/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/161004.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, October 4, 2016, Vol. 19, No. 196 Headlines A U S T R A L I A MISSION NEWENERGY: Incurs AUD2.32 Million Net Loss in Fiscal 2016 C H I N A AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K CHINA: To Adopt to Market-Oriented Approach to Bond Defaults CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K DONGBEI SPECIAL: Creditors Seek Formal Bankruptcy Restructuring YESTAR INTERNATIONAL: Fitch Releases Amended Press Release I N D I A AARKAY FOOD: CRISIL Suspends 'D' Rating on INR28.1MM Term Loan AARKEE EXTRUSION: CRISIL Suspends B+ Rating on INR40MM Cash Loan AEROCON BUILDWELL: CRISIL Assigns 'D' Rating to INR145MM Loan AIRTEC ELECTROVISION: CARE Assigns B+ Rating to INR8cr LT Loan ANANGOOR TEXTILE: CRISIL Suspends 'B' Rating on INR364.5MM Loan ARAN KITCHEN: CRISIL Suspends 'D' Rating on INR60MM Cash Loan ARUPADAI ARULMURUGAN: CRISIL Suspends B- Rating on INR89.7MM Loan ASIAN VENTURES: CRISIL Assigns 'B' Rating to INR80.2MM Term Loan ASSRM & CO: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan AUTOCREATES SERVICES: CRISIL Reaffirms B+ Rating on INR150MM Loan BALAJI ELECTRICAL: CARE Assigns B+ Rating to INR11.0cr LT Loan BENTEC INDIA: CRISIL Suspends 'B' Rating on INR150MM Cash Loan DELTA MSAND: CRISIL Suspends B+ Rating on INR40MM Cash Loan DIVYA SHREE: CARE Assigns 'B+' Rating to INR7.12cr LT Bank Loan FLEXICAN BELLOWS: CRISIL Suspends B+ Rating on INR40MM Cash Loan GIRIN DEKA: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan GRAND AUTO: CRISIL Assigns B+ Rating to INR73MM Cash Loan GSR AND KKR: CRISIL Assigns 'B' Rating to INR60MM Long Term Loan GUPTA SYNTEX: CRISIL Suspends B+ Rating on INR88MM Term Loan INTERNATIONAL RUBBER: CRISIL Suspends B Rating on INR32.7MM Loan J.S.M. FORGING: CRISIL Assigns B- Rating to INR13MM Bill Disc. JARA INFRATECH: CRISIL Assigns B+ Rating to INR85MM Bank Loan K.M. RAFI: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan KRANS PROJECTS: CRISIL Cuts Rating on INR74.5MM Loan to B+ LB COTTON: CRISIL Assigns 'B-' Rating to INR50MM Cash Loan MAHALAXMI INVESTMENT: CRISIL Suspends B Rating on INR100MM Loan MAHESH VALUE: CRISIL Reaffirms B+ Rating on INR120MM Capital Loan MARIA RUG: CRISIL Assigns B- Rating to INR16MM Long Term Loan MARTIN & BROWN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan MAYUR SEEDS: CRISIL Suspends 'B' Rating on INR40MM Cash Loan MISHRIBAI AGRO: CRISIL Assigns B+ Rating to INR75MM Term Loan MOUNT ZION: CRISIL Suspends 'B+' Rating on INR150MM LT Loan MUTHU PIPES: CRISIL Suspends 'B' Rating on INR88MM LT Loan NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR62.5MM Loan ORBIT AYAS: CRISIL Suspends B+ Rating on INR90MM Cash Loan PINK STAR: CRISIL Suspends 'D' Rating on INR150MM Loan PM DIMENSIONS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan POWER WELFARE: CRISIL Lowers Rating on INR300MM LT Loan to 'D' PUNJAB MEDICAL: CRISIL Ups Rating on INR114.2MM LT Loan to B+ RAJ JEWELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan RASHMI YARNS: CRISIL Suspends 'B' Rating on INR180MM Cash Loan RISE PACKERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan SACHIN FIBERS: CRISIL Assigns B+ Rating to INR40MM Term Loan SATMA INDUSTRIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan SCIENTIFIC INTERNATIONAL: CRISIL Rates INR68MM Loan at 'B' SHIV SHANKAR: CRISIL Suspends B+ Rating on INR110MM Cash Loan SHRI AMBICA: CRISIL Lowers Rating on INR1.10BB Cash Loan to 'D' SHRIAMAN AGROVET: CRISIL Assigns B+ Rating to INR42.5MM LT Loan SOLITAIRE FOODS: CRISIL Suspends D Rating on INR130MM Cash Loan SRI RAJESWARI: CRISIL Suspends B+ Rating on INR10.5MM LT Loan ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan TECHNOVAA PLASTIC: CRISIL Assigns B- Rating to INR475MM Loan VARDHMAN ENTERPRISE: CRISIL Rates INR48MM Cash Loan at 'B+' VINDEEP DEVELOPERS: CRISIL Suspends 'D' Rating on INR100.6MM Loan M O N G O L I A MONGOLIA: Asks IMF for Financial Assistance S I N G A P O R E GLOBAL A&T: Fitch Lowers Issuer Default Ratings to 'CCC' S O U T H K O R E A HANJIN SHIPPING: Collapse Hits Businesses in Singapore X X X X X X X X * BOND PRICING: For the Week Sept. 26 to Sept. 30, 2016 - - - - - ================= A U S T R A L I A ================= MISSION NEWENERGY: Incurs AUD2.32 Million Net Loss in Fiscal 2016 ----------------------------------------------------------------- Mission New Energy reported a net loss of AUD2.32 million on AUD41,960 of total revenue for the year ended June 30, 2016, compared to profit of AUD28.4 million on AUD7.27 million of total revenue for the year ended June 30, 2015. As of June 30, 2016, the Company had AUD6.17 million in total assets, AUD1.40 million in total liabilities, all current, and AUD4.76 million in net assets. Management controls the capital of the Group in order to maintain an appropriate debt to equity ratio, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern. Due to the stage that the business is in, managements preferred approach is to fund the business with equity, however where equity funding is not available debt funding is considered. Management reviews historic and forecast cash flows on a regular basis in order to determine funding needs. The Group has no debt and capital includes ordinary share capital, supported by financial assets. A full-text copy of the Annual Report on Form 6-K is available for free at goo.gl/ZQxvH5 About Mission NewEnergy Based in Subiaco, Western Australia, Mission NewEnergy Limited is a producer of biodiesel that integrates sustainable biodiesel feedstock cultivation, biodiesel production and wholesale biodiesel distribution focused on the government mandated markets of the United States and Europe. The Company is not operating its biodiesel refining segment. The refineries are being held in care and maintenance either awaiting a return to positive operating conditions or the sale of assets. The Company has materially diminished its Jatropha contract farming operation and the company is now focused on divesting the remaining Indian assets. The Company intends to cease all Indian operations. "Although we incurred an operating profit for the year ended June 30, 2015 of AUD28.3 million (2014: AUD1.1 million loss), we have a history of net losses and there is a substantial doubt about our ability to continue as a going concern," the Company stated in its annual report for the year ended June 30, 2015. ========= C H I N A ========= AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K ------------------------------------------------------------- Aoxing Pharmaceutical Company, Inc., disclosed in a regulatory filing with the Securities and Exchange Commission that its annual report on Form 10-K could not be filed within the required time because there was a delay in completing the procedures necessary to close the books for the year ended June 30, 2016. About Aoxing Aoxing Pharmaceutical Company, Inc., has one operating subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is organized under the laws of the People's Republic of China. Since 2002, Hebei Aoxing has been engaged in developing narcotics and pain management products. In 2008 Hebei Aoxing supplemented its product lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company, Ltd., a specialty pharmaceutical company focusing on herbal pain related therapeutics. The Company owns 95% of the equity in Hebei