/raid1/www/Hosts/bankrupt/TCRAP_Public/160510.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, May 10, 2016, Vol. 19, No. 91
Headlines
A U S T R A L I A
AUSSIE SIGNS: Placed Into Liquidation
BANK OF QUEENSLAND: Fitch Assigns 'BB' Support Rating Floor
BICROFT PROJECT: First Creditors' Meeting Set For May 17
COLLEGE CUTS: First Creditors' Meeting Set For May 17
COLLEGE OF AUSTRALIAN: First Creditors' Meeting Set For May 17
MAC 1 PTY: Harvey Norman Buys Firm Out of Administration
VERTIGO SCAFFOLD: First Creditors' Meeting Set For May 17
C H I N A
CHINA ZHENGTONG: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
LOGAN PROPERTY: Fitch Affirms Issuer Default Ratings at 'BB-'
H O N G K O N G
KAISA GROUP: Chapter 15 Case Summary
I N D I A
A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
ABA MOTORS: CRISIL Suspends 'B' Rating on INR45MM LT Loan
ABHINAV STEELS: CARE Lowers Rating on INR379.41cr Loan to 'D'
BALAJI FOODS: CRISIL Suspends 'B' Rating on INR30MM Term Loan
BHERAWA TEXTILE: CRISIL Assigns B- Rating to INR110MM Cash Loan
BINDALS PAPERS: CARE Ups Rating on INR350.10cr Loan to 'C'
CERATUNE CERAMIC: CRISIL Assigns 'B' Rating to INR52.5MM LT Loan
CESARE BONETTI: CRISIL Ups Rating on INR372.7MM Term Loan to B-
DEVANSHI POWERS: CARE Revises Rating on INR16cr Loan to BB-
EDUCOMP INFRASTRUCTURE: CARE Reaffirms INR830.10cr Loan Rating D
EDUCOMP SOLUTIONS: Ind-Ra Suspends IND D Long-Term Issuer Rating
FLOOR GARDENS: CRISIL Reaffirms 'B' Rating on INR47.5MM Loan
GAMMON INDIA: CARE Reaffirms 'D' Rating on INR10,355cr Loan
GENESIS RESORTS: CARE Reaffirms 'D' Rating on INR118.91cr LT Loan
GURU NANAK: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
HOTEL DEE: CRISIL Assigns 'B' Rating to INR99MM Term Loan
JAN SHAKTI: CRISIL Suspends B- Rating on INR99MM Term Loan
JINDAL STAINLESS: CARE Reaffirms 'D' Rating on INR9636cr Loan
JUGAL KISHORE: CRISIL Suspends B+ Rating on INR19MM Cash Loan
K. LEKSHMANAN: CRISIL Assigns 'D' Rating to INR15.5MM LT Loan
KAITHAL SOLVENT: CRISIL Suspends B Rating on INR62.5MM Term Loan
KAMAKSHYA AGRO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
KPC FLEXI: CARE Reaffirms B+ Rating on INR2.20cr LT Loan
METROPOLITAN INFRA: CARE Reaffirms 'D' Rating on INR175cr Loan
MPOWER INFRATECH: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating
PATNA BAKHTIYARPUR: Ind-Ra Cuts INR7,491.32M Loan Rating to IND D
PLASTO ELTRONICS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
RAVELS APPARELS: CRISIL Suspends B Rating on INR35MM Loan
ROHIT'S HERITAGE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
S. M. AUTOSTAR: CARE Assigns 'B' Rating to INR9.25cr Loan
S R OVERSEAS: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
SADHU RAM: CRISIL Suspends B+ Rating on INR19MM Cash Loan
SANDESH HOSIERY: CRISIL Suspends B+ Rating on INR45MM Cash Loan
SARWATI HOME: CRISIL Suspends 'B' Rating on INR47.6MM Cash Loan
SEKHANI INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SHASHANK NIDHI: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SHETKARI SAKHAR: CRISIL Reaffirms 'B-' Rating on INR342.7MM Loan
SHREE BALAJI: CRISIL Suspends 'D' Rating on INR207.5MM Cash Loan
SHREE HANUMAN: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
SHRI JAGRITI: CRISIL Assigns 'B' Rating to INR90MM LT Loan
SRI VENKATESWARA: CRISIL Assigns B+ Rating to INR39.6MM Loan
STEEL AUTHORITY: Fitch Affirms and Withdraws 'BB' IDR
SURANA INDUSTRIES: CARE Reaffirms 'D' Rating on INR517.28cr Loan
SWAMBHUNATH COLD: CRISIL Reaffirms 'B-' Rating on INR81.2MM Loan
TARANG JEWELS: CARE Assigns 'B' Rating to INR15cr LT Loan
UNIPEARL ALLOYS: CARE Reaffirms B+ Rating on INR3.50cr LT Loan
V3S INFRATECH: CRISIL Assigns 'D' Rating to INR343.8MM Cash Loan
VAISHALI AGRO: CARE Reaffirms 'B' Rating on INR18.56cr LT Loan
VELOCITY AUTOMOTIVES: CRISIL Suspends 'C' Rating on INR35MM Loan
VIJAY GINNING: CRISIL Reaffirms 'B+' Rating on INR85MM Cash Loan
J A P A N
SUMITOMO CORP: Misses Profit Target, Warns of Uncertainty
TAKATA CORP: Expects Annual Loss on Mounting Recall Costs
P H I L I P P I N E S
MANILA ELECTRIC: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
S R I L A N K A
SEYLAN BANK: Fitch Rates LKR5BB Subordinated Debenture at BBB+
X X X X X X X X
* BOND PRICING: For the Week May 2 to May 6, 2016
- - - - -
=================
A U S T R A L I A
=================
AUSSIE SIGNS: Placed Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Aussie Signs Pty
Ltd has been placed into liquidation. Stephen Robert Dixon and
Ahmed Bise of Grant Thornton have been appointed liquidators of
the company on May 2, 2016, the report discloses.
Dissolve.com.au notes that the liquidation of the Melbourne sign
company takes place 3 years after an industrial accident that led
to a lengthy court case in which the company was fined
AUD250,000.
Aussie Signs supplies a massive range of sign and printing
services including billboards, digital printing, real estate
boards, bus shelters, transit signage, vehicle wraps and event
displays.
BANK OF QUEENSLAND: Fitch Assigns 'BB' Support Rating Floor
-----------------------------------------------------------
Fitch Ratings has assigned Bank of Queensland Limited's (BOQ, A-
/Stable) AUD150 million Basel III Tier 2 notes due 10 May 2026 a
rating of 'BBB+'. The notes qualify as Tier 2 capital securities
for regulatory capital purposes.
BOQ can redeem all the notes on 10 May 2021 and each interest
payment date thereafter, if the notes no longer qualify as
regulatory capital or their tax-treatment changes. In all cases,
the redemption can only go ahead with written approval from the
Australian Prudential Regulation Authority (APRA) and as long as
the notes are replaced with similar or better quality regulatory
capital instruments or if APRA confirms BOQ's capital position
will remain adequate after the redemption.
KEY RATING DRIVERS
The notes are rated one notch below BOQ's Viability Rating (VR)
of 'a-', with one notch for loss severity and zero notches for
incremental non-performance risk, in line with Fitch's approach
to rating hybrid capital securities.
The one notch for loss severity is Fitch's base-case approach for
Basel III Tier 2 instruments, while no incremental notching is
applied for non-performance risk, as the VR already captures the
point of non-viability.
The notes would convert to equity in part or in full if APRA
deems that without the conversion, BOQ is non-viable. All the
notes would convert to equity if BOQ needed a public-sector
capital injection to avoid non-viability. The proportion of notes
required to be converted to equity would be written-off if BOQ
could not convert the notes within five business days of the
trigger event date.
RATING SENSITIVITIES
The ratings of the securities are sensitive to movements in BOQ's
VR. For more details on BOQ's ratings and credit profile, see the
rating action commentary, "Fitch Affirms Five Australian Regional
Banks; Outlooks Stable", dated 17 November 2015 and available at
www.fitchratings.com
BOQ's other ratings are as follows:
Long-Term Issuer-Default Rating: 'A-'; Outlook Stable
Short-term Issuer-Default Rating: 'F2'
Viability Rating: 'a-'
Support Rating: '3'
Support Rating Floor: 'BB'
Senior unsecured long-term debt: 'A-'
Subordinated debt (legacy Tier 2): 'BBB+'
BICROFT PROJECT: First Creditors' Meeting Set For May 17
--------------------------------------------------------
Richard Albarran, Brent Kijurina and Shahin Hussain of Hall
Chadwick Chartered Accountants were appointed as administrators
of Bicroft Project Managment Pty Ltd on May 5, 2016.
A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on May 17, 2016, at 9:00 a.m.
COLLEGE CUTS: First Creditors' Meeting Set For May 17
-----------------------------------------------------
Sam Kaso & Daniel P Juratowitch of Cor Cordis were appointed as
administrators of College Cuts Pty Ltd on May 5, 2016.
A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants Australia, Level 32,
Central Plaza One, 345 Queen Street, in Brisbane, on May 17,
2016, at 2:00 p.m.
COLLEGE OF AUSTRALIAN: First Creditors' Meeting Set For May 17
--------------------------------------------------------------
Sam Kaso & Daniel P Juratowitch of Cor Cordis were appointed as
administrators of College Of Australian Training Pty Ltd on May
5, 2016.
A first meeting of the creditors of the Company will be held at
The Institute of Chartered Accountants Australia, Level 32,
Central Plaza One, 345 Queen Street, in Brisbane, on May 17,
2016, at 1:00 p.m.
MAC 1 PTY: Harvey Norman Buys Firm Out of Administration
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Harvey Norman has
acquired Mac 1 Pty Limited out of administration. Joseph David
Hayes, Matthew Caddy, William James Harris and Jason Preston of
McGrathNicol were appointed administrators of the company on
Jan. 4, 2016, the report says.
Mac 1 is a supplier of Apple products focusing on corporate and
enterprise IT solutions. Mac 1 has been in business for more than
22 years employing 80 people. The company specialises in
professional development, deployment services, project
management, custom support infrastructure and managed services.
VERTIGO SCAFFOLD: First Creditors' Meeting Set For May 17
---------------------------------------------------------
John Morgan & Geoff Davis of BCR Advisory was appointed as
administrator of Vertigo Scaffold and Safety Systems Pty Ltd on
May 5, 2016.
A first meeting of the creditors of the Company will be held at
BCR Advisory, Level 10, 10 Spring Street, in Sydney, on May 17,
2016, at 11:00 a.m.
=========
C H I N A
=========
CHINA ZHENGTONG: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
----------------------------------------------------------------
S&P Global Ratings said that it had revised the outlook on China
Zhengtong Auto Services Holding Ltd. to negative from stable. At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating on the China-based auto retailer. In line with the
outlook revision, S&P lowered its long-term Greater China
regional scale rating on the company to 'cnBB' from 'cnBB+'.
"We revised the outlook to reflect the potential deterioration in
Zhengtong's leverage position over the next 12 months," said S&P
Global Ratings credit analyst Shalynn Teo. "We estimate that the
company's debt-to-EBITDA ratio could weaken to 3.5x-3.8x in 2016,
from 3.3x in 2015, despite its good operating cash flow
generation."
S&P's outlook revision is based on the company's weak cost
control, aggressive debt-funded expansion appetite, and declining
new car sales amid slowing consumption growth and intense
competition in China. In addition, Zhengtong's working capital
outflows and capital expenditure will remain high this year.
"We affirmed the ratings because we expect Zhengtong to stabilize
its profit margin and continue to generate stable and recurring
cash flows over the next 12 months due to an improving product
mix and slower expansion," said Ms. Teo.
In S&P's view, Zhengtong's EBITDA margin should remain flat in
2016 because of better growth in the more profitable after-sales
services segment, which provides more recurring and stable cash
flows. The company's EBITDA margin deteriorated to 6.4% in 2015,
from 6.7% in 2014, mainly due to higher-than-expected operating
costs. Zhengtong's key credit ratios are very sensitive to even
a minor deterioration in the EBITDA margin.
S&P also expects moderate declines in Zhengtong's revenue over
the next 12-24 months, given weak retail sales and rising
competition amid a slowing economy in China. However, good
growth momentum and profit generation from after-sales services
could partly offset the decline in new car sales.
In S&P's view, Zhengtong could further strengthen its market
position, brand, and geographic diversification, and continue to
diversify its revenue streams, despite tough operating
conditions. S&P expects the company's profit contribution from
after-sales and commission-based services to continue to
increase. In addition, S&P expects Zhengtong's expansion of the
captive finance operations, first established in April 2015, to
improve its product diversity. The expansion will allow the
company to provide auto-financing to its customers, in addition
to its traditional new car sales, after-sales services,
insurance, and used-car trading. In S&P's view, Zhengtong has
better profitability and growth prospects in China than its rated
peers globally, given its focus on the faster-growing Chinese
market. S&P therefore revised the company's business risk
profile to fair from weak.
S&P excludes the financials of the captive finance subsidiary,
Shanghai Dongzheng Automotive Finance Co. Ltd., from S&P's
analysis of Zhengtong's key credit ratios to form S&P's view of
the preliminary financial risk profile. This is because S&P
considers the difference in the nature and leverage tolerance of
the finance and corporate assets. S&P therefore separately
assess the captive's financial profile, and consider that
together with the parent's financial risk profile to arrive at
S&P's final assessment of Zhengtong's financial risk profile as
significant.
S&P assess Zhengtong's liquidity as less than adequate. S&P
expects the ratio of the company's sources of liquidity to its
uses to be below 1.2x in the next 12 months. However, Zhengtong
doesn't have restrictive financial covenants and it has a good
track record of refinancing its short-term debt even during times
of liquidity crunch in China.
The negative outlook reflects S&P's view that Zhengtong's
leverage and interest coverage may further deteriorate over the
next 12 months. However, S&P expects the company to continue to
implement strict underwriting standards and maintain satisfactory
delinquency ratios at its captive finance operations.
S&P could lower the rating if Zhengtong's EBITDA margin continues
to deteriorate. A decline in EBITDA interest coverage to below
3x or a debt-to-EBITDA ratio above 4x without any sign of
improvement would trigger a downgrade. This could happen if: (1)
EBITDA margin declines by 0.5 percentage points; (2) Zhengtong's
new car sales are significantly below S&P's expectation or cash
flow generation deteriorates more rapidly than S&P anticipates;
(3) the company takes on more aggressive debt-funded expansion;
or (4) the captive finance operations' leverage is higher than we
expect.
S&P could revise the outlook to stable if Zhengtong continues to
improve its profitability while slowing down its debt-funded
expansion, such that its debt-to-EBITDA ratio can remain below
3.5x and EBITDA interest coverage ratio above 3.0x.
LOGAN PROPERTY: Fitch Affirms Issuer Default Ratings at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed Logan Property Holdings Company
Limited's (Logan) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'BB-'. The Outlook on the IDR is
Stable. Fitch has also affirmed Logan's senior unsecured rating
and the ratings on its outstanding US dollar bonds at 'BB-'.
