/raid1/www/Hosts/bankrupt/TCRAP_Public/151103.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 3, 2015, Vol. 18, No. 217
Headlines
A U S T R A L I A
BAGOT COMMUNITY: Meertens Appointed as Administrators
CLIFFS NATURAL: Reports Third Quarter 2015 Results
HRL LIMITED: Placed Into Voluntary Administration
IMPULSE ENTERTAINMENT: First Meeting of Creditors Set for Nov. 9
PILBARA ACCOMMODATION: First Creditors' Meeting Set For Nov. 11
WALK IN: First Creditors' Meeting Set For Nov. 10
* Sydney Property Prices Rise Ahead in Australia, Fitch Says
C H I N A
FUFENG GROUP: Fitch Raises IDR to 'BB'; Outlook Stable
GENERAL STEEL: Announces 1-for-5 Reverse Stock Split
I N D I A
AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
AMARTEX INDUSTRIES: CRISIL Reaffirms D Rating on INR650MM Loan
AMIT BUILDWELL: ICRA Reaffirms B+ Rating on INR6.5cr Loan
AVI TECHNOLOGIES: CRISIL Assigns B Rating to INR75MM LT Loan
BALU INDIA: ICRA Assigns 'B' Rating to INR0.35cr Term Loan
CARE UTILITY: CARE Assigns B+ Rating to INR8.99cr LT Bank Loan
FE INDIA: CARE Lowers Rating on INR100cr LT Bank Loan to D
GARE BROTHERS: CARE Revises Rating on INR5cr LT Loan to B-
GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR15.63cr Loan
GTN TEXTILES: CARE Cuts Rating on INR27.30cr LT Loan to D
JAY RANCHHOD: ICRA Suspends B Rating on INR5.0cr Cash Loan
JINDAL TEXOFAB: ICRA Suspends B- Rating on INR4.11cr Term Loan
K.R PADMANABHAN: ICRA Suspends 'B' Rating on INR20cr Loan
KANHHA CABLES: ICRA Suspends 'D' Rating on INR17cr Loan
KISAN MOULDINGS: ICRA Suspends D rating on INR222.7cr Loan
LIVEWIRES ADVERTISING: CARE Rates INR0.75cr LT Loan at B+
MARKWELL SPINNING: ICRA Reaffirms B+ Rating on INR46.12cr Loan
P.SRIRAMULU: ICRA Suspends 'B' Rating on INR20cr LT Loan
PATSPIN INDIA: CARE Lowers Rating on INR189.62cr Loan to D
PLUTO CERAMIC: CARE Assigns B+ Rating to INR4.30cr LT Loan
PRAGATEJ BUILDERS: ICRA Assigns B Rating to INR20cr LT Loan
PRESIDENT CLOTHING: ICRA Assigns B+ Rating to INR2.0cr Loan
PROTECK MACHINERY: ICRA Lowers Rating on INR4.67cr Loan to B+
RAMKRUSHNA COTGIN: ICRA Suspends B Rating on INR15cr Bank Loan
RASIK VATIKA: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
SHANGOLD INDIA: ICRA Suspends B Rating on INR16.37cr Loan
SHRI GIRIJA: ICRA Lowers Rating on INR442cr Term Loan to D
SINTEX INDUSTRIES: S&P Affirms 'BB-' CCR; Outlook Stable
SJ INTERNATIONAL: ICRA Suspends B Rating on INR7cr Loan
SURYA NARAYAN: CRISIL Assigns 'B' Rating to INR30MM Term Loan
TECPRO SYSTEMS: CRISIL Reaffirms D Rating on INR16.5BB Loan
TIRUPATI PLASTOMATICS: ICRA Suspends D Rating on INR34cr Loan
VIBRANT DEHYDRO: ICRA Assigns 'D' Rating to INR6.0cr Cash Loan
WESTERN AGRI: CARE Assigns 'B' Rating to INR15cr LT Loan
N E W Z E A L A N D
HANGAR 58: Goes Into Liquidation, Closes Doors
S O U T H K O R E A
DAEWOO SHIPBUILDING: Creditor Banks to Infuse KRW4.2 Trillion
X X X X X X X X
* BOND PRICING: For the Week Oct. 26 to Oct. 30, 2015
- - - - -
=================
A U S T R A L I A
=================
BAGOT COMMUNITY: Meertens Appointed as Administrators
-----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bagot Community
Incorporated has fallen into the hands of administrators. Meertens
Chartered Accountants was appointed administrator of the company
on October 23, the report says.
According to the report, the administrators said the community
will continue to operate normally.
Creditors of Bagot Community Incorporated include Power and Water
Corporation, Dissolve.com.au reports.
Bagot Community Incorporated was established in 1938.
CLIFFS NATURAL: Reports Third Quarter 2015 Results
--------------------------------------------------
Cliffs Natural Resources Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to the Company's common shareholders of $15
million on $593.2 million of revenues from product sales and
services for the three months ended Sept. 30, 2015, compared to a
net loss attributable to the Company's common shareholders of
$5.89 billion on $979.7 million of revenues from product sales and
services for the same period a year ago.
For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to the Company's common shareholders of $727
million on $1.53 billion of revenues from product sales and
services compared to a net loss attributable to the Company's
common shareholders of $5.97 billion on $2.34 billion of revenues
from product sales and services for the same period during the
prior year.
As of Sept. 30, 2015, the Company had $2.27 billion in total
assets, $4.03 billion in total liabilities and a $1.75 billion
total deficit.
"We may be unable to obtain and renew permits necessary for our
operations or be required to provide additional financial
assurance, which could reduce our production, cash flows,
profitability and available liquidity. We also could face
significant permit and approval requirements that could delay our
commencement or continuation of existing or new production
operations which, in turn, could affect materially our cash flows,
profitability and available liquidity," the Company states in the
quarterly report.
Lourenco Goncalves, Cliffs' chairman, president and chief
executive officer, said, "Our performance this past quarter
illustrates how far we have come in our turnaround story. We have
been able to deliver significant cost reductions in all areas of
the business through disciplined execution of the strategy
instituted last year." Mr. Goncalves added, "We expect the
domestic steel market to improve in 2016 as trade actions reduce
the pressure of imports and firm up steel pricing. Our solid cost
position coupled with stronger demand from the mills should drive
better profitability for Cliffs."
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/OecRIu
About Cliffs Natural Resources
Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama. Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada. Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.
On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada). The initial CCAA
order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale options are explored.
The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.
* * *
As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'. The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions. The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.
The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively. "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.
HRL LIMITED: Placed Into Voluntary Administration
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that HRL Limited has
been put into voluntary administration. Ian Carson, Stephen
Longley and Craig Crosbie of PPB Advisory were appointed
administrators of the company on Oct. 27, 2015.
According to Dissolve.com.au, HRL shut down its operations in
Morwell in 2014 blaming decreasing prices of electricity and a
decline in demand for brown coal briquettes. But, reports at the
time said the closure was just temporary and depended upon a
project's viability for powering the factory with supply,
Dissolve.com.au relays.
IMPULSE ENTERTAINMENT: First Meeting of Creditors Set for Nov. 9
----------------------------------------------------------------
Renee Thompson at SmartCompany reports that the Queensland floods
of 2011 are believed to be one of the factors behind the financial
problems of a family-owned music and entertainment company in
Queensland, which collapsed into voluntary administration last
week owing creditors more than AUD2 million.
SmartCompany discloses that David Stimpson and Terry van der Velde
of SV Partners were appointed administrators of the company on
October 28.
The first meeting of the company's creditors will take place in
Brisbane on November 9.
SV Partners executive director David Stimpson told SmartCompany
Impulse Entertainment owes secured creditors approximately AUD1.3
million and trade creditors around AUD1 million.
According to SmartCompany, Mr. Stimpson said the business turned
over around AUD12 million in the past financial year, but had been
turning over "substantially more than that about 12 months ago".
Impulse had been a successful business, turning about AUD20
million a year, until a few years ago, Mr. Stimpson said, adding a
lot of the businesses' financial concerns stem back three or four
years to the Queensland floods that occurred in January 2011, the
report relates.
"The business premises got flooded but the company didn't have
adequate insurance and has struggled to recover since then,"
SmartCompany quotes Mr. Stimpson as saying.
SmartCompany says the business currently employs around 20 full-
time workers, and 10 to 15 part-time employees, who have
collective entitlements owing of about AUD200,000 to AUD300,000.
The report relates that Mr. Stimpson said the priority at the
moment is continue to trade the company while assessing a number
of options, including putting together a proposal for a deed of
company arrangement, selling the business or attracting investors
to inject funds into the business.
It is still early days, Mr. Stimpson said, and the next steps
would become clearer closer to the creditors' meeting next week.
"We will have some definite direction by then," Mr. Stimpson told
SmartCompany. "If it's the formulation of a proposal to
creditors, we will work on getting that out to creditors as soon
as possible. If it's the sale of the business, we'll be pursing
that option."
Impulse Entertainment was established in 1998 and has previously
traded under a number of different business names, including
CountryWide Music Distribution. The Company distributes music,
DVDs, toys and other accessories to roadhouses and stores across
Australia.
PILBARA ACCOMMODATION: First Creditors' Meeting Set For Nov. 11
---------------------------------------------------------------
Dermott Joseph McVeigh -- dmcveigh@aviorconsulting.com.au -- of
Avior Consulting was appointed as administrator of Pilbara
Accommodation Holdings Pty Ltd and Newman Rivergums Village
Operations Pty Ltd on Oct. 30, 2015.
A first meeting of the creditors will be held at Avior Consulting
Level 2, 1160 Hay Street, in West Perth, on Nov. 11, 2015, at
10:00 a.m. (WST).
WALK IN: First Creditors' Meeting Set For Nov. 10
-------------------------------------------------
Hugh Sutcliffe Martin and Michael Dirk Hawker van Dissel were
appointed as administrators of Walk In Emergency Clinics Pty
Limited on Oct. 30, 2015.
A first meeting of the creditors of the Company will be held at
Bernardi Martin, 195 Victoria Square, in Adelaide, South
Australia, on Nov. 10, 2015, at 10:00 a.m.
* Sydney Property Prices Rise Ahead in Australia, Fitch Says
------------------------------------------------------------
Fitch Ratings says in a new report that growth in Australia's
property prices has not been uniform across all regions. In
particular, the 14 regions in Sydney have experienced prolonged
growth, with only one region experiencing a single quarterly price
decline since September 2012. This is in contrast with the rest
of Australia, where prices have been stable.
