/raid1/www/Hosts/bankrupt/TCRAP_Public/150804.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 4, 2015, Vol. 18, No. 152
Headlines
A U S T R A L I A
BEYOND RECRUITMENT: First Creditors' Meeting Set For August 11
CAFAROMA PTY: First Creditors' Meeting Set For August 12
HUGOS LOUNGE: Pizza Bar and Lounge Up for Sale
PIONEER ENVIRO: First Creditors' Meeting Set For August 11
TOLCO PTY: In Administration; Creditors' Meeting Set For Aug. 12
C H I N A
CAR INC: Fitch Assigns 'BB+' Rating to Prop. US$ Sr. Unsec. Notes
DTS8 COFFEE: Reports $3.8MM Net Loss for Yr. Ended April 30, 2015
SHIMAO PROPERTY: S&P Raises CCR to 'BB+'; Outlook Stable
TIANYIN PHARMA: Aug. 21 Deadline Set for NYSE Listing Compliance
I N D I A
ADVANCE STEEL: ICRA Assigns B- Rating to INR6cr Cash Credit
AKASH AGRO: CRISIL Assigns B+ Rating to INR52.5MM Cash Credit
AMIT & ASSOCIATES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
BALE BABU: ICRA Reaffirms 'B' Rating on INR6.64cr Loan
BDS PROJECTS: ICRA Revises Rating on INR1.25cr Cash Loan to B-
BHADRA INTERNATIONAL: ICRA Suspends B+ Rating on INR30cr LT Loan
BHARAT BIO: ICRA Suspends B Rating on INR9.45cr Term Loan
BHARAT CHEMICALS: ICRA Suspends B+ Rating on INR10cr Loan
BHARAT INTEGRATED: CRISIL Suspends 'C' Rating on INR45MM LT Loan
BRILLIANT BIO: CRISIL Suspends 'D' Rating on INR255MM Term Loan
CARONA INDUSTRIES: ICRA Reaffirms 'B' Rating on INR14.5cr FB Loan
CHOUDHURY AND CHOUDHURY: CRISIL Cuts Rating on INR30MM Loan to B+
CHOUDHARY & COMPANY: ICRA Rates INR4.20cr Cash Loan at B+
DAKSHINESWARI COLD: CRISIL Rates INR35MM Cash Credit at 'B'
DEVANGA SANGHA: ICRA Assigns B+ Rating to INR11CR Term Loan
ECHELON EDUCATIONAL: ICRA Suspends B- Rating on INR15.15cr Loan
FORT-IN INFRA: CRISIL Suspends 'D' Rating on INR120MM Term Loan
FRANSKO AGRO: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
FUTURISTIC EDUCATIONAL: CRISIL Suspends B+ INR70.9MM Loan Rating
GRANITE MART: CRISIL Suspends 'B' Rating on INR18.2MM Term Loan
HALDIA AGRO: CRISIL Suspends 'D' Rating on INR49MM Cash Credit
HINDUSTAN EVEREST: CRISIL Reaffirms B- Rating on INR40MM Loan
KKRC INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR145MM Loan
KOTHARI JEWELLERS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
LAND MARVEL: ICRA Cuts Rating on INR85cr Debentures to D
LEENA ELECTRO: CRISIL Ups Rating on INR40MM Cash Credit to B+
MALPANI COTTONS: CRISIL Suspends B+ Rating on INR140MM Cash Loan
METCRAFT ENGINEERING: CRISIL Rates INR25MM Cash Credit at B+
MID INDIA: CRISIL Suspend B+ Rating on INR60MM Cash Credit
NEOGEM INDIA: ICRA Cuts Rating on INR15cr Loan to 'D'
PALAMOOR PAPER: CRISIL Assigns 'B' Rating to INR110MM LT Loan
PARAMESHWARA INDUSTRIES: CRISIL Rates INR125MM Cash Loan at B+
PRAKASH INDUSTRIAL: CRISIL Assigns 'B' Rating to INR100MM Loan
RAYON REALTY: CRISIL Assigns 'B' Rating to INR80MM Term Loan
S. V. BANDI: CRISIL Suspends B+ Rating on INR30MM Overdraft Loan
SETHUMEENA ROADWAYS: CRISIL Assigns 'B' Rating to INR120MM Loan
SHANKESHWARA FOOD: ICRA Suspends B+/A4 Rating on INR23.73cr Loan
SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR7.81cr Loan
SHREE SAIRAM: CRISIL Assigns B+ Rating to INR70MM Cash Credit
SHREE SHAKTI: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
SHREE VARDHMAN: ICRA Suspends 'D' Rating on INR15cr Bank Loan
SIM AGRO: CRISIL Assigns B+ Rating to INR125MM Term Loan
TUFKO INTERNATIONAL: CRISIL Rates INR75MM Cash Loan at 'B+'
UTTARAYAN STEEL: ICRA Assigns B+ Rating to INR9.0cr Bank Loan
VANGAL AMMAN: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
VELVET RESORTS: CRISIL Assigns 'D' Rating to INR87MM Term Loan
VIJAY ENGINEERING: CRISIL Suspends D Rating on INR237MM Loan
VIRATA RETAIL: CRISIL Suspends 'B' Rating on INR53MM Cash Loan
VM COALLOGIX: CRISIL Suspends 'D' Rating on INR310MM LOC
VTJ SEA: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
I N D O N E S I A
BERAU COAL: Cakra Sinergi Starts Bankruptcy Proceedings v. Unit
JAPFA COMFEED: S&P Lowers Corp. Credit Rating to B; Outlook Neg.
J A P A N
SHARP CORP: Posts JPY33.98 Billion Net Loss in April-June Qtr
N E W Z E A L A N D
SHANTON FASHIONS: Bought Out of Liquidation
UNITED SWEETS: Placed Into Liquidation
S I N G A P O R E
BERAU CAPITAL: Seeks to Extend Debt Moratorium to U.S.
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 27 to July 31, 2015
- - - - -
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A U S T R A L I A
=================
BEYOND RECRUITMENT: First Creditors' Meeting Set For August 11
--------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Beyond Recruitment Group Pty Ltd, also known as
Recruitment Counselling Pty Ltd, on July 30, 2015.
A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Aug. 11, 2015, at 10:00 a.m.
CAFAROMA PTY: First Creditors' Meeting Set For August 12
--------------------------------------------------------
Grahame Peter Hill of Hills Corporate Services Pty Ltd was
appointed as administrator of Cafaroma Pty Ltd on Aug. 1, 2015.
A first meeting of the creditors of the Company will be held at
M2, 135 Victoria Road, in Drummoyne, on Aug. 12, 2015, at
10:00 a.m.
HUGOS LOUNGE: Pizza Bar and Lounge Up for Sale
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the purchase of the freehold and
business of Kings Cross establishment Hugos Lounge and Hugos Pizza
Bar.
The report relates that the sale includes a fashionable nightclub,
cocktail bar and restaurant dining that extends two floors. The
pizza bar offers sophisticated dining in a casual and relaxed
setting. Opportunities include all licenses, assets and loyal
employees needed for operation.
The business is currently in administration with AF Needham and BA
Taylor from HLB Mann Judd being appointed administrators, the
report notes.
PIONEER ENVIRO: First Creditors' Meeting Set For August 11
----------------------------------------------------------
Richard Herbert Judson and Loke Ching Wong of Judson & Co were
appointed as administrators of Pioneer Enviro Solutions Pty Ltd on
July 31, 2015.
A first meeting of the creditors of the Company will be held at
Judson & Co, Suite 4, 1st Floor, 10 Park Road, in Cheltenham on
Aug. 11, 2015, at 11:00 a.m.
TOLCO PTY: In Administration; Creditors' Meeting Set For Aug. 12
----------------------------------------------------------------
Renee Thompson at SmartCompany reports that engineering and
construction firm TOLCO Pty Ltd has been placed in voluntary
administration, owing creditors about AUD1.2 million.
Administrators Robert Moodie and Will Griffiths of Rodgers Reidy
were appointed to manage the voluntary administration of TOLCO on
July 31, SmartCompany discloses.
Mr. Griffiths told SmartCompany the first meeting of TOLCO's
creditors will take place on August 12.
"The financial position of the business is currently under review,
the details of which will be provided to creditors at the first
meeting of creditors," SmartCompany quotes Mr. Griffiths as
saying.
SmartCompany relates that Mr. Griffiths said a shortfall of orders
is believed to be behind TOLCO's collapse.
"The company attributes a shortfall of orders for its current
position," Mr. Griffiths told SmartCompany.
TOLCO Pty Ltd is a New South Wales-based engineering and
construction company with more than 40 years' experience in
project management, demolition and medium to large construction
work. TOLCO employs 40 full-time staff and last financial year
the company had a turnover of AUD11 million, SmartCompany
discloses.
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C H I N A
=========
CAR INC: Fitch Assigns 'BB+' Rating to Prop. US$ Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based car rental company CAR
Inc.'s (CAR, BB+/Stable) proposed US dollar senior unsecured notes
a 'BB+(EXP)' expected rating.
The notes are rated at the same level as CAR's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company. The final rating of the
proposed notes is contingent upon receipt of documents conforming
to information already received. The company plans to use the
proceeds of the notes for capex and other general corporate
purposes, including refinancing.
KEY RATING DRIVERS
Rapid Expansion Increases Leverage: Fitch expects CAR's FFO
adjusted net leverage to increase to 2.8x by end-2015 from 0.9x at
end-2014 due to a faster-than-expected fleet expansion. This
expansion is driven by growing demand for short-term rentals and
CAR's cooperation with UCAR, a chauffeured car service provider in
which CAR owns a 10% stake. The risk posed by the higher leverage
during this period of rapid growth is mitigated by the improved
profitability that stems from better economies of scale. Fitch
estimates CAR would quadruple its EBITDA to USD1bn by end-2017;
with EBITDA margin improving to above 50% in the next 24 months
from 45.4% in 2014.
Enhanced Business Profile: Fitch sees strong market potential for
the chauffeured car service industry in China, with growth driven
by demand for premium and differentiated transportation services
from high-end customers. CAR expects to generate up to 40% of its
EBITDA from long-term rentals, which provide more predictable
income, by end-2016 through its collaboration with UCAR.
Furthermore, CAR will deploy its idle vehicles to UCAR for use in
short-term chauffeured services. The tie-up will provide CAR with
strong synergies because the company will be able to optimise use
of its short-term rental cars during weekdays, which will enhance
profitability.
Increased Regulation Supports Development: Fitch believes a
regulated chauffeured car service market is potentially negative
for taxi-hailing apps such as Didi and Uber. These apps are major
competitors to UCAR, which has been operating within China's legal
framework since it started formal operations in January 2015.
Fitch also believes CAR, as the leading car rental company in
China, would continue to play an important role in standardising
and promoting best practices for the industry. According to
Caijing business news website, China's Ministry of Transport is
planning to issue new rules to regulate the chauffeured car
service market in July 2015 at the earliest. The rules could
reshape the use of mobile-enabled chauffeured services, and
regulate the use of unlicensed private cars and drivers and
promotions that offer services at below operating cost by
chauffeured car services.
Operational and Financial Flexibility: CAR has no minimum purchase
commitments with car manufacturers. In addition, it has the choice
to postpone fleet renewal by adding fewer new cars or disposing
more used cars during downturns. Operationally, it has reduced its
long-term store rental expenses by increasing the number of pick-
up points - parking facilities with simple service stands -
instead of full storefronts. All the car parks have flexible lease
termination arrangements. These factors give CAR full flexibility
to adjust operations during downturns.
Market Leader, Strong Profile: CAR is the No.1 car rental company
in China with 31% share of the short-term self-drive market as at
end-2014. Consulting company Roland Berger expects the Chinese car
rental industry to grow at more than 20% a year into 2018, with
existing players having the advantage of high entry barriers due
to capital intensity, high funding needs and restrictions on
vehicle license plates by the Chinese government. CAR has
significant first-mover advantage over its peers: it has a fleet
size that is four times that of the second-largest player; more
than 100 vehicle models to meet different rental needs; a wide
geographic spread covering 70 major cities; a lower cost structure
than its competitors; a dynamic pricing system; and a strong
distribution channel to dispose of its used cars.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
-- Rental fleet size to expand at 37% compounded annual growth
rate till 2018 to satisfy continued growth in market demand;
-- Average daily rental rate to be stable at CNY270 per day;
-- Utilisation rate to gradually increase to above 66% by 2017;
-- Short-term rental cars depreciated over 2.5 years and long-
term rental cars over three years.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating actions include:
-- FFO adjusted net leverage exceeds 3.0x during the high growth
stage
-- EBITDA margin sustained below 45%
-- EBIT margin sustained below 20% (FY14: 25.2%)
-- Loss of dominant market share in the car rental industry
-- Evidence of greater regulatory or legal intervention leading
to an adverse change in the company's operation and business
profile
Positive: Future developments that may, individually or
collectively, lead to positive rating actions include:
-- A more mature regulatory environment in the car rental
business
-- Longer track record of sustained fleet renewal cycle
-- Maintenance of strong financial profile during the growth
phase.
DTS8 COFFEE: Reports $3.8MM Net Loss for Yr. Ended April 30, 2015
-----------------------------------------------------------------
DTS8 Coffee Company, Ltd. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$3.8 million on $369,000 of sales for the year ended April 30,
2015, compared to a net loss of $2.3 million on $310,000 of sales
for the year ended April 30, 2014.
As of April 30, 2015, the Company had $286,000 in total assets,
$1.10 million in total liabilities, all current, and a $781,000
total shareholders' deficit.
MaloneBailey, LLP, Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2015, citing that the Company has suffered
recurring losses from operations, which raises substantial doubt
about its ability to continue as a going concern.
