards to MSP for raw cotton. ICRA also notes that BVCSI is a partnership concern and any substantial withdrawal from capital account in future could adversely impact the credit profile of the firm. The ratings, however, favourably take into account past experience of the promoters in the cotton industry and the favourable location of the firm's manufacturing facility in Kadi giving easy access to raw material. B. V. Cot Spin Industries was established as a partnership concern by Mr. Babu Patel, Mr. Piyush Patel, and Mr. Bhavin Patel along with their family members in the year 2012. All the partners are also associated with B. V. Oil Industries which is engaged in cotton seed crushing. Established in October 2012, B. V. Cot Spin Industries (BVCSI) has set up a green field project for cotton ginning and pressing with its facility located at Kadi (Gujarat). The commercial operations commenced from November 2013. Recent Results For the year ended 31st March, 2014, the company reported operating income of INR90.63 crore with profit after tax (PAT) of INR0.19 crore. BHAVYAADEV ROADLINES: CRISIL Suspends D Rating on INR134.7MM Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bhavyaadev Roadlines Private Limited (BRPL; part of the Bhavyaa group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 134.7 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by BRPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BRPL is yet to provide adequate information to enable CRISIL to assess BRPL'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' For arriving at its rating, CRISIL has combined the business and financial risk profiles BRPL and Dev Roadlines Pvt Ltd (DRPL). This is because the two companies, together referred to as the Bhavyaa group, are under a common management, and have operational and financial linkages. BRPL, incorporated in 2007, is in the same line of business. The Bhavyaa group has 364 owned trucks. BISHANDAYAL INDERCHAND: CRISIL Suspends D Rating on INR150MM Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bishandayal Inderchand Jewellers (BIJ). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL D Proposed Cash Credit Limit 50 CRISIL D Proposed Long Term Bank Loan Facility 50 CRISIL D The suspension of ratings is on account of non-cooperation by BIJ with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BIJ is yet to provide adequate information to enable CRISIL to assess BIJ'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' BIJ was set up as a partnership concern in 2005 by the Tibarewal family of Cuttack (Orissa). The firm has a retail showroom (800 square feet) in Cuttack; it is a retailer of silverware. In 2011, BIJ changed its business model and entered into wholesaling and retailing of 24-carat gold jewellery with a small proportion of silverware work. The firm's day-to-day operations are being managed by two brothers, Mr. Rohit Tibarewal and Mr. Anurag Tibarewal. CAUVERY IRON: ICRA Cuts Rating on INR187.55cr Term Loan to D ------------------------------------------------------------ ICRA has revised the long-term rating assigned to INR72.25 crore (revised from INR131.50 crore) Cash Credit limits and Rs.187.55 crore (revised from Rs.149.92 crore) Term Loans of Cauvery Iron and Steel (India) Limited (CISL) to [ICRA]D from [ICRA]B). ICRA has also revised the short-term rating assigned to INR42.50 crore non-fund based limits of CISL to [ICRA]D from [ICRA]A4. Further, ICRA has also revised ratings assigned to INR47.70 crore( revised from Rs 26.08 crore) unallocated limits of CISL to [ICRA]D/[ICRA]D from [ICRA]B/[ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 72.25 Revised to [ICRA]D Term Loan 187.55 Revised to [ICRA]D Letter of Credit 42.50 Revised to [ICRA]D Unallocated Limits 47.70 Revised to [ICRA]D/[ICRA]D The revision in ratings takes into consideration delay in term loan repayments by CISL owing to significant drop in scale and profitability of the company in the last two years due to subdued domestic demand for MS Billets and TMT Bars and thereby low capacity utilization levels of the manufacturing unit. Further, the rating remains constrained by the thin profitability margins of the company at net level due to high interest expenses which has resulted in losses for the company during FY 2014; and the stretched capital structure of the company with a gearing of 5.16 times as on FY 2014 end with weak coverage indicators. The ratings also remain constrained by the tight liquidity position of the company; and high client concentration risk of CISL along with high competitive intensity and cyclical nature of the steel industry. While ICRA takes note of the extensive experience of the promoters in the iron and steel industry with established relationships, and strong sales growth of the company until FY 2013 aided by diversification into manufacturing segment, the same remain largely offset by the above concerns. Going forward, the ability of the company to revive the performance of its manufacturing unit, timely debt repayments and effective management of working capital requirements remain the key rating sensitivities. Cauvery Iron and Steel (India) Limited (CISL) was incorporated in 1991 by Mr. Ashok Guptaa and is into the business of trading (of long and flat steel products) and manufacturing of Sponge Iron, Billets & TMT Bars . Mr. Guptaa has over four decades of experience in the iron and steel industry and has an established relationship with various customers. The trading unit of the company operates through warehouses in Balanagar, Hyderabad. In 2008, CISL started construction of an integrated steel plant with production facilities of Sponge Iron, Billets, and Thermo- mechanically-treated (TMT) bars along with a 15 megawatt captive power plant at Khajapoor Village in Medak District. Recent Results As per the audited results for