Fitch analyses changes in property prices based on regions, as it
highlights where borrowers may experience a downturn in the
housing market, which could lead to deterioration in mortgage
performance.
The current rate of increase in property prices is similar to that
of the 2001-2003 boom, but growth is less widespread. In the
2001-2003 boom, by number of regions, an average 95% of Australia
experienced property price growth compared with 60% during the
current boom.
Fitch's ratings of Australian RMBS and covered bonds factor in
property price movements, with Fitch applying a 50% credit to
property price increases while taking into account 100% of any
property price decrease. A market-value decline of between 56.6%
to 62.3% is applied to properties in Sydney, in a 'AAAsf' stress
scenario, to capture any extreme movements in property prices.
=========
C H I N A
=========
FUFENG GROUP: Fitch Raises IDR to 'BB'; Outlook Stable
------------------------------------------------------
Fitch Ratings has upgraded China-based monosodium glutamate (MSG)
and xanthan gum producer Fufeng Group Limited's Long-Term Issuer
Default Rating and senior unsecured rating to 'BB' from 'BB-'.
The Outlook is Stable.
The upgrade reflects improving performance in the MSG business
driven by industry consolidation, as well as stronger cash flow
generation and declining leverage. Fitch expects Fufeng to turn
free cash flow positive from 2015 as its capex requirement falls.
KEY RATING DRIVERS
Stronger Pricing Power: The China MSG market has consolidated over
the past few years, as government policy forced capacity shutdowns
and small, inefficient producers were squeezed out by weak
pricing. The top two players now control more than 70% of
capacity in China, which has translated into improved pricing
power and margins. Fufeng is the biggest manufacturer globally by
production capacity, and enjoys cost advantages, stemming from
economies of scale, integrated facilities and proximity to raw
materials, that are difficult to replicate.
Improving Performance in MSG: Fufeng's MSG business bottomed out
in 2013. Gross margin improved to 15.7% and gross profit rose to
CNY1,086/tonne in 1H15, from a low of 9.8% and CNY607/tonne in
1H13. Fitch believes that Fufeng will be able to sustain its
current MSG margins amid weak pricing due to its cost advantages.
Smaller players remain unprofitable at current MSG prices.
Xanthan Gum Remains Weak: Profitability in the xanthan gum segment
has weakened in the past one to two years due to oversupply and
weak demand from the oil and gas industry. Gross margin for
xanthan gum dropped to 43% in 1H15 from 58% in 2013. Fitch
expects the market to continue to be weak, and for xanthan gum to
account for less than 30% of gross profit (2014: 33%).
Lower Capex Drives Deleveraging: The company expects its capex
requirements to drop significantly from 2015 as there are no plans
to expand MSG and xanthan gum capacity. Fitch expects FCF to turn
positive in 2015 after several years of negative FCF. Fitch
expects Fugeng's FFO-adjusted net leverage to drop to 1.6x by the
end of 2015, which is low compared with that of other companies
rated in the 'BB' category.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Gross margin of 15.8%-16.4% in the MSG segment in 2015-2018
-- Gross margin of 42% in the xanthan gum segment in 2015,
gradually declining to 35% by 2017
-- Capex of CNY1.0bn in 2015 and CNY600m from 2016
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO-adjusted net leverage below 1.0x on a sustained basis
-- Evidence Fufeng can sustain pricing power over several
years
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO-adjusted net leverage above 2.0x on a sustained basis
-- Sustained negative free cash flow
-- MSG gross profit per tonne falls below CNY1,000
-- Sustained loss of market share
GENERAL STEEL: Announces 1-for-5 Reverse Stock Split
----------------------------------------------------
General Steel Holdings, Inc. announced that its Board of Directors
has approved a one-for-five reverse stock split of its authorized
shares of common stock, par value $0.001. On Oct. 26, 2015, the
Company filed a Certificate of Change with the Secretary of State
of Nevada with an effective date and time of Oct. 29, 2015, at
7:00 am EDT.
Pursuant to Section 78.207 of the Nevada Revised Statutes, and
pursuant to the Articles of Incorporation of the Company, on
Oct. 20, 2015, by unanimous written consent, the Board of
Directors of the Company authorized the Reverse Stock Split. The
Company believes that existing shareholders will benefit from the
ability to attract a broader range of investors as a result of the
Reverse Stock Split and a higher per share stock price.
On the Effective Date, every five issued and outstanding shares of
Company Common Stock will be converted into one share of Company
Common Stock, and the number of authorized shares of Company
Common Stock will also be reduced on a one-for-five basis. While
the Company's Common Stock will continue trading on the NYSE on a
split-adjusted basis under the symbol "GSI.", it will be assigned
a new CUSIP number of 370853 202 following the effectiveness of
the Reverse Stock Split.
As a result of the reverse stock split, the number of outstanding
shares of General Steel's Common Stock will be reduced from
approximately 83 million to approximately 17 million. No
fractional shares will be issued in connection with the Reverse
Stock Split. Instead, the Company will round up to the next full
share of the Company's Common Stock any fractional shares that
result from the Reverse Stock Split.
About General Steel Holdings
General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.
General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.
As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.
Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
=========
I N D I A
=========
AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR6.00 crore long term
fund based bank facilities of Agrawal Traders.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term, Fund 6.00 [ICRA]B reaffirmed
based limits-Cash
Credit
The rating reaffirmation takes into account easy availability of
raw material by virtue of favourable location and substantial
experience of promoters in cotton seed oil business with
established relations with customers. The rating is however
constrained by leveraged capital structure and weak coverage
indicators due to working capital intensive nature of operations
and low profit margins in line with low value adding nature of
business. ICRA also takes note of small scale of operations with
vulnerability associated with agro climatic conditions which has
direct bearing on profitability of the firm.
Established in 2007, AT is a proprietorship firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds to
produce cotton seed wash oil and cotton seed cake. The firm
doesn't have its own manufacturing facility and the crushing work
is done by its group concern-Agrawal Oil and General Industries on
job work basis.
AMARTEX INDUSTRIES: CRISIL Reaffirms D Rating on INR650MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amartex Industries Ltd
(AIL) continue to reflect default by AIL in servicing its debt.
The defaults were because of the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 650 CRISIL D (Reaffirmed)
Letter of Credit 150 CRISIL D (Reaffirmed)
Overdraft Facility 100 CRISIL D (Reaffirmed)
Term Loan 100 CRISIL D (Reaffirmed)
AIL also has a weak financial risk profile, driven by large
working capital requirement.
Incorporated in 1988 and managed by Mr. Arun Grover, AIL
undertakes retailing, and weaving and dyeing, of fabrics.
Currently, the company operates 40 stores across northern India.
It derives most of its revenue from suiting and shirting fabrics,
which are sold under its own brands Groviano for men's apparel and
Diana for women's.
AMIT BUILDWELL: ICRA Reaffirms B+ Rating on INR6.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR6.50 crore fund-based limits and INR3.50 crore non-fund based
limits of Amit Buildwell Private Limited. The long-term non-fund
based limits can also be availed as short-term non-fund based
limits with a short-term rating of [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 6.50 [ICRA]B+; reaffirmed
Non-Fund Based limits 3.50 [ICRA]B+/[ICRA]A4; reaffirmed
ICRA's ratings continue to take into account ABPL's modest scale
of operations and the concentration in the company's order book,
which magnifies the risk of execution delays. While the current
order book position at ~INR77 crore is healthy; the company's
ability to convert the order book into sales within the stipulated
time frame will be crucial. ICRA also takes into consideration the
concentration of the company's current projects in the National
Capital Region (NCR), however the risk is partially mitigated as
the company has established relationships with a large number of
clients given the extensive track record of the promoters in
executing civil construction contracts in the region.
Going forward, the ability of the company to ease its liquidity
position by accessing timely funding support from promoters; grow
its revenues by executing the current order book within the
stipulated time frame and also secure fresh orders while
maintaining adequate profitability, remain the key rating
sensitivities.
ABPL was incorporated in 2005 and was promoted by Mr. R.K. Yadav
and family members The company, which is headquartered in Delhi,
has branch offices in Noida, Gurgaon and Mohali. The company
undertakes civil construction projects for residential and
industrial buildings. The company also undertakes projects
involving erection of RCC structures, sanitary and electrical
installations and site development works like drainage systems,
boundary walls, roads, horticulture and water harvesting etc. It
is a registered Class-I contractor with the Central Public Works
Department (CPWD).
AVI TECHNOLOGIES: CRISIL Assigns B Rating to INR75MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Avi Technologies (AVIT).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B/Stable
Long Term Loan 75 CRISIL B/Stable
The rating reflects AVIT's start-up phase of operations in the
fragmented pharmaceuticals industry. This weakness is partially
offset by promoters' extensive industry experience and efficient
working capital management.
Outlook: Stable
CRISIL believes AVIT will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of improvement in financial risk
profile, driven most likely by considerable ramp-up in scale of
operations and improvement in operating margin, or equity infusion
by promoters. Conversely, the outlook may be revised to 'Negative'
if financial risk profile, particularly liquidity, deteriorates,
most likely because of low cash accrual, or substantial
incremental working capital requirement, or debt-funded capital
expenditure.
AVIT, a partnership firm set-up in 2013-14, is based in Himachal
Pradesh and does contract manufacturing for Cipla Ltd and also
manufactures calcium medicines. Its current partners are Mr. S K
Saxena, Mr. Suresh Chand Jain, Ms. Meeta Saxena, and Ms. Shadhi
Pradhan.
BALU INDIA: ICRA Assigns 'B' Rating to INR0.35cr Term Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR0.35
crore fund based facility of Balu India. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR49.00 crore fund based and
non-fund based bank facilities of the firm. ICRA has also assigned
[ICRA]B and [ICRA]A4 ratings to the INR0.65 crore unallocated
amount of the firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Term Loan 0.35 [ICRA]B assigned
Short Term-FDBP/FUDBP 47.50 [ICRA]A4 assigned
Short Term-Packing
Credit (6.50) [ICRA]A4 assigned
Short Term-Letter of
Credit 1.50 [ICRA]A4 assigned
Long Term and Short
Term-Unallocated 0.65 [ICRA]B/[ICRA]A4 assigned
amount
The assigned ratings take into account the firm's weak financial
profile with revenue growth remaining stagnant during the past
four years and high net working capital intensity resulting into
stretched liquidity position and highly geared capital structure.