A copy of the Form 10-K is available at http://goo.gl/2Yq8hH
About DTS8 Coffee
DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.
DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.
SHIMAO PROPERTY: S&P Raises CCR to 'BB+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term corporate
credit rating on China-based real estate developer Shimao Property
Holdings Ltd. to 'BB+' from 'BB'. The outlook is stable. At the
same time, S&P raised the issue rating on the company's
outstanding senior unsecured notes to 'BB' from 'BB-'. S&P also
raised the long-term Greater China regional scale rating on the
company to 'cnBBB+' from 'cnBBB-' and on the outstanding notes to
'cnBBB' from 'cnBB+'.
"We raised the rating because we expect Shimao to maintain its
track record of consistent financial management because of a
prudent growth strategy and improving cash flow and leverage over
the next 12-18 months," said Standard & Poor's credit analyst
Matthew Kong. "The upgrade also reflects the company's
sustainable and quality growth strategy, its strong profitability,
and the solid record in its hotel operations. Therefore, we have
revised Shimao's financial risk profile to "significant" from
"aggressive"; its business risk profile remains "satisfactory.""
S&P expects Shimao to cautiously manage its leverage and cash flow
while it pursues expansion. S&P believes management has a strong
intention to lower leverage through balanced and quality growth.
The company bought land worth only Chinese renminbi (RMB) 4
billion in the first six months of 2015. S&P estimates Shimao is
likely to control its cash payments for land premiums for the year
at around RMB15 billion, well below its annual budget of RMB17.5
billion for 2015 and actual land payments of RMB22 billion for
2014. In S&P's base case, it estimates the company's debt-to-
EBITDA ratio will drop to below 4x and its EBITDA interest
coverage will stand above 4x during the next two years.
Nonetheless, the company's leverage remains slightly weaker than
that of peers such as Longfor Properties Co. Ltd. and Country
Garden Holdings Co. Ltd.
S&P expects Shimao to maintain its above-average profit margin
over the next few years due to lower land costs and good project
geographies in affluent regions of China, such as the Yangtze
River Delta and Fujian province. The company's margins may
decline slightly because of the increase in costs and destocking
efforts for some properties. However, S&P believes Shimao is
committed to maintaining good profitability and will not chase
fast growth at the expense of profit margins. In S&P's base-case
scenario, it estimates Shimao's EBITDA margin will hover around
30% over the next two years, a moderate decline from 32.5% in 2014
but still strong for Chinese developers.
"We expect Shimao to maintain modest growth in property sales over
the next two years, given its good geographic and project
diversity, and improved execution capability. This forecast is
also supported by our view that China's real estate market will
stabilize in the next 12 months, signaling a moderate recovery
from a year ago. In 2015, Shimao is focusing more on destocking
instead of pursuing aggressive growth. Therefore, we estimate
that the company's contracted sales will slightly grow 3%-5% in
2015 in our base-case scenario. We expect the growth in
contracted sales to pick up to 7%-10% in 2016. Shimao achieved
RMB31.5 billion in contracted sales in the first six months of
2015, or 44% of its annual target.
The rating also reflects Shimao's established market position in
China and good product and geographic diversity. In S&P's view,
Shimao has established a solid track for its hotel operations.
The rental income and quality of its hotel portfolio are
satisfactory.
"The stable outlook reflects our expectation that Shimao can
maintain satisfactory property sales and largely stable profit
margins over the next 12 months. We also anticipate that the
company can expand with discipline and improve its leverage to
less than 4.0x over the same period," said Mr. Kong.
The rating upside is limited for the next 12 months. However, S&P
may raise the rating if Shimao can further strengthen its market
position in property development and significantly improve the
rental income from hotels and commercial properties while
maintaining quality.
S&P may lower the rating if Shimao's property sales are materially
below RMB70 billion or its debt-funded expansion is more
aggressive than S&P expects, such that the company's ratio of
total debt to EBTIDA exceeds 4.0x and EBITDA interest coverage is
less than 3.0x on a sustained basis.
TIANYIN PHARMA: Aug. 21 Deadline Set for NYSE Listing Compliance
----------------------------------------------------------------
Tianyin Pharmaceutical Inc., a pharmaceutical company that
specializes in the patented biopharmaceutical, modernized
traditional Chinese medicine (mTCM), branded generics and active
pharmaceutical ingredients (API), on July 30 provided updates
regarding the notice it received on May 21, 2015 from the NYSE MKT
LLC indicating that the Company was below certain of the
Exchange's continued listing standards, as set forth in Sections
134 and 1101 of the NYSE MKT Company Guide, due to the delay in
filing of its Quarterly Report on Form 10-Q for the period ended
March 31, 2015. On July 24, 2015, the Company received another
notice from the Exchange in connection with the filing of the Form
10-Q that the Company continued to be not in compliance with
Sections 134 and 1101 of the NYSE MKT Company Guide and that its
listing is being continued pursuant to an extension.
Under NYSE MKT rules, until the Company files the Form 10-Q, its
common stock will continue to be subject to the ".LF" indicator to
signify its late filing status and will remain on the list of NYSE
MKT noncompliant issuers at www.nyse.com
In order to maintain its listing, the Company must regain
compliance with Sections 134 and 1101 of the NYSE MKT Company
Guide by August 21, 2015. Failure to regain compliance within the
given timeframe will likely result in the Exchange Staff
indicating delisting procedures pursuant to Section 1009 of the
Company Guide.
Currently the Company is working diligently with the auditor to
compile and disseminate the information required to be included in
the Form 10-Q, as well as the required review of the Company's
financial information. The Company expects to file the Form 10-Q
as soon as possible and before the deadline set by the Exchange.
About TPI
Headquartered at Chengdu, China, TPI --
http://www.tianyinpharma.com-- is a pharmaceutical company that
specializes in the development, manufacturing, marketing and sales
of patented biopharmaceutical, mTCM, branded generics and API. TPI
currently manufactures a comprehensive portfolio of 58 products,
24 of which are listed in the highly selective national medicine
reimbursement list, 10 are included in the essential drug list
(EDL) of China. TPI's pipeline targets various high incidence
healthcare indications.
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I N D I A
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ADVANCE STEEL: ICRA Assigns B- Rating to INR6cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR6.00
crore* cash credit facilities of Advance Steel and Tube Mills.
ICRA has also assigned a short-term rating of [ICRA]A4 to the
INR4.00 crore non fund based facilities of the firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits-
Cash Credit 6.00 [ICRA]B-
Fund based limits-
Letter of Credit 2.00 [ICRA]A4
Non Fund based
Limits- Bank Guarantee 2.00 [ICRA]A4
The assigned ratings reflect Advance Steel and Tube Mills (ASTM)'s
weak financial profile characterized by an adverse capital
structure, weak debt coverage indicators and stretched liquidity
position owing to slow payment realization mostly from Government
clients leading to near full utilization of the working capital
facilities. The ratings also take into account the firm's
relatively moderate scale of operations with marginal decline in
sales in FY15 owing to weak demand in end user industry. Moreover,
the ratings are further affected by the high inventory levels
during FY15 and current year which amplify the firm's exposure to
volatility in steel prices. ICRA further notes that the firm is
exposed to foreign exchange fluctuation risks in the absence of
natural hedge and a firm hedging mechanism. The ratings are
further constrained by the fact that ASTM is a partnership concern
and the quantum of withdrawals from the capital account will
remain a key rating sensitivity.
The assigned ratings, however, favourably factor in the long
experience of the promoters in the stainless steel tubes and pipes
segment and stable and diversified customer base developed over
the years.
Established in 2001, Advance Steel & Tube Mills (ASTM) is a part
of Purohit Group. The firm is managed by Mr. Rakesh Purohit and
Mr. Mukesh Purohit. The firm is engaged in the business of
manufacturing stainless steel seamless and welded pipes and tubes.
The firm has manufacturing units located in Vadodara (Gujarat)
with a total capacity of 6,000 mtpa, inclusive of fabrication
works.
Recent Results:
ASTM has reported a net profit of INR0.58 crore on an operating
income of INR17.81 crore for the year ending March 31, 2015 as per
provisional statements.
AKASH AGRO: CRISIL Assigns B+ Rating to INR52.5MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Akash Agro Industries (AAI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52.5 CRISIL B+/Stable
The rating reflects AAI's small scale of operations, weak
financial risk profile, and vulnerability of its operating margin
to fluctuations in raw material prices. These weaknesses are
partially offset by healthy demand prospects for AAI's product and
location advantage, with proximity to raw material sources, and
its promoters' industry experience.
Outlook: Stable
CRISIL believes that AAI's business risk profile will continue to
benefit from the healthy demand prospects of pysllium husk, its
diverse customer base and location advantage. The outlook could be
revised to 'Positive' if AAI reports significant improvement in
its scale of operations, along with profitability, improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if AAI reports large debt-funded capital expenditure or
low profitability, weakening its financial risk profile.
AAI was established in 2006 as a partnership firm by Mr. Jayesh
Patel and his family. The firm processes and sells pysllium husk
from its seeds, popularly known as Isabgol in India. AAI's
manufacturing unit is located in Sidhpur (Gujarat). AAI installed
capacity of 75 tonnes per day for crushing seeds and is currently
operating at 80 to 90 per cent utilization.
AAI reported a net profit of INR4.15 million on net sales of
INR40.22 million for 2014-15 (refers to financial year, April 1 to
March 31) against net profit of INR1.5 million on net sales of
INR24.03 million for 2013-14.
AMIT & ASSOCIATES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amit & Associates
(A&A) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. A&A's bank facilities have been assigned ratings as
follows:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based limits 40 'IND B+'/Stable
Non-fund-based limits 40 'IND A4'
KEY RATING DRIVERS
The ratings reflect A&A's small scale of operations with revenue
of INR110m, according to the unaudited financials for FY15. Order
book was moderate at INR127 million (1.15x of FY15 revenue)
outstanding at end-May 2015. Also, cash flow from operations was
negative INR5.4 million in FY15 due to the company's high working
capital requirements.
The ratings also factor in the firm's modest credit profile with
EBITDA margins of 3.85%, gross interest coverage of 2.35x and net
leverage (net debt/EBITDA) of 3.94x at FYE15.
The ratings benefit from the founders' experience of around three
decades in the civil construction industry.
RATING SENSITIVITIES
Positive: A positive rating action could result from a substantial
improvement in the revenue and order book position while
maintaining the operating profitability leading to a sustained
improvement in the credit metrics.
Negative: A negative rating action could result from lower
visibility of revenue growth underpinned by a weak order book
position or a decline in the operating profitability resulting in
sustained deterioration in the credit metrics.
COMPANY PROFILE
Incorporated in 1988, A&A is a Vadodara-based proprietorship
concern engaged in the supply of track ballast to the Indian
Railways. It also undertakes earthworks and the construction of
bridges for the Indian Railways.
BALE BABU: ICRA Reaffirms 'B' Rating on INR6.64cr Loan
------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR6.64
crore non fund based bank limits and INR8.36 crore unallocated
limits of Bale Babu Estates Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Fund Based
Limits - BG 6.64 [ICRA]B; reaffirmed
Unallocated 8.36 [ICRA]B; reaffirmed
ICRA's rating continues to remain constrained on account of the
stalled status of the company's single project. In addition to
execution risks, given the large scale of the project, the company
remains exposed to funding and marketing risks which are
accentuated by the limited clarity on execution. ICRA notes that
the company has repaid its term loan from own sources and has also
received extensions pertaining to bank guarantees furnished to
relevant authorities. The rating also continues to take comfort
from the promoter group's experience in developing and leasing
commercial real estate in Delhi.
Going forward, the company's ability to commence execution of the
project and launch the same will remain the key rating
sensitivity.
Incorporated in 2006, BBEPL is developing a commercial project at
Gurgaon, Haryana. While the company has obtained the license for
developing this project, some approvals are still awaited. The
project is yet to be launched. The company has furnished a bank
guarantee pertaining to external development charges for the said
project.
BDS PROJECTS: ICRA Revises Rating on INR1.25cr Cash Loan to B-
--------------------------------------------------------------
ICRA has downgraded the long-term ratings for the INR1.25 crore
bank facilities of BDS Projects India Pvt. Ltd. to [ICRA]B- from
[ICRA]B. ICRA has reaffirmed the short term rating assigned to the
INR7.25 crore short-term non fund based facility of the company at
[ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 1.25 Revised from [ICRA]B
to [ICRA]B-
Bank Guarantee 7.25 Reaffirmed at [ICRA]A4
The rating revision takes into consideration the decline in its
revenues in FY 2015 along with a highly leveraged capital
structure and stretched cash flow position. The rating revision
also takes into consideration the losses incurred by the company
due to the cost overruns from a large construction project
undertaken on a fixed price basis. ICRA notes that henceforth, the
company is expected to include the escalation clauses in all
projects undertaken. The ratings revision also takes into
consideration the economic slowdown witnessed at the macro level
causing sluggish growth in the repairs and construction sector.
The rating however favorably factors in the long-standing
experience of the promoters in the repairs and rehabilitation
industry and the strong network of the promoters, developed as a
result of the long established presence of the parent company N S
Guzder & Company Private Limited has enabled BDS to service a
reputed client base.
BDS Projects India Pvt. Ltd. (BDS) was incorporated in FY 2007 as
a shell company, subsidiary of N S Guzder & Co. Pvt. Ltd., to
separate the speciality engineering and contracting solutions
business from the parent company and is promoted by Mr. Farokh
Guzder who has been involved in the family business of N S Guzder
& Co. Pvt. Ltd. and AFL Pvt. Ltd. for over three decades. Mr.
Guzder has a vast experience in the field of cotton trading,
customs clearance, heavy lift transportation, logistics and travel
related activities of the group. Further, in order to retain its
main civil engineers, BDS offered 25% stake to two of its main
engineers and also offered them the post of executive directors.