The China homebuilder's ratings are supported by strong
contracted sales growth, improving financial metrics, lower
leverage and stable profitability with EBITDA margin of over 25%
for 2015. Its current scale of CNY20 billion contracted sales and
geographic concentration in Guangdong province constrains its
ratings.
KEY RATING DRIVERS
"Re-focus on Shenzhen: Fitch believes that acquiring more land in
Tier-1 cities would enhance Logan's land bank quality, reduce
sales risk and improve its overall operational flexibility,
although margins will remain uncertain because of high land costs
and potential policy intervention, such as purchase restrictions.
The Shenzhen region in Guangdong province accounted for over 40%
of Logan's 2015 contracted sales, and more than 70% of its land
investment was in this area. We expect the Shenzhen region to
continue to be Logan's main focus. The company's land bank was
previously mainly in Shantou in Guangdong, and Nanning and
Fongshing in Guangxi province, which are all lower Tier-2 or
Tier-3 cities."
Strong 2015 Performance: Logan's contracted sales rose 54% to
CNY20.5 billion in 2015, above its revised sales target of CNY18
billion. Robust sales and a 92% cash collection rate reduced its
leverage, measured by net debt/adjusted inventory, to 32% at end-
2015 from 37% at end-2014. The high sales turnover also helped
Logan to maintain a healthy financial profile. The company
expects contracted sales to continue increasing in 2016, although
at a slower pace than in 2015.
Stable Margin and Strong Liquidity: Logan's EBITDA margin rose
slightly to 27.4% in 2015 from 26.2% in 2014. Fitch expects the
margin to remain stable at above 25% in 2016. The company's
strong cash position with readily available cash of CNY8.6
billion at end-2015 is enough to cover its short-term debt of
CNY4.0 billion. Fitch believes Logan's liquidity will remain
healthy in the next 12-18 months, underpinned by its strong
contracted sales and high cash collection rate.
Limited Geographical Diversification: More than 80% of Logan's
contracted sales in 2015 were from Guangdong province, with the
remaining mainly from Guangxi province. Furthermore, more than
50% of the Guangdong contracted sales were from the Shenzhen
region. The company's geographic concentration is likely to
continue in 2016, based on its existing land bank and expansion
strategy. This concentration leaves Logan more vulnerable to
economic volatility and policy changes in these regions compared
with developers that are more geographically diversified across
China.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
-- Contracted sales continue to grow in 2016 but at a slower
pace compared with 2015
-- Land acquisitions increase in line with sales growth in 2016
-- Higher average selling prices and unit land costs as the
company becomes more focused in the Shenzhen region
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- EBITDA margin sustained below 25% (2015:27%)
-- Net debt/adjusted inventory sustained above 40% (2015: 32%)
-- Contracted sales / total debt sustained below 1.0x (2015:
1.0x)
Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.
This is not expected over the next 12-18 months.
FULL LIST OF RATING ACTIONS
Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'
$US250 million 9.75% senior notes due 2017 affirmed at 'BB-'
$US300 million 11.25% senior notes due 2019 affirmed at 'BB-'
$US260 million 7.7% senior notes due 2020 affirmed at 'BB-'
================
H O N G K O N G
================
KAISA GROUP: Chapter 15 Case Summary
------------------------------------
Chapter 15 Petitioner: Dr. Tam Lai Ling
Chapter 15 Debtor: Kaisa Group Holdings Ltd.
Two International Finance Centre
8 Finance Street, Suite 2001, 20th Floor
Central Hong Kong
Chapter 15 Case No.: 16-11303
Type of Business: An investment holding company, operates as an
integrated property development company in the
People's Republic of China.
Chapter 15 Petition Date: May 5, 2016
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Sean H. Lane
Chapter 15 Petitioner's Counsel: Mark I Bane, Esq.
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, NY 10036-8704
Tel: (212) 596-9000
Fax: (212) 596-9090
E-mail: mark.bane@ropesgray.com
Estimated Assets: Not Indicated
Estimated Debts: Not Indicated
=========
I N D I A
=========
A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A. R. Chains
(ARC) continues to reflect its below-average financial risk
profile, especially networth, and exposure to intense competition
in the jewellery industry. These rating weaknesses are partially
offset by the proprietor's extensive experience in the gold
jewellery manufacturing segment.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes ARC will continue to benefit from the
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if strong cash accrual substantially
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if low revenue or profitability, any
large capital expenditure, or stretch in working capital cycle
weakens key credit metrics.
ARC was set up in 2013 as a sole proprietorship firm by Mrs.
Rahumath S. The firm, based in Kollam (Kerala), manufactures gold
jewellery. Mr. M Hussain manages ARC's daily operations.
ABA MOTORS: CRISIL Suspends 'B' Rating on INR45MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
ABA Motors Pvt Ltd (ABA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable
Inventory Funding
Facility 30 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 45 CRISIL B/Stable
Term Loan 15 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by ABA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABA is yet to
provide adequate information to enable CRISIL to assess ABA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Established in 2013, ABA is a dealer for passenger cars of Nissan
Motors India Pvt Ltd in Kaithal, Haryana. Currently, the company
is operating one showroom and an authorised service centre in
Kaithal and one sales office in Jind, Haryana. ABA is promoted by
Mr. Anil Dumra, Mr. Rajinder Kumar Bathla, and Mr. Babu Lal
Phatela. The company commenced its operations in October 2013.
ABHINAV STEELS: CARE Lowers Rating on INR379.41cr Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Abhinav
Steels And Power Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank facilities 379.41 CARE D Suspension
Revoked. Revised from
CARE B+
Short-term Bank facilities 28.00 CARE D Suspension
Revoked. Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Abhinav Steels and Power Limited (ASPL) factors in the on-going
delays in the servicing of debt obligations by the company due to
its weak financial performance as reflected by the loss-making
operations and weak solvency as well liquidity position.
The ratings also factor in the exposure to raw material price
volatility and the cyclicality inherent in the steel industry.
The ratings take note of the experience of the company's
promoters, its long-term contract with Central Coalfields Limited
(CCL) for the supply of coal and long-term Power Purchase
Agreement (PPA) with Uttar Pradesh Power Corporation Limited
(UPPCL).
Going forward, ASPL's ability to report turnaround in its
operational performance amid subdued industry scenario and
improve its gearing and liquidity position shall remain the key
rating sensitivities.
ASPL, previously Abhinav Steel Ltd, was promoted in 1987 by
MrPhoolchandYadav of the Yadav family along with
MrGirdharilalYadav (first cousin of MrPhoolchandYadav) for
manufacturing of rolled steel products at Jaunpur (U.P). The
company is engaged in the manufacturing of long steel products
such as angles, channels and TMT bars and caters to the
construction and infrastructure industry. ASPL has its
manufacturing facilities located in Jaunpur (U.P.) with a
capacity of 75,600 Metric Tonne Per Annum (TPA) for ingots and
81,000 (MTPA) for rolled products as on March 31, 2015.
Furthermore, ASPL also has 40-MW coal-based captive power plant.
In FY15 (refers to the period April 1 to March 31), ASPL has
achieved a total operating income of INR199.25 crore with
operating and net loss of INR20.16 crore and INR81.08 crore,
respectively, as against loss at operating level of INR8.52 crore
and net loss of INR39.71 crore in FY14. As per during 9MFY16
(refers to the period April 1 to December 31), ASPL reported a
total operating income of INR164.46 crore with an loss at
operating level of INR5.02 crore and loss of INR41.46 crore at
net level.
BALAJI FOODS: CRISIL Suspends 'B' Rating on INR30MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Balaji
Foods - Fazilka (BF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B/Stable
Term Loan 30 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by BF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BF is yet to
provide adequate information to enable CRISIL to assess BF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in 2009 as a partnership firm, BF is engaged in
processing, milling, and trading of non-basamati rice. The firm's
manufacturing facility is in Fazilka (Punjab). Its day-to-day
operations are managed by Mr. Sanyam Chhabra.
BHERAWA TEXTILE: CRISIL Assigns B- Rating to INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facilities of Bherawa Textile Industries Pvt Ltd
(BTPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Line of
Credit 16.5 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 15.3 CRISIL B-/Stable
Cash Credit 110 CRISIL B-/Stable
Long Term Loan 58.2 CRISIL B-/Stable
The rating reflects the company's working capital-intensive
operations and below-average financial risk profile because of
high gearing. These strengths are partially offset by promoter's
extensive experience in the textile industry.
Outlook: Stable
CRISIL believes BTPL will continue to benefit over the medium
term from promoter's extensive experience. The outlook may be
revised to 'Positive' if financial risk profile improves because
of sizeable capital infusion or large accretion to reserve,
driven by sustained and substantial ramp-up in operations and
profitability. Conversely, the outlook may be revised to
'Negative' if liquidity weakens due to considerably low cash
accrual (with decline in revenue or profitability), increase in
working capital requirement, or more-than-expected debt-funded
capital expenditure.
Set up as a proprietorship in 1972 and reconstituted as a private
limited company on June 24, 2015, BTPL is promoted by Mr Kewal
Chand Gulechha and Mr Anil Gulechha. The company manufactures,
dyes, and prints fabric, bedsheets, and scarfs at its facility in
Pali, Rajasthan, which has capacity of 0.125 million metre per
day.
BINDALS PAPERS: CARE Ups Rating on INR350.10cr Loan to 'C'
----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Bindals
Papers Mills Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 350.10 CARE C Revised from
CARE D
Short term Bank Facilities 121.20 CARE C Revised from
CARE D
Rating Rationale
The revision in the ratings of Bindals Papers Mills Limited
(BPML) takes into account improvement in the debt servicing track
record of the company. The ratings continue to be constrained by
BPML's working capital intensive nature of business operations,
high overall gearing, weak debt coverage indicators and
susceptibility of BPML's profitability to volatility in the raw
material prices. The ratings weakness are partially offset by
promoters experience and established marketing & distribution
network of the company. Going forward, BPML's ability to increase
profitability and improvement in gearing levels would be the key
rating sensitivities.
Incorporated in 2006, BPML is a closely-held company engaged in
manufacturing of writing & printing paper (WPP). BPML has been
promoted by the Bindal and Goel familes having long-standing
experience of installation, erection and commissioning of paper
plants and captive power plants.
BPML has waste paper and agro based WPP manufacturing facilities
located in Muzaffarnagar, Uttar Pradesh with total installed
capacity of 90,000 MTPA as on March 31, 2015.
During FY15 (refers to the period April 1 to March 31), BMPL
reported PBILDT of INR80.80 crore and reported loss at net level
of INR8.40 crore on a total operating income of INR654 crore.
CERATUNE CERAMIC: CRISIL Assigns 'B' Rating to INR52.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4 ' ratings to
the bank loan facilities of Ceratune Ceramic (CC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 52.5 CRISIL B/Stable
Bank Guarantee 3 CRISIL A4
Cash Credit 10 CRISIL B/Stable
The ratings reflect the firm's large working capital requirement,
and initial phase and modest scale of operations in the
fragmented ceramics industry. These rating weakness are partially
offset by a favourable location, near suppliers and sources of
raw material.
Outlook: Stable
CRISIL believes CC will continue to benefit over the medium term
from its favourable location. The outlook may be revised to
'Positive' in case of an increase in scale of operations, leading
to substantial cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of low cash accrual because of low
order flow or profitability, or weakening of the firm's financial
risk profile because of substantial working capital requirement
or debt-funded capital expenditure.
CC was established in 2015 at Thangadh, in Vakanaker, Gujarat,
promoted by Mr. Labubhai Khodabhai Aai, Mr. Rajeshbhai Labubhai
Aai, and Mr. Vijaybhai Labhubhai Aai. The firm manufactures
sanitary ware such as wash basins, water closets, and urinals.
The promoters have also been engaged in the stone crushing
business. CC commenced commercial operations in February 2016.
CESARE BONETTI: CRISIL Ups Rating on INR372.7MM Term Loan to B-
---------------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Cesare Bonetti India Pvt Ltd (CBIPL) from 'CRISIL B+/Stable' to
'CRISIL D', and simultaneously upgraded the rating to 'CRISIL B-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable' to
'CRISIL D' and
simultaneously upgraded to
'CRISIL B-/Stable')
Term Loan 372.7 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable' to
'CRISIL D' and
simultaneously upgraded to
'CRISIL B-/Stable')
The rating revision takes into account delay in repayment of
instalments and payment of interest on term debt over the six
months through February 2016. However, the rating has been
upgraded because of timely debt servicing over the past 90 days.
The rating reflects deterioration in the company's credit risk
profile on account of weak liquidity driven by large working
capital requirement, as reflected in its almost fully utilised
working capital limit. Cash accrual is estimated to have been
negative in 2015-16 (refers to financial year, April 1 to March
31) on account of lower offtake from its plant in India.
Generation of profit, as expected in 2016-17 following an
improvement in scale of operations, will remain a key rating
sensitive factor over the near term.
The rating also factors in the company's modest scale of
operations, following the delay in scaling up of operations at
its plant in Vapi, Gujarat, and large working capital
requirement. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters
and their funding support.
Outlook: Stable
CRISIL believes CBIPL will continue to benefit over the medium
term from its promoters' support and their extensive
entrepreneurial experience. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations, resulting in higher-than-expected revenue and cash
accrual, or an improvement in the working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
scaling up of operations or profitability is lower than expected,
or there is further deterioration in the company's capital
structure on account of a stretched working capital cycle or
large debt-funded capital expenditure.
CBIPL, erstwhile Bonetti Waaree India Pvt Ltd was incorporated in
2008 as a joint venture between the Mumbai-based Waaree Group and
Italy-based Cesare Bonetti SpA (CB). The company manufactures
industrial valves used in various industries such as oil and gas,
power, refineries, and chemicals. Its operations are managed by
Mr. Hitesh Doshi and his brother, Mr. Kirit Doshi.
DEVANSHI POWERS: CARE Revises Rating on INR16cr Loan to BB-
-----------------------------------------------------------
CARE revises the lt rating and withdraws the st rating assigned
to the bank facilities of Devanshi Powers Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 16 CARE BB- Revised from
CARE B+
Rating Rationale
The revision in the rating assigned to the bank facilities of
Devanshi Powers Limited (DPL) is primarily due to improvement
in profitability, capital structure and debt coverage indicators
during FY15 (refers to the period April 1 to March 31). The
rating continues to draw strength from the vast experience of the
promoters in the business of copper wires and strips as well as
improvement in overall performance during 10MFY16 (refers to the
period April 01, 2015 to January 31, 2016).
The rating, however, continues to remain constrained on account
of its fluctuating turnover, thin profitability and moderate
liquidity position.
DPL's ability to increase the scale of operations with
improvement in profitability and capital structure through
efficient management of raw material price volatility and working
capital requirement remain the key rating sensitivity.
Initially established in July 2006 as a partnership firm 'M/s.