The capital structure of the firm is further expected to
deteriorate on account of debt funded capital expenditure in the
near future. The ratings also take into account the high
concentration risks and credit risks arising out of huge exposure
to a single client. The financial profile is further vulnerable to
the cyclicality inherent in the automobile sector, foreign
exchange fluctuation on account of export oriented nature of
operations and exposure to price risk for fixed price contracts
entered by the firm. Besides, the ratings also remain constrained
by the risk associated with capital withdrawals as inherent in the
proprietorship firm.
The ratings, however favorably factor in the long standing
experience of the promoter in the auto component industry and the
firm's approved vendor status from Original Equipment
Manufacturers of tractors and utility vehicles in domestic and
overseas market. Besides, the ratings also take into account the
healthy order book position for the current financial year.
Established in 1990, by Mr. Jaspal Singh Chandock, Balu India is
engaged in manufacture and export of crankshafts for Tractors,
Heavy Vehicle, Passenger Cars and Marine & Stationary Engines. The
firm caters to OEMs and well as Tier-I suppliers in domestic as
well as international market. The firm has its registered head
office in Mumbai and manufacturing unit at Belgum in Karnataka.
Recent Result:
The firm has recorded a net profit before tax of INR0.63 crore on
an operating income of INR52.52 crore in the financial year 2014-
15 (Provisional).
CARE UTILITY: CARE Assigns B+ Rating to INR8.99cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Care
Utility Products Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.99 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Care Utility
Products Private Limited (CUP) is primarily constrained by its
small scale of operations with low net worth base and leveraged
capital structure. The rating is further constrained by
company's weak liquidity indicators. The rating, however, derives
strength from the experienced promoters and moderate profitability
margins. Going forward, the ability of the company to increase its
scale of operations while improving its capital structure and
profitability margins would be the key rating sensitivities.
CUP was incorporated in March 2008. The business operations were
taken over by CUP from Con Advertisers Private Limited (engaged in
manufacturing of tooth brushes since 1988) in 2008. Currently, the
company is being managed by Mr Kabir Sachdeva and Mrs Shail
Sachdeva. The company undertakes manufacturing and packaging of
Gillete razors while it does packaging for Cadbury chocolates, on
job work basis. The manufacturing facilities of the company are
located in Solan (Himachal Pradesh) and Bhiwadi (Rajasthan). The
packaging of Cadbury chocolates is undertaken in the Rajasthan
unit, whereas the manufacturing and packaging of Gillete razors is
undertaken in both the units of the company. The materials
required for manufacturing are supplied by the customers. The
company's main customers are Proctor and Gamble and Cadbury India
Limited.
For FY14 (refers to the period April 01 to March 31), CUP achieved
a total operating income of INR9.35 crore with PBILDT and PAT of
INR2.53 crore and INR0.46 crore, respectively, as against the
total operating income of INR4.78 crore with PBILDT and PAT of
INR0.86 crore and INR0.15 crore, respectively, for FY13.
Furthermore, in FY15 (as per the unaudited results), the company
has achieved total sales of around INR10.00 crore.
FE INDIA: CARE Lowers Rating on INR100cr LT Bank Loan to D
----------------------------------------------------------
CARE revises and suspends the ratings assigned to the bank
facilities of Fe India Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 100 Revised to CARE D
and suspended
Revised from
CARE BBB-
Short-term Bank Facilities 90 Revised to CARE D
and suspended
Revised from CARE A3
Rating Rationale
As FE India Ltd (FEIL) has not provided CARE with the requisite
information for carrying out review of rating, CARE has carried
out the review based on FY15 (refers to the period January 1, 2014
to March 31, 2015) audited results and unaudited results announced
by the company for the quarter ended June 30, 2015. Also, upon
non-submission of requisite information despite repeated requests,
CARE has suspended the ratings assigned to the bank facilities of
FEIL. The revision in the ratings of FE India Ltd takes into
account the on-going delays in debt servicing by the company.
FEIL was incorporated in 1994 as Financial Eyes (India) Limited.
The name of the company was changed to FE (India) Limited in May
2012. The company is a listed public limited entity. In 2006, it
was acquired by Mrs Abhilasha Agarwal, Whole time Director. The
company after acquisition discontinued the existing business of
NBFC activities and diversified into export, import, trading of
agro and other commodities. The company is currently engaged in
the business of trading of agriculture commodities and petro
commodities. Its major products are Maize, Rice, Sugar, Mustard,
Barley, Soyabean, Millet, Pulses, Petrochemicals PVC (Poly Vinyl
Chloride), coal, etc.
Key updates
The company has reported significant decline in its total
operating income in Q1FY16 (refers to the period April 1 to
June 30) with losses at PBILDT and PAT level. Its total operating
income reduced to INR125.08 crore in Q1FY16 as against INR225.22
crore in Q1FY15. Furthermore, the company reported operating loss
of INR19.71 crore and net loss of INR32.58 crore in Q1FY16 as
against PBILDT and PAT of INR6.20 crore and INR1.49 crore in
Q1FY15. The company's creditors had reduced significantly as at
the end of March 2015 as compared with December 2013 with a
corresponding increase in debt levels thereby leading to
deterioration in its solvency position.
During the period January 2014 to March 2015, FEIL reported PBILDT
of INR32.74 crore and PAT of INR6.33 crore on a total operating
income of INR1,111.72 crore, as against a PBILDT and PAT of
INR29.35 crore and INR6.19 crore respectively in FY14 on a total
operating income of INR1,080.38 crore during the period October
2012 to December 2013.
GARE BROTHERS: CARE Revises Rating on INR5cr LT Loan to B-
----------------------------------------------------------
CARE revokes suspension and revises the ratings assigned to the
bank facilities of Gare Brothers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5 CARE B- Suspension
revoked and revised
from CARE B
Short term Bank Facilities 1.50 CARE A4 Suspension
revoked and reaffirmed
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Gare Brothers (GB) takes into account the significant decline in
total operating income leading to net loss during FY15 (refers to
the period April 1 to March 31), cash losses along-with stressed
liquidity profile of the firm leading to high utilisation of
working capital limits and deterioration in the debt coverage
indicators as on March 31, 2015.
The ratings further continue to remain constrained on account of
its small scale of operations, tender-based nature of operations
and its constitution as a partnership firm.
The ratings, however, derive strength from long track record of
the firm of over two decades and experience of the partners in
coal trading business and long-term relationship with customers
and suppliers. The ability of the firm to improve scale of
operations, profitability and its liquidity profile are the key
rating sensitivities.
Established in 1996, GB is a partnership firm based out of Nasik
(Maharashtra). The firm is engaged in the trading of scrap
coal with two partners, namely, Mr Suresh Gare and Mr Dilip Gare
sharing profit in equal proportion. The firm procures waste coal
from various thermal plants of Maharashtra State Power Generation
Company Limited (MAHAGENCO) located in Chandrapur, Bhusawal,
Koradi, Khaperkheda, Parli Vaijnath and others. Coal is procured
during the period of October to May and subsequently sold to
various brick manufacturing units located inMaharashtra.
In FY15 (refers to the period April 1 to March 31), GB incurred
net losses of INR0.34 crore on a total operating income of
INR3.43 crore against PAT of INR0.20 on a total operating income
of INR7.29 crore in FY14.
GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR15.63cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C assigned to
the INR22.87 crore fund based limits of Gayathri Sustainable
Energies India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan Limits 15.63 [ICRA]C/Reaffirmed
Unallocated Limits 7.24 [ICRA]C/Reaffirmed
The reaffirmation of the rating continues to be constrained by the
low plant load factor (PLF) of 17.79% for FY 2015 for 5.95 MW wind
power plant owing to non-availability of grid with Tamil Nadu
Generation and Distribution Corporation (TANGEDCO); weak financial
profile as characterized by negative net worth and weak coverage
indicators and modest scale of operations of the company. The
rating is also constrained by dependence on a single customer for
power sales under group captive mode with power purchase agreement
expiring in June 2016 though renewable for further period of three
years and revenue generation risks due to option given to the
customer to move out of the power purchase agreement by providing
a 90-day notice period.
The reaffirmation of rating, however, derives comfort from the
reputation of Gamesa, a leader in wind energy equipment
manufacturing, which is the operational and maintenance partner of
the company, and the attractive tariff received by the company
from its customer at INR6.35 per unit for FY 2016
Improvement in PLF levels and timely infusion of promoter funds to
support debt servicing will remain key rating drivers from credit
perspective.
Founded in 2011, Gayathri Sustainable Energies India Private
Limited is engaged in wind power generation. The company is
headquartered in Hyderabad while its wind power plants are located
in Tamil Nadu. It has established five wind electric generators,
with 0.85MW generation capacity each, in association with Gamesa
in Coimbatore. Additionally, two wind electric generators with
0.85MW capacity each, based in Theni district in Tamil Nadu, were
added by GSEIPL in 2012. The total wind power capacity of the
company stands at 5.95 MW.
Recent Results
As per the provisional financial statements for FY2015, the
company has reported an operating income of INR5.66 crore and a
net loss of INR1.43 crore as against an operating income of
INR5.05 crore and a net loss of INR2.47 crore for FY2014.
GTN TEXTILES: CARE Cuts Rating on INR27.30cr LT Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the long term bank facilities
of GTN Textiles Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 27.30 CARE D Revised from
CARE BB-
Short term Bank Facilities 79.86 CARE A4 Reaffirmed
Rating Rationale
The revision in the ratings assigned to the long term bank
facilities of GTN Textiles Limited (GTL) takes into account the
instances of delays in servicing of term loans on account of
losses and relatively lower cash accruals in FY15 (refers to the
period from April 1 to March 31).
GTN group was founded by Late Mr. Sundarajan, son of Late Mr. G.T.
Narayanaswamy Naidu. GTN group started its first spinning factory
in 1962 in Aluva, Kerala with a capacity of 8,000 spindles under
the name GTN Textiles Ltd. The present promoters (Patodia family
headed by Late Shri Madanlal Patodia) who were traditional yarn
merchants took over the company in 1966. Over the years, the group
gradually expanded into Andhra Pradesh (AP), Maharashtra (MH) and
Tamil Nadu (TN) and established its presence. In 2005, the group's
facilities were split among the two sons of Late ML Patodia with
factories in AP and MH coming under Mr. M.K. Patodia (presently
operating as GTN Industries Ltd) and those in TN and Kerala coming
under Mr. B.K. Patodia (presently operating as GTN Textiles Ltd,
GTN Enterprises Ltd and Patspin India Ltd). As on March 31, 2015,
GTL had a capacity of 58,864 spindles which includes 34,896
compact spindles. The company produces fine and super fine counts
of cotton yarn.
