/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/160823.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 23, 2016, Vol. 19, No. 166 Headlines A U S T R A L I A BIS INDUSTRIES: PPB Appointed as Advisers CIANTEE GROUP: First Creditors' Meeting Set For Aug. 30 COMBINED TREE: First Creditors' Meeting Set For Aug. 30 FIRST GREEN: First Creditors' Meeting Set For Sept. 1 KEAT ENTERPRISES: Director Fined AUD20,000 Over Fake Job Ads NORTH WEST CRANE: First Creditors' Meeting Set For Aug. 31 C H I N A CEETOP INC: Incurs $92,200 Net Loss in Second Quarter CIFI HOLDINGS: Ba3 CFR in Line with 1H 2016 Results, Moody's Says GREENLAND HOLDING: 1H 2016 Results No Impact on Moody's Ba1 CFR LONGFOR PROPERTIES: Moody's Affirms Ba1 Corporate Family Ratings SOHO CHINA: Moody's Retains Ba3 CFR on 1st-Half 2016 Results TEXHONG TEXTILE: 1H 2016 Results Support Moody's Ba3 CFR WEST CHINA CEMENT: Moody's Cuts Corporate Family Ratings to B1 YANLORD LAND: Moody's Reviews Ba3 Corp Family Rating for Upgrade I N D I A ASCOTT ELECTRICALS: ICRA Reaffirms B+ Rating on INR4cr Loan AVECO TECHNOLOGIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating AXIS OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating BISWAJANANI COLD: CRISIL Reaffirms B- Rating on INR103.6MM Loan BLUE DUCK: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating EURO INDIA: CRISIL Reaffirms 'D' Rating on INR144MM Term Loan FIBRO PLASTICHEM: CRISIL Reaffirms 'B-' Rating on INR60MM Loan GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan GENNEXT ABASAN: CRISIL Assigns 'B' Rating to INR30MM Cash Loan GVR NAGAUR: Ind-Ra Lowers Rating on INR3,150MM Bank Loans to BB HARITHA FERTILISERS: ICRA Assigns B LT Rating to INR10cr Loan IDEAL HOTEL: Ind-Ra Assigns 'IND B+' LT Issuer Rating IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on PTC Series A2 INTOUCH MOBICARE: CRISIL Assigns 'B+' Rating to INR40MM Loan JAIN OVERSEAS: Ind-Ra Cuts Long-term Issuer Rating to 'IND D' JAY KRISHNA: CRISIL Assigns B+ Rating to INR100MM Cash Loan JAY PALGHAR: ICRA Assigns 'B' Rating to INR2.25cr Term Loan JOHN SAW: CRISIL Lowers Rating on INR70MM Cash Loan to B+ K.R.K EDUCATIONAL: ICRA Hikes Rating on INR30cr LT Loan to 'C' KESHAV COTTON: CRISIL Ups Rating on INR60MM Cash Loan to B+ M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan M.S.P. TYRES: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan MAHALAXMI CASHEW: ICRA Assigns B+ Rating to INR6.0cr LT Loan MALAR PAPER: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan MALAR SOLVENT: Ind-Ra Affirms BB- Long-Term Issuer Rating MALIEAKAL ELECTRONICS: CRISIL Reaffirms B Rating on INR35MM Loan MALPEFRESH MARINE: ICRA Assigns 'B' Rating to INR10cr LT Loan PARAMASIVAM PALANISAMY: ICRA Cuts Rating on INR23.8cr Loan to B+ RHINE SOLAR: CRISIL Reaffirms 'B' Rating on INR27MM Term Loan SAMRAJ CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR13cr Loan SAPNA STEELS: CRISIL Assigns B+ Rating to INR75MM Cash Loan SHRIRAMKRUPA FIBERS: ICRA Ups Rating on INR4cr LT Loan to B+ SHYAMA AGRO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating SILPPI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan SIWANA SOLAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating SONAKI CERAMIC: ICRA Suspends B+ Rating on INR10.65cr Loan SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB' SRI M.K.V.KANDASAMY: CRISIL Assigns 'B' Rating to INR60MM Loan SVM NONWOVENS: CRISIL Reaffirms B- Rating on INR86MM Loan SWAGAT ABHARAN: CRISIL Lowers Rating on INR130MM Cash Loan to B+ SWAMIJI TRANSMISSION: Ind-Ra Assigns 'IND B+' LT Issuer Rating THENPANDIAN TEXTILE: CRISIL Hikes Rating on INR93MM Loan to B+ TOUCHSTONE PRIVATE: CRISIL Reaffirms B+ Rating on INR32MM Loan UJJAIN PACKAGING: CRISIL Lowers Rating on INR45.7MM Loan to B- V.K. GUPTA: CRISIL Raises Rating on INR45MM Cash Loan to B+ VIJAY VELVAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating VIKAS SALES: CRISIL Assigns B+ Rating to INR35MM Cash Loan YUVASHAKTHI ENTERPRISES: Ind-Ra Suspends IND BB LT Issuer Rating J A P A N VUZIX CORP: Provides Business Update M O N G O L I A MONGOLIA: S&P Lowers Sovereign Credit Rating to 'B-' N E W Z E A L A N D BROMHEAD DESIGN: In Liquidation Owing More Than NZ$270,000 P H I L I P P I N E S RURAL BANK OF CLAVERIA: Placed Under PDIC Receivership S I N G A P O R E HOE LEONG: Faces Wind Up Petition Over Unpaid Debts SEARIGHTS MARITIME: Monjasa Seeks to Wind Up Bunker Supplier T A I W A N WAN HAI: Financial Leverage Has No Impact on Moody's Ba2 CFR X X X X X X X X * BOND PRICING: For the Week August 15 to August 19, 2016 - - - - - ================= A U S T R A L I A ================= BIS INDUSTRIES: PPB Appointed as Advisers ----------------------------------------- The Australian reports that lenders to Kohlberg Kravis Roberts' troubled mining services provider, BIS Industries, has appointed PPB as an adviser. PPB's appointment was revealed online on August 18 by The Australian's BusinessNow blog and sees the insolvency firm fend off competition from its peers and other boutique advisers such as Fort Street. According to The Australian, PPB is at present advising the South Australian government on the rescue of Arrium and other insolvency cases such as Bandanna Energy and Cockatoo Coal. It comes after DataRoom revealed earlier last week that Moelis and Gilbert + Tobin had been hired by BIS as it negotiates with its lenders. Some are tipping that the company -- which like other mining services players has come under pressure amid the resources sector downturn -- could be subject to a recapitalization plan, or a loan-to-own takeover by hedge funds, The Australian relates. But BIS, which made AUD116 million in earnings before interest, tax, depreciation and amortization in the 2016 financial year, would unlikely face receivership, according to sources, given that much of its earnings are linked to contracts, the report relays. BIS Industries specializes in custom off-road heavy haulage services for the mining industry. CIANTEE GROUP: First Creditors' Meeting Set For Aug. 30 ------------------------------------------------------- Michael Hogan and Christian Sprowles of HoganSprowles were appointed as administrators of Ciantee Group Pty Limited on Aug. 19, 2016. A first meeting of the creditors of the Company will be held at HoganSprowles, Level 9, 60 Pitt Street, in Sydney, on Aug. 30, 2016, at 11:00 a.m. COMBINED TREE: First Creditors' Meeting Set For Aug. 30 ------------------------------------------------------- Gavin Moss of Chifley Advisory was appointed as administrator of Combined Tree Lopping Service Pty Ltd on Aug. 18, 2016. A first meeting of the creditors of the Company will be held at the Boardroom of Chifley Advisory, Suite 3.04, Level 3, at 39 Martin Place, in Sydney, on Aug. 30, 2016, at 11:00 a.m. FIRST GREEN: First Creditors' Meeting Set For Sept. 1 ----------------------------------------------------- Richard Trygve Rohrt of Hamilton Murphy was appointed as administrator of First Green Park Pty Ltd on Aug. 22, 2016. A first meeting of the creditors of the Company will be held at the offices of Hamilton Murphy, Certified Practising Accountants, at 237 Swan Street, in Richmond, on Sept. 1, 2016, at 10:30 a.m. KEAT ENTERPRISES: Director Fined AUD20,000 Over Fake Job Ads ------------------------------------------------------------ Dominic Powell at SmartCompany reports that the director of a collapsed training and recruitment company has been fined AUD20,000 dollars for multiple breaches of Australian Consumer Law. The Melbourne Magistrates Court penalised Daniel Chung Keat Leong on August 18 for operations undertaken by his business, Keat Enterprises Pty Ltd between February 2013 and May 2014. He has also been directed to pay costs of AUD860. According to the report, Consumer Affairs Victoria said Keat Enterprises advertised over 20 job positions on job seeking websites SEEK and Gumtree, and received over 9,500 applications. What these advertisements failed to mention is the positions were not jobs at all, with the applicants asked to sign up to training courses at a cost of AUD2,000 to AUD3,000. The business collapsed into voluntary administration in June 2014 and following action by Consumer Affairs Victoria, the company was fined AUD165,000 for more than 30 breaches of Australian Consumer Law in April last year. At the time, Consumer Affairs Victoria told SmartCompany it would not be taking further action to obtain compensation, stating there "would most likely be insufficient resources to make good any compensation order." SmartCompany relates that an assessment carried out in 2014 by the liquidator of Keat Enterprises showed AUD65,000 was owed to 15 employees, and nearly AUD40,000 was owed to the Australian Tax Office. Leong himself has now been convicted on three accounts of breaching the ACL and commercial lawyer at TressCox Lawyers Nick Duggal told SmartCompany the case against Leong is "very clear cut." "Consumer Affairs going after a company's director is unusual," SmartCompany quotes Mr. Duggal as saying. "While there is potential for liability for employers under false and misleading representations, they're not usually enforced with this kind of regularity. However, this is a blatant case of misrepresentation." Under a charge for false and misleading representations, Consumer Affairs said Mr. Leong claimed his company was an accounting firm, despite not offering or undertaking any accounting services. He also portrayed his company as a tax agent, although it was not registered as one. SmartCompany says Mr. Leong is also charged in relation to limiting consumer rights, as Keat Enterprises offered agreements to consumers stating the company would not provide refunds. The third charge against Mr. Leong is for misleading conduct regarding employment, which relates to the misleading and false job advertisements. According to Consumer Affairs, "the majority of the advertisements did not mention any costs involved and, where costs were mentioned, they were described as 'Software licensing and CPA monitoring costs'," SmartCompany relays. Mr. Duggal believes this is a "timely reminder" for all businesses, claiming these sorts of cases were not all that unusual. "When a business is advertising employment, it has to keep in mind that the representation must be sustainable and accurate," the report quotes Mr. Duggal as saying. "Businesses have got to be careful about what they represent as they could be in breach of Australian Consumer Law." While Mr. Duggal said some businesses can sometimes misrepresent jobs unwittingly, saying they can sometimes "bite off more than they can chew". "Sometimes businesses can over-promise in an attempt to induce employees, but this can also be in breach of the ACL," Mr. Duggal, as cited by SmartCompany, said. NORTH WEST CRANE: First Creditors' Meeting Set For Aug. 31 ---------------------------------------------------------- Anthony Jay Miskiewicz and Richard William Buckby of KordaMentha were appointed as administrators of North West Crane Hire Pty Ltd, formerly trading as North West Crane Hire, on Aug. 19, 2016. A first meeting of the creditors of the Company will be held at the offices of KordaMentha, Level 6, 75 Denham Street, in Townsville, Queensland, on Aug. 31, 2016, at 1:30 p.m. ========= C H I N A ========= CEETOP INC: Incurs $92,200 Net Loss in Second Quarter ----------------------------------------------------- Ceetop Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $92,200 on $0 of sales for the three months ended June 30, 2016, compared to a net loss of $167,00 on $0 of sales for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $181,000 on $0 of sales compared to a net loss of $288,000 on $0 of sales for the same period last year. As of June 30, 2016, Ceetop had $1.73 million in total assets, $371,000 in total liabilities, all current and $1.36 million in total stockholders' equity. For the year ended Dec. 31, 2015, MJF& Associates, APC, in Los Angeles, California, the Company's independent auditors, in their report on the financial statements, have indicated that the Company has experienced recurring losses from operations and may not have enough cash and working capital to fund its operations beyond the very near term, which raises substantial doubt about the Company's ability to continue as a going concern. The Company said it is in need of capital for the implementation of its business plan, and it will need additional capital for continuing our operations. "We do not have sufficient revenues to pay our expenses of operations. Unless the Company is able to raise working capital, or generate sufficient revenues, it is likely that the Company either will have to cease operations or substantially change its methods of operations or change its business plan," the Company said. The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/qoUwpS About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. Ceetop reported a net loss of $600,000 on $0 of sales for the year ended Dec. 31, 2015, compared to a net loss of $1.41 million on $362,000 of sales for the year ended Dec. 31, 2014. CIFI HOLDINGS: Ba3 CFR in Line with 1H 2016 Results, Moody's Says ----------------------------------------------------------------- Moody's Investors Service says that CIFI Holdings (Group) Co. Ltd.'s 1H 2016 results and financial metrics were in line with Moody's expectations and support its Ba3 corporate family rating and B1 senior unsecured debt rating. The ratings outlook remains stable. "CIFI's 1H 2016 results show improved financial metrics, backed by strong sales growth, an improved margin, and prudence in land acquisitions," says Stephanie Lau, a Moody's Associate Vice President and Analyst. CIFI's reported revenue of RMB8.7 billion in 1H 2016 - representing an 80% year-on-year growth compared to 1H 2015 - was supported by strong contracted sales achieved in the past two years. The company recorded total and attributable contracted sales of RMB27.6 billion and RMB15.3 billion respectively in 1H 2016, representing a 163% and 116% year-on-year growth. CIFI also managed to improve its adjusted gross profit margins - after the pro-rata consolidation of its joint ventures - to around 25% in 1H 2016 compared to 22.6% in 1H 2015, benefiting from a higher portion of high-end products, with high average selling prices in recognized revenue. The company managed down its weighted average interest cost to 5.8% at end-June 2016 from 7.2% at end-2015, by refinancing higher-cost debt through offshore club loans and corporate bond issuance. Notably, CIFI issued RMB2 billion of private domestic bonds at 4.99% in January 2016, obtained USD600 million in unsecured three-year USD/HKD syndicated loans in March 2016, and redeemed early the USD500 million 12.25% senior notes due 2018 in April 2016. On the back of overall improved margins and higher revenue recognition, the company's adjusted EBIT/interest coverage for the 12 months to June 30, 2016, - after the pro-rata consolidation of its joint ventures - improved to 2.6x from 2.3x in 2015. In the meantime, CIFI's debt growth was modest in 1H 2016, because the company was more prudent in land acquisitions. Total land premiums spent for acquisitions made in 1H 2016 did not see a significant increase, despite the strong growth in contracted sales. CIFI purchased 12 land plots with a total attributable consideration of RMB4.6 billion in 1H 2016 compared with RMB13.1 billion for full year 2015, and RMB5.7 billion in 1H 2015. Its adjusted debt rose modestly by 4% to RMB27.8 billion at end-June 2016 from RMB26.8 billion at end-2015. On the back of strong revenue growth and a modest increase in debt, CIFI's revenue/debt - after the pro-rata consolidation of its joint ventures - improved to 76.5% for the 12 months to June 2016 from 64.2% in 2015. Moody's expects CIFI's revenue/debt and adjusted EBIT/interest - after the pro-rata consolidation of its joint ventures - will be around 75%-80% and 2.7x-3.0x over the next 12-18 months, based on the expectation of continued growth in revenue and a stable gross profit margin. These ratios position CIFI appropriately at the Ba3 rating level. "CIFI's liquidity position remains strong, which is a result of a good cash collection rate recorded from increased property sales, and a more moderate pace of expansion noted in 1H 2016," adds Lau. Its reported cash on hand of RMB16.6 billion at end-June 2016 covers about 5.0x its short-term debt. Moody's expects that CIFI's cash balance and operating cash flow will fully cover its short-term maturing debt of RMB3.3 billion and committed land payments over the next 12 months. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. CIFI Holdings (Group) Co. Ltd. listed on the Hong Kong Stock Exchange in November 2012. The company focuses on developing residential and commercial properties mainly in the Yangtze River Delta. It has also expanded into the Pan Bohai Rim and the Central Western Regions. GREENLAND HOLDING: 1H 2016 Results No Impact on Moody's Ba1 CFR --------------------------------------------------------------- Moody's Investors Service says Greenland Holding Group Company Limited's 2016 interim results highlight its elevated debt leverage, but were within expectations and have no immediate impact on its Ba1 corporate family rating or the negative outlook. "Greenland Holding's credit metrics remain weak as its large operations and fast expansion business strategy continued to entail sizable funding needs to support its property development and other businesses," says Franco Leung, a Moody's Vice President and Senior Credit Officer, who is also Moody's Lead Analyst for Greenland Holding and Greenland Hong Kong. Greenland Holding's total reported debt increased to around RMB266 billion at end-June 2016, an increase of around 11% since December 2015. Its debt leverage -- as measured by adjusted debt/capitalization -- also remained high at around 79.2%, compared with 78.6% at end 2015. Moody's believes that the debt increase was largely contributed by Greenland Holding's property segment. Moody's expects the company's adjusted debt/capitalization will remain between 75% and 80%, barring any major equity issuance or asset disposals in the next 6-12 months. These levels will position the company weakly at its Ba1 corporate family rating. Greenland Holding has plans to raise equity through a private share placement, which could help reduce its debt leverage. However, there is uncertainty over the size and completion of the share placement given the volatile onshore market conditions. On the other hand, Greenland Holding's operating performance has stabilized. Its gross profit margin remained at around 12.6% in 1H 2016, largely unchanged from 12.4% in 1H 2015 as the improved margin for its non-property businesses offset the lower margin for its property business. The company also recorded 25.6% year-over-year growth in revenue in 1H 2016, largely driven by the strong revenue growth from its property business over the same period. As a result, its consolidated EBIT/interest coverage slightly improved to around 1.8x for the 12 months ended June 2016 from around 1.7x in 2015, despite a notable increase in interest expense arising from its debt growth. Moody's expects the company's EBIT/interest coverage will trend towards 1.8x-2.3x over the next 6-12 months, driven by lower average funding costs. Greenland Holding's Ba1 corporate family rating reflects the company's track record of delivering strong growth for its property development business and establishing leading market positions in its key markets owing to its highly diversified geographical coverage in China (Aa3 negative). The Ba1 rating also considers Greenland Holding's strong ability to access funding and acquire land by virtue of its status as a local state-owned enterprise (SOE), as well as its strong corporate status in Shanghai, given its important role in the urbanization of the city. The key constraint on Greenland Holding rating is its debt-funded growth strategy, which has resulted in high debt leverage and weak credit metrics. In addition, its rating is also tempered by its volatile non-property businesses. The negative outlook on Greenland Holding's corporate family rating reflects the uncertainty surrounding its plan to lower its high debt leverage. The principal methodology used in these ratings was Homebuilding And Property Development Industry, published in April 2015. Greenland Holding Group Company Limited is a China-based company and state-controlled enterprise group. The Shanghai State-Owned Assets Supervision and Administration Commission is effectively the largest shareholder of Greenland. The company is headquartered in Shanghai, with a focus on the real estate sector. Its other businesses include energy, construction, finance and auto dealerships. LONGFOR PROPERTIES: Moody's Affirms Ba1 Corporate Family Ratings ---------------------------------------------------------------- Moody's Investors Service has changed to positive from stable the outlook of Longfor Properties Co. Ltd.'s Ba1 corporate family rating. At the same time, Moody's has affirmed Longfor's Ba1 corporate family and Ba2 senior unsecured debt ratings. RATINGS RATIONALE "The positive outlook reflects our expectation that Longfor's financial profile will continue to improve over the next 12-18 months," says Stephanie Lau, a Moody's Assistant Vice President and Analyst, adding, "Its