/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/150814.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 Friday, August 14, 2015, Vol. 18, No. 160 Headlines A U S T R A L I A A.B CABINETS: First Creditors' Meeting Set For August 25 BUNDOK RESOURCES: Sells Shareholding in BMRC Subsidiary PURMAC PTY: First Creditors' Meeting Set For August 21 RGI SYDNEY: First Creditors' Meeting Slated For August 24 TALCO PTY: Business Assets Up for Sale C H I N A JIANGSU FEIDA: Faces Bond Default; Danyang City Comes to Rescue H O N G K O N G NOBLE GROUP: Troubles Seep Into Bonds, Research Analyst Says SING PAO: High Court Sends Parent Company Into Liquidation TEXHONG TEXTILE: Moody's Ba3 Rating Unaffected by 1H 2015 Results I N D I A AARAY GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loan ANANYA HOSPITAL: ICRA Upgrades Rating on INR3.73cr Loan to BB- APRA ENTERPRISES: CRISIL Lowers Rating on INR120MM Loan to B+ ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Loan to 'B' ARYA FILAMENTS: CRISIL Assigns B+ Rating to INR79MM Cash Loan AVYAAN OVERSEAS: CRISIL Lowers Rating on INR375MM Loan to 'D' HOLY FAITH: CRISIL Suspends 'D' Rating on INR60MM Bank Loan HOPEWELL TABLEWARE: CRISIL Ups Rating on INR330MM Loan to B+ KARAN CONSTRUCTION: CRISIL Cuts Rating on INR80MM Loan to B KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR50MM Loan KG FABRIKS: ICRA Suspends C+ Rating on INR43.54cr Term Loan KODIBAIL IMPORT: CRISIL Reaffirms 'B' Rating on INR40MM Loan KONARK POLYTUBES: CRISIL Ups Rating on INR80MM Cash Loan to B+ M. J. CHEMICALS: CRISIL Assigns 'B' Rating to INR9.2MM LT Loan M. M. POLYMERS: CRISIL Assigns B+ Rating to INR60MM LT Loan MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B NARESH CLOTH: CRISIL Reaffirms B+ Rating on INR65MM LT Loan POWER RESEARCH: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan PRERANA HOSPITAL: CRISIL Reaffirms B+ Rating on INR300MM LT Loan PRISTINE BUILDCON: ICRA Assigns B+ Rating to INR45cr Term Loan RADIANT UDYOG: CRISIL Reaffirms 'D' Rating on INR40MM Term Loan RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR75MM Loan REVATHI MODERN: CRISIL Suspends B+ Rating on INR70MM Cash Loan RIDDHI SIDDHI: ICRA Assigns B+ Rating to INR20cr Cash Credit RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR49.9MM Term Loan SLS MERCANTILE: CRISIL Reaffirms B+ Rating on INR120MM Loan SRI RAM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan THOPPIL CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR80MM Loan UNITED STEEL: CRISIL Suspends D Rating on INR97MM Term Loan VIRTUAAL RETAIL: CRISIL Lowers Rating on INR150MM Loan to 'D' XO PACK: CRISIL Suspends B- Rating on INR50MM Long Term Loan I N D O N E S I A MULTIPLAR TBK: S&P Revises Outlook to Neg. & Affirms 'B+' CCR J A P A N TOSHIBA CORP: May Book JPY100BB Loss in FY2014 Amid Scandal M A L A Y S I A 1MALAYSIA DEVELOPMENT: Probe Completed, Central Bank Says N E W Z E A L A N D SOLID ENERGY: Board Places Company Into Voluntary Administration S O U T H K O R E A * SOUTH KOREA: Regulator to Set Up Corporate Restructuring Firm X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= A.B CABINETS: First Creditors' Meeting Set For August 25 -------------------------------------------------------- Jason Glenn Stone and Petr Vrsecky of PKF Melbourne were appointed as administrators of A.B Cabinets Pty. Ltd. on Aug. 13, 2015. A first meeting of the creditors of the Company will be held at PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on Aug. 25, 2015, at 10:30 a.m. BUNDOK RESOURCES: Sells Shareholding in BMRC Subsidiary ------------------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that Bundok Resources Pty Ltd is selling its shareholding in Bundok Mineral Resources Corporation. BMRC is a Bundok Resources' wholly owned subsidiary. The parent company has an investment in the Philippines' Masapelid Project, the report notes. Bundok Resources possesses the rights to explore, develop and mine. Bundok Resources Pty Ltd is currently in liquidation. Giovanni Maurizio Carrello of BRI Ferrier Western Australia was appointed liquidator of the company on April 23, 2015, the report discloses. Based in Australia, Bundok Resources Pty Ltd. owns and operates gold and porphyry copper-gold projects. PURMAC PTY: First Creditors' Meeting Set For August 21 ------------------------------------------------------ Peter Anthony Lucas and Nicholas Francis Carter of P.A. Lucas & Co. were appointed as administrators of Purmac Pty Ltd, trading as Nextra MacArthur News, on Aug. 10, 2015. A first meeting of the creditors of the Company will be held at P.A. Lucas & Co., Level 4, 232 Adelaide Street, in Brisbane, Queensland, on Aug. 21, 2015, at 11:00 a.m. RGI SYDNEY: First Creditors' Meeting Slated For August 24 --------------------------------------------------------- Clifford John Sanderson of Restructuring Works was appointed as administrator of RGI Sydney Pty Ltd on Aug. 12, 2015. A first meeting of the creditors of the Company will be held at Restructuring Works, Level 8, 80 Clarence Street, in Sydney, on Aug. 24, 2015, at 11:00 a.m. TALCO PTY: Business Assets Up for Sale -------------------------------------- Cliff Sanderson at Dissolve.com.au reports that expressions of interest are sought for the sale of Talco Pty Ltd's business and assets. The sale of the business and assets is under the instruction of administrators Robert Moodie and Will Griffiths from Rodgers Reidy. Talco Pty Ltd operates steel fabrication business in Port Kembla, New South Wales. The business boasts of a regular NSW blue-chip customer base. It reported an FY15 annual turnover of more than AUD10 million, Dissolve.com.au discloses. ========= C H I N A ========= JIANGSU FEIDA: Faces Bond Default; Danyang City Comes to Rescue --------------------------------------------------------------- Bloomberg News reports that a local government financing vehicle in the eastern Chinese city of Danyang is coming to the rescue of a tool maker that said it can't meet bond payments this month. Jiangsu Feida Holdings Group Co. owes interest on CNY800 million ($129 million) of 2018 notes on Aug. 30, when investors also have an option to sell back the securities. According to Bloomberg, the drill and cutter maker said Aug. 3 it doesn't have money to repay the interest and may not be able to honor any redemptions. Danyang Investment Group Co., the LGFV, will guarantee any of the securities investors agree to continue holding, it said, Bloomberg relays. The move signals Chinese authorities' determination to stem defaults after three onshore nonpayments this year, Bloomberg relates citing Guotai Junan Securities Co. Bloomberg says local government financing arms, which have been barred from raising money on behalf of regional authorities, are themselves struggling with debt pressure, with CNY314.34 billion of notes due this year. "The National Development and Reform Commission is probably giving local governments pressure to avoid default of the bonds," Bloomberg quotes Zhang Li, a Beijing-based Guotai Junan bond analyst, as saying referring to the state planner. Jiangsu Feida sold the 7.6% bonds in 2012, according to data compiled by Bloomberg. The manufacturer has also proposed cutting the notes' coupon to 6.23% until they mature in 2018, according to the statement obtained by Bloomberg. The company will hold a bondholder meeting on Aug. 18 to discuss the proposals, the statement said. Pengyuan Credit Rating Co. cut Jiangsu Feida's issuer rating to BBB+ from AA June 29, citing a sluggish outlook for the steel industry and a capital shortage at the company, Bloomberg discloses. Based in Dangyang, China, Jiangsu Feida (Holding) Group co., Ltd, through its subsidiaries, manufactures and markets cutting tools, industrial; machinery, wood working drill, masonry drill, electric hammer drill, and tools set and taps process. ================ H O N G K O N G ================ NOBLE GROUP: Troubles Seep Into Bonds, Research Analyst Says ------------------------------------------------------------ Angela Tan at Business Times reports that Noble Group's troubles have spread from its stocks into its bonds, according to Simon Colvin, a research analyst at financial information services Markit. The report relates that Mr. Colvin said accusations of accounting irregularities and the continuing global commodities slump have seen the credit markets turn bearish on the Hong Kong-based commodities group. Noble's Certificates of Deposit's (CDS) spread has tripled in the last 12 months. The latest 5 year CDS spread stands at 714bps, the highest level since 2009, the report discloses. "This jump came in two waves which occurred in March, when Iceberg's allegations first came to light, and July when the commodities slump started in earnest," the report quotes Mr. Colvin as saying. The bearish sentiment seen by Noble's CDS spread has also been felt by Noble's bonds, which have seen their yields shoot up in recent weeks. The entirety of the firm's yield curve has widened in the last 12 months, Business Times says citing Markit's evaluated bond service. Business Times relates that Markit noted that the widening has been most extreme at the long end, where the 30 year yield recently jumped above the 8 per cent mark for the first time ever in the closing week of July. Mr. Colvin said this means that Noble's longest dated bond, the 6.95 per cent 2045 issue, is now yielding 8.3 per cent after having seen its price fall to 85 cents on the dollar since listing in March, Business Times relates. "This increased bearish sentiment towards Noble's bonds could limit the firm's strategic options going forward as both the equity and debt portion of its balance sheet have come under pressure," the analyst, as cited by Business Times, said. Noble has lost more than half of its market value since February this year when Iceberg Research questioned its accounting policies as well as criticised the firm's poor disclosure and lack of transparency, according to Business Times. Noble eventually engaged PricewaterhouseCoopers (PwC) to review the valuation of its contracts, the report says. On August 10, PwC said "Noble has adopted an approach to valuations which is consistent with the relevant criteria in all material respects," Business Times reports. But the assurance provided little comfort to the market, which continued to sell the stock, the report states. Critics said the PwC review revealed nothing new and failed to address major concerns. The controversial accounting treatment and valuation of its Australian subsidiary Yancoal was not covered at all by PwC, the report notes. As reported in the Troubled Company Reporter-Asia Pacific on June 23, 2015, Bloomberg News said Noble Group Ltd. sued a former Chinese iron ore customer of ten-years standing to stop any attempts to shut a Singapore unit over an alleged debt of $102,718. Noble Resources International Pte has been granted an interim injunction by the Singapore High Court preventing Rizhao Zhongrui Native Produce Co. from winding-up proceedings, and is pursuing separate claims against the firm, Noble said in a statement cited by Bloomberg. A closed hearing was scheduled June 25. Bloomberg added that the Singapore court case comes as Noble fights on a wider front against criticisms of its accounting practices. In Hong Kong, the trader is also suing a former employee, whom it claims is behind the anonymous group Iceberg Research, for spreading false information about the company, Bloomberg said. Noble in an open letter to critics, which included an ex-Morgan Stanley banker, defended its methods and valuations, Bloomberg reported. About Noble Group Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is a Hong Kong-based company engaged in supply of agricultural, industrial and energy products. The Company supplies agricultural and energy products, metals, minerals and ores .Agriculture products include grains, oilseeds and sugar to palm oil, coffee, and cocoa. Energy business includes coal, gas and liquid energy products. In metals, minerals and ores (MMO), it supplies iron ore, aluminum, special ores and alloys. The Company operates nearly in 140 locations. It supplies growth demand markets in Asia and Middle East. Alcoa World Alumina and Chemicals is the subsidiary of this company. SING PAO: High Court Sends Parent Company Into Liquidation ---------------------------------------------------------- Jasmine Siu at The Standard reports that the High Court has ordered the parent company of Hong Kong's oldest Chinese newspaper, Sing Pao Daily News, to wind up. But this should not affect the publication of the newspaper founded in 1939, according to the court-appointed provisional liquidators from professional services firm KPMG, the Standard says. It came after its creditor Korchina Culture Investment filed a petition to the High Court on April 14 to wind up Sing Pao Media Enterprises, the report relates. According to the Standard, the court was informed by the petitioner on August 12 that the cash-strapped company had made no repayments. Master Reuden Lai