Devanshi Electricals' by Mr Pankaj Shah, Mr Pradip Shah, and
Ms Varsha Shah, DPL was converted into closely-held Public
Limited Company in October 04, 2012. DPL manufactures bare copper
wires and various types of copper and aluminum-based household,
industrial and instrumentation cables.
The Shah family is into business of copper products since 1982 at
Jaipur, Rajasthan, through its group concern, M/s Shree Jagdish
Electrics & Engineering Works. The group has shifted its base to
Anand, Gujarat, since 2006.
During FY15, DPL reported a total operating income (TOI) of
INR48.06 crore with Profit After Tax (PAT) of INR0.17 crore as
compared with TOI of INR67.72 crore and net loss of INR0.15 crore
during FY14. During 10MFY16 (Provisional), DPL has achieved a
turnover of INR63 crore.
EDUCOMP INFRASTRUCTURE: CARE Reaffirms INR830.10cr Loan Rating D
----------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Educomp
Infrastructure And School Management Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 830.10 CARE D Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Educomp
Infrastructure and School Management Limited (EISML) continues to
factor in the delays in servicing of the company's debt
obligations.
EISML was promoted in September 2006 by Educomp Solutions Limited
(ESL) with an objective of developing quality schools across the
country. ESL, which holds 83.38% stake in EISML, is one of
India's largest providers of technology-based education products
and services for the K-12 education. EISML was promoted by Mr
Shantanu Prakash, who has a wide experience in the field of
education technology and pedagogy.
During FY15 (refers to the period April 01 to March 31), EISML
reported total operating income of INR79.88 crore and net
loss of INR240.13 crore as against total operating income of
INR90.27 crore and net loss of INR129.86 crore during FY14.
EDUCOMP SOLUTIONS: Ind-Ra Suspends IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Educomp
Solutions Limited's 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information and Ind-Ra will no longer provide
ratings or analytical coverage for Educomp.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Educomp's ratings:
-- Long-Term Issuer Rating: migrated to 'IND D(suspended) from
'IND D'
-- INR2,640 mil. term loans: migrated to Long-term
'IND D(suspended)' from 'IND D'
-- INR3,270 mil. non-fund-based working capital banking lines:
migrated to Long-term 'IND D(suspended)' from 'IND D' and
Short-term 'IND D(suspended)' from 'IND D'
-- INR800 mil. fund-based working capital banking lines:
migrated to Long-term 'IND D(suspended)' from 'IND D' and
Short-term 'IND D(suspended)' from 'IND D'
-- INR200 mil. long-term debt programme: migrated to Long-term
'IND C(suspended)' from 'IND C'
FLOOR GARDENS: CRISIL Reaffirms 'B' Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Floor Gardens (FG)
continue to reflect the firm's modest scale of operations and
below-average financial risk profile marked by high gearing.
These rating weaknesses are partially offset by the promoter's
extensive experience in the home furnishings segment and FG's
established customer base.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 47.5 CRISIL B/Stable (Reaffirmed)
Letter of Credit 2.5 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes FG will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if a significant increase in net
cash accrual through increased scale of operations and
profitability strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile weakens on account of considerable decline in cash
accrual or deterioration in its working capital management.
Update
Operating income and operating margin were INR156 million and 4.6
percent, respectively, in 2014-15 (refers to financial year,
April 1 to March 31) in line with CRISIL's expectations,
supported by stable demand from the export market. Operating
income is estimated at around INR170 million with steady
operating profitability of around 4 percent in 2015-16 marked by
it diverse product mix. However the firm's business risk profile
is expected to remain constrained over the medium term by modest
scale of operations and intense competition.
Capital structure is modest, with low networth and high gearing
of around INR7.7 million and 6.5 times respectively as on March
31, 2015. The capital structure is expected to improve gradually,
supported by capital infusion by the promoter. Debt protection
metrics are below-average, with interest coverage and net cash
accrual to total debt ratios estimated at 1.55 times and 4
percent for 2015-16. Financial risk profile will remain
constrained over the medium term by low accretion to reserves.
FG's bank limit has been highly utilised at an average of around
90 percent as in the 12 months through January 2016. Cash accrual
of INR3-4 million per annum, will be tightly matched against
maturing annual debt obligations of around INR2-4 million, over
the medium term.
Set up in 2007, FG manufactured coir-based home furnishings. The
firm is based in Allepey (Kerala). The promoter, Mr. K A Sugathan
manages FG's daily operations.
GAMMON INDIA: CARE Reaffirms 'D' Rating on INR10,355cr Loan
-----------------------------------------------------------
CARE revises/reaffirms ratings assigned to bank facilities and
instruments of Gammon India Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 949.05 CARE D Reaffirmed
Long Term/Short term Bank
Facilities 10,355.00 CARE D Revised
From CARE C/CARE A4
Non-Convertible Debenture
Issue 324.00 CARE D Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities and instrument of
Gammon India Limited (GIL) have been revised/reaffirmed owing to
delays in servicing of interest on non-convertible debentures,
over-drawals in fund-based limits and devolvements in non-fund-
based limits. The liquidity position of the company is
constrained due to delays in recoveries from customers, project
execution delays resulting in holding of high inventory, thereby
blocking working capital funds and causing cost-overruns. The
company is currently undergoing restructuring due to the
invocation of strategic debt restructuring by its lenders.
Incorporated in 1922, GIL offers services covering the whole
gamut of the civil and construction activities. GIL undertakes
construction of roads, bridges, flyovers, power plants, chimneys
and cooling towers, cross-country pipelines, structures for
hydro-electric power projects, buildings and factories. The
company has also been present in the infrastructure project
development space since 2001 through GIL's subsidiary Gammon
Infrastructure Projects Limited (GIPL, 74.98% stake in the equity
share capital, rated CARE BBB/ CARE A3), which executes public
private partnership based projects in the road, port and power
sectors through project-specific special purpose vehicles. The
company has provided corporate guarantee for repayment to non-
convertible debenture holders principal and interest payments of
Metropolitan Infra Housing Private Limited (subsidiary of GIL),
which is currently, invoked.
In the period nine months ended September 30, 2014 (refers to the
period January 1 to September 30), GIL (standalone basis)
registered a total income of INR3,691 crore and a PAT of INR68
crore.
GENESIS RESORTS: CARE Reaffirms 'D' Rating on INR118.91cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the long term rating and revises the short term
rating for bank facilities of Genesis Resorts Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 118.91 CARE D Reaffirmed
Short term Bank Facilities 2.00 CARE D Revised
from A4
Rating Rationale
The reaffirmation/revision of the ratings factors in the ongoing
delays in servicing of debt obligations by Genesis Resorts Pvt.
Ltd. (GRPL) on account of its weakened liquidity position caused
by the delay in project completion.
GRPL is a private limited company founded by the promoters of
Gajalee Group, a well-known restaurateur group. GRPL was
incorporated on September 10, 2012, to construct a four star
hotel in Vile Parle, Mumbai. The proposed four-star hotel is in
the vicinity of domestic and international airports, and would
comprise of 102 rooms, two specialty restaurants, one 24 hour
coffee shop, and one banquet hall, among other facilities. The
project was initially expected to commence operation from April
2014 at an estimated cost of INR183.81 crore. However, there has
been a delay in the project completion with the total cost of the
project being revised to INR220.33 funded with a D:E of 1.59x.
Credit Risk Assessment
Ongoing delay in debt servicing
The company continues to have ongoing delays in servicing of its
term loan facilities. The hotel is yet to commence operations and
with insufficient liquidity, the company has not been able to
service its debt repayment which has commenced from April 30,
2014.
GURU NANAK: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Guru
Nanak Cotton and Gen. Mills (GNC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 1.4 CRISIL B/Stable
Term Loan 1.1 CRISIL B/Stable
Working Capital
Demand Loan 35.0 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by GNC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GNC is yet to
provide adequate information to enable CRISIL to assess GNC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in 2005 as a partnership firm, GNC undertakes ginning and
pressing of raw cotton into cotton bales. The firm's
manufacturing facility is in Mukatsar (Punjab). GNC also has an
oil expelling unit. The firm's day-to-day operations are managed
by Mr. Sanjeev Kumar and his brother Mr. Balraj Kumar.
HOTEL DEE: CRISIL Assigns 'B' Rating to INR99MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hotel Dee Emm Residency (HDER).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 1 CRISIL B/Stable
Rupee Term Loan 99 CRISIL B/Stable
The rating reflects HDER's exposure to project risk associated
with ongoing project and to risks and cyclicality inherent in the
hospitality sector in India. These rating weaknesses are
mitigated by the advantageous location of its hotel.
Outlook: Stable
CRISIL believes HDER will benefit from the extensive experience
of partners. The outlook may be revised to 'Positive' if timely
completion of the project with no significant cost over-runs, and
substantial and timely scaling up of revenue after project
completion improves the financial risk profile. Conversely, the
outlook could be revised to 'Negative' if there delays or cost
overruns in the project or failure to significantly scale up
revenue weakens the financial risk profile.
HDER, set up in 2014, is a partnership between Mr. Tek Chand
Sood, Ms. Madhu Sood, and Mr. Sumit Sood, runs a hotel, Hotel Dee
Emm Residency, in Shimla (Himachal Pradesh). The firm is
expanding its operations from existing 5 rooms to a total of 47
rooms. The proposed hotel expansion will also feature a
restaurant, coffee shop, lounges, and a conference hall. The
hotel is proposed to commence operations in the fourth quarter of
2017-18.
JAN SHAKTI: CRISIL Suspends B- Rating on INR99MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jan
Shakti Charitable Trust (JSCT).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 99 CRISIL B-/Stable
The suspension of rating is on account of non-cooperation by JSCT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSCT is yet to
provide adequate information to enable CRISIL to assess JSCT's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in 2011-12, JSCT is organized as a not-for-profit society
and is managed by the Malik family with Mr. Bhupinder Malik being
the key person responsible for the trust's day-to-day affairs.
The trust manages a specialized medical college in the field of
veterinary education in Rohtak, Haryana.
JINDAL STAINLESS: CARE Reaffirms 'D' Rating on INR9636cr Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities/instruments of
Jindal Stainless Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 9,636 CARE D Reaffirmed
Short term Bank Facilities 6,245 CARE D Reaffirmed
Long Tem Bank Facilities
(ECB's) 1,303 CARE C Reaffirmed
Non Convertible Debentures
(NCD's) 229 CARE C Reaffirmed
Rating Rationale
The ratings ((i) and (ii) above) takes into account the ongoing
delays in servicing the debt obligations by the company.
The ratings ((iii) and (iv) above) continues to be constrained by
JSL's leveraged capital structure and weak debt coverage
indicators. The ratings also take into account the company's
working capital intensive nature of operations andcyclicality
inherent in stainless steel industry.
The ratings take note of JSL's established position in the
domestic stainless steel industry and the company's integrated
nature of operations with focus towards value-added products. The
rating takes cognizance of Asset Monetization-cum-Business
Reorganization Plan (AMP) of JSL which entails transfer of
identified business undertakings out of JSL to three new entities
namely Jindal Stainless Hisar Limited (JSHL), Jindal United Steel
Limited (JUSL) and Jindal Coke Limited (JCL).
Going forward, the company's ability to improve its debt
servicing track record and register improvement in its capital
structure scheme shall remain key rating sensitivities.
JSL, promoted by the late Mr O.P. Jindal, was originally
incorporated in 1970 as Jindal Strips Ltd. During 2002, JSL was
formed pursuant to the demerger of the Jindal Strips Ltd.
Currently, JSL is the flagship company of Ratan Jindal group (son
of Mr OP Jindal). It is the largest domestic stainless steel
producer with a steel melting capacity of 0.8 million tonnes per
annum each at Hisar (Haryana) and Jajpur (Odisha). It also has
captive thermal power plant, captive ferro chrome facilities, hot
rolling, cold rolling and downstream value-added stainless steel
manufacturing facilities. The company produces standard and
specialty steel for commercial and industrial applications.
During FY15 (refers to the period April 1 to March 31), on a
total operating income of INR5141.39 crore, the company reported
a PBILDT of INR390.14 crore and PAT of INR290.66crore. In 9MFY15
(provisional) (refers to the period April 1 to December 31), it
reported a PBILDT of INR479.94crore and net loss of
INR579.84crore on a total operating income of INR4874.32 crore.
JUGAL KISHORE: CRISIL Suspends B+ Rating on INR19MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jugal Kishore Kashmiri Lal (JKKL; part of the Jugal Kishore
group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 19 CRISIL B+/Stable
Letter of Credit 100 CRISIL A4
The suspension of ratings is on account of non-cooperation by
JKKL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JKKL is yet to
provide adequate information to enable CRISIL to assess JKKL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JKKL and Sadhu Ram Jai Prakash (SRJP).
This is because the two entities, together referred to as the
Jugal Kishore group, have financial linkages, are under a common
management, and share the same marketing network.
The Jugal Kishore group began operations in 1992 in Jind
(Haryana), with SRJP, a proprietorship concern of Mr. Rakesh
Goel. Later, on, the promoter's family established JKKL, a
partnership concern. The group processes and trades in timber,
mainly hard wood. It is based in Jind, with its processing
facilities at Gandhidham (Gujarat).
K. LEKSHMANAN: CRISIL Assigns 'D' Rating to INR15.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of K. Lekshmanan and Co. (KLC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 15.5 CRISIL D
Bank Guarantee 14.5 CRISIL D
Cash Credit 35.0 CRISIL D
The rating reflects instances of delay by KLC in meeting its debt
servicing obligations. The delays are on account of weak
liquidity.
KLC has modest scale of operations in the highly competitive and
fragmented civil construction industry and ready-mix cement (RMC)
segment, and has large working capital requirement. The firm's
financial risk profile is below average because of modest
networth and weak debt protection metrics. However, it benefits
from its promoters' extensive experience the civil construction
industry and construction material segment.
KLC was established in 1991 as a proprietorship concern, and was
reconstituted as a partnership firm in 2007. Mr. Sajil Satheek,
Mr. L Satheek, and Ms. Jaya Satheek are partners in the firm.
KAITHAL SOLVENT: CRISIL Suspends B Rating on INR62.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaithal Solvent (P) Ltd. (KSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 37.5 CRISIL B/Stable
Proposed Cash
Credit Limit 7.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 17.5 CRISIL B/Stable
Rupee Term Loan 62.5 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
KSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KSPL is yet to
provide adequate information to enable CRISIL to assess KSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Kaithal Solvent P Ltd (KSPL) was established in 1999 by Mr. CR
Garg, Mr. Kamal Garg and Mr. Deepak Garg. KSPL is engaged in the
manufacturing of edible oil like sunflower oil and rice bran oil
through solvent extraction process. KSPL has also started
refining of sunflower and rice bran oil from Nov'2014. Company's
manufacturing facilities is located in Haryana with total
extraction capacity of about 100 tonne per day.