FY2014, the company reported net loss of INR36.70 crore on turnover of Rs 516.27 crore as against profit after tax of INR2.01 crore on turnover of INR657.64 crore during FY2013. COMMERCIAL AUTO: CRISIL Suspends B Rating on INR65MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Commercial Auto Products Pvt Ltd's (CAPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B/Stable Suspended Letter of Credit 20 CRISIL A4 Suspended Proposed Long Term 9.5 CRISIL B/Stable Suspended Bank Loan Facility Term Loan 19.5 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by CAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CAPL is yet to provide adequate information to enable CRISIL to assess CAPL'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' CAPL was incorporated in 1985 by Mr. Ajay Gupta and manufactures copper brass and aluminium radiators at its unit at Tiwariganj (Uttar Pradesh). D V S STEELS: CRISIL Suspends B+ Rating on INR90MM Credit Limit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of D V S Steels and Alloys Pvt. Ltd. (DVS). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Buyer Credit Limit 90 CRISIL B+/Stable Suspended Cash Credit 50 CRISIL B+/Stable Suspended Proposed Long Term Bank Loan Facility 10 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by DVS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DVS is yet to provide adequate information to enable CRISIL to assess DVS'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' DVS, a New Delhi based company, was incorporated in 2004 by Mr. Ankur Kumar Agarwal and his brother Mr. Shilpi Kumar Agarwal. The company was engaged in manufacturing and sales of mild steel (M.S) ingots used primarily in manufacturing of M.S. Bars. The company commenced trading of sales of iron and steel scrap from 2011-12 onwards. The company's manufacturing unit at Ghaziabad, Uttar Pradesh was shut in 2013-14. DEV ROADLINES: CRISIL Suspends D Rating on INR252.2MM Term Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Dev Roadlines Pvt Ltd (DRPL; part of the Bhavyaa group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL D Suspended Rupee Term Loan 252.2 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by DRPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DRPL is yet to provide adequate information to enable CRISIL to assess DRPL'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' For arriving at its rating, CRISIL has combined the business and financial risk profiles DRPL and Bhavyaadev Roadlines Pvt Ltd (BRPL). This is because the two companies, together referred to as the Bhavyaa group, are under a common management, and have operational and financial linkages. DRPL was originally set up in 1994 as a proprietorship firm, which was reconstituted as a private limited company in 2007. The company provides transportation and logistics services. BRPL, incorporated in 2007, is in the same line of business. The Bhavyaa group has 364 owned trucks. DEVANG PAPER: ICRA Reaffirms B+ Rating on INR5.93cr Term Loan ------------------------------------------------------------- ICRA has re-affirmed [ICRA]B+ rating to the INR8.93 crore long term fund based facility of Devang Paper Mills Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.00 [ICRA]B+ reaffirmed Term Loan 5.93 [ICRA]B+ reaffirmed The reaffirmation of the rating takes into account the company's lack of revenue diversification given its single paper product portfolio and its weak financial risk profile as characterized by net losses in FY13 and FY14, weak coverage indicators and high working capital intensity. The rating is further constrained by the vulnerability of the company's profitability to any adverse fluctuations in the prices of key inputs, and the intense competitive pressures in the business. The rating, however, continues to take comfort from the long track record of the promoter group in the kraft paper manufacturing business and the company's favorable capital structure despite the debt funded capex. Devang Paper Mills Private Limited (DPMPL) was incorporated in 2011, prior to which the business was a part of Biodeal Laboratories Pvt. Ltd. (BDLPL). BDLPL had 3 divisions -- Pharmaceuticals, Paper Mill and Wind Mill -- prior to the demerger. The pharmaceutical division was sold by the management and the paper mill and wind mill divisions were demerged into DPMPL. DPMPL is promoted by Mr Thobhan Patel, Mr. Devang Patel and Mr. Arun Patel. The company operates from its Vapi based plant and currently has a production capacity of 43,200 MTPA. The company also operates a wind mill division in the Shikarpur District of Bhuj (Gujarat) with 4 wind mills having a combined capacity of 3 MW. Recent Results For the 2013-2014, DPMPL reported an operating income of INR65.87 crore and a net loss of Rs 0.51 crore as against operating income of INR54.73 crore and net losses of INR0.21 crore for the financial year 2012-13. Further, during 9M FY 2015 (provisional unaudited), DPMPL reported an operating income of INR59.42 crore and profit before tax of INR2.34 crore. FRONTIER TEXTILES: CRISIL Suspends B Rating on INR50MM Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Frontier Textiles Pvt Ltd (FTPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 Suspended Cash Credit 5 CRISIL B/Stable Suspended Export Packing Credit 50 CRISIL A4 Suspended Term Loan 12 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by FTPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, FTPL is yet to provide adequate information to enable CRISIL to assess FTPL'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' FTPL was set up in 1993 as a partnership firm, Frontier Garment Company, by Mr. Anirudh Singh and his cousin, Mr. Sandip Singh. It was reconstituted as a private limited company in 2004. FTPL manufactures protective industrial clothing in general; with image