Aoxing. Aoxing Pharmaceutical reported net income attributable to shareholders of the Company of $5.49 million on $25.48 million of sales for the year ended June 30, 2015, compared to a net loss attributable to shareholders of the Company of $8.21 million on $12.7 million of sales for the year ended June 30, 2014. As of March 31, 2016, Aoxing had $58.92 million in total assets, $38.37 million in total liabilities and $20.55 million in total equity. BDO China Shu Lun Pan Certified Public Accountants LLP, in Shanghai, People's Republic of China, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, stating that the Company accumulated a large deficit and a working capital deficit that raise substantial doubt about its ability to continue as a going concern. CHINA: To Adopt to Market-Oriented Approach to Bond Defaults ------------------------------------------------------------ South China Morning Post reports that China's government appears to be adopting a more market-oriented approach to bond defaults, increasingly tolerating bankruptcies After a long wait for a solution to surging defaults by Chinese state-owned enterprises (SOEs), some recent cases have started to shed light on the government's likely approach, according to SCMP. SCMP says to the disappointment of those believing that Beijing would continue its long-held policy of stepping in to rescue debt-ridden companies on the brink of bankruptcy, it appears to be switching to a more market-oriented approach. According to the report, Dongbei Special Steel Group, a state- owned steel maker in China's northeastern Liaoning province, has been at the heart of the debt market's troubles this year, having defaulted on nine separate bonds since March. Its initial missed payment was a contributor to a widespread selloff in corporate debt in the mainland. The report relates that Dongbei's creditors have been stuck in round after round of negotiations with the company, and still there is no clear prospect of a solution on the table. The matter has raised questions about whether the government would accept bankruptcy as an option, given the significant impact that would have on local employment and, possibly, social stability. On September 30, Fushun Special Steel, a subsidiary of Dongbei, said in a statement that a court is reviewing an application from creditors for a bankruptcy restructuring of its parent company. Before that, the local government had confirmed that Dongbei would enter bankruptcy proceedings, according to media reports that cited a summary of a creditors' meeting, SCMP relays. Also last month came the bankruptcy of state-owned Guangxi Nonferrous Metals Group, the country's first interbank bond issuer to fail, the report states. Ivan Chung, associate managing director and head of China credit research at Moody's Investors Service said the cases demonstrate that bankruptcy restructuring is now an option for distressed SOEs, SCMP reports. "It [the bankruptcy] is obviously a good thing, as the debt problems faced by Chinese SOEs need a fundamental solution such as liquidation and bankruptcy," the report quotes Xiang Songzuo, the chief economist at Agricultural Bank of China, the country's third biggest bank by assets, as saying. The government's new-found tolerance of bankruptcy means the implicit guarantee for debt payment that Chinese investors have been used to for so long is not there any more, SCMP adds. CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K ----------------------------------------------------- China Ginseng Holdings Inc. was unable, without unreasonable effort or expense, to file its annual report on Form 10-K for the fiscal year ended June 30, 2016, by the filing date of Sept. 28, 2016, due to a delay experienced by the Company in completing its financial statements and other disclosures in the Annual Report. As a result, the Company is still in the process of compiling the required information to complete the Annual Report and its independent registered public accounting firm requires additional time to complete its audit of the financial statements for the fiscal year ended June 30, 2016, to be incorporated in the Annual Report. The Company anticipates that it will file the Annual Report no later than the fifteen calendar days following the prescribed filing date. It is expected that for the fiscal year ended June 30, 2016, the Company will report a net loss of approximately $9 million compared to net loss of $3.90 million for the fiscal year ended June 30, 2015. About China Ginseng Changchun City, China-based China Ginseng Holdings, Inc., conducts business through its four wholly-owned subsidiaries located in China. The Company has been granted 20-year land use rights to 3,705 acres of lands by the Chinese government for ginseng planting and it controls, through lease, approximately 750 acres of grape vineyards. However, recent harvests of grapes showed poor quality for wine production which indicates that the vineyards are no longer suitable for planting grapes for wine production. Therefore, the Company has decided not to renew its lease for the vineyards with the Chinese government upon expiration in 2013 and, going forward, it intends to purchase grapes from the open market in order to produce grape juice and wine. China Ginseng reported a net loss of $3.90 million on $272,600 of revenue for the year ended June 30, 2015, compared with a net loss of $4.76 million on $2.61 million of revenue for the year ended June 30, 2014. As of March 31, 2016, China Ginseng had $8.66 million in total assets, $21.40 million in total liabilities and a total stockholders' deficit of $12.73 million. Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company had net losses of $3.90 million and $4.76 million for the years ended June 30, 2015 and 2014, respectively, an accumulated deficit of $18.1 million at June 30, 2015 and a working capital deficit of $16.5 million at June 30, 2015, and there are existing uncertain conditions the Company faces relative to its ability to obtain working capital and operate successfully. These conditions raise substantial doubt about its ability to continue as a going concern. DONGBEI SPECIAL: Creditors Seek Formal Bankruptcy Restructuring --------------------------------------------------------------- Winni Zhou and Nathaniel Taplin at Reuters report that Fushun Special Steel said on Sept. 30 a court is reviewing an application from creditors for a bankruptcy restructuring of parent Dongbei Special Steel Group Co Ltd. According to Reuters, Fushun Special Steel said in a statement on the Shanghai stock exchange website that its own operations and capital flows were normal. State-owned steelmaker Dongbei Special Steel, an unlisted company, owns 35.22 percent of Fushun. Reuters says the announcement comes as the corporate bond market, which suffered a steep sell-off this spring, is again trading near multi-year highs despite ongoing defaults and rising concern over the scale of China's corporate debt problems. Dongbei, which is owned by the Liaoning provincial government in the country's northeast, has been at the heart of the debt market's troubles this year. Its first bond default in late March helped trigger a sharp sell-off in corporate debt as investors reassessed the likelihood of bailouts for key provincially-owned state enterprises, especially in coal and steel sectors hobbled by overcapacity, according to Reuters. The firm, which