KAMAKSHYA AGRO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamakshya Agro
Products Pvt Ltd (KAPPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect Ind-Ra's expectation that KAPPL's scale of
operations and credit profile might have improved substantially
in FY16. Provisional FY16 financials indicate the company's
revenue growing at 18% yoy on account of a higher number of
orders executed. Also, the company's debt has reduced on
scheduled repayments. In FY15, the revenue base was low at
INR298 mil., and the credit profile was moderate with EBITDA
interest coverage of 1.7x, net financial leverage (net
debt/operating EBITDA) of 5.1x and EBITDA margins of 3.8%.
The ratings are constrained by the company's tight liquidity with
the average maximum utilization of fund-based limits being 99%
for the 12 months ended February 2016.
The ratings also take into account the highly fragmented and
competitive rice milling industry the company operates in, its
susceptibility to fluctuations in raw material price subject to
government regulations and the seasonal nature of availability of
paddy.
The ratings, however, benefit from the promoters' more than six
years of operating experience in the rice industry along with the
company's locational advantage owing to its proximity to the
paddy growing regions.
RATING SENSITIVITIES
Positive: A substantial improvement in its scale of operations
along with an improvement in its credit metrics could lead to a
positive rating action.
Negative: A decline in its scale of operations and deterioration
in its credit metrics could lead to a negative rating action.
COMPANY PROFILE
KAPPL was incorporated in 2009 by Mr. Susobhan Sarkar and Smt.
Manjusha Sarkar and is primarily engaged in the processing and
milling of rice. The company's 14,400mtpa of paddy milling
facility is located in Burdwan, West Bengal.
The company sells its products under the brand name Kamakshya
Gold to the traders and wholesalers in West Bengal, Bihar and
Jharkhand.
KAPPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR40.0 mil. fund-based facilities: assigned 'IND BB';
Outlook Stable
-- INR20.87 mil. term loans: assigned 'IND BB'; Outlook Stable
-- INR1.20 mil. non-fund based facilities: assigned 'IND A4+'
KPC FLEXI: CARE Reaffirms B+ Rating on INR2.20cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of KPC
Flexi Tubes.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2.20 CARE B+ Reaffirmed
Short-term Bank Facilities 12.00 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of KPC Flexi Tubes
(KPC) continues to remain constrained by its small scale of
operations, customer concentration risk, working capital
intensive nature of operations, leveraged capital structure and
weak debt coverage indicators.
The ratings are further constrained by the constitution of the
entity as partnership firm, foreign exchange fluctuation risk and
susceptibility of profitability margins to volatility in the raw
material prices. The ratings, however, continue to draw comfort
from experienced promoters, long track record of operations and
moderate profitability margins.
Going forward, the ability of the firm to increase the scale of
operations while improving its profitability margins and capital
structure with efficient management of working capital
requirements shall be the key rating sensitivities.
KPC was established in 1988 as a partnership firm by Mr K.P.
Chandhok and Mr GauravChandhok with profit sharing ratio of 76%
and 24%, respectively. The firm is engaged in manufacturing and
export of turned and machined components, rubber molded goods,
sheet metal components and metal flexible hose. The products
manufactured find applications in the automotive industry, the
engineering industry (electrical conduits, integrated circuits),
etc. The raw materials used in manufacturing of the products are
hot rolled/cold rolled sheet, mild steel round, stainless steel
strips, stainless steel pipe, stainless steel round/hex, etc,
which are procured domestically. Its manufacturing facility is
located in Faridabad, Haryana, and the manufacturing processes
are ISO 9001:2000 certified.
In FY15 (refers to the period April 1 to March 31), KPC achieved
a total operating income (TOI) of INR25.99 crore with PBILDT and
PAT of INR2.87 crore and INR0.32 crore, respectively, as against
total operating income of INR25.64 crore with PBILDT and PAT of
INR2.36 crore and INR0.38 crore, respectively, in FY14.
Furthermore, in 11MFY16 (refers to the period April 1 to February
29) (as per the unaudited results), the firm achieved a total
operating income of INR26.90 crore.
METROPOLITAN INFRA: CARE Reaffirms 'D' Rating on INR175cr Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to instruments of Metropolitan
Infra Housing Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible
Debenture (NCD) 175.00 CARE D Reaffirmed
Rating Rationale
The rating assigned to the instruments of Metropolitan Infra
Housing Private Limited continues to be constrained due to on-
going delays in servicing obligations arising due to company's
strained liquidity position.
Metropolitan Infra Housing Private Limited (MIHPL), 84.16%
subsidiary of Gammon India Limited (GIL, rated CARE D/CARE A4 for
bank facilities and instruments), was incorporated in 2006 by Mr.
Manish Bathija and Mr.Babubhai Patel. GIL has submitted a
proposal for carve out of its Engineering, Procurement and
Construction (EPC) and Transmission and Distribution (T&D)
business from its residual business under the Corporate Debt
Restructuring (CDR) Mechanism with its lenders. MIHPL shall form
a part of the residual business and shall continue to remain a
subsidiary of GIL.
MPOWER INFRATECH: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MPower Infratech
(India) Private Limited's (MIPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect MIPL's high working capital requirements and
tight liquidity, as seen in the nearly 100% utilization (with few
instances of overuse) of its working capital borrowings during
the 12 months ended March 2016. However, the company corrected
the overutilization within one-four days.
The ratings are constrained by MIPL's moderate credit metrics,
with interest coverage (operating EBITDA/gross interest expenses)
of 2.7x during FY15 (FY14: 2.5x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 3.6x (3.5x).
However, the ratings are supported by MIPL's promoters'
experience of over a decade in the manufacture and installation
of telecom and transmission towers and structural works for solar
panels.
RATING SENSITIVITIES
Positive: A sustained improvement in MIPL's EBITDA interest
coverage and overall liquidity would lead to a positive rating
action.
Negative: A sustained decline in the EBITDA interest coverage
would lead to a negative rating action.
COMPANY PROFILE
Incorporated in 2004, MIPL manufactures and installs telecom and
transmission towers and performs structural works for solar
panels. The company is promoted by Manney Subrahmanyam and
Manney Subha.
MIPL's ratings:
-- Long-term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR370 mil. fund-based working capital limits: affirmed at
'IND BB+'/Stable
-- INR150 mil. non-fund-based working capital limits: affirmed
at 'IND A4+'
PATNA BAKHTIYARPUR: Ind-Ra Cuts INR7,491.32M Loan Rating to IND D
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Patna
Bakhtiyarpur Tollway Limited's (PBTL) INR7,491.32 mil. bank loans
(increased from INR6,810 mil.) to 'IND D' from
'IND BB+(suspended)'.
The downgrade reflects delays in debt servicing due to lower
base-year traffic and revenues than Ind-Ra's base case
assumptions. The project was originally slated for completion in
April 2014, but achieved provisional completion in April 2015.
The continuous delays in debt servicing have resulted in an about
10% increase of debt to INR7,491 mil. from INR6,810 mil.
Additionally, in Ind-Ra's opinion, general economic conditions
could exert pressure on future traffic-growth recovery, leading
to a dip in coverage ratios in the following years. Although a
fixed toll increase (3%) provides comfort, the deflationary trend
could erase some portion of it, as the toll rates are 40% indexed
to the wholesale price index.
RATING SENSITIVITIES
Positive: Strong traffic recovery coupled with timely debt
servicing for at least three consecutive months could result in a
positive rating action.
COMPANY PROFILE
PBTL is a special purpose vehicle incorporated to implement a
50.65km lane expansion (four-laning) between Anisabad in Patna
and Bakhtiyarpur on the National Highway-30 (NH-30) in Bihar
under an 18-year concession from the National Highways Authority
of India (NHAI). PBTL is a 50:50 joint venture between BSCPL
Infrastructure Limited and C&C Constructions Limited (along with
their subsidiaries). The project cost is estimated at INR9,080
mil., to be funded by a term loan of INR6,810 mil., sponsors'
equity of INR1,136 mil. (100% infused) and a NHAI grant of
INR1,134 mil.
PLASTO ELTRONICS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Plasto Eltronics
Pvt. Ltd (PEPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.
KEY RATING DRIVERS
PEPL's ratings reflect its small scale of operations and moderate
credit profile. Provisional FY16 financials indicate revenue of
INR181 mil. (FY15: INR249 mil.), gross interest coverage of 2.2x
(2.2x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of 1.3x (2.3x). The ratings consider the
entity's high customer concentration risk as its top seven
customers contribute to its total revenue.
However, the ratings are supported by the founders' over 10 years
of operating experience in manufacturing thermoplastics and
thermostat moulded, fabricated and extruded components. The
ratings are supported by the company's strong liquidity position
as reflected in its average maximum working capital utilization
of close to 73.27% for the six months ended March 2016.
RATING SENSITIVITIES
Positive: An increase in the scale of operations along with the
maintenance of its credit profile could lead to a positive rating
action.
Negative: Deterioration in its credit metrics could lead to a
negative rating action.
COMPANY PROFILE
Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat molded, fabricated, and extruded components such as
meter covers, switch boards, and batten-holder boards.
Mr Swarochis Ghuwalewala and Mr Sachin Ghuwalewala are the owners
of the company.
PEPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR30 mil. fund-based limits: assigned 'IND BB'/Stable
-- INR51 mil. non-fund-based limits: assigned 'IND A4+'
RAVELS APPARELS: CRISIL Suspends B Rating on INR35MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ravels
Apparels Private Limited (RAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4
Bill Discounting 27.5 CRISIL A4
Export Packing Credit 35.0 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 6.5 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
RAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAPL is yet to
provide adequate information to enable CRISIL to assess RAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
RAPL is promoted by Mr. Vinod Kapahi and his family members. The
company was originally set up in 1983 as a partnership firm,
Ravels International; this firm was reconstituted as a private
limited company with the current name in July 1993. RAPL is a
100-per-cent export-oriented unit, engaged in manufacturing high-
end fashion women's garments. The cost of each piece ranges from
USD5 to USD20.
ROHIT'S HERITAGE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rohit's Heritage
Jewellers Private Limited (RHJPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The agency has also assigned
its INR110 mil. fund-based working capital limits a Long-term
'IND B+' rating with a Stable outlook and a Short-term 'IND A4'
rating.
KEY RATING DRIVERS
The ratings factor in RHJPL's small scale of operations, weak
credit metrics and tight liquidity position. Its overall revenue
was INR286.21 mil. in FY15 (FY14: INR256.67m), EBITDA margin was
5.14% (6.98%), interest coverage was 1.14x (1.12x) and net
leverage was 8.03x (6.95x). Provisional FY16 financials indicate
overall revenue of INR292.99 mil., EBITDA margin of 6.3%, gross
leverage of 1.15x and net leverage of 6.72x.
RHJPL's liquidity position was tight, as reflected by the almost
100% average maximum use of its fund-based working capital limits
during the 12 months ended March 2016.
However, the ratings are support by RHJPL's established track
record and its promoters' experience of more than three decades
in the jewellery industry.
RATING SENSITIVITIES
Negative: Significant deterioration in RHJPL's EBITDA margin,
leading to weaker credit metrics, would be negative for the
ratings.
Positive: Substantial improvement in RHJPL's scale of operations,
along with an improvement in credit metrics, would lead to a
positive rating action.
COMPANY PROFILE
RHJPL was incorporated in 2000 and is engaged in the manufacture
and trade of jewellery. It operates a jewellery showroom in
Ludhiana, Punjab.
S. M. AUTOSTAR: CARE Assigns 'B' Rating to INR9.25cr Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of S. M.
Autostar Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.25 CARE B Assigned
Rating Rationale
The rating assigned to S. M. Autostar Private Limited (SAPL) is
primarily constrained by modest scale of operations coupled with
net loss, leveraged capital structure, weak coverage indicators
and working capital intensive nature of operations. The rating is
further constrained by exposure to raw material price volatility
and highly competitive nature of the auto industry.
The rating, however, draws comfort from experienced promoters.
Going forward, the ability of the company to increase its scale
of operations while attaining net profitability and improving
capital structure with effective working capital management shall
be the key rating sensitivities.
SAPL was incorporated in 2007 and is currently being managed
byMrsAnishaAgarwal and MrsKusum Singh. SAPL is primarily engaged
in manufacturing diverse products namely clutches, brake pads,
clutch plates etc., wind operative generator parts, construction
equipment parts and agricultural equipments. SAPL procures the
raw material i.e. Iron & Steel sheets, bars, pipes, angles,
channels, rubber from the local suppliers in Faridabad. The
company mainly caters to various original equipment manufacturers
and large corporates domestically.
In FY15 (refers to the period April 1 to March 31), SAPL has
achieved a total operating income (TOI) of INR6.06 crore with
PBILDT and net loss of INR1 crore and INR0.40 crore respectively
as against total operating income (TOI) of INR4.01 crore with
PBILDT and net loss of INR0.28 crore and INR0.03 crore
respectively in FY14. The company has achieved total operating
income of INR22 crore in FY16 till February 2016 (as per
unaudited results).
S R OVERSEAS: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
S R Overseas - Panipat (SRO).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B/Stable
Long Term Loan 33.8 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 21.2 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by SRO
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRO is yet to
provide adequate information to enable CRISIL to assess SRO's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
SRO is a partnership firm established in 2014. The firm
manufactures polar blankets at its unit in Panipat (Haryana). The
unit's day-to-day operations are managed by the partners Mr.
Vijender Singh and Mr. Balraj Singh. The firm began operations in
the first week of December 2014.
SADHU RAM: CRISIL Suspends B+ Rating on INR19MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sadhu
Ram Jai Prakash (SRJP; part of the Jugal Kishore group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 19 CRISIL B+/Stable
Letter of Credit 100 CRISIL A4
The suspension of ratings is on account of non-cooperation by
SRJP with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRJP is yet to
provide adequate information to enable CRISIL to assess SRJP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
The Jugal Kishore group began operations in 1992 in Jind
(Haryana), with SRJP, a proprietorship concern of Mr. Rakesh
Goel. Later, on, the promoter's family established JKKL, a
partnership concern. The group processes and trades in timber,
mainly hard wood. It is based in Jind, with its processing
facilities at Gandhidham (Gujarat).
SANDESH HOSIERY: CRISIL Suspends B+ Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sandesh Hosiery Factory (SHF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 45 CRISIL B+/Stable
Letter of Credit 15 CRISIL A4
Proposed Long Term
Bank Loan Facility 30 CRISIL B+/Stable
The suspension of rating is on account of non-cooperation by SHF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHF is yet to
provide adequate information to enable CRISIL to assess SHF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in 1970 as a partnership firm, SHF manufactures knitted
garments and hosiery products, mainly winter wear for men. In
1988, the firm was converted into a proprietorship concern with
Mr. Surinder Kumar Sareen as its proprietor. SHF's manufacturing
facility is located in Ludhiana (Punjab).
SARWATI HOME: CRISIL Suspends 'B' Rating on INR47.6MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sarwati
Home Furnishings (SHF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 47.6 CRISIL B/Stable
Term Loan 35.1 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by SHF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHF is yet to
provide adequate information to enable CRISIL to assess SHF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
SHF was set up in May 2014 as a partnership firm by Mr.