wear contributing to around 60 per cent to its turnover in 2010-11 (refers to financial year, April 1 to March 31). GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan --------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B for INR9.00 crore cash credit facility, INR2.65 crore term loan limits and INR8.35 crore unallocated limits of Gokul Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 9.00 [ICRA]B reaffirmed Term Loan 2.65 [ICRA]B reaffirmed Unallocated Limits 8.35 [ICRA]B reaffirmed The reaffirmation of the rating takes into account GCI's relatively small scale of operations; its low profitability due to limited value additive nature of operations and intense competition in a fragmented industry; and its leveraged capital structure and weak debt coverage indicators. The ratings further take into account the firm's exposure to commodity price volatility, agro-climatic conditions and cotton export-related government regulations. ICRA also notes that GCI is a partnership firm and any significant withdrawals from the capital account could adversely impact its net worth and thereby the credit profile. The rating, however, continues to positively consider the experience of the partners in the cotton industry; the ramp up of operations in FY15 following stabilisation of operations; and the locational advantage of the firm giving it easy access to high quality raw cotton. Incorporated in the year September 2013, Gokul Cotton Industries (GCI) is engaged in the business of cotton ginning & pressing. The firm commenced commercial production from April 2014 from its manufacturing facility located at Tankara, Dist. Rajkot in Gujarat. The unit is equipped with 32 ginning machines and 1 pressing machine, having processing capacity of ~16000 metric tonnes per annum (MTPA) of raw cotton. GCI is a partnership firm with the promoters having an extensive experience in the cotton industry. Recent Result During 10M FY 2015 (Provisional financials), GCI reported an operating income of INR22.96 crore and profit before depreciation & tax of INR0.15 crore. GOVINDA MINERALS: CRISIL Suspends D Rating on INR70MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Govinda Minerals Private Limited (GMPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL D Suspended Letter of Credit 50 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by GMPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GMPL is yet to provide adequate information to enable CRISIL to assess GMPL'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' GMPL trades in various steel products and minerals, such as iron ore and ferro alloys. The company commenced commercial operations in 2008-09. The company operates primarily in and around Kolkata (West Bengal). GMPL's day-to-day operations are looked after by its promoter-directors, Mr. Rajesh Singhi and Mr. Giriraj Binani. GRV SPINTEX: CRISIL Reaffirms B+ Rating on INR477.5MM Term Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of GRV Spintex Pvt Ltd (GRV) continue to reflect the initial phase of the company's operations in a highly competitive spinning industry and its average capital structure. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 33 CRISIL A4 (Reaffirmed) Cash Credit 120 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed) Term Loan 477.5 CRISIL B+/Stable (Reaffirmed) Theses rating weaknesses are partially offset by the promoters' extensive experience in the cotton industry, resulting in the company's established customer and supplier relationships. Outlook: Stable CRISIL believes that GRV will maintain its business risk profile, backed by its promoters' extensive experience in the cotton industry. The outlook may be revised to 'Positive' if the company reports higher-than-expected revenue and operating profitability, leading to higher cash accruals and improved financial risk profile. Conversely, the outlook may be revised to 'Negative' if the financial risk profile of the company, including its liquidity, deteriorates on the back of lower than expected accruals or any large debt-funded capex or elongation of working capital cycle. Update GRV started commercial operations from July 2014 and recorded revenue of around INR410 million for the seven months ended January 31, 2015. CRISIL believes that GRV will post revenue of around INR600 million in 2014-15 (refers to financial year, April 1 to March 31), backed by stabilization in its capacities. The company recorded operating profitability of 15 per cent for the seven months ended January 31, 2015. CRISIL expects the company to have operating profitability of 16 to 16.5 per cent over the medium term, supported by optimum capacity utilisation. Treating unsecured loans from promoters as neither debt nor equity (as they are expected to remain in the business over the medium term), the adjusted gearing of the company is estimated to remain high at around 2.20 times as on March 31, 2015. CRISIL, however, expects the financial risk profile of the company to improve over the medium term on the back of steady accretion to reserves and no major debt-funded capex. The debt protection metrics of the company are estimated to remain modest over the near term, marked by interest coverage and net cash accruals to total debt of 1.4 times and 0.06 times respectively at the end of 2014-15, owing to start-up nature of operations resulting in relatively low accruals. GRV's operations are expected to remain moderately working capital intensive, marked by an estimated gross current asset (GCA) days of 59 days as on March 31, 2015, reflected in a moderate bank limit utilization of around 80% over the 4 months ending Feb'15. The liquidity profile of the company is also supported by unsecured loans from promoters estimated to be INR20.50 Million as on March 31, 2015. CRISIL expects the company to post accruals of