has defaulted on nine separate bonds in 2016, has also been involved in an extended struggle with creditors over how to restructure its debt, according to Reuters IFR and other media publications. Reuters relates that Dongbei had reportedly proposed a debt-to- equity swap as a partial solution to the problem, but creditors objected. In July, creditors took the unusual step of urging one of Dongbei's main underwriters, China Development Bank, to ask regulators to temporarily bar Liaoning province from further debt financing. China Development Bank said later that it would continue to support the economic development of Liaoning, Reuters relays. On Sept. 28, the Economic Observer said Dongbei Special Steel had ironed out a business revival plan and was seeking government support for its debt restructuring, Reuters recalls. Reuters notes that with the disclosure that Dongbei creditors are seeking a bankruptcy restructuring, the status of those plans is unclear. Headquartered in Dalian, China, Dongbei Special Steel Group Co. manufactures carbon structural, alloy, tool, stainless, and bearing steel; and super alloy products. It offers stainless steel bars and wire rods; bearing steel bars and wire rods; steel products for the automotive industry. YESTAR INTERNATIONAL: Fitch Releases Amended Press Release ---------------------------------------------------------- This announcement replaces the one published on 29 August 2016 to add the Dodd-Frank Rating Information Disclosure Form that was missing, and include the name and address for the Fitch office of the primary analyst: Fitch Ratings has assigned Yestar International Holdings Company Limited (Yestar) a Long-Term Issuer Default Rating (IDR) of 'BB-' and senior unsecured rating of 'BB-'. The Outlook is Stable. Yestar's ratings reflects the company's high exposure to China's rapidly growing in vitro diagnostics (IVD) market, an established partnership with IVD industry leader Roche Diagnostics, a strong foothold in IVD distribution across important eastern China markets, stable profit contribution from its mature imaging business with Fujifilm, and low FFO net leverage and strong free cash flow (FCF) generation compared with other 'BB-' peers. The Stable Outlook reflects Fitch's expectation that Yestar's profitability in its IVD and imaging businesses will remain stable and it will maintain low leverage ratios. KEY RATING DRIVERS Steadily Growing IVD Business: Yestar entered the IVD market in China in 2014 and has acquired two IVD distributors that have established partnerships with IVD leader Roche Diagnostics. The distributors also have long-term relationships with hospitals, stable profitability, and a strong market position in distributing Roche-branded IVD products across eastern China. China's IVD market is expanding rapidly due to strong demand, and faces low cyclicality. Fitch expects IVD to account for around 80% of Yestar's total EBIT in 2016 and will be the company's main growth driver. Imaging Business Stable: Fitch expects profit contribution from Yestar's business of distributing imaging equipment to remain stable in the near term despite limited top-line growth. The imaging segment is a mature business with firm customer base, established distribution networks and minimal capex requirements. Fitch believes that Yestar's imaging business will provide stable cash flows that support its rating. Increased Working Capital Demand: Fitch expects Yestar's working capital requirements to increase significantly as IVD takes up a larger part of Yestar's business. Yestar's accounts receivable days for local hospitals stretch from four to six months while accounts payable days to supplier Roche Diagnostics is significantly shorter. In comparison, Yestar's credit terms with imaging products supplier Fujifilm are much more lenient than the credit terms Yestar offers to its imaging customers. Execution and Integration Risks: Yestar has been operating its newly acquired IVD business for less than two years, and has yet to complete the progressive acquisition of 100% of each of the IVD distributors. Execution and integration risks, such as preserving its existing customer base and being able to obtain new customers, remain significant, but Fitch believes that Yestar's successful track record in running its imaging distribution business, the high cost of switching IVD systems for hospitals, and Roche's strong brand name in IVD, will reduce the likelihood of Yestar failing to maintain the existing business model. Strong Financial Profile: Yestar has previously consistently been in a net cash position due to strong cash flow from the imaging distribution business and low operating leverage. Fitch expects Yestar's FFO net leverage to peak at 2.3x in 2018 as it gradually completes the acquisitions of the stakes it does not already own in the IVD distributors. The company is likely to deleverage in 2019, assuming no further M&A or equity injections. Growth through M&A: Fitch expects Yestar to continue to grow through M&A, but it remains to be seen whether the company will continue to employ a consistent and prudent M&A strategy while maintaining a strong balance sheet. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Yestar include: -- EBITDA margin to remain around 16%-17% between 2016 and 2018 -- Acquisition of remaining 30% stake in IVD distributor Jiangsu Uno in 2H17 -- Acquisition of remaining 30% stake in IVD distributor Anbaida in 2H18 RATING SENSITIVITIES Positive: Future developments that may lead to a positive rating action include: -- Significant increase in operating scale, brand partners and geographic diversification while keeping FFO net leverage below 2.5x on a sustained basis Negative: Future developments may lead to a negative rating action include: -- FFO net leverage above 2.5x on a sustained basis -- EBITDA margin below 15% on a sustained basis -- Sustained material decline in revenue growth of existing distributors ========= I N D I A ========= AARKAY FOOD: CRISIL Suspends 'D' Rating on INR28.1MM Term Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Aarkay Food Products Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 27.5 CRISIL D Term Loan 28.1 CRISIL D The suspension of ratings is on account of non-cooperation by AFPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AFPL is yet to provide adequate information to enable CRISIL to assess AFPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. AFPL was incorporated in 1983 by Mr. Ravi Kapoor to manufacture food colouring agents such as caramel colour and annatto colour. Since then the company has ventured into related domains like additives that comprise of fruit and vegetable powder and flavouring ingredients. The manufacturing facility is located at Ahmedabad and the firm is currently managed by the members of Kapoor family. AARKEE EXTRUSION: CRISIL Suspends B+ Rating on INR40MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Aarkee Extrusion Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B+/Stable Letter of Credit 30 CRISIL A4 The suspension of ratings is on account of non-cooperation by AEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AEPL is yet to provide adequate information to enable CRISIL to assess AEPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 2008, AEPL is Vadodara, Gujarat based company and is engaged in manufacturing of Aluminium extrusion. The current promoter Mr. Piyush