In April 2009, Building Diagnostics & Solutions division was hived
off as a going concern in a slump sale to BDS Projects India Pvt.
Ltd. However, in February 2012, the two engineers parted ways with
BDS, on account of difference of opinion from the promoters and
the equity is currently held by the holding company and the
promoters.
BDS Projects India Pvt. Ltd. is involved in providing single point
packaged solution in speciality engineering and contracting in the
field of repairs, rehabilitation, retrofitting of RCC structures,
poly-urea coatings, corrosion mitigation, waterproofing, flooring
and protective coating. The work typically involves performing
concrete repairs on occupied or operating facilities.
For the financial year ending March 2015, BDS reported an
operating income of INR38.08 crore and a net loss of INR5.74 crore
on a provisional basis as compared to operating income of INR43.09
crore and net loss of INR6.27 crore in the previous year.
BHADRA INTERNATIONAL: ICRA Suspends B+ Rating on INR30cr LT Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and the [ICRA]A4 rating assigned
to the INR444.76 crore bank facilities of Bhadra International
(India) Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund-Based
Working Capital
Facilities 30.00 [ICRA]B+ suspended
Short-term Non-Fund
Based Working Capital
Facilities 78.00 [ICRA]A4 suspended
Bhadra International (India) Private Limited is promoted by Mr.
Prem Bajaj who holds 62.5% of the total equity of the company
while the balance is held by GPC Mauritius IX LLC. Incorporated in
2000, Bhadra International is involved in providing ground
handling services, ramp services and allied services at airports
across India. The company entered into a technical collaboration
with Novia International Consulting ApS (Denmark) in 2007 and was
awarded concession from Airport Authority of India (AAI) to
provide comprehensive ground handling services at seven airports
including, Chennai, Trichy, Coimbatore, Kolkata, Calicut,
Trivandrum and Mangalore. Bhadra International's clientele
includes international players operating out of these locations
like Qantas, British Airways, Cathay Pacific, Thai Airways, etc.
The company has its corporate offices in New Delhi and Chennai.
BHARAT BIO: ICRA Suspends B Rating on INR9.45cr Term Loan
---------------------------------------------------------
ICRA had suspended the long term rating of [ICRA]B assigned to the
INR9.45 crore term loan facility and INR0.50 crore cash credit
facility of Bharat Bio Gas Energy Limited (GC). The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Cash
Credit Limit 0.50 [ICRA]B suspended
Long Term- Term
Loan Limit 9.45 [ICRA]B suspended
BBGEL is a limited company incorporated in 2013 and currently is
in the process of setting up a Bio Gas manufacturing plant with
installed capacity of 2335357 t/a of CNG,6000m3/a of Liquid
fertilizer and19600t/a of Solid fertilizer at its plant location
in Kheda District of Gujarat. The company is owned and managed by
Mr.Bharat Patel & Mr.Rushabh. The promoters are environment
conscious so they initiated this project wherein they will use bio
waste and cow dung for manufacturing CNG-renewable resources.
BHARAT CHEMICALS: ICRA Suspends B+ Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ and the [ICRA]A4 ratings assigned
to the INR14.00 crore bank facilities of Bharat Chemicals. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based
Limit - Cash Credit 10.00 [ICRA]B+ Suspended
Short Term Non Fund
Based Limit- Letter
of Credit 4.00 [ICRA]A4 Suspended
Bharat Chemicals is a partnership firm engaged in manufacturing of
paracetamol and selling it in the domestic market. It has its
registered office in Mumbai and a manufacturing unit in
Tarapur(Maharashtra) with an annual capacity of 2400 metric
tonnes.
BHARAT INTEGRATED: CRISIL Suspends 'C' Rating on INR45MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bharat Integrated Technical Services Pvt Ltd (BITS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 110 CRISIL A4
Cash Credit 45 CRISIL C
Proposed Long Term
Bank Loan Facility 45 CRISIL C
The suspension of ratings is on account of non-cooperation by BITS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BITS is yet to
provide adequate information to enable CRISIL to assess BITS'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'
BITS was set up in 2010 by Mr. Rajendra Rayala, Mr. Pradeep
Vegunta, and Mr. Chandra Sekhar. The company undertakes civil
construction projects, which includes construction of roads and
building, piling works, foundations and industrial structures, and
electrical works. The company is based in Visakhapatnam, Andhra
Pradesh.
BRILLIANT BIO: CRISIL Suspends 'D' Rating on INR255MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Brilliant Bio Pharma Limited (BBPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 45 CRISIL D
Cash Credit 70 CRISIL D
Letter of Credit 40 CRISIL D
Packing Credit 20 CRISIL D
Term Loan 255 CRISIL D
The suspension of ratings is on account of non-cooperation by BBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BBPL is yet to
provide adequate information to enable CRISIL to assess BBPL'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'
BBPL, incorporated in 1988, manufactures veterinary vaccines and
medicines. The company's plant is located at Medak district in
Andhra Pradesh. The company is a part of the TG Venkatesh group,
which has presence in various businesses such as chemicals,
aquaculture, salt, power, healthcare, hospitality, and personal
care products.
CARONA INDUSTRIES: ICRA Reaffirms 'B' Rating on INR14.5cr FB Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR9.13 crore (revised from INR11.15 crore) term loan
facilities, INR14.50 crore (revised from INR12.00 crore) fund
based facilities and the INR6.24 crore (revised from INR7.72
crore) proposed facilities of Carona Industries Private Limited.
ICRA has also reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR2.00 crore fund based (sub-limit)
facilities, INR1.50 crore fund based facilities and INR4.63 crore
(revised from INR3.63 crore) non fund based facilities of the
Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan facilities
(long-term) 9.13 [ICRA]B reaffirmed
Fund based facilities
(long-term) 14.50 [ICRA]B reaffirmed
Proposed facilities
(long-term) 6.24 [ICRA]B reaffirmed
Fund based (sub-limit)
facilities (short-term) (2.00) [ICRA]A4 reaffirmed
Fund based facilities
(short-term) 1.50 [ICRA]A4 reaffirmed
Non fund based facilities
(short-term) 4.63 [ICRA]A4 reaffirmed
The reaffirmation of the ratings takes into account the
significant experience of the promoters in the textile industry
and the integrated nature of the group's operations. The ratings
factor in the recent diversification in the product offering to
cater to woven garments segment which is expected to provide
additional impetus to growth and help reduce the client
concentration risk. The ratings are however constrained by the
decline in revenues of the company during FY15 by ~14% on account
of lower realisation despite an increase of 11% in the volumes.
Nevertheless, the operating margins remained stable supported by
decline in raw material costs. Further, the debt metrics continue
to be stretched with gearing of 1.9 times, interest coverage of
1.3 times and NCA/total debt at 3.6%. Moreover, the working
capital requirement remains high driven by stretched receivables.
Going forward, the revenues are expected to grow on the back of
the recent capacity expansion and the foray into new markets;
however the company's ability to improve its profit margins and
efficiently manage its working capital cycle would be critical to
generate strong cash flows, and thereby improve its credit
profile.
Incorporated in 2006 by Mr. K. Swaminathan, CIPL is engaged in
production of cotton hosiery yarn. CIPL started commercial
production in 2008 and supplies about one-fifth of the produce to
its group entity (M/s. Carona Knit Wear, which is engaged in
garment manufacturing). The Company also caters to merchant
exporters and is engaged in direct exports to countries like Egypt
and Casablanca (Africa). CIPL operates with an installed capacity
of 20,800 spindles and the manufacturing facility is located in
Gobichettipalayam (Tamil Nadu).
Recent Results
The Company reported net profit of INR0.9 crore on an operating
income of INR67.3 crore during 2013-14 as against a net profit of
INR0.6 crore on an operating income of INR51.3 crore during 2012-
13.
For financial year 2014-15 as per unaudited results, the Company
has achieved revenues of INR57.8 crore and PBDT of INR1.2 crore.
CHOUDHURY AND CHOUDHURY: CRISIL Cuts Rating on INR30MM Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Choudhury and Choudhury India Ltd (CCL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 180 CRISIL A4 (Downgraded
from 'CRISIL A4+')
Cash Credit 30 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects deterioration in CCL's financial
risk profile, particularly its capital structure and liquidity;
after it contracted a bank debt of around INR100 million in 2014-
15 (refers to financial year, April 1 to March 31). The loan
resulted in the company's gearing increasing sharply to 2.6 times
as on March 31, 2015, from 1.6 times a year earlier. CCL's
liquidity too has weakened due to large term debt obligations of
INR18 million to INR20 million per annum; its net cash accruals
are expected to be tightly matched to meet the debt obligations
over the medium term. Further, the company has also repaid part of
its unsecured loan of around INR81 million, resulting in further
stretch in the liquidity position.
The ratings continue to reflect CCL's exposure to risks related to
the tender-based nature of its business in a fragmented industry.
The ratings also factor in the substantial advances that the
company has made to group companies, constraining its liquidity.
These rating weaknesses are partially offset by the extensive
experience of CCL's promoters in the civil construction industry
and the company's moderate order book, providing revenue
visibility over the medium term.
Outlook: Stable
CRISIL believes that CCL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the company reports substantially improvement in scale of
operation along with profitability or if its financial risks
profile improves on the back of equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of
its scale of operation and profitability declines, or if it
extends substantial advances to group companies, leading to
weakening of its business and financial risk profiles.
CCL, incorporated in 1993, is primarily engaged in civil
construction. It undertakes construction contracts from various
departments of the Maharashtra and Rajasthan governments. The
company also sub-contracts work to other contractors. It is a
Class A contractor with the Public Works Department, Maharashtra.
CCL is currently managed by Mr. Anand Gupta and Mr. Yogesh Gupta.
CHOUDHARY & COMPANY: ICRA Rates INR4.20cr Cash Loan at B+
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8
crore bank limits of Choudhary & Company (CAC).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.20 [ICRA]B+ (Assigned)
Term Loan 2.60 [ICRA]B+ (Assigned)
Unallocated 1.20 [ICRA]B+ (Assigned)
The assigned rating is constrained by CAC's small scale of
operations along with its weak financial risk profile
characterised by low cash accruals, leveraged capital structure
and high working capital intensity which further constrains the
firm's liquidity position. The rating also takes into account the
vulnerability of the firm's profitability to increase in the
prices of key raw materials as well as the intense competitive
scenario owing to the fragmented nature of mineral processing
industry. While assigning the rating ICRA also takes into account
the risks associated with proprietorship form of business in terms
of continuity, capital infusions and withdrawals.
The rating, however, takes comfort from extensive experience of
the partners in processing of minerals along with the firm's
established relationships with reputed customers leading to steady
order flow.
CAC was established in 1976 as a partnership concern and is
engaged in the business of processing micronized minerals at its
plant located in Udaipur, Rajasthan. The current partners in the
firm include Mrs Shashi Choudhary, Mr Siddharth Choudhary and Ms
Bhavana Choudhary all of whom have long experience in this line of
business.
Recent Results
In 2013-14, CAC reported a net profit of INR0.34 crore on an
operating income of INR9.71 crore as against a net profit of
INR0.18 crore on an operating income of INR9.22 crore in the
previous year. As per provisional 2014-15 financials, CAC reported
a net profit of INR0.33 crore on an operating income of INR8.53
crore.
DAKSHINESWARI COLD: CRISIL Rates INR35MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Dakshineswari Cold Storage Pvt Ltd (DCSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital Loan 8.9 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 2.8 CRISIL B/Stable
Bank Guarantee 0.8 CRISIL A4
Cash Credit 35.0 CRISIL B/Stable
The ratings reflect the company's weak financial risk profile,
marked by small net worth and high gearing, and its susceptibility
to regulatory changes and to intense competition in the West
Bengal cold storage industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.
Outlook: Stable
CRISIL believes that DCSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters in the cold storage industry. The outlook may be revised
to 'Positive' if there is an increase the company's net cash
accruals or infusion of capital by its promoters, leading to
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of pressure on DCSPL's liquidity on account of delays in
repayment by farmers, considerably low cash accruals, or
significant debt-funded capital expenditure.
Incorporated in 1997 as private limited, DCSPL provides cold
storage services to farmers and traders in Hooghly (West Bengal),
where it has a cold storage facility. DCSPL is promoted by Mr.
Manoranjan Ghosh, who looks after the day-to-day operations of the
company.
DEVANGA SANGHA: ICRA Assigns B+ Rating to INR11CR Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR11.00
crore long term limits of Devanga Sangha.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term - Term Loan 11.00 [ICRA]B+ assigned
The rating takes into account the reputed and established presence
of Devanga Sangha through its school, pre-university college,
hostel, choultry and commercial complexes for over three decades;
and the demonstrated support from the members of the society
through regular infusion of funds in the form of unsecured loans
for meeting the capital expenditure and operational requirements.
ICRA also factors in the rentals from the new commercial complex,
Devanga Sangha Tower, at KG Road, Bangalore, which is expected to
start from November 2015 and will provide revenue visibility going
forward. The society has entered into rental agreement with
reputed clients, having annual rental escalations clause in all
contracts and a lock in period of 15 years. The ratings also
factors in the favorable demand prospects for higher education, as
well as the expansion of the degree college towards this end,
which may allow a healthy ramp up in student intake and increased
revenue for the Sangha.
The rating is, however, constrained by the stretched financial
risk profile of the society characterised by a low operating
margin of 0.03% in FY 2014-15; and highly leveraged capital
structure as indicated by gearing of 4.88 times as on 31st March,
2015. As the educational institutions are charitable in nature, it
has relied on donations and loans from members to fund the
operating expenditure and future capital expenditure plans.