Jughminder Das Jain, Mr. Sachin Jain, and Mr. Punita Jain. The
firm is setting up a unit to manufacture polyester fabrics at
Panipat (Haryana). The unit is expected to begin commercial
production from April 2015.
SEKHANI INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sekhani
Industries Private Limited (SIPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The agency has also assigned
SIPL's INR370.0 mil. term loans a Long-term 'IND BB-' rating with
a Stable Outlook.
KEY RATING DRIVERS
The ratings reflect Ind-Ra's expectations of a substantial
improvement in SIPL's revenue and credit profile on the
stabilization of operations at its recently started sanitary
napkin manufacturing facility. Management expects the sanitary
napkin vertical to contribute around INR838 mil. to revenue and
EBITDA to INR196 mil. by FYE17 as the phase 1 of the facility
became operational from October 2015 and phase 2 is likely to be
operational from September 2016 with the combined annual
installed capacity of 811 million pieces. In FY15, the scale of
operation was small with revenue of INR359.1 mil. (only from
embroidery section), and the credit profile was moderate with
EBITDA margin of 16.5%, financial leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 6.0x and interest coverage of 4.4x.
Scaling operations while generating operating cash are the
primary challenges.
The ratings are supported by the promoters' over three decades of
operating experience in the textiles business and the successful
commencement of operations (phase 1).
RATING SENSITIVITIES
Positive: Substantial growth in the revenue along with an
improvement in the profitability leading to a sustained
improvement in the credit metrics will lead to a positive rating
action.
Negative: Inability to scale up the sanitary napkins
manufacturing operations as expected, leading to liquidity stress
will be negative for the ratings.
SHASHANK NIDHI: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shashank Nidhi
Construction Private Limited (SNCPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect SNCPL's small scale of operations and
moderate credit profile. During FY15, its revenue was INR105
mil. (FY14: INR42 mil.), net financial leverage (total adjusted
net debt/operating EBITDA) was 0.6x (3.5x) and interest coverage
(operating EBITDA/gross interest expense) was 3.1x (1.9x). EBITDA
margin declined continuously to 12.6% in FY15 (FY14: 28.7%, FY13:
30.5%) due to fluctuations in raw material costs.
The ratings are constrained by the execution risk the company
might face because of the under construction stage of its
residential project as only 80% of the brickwork has been
completed. The INR208 mil. project is likely to be completed in
December 2016.
The ratings, however, are supported by the company's promoters'
close to 10 years of operating experience in the real estate
sector and the project's strategic location in an industrial
area.
RATING SENSITIVITIES
Positive: Timely completion of the project and the sale of a
substantial number of housing units leading to strong cash flow
visibility will be positive for the ratings.
Negative: Any slowing down of flat booking leading to a cash flow
shortfall will be negative for the ratings.
COMPANY PROFILE
SNCPL was previously started as a partnership firm Shashank Nidhi
& Associate by two partners Ranjit Narayan Mishra and Suresh
Prashad Sinha in 2004, engaged in business of land reselling. On
18 April 2007, the firm was changed into a private limited
company Shashank Nidhi Construction Private Limited with the then
existing partners as directors of the newly formed company, and
entered into the real estate business. The company has completed
four projects till now, is constructing a residential project -
Platina Dream City Phase II, and is planning to start two new
projects in Jamshedpur.
SNCPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook
Stable
-- INR8.50 mil. term loans: assigned Long-term
'IND BB-'/Stable
-- INR120 mil. fund based working capitals: assigned Long-term
'IND BB-'/Stable
SHETKARI SAKHAR: CRISIL Reaffirms 'B-' Rating on INR342.7MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shetkari
Sakhar Karkhana (Chandapuri) Limited (SSKL) continues to reflect
the company's below-average financial risk profile because of
weak debt protection metrics, average capital structure, and
constrained liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 107.3 CRISIL B-/Stable (Reaffirmed)
Term Loan 342.7 CRISIL B-/Stable (Reaffirmed)
The rating also factors in working capital intensive operations
and exposure to risks related to regulatory changes in the sugar
industry. These rating weaknesses are partially offset by
benefits derived from proximity to a sugarcane producing region
and tie-ups with farmers for procurement of sugarcane.
Outlook: Stable
CRISIL believes SSKL's financial risk profile, particularly
liquidity, will remain constrained over the medium term due to
working capital-intensive operations and planned capital
expenditure (capex). The outlook may be revised to 'Positive' in
case of larger-than-expected fund infusion, supporting liquidity
and planned capex. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk
profile, especially liquidity, most likely due to pile-up of
sugar stock, constrained profitability because of adverse raw
material price movement, or larger-than-expected debt-funded
capex.
SSKL was incorporated in 2011, promoted by Mr. M Waghmode and his
family, along with other directors. The company manufactures
sugar at its factory at Chandapuri in Solapur.
SHREE BALAJI: CRISIL Suspends 'D' Rating on INR207.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Balaji Pigments Private Limited (SBPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 207.5 CRISIL D
Term Loan 32.5 CRISIL D
The suspension of ratings is on account of non-cooperation by
SBPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBPPL is yet to
provide adequate information to enable CRISIL to assess SBPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar
Agarwal, manufactures TMT (Thermo-mechanically treated) bars. The
company, incorporated in 2007 has a manufacturing plant with a
capacity of 1.05 lakhs MT (metric ton) per annum, in Kathua,
Jammu & Kashmir.
SHREE HANUMAN: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shree Hanuman Mosaic And Marble (SHM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 8.4 CRISIL B+/Stable
Cash Credit 50 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 1.6 CRISIL B+/Stable
The rating reflects SHM's small scale of operations, large
working capital requirement, and weak financial risk profile
marked by small networth and weak capital structure. These
weaknesses are partially offset by extensive industry experience
of its proprietor.
Outlook: Stable
CRISIL believes SHM will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of substantial and sustainable increase in
scale of operations and cash accrual, or sizeable equity
infusion, leading to better liquidity and capital structure.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue or accrual, stretch in working capital
cycle, or significant debt-funded capital expenditure, leading to
deterioration in financial risk profile, specially liquidity.
SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odisha-based
Ms. Epari Rekha, and its operations are managed by her husband
Mr. Epari Bhadrachalam, who has experience of over two decades in
this line of business.
SHRI JAGRITI: CRISIL Assigns 'B' Rating to INR90MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Jagriti Solvex Private Limited (SJSPL).
The rating reflects SJSPL's exposure to risks related to
stabilisation of operations and susceptibility of its margins to
volatility in raw material prices. These weaknesses are partially
offset by the considerable entrepreneurial experience of its
promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B/Stable
Long Term Loan 90 CRISIL B/Stable
Outlook: Stable
CRISIL believes SJSPL will continue to benefit over the medium
term from the considerable entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant ramp-up in scale of operations post commencement and
stabilisation leading to better than expected cash accruals along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of low revenue or cash accrual, or stretch in
working capital cycle, or significant debt-funded capital
expenditure.
SJSPL, incorporated as a private limited company in 2011 and
promoted by Mr. Kamal Kumar and Mr. Shashank Shrivastava, is
setting up a solvent extraction plant and refinery. Its solvent
extraction processing facility and refinery is at Mahasamund in
Chhattisgarh. The solvent extraction plant will have capacity of
200 tonne per day (tpd) and the refinery will have capacity of 50
tpd. The company is expected to commence commercial operations
from January 1, 2017.
SRI VENKATESWARA: CRISIL Assigns B+ Rating to INR39.6MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Venkateswara Rice Industries-
Draksharama (SVRID).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 0.5 CRISIL B+/Stable
Bank Guarantee 36.9 CRISIL A4
Cash Credit 39.6 CRISIL B+/Stable
The ratings reflect SVRID's modest scale of operations in the
intensely competitive rice-milling industry, and susceptibility
of its operating profitability to changes in government
regulations and to volatility in raw material prices. The ratings
also factor in the firm's weak financial risk profile because of
modest networth and weak debt protection metrics. These
weaknesses are partially offset by extensive industry experience
of its promoter, and its established relationships with customers
and suppliers.
Outlook: Stable
CRISIL believes SVRID will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to a better
financial risk profile, or if significant capital infusion
results in improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a larger-than-
expected debt-funded capital expenditure, or capital withdrawal
leading to deterioration in financial risk profile.
SVRID, set up in 2005, mills and processes paddy into rice, rice
bran, broken rice, and husk. Its rice mill is in Draksharama,
Andhra Pradesh, and operations are managed by Mr. Subba Reddy.
STEEL AUTHORITY: Fitch Affirms and Withdraws 'BB' IDR
-----------------------------------------------------
Fitch Ratings has affirmed Steel Authority of India Limited's
(SAIL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'BB'. The Outlook is Negative.
Fitch has simultaneously chosen to withdraw the rating for
commercial reasons. Accordingly, Fitch will no longer provide
ratings or analytical coverage for SAIL.
KEY RATING DRIVERS
See rating action commentary "Fitch Downgrades Steel Authority of
India to 'BB'; Outlook Negative", dated 1 April 2016 and
available at www.fitchratings.com
RATING SENSITIVITIES
No longer relevant as the rating has been withdrawn.
SURANA INDUSTRIES: CARE Reaffirms 'D' Rating on INR517.28cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Surana Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 517.28 CARE D Reaffirmed
Short term Bank Facilities 75.63 CARE D Reaffirmed
Rating Rationale
The rating continues to factor in delays in servicing of the debt
obligations by Surana Industries Limited (SIL). Background Surana
Industries Limited (SIL) is into manufacturing of iron and steel
products and trading in MS Structurals.
The company has two units, one each at Raichur (Karnataka) and
Gummidipoondi, Tamil Nadu (GPD). As on March 31, 2014, Raichur
unit had a sponge iron capacity of 1,28,000 tonnes per annum
(tpa), steel melting shop with capacity of 225,000 tpa and
Rolling Mill/Wire drawing capacity of 300,000 tpa. GPD unit has a
rolling mill capacity of 1,08,000 tpa and induction furnace of
30,000 tpa for production of ingots. In addition to production
and sale of billets & TMT bars, GPD operations include purchase
and sale of MS Structural. SIL is in this line of business for
the past 18 years. Instances of delays in debt servicing The
company has reported delays in debt servicing to banks on account
of tight liquidity position.
During FY15 (refers to the period April 01 to March 31), the
company generated total income of INR650 crore as against INR558
crore during FY14. However, on account of higher costs, the
company reported net loss of INR263 crore in FY15 as against net
loss of INR155 crore in FY14. Net worth has moderated from INR935
crore as on March 31, 2014 to INR674 crore as on March 31, 2015.
SWAMBHUNATH COLD: CRISIL Reaffirms 'B-' Rating on INR81.2MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
Swambhunath Cold Storage Pvt Ltd (SCSPL) continues to reflect
SCSPL's below-average financial risk profile, and its
susceptibility to adverse regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the promoters'
extensive experience in the cold storage industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4 (Reaffirmed)
Cash Credit 81.2 CRISIL B-/Stable (Reaffirmed)
Working Capital
Demand Loan 10.5 CRISIL B-/Stable (Reaffirmed)
Working Capital
Term Loan 3.3 CRISIL B-/Stable (Reaffirmed)
Previously, CRISIL has combined the business and financial risk
profiles of Shashadhar Cold Storage Pvt Ltd and Swambhunath Cold
Storage Pvt Ltd. CRISIL has used a consolidated approach because
the two entities are in the same line of business and are under a
common management. However, now the team is de-consolidating the
financials of both the entities since there are no operational
and financial synergies even though both the entities are in the
same line of business and are under a common management.
Outlook: Stable
CRISIL believes that SCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' if SCSPL's financial risk
profile, particularly its liquidity, weakens, because of
substantial working capital requirements, or a decline in its
cash accruals, or large debt-funded capital expenditure.
SCSPL, incorporated in 1994, is engaged in the business of
providing cold storage services to the potato farmers and
traders. SCSPL is located in Paschim Medinipur (West Bengal) with
a cumulative capacity of 2,40,000 quintal for storing potatoes.
TARANG JEWELS: CARE Assigns 'B' Rating to INR15cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Tarang
Jewels Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 15 CARE B Assigned
Rating Rationale
The rating assigned to Tarang Jewels Pvt. Ltd. (TPL) is primarily
constrained by limited experience of management in the jewellery
industry, short track record and small scale of operations, low
profitability margins, leveraged capital structure and weak
coverage indicators.
The rating is further constrained by competition from various
organised and unorganised players in Gems &Jewellery (G&J)
industry.
The rating, however, draws comfort from significant increase in
scale of operations during short period of operations. Going
forward, the ability of the company to increase its scale of
operations while improving profitability margin and capital
structure shall be the key rating sensitivities.
Tarang Jewels Pvt. Ltd. (TPL) was incorporated in 2014 and
currently being managed byMrSanjeev Aggarwal and MrSajalGoel. The
company commenced its operations in FY15 (refers to the period
April 1 to March 31) was the first full year of operations. The
company is engaged in retail trading of diamond, gold and silver
jewellery through its showroom located at Faridabad, Haryana. The
company buys readymade jewellery from wholesalers and
manufacturers in Delhi.
In FY15 (refers to the period April 1 to March 31), TPL has
achieved a total operating income (TOI) of INR8.52 crore with
PBILDT and PAT of INR0.24 crore and INR0.01 crore. The company
has achieved total operating income of INR22.35 crore in FY16
till February, 2016 (as per unaudited results).
UNIPEARL ALLOYS: CARE Reaffirms B+ Rating on INR3.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the Bank Facilities of
Unipearl Alloys.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 3.50 CARE B+ Reaffirmed
Short-term Bank Facilities 2.45 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Unipearl Alloys
(UA) continue to be constrained by its small scale of operations,
susceptibility of profitability margins to fluctuation in raw
material price and weak solvency position.
The ratings also factors in presence of UA in a highly
competitive and fragmented steel industry, low profitability
margins, working capital intensive nature of operations and
constitution of the firm being a partnership.
The ratings, however, derive strength from the experienced
promoters with long track record of operations of the firm. The
ability of the firm to profitably scale-up its operations while
improving its profitability margins and solvency position and
managing the working capital requirements efficiently will remain
the key rating sensitivities.
UA, based in Mandi Gobindgarh, Punjab, is a partnership firm
established in April 2005. The firm is primarily engaged in the
manufacturing of mild steel ingots, square steel billets, forging
ingots, etc, at its manufacturing facility located in Mandi
Gobindgarh, Punjab. UA has an installed capacity of manufacturing
60 metric tonnes per annum (MTPA) as on March 31, 2015. The firm
procures raw material in the form of iron scrap, mild steel scrap
and moulds from various dealers and wholesalers. The processes of
UA are ISO 9001:2008 certified. Pearl Steel Rolling Mills and
United Iron & Steel Re-Rolling Mills, the associate concerns of
UA, are engaged in manufacturing of mild steel angles and
stainless steel angles and have been operational since 1987 and
1960, respectively.
In FY16 (refers to the period April 1 to March 31), UA achieved
an operating income of INR58.57 crore (Provisional) till March
25, 2016.