Shah took over the company in 2010 and the company caters to various industries like power, electronic appliances, real estate, automobile etc. AEROCON BUILDWELL: CRISIL Assigns 'D' Rating to INR145MM Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank facilities of Aerocon Buildwell Private Limited. The rating reflects instances of delay by ABPL in servicing its term debt; the delay has been caused by weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 145 CRISIL D Letter of Credit 5 CRISIL D Bank Guarantee 5 CRISIL D Cash Credit 40 CRISIL D ABPL also has a below-average financial risk profile and modest scale of operations. However it benefits from the promoters' experience in the autoclaved aerated concrete (AAC) blocks industry. ABPL, set up in April 2012 by Mr. Girish Khemkar, Mr. Anand Goel and Mr.Anish Khemkar, manufactures AAC blocks in Jalalkhedi, Madhya Pradesh. It has a manufacturing capacity of 1.5 lakh cubic meter per annum (CMPA). AIRTEC ELECTROVISION: CARE Assigns B+ Rating to INR8cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Airtec Electrovision Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8 CARE B+ Assigned Long-term/Short-term Bank 1 CARE B+/CARE A4 Facilities Assigned Rating Rationale The rating assigned to the bank facilities of Airtec Electrovision Private Limited is primarily constrained by its project execution and stabilization risk. The rating is further constrained by its presence in the fragmented and competitive industry. The ratings, however, draw comfort from experienced promoters in the electrical goods industry and growing demand fromresidential & business units. Going forward, the achievability of envisaged revenue and profitability shall be the key rating sensitivities. Delhi-based Airtech Electrovision Private Limited was incorporated in 2016 by Mr. Manish Nathani and Ms. Varsha Nathani. AEPL was established to undertake trading and manufacturing of electrical goods such as LED televisions, DVD player and speakers etc. The company has already started the trading of electrical goods such as LED televisions, DVD player, speakers etc. The company purchases the traded goods from the local distributers situated in Delhi NCR region. The company sells its products pan India through its distributor network. The company is currently setting up manufacturing unit for manufacturing of electrical goods which comprises of LED televisions, DVD player, speakers at its manufacturing facility located in Okhla, Delhi with proposed installed capacity of 300 lakh units per annum. The main raw materials for manufacturing of LED televisions, DVD player and speakers are panels, motherboard, speakers, cabinet etc. AEPL would procure these raw materials from various suppliers located in Delhi - NCR region and also would import these raw material from China. The company would initially sell its products under the brand name of Airtech on PAN India through the distributorship network. The company has one associate concerns namely Beston Electrovision Private limited engaged in manufacturing and trading of electrical goods which comprises of LED televisions, DVD player, Speakers. In 4MFY17 (unaudited; refers to the period April 1, 2016 to July 31, 2016), the company achieved Total Operating Income of INR7.14 crore. ANANGOOR TEXTILE: CRISIL Suspends 'B' Rating on INR364.5MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Anangoor Textile Mills Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25.4 CRISIL A4 Cash Credit 200.0 CRISIL B/Stable Letter of Credit 100.0 CRISIL A4 Long Term Loan 364.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by Anangoor with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Anangoor is yet to provide adequate information to enable CRISIL to assess Anangoor's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Anangoor was established as a partnership firm in 1995 by Mr. K Ramasamy and Mr. C Palanisamy. The company manufactures cotton yarn at its manufacturing units located in Kangeyam and Anangoor (both in Tamil Nadu). ARAN KITCHEN: CRISIL Suspends 'D' Rating on INR60MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Aran Kitchen World India Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL D Letter of Credit 40 CRISIL D The suspension of ratings is on account of non-cooperation by AKWIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AKWIPL is yet to provide adequate information to enable CRISIL to assess AKWIPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. AKWIPL, incorporated in 2008, is a JV between AW and Bohra Kitchens Pvt Ltd. AKIPL procures Italian modular kitchens from AW and sells the products through its franchisees and owned retail outlets in India. The company's day-to-day operations are managed by Mr. Rajesh Bohra. ARUPADAI ARULMURUGAN: CRISIL Suspends B- Rating on INR89.7MM Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Arupadai Arulmurugan Spinners Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B-/Stable Proposed Long Term Bank Loan Facility 40.3 CRISIL B-/Stable Term Loan 89.7 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by AASPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AASPL is yet to provide adequate information to enable CRISIL to assess AASPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Set up in July 2006, AASPL primarily manufactures blended yarn comprising polyester and viscose. It also manufactures polyester or viscose yarn individually based on customers' needs. ASIAN VENTURES: CRISIL Assigns 'B' Rating to INR80.2MM Term Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Asian ventures. The rating reflects Asian's exposure to completion risks associated with the ongoing project coupled with risks and cyclicality inherent in the real estate sector in India. These rating weaknesses are partially offset by the extensive experience of the partners of Asian in the real estate sector. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 80.2 CRISIL B/Stable Outlook: Stable CRISIL believes that Asian will continue to benefit from its partners' vast industry experience and their funding support. The outlook may be revised to 'Positive' in case of timely completion of the project along with better-than-expected customer bookings and advances resulting in improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of pressure on its liquidity stemming from time or cost overrun in the projects, lower-than-expected advances from customers leading to low cash inflows, or large debt-funded expansion of the township. Asian Ventures (Asian) incorporated in 2011 is engaged in real estate business. Asian is a Joint Venture between Khurana family (40%) and Bobinmaker family (60%). Currently the firm is developing one residential project in Pune, Maharashtra. ASSRM & CO: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of ASSRM & Co. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Buyer Credit Limit 70 CRISIL A4 Cash Credit 50 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by ASSRM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ASSRM is yet to provide adequate information to enable CRISIL to assess ASSRM's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. ASSRM, based in Chennai, was set up by Mr. V S Sundaralingam and his family. The firm trades in agro-commodities, including pulses such as dal, moong, and lentils. It imports these pulses and sells them to other group entities, and retailers, in and around Chennai. AUTOCREATES SERVICES: CRISIL Reaffirms B+ Rating on INR150MM Loan ----------------------------------------------------------------- CRISIL's rating to the long-term bank facilities of Autocreates Services Private Limited continues to reflect ASPL's below- average financial risk profile, marked by a small net worth and high gearing; the rating also factors in CRISIL's expectation that the company's cash flows will remain tightly matched against its debt repayment obligations over the medium term. These rating weaknesses are partially offset by ASPL's moderate revenue visibility because of long-term lease agreements, healthy occupancy level for its properties, and established relationships with clients. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Lease Rental Discounting Loan 150 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 70 CRISIL B+/Stable Withdrawal Further CRIISL has withdrawn its rating on the proposed long-term bank loan facility of INR70.0 million of ASPL. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans. Outlook: Stable CRISIL believes that ASPL will continue to benefit over the medium term from the healthy occupancy, and established relationships with its customers, for its parking yard. The outlook may be revised to 'Positive' if the company registers significant improvement in its cash inflows primarily backed by benefits expected from its ongoing capital expenditure (capex). Conversely, the outlook may be revised to 'Negative' if ASPL's liquidity is stretched due to a decline in occupancy of its property driven by unanticipated termination of lease agreements, or in case of lower-than-expected ramp-up in revenue from its new project, or if it extends additional financial support to its affiliates. Update ASPL business performance in terms of accruals and scale remains in line with expectation in 2015-16 (refer to financial year ending 31st March). CRISIL believes that ASPL has high revenue visibility since it has successfully renewed the contract with key tenant i.e Tata Motors Limited (TML) (rated CRISIL AA/Stable/CRISIL A1+), and Automotive Manufacturers Private Limited (AMPL) (Rated CRISIL A-/Stable/CRISIL A2+). Further payment from tenant realized with a months times . Gross current asset (GCA) seems at 90 to 100 days high due high current asset which include tax deducted at source (TDS) and receivable from government authorities. ASPL financial risk profile continues to constrain the ratings as reflected from low net worth resulting in high gearing of around 3 times. Consequently interest coverage at around 1.2 times and net cash accruals to total debt (NCATD) of 0.05 times. ASPL liquidity supported by unsecured loan from promoters and debt service coverage ratio (DSCR) at around 1.0 times. ASPL, incorporated in 2006, is a subsidiary of Autocreates (India) Pvt Ltd. AIPL has 90 per cent ownership in ASPL with the remaining 10 per cent being equally owned by the promoters of AIPL, Mr. Gurinder Singh Arora and Mrs. Tarvinder Kaur Arora. ASPL has a dedicated parking yard at Panvel (Maharashtra), on the Mumbai-Pune highway. The yard is given on lease to various reputed clients. BALAJI ELECTRICAL: CARE Assigns B+ Rating to INR11.0cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of Balaji Electrical and Hardware. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 11.00 CARE B+ Assigned Short-term Bank Facilities 2.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Balaji Electrical and Hardware are primarily constrained by its weak financial risk profile characterized by low profitability, leverage capital structure and weak debt coverage indicators. The ratings are further constrained by intense competition in the industry due to low entry barriers and tender driven nature of construction business. The ratings, however, draw comfort from experienced proprietor, growing scale of operations and the firm's moderate operating cycle. Going forward, the ability of the firm to profitably scale up its operations, improve profitability margins and improve the capital structure will be the key rating sensitivity. Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr. Arun Goyal. BEH is engaged in the trading of electrical goods such as fans, wires, cables, etc. In FY16, the firm has also entered into civil construction business. The firm procures traded product from companies such as Nicco Corporation limited, KEC International, ANP Infratech, etc, and sells the products to clients in local areas. The firm has got civil construction contracts from TATA - Aldesa [venture (JV) for construction of a 343-km double track line between Bhaupur (Kanpur) and Khurja]. The JV on this project is between Tata Projects India and Aldesa of Spain. In FY15, BEH achieved a total operating income (TOI) of INR93.52 crore with PBILDT and PAT of INR2.08 crore and INR0.38 crore, respectively. In FY16 (unaudited) (refers to the period April 1 2015 to March 31 2016), the company achieved TOI of INR93.51 crore. BENTEC INDIA: CRISIL Suspends 'B' Rating on INR150MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bentec India Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 420 CRISIL A4 Cash Credit 150 CRISIL B/Stable Letter of Credit 50 CRISIL A4 Proposed Long Term Bank Loan Facility 50 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by BIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BIL is yet to provide adequate information to enable CRISIL to assess BIL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 1987, BIL (formerly known as Bentec Electricals and Electronics Pvt Ltd) manufactures electric meters and electrical wires. The company is promoted by Mr. Anup Bhartia. BIL's main customers are various state electricity boards, corporates such as Damodar Valley Corporation Ltd and National Hydel Power Corporation Ltd, and various housing cooperatives. BIL is based in Kolkata. DELTA MSAND: CRISIL Suspends B+ Rating on INR40MM Cash Loan ----------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Delta Msand Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B+/Stable Long Term Loan 25 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by DMPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DMPL is yet to provide adequate information to enable CRISIL to assess DMPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 2011 and based in Thiruvananthapuram, DMPL manufactures sand and processes granite. Its day-to-day operations are managed by its promoter-director Mr. Thomas Philip. DIVYA SHREE: CARE Assigns 'B+' Rating to INR7.12cr LT Bank Loan --------------------------------------------------------------- CARE assigns 'CARE B+' rating to the long-term bank facilities of Divya Shree Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7.12 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Divya Shree Industries are constrained by its partnership nature of constitution, limited experience of partners in similar business, short track record of operations, volatility in the prices of raw materials, highly competitive and fragmented industry, cyclicality inherent to the aluminum industry and high working capital intensity. The aforesaid constraints are partially offset by its growing scale of its operations and favorable industry scenario. The ability of the firm to improve its profitability margins with improvement in scale of operations and ability to manage its working