Moreover, with debt repayments to start in October 2015, any
shortfall in occupancy rates of the Devanga Sangha Tower can
result in a cash flow mismatch and create further liquidity
pressures, impacting the debt servicing capability. This risk is,
however, mitigated to an extent on account of the Fixed Deposits
of INR1.82 crore in the banks, which can be utilised to service
the debt repayment obligations. The rating also notes the modest
scale of operations of the educational institutes, reflected by
the limited course offerings in college and limited occupancy
levels in the school. While the management is investing in
diversifying its course offering, besides upgrading infrastructure
to scale up operations, these efforts are expected to yield
benefits over the medium term alone.
The Devanga Sangha Society was formed in 1924 and is registered
under Karnataka Societies Registration Act. It has around 18000
members and runs through an elected body. It started its
operations by providing hostel facilities to poor students and
then opened schools and colleges. Currently, the Sangha has a
school, a pre-university college and first grade college. It also
operates a Choultry (function hall) and has commercial complexes
in Bangalore at Avenue Road, S.R Nagar and K.G Road, Bangalore,
aggregating to a leasable area of ~ 66000 sq-ft.
Recent Results
During FY 2014-15 (as per the provisional results), Devanga Sangha
reported a net profit of INR0.05 crore on an operating income of
INR1.44 crore as compared to a net loss of INR0.06 crore on an
operating income of INR1.24 crore during FY 2013-14.
ECHELON EDUCATIONAL: ICRA Suspends B- Rating on INR15.15cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR15.15 crore bank
facilities of Echelon Educational and Welfare Society. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
FORT-IN INFRA: CRISIL Suspends 'D' Rating on INR120MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fort-In
Infra Developers Pvt Ltd (FIDPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 120 CRISIL D
The suspension of ratings is on account of non-cooperation by
FIDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FIDPL is yet to
provide adequate information to enable CRISIL to assess FIDPL'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'
Fort-In Infra Developers Pvt. Ltd was incorporated in 2009 by
promoter of Malabar Group Mr. Ahammed M., Dr. Ravi Pillai,
Managing Director of Nasser S Al-Hajri Corporation and a group of
local investors. Currently, the company runs a mall in Kollam,
Kerala. sSome of the anchor clients include Reliance Trends,
Blackberry, Carnival Cinemas, Malabar gold, Floret, Food court,
Play on.
FRANSKO AGRO: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Fransko Agro Foods (FAF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5 CRISIL B+/Stable
Proposed Working
Capital Facility 10 CRISIL B+/Stable
Bank Guarantee 15 CRISIL A4
Cash Credit 70 CRISIL B+/Stable
The ratings reflect FAF's below-average financial risk profile,
marked by modest net worth and average debt protection metrics,
and small scale of operations in the intensely competitive rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of FAF's promoters in the rice milling
business.
Outlook: Stable
CRISIL believes that FAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive debt-funded
expansion, or if its revenue and profitability decline
substantially, leading to deterioration in its financial risk
profile.
Set up in 2013 as a partnership firm, FAF mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
based in Ernakullam (Kerala) and is promoted by Mr. Felvin Francis
and his family members.
FAF, on a provisional basis, reported profit after tax (PAT) of
INR0.6 million on net sales of INR 157.5 million for 2014-15
(refers to financial year, April 1 to March 31).
FUTURISTIC EDUCATIONAL: CRISIL Suspends B+ INR70.9MM Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Futuristic Educational Society (FES).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 4.2 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 19.9 CRISIL B+/Stable
Term Loan 70.9 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by FES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FES is yet to
provide adequate information to enable CRISIL to assess FES'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'
FES has been set up in February 2008 to provide education in the
primary and secondary levels. The society is promoted by
Mr.T.Pandurangachari, B.Seenaiah, E.Narendra Prasad, EVL
Basaveswari, E.Manasa Choudhary, T.Rajasekhar, B.L.Harika, and
C.V.B Anand. The society currently is running 3 schools namely,
The Creek Planet School, Seeds School and Ambitus World School.
GRANITE MART: CRISIL Suspends 'B' Rating on INR18.2MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Granite
Mart Ltd (GML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 90 CRISIL A4
Cash Credit 5 CRISIL B/Stable
Letter of Credit 35 CRISIL A4
Packing Credit 137 CRISIL A4
Term Loan 18.2 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by GML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GML is yet to
provide adequate information to enable CRISIL to assess GML'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'
GML was promoted in 1999 by Mr. Kamal Kumar Agarwal, Mr. Ashok
Kumar Agarwal, and Mr. Mudit Agarwal. The company processes and
polishes rough granite blocks to manufacture granite slabs and
monuments. The company is based in Hyderabad (Andhra Pradesh).
HALDIA AGRO: CRISIL Suspends 'D' Rating on INR49MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Haldia Agro Pvt Ltd (HAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 49 CRISIL D
Overdraft Facility 11 CRISIL D
The suspension of ratings is on account of non-cooperation by HAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HAPL is yet to
provide adequate information to enable CRISIL to assess HAPL'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'
HAPL was incorporated in 2005 by Mr. Satyabrata Das (managing
director), Mr. Debabrata Das (director) and Mrs. Tamali Das
(director). The company is engaged in flour milling activities in
Haldia, West Bengal. The company manufactures atta, maida, bran
and sooji.
HINDUSTAN EVEREST: CRISIL Reaffirms B- Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindustan Everest Tools
Ltd (HETL) continue to reflect HETL's weak financial risk profile
marked by fluctuating margins and low accruals, and small scale of
operations in the highly fragmented hand tools industry. These
rating weaknesses are partially offset by the extensive industry
experience of HETL's promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 15 CRISIL A4 (Reaffirmed)
Packing Credit 70 CRISIL A4 (Reaffirmed)
Term Loan 5.9 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that HETL will continue to face pressure on its
liquidity over the medium term, because of tightly matched cash
accruals and debt obligations, and large incremental working
capital requirements. The outlook may be revised to 'Positive' if
the company scales up operations and profitability significantly,
resulting in substantial cash accruals, and reports improvement in
financial flexibility driven by increase in net worth, most likely
because of fresh equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's revenue and profitability
come under pressure or if it undertakes any large debt-funded
capital expenditure programme over the medium term.
HETL is a listed company manufacturing hand tools such as
spanners, wrenches, and screw drivers. HETL was promoted by the
late Mr. D P Mandelia in 1963. HETL's operations are currently
managed by the founder's sons, Mr. Shravan Mandelia and Mr.
Balgopal Mandelia, who joined the company as directors in the
early 1980s. The company's manufacturing facility in Sonepat
(Haryana) has capacity of 1800 tonnes per annum (tpa).
KKRC INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR145MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KKRC Infrastructure Private Limited (KKRC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 295 CRISIL A4
Overdraft Facility 145 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by KKRC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KKRC is yet to
provide adequate information to enable CRISIL to assess KKRC'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'.
KKRC was set up as a proprietorship firm, KK Reddy and Company, by
Mr. K Chandra Mohan Reddy in 1983. The firm was reconstituted as a
partnership firm in 1996 and then as a private limited company in
2010, when it got its present name.
KOTHARI JEWELLERS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kothari Jewellers (KJ).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable
The rating reflects KJ's weak financial risk profile, with small
net worth and weak capital structure. The rating also factors in
the small scale of and working-capital-intensive operations with
vulnerability to gold price fluctuations. These weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the gold jewellery industry and their
funding support.
For arriving at its rating, CRISIL has treated the interest-
bearing unsecured (loan of INR44.5 million extended by the
promoters) as neither debt nor equity, as it will be retained in
the business over the medium term.
Outlook: Stable
CRISIL believes that KJ will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if KJ
reports large cash accruals and/or improved working capital cycle,
thus improving the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KJ reports declining revenue or
profitability margins, or stretched working capital cycle,
weakening the liquidity.
KJ, established in 2001, is a partnership firm of Mr. Prakash
Kothari, Mr. Vardhman Kothari and Kothari Jewellers Pvt Ltd. KJ
retails gold, silver, diamond and platinum jewellery through its
sole showroom in Sadar Bazar (Madhya Pradesh).
LAND MARVEL: ICRA Cuts Rating on INR85cr Debentures to D
--------------------------------------------------------
ICRA has downgraded the rating for the INR85.0 crore non
convertible debentures of Land Marvel Projects India Private
Limited to [ICRA]D on account of delays in servicing debt
obligations. The rating continues to remain suspended.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 85.00 [ICRA]D/ downgraded
Debentures from [ICRA]B(suspended)
Land Marvel Projects India Private Limited (LMPIPL), incorporated
in 2008, is part of the Chennai based Land Marvel group, and is
engaged in the business of real estate development and marketing.
The group has been actively present in the Chennai real estate
market since 1995.
LEENA ELECTRO: CRISIL Ups Rating on INR40MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Leena Electro Mechanical Pvt Ltd (LEMPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'; the rating on the company's short-term
facility has been reaffirmed at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 76.5 CRISIL A4 (Reaffirmed)
Cash Credit 40.0 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that LEMPL's business
risk profile will improve over the medium term, driven by its
increasing scale of operations. The company's revenue increased to
INR204 million in 2014-15 (refers to financial year, April 1 to
March 31), a year-on-year growth of 57 per cent. The increase in
revenue has resulted in improved liquidity. The company's cash
accruals have improved to INR8.4 million in 2014-15 from INR5.1
million in 2013-14.The promoters have also supported the business
by unsecured loans of INR35.7 million and equity infusion of INR10
million in 2014-15.CRISIL believes that LEMPL's business risk
profile will improve further over the medium term, resulting in
higher cash accruals, which along with unsecured loans and equity
infusion, will support its liquidity.
The ratings reflect LEMPL's sizeable working capital requirements
and modest scale of operations. These rating weaknesses are
partially offset by the extensive experience of LEMPL's promoters
in the railway overhead lines segment, and the company's moderate
financial risk profile, marked by above-average debt protection
metrics.
Outlook: Stable
CRISIL believes that LEMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The company is also expected to maintain its moderate
financial risk profile over this period, supported by moderate
gearing and debt protection metrics. The outlook maybe revised to
'Positive' if LEMPL's working capital cycle improves led by
sustainable improvement in debtor collection, or if steady
accretions to reserves strengthen its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in LEMPL's profitability, or if there is a substantial
increase in its working capital requirements, leading to weakening
of its capital structure.
LEMPL, incorporated in 2007 and promoted by Mr. Felix B D'Souza, a
Mumbai-based engineer, erects and commissions railway overhead
lines. It is a Class-1 contractor for Indian Railways and mainly
executes projects floated various departments of Railway.
MALPANI COTTONS: CRISIL Suspends B+ Rating on INR140MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Malpani Cottons Pvt Ltd (MCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by MCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCPL is yet to
provide adequate information to enable CRISIL to assess MCPL'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'
MCPL was promoted in 2005 by Mr. Manish Malpani and Mr. Mukesh
Malpani. The company, based in Alidabad (Andhra Pradesh), is
engaged in ginning and pressing of raw cotton. It also trades in
raw cotton, cotton seeds, and oil cakes.
METCRAFT ENGINEERING: CRISIL Rates INR25MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Metcraft Engineering (ME).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 3.8 CRISIL B+/Stable
Bank Loan Facility
Letter of Credit 3.7 CRISIL A4
Foreign Letter of 20.0 CRISIL B+/Stable
Credit
Bank Guarantee 2.5 CRISIL A4
Cash Credit 25.0 CRISIL B+/Stable
The ratings reflect ME's modest scale of operations in the
intensively competitive engineering industry, the firm's working-
capital-intensive operations, and its average financial risk
profile, marked by a below-average capital structure. These rating
weaknesses are partially offset by the extensive industry
experience of ME's promoters.
Outlook: Stable
CRISIL believes that ME will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations, profitability,
net worth, and working capital management. Conversely, the outlook
may be revised to 'Negative' if ME's financial risk profile
deteriorates, most likely due to low cash accruals, large working
capital requirements, or any unanticipated debt-funded capital
expenditure.
Incorporated in 2007, ME is an infra-engineering organisation
engaged in manufacturing various types of hot-dipped galvanised
steel structures. Its manufacturing facility is in the KIADB
Industrial Area, Harohalli, Bengaluru. The firm's day-to-day
operations are managed by Mr. Rohit Agarwal.
For 2014-15 (refers to financial year, April 1 to March 31), ME,
on a provisional basis, reported a profit after tax (PAT) of
INR3.16 million on total revenue of INR190.16 million; it had
reported a PAT of INR1.54 million on total revenue of INR147.90
million for 2013-14.
MID INDIA: CRISIL Suspend B+ Rating on INR60MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mid India Enterprises Pvt Ltd (Mid India; part of the Mnm group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable
Proposed Cash
Credit Limit 50 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 20 CRISIL B+/Stable
Proposed Working
Capital Facility 30 CRISIL B+/Stable
Working Capital
Facility 40 CRISIL B+/Stable
The suspension of rating is on account of non-cooperation by Mid
India with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Mid India is yet
to provide adequate information to enable CRISIL to assess Mid
India'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 of Mnm Marketing Pvt Ltd and Mid India.
The entities are together referred to as the Mnm group. This is
because the two entities are in similar lines of business, have a
common management with centrally managed operations and have
significant financial linkages with each other.
The Mnm group is based in Vijayawada (Andhra Pradesh [AP]). Mid
India is into organised retailing of readymade garments (RMGs),
saris and accessories. It operates its stores under the M&M brand
and is being promoted by Mr Harikishan.A.
NEOGEM INDIA: ICRA Cuts Rating on INR15cr Loan to 'D'
-----------------------------------------------------
ICRA has revised the long term rating assigned to the INR15 crore
fund based bank limits of Neogem India Limited (NIL) to [ICRA]D
from [ICRA]BB. ICRA has also revised the short term rating
assigned to the abovementioned bank limits of the company to
[ICRA]D from [ICRA]A4+. The ratings revision reflects current
delays in debt servicing by the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/short-term 15.0 Revised to [ICRA]D/[ICRA]D
fund-based facilities from [ICRA]BB (stable)/
[ICRA]A4+
The company has been classified as a non performing asset by one
of its bankers.