INR26.9 Million in 2014-15 as against a repayment obligation of INR17.1 Million GRV was incorporated in 2013 at Rajkot (Gujarat) manufactures cotton yarn. The company is promoted by the Ghodasara, Riyani, and the Varmora families. Commercial operations for the company started from July 2014. GSR TEXTILES: ICRA Reaffirms B Rating on INR18.27cr Loan -------------------------------------------------------- ICRA has reaffirmed the long term rating assigned to the Rs.18.27 crore fund based limit GSR Textiles Private Limited at [ICRA]B. ICRA has reaffirmed the short term rating assigned to the Rs.1.35 crore non-fund based limits of the company at [ICRA]A4. ICRA has also reaffirmed the long term/short term rating of [ICRA] B/A4 to the Rs.4.22 crore unallocated limits of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 18.27 [ICRA]B re-affirmed Unallocated Limits 4.22 [ICRA]B/[ICRA]A4 re-affirmed Non-Fund Based Limits 1.35 [ICRA]A4 re-affirmed The reaffirmation of ratings takes into account the fragmented nature of spinning industry with low scale of firm's operations resulting into low pricing power. Further, the firm is exposed to regulatory risk with regards to minimum support price for raw cotton and curbs on exports for cotton lint and yarn. The ratings are also constrained by stretched liquidity condition of the company also resulting into high working capital utilization.The ratings however positively factor in introduction of new management having long track record in spinning industry into the company. The ratings are supported by location of the unit in proximity to cotton cultivation areas helping in saving logistic costs and better availability of raw materials. The ratings assigned also positively factor in low interest cost of debt on account of TUFS subsidy received. GSR Textiles Private Limited (GSRTPL), incorporated in Dec 2005, is primarily engaged in production of cotton yarn. GSRTPL has spinning mill located in Nadimpalem Village in Guntur District with an installed capacity of 15,072 spindles per annum. The Company's production facility can produce cotton and blended (PC) yarn in counts ranging from 30s to 60s. The company commenced commercial production in December 2006 with 7200 spindles capacity as opposed to the proposed 12000 spindles. This was largely due to delay in delivery of machinery from suppliers. The factory became operational at full capacity of 12,000 spindles in FY 08. During FY 11, the capacity was increased to 15,072 spindles and currently remains the same. Recent Results As per financials for FY14, the company reported net profit of Rs 0.09 crore on operating income of Rs 43.84 crore as compared to net profit of Rs 0.08 crore on operating income of Rs 37.50 crore for FY13. HARSHITA POLYPACK: ICRA Reaffirms B+ Rating on INR4.6cr Cash Loan ----------------------------------------------------------------- ICRA has reaffirmed long term rating of [ICRA]B+ assigned to the INR4.60 crore (enhanced from INR3.60 crore) cash credit and the INR1.37 crore term loan facilities of Harshita Polypack. ICRA has also reaffirmed the short term rating of [ICRA]A4 assigned to the INR0.09 crore short-term, non-fund based facilities of BPPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term, fund based limits - Cash Credit 4.60 [ICRA]B+ Reaffirmed Long-term, fund based limits - Term Loan 1.37 [ICRA]B+ Reaffirmed Short-term, non-fund based limits - Bank Guarantee 0.09 [ICRA]A4 Reaffirmed The assigned ratings favourably factor in the long standing experience of the promoters in the industry; established marketing network in Maharashtra and adjoining states; and favourable demand prospect for the disposable cups industry. The assigned ratings, however, remain constrained by stretched accruals owing to low margins, and working capital intensive nature of the business, resulting in a stretched capital structure and weak coverage indicators. The ratings are also constrained by the small scale of operations, which limits the ability to gain economies of scale; and the firm's vulnerability of margins to fluctuations in input prices and foreign exchange, given the limited ability to pass on the same to its clients. ICRA has taken a consolidated view of Harshita and three other group companies, viz. Brajesh Packaging Private Limitted (BPPL), Radhika Packaging Private Limited (RPPL), and Suyash Polymer (SP) together referred to as the Dammani Group while arriving at the ratings, as the group companies derive significant business synergies from each other. Incorporated in 1978, Harshita Polypack (HP) is a part of the Dammani group engaged in manufacturing of polypropylene disposable cups. Mrs. Pratima Nitin Dammani is the proprietor of the firm while the affairs of the group are collectively managed by Mr. Neelesh Dammani and Mr. Nitin Dammani. Recent Results The company registered an operating income of INR33.5 crore and PAT of INR0.05 crore for the year ending March 31, 2014. On a consolidated basis, the group has registered an operating income of INR104.9 crore and PAT of INR0.23 crore in FY14. NATVAR PARIKH: CRISIL Reaffirms B+ Rating on INR200MM Term Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank loan facility of Natvar Parikh and Bros (NPB) continues to reflects NPB's exposure to risks associated with its ongoing project. This rating weakness is partially offset by the extensive business experience of the firm's partners. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 200 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that NPB will continue to benefit over the medium term from its partners' extensive business experience and resourceful background. The outlook may be revised to 'Positive' if the firm successfully executes its school project as per schedule and generates cash flow from operations commensurate with its debt servicing commitments. Conversely, the outlook may be revised to 'Negative' in case of a significant time or cost overrun in NPB's project, or if it faces disruptions in inflows of funds from the trust to which it will be leasing the school, thereby straining its debt servicing ability. Update NPB is currently constructing a school in Chembur, Mumbai. The school will be leased to T B Desai Family Charitable Trust (TBD) which currently operates a school named Green Acres Academy in the same locality but in rented premises. The project started in November 2012 and is progressing as per schedule. Until February 2015, the firm has completed construction of stilt plus three floors at a cost of around INR220 million, against the total expected cost of INR365 million; the firm has drawn down a term loan of INR122.5 million out of the sanctioned amount of INR200.0 million. The rental income of INR15.9 million from the school is expected to start in 2015-16 (refers to financial year, April 1 to March 31) against which there is no term loan obligation as the term loan repayment will start only from February 2017. NPB's liquidity is also supported by rental income of around INR10 million from land leased to Acers Club and Hotel Fern Residency. Timely commencement of rental income from the school, resulting in sufficient build-up of surplus liquidity for meeting repayment obligations, will remain a key sensitivity factor. NPB was established as a partnership firm in 1964 by the Mumbai- based Parikh family. The current partners of the firm are Mr. Apurva Parikh, Ms. Neela Parikh, Mr. Rohan Parikh, and Mr. Romil Parikh. NPB reported a profit after tax (PAT) of INR7 million on revenue of INR10 million for 2013-14, as against a PAT of INR38 million on revenue of INR44 million for 2012-13. P.I. JEWELLERS: CRISIL Suspends D Rating on INR160MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of P.I. Jewellers Pvt Ltd (PIJ). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 160 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by PIJ with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PIJ is yet to provide adequate information to enable CRISIL to assess PIJ'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' PIJ was established in 1995 as a proprietorship firm by Mr. Aman Dheer. The firm was reconstituted as a private limited company in 2006. PIJ trades gold and diamond jewellery, and has a retail outlet, P I Jewellers, in Ludhiana (Punjab). The company derives around 20 per cent of its revenues from retail sales and the rest from wholesale trading. PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank facility of Parasmani Gems Pvt Ltd (PGPL) continues to reflect PGPL's weak financial risk profile, marked by high gearing and weak debt protection metrics; the rating also factors in the company's small scale of operations in the intensely competitive jewellery industry and the geographical concentration in its business profile. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of PGPL's promoters in the jewellery industry. Outlook: Stable CRISIL believes that PGPL will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the company increases its scale of operations substantially and diversifies geographically, and improves its financial risk profile driven by substantial cash accruals or equity infusion by promoters. Conversely, the outlook may be revised to 'Negative' if PGPL's operating margin or operating income declines or if the company's financial risk profile deteriorates because of increase in working capital requirements or large debt-funded capital expenditure. PGPL, incorporated in 2005, is promoted by Mr. Daxesh Soni and his family. The company manufactures and retails gold, silver, diamond, and platinum jewellery, and precious stones. It has a showroom at Ahmedabad (Gujarat). For 2013-14 (refers to financial year, April 1 to March 31), PGPL reported a profit after tax (PAT) of INR3.1 million on net sales of INR370.0 million against a PAT of INR2.6 million on net sales of INR372.7 million for 2012-13. S.K. SOLVEX: ICRA Reaffirms 'B' Rating on INR8.50cr LT Loan ----------------------------------------------------------- ICRA has reaffirmed its rating of [ICRA]B on the INR8.50 crore (enhanced from INR5.60 crore) fund based bank limits of S.K. Solvex Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Fund Based 8.50 [ICRA]B; reaffirmed Working Capital Limits ICRA's rating continues to factor in the high business risks associated with the edible oil (and related products) industry including high competitive intensity and fragmentation; vulnerability of profitability of domestic players to competition from imports; fluctuations in product prices due to linkage with global edible oil price movements and changes in import duty differential between crude and refined oil; and agro-climatic risks associated with availability of raw material. These factors apart, the rating continues to be constrained by high customer concentration and the company's weak financial risk profile as reflected in aggressive capital structure, weak profitability margins and debt protection metrics. The rating reaffirmation, however, favourably factors in the promoter's significant experience and long track record in edible oil business; long term supply contract with Adani Wilmar, favourable location with proximity to the mustard seed belt in Rajasthan; and favourable demand prospects for edible oil in India. Going forward, the ability of the company to improve its profitability, diversify its customer base and manage its working capital requirements efficiently will be the key rating sensitivities. SKSPL was incorporated in 2001 and is engaged in the manufacturing of mustard oil and cake at its unit in Jaipur, Rajasthan. The current seed crushing capacity of the oil mill is 36,000 metric tonnes per annum (MTPA). Recent Results In 2013-14, the company reported a Profit After Tax (PAT) of INR0.08 crore on a turnover of INR131.31 crore, as against a PAT of INR0.07 crore on a turnover of INR88.79 crore in 2012-13. SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit ------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR2.92 crore (reduced from INR4.00 crore) term loans and INR4.00 crore fund-based cash-credit facility of Smile Ceramic. ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the INR0.50 crore short-term non-fund based facility of SC. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 4.00 [ICRA]B+ reaffirmed Term Loan 2.92 [ICRA]B+ reaffirmed Bank Guarantee 0.50 [ICRA]A4 reaffirmed Rating Rationale The ratings continue to be constrained by the weak financial profile of the entity with moderate coverage indicators and high working capital intensity of operations as well as its small scale of operations resulting in limited economies of scale. Further the ratings are constrained by the highly fragmented nature of the tiles industry which results in intense competitive pressures; cyclical nature of the real estate industry which is the main consuming sector and exposure of the firm's profitability to fluctuations in input prices. ICRA also notes that SC is a partnership firm and any significant withdrawals from the capital account could affect its net worth and thereby its capital structure. The ratings, however, favorably factor in the reasonable experience of the partners in the ceramic industry and the firm's competitive advantage on account of its favourable location in Morbi, which is the tile manufacturing hub of the country. Incorporated in 2009, Smile Ceramic (SC) is involved in the manufacturing of body clay which is a key input in manufacture of ceramic tiles with the manufacturing being done using spray dryer technology. Its plant is located at Lakhdirpur in Rajkot district of Gujarat with a total production capacity of 1,50,000 metric tonnes per annum (MTPA) of body clay which was increased from 75,000 MTPA during FY 14. The firm is owned and managed by fourteen partners who have been involved in the ceramic industry for past many years through manufacturing and trading of ceramic products. Recent Results For the year ended 31st March, 2014, SC reported an operating income of INR20.66 crore and profit after tax of INR0.87 crore as against an operating income of INR14.75 crore and a profit after tax of INR0.76 crore for the year ended 31st March, 2013. For the ten months period ended 31st January, the firm reported operating income of INR21.51 crore and profit after tax of INR1.00 crore (as per provisional financials). STYLIN SANITARYWARES: ICRA Assigns B Rating to INR5cr Term Loan ---------------------------------------------------------------The long term rating of [ICRA]B has been assigned to the INR5.00 crore term loan facility and INR1.25 crore cash credit facility of Stylin Sanitarywares. ICRA has also assigned the short term rating of [ICRA]A4 to the INR0.32 crore non-fund based facility of SS. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 5.00 [ICRA]B assigned Cash Credit 1.25 [ICRA]B assigned Bank Guarantee 0.32 [ICRA]A4 assigned The assigned ratings is constrained by the start up nature of the firm; it's small envisaged scale of operations; and fragmented nature of the sanitary ware industry with competition from organized players and unorganized players which is expected to keep margins under pressure especially for a new entrant. ICRA notes that the future cash flow adequacy and project metrics would be highly sensitive to the product establishment, successful scale up of operations and firm's pricing ability in the market. Further, having regard to the gestation period associated with stabilization of operations and moderate debt servicing burden, the firm's financial profile is expected to remain constrained over the medium term. The ratings also takes into account vulnerability of the operating profitability to availability and volatility in gas prices. While assigning the ratings ICRA has also noted the risk of capital withdrawal that is inherent in a partnership firm. The ratings, however, favourably take into account past experience of the promoters in the sanitarywares lines of activities and the favorable location of the firm's manufacturing facility in Morbi giving easy access to raw material.The ratings also take into consideration that SS will use the already established dealer network of sister concern Sifon Ceramic, which has a network of about 125 dealers in states like Gujarat, Kerala, Maharashtra, Bihar, Jammu & Kashmir etc. Established in September 2014 as a partnership firm, Stylin Sanitarywares propose to manufacture sanitary ware products like wash basins, closets, table top and related accessories. The firm's manufacturing site is located at Morbi, Gujarat and will have an installed capacity of 2,25,000 pieces per annum. The promoters group have also been associated with the sanitarware business for long on account of their association with Sifon Ceramics, located at Morbi (Gujarat) engaged in similar business. SURYAUDAY SPINNING: ICRA Reaffirms B+ Rating on INR12.20cr Loan --------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR20.00 crore fund based and INR1.00 crore non fund based limits of Suryauday Spinning Mills Pvt Ltd. ICRA has also reaffirmed the short term rating of [ICRA]A4 to the Rs.1.00 crore non-fund based facilities of SUSMPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 2.98 [ICRA]B+ Reaffirmed Fund based limits 12.20 [ICRA]B+ Reaffirmed Non fund based limits 1.00 [ICRA]B+ Reaffirmed Non fund based limits 1.00 [ICRA]A4 Reaffirmed Unallocated 4.82 [ICRA]B+ Reaffirmed The ratings reaffirmation takes in to account the low scale of operations, fragmented nature of the industry leading to