capital effectively would be the key rating sensitivities. Divya Shree Industries, established in February 2012, was promoted by Agarwal family of Raipur to set up an aluminium profile and billets manufacturing business. The manufacturing facility is located at industrial area Rawabhata, Raipur. Since its inception, Divya Shree Industries has been engaged in manufacturing of aluminium profiles & billets. The commercial operation has been started from April 2014 with an installed capacity of around 3000 MTPA. The day to day affairs of the firm are looked after by Mr. Mukesh Agarwal, with adequate support from other partners and a team of experienced personnel. Client profile of Divya Shree Industries includes M/s Indian Steel & Infrastructure Pvt Ltd., M/s Msqaure Furnitech Pvt Ltd., and M/s Ramnik Vanijya Pvt Ltd. The firm procures its raw materials from the suppliers like M/s Layon International Private Ltd, M/s JSK Industries Pvt Ltd. & M/s Khanuja Brothers. During FY16 Prov. (refers to the period April 1, 2015 to March 31, 2016), DSI reported a total operating income of INR15.95 crore (as against INR7.68 crore in FY15) and a profit of INR0.08 crore (as against INR0.02 crore in FY15). The management has maintained to have achieved turnover of INR5.50 crore during the first three months of FY17 (i.e. from April 1, 2016 to June 30, 2016). FLEXICAN BELLOWS: CRISIL Suspends B+ Rating on INR40MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Flexican Bellows and Hoses Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B+/Stable Cash Term Loan 10.7 CRISIL B+/Stable Inland/Import Letter of Credit 60 CRISIL A4 The suspension of ratings is on account of non-cooperation by FBHPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, FBHPL is yet to provide adequate information to enable CRISIL to assess FBHPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 1989, FBHPL is subsidiary of Zaverchand Gaekwas Ltd. The company manufactures engineering goods such as hoses and bellows. GIRIN DEKA: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Girin Deka. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 100 CRISIL A4 Cash Credit 40 CRISIL B+/Stable The ratings reflect the proprietor's extensive experience in the civil construction industry, and the firm's moderate financial risk profile, marked by low gearing and healthy debt protection metrics. The rating also factors in the firm's healthy revenue visibility for the medium term, from the strong order book. These rating strengths are offset by the firm's modest scale of operations and large working capital requirement. Outlook: Stable CRISIL believes Girin Deka will benefit over the medium term from its proprietor's extensive experience. The outlook may be revised to 'Positive' if significant improvement in scale of operations, efficient working capital management, and stable profitability lead to stronger-than expected liquidity. Conversely, the outlook may be revised to 'Negative' if decline in operating income and accrual decline, any large debt-funded capital expenditure, or stretch in working capital cycle weakens financial metrics, including liquidity. Established in 1991 and based in Guwahati, Girin Deka is a proprietorship firm engaged in construction of roads and bridges. The firm undertakes contracts for government departments in Assam and is owned and managed by Mr Girin Deka. GRAND AUTO: CRISIL Assigns B+ Rating to INR73MM Cash Loan --------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank loan facility of Grand Auto Capital. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 73 CRISIL B+/Stable The rating reflects the firm's exposure to risks related to its initial stage of operations, and to intense competition in the automobile dealership business. The rating also factors in its below-average financial risk profile because of low net worth and high total outside liabilities to tangible networth ratio. These weaknesses are partially offset by its promoters' extensive industry experience, and benefits derived from dealership for Skoda Auto India Pvt Ltd. Outlook: Stable CRISIL believes GAC will benefit from its association with SKODA and from its promoters' industry experience. The outlook may be revised to 'Positive' if there is a substantial increase in revenue and cash accrual, leading to a better financial risk profile. The outlook may be revised to 'Negative' in case of low accrual, large working capital requirement, or debt-funded capital expenditure, weakening the firm's liquidity. GAC, set up in 2015, is the authorised dealer for sales and services of SKODA cars, and has a showroom at Pitampura in Delhi. It commenced operations in May 2016. GSR AND KKR: CRISIL Assigns 'B' Rating to INR60MM Long Term Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long term bank facilities of GSR and KKR Educational Society. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable Long Term Loan 60 CRISIL B/Stable The rating reflect GKS's modest scale of operations, below average financial risk profile marked by modest net worth and subdued debt protection metrics, and its susceptibility to adverse regulatory changes in the education sector. These rating weaknesses are partially offset by management's experience in education industry. Outlook: Stable CRISIL believes that GSR will continue to benefit over the medium term from the extensive experience of its promoters in the education sector and its established regional presence. The outlook may be revised to 'Positive' if there is significant improvement in financial risk profile coupled with improvement in working capital management. Conversely, the outlook may be revised to 'Negative' if GSR undertakes a larger-than-expected debt-funded capital expenditure programme, or records a steep decline in its revenues and surplus, resulting in deterioration in its financial risk profile. GSR located in Andhra Pradesh (AP), was established in 2007 under the Society's Registration Act, 1861. The society operates an education institute 'KKR & KSR Institute of Technology & Sciences' in Vinjanampadu near Guntur in Andhra Pradesh. The college offers undergraduate and post graduate courses in engineering and business management. GUPTA SYNTEX: CRISIL Suspends B+ Rating on INR88MM Term Loan ------------------------------------------------------------ CRISIL has suspended its rating on the bank facilities of Gupta Syntex Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 25 CRISIL B+/Stable Term Loan 88 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by GSPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GSPL is yet to provide adequate information to enable CRISIL to assess GSPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Based in Ahmedabad (Gujarat), GSPL dyes and processes cotton suiting and shirting fabrics. The company commenced commercial operations in December 2011 and caters majorly to the textile players in and around Ahmedabad. Mr. Nanak Gupta is the company's founder and promoter. INTERNATIONAL RUBBER: CRISIL Suspends B Rating on INR32.7MM Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of International Rubber Tech Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable Export Packing Credit 22.5 CRISIL A4 Long Term Loan 32.7 CRISIL B/Stable Proposed Long Term Bank Loan Facility 32.3 CRISIL B/Stable Standby Line of Credit 2.