Neogem India Limited (NIL) was set up in Sep 1991 by Mr. Mahindra
Doshi to engage in the manufacture and export of gold and studded
jewellery. The company came out with its public issue in April
1993 to fund its jewellery manufacturing unit located in SEEPZ
Andheri, Mumbai. The unit is spread over a total space of around
7,000 square feet and the company employs around 240 employees
including the administrative staff. The company exports its
jewellery products to USA, Europe, Middle East, etc., and recently
the company has received the status as a 'Two Star Export House'.
Apart from this, the company is also engaged in trading exports
where it imports cut and polished diamonds (CPD) and rough
diamonds and exports the same to UAE, Hong Kong, Europe, etc.
either directly or through merchant exporters.
PALAMOOR PAPER: CRISIL Assigns 'B' Rating to INR110MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long term
bank facilities of Palamoor Paper Products Ltd. (PPPL)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 110 CRISIL B/Stable
Proposed Cash
Credit Limit 40 CRISIL B/Stable
The rating reflects PPPL's exposure to risks related to the
implementation and stablisation of the company's on-going project,
which involves the setting up of a kraft paper manufacturing plant
in Hyderabad (Telangana). The ratings also factor in PPPL's
exposure to intense competition in the kraft paper manufacturing
industry and weak financial risk profile marked by high expected
gearing and modest debt protection metrics. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience over the
medium term.
Outlook: Stable
CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if PPPL generates more-than-
expected revenues and profits, after stabilising its operations.
Conversely, the outlook may be revised to 'Negative' in case the
company reports delay in the commissioning of its project because
of unforeseen events, or its financial risk profile deteriorates
because of additional, debt-funded capital expenditure.
PPPL, incorporated in January, 2012 is setting up a facility for
manufacturing kraft paper. Based out of Hyderabad (Telangana),
PPPL is promoted by Mr.Rajendra Prasad Uppalapati, Mr. Chandra
Shekhar, Ms. Prasanna Maipalli, and others.
PARAMESHWARA INDUSTRIES: CRISIL Rates INR125MM Cash Loan at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Parameshwara Industries (PI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 125 CRISIL B+/Stable
The rating reflects PI's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility of the firm's operating profitability to changes in
government regulations and to volatility in raw material prices.
The rating also factors in the firm's weak financial risk profile,
marked by high gearing and weak debt protection metrics. These
rating weakness are partially offset by the extensive industry
experience of PI's promoters, and its established relationships
with customers and suppliers.
Outlook: Stable
CRISIL believes that PI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to an improvement in
its financial risk profile, or in case of significant infusion of
capital into the firm, resulting in an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' if
PI undertakes a large debt-funded capital expenditure programme,
or if its partners withdraw capital from the firm, leading to
deterioration in its financial risk profile.
Set up in 2006, PI mills and processes paddy into rice, rice bran,
broken rice, and husk. Its rice mill is in Nizamabad (Telangana).
The firm's day-to-day operations are managed by Mr. Amarnath
Reddy, Mr. Gajanand Reddy, Mr. Ram Reddy, Mr. Raja Reddy, and Mr.
Naveen Kumar.
For 2014-15 (refers to financial year, April 1 to March 31), PI
had a provisional profit after tax (PAT) of INR5.00 million on net
sales of INR855.00 million; it had reported a PAT of INR4.63
million on net sales of INR818.40 million for 2013-14.
PRAKASH INDUSTRIAL: CRISIL Assigns 'B' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Prakash Industrial Infrastructure Pvt Ltd (PIIPL)
and has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to these
facilities. CRISIL had, on February 25, 2013, suspended the
ratings as PIIPL had not provided the necessary information
required for taking a rating view. The company has now shared the
requisite information, thereby enabling CRISIL to assign ratings
to its bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 100 CRISIL B/Stable (Assigned;
Suspension Revoked)
Proposed Long Term 100 CRISIL B/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
The ratings reflect geographical and sectoral concentration in
PIIPL revenue profile, its small net worth, and its modest scale
of operations in the civil construction industry. These rating
weaknesses are partially offset by the industry experience of the
company's promoters and their sound industry relationships.
Outlook: Stable
CRISIL believes that PIIPL will benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if PIIPL scales up and diversifies its operations while
maintaining its operating margin and improving its liquidity by
selling its substantial land bank. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme or its working capital cycle
lengthens, thereby weakening its financial risk profile.
PIIPL was originally set up in 1975 as a partnership firm, Prakash
Constructions; the firm was reconstituted as a private limited
company with the current name in 2009. The company is promoted by
Mr. Dinesh Agrawal. It undertakes civil construction primarily for
industrial projects in the private sector. Its operations are
largely focused within Maharashtra.
RAYON REALTY: CRISIL Assigns 'B' Rating to INR80MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rayon Realty Pvt Ltd (RRPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 80 CRISIL B/Stable
The rating reflects RRPL's modest scale of operations, limited
track record in the windmill power generation segment, and
susceptibility to risks inherent in power generation. These rating
weaknesses are partially offset by the company's near-term revenue
visibility due to its power purchase agreement (PPA) with its
customers, and the extensive experience of its promoters across
diverse industries.
Outlook: Stable
CRISIL believes that RRPL will generate stable cash accruals over
the medium term, backed by its long-term PPA. The outlook may be
revised to 'Positive' if the plant load factor (PLF) of RRPL's
asset is healthy, and the company develops a track record of
prompt collection of receipts from its customers, thereby
improving its debt service coverage ratio. Conversely, the outlook
may be revised to 'Negative' in case of a significant drop in the
asset's PLF or if there are delays in the collection of
receivables, thereby weakening RRPL's debt servicing ability.
Incorporated in 2010, RRPL is promoted by the Kataria family of
Ahmedabad (Gujarat). The company is engaged in generation of wind
energy through its 2.1-megawatt windmill at Sundankuruchi village
in the Tirunelveli district of Tamil Nadu.
S. V. BANDI: CRISIL Suspends B+ Rating on INR30MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. V. Bandi Engineers and Contractors (SVB).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 45 CRISIL A4
Overdraft Facility 30 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by SVB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVB is yet to
provide adequate information to enable CRISIL to assess SVB'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 1983, SVB is a partnership firm established and managed
by Mr. S.V. Bandi and Mr. H.V. Bandi. The firm undertakes civil
construction works for various government agencies.
SETHUMEENA ROADWAYS: CRISIL Assigns 'B' Rating to INR120MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sethumeena Roadways (Sethumeena).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 120 CRISIL B/Stable
The rating reflects Sethumeena's modest scale of operations and
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the goods transportation industry.
Outlook: Stable
CRISIL believes that Sethumeena 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
significant improvement in its scale of operations while
maintaining its profitability, or in case of substantial capital
infusion by its proprietor, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Sethumeena's accruals decline, or if there is a substantial
increase in its working capital requirements, leading to weakening
of its financial risk profile.
Set up in 2013, Sethumeena is involved in the transportation
business. Its operations are managed by its proprietor, Mr. P S
Sethuraman.
For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, Sethumeena reported net profit of INR 1.6
million on sales of INR 9.5 million against a profit of INR 0.73
million on sales of INR 3.04 million for 2013-14.
SHANKESHWARA FOOD: ICRA Suspends B+/A4 Rating on INR23.73cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and the [ICRA]A4 ratings assigned
to the fund based cash credit limit, term loan limit and untied
limits aggregating to INR23.73 Crore of Shankeshwara Food Product
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.
Promoted by Mr. Rajesh Jain in 2010, Shankeshwara Food Product
Private Limited is engaged in the milling of wheat into maida,
atta, suji and bran. The company has its registered office and
flour mill in Ahmednagar, Maharashtra and a branch office in
Mumbai.
SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR7.81cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR7.81
crore (revised from INR7.99 crore) long term fund based limits and
INR2.67 crore (revised from INR2.49 crore) unallocated fund based
limits of Shree Balaji Ice and Cold Storage.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 7.81 [ICRA]B; reaffirmed
Unallocated fund
based limits 2.67 [ICRA]B; reaffirmed
The rating continues to take into account the highly competitive
nature of the cold storage industry with numerous unorganized
players and the vulnerability of SBICS' profitability to
significant fall in potato prices and possible inventory loss, in
case the market price of potato is lower than the collateral
value. The rating also factors in SBICS' modest scale of
operations and weak financial profile characterised by low cash
accruals, high gearing and weak debt coverage indicators. The
rating also takes into account the risks associated with the
constitution of the firm as a partnership, which exposes it to
risks of termination and capital withdrawals. However, the rating
continues to derive comfort from the long track record of the
promoters in the cold storage business and the location advantage
the firm derives from the proximity of its storage facility to
potato growing areas.
Going forward, the ability of the firm to increase its scale of
operations in a profitable manner while maintaining an optimum
level of working capital intensity will be the key rating
sensitivities.
Incorporated in 2008, SBICS provides cold storage facilities to
potato manufacturers on a rental basis. The firm has a cold
storage facility located at Sasni, Uttar Pradesh and has a
capacity to store 19601 Metric Tonnes of potatoes.
Recent Results
The firm reported a net profit of INR0.02 crore on an operating
income of INR3.41 crore in FY15 (provisional results) as against a
net profit of INR0.08 crore on an operating income of INR3.28
crore in the previous year.
SHREE SAIRAM: CRISIL Assigns B+ Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Shree Sairam Communications (India) Pvt
Ltd (SSCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The rating reflects SSCPL's below-average financial risk profile,
marked by modest net worth and high total outside liabilities to
tangible net worth ratio. The rating also factors in SSCPL's
limited track record and modest scale of operations in the
intensely competitive telecom products distribution business.
These rating weaknesses are partially offset by the promoters'
extensive industry experience, and the company's established
relationship with principal, Bharti Airtel Ltd (Airtel; rated
'CRISIL AA+/Stable/CRISIL A1+').
Outlook: Stable
CRISIL believes that SSCPL will benefit over the medium term from
the extensive experience of its promoters in the distribution
business. The outlook may be revised to 'Positive' if significant
and sustained increase in scale of operations and profitability
lead to sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, especially
liquidity, weakens on account of large working capital
requirements; or if the scale of operations and profitability
reduce considerably.
Incorporated in June 2014, SSCPL is an authorised distributor of
Airtel sim cards, mobile handsets, recharge vouchers and Airtel
direct-to-home products. Based in Chennai, the company caters to
200 retailers in the region. The company is promoted and managed
by Mr. S Ponkarthick and Mrs. Nirmala Kumari.
For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, SSCPL reported a profit after tax (PAT) of
INR1.7 million on a total revenue of INR154.4 million; for 2014-
15.
SHREE SHAKTI: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shree Shakti Enterprises Pvt Ltd (SSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B/Stable
Cash Credit 50 CRISIL B/Stable
Letter of Credit 40 CRISIL A4
The ratings reflect SSPL's large working capital requirements and
weak financial risk profile, marked by high gearing and below-
average debt protection metrics. These rating weaknesses are
mitigated by the promoters' extensive experience in stainless
steel manufacturing industry leading to established relationship
with customers and suppliers.
Outlook: Stable
CRISIL believes that SSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is substantial growth in sales and
profitability along with significant improvement in working
capital management, resulting in high cash accruals and
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company increases its reliance on
debt to fund its incremental working capital requirements, thereby
weakening its capital structure and debt protection metrics or if
its liquidity weakens because of a stretch in its working capital
cycle.
SSPL, incorporated in 1997, is a private limited company that
manufactures stainless steel and aluminium utensils and cutlery.
The company is based in Delhi, with its manufacturing unit located
in Sonipat (NCR, Haryana).
SSPL's net profit and net sales were INR3.9 million and INR620
million, respectively, for 2014-15 (refers to financial year,
April 1 to March 31); against a net profit of INR3.7 million on
net sales of INR528.8 million for 2013-14.
SHREE VARDHMAN: ICRA Suspends 'D' Rating on INR15cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR15.00 crore bank
facilities of Shree Vardhman Knityarn Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
SIM AGRO: CRISIL Assigns B+ Rating to INR125MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Sim Agro Chain (SAC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 125 CRISIL B+/Stable
Cash Credit 35 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable
The rating reflects the firm's early stage expected moderate scale
of operations in a highly fragmented industry and its average
financial risk profile, marked by a moderate capital structure.
These rating weaknesses are partially offset by the extensive
experience of SAC's promoters in the agriculture industry.
Outlook: Stable
CRISIL believes that SAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and sustains its profitability, leading to
significant improvement in its accruals. Conversely, the outlook
may be revised to 'Negative' if SAC's financial risk profile
weakens because of pressure on its profitability or or if its
working capital requirements increase significantly, adversely
affecting its capital structure.
SAC is a cold storage chain providing cold storage facilities for
various types of fruits and vegetables. It will begin operations
in September 2015 and will be managed by the Parsana family of
Rajkot (Gujarat). Mr. Karsanbhai J. Parsana will manage the firm's
day-to-day operations.
TUFKO INTERNATIONAL: CRISIL Rates INR75MM Cash Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Tufko International (TI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable
The rating reflects TI's modest scale of operations in the
intensely competitive home furnishings industry, and its below-
average financial risk profile, marked by high gearing and modest
net worth. These rating weaknesses are partially offset by the
extensive industry experience of TI's promoters.
Outlook: Stable
CRISIL believes that TI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if TI records lower-than-expected profitability or
if its working capital requirements increase significantly,
leading to deterioration in its financial risk profile.