During FY15, the company reported total income of INR204 crore and
after tax loss of INR3 crore against total income of INR287crore
and PAT of INR2 crore in FY14.
JAY RANCHHOD: ICRA Suspends B Rating on INR5.0cr Cash Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to assigned to the
INR5.00 crore proposed cash credit facility and INR1.30 crore
proposed term loans of Jay Ranchhod Cotton Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
Jay Ranchhod Cotton Industries (JRCI), promoted by Mr. Vinod
Kasundra, Mr. Sagar Kasundra, Mr. Amrutlal Kasundra, Mr. Pankaj
Kasundra and Mr. Gordhan Fefar was established as a partnership
firm in September 2013. The firm proposes to manufacture cotton
bales through ginning and pressing of raw cotton; the proposed
production capacity is ~12096 TPA.
JINDAL TEXOFAB: ICRA Suspends B- Rating on INR4.11cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR4.11 crore fund based term loan facility, INR4.00 crore
fund based credit facility of Jindal Texofab Limited. ICRA has
also suspended the [ICRA]A4 rating assigned to the INR0.50 crore
non fund based letter of credit facility of JTL. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limit 4.00 [ICRA]B- suspended
Term Loan 4.11 [ICRA]B- suspended
Non Fund Based-
Letter of Guarantee 0.50 [ICRA]A4 suspended
JTL is a backward integration of Jindal group company - Jindal
Worldwide Limited (JWL). JWL is involved in manufacturing of made-
ups like bed sheets, curtains, pillows etc. and also of denim
products. JTL does the processing of grey cloth (washing,
bleaching, cutting and printing) mainly for JWL along with other
textile companies either by purchasing grey cloth on its books or
on job work basis.
K.R PADMANABHAN: ICRA Suspends 'B' Rating on INR20cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings; assigned to the INR20.00 crore
long term fund based facilities of K.R Padmanabhan and sons. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.
KANHHA CABLES: ICRA Suspends 'D' Rating on INR17cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR3.05 crore,
working capital and unallocated facilities & [ICRA]D rating
assigned to the INR17 crore, short term, non fund based facilities
of Kanhha Cables Pvt Ltd. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.
KISAN MOULDINGS: ICRA Suspends D rating on INR222.7cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR222.70 crore long term fund based limits of Kisan Mouldings
Limited. ICRA has also suspended the short term rating of [ICRA]D
outstanding on the INR55.30 crore non fund based limits of Kisan
Mouldings Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.
Incorporated in 1989 as a private company under the name Sanwaria
Synthetics Private Limited, Kisan Mouldings Limited (KML) is
engaged in manufacturing and sales of Poly-vinyl chloride (PVC)
pipes & fittings, micro irrigation systems and moulded furniture.
The name of the company was changed to "Kisan Mouldings Limited"
in 1993. KML is promoted by the Aggarwal family viz. Mr. Ramesh
Aggarwal, Mr. Sanjeev Aggarwal, Mr. Satish Aggarwal, Mr. Ashok
Aggarwal and Mr. Vijay Aggarwal. The company operates plants in
Maharashtra, at Mahagaon, Tarapur, Silvassa and Roha which cater
mainly to the Western Region, while the other plants commissioned
in Raipur (Chhattisgarh), Jaipur (Rajasthan), Dewas (Madhya
Pradesh) and Baddi (Himachal Pradesh) essentially cater to markets
in the Northern and Eastern Regions. However, the company has shut
operations at the Raipur and Jaipur plants. The operations of the
Roha and Silvassa undertakings were de-merged from a group
company, Kisan Irrigations Ltd. and merged into KML in July 2011.
LIVEWIRES ADVERTISING: CARE Rates INR0.75cr LT Loan at B+
---------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Livewires Advertising Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 0.75 CARE B+ Assigned
Short-term Bank Facilities 5.20 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Livewires
Advertising Private Limited (LAPL) are constrained by the small
scale of operation, concentrated revenue profile, low profit level
with declining trend in the operating profit margin over the last
3 years, working capital intensive business with stretched
collection period and competitive advertising contracts industry.
The ratings are, however, underpinned by long-standing industry
experience of its promoters, comfortable capital structure and
debt coverage indicators and stable advertising business outlook.
The ability of the company to increase the scale of operation
along with improvement in profit margins and manage timely
payments from State Government departments is the key rating
sensitivities.
LAPL, incorporated in 1992, is engaged in designing, developing
and maintaining advertising campaign for state government
departments of Government of Telangana (GoT) like Greater
Hyderabad Municipal Corporation (GHMC), Department of Irrigation,
Department of Information & Public Relations, besides others. The
company is promoted by Mr Arvind Tadakamatta and Mr O Siva
Nageswara Rao, who took over the operations of the company in
2001. LAPL is headquartered in Hyderabad, Telangana.
During FY15 [(Provisional), refers to the period April 1 to
March 31], LAPL reported a PAT of INR0.24 crore (FY14: INR0.13
crore) on a total operating income of INR10.11 crore (FY14:
INR6.69 crore).
MARKWELL SPINNING: ICRA Reaffirms B+ Rating on INR46.12cr Loan
--------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR46.12 crore term loan
and INR7.00 crore cash credit facilities of Markwell Spinning
Private Limited. ICRA has also reaffirmed an [ICRA]A4 rating to
the INR39.40 crore Foreign/Inland LC (sublimit of Term Loan
facility) and INR2.25 crore Bank Guarantee facility of MSPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 46.12 [ICRA]B+; Reaffirmed
Cash Credit Limits 7.00 [ICRA]B+; Reaffirmed
Foreign/Inland LC (39.40) [ICRA]A4; Reaffirmed
Bank Guarantee 2.25 [ICRA]A4; Reaffirmed
The ratings continue to be constrained by the company's moderate
scale of operations with financial profile characterized by net
losses being its initial year of operations, leveraged capital
structure and weak coverage indicators. The ratings also consider
the exposure towards fluctuating cotton prices which have
witnessed significant volatility in the recent past as well as the
cyclicality inherent in the textile industry resulting in
significant demand fluctuations. The ratings are further
constrained by the limited ability to fully pass on increase in
raw material prices owing to intense competition in a highly
fragmented market structure.
The ratings however continues to favorably consider the long
standing experience of promoters in the cotton ginning industry,
favourable location of the plant in the cotton producing belt of
India giving it easy access to raw cotton, backward integrated
operations of associate concerns which is expected to provide
synergies in terms of raw material availability and pricing as
well as timely commencement of operations as estimated.
Markwell Spinning Private Limited (MSPL) has been incorporated in
June'13 as a Private Limited Company and is promoted by Mr.
Divyesh Saparia along with other family members and relatives. The
promoters are associated with other group concerns namely Kishan
Cotton Ginning & Pressing Factory, Jaykishn Fibre Pvt Ltd and
Mayur Enterprise involved in cotton ginning, crushing as well as
trading/processing of agro commodities. The company's
manufacturing plant is located in Rajkot, Gujarat -- a hub for
cotton textile industries with easy availability of raw cotton.
The spinning unit is equipped with 21,216 spindles with an input
capacity of processing 5294 MTs of ginned cotton to produce 2898
MT of combed yarn and 1159 MT of carded yarn. The trial runs and
commercial production of the company commenced from October 2014.
Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR26.42 crore with losses incurred at net
level to the tune of INR2.64 crore.
P.SRIRAMULU: ICRA Suspends 'B' Rating on INR20cr LT Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B ratings; assigned to the INR20.00 crore
long term fund based facilities of P.Sriramulu. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.
PATSPIN INDIA: CARE Lowers Rating on INR189.62cr Loan to D
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Patspin India Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 189.62 CARE D Revised from
CARE B+
Short term Bank Facilities 160.50 CARE A4 Reaffirmed
Long/Short-term Bank 7.00 CARE C/CARE A4
Facilities Revised from
CARE B+/CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Patspin India Limited (PIL) takes into account the instances of
delays in servicing of term loans on account of losses and
relatively lower cash accruals in FY15 (refers to the period from
April 1 toMarch 31).
The primary business activity of PIL is production and sale of
cotton yarn. In addition to this, it is also engaged in value
adding activities like TFO (Two-For-One) twisting and gassing of
the textile yarn. PIL has two spinning units located at Palakkad,
Kerala and Ponneri, Tamil Nadu with a total capacity of 113,856
spindles as on March 31, 2015. The Palakkad unit produces medium
and fine counts yarn ranging from 24s to 100s. The company's
second spinning unit at Ponneri, Tamil Nadu which was established
in 2007 produces counts ranging from 20s to 80s. During FY15, the
company reported total income of INR581 crore and net loss of INR6
crore against total income of INR633 crore and PAT of INR4 crore
in FY14.
PLUTO CERAMIC: CARE Assigns B+ Rating to INR4.30cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Pluto Ceramic.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.30 CARE B+ Assigned
Short-term Bank Facilities 1.25 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Pluto Ceramic (PTC)
are primarily constrained on account of its modest scale of
operations, financial risk profile marked by leveraged capital
structure, moderate debt protection metrics and moderate liquidity
position coupled with susceptibility of operating profitability to
volatility in raw material and fuel costs.
The ratings are further constrained on account of inherent risks
in the ceramic industry due to its linkage with the real estate
sector which is cyclical in nature coupled with low entry barriers
and its partnership nature of constitution which restricts its
financial flexibility to a certain extent.
However, the above constraints are partly offset by the moderate
experience of the promoters in the ceramic industry, location
advantage as well asmoderate profit margins coupled with modest
cash accruals.
The ability of PTC to increase its scale of operations while
improving its capital structure and debt coverage indicators
coupled with efficient working capital management are the key
rating sensitivities.
Wankaner-based (Gujarat) PTC was established as a partnership firm
by its key partners Mr Sandipbhai Arjanbhai Chikhaliya, Mr
Arvindbhai Keshavjibhai Metaliya, Mr Jayeshhai Dineshbhai Ranipa,
Mr Gautam Ramjibhai Patel along with other partners in December
2010. The commercial production for manufacturing of Ceramic wall
tiles, Ceramic wall glazed tiles and Ceramic digital wall tiles
commenced in November 2011.