Tat-cheung then instructed the winding up order be drawn up, after a creditor expressed a neutral stance, the report relates. The Standard says the court had previously appointed KPMG's Edward Middleton and Tiffany Wong Wing-sze to serve as joint provisional liquidators. They confirmed in a statement on August 12 the liquidation order was made, the Standard notes. "This means that the company, the holding company of the Sing Pao publishing business, is now in liquidation," the statement read. "However, the provisional liquidators wish to make clear that the liquidation of the holding company will have no impact on the operations of the business, including the publication of Sing Pao Daily News and magazines, which are conducted through wholly owned subsidiaries of the company." A similar pledge was made on July 16, but the newspaper temporarily stopped printing the following day, adds the Standard. TEXHONG TEXTILE: Moody's Ba3 Rating Unaffected by 1H 2015 Results ----------------------------------------------------------------- Moody's Investors Service says that while Texhong Textile Group Limited (Ba3 negative) achieved positive results in 1H 2015, the company will need to improve sustainably its debt leverage, before Moody's considers changing the company's negative ratings outlook to stable. "Nonetheless, Moody's acknowledges that Texhong's lower debt leverage in 1H 2015 is credit positive," says Chenyi Lu, a Moody's Vice President and Senior Analyst. Texhong's adjusted debt/EBITDA fell to around 4.0x for the 12 months to 30 June 2015 from 4.7x at 31 December 2014. The improvement was because of higher sales volumes for yarns, and a better profit margin. The company achieved a sales volume for yarns of 217,000 tons for 1H 2015 from 183,000 tons in 1H 2014. The result represents an 18.6% growth, and is mainly the result of the commissioning of new capacity in Vietnam in 2H 2014. Raw cotton prices have declined more than average selling prices for the company's yarn. As a result the company's adjusted EBITDA margin improved to 11.8% in 1H 2015 from 10.2% in the fiscal year ended 31 December 2014. Moody's will continue to monitor the company's deleveraging efforts, and will focus on Texhong's ability to further improve its EBITDA and manage its debt levels associated with capital expenditure. The company has indicated that its capital expenditure in 2H 2015 and for all of 2016 will amount to RMB670 million and RMB600 million respectively. The ratings outlook could return to stable if Texhong: (1) maintains its current sales levels; (2) decreases its debt levels by lowering capital expenditures and containing working capital deficits to a moderate level; and (3) improves its profitability, such that its adjusted debt/EBITDA stays below 4x and its adjusted EBITDA margin exceeds 11%-12%. Established in 1997 and listed on the Hong Kong Stock Exchange since 2004, Texhong Textile Group Limited specializes in producing core-spun yarn and textile products. The company currently operates 15 yarn production bases: 12 in the Yangtze River Delta and Shandong Province in China and three in Vietnam. Its chairman, Mr. Tianzhu Hong, holds an approximate 55% stake in the company. ========= I N D I A ========= AARAY GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loan --------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Aaray Global Resources Pvt Ltd (AGRPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL D Letter of Credit 170 CRISIL D The suspension of ratings is on account of non-cooperation by AGRPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AGRPL is yet to provide adequate information to enable CRISIL to assess AGRPL'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' Incorporated in 2005, AGRPL trades in non-coking coal. The day-to- day operations of the company are managed by Mr. Asokan and his son, Mr. Balaji Asokan. ANANYA HOSPITAL: ICRA Upgrades Rating on INR3.73cr Loan to BB- -------------------------------------------------------------- ICRA has upgraded the long-term rating from [ICRA]B+ to [ICRA]BB- assigned to the INR4.23 crore bank facilities of Ananya Hospital Private Limited (AHPL). The outlook on the long term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-Cash Credit 0.50 [ICRA]BB- (Stable); upgraded from [ICRA]B+ Long term-Unallocated 3.73 [ICRA]BB- (Stable); upgraded from [ICRA]B+ The revision in the rating takes into account the improvement in the capital structure as indicated by a gearing of 0.3x as on March 31, 2015, with the repayment of the term loans and the positive accruals to the net worth. The coverage metrics have also shown y-o-y improvement and is expected to improve further with no debt funded capital expenditure plans in the short term. The rating continues to take comfort from the experience of the promoters in the health care industry, the established presence of the hospitals (Shanbag Hospital and Ananya Hospital) that has helped in building a loyal customer base and has aided in maintaining stable revenue for both the hospitals. The rating also takes into account the diversification of revenues for AHPL, with inpatient revenues coming from different procedures, the addition of the pediatric intensive care unit in Shanbag Hospital and healthy demand for healthcare services. The rating is, however, constrained due to the modest scale of operations of the hospitals restricting operational and financial flexibility to an extent and the decline in IPD cases resulting in a modest top line growth of ~1.4% in FY2014-15. ICRA notes that increasing the top-line and profitability with higher occupancy levels and more OPD clients in both hospitals, and the retention of key doctors/consultants could be a challenge in the prevailing competitive environment in Bangalore. Ananya Hospital was set up in 2000 as a partnership firm by Dr. M J Rajashekar along with his friends and was reconstituted as a private limited company in 2005. The company operates a multi specialty hospital in Bangalore under the brand name Ananya Hospital which is a 53 bed facility including 3 operation theatres, 6 ICUs and offers services across specialties such as general medicine, orthopedic, pediatric, urology, ear-nose-throat (ENT) and gynecology amongst others. In 2008, AHPL took over Shanbhag Hospital, which currently operates with a capacity of 52 beds (2 operation theatres and 8 ICUs). This hospital was operational since 1990 and is located at Basaveshwara Nagar, Bangalore. This hospital generates majority of its revenue from gynecology and pediatrics. Both the hospitals have in-house pharmacy. Recent Results AHPL reported a net profit of INR1.23 crore on an operating income of INR16.82 crore in FY 2014-15, as per provisional results, as compared to a net profit of 1.03 crore on an operating income of INR16.69 crore in FY 2013-14. APRA ENTERPRISES: CRISIL Lowers Rating on INR120MM Loan to B+ ------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Apra Enterprises (AE) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') Letter of Credit 330 CRISIL A4 (Downgraded from 'CRISIL A4+') The ratings' downgrade reflects continued pressure on AE's operating profitability, which is expected to result in lower than expected cash accruals' generation and weak debt protection metrics. The firm's operating profitability in 2014-15 was 1.4 per cent, lower than historical level of 1.8 per cent on account of falling crude prices which also resulted in lower realisation of firm's products and some inventory related losses. The firm achieved revenue of INR1.7 billion in 2014-15 marginally higher than the previous year. However, it remained lower than peak revenue of INR2.0 billion achieved in 2012-13 on account of reduced price realisation. The low operating profitability also resulted in weak interest coverage ratio of 0.70 time in 2014-15. The firm's operating profitability and working capital management will remain a key rating sensitivity affecting the financial and liquidity profiles over the medium term. CRISIL ratings on the bank facilities of AE continues to reflect AE's below-average financial risk profile and exposure to fluctuations in raw material prices. These rating weaknesses are offset by the moderate scale of operations and the extensive experience of AE's promoters in the chemicals trading industry. Outlook: Stable CRISIL believes that AE will continue to benefit over the medium term from its promoter's extensive experience in the chemical trading industry. The outlook may be revised to 'Positive' if the firm's financial risk profile improves significantly, as a result of larger-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' if AE's working capital requirements increase significantly or profitability continues to remain weak leading to deterioration its liquidity or debt-protection metrics. Set up in 1984 as a proprietorship concern by Mr. Anil Bajaria, AE trades in chemicals, such as acetone, toluene, xylene, and acetic acid. The firm, based in Mumbai (Maharashtra), is managed by Mr. Anil Bajaria and his son, Mr. Viraj Bajaria. ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Loan to 'B' ---------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Armaax Auto Private Limited (AAPL; part of the RK group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Proposed Long Term 13.6 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') Term Loan 18.4 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Working Capital 41.5 CRISIL B/Stable (Downgraded Demand Loan from 'CRISIL B+/Stable') Working Capital 26.5 CRISIL B/Stable (Downgraded Term Loan from 'CRISIL B+/Stable') The rating downgrade reflects pressure on the RK group's business risk profile on account of subdued demand for components from tractor manufacturers, and decline in turnover to INR670 million in 2014-15 (refers to financial year April 1 to March 31) from INR846 million in the previous year. The accruals halved to about INR113 million from INR254 million during the period. The decline in topline and profitability, notwithstanding, the working capital requirements increased, with gross current assets increasing to around 275 days as on March 31, 2015 from 200 days a year earlier. Despite the resultant pressure on liquidity, however, the group has continued to service its maturing debt on time, aided largely by equity infusion of INR56 million by the promoters in 2014-15. The demand for tractor components and the funding support of promoters will remain rating sensitivity factors for the group. The rating reflects the RK group's large working capital requirements, weak liquidity, and fluctuations in operating profitability owing to volatility in raw material prices. These rating weakness are partially offset by the promoters' extensive experience, financial support, and steady relationships with customers and suppliers. For arriving at the rating, CRISIL has combined the business and financial risk profiles of AAPL, Maharashtra Engineering (ME) and Axleo Industries (AI). This is because the three entities, collectively referred to as the RK group, are managed by the same promoters and have common suppliers and customers. The entities are also expected to support each other financially, if necessary. Outlook: Stable CRISIL believes that the R.K Group will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group reports significant and sustainable improvement in revenue, margins, and working capital management while it maintains stable debt protection indicators. Conversely, the outlook may be revised to 'Negative' if decline in revenue or margins, stretch in working capital cycle, or reduction in promoter support weakens the group's financial risk profile. The RK group manufactures tractor components, primary for Mahindra & Mahindra Ltd (M&M; rated CRISIL AAA/Stable/CRISIL A1+). The group was established in 1974 by Mr. R S Kamble in Mumbai (Maharashtra). ARYA FILAMENTS: CRISIL Assigns B+ Rating to INR79MM Cash Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Arya Filaments Private Limited (AFPL). Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 79 CRISIL B+/Stable Letter of Credit 16 CRISIL A4 The ratings reflect AFPL's modest scale and working capital intensive nature of operations and subdued financial risk profile marked by modest net worth, high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of promoters in the electrical products industry. Outlook: Stable CRISIL believes AFPL will continue to benefit to over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' in case of substantial improvement in the company's revenues and profitability, while improving its debt protection metrics. Conversely, the outlook may be revised to 'Negative' in case of deterioration in AFPL's financial risk profile, , emanating from lower cash accruals or larger-than-expected working capital requirements or debt funded capital expenditure. AFPL was incorporated in 1991 by Mr. Nanuram Kedarnath Agrawal and Mr. Surendra Kumar Agrawal. The company is engaged into manufacturing of bulb filaments and electric lamps. It has its manufacturing unit in Indore, Madhya Pradesh For 2014-15 (refers to financial year April 1 to March 31), AFPL reported profit after tax (PAT) of INR 6.1 million on net sales of INR 545.3 million; against PAT of INR 3 million on net sales of INR 508.1 million in 2013-14. AVYAAN OVERSEAS: CRISIL Lowers Rating on INR375MM Loan to 'D' ------------------------------------------------------------- CRISIL has downgraded its rating on the short-term bank facilities of Avyaan Overseas Pvt Ltd (AOPL) to 'CRISIL D' from 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Export Packing Credit 225 CRISIL D (Downgraded from 'CRISIL A4') Foreign Bill 375 CRISIL D (Downgraded Discounting from 'CRISIL A4') The rating downgrade reflects continuous overutilization of its bank facilities for over 30 days owing to stretched liquidity. AOPL has a below-average financial risk profile, marked by leveraged capital structure and modest interest coverage ratio. Moreover, the company has large working capital requirements. However, it benefits from its promoters' extensive experience in the jewellery industry. Set up in 2013-14, Avyaan Overseas Private Limited (AOPL) is a pvt. Ltd. company based out of Mumbai. AOPL is set up by promoters of KBJ group. Key promoter is Mr. Mohit Kamboj, a third generation entrepreneur, and is engaged in the business of manufacturing gold ornaments such as kundan jewellery as well as necklaces, bracelets, earrings, bangles and other type of related allied products. HOLY FAITH: CRISIL Suspends 'D' Rating on INR60MM Bank Loan ----------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Holy Faith Builders and Developers Pvt Ltd (Holy Faith). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 30 CRISIL D Proposed Long Term Bank Loan Facility 60 CRISIL D The suspension of ratings is on account of non-cooperation by Holy Faith with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Holy Faith is yet to provide adequate information to enable CRISIL to assess Holy Faith'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' Incorporated in 2005 and promoted by Mr. Sany Francis, Holy Faith is a Kerala-based real estate developer. HOPEWELL TABLEWARE: CRISIL Ups Rating on INR330MM Loan to B+ ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Hopewell Tableware Pvt Ltd (HTPL) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 128 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') Proposed Long Term 2 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') Term Loan 330 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') The rating upgrade reflects CRISIL's belief that HTPL's business risk profile will continue to improve over the medium term with operationalisation of new capacity in 2015-16 (refers to financial year, April 1 to March 31), product diversification, and promoter's extensive industry experience. The company successfully stabilised operations in 2014-15, resulting in increase in operating income to INR700 million from INR158 million in 2013-14. Moreover, HTPL is commissioning a new furnace which will increase capacity by 33 per cent. The new furnace, along with a new spinning machine with higher spinning speed, will cost around INR180 million, being funded through term loan of INR120 million and through internal accruals. Earlier, the company produced only flats (such as plates and saucers). Post capex, it will have capacity to produce hollows (such as cups and mugs), diversifying its product profile. Consequently, operating income is expected to increase to over INR930 million in 2015-16. The rating reflects HTPL's stretched liquidity and working- capital-intensive operations. These rating weaknesses are partially offset by its promoter's extensive experience in the tableware industry. Outlook: Stable CRISIL believes that HTPL will continue to benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' if the company's business risk profile improves significantly marked by improved operating margin or substantial increase in operating income. Conversely, the outlook may be revised to 'Negative' if HTPL generates low cash accruals or if its working capital management deteriorates or if it undertakes a large debt-funded capital expenditure programme, weakening its financial risk profile. HTPL, incorporated in 2010 and promoted by Mr. Swapan Guha, manufactures tableware made from opal glass. Its manufacturing unit is in Govindgarh (Rajasthan). KARAN CONSTRUCTION: CRISIL Cuts Rating on INR80MM Loan to B ----------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Karan Construction Company (KCC) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B/Stable (Downgraded from 'CRISIL BB-/Stable') Letter Of Guarantee 80 CRISIL A4 (Downgraded from 'CRISIL A4+') Overdraft Facility 70 CRISIL A4 (Downgraded from 'CRISIL A4+') The rating downgrade reflects KCC's stretched liquidity, with its cash accruals expected to be tightly matched against its term debt obligations over the medium term. Moreover, its short-term bank facilities were almost fully utilised over the six months through June 2015. The downgrade also factors in deterioration in the firm's business risk profile, marked by a decline in sales to INR288 million in 2014-15 (refers to financial year, April 1 to March 31) from INR436 million in 2013-14. Despite an expected improvement in 2015-16 and 2016-17, KCC's revenue will remain modest over the medium term. Furthermore, the firm's working capital cycle has deteriorated, with an increase in its gross current assets to 333 days as on March 31, 2015, from 222 days as on March 31, 2014. CRISIL believes that KKC's liquidity will remain stretched over the medium term on account of its modest cash accruals and high bank limit utilisation to meet large working capital requirements. The ratings reflect KCC's modest scale of operations in the intensely competitive civil construction industry, and the firm's large working capital requirements. These rating weaknesses are partially offset by the extensive industry experience of the firm's promoters. Outlook: Stable CRISIL believes that KCC will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm reports substantial growth in its scale of operations and profitability, and improves its working capital cycle. Conversely, the outlook may be revised to 'Negative' if its financial risk profile deteriorates, most likely because of reduced revenue and margins, or large debt-funded capital expenditure, or a delay in receipt of bills from various principal contractors. KCC was founded by Mr. Suresh Chandra Karan, Mr. Suman Karan, and Mr. Susobhan Karan in Haldia (West Bengal) in 1999. The firm undertakes civil, mechanical and electrical contracts awarded by different central government, state government, and private undertakings. KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Keshava Medi Devices Pvt Ltd (KMDPL; part of the Keshava group) continue to reflect the Keshava group's modest scale of operations, large working capital requirements, and vulnerability of its operating margin to volatility in raw material prices. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Letter of Credit 15 CRISIL A4 (Reaffirmed) Long Term Loan 38.6 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the group's established regional position in the polypropylene (PP) non-woven fabrics and plastic disposable syringes market, its promoters' extensive industry experience, and its moderate financial risk profile, marked by moderate capital structure and debt protection metrics. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of KMDPL and Keshava Fabrics Pvt Ltd. This is because the two companies, together referred to as the Keshava group, have a common management, synergies in raw material procurement, and fungible cash flows. Outlook: Stable CRISIL believes that the Keshava group will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group substantially increases its revenue while maintaining profitability, leading to significant improvement in cash accruals and capital structure. Conversely, the outlook may be revised to 'Negative' if the group's cash accruals decline, of if it undertakes a large debt-funded capital expenditure (capex) programme, or if its working capital requirements increase substantially, leading to deterioration in its financial risk profile. Update: The Keshava group's operating income is estimated at INR425 million for 2014-15 (refers to financial year, April 1 to March 31). The group is likely to maintain moderate scale of operations over the medium term, supported by its established regional position in the PP nonwoven fabrics and plastic disposable syringes market. Its operating margin, estimated at 15.54 per cent for 2014-15, remains vulnerable to volatility in raw material prices as the group has limited ability to pass on any price increase to customers because of tender-based business. Its net cash accruals are moderate, expected in the range of INR25.8 million and INR31.1 million over the medium term. The Keshava group's financial risk profile remains moderate, marked by moderate capital structure and debt protection metrics. Its capital structure is expected to remain moderate over the medium term, supported by moderate accretion to reserves and absence of debt-funded capex. The Keshava group's operations remain working capital intensive, reflected in gross current assets of 183 days estimated as on March 31, 2015, driven by large inventory and receivables. Consequently, its liquidity is stretched, with high bank limit utilisation of around 90 per cent. However, its cash accruals of INR26 million to INR31 million per annum will be adequate to meet term loan obligations over the medium term. The Keshava group primarily manufactures PP fabrics and disposable syringes. Its promoters, Ms. Tanikonda Latha and Mr. Tanikonda Kesavulu Naidu, have experience of over two decades in similar lines of business. KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR50MM Loan ----------------------------------------------------------- CRISIL's ratings on the bank facilities of Keshava Fabrics Private Limited (KFPL; part of the Keshava group) continue to reflect the Keshava group's modest scale of operations, large working capital requirements, and vulnerability of its operating margin to volatility in raw material prices. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 6.7 CRISIL A4 (Reaffirmed) Cash Credit 50 CRISIL B+/Stable (Reaffirmed) Letter of Credit 10 CRISIL A4 (Reaffirmed) Long Term Loan 30 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 32.7 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the group's established regional position in the polypropylene (PP) non-woven fabrics and plastic disposable syringes market, its promoters' extensive industry experience, and its moderate financial risk profile, marked by moderate capital structure and healthy debt protection metrics. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of KFPL and Keshava Medi Devices Pvt Ltd. This is because the two companies, together referred to as the Keshava group, have a common management, synergies in raw material procurement, and fungible cash flows. Outlook: Stable CRISIL believes that the Keshava group will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group substantially increases its revenue while maintaining profitability, leading to significant improvement in cash accruals and capital structure. Conversely, the outlook may be revised to 'Negative' if the group's cash accruals decline, of if it undertakes a large debt-funded capital expenditure (capex) programme, or if its working capital requirements increase substantially, leading to deterioration in its financial risk profile. Update: The Keshava group's operating income is estimated at INR425 million for 2014-15 (refers to financial year, April 1 to March 31). The group is likely to maintain moderate scale of operations over the medium term, supported by its established regional position in the PP nonwoven fabrics and plastic disposable syringes market. Its operating margin, estimated at 15.54 per cent for 2014-15, remains vulnerable to volatility in raw material prices as the group has limited ability to pass on any price increase to customers because of tender-based business. Its net cash accruals are moderate, expected in the range of INR25.8 million and INR31.1 million over the medium term. The Keshava group's financial risk profile remains moderate, marked by moderate capital structure and debt protection metrics. Its capital structure is expected to remain moderate over the medium term, supported by moderate accretion to reserves and absence of debt-funded capex. The Keshava group's operations remain working capital intensive, reflected in gross current assets of 183 days estimated as on March 31, 2015, driven by large inventory and receivables. Consequently, its liquidity is stretched, with high bank limit utilisation of around 90 per cent. However, its cash accruals of INR26 million to INR31 million per annum will be adequate to meet term