TI was set up in 2008 as a partnership firm by Mr. K A Jose and
his family members. The firm manufactures and exports coir
products, mainly polyvinyl chloride-tufted mats, rubber-tufted
mats, and rubber-moulded mats. The firm's manufacturing unit is in
Kottayam (Kerala), and derives almost its entire revenue from
exports.
TI reported, on a provisional basis, a profit after tax (PAT) of
INR0.87 million on net sales of INR218.7 million for 2014-15
(refers to financial year, April 1 to March 31); it reported a PAT
of INR0.61 million on net sales of INR182.0 million for 2013-14.
UTTARAYAN STEEL: ICRA Assigns B+ Rating to INR9.0cr Bank Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR9.0
Crore fund based working capital limits of Uttarayan Steel Private
Limited (USPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund-based 9.0 [ICRA]B+; assigned
bank facilities
ICRA's rating is constrained on account of the cyclical and
competitive nature of the steel industry, which limits the pricing
flexibility of the industry participants. The limited value
additive nature of operations and vulnerability to raw material
price volatility, has translated into modest profitability
indicators for USPL. High dependence on working capital debt along
with modest profitability has led to moderate debt coverage
indicators for the company. The rating is however supported by
USPL's track record of operations, which coupled with its long-
standing relationship with its customer base, has enabled it to
achieve stability in revenues over the years.
Going forward, the ability of the company to increase its sales
volumes and margins while maintaining its liquidity will be key
rating sensitivities.
USPL is engaged in the manufacturing of mild steel ingots which
are subsequently rolled into long steel products like thermo
mechanically treated (TMT) bars, channels, angles, etc. The
company was acquired by members of the Goel and the Singhal family
in 2006 and its manufacturing facility is located in Roorkee
(Uttrakhand) with an installed capacity of 22,000 Metric Tonnes
Per Annum (MTPA).
Recent Results
The company, on a provisional basis, reported an Operating Income
(OI) of INR55.83 crore and a Profit after Tax (PAT) of
INR0.61crore in FY15, as compared to an OI of INR59.63 crore and a
PAT of INR0.63 crore in FY14.
VANGAL AMMAN: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vangal Amman
Health Services Limited's (VAHS) Long-Term Issuer Rating at 'IND
D'. The agency has also affirmed the company's INR377m (increased
from INR350m) long-term loans at Long-term 'IND D'.
KEY RATING DRIVERS
The affirmation reflects VAHS's continued delays in servicing its
term loans due to its tight liquidity position.
RATING SENSITIVITIES
Three consecutive months of timely debt service will be positive
for the ratings.
COMPANY PROFILE
Established in 2002, Kurinji Hospital is part of Vangal Amman
Health Service Limited, a company promoted by Dr KC Ramasami and
his family members.
VELVET RESORTS: CRISIL Assigns 'D' Rating to INR87MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Velvet Resorts Private Limited (VRPL) and has
assigned its 'CRISIL D' rating to these long-term bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 87 CRISIL D (Assigned;
Suspension Revoked)
CRISIL had earlier, through its rating rationale dated January 08,
2015, suspended the rating as VRPL did not provide the information
required to undertake a rating review. The company has now shared
the requisite information, enabling CRISIL to assign ratingsto the
company's bank facilities.
The rating reflects instances of delay by VRPL in meeting its debt
obligations; the delays have been caused by the company's weak
liquidity owing to low occupancy in the hotel. Its nascent stage
of operations in the intensely competitive hotel industry led to
insufficient net cash accruals for meeting its maturing debt
obligations.
VRPL has a weak financial risk profile, marked by weak capital
structure and negative net cash accruals and the operations are at
nascent stage with small scale of operations. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the hotel industry.
VRPL, incorporated as a private limited company in 2009, is
promoted by Mr. Bhagwant Singh, Mr. Dilraj Sohi and Ms. Parminder
Pal Kaur. It is currently running a resort, Velvet Resort with a
capacity of around 84 rooms, in Zakirpur (Punjab).
VIJAY ENGINEERING: CRISIL Suspends D Rating on INR237MM Loan
------------------------------------------------------------CRISIL
has suspended its ratings on the bank facilities of
Vijay Engineering Equipment India Pvt Ltd (VEEIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL D
Letter of credit &
Bank Guarantee 30 CRISIL D
Proposed Long Term
Bank Loan Facility 237 CRISIL D
Term Loan 3 CRISIL D
The suspension of ratings is on account of non-cooperation by
VEEIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VEEIPL is yet to
provide adequate information to enable CRISIL to assess VEEIPL'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'
VEEIPL, promoted by Mr. C Vijaya Shekar Reddy, is a part of the
Hyderabad (Andhra Pradesh)-based Vijay group. VEEIPL is an
authorised dealer and service provider for VIPL's construction and
mining equipment, such as excavators, compactors, and tippers, in
Andhra Pradesh.
VIRATA RETAIL: CRISIL Suspends 'B' Rating on INR53MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Virata
Retail Pvt Ltd (VRPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 53 CRISIL B/Stable
Term Loan 47 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by VRPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VRPL is yet to
provide adequate information to enable CRISIL to assess VRPL'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'
VRPL, incorporated in 2012, has set up a lifestyle mall at
Kothapet near Dilshuknagar in Hyderabad, which has been leased for
nine years. The company commenced operations on October 2012 under
the Hyderabad Six brand. VRPL is promoted by two brothers, Mr. B
Sridhar and Mr. B Srikanth. It is held closely by the two brothers
and their family members.
VM COALLOGIX: CRISIL Suspends 'D' Rating on INR310MM LOC
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
VM Coallogix Pvt Ltd (VM Coal).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D
Letter of Credit 140 CRISIL D
Proposed Cash Credit 240 CRISIL D
Limit
Proposed Letter of
Credit 310 CRISIL D
The suspension of ratings is on account of non-cooperation by VM
Coal with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VM Coal is yet
to provide adequate information to enable CRISIL to assess VM
Coal'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'
VM Coal was set up in 2009 by Mr. Vidyasagar KVR and his family
members. The company, based in Hyderabad, trades in imported non-
coking steaming coal.
VTJ SEA: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of VTJ Sea Foods (VTJ).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 42.5 CRISIL B+/Stable
Bank Loan Facility
Bill Discounting under 40.0 CRISIL A4
Letter of Credit
Packing Credit 42.5 CRISIL A4
The ratings reflect VTJ's small scale- and working capital
intensive nature- of operations in the competitive seafood
processing and export industry, susceptibility of operating
margins to volatility in raw material prices, foreign exchange
rates, and to inherent risks in the seafood industry. These rating
weaknesses are partially offset by the benefits that VTJ derives
from its promoters' extensive industry experience and its
established presence in the seafood industry.
Outlook: Stable
CRISIL believes that VTJ will continue to benefit from its
promoters' extensive industry experience, and its established
presence in the seafood industry. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations or if its operating margins and profitability
significantly improves. Conversely, the outlook may be revised to
'Negative' if VTJ's witnesses a fall in its revenues and operating
margins, or if the company undertakes a larger than expected debt-
funded capex programme thereby deteriorating its financial risk
profile.
Established in 2001 as a proprietorship firm, VTJ is engaged in
processing and exporting of seafood products. Based out of Kochi
(Kerala), the firm is promoted by Mr. Raju J Vayalat.
For 2014-15 (refers to the financial year April 1 to March 31),
VTJ reported on a provisional basis, a profit after tax (PAT) of
INR3 million on a net sales of INR158 million against a PAT of
INR2 million on a net sales of INR108 million for 2013-14.
=================
I N D O N E S I A
=================
BERAU COAL: Cakra Sinergi Starts Bankruptcy Proceedings v. Unit
---------------------------------------------------------------
Eveline Danubrata at Reuters reports that PT Cakra Sinergi
Investama has initiated bankruptcy proceedings at a Jakarta court
against a unit of Berau Coal Energy, PT Berau Coal, over alleged
unpaid debts.
Reuters relates that Indonesian conglomerate Sinar Mas Group,
which is in the process of acquiring Berau Coal Energy's parent
company, said earlier this month it is in talks with bondholders
to restructure $950 million worth of debt held by Berau.
PT Berau Coal Energy Tbk ("BCE"), a public company incorporated
under the laws of the Republic of Indonesia, is in the business of
the mining and export of thermal coal and is the fifth largest
coal producer in Indonesia in terms of production volume. The BCE
Group supplies coal domestically and internationally. PT Berau
Coal ("Berau Coal") (which is beneficially owned as to 90% by BCE)
is the BCE Group's key operating asset. Berau Coal has licenses to
conduct coal mining activities in various concession areas in East
Kalimantan, Indonesia until April 26, 2025.
The most substantial shareholder of BCE, holding 84.7% of the
issued and paid up share capital, is Asia Resource Minerals plc
("ARMs"), a public company incorporated under the laws of England
and Wales.
BCE has an interest, either directly or otherwise, in a total of
18 entities incorporated in various jurisdictions.
JAPFA COMFEED: S&P Lowers Corp. Credit Rating to B; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Japfa Comfeed Indonesia
Tbk. (Japfa) to 'B' from 'B+'. The outlook is negative. S&P also
lowered its long-term issue rating on the senior unsecured notes
that Japfa guarantees to 'B' from 'B+'. At the same time, S&P
lowered its long-term ASEAN regional scale rating on the
Indonesia-based integrated poultry producer to 'axB+' from 'axBB'.
"We lowered the ratings because we expect Japfa's margins and cash
flows to be substantially below our earlier expectation for the
next 12 months at least," said Standard & Poor's credit analyst
Xavier Jean.
S&P lowered its assessment of Japfa's stand-alone credit profile
to 'b' from 'b+' because it projects the company's cash flow
adequacy in 2015 to be much lower than S&P anticipated. S&P
forecasts that Japfa's ratio of funds from operations (FFO) to
debt will be 7%-9% and its FFO interest coverage will be close to
2.0x in 2015. The ratios could be less than 12% and below 3.0x in
2016, based on EBITDA margin of 5.5%-6.5% over the period. S&P
earlier expected an FFO-to-debt ratio of 12%-14%, FFO interest
coverage of close to 3.0x, and margin of about 7% for the period.
S&P estimates that Japfa's EBITDA margin would need to improve
sustainably above 8% for the company to reduce its debt and
improve the FFO-to-debt ratio comfortably above 12% and the FFO
interest coverage to close to 3.0x. S&P believes this scenario
will be challenging until at least the end of 2016, given the
current tough domestic market conditions with poor demand and
overcapacity. Certain supply-side adjustments from the large
poultry producers may take place in the second half of 2015 and
help Japfa's margins in 2016. But the timing of those
adjustments, their materiality, and impact on margins is
uncertain. Therefore S&P believes margin visibility beyond 2015
is limited.
Japfa's deteriorating operating performance and higher working
capital needs have eroded its liquidity despite a substantial
reduction in capital spending. The company's short-term debt rose
to almost Indonesian rupiah (IDR) 3.5 trillion as of June 30,
2015, from about IDR2.5 trillion as of Dec. 31, 2014.
Japfa's capital structure and debt maturity profile remain credit
negatives, in S&P's view. Besides exposure to currency mismatch,
depreciation in the rupiah, and elevated short-term debts, Japfa
faces repayment of IDR1.5 trillion in domestic bonds in early
2017. This bond still has about 18 months to maturity and Japfa
has sound access to domestic funding sources, in S&P's view.
However, persisting poor operating conditions in the domestic
poultry sector could delay the refinancing of the bonds or
increase the cost.
"The negative outlook reflects Japfa's eroding liquidity and its
increasingly unfavorable debt maturity profile over the next 18
months," said Mr. Jean. "The outlook also reflects the prospects
that the company's FFO interest coverage will not recover toward
3.0x over the next 12 months if operating conditions remain
tough."
"We could downgrade Japfa if the company's liquidity weakens
because of a failure to roll over maturing working capital debt,
to proactively refinance maturing bonds or bank loans, or because
of persisting covenant breaches without timely liquidity support
from the group. We could also lower the rating if we lower our
assessment of the group credit profile. Given Japfa's large
contribution to its parent's consolidated revenues and EBITDA, we
could lower the group credit profile if Japfa's FFO interest
coverage fails to recover sustainably toward 3x over the next 12
months. This could materialize if the Indonesia operations remain
weak, Japfa's EBITDA margin does not improve above 8.0%, and the
company maintains its capital spending," S&P said.
"We could revise the outlook to stable if Japfa's cash flow
adequacy stabilizes. We believe this would require a sustainable
recovery in the consolidated ratio of FFO to debt to comfortably
above 12%. A revision in the outlook would also be contingent
upon a substantial lengthening of Japfa's debt maturity profile
and an improvement in its liquidity," S&P added.
=========
J A P A N
=========
SHARP CORP: Posts JPY33.98 Billion Net Loss in April-June Qtr
-------------------------------------------------------------
The Japan Times reports that Sharp Corp. said on July 31 it
remained in the red in the April-June period for the fifth
straight year with a net loss of JPY33.98 billion due to sluggish
sales of liquid crystal displays for smartphones.
According to the report, the Osaka-based electronics maker quickly
announced additional restructuring steps, saying it will stop
producing and selling TVs in North and South America and will sell
its Mexican production unit to China's Hisense Group.
The result was far worse than its group net loss of JPY1.79
billion in the same quarter last year, the report notes.
The Japan Times discloses that Sharp posted a group operating loss
of JPY28.76 billion, compared with a profit JPY4.67 billion profit
a year earlier, on consolidated sales of JPY618.30 billion, down
0.2%.
The company said sales of its display device business, including
LCDs for smartphones, plunged 9.2% due to slower growth of and
intensified competition in the Chinese market, the report relays.
Sales of LCD TVs slid 25.2% due partly to more severe competition
in large-size models in North and South America as well as a
downturn in the Chinese market. But sales increased in Japan, the
maker of Aquos brand TV sets said, the Japan Times discloses.