Currently, PTC operates out of its sole manufacturing unit in
Wankaner, with an installed capacity of 22.8 lakh boxes (tile
size of 8" X 12" and 12" X 12") per annum. PTC exports
approximately 2-10% of its products through merchant exporter,
who in turn primarily exports to United Arab Emirates (UAE) and
other African countries.
During FY15, PTC reported a total operating income (TOI) of
INR9.32 crore with a PAT of INR0.31 crore as against TOI of
INR12.69 crore with a PAT of INR0.01 crore during FY14. Further,
during H1FY16 (Prov.), PTC has achieved a TOI of INR4.79
crore.
PRAGATEJ BUILDERS: ICRA Assigns B Rating to INR20cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR20.00
crore fund-based facility of Pragatej Builders & Developers
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term, Fund 20.00 [ICRA]B; assigned
Based Limit-Term
Loan
The assigned rating is constrained by Pragatej Builders &
Developers Private Limited's exposure to significant market risk
in the absence of any bookings received till date and the stiff
competition from completed and ongoing projects in the vicinity of
the project given the limited track record of the company.
Nevertheless, the management has proposed to sell the entire
building to a PSU bank and its successful approval will provide
some comfort. The rating is further constrained by the project's
exposure to high funding risk, as the company has heavily relied
on external borrowings for funding its project and limited
promoter funds have been infused till date. Further, only 57% the
total term loan requirement has been sanctioned, thereby elevating
the funding risk. The rating also takes into account the residual
execution risks associated with the ongoing real estate project as
well as the limited cushion available between the date of
completion and the commencement of loan repayment which may lead
to re-financing risks.
The assigned rating however, favorably factors in the low
regulatory risk associated with the project and its favorable
project location.
Established in 1996, Pragatej Builders & Developers Private
Limited (PBDPL) is a wholly promoter group owned organization
engaged in the execution of slum rehabilitation projects. The
company is managed by Mr. Rajeshwar Vishnu Kharat and Mr. Ramesh
Vishnu Kharat who have previously undertaken a slum rehabilitation
project at Dharavi under PBDPL's group concern -- Prathamesh
Construction Co. The other group concerns of the company -- Apex
Developers and Prerna Housing Developers are engaged in the
execution of redevelopment and rehabilitation projects
respectively. The company is currently engaged in the construction
of its first project 'Vishnuchandra Sky' at Wadala, Mumbai.
PRESIDENT CLOTHING: ICRA Assigns B+ Rating to INR2.0cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR2.00
crore cash credit facilities, INR0.87 crore term loan facilities
and INR3.13 crore proposed facilities of President Clothing
Company. ICRA has also assigned the short term rating of [ICRA]A4
to the INR4.00 crore non fund based facilities of the Firm. ICRA
has also assigned the rating of [ICRA]B+/[ICRA]A4 to the INR3.13
crore proposed facilities of the Firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT-Term loan
facilities 0.87 [ICRA]B+/Assigned
LT-Cash Credit
facilities 2.00 [ICRA]B+/Assigned
ST-Inland/Import LC 4.00 [ICRA]A4/Assigned
LT/ST-Proposed 3.13 [ICRA]B+/A4 Assigned
Facilities
The ratings factor in the significant experience of the promoters
in trading business and the healthy growth in revenues over the
past four years on the back of healthy order flows. The ratings
are further supported by moderate financial profile of the company
with a gearing of 0.6 (as on March 31, 2015), healthy coverage
indicators and relatively low working capital intensity. However,
the operating margins have been thin over the years given the low
value addition in the business. The ratings are also constrained
by the Firm's small scale of operations which limits its scale
economies, financial flexibility and bargaining power. Given the
debt-funded capital expenditure proposed to be incurred in the
near term, ability of the Firm to improve the revenues and profit
margins will critical to improving the cash flows and thereby
improving its credit profile.
President Clothing Company is a Tiruppur based firm established by
Mr. Ramanan in 1996. The Firm was initially engaged in garment
manufacturing but then joined hands with TK Chemical Corp., Seoul,
South Korea in 1999 and became a dealer of spandex yarn in India
with major focus on Tamil Nadu market. The Firm currently sells an
average of 60 tonnes of spandex yarn per month. The Firm also
diversified into fabric manufacturing in 2006 and has 17 jersey
knitting machines with a manufacturing capacity of about 1,25,000
kg of fabric per month. The Firm caters to a wide range of
customers like spinners, garment exporters, fabric manufacturers
and job workers.
Recent Results
According to the unaudited financials for 2014-15, the Firm
reported a PBT of INR1.0 crore on an operating income of INR34.5
crore. For the financial year 2013-14, the Firm reported a net
profit of INR0.4 crore on an operating income of INR28.3 crore.
PROTECK MACHINERY: ICRA Lowers Rating on INR4.67cr Loan to B+
-------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR4.67 crore (revised from INR9.90) term loan facility and the
INR0.50 crore (revised from INR3.00) fund based facility of
Proteck Machinery Private Limited to [ICRA]B+ (pronounce ICRA B
plus) from [ICRA]BB-. ICRA has reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR12.10 crore (revised from INR18.10)
non-fund based facilities of PMPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan facility 4.67 Downgraded to [ICRA]B+
from [ICRA]BB- (Stable)
Fund based facility 0.50 Downgraded to [ICRA]B+
from [ICRA]BB- (Stable)
Non-fund based
Facilities 12.10 [ICRA]A4 reaffirmed
Fund based (sub-
limit) facility (12.00) [ICRA]BB- (Stable) withdrawn
Non fund based (sub-
limit) facility (5.00) [ICRA]BB- (Stable) withdrawn
Fund based/non-fund 15.00 [ICRA]BB- (Stable); [ICRA]A4
based facility withdrawn
Fund based (sub-limit)
facilities (15.00) [ICRA]A4 withdrawn
Non fund based (sub-
limit) facility (15.00) [ICRA]A4 withdrawn
ICRA has withdrawn the long-term rating of [ICRA]BB- and a short-
term rating of [ICRA]A4 assigned to the INR15.00 crore fund
based/non-fund based facility. ICRA has also withdrawn the long-
term rating of [ICRA]BB assigned the INR12.00 crore fund based
(sub-limit) facility and the INR5.00 crore non fund (sub-limit)
facility and the short-term rating of [ICRA]A4 assigned to the
INR15.00 crore fund based (sub-limit) facilities and the INR15.00
crore non-fund based (sub-limit) facility, at the request of the
Company, since the said facilities have been closed.
The revision in the long-term rating considers the continuing loss
from operations over the last two fiscals due to high employee
expenses on the back of labour related issues and decline in
revenues. The rating revision also factors in the weak outlook for
revenues, as the company has sold its machine tools division and
shrinking market size for company's printing machinery division,
owing to rapid changes in technology. The inability of the company
to catch up with rapid advancement in printing technology is also
likely to result in write-off of obsolete inventory, this coupled
with write off of long-pending receivables is likely to impact
profitability in 2015-16. While the company is focusing on metal-
forming machinery, the share of revenues from the segment remains
low and the scale of revenues in the segment depends on favourable
macroeconomic outlook.
The ratings are also constrained by the financial profile of the
company characterised by high working capital intensity, stretched
coverage metrics and low profitability. However, the Company's
capital structure is likely to remain comfortable due to the
decline in debt levels owing to proceeds from sale of machine
tools division and decline in working capital borrowings on the
back of reduced scale of operations. The ratings also take into
account the company's steady sources of income from renting of
factory premises, trading of spares, contract manufacturing and
services, which is likely to insulate the impact of downturn in
metal forming business. ICRA expects the company's profitability
to improve in the medium-term, with the labour related issues
being resolved; however margins will remain thin given the subdued
demand outlook for the metal forming division.
Incorporated in 1985, PMPL is engaged in manufacture of metal
forming and printing machineries. PMPL's revenues are also
supported by trading in machines, spares, contract manufacturing
of precision parts and rental income. PMPL's manufacturing
facilities are located in Sholinganallur and Oragadam, near
Chennai. Until 2014-15, the company was also engaged in
manufacturing of machine tools and metal cutting machineries
division; however, during April 2015, PMPL sold this business for
a consideration of INR27.3 crore.
Proteck Machinery Private Limited, which was previously engaged in
trading in printing machineries/machine tools, was amalgamated
with Proteck Circuits and Systems Private Limited, its group
entity which was engaged in manufacture of printing machinery/
machine tools, with retrospective effect from April 1, 2010. The
latter has been renamed as Proteck Machinery Private Limited.
Recent results
During 2014-15 (according to unaudited results), PMPL reported a
net loss of INR11.6 crore on an operating income of INR42.8 crore,
as against a net profit of INR4.7 crore on an operating income of
INR79.4 crore during 2013-14.
RAMKRUSHNA COTGIN: ICRA Suspends B Rating on INR15cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to assigned to the
INR15.00 crore bank facilities of Ramkrushna Cotgin Corporation.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
Established in 2007, Ramkrushna Cotgin Corporation (RCC) is
engaged in the business of ginning and pressing of raw cotton into
cotton seeds and fully pressed cotton bales having a production
capacity of 58.14 tonnes per day (TPD) of cotton bales and 112.76
TPD of cotton seeds. The firm is also engaged in crushing of
cotton seeds to obtain cotton seed oil and cotton oil cake with an
intake capacity of 104.65 TPD. The plant is located at Rajkot-
Kalawad Highway in the Saurashtra region of Gujarat. The firm is
promoted by Mr. Dilip Dobariya, Mr. Vinod Dobariya, Mrs. Indu
Dobariya, Mrs. Jashu Dobariya and Mr. Parth Agrawat. The promoters
have vast experience in the industry by the virtue of being
associated with other cotton ginning companies.
RASIK VATIKA: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Rasik
Vatika Silk Mills Pvt Ltd (RVSPL) continues to reflect RVSPL's
weak financial risk profile, because of small net worth and weak
debt protection metrics. These rating weaknesses are mitigated by
the promoters' extensive experience in the textiles industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes RVSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the net worth improves
significantly backed by equity infusion and the scale of
operations increases significantly with sustained profitability,
leading to higher-than-expected cash accrual. Conversely, the
outlook may be revised to 'Negative' if the capital structure
weakens on account of incremental working capital requirements or
if RVSPL undertakes any large, debt-funded capital expenditure
(capex) programme.