intense competition from small unorganised as well as large organised players and vulnerability of profitability to adverse fluctuations in polyester staple fibre (PSF) prices. The assigned ratings are further constrained by the low operating profitability given the low spread between the raw material (PSF) and finished good (polyester yarn) prices, and weak capital structure on account of the working capital intensive nature of the business and the likely stretch on cash flows on account of future debt-funded capex . The assigned ratings, however, draw comfort from the long experience of the promoters in the polyester fibre trading and polyester yarn spinning industry resulting in established relationship with customers. ICRA also notes favourably the improvement in capacity utilisation to 85% in FY15 (10m) with procurement of merchant power. Suryauday Spinning Mills Pvt Ltd (SUSMPL) was established in 2005 with 5,040 spindles and was gradually expanded to the current spinning capacity of 21,000 spindles. The company produces 100% polyester ring spun yarn in the count range of 3.5s to 30s with manufacturing facilities located at Choutuppal in Nalgonda district of Andhra Pradesh. The company is promoted by Mr. Brijgopal Asawa and family who also operate polyester trading firms M/s Srinath Trading Company and M/s Srinath Agencies. Recent Results According to unaudited results, SUSMPL reported an operating income of INR57.28 crore and profit before tax of INR0.10 crore during FY 2014-15 (10m) as against an operating income of Rs 69.26 crore and profit after tax of INR0.01 crore during FY 2013-14. SWAGAT HOSPITALS: CRISIL Reaffirms B Rating on INR250MM Loan ------------------------------------------------------------ CRISIL rating to the bank facilities of Swagat Hospitals Private Limited (SHPL) continue to reflect SHPL's modest scale of operations, exposure to risks associated with the timely completion and stabilisation of its ongoing hospital project in Guwahati (Assam) and the challenges that SHPL is expected to face in attaining optimum capacity utilisation in its initial year of operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 250 CRISIL B/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of SHPL's promoters in the healthcare sector. Outlook: Stable CRISIL believes that SHPL would continue to benefit from its promoters' extensive industry experience over the medium term. The outlook may be revised to 'Positive' if SHPL implements its super specialty hospital project in a timely manner without any further cost overrun, and is able to demonstrate higher than expected occupancy levels leading to improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' in case of any further time or cost overruns in commissioning of SHPL's project leading to pressure on SHPL's liquidity. SHPL, set up in 1999 by Dr. Subhash Khanna, is operating a 50 bed hospital in Shantipur (Guwahati) under the name of 'Swagat Endolaparoscopic Surgical Research Institute' (SESRI). The company is currently also undertaking a project to set up a 77 bed super specialty hospital near Maligaon (Guwahati) which is expected to commence operations from April 2015. VIKAS COTEX: ICRA Reaffirms B Rating on INR12.35cr Cash Loan ------------------------------------------------------------ ICRA has reaffirmed the long-term rating of [ICRA]B for INR12.35 crore cash credit facility, INR2.35 crore term loans and INR5.30 crore unallocated limits of Vikas Cotex. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 12.35 [ICRA]B reaffirmed Term Loan 2.35 [ICRA]B reaffirmed Unallocated Limits 5.30 [ICRA]B reaffirmed The reaffirmation of the rating takes into account VC's relatively modest scale of operations; its low profitability due to limited value additive nature of operations and intense competition in a fragmented industry; and its leveraged capital structure due to small net-worth base. The ratings further take into account the firm's exposure to commodity price volatility, agro-climatic conditions and cotton export-related government regulations. ICRA also notes that VC is a partnership firm and any significant withdrawals from the capital account could adversely impact its net worth and thereby the credit profile. The rating, however, continues to positively consider the experience of the partners in the cotton industry; the healthy ramp up of operations in 10M FY15 following stabilisation of operations; and the locational advantage of the firm giving it easy access to high quality raw cotton. Incorporated in the year August 2013, Vikas Cotex (VC) is engaged in the business of cotton ginning. The firm commenced commercial production from February 2014 from its manufacturing facility located at Wankaner, Dist. Rajkot in Gujarat. The unit is equipped with 48 ginning machines and 1 pressing machine, having processing capacity of ~31000 metric tonnes per annum (MTPA) of raw cotton. VC is a partnership firm with the promoters having an extensive experience in the cotton industry. Recent Result During FY 2014, VC reported an operating income of INR3.52 crore and net loss of INR0.20. Further, in 9M FY 2015 (as per provisional financials), VC reported operating income of INR39.16 crore and profit before tax of INR2.26 crore. ==================== N E W Z E A L A N D ==================== LEFTBRAIN GROUP: Goes Into Voluntary Liquidation ------------------------------------------------ Narelle Henson at Stuff.co.nz reports that customers of one of New Zealand's first online retail companies have been left hanging after it went into voluntary liquidation on April 17. Leftbrain Group Ltd, which operates six brand names, two of them also in Australia, is best known for starting one of New Zealand's first online toy websites. It was placed into liquidation on April 16. Stuff.co.nz relates that a notification announcing