V3S INFRATECH: CRISIL Assigns 'D' Rating to INR343.8MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of V3S Infratech Limited (V3S). The ratings reflect
delays by the company in payment of interest and instalments on
its term debt.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 70.1 CRISIL D
Bank Guarantee 116.1 CRISIL D
Cash Credit 343.8 CRISIL D
The company has working capital-intensive operations and a below-
average financial risk profile. However, it benefits from the
extensive experience of its promoters in the real estate industry
and a moderate scale of operations.
V3S was incorporated in 2003, promoted by the Kurele family. The
company develops real estate commercial and residential projects
and also undertakes construction activities. It is owned by Mr.
Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife
Mrs. Manjulata Kurele.
VAISHALI AGRO: CARE Reaffirms 'B' Rating on INR18.56cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vaishali Agro Soya Products.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 18.56 CARE B Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Vaishali Agro Soya
Products (VASP) continues to remain constrained by the project
stabilisation risk emanating from short track record of
operations and working capital intensity of business owing to
seasonal nature of operations.
The rating also takes into account the susceptibility of
operating margins to fluctuations in raw material prices and
exposure to the vagaries of nature, presence in a highly
competitive and fragmented industry segment and constitution of
the entity as a partnership firm limiting the financial
flexibility of the firm.
The rating also factors in experienced promoters and location
advantage with proximity to sources of raw material. The ability
of the firm to attain stability of operations and utilize its
optimum installed capacity remains the key rating sensitivity.
Based out of Latur (Maharashtra), VASP was formed in October 2012
by the members of the Mukkawar family. VASP is involved in the
manufacturing, processing and refining of soyabean oil from
soyabean seeds. The main products of the company are soyabean oil
and de oiled cakes (DOC). The unit is set up with an installed
capacity of 108,000 metric tonnes per annum (MTPA) for soyabean
oil and 90,000 MTPA for de-oiled cakes. The commercial operations
of the firm started in January 20, 2015.
Soya bean oil is an edible oil, widely used for cooking purposes.
It also has industrial use in printing oils and oil paints. De-
oiled cake is primarily used as animal feed in poultry farms. The
process of extraction involves procurement of soyabean, solvent
extraction, oil desolvenizing, flake desolvenizing and oil
refining.
VELOCITY AUTOMOTIVES: CRISIL Suspends 'C' Rating on INR35MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Velocity Automotives Private Limited (VAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 65 CRISIL A4
Cash Credit 35 CRISIL C
The suspension of ratings is on account of non-cooperation by
VAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VAPL is yet to
provide adequate information to enable CRISIL to assess VAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
VAPL, incorporated in 2010 and based in Ambala (Haryana), is a
private limited company promoted by Mr. Nitin Goyal and his
family members. VAPL is an authorised dealer for Volkswagen India
Pvt Ltd (VIPL) in Ambala.
VIJAY GINNING: CRISIL Reaffirms 'B+' Rating on INR85MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vijay Ginning
Factory (VGF) continues to reflect the firm's modest scale of
operations in the intensely competitive cotton industry, and
large working capital requirement.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 85 CRISIL B+/Stable (Reaffirmed)
The rating also factors in a below-average financial risk profile
because of average gearing and modest debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters, absence of long-term debt,
and benefits derived from the proximity of the firm's ginning
unit to the cotton-growing belt in Gujarat.
Outlook: Stable
CRISIL believes VGF will continue to benefit over the medium term
from the extensive industry experience its promoters. The outlook
may be revised to 'Positive' in case of substantial revenue,
while profitability and capital structure improve. Conversely,
the outlook may be revised to 'Negative' in case of a
considerable decline in revenue and profitability, inefficient
working capital management, or large, debt-funded capital
expenditure, leading to deterioration in the financial risk
profile, particularly liquidity.
Update
Net sales de-grew by 4 per cent to about INR386.1 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR404 million in the previous year. Net sales declined further
in 2015-16 to INR350-360 million on account of the overall
slowdown in the cotton industry and dip in cotton prices.
Operating profitability is estimated to remain in the range of
1.75 to 2 per cent in 2015-16, in line with the previous year.
Operations remain working capital intensive as reflected in gross
current assets of 100-110 days as on March 31, 2016.
The financial risk profile remains below average driven by
average gearing of 1.8-2.0 times and a modest net worth of INR33-
35 million, as on March 31, 2016.
Set up in 2008, VGF is a partnership firm promoted by the Mori
and Parmar families of Surendranagar, Gujarat. The firm
undertakes cotton ginning and pressing at its facility in
Surendranagar.
=========
J A P A N
=========
SUMITOMO CORP: Misses Profit Target, Warns of Uncertainty
---------------------------------------------------------
Masumi Suga and Ichiro Suzuki at Bloomberg News report that
Sumitomo Corp. warned that its business outlook is becoming more
uncertain, after missing its full-year profit target due to
widening impairments on its resources investments.
Bloomberg says the Tokyo-based trading house said net income in
the year through March was JPY74.5 billion ($692 million), below
the JPY100 billion it had forecast in February, after impairments
widened from an estimated JPY170 billion to JPY195.1 billion.
"The outlook is becoming more unclear than it was," Chief
Financial Officer Koichi Takahata told a briefing in Tokyo after
the trading house reported results, citing China's slowing
economy and the prolonged slump in commodities prices, Bloomberg
relays.
President Kuniharu Nakamura and some other executives will take
pay cuts because of the deterioration in earnings, Mr. Takahata,
as cited by Bloomberg, said. The president will lose 30 percent
of his salary for six months.
Sumitomo forecast net income in the current year at 130 billion
yen, below analysts' estimates, Bloomberg discloses. The company
had posted a loss of JPY73.2 billion in fiscal 2014, its first
annual loss in sixteen years. Its shares pared gains of as much
as 4.8 percent to end 0.4 percent higher at JPY1,110 in Tokyo,
the report notes.
Sumitomo is the second of Japan's top five general trading
houses, known as sogo shosha, to report full-year earnings, the
report discloses.
TAKATA CORP: Expects Annual Loss on Mounting Recall Costs
---------------------------------------------------------
Nikkei Asian Review reports that embattled Japanese air bag maker
Takata will fall into the red for the year ended in March, after
booking special losses in relation to the recall of its
potentially lethal air bags, the company announced.
Nikkei says Takata now forecasts a net loss of JPY13 billion
($120 million) for fiscal 2015, a sharp reversal from the
previous forecast of a JPY5 billion profit. The report relates
that the announcement comes after the company said last week that
total special losses in relation to the recall will amount to
JPY20.1 billion.
According to Nikkei, the figure for fiscal 2015 is an improvement
on the previous year, when Takata posted a record loss of
JPY29.5 billion. However, more challenges lie ahead, with the
company agreeing last week with the U.S. authorities to expand
the recall of its air bags in the U.S. to a maximum of 68.8
million units, the costs of which are not reflected in the latest
forecast. Regulators in Japan and other countries are likely to
follow suit, with total costs predicted to exceed JPY1 trillion.
Takata has been negotiating cost burdens with automakers and
lenders via a third-party committee of outside attorneys, with
the committee aiming to conclude the talks in August, Nikkei
notes.
As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2016, Nikkei Asian Review said that Takata Corp, mired
in a deepening air bag scandal, hopes to select a sponsor by
August to pursue restructuring under new management. A third-
party committee of outside attorneys and others had briefed
automakers and banks on the plan by April 19, Nikkei said.
Takata hopes to select a sponsor by the end of August and draw up
fresh rehabilitation plans. It likely will accept a management
team from the sponsor.
On Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces
huge fines, and almost certainly lawsuits (which have already
begun), over its defective airbags. The report related that some
experts believe that the Japanese company was not forthcoming
about the technical failure that caused several serious accidents
and deaths. If Takata goes bankrupt, which could certainly
happen, claims against the company would be in limbo, 24/7 Wall
St. said.
Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Manila Electric Co.
(Meralco) to positive from stable. At the same time, S&P
affirmed its long-term corporate credit rating at 'BB+' and S&P's
ASEAN regional scale rating on the Philippines-based power
distributor at 'axBBB+'.
S&P revised the outlook on Meralco because S&P expects the
company will further consolidate its cash buffer and maintain a
cautious balance sheet, at a time of high investments, sustained
returns to shareholders, and regulatory uncertainty.
Meralco has been consistently generating robust free operating
cash flows (FOCF) because of its resilient profitability and
predictable capital expenditure requirements, which have averaged
about 35% of reported EBITDA over the past three years. As a
result, the company's capital structure has steadily improved
despite increasing dividend payout. As of Dec. 31, 2015, Meralco
reported a net cash position of Philippine peso (PHP) 20.5
billion.
S&P sees some uncertainty in the timing and magnitude of the
tariff reset for power distribution for the coming regulatory
period, which is already delayed. The outcome of the reset will
materially influence Meralco's FOCF over the following four years
and, hence, the company's financial metrics.
"Although we believe the regulatory environment remains broadly
supportive of Meralco's operations, the lengthy and uncertain
decision-making process with the Energy Regulatory Commission
weighs on Meralco's credit quality, in our opinion," said S&P
Global Ratings analyst Bertrand Jabouley.
While S&P views positively Meralco developing a portfolio of
generation assets largely in partnership with established parties
as majority owners, such ventures bear significant execution
risks given their size and financing structure across equity and
debt. Based on S&P's assumption of a cost of about US$2.0 million
per megawatt of capacity, it estimates that the three main
projects Meralco is involved in will cost about US$4.5 billion in
total (close to half of it being its share, given the company's
objective to keep a minority stake in all ventures).
"We do not consolidate the debt in Meralco's balance sheet
because we understand the company has collaborated with seasoned
industrial partners and appointed prime contractors for the
construction of the plants," Mr. Jabouley said. "However, we
believe that off-balance-sheet risks call for heightened caution
when it comes to Meralco's capital structure management in case
the project risk gets transferred to the company."
The positive outlook over the next 12-18 months reflects S&P's
expectation that Meralco's operations and capital structure will
remain consistent with past performance. This is because (1) S&P
foresees the regulatory reset will not materially change the
company's economic circumstances; and (2) S&P anticipates that
the generation assets under construction which Meralco has
invested in will progress as scheduled with minimal cost overruns
and performance issues.
S&P could revise the outlook to stable if the FFO-to-debt ratio
approaches 25%. In S&P's view, this would question the company's
ability or willingness to maintain a consistent, solid capital
structure. This could happen if: (1) Meralco makes aggressive
dividend payments to shareholders, departing from its policy to
keep hefty contingency funds to address equity infusions in its
power generation investments, large provisions, and regulatory
uncertainty; (2) the company's expansion in power generation
results in higher debt incurrence than we currently anticipate
because of performance issues; or (3) in a less likely scenario,
power demand weakens significantly.
S&P would upgrade Meralco if the company demonstrates its
willingness to maintain a conservative capital structure, with
ratio of FFO to debt approaching 35%. S&P would consider an
upgrade if it believes distributions to shareholders will not
exceed Meralco's recurring earnings, and witness timely progress
in the construction of the company's generation ventures.
================
S R I L A N K A
================
SEYLAN BANK: Fitch Rates LKR5BB Subordinated Debenture at BBB+
---------------------------------------------------------------
Fitch Ratings has assigned Seylan Bank PLC's (A-(lka)/Stable)
proposed Basel II-compliant subordinated debenture issue of up to
LKR5 billion a National Long-Term Rating of 'BBB+(lka)(EXP)'.
The debentures will have tenors of five and seven years and carry
fixed and floating coupons. The debentures are to be listed on
the Colombo Stock Exchange and the bank plans to use the proceeds
to fund loan growth, strengthen its Tier 2 capital base and
reduce structural maturity mismatches.
The final rating is subject to the receipt of final documentation
conforming to information already received.
KEY RATING DRIVERS
The proposed subordinated debentures are rated one notch below
Seylan Bank's National Long-Term Rating to reflect the
subordination to senior unsecured creditors.
Seylan Bank's rating reflects Fitch's view that the government of
Sri Lanka (B+/Negative) would provide it extraordinary support in
case of need because the regulator has classified it as one of
six domestic systemically important banks. Fitch assigns Seylan
Bank a lower support-driven rating because it has a smaller
market share compared with its peers.
RATING SENSITIVITIES
The rating on the proposed debentures will move in tandem with
Seylan Bank's National Long-Term Ratings.