RVSPL was set up in 1993 as a proprietorship firm named Rasik
Vatika Silk Mills; it is based in Surat (Gujarat) and was
reconstituted as a private limited company in 2010. It is promoted
by Mr. Harbans Lal Arora and Mr. Kapil Arora. RVSPL dyes and
processes grey fabric on a job-work basis and has also started
trading in garments.
RVSPL reported, on a provisional basis, profit after tax (PAT) of
INR4.2 million on net sales of INR588.4 million for 2014-15
(refers to financial year, April 1 to March 31) as against PAT of
INR4.6 million on net sales of INR715.5 million for 2013-14.
SHANGOLD INDIA: ICRA Suspends B Rating on INR16.37cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR16.37 Crore fund based and non fund based limits of Shangold
India Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
SHRI GIRIJA: ICRA Lowers Rating on INR442cr Term Loan to D
----------------------------------------------------------
ICRA has revised the long term rating outstanding for INR500.0
crore bank lines of Shri Girija Alloy & Power (I) Private Limited
from [ICRA]BB- to [ICRA]D. ICRA has also revised the short-term
rating outstanding for INR225.0 crore bank lines of SGAPPL from
[ICRA]A4 to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 442.0 [ICRA]D downgraded
CC 58.0 [ICRA]D downgraded
LC/BG 225.0 [ICRA]D downgraded
The rating action takes into account delays in debt servicing by
the company. SGAPPL's plant commenced operations in September 2013
and capacities were setup in a phased manner (September 2013 to
April 2014). However the scaling up of operations has been lower
than the anticipated level, partially in light of moderation in
demand of ferro alloys. This along with sizeable debt repayment
commitments have led to stretched liquidity position for the
company.
Incorporated in 2004, Shri Girija Alloy & Power (I) Private
Limited is a private limited company, promoted by Mr. C S Raju.
The company has recently setup its facility in Peddapuram village
in Andhra Pradesh with an installed capacity of ~122000 TPA to
produce ferro-manganese and silico-manganese alloys, and a 108-MW
thermal power plant. In addition to SGAPPL, the promoter group has
also setup other companies, which are also engaged in the ferro
alloy production business, with a combined capacity of ~120000
TPA.
Recent Results
For FY2015, SGAPPL has achieved an operating income of INR513.7
crore and a net loss of INR16.5 crore.
SINTEX INDUSTRIES: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Sintex Industries Ltd.
The outlook is stable. Sintex is an India-based manufacturer and
supplier of plastics based building material products and
textiles.
"We affirmed the rating to reflect our expectation that Sintex can
maintain the healthy growth of its plastics business and achieve
full commercial production at its new Pipavav, India textile
facility in fiscal 2017 [ending March 31, 2017]," said Standard &
Poor's credit analyst Ashutosh Sharma. "In our view, the
additional revenues from the new textile facility and strengthened
margins would improve the company's overall financial position
from fiscal 2017."
"We view the improved sales mix from the diverse plastics and
textile business as credit positive. Our expectation of
accelerating GDP growth in India and the availability of low-cost
cotton could enhance Sintex's growth prospects. We expect revenue
of the prefabrication structure business to grow in excess of 20%
and that of the textile business to more than double from fiscal
2017. However, we also anticipate that the company will reduce
its share of the monolithic structure business, which has lower
margins and intensive working capital requirements," S&P noted.
"Management expects lower capital expenditure from the next fiscal
year, as it continues to evaluate the next phase of textile
expansion with no firm plans as yet. We also see a low likelihood
that Sintex will make large strategic acquisitions over the next
12-24 months. Starting fiscal 2017, we also expect free operating
cash flow to gradually reduce Sintex's high-cost debt burden. As
a result, we expect the ratio of funds from operations (FFO) to
debt to rise above 20% from fiscal 2017 compared with the current
15%. We are therefore revising Sintex's financial risk profile to
"significant" from "aggressive." We also believe that lower
capital spending should somewhat abate the current liquidity
mismatch," S&P noted.
Favorable market conditions and Sintex's strong market position,
solid earnings growth, and relatively higher debt burden underpin
its financial risk profile. In S&P's opinion, Sintex's improved
financial risk profile places it well in line with its peers in
the 'BB' rating category. Therefore S&P now assess its comparable
rating modifier as neutral for Sintex.
The company's business risk profile remains "fair," reflecting the
moderate size of Sintex's business, its limited geographic
diversity, and certain level of customer concentration in
government contracts. S&P also do not expect the contribution
from Sintex's new textile unit to materially change the company's
business risk profile.
"The stable outlook for the next 12-18 months reflects our
expectation that Sintex will maintain its growth and achieve its
textile expansion plans," said Mr. Sharma. S&P expects strong
growth, the changing mix of the company's textile business, and
moderating capital expenditure requirements over the next 12-18
months to support Sintex's "significant" financial risk profile.
In an unlikely situation, S&P could lower the rating if Sintex's
ratio of FFO to debt falls below 15% for a prolonged period. This
could happen due to unseen operational delays in the spinning
project or because of large strategic acquisitions that result in
higher debt.
S&P may raise the rating on Sintex if the company's ratio of FFO
to debt exceeds 25% on a sustainable basis and the company
meaningfully reduces the current gap between its sources and uses
of liquidity. This could happen if Sintex's strategic
acquisitions and capital spending strategy are moderate.
SJ INTERNATIONAL: ICRA Suspends B Rating on INR7cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR7.00 Crore fund based and non fund based limits of SJ
International. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.
SURYA NARAYAN: CRISIL Assigns 'B' Rating to INR30MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Surya Narayan Agro Private Limited (SNAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 30 CRISIL B/Stable
Cash Credit 20 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable
The rating reflects the company's exposure to risks relating to
project implementation and stabilisation, regulatory changes,
volatility in raw material prices, and erratic monsoon. These
weaknesses are partly offset by the extensive industry experience
of the promoters and benefits expected from the stable demand for
rice.
Outlook: Stable
CRISIL believes SNAPL will continue to benefit over the medium
term from the extensive industry experience of the promoters and
the healthy prospects for the rice-processing industry. The
outlook may be revised to 'Positive' in case of timely
commencement of production capacity and higher-than-expected
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' in case of considerable time and cost overrun in
project completion, lower-than-expected capacity utilisation, or a
significant stretch in the working capital cycle, resulting in
weakening of the financial risk profile.
Incorporated in 2014, SNAPL is setting up an 8 tonnes per hour
non-basmati rice mill unit at Burdwan (West Bengal). Its
operations are looked after by its promoter-director, Mr. Subhash
Ghosh.
TECPRO SYSTEMS: CRISIL Reaffirms D Rating on INR16.5BB Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities and commercial paper
programme of Tecpro Systems Ltd (TSL; part of the Tecpro group)
continue to reflect delays by TSL in meeting its debt obligations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 16,500 CRISIL D (Reaffirmed)
Cash Credit 9,500 CRISIL D (Reaffirmed)
Letter of credit &
Bank Guarantee 16,500 CRISIL D (Reaffirmed)
The ratings are based on publicly available information. TSL
informed the Bombay Stock Exchange that State Bank of India (SBI)
has assigned all rights, title, and interests in financial
assistances granted to TSL in favour of Edelweiss Assets
Reconstruction Ltd (EARC) on March 23, 2015, and that EARC has
become the major lender to TSL in place of SBI.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TSL and its subsidiaries. This is
because all these entities, together referred to as the Tecpro
group, have operational and financial linkages.
About the Group
TSL, promoted by Mr. Ajay Kumar Bishnoi and Mr. Amul Gabrani,
provides material handling (MH) solutions on a turnkey basis for
power, cement, coal storage, steel, and other metallurgical
plants. Its projects involve designing, engineering,
manufacturing, supplying, erection, and commissioning of MH
systems. The company has its own MHE manufacturing facilities in
Bawal (Haryana) and Bhiwadi (Rajasthan). It also has design,
engineering, and marketing offices in Chennai, Gurgaon, Kolkata,
Mumbai, Secunderabad, Ahmedabad, and Bengaluru.
For the nine months ended December 31, 2014, TSL, on a standalone
basis, reported a net loss of INR5.8 billion on an operating
income of INR1.5 billion, against net loss of INR3.3 billion on an
operating income of INR7.3 billion for the corresponding period of
the previous year.
TIRUPATI PLASTOMATICS: ICRA Suspends D Rating on INR34cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR5.0 crore,
working capital facilities & [ICRA]D rating assigned to the
INR34.0 crore, short term, non fund based facilities of Tirupati
Plastomatics Pvt Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.
VIBRANT DEHYDRO: ICRA Assigns 'D' Rating to INR6.0cr Cash Loan
--------------------------------------------------------------
The rating of [ICRA]D has been assigned to INR6.00 crore cash
credit facility of Vibrant Dehydro Foods Private Limited. The
rating of [ICRA]D has also been assigned to INR5.00 crore short-
term fund based facility of Vibrant Dehydro Foods Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash
Credit 6.00 [ICRA]D assigned
Fund Based-FBP/FBD 5.00 [ICRA]D assigned
The assigned ratings reflects the instances of delays in debt
servicing and overutilization of working capital limits
attributable to low profitability margins despite of increased
operating income in FY15. The ratings are further constrained on
account of higher inventory levels leading to leverage capital
structure and negative cash flows. The ratings continue to be
constrained by VDFPL's modest scale of operations and dependence
on limited product line due to lack of diversification in product
profile along with intense competitive pressure resulted into low
operating margins. ICRA also notes the vulnerability of
profitability to government regulations and raw material price
movements, which are subject to seasonality and crop harvest.
The ratings however consider the experience of the promoters in
the industry and the favourable location of the company, giving it
easy access to quality raw materials.
Established in 2007 as private limited company by Mr. Hamid
Kalaniya and other shareholders, Vibrant Dehydro Foods Private
Limited commenced production of dehydrated onion and garlic in
FY09. The company is engaged in preparation and export of various
dehydrated onion and garlic products with onion being the major
product of the company till FY12. In FY13, the company commenced
production and processing of dehydrated garlic products. The
company has installed capacity to produce 15 metric tonne per day.
The company sells its products in export and domestic market.
Recent Results
During FY15, the company reported an operating income of INR43.06
crore and net profit of INR0.28 crore against an operating income
of INR22.90 crore and net profit of INR0.28 crore in FY14.
WESTERN AGRI: CARE Assigns 'B' Rating to INR15cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Western
Agri Food Park Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 15 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of Western Agri Food
Park Private Limited (WAFPPL) is constrained on account of
its nascent stage of operations, long gestation period of the
project with high saleability risk, greater dependence on debt
and customer advances and cyclical nature of the real estate
sector.