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by IRTPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IRTPL is yet to provide adequate information to enable CRISIL to assess IRTPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. IRTPL, established in 2004 by Mr. Sunil Prabhakar, manufactures fabric re-enforced conveyor belts and rubber sheets. The company derives around 60 per cent of its revenue from the domestic market, while the balance is from exports. J.S.M. FORGING: CRISIL Assigns B- Rating to INR13MM Bill Disc. -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of J.S.M. Forging and Allied Industries. The ratings reflect the weak financial risk profile because of high gearing and low debt protection metrics, and large working capital requirement. These rating weaknesses are partially offset by the extensive experience of the partners in the steel industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 11.4 CRISIL B-/Stable Cash Credit 10.0 CRISIL B-/Stable Bank Guarantee 8.0 CRISIL A4 Bill Discounting 13.0 CRISIL B-/Stable Term Loan 11.6 CRISIL B-/Stable Working Capital Term Loan 10.0 CRISIL B-/Stable Funded Interest Term Loan 6.0 CRISIL B-/Stable Outlook: Stable CRISIL believes JSMI will continue to benefit from the extensive industry experience of its partners. The outlook may be revised to 'Positive' in case of significant improvement in scale of operations and profitability, leading to a better financial risk profile. The outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, deteriorates due to higher-than-expected working capital requirement or debt- funded capital expenditure, or lower-than-anticipated cash accrual. JSMI was established in 2006 as a partnership firm by Mr. Sarbjit Singh, Mr. Sant Singh, and Ms. Amarjit Kaur. The firm manufactures and trades in cold-drawn pipes and various re-rolled products such as angles, flats, and squares of various grades and sizes. It has a total installed capacity is 20,000 tonne per annum at Mandi Gobindgarh, Punjab. JARA INFRATECH: CRISIL Assigns B+ Rating to INR85MM Bank Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Jara Infratech Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Bank Guarantee 85 CRISIL B+/Stable Proposed Cash Credit Limit 35 CRISIL B+/Stable The rating reflects Jara's modest scale of operations, weak financial risk profile, and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the electrical engineering industry. Outlook: Stable CRISIL believes Jara will continue to benefit over the medium term from the promoters' extensive experience. The outlook may be revised to 'Positive' if significant and sustained improvement in revenue and working capital management strengthens key credit metrics. Conversely, the outlook may be revised to 'Negative' if considerable decline in revenues or profitability, stretch in working capital cycle, or delay in completion of projects weakens financial risk profile. Established in August 2015 as a closely held public company, Jara undertakes civil and electrical contracts, especially turnkey projects, transmission and distribution projects in the power sector. The operations are managed by directors, Mr J Jayachandran and his wife, Mrs Sonia Sharma. K.M. RAFI: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan ------------------------------------------------------------- CRISL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of K.M. Rafi & Co. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 60 CRISIL B+/Stable The rating reflects the benefits derived by KMRC from the extensive experience of its promoters in the iron and steel trading business, and its moderate scale of operations. These rating strengths are partially offset by KMRC's below-average financial risk profile marked by modest net worth and debt protection metrics, and exposure to risks related to intense competition in highly fragmented industry. Outlook: Stable CRISIL believes that KMRC will continue to benefit over the medium term from the extensive trading experience of its promoters. The outlook may be revised to 'Positive' in case KMRC's financial risk profile improves significantly, most likely because of capital infusion by the promoters and better-than- expected revenues and profitability. Conversely, the outlook may be revised to 'Negative 'in case the firm's profitability or revenues decline or if there is a stretch in the firm's working capital cycle, resulting in lower-than-expected cash accruals, or if it undertakes any debt-funded capital expenditure (capex), leading to deterioration of its financial risk profile. Set up in 2003 as a proprietorship firm, KMRC is engaged in trading of iron and steel products such as hot-rolled coils/sheets, cold-rolled coils/sheets, mild steel plates, angles, channels, flats. Based out of Tuticorin in Tamil Nadu and is promoted by Mr.Rafi Ahmed. The firm procures majority of its raw material from Steel Authority of India Limited (SAIL) and Rastriya Ispat Nigam Limited (RINL) and other dealers. KRANS PROJECTS: CRISIL Cuts Rating on INR74.5MM Loan to B+ ---------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Krans Projects Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 70 CRISIL A4 (Downgraded from 'CRISIL A4+') Cash Credit 65 CRISIL B+/Stable (Downgraded from 'CRISIL BB/Stable') Proposed Long Term 74.5 CRISIL B+/Stable (Downgraded Bank Loan Facility from 'CRISIL BB/Stable') The downgrade reflects the deterioration in Krans' liquidity because of a significant stretch in its working capital cycle, reflected in an increase in its gross current assets to an estimated 697 days of sales as on March 31, 2016, from 157 days as on March 31, 2015. The stretch in the working capital cycle resulted in high bank line utilisation. The rating continues to reflect the company's modest scale of operations, high geographic and customer concentration in its revenue profile, its modest networth limiting financial flexibility, and exposure to intense competition in the construction sector. These weaknesses are partially offset by the extensive industry experience of its promoter. Outlook: Stable CRISIL believes Krans will continue to benefit from its promoter's extensive industry experience and its established customer relationships. The outlook may be revised to 'Positive' if there is a substantial and sustained increase in its revenue while profitability remains stable, or if there is a sizeable rise in its networth, supported by equity infusion. The outlook may be revised to 'Negative' in case of a steep decline in profitability, or deterioration in capital structure because of large, debt-funded capital expenditure or a stretch in working capital cycle. Krans, incorporated in 2008 and based in Hyderabad, acquired the business of K Ranga Rao, the sole proprietorship firm of its promoter Mr K Ranga Rao. Krans primarily executes construction projects for the South Central Railway, and for the roads and buildings departments of the Government of Telangana and Andhra Pradesh. LB COTTON: CRISIL Assigns 'B-' Rating to INR50MM Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long- term bank facilities of LB Cotton Industries LLP. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable Term Loan 30 CRISIL B-/Stable The rating reflects the firm's below-average financial risk profile because of a below-average capital structure, and it's stretched liquidity due to large working capital requirement. The rating also factors in its modest scale of operations in the highly fragmented cotton ginning and pressing industry. These weaknesses are partially offset by its partners' extensive industry experience and their funding support. For arriving at the rating, CRISIL has treated unsecured loans of INR88.7 million extended to LBCIL by its partners and associates as on March 31, 2016, as neither debt nor equity, as the loans will be retained in the business over the medium term. Outlook: Stable CRISIL believes LBCIL will benefit over the medium term from its partners' extensive industry experience. The outlook may be revised to 'Positive' if there is a significant increase in revenue and cash accrual, and better working capital management, resulting in improved liquidity. The outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, weakens because of low cash accrual or stretched working capital cycle or major capital expenditure or capital withdrawal. LBCIL was set up as a limited liability partnership firm by Mr Dharmendra Pande and his family in 2011. It gins and presses cotton, and extracts oil from cotton seeds. The firm also trades in de-oiled cakes, cotton seeds, and cotton seed oil. Its unit is at Dharmabad in Nanded, Maharashtra, and has ginning and pressing capacity of 200 bales per day. MAHALAXMI INVESTMENT: CRISIL Suspends B Rating on INR100MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Mahalaxmi Investment and Trading Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 Bill Purchase- Discounting Facility 30 CRISIL A4 Cash Credit 100 CRISIL B/Stable Letter of Credit 50 CRISIL A4 Proposed Long Term Bank Loan Facility 5 CRISIL B/Stable Term Loan 25 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MITPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MITPL is yet to provide adequate information to enable CRISIL to assess MITPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. MITPL, promoted by the Jhalani family of Ratlam (Madhya Pradesh) in 1986, manufactures metal components used in electrical items such as transformers, meter boxes, feeder pillars, distribution boxes, and junction boxes used in the distribution of power. Its manufacturing units are located in Ratlam and Akola (Maharashtra). MAHESH VALUE: CRISIL Reaffirms B+ Rating on INR120MM Capital Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Mahesh Value Products Private Limited continue to reflect the company's below-average financial risk profile because of modest networth and weak debt protection metrics, and its large working capital requirement. These weaknesses are partially offset by its promoters' extensive experience and its established brand in the sports goods and asafoetida segments in Tamil Nadu. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable (Reaffirmed) Letter of Credit 40 CRISIL A4 (Reaffirmed) Long Term Loan 34.5 CRISIL B+/Stable (Reaffirmed) Proposed Working Capital Facility 120.0 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes MVPL will continue to benefit from its established brand in the sports goods and asafoetida segments. The outlook may be revised to 'Positive' if its scale of operations and operating profitability increase, leading to a better financial risk profile. The outlook may be revised to 'Negative' in case of a stretch in working capital cycle, substantially low cash accrual, or sizeable, debt-funded capital expenditure, resulting in deterioration in the financial risk profile. MVPL, incorporated in 2000 and based in Chennai, manufactures sports goods, and processes spices, mainly asafoetida. Its manufacturing facilities are in Madurai, Tamil Nadu. Its operations are managed by promoters Mr S Nagarajan and Ms N Parameswari. MARIA RUG: CRISIL Assigns B- Rating to INR16MM Long Term Loan ------------------------------------------------------------- CRISIL has revoked the suspension of its ratings on the bank facilities of Maria Rug International and has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the facilities. CRISIL had suspended the ratings on April 14, 2016, as MRI had not provided information required for a rating review. It has now shared the requisite information, enabling CRISIL to assign ratings to its bank facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Purchase 34 CRISIL A4 (Assigned; Suspension Revoked) Packing Credit 20 CRISIL A4 (Assigned; Suspension Revoked) Proposed Long Term 16 CRISIL B-/Stable (Assigned; Bank Loan Facility Suspension Revoked) The ratings reflect MRI's small scale of operations in the intensely competitive home furnishing industry, and its large working capital requirement. The ratings also factor in the firm's weak financial risk profile because of high leverage and small networth. These weaknesses are partially offset by its promoters' extensive industry experience. Outlook: Stable CRISIL believes MRI will continue to benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm's capital structure improves because of a substantial increase in its cash accrual backed by revenue growth and efficient working capital management, or equity infusion. The outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, deteriorates, on account of a decline in revenue and profitability, or large debt-funded capital expenditure, or an increase in working capital requirement. MRI, set up in 2005 as a partnership firm, is owned and managed by Mr. Zakir Husain Ansari and his brothers, Mr. Shabir Ahmad and Mr. Abdul Quadir. The firm manufactures and exports rugs, carpets, and home furnishing products made of wool, cotton, and leather, under the MRI brand. Its products include hand-tufted, hand-knotted, leather wall-to-wall carpets, and bath rugs. MARTIN & BROWN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan -------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the long-term bank facility of Martin & Brown Bio-Sciences and has assigned its 'CRISIL B/Stable' ratings to these facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B/Stable (Assigned; Suspension Revoked) The ratings had been suspended by CRISIL on April 27, 2016, as MBBS had not provided the necessary information for taking a rating view. The company has now shared the requisite information, enabling CRISIL to assign ratings to the bank facilities. The rating reflects declining operating profitability, working capital-intensive nature and small scale of operations, and exposure to intense competition in the fragmented pharmaceutical industry. The rating also factors in an average financial risk profile driven by weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of the firm's promoters and its established relationship with customers. Outlook: Stable CRISIL believes MBBS will continue to benefit over the medium term from the industry experience of its promoters, established relationship with customers, and strong distributor network. The outlook may be revised to 'Positive' in case of an improvement in the financial risk profile, better working capital management, and stable operating margin. The outlook may be revised to 'Negative' if profitability declines further, or in case of higher-than-expected increase in working capital requirement, leading to deterioration in the financial risk profile. Established in 2008, MBBS manufactures pharmaceutical products in the form of tablets, capsules, injections, and cough syrups both under its own brand as well as on job-work basis. Its manufacturing unit is in Baddi, Himachal Pradesh. Operations are managed by Mr. Vineet Maini