loan obligations over the medium term. The Keshava group primarily manufactures PP fabrics and disposable syringes. Its promoters, Ms. Tanikonda Latha and Mr. Tanikonda Kesavulu Naidu, have experience of over two decades in similar lines of business. KG FABRIKS: ICRA Suspends C+ Rating on INR43.54cr Term Loan ----------------------------------------------------------- ICRA has suspended the long-term rating of [ICRA]C+ assigned to the INR43.54 crore term loan facilities and INR29.12 crore fund based facilities and the short-term rating of [ICRA]A4 assigned to the INR11.12 crore non-fund based facilities of KG Fabriks Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. K G Fabriks Limited (KGFL) was originally incorporated as a Non Banking Finance Company in 1994 in the name 'K G Denim Finance Limited', engaged in the business of hire purchase and leasing. In 1999, the company changed its line of business activity, wherein it focused on trading activities and was subsequently renamed as "Southern Technologies Limited (STL)". In 2004, the company ventured into textile business, backed by its group's established presence in the textile value chain and the name was changed to 'K G Fabriks Limited'. Presently, the company is engaged in yarn processing and manufacturing grey fabric. KODIBAIL IMPORT: CRISIL Reaffirms 'B' Rating on INR40MM Loan ------------------------------------------------------------ CRISIL's ratings on the bank facilities of Kodibail Import Export Private Limited (KIEPL) continue to reflect KIEPL's modest scale of operations in the intensely competitive and highly fragmented agricultural and garden-care equipment trading industry, and its below-average financial risk profile, marked by a high total outside liabilities to tangible net worth ratio, small net worth, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B/Stable (Reaffirmed) Foreign Letter of Credit 20 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that KIEPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company's revenue and profitability increase substantially, thereby strengthening its financial risk profile. Conversely, the outlook may be revised to 'Negative' if KIEPL's cash accruals are significantly low or it undertakes a large debt-funded capital expenditure programme, resulting in deterioration in its financial risk profile. Set up in 2010, KIEPL trades in agricultural and garden-care equipment. The company, promoted by Mr. K Satyanarayana and his wife, Ms. K S Vijayalakshmi, is based in Puttur (Karnataka). KONARK POLYTUBES: CRISIL Ups Rating on INR80MM Cash Loan to B+ -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Konark Polytubes Private Limited (KPPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and has reaffirmed its rating on the company's short-term facility at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Reaffirmed) Cash Credit 80 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 5.4 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') The rating upgrade reflects improvement in KPPL's financial risk profile, particularly its liquidity. Its liquidity was supported by moderate cash accruals of INR6.5 million to INR9.0 million per annum over the medium termdriven by an increase in scale of operations and a sustained operating margin. The company has no term debt repayment obligations currently. Its current ratio remained adequate at about 1.19 times as on March 31, 2015. KPPL's financial risk profile has improved with gearing of about 1.92 times as on March 31, 2015, against 2.18 times as on March 31, 2013. The gearing is expected to improve further to between INR1.50 and 1.65 times over the medium term, supported by pre- payment of term loans and the absence of any debt-funded capital expenditure (capex) plans. The ratings reflect KPPL's below-average financial risk profile, marked by an aggressive capital structure and modest debt protection metrics, its large working capital requirements, and its exposure to intense industry competition. These rating weaknesses are partially offset by the benefits derived from steady demand because of the company's increasing penetration in the irrigation sector, and its promoters' experience in the polyvinyl chloride (PVC) pipes manufacturing industry. Outlook: Stable CRISIL believes that KPPL will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the company significantly improves its scale of operations and profitability, leading to a substantial increase in its cash accruals, or if there is sizable equity infusion, resulting in better liquidity. Conversely, the outlook may be revised to 'Negative' if KPPL's financial risk profile, especially liquidity, weakens, most likely because of a stretch in its working capital cycle or large debt-funded capex. KPPL was established by Mr. Anmol Ratan and his family members in 1996. The company set up a PVC pipes manufacturing facility in Aligarh (Uttar Pradesh) and commenced commercial operations in 2007-08 (refers to financial year, April 1 to March 31). It sells its products under the Konark and Kisan Agro brands, mainly in Uttar Pradesh. M. J. CHEMICALS: CRISIL Assigns 'B' Rating to INR9.2MM LT Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of M. J. Chemicals (MJC). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 9.2 CRISIL B/Stable Import Letter of Credit Limit 36.2 CRISIL A4 Letter Of Guarantee 24.6 CRISIL A4 The ratings reflect MJC's below-average financial risk profile low net worth, high total outside liabilities to tangible net worth (TOLTNW) and working-capital-intensive operations. These rating weaknesses are partially offset by the extensive experience of MJC's partner's in the chemical trading industry and its established relations with customers. Outlook: Stable CRISIL believes that MJC will benefit over the medium term from its promoters' extensive industry experience and diverse product portfolio catering to a wide clientele across India. The outlook may be revised to 'Positive' in case the firm significantly improves its scale of operations and operating margin, leading to higher cash accruals and improvement in capital structure. Conversely, the outlook may be revised to 'Negative' in case operating margin declines or the firm undertakes a debt-funded capital expenditure program, leading to deterioration in its financial risk profile. MJC trades in various types of chemicals, solvents, and intermediaries. The firm has a diverse product portfolio, of which around 30 per cent is imported from countries such as China, the USA, Europe, Russia, and South Korea; and the remaining is procured domestically. MJC caters to industries such as pharmaceuticals, petro-chemicals, lamination, textiles, and leather. M. M. POLYMERS: CRISIL Assigns B+ Rating to INR60MM LT Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of M. M. Polymers Pvt Ltd (MMPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 9.4 CRISIL B+/Stable Cash Credit 35 CRISIL B+/Stable Long Term Loan 60 CRISIL B+/Stable The rating reflects MMPL's small scale of operations and large working capital requirements. These rating weaknesses are partially offset by the extensive experience of the company's promoters in the plastic manufacturing business. Outlook: Stable CRISIL believes that MMPL 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 company reports a significant increase in its accruals, or considerably improves its working capital management, or if its promoters infuse substantial capital, leading to improvement in its financial risk profile, particularly its liquidity. Conversely, the outlook may be revised to 'Negative' in case of low cash accruals, or weakening of MMPL's working capital management, or large debt funded capital expenditure, resulting in deterioration in its financial risk profile, particularly its liquidity. MMPL, established in 2010, manufactures of polyethylene terephthalate (PET) preforms used in packaging of drinking water, beverages, edible oils, food products, chemicals, and pharmaceutical products. Its manufacturing facilities are located in Raipur (Chhattisgarh) and Pune (Maharashtra). MMPL's day-to-day operations are managed by its promoter-director Mr. Anil Thourani. MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B ---------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Maharashtra Engineering (ME; part of the RK group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 45 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Term Loan 28 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Working Capital 57 CRISIL B/Stable (Downgraded Demand Loan from 'CRISIL B+/Stable') The rating downgrade reflects pressure on the RK group's business risk profile on account of subdued demand for components from tractor manufacturers, and decline in turnover to INR670 million in 2014-15 (refers to financial year April 1 to March 31) from INR846 million in the previous year. The accruals halved to about INR113 million from INR254 million during the period. The decline in topline and profitability, notwithstanding, the working capital requirements increased, with gross current assets increasing to around 275 days as on March 31, 2015 from 200 days a year earlier. Despite the resultant pressure on liquidity, however, the group has continued to service its maturing debt on time, aided largely by equity infusion of INR56 million by the promoters in 2014-15. The demand for tractor components and the funding support of promoters will remain rating sensitivity factors for the group. The rating reflects the RK group's large working capital requirements, weak liquidity, and fluctuations in operating profitability owing to volatility in raw material prices. These rating weakness are partially offset by the promoters' extensive experience, financial support, and steady relationships with customers and suppliers. For arriving at the rating, CRISIL has combined the business and financial risk profiles of ME, Armaax Auto Pvt Ltd (AAPL), and Axleo Industries (AI), This is because the three entities, collectively referred to as the RK group, are managed by the same promoters and have common suppliers and customers. The entities are also expected to support each other financially, if necessary. Outlook: Stable CRISIL believes that the R.K Group will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group reports significant and sustainable improvement in revenue, margins, and working capital management while it maintains stable debt protection indicators. Conversely, the outlook may be revised to 'Negative' if decline in revenue or margins, stretch in working capital cycle, or reduction in promoter support weakens the group's financial risk profile. The RK group manufactures tractor components, primary for Mahindra & Mahindra Ltd (M&M; rated CRISIL AAA/Stable/CRISIL A1+). The group was established in 1974 by Mr. R S Kamble in Mumbai. NARESH CLOTH: CRISIL Reaffirms B+ Rating on INR65MM LT Loan ----------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Naresh Cloth Store (NCS) continues to reflect the firm's modest scale of operations, lower profitability, and large working capital requirements. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 65 CRISIL B+/Stable (Reaffirmed) The rating also reflects NCS's below-average financial risk profile, marked by high total outside liabilities to tangible net worth ratio. These rating weaknesses are partially offset by the benefits that the firm derives from its proprietor's extensive experience in the textile industry and its established relationship with the key supplier. Outlook: Stable CRISIL believes that NCS's business risk profile will continue to benefit over the medium term from its established relationship with its key supplier, Raymond Ltd. The outlook may be revised to 'Positive' if the firm increases its scale of operations and profitability while effectively managing its working capital requirements, leading to substantial cash accruals and improvement in the financial risk profile. Conversely, the outlook may be revised to 'Negative' if NCS's financial risk profile weakens because of below-average working capital management or deterioration in its capital structure. Update NCS, on a provisional basis, posted healthy year-on-year growth with operating revenue of around INR350 million for 2014-15 (refers to financial year, April 1 to March 31); its operating profitability was 3.37 per cent during the year. Revenue increased mainly due to addition of clients through penetration in new geographies and addition of shirtings to its product portfolio; revenue is expected to grow at a moderate 8 to 10 per cent per annum over the medium term. Operating margin has remained stable for NCS and is expected to remain in the range of 3.0 to 3.5 per cent over the medium term. NCS's operations remain working capital intensive, with gross current assets of 137 days as on March 31, 2015, and inventory of 80 to 90 days. Liquidity is weak, marked by high bank limit utilisation of 97 per cent on average over the 12 months through May 2015 and low cash accruals of INR2.2 million to INR2.5 million against nil term loan obligations over the medium term. Liquidity is, however, supported by unsecured loans of around INR30 million extended by the proprietor as on March 31, 2015. CRISIL believes that NCS's liquidity will remain weak over the medium term on account of low cash accruals due to low accretion to reserves. NCS's financial risk profile remains weak, marked by small net worth of around INR11 million, a high total outside liabilities to tangible net worth ratio of 11.38 times as on March 31, 2015, and a below-average interest coverage ratio of 1.39 times for 2014-15. CRISIL believes that NCS's financial risk profile will remain weak over the medium term. NCS is a proprietorship firm trading in fabric manufactured by Raymond Ltd. The firm is promoted and managed by Mr. Naresh and its corporate office is in Sangrur (Punjab). POWER RESEARCH: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan ------------------------------------------------------------ ICRA has reaffirmed the long term rating of [ICRA]B+ for the INR7 crore bank lines of Power Research and Development Consultants Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term Fund Based Limits 5.00 [ICRA]B+ reaffirmed Long-Term Non Fund Based Limits 2.00 [ICRA]B+ reaffirmed ICRA's rating reaffirmation takes into consideration significant buildup in debtors, stretched liquidity position and overall sluggishness in demand from customers. Stagnant sales and high operating leverage of the business has impacted the profitability and coverage indicators. ICRA's rating is also constrained by the moderate size of the company as indicated by its turnover and net worth. The rating also takes into consideration large exposure of the company's revenues to power systems domain indicating high single industry concentration. The ratings, however, draws comfort from good domain knowledge of the company and the promoters in power systems design and consulting, its reputed clients in the domestic market. Going forward, increase in revenues keeping in check the profitability and efficient working capital management will be the key rating action trigger. Power Research & Development Consultants Private Limited (PRDC) was established in 1994. The company is involved in power systems consultancy services for the last 21 years and later it has also entered into development of power system simulation software. It is promoted by Dr R Nagaraja, who is a PhD in Energy Management Systems from Indian Institute of Science (IISc). The company carries out projects for State Electricity Boards and Utilities, IPPs (Independent Power Producers) and companies in other industries such as cement, steel and sugar. Recent Results In FY2015, PRDC reported INR0.29 Cr net profit on an operating income of INR20.47 Crore as against INR0.21 Cr net profit on an operating income of INR20.37 Cr in FY2014. PRERANA HOSPITAL: CRISIL Reaffirms B+ Rating on INR300MM LT Loan ---------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Prerana Hospital Ltd (PHL) continues to reflect PHL's small scale of operations and weak financial risk profile resulting from continued losses. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 25 CRISIL B+/Stable (Reaffirmed) Long Term Loan 300 CRISIL B+/Stable (Reaffirmed) Overdraft Facility 25 CRISIL B+/Stable (Reaffirmed) Term Loan 110 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of PHL's promoters in the healthcare industry, its hospital's established position in Kolhapur, and the continuous improvement in its operating profitability. Outlook: Stable CRISIL believes that PHL will continue to benefit over the medium term from its improving profitability. The outlook may be revised to 'Positive' if the hospital generates adequate cash profits and sustainably improves its interest coverage ratio. Conversely, the outlook may be revised to 'Negative' if the company reports low revenue and profitability, leading to deterioration in capital structure and debt protection metrics. Incorporated in 1998, PHL provides healthcare services through a multispecialty hospital, Aster Aadhar, in Kolhapur. The hospital has around 170 beds and is a joint venture with Aster DM Healthcare Pvt Ltd (DMH), which has majority stake (80.8 per cent); PHL's promoters own 19.2 per cent stake in the hospital. The hospital commenced operations in January 2012. PHL was promoted by a group of doctors practicing for more than 20 years in Kolhapur. Dr. Ulhas Damale and Dr. Shailendra Navare are directors of the company. Before setting up Aster Aadhar, PHL provided healthcare services through a multispecialty hospital, Aadhar Hospital, in Kolhapur. PRISTINE BUILDCON: ICRA Assigns B+ Rating to INR45cr Term Loan -------------------------------------------------------------- ICRA has assigned an [ICRA]B+ rating to the INR45.00 crore long term fund based facility of Pristine Buildcon Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term, fund based 45.0 [ICRA]B+ Assigned Limits - Term Loan The assigned rating favourably factors in the long standing experience of the Pristine Group in real estate development business. The group enjoys brand recognition and has constructed more than 3 million sq. ft. residential space in and around Pune over last three decades. The rating also derives comfort from the healthy networth position of the promoters. The rating is however is constrained by the marketing risk associated with the project as it is yet to be launched and ticket size of the units is large. The project has moderately high reliance on customer advances to fund the remaining cost which might impact the project execution. ICRA also notes that the Pristine group is relatively new player in the Bangalore market and the project faces competition from other projects in the vicinity. Going forward, PBPL's ability to accelerate the sales in timely manner as well as arresting any cost overruns will remain key rating sensitivities. Incorporated in 2007, PBPL is undertaking a residential real estate development project 'Pristine Stone Ridge' in Bangalore. PBPL is a part of Pune based Pristine Group promoted by Mr. Ishwarchand Goyal. The group is primarily engaged in real estate development since past three decades and have developed area of over 3.0 million sq.ft. in and around Pune. RADIANT UDYOG: CRISIL Reaffirms 'D' Rating on INR40MM Term Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Radiant Udyog Pvt Ltd (RUPL) continues to reflect instances of delay by RUPL in servicing its debt; the delays have been caused by RUPL's weak liquidity driven by losses due to the initial phase of its operations and large working capital requirements arising from ramp-up in revenue. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL D (Reaffirmed) Term Loan 40 CRISIL D (Reaffirmed) RUPL's financial risk profile is weak, marked by a small net worth and weak debt protection metrics. However, the company benefits from its promoters' extensive experience in the petrochemical industry. RUPL, promoted by Mr. Deepak Bharadwaj and Mr. Vijay Jindal, extracts fuel oil and carbon from used tyres. It was originally incorporated in 2007 as Nano Pyrolysis Pvt Ltd; it was renamed as RUPL and started its operations in March 2013. The company's manufacturing facility is in Nagpur (Maharashtra). RUPL reported a net loss of INR21.9 million on net sales of INR31.4 million for 2013-14 (refers to financial year, April 1 to March 31), as against a net loss of INR 0.5 million on net sales of INR4.3 million for 2012-13. RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR75MM Loan ------------------------------------------------------------ CRISIL's rating on the bank facilities of Rajasthan Pulses (RP) continues to reflect RP's average financial risk profile, marked by weak debt protection indicators and vulnerability to fluctuations in the prices of traded goods. These weaknesses are partially offset by RP's efficient working capital management, and funding support from the partners. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 35 CRISIL B+/Stable (Reaffirmed) Warehouse Receipts 40 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that RP's business risk profile will remain stable over the medium term on account of the extensive experience of the promoters in agro commodity industry. The outlook may be revised to 'Positive' if RP's scale of operations and profitability improve significantly, resulting in a stronger financial risk profile. Conversely, the outlook may be revised to 'Negative' if the capital structure deteriorates owing to large withdrawals of capital by the partners, any large debt-funded capital expenditure, or decline in operating income and profitability. RP, a partnership firm based in Kanpur (Uttar Pradesh), processes and trades in pulses such as masoor dal, matar dal, chana dal, arhar dal and urad dal. The firm was incorporated in 2001 by Mr. Manoj Agarwal and three other partners. The firm procures raw pulses and processes them into split pulses or dal and sells them directly. REVATHI MODERN: CRISIL Suspends B+ Rating on INR70MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Revathi Modern Rice Mill (RMRM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable Long Term Loan 2.4 CRISIL B+/Stable Proposed Cash Credit Limit 15.0 CRISIL B+/Stable Proposed Term Loan 2.5 CRISIL B+/Stable Standby Line of Credit 2.4 CRISIL A4 The suspension of ratings is on account of non-cooperation by RMRM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RMRM is yet to provide adequate information to enable CRISIL to assess RMRM'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 1998 as a partnership firm, RMRM mills and processes paddy into rice, rice bran, broken rice, and husk. The firm's daily operations are managed by the managing partner, Mr.P. Ganapathy. RIDDHI SIDDHI: ICRA Assigns B+ Rating to INR20cr Cash Credit ------------------------------------------------------------ ICRA has assigned the long-term rating of [ICRA]B+ to the INR20.00 crore1 cash credit facility of Riddhi Siddhi Cotton Ginning and Pressing Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 20.00 [ICRA]B+ assigned The assigned rating is constrained by RSCGP's weak financial profile as reflected by low profitability, adverse capital structure and poor debt coverage indicators. The rating is further constrained by the low value additive nature of operations and the highly competitive and fragmented industry structure owing to low entry barriers. The rating also factors in the vulnerability of the company's profitability to adverse fluctuations in raw cotton prices, which are subject to seasonality, crop harvest and regulatory risks with regards to MSP for raw cotton as well as restriction on cotton exports by GOI. The rating, however, favourably takes into account past experience of the promoters in cotton ginning and the favourable location of the company's manufacturing facility in Rajkot in Gujarat providing easy access to raw material. Incorporated in 2006, Riddhi Siddhi Cotton Ginning and Pressing Private Limited (RSCGP) is engaged in cotton ginning and pressing to produce cotton bales and cotton seeds. The manufacturing unit of company is located in Rajkot, Gujarat with thirty six ginning and one pressing machine having an installed capacity of producing 19,152 bales of ginned cotton in a year. RSCGP is currently managed by three directors Mr. Lavjibhai Kakdiya, Mrs. Gauriben Kakdiya and Mr. Vijay Kakdiya, all of who have long-standing experience in the cotton industry. RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR49.9MM Term Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Ruksh Exim Pvt Ltd (REPL) continue to reflect the company's weak financial risk profile marked by high gearing, its large working capital requirements, and small scale of operations in the intensely competitive finished leather industry. These rating weaknesses are partially offset by the extensive experience of REPL's promoters in the finished leather industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Foreign Discounting Bill Purchase 142.1 CRISIL A4 (Reaffirmed) Letter of Credit 8 CRISIL A4 (Reaffirmed) Packing Credit 70 CRISIL A4 (Reaffirmed) Term Loan 49.9 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that REPL will continue to benefit over the medium term from its promoters' extensive industry experience. CRISIL, however, also believes that the company's financial risk profile will remain constrained by large working capital requirements during the period. The outlook may be revised to 'Positive' if REPL improves its capital structure and working capital management or scales up its operations while maintaining profitability. Conversely, the outlook may be revised to 'Negative' if REPL's liquidity or capital structure weakens or its revenue or profitability declines, or if the company undertakes a large debt- funded capital expenditure programme. REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr. Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their father, Mr. A Haque. REPL manufactures and exports finished leather. SLS MERCANTILE: CRISIL Reaffirms B+ Rating on INR120MM Loan ----------------------------------------------------------- CRISIL's ratings on the bank facilities of SLS Mercantile Private Limited (SLS) continue to reflect SLS's below-average financial risk profile, marked by a high total outside liabilities to tangible net worth ratio, its large working capital requirements, and its susceptibility to volatility in steel prices. These rating weaknesses are partially offset by the extensive experience of SLS's promoters in the steel -trading industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B+/Stable (Reaffirmed) Letter of Credit 30 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 40 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SLS will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company's capital structure improves and if its profitability increases significantly, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if SLS's margin declines, most likely because of volatility in metal prices, or its sales reduce, or it undertakes a large debt-funded capital expenditure programme. Set up in 2007, SLS trades in iron and steel (long and flat) products. Its day-to-day operations are managed by its director, Mr. Praveen Sonthalia. SLS reported, on a provisional basis, a profit after tax (PAT) of INR1.6 million on net sales of INR1.29 billion for 2014-15, against a PAT of INR2.1 million on net sales of INR1.37 billion for 2013-14. SRI RAM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan --------------------------------------------------------- CRISIL's ratings on the bank facilities of Sri Ram Technopack Pvt Ltd (SRTPL) continue to reflect its limited track record and small scale of operations, susceptibility of its profitability margins to volatility in raw material prices, and its exposure to intense competition in the packaging industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable (Reaffirmed) Inland Guarantees 1.6 CRISIL A4 (Reaffirmed) Term Loan 28.4 CRISIL B/Stable (Reaffirmed) The ratings also reflect its below-average financial risk profile, marked by its small net worth, high gearing, and average debt protection metrics. These rating weakness are partially offset by the extensive entrepreneurial experience of SRTPL's promoters, and the company's efficient working capital management. Outlook: Stable CRISIL believes that SRTPL will continue to benefit over the medium term from its promoters' extensive industry experience, and its efficient working capital management. The outlook may be revised to 'Positive' if there is a substantial and sustained improvement in the company's revenue and profitability margins, or there is a substantial improvement in its capital structure on the back of sizeable equity infusion by its promoters. Conversely, the outlook may be revised to 'Negative' in case of a steep decline in SRTPL's profitability margins, or significant deterioration in its capital structure caused most likely because of a large debt- funded capital expenditure or a stretch in its working capital cycle SRTPL was promoted in 2009 by Mr. Rajendra Agarwal and his two sons, Mr. Rahul Agarwal and Mr. Rakesh Agarwal. The company manufactures polypropylene (PP) woven sacks and fabric, used for packaging sand, cement, and agro products. Its plant at Burdwan district in West Bengal has an installed capacity to manufacture 2400 tonnes of fabric per annum. SRTPL commenced operations in April 2012. THOPPIL CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR80MM Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Thoppil Constructions (Thoppil). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 60 CRISIL A4 Cash Credit 80 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by Thoppil with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Thoppil is yet to provide adequate information to enable CRISIL to assess Thoppil'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' Thoppil, a partnership firm, was set up in 2005. It constructs roadways, bridges, and buildings in Kerala. The firm, a Class A contractor, mostly undertakes projects for government organisations. UNITED STEEL: CRISIL Suspends D Rating on INR97MM Term Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of United Steel and Structurals Private Limited (USSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL D Cash Credit 60 CRISIL D Letter of Credit 30 CRISIL D Proposed Cash Credit Limit 20 CRISIL D Proposed Term Loan 13 CRISIL D Term Loan 97 CRISIL D The suspension of ratings is on account of non-cooperation by USSPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, USSPL is yet to provide adequate information to enable CRISIL to assess USSPL'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 2008-09 (refers to financial year, April 1 to March 31), Chennai (Tamil Nadu)-based USSPL is primarily engaged in the design and supply of PEB. The company is promoted by Mr. Jagannath Bhalaji. VIRTUAAL RETAIL: CRISIL Lowers Rating on INR150MM Loan to 'D' ------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Virtuaal Retail Pvt Ltd (VRPL) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 16 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 150 CRISIL D (Downgraded from 'CRISIL B-/Stable') Proposed Cash 12 CRISIL D (Downgraded Credit Limit from 'CRISIL B-/Stable') Term Loan 32 CRISIL D (Downgraded from 'CRISIL B-/Stable') The downgrade reflects VRPL's overdrawn cash credit facility for more than 30 days straight because of its weak liquidity. Its liquidity is weak on account of decline in sales and, subsequently, net cash accruals, resulting in deterioration in the business risk profile. CRISIL believes that VRPL's liquidity will remain weak over the medium term. VRPL has a weak financial risk profile with a leveraged capital structure. It has a small scale of operations in the intensely competitive retail industry. The company, however, benefits from its promoter's extensive experience in the industry. Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take over the existing business of Virtuaal Jewels and Virtuaal Apparels. Virtuaal Jewels operated retail showrooms of Tanishq (jewellery), Titan (watches), and Titan Eye Plus, while Virtuaal Apparels was a retailer of brands such as Reebok, Adidas, Puma, Lee, Benetton, GAS, and Wrangler, and cellular phones from Samsung. XO PACK: CRISIL Suspends B- Rating on INR50MM Long Term Loan ------------------------------------------------------------ CRISIL has suspended its rating on the bank facilities of XO Pack Private Limited (XPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL B-/Stable Long Term Loan 50 CRISIL B-/Stable Standby Line of Credit 3 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by XPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, XPPL is yet to provide adequate information to enable CRISIL to assess XPPL'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' XPPL, incorporated in 2011, manufactures corrugated boxes. The company is promoted by Mr. Manikyan Muraleedharan and Mr. Sankara Mohana Nair. ================= I N D O N E S I A ================= MULTIPLAR TBK: S&P Revises Outlook to Neg. & Affirms 'B+' CCR ------------------------------------------------------------- Standard & Poor's Ratings Services said that it had revised its outlook on Indonesia-based diversified retailer PT Multiplar Tbk. and on its 50.2% subsidiary PT Matahari Putra Prima Tbk. (MPPA) to negative from stable. S&P also affirmed its 'B+' long-term corporate credit rating on both companies. At the same time, S&P lowered its long-term ASEAN regional scale rating on the companies to 'axBB-' from 'axBB'. "We revised the outlook to negative because we believe sustained losses in Multipolar's non-retailing operations could compress the company's consolidated margins and keep its EBITDA interest coverage below 2.0x for the next 12 months," said Standard & Poor's credit analyst Kah Ling Chan. "That level would no longer be commensurate with a 'B+' rating level." Multipolar's reported consolidated EBITDA of about Indonesian rupiah (IDR) 172 billion in the first half of 2015 represented only about 15% of S&P's full-year forecast of reported EBITDA of about IDR1 trillion. Multipolar's non-retailing operations, including at PT IMTV, its satellite-TV venture, continue to sustain high losses. In addition, the company will bear one-off expenses linked to the closing of its Chinese hypermarket operations this year. Both the losses and one-time expenses have reduced Multipolar's reported consolidated EBITDA margin for the half year to about 2%. S&P had earlier estimated reported EBITDA margins for 2015 at 5.0%-5.5%. S&P forecasts the company's EBITDA interest coverage, adjusted for lease and pensions, to dip below 2.0x in 2015 as a result of its weaker performance so far. A recovery of this ratio to above 2.0x in 2016 will rely upon containing losses at the satellite-TV operations, which S&P believes remains uncertain at this stage, or a much stronger margin performance of other retailing operations. S&P believes some of the steps Multipolar is undertaking, including reducing sales through third party agents, could help improve the quality of PT IMTV's customer base, reduce the churn rate, and ultimately contain losses. Still, the pace of the improvement remains uncertain, in S&P's view. S&P also believes that Multipolar remains committed to growing its satellite-TV business and that will require sustained spending on subscriber acquisitions, selling, and promotions. Competition from PT MNC Sky Vision Tbk., a profitable incumbent with much larger size, a more established distribution network, and a better-entrenched market position, could also intensify. S&P affirmed the ratings on Multipolar because S&P still projects a gradual, albeit much slower, recovery in EBITDA in 2016 and 2017. In particular, S&P expects MPPA to generate incremental EBITDA as it opens new stores. S&P no longer expects further losses in the Chinese operations given the closure of loss-making hypermarket activities there. S&P also believes Multipolar's liquidity remains sound, thanks to a cash balance of close to IDR2 trillion as of June 30, 2015. S&P also believes that Multipolar's 20.5% stake in PT Matahari Department Stores Tbk., which is listed on the Indonesia stock exchange, provides an additional source of substantial liquidity. "Our outlook revision on MPPA solely reflects the application of our group rating methodology, and not the company's own operating performance, given our view that MPPA is a core subsidiary of Multipolar," said Ms. Chan. S&P expects the company to remain a core and non-insulated subsidiary of Multipolar based on MPPA's very large contribution to the parent's revenues and EBITDA, the companies' similar lines of business, and their good record of operations. S&P expects MPPA to contribute a minimum of 80% of Multipolar's consolidated EBITDA over the next 12 months at least. In S&P's view, MPPA is closely associated with the group's brand and reputation. S&P also expects Multipolar to maintain its majority stake in MPPA over the next two years. S&P still assess MPPA's stand-alone credit profile as 'b+'. MPPA's reported EBITDA after lease expenses was about IDR375 billion for the half-year ended June 30, 2015, because of new store openings and despite slower growth of about 2% in same store sales. The reported EBITDA was about IDR315 billion for the same period in 2014. The figure for half-year 2015 also reflects some seasonality in the company's EBITDA generation throughout the year, and is broadly consistent with S&P's full-year 2015 forecast. S&P may lower the rating on Multipolar if the company's consolidated EBITDA interest coverage ratio remains below 2.0x over the next 12 months with no prospects of recovery. S&P believes this could materialize if: (1) IMTV continues to incur substantial losses without offsetting factors from the company's retailing operations in Indonesia, such that consolidated reported EBITDA margin remains below 4.5%; or (2) consolidated debts increase at the operating companies because of more aggressive capital spending than S&P expects. Even though S&P views this as less likely, it may also lower the rating if the coverage of interest payments at the holding company level by dividends from operating companies declines below 1.5x for more than 12 months. This may materialize if capital spending at the operating companies is substantially higher than S&P anticipates or if their revenue growth, margins, or dividends are lower than S&P's forecasts. S&P may lower the ratings on MPPA if S&P takes a similar rating action on Multipolar. S&P may revise the outlook to stable if Multipolar's consolidated EBITDA interest coverage improves sustainably above 2.0x. This could materialize if consolidated reported EBITDA margins improve above 5.0% sustainably while revenues grow in the low double- digits. S&P may revise the outlook on MPPA to stable if S&P takes