The rating, however, gains strength from the group financial
support, strategic location of the project and attainment of
required approvals for the project.
The ability of the company to achieve the envisaged level of
revenue and profitability with timely sale of plots is a key
rating sensitivity.
WAFPPL was incorporated in May 2007 and is based in Pune,
Maharashtra. The company is a part of the 'Chordia' group,
which is engaged in the agri-processing business since 1960. The
group was established by Mr Hukimchand Chordia along
with his wife. The other companies under the Chordia group are -
Chordia Food Products Limited, Chordia Food Park and
Properties Limited (CFPPL) and Tejasvi Farms And Properties
Private Limited. WAFPPL is a subsidiary of CFPPL, with CFPPL
holding 99.99% shares of WAFPPL.
WAFPPL with CFPPL is jointly engaged in the sale of developed Non-
Agricultural (NA) plots totaling to around 50 acres in Shirwal,
Pune, Maharashtra. The 50 acre land is divided into 10 plots of
different sizes for residential use. The company completed the
project 'Emerald Residency' on the said land in its first phase of
the project, wherein it sold 116 plots having a total saleable
area of 278,000 square feet. (about 6.38 acres).
The company is currently in the process of developing a project
viz 'Crescent Court', which comprises of 275 NA and Town
Planning (TP) sanctioned plots, each measuring about 2,200 square
feet. The project will be launched for sale in FY16 (refers to the
period April 1 to March 31) and is expected to be completed by
March 2020. The cost for developing the project is estimated to be
INR30.65 crore, to be funded by debt of INR15 crore and INR15.65
crore of customer advances. In FY15 (Prov.; refers to the period
April 1 to March 31), WAFPPL earned PAT of INR1.46 crore on a
total operating income of INR12.34 crore.
====================
N E W Z E A L A N D
====================
HANGAR 58: Goes Into Liquidation, Closes Doors
----------------------------------------------
Jess Pullar at stuff.co.nz reports that Nelson bar and restaurant
Hangar 58 has gone into liquidation.
The restaurant, owned by company H58, closed its doors last month
after an application for liquidation was filed to the High Court,
according to stuff.co.nz.
The report notes that the company was placed into liquidation by
order of Associate Judge Matthews at the High Court at Nelson.
The plaintiff was the Commissioner of Inland Revenue, the report
relays.
The director of the company is Joshua Combes. A spokesman for the
company, Mike Curry, said the bar had been performing strongly but
"unfortunate circumstances" had resulted in the liquidation, the
report says.
"The business was trading very well and strong and it would have
been up there with the best bars in Nelson but moving forward the
viability is no longer there," the report quoted Mr. Curry as
saying. "Josh has put an extremely large amount of time and money
into the business and the success of the business has been really
important to him."
The report notes that Mr. Curry did not confirm what would happen
to the space where the bar is located, however, he said there were
no plans to reopen Hangar 58.
The aviation-themed bar and restaurant was opened in 2012, the
report notes. It had an inside bar, outside bar and an upstairs
bar available for corporate functions, the report adds.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: Creditor Banks to Infuse KRW4.2 Trillion
-------------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that creditor banks of
Daewoo Shipbuilding & Marine Engineering (DSME) will inject
KRW4.2 trillion ($3.7 billion) into the company in an effort to
keep the financially-troubled shipbuilder afloat.
The report relates that the Korea Development Bank (KDB), a key
creditor of the company, said on October 29 that it will call for
drastic restructuring in return for the financial support.
"After three months of due diligence on the shipbuilder, creditors
have decided to offer the financial aid to help put it back on
track and then recoup our loans extended to it," KDB Director
Joung Young-suk said at a press conference, the Korea Times
relays.
The Korea Times says that if DSME is allowed to go bankrupt, it
will have a grave impact on the creditors heavily exposed to the
shipbuilder and the national economy. It will also have ripple
effects on fellow shipbuilders such as Hyundai Heavy Industries
and Samsung Heavy Industries, a KDB official in charge of DSME
matters said in a press conference, the report says.
KDB and other creditors have already funneled 2.9 trillion won.
This time, KDB and the Korea Export-Import Bank of Korea, or Korea
Eximbank, plan to inject KRW2.6 trillion and
KRW1.6 trillion, respectively, he said, relays the Korea Times.
According to the report, the official acknowledged that the
shipbuilding industry is not likely to make any meaningful rebound
for the time being but the creditors had greater reasons to help
DSME rather than letting it go.
KDB is planning to sign a memorandum of understanding with DSME by
Nov. 6 on the company's self-rescue programs which include job
cuts, reduction in facilities and other streamlining efforts, the
report adds.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 26 to Oct. 30, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
AUSDRILL FINANCE PTY 6.88 11/1/2019 USD 70.72
AUSDRILL FINANCE PTY 6.88 11/1/2019 USD 69.52
BOART LONGYEAR MANAG 7.00 4/1/2021 USD 40.00
BOART LONGYEAR MANAG 7.00 4/1/2021 USD 39.25
CML GROUP LTD 9.00 1/29/2020 AUD 0.90
CRATER GOLD MINING L 10.00 8/18/2017 AUD 24.49
EMECO PTY LTD 9.88 3/15/2019 USD 56.50
EMECO PTY LTD 9.88 3/15/2019 USD 55.31
FMG RESOURCES AUGUST 6.88 4/1/2022 USD 69.68
FMG RESOURCES AUGUST 6.88 4/1/2022 USD 74.00
IMF BENTHAM LTD 6.38 6/30/2019 AUD 70.63
KBL MINING LTD 12.00 2/16/2017 AUD 0.32
KEYBRIDGE CAPITAL LT 7.00 7/31/2020 AUD 0.67
LAKES OIL NL 10.00 3/31/2017 AUD 8.10
MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 4.23
MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 4.23
STOKES LTD 10.00 6/30/2017 AUD 0.40
TREASURY CORP OF VIC 0.50 11/12/2030 AUD 65.30
CHINA
-----
CHANGCHUN CITY DEVEL 6.08 3/9/2016 CNY 40.44
CHANGZHOU INVESTMENT 5.80 7/1/2016 CNY 40.63
CHANGZHOU WUJIN CITY 5.42 6/9/2016 CNY 52.90
CHINA GOVERNMENT BON 1.64 12/15/2033 CNY 74.02
DANDONG CITY DEVELOP 6.21 9/6/2017 CNY 71.70
DATONG ECONOMIC CONS 6.50 6/1/2017 CNY 70.70
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 70.50
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 71.25
ERDOS DONGSHENG CITY 8.40 2/28/2018 CNY 68.30
ERDOS DONGSHENG CITY 8.40 2/28/2018 CNY 67.48
GRANDBLUE ENVIRONMEN 6.40 7/7/2016 CNY 71.20
HANGZHOU XIAOSHAN ST 6.90 11/22/2016 CNY 71.79
HEILONGJIANG HECHENG 7.78 11/17/2016 CNY 71.00
HUAIAN CITY URBAN AS 7.15 12/21/2016 CNY 70.54
JIANGSU HUAJING ASSE 5.68 9/28/2017 CNY 50.06
JINAN CITY CONSTRUCT 6.98 3/26/2018 CNY 76.92
KUNSHAN ENTREPRENEUR 4.70 3/30/2016 CNY 40.26
LIAOYUAN STATE-OWNED 7.80 1/26/2017 CNY 72.33
NANJING NANGANG IRON 6.13 2/27/2016 CNY 51.38
OCEAN RIG UDW INC 7.25 4/1/2019 USD 46.75
OCEAN RIG UDW INC 7.25 4/1/2019 USD 47.00
PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 71.17
QINGZHOU HONGYUAN PU 6.50 5/22/2019 CNY 40.30
SHENGZHOU HOTEL CO L 9.20 2/26/2016 CNY 100.00
TAIZHOU CITY CONSTRU 6.90 1/25/2017 CNY 70.52
TONGLIAO CITY INVEST 5.98 9/1/2017 CNY 69.10
WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 50.52
YANGZHOU ECONOMIC DE 6.10 7/7/2016 CNY 50.80
YANGZHOU URBAN CONST 5.94 7/23/2016 CNY 40.70
YIJINHUOLUOQI HONGTA 8.35 3/19/2019 CNY 72.95
YUNNAN INVESTMENT GR 5.25 8/24/2017 CNY 72.05
ZHENJIANG CULTURE AN 5.86 5/6/2017 CNY 73.33
INDONESIA
---------
GAJAH TUNGGAL TBK PT 7.75 2/6/2018 USD 44.98
BERAU COAL ENERGY TB 7.25 3/13/2017 USD 28.00
INDONESIA TREASURY B 6.38 4/15/2042 IDR 72.67
GAJAH TUNGGAL TBK PT 7.75 2/6/2018 USD 52.48
BERAU COAL ENERGY TB 7.25 3/13/2017 USD 29.13
PERUSAHAAN PENERBIT 6.10 2/15/2037 IDR 78.50
PERUSAHAAN PENERBIT 6.00 1/15/2027 IDR 79.80