Any change in Sri Lanka's sovereign rating or the perception of
state support to Seylan could result in a change in its National
Long-Term Rating. Fitch would consider an upgrade of Seylan's
ratings if the bank's standalone rating - currently at a notch
below its support-driven rating - moves above the support-driven
rating through a significant and sustained improvement in asset
quality and provisioning, and its other credit metrics are in
line with that of higher-rated peers.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 2 to May 6, 2016
-------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
BARMINCO FINANCE PT 9.00 6/1/2018 USD 76.83
BOART LONGYEAR MANA 7.00 4/1/2021 USD 36.75
BOART LONGYEAR MANA 7.00 4/1/2021 USD 36.75
CBL CORP LTD 8.25 4/17/2019 AUD 70.38
CML GROUP LTD 9.00 1/29/2020 AUD 1.00
CML GROUP LTD 7.49 5/18/2021 AUD 71.03
CRATER GOLD MINING 10.00 8/18/2017 AUD 35.00
CROWN RESORTS LTD 6.33 4/23/2075 AUD 69.92
EMECO PTY LTD 9.88 3/15/2019 USD 53.56
EMECO PTY LTD 9.88 3/15/2019 USD 53.00
IMF BENTHAM LTD 6.48 6/30/2019 AUD 59.13
KBL MINING LTD 12.00 2/16/2017 AUD 0.05
KEYBRIDGE CAPITAL L 7.00 7/31/2020 AUD 0.70
LAKES OIL NL 10.00 3/31/2017 AUD 6.50
MIDWEST VANADIUM PT 11.50 2/15/2018 USD 6.50
MIDWEST VANADIUM PT 11.50 2/15/2018 USD 6.00
RESOLUTE MINING LTD 10.00 12/4/2017 AUD 1.00
STOKES LTD 10.00 6/30/2017 AUD 0.35
TREASURY CORP OF VI 0.50 11/12/2030 AUD 68.58
CHINA
-----
ANSHAN CITY CONSTRU 8.25 3/5/2019 CNY 63.00
ANSHAN CITY CONSTRU 8.25 3/5/2019 CNY 63.51
ANYANG INVESTMENT G 8.00 4/17/2019 CNY 64.85
BANGBU CITY INVESTM 5.78 8/10/2017 CNY 54.99
BEIJING ECONOMIC TE 5.29 3/6/2018 CNY 72.00
CHANGSHA CITY CONST 6.95 4/24/2019 CNY 63.36
CHANGSHA CITY CONST 6.95 4/24/2019 CNY 84.80
CHANGSHA COUNTY XIN 8.35 4/6/2019 CNY 64.96
CHANGSHA COUNTY XIN 8.35 4/6/2019 CNY 64.31
CHANGSHA HIGH TECHN 7.30 11/22/2017 CNY 71.00
CHANGSHU BINJIANG U 6.85 4/27/2019 CNY 62.19
CHANGSHU CITY OPERA 8.00 1/16/2019 CNY 64.06
CHANGSHU CITY OPERA 8.00 1/16/2019 CNY 63.02
CHANGZHOU INVESTMEN 5.80 7/1/2016 CNY 40.13
CHANGZHOU INVESTMEN 5.80 7/1/2016 CNY 40.18
CHANGZHOU WUJIN CIT 5.42 6/9/2016 CNY 50.09
CHANGZHOU WUJIN CIT 5.42 6/9/2016 CNY 49.86
CHENGDU XINCHENG XI 8.35 3/19/2019 CNY 64.81
CHENGDU XINCHENG XI 8.35 3/19/2019 CNY 66.32
CHONGQING HECHUAN R 8.28 4/10/2018 CNY 52.14
CHONGQING HECHUAN R 8.28 4/10/2018 CNY 51.31
CHONGQING HECHUAN U 6.95 1/6/2018 CNY 72.62
CHONGQING HECHUAN U 6.95 1/6/2018 CNY 72.25
CHONGQING JIANGJIN 6.95 1/6/2018 CNY 71.60
CHONGQING JIANGJIN 6.95 1/6/2018 CNY 63.64
CHONGQING LAND PROP 7.35 4/25/2019 CNY 64.20
CHONGQING LAND PROP 7.35 4/25/2019 CNY 64.35
CHONGQING NAN'AN DI 8.20 4/9/2019 CNY 64.71
CHONGQING NAN'AN DI 6.29 12/24/2017 CNY 60.00
CHONGQING NAN'AN DI 6.29 12/24/2017 CNY 61.77
CHONGQING XINGRONG 8.35 4/19/2019 CNY 63.50
CHONGQING XINGRONG 8.35 4/19/2019 CNY 64.27
CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 72.86
CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 72.10
CHONGQING YUXING CO 7.29 12/8/2017 CNY 72.33
DALI ECONOMIC DEVEL 8.80 4/24/2019 CNY 65.31
DANDONG CITY DEVELO 6.21 9/6/2017 CNY 70.21
DANYANG INVESTMENT 8.10 3/6/2019 CNY 63.55
DANYANG INVESTMENT 8.10 3/6/2019 CNY 85.38
DANYANG INVESTMENT 6.30 6/3/2016 CNY 40.08
DATONG ECONOMIC CON 6.50 6/1/2017 CNY 70.93
DATONG ECONOMIC CON 6.50 6/1/2017 CNY 70.20
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 61.81
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 59.75
ERDOS DONGSHENG CIT 8.40 2/28/2018 CNY 47.79
ERDOS DONGSHENG CIT 8.40 2/28/2018 CNY 50.11
GRANDBLUE ENVIRONME 6.40 7/7/2016 CNY 70.36
GUANGAN INVESTMENT 8.18 4/25/2019 CNY 64.68
GUANGAN INVESTMENT 8.18 4/25/2019 CNY 63.03
GUIYANG ECO&TECH DE 8.42 3/27/2019 CNY 64.30
GUOAO INVESTMENT DE 6.89 10/29/2018 CNY 68.31
HAIAN COUNTY CITY C 8.35 3/28/2018 CNY 52.48
HAIAN COUNTY CITY C 8.35 3/28/2018 CNY 52.78
HAIMEN CITY DEVELOP 8.35 3/20/2019 CNY 63.28
HAIMEN CITY DEVELOP 8.35 3/20/2019 CNY 61.51
HANGZHOU MUNICIPAL 5.90 4/25/2018 CNY 51.70
HANGZHOU MUNICIPAL 5.90 4/25/2018 CNY 51.39
HANGZHOU XIAOSHAN S 6.90 11/22/2016 CNY 40.15
HANGZHOU XIAOSHAN S 6.90 11/22/2016 CNY 40.88
HANGZHOU YUHANG CIT 7.55 3/29/2019 CNY 63.75
HANGZHOU YUHANG CIT 7.55 3/29/2019 CNY 57.73
HANZHONG CITY CONST 7.48 3/14/2018 CNY 65.39
HANZHONG CITY CONST 7.48 3/14/2018 CNY 72.81
HEFEI TAOHUA INDUST 8.79 3/27/2019 CNY 66.10
HEFEI TAOHUA INDUST 8.79 3/27/2019 CNY 61.78
HEFEI XINCHENG STAT 7.88 4/23/2019 CNY 62.20
HEFEI XINCHENG STAT 7.88 4/23/2019 CNY 62.26
HEILONGJIANG HECHEN 7.78 11/17/2016 CNY 40.30
HEILONGJIANG HECHEN 7.78 11/17/2016 CNY 39.78
HUAIAN CITY URBAN A 7.15 12/21/2016 CNY 40.66
HUAIAN CITY WATER A 8.25 3/8/2019 CNY 64.51
HUAIAN CITY WATER A 8.25 3/8/2019 CNY 62.01
HUAIAN DEVELOPMENT 6.80 3/24/2017 CNY 42.34
HUAIAN QINGHE NEW A 6.79 4/29/2017 CNY 41.68
HUAIHUA CITY CONSTR 8.00 3/22/2018 CNY 52.11
HUAIHUA CITY CONSTR 8.00 3/22/2018 CNY 51.11
HUNAN ZHAOSHAN ECON 7.00 12/12/2018 CNY 75.00
HUZHOU MUNICIPAL CO 7.02 12/21/2017 CNY 72.61
HUZHOU NANXUN STATE 8.15 3/31/2019 CNY 64.02
HUZHOU WUXING NANTA 7.71 2/17/2018 CNY 72.79
JIAMUSI NEW ERA INF 8.25 3/22/2019 CNY 62.81
JIAMUSI NEW ERA INF 8.25 3/22/2019 CNY 62.44
JIAN CITY CONSTRUCT 7.80 4/20/2019 CNY 84.04
JIAN CITY CONSTRUCT 7.80 4/20/2019 CNY 64.33
JIANGDONG HOLDING G 6.90 3/27/2019 CNY 61.53
JIANGDU XINYUAN IND 8.10 3/23/2019 CNY 63.92
JIANGDU XINYUAN IND 8.10 3/23/2019 CNY 62.51
JIANGSU HUAJING ASS 5.68 9/28/2017 CNY 49.87
JIANGSU HUAJING ASS 5.68 9/28/2017 CNY 50.60
JIAXING CULTURE FAM 8.16 3/8/2019 CNY 65.70
JINAN CITY CONSTRUC 6.98 3/26/2018 CNY 51.50
JINAN CITY CONSTRUC 6.98 3/26/2018 CNY 51.73
JINGJIANG BINJIANG 6.80 10/23/2018 CNY 68.88
JINGZHOU URBAN CONS 7.98 4/24/2019 CNY 64.17
JINING CITY CONSTRU 8.30 12/31/2018 CNY 64.02
JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 64.82
JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 65.00
JIUJIANG CITY CONST 8.49 2/23/2019 CNY 63.85
JIUJIANG CITY CONST 8.49 2/23/2019 CNY 66.00
KUNMING CITY CONSTR 7.60 4/13/2018 CNY 52.34
KUNMING CITY CONSTR 7.60 4/13/2018 CNY 52.33
KUNMING WUHUA DISTR 8.60 3/15/2018 CNY 53.31
KUNMING WUHUA DISTR 8.60 3/15/2018 CNY 53.10
LAIWU CITY ECONOMIC 6.50 3/1/2018 CNY 61.46
LESHAN STATE-OWNED 6.99 3/18/2018 CNY 72.26
LESHAN STATE-OWNED 6.99 3/18/2018 CNY 73.33
LIAOYUAN STATE-OWNE 7.80 1/26/2017 CNY 40.01
LIAOYUAN STATE-OWNE 8.17 3/13/2019 CNY 63.29
LIAOYUAN STATE-OWNE 7.80 1/26/2017 CNY 40.81
LIAOYUAN STATE-OWNE 8.17 3/13/2019 CNY 62.00
LINAN CITY CONSTRUC 8.15 3/9/2018 CNY 53.19
LINAN CITY CONSTRUC 8.15 3/9/2018 CNY 52.43
LINHAI CITY INFRAST 7.98 11/6/2016 CNY 50.05
LINHAI CITY INFRAST 7.98 11/6/2016 CNY 50.93
LINYI INVESTMENT DE 8.10 3/27/2018 CNY 52.92
LIUZHOU DONGCHENG I 8.30 2/15/2019 CNY 64.61
LIUZHOU DONGCHENG I 8.30 2/15/2019 CNY 62.81
LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 72.20
LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 72.57
LUOHE CITY CONSTRUC 6.81 3/30/2017 CNY 30.84
LUOHE CITY CONSTRUC 6.81 3/30/2017 CNY 30.67
NANCHONG CHEMICAL I 8.16 4/26/2019 CNY 64.27
NANJING HEXI NEW TO 6.40 2/3/2017 CNY 61.39
NANJING JIANGNING S 7.29 4/28/2019 CNY 83.73
NANTONG STATE-OWNED 6.72 11/13/2016 CNY 37.07
NANTONG STATE-OWNED 6.72 11/13/2016 CNY 40.76
NEIMENGGU XINLINGOL 7.62 2/25/2018 CNY 71.91
NINGBO CITY ZHENHAI 6.48 4/12/2017 CNY 41.51
NINGBO URBAN CONSTR 7.39 3/1/2018 CNY 52.59
NINGBO URBAN CONSTR 7.39 3/1/2018 CNY 52.73
NINGDE CITY STATE-O 6.25 10/21/2017 CNY 40.80
NINGHAI COUNTY CITY 8.60 12/31/2017 CNY 73.82
NONGGONGSHANG REAL 6.29 10/11/2017 CNY 71.05
PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 40.42
PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 40.08
PUTIAN STATE-OWNED 8.10 3/21/2019 CNY 64.82
PUTIAN STATE-OWNED 8.10 3/21/2019 CNY 63.30
QIANDONG NANZHOU DE 8.80 4/27/2019 CNY 62.39
QINGDAO CITY CONSTR 6.89 2/16/2019 CNY 62.99
QINGDAO CITY CONSTR 6.19 2/16/2017 CNY 40.21
QINGDAO CITY CONSTR 6.19 2/16/2017 CNY 40.74
QINGDAO CITY CONSTR 6.89 2/16/2019 CNY 63.61
QINGDAO HUATONG STA 7.30 4/18/2019 CNY 63.80
QINGDAO HUATONG STA 7.30 4/18/2019 CNY 63.67
QINGZHOU HONGYUAN P 6.50 5/22/2019 CNY 40.71
QINGZHOU HONGYUAN P 6.50 5/22/2019 CNY 40.33
QUANZHOU QUANGANG P 8.40 4/16/2019 CNY 65.44
QUANZHOU QUANGANG P 8.40 4/16/2019 CNY 63.69
QUNSHAN HUAQIAO INT 7.98 12/30/2018 CNY 63.64
SHANDONG TAIFENG HO 5.80 3/12/2020 CNY 72.07
SHANDONG TAIFENG HO 5.80 3/12/2020 CNY 74.14
SHANGHAI BUND GROUP 6.35 4/24/2020 CNY 43.00
SHANGHAI REAL ESTAT 6.12 5/17/2017 CNY 71.21
SHAOYANG CITY CONST 7.40 9/11/2018 CNY 76.01
SHIYAN CITY INFRAST 7.98 4/20/2019 CNY 64.31
SICHUAN DEVELOPMENT 5.40 11/10/2017 CNY 71.39
SUQIAN ECONOMIC DEV 7.50 3/26/2019 CNY 64.62
SUQIAN ECONOMIC DEV 7.50 3/26/2019 CNY 84.60
SUZHOU CONSTRUCTION 7.45 3/12/2019 CNY 63.69
TAIAN CITY TAISHAN 5.79 3/2/2018 CNY 71.80
TAIXING ZHONGXING S 8.29 3/27/2018 CNY 52.89
TAIXING ZHONGXING S 8.29 3/27/2018 CNY 52.71
TAIZHOU CITY CONSTR 6.90 1/25/2017 CNY 40.81
TAIZHOU HAILING ASS 8.52 3/21/2019 CNY 64.34
TAIZHOU HAILING ASS 8.52 3/21/2019 CNY 63.65
TIANJIN BINHAI NEW 5.00 3/13/2018 CNY 92.20
TIANJIN BINHAI NEW 5.00 3/13/2018 CNY 71.46
TIANJIN HI-TECH IND 7.80 3/27/2019 CNY 62.93
TIANJIN HI-TECH IND 7.80 3/27/2019 CNY 63.86
TIANJING HANBIN INV 8.39 3/22/2019 CNY 64.28
TIGER FOREST & PAPE 5.38 6/14/2017 CNY 72.78
TONGHUA FENGYUAN IN 8.36 12/13/2021 CNY 65.02
TONGLIAO CITY INVES 5.98 9/1/2017 CNY 71.77
TONGLIAO CITY INVES 5.98 9/1/2017 CNY 70.30
TRI-CONTROL AUTOMAT 8.75 12/11/2018 USD 55.25
URUMQI STATE-OWNED 6.48 4/28/2018 CNY 50.99
VANZIP INVESTMENT G 7.92 2/4/2019 CNY 67.32
WAFANGDIAN STATE-OW 8.55 4/19/2019 CNY 65.10
WENZHOU ANJUFANG CI 7.65 4/24/2019 CNY 63.64
WUHAI CITY CONSTRUC 8.20 3/31/2019 CNY 64.41
WUHAI CITY CONSTRUC 8.20 3/31/2019 CNY 64.01
WUHU ECONOMIC TECHN 6.70 6/8/2018 CNY 68.83
WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 49.93
WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 49.62
XIANGTAN CITY CONST 8.00 3/16/2019 CNY 61.00