stable profit margins, modest debt leverage, liquidity position and strong recurring income/interest cover will position it better than its Ba-rated property peers in China." Longfor has focused on achieving stable profit margins as its business targets. Reported gross margins were at 28% in 1H 2016, compared to around 27%-28% for 2013-2015, reflecting the company's robust ability to manage its product mix and geographic diversity to maintain stable profit margins. Moody's expects that the company will maintain its gross margins around 27% in the next 12-18 months, given that its projects -- which are located in Beijing and major cities in Western China and the Yangtze River Delta -- are likely to benefit from good demand for residential properties. The company has not targeted a high rate of sales growth or a fast expansion for its land bank. It has also carefully scaled its construction according to market demand. Therefore, the company has been able to control debt leverage which, measured by revenue/debt, stood at 91%-110% for 2013-2015. Moody's said, "We expect the company to achieve revenue growth of 14% in 2016 and 22% in 2017 and revenue/debt will likely trend towards around 100%-110%, which is better than most Ba peers." In addition, Longfor's prudent financial management in terms of containing debt leverage resulted in adjusted EBIT/interest coverage of 4.7x for the last 12 months ending 30 June 2016, compared to 4.7x--5.1x for 2013-2015. Moody's said, "We expect interest coverage to improve to above 5.0x as the company lowers borrowing costs due to its improved financial profile and increased funding from the domestic bond market. Such a level of interest coverage is also better than most Ba rated peers." Longfor receives a stream of recurring rental income from its investment properties, adding stability to the company's debt- servicing ability. Though investment properties consume capital, it has been cautious on capital spending associated with the development of its investment properties. Longfor's recurring rental income/interest was at 53% for the last 12 months ending 30 June 2016. Moody's estimates that total recurring rental income will cover around 60% of interest expenses in 2016 and increase to around 70%-80% in 2017. Such strength is rare among the Ba rated peers. Longfor's Ba1 corporate family rating reflects its relatively stable sales growth through business cycles, strong brand name, and established operating track record in its core markets of Chongqing, Chengdu and Beijing. On the other hand, the rating also reflects the fact that Longfor's scale is relatively moderate in terms of contracted sales, when compared to its Ba- rated peers, such as Country Garden Holdings Company Limited (Ba1 stable) and Shimao Property Holdings Limited (Ba2 stable). In addition, it's fairly diversified geographic coverage and product range boost its competitiveness as it can target a broad range of purchasers. These two factors also reduce the company's sales volatility in terms of its exposure to particular local economies or products. Longfor's prudent approach to financial management has resulted in a stable financial profile and a good liquidity position. It receives strong cash inflows and has good access to bank lending and the capital markets, buffering it against stress during a market downturn. Longfor has a strong liquidity position. At end-1H 2016, it reported cash of RMB16.3 billion, which provided coverage of 3.3x against short-term debt, stronger than most Ba rated peers. The company has managed its debt maturity well. Its weighted average debt maturity was 5.8 years as of 30 June 2016, which is long relative to its rated property peers Upgrade pressure for its rating could emerge if Longfor (1) maintains its strong liquidity profile, such that cash/short-term debt remains above 2.0x to 2.5x; (2) maintains stable gross margins at around 27%, revenue/debt above 100%-105%, and EBIT/interest above 5.5x; and (3) shows recurring rental income/interest trending towards 1.0x. On the other hand, Longfor's ratings outlook could return to stable if (1) the company's contracted sales and cash/short-term debt weakened substantially from their 2015 levels; (2) there is a likely sustained reduction in gross profit margins from 27%; or (3) there is less likelihood of recurring rental income/interest trending towards 1.0x. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Longfor Properties Co. Ltd. is one of the leading developers in China's residential and commercial property development sector. Founded in 1994, the company began its business in Chongqing and has since established a solid brand name in the municipality. As of June 30, 2016, it had a total land bank of 39 million square meters (sqm) in gross floor area (GFA), spanning 25 cities in five major regions in China. SOHO CHINA: Moody's Retains Ba3 CFR on 1st-Half 2016 Results ------------------------------------------------------------ Moody's Investors Service says that SOHO China Limited's 1H 2016 results were within expectations and have no immediate impact on its Ba3 corporate family rating or the negative outlook. "SOHO China's 1H 2016 results were largely in line with our expectation. Rental income continued to grow while the company maintained an adequate liquidity position," says Stephanie Lau, a Moody's Assistant Vice President and Analyst, also the International Lead Analyst for SOHO China. SOHO China achieved total revenue of RMB727 million in 1H2016, up 85% year-on-year, of which RMB700 was from rental income. The increase was mainly due to notably higher occupancy rates for its projects, including Sky SOHO and Guanghualu SOHO II, which achieved occupancy rates of 81%-84% compared to less than 50% in 1H 2015, as well as new contributions from Hongkou SOHO and Bund SOHO, which were not yet in operation in 1H 2015. Excluding a one-off finance cost of around RMB360 million related to the prepayment of its offshore debt, SOHO China's EBITDA interest coverage for the 12 months ended June 2016 was around 0.87x, a modest improvement from 0.7x in 2015. Moody's expects EBITDA interest coverage for the full year 2016 will improve to around 1.0x, based on likely continued growth in rental income to RMB14 billion-RMB15 billion in 2016. However, such a level is still be weak for its Ba3 corporate family rating, and is reflected in the negative outlook on the rating. SOHO China's adjusted total debt fell to RMB16.2 billion as of June 30, 2016, from RMB17.9 billion at end-2015. The company has also managed its foreign currency risk by reducing its offshore borrowing from approximately 56% of total debt to approximately 6% over the same period. Accordingly, SOHO China's leverage -- as measured by debt/total assets -- slightly decreased to 24% as of June 30, 2016, from 25.1% at end-2015. Moody's expects the ratio to be around 22%- 24% in the next 12-18 months. "SOHO China has adequate liquidity to address its RMB759 million of maturing debt in the next 12 months, although its cash balance declined to RMB3 billion as of June 30, 2016, from RMB9 billion at end-2015," says Cindy Yang, a Moody's Analyst and also the Local Market Analyst for SOHO China. The decrease in cash was mainly due to ongoing capex spending for projects under development, a special dividend payout and the repayment of debt. The company has around RMB4.0-4.5 billion of outstanding capex spending for the next two years. In July 2016, SOHO China announced to dispose its SOHO Century Plaza to a third party for a consideration of RMB3.3 billion. Moody's expects the sales proceeds -- in addition to potential disposals identified from its three existing assets -- will provide additional liquidity to fund the company's working capital needs. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. SOHO China Limited, incorporated in March 2002 and listed on the Hong Kong Stock Exchange in October 2007, develops, leases and manages commercial properties in the core business districts of Beijing and Shanghai. TEXHONG TEXTILE: 1H 2016 Results Support Moody's Ba3 CFR -------------------------------------------------------- Moody's Investors Service says Texhong Textile Group Limited's 1H 2016 results support its Ba3 corporate family and senior unsecured bond ratings. The ratings outlook remains stable. "Texhong's financial leverage for the 12 months ended 30 June 2016 remained stable, supported by strong demand for its products but offset by higher debt to support its capital expenditure (capex) and higher inventory levels," says Chenyi Lu, a Moody's Vice President and Senior Analyst. "We expect Texhong's financial leverage will improve to 3.0x-3.5x over the next 12-18 months as the company generates solid revenue growth on the back of its increased production capacity, continued strong demand for its products, and moderate capex requirements," adds Lu. Texhong's adjusted debt/EBITDA remained unchanged at 4.0x for the 12 months ended 30 June 2016 from 2015, as the increase in adjusted EBITDA from higher revenue was offset by higher adjusted debt to fund its capacity expansion. Moody's expects Texhong's adjusted debt/EBITDA to decline to about 3.0x-3.5x over the next 12-18 months. Specifically, its continued strong earnings will only be partially offset by: (1) continued capex to support capacity expansion and downstream business expansion, and (2) higher inventory levels to support its expanded operations. This level of leverage is in line with its Ba3 ratings. Moody's also expects revenue to grow at 20% in 2016 and 10% in 2017, underpinned mainly by sales volume growth stemming from its capacity expansion in Vietnam and Xinjiang, China in 1H 2016. Its total production capacity increased to 2.84 million spindles at end-June 2016 from 2.20 million at end-2015. Texhong's adjusted EBITDA margin will remain stable at around 15% over the next two years, supported by relatively stable average selling prices and input cotton costs, and continued cost and expense controls. Moody's expects capex of RMB1.6 billion in 2016 to support its capacity expansion in Vietnam and Xinjiang, China and downstream business expansion. Its capex will be RMB650 million in 2017 to support its expanded operations. According to Texhong's results announcement, its revenue increased by 20.1% year-on-year to RMB5.82 billion in 1H 2016, mainly driven by higher sales volume and despite a slight decline in average selling prices. Texhong's liquidity position is weak. At end June 2016, the company held cash and cash equivalents of RMB0.99 billion, pledged bank deposits of RMB326 million, and unused committed banking facilities of RMB393 million. These liquidity sources and its cash flow from operations of around RMB1.0 billion over the next 12 months are insufficient to cover its RMB1.42 billion in maturing debt, bills payable of RMB2.29 billion, and estimated maintenance capex of RMB200 million over the next 12 months. However, the company had around RMB0.73 billion in bills receivable and RMB2.71 billion in inventory, mostly cotton, which is marketable. These can be discounted for cash to support its liquidity position. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Established in 1997 and listed on the Hong Kong Stock Exchange since 2004, Texhong Textile Group Limited specializes in producing core-spun yarn and textile products. The company currently operates 16 yarn production bases: 13 in China, three in Vietnam and one in Cambodia. Its chairman, Mr. Tianzhu Hong, holds an approximate 55% stake in the company. WEST CHINA CEMENT: Moody's Cuts Corporate Family Ratings to B1 -------------------------------------------------------------- Moody's Investors Service has downgraded West China Cement Limited's (WCC) corporate family and senior unsecured ratings to B1 from Ba3. The ratings outlook is negative. This concludes the ratings review initiated on July 13, 2016. RATINGS RATIONALE "The downgrade reflects WCC's weakened credit profile, owing in turn to the ongoing and challenging conditions prevalent in the cement industry," says Gerwin Ho, a Moody's Vice President and Senior Analyst. WCC's revenue fell 4% year-on-year in 1H 2016 as a 7% year-on- year decline in ASPs offset a 6% year-on-year rise in sales volumes for cement and clinker. However, the company maintained EBITDA margins at about 27.7% in last 12 months to end-June 2016, flat from 2015, owing to lower raw material prices and effective cost controls. Nonetheless, Moody's expects EBITDA to decline moderately in the next 12-18 months, reflecting its expectation of limited growth in sales volumes and continued subdued prices. As a result, Moody's expects WCC's adjusted debt/EBITDA to rise to 4.3x-4.5x in the next 12-18 months from about 4.1x in the last 12 months to end-June 2016, despite its expectation of WCC reducing capital spending and generating free cash flow to reduce debt. This level of leverage is in line with the company's B1 corporate family rating. WCC's B1 corporate family rating also reflects the company's dominant market share in cement production in southern Shaanxi Province. However the rating is constrained by WCC's: (1) small scale; (2) exposure to government spending levels and economic policies; (3) weakened profitability due to oversupply; and (4) execution risk in view of its geographic expansion. The rating also considers WCC's business synergies with Anhui Conch Cement Company Limited (Conch, A3 stable) and Conch's technical support to WCC. Conch held a 21.2% stake in WCC as of end-June 2016. "The negative outlook on WCC's ratings reflects continued weak cement industry conditions and the company's weak liquidity profile, which is partly mitigated by its affiliation with Conch," adds Ho. WCC's liquidity profile is weak. While the company's cash balance -- including restricted bank deposits -- improved slightly to RMB587 million at end-June 2016 from RMB528 million at end-2015, it remains inadequate to cover its short term debt of RMB1.3 billion at end-June 2016. Upgrade pressure in the near term is unlikely, given the negative outlook. Nonetheless, the ratings outlook could return to stable, if (1) WCC achieves a sound liquidity position and successfully refinances its short-term debt; (2) WCC improves its profitability and achieves net profit; (3) WCC is disciplined in its capital expenditure and does not undertake acquisitions; and (4) Conch does not reduce its investment in WCC. On the other hand, downward ratings pressure could emerge, if WCC's financial and/or liquidity position weakens because of falling revenues; rising costs; aggressive acquisitions; or unexpected shareholder distributions. Financial indicators of a ratings downgrade include EBITDA margins below 20%-25%, or debt/EBITDA exceeding 4.5x on a sustained basis. Any reduction in Conch's support to or level of ownership in WCC would also be negative for WCC's ratings. The principal methodology used in these ratings was Building Materials Industry published in September 2014. West China Cement Limited is one of the leading cement producers by capacity in Shaanxi Province. At end June 2016, the company's annual cement production capacity was 29.2 million tons. Its revenues totaled RMB3.5 billion in 2015. Anhui Conch Cement Company Limited -- listed on Hong Kong Stock Exchange since 1997 and the Shanghai Stock Exchange since 2002 -- is the second-largest cement producer in China (Aa3 negative) by production volume. The company had about 229 million tons per annum (mtpa) of clinker capacity and 290 mtpa of cement capacity in 2015. In FY2015, it recorded RMB51 billion in sales. The Anhui Provincial Government indirectly owned an 18.8% equity stake at end-2015. YANLORD LAND: Moody's Reviews Ba3 Corp Family Rating for Upgrade ---------------------------------------------------------------- Moody's Investors Service has placed Yanlord Land Group Limited's Ba3 corporate family and senior unsecured ratings on review for upgrade. RATINGS RATIONALE "The review is prompted by Yanlord's stronger performance and credit profile when compared to the parameters for its Ba3 ratings," says Kaven Tsang, a Moody's Vice President and Senior Credit Officer. "Yanlord will likely successfully execute its business strategy, and maintain its improved financial profile, as measured by its liquidity position and debt leverage," adds Tsang. Yanlord's contracted sales increased 55% year-on-year to RMB17 billion in 1H 2016, after growing 127% year-on-year to RMB28.9 billion in 2015. The company's contracted sales in 1H 2016 were contributed by its projects in Shanghai, Nanjing, Suzhou, Zhuhai, and Tianjin. The increased geographic diversity of its projects will partially reduce the regulatory risk from individual local governments. Yanlord has continued its prudent financial management of containing debt growth. The company's adjusted total debt of RMB20.7 billion in June 2016 was almost unchanged from the RMB20.4 billion seen in December 2014. As a result, its debt leverage -- as measured by revenue to debt -- improved to 113.7% for the 12 months to 30 June 2016 from 57.5% at end-2014. The company's strong contracted sales and tight control over expenditures have resulted in the fast growth of its cash, which totaled RMB19.0 billion at 30 June 2016; an amount which was substantially higher than the RMB6.6 billion registered at end- 2014. In addition, it has managed well its debt maturities, such that cash to short term debt in December 2014 and June 2016 was strong, at 3.2x. Such leverage and liquidity levels are strong for its Ba3 ratings. Moody's will review: (1) Yanlord's business and land acquisition strategies; (2) its contingent plans to lower the negative impact from potential regulatory measures that are driven by rising property prices; and (3) its financial policies. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Yanlord Land Group Limited is a major property developer in China. It operates in the major Chinese cities of Shanghai, Nanjing, Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu, Tangshan and Sanya. The company was established in 1993 and listed on the Singapore Stock Exchange in 2006. Its land bank totaled 5.2 million square meters at end-June 2016. ========= I N D I A ========= ASCOTT ELECTRICALS: ICRA Reaffirms B+ Rating on INR4cr Loan ----------------------------------------------------------- ICRA has reaffirmed the long-term rating assigned to the INR4.00 crore fund-based facility, INR0.20 crore term loan facility, and INR3.80 crore unallocated facilities of Ascott Electricals Private Limited at [ICRA]B+. ICRA has also reaffirmed the short- term rating assigned to the INR1.00 crore fund-based facility and INR5.00 crore non-fund-based facility of the company at [ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term (LT)-fund 4.00 [ICRA]B+ reaffirmed based facility (suspension revoked) Term loan facility 0.20 [ICRA]B+ reaffirmed LT-Unallocated 3.80 [ICRA]B+ reaffirmed Short Term (ST)- 1.00 [ICRA]A4 reaffirmed fund based (suspension revoked) Short Term (ST)- 5.00 [ICRA]A4 reaffirmed non-fund based (suspension revoked) The reaffirmation of ratings take into account the long-standing experience of the promoters' spanning over three decades in transformer manufacturing industry. The ratings are however constrained by significant increase in debtor levels on account of delays in payments from TNEB; decline in revenues in FY2016 due to Chennai floods, which impacted the production; and the company's modest scale of operations in a highly competitive electrical equipment industry. Further the ratings are constrained by, the company's financial risk profile which is marked by leveraged capital structure, moderate coverage indicators; tight liquidity due to stretched receivables position; and exposure to customer concentration risks, since the company derives about 80% of its revenue from TNEB. Going forward the ability of the company to scale up operations besides improving its liquidity would be key credit monitorables. Incorporated in 2005, Ascott Electricals Private Limited (AEPL) is engaged in manufacturing electrical transformers such as distribution transformers, power transformers and metering sets. The company has two manufacturing facilities viz., Saidapet and SIDCO Industrial Estate, Thirumudivakkam (both in Chennai, Tamil Nadu) in a total area of 20,000 sq ft. The company's operations are managed by its promoters, Mr. P.C. Alexander and his son, Mr. Arun Alexander. Recent Results According to provisional financials, the company's profit after taxes (PAT) stood at INR0.99 crore on an operating income of INR22.07 crore for the FY2016. For FY2015, the company reported an operating income of INR34.17 crore with a net profit of INR1.51 crore. AVECO TECHNOLOGIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Aveco Technologies Private Limited's Long-Term Issuer Rating of 'IND B+'. The Outlook was Stable. The ratings have been withdrawn as the fund-based and non-fund- based limits have been reduced to INR48 mil., which is below the minimum limit of INR50 mil. specified by the regulator. Ind-Ra will no longer provide ratings or analytical coverage for Aveco. Aveco ratings: -- Long Term Issuer Rating: 'IND B+'/Stable; rating withdrawn -- INR40 mil. fund-based working capital limits: 'IND B+' and 'IND A4'; ratings withdrawn -- INR30 mil. non-fund-based working capital limits: 'IND A4'; rating withdrawn AXIS OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Axis Overseas Limited (AOL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect AOL's moderate scale of operations with a weak credit profile. According to the provisional financials for FY16 the company achieved revenue of INR1,927.5 million (FY15: INR1,792.0 million), EBITDA interest coverage (operating EBITDA/ net interest expenses) of 1.2x (1.2x), and net financial leverage (total adjusted net debt/operating EBITDA) of 12.7x (14.0x). Operating EBDITDA margin was also low at 1.9% during FY16 (FY15: 1.8%) due to the trading nature of the business. The company has a moderate liquidity profile as reflected in the 96.5% average utilisation of the working capital facilities for the 12 months ended June 2016. The ratings however benefit from the promoters' experience of over three decades in the jute trading business. RATING SENSITIVITIES Positive: Substantial improvement in the operating profitability and in the credit metrics will be positive for ratings. Negative: Any deterioration in the credit profile and in liquidity will be negative for ratings. COMPANY PROFILE AOL was incorporated in December 2005 by Aditya Sarda and his family. The company is based in Kolkata. The company is primarily engaged in trading raw jute and finished jute products. The company purchases raw jute from local brokers and sell it to jute mills in West Bengal. AOL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable -- INR220.0 million fund-based working capital limit: assigned 'IND BB-'/Stable -- INR30.0 million non-fund-based working capital limit: assigned 'IND A4+' BISWAJANANI COLD: CRISIL Reaffirms B- Rating on INR103.6MM Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Biswajanani Cold Storage Private Limited continue to reflect BCSPL's exposure to risks related to the highly regulated and intensely competitive cold storage industry in West Bengal, and weak financial risk profile, marked by high gearing. These rating weaknesses are partially offset by the promoter's extensive experience in the cold storage business. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 (Reaffirmed) Cash Credit 103.6 CRISIL B-/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 7.7 CRISIL B-/Stable (Reaffirmed) Term Loan 48.4 CRISIL B-/Stable (Reaffirmed) Working Capital Loan 13.3 CRISIL B-/Stable (Reaffirmed) Outlook: Stable CRISIL believes BCSPL will continue to benefit over the medium term from the extensive industry experience of its promoter. The outlook may be revised to 'Positive' if increase in cash accrual or infusion of capital considerably strengthens financial risk profile, particularly liquidity. Conversely, the outlook may be revised to 'Negative' if delay in repayments by farmers, low cash accrual, or any large capital expenditure weakens key credit metrics. Incorporated in 2009, BCSPL provides cold storage facilities for potatoes; the promoters also undertake opportunistic trading in potatoes through the company. The cold storage is located in Mednipur West (West Bengal). The operations are managed by Mr. Amal Dandapat. BLUE DUCK: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Blue Duck Textiles Private Limited (BDTPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect BDTPL's small scale of operations. According to provisional FY16 financials, the company's revenue was INR245.61 million (FY15:INR111.94 million). The ratings further reflect BDTPL's moderate credit metrics. BDTPL's gross interest coverage (operating EBITDA/gross interest expense) was 4.81x in FY16 (FY15: 5.19x) and net financial leverage (total adjusted net debt/operating EBITDAR) was 3.94x (5.23x). The ratings also factor in the deterioration in the company's net working capital cycle to 158days in FY16 (FY15: 62days) and moderate liquidity position as indicated by the average maximum utilisation of its fund-based limit being 91.90% during the 12 months ended June 2016. The ratings, however, are supported by the company's healthy EBITDA margins of 13.84% in FY16 (FY15: 13.95%). The ratings are further supported by more than 25 years of experience of the company's promoters in the textile industry. RATING SENSITIVITIES Positive: A growth in the revenue along with an improvement in the net working capital cycle with operating margins and credit metrics being sustained or improved could lead to a positive rating action. Negative: A decline in the operating profitability along with a further deterioration in the working capital cycle could lead to a negative rating action. COMPANY PROFILE BDTPL was incorporated in 2013. The company is engaged in dyeing and printing of fabrics. BDTL has an installed capacity of 30,000 metre/day with a utilisation level of 86% at its facility. The company is managed by its directors Shantanu Kaul and Gitanjali Kaul. BDTPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable -- INR60 million fund-based working capital limits: assigned 'IND BB-'/Stable /'IND A4+' -- INR18.36 million Long-term loans: assigned 'IND BB-'/Stable EURO INDIA: CRISIL Reaffirms 'D' Rating on INR144MM Term Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Euro India Fresh Foods Private Limited continue to reflect instances of delay in servicing term debt over the last few months. The delays were because of weak liquidity, which was, in turn, driven by low cash accrual and large inventory. It also factors Euro's below-average financial risk profile, marked by a high gearing and weak debt protection metrics, and its exposure to competition from large and established players. These rating weaknesses are partially offset by the company's diversified product portfolio. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL D (Reaffirmed) Cash Credit 117.5 CRISIL D (Reaffirmed) Proposed Long Term Bank Loan Facility 83.5 CRISIL D (Reaffirmed) Term Loan 144.0 CRISIL D (Reaffirmed) Euro, incorporated in fiscal 2009, manufactures potato chips, fried extruded snacks, salted snacks (namkeen), mineral water, and core filling snacks, at its plant in Surat (Gujarat). Mineral water is sold under the brand, Euro Spa, while the other products are marketed under the brand, Euro. Operations are managed by key promoter, Mr. Dinesh Sanspara. FIBRO PLASTICHEM: CRISIL Reaffirms 'B-' Rating on INR60MM Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Fibro Plastichem India Private Limited, reflect its modest scale of operations and below-average financial risk profile, with high gearing, modest networth, and average debt protection metrics. These rating weaknesses are partially offset by the extensive experience of the promoters in the fibre-reinforced plastic (FRP)-based products industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B-/Stable (Reaffirmed) Letter of Credit 16 CRISIL A4 (Reaffirmed) Overdraft Facility 20 CRISIL B-/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 8.8 CRISIL B-/Stable (Reaffirmed) Term Loan 25.0 CRISIL B-/Stable (Reaffirmed) Outlook: Stable CRISIL believes FPIPL will continue to benefit over the medium term from its established relationships with principals, and its promoters' extensive industry experience. The outlook may be revised to 'Positive' if significant increase in revenue and profitability results in higher cash accrual, and substantially stronger liquidity. Conversely, the outlook may be revised to 'Negative' if decline in revenue and profitability, or stretch in working capital cycle, weakens the financial metrics, including liquidity. Incorporated in 1972, FPIPL manufactures FRP-based products. The company has three revenue sources: the railways, the chemical industry, and water-treatment units. Most of its revenue comes from the railways. The company is actively managed by Mr. Sumit Dutta and his brother, Mr. Moinal Dutta. GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Geeta Machine Tools Private Limited continue to reflect the company's weak financial risk profile because of high gearing and subdued debt protection metrics, its large working capital requirement, and modest scale of operations in the intensely competitive engineering and capital goods industry. These weaknesses are partially offset by the extensive industry experience of its promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 120 CRISIL A4 (Reaffirmed) Cash Credit 90 CRISIL B+/Stable (Reaffirmed) Letter of Credit 30 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 25 CRISIL B+/Stable (Reaffirmed) Term Loan 35 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes GMT will continue to benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company improves its working capital management or capital structure, leading to better liquidity, or scales up its operations and maintains its profitability. The outlook may be revised to 'Negative' in case of significant weakening of its liquidity or capital structure, or pressure on its profitability, or larger-than-expected, debt-funded capital expenditure. GMT, incorporated in 1989, is promoted by the Jamnagar, Gujarat- based Jadeja family. Mr. Sardarsinh L Jadeja is its key promoter, and it is managed by directors Mr. Vanrajsinh Jadeja and Mr. Vasant Bhadra. The company manufactures a wide range of boring, milling, lathe, and radial drilling machines, and other industrial equipment. GENNEXT ABASAN: CRISIL Assigns 'B' Rating to INR30MM Cash Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Gennext Abasan Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B/Stable Letter of Credit 100 CRISIL A4 The ratings reflect GAPL's weak financial risk profile because of a small networth, and below-average capital structure and debt protection metrics. The ratings also factor in a modest scale of operations leading to low profitability. These rating strengths are partially offset by the extensive experience of promoters in the polymer trading industry. Outlook: Stable CRISIL believes GAPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of a substantial and sustained improvement in revenue or if capital structure or networth considerably improve on the back of sizeable equity infusion from its promoters. Conversely, the outlook may be revised to 'Negative' in case of a steep decline in capital structure caused most likely by a large, debt-funded capital expenditure or a stretch in its working capital cycle. Established in 2007, GAPL, based in Indore, Madhya Pradesh, is a privately owned company. It is promoted by Mr. Anoop Singh Yadav and his wife Ms. Shashi Singh Yadav. It trades in polymer granules. GVR NAGAUR: Ind-Ra Lowers Rating on INR3,150MM Bank Loans to BB --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded GVR Nagaur Bikaner Tollway Private Limited's (GNBTPL) INR3,150 mil. bank loans to 'IND BB' from 'IND BBB-'. The Outlook is Negative. PROJECT PROFILE GNBTPL is an SPV, fully owned by GVR Infra Projects Limited (GVR Infra, 'IND BBB+'/Stable). It has been incorporated for the development and operation of a 108.26km section on the Nagaur- Bikaner stretch of NH-89 in Rajasthan. The project will create two lanes with paved shoulders under a 15-year concession from the Public Works Department, the government of Rajasthan on a design, build, finance, operate and transfer basis. The envisaged total project cost of INR4,220 mil. is being funded by equity of INR380.0 mil., a grant of INR690 mil. and debt of INR3,150 mil. KEY RATING DRIVERS The rating downgrade reflects the delayed project commissioning and GNBTPL's increased dependence on the sponsor for timely debt service. The scheduled partial commercial operation date (PCOD) has now been planned in November 2016 from the earlier August 2015. However, the rating factors in the respite to cash flows coming from the shift in repayment date by one year to March 31, 2017. As of February 2016, even though GNBTPL had completed 84.54% (higher than the 75% threshold for receiving the PCOD), PCOD was not received owing to the non-conjugate stretches. Also, according to the lenders' independent engineer's report dated February 2016, GNBTPL achieved the stated project completion by delinking the Nokha bypass and two railway over bridges from the scope of the project. However, the seemingly low levels of complexity of work, fixed price, turnkey, date-certain engineering, procurement and construction contract with an experienced contractor, GVR Infra, mitigates residual completion risk. The project is exposed to patronage risks, for the stretch being a toll road. In the absence of a history, the traffic and consequently the revenue trend will be clear only after the road completes at least one year of tolling. The stretch is dominated by commercial traffic (65%) which, while holding high revenue potential, is vulnerable to economic volatility. Higher dependence on the sponsor for operational expenses and lifecycle costs constrain the rating. As part of the transaction, the sponsor has extended an undertaking to fund any shortfall in resources for completing the project, major maintenance reserve account and cost overruns. The sponsor has also undertaken to provide necessary support to meet debt service shortfalls. The debt is likely to be repaid in 44 structured quarterly installments with the last installment scheduled to repaid in March 31, 2027. The creation of a debt service reserve, not forming part of the project cost, from operational cash flows could pose a challenge if traffic does not materialize in line with Ind-Ra's projections. Currently, GNBTPL is servicing interest only. Ind-Ra's base case analysis reflects a minimum debt service coverage ratio of 0.66x (in FY17) thus necessitating sponsor support to the tune of INR747 mil. over a period of 12 years. The minimum debt service coverage ratio for the rating case is 0.59x (from FY20 until FY23). The rating case projections necessitate sponsor support to the tune of INR2,265 mil. The credit metrics are weak mainly on account of the scheduled major maintenance expenditure (FY22-FY23) and a heavily back-ended amortization structure. Also, in the event of non-creation of a major maintenance reserve, the support from the sponsor could elevate beyond the original management case assumptions. RATING SENSITIVITIES Positive: A strong ramp-up supported by substantial improvements in the coverage ratios could result in a rating upgrade. Negative: Prolonged delay in the receipt of grants, any significant traffic underperformance, absent sponsor support, material cost overrun could result in a further rating downgrade. HARITHA FERTILISERS: ICRA Assigns B LT Rating to INR10cr Loan ------------------------------------------------------------- ICRA has assigned a long term rating of [ICRA]B and short term rating of [ICRA]A4 to the INR10.00 crore unallocated facilities of Haritha Fertilisers Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Unallocated limits 10.00 [ICRA]B/[ICRA]A4 assigned The assigned ratings are constrained by decline in revenues over the past two years from INR75.44 crore in FY2014 to INR16.47 crore in FY2016 on account of adverse monsoon in the state of Telangana coupled with limited geographical presence with 100% of sales confined to state of Telangana; and weak financial profile as characterized by high gearing of 2.13 times and moderate coverage indicators as indicated by interest coverage ratio of 1.39 times and NCA/total debt of 6% as on March 31, 2016. The assigned ratings are further constrained by tight liquidity position of the company as evident from high utilization of its working capital limits on account high inventory levels; and vulnerability of profitability to inventory price risks as its purchases are not order backed and agro climatic conditions. The ratings, however, positively takes into account more than two decades long experience of promoters in fertilizer industry; established sales and distribution network with presence of over 500 dealers in Telangana and strong relationships with customers resulting in repeat orders. Going forward, ability of the company to increase its scale of operations while managing its working capital requirements will be key rating sensitivities from credit perspective. Incorporated in 2006, Haritha Fertilisers Limited is involved in the manufacturing of nitrogen-phosphorous-potassium (NPK) fertilizers. The company has two manufacturing facilities with installed capacity of 1.50 lac metric ton per annum each. The unit-I is located at Ankireddypalli village of Ranga Reddy District, unit-II is located at Damaracherla village of Nalgonda District of Telangana. The company is selling its product under brand its own brand name "Nandi" in Telangana. Recent Results HFL has reported an operating income and net profit of INR30.40 crore and 0.80 crore respectively in FY2015 as against operating income and net profit of INR16.47 crore and 0.33 crore in FY2016 (provisional and unaudited). IDEAL HOTEL: Ind-Ra Assigns 'IND B+' LT Issuer Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Ideal Hotel and Industries Limited (IDEAL) a Long-Term Issuer Rating of 'IND B+' with a Stable Outlook. The agency has also assigned IDEAL's INR150 million fund-based limits 'IND B+'/Stable and 'IND A4' ratings. KEY RATING DRIVERS The ratings are constrained by IDEAL's small scale of operations and weak credit metrics. According to FY16 provisional financials the company's overall revenue stood at INR62.58 million (FY15: INR55.35m), interest coverage (operating EBITDA/gross interest expense) was 2.33x (1.03x) and net financial leverage (total Ind- Ra adjusted net debt/operating EBITDAR) was 8.83x (4.42x). The ratings, however, are supported by the company's comfortable EBITDA margin of 15.74% in FY16 (FY15: 11.56%) and comfortable liquidity position as evident from the average utilisation of its fund-based limit being 63% during the 12 months ended June 2016. The ratings are further supported by more than 30 years of experience of the IDEAL's promoter in the hospitality sector as well as the company's established operational track record of more than three decades. RATING SENSITIVITIES Negative: A significant decline in the profitability leading to deterioration in the credit profile of the company could be negative for the ratings. Positive: A significant improvement in the overall revenue and EBITDA margins leading to improvement in the credit metrics could be positive for the rating. COMPANY PROFILE IDEAL was incorporated in 1985 and is engaged in providing hospitality services. It operates a hotel under the brand name 'Amaya' which is at a prime location in Mall road cant., Varanasi. IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on PTC Series A2 ---------------------------------------------------------- ICRA has reaffirmed the ratings of PTCs (Pass Through Certificates) in case of a transaction backed by Multi-Originator Small Business Loan pool. The summary of the rating actions taken by ICRA is given below. Transaction Name: IFMR Capital SBL Mosec I Originators: CDIPL (33%) ISFCL (19%) Vistaar (48%) Amount Facilities (INR crore) Ratings ---------- ----------- ------- PTC Series A1 17.73 [ICRA]BBB+ (SO) Reaffirmed PTC Series A2 2.30 [ICRA]B(SO) Reaffirmed The selected pool consists of small business loans given by the Originators, to borrowers in urban, semi-urban and rural areas. The companies target small and medium businesses. The presence of multiple Originators provides the overall pool a reasonable geographical diversity, with the pool spread across 7 states. The aggregate pool consists of monthly repaying contracts with moderate seasoning, long residual tenure of contracts (70 months) and no overdue on the selected loans as of cut-off date In this transaction, a pool of receivables was assigned by the Originators to a Special Purpose Vehicle (SPV) at a premium, which issued two series of PTCs backed by the receivables. The promised cashflow schedule for PTC A1 will comprise interest (at the pre-determined yield) on the outstanding principal on each payout date and the entire principal on the final maturity date; however, the excess collections in a month will be used to amortize the principal payout to PTC A1. This is done till all payment has been made to PTC A1, post which the collections are passed to PTC A2, towards its principal repayment and later by way of residual cashflows such that a specified yield is achieved (this is not promised). INTOUCH MOBICARE: CRISIL Assigns 'B+' Rating to INR40MM Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Intouch Mobicare Private Limited. The ratings reflect IMPL's average financial risk profile marked by below average debt protection indicators, and moderate scale of operations with low operating profitability. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 15 CRISIL A4 Cash Credit 40 CRISIL B+/Stable These rating weaknesses are partially offset by the extensive experience of IMPL's promoters in the mobile accessories trading business. Outlook: Stable CRISIL believes that IMPL will continue to benefit from promoters' experience and its established relationship with its key suppliers, over the medium term. The outlook may be revised to 'Positive' if revenue improves significantly along with improvement in its financial risk profile on account of more- than-expected accruals or substantial equity infusion. Conversely, the outlook may be revised to 'Negative' if the company's revenues and profitability come under pressure, or its working capital cycle lengthens or it undertakes a large debt- funded capex programme over the medium term. IMPL promoted in 2010 by Mr. Anand Gulati and his brother, Mr. Rajat Gulati. IMPL is in to distribution and marketing of mobile accessories. It is an exclusive distributor of Samsung mobile accessories in Delhi, Gurgaon and Faridabad. The company is also engaged in distributorship of Titan Watches. JAIN OVERSEAS: Ind-Ra Cuts Long-term Issuer Rating to 'IND D' ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Jain Overseas' (JO) Long-Term Issuer Rating to 'IND D' from 'IND BB-'. The Outlook was Stable. The agency has also downgraded the company's INR330m fund-based working capital limits to Long-term 'IND D' from 'IND BB-'/Stable and Short-term 'IND D' from 'IND A4+'. KEY RATING DRIVERS The downgrade reflects JO's tight liquidity position leading to over utilisation of its bank limits from January 2016 on account of a temporary closure of its plant for nearly 6 months. The company also reported substantial operating losses of -12.66% in FY16 (FY15: 4.65%, FY14: 3.93%) and a dip in its revenue to INR995 million (INR1,092 million; INR1,226 million). RATING SENSITIVITIES Positive: An improvement in the company's liquidity profile and use of working capital facilities within the limits for at least three consecutive months could be positive for the ratings. COMPANY PROFILE Incorporated in 2009 as partnership firm, JO is engaged in milling, processing, sorting and polishing of Basmati and non- basmati rice; it has installed capacity of 9 metric tons per hour from its milling plant situated at Sikandrabad, Uttar Pradesh. It also has 3 prominent brands of basmati rice named Parkhi, TwentyOne and Havelli. JAY KRISHNA: CRISIL Assigns B+ Rating to INR100MM Cash Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Jay Krishna Sizers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 46.1 CRISIL B+/Stable Cash Credit 100.0 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 7.1 CRISIL B+/Stable The ratings reflect an average financial risk profile, with a modest networth, high gearing, and modest debt protection metrics. The ratings also factor in a modest scale of operations in the intensely competitive textile industry, and exposure to adverse fluctuation in polyester prices. These rating weaknesses are partially offset by the extensive experience of promoters in the textile industry, their funding support, and benefits derived from proximity to customers in Surat market. Outlook: Stable CRISIL believes JKS will continue to benefit over the medium term from the extensive experience of promoters. The outlook may be revised to 'Positive' if healthy and sustained revenue growth and profitability lead to higher-than-anticipated cash accrual. Conversely, the outlook may be revised to 'Negative' if lower- than-expected cash accrual, or a stretch in working capital cycle, or any unanticipated large, debt-funded capital expenditure significantly impacts the financial risk profile and liquidity. Established in 1995 as a partnership between Mr. Dhirajlal Boghra, Mr. Chetankumar Boghra, and Mr. Shailesh Boghra and their family members, JKS is engaged in sizing of polyester yarn for various Denier ranges of 50-150. Its manufacturing unit is based in Surat, Gujarat. JAY PALGHAR: ICRA Assigns 'B' Rating to INR2.25cr Term Loan ----------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B to the INR2.25 crore term loan facility and the INR0.75 crore cash credit facility of Jay Palghar Net Co. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- Term Loan 2.25 [ICRA]B; Assigned Fund based- Cash Credit Limit 0.75 [ICRA]B; Assigned The assigned rating is constrained by JPNC's low scale of operations and limited operating history. The rating factors in JPNC's delayed project commencement on account of delay in the land transfer process. The rating also considers JPNC's low profitability and highly leveraged capital structure, as reflected from high gearing of 6.50 times as on March 31, 2016, and weak debt coverage indicators. The rating further takes into account the highly competitive nature of the fishing net manufacturing industry, caused by the dominance of numerous unorganised players; and the vulnerability of JPNC's profitability to the fluctuations in demand for seafood as well as to the adverse movements in prices of key inputs. The rating, however, favorably factors in the extensive experience of the partners in the seafood industry. The rating draws comfort from JPNC's locational advantage of its proximity to raw material sources, manpower and major fishing hubs of Gujarat. The rating also factors in the growth in the Indian seafood industry, depicting favorable prospects for net manufacturing. ICRA expects JPNC to book revenues of around INR9.00 crore in FY2017, and a normal growth of about 10% in anticipation of the full year of operations, its improved capacity utilisation levels and growth in volumes. However, the profitability at net levels is expected to remain subdued, resulting from higher depreciation and finance costs. JPNC's capital structure is expected to remain leveraged over the medium term with expectations of further debt infusion. Going forward, the company's ability to infuse funds to support its capital structure, increase its scale of operations and manage its working capital efficiently, would be the key rating sensitivities. Established in January 2015, Jay Palghar Net Co. is a partnership firm which is owned and managed by Mr. Suresh Lodhari, along with his son, Mr. Jay Lodhari. Mr. Suresh Lodhari has an extensive experience of this business. JPNC manufactures fishing nets, sports nets and safety nets made of High Density Polythylene (HDPE) twine, which find application in fishing, agriculture, sports, and security fields. JPNC's facility is located at Porbandar, Gujarat, with a current manufacturing capacity of 2,000 kg per day. The commercial production of the firm started from February 2016. Recent Results For the year ended March 31, 2016, the company reported an operating income of INR0.29 crore with a net loss of INR0.19 crore as per the provisional unaudited numbers within a month and a half of the start of operations. JOHN SAW: CRISIL Lowers Rating on INR70MM Cash Loan to B+ --------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of John Saw Mill Private Limited to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') Inland/Import Letter 500 CRISIL A4 (Downgraded from of Credit 'CRISIL A4+') The downgrade reflects JSMPL's weakened liquidity on account of declining net cash accrual and large working capital requirement, leading to high bank limit utilisation of 95% over the 12 months through March 2016, constraining the company's financial risk profile. The net cash accrual declined to an estimated INR2.5 million in fiscal 2016 from INR10.8 million in fiscal 2015 due to higher-than-expected interest and bank charges largely on account of high letter of credit charges and forward contract charges. The company is likely to incur foreign exchange (forex) loss due to adverse movements in forex rates in fiscal 2016. Large working capital debt will continue to result in high interest burden and low cash accrual over the medium term. The ratings reflect JSMPL's modest scale of operations in the intensely competitive timber trading business, its large working capital requirement, and susceptibility to volatility in raw material prices and forex rates. These weaknesses are partially offset by its promoter's extensive industry experience. Outlook: Stable CRISIL believes JSMPL will continue to benefit from its promoter's extensive industry experience. The outlook may be revised to 'Positive' in case of significant improvement in the company's profitability, resulting in substantial cash accrual, and efficient working capital management. The outlook may be revised to 'Negative' if the profitability declines steeply or if the company undertakes large debt-funded capital expenditure, leading to deterioration in its financial risk profile, especially liquidity. JSMPL was incorporated in 2011 and is based in Tirunelveli, Tamil Nadu. The company imports and trades in timber and is promoted by Mr. S Maria John. JSMPL had a net profit of INR8.8 million on revenue of INR721.4 million in fiscal 2015, against a net loss of INR15.8 million on revenue of INR702.7 million for fiscal 2014. Its revenue is estimated at INR723.4 million in fiscal 2016. K.R.K EDUCATIONAL: ICRA Hikes Rating on INR30cr LT Loan to 'C' -------------------------------------------------------------- ICRA has upgraded the long term rating assigned to the INR30.00 crore term loans of M/s K.R.K Educational Trust from [ICRA]D to [ICRA]C. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term loans 30.00 [ICRA]C/Upgraded from [ICRA]D The revision of rating reflects the regularization of delays in debt servicing that persisted during the previous fiscal year FY 2015-16. The rating considers the nascent stage of the trust's operations with modest seat occupancy levels, and the high competitive intensity in the higher education sector in the state of Tamil Nadu, and the resultant weak financial performance of the trust over the last three years. ICRA, nevertheless, takes note of the support provided by trustees, who have long standing experience in technology sector, providing solutions to the energy sector through group companies. ICRA believes, KRKET's liquidity position would remain stressed over the medium term, with timely support from its trustees being critical to meet its repayment commitments, and remains a key rating sensitivity factor. K.R.K Educational Trust is an educational and charitable trust established in 2007 to impart professional education to students in Tamil Nadu. The trust owns and manages 'OAS Institute of Technology and Management', situated in Pulivalam Village near Tiruchirapalli, Tamil Nadu. The trust is promoted by Dr. K.R. Ilanghovan, Mrs. I. Rajalakshmi and Mr. K. Ramajayam. The trustees have more than 30 years of professional experience. Mr. K.R. Ilanghovan is also the founder of two technology companies - Omne Agate Systems Private Limited and OAS Digital Infrastructure Private Limited, which are mainly engaged in providing solutions to the energy sector. Recent results KRKET reported a net profit of INR0.34 crore on an operating income of INR7.52 crore during 2015-16 (unaudited), against a net loss of INR5.46 crore on an operating income of INR3.91 crore during 2014-15. KESHAV COTTON: CRISIL Ups Rating on INR60MM Cash Loan to B+ ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Keshav Cotton Corporation to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Term Loan 27.5 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The upgrade reflects improvement in the firm's liquidity profile driven by sharp increase in cash generation and moderately managed working capital cycle. The firm has generated INR11.8 million in 2015-16, while is expected to generate cash accruals in excess of INR15.2 million in 2016-17. The increase in the cash generation is on account of steady operating margins and reduced outflow towards interest cost with reduced debt on the books. As firm continues to repay its long term debt and is not expected to undertake any significant debt funded capital expansion, which can lead to increase in debt, its financial obligations are expected to decline over the medium term, which will further lead to improvement in the liquidity profile. The sustenance of operating profitability and working capital, will remain key rating sensitivity factor over the medium term. The ratings continue to reflect KCC's modest scale of operations in the highly competitive and fragmented cotton ginning industry, and susceptibility of its margins to volatility in cotton prices and to the regulatory framework governing the cotton industry. The rating also factors in the firm's average financial risk profile, marked by a small net worth and moderate debt protection metrics. These weaknesses are partially mitigated by extensive experience of its promoters in cotton trading and fund support from promoters, and moderately managed working capital cycle. For arriving at the rating, CRISIL has treated interest-free unsecured loans of INR25 million as neither debt not equity as they are from promoters and will be retained in the business over the medium term. Outlook: Stable CRISIL believes that KCC will continue to benefit over the medium term from its promoters' extensive industry experience and the steady demand for cotton ginning. The outlook may be revised to 'Positive' if the firm increases its scale of operations substantially, while it improves its profitability and capital structure. Conversely, the outlook may be revised to 'Negative' if KCC's capital structure weakens, mostly likely due to withdrawal of funds by promoters or decline in its profitability. KCC is a partnership firm located in Nagpur (Maharashtra). The firm is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and Mr. Mahesh Khandelwal. Promoters have over 25 years of experience in the cotton industry. The firm is engaged in cotton ginning and pressing business. M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of M.K.R. Traders Private Limited continue to reflect its below-average financial risk profile, because of modest net worth and a high total outside liabilities to tangible net worth ratio, and exposure to intense competition in the highly fragmented agro-commodities trading segment. These weaknesses are partially offset by the promoters' extensive experience in the business. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2.5 CRISIL A4 (Reaffirmed) Cash Credit 150 CRISIL B+/Stable (Reaffirmed) Long Term Loan 9 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 58.5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that MKR will continue to benefit over the medium term from the extensive experience of the promoters. The outlook may be revised to 'Positive' if the company scales up its operations significantly while improving profitability and capital structure. Conversely, the outlook may be revised to 'Negative' if the financial risk profile deteriorates because of higher-than-expected working capital requirements or capital expenditure or significantly low cash accrual. MKR was established in 2010 as a partnership firm by Mr. Janakiraman; the firm was reconstituted as a private limited company in 2010. MKR trades in rice, maida, oil, sugar, and gram varieties such as toor dal, urad dal, masoor dal, and green gram. MKR provisionally reported net profit of INR2.27 million on operating income of INR707.9 million for Fiscal 16, as against net profit of INR0.82 million on operating income of INR506.58 million for Fiscal 15. M.S.P. TYRES: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan -------------------------------------------------------------- CRISIL's rating on the long-term bank facility of M.S.P. Tyres continues to reflect a below-average financial risk profile because of a modest networth, high total outside liabilities to tangible net worth (TOLTNW) ratio, and weak debt protection metrics. The rating also factors in a modest scale of operations in the intensely competitive tyre trading industry, resulting in subdued profitability. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters and their established supplier relationship. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes MSP will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of a substantial increase in profitability, leading to a better financial risk profile. The outlook may be revised to 'Negative' if cash accrual declines, most likely due to deterioration in scale of operations, or in case of a stretched working capital cycle, leading to weakening of liquidity. Update Revenue is estimated at INR472 million for fiscal 2016, supported by steady demand from customers. Operating margin remained modest at around 2.3% due to the trading nature of operations. Revenue and margin are expected to remain at similar levels over the medium term due to small scale of operations Capital structure is below average, with networth estimated at INR132 million and TOLTNW at around 9 times as on March 31, 2016. With low accretion, the capital structure is expected to remain below average over the medium term. Debt protection metrics remained modest, with estimated interest coverage ratio of 1.4 times in fiscal 2016, owing to low profitability and high reliance on bank debt. Liquidity remained average, supported by sufficient cash accrual to meet debt obligation. Annual cash accrual is expected at INR3-4 million, against debt obligation of INR1.2 million annually, over the medium term. Bank limit utilisation was high, averaging 95% over the six months through May 2016. Established in 2000 as a partnership firm, MSP trades in tyres of two-wheeler, four-wheeler, and commercial vehicles. The firm has six retail outlets located in the Namakkal, Karur, and Dharmapuri districts of Tamil Nadu. It is managed by the managing partner, Mr. Subramanian. MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan ------------------------------------------------------------- CRISIL's rating on the long-term bank facility of Maa Bhuasuni Roller Flour Mills continues to reflect the firm's weak financial risk profile, with small networth, high gearing, and weak debt protection metrics, and modest scale of operations. These rating weaknesses are partially offset by the extensive experience of the promoters in the agro industry, and healthy demand for the products. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes MBRFM will continue to benefit over the medium term from its promoters' extensive experience. The outlook may be revised to 'Positive' if significant ramp-up in scale of operations and cash accrual, or infusion of equity by the promoters, considerably strengthens capital structure and liquidity. Conversely, the outlook may be revised to 'Negative' if increase in inventory, delay in realisation of debtors, or any large capital expenditure or capital withdrawal weakens financial metrics. MBRFM, based in Bhubaneswar (Orissa), processes wheat products, such as, maida, suji, atta, and bran. It has a flour milling capacity of 65 tonne per day. MAHALAXMI CASHEW: ICRA Assigns B+ Rating to INR6.0cr LT Loan ------------------------------------------------------------ ICRA has assigned a long term rating of [ICRA]B+ to INR6.00 crore long term - fund based (CC) facilities and INR1.00 crore term loan of Mahalaxmi Cashew Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund Based (CC) 6.00 [ICRA]B+/assigned Term Loan 1.00 [ICRA]B+/assigned The assigned rating takes into account the long standing experience of the promoters in the cashew processing industry and established relationship with its customers which provides revenue visibility to an extent. The rating also takes into account the healthy operating margins reported by the firm. The rating, however, remains constrained by the firm's small scale of operations limiting its operational and financial flexibility, its exposure to volatility in prices of raw cashew nut and kernels determined by agro-climatic conditions and global demand- supply scenario. The industry structure remains highly fragmented leading to intense competition and limited pricing flexibility. The rating also factors in the moderate gearing and coverage indicators of the firm, coupled with high working capital intensity owing to high inventory holding. The rating is also constrained by the inherent risks associated with partnership nature of the business, including the risk of capital withdrawal, among others. Going forward, the firm's ability to scale up the operations, maintain the margins and improve the working capital cycle would be the key rating sensitivities. Mahalaxmi Cashew Industries is a partnership firm engaged in the processing of raw cashew nuts (RCN) to cashew kernels. The firm also trades in RCN to an extent. It was established in the year 1996 and has its manufacturing unit in Chandgad, Maharashtra with an installed capacity of 4 MT per day. The firm is currently in the process of increasing the capacity to 6 MT per day. MCI sources its RCN from local traders and resellers as well as through imports from Benin, Tanzania and Indonesia. The firm sells the processed kernels primarily to wholesale dealers within India. Recent Results The firm reported a net profit of INR0.4 crore on an operating income of INR8.3 crore during the financial year 2014-15, as against a net profit of INR0.3 crore on an operating income of INR8.8 crore during 2013-14. As per the provisional financials for the year 2015-16, the firm reported a net profit of INR0.9 crore on an operating income of INR11.0 crore. MALAR PAPER: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan ---------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR6.50 crore fund based facilities and the short-term rating of [ICRA]A4 to the INR0.50 crore non-fund based bank limits of Malar Paper Mills Private Limited. ICRA has also reaffirmed the long- term rating of [ICRA]B+ and short-term rating of [ICRA]A4 to the INR9.00 crore proposed bank facilities of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term, fund based facilities 6.50 [ICRA]B+ reaffirmed Short-term, non- fund based limits 0.50 [ICRA]A4 reaffirmed Proposed limits 9.00 [ICRA]B+/A4 reaffirmed The reaffirmation