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 12.75
BLUE DART EXPRESS LT 9.30 11/20/2017 INR 10.16
BLUE DART EXPRESS LT 9.40 11/20/2018 INR 10.23
BLUE DART EXPRESS LT 9.50 11/20/2019 INR 10.29
COROMANDEL INTERNATI 9.00 7/23/2016 INR 15.39
GTL INFRASTRUCTURE L 3.53 11/9/2017 USD 25.00
INCLINE REALTY PVT L 10.85 4/21/2017 INR 5.72
INCLINE REALTY PVT L 10.85 8/21/2017 INR 9.08
INDIA GOVERNMENT BON 0.32 1/25/2035 INR 25.81
JAIPRAKASH ASSOCIATE 5.75 9/8/2017 USD 70.73
JCT LTD 2.50 4/8/2011 USD 23.25
PRAKASH INDUSTRIES L 5.25 4/30/2015 USD 50.50
PYRAMID SAIMIRA THEA 1.75 7/4/2012 USD 1.00
REI AGRO LTD 5.50 11/13/2014 USD 7.00
REI AGRO LTD 5.50 11/13/2014 USD 7.00
SHIV-VANI OIL & GAS 5.00 8/17/2015 USD 22.88
JAPAN
-----
AVANSTRATE INC 3.02 10/31/2017 JPY 37.00
AVANSTRATE INC 5.00 10/31/2017 JPY 31.00
ELPIDA MEMORY INC 0.70 8/1/2016 JPY 10.25
ELPIDA MEMORY INC 0.50 10/26/2015 JPY 10.25
ELPIDA MEMORY INC 2.29 12/7/2012 JPY 10.25
ELPIDA MEMORY INC 2.03 3/22/2012 JPY 10.25
ELPIDA MEMORY INC 2.10 11/29/2012 JPY 10.25
KOREA
-----
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 29.84
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 29.84
DONGBU STEEL CO LTD 5.00 3/9/2018 KRW 52.96
DOOSAN CAPITAL SECUR 20.00 4/22/2019 KRW 38.23
HYUNDAI HEAVY INDUST 4.80 12/15/2044 KRW 52.38
HYUNDAI HEAVY INDUST 4.90 12/15/2044 KRW 51.45
HYUNDAI MERCHANT MAR 7.05 12/27/2042 KRW 34.95
KIBO ABS SPECIALTY C 10.00 9/4/2016 KRW 38.22
KIBO ABS SPECIALTY C 5.00 12/25/2017 KRW 28.63
KIBO ABS SPECIALTY C 10.00 2/19/2017 KRW 35.83
KIBO ABS SPECIALTY C 5.00 1/31/2017 KRW 31.61
KIBO ABS SPECIALTY C 5.00 3/29/2018 KRW 28.82
KIBO ABS SPECIALTY C 10.00 8/22/2017 KRW 26.70
KIBO GREEN HI-TECH S 10.00 12/21/2015 KRW 58.27
LSMTRON DONGBANGSEON 4.53 11/22/2017 KRW 29.48
POSCO ENERGY CORP 4.66 8/29/2043 KRW 64.75
POSCO ENERGY CORP 4.72 8/29/2043 KRW 64.18
POSCO ENERGY CORP 4.72 8/29/2043 KRW 64.04
PULMUONE CO LTD 2.50 8/6/2045 KRW 67.57
SINBO SECURITIZATION 5.00 8/31/2016 KRW 34.13
SINBO SECURITIZATION 5.00 8/31/2016 KRW 34.13
SINBO SECURITIZATION 5.00 7/24/2017 KRW 30.18
SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.41
SINBO SECURITIZATION 5.00 6/27/2018 KRW 28.29
SINBO SECURITIZATION 5.00 6/27/2018 KRW 28.29
SINBO SECURITIZATION 5.00 7/8/2017 KRW 31.29
SINBO SECURITIZATION 5.00 7/8/2017 KRW 31.29
SINBO SECURITIZATION 5.00 1/29/2017 KRW 32.50
SINBO SECURITIZATION 5.00 6/29/2016 KRW 34.84
SINBO SECURITIZATION 5.00 2/11/2018 KRW 29.18
SINBO SECURITIZATION 5.00 2/11/2018 KRW 29.18
SINBO SECURITIZATION 5.00 7/26/2016 KRW 34.52
SINBO SECURITIZATION 5.00 7/26/2016 KRW 34.52
SINBO SECURITIZATION 5.00 1/15/2018 KRW 29.65
SINBO SECURITIZATION 5.00 1/15/2018 KRW 29.65
SINBO SECURITIZATION 5.00 8/29/2018 KRW 27.62
SINBO SECURITIZATION 5.00 8/29/2018 KRW 27.62
SINBO SECURITIZATION 5.00 7/24/2018 KRW 28.09
SINBO SECURITIZATION 5.00 7/24/2018 KRW 28.09
SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.41
SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.41
SINBO SECURITIZATION 5.00 12/25/2016 KRW 32.06
SINBO SECURITIZATION 5.00 3/13/2017 KRW 32.02
SINBO SECURITIZATION 5.00 3/13/2017 KRW 32.02
SINBO SECURITIZATION 5.00 6/7/2017 KRW 23.25
SINBO SECURITIZATION 5.00 6/7/2017 KRW 23.25
SINBO SECURITIZATION 5.00 2/21/2017 KRW 32.25
SINBO SECURITIZATION 5.00 2/21/2017 KRW 32.25
SINBO SECURITIZATION 5.00 3/12/2018 KRW 28.96
SINBO SECURITIZATION 5.00 3/12/2018 KRW 28.96
SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.34
SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.34
SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.34
SINBO SECURITIZATION 5.00 10/5/2016 KRW 33.78
SINBO SECURITIZATION 5.00 10/5/2016 KRW 32.17
SINBO SECURITIZATION 5.00 12/23/2018 KRW 26.51
SINBO SECURITIZATION 5.00 12/23/2018 KRW 26.51
SINBO SECURITIZATION 5.00 12/23/2017 KRW 28.65
SINBO SECURITIZATION 5.00 12/13/2016 KRW 33.01
SINBO SECURITIZATION 5.00 12/7/2015 KRW 54.84
SINBO SECURITIZATION 5.00 2/2/2016 KRW 43.63
SINBO SECURITIZATION 8.00 2/2/2016 KRW 47.81
SINBO SECURITIZATION 5.00 8/16/2016 KRW 33.22
SINBO SECURITIZATION 5.00 8/16/2017 KRW 30.89
SINBO SECURITIZATION 5.00 8/16/2017 KRW 30.89
SINBO SECURITIZATION 5.00 3/14/2016 KRW 38.57
SINBO SECURITIZATION 5.00 5/27/2016 KRW 35.19
SINBO SECURITIZATION 5.00 5/27/2016 KRW 35.19
SINBO SECURITIZATION 5.00 1/19/2016 KRW 45.40
SINBO SECURITIZATION 10.00 12/27/2015 KRW 56.70
SK TELECOM CO LTD 4.21 6/7/2073 KRW 62.24
TONGYANG CEMENT & EN 7.50 4/20/2014 KRW 70.00
TONGYANG CEMENT & EN 7.30 4/12/2015 KRW 70.00
TONGYANG CEMENT & EN 7.30 6/26/2015 KRW 70.00
TONGYANG CEMENT & EN 7.50 7/20/2014 KRW 70.00
TONGYANG CEMENT & EN 7.50 9/10/2014 KRW 70.00
U-BEST SECURITIZATIO 5.50 11/16/2017 KRW 30.58
WISE MOBILE SECURITI 20.00 7/17/2018 KRW 73.92
SRI LANKA
---------
SRI LANKA GOVERNMENT 5.35 3/1/2026 LKR 69.44
MALAYSIA
--------
BANDAR MALAYSIA SDN 0.35 12/29/2023 MYR 70.67
BANDAR MALAYSIA SDN 0.35 2/20/2024 MYR 70.18
BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 69.52
BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 66.02
BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 68.84
LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.30
SENAI-DESARU EXPRESS 0.50 12/30/2039 MYR 66.46
SENAI-DESARU EXPRESS 0.50 12/31/2047 MYR 74.79
SENAI-DESARU EXPRESS 0.50 12/31/2038 MYR 64.75
SENAI-DESARU EXPRESS 0.50 12/31/2040 MYR 67.70
SENAI-DESARU EXPRESS 0.50 12/31/2042 MYR 70.06
SENAI-DESARU EXPRESS 0.50 12/30/2044 MYR 72.07
SENAI-DESARU EXPRESS 0.50 12/31/2046 MYR 73.96
SENAI-DESARU EXPRESS 0.50 12/31/2043 MYR 71.19
SENAI-DESARU EXPRESS 0.50 12/31/2041 MYR 68.86
SENAI-DESARU EXPRESS 0.50 12/29/2045 MYR 72.93
SENAI-DESARU EXPRESS 1.15 6/30/2023 MYR 70.30
SENAI-DESARU EXPRESS 1.35 12/31/2025 MYR 64.15
SENAI-DESARU EXPRESS 1.35 6/30/2031 MYR 51.37
SENAI-DESARU EXPRESS 1.35 6/28/2030 MYR 53.59
SENAI-DESARU EXPRESS 1.35 6/30/2027 MYR 60.44
SENAI-DESARU EXPRESS 1.35 12/31/2027 MYR 59.30
SENAI-DESARU EXPRESS 1.35 12/31/2029 MYR 54.69
SENAI-DESARU EXPRESS 1.35 12/31/2030 MYR 52.47
SENAI-DESARU EXPRESS 1.35 12/31/2026 MYR 61.63
SENAI-DESARU EXPRESS 1.35 6/30/2026 MYR 62.86
SENAI-DESARU EXPRESS 1.35 6/29/2029 MYR 55.83
SENAI-DESARU EXPRESS 1.15 6/28/2024 MYR 67.15
SENAI-DESARU EXPRESS 1.35 12/29/2028 MYR 56.98
SENAI-DESARU EXPRESS 1.10 6/30/2022 MYR 73.38
SENAI-DESARU EXPRESS 1.15 12/29/2023 MYR 68.70
SENAI-DESARU EXPRESS 1.15 12/30/2022 MYR 71.95
SENAI-DESARU EXPRESS 1.15 12/31/2024 MYR 65.59
SENAI-DESARU EXPRESS 1.35 6/30/2028 MYR 58.14
SENAI-DESARU EXPRESS 1.15 6/30/2025 MYR 64.07
UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.15
PHILIPPINES
-----------
BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75
BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE LT 7.59 5/18/2018 USD 57.24
BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 3.89
BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 3.89
BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 28.09
BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 28.50
BLD INVESTMENTS PTE 8.63 3/23/2015 USD 8.88
BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 17.72
BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 18.25
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 17.03
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 18.37
ENERCOAL RESOURCES P 6.00 4/7/2018 USD 10.00
GOLIATH OFFSHORE HOL 12.00 6/11/2017 USD 20.00
GOLIATH OFFSHORE HOL 15.00 6/11/2017 USD 70.04
INDO INFRASTRUCTURE 2.00 7/30/2010 USD 1.88
ORO NEGRO DRILLING P 7.50 1/24/2019 USD 60.00
OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 53.13
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 49.27
SWIBER CAPITAL PTE L 6.50 8/2/2018 SGD 71.38
SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 74.75
THAILAND
--------
G STEEL PCL 3.00 10/4/2015 USD 3.84
MDX PCL 4.75 9/17/2003 USD 37.25
VIETNAM
-------
BANK FOR INVESTMENT 10.33 5/19/2016 VND 1.00
DEBT AND ASSET TRADI 1.00 10/10/2025 USD 51.25
DEBT AND ASSET TRADI 1.00 10/10/2025 USD 50.75
*********
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 ***