Given the increasingly severe business environment in the display
business, President Kozo Takahashi said Sharp will "explore
various possibilities" in running that operation, including
forming an alliance with other companies and spinning off the
business, according to the report.
"The situation became more severe compared to our projection in
May when the company announced a medium-term business plan through
fiscal 2017," the report quotes Mr. Takahashi as saying. He had
earlier showed a negative stance about spinning off the operation,
the report notes.
But Sharp left unchanged its group earnings forecast for the full
business year to March 31, as its business performance is
"basically moving in line" with its expectation, Mr. Takahashi, as
cited by the Japan Times, said.
The Japan Times discloses that the company projected a group
operating profit of JPY80 billion, compared with a loss of
JPY48.07 billion the previous year, on sales of JPY2.8 trillion,
up 0.5%.
Sharp has yet to release its full-year group net profit outlook,
the report adds.
About Sharp Corp.
Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.
As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap. S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.
S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch. S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.
====================
N E W Z E A L A N D
====================
SHANTON FASHIONS: Bought Out of Liquidation
-------------------------------------------
Catherine Harris at Stuff.co.nz reports that an unidentified buyer
has rescued the Shanton fashion chain out of liquidation.
Seventeen of Shanton's shops remain trading, half of the original
chain, after drawn-out proceedings which began in January, the
report says.
According to the report, Shanton's liquidator Gareth Hoole of
Ecovis KGA said the buyer wanted to remain anonymous as he figured
out the company's next steps.
"This person has obviously expressed interest in the past but I'm
not at liberty to divulge who it is," the report quotes Mr. Hoole
as saying. It was unclear how many staff would remain.
"I think the new owner is trying to work their own strategy as to
how many stores will remain open under the Shanton name in the
future."
Stuff.co.nz relates that Shanton's website was advertising a
liquidation sale, but Mr. Hoole said most of the stock had been
sold along with the chattels.
He did not hold much hope for unsecured creditors who were owed
about NZ$5.8 million, according to his first creditors' report.
Including preferential and secured creditors, the company owed a
total of NZ$7.7 million, the report discloses.
Leases on stores had been voided and landlords had had to join the
creditor queue or enter renegotiations with the new owner, he
said.
Shanton went into voluntary administration in January, but secured
creditors voted against a proposal by the administrator to sell
the company, opting instead to return it to the directors,
Stuff.co.nz recalls.
It was put into liquidation by shareholders in late June, the
report notes.
About Shanton Fashions
Shanton Fashions Limited owns and operates a chain of women
fashion stores in New Zealand. Its stores offer apparel,
accessories, and gift cards. Shanton Fashions Limited was formerly
known as Shanton Apparel (NZ) Limited and changed its name to
Shanton Fashions Limited on December 12, 2012.
Shanton Fashions Limited entered into the Voluntary Administration
on Jan. 11, 2015 with Bryan Williams appointed as administrators
of the company.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2015, creditors of Shanton Fashions Limited are owed
almost NZ$7.8 million while the business is being advertised for
sale in an attempt preserve the brand's inherent value and make a
distribution to creditors.
According to the Administrator's Report, released to creditors on
Feb. 9 by Mr. Williams, creditors' claims amount to NZ$7.79
million, while total assets -- including stock and fixed assets at
book value -- total NZ$3.35 million.
The deficiency of NZ$4.4 million is "significantly different" to
the company directors' estimate of NZ$693,000, as provided in
their report to Mr. Williams at the commencement of voluntary
administration last month.
The total number of creditors is 206, including the IRD and
outstanding holiday pay owed to Shanton employees. There are 155
employees across 37 stores in New Zealand.
UNITED SWEETS: Placed Into Liquidation
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that United Sweets of
New Zealand, a candy business, was put into liquidation. The
company is listed to owe over NZ$400,000 with assets of around
NZ$95,000.
Kim Thompson has been appointed liquidator of the company, the
report says. The liquidator reportedly expects zero dividends on
the NZ$250,000 owed to the company's 23 unsecured creditors,
Dissolve.com.au discloses.
=================
S I N G A P O R E
=================
BERAU CAPITAL: Seeks to Extend Debt Moratorium to U.S.
------------------------------------------------------
Reuters reports that a unit of Indonesian coal miner PT Berau Coal
Energy Tbk has filed a petition to have a debt moratorium granted
by a Singapore court recognized in the United States, in a move to
stave off creditors.
On July 7, the Singapore High Court imposed a moratorium
preventing any creditor of Berau Capital Resources Pte Ltd from
enforcing its rights against Berau Capital, its parent company or
the guarantors of Berau Capital's $450 million bond, Reuters
relates.
The moratorium, which lasts until Jan. 4, effectively bought time
for Berau to negotiate with bondholders, says Reuters.
On July 10, Berau Capital filed a petition to have the moratorium
order made by the Singapore court "extended to other jurisdictions
pursuant to Chapter 15 of the United States Bankruptcy Code,"
Berau said in a stock exchange filing on
July 31, Reuters relays.
About Berau Capital
Berau Capital Resources Pte Ltd., is incorporated under the laws
of the Republic of Singapore and is a wholly-owned subsidiary of
PT Berau Coal Energy Tbk ("BCE"), a public company incorporated
under the laws of the Republic of Indonesia. Berau Capital was
incorporated in 2010, by BCE as a special purpose vehicle to raise
funds for and on behalf of the BCE Group.
In order to prevent recovery or enforcement efforts by creditors
that would jeopardize the BCE Group's and BCR's restructuring, on
July 4, 2015, BCR initiated proceedings in the High Court of the
Republic of Singapore (the "Singapore Court").
Berau Capital filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 15-11804) in Manhattan in the United States on July 10, 2015,
to seek recognition of its restructuring proceedings in Singapore.
Kin Chan, the chairman of the board of ARMs, signed the
Chapter 15 petition and is serving as foreign representative.
The U.S. case is assigned to Judge Martin Glenn.
The Debtor tapped Edward J. LoBello, Esq., at Meyer, Suozzi,
English & Klein, P.C., in Garden City, New York, as counsel.
===========
T A I W A N
===========
INTERNATIONAL BILLS: Fitch Affirms 'B+' Support Rating Floor
------------------------------------------------------------
Fitch Ratings affirmed the ratings on five Taiwanese bills finance
companies (BFCs): International Bills Finance Corporation (IBF),
Grand Bills Finance Corporation (Grand), Taching Bills Finance
Corporation (Taching), Dah Chung Bills Finance Corporation (Dah
Chung), and Taiwan Finance Corporation (TFC).
At the same time, Fitch has affirmed the ratings of Waterland
Financial Holdings (Waterland Financial) and Waterland Securities
Corporation (Waterland Securities), which are derived and
equalised with the ratings of IBF, the principal operating
subsidiary of the group. The Outlooks are all Stable. A full list
of rating actions is provided at the end of this commentary.
KEY RATING DRIVERS
IDRS AND NATIONAL RATINGS
The IDRs and National Ratings of IBF, Grand, Taching and Dah Chung
are driven by their standalone credit profiles, which are
reflected in their VRs. Their Stable Outlooks underline Fitch's
expectation that these BFCs will maintain satisfactory capital
strength and adequate liquidity relative to their growing
commercial paper guarantee books and rising interest rate risk in
their bond positions.
TFC's IDRs and National Ratings reflect the potential for
institutional support from its largest shareholders - Mega
International Commercial Bank Company Limited (A-/Stable), IBF and
Cathay United Bank - which is reflected in its Support Rating. The
Stable Outlook is based on Fitch's belief that the shareholders'
support is not likely to weaken in the near to medium term.
VIABILITY RATING (VR)
IBF's higher VR of 'bbb' reflect its significant franchise in
guarantee and fixed-income market making, and strong
capitalisation. The rating also factors in the sector's structural
weaknesses, including limited business scope and susceptibility to
interest-rate volatilities and reliance on wholesale funding.
The four other firms' lower VRs of 'bbb-' or 'bb' reflect their
higher concentration risk in guarantee exposures and bond repo
counterparties, and greater interest-rate risks than that at IBF.
Their focus on creditworthy corporates and highly liquid assets
and satisfactory capitalisations help mitigate the potential
risks.
The rated bills finance companies have a Stable rating Outlook.
Fitch, however, has a negative view on the sector's earnings
prospects due to cyclically rising interest rates in 2016-2017.
Repo funding costs will increase and bond positions will suffer
losses as a result of rising bond yields. The losses are likely to
reduce earnings rather than erode capital because their interest-
rate risk exposures are moderate.
Risks associated with the sector's growing property exposures
should remain manageable within the rating horizon. Property
exposures rose to 25% of the sector's total guarantee book in
2014, from 22% in 2012. The growth has slowed to 11% in 2014, from
18% in 2013, reflecting the softening property market. The
sector's average loan-to-value ratio in property exposures remains
reasonably conservative at around 50%-60% and the guarantees are
mostly of short tenors of three to six months.
Fitch expects the rated BFCs to comfortably navigate the tighter
liquidity in Taiwan. Their underlying assets have high liquidity
and are of reasonably good credit quality, which will limit
haircuts in assets disposals during stressed times. The halving of
contingent facilities from state-owned Bank of Taiwan to the
sector in 2014 did not heighten the sector's liquidity risk. The
government provided the facilities in 2008 to stave off liquidity
shock that year, but they have never been used.
WATERLAND FINANCIAL AND WATERLAND SECURITIES
Waterland Financial's ratings and outlook are aligned with those
of IBF, based on the high level of integration between the two and
the modest leverage and sound standalone liquidity at the parent.
Waterland Securities's rating and outlook are aligned with
Waterland Financial's, reflecting its status as a core subsidiary
of the group, the obligatory support from the holding parent under
Taiwan's Financial Holding Company Act and the inseparability of
its risk profile from that of the group.
Waterland Financial made a tender offer in June 2015 to buy 51%-
75% in Cota Bank for up to USD223m (TWD6.7bn). The tender offer
closes on 17 August 2015. Fitch will review the rating on
Waterland Financial once the transaction is finalised, likely in
August, and assess the group's evolving consolidated credit
profile based on its business strategy and capital planning.
SUPPORT RATING AND SUPPORT RATING FLOOR
IBF's Support Rating (SR) and Support Rating Floor (SRF) reflect a
limited probability of government support, if needed. SRs and SRFs
for Grand, Taching and Dah Chung reflect Fitch's view that state
support cannot be relied upon, due to their low systemic
importance. TFC's SR is driven by the expectation that its bank
shareholders would provide support to the company, if needed.
RATING SENSITIVITIES
IDRS AND NATIONAL RATINGS
The IDRs and National Ratings of IBF, Grand, Taching and Dah Chung
are sensitive to same factors that could change their VRs. A
change in Fitch's assessment of the ability or propensity of TFC's
largest shareholders to provide support is likely to result in a
change in its IDRs and National Ratings.
VR
The rated entities' VRs have limited upside due to the
aforementioned sector-wide structural limitations. Negative rating
action may result from any compromises in underwriting quality,
weakened capital strength arising from aggressive growth in the
guarantee book or market risk, or unexpected market disruptions
resulting in liquidity stress.
The potential acquisition of Cota Bank by its holding parent,
Waterland Financial, in 2015, if successful is likely to result in
weaker capitalisation at IBF. However, this would bring IBF's
capitalisation in line with that of its peers because its
capitalisation was stronger to begin with. The acquisition may
erode IBF's broader credit profile in the longer term, which may
pressure its ratings.
WATERLAND FINANCIAL AND WATERLAND SECURITIES
Waterland Financial's ratings are driven by the financial strength
of its principal operating subsidiary, IBF. Any weakening of IBF's
credit profile, and/or Waterland Financial's standalone liquidity
and leverage could pressure its ratings. The holding parent's
ratings, however, may be increasingly influenced by other
subsidiaries, if IBF becomes a smaller part of the group by asset
size as a result of acquisitions. Waterland Securities' ratings
will move in tandem with the ratings of its parent, Waterland
Financial.
Waterland Financial's acquisition of Cota Bank, if finalised, will
likely have negative rating impact on the company and Waterland
Securities. Cota Bank's earnings and capitalisation are lower than
IBF's. A clear weakening in the group's capital strength as a
result of leveraged acquisitions, coupled with any execution
difficulties, and/or significant decline in overall group
profitability could lead to a rating downgrade.
SUPPORT RATING AND SUPPORT RATING FLOOR
The SRs and SRFs of IBF, Grand, Taching and Dah Chung are
sensitive to changes in assumptions around the propensity of the
government to provide timely support. TFC's SR may be downgraded
if the willingness or ability of its large bank shareholders to
extend support were deemed to have deteriorated.