of ratings consider the long standing track record of the promoters in the region, where they operate rice mills and solvent extraction unit, apart from Malar Paper; established relationship with dealers (mainly PWP) and end customers (for newsprint), which ensures repeat orders and favorable long term demand prospects for paper consumption in the domestic market. However, the ratings are constrained by the decline in revenues over the past two years ;company's moderate scale of operations that limits benefit from economies of scale; weak financial profile with thin profit margins, highly geared capital structure and stretched coverage indicators and highly fragmented and competitive industry, especially in the B-grade paper segment with low entry barriers and localized demand, which limits company's pricing flexibility and exposes the margin to volatility in raw material prices. ICRA also takes note of the power intensive nature of operations, with capacity utilization impacted by erratic power availability. Malar Paper Mills Private Limited was incorporated in 2006 as a private limited company to manufacture 42-110 gram per square metre (gsm) printing and writing paper (PWP) and newsprint. MPMPL's factory was setup in Kallur village, Pudukottai, Tamil Nadu and commercial production began in 2007. The factory has a capacity of 65 tonnes per day (TPD) / 21,000 metric tonnes per annum (MTPA). The factory uses recycled paper, both from domestic and international suppliers, as raw material to produce PWP and newsprint. MPMPL is closely held by Mr. PL Padikkasu and his family. The promoter family has rich experience in conducting business in the locality, owning 5 rice mills and a solvent extraction plant. Mr. PL Padikkasu is the Managing Director whereas his sons, Mr. Periasamy and Mr. Balasubramanian are directors in the company. Mr. Periasamy looks after the day to day running of the company. Recent Results According to provisional numbers the company registered a net profit of INR0.5 Crore on an operating income of INR47.5 in FY 2016 as against a net profit of INR0.03 Crore on an operating income of INR49.2 Crore in FY 2015. MALAR SOLVENT: Ind-Ra Affirms BB- Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Malar Solvent Extraction Private Limited Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The agency has also affirmed Malar's INR50 mil. fund-based working capital limits at Long-Term 'IND BB-'/Stable and Short-Term 'IND A4+'. KEY RATING DRIVERS The affirmation reflects Malar's continued moderate credit profile. FY16 provisional results indicate revenue of INR599 mil. (FY15: INR592 mil.; FY14: INR896 mil.). The reduction in revenue during the last two years was due to the non-availability of the key raw material, rice bran. The company's interest coverage (operating EBITDA/gross interest expense) was 1.5x in FY16 (FY15: 1.1x) and net leverage (total adjusted net debt/operating EBITDAR) was 5.7x (11.8x) and EBITDA margin improved to 1.7% (FY15: 1.3%). According to the provisional financials for 1QFY17, revenue was about INR204.35 mil. Any growth in FY17 or beyond will continue to depend on raw material availability, which has been the primary constraint. Liquidity was tight as reflected in around 99.8% average peak utilization of company's cash credit account during the 12 months ended July 2016. The ratings, however, benefit from Malar's over 25 years of operating track record and the equally vast experience of its management in rice milling and solvent extraction businesses. RATING SENSITIVITIES Positive: Sustained improvement in EBITDA interest cover above 2.2x may lead to positive rating action. Negative: Sustained deterioration in EBITDA interest cover below 1.5x may lead to negative rating action. COMPANY PROFILE Incorporated in 1991, and based in Karaikudi district in Tamil Nadu, Malar extracts oil from rice bran. Its input capacity is about 200MT/day. MALIEAKAL ELECTRONICS: CRISIL Reaffirms B Rating on INR35MM Loan ---------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Malieakal Electronics continues to reflect a below-average financial risk profile because of a high total outside liabilities to tangible net worth ratio, and a modest scale of operations in the intensely competitive consumer electronics and home appliances retail segment. These weaknesses are partially offset by the extensive industry experience of its promoter. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 35 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 10 CRISIL B/Stable (Reaffirmed) Term Loan 16 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes Malieakal will continue to benefit over the medium term from its moderate operating profitability and the extensive industry experience of its promoter. The outlook may be revised to 'Positive' in case of significant improvement in scale of operations and profitability, or substantial equity infusion, leading to a better financial risk profile. The outlook may be revised to 'Negative' if the financial risk profile deteriorates because of significantly low revenue or profitability, or sizeable debt contracted for meeting capital expenditure or working capital requirement. Malieakal was set up in 1979 by Mr. James Joseph, who oversees its operations. The firm, based in Kollam, Kerala, deals in consumer electronics and home appliances. MALPEFRESH MARINE: ICRA Assigns 'B' Rating to INR10cr LT Loan ------------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B to the INR10.00 crore long-term fund based facilities of Malpefresh Marine Export Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term-Fund Based 10.00 [ICRA]B Assigned Rating Rationale The assigned rating is constrained by incipient stage of the project, with Malpefresh yet to obtain complete financial closure and certain key approvals, coupled with implementation risk with the company yet to complete around 80% of the total project. The rating is further constrained by inherent risks associated with the sea food industry including susceptibility to disease, climate change risk, and vulnerability to regulations proposed by importing nations and export benefits provided by the Indian government. The rating also factors in the susceptibility of profitability to raw material prices and exchange rate volatility. The rating, however, positively factors in the extensive experience of the management in the seafood export business for two decades, with one of the directors holding positions in seafood associations. ICRA notes that value added products like Individual Quick Frozen (IQF) products would support the company's revenue growth going forward. Further, the rating takes comfort from the favorable regulatory support provided by Government of India that includes Duty Credit Scrips of 5.0% of FOB value of exports and Duty Drawback. The company is also eligible for capital subsidy to the extent of 25% of the cost of civil work and machinery, limited to INR50 lakh, from Ministry of Food Processing India. Going forward, the ability of the company to execute the project without any major time and cost overruns and to generate sufficient cash accruals for term loan repayments by achieving desired capacity utilization and profitability would be the key rating sensitivities. Malpefresh Marine Export Private Limited, located in Kundapura Taluk situated at the centre of Karnataka's coastal belt, was incorporated in October 2014. The company is currently in the set up phase with around 80% of the project yet to be completed. The expected Commercial Operation Date is January 2017. The company would be engaged in exporting of processed seafood to Southeast Asian countries like Malaysia, Singapore, Taiwan and Hong Kong among others, China, Middle East and African countries. The varieties of fish to be exported include Cuttle Fish, Mackerel, Squid, Reef Cod, Ribbon Fish, Sardine Fish and King Fish. PARAMASIVAM PALANISAMY: ICRA Cuts Rating on INR23.8cr Loan to B+ ---------------------------------------------------------------- ICRA has downgraded the long-term rating outstanding on the INR23.80 crore fund based facility of Paramasivam Palanisamy Charitable Trust to [ICRA]B+ from earlier assigned rating of [ICRA]BB-. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based facility- 23.80 [ICRA]B+; Downgraded SOD from [ICRA]BB- (Stable) The revision in the rating factors the steady decline in occupancies across its engineering colleges (which constituted nearly 70% of trust's income in FY2015) over the past couple of years owing to over-supply of engineering seats in Tamil Nadu and intensifying competition from existing institutes and government colleges in the region. Low occupancies coupled with steady fixed overheads had affected the profits and coverage ratios during FY2015 and FY2016. ICRA also takes note of the sizeable loans extended by PPCT to its group companies, engaged in edible oil trading and cotton spinning, further straining the overall liquidity profile of the trust. The rating remains supported by the established track record of PPCT and its promoters in the education sector for more than two decades. Going forward, ability of the trust to ramp up occupancy levels, increase in college fees and achieve strong accruals will remain critical monitorables. PPCT is a registered trust, established on April 23, 1990 by Mr. Paramasivam and his family, which initially commenced operations with Maharaja Arts and Science College and later diversified into engineering sector owing to strong demand for technical education in the state. The trust currently operates four engineering institutions, two arts and science college, a teacher training institute and bachelor of education under it. The Colleges are located in Perundurai, Erode and in Avinashi, Coimbatore. The Arts and Science colleges have a capacity to accommodate 2000 students and the engineering colleges have an approved intake of 2289 students. The colleges also have hostel, mess and bus facilities for students in the respective campuses. The trust has combined student strength of ~3000 in all its colleges. Group Profile PPCT is a part of the Maharaja group, a diversified business group based in Erode, Tamil Nadu having its presence across various sectors including edible oil trading / refining, textiles, educational institutions, hospitality and entertainment sector. The other companies in the group include Sri Maharaja Industries rated [ICRA]B+/[ICRA]A4, Sri Maharaja Refineries rated [ICRA]B+/[ICRA]A4, Maharaja Sathyam Industries Private Limited rated [ICRA]B+, Sri Maharaja Oil Imports and Exports India Private Limited rated [ICRA]BB- (Stable) /[ICRA]A4. Recent Results According to audited results, PPCT reported net loss of INR3.6 Crore on an operating income of INR16.3 Crore during the year 2014-15, as against a profit of INR0.7 Crore on an operating income of INR23.2 Crore during the financial year 2013-14. RHINE SOLAR: CRISIL Reaffirms 'B' Rating on INR27MM Term Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Rhine Solar Limited continue to reflect initial stage and modest scale of operations and high working capital requirement. These rating weaknesses are partially offset by healthy growth prospects in the solar industry and funding support from promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 25 CRISIL B/Stable (Reaffirmed) Inland/Import Letter of Credit 20 CRISIL A4 (Reaffirmed) Term Loan 27 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes RSL will continue to benefit over the medium term from the healthy growth prospects in the solar industry. The outlook may be revised to 'Positive' in case of significant ramp up in scale of operations while profitability is maintained, resulting in higher-than-expected cash accrual. The outlook may be revised to 'Negative' in case of lower-than-expected cash accrual or a stretched working capital cycle, weakening the financial risk profile, especially liquidity. RSL was incorporated in 2014, promoted by Mr. Shiv Mittal and his family. The company has set up a solar photo voltaic (PV) module manufacturing facility in Kundli Industrial Area, Sonipat, National Capital Region (NCR), with production capacity of 25 megawatt per annum. SAMRAJ CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR13cr Loan -------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]B outstanding on the INR13.00 crore bank facilities of Samraj Constructions. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. SAPNA STEELS: CRISIL Assigns B+ Rating to INR75MM Cash Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Sapna Steels. The rating reflects Sapna's small scale of operations, exposure to intense competition in the highly fragmented steel industry, and susceptibility to volatility of raw material prices. These rating weaknesses are partially offset by the extensive experience of promoters, moderate financial risk profile, and efficient working capital management. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B+/Stable Long Term Loan 50 CRISIL B+/Stable Outlook: Stable CRISIL believes Sapna will continue to benefit over the medium term from the extensive experience of promoters and their established relationships with customers and suppliers. The outlook may be revised to 'Positive' if significant and sustained improvement in revenue and profitability, or stronger capital structure on the back of capital infusion by promoters. Conversely, the outlook may be revised to 'Negative' if the financial risk profile weakens, most likely because of a sharp decline in profitability or revenue, or deterioration in working capital cycle. Established in 2004 as a partnership firm between Mr. Ghanshyam Agarwal and his brother Mr. Jai Prakash Agarwal at Urla, in Raipur (Chhattisgarh), Sapna manufactures mild steel (MS) angles and MS blades at its unit, with installed capacity of 80 tonne per day (tpd). In fiscal 2016, as an initiative of backward integration, the firm set up an induction furnace, with a capacity of 128 tpd. SHRIRAMKRUPA FIBERS: ICRA Ups Rating on INR4cr LT Loan to B+ ------------------------------------------------------------ ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+ assigned to the INR6.00 crore fund based cash credit limit and term loan facility of Shriramkrupa Fibers. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Cash 2.00 [ICRA]B+; upgraded from Credit [ICRA]B Fund Based-Term 4.00 [ICRA]B+; upgraded from Loan [ICRA]B The rating upgrade takes into account healthy revenues reported by the firm in FY2016 which was its first full year of operations on the back of achievement of desired operating parameters. The rating also favourably factors the prior experience of the proprietor in trading of raw cotton, cotton bales & other agro commodities, and favorable location of the firm's manufacturing facility in Wardha (Maharashtra) giving it easy access to quality raw cotton. Nonetheless, the rating is constrained by the firm's small scale of operations in a highly competitive and fragmented nature of the cotton ginning industry which is likely to keep the profitability levels low and the firm's exposure to volatility in prices of raw cotton which are subject to seasonality, crop harvest and regulatory risks. The rating also takes cognizance of the high working capital intensity owing to extended receivables leading to moderately stretched liquidity profile of the firm. The rating also reflects the firm's low capacity utilization and proprietorship nature wherein significant withdrawals from the capital account would affect its net worth and thereby the capital structure. Shriramkrupa Fibers was incorporated in June 2013 by proprietor Mr. Sachin Sharma and is involved in the business of ginning and pressing of raw cotton. The firm has set up a Greenfield cotton ginning plant in Wardha district of Maharashtra having production capacity of 200 bales per day, commercial production from which has commenced from Jan. 21, 2015. SHYAMA AGRO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Shyama Agro Foods & Exports Pvt Ltd's (SAFEPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The rating affirmation reflects SAFEPL's small scale of operations with revenue of INR304 million during its first 10 months of operations in FY16. The company started its operations in June 2015. The rating also factors in the company's weak credit profile as reflected in its gross interest coverage (operating EBITDA/gross interest expenses) of 1.2x and net financial leverage (total adjusted net debt/ Operating EBITDAR) of 6.6x during FY16P. The rating also factors in the company's weak operating margin of 2.6% during FY16P and its tight liquidity situation as reflected in its 96.63% maximum utilisation of the fund-based limits during the six month ended July 2016. The ratings derive support from the successful implementation and stabilisation of its operations in time. RATING SENSITIVITIES Positive: Improvement in the scale of operations along with improvement in the credit metrics would lead to a positive rating action. Negative: Decline in profitability leading to stressed liquidity and credit metrics may lead to a negative rating action. COMPANY PROFILE SAFEPL was established in 2009 to set up a 120 tonne per day roller flour mill in Muzaffarpur, Bihar. SAFEPL is promoted by Mr. Kesav Nanda. The company operates at 60% of its production capacity. Mr. Kesav Nanda, Mrs. Jyoti Mala, Mr. Shankar Prasad Sah and Smt Urmila Kumari are the directors of the company. SAFEPL's ratings: -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable -- INR45.00 million (increase from INR25.80 million) fund- based working capital limits: affirmed at 'IND BB-'/ Stable -- INR37.76 million (reduced from INR44 million) long term loans: affirmed at 'IND BB-'/ Stable SILPPI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of The Silppi Constructions Contractors continue to reflect the firm's modest scale of operations and large working capital requirement in the civil construction industry. These weaknesses are partially offset by the extensive industry experience of its promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 125 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 65 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes TSCC will continue to benefit from its promoters' extensive experience in the civil construction industry. The outlook may be revised to 'Positive' in case of significant increase in the firm's revenue and profitability, or improvement in its working capital management, resulting in a better financial risk profile. The outlook may be revised to 'Negative' if its accrual declines, or if it has substantially large working capital requirement, weakening its financial risk profile. TSCC, set up in 1992 as a partnership firm, is a Thiruvananthapuram-based civil contractor. Its operations are managed by Mr. Edison. SIWANA SOLAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Siwana Solar Power Project Private Limited (SSPPPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The agency has also assigned SSPPPL's INR200m term loan a long-term 'IND BB'/Stable rating. KEY RATING DRIVERS The ratings reflect SSPPPL's small scale of operations, weak credit metrics and low tariff realisation. According to the company's FY16 provisional financials the topline was INR43.71 million (FY15: INR2.29 million), the net financial leverage (total adjusted net debt/operating EBITDAR) was 1.13x (0.37x) and interest coverage (operating EBITDA/gross interest expense) was 10.78x (201.89x). Current tariff realisation for SSPPPL is INR6.44/Kwh as Haryana Power Purchase Centre (HPPC) is making payments at the lowest discovered tariff. The ratings are constrained by SSPPPL's high concentration risk as HPPC is its only customer. The ratings are also constrained by the unavailability of an escrow account for the term loan. The ratings, however, are supported by the stable revenue profile of SSPPPL's 5 MW Solar PV power plant and its 25 year power purchase agreement with HPPC. The ratings are further supported by the satisfactory track record of Rays Power Experts Private Limited (RPEPL), which is SSPPPL's contractor and the presence of a fixed-price O&M contract with RPEPL for the concession period. RPEPL has over 450 megawatts (MW) of consulting portfolio experience and has already commissioned 175MW across India. It has an operational track record of five years. The ratings are also supported by SSPPPL's healthy EBITDA margin of 93.22% in FY16 (FY15: 92.14%). The ratings also factor in the plant's capacity utilisation factor of 15.64% in FY16. RATING SENSITIVITIES Negative: Failure to increase the efficiency of the solar power plant leading to deterioration in the credit metrics will be positive for the ratings. Positive: A significant improvement in the efficiency of the solar power plant along with improvement in the credit metrics will be positive for the ratings. COMPANY PROFILE SSPPPL was incorporated in 2012 and operates a 5MW Solar PV power plant in village Mithi, Bhiwani, Haryana under a 25 year power purchase agreement mechanism under the renewable policy of Haryana. SONAKI CERAMIC: ICRA Suspends B+ Rating on INR10.65cr Loan ---------------------------------------------------------- ICRA has suspended the long-term rating of [ICRA]B+ and short- term rating of [ICRA]A4 assigned to the INR10.65-crore bank lines of Sonaki Ceramic. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the firm. Established in 2011, Sonaki Ceramic is a partnership firm, which manufactures bone china tableware. The firm commenced commercial production in October 2011 and manufactures bone china tableware like plates, spoon, bowls, mugs, cup and saucer, dinner set etc. SC's manufacturing facility is located at Morbi, Gujarat and has an annual installed production capacity of 14.50 lakh pieces. SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB' ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Spica Projects & Infrastructures Pvt. Ltd.'s (SPIPL) Long-Term Issuer Rating to 'IND BB' from 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The upgrade reflects an improvement in SPIPL's scale of operations as well as credit metrics. According to FY16 provisional financials, the company's revenue increased to INR1,018 million (FY15: INR590 million). Its EBITDA interest coverage (operating EBITDA/gross interest expense) was 3.31 (2.69x) and net leverage (total adjusted net debt/ operating EBITDAR) was 0.8x(1.9x). The ratings continue to be supported by over 30 years of experience of the company's promoters in executing construction contracts for the government of Jharkhand. The operating margin of the company was moderate at 7.7% in FY16 (FY15: 9.2%). The ratings, however, are constrained due to SPIPL's small order book size of INR713.09 million at end-12 August 2016 .The ratings are further constrained by SPIPL's high geographical concentration risk as almost all of its contracts are executed in and around Jharkhand. The ratings factor in the company's tight liquidity positon as reflected by its near-full working capital limit utilisation during the 12 months ended July 2016. RATING SENSITIVITIES Positive: A substantial improvement in the scale operations while maintaining the credit metrics could be positive for the ratings. Negative: Any deterioration in the overall credit metrics and the liquidity profile could be negative for the ratings. COMPANY PROFILE Incorporated in 1997, SPIPL was previously a proprietorship entity called Santosh Kumar Singh. It was changed into a private limited company under its current name in 2012. It executes construction contracts of roads and bridges for the Jharkhand government. SPIPL is managed by Santosh Kr. Singh, Anima Singh, Surya Prakash Singh and Chandra Prakash Singh. SPIPL's ratings: -- Long-Term Issuer Rating: upgraded to 'IND BB' from 'IND B+'; Outlook Stable -- INR48.7 million fund-based facilities: upgraded to 'IND BB'/Stable from 'IND B+'/Stable -- INR20 million term loan: assigned 'IND BB'; Outlook Stable -- INR150 million non-fund-based facilities: upgraded to Long- term 'IND BB'/Stable from 'IND B+'/Stable and Short-term 'IND A4+' from 'IND A4' -- INR138.5 million non-fund-based facilities (increased from INR50 million): upgraded to 'IND A4+' from 'IND A4' SRI M.K.V.KANDASAMY: CRISIL Assigns 'B' Rating to INR60MM Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Sri M.K.V.Kandasamy Nadar Firm (part of the MKVK group). The ratings reflect a modest scale of operations in the highly fragmented timber industry, working capital- intensive operations, and susceptibility to volatility in foreign exchange rates. These rating weaknesses are partially offset by the extensive experience of promoters in the timber trading industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Short Term Bank Loan Facility 33.5 CRISIL A4 Cash Credit 6.5 CRISIL B/Stable Foreign Letter of Credit 60.0 CRISIL B/Stable For arriving at its ratings, CRISIL has combined the business and financial risk profiles of MKVKNF and its sister concern, MKVK Timbers and Saw mills. This is because the two firms, together referred to as the MKVK group, are under common promoters, in the same line of business, and have fungible cash flows between them. Outlook: Stable CRISIL believes the MKVK group will maintain its business risk profile over the medium term backed by established relationships with customers. The outlook may be revised to 'Positive' if scaling up of operations with improvement in profitability significantly improves liquidity. Conversely, the outlook may be revised to 'Negative' if stretch in the working capital cycle or deterioration in margins weakens liquidity. Established in 1987 in Pavoorchatram, Tamil Nadu, MKVKNF, promoted by Mr. KP Arunachalarajan and Mr. J Thilagam, processes and trades in timber. MKVKTSM, trades in timber, cement, asbestos, bamboo, and thermo- mechanically treated bars. SVM NONWOVENS: CRISIL Reaffirms B- Rating on INR86MM Loan --------------------------------------------------------- CRISIL's ratings on the bank facilities of SVM Nonwovens Private Limited continue to reflect a modest scale, and working capital intensive nature, of operations, and a weak financial risk profile because of a modest networth, below-average debt protection metrics, and high gearing. These weaknesses are partially offset by the extensive experience of the company's promoters in the nonwoven fabric industry, and established customer relationship. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Reaffirmed) Cash Credit 15 CRISIL B-/Stable (Reaffirmed) Letter of Credit 10 CRISIL A4 (Reaffirmed) Long Term Loan 86 CRISIL B-/Stable (Reaffirmed) Proposed Fund-Based Bank Limits 34 CRISIL B-/Stable (Reaffirmed) Outlook: Stable CRISIL believes SVM will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of significant improvement in scale of operations and profitability, or substantial equity infusion, resulting in strengthening of the financial risk profile. The outlook may be revised to 'Negative' if working capital requirement increases, resulting in deterioration in liquidity, or if any large, debt-funded capital expenditure weakens the capital structure. Established in 1998 by Mr. P V Rao and Mrs. P Maruti, SVM manufactures nonwoven fabric comprising nonwoven filter cloths and geotextiles. Operations are managed by Mr. Shiva Kumar. SWAGAT ABHARAN: CRISIL Lowers Rating on INR130MM Cash Loan to B+ ---------------------------------------------------------------- CRISIL has downgraded its rating on the bank facility of Swagat Abharan Private Limited to 'CRISIL B+/Stable' from 'CRISIL BB- /Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 130 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') The rating downgrade reflects continued pressure on the company's liquidity on the back of low cash accruals' generation. This is mainly due to the low operating profitability achieved by the company over the two years through 2015-16. The bank lines remained fully utilised for the twelve months ended April 2016. The working capital cycle of the company is intensive marked by gross current assets (GCA's) of around 170 days mainly on account of high inventory levels which results in the company's high reliance on external debt to meet its working capital requirements. The company's low profitability combined with high reliance on external debt has led to weak debt protection metrics as is reflected by interest coverage and net cash accruals to total debt (NCATD) ratio of 1.3 times and 0.03 times respectively in 2015-16. CRISIL believes SAPL's weak debt protection metrics might restrict its ability to raise debt in case of exigencies. The low cash accruals' generation has resulted in high reliance on working capital debt to meet the working capital requirements. The interest coverage ratio too remains weak at about 1.3 time on account of the low operating profitability. The improvement and sustenance of operating margins resulting in improvement in liquidity and financial risk profile will remain a key rating sensitivity factor for the company over the medium term. Outlook: Stable CRISIL believes that SAPL will continue to benefit over the medium term from the promoters' extensive industry in the gold jewellery retail segment. The outlook may be revised to 'Positive' if the company significantly increases its scale of operations and profitability, leading to sizeable cash accruals, resulting in low reliance on external debt to meet its working capital requirements. Conversely, the outlook may be revised to 'Negative' if SAPL's financial risk profile, particularly its liquidity weakens further, marked by a decline in profitability or stretch in working capital cycle or large debt-funded capital expenditure. SAPL was incorporated in 2008 in Bengaluru. The company manufactures and trades in gold, silver and diamond jewellery. SAPL is promoted by Mr. Santosh Vernekar, Mr. Dileep Vernekar, Mr.Vinod Vernekar and Mr.Rajesh Vernekar and their family members. The promoters have been engaged in the sale of gold and silver jewellery for the past 65 years, through their firm, Swagat Jewellers. SAPL began selling silk sarees in 2013-14. SWAMIJI TRANSMISSION: Ind-Ra Assigns 'IND B+' LT Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Swamiji Transmission Private Limited (STPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect STPL's weak credit metrics due to negative EBITDA margins. The company's interest coverage (operating EBITDAR/gross interest expense + rents) stood at negative 273x in FY16 (FY15: negative 0.6x), net financial leverage (total adjusted net debt/operating EBITDAR) was negative 0.01x (negative 28.8x) and EBITDA margins were negative 98% (negative 18%). FY16 numbers are provisional in nature. The ratings are constrained by the agency's expectation of rise in financial cost as the company is in the process to avail an external debt of INR85m. The ratings, however, are supported by the company's pending order book size of INR158.8 million at end-July 2016 which will boost the revenue growth from FY17. In FY16, the company's revenue improved to INR36 million (FY15:INR22 million). The ratings factor in the company's acquisition by a new management which has almost five decades of experience in forging and fabrication business. The ratings factor in the company's comfortable liquidity profile as reflected in cash flow from operation of INR51 million in FY16. RATING SENSITIVITIES Positive: A sustained improvement in the EBITDA margins leading to improvement in overall credit metrics could be positive for the ratings. Negative: Any deterioration in the company's liquidity position could be negative for the ratings. COMPANY PROFILE STPL was incorporated as Swamiji Forging Pvt Ltd in 1997. Later in 2006, the name was changed to Swamiji Tramission Pvt Ltd. In FY16, the company was acquired by Lal Baba Group. STPL manufactures all types of insulator hardware parts / fittings; conductor and earth wire accessories, clamps and connector, etc. STPL ratings: -- Long-Term Issuer Rating: assigned 'IND B+'/Stable -- Proposed INR65 million fund-based limits: assigned 'Provisional IND B+'/Stable -- Proposed INR20 million of non-fund-based limits: assigned 'Provisional IND A4' THENPANDIAN TEXTILE: CRISIL Hikes Rating on INR93MM Loan to B+ -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Thenpandian Textile India Private Limited to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 21 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Term Loan 93 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects moderate improvement in the business and financial risk profile, with an increase in scale of operations and improvement in profitability. Revenue stood at INR99.7 million in fiscal 2016, manifesting a healthy year-on- year growth of 54%. This was primarily due to the increase in production capacity and supported by steady orders from customers. Operating profitability improved to 15.3% in fiscal 2016 (9.6% in fiscal 2015), owing to enhanced fixed cost efficiencies. Owing to equity infusion of INR160 million, networth also improved to INR49 million as on March 31, 2016. CRISIL believes TTIPL will sustain its improved business risk profile over the medium term, supported by enhanced production facilities and steady orders from customers. The rating continues to reflect TTIPL's modest scale of operations in the intensely competitive textile industry, and average financial risk profile with small networth. These rating weaknesses are partially offset by the extensive experience of promoters in the textile industry. Outlook: Stable CRISIL believes TTIPL will continue to benefit over the medium term from the extensive industry experience of promoters. The outlook may be revised to 'Positive' if a considerable increase in scale of operations and stable profitability strengthen the financial risk profile. Conversely, the outlook may be revised to 'Negative' if decline in cash accrual or stretch in working capital cycle, or any large, debt-funded capital expenditure leads to deterioration in the financial risk profile. Incorporated in 2005, TTIPL manufactures grey fabric. It is based in Namakkal, Tamil Nadu. Operations are managed by Mr. P Pandian, and their family members. TOUCHSTONE PRIVATE: CRISIL Reaffirms B+ Rating on INR32MM Loan -------------------------------------------------------------- CRISIL's rating on the bank facility of Touchstone Private Limited continues to reflect the extensive experience of the promoters, and its moderate order book. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 32 CRISIL B+/Stable (Reaffirmed) The ratings also factor in comfortable financial risk profile, supported by low gearing and above-average debt protection metrics. These rating weaknesses are partially offset by modest scale of operations in the intensely competitive civil construction industry, geographical concentration in revenue, and large working capital requirement. Outlook: Stable CRISIL believes TPL will continue to benefit over the medium term from the extensive experience of its partners. The outlook may be revised to 'Positive' if substantial and sustained increase in scale of operations and accrual, efficient working capital management, or infusion of equity, considerably strengthens financial risk profile. Conversely, the outlook may be revised to 'Negative' if lower-than-expected accrual, stretch in working capital cycle, or any large capital expenditure weakens financial metrics, including liquidity. Set up as a proprietorship firm in 2006 by Mr. Sanjeev Kumar, TPL was reconstituted as a partnership firm in 2009, and incorporated as a private limited company in July 2014. In fiscal 2015, TPL took over the operations of Touchstone (partnership firm). TPL is headquartered in Patna and undertakes construction activities, such as setting up of telecom towers, water pumping systems, canal works, and water harvesting systems; the company also supplies construction material. UJJAIN PACKAGING: CRISIL Lowers Rating on INR45.7MM Loan to B- -------------------------------------------------------------- CRISIL has downgraded its rating on the long term bank facilities of Ujjain Packaging Private Limited to 'CRISIL B-/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') Proposed Long Term 2.1 CRISIL B-/Stable (Downgraded Bank Loan Facility from 'CRISIL B/Stable') Term Loan 45.7 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') The downgrade in ratings reflects weakening of UPPL's liquidity profile. The operating margin of UPPL remains dependent on the raw material prices, as material cost makes almost 70 per cent of its overall cost structure. Unfavourable movement in the raw material prices led to decline in margin for UPPL in 2015-16. The operating margins declined to 8.5 per cent in 2015-16 from 14.4 per cent in 2014-15. Going forward, the margins are expected to slightly pick-up, but will remain in the range of 9-11 per cent, with fluctuation in raw material continuing and UPPL's limited bargaining power with its customers. The declined profitability has led to reduced cash generation, which was short of debt repayment obligations by 10 million. However, the obligations were honoured through unsecured loans from promoters. Going forward, the liquidity profile is expected to remain stretched with tightly matching debt repayment obligations to cash generation. Support from promoters will remain key rating sensitivity factor over the medium term. The ratings continue to reflect UPPL's modest scale of operations in the highly fragmented packaging industry and the company's large working capital requirements. The rating also factors in the pressure on UPPL's weak financial risk profile. These rating weaknesses are partially offset by the extensive experience of UPPL's promoters in the packaging industry. Outlook: Stable CRISIL believes that UPPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if UPPL generates significantly higher cash accruals leading to improvement in liquidity profile. Conversely, the outlook may be revised to 'Negative' in case of stretched working capital cycle, or further decline in cash generation, impacting the company's financial risk profile. UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr. Vishnu Jajoo. The company manufactures corrugated packing boxes. Its manufacturing unit in Ujjain (Madhya Pradesh) has an automated corrugation line. V.K. GUPTA: CRISIL Raises Rating on INR45MM Cash Loan to B+ ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of V.K. Gupta and Associates (VKG) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable', while reaffirming its rating on the short- term bank facility at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 145 CRISIL A4 (Reaffirmed) Cash Credit 45 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') Proposed Long Term 10 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') The rating upgrade reflects expectation of improvement in liquidity over the medium term, driven by sustenance of a better working capital management. Gross current assets have declined to 140 days as on March 31, 2016, from 370 days as on March 31, 2015. The improvement is attributed to a shift in customer profile towards areas in northern India from southern India and the North East, leading to better control over, and improved flexibility in managing, inventory. The geographical shift is expected to improve business risk profile due to healthy revenue growth of around 25% per annum expected over the medium term, along with an operating margin of around 11%. With improvement in working capital management, bank limit utilisation was moderate, averaging 81% over the 12 months ended March 31, 2016. Moreover, expected cash accrual of INR25-30 million will be sufficient to meet debt obligation of INR2 million, in fiscal 2017. Liquidity is supported by absence of any significant capital expenditure plan. The ratings reflect a small scale of operations in the intensely competitive civil construction industry, and susceptibility to success rates of tender bids. Financial risk profile is below average because of a high total outside liabilities to tangible networth (TOLTNW) ratio and a small networth. These rating weaknesses are partially offset by a moderate working capital cycle, extensive industry experience of promoters, and moderate profitability. Outlook: Stable CRISIL believes VKG will continue to benefit over the medium term from extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of significant and sustained improvement in scale of operations and profitability, resulting in stronger liquidity. The outlook may be revised to 'Negative' in case of a stretched working capital cycle, substantial capital withdrawal by partners, or increase in exposure to affiliate companies, resulting in weakening of key credit metrics. VKG was set up as a partnership firm in 2000 by Mr. V K Gupta, his wife Ms Dimple Gupta, and their son Mr. Saksham Gupta. The firm undertakes civil construction works, such as construction of bridges, in Punjab, Haryana, Himachal Pradesh, and Uttarakhand. VIJAY VELVAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Vijay Velvan Spinning Mills Pvt Ltd's (VVSMPL) 'IND BB' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. The rating will now appear as 'IND BB(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for VVSMPL. 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 the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary. VVSMPL's ratings: -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from 'IND BB'/Stable -- INR140 million fund based limits: migrated to long term 'IND BB(suspended)' from 'IND BB' -- INR18.00 million long term loan: migrated to long term 'IND BB(suspended)' from 'IND BB' -- INR6.5 million non fund-based facility (BG): migrated to short term 'IND BB(suspended)' from 'IND BB' -- INR20 million non fund-based facility (LC): migrated to short term 'IND A4+(suspended)' from 'IND A4+' VIKAS SALES: CRISIL Assigns B+ Rating to INR35MM Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Vikas Sales Supplies. The ratings reflect the promoters' extensive experience in the distribution business, and their longstanding association with principals, Tata Global Beverages Ltd (TGBL), Tata Chemicals Ltd, and Luminous Power Technologies Pvt Ltd. These rating strengths are partially offset by modest scale of operations and below-average financial risk profile, because of low networth and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 22.5 CRISIL A4 Cash Credit 35.0 CRISIL B+/Stable Outlook: Stable CRISIL believes VSS will continue to benefit over the medium term from its promoters' extensive experience. The outlook may be revised to 'Positive' if significant growth in revenue and cash accrual, and stable profitability and capital structure, strengthen financial risk profile. Conversely, the outlook may be revised to 'Negative' if financial risk profile, especially liquidity, weakens because of stretch in working capital cycle, or decline in profitability, revenue, and cash accrual. Incorporated in 1980 by the Kolkata based Mr. Rajnikant Vasa and his wife, VSS distributes the products of TGBL (tea and coffee), TCL (salt) and acts as C&F agent for LPTL's products. The firm has been dealing with the Tata group for more than two decades. YUVASHAKTHI ENTERPRISES: Ind-Ra Suspends IND BB LT Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Yuvashakthi Enterprises' (YES) 'IND BB' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. This rating will now appear as 'IND BB(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for YES. 