the liquidation on each of the websites states Paul Clark and Kenneth Brown of BDO Tauranga have been appointed liquidators of Leftbrain Group, which has ceased to trade. According to the report, founder and director Shane Loomb said it was "quite distressing for us to have it end this way". "Financially my family is not going to come out very well from this . . . I'm not looking forward to what our financial future is in the short term. We're coming out of it with nothing," the report quotes Mr. Loomb as saying. Stuff.co.nz relates that Mr. Loomb said he had put about half of his life into the business, and had seen online retail evolve in New Zealand, having been one of the first to enter the market. A combination of factors had led to the liquidation, Mr. Loomb said. Leftbrain had struggled to raise capital, which had impacted its ability to maintain and increase stock levels, the report states. That made it difficult to "combat new competition" both domestically and overseas, says Stuff.co.nz. ===================== P H I L I P P I N E S ===================== EXPORT AND INDUSTRY BANK: Creditors Ordered to Files Claims ----------------------------------------------------------- The Regional Trial Court (RTC) of Makati City Branch 149, after finding the petition for assistance in the liquidation of the closed Export and Industry Bank (EIB) of the Philippine Deposit Insurance Corporation (PDIC) "sufficient in form and substance and conformably with pertinent law", has issued an order directing those who may have claims against the assets of the bank to file their claims with the PDIC. The order from Presiding Judge Cesar O. Untalan established RTC Makati City Branch 149 as the liquidation court for the closed EIB. The initial hearing for EIB's liquidation was set on April 14, 2015 at 8:30 a.m. Pursuant to the court order, all uninsured depositors and creditors of EIB are directed to file their respective claims at the PDIC Office located at the 5/F SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Claims may be filed from Monday to Friday, 8:00 a.m. to 5:00 p.m. EIB is a 50-unit commercial bank that was ordered closed by virtue of Monetary Board (MB) Resolution No. 686 dated April 26, 2012 and placed under receivership by the PDIC. After the failure of two public biddings for the rehabilitation of the bank, the Monetary Board, in its Resolution No. 571 issued on April 4, 2013, directed PDIC to proceed with the liquidation of EIB. EIB has total estimated insured deposits (EID) of PHP2.3 billion involving 44,229 accounts. As of February 28, 2015, the PDIC had paid EIB depositors PHP2.2 billion in valid deposit insurance claims involving 37,763 accounts or 96% of the total EID. RURAL BANK OF LABRADOR: Placed Under PDIC Receivership ------------------------------------------------------ The Monetary Board (MB) placed the Rural Bank of Labrador (Pangasinan), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 596 dated April 16, 2015. As Receiver, PDIC took over the bank on April 16, 2015. Rural Bank of Labrador is a single-unit rural bank with Head Office located in Poblacion, Labrador, Pangasinan. Based on the Bank Information Sheet (BIS) filed by the Rural Bank of Labrador with the PDIC as of December 31, 2014, the bank is owned by Mark Ernest L. Rosario (32.57%), Alicia R. Liboro (13.85%), Eriberto U. Rosario, Jr. (12.89%), Concepcion R. Cristobal (7.91%), Regina Rosario (3.92%), Anna Melissa R. Lichaytoo (3.82%), Jose Eriberto D. Rosario III (3.70%), Manuel P. Rosario (3.62%) and Martin Angelo L. Rosario (3.49%). Its President and Chairman is Mark Ernest L. Rosario. Latest available records show that as of December 31, 2014, Rural Bank of Labrador had 927 accounts with total deposit liabilities of PHP44.1 million, all of which are insured. PDIC said that during the takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of PHP500,000.00. Depositors with valid deposit accounts with balances of PHP50,000.00 and below need not file deposit insurance claims, except when they have outstanding obligations with the Rural Bank of Labrador or acted as co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank. PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the third week of April, 2015. Depositors may update their addresses until April 21, 2015 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises. For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the last week of April, 2015. The PDIC also announced that it will conduct a Depositors- Borrowers Forum on April 23, 2015 to inform depositors of the requirements and procedures for filing deposit insurance claims. The time and venue of the Forum will be posted in the bank premises and announced in the PDIC website, www.pdic.gov.ph. Likewise, the schedule of the claims settlement operations, as well as the requirements and procedures for filing claims will be announced through notices to be posted in the bank premises, other public places and the PDIC website. ================= S I N G A P O R E ================= * Court OKs Man's Bid to Wind Up 3 Firms Controlled By Brother -------------------------------------------------------------- Selina Lum at The Strait Times reports that the dying wish of a cancer-stricken businessman with eight children was for his five sons not to fight with one another so he could rest in peace. But 22 years after the death of patriarch Lin Whan Chiu, his second son took the eldest to court, asking for the family's three companies to be wound up, the report says. High Court judge Steven Chong, in written grounds published on April 14, granted the applications of Mr Lin Choo Mee, 58, to wind up the three companies controlled by his older brother, Mr Lim Sze Eng, 61. ********* 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 2015. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***