a similar rating action on Multipolar. ========= J A P A N ========= TOSHIBA CORP: May Book JPY100BB Loss in FY2014 Amid Scandal ----------------------------------------------------------- Kyodo News reports that Toshiba Corp. may book a loss of over JPY100 billion for the business year through March 2015 as it grapples with a sweeping accounting scandal, sources familiar with the matter said on August 12. According to the report, the sources said the recording of the loss would be necessary as Toshiba revaluates its production equipment and other assets held by the semiconductor, house appliance and nuclear power businesses. Kyodo says Toshiba had put its group net profit estimate for fiscal 2014 at JPY120 billion but it could fall into the red due to the huge loss. Separately, the Japanese conglomerate will likely make a spate of revisions to its earnings for roughly seven years from fiscal 2008 to December 2014, as an independent panel investigating the scandal concluded that Toshiba had inflated profits by JPY156.2 billion during that period, Kyodo notes. Kyodo relates that the improper accounting practices at Toshiba, the manufacturer of a range of products from personal computers to nuclear power plants, have forced its most recent presidents to step down. Under the leadership of Chairman Masashi Muromachi, who will likely stay on as president, Toshiba is expected to announce a new management lineup and its earnings estimate for fiscal 2014 early next week, the sources, as cited by Kyodo, said. Kyodo notes that Toshiba's semiconductor business has been hit by fierce price competition from foreign rivals, and the yen's weakness has eroded the profitability of its white goods such as refrigerators that are assembled overseas and imported into Japan for sale. The sources said the ongoing delay in the construction of nuclear power plants in Texas will likely translate into an additional loss for Toshiba's nuclear power unit, already reeling from the 2011 Fukushima nuclear crisis, according to Kyodo. Toshiba had lowered the asset value of a U.S. nuclear energy company in its earnings for fiscal 2013, the report states. Toshiba is considering selling some of its shareholdings and real estate while asking for an additional credit line from major banks in case its creditworthiness deteriorates due to the latest scandal, Kyodo adds. About Toshiba Corp. Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large-scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the JPY180 billion in subordinated loans issued by Toshiba Corporation. At the same time, Moody's has affirmed all of Toshiba's ratings. Senior Unsecured Baa2 Senior Unsecured Shelf (P)Baa2 Subordinate Ba1 Commercial Paper P-2 The ratings outlook is stable. =============== M A L A Y S I A =============== 1MALAYSIA DEVELOPMENT: Probe Completed, Central Bank Says --------------------------------------------------------- Reuters reports that Malaysia's central bank has completed an investigation into troubled state fund 1MDB and submitted a report to the attorney general, the bank's governor, Zeti Akhtar Aziz, told a news conference on August 13. "The bank has submitted its investigation papers to the attorney general with the recommendation for the appropriate enforcement action," she told reporters, Reuters relates. The central bank is among institutions that are investigating 1 Malaysia Development Berhad (1MDB) over allegations of mismanagement and graft, Reuters notes. As reported in the Troubled Company Reporter-Asia Pacific on July 23, 2015, Reuters said Singapore Police Force has frozen two bank accounts to help with an investigation in to Malaysia's troubled state-owned investment fund 1Malaysia Development Bhd (1MDB), which is being probed by authorities in Malaysia for financial mismanagement and graft. Reuters said the freezing of the Singapore bank accounts follows a similar move in Malaysia where a task force investigating 1MDB said earlier this month that it had frozen half a dozen bank accounts following a media report that nearly $700 million had been transferred to an account of Malaysia's Prime Minister Najib Razak. The Wall Street Journal reported on July 3 that investigators looking into 1MDB had traced close to US$700 million of deposits moving through Falcon Bank in Singapore into personal bank accounts in Malaysia belonging to Najib, Reuters related. Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a government agency. The Company offers financial assistance, analysis, and advice through investors, corporations, and consultants to startups and growth companies. 1MDB focuses on investments with strategic value and high multiplier effects on the economy, particularly in energy, real estate, tourism, and agribusiness. ==================== N E W Z E A L A N D ==================== SOLID ENERGY: Board Places Company Into Voluntary Administration ---------------------------------------------------------------- The Board of Solid Energy New Zealand Limited (SENZ) has placed the company and all associated companies into voluntary administration, a process which allows the company to continue trading while creditors consider the best way forward. KordaMentha partners, Brendon Gibson and Grant Graham have been appointed Administrators. Solid Energy Acting Chairman, Andy Coupe says that the company has faced very challenging conditions. In the face of dramatic declines in the price of hard coking coal, the company made significant gains in cost reduction and operating efficiencies but the market has continued to fall and there was still no near-term prospect of any significant recovery. As a result, Mr Coupe says, it is no longer sustainable for the business to trade under its current capital structure. "We have been upfront with our employees and other stakeholders about the challenges facing Solid Energy. For some months we have been consulting with our banks and shareholder to develop a suitable plan. As a result, the Board has structured a proposal for creditors that, if adopted, would result in operations continuing under a Deed of Company Arrangement (DOCA). "In the Board's view, that is far preferable to an immediate liquidation. The voluntary administration process enables that proposal to be quickly finalised and voted on by all company creditors," Mr Coupe said. The full text of the Solid Energy Board's proposal will shortly be available to view at www.solidenergy.co.nz The key terms of the proposal include: * Solid Energy will engage an investment bank and undertake an orderly, managed sale of its assets over the next two-and-a- half years. * The existing Board will continue to manage Solid Energy, and be monitored by and reporting to the Deed Administrators and a monitoring committee of certain creditors. * Solid Energy's debt as at the date of the VA will be divided into categories and paid as indicated below: * Trade debt (day-to-day debts which the Companies incurred in the ordinary course of operations prior to the commencement of the VA) is paid promptly once the proposal has been adopted. * Accrued employee entitlements that were outstanding at the date of commencement of the VA (e.g. holiday pay) are paid as per normal. * Participant creditors' debt is restructured into a two-and- a-half year facility. This gives Solid Energy time to carry out an orderly and managed sale of assets, without the pressure of having to make significant debt repayments. Participant creditors include, amongst others, Solid Energy's banks and medium term noteholders. * All costs incurred in the normal course of ongoing trading are paid when they fall due and rank ahead of all other debt - this means trade creditors can continue to trade with the Companies with confidence of payment. * Existing Crown indemnities for site rehabilitation costs are restructured to provide certainty for affected local authorities and assist the asset sale process. * Participant creditors get what's left at the end, after payment of all trade creditors and employees, as settlement of their debt. If the proceeds are less than the outstanding debt, the participant creditors release the shortfall. * If any assets cannot reasonably be sold they will be put into a safe and secure state, all employee entitlements will be fully met, and the asset will be closed. "We believe the proposal has the necessary support from the shareholder and a majority of creditors to be successful. It allows for a managed sell down of the Companies' assets and the prompt payment of all trade creditors' debt. This is a far more favourable scenario for stakeholders than going into immediate liquidation and for that reason, the Board is confident the proposal will be well supported when creditors meet to vote on it," Mr Coupe said. Mr Coupe noted that should creditors accept the proposal, the companies would be handed back to the Directors to oversee the implementation of the sell down process, at the end of the VA period. "The process has been extremely complex, both legally and commercially, and has taken considerable time to develop to this stage," Mr Coupe said. "The Board has been conscious of the strain on employees and contractors that naturally occurs in times of uncertainty, and has sought to act as quickly as prudently possible." From today, the Administrators will take full control of the companies for a period of five weeks. They will continue to trade the businesses, and will liaise with the creditors on the options for the future of the companies. KordaMentha partner and SENZ Administrator, Mr Gibson says voluntary administration is a short-term measure that effectively freezes the companies' financial positions while creditors consider the future. "As Administrator, my focus is on protecting the interests of creditors, including SENZ employees. We have received a proposal from the Directors that they believe has the necessary support. While logic suggests an orderly realisation process would be a preferred solution, some details are still being worked through with a limited number of large creditors. Once those details are finalised, as Administrators we will review that proposal and any others we may receive, and prepare an independent report for creditors. "We are mindful that SENZ is a large business with over 1,500 creditors who will be entitled to vote on the proposal. We are committed to giving all creditors detailed information within the statutory timeframes, ensuring they can make a fully informed decision," Mr Gibson said. A first meeting of creditors will be held within eight (8) working days. Information regarding this meeting is being made available directly to all creditors. A second meeting -- known as the 'watershed' meeting -- will be held within twenty five (25) working days. Prior to this meeting, creditors will receive the Administrators report on the Board's proposal. At the watershed meeting, creditors will consider the Board's proposal and will be asked to vote to resolve one of three outcomes for each company in voluntary administration: * That the Company execute a Deed of Company Arrangement (DOCA), which would govern the future conduct of the Company; or * That the Company be placed into liquidation; or * That the Administration of the Company should end and control of the Company be returned to the Directors. Mr Gibson stressed that employee entitlements and other costs incurred during the period of voluntary administration would be paid as per normal terms and conditions. "It is important to note that during the voluntary administration period, it will be business as usual for SENZ and its associated companies. This will include a continued strong focus on health and safety, environmental, community, and commercial matters throughout our engagement," Mr Gibson said. SENZ and the Administrators will be making no further comment on the VA process until the result of the watershed meeting is known. About Solid Energy Solid Energy New Zealand Ltd is New Zealand's largest coal mining company and an investor in research and commercialisation of sustainable forms of energy that use coal, coal seam gas, biomass, biodiesel and solar. Solid Energy's core mining business includes hard coking coal, primarily for export to steel mills throughout Asia, and thermal coal for the Huntly power station and other domestic customers in the steel, dairy and cement industries. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 6, 2014, BusinessDesk said Solid Energy posted its third annual loss in a row as the financially distressed state- owned coal miner wrote down the value of its export operations amid lower coal price assumptions, and warned of more red ink to come. BusinessDesk related that the Christchurch-based state-owned enterprise reported a loss of NZ$181.9 million in the 12 months ended June 30, compared to a loss of NZ$335.4 million a year earlier, it said in its annual report tabled in Parliament on October 31. The company's board doesn't anticipate it will return to profitability until the 2017 financial year, based on its current projections, BusinessDesk added. ==================== S O U T H K O R E A ==================== * SOUTH KOREA: Regulator to Set Up Corporate Restructuring Firm --------------------------------------------------------------- Yonhap News Agency reports that South Korea's top financial regulator will set up an entity that mainly deals with corporate restructuring later this year to put government-led workout programs in private hands, officials said August 13. Yonhap relates that in a report submitted to the parliament, the Financial Services Commission (FSC) said it has inked a memorandum of understanding (MOU) with 10 commercial and policy lenders to establish a company that specializes in corporate restructuring, according to the officials. According to the report, the state-run Korea Development Bank (KDB) and the Korea Export-Import Bank (Exim Bank) will participate in the project, with Shinhan Bank and Kookmin Bank to be major shareholders of the company. "We've mapped out a broad plan to launch a restructuring firm as we finished picking up state-run and private banks that invest into the entity," Yonhap quotes an official from the FSC as saying. "As the MOU was concluded, a task force will go into operation." He said the FSC is aiming to inaugurate the restructuring firm in mid-October, the report relays. As the Seoul government assigns major corporate workout projects to the KDB and the Exim Bank, policy lenders are suffering from massive losses stemming from the recent collapses of big businesses, including STX Group, Dongbu Corp. and Keangnam Enterprises, according to Yonhap. Yonhap says the FSC will have the new firm take the lead role in corporate restructuring without government interruption. It will help ailing companies to undergo restructuring before going through creditor-led workout programs, which may focus more on recovering bad debts rather than helping them stay afloat as long as possible, Yonhap relates. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA ACONEX LTD ACX -152.68 -128.58 ATLANTIC LTD ATI -644.51 -623.62 AUSTRALIAN ZI-PP AZCCA -67.98 -82.58 AUSTRALIAN ZIRC AZC -67.98 -82.58 AXXIS TECHNOLOGY AYG -2.18 -2.75 BIRON APPAREL LT BIC -2.22 2.43 BLUESTONE GLOBAL BUE -2.40 -16.73 BRIDGE GLOBAL CA BGC -121.51 -127.89 BULLETPROOF GROU BPF -2.99 -1.44 CLARITY OSS LTD CYO -15.57 -4.00 IPH LTD IPH -7.54 5.47 LOVISA HOLDINGS LOV -3.43 -6.28 MBD CORP LTD MBD -0.20 -4.50 MIRABELA NICKEL MBN -71.38 28.39 NORSEMAN GOLD PL NGX -43.40 -39.99 OPUS GROUP LTD OPG -8.99 -47.37 QUICKSTEP HLDGS QHL -0.89 -0.48 RIVERCITY MOTORW RCY -809.13 133.92 RUBICOR GROUP LT RUB -0.82 -2.88 RUTILA RESOURCES RTA -3.90 -34.11 SPHERE MINERALS SPH -64.95 -119.39 STERLING PLANTAT SBI -15.46 9.69 STONE RESOURCES SHK -15.07 -27.87 STRAITS RESOURCE SRQ -13.26 -117.91 SUBZERO GROUP LT SZG -21.29 -27.50 CHINA ANHUI GUOTONG-A 600444 -8.81 -40.54 CHINA ESSENCE GR CESS -112.12 -150.89 CLOUD LIVE TEC-A 2306 -18.55 -17.03 GREENS HOLDINGS 1318 -37.88 -90.12 HAINAN PEARL R-A 505 -6.09 -22.11 HAINAN PEARL-B 200505 -6.09 -22.11 HARMONICARE MEDI 1509 -16.03 -50.69 HEILONGJIAN HE-A 600179 -10.64 -124.94 LUOYANG GLASS-A 600876 -6.35 -41.30 LUOYANG GLASS-H 1108 -6.35 -41.30 MCC MEILI PAPE-A 815 -37.48 -53.01 NANNING CHEMIC-A 600301 -34.92 -65.09 SHAANXI QINLIN-A 600217 -43.83 -203.72 SHANG BROAD-A 600608 -2.86 -8.94 SHENZ CENTURY-A 33 -29.59 -3.22 SICHUAN CHEMIC-A 155 -151.08 -259.59 SONGLIAO AUTO -A 600715 -7.49 -11.29 WUHAN BOILER-B 200770 -233.10 -360.47 XIAKE COLOR-A 2015 -108.33 -100.27 YUNNAN JINGGU -A 600265 -0.62 -26.90 ZHONGCHANG MAR-A 600242 -7.16 -185.93 ZHUHAI BOYUAN -A 600656 -61.76 -78.17 HONG KONG CHINA HEALTHCARE 673 -17.33 -17.69 CHINA OCEAN SHIP 651 -100.37 -161.16 CNC HOLDINGS 8356 -10.22 -26.60 FULLSHARE 607 -50.49 92.76 GR PROPERTIES LT 108 -52.36 -66.29 GRANDE HLDG 186 -302.44 -402.82 HARMONIC STR 33 -3.22 -3.66 KING STONE ENERG 663 -174.59 -409.06 MASCOTTE HLDGS 136 -3.57 1.18 MONGOLIA ENERGY 276 -417.76 -167.83 SIBERIAN MINING 1142 -253.46 -17.46 TAI SHING INTERN 8103 -6.00 -12.06 TITAN PETROCHEMI 1192 -996.20 -999.60 INDONESIA APAC CITRA CENT MYTX -21.62 -63.32 ARGO PANTES ARGO -21.70 -42.12 ARPENI PRATAMA APOL -335.63 -140.80 ASIA PACIFIC POLY -908.37 -947.71 BAKRIE & BROTHER BNBR -185.61 -505.10 BAKRIE TELECOM BTEL -415.68 -496.20 BENTOEL INTL INV RMBA -135.11 235.56 BERAU COAL ENERG BRAU -29.46 -446.96 BERLIAN LAJU TAN BLTA -1,172.59 -101.87 BERLIAN LAJU TAN BLTA -1,172.59 -101.87 BORNEO LUMBUNG BORN -541.61 -1,321.62 BUKAKA TEKNIK UT BUKK -94.65 -108.57 BUMI RESOURCES BUMI -733.04 -4,451.78 ICTSI JASA PRIMA KARW -10.31 -59.21 JAKARTA KYOEI ST JKSW -33.58 7.28 MERCK SHARP DOHM SCPI -1.76 51.96 RENUKA COALINDO SQMI -0.30 -8.09 SUMALINDO LESTAR SULI -29.48 -7.17 TRUBA ALAM ENG TRUB -34.67 18.62 UNITEX TBK UNTX -17.25 -25.95 INDIA 3I INFOTECH LTD III -55.29 -119.10 3I INFOTECH -SLB III/S -55.29 -119.10 ABHISHEK CORPORA ABSC -25.51 -65.30 AGRO DUTCH INDUS ADF -22.81 -94.45 ALPS INDUS LTD ALPI -41.70 0.63 ARTSON ENGR ART -10.64 -7.75 ASHAPURA MINECHE ASMN -16.64 -75.41 ASHIMA LTD ASHM -48.94 -7.52 ATV PROJECTS ATV -43.93 -11.18 BELLARY STEELS BSAL -108.50 -122.30 BENZO PETRO INTL BPI -1.05 -4.44 BHAGHEERATHA ENG BGEL -28.20 -20.86 BHARATI SHIPYARD BHSL -17.76 103.37 BINANI INDUS LTD BZL -156.35 -175.27 BLUE BIRD INDIA BIRD -59.13 -63.79 CELEBRITY FASHIO CFLI -8.26 -1.86 CHESLIND TEXTILE CTX -0.03 -1.72 CLASSIC DIAMONDS CLD -6.84 -0.71 COMPUTERSKILL CPS -7.56 -4.82 DCM FINANCIAL SE DCMFS -9.46 0.00 DFL INFRASTRUCTU DLFI -6.49 0.00 DIGJAM LTD DGJM -22.59 19.31 DISH TV INDIA DITV -50.29 -407.67 DISH TV INDI-SLB DITV/S -50.29 -407.67 DUNCANS INDUS DAI -227.05 -65.57 ELECTROTHERM IND ELT -96.22 -343.53 ENSO SECUTRACK ENSO -0.46 -3.36 EURO CERAMICS EUCL -6.83 -18.00 EURO MULTIVISION EURO -9.95 -38.45 FERT & CHEM TRAV FCT -137.49 -127.69 GANESH BENZOPLST GBP -15.48 0.50 GANGOTRI TEXTILE GNTX -14.22 -55.33 GLODYNE TECHNO GLOT -25.55 -116.90 GOKAK TEXTILES L GTEX -5.00 -8.91 GOLDEN TOBACCO GTO -18.24 -37.82 GSL INDIA LTD GSL -42.42 -18.13 GSL NOVA PETROCH GSLN -1.31 -14.38 GTL LTD GTS -10.69 -517.10 GTL LTD-SLB GTS/S -10.69 -517.10 GUJARAT STATE FI GSF -304.68 0.00 GUPTA SYNTHETICS GUSYN -6.34 -21.94 HARYANA STEEL HYSA -5.91 -2.56 HEALTHFORE TECHN HTEC -46.64 -56.14 HINDUSTAN ORGAN HOC -51.76 -48.36 HINDUSTAN PHOTO HPHT -1,832.65 -1,825.53 HIRAN ORGOCHEM HO -4.59 -10.83 HMT LTD HMT -454.42 -263.58 ICDS ICDS -6.17 0.00 INDAGE RESTAURAN IRL -2.35 2.06 INDOSOLAR LTD ISLR -15.57 -89.02 INTEGRAT FINANCE IFC -51.32 0.00 JAYBHARAT TEXTIL JTRE -34.90 -14.52 JCT ELECTRONICS JCTE -76.70 -46.60 JENSON & NIC LTD JN -71.70 -67.33 JET AIRWAYS IND JETIN -1,015.07 -1,545.08 JET AIRWAYS -SLB JETIN/S -1,015.07 -1,545.08 JINDAL STAINLESS JDSL -102.07 -327.53 JOG ENGINEERING VMJ -5.28 41.82 JSL INDS LTD-SLB JDSL/S -102.07 -327.53 KALYANPUR CEMENT KCEM -42.66 -36.34 KERALA AYURVEDA KERL -1.69 3.16 KIDUJA INDIA KDJ -3.43 0.00 KINGFISHER AIR KAIR -2,371.26 -1,458.63 KINGFISHER A-SLB KAIR/S -2,371.26 -1,458.63 KITPLY INDS LTD KIT -58.78 -50.64 KLG SYSTEL LTD KLGS -27.37 -24.37 KSL AND INDUSTRI KSLRI -77.80 -50.14 LML LTD LML -78.18 -93.19 MADHUCON PROJECT MDHPJ -21.03 -327.01 MADRAS FERTILIZE MDF -54.99 -55.32 MAHA RASHTRA APE MHAC -12.96 0.00 MALWA COTTON MCSM -24.79 -12.80 MAWANA SUGAR MWNS -32.88 -93.78 MEP INFRASTRUCTU MIDL -25.27 -47.15 MODERN DAIRIES MRD -3.81 1.12 MOSER BAER INDIA MBI -165.63 -243.86 MOSER BAER -SLB MBI/S -165.63 -243.86 MPL PLASTICS LTD MPLP -51.22 -35.46 MTZ POLYFILMS LT TBE -2.57 -11.39 MURLI INDUSTRIES MRLI -38.30 1.71 MYSORE PAPER MSPM -8.12 -20.84 NATL STAND INDI NTSD -0.73 -2.33 NAVCOM INDUS LTD NOP -3.53 -6.88 NICCO CORP LTD NICC -4.91 -25.09 NICCO UCO ALLIAN NICU -83.90 0.00 NK INDUS LTD NKI -7.71 -9.17 NRC LTD NTRY -52.44 -102.19 NUCHEM LTD NUC -1.60 1.17 PANCHMAHAL STEEL PMS -0.33 6.39 PARAMOUNT COMM PRMC -0.52 8.11 PARASRAMPUR SYN PPS -307.14 -303.86 PAREKH PLATINUM PKPL -88.85 -78.16 PIONEER DISTILLE PND -5.62 -12.47 PREMIER INDS LTD PRMI -6.09 -3.53 PRIYADARSHINI SP PYSM -2.28 -16.30 QUADRANT TELEVEN QDTV -214.97 -182.24 QUINTEGRA SOLUTI QSL -17.45 -32.70 RADHA MADHAV COR RMCL -20.64 -26.34 RAMSARUP INDUSTR RAMI -89.28 -506.46 RATHI ISPAT LTD RTIS -3.93 14.53 RELIANCE MED-SLB RMW/S -144.47 -115.99 RENOWNED AUTO PR RAP -1.25 -5.73 RMG ALLOY STEEL RMG -12.99 -17.72 ROYAL CUSHION RCVP -75.18 -18.75 SAAG RR INFRA LT SAAG -4.93 -8.33 SADHANA NITRO SNC -0.58 -6.84 SANATHNAGAR ENTE SNEL -6.78 -9.36 SANCIA GLOBAL IN SGIL -30.47 5.01 SBEC SUGAR LTD SBECS -5.61 -32.85 SERVALAK PAP LTD SLPL -7.63 -0.32 SHAH ALLOYS LTD SA -81.60 -119.39 SHALIMAR WIRES SWRI -24.28 -24.97 SHAMKEN COTSYN SHC -6.17 0.21 SHAMKEN MULTIFAB SHM -13.26 2.41 SHAMKEN SPINNERS SSP -16.76 -11.04 SHREE GANESH FOR SGFO -2.89 3.56 SHREE KRISHNA SHKP -0.92 -2.07 SHREE RAMA MULTI SRMT -4.49 -3.53 SHREE RENUKA SUG SHRS -375.69 -853.38 SHREE RENUKA-SLB SHRS/S -375.69 -853.38 SIDDHARTHA TUBES SDT -15.37 -5.65 SIMBHAOLI SUGARS SBSM -54.47 -131.82 SPICEJET LTD SJET -202.94 -307.41 SQL STAR INTL SQL -3.28 2.93 STATE TRADING CO STC -392.74 -389.59 STELCO STRIPS STLS -5.73 -15.44 STI INDIA LTD STIB -2.13 -0.75 STL GLOBAL LTD SHGL -5.62 -3.45 STORE ONE RETAIL SORI -59.09 -4.75 SURYA PHARMA SUPH -9.97 -150.85 SUZLON ENERG-SLB SUEL/S -1,164.00 -396.86 SUZLON ENERGY SUEL -1,164.00 -396.86 TAMILNADU JAI TNJB -1.00 0.01 TATA TELESERVICE TTLS -138.25 -650.97 TATA TELE-SLB TTLS/S -138.25 -650.97 TIMEX GROUP IND TIMX -2.27 -4.18 TIMEX GROUP-PREF TIMXP -2.27 -4.18 TODAYS WRITING TWPL -25.67 -24.95 TRIUMPH INTL OXIF -14.18 0.00 TRIVENI GLASS TRSG -10.45 -4.26 TUTICORIN ALKALI TACF -22.86 -25.82 UNIFLEX CABLES UFCZ -7.49 -21.97 UNIWORTH LTD WW -151.14 -90.59 UNIWORTH TEXTILE FBW -35.03 -18.03 USHA INDIA LTD USHA -54.51 -39.42 VANASTHALI TEXT VTI -5.80 -5.42 VENUS SUGAR LTD VS -1.08 -2.77 VISA STEEL LTD VISA -16.29 -179.73 WANBURY LTD WANB -3.91 -43.15 WEBSOL ENERGY SY WESL -31.30 -56.52 ZYLOG SYSTEMS ZSL -29.22 -79.00 JAPAN ETA ELEC INDUS 6891 -1.89 -16.86 FUJITA CORPORAT 3370 -0.48 -1.29 GOYO FOODS INDUS 2230 -1.81 0.02 LCA HOLDINGS COR 4798 -2.59 -16.35 MAG NET HOLDINGS 8073 -0.68 -0.39 MATSUYA CO LTD 7452 -0.76 -34.08 MEGANESUPER 3318 -8.10 19.39 OPTROM INC 7824 -4.50 -12.55 PIXELA CORP 6731 -0.41 1.46 SANBIO CO LTD 4592 -0.74 7.47 KOREA L ENERGY CO LTD 60900 -24.75 -18.17 NAMKWANG ENGINEE 1260 -60.31 -29.00 NEXOLON CO LTD 110570 -331.58 -655.16 STX ENGINE CO LT 77970 -38.82 72.63 TEC & CO 8900 -16.61 -72.17 ULTRA CONSTR-PFD 4325 -71.68 -124.06 MALAYSIA DING HE MINING 705 -38.57 -74.46 HAISAN RESOURCES HRB -19.67 -28.76 HIGH-5 CONGLOMER HIGH -65.83 -91.61 LION CORP BHD LION -194.79 -638.49 OCTAGON CONSOL OCTG -54.28 -61.30 PERWAJA HOLDINGS PERH -284.67 -443.27 NEW ZEALAND PULSE ENERGY LTD PLE -4.52 -4.95 PHILIPPINES CYBER BAY CORP CYBR -28.97 -28.98 DFNN INC DFNN -1.88 -2.21 FILSYN CORP A FYN -11.69 -31.43 FILSYN CORP. B FYNB -11.69 -31.43 GOTESCO LAND-A GO -19.21 -24.00 GOTESCO LAND-B GOB -19.21 -24.00 METRO GLOBAL HOL MGH -15.77 -8.07 PICOP RESOURCES PCP -23.33 -77.51 STENIEL MFG STN -11.96 5.02 UNIWIDE HOLDINGS UW -57.19 -82.73 SINGAPORE CHINA GREAT LAND CGL -21.26 -21.41 GOLDEN ENERGY & GER -96.89 -127.03 GPS ALLIANCE HOL GPS -0.40 -3.58 HL GLOBAL 1 HLGE1 -0.62 19.10 HL GLOBAL ENTERP HLGE -0.62 19.10 JASPER INVESTMEN JASP -9.27 -177.65 OCEANUS GROUP LT OCNUS -19.84 -88.78 SCIGEN LTD-CUFS SIE -55.42 -6.68 SINOPIPE HLDS SPIP -84.26 -127.65 THAILAND ASCON CONSTR-NVD ASCON-R -3.37 -19.16 ASCON CONSTRUCT ASCON -3.37 -19.16 ASCON CONSTRU-FO ASCON/F -3.37 -19.16 BANGKOK RUBBER BRC -114.37 -132.70 BANGKOK RUBBER-F BRC/F -114.37 -132.70 BANGKOK RUB-NVDR BRC-R -114.37 -132.70 BIG CAMERA COP-F BIG/F -13.03 -16.70 BIG CAMERA CORP BIG -13.03 -16.70 BIG CAMERA -NVDR BIG-R -13.03 -16.70 CIRCUIT ELEC PCL CIRKIT -78.88 -0.84 CIRCUIT ELEC-FRN CIRKIT/F -78.88 -0.84 CIRCUIT ELE-NVDR CIRKIT-R -78.88 -0.84 ITV PCL-NVDR ITV-R -121.94 -121.94 K-TECH CONSTRUCT KTECH/F -46.47 -67.93 KTECH CONSTRUCTI KTECH -46.47 -67.93 K-TECH CONTRU-R KTECH-R -46.47 -67.93 KUANG PEI SAN POMPUI -8.59 4.01 KUANG PEI SAN-F POMPUI/F -8.59 4.01 KUANG PEI-NVDR POMPUI-R -8.59 4.01 PATKOL PCL PK -30.64 -52.32 PATKOL PCL-FORGN PK/F -30.64 -52.32 PATKOL PCL-NVDR PK-R -30.64 -52.32 PROFESSIONAL WAS PRO -1.68 -10.02 PROFESSIONAL-F PRO/F -1.68 -10.02 PROFESSIONAL-N PRO-R -1.68 -10.02 SHUN THAI RUBBER STHAI -6.13 -11.34 SHUN THAI RUBB-F STHAI/F -6.13 -11.34 SHUN THAI RUBB-N STHAI-R -6.13 -11.34 TONGKAH HARBOU-F THL/F -11.69 -33.35 TONGKAH HARBOUR THL -11.69 -33.35 TONGKAH HAR-NVDR THL-R -11.69 -33.35 TRANG SEAFOOD TRS -5.99 -2.62 TRANG SEAFOOD-F TRS/F -5.99 -2.62 TRANG SFD-NVDR TRS-R -5.99 -2.62 TT&T PCL TTNT -762.30 -134.18 TT&T PCL-NVDR TTNT-R -762.30 -134.18 TT&T PUBLIC CO-F TTNT/F -762.30 -134.18 TAIWAN BEHAVIOR TECH CO 2341S -2.57 6.66 BEHAVIOR TECH-EC 2341O -2.57 6.66 HELIX TECH-EC 2479T -24.12 -44.94 HELIX TECH-EC IS 2479U -24.12 -44.94 HELIX TECHNOL-EC 2479S -24.12 -44.94 POWERCHIP SEM-EC 5346S -296.10 -799.71 PRO MOS TECH-EC 5387R -1,610.74 -1,616.41 TAIWAN KOL-E CRT 1606U -147.14 -294.85 TAIWAN KOLIN-EN 1606V -147.14 -294.85 TAIWAN KOLIN-ENT 1606W -147.14 -294.85 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***