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 the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary YES's ratings: -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from 'IND BB'/Stable -- INR10.0 million fund-based working capital limits: migrated to 'IND BB(suspended)' from 'IND BB' -- INR50.0 million non-fund-based working capital limits: migrated to 'IND A4+(suspended)' from 'IND A4+' ========= J A P A N ========= VUZIX CORP: Provides Business Update ------------------------------------ Vuzix Corporation reported second quarter 2016 financial results for the period ended June 30, 2016, and recent corporate highlights. The Company: * Introduced the VIP (Vuzix Industrial Partner) program to provide advance access to the next generation M300 to select VIP companies that were the most successful with the M100, and announced several of the first VIPs. * Commenced delivery of the first engineering samples of the next generation M300 Smart Glasses to VIP developers and customers. * Partnered with CyberTimez to improve the lives of people in the low vision and blind community through Vuzix Smart Glasses and CyberTimez applications. * Partnered with Sensory, a Silicon Valley-based company focused on improving the user experience and security of consumer electronics through state-of-the-art embedded voice and vision technologies, to deliver voice recognition on Vuzix M300 Smart Glasses to enhance efficiencies in the workplace. * Announced a partnership with the IDRA (International Drone Racing Association) and sponsorship, with Amimon, of a drone racing team in this rapidly growing competitive sport. * Signed collaboration agreement with a global consumer electronics and mobile firm to develop and ultimately supply Vuzix see-through optics technologies * Closed on the sale of 1,150,000 shares of common stock at an offering price of $5.75 per share, including the full exercise of the over-allotment option granted to the underwriter to purchase an additional 150,000 shares, through Oppenheimer & Co. Inc. for total net proceeds of approximately $5,996,000 after underwriting discounts and commissions and estimated offering expenses. The Company's new M300 Smart Glasses, after receiving positive feedback based on the first engineering production units shipped to VIP developers, is now moving to the final round of design verification preproduction units. By early October, the Company should commence volume manufacturing and commercial shipments to our customers. Additionally, it should complete the iWear's transition from final manufacturing being performed in Rochester NY to receiving the revised iWear Video Headphones with improved optics and other refinements directly from its contractor manufacturer in China this September, expected in time for the busy fall selling season. Vuzix' M3000 Smart Glasses based on its waveguides has been released into the final production engineering and tooling phase. And the Company's first waveguide based B3000 fashion glasses product series are well into the design phase with initial release of the electronics and industrial designs, and are on track to be released in 2017. "With the $5,996,000 we raised in our recent equity offering, we are well positioned to support the launch of our soon to be released M300 Smart Glasses, expand our waveguide volume production capabilities and refine the planned 2017 launches of our M3000 and B3000 binocular waveguide products," said Paul Travers, president and chief executive officer of Vuzix. "With our VIP partners integrating their state of the art software into the M300, we believe are on the path to take smart glasses to the next level of productive deployment in enterprise." Total revenues for the quarter ended June 30, 2016, rose by 31% over the same period in 2015, primarily driven by increased sales of engineering services, waveguide products and iWear Video Headphones. Total gross profit for the second quarter ending June 30, 2016, was a negative $126,054 or -22% versus a gross profit of $35,264 or 8% for the prior 2015 comparative period. The overall decrease was primarily the result of a $42,808 increase in direct manufacturing overheads, a temporary $107,349 increase in air freight costs solely due to the cost of transporting the new iWear product, which is bulkier and heavier than prior products, and to a smaller extent the lower gross margins on iWear. The Company is moving to sea transport later this summer to reduce iWear shipping costs. As stated on prior calls, because of our relatively fixed amounts for overheads, software amortization and minimum royalties costs, the Company must increase our sales for our overall gross margins to be positive. Total research and development costs expensed for the quarter ending June 30, 2016, increased by 128% or $936,552 over the 2015 period, primarily the result of spending on new product development for the M300 Smart Glasses. Further increased spending went to expanded waveguide research and development and personnel additions. Selling and marketing costs for the quarter ending June 30, 2016, increased by 89% or $306,285 over the same period in 2015 due to higher personnel, trade show, website and PR costs. General and administrative expenses for the quarter ending June 30, 2016, increased by 15% or $150,340 over the 2015 period, primarily due to higher professional fees, compensation costs, rent costs, and increased investor relations activities. A full-text copy of the press release is available at: https://is.gd/HO3vJQ About Vuzix Corporation Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. Vuzix Corporation reported a net loss attributable to common stockholders of $14.94 million on $2.74 million of total sales for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $7.86 million on $3.03 million of total sales for the year ended Dec. 31, 2014. As of June 30, 2016, Vuzix had $12.9 million in total assets, $4.02 million in total liabilities and $8.85 million in total stockholders' equity. =============== M O N G O L I A =============== MONGOLIA: S&P Lowers Sovereign Credit Rating to 'B-' ---------------------------------------------------- S&P Global Ratings lowered its long-term sovereign credit rating on Mongolia to 'B-' from 'B'. The outlook on the long-term rating is stable. At the same time, S&P affirmed its 'B' short- term credit rating on Mongolia. S&P has revised the transfer and convertibility assessment to 'B' from 'B+'. RATIONALE S&P lowered the rating to reflect its revised view of Mongolia's fiscal performance and growth prospects. S&P expects sizable and rising fiscal deficits, reflecting shortfalls in revenues and the inclusion in the budget of spending under the country's price stabilization and public private partnership programs and by the Development Bank of Mongolia (DBM). S&P expects the rising deficits to push Mongolia's borrowings markedly higher over 2016-2019. Additional weaknesses reflect the country's weaker growth prospects and developing institutional effectiveness and predictability, which together hamper policy responses. After Mongolia's five years of growth that was among the highest of all sovereigns we rate, S&P expects the country's growth to slow to 1.3% this year, compared with S&P's previous estimate of 2.6%. S&P projects growth to average about 3.2% through 2019 (4% previously). S&P expects per capita growth to fall by 1.8% in 2016. S&P assess Mongolia's economic performance to be similar to that of other countries with US$3,800 per capita GDP. S&P's lower growth estimate stems partly from the ancillary effects of Mongolia's weaker terms of trade and partly from the country's mixed mining policies, which discouraged foreign direct investment. Another key deteriorating risk factor for Mongolia relates to its public finances. The Mongolian People's Party, which won a decisive victory in the June 2016 general election, has indicated an intention to improve openness in policy-making. An initial step has been to consolidate into the budget heavy spending on the price stabilization program (a concessional lending facility of the Bank of Mongolia to subsidize prices for food, fuel, and consumption goods), and capital spending through a public private partnership scheme and the DBM. S&P estimates the true fiscal deficit to be about 21% of GDP in 2016, compared with S&P's earlier estimate of 9.1%. "We have already consolidated the quasi-fiscal activity of the DBM into the government's accounts. We estimate the new disclosures will result in net general government debt (which captures onlending and foreign exchange effects but excludes the drawings of about US$1.7 billion from a swap line provided by the People's Bank of China [PBOC]) of 78% of GDP this year (65.8% previously). We expect Mongolia's net borrowings to peak at 94.7% in 2018, and to fall to around 86% by 2020, in line with lower fiscal deficits as the government follows through in its intention to phase out the price stabilization program. Volatile commodity prices present both upside and downside risks. Pressing infrastructure needs also remain a source of expenditure pressure," S&P said. "We envisage more supportive mining policies under the new government. Two large projects are underway. The first is the Oyu Tolgoi gold and copper mine located in the South Gobi region of Mongolia. The US$5.4 billion mine will be one of the world's largest new copper-gold mines. It is owned by the government of Mongolia and Turquoise Hill Resources Ltd., and is operated by Rio Tinto PLC. The second project is Tavan Tolgoi, which the Mongolia government proposes to be a US$4 billion coal mine located in the same region and operated by the Mongolian Mining Corp., China Shenhua Energy Co. Ltd., and Sumitomo Corp. Although these two projects could transform the Mongolian economy, our ratings reflect the risks associated with these projects while they are being developed," S&P said. Mongolia's external position continues to weaken. S&P projects the country's current account deficit will return to double digits as a percentage of GDP for the forecast horizon (2016- 2019) because the import content of the two big mining projects is high. As a result of historical and projected current account deficits, Mongolia's external debt net of public and financial sector external assets will rise to 160% of current account receipts (CARs) this year, from 11% in 2010, and S&P forecasts it to remain above 150% until 2017. S&P also expects the broader measure of the ratio of net external liabilities to CARs to deteriorate to above 540% this year, from 45% in 2010. Similarly, S&P projects the ratio of gross external financing needs to CARs plus usable reserves to rise to 165% this year, from 103% in 2010. Central bank reserves are modestly negative, net of swaps with domestic banks and drawdowns from the PBOC swap line. S&P notes that the Bank of Mongolia has recently raised its policy rate to 15% from 10.5% to contain pressure on the exchange rate. Although the risks to the external position are partly attenuated by a floating currency regime, the togrog is not an actively traded currency and the central bank occasionally intervenes in the market to reduce volatility. Half of government debt and a third of banking system loans are in foreign currency, suggesting balance sheet vulnerabilities. S&P Global Ratings considers the DBM as part of the general government, given its quasi-fiscal activity. S&P views the rest of the financial and public enterprise sectors as posing moderate contingent liabilities to the government, largely due to the size of Mongolia's financial sector. Mongolia's banks remain exposed to vulnerabilities associated with the undeveloped, primarily commodity-based, low-income economy. Rapid credit growth in recent years and cooling property prices add further risks. S&P also observes weaknesses in Mongolia's regulatory framework, transparency, and disclosures. S&P's Bank Industry Credit Risk Assessment for Mongolia is '10' (with '1' being the highest assessment and '10' being the lowest). Weaknesses in institutional effectiveness and predictability hamper policy responses in Mongolia, and a past record in policy shifts continues to weigh on the environment for growing business confidence and foreign investment. OUTLOOK The stable outlook balances the country's low-income resource- driven economy, emerging policy environment and fiscal performance, high external risk, and limited monetary flexibility with the prospect that large mining projects could quickly reverse Mongolia's sovereign credit profile during the next 12 months. This outlook also assumes that official creditor support is imminent to contain balance-of-payment and fiscal pressures. Upward pressure could build on the rating if the development of the Oyu Tolgoi and Tavan Tolgoi mines accelerates economic growth and improves fiscal and external performances more than S&P currently expects. Downward pressure could emerge on the ratings if Mongolia's external liquidity weakens markedly. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee agreed that "key rating factor" had improved/deteriorated and that the "key rating factor" had improved/deteriorated. All other key rating factors were unchanged. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. RATINGS LIST Downgraded; Ratings Affirmed To From Mongolia Sovereign Credit Rating B-/Stable/B B/Stable/B Mongolia Senior Unsecured B- B Senior Unsecured cnB cnBB- Development Bank of Mongolia Senior Unsecured B- B Trade and Development Bank of Mongolia LLC Senior Unsecured B- B ==================== N E W Z E A L A N D ==================== BROMHEAD DESIGN: In Liquidation Owing More Than NZ$270,000 ---------------------------------------------------------- stuff.co.nz reports that high-end furniture importing business Bromhead Design Associates has gone into liquidation, owing more than NZ$270,000. The company is owned by interior designer and one of the country's most celebrated cartoonists Peter Bromhead, according to stuff.co.nz. Liquidators Simon Dalton -- sdalton@gerryrea.co.nz -- and Matthew Kemp -- mkemp@gerryrea.co.nz -- said in their first report that the company's shareholder decided to place the company into liquidation after concerns over its solvency, the report notes. Unsecured creditors are owed NZ$269,415 and the company's total estimated deficit is NZ$274,152, the report relays. The Inland Revenue Department is the company's sole preferential creditor, meaning it will get paid out first, and is estimated to be owed NZ$4737, the report discloses. Mr. Bromhead would not go into further details on the background leading up to the liquidation due to pending legal proceedings, but is disappointed to see his once-successful company end this way, the report relays. "It used to be a multimillion dollar business. It's a very disappointing result," Mr. Bromhead said. Mr. Bromhead retired from the business 10 years ago but remained a part-time consultant, leaving his third wife Carolyn to run the day-to-day business, the report notes. Creditors have until September 6 to make a claim to the liquidators, the report adds. ===================== P H I L I P P I N E S ===================== RURAL BANK OF CLAVERIA: Placed Under PDIC Receivership ------------------------------------------------------ Ben O. de Vera at the Philippine Daily Inquirer reports that the Bangko Sentral ng Pilipinas (BSP) has shuttered a rural bank in Cagayan due to insolvency. In an Aug. 18 circular, the BSP said the Monetary Board, its highest policy-making body, prohibited Rural Bank of Claveria (Cagayan) Inc. from doing business, the Inquirer relates. According to the Inquirer, the Monetary Board placed the rural bank under receivership of state-run Philippine Deposit Insurance Corp. (PDIC). It also ordered PDIC to take over and liquidate the bank, the report says. Rural Bank of Claveria was the 14th rural bank closed down so far this year. The 13 other rural banks earlier place by the BSP under PDIC receivership were: Rural Bank of Villaviciosa (Abra) Inc., Lapu- Lapu Rural Bank Inc., Rural Bank of Bayawan (Negros Oriental) Inc., Rural Bank of Basay (Negros Oriental) Inc., Rural Bank of Panay Inc., Koronadal Rural Bank Inc., Rural Bank of Malinao (Aklan) Inc., Surigao City Evergreen Rural Bank Inc., Rural Bank of Amadeo (Cavite) Inc., New Rural Bank of Binalbagan, Rural Bank of Siaton (Siaton, Negros Oriental) Inc., Rural Bank of Alabat (Quezon) Inc. and Rural Bank of Cabadbaran (Agusan) Inc., the Inquirer discloses. Including the thrift bank GSIS Family Bank, which the Monetary Board shuttered in May, there were 15 closed banks thus far in 2016, adds the Inquirer. ================= S I N G A P O R E ================= HOE LEONG: Faces Wind Up Petition Over Unpaid Debts --------------------------------------------------- Lee Xin En at The Strait Times reports that the troubles in the local offshore and marine sector continue with Otto Marine petitioning the High Court to wind up Hoe Leong Corporation for not repaying debts totalling US$1.5 million (SGD2 million). Mainboard-listed Otto Marine said the debt was accrued in 2014. Hoe Leong had paid US$580,000 and US$920,000 is still outstanding, Otto Marine told the Singapore Exchange in a filing on August 18, The Strait Times rleates. Hoe Leong chairman and chief executive James Kuah told The Straits Times the amount owed was correct, but said his company had not missed any payments. "We have been making payments all the time . . . The last payment was made on Aug 1. The next payment would have been Sept 1." According to The Strait Times, Mr. Kuah said he was shocked to learn on August 18 of the winding-up petition, which was made on August 16. Mr. Kuah said the debt concerned a joint venture that was dissolved in 2014. He said the disputed amount has been provided for and will not affect the company's financial status. "We are not worried about this," the report quotes Mr. Kuah as saying. The Strait Times relates that in a separate SGX filing on August 18, Hoe Leong said Otto Marine's application was "an abuse of the process". It said it had delivered 13 cheques totalling US$1.25 million to Otto Marine. Otto Marine has been taking legal action against its debtors as the downturn in the offshore sector bites, the report says. It started three arbitration proceedings this month alone. Its subsidiary, Karp Marine, launched arbitration proceedings against Grupo Evya SA de CVe for a debt of US$10.5 million. This relates to a bareboat charter party contract, The Strait Times relates. According to the report, Otto Marine is in the midst of a takeover offer by its executive chairman, Malaysian tycoon Yaw Chee Siew. Mr. Yaw offered 32 Singapore cents per share to take the company private in June. If he succeeds, Otto Marine will become the first company from the hard-pressed sector to be delisted, the report notes. The Strait Times adds that Hoe Leong reported a loss of $4.1 million for the second quarter to June 30, compared with a $1.7 million profit for the same period a year earlier. Hoe Leong, which is also listed on the mainboard, makes and distributes heavy equipment spare parts. It also sells offshore support vessels. SEARIGHTS MARITIME: Monjasa Seeks to Wind Up Bunker Supplier ------------------------------------------------------------ S&P Global Platts, citing court documents, reports that bunker fuel supplier Monjasa has sought the winding up of Searights Maritime Services through the Singapore court system. Platts relates that Monjasa, as the plaintiff is seeking, that: -- "a winding up order be made against the Defendant pursuant to section 254(1)(e) of the Companies Act (Cap 50)," -- "the Official Receiver be appointed as the Liquidator of the Defendant," and -- "the costs of and incidental to these proceedings be taxed, if not agreed or fixed, and be paid to the Plaintiff out of the assets of the Defendant." The monetary amount at the crux of the dispute was not stated in records available to the public, Platts notes. The initial hearing for the matter had taken place on July 29, but no further details were available, the court documents showed, Platts relays. At the initial hearing, United Overseas Bank had made its intentions to appear at the hearing, listing itself as a creditor of Searights Maritime Services "of $111,384,597.97 and S$920,084.42 ($684,532.29) [excluding interest accrued up to July 26, 2016]," according to court records obtained by Platts. Monjasa is being represented by Oon & Bazul, while UOB is being represented by Rajah & Tann Singapore. The