XIANGTAN CITY CONST 8.00 3/16/2019 CNY 64.72
XIANGTAN JIUHUA ECO 6.93 12/16/2016 CNY 40.83
XIANGTAN JIUHUA ECO 6.93 12/16/2016 CNY 40.60
XIANGYANG CITY CONS 8.12 1/12/2019 CNY 64.54
XIANGYANG CITY CONS 8.12 1/12/2019 CNY 63.75
XIAOGAN URBAN CONST 8.12 3/26/2019 CNY 64.20
XINJIANG SHIHEZI DE 7.50 8/29/2018 CNY 72.39
XINXIANG INVESTMENT 6.80 1/18/2018 CNY 72.41
XUCHANG GENERAL INV 7.78 4/27/2019 CNY 64.59
XUZHOU ECONOMIC TEC 8.20 3/7/2019 CNY 63.69
XUZHOU ECONOMIC TEC 8.20 3/7/2019 CNY 64.60
YANGZHONG URBAN CON 7.10 3/26/2018 CNY 72.87
YANGZHOU ECONOMIC D 5.80 5/12/2016 CNY 50.01
YANGZHOU ECONOMIC D 6.10 7/7/2016 CNY 50.00
YANGZHOU ECONOMIC D 6.10 7/7/2016 CNY 50.22
YANGZHOU URBAN CONS 5.94 7/23/2016 CNY 40.19
YANGZHOU URBAN CONS 5.94 7/23/2016 CNY 40.04
YANZHOU HUIMIN URBA 8.50 12/28/2017 CNY 52.91
YIJINHUOLUOQI HONGT 8.35 3/19/2019 CNY 59.00
YIJINHUOLUOQI HONGT 8.35 3/19/2019 CNY 60.10
YINCHUAN URBAN CONS 6.28 3/9/2017 CNY 25.52
YINGKOU CITY CONSTR 7.98 4/18/2020 CNY 72.65
YIYANG CITY CONSTRU 8.20 11/19/2016 CNY 39.97
YUNNAN PROVINCIAL I 5.25 8/24/2017 CNY 70.37
YUNNAN PROVINCIAL I 5.25 8/24/2017 CNY 70.50
ZHANGJIAGANG JINCHE 6.23 1/6/2018 CNY 61.59
ZHEJIANG PROVINCE D 6.90 4/12/2018 CNY 73.87
ZHENJIANG NEW AREA 8.16 3/1/2019 CNY 62.32
ZHENJIANG NEW AREA 8.16 3/1/2019 CNY 63.47
ZHUCHENG ECONOMIC D 7.50 8/25/2018 CNY 41.73
ZHUCHENG ECONOMIC D 6.40 4/26/2018 CNY 62.03
ZHUCHENG ECONOMIC D 6.40 4/26/2018 CNY 41.35
ZHUHAI HUAFA GROUP 8.43 2/16/2018 CNY 52.99
ZHUHAI HUAFA GROUP 8.43 2/16/2018 CNY 52.65
ZHUHAI ZHONGFU ENTE 6.60 3/28/2017 CNY 56.80
ZIBO CITY PROPERTY 5.45 4/27/2019 CNY 49.09
ZOUCHENG CITY ASSET 7.02 1/12/2018 CNY 41.75
ZOUPING COUNTY STAT 6.98 4/27/2018 CNY 72.01
ZOUPING COUNTY STAT 6.98 4/27/2018 CNY 103.07
ZUNYI CITY INVESTME 8.53 3/13/2019 CNY 66.48
ZUNYI CITY INVESTME 8.53 3/13/2019 CNY 62.01
INDONESIA
---------
BERAU COAL ENERGY T 7.25 3/13/2017 USD 15.25
BERAU COAL ENERGY T 7.25 3/13/2017 USD 15.00
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 11.50
BLUE DART EXPRESS L 9.30 11/20/2017 INR 10.18
BLUE DART EXPRESS L 9.40 11/20/2018 INR 10.27
BLUE DART EXPRESS L 9.50 11/20/2019 INR 10.35
COROMANDEL INTERNAT 9.00 7/23/2016 INR 16.06
GTL INFRASTRUCTURE 4.03 11/9/2017 USD 31.00
JAIPRAKASH ASSOCIAT 5.75 9/8/2017 USD 65.19
JAIPRAKASH POWER VE 7.00 5/26/2016 USD 71.50
JCT LTD 2.50 4/8/2011 USD 22.50
PRAKASH INDUSTRIES 5.25 4/30/2015 USD 20.38
PYRAMID SAIMIRA THE 1.75 7/4/2012 USD 1.00
REI AGRO LTD 5.50 11/13/2014 USD 1.75
REI AGRO LTD 5.50 11/13/2014 USD 1.75
SVOGL OIL GAS & ENE 5.00 8/17/2015 USD 19.88
JAPAN
-----
AVANSTRATE INC 5.55 10/31/2017 JPY 33.25
AVANSTRATE INC 5.55 10/31/2017 JPY 37.00
MICRON MEMORY JAPAN 0.70 8/1/2016 JPY 8.63
MICRON MEMORY JAPAN 0.50 10/26/2015 JPY 8.75
MICRON MEMORY JAPAN 2.03 3/22/2012 JPY 8.63
MICRON MEMORY JAPAN 2.10 11/29/2012 JPY 8.63
MICRON MEMORY JAPAN 2.29 12/7/2012 JPY 8.63
TAKATA CORP 0.58 3/26/2021 JPY 73.50
KOREA
-----
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.91
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.91
DOOSAN CAPITAL SECU 20.00 4/22/2019 KRW 42.74
HANA FINANCIAL GROU 3.59 5/29/2045 KRW 101.78
HYUNDAI MERCHANT MA 5.80 7/7/2016 KRW 45.37
HYUNDAI MERCHANT MA 5.30 7/3/2017 KRW 45.54
HYUNDAI MERCHANT MA 6.20 3/28/2017 KRW 45.81
KIBO ABS SPECIALTY 10.00 2/19/2017 KRW 38.69
KIBO ABS SPECIALTY 10.00 9/4/2016 KRW 46.20
KIBO ABS SPECIALTY 5.00 12/25/2017 KRW 30.52
KIBO ABS SPECIALTY 5.00 1/31/2017 KRW 33.53
KIBO ABS SPECIALTY 5.00 3/29/2018 KRW 30.81
KIBO ABS SPECIALTY 10.00 8/22/2017 KRW 26.21
LSMTRON DONGBANGSEO 4.53 11/22/2017 KRW 31.43
PULMUONE CO LTD 2.50 8/6/2045 KRW 58.71
PULMUONE CO LTD 2.50 8/6/2045 KRW 58.80
SINBO SECURITIZATIO 5.00 6/25/2019 KRW 26.65
SINBO SECURITIZATIO 5.00 6/25/2018 KRW 28.78
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 6/29/2016 KRW 51.64
SINBO SECURITIZATIO 5.00 7/26/2016 KRW 46.08
SINBO SECURITIZATIO 5.00 7/26/2016 KRW 46.08
SINBO SECURITIZATIO 5.00 5/27/2016 KRW 62.51
SINBO SECURITIZATIO 5.00 5/27/2016 KRW 62.51
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 12/25/2016 KRW 33.99
SINBO SECURITIZATIO 5.00 5/26/2018 KRW 29.05
SINBO SECURITIZATIO 5.00 2/21/2017 KRW 34.46
SINBO SECURITIZATIO 5.00 2/21/2017 KRW 34.46
SINBO SECURITIZATIO 5.00 1/29/2017 KRW 34.72
SINBO SECURITIZATIO 5.00 12/13/2016 KRW 35.24
SINBO SECURITIZATIO 5.00 3/13/2017 KRW 34.23
SINBO SECURITIZATIO 5.00 3/13/2017 KRW 34.23
SINBO SECURITIZATIO 5.00 10/5/2016 KRW 37.47
SINBO SECURITIZATIO 5.00 10/5/2016 KRW 37.47
SINBO SECURITIZATIO 5.00 8/31/2016 KRW 40.99
SINBO SECURITIZATIO 5.00 8/31/2016 KRW 40.99
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 3/18/2019 KRW 27.61
SINBO SECURITIZATIO 5.00 3/18/2019 KRW 27.61
SINBO SECURITIZATIO 5.00 7/8/2017 KRW 33.39
SINBO SECURITIZATIO 5.00 7/8/2017 KRW 33.39
SINBO SECURITIZATIO 5.00 6/7/2017 KRW 20.67
SINBO SECURITIZATIO 5.00 6/7/2017 KRW 20.67
SINBO SECURITIZATIO 5.00 12/23/2018 KRW 28.39
SINBO SECURITIZATIO 5.00 12/23/2018 KRW 28.39
SINBO SECURITIZATIO 5.00 12/23/2017 KRW 30.54
SINBO SECURITIZATIO 5.00 2/11/2018 KRW 31.21
SINBO SECURITIZATIO 5.00 2/11/2018 KRW 31.21
SINBO SECURITIZATIO 5.00 1/15/2018 KRW 31.71
SINBO SECURITIZATIO 5.00 1/15/2018 KRW 31.71
SINBO SECURITIZATIO 5.00 3/12/2018 KRW 30.96
SINBO SECURITIZATIO 5.00 3/12/2018 KRW 30.96
SINBO SECURITIZATIO 5.00 8/16/2016 KRW 41.04
SINBO SECURITIZATIO 5.00 8/16/2017 KRW 32.97
SINBO SECURITIZATIO 5.00 8/16/2017 KRW 32.97
SINBO SECURITIZATIO 5.00 7/24/2017 KRW 32.11
SINBO SECURITIZATIO 5.00 7/24/2018 KRW 30.08
SINBO SECURITIZATIO 5.00 6/27/2018 KRW 30.30
SINBO SECURITIZATIO 5.00 7/24/2018 KRW 30.08
SINBO SECURITIZATIO 5.00 6/27/2018 KRW 30.30
SINBO SECURITIZATIO 5.00 1/30/2019 KRW 28.04
SINBO SECURITIZATIO 5.00 1/30/2019 KRW 28.04
SINBO SECURITIZATIO 5.00 10/30/2019 KRW 19.62
SINBO SECURITIZATIO 5.00 2/27/2019 KRW 27.84
SINBO SECURITIZATIO 5.00 2/27/2019 KRW 27.84
SINBO SECURITIZATIO 5.00 8/29/2018 KRW 29.57
SINBO SECURITIZATIO 5.00 8/29/2018 KRW 29.57
TONGYANG CEMENT & E 7.30 4/12/2015 KRW 70.00
TONGYANG CEMENT & E 7.50 7/20/2014 KRW 70.00
TONGYANG CEMENT & E 7.50 4/20/2014 KRW 70.00
TONGYANG CEMENT & E 7.30 6/26/2015 KRW 70.00
TONGYANG CEMENT & E 7.50 9/10/2014 KRW 70.00
U-BEST SECURITIZATI 5.50 11/16/2017 KRW 32.73
WOONGJIN ENERGY CO 3.00 12/19/2019 KRW 69.97
WOORI BANK 5.21 12/12/2044 KRW 437.75
SRI LANKA
---------
SRI LANKA GOVERNMEN 9.00 6/1/2043 LKR 67.38
SRI LANKA GOVERNMEN 5.35 3/1/2026 LKR 58.15
SRI LANKA GOVERNMEN 8.00 1/1/2032 LKR 65.64
SRI LANKA GOVERNMEN 7.00 10/1/2023 LKR 73.62
SRI LANKA GOVERNMEN 9.00 10/1/2032 LKR 71.59
SRI LANKA GOVERNMEN 6.00 12/1/2024 LKR 65.05
SRI LANKA GOVERNMEN 9.00 6/1/2033 LKR 71.09
SRI LANKA GOVERNMEN 9.00 11/1/2033 LKR 70.60
MALAYSIA
--------
BANDAR MALAYSIA SDN 0.35 2/20/2024 MYR 72.96
BANDAR MALAYSIA SDN 0.35 12/29/2023 MYR 73.47
BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 72.45
BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 73.15
BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 69.73
LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.21
SENAI-DESARU EXPRES 0.50 12/31/2038 MYR 65.56
SENAI-DESARU EXPRES 0.50 12/30/2044 MYR 72.25
SENAI-DESARU EXPRES 0.50 12/31/2043 MYR 71.25
SENAI-DESARU EXPRES 0.50 12/30/2039 MYR 67.01
SENAI-DESARU EXPRES 0.50 12/31/2040 MYR 68.04
SENAI-DESARU EXPRES 0.50 12/31/2046 MYR 74.03
SENAI-DESARU EXPRES 1.15 12/29/2023 MYR 70.71
SENAI-DESARU EXPRES 0.50 12/31/2041 MYR 69.06
SENAI-DESARU EXPRES 0.50 12/31/2042 MYR 70.23
SENAI-DESARU EXPRES 0.50 12/29/2045 MYR 72.74
SENAI-DESARU EXPRES 1.35 12/31/2026 MYR 63.59
SENAI-DESARU EXPRES 1.15 12/30/2022 MYR 73.90
SENAI-DESARU EXPRES 1.15 6/30/2023 MYR 72.28
SENAI-DESARU EXPRES 1.15 6/28/2024 MYR 69.16
SENAI-DESARU EXPRES 1.15 12/31/2024 MYR 67.61
SENAI-DESARU EXPRES 1.15 6/30/2025 MYR 66.13
SENAI-DESARU EXPRES 1.35 12/31/2025 MYR 66.14
SENAI-DESARU EXPRES 1.35 6/30/2026 MYR 64.80
SENAI-DESARU EXPRES 1.35 6/30/2027 MYR 62.38
SENAI-DESARU EXPRES 1.35 12/31/2027 MYR 61.17
SENAI-DESARU EXPRES 1.35 6/29/2029 MYR 57.60
SENAI-DESARU EXPRES 1.35 12/31/2029 MYR 56.44
SENAI-DESARU EXPRES 1.35 6/30/2028 MYR 59.98
SENAI-DESARU EXPRES 1.35 12/29/2028 MYR 58.77
SENAI-DESARU EXPRES 1.35 12/31/2030 MYR 54.17
SENAI-DESARU EXPRES 1.35 6/28/2030 MYR 55.32
SENAI-DESARU EXPRES 1.35 6/30/2031 MYR 53.05
UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.14
PHILIPPINES
-----------
BAYAN TELECOMMUNICA 13.50 7/15/2006 USD 22.75
BAYAN TELECOMMUNICA 13.50 7/15/2006 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE L 7.89 5/18/2018 USD 62.73
BAKRIE TELECOM PTE 11.50 5/7/2015 USD 3.03
BAKRIE TELECOM PTE 11.50 5/7/2015 USD 3.03
BERAU CAPITAL RESOU 12.50 7/8/2015 USD 20.75
BERAU CAPITAL RESOU 12.50 7/8/2015 USD 19.68
BLD INVESTMENTS PTE 8.63 3/23/2015 USD 8.38
BUMI CAPITAL PTE LT 12.00 11/10/2016 USD 15.60
BUMI CAPITAL PTE LT 12.00 11/10/2016 USD 16.61
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 15.90
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 16.85
ENERCOAL RESOURCES 6.00 4/7/2018 USD 10.13
GOLIATH OFFSHORE HO 12.00 6/11/2017 USD 5.12
INDO INFRASTRUCTURE 2.00 7/30/2010 USD 1.88
ORO NEGRO DRILLING 7.50 1/24/2019 USD 45.00
OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 72.50
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 48.00
PACIFIC RADIANCE LT 4.30 8/29/2018 SGD 73.50
SWIBER CAPITAL PTE 6.50 8/2/2018 SGD 46.25
SWIBER CAPITAL PTE 6.25 10/30/2017 SGD 59.25
SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 60.13
TRIKOMSEL PTE LTD 5.25 5/10/2016 SGD 17.75
TRIKOMSEL PTE LTD 7.88 6/5/2017 SGD 15.00
THAILAND
--------
G STEEL PCL 3.00 10/4/2015 USD 3.74
MDX PCL 4.75 9/17/2003 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRAD 1.00 10/10/2025 USD 50.25
DEBT AND ASSET TRAD 1.00 10/10/2025 USD 50.15
*********
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 2016. 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 ***