The rating actions are as follows:
IBF:
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)'
Dah Chung:
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:
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:
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'
TFC:
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 27 to July 31, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY LTD 10.00 10/30/23 AUD 1.83
BOART LONGYEAR MAN 7.00 04/01/21 USD 70.75
BOART LONGYEAR MAN 7.00 04/01/21 USD 68.30
CML GROUP LTD 9.00 01/29/20 AUD 0.99
CML GROUP LTD 9.00 01/29/20 AUD 0.99
CRATER GOLD MINING 10.00 08/18/17 AUD 25.00
CRATER GOLD MINING 10.00 08/18/17 AUD 25.00
EMECO PTY LTD 9.88 03/15/19 USD 71.50
FMG RESOURCES AUGU 6.88 04/01/22 USD 58.97
FMG RESOURCES AUGU 6.88 04/01/22 USD 61.00
IMF BENTHAM LTD 6.35 06/30/19 AUD 70.50
KBL MINING LTD 12.00 02/16/17 AUD 0.31
LAKES OIL NL 10.00 03/31/17 AUD 8.61
MIDWEST VANADIUM P 11.50 02/15/18 USD 5.00
MIDWEST VANADIUM P 11.50 02/15/18 USD 3.08
STOKES LTD 10.00 06/30/17 AUD 0.45
TREASURY CORP OF V 0.50 11/12/30 AUD 63.06
CHINA
-----
CHANGCHUN CITY DEV 6.08 03/09/16 CNY 40.46
CHANGZHOU INVESTME 5.80 07/01/16 CNY 40.71
CHANGZHOU WUJIN CI 5.42 06/09/16 CNY 50.38
CHINA DEVELOPMENT 3.52 04/18/20 CNY 74.25
CHINA GOVERNMENT B 1.64 12/15/33 CNY 70.70
DATONG ECONOMIC CO 6.50 06/01/17 CNY 71.48
ERDOS DONGSHENG CI 8.40 02/28/18 CNY 57.70
GRANDBLUE ENVIRONM 6.40 07/07/16 CNY 72.12
HANGZHOU XIAOSHAN 6.90 11/22/16 CNY 72.00
HEILONGJIANG HECHE 7.78 11/17/16 CNY 71.65
HUAIAN CITY URBAN 7.15 12/21/16 CNY 70.58
INNER MONGOLIA NAI 7.48 05/05/18 CNY 72.19
KUNSHAN ENTREPRENE 4.70 03/30/16 CNY 40.18
LIAOYUAN STATE-OWN 7.80 01/26/17 CNY 71.51
NANJING NANGANG IR 6.13 02/27/16 CNY 50.74
NANJING NANGANG IR 6.13 02/27/16 CNY 50.15
NANTONG CITY TONGZ 6.80 05/28/19 CNY 82.95
NANTONG STATE-OWNE 6.72 11/13/16 CNY 71.05
OCEAN RIG UDW INC 7.25 04/01/19 USD 67.00
PANJIN CONSTRUCTIO 7.70 12/16/16 CNY 71.80
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 40.39
TAIZHOU CITY CONST 6.90 01/25/17 CNY 70.61
WUXI COMMUNICATION 5.58 07/08/16 CNY 50.40
XIANGTAN JIUHUA EC 6.93 12/16/16 CNY 70.70
YANGZHOU URBAN CON 5.94 07/23/16 CNY 70.94
YANGZHOU URBAN CON 5.94 07/23/16 CNY 71.10
INDONESIA
---------
BERAU COAL ENERGY 7.25 03/13/17 USD 60.00
BERAU COAL ENERGY 7.25 03/13/17 USD 58.01
BERLIAN LAJU TANKE 16.25 05/28/14 IDR 1.03
JAIPRAKASH ASSOCIA 5.75 09/08/17 USD 74.63
GTL INFRASTRUCTURE 3.53 11/09/17 USD 25.75
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 16.50
BLUE DART EXPRESS 9.30 11/20/17 INR 10.18
BLUE DART EXPRESS 9.50 11/20/19 INR 10.29
BLUE DART EXPRESS 9.40 11/20/18 INR 10.23
COROMANDEL INTERNA 9.00 07/23/16 INR 16.45
INCLINE REALTY PVT 10.85 08/21/17 INR 11.44
INDIA GOVERNMENT B 7.64 01/25/35 INR 22.81
INCLINE REALTY PVT 10.85 04/21/17 INR 8.16
JCT LTD 2.50 04/08/11 USD 22.63
ORIENTAL HOTELS LT 2.00 11/21/19 INR 73.62
PYRAMID SAIMIRA TH 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 20.63
REI AGRO LTD 5.50 11/13/14 USD 20.63
SHIV-VANI OIL & GA 5.00 08/17/15 USD 25.00
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 39.13
AVANSTRATE INC 5.00 11/05/17 JPY 30.50
ELPIDA MEMORY INC 0.70 08/01/16 JPY 9.63
ELPIDA MEMORY INC 0.50 10/26/15 JPY 8.88
ELPIDA MEMORY INC 2.03 03/22/12 JPY 9.63
ELPIDA MEMORY INC 2.10 11/29/12 JPY 9.63
ELPIDA MEMORY INC 2.29 12/07/12 JPY 9.63
KOREA
-----
2014 KODIT CREATIV 5.00 12/25/17 KRW 28.86
2014 KODIT CREATIV 5.00 12/25/17 KRW 28.86
DOOSAN CAPITAL SEC 20.00 04/22/19 KRW 36.25
EXPORT-IMPORT BANK 0.50 12/22/17 BRL 74.85
HYUNDAI MERCHANT M 7.05 12/27/42 KRW 37.21
HYUNDAI HEAVY INDU 4.80 12/15/44 KRW 57.22
HYUNDAI HEAVY INDU 4.90 12/15/44 KRW 56.16
KIBO GREEN HI-TECH 10.00 12/21/15 KRW 43.19
KIBO ABS SPECIALTY 5.00 03/29/18 KRW 27.85
KIBO ABS SPECIALTY 10.00 09/04/16 KRW 36.88
KIBO ABS SPECIALTY 10.00 02/19/17 KRW 34.50
KIBO ABS SPECIALTY 5.00 01/31/17 KRW 30.71
LSMTRON DONGBANGSE 4.53 11/22/17 KRW 28.54
POSCO ENERGY CORP 4.66 08/29/43 KRW 69.75
POSCO ENERGY CORP 4.72 08/29/43 KRW 69.17
POSCO ENERGY CORP 4.72 08/29/43 KRW 68.98
POSCO PLANTEC CO L 3.89 09/13/16 KRW 70.18
SINBO SECURITIZATI 5.00 08/29/18 KRW 26.72
SINBO SECURITIZATI 5.00 09/26/18 KRW 26.52
SINBO SECURITIZATI 5.00 09/26/18 KRW 26.52
SINBO SECURITIZATI 5.00 09/26/18 KRW 26.52
SINBO SECURITIZATI 5.00 12/13/16 KRW 31.97
SINBO SECURITIZATI 5.00 03/14/16 KRW 33.60
SINBO SECURITIZATI 5.00 02/02/16 KRW 34.88
SINBO SECURITIZATI 8.00 02/02/16 KRW 38.22
SINBO SECURITIZATI 5.00 01/19/16 KRW 35.56
SINBO SECURITIZATI 10.00 12/27/15 KRW 42.59
SINBO SECURITIZATI 5.00 07/26/16 KRW 33.49
SINBO SECURITIZATI 5.00 07/26/16 KRW 33.49
SINBO SECURITIZATI 5.00 03/12/18 KRW 27.99
SINBO SECURITIZATI 5.00 03/12/18 KRW 27.99
SINBO SECURITIZATI 5.00 09/28/15 KRW 47.42
SINBO SECURITIZATI 5.00 10/05/16 KRW 32.75
SINBO SECURITIZATI 5.00 10/05/16 KRW 31.17
SINBO SECURITIZATI 5.00 08/31/16 KRW 33.09
SINBO SECURITIZATI 5.00 08/31/16 KRW 33.10
SINBO SECURITIZATI 5.00 01/29/17 KRW 31.47
SINBO SECURITIZATI 5.00 07/08/17 KRW 30.31
SINBO SECURITIZATI 5.00 07/08/17 KRW 30.31
SINBO SECURITIZATI 5.00 06/07/17 KRW 22.71
SINBO SECURITIZATI 5.00 06/07/17 KRW 22.71
SINBO SECURITIZATI 5.00 08/24/15 KRW 56.96
SINBO SECURITIZATI 5.00 12/07/15 KRW 39.23
SINBO SECURITIZATI 5.00 09/13/15 KRW 53.16
SINBO SECURITIZATI 5.00 09/13/15 KRW 53.16
SINBO SECURITIZATI 5.00 05/27/16 KRW 34.17
SINBO SECURITIZATI 5.00 05/27/16 KRW 34.17
SINBO SECURITIZATI 5.00 02/21/17 KRW 31.20
SINBO SECURITIZATI 5.00 02/21/17 KRW 31.20
SINBO SECURITIZATI 5.00 06/29/16 KRW 33.81
SINBO SECURITIZATI 5.00 03/13/17 KRW 30.98
SINBO SECURITIZATI 5.00 03/13/17 KRW 30.98
SINBO SECURITIZATI 5.00 12/25/16 KRW 31.16
SINBO SECURITIZATI 5.00 01/15/18 KRW 28.67
SINBO SECURITIZATI 5.00 01/15/18 KRW 28.67
SINBO SECURITIZATI 5.00 02/11/18 KRW 28.21
SINBO SECURITIZATI 5.00 02/11/18 KRW 28.21
SINBO SECURITIZATI 5.00 06/27/18 KRW 27.35
SINBO SECURITIZATI 5.00 06/27/18 KRW 27.35
SINBO SECURITIZATI 5.00 07/24/17 KRW 29.28
SINBO SECURITIZATI 5.00 07/24/18 KRW 27.16
SINBO SECURITIZATI 5.00 07/24/18 KRW 27.16
SINBO SECURITIZATI 5.00 10/01/17 KRW 29.35
SINBO SECURITIZATI 5.00 10/01/17 KRW 29.35
SINBO SECURITIZATI 5.00 10/01/17 KRW 29.35
SINBO SECURITIZATI 5.00 08/16/16 KRW 32.34
SINBO SECURITIZATI 5.00 08/16/17 KRW 29.90
SINBO SECURITIZATI 5.00 08/16/17 KRW 29.90
SINBO SECURITIZATI 5.00 08/29/18 KRW 26.72
SK TELECOM CO LTD 4.21 06/07/73 KRW 67.19
TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00
U-BEST SECURITIZAT 5.50 11/16/17 KRW 29.56
WISE MOBILE SECURI 20.00 05/19/18 KRW 72.51
SRI LANKA
---------
SRI LANKA GOVERNME 5.35 03/01/26 LKR 72.84
MALAYSIA
--------
BANDAR MALAYSIA SD 0.35 02/20/24 MYR 70.31
BANDAR MALAYSIA SD 0.35 12/29/23 MYR 70.79
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 70.32
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 65.37
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 68.71
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.29
SENAI-DESARU EXPRE 0.50 12/31/38 MYR 64.69
SENAI-DESARU EXPRE 0.50 12/29/45 MYR 73.08
SENAI-DESARU EXPRE 0.50 12/31/42 MYR 70.15
SENAI-DESARU EXPRE 0.50 12/31/40 MYR 67.69
SENAI-DESARU EXPRE 0.50 12/31/41 MYR 68.85
SENAI-DESARU EXPRE 0.50 12/30/44 MYR 72.19
SENAI-DESARU EXPRE 0.50 12/30/39 MYR 66.42
SENAI-DESARU EXPRE 0.50 12/31/43 MYR 71.28
SENAI-DESARU EXPRE 1.35 06/30/28 MYR 58.34
SENAI-DESARU EXPRE 1.35 12/29/28 MYR 57.04
SENAI-DESARU EXPRE 1.10 12/31/21 MYR 75.10
SENAI-DESARU EXPRE 1.10 06/30/22 MYR 73.56
SENAI-DESARU EXPRE 1.15 12/30/22 MYR 72.35
SENAI-DESARU EXPRE 1.15 06/30/23 MYR 70.89
SENAI-DESARU EXPRE 1.15 12/29/23 MYR 69.43
SENAI-DESARU EXPRE 1.15 06/28/24 MYR 67.99
SENAI-DESARU EXPRE 1.15 12/31/24 MYR 66.39
SENAI-DESARU EXPRE 1.15 06/30/25 MYR 64.84
SENAI-DESARU EXPRE 1.35 12/31/25 MYR 64.96
SENAI-DESARU EXPRE 1.35 06/30/26 MYR 63.60
SENAI-DESARU EXPRE 1.35 12/31/26 MYR 62.27
SENAI-DESARU EXPRE 1.35 06/30/27 MYR 60.93
SENAI-DESARU EXPRE 1.35 12/31/27 MYR 59.64
SENAI-DESARU EXPRE 1.35 06/29/29 MYR 55.79
SENAI-DESARU EXPRE 1.35 12/31/29 MYR 54.58
SENAI-DESARU EXPRE 1.35 06/28/30 MYR 53.42
SENAI-DESARU EXPRE 1.35 12/31/30 MYR 52.27
SENAI-DESARU EXPRE 1.35 06/30/31 MYR 51.14
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.26
PHILIPPINES
-----------
BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE 7.54 05/18/18 USD 69.41
BAKRIE TELECOM PTE 11.50 05/07/15 USD 3.44
BAKRIE TELECOM PTE 11.50 05/07/15 USD 3.44
BERAU CAPITAL RESO 12.50 07/08/49 USD 61.50
BERAU CAPITAL RESO 12.50 07/08/49 USD 74.78
BLD INVESTMENTS PT 8.63 03/23/15 USD 9.50
BUMI CAPITAL PTE L 12.00 11/10/16 USD 26.67
BUMI INVESTMENT PT 10.75 10/06/17 USD 27.13
BUMI INVESTMENT PT 10.75 10/06/17 USD 26.75
BUMI CAPITAL PTE L 12.00 11/10/16 USD 28.25
ENERCOAL RESOURCES 6.00 04/07/18 USD 14.50
INDO INFRASTRUCTUR 2.00 07/30/10 USD 1.88
GOLIATH OFFSHORE H 12.00 06/11/17 USD 45.00
OSA GOLIATH PTE LT 12.00 10/09/18 USD 68.00
ORO NEGRO DRILLING 7.50 01/24/19 USD 74.13
SWIBER HOLDINGS LT 7.13 04/18/17 SGD 74.38
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 4.05
MDX PCL 4.75 09/17/03 USD 37.38
VIETNAM
-------
BANK FOR INVESTMEN 10.20 05/19/21 VND 1.00
DEBT AND ASSET TRA 1.00 10/10/25 USD 57.80
*********
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
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*** End of Transmission ***