next hearing date has been fixed for August 26, court records showed, adds Platts. Singapore-based Searights Maritime Services Pte Ltd. distributes bunkers. The company also offers storage, bunker sampling and bunker sample collection, and quantity measurement services. =========== T A I W A N =========== WAN HAI: Financial Leverage Has No Impact on Moody's Ba2 CFR ------------------------------------------------------------ Moody's Investors Service says that Wan Hai Lines Ltd.'s increased financial leverage for the 12 months ended 30 June 2016 has no immediate impact on its Ba2 corporate family rating. The rating outlook remains stable. "Wan Hai's financial leverage increased in 1H 2016, driven largely by weaker earnings as freight rates declined," says Chenyi Lu, a Moody's Vice President and Senior Analyst. "We expect its leverage to stay at current levels over the next 12-18 months as the company maintains a prudent investment strategy and manages its costs and expenses amid the challenging market environment," adds Mr. Lu. Wan Hai's adjusted net debt/EBITDA rose to 2.3x for the 12 months ended 30 June 2016 from 1.8x in 2015, mainly due to a decrease in adjusted EBITDA. The lower freight rates in 1H 2016 resulted in lower revenue and a weaker adjusted EBITDA margin. Wan Hai's revenue declined by 8.2% to NTD58.6 billion for the 12 months ended 30 June 2016 from NTD63.9 billion in 2015. Its adjusted EBITDA margin also dropped to 16.3% in for the 12 months ended 30 June 2016 from 19.6% in 2015. Moody's expects Wan Hai's adjusted net debt/EBITDA to remain around 2.0x-2.5x over the next 12-18 months, based on its (1) short-term vessel chartering strategy; (2) purchase of slot capacity from partners; and (3) limited capital expenditure. This ratio positions it at the Ba2 rating level. "We project Wan Hai's adjusted EBITDA margin to increase to 17% over the next 12-18 months, supported by its implementation of expense controls and cost improvement measures," adds Lu. Moody's also expects Wan Hai's revenue to decline by low- to mid- teens in 2016, driven by lower freight rates amid a challenging operating environment stemming from industry overcapacity and weak demand. Wan Hai's revenue should grow by 3% again in 2017, driven by higher sales volumes despite challenging market conditions in the liner market. According to Wan Hai's results announcement, its revenue declined by 15.6% year-on-year to NTD28.4 billion for the six months ended 30 June 2016. The decline was the result mainly of lower freight rates, which were only partially offset by a slight growth in sales volumes. Wan Hai's liquidity profile remains strong. At end-June 2016, Wan Hai had cash and cash equivalents of NTD19.5 billion and short- term marketable investments of NTD3.9 billion, which together provide a strong liquidity reserve for its short-term maturing debt of NTD4.3 billion over the next 12 months and projected capital expenditure of NTD4.0 billion over the same period. The principal methodology used in this rating was Global Shipping Industry published in February 2014. Wan Hai Lines Ltd. listed on the Taiwan Stock Exchange in May 1996. At end-June 2016, it operated a fleet of 93 container vessels (71 wholly owned and 22 chartered), offering intra-Asia, Asia-Middle East, and Trans-Pacific liner services. With 33 dedicated service routes at end-June 2016, Wan Hai is the leading provider of intra-Asia container shipping services with an estimated 15% market share. =============== X X X X X X X X =============== * BOND PRICING: For the Week August 15 to August 19, 2016 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- BOART LONGYEAR MANAGE 10.00 10/01/18 USD 70.25 BOART LONGYEAR MANAGE 7.00 04/01/21 USD 19.00 BOART LONGYEAR MANAGE 10.00 10/01/18 USD 69.88 BOART LONGYEAR MANAGE 7.00 04/01/21 USD 22.03 CML GROUP LTD 9.00 01/29/20 AUD 0.98 CROWN RESORTS LTD 6.02 04/23/75 AUD 71.61 DBCT FINANCE PTY LTD 2.31 12/12/22 AUD 71.87 DBCT FINANCE PTY LTD 2.40 06/09/26 AUD 57.30 EMECO PTY LTD 9.88 03/15/19 USD 56.75 EMECO PTY LTD 9.88 03/15/19 USD 57.50 IMF BENTHAM LTD 6.16 06/30/19 AUD 59.13 KBL MINING LTD 12.00 02/16/17 AUD 0.04 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.68 LAKES OIL NL 10.00 03/31/17 AUD 6.00 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.88 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.88 RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.99 RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.99 STOKES LTD 10.00 06/30/17 AUD 0.35 CHINA ----- SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 49.00 ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 64.23 ANYANG INVESTMENT GRO 8.00 04/17/19 CNY 64.31 BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 62.25 BANGBU CITY INVESTMEN 5.78 08/10/17 CNY 30.70 BEIJING CAPITAL DEVEL 5.95 05/29/19 CNY 62.92 BEIJING CONSTRUCTION 5.95 07/05/19 CNY 62.76 BEIJING ECONOMIC TECH 5.29 03/06/18 CNY 71.41 BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 84.49 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 63.51 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 75.00 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 63.19 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 63.20 CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 63.93 CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 62.95 CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 62.51 CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 62.57 CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 63.83 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 51.90 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 50.10 CHAOYANG CONSTRUCTION 7.30 05/25/19 CNY 63.13 CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 83.00 CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 63.60 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 52.07 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 51.74 CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 65.43 CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 63.90 CHIFENG CITY HONGSHAN 7.20 07/25/19 CNY 63.09 CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 51.44 CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 50.00 CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.58 CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.60 CHONGQING HECHUAN URB 6.95 01/06/18 CNY 71.10 CHONGQING HECHUAN URB 6.95 01/06/18 CNY 72.21 CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.39 CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.31 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 63.51 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 83.20 CHONGQING LAND PROPER 7.35 04/25/19 CNY 61.00 CHONGQING LAND PROPER 7.35 04/25/19 CNY 63.98 CHONGQING MAIRUI CITY 6.82 08/17/19 CNY 82.39 CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 61.96 CHONGQING NAN'AN URBA 8.20 04/09/19 CNY 64.45 CHONGQING XINGRONG HO 8.35 04/19/19 CNY 64.13 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 64.24 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 83.80 CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 72.73 CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 73.17 CHONGQING YULONG ASSE 6.87 05/31/19 CNY 63.27 CHONGQING YUXING CONS 7.29 12/08/17 CNY 72.07 DALI ECONOMIC DEVELOP 8.80 04/24/19 CNY 65.00 DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 63.05 DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 63.49 DANDONG CITY DEVELOPM 6.21 09/06/17 CNY 70.55 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 64.24 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 63.52 DATONG ECONOMIC CONST 6.50 06/01/17 CNY 40.00 DATONG ECONOMIC CONST 6.50 06/01/17 CNY 41.02 DONGBEI SPECIAL STEEL 6.50 03/27/16 CNY 40.00 DONGBEI SPECIAL STEEL 7.00 07/10/16 CNY 40.00 DONGBEI SPECIAL STEEL 8.30 09/06/16 CNY 40.00 DONGBEI SPECIAL STEEL 5.88 05/05/16 CNY 40.00 DONGBEI SPECIAL STEEL 8.20 06/06/16 CNY 40.00 DONGBEI SPECIAL STEEL 5.63 04/12/18 CNY 40.00 DONGBEI SPECIAL STEEL 6.10 01/15/18 CNY 40.00 DONGBEI SPECIAL STEEL 7.40 07/17/17 CNY 40.00 DONGBEI SPECIAL STEEL 6.30 09/24/16 CNY 40.00 DONGTAI COMMUNICATION 7.39 07/05/18 CNY 52.60 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 31.75 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 26.01 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 49.16 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 49.70 EZHOU CITY CONSTRUCTI 7.08 06/19/19 CNY 63.67 FEICHENG CITY ASSET O 7.10 08/14/18 CNY 77.40 FEICHENG CITY ASSET O 7.10 08/14/18 CNY 52.60 FUJIAN LONGYAN CITY C 7.45 08/14/19 CNY 64.54 FUSHUN URBAN INVESTME 5.95 05/11/18 CNY 72.11 GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 52.15 GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 62.78 GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 64.70 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 63.15 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 62.74 GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 52.32 GUIYANG ECO&TECH DEVE 8.42 03/27/19 CNY 64.65 GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 70.28 HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.54 HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.58 HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 64.27 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 50.00 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 51.60 HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.15 HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.09 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 63.57 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 64.10 HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 73.06 HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 60.00 HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 63.81 HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 63.79 HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 63.94 HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 63.87 HEGANG KAIYUAN CITY I 6.50 07/19/19 CNY 61.96 HEILONGJIANG HECHENG 7.78 11/17/16 CNY 40.37 HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 64.17 HUAIAN CITY URBAN ASS 7.15 12/21/16 CNY 40.52 HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 64.51 HUAI'AN DEVELOPMENT H 6.80 03/24/17 CNY 42.55 HUAIAN QINGHE NEW ARE 6.79 04/29/17 CNY 40.95 HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 52.30 HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 51.54 HUZHOU MUNICIPAL CONS 7.02 12/21/17 CNY 72.53 HUZHOU NANXUN STATE-O 8.15 03/31/19 CNY 63.53 HUZHOU WUXING NANTAIH 7.71 02/17/18 CNY 72.73 JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.59 JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.30 JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 63.99 JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 64.00 JIANGDONG HOLDING GRO 6.90 03/27/19 CNY 62.86 JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 64.04 JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 63.50 JIANGSU HUAJING ASSET 5.68 09/28/17 CNY 50.63 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.91 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.28 JIANGSU TAICANG PORT 7.66 05/16/19 CNY 64.35 JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 64.03 JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 64.20 JIASHAN STATE-OWNED A 6.80 06/06/19 CNY 62.00 JIAXING CULTURE FAMOU 8.16 03/08/19 CNY 64.47 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 63.09 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 63.61 JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 52.29 JINGZHOU URBAN CONSTR 7.98 04/24/19 CNY 64.75 JINING CITY CONSTRUCT 8.30 12/31/18 CNY 64.18 JINTAN CONSTRUCTION I 8.30 03/14/19 CNY 64.41 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.53 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.26 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 64.73 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 61.01 KAIFENG DEVELOPMENT I 6.47 07/11/19 CNY 63.40 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.16 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.37 KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.75 KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.84 LAIWU CITY ECONOMIC D 6.50 03/01/18 CNY 61.92 LEQING CITY STATE OWN 6.50 06/29/19 CNY 63.50 LEQING CITY STATE OWN 6.50 06/29/19 CNY 79.00 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 72.89 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 73.01 LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 66.01 LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 67.72 LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 62.41 LIAOYUAN STATE-OWNED 7.80 01/26/17 CNY 40.54 LIJIANG GUCHENG MANAG 6.68 07/26/19 CNY 63.72 LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 52.38 LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 52.11 LINHAI CITY INFRASTRU 7.98 11/06/16 CNY 50.42 LINYI INVESTMENT DEVE 8.10 03/27/18 CNY 52.44 LIUZHOU DONGCHENG INV 8.30 02/15/19 CNY 63.13 LIUZHOU INVESTMENT HO 6.98 08/15/19 CNY 64.23 LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 72.73 LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.51 LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.61 MIANYANG SCIENCE & TE 6.30 07/22/18 CNY 54.25 MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 60.31 MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 63.14 NANAN CITY TRADE INDU 8.50 04/25/19 CNY 64.54 NANCHONG CHEMICAL IND 8.16 04/26/19 CNY 64.02 NANJING HEXI NEW TOWN 6.40 02/03/17 CNY 60.93 NANJING JIANGNING SCI 7.29 04/28/19 CNY 64.07 NANTONG CITY 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03/27/19 CNY 63.67 TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 63.51 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 51.81 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 52.12 TIGER FOREST & PAPER 5.38 06/14/17 CNY 58.02 TONGCHUAN DEVELOPMENT 7.50 07/17/19 CNY 62.90 TONGLIAO CITY INVESTM 5.98 09/01/17 CNY 70.92 TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 62.84 TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 60.59 TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 75.00 URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 63.57 URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.47 URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.55 VANZIP INVESTMENT GRO 7.92 02/04/19 CNY 66.04 WAFANGDIAN STATE-OWNE 8.55 04/19/19 CNY 64.28 WENZHOU ANJUFANG CITY 7.65 04/24/19 CNY 63.72 WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.91 WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.50 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 52.19 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 51.00 XIAN CHANBAHE DEVELOP 6.89 08/03/19 CNY 63.29 XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 63.50 XIANGTAN CITY 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CO 5.00 12/25/17 KRW 31.73 LSMTRON DONGBANGSEONG 4.53 11/22/17 KRW 32.67 OKC SECURITIZATION SP 10.00 01/03/20 KRW 26.56 SINBO SECURITIZATION 5.00 01/30/19 KRW 29.32 SINBO SECURITIZATION 5.00 01/30/19 KRW 29.32 SINBO SECURITIZATION 5.00 10/30/19 KRW 20.32 SINBO SECURITIZATION 5.00 02/11/18 KRW 32.51 SINBO SECURITIZATION 5.00 05/26/18 KRW 30.24 SINBO SECURITIZATION 5.00 02/21/17 KRW 35.82 SINBO SECURITIZATION 5.00 02/11/18 KRW 32.51 SINBO SECURITIZATION 5.00 01/29/17 KRW 37.49 SINBO SECURITIZATION 5.00 02/21/17 KRW 35.82 SINBO SECURITIZATION 5.00 08/31/16 KRW 74.96 SINBO SECURITIZATION 5.00 09/30/19 KRW 26.90 SINBO SECURITIZATION 5.00 12/13/16 KRW 42.49 SINBO SECURITIZATION 5.00 03/12/18 KRW 32.26 SINBO SECURITIZATION 5.00 03/13/17 KRW 35.59 SINBO SECURITIZATION 5.00 03/13/17 KRW 35.59 SINBO SECURITIZATION 5.00 03/12/18 KRW 32.26 SINBO SECURITIZATION 5.00 07/24/18 KRW 31.34 SINBO SECURITIZATION 5.00 07/24/18 KRW 31.34 SINBO SECURITIZATION 5.00 08/31/16 KRW 74.96 SINBO SECURITIZATION 5.00 10/05/16 KRW 56.78 SINBO SECURITIZATION 5.00 10/05/16 KRW 56.78 SINBO SECURITIZATION 5.00 03/18/19 KRW 28.88 SINBO SECURITIZATION 5.00 03/18/19 KRW 28.88 SINBO SECURITIZATION 5.00 08/16/17 KRW 34.20 SINBO SECURITIZATION 5.00 08/16/17 KRW 34.20 SINBO SECURITIZATION 5.00 06/07/17 KRW 19.29 SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77 SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77 SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77 SINBO SECURITIZATION 5.00 06/07/17 KRW 19.29 SINBO SECURITIZATION 5.00 12/25/16 KRW 39.36 SINBO SECURITIZATION 5.00 02/27/19 KRW 29.11 SINBO SECURITIZATION 5.00 02/27/19 KRW 29.11 SINBO SECURITIZATION 5.00 01/15/18 KRW 33.02 SINBO SECURITIZATION 5.00 12/23/18 KRW 29.67 SINBO SECURITIZATION 5.00 06/27/18 KRW 31.56 SINBO SECURITIZATION 5.00 06/27/18 KRW 31.56 SINBO SECURITIZATION 5.00 01/15/18 KRW 33.02 SINBO SECURITIZATION 5.00 07/24/17 KRW 33.22 SINBO SECURITIZATION 5.00 12/23/18 KRW 29.67 SINBO SECURITIZATION 5.00 12/23/17 KRW 31.75 SINBO SECURITIZATION 5.00 06/25/18 KRW 29.98 SINBO SECURITIZATION 5.00 06/25/19 KRW 27.86 SINBO SECURITIZATION 5.00 07/29/19 KRW 27.53 SINBO SECURITIZATION 5.00 07/29/18 KRW 29.65 SINBO SECURITIZATION 5.00 08/27/19 KRW 27.30 SINBO SECURITIZATION 5.00 08/29/18 KRW 30.85 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61 SINBO SECURITIZATION 5.00 07/08/17 KRW 34.60 SINBO SECURITIZATION 5.00 07/08/17 KRW 34.60 SINBO SECURITIZATION 5.00 08/29/18 KRW 30.85 TONGYANG CEMENT & ENE 7.30 06/26/15 KRW 70.00 TONGYANG CEMENT & ENE 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT & ENE 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT & ENE 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT & ENE 7.50 07/20/14 KRW 70.00 U-BEST SECURITIZATION 5.50 11/16/17 KRW 34.10 WOONGJIN ENERGY CO LT 3.00 12/19/19 KRW 63.35 SRI LANKA --------- HATTON NATIONAL BANK 8.00 08/29/23 LKR 67.00 SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 60.53 SRI LANKA GOVERNMENT 8.00 01/01/32 LKR 67.90 SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 69.46 SRI LANKA GOVERNMENT 6.00 12/01/24 LKR 67.25 SRI LANKA GOVERNMENT 9.00 06/01/33 LKR 73.49 SRI LANKA GOVERNMENT 9.00 10/01/32 LKR 73.98 SRI LANKA GOVERNMENT 9.00 11/01/33 LKR 72.96 MALAYSIA -------- BANDAR MALAYSIA SDN B 0.35 02/20/24 MYR 74.79 BRIGHT FOCUS BHD 2.50 01/24/30 MYR 74.20 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 71.34 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.29 SENAI-DESARU EXPRESSW 0.50 12/31/38 MYR 62.38 SENAI-DESARU EXPRESSW 0.50 12/31/47 MYR 68.91 SENAI-DESARU EXPRESSW 0.50 12/30/39 MYR 63.48 SENAI-DESARU EXPRESSW 0.50 12/30/44 MYR 67.34 SENAI-DESARU EXPRESSW 1.35 06/30/26 MYR 66.16 SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 53.50 SENAI-DESARU EXPRESSW 0.50 12/31/40 MYR 64.22 SENAI-DESARU EXPRESSW 0.50 12/31/41 MYR 65.01 SENAI-DESARU EXPRESSW 0.50 12/31/42 MYR 65.80 SENAI-DESARU EXPRESSW 0.50 12/31/43 MYR 66.71 SENAI-DESARU EXPRESSW 0.50 12/29/45 MYR 67.82 SENAI-DESARU EXPRESSW 0.50 12/31/46 MYR 68.62 SENAI-DESARU EXPRESSW 1.35 12/31/26 MYR 64.82 SENAI-DESARU EXPRESSW 1.35 12/31/27 MYR 62.20 SENAI-DESARU EXPRESSW 1.35 12/31/25 MYR 67.55 SENAI-DESARU EXPRESSW 1.15 12/31/24 MYR 69.07 SENAI-DESARU EXPRESSW 1.35 06/30/27 MYR 63.51 SENAI-DESARU EXPRESSW 1.15 12/29/23 MYR 72.17 SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 56.51 SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 55.02 SENAI-DESARU EXPRESSW 1.35 06/29/29 MYR 57.99 SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 52.01 SENAI-DESARU EXPRESSW 1.35 12/29/28 MYR 59.44 SENAI-DESARU EXPRESSW 1.15 06/30/25 MYR 67.59 SENAI-DESARU EXPRESSW 1.15 06/30/23 MYR 73.75 SENAI-DESARU EXPRESSW 1.35 06/30/28 MYR 60.86 SENAI-DESARU EXPRESSW 1.15 06/28/24 MYR 70.63 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.04 PHILIPPINES ----------- BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS L 5.35 10/01/18 SGD 70.00 AUSGROUP LTD 7.45 10/20/16 SGD 66.88 AXIS OFFSHORE PTE LTD 7.90 05/18/18 USD 59.13 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.34 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.34 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 20.29 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 20.25 BLD INVESTMENTS PTE L 8.63 03/23/15 USD 7.88 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 19.75 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 20.25 BUMI INVESTMENT PTE L 10.75 10/06/17 USD 18.87 BUMI INVESTMENT PTE L 10.75 10/06/17 USD 18.63 ENERCOAL RESOURCES PT 6.00 04/07/18 USD 10.75 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 65.00 GOLIATH OFFSHORE HOLD 12.00 06/11/17 USD 5.11 INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.88 NEPTUNE ORIENT LINES 4.65 09/09/20 SGD 71.97 NEPTUNE ORIENT LINES 4.40 06/22/21 SGD 66.01 ORO NEGRO DRILLING PT 7.50 01/24/19 USD 44.00 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.50 OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 69.83 OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 70.00 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 55.00 RICKMERS TRUST MANAGE 8.45 05/15/17 SGD 72.00 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 10.50 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 14.50 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 13.46 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.74 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADIN 1.00 10/10/25 USD 51.03 DEBT AND ASSET TRADIN 1.00 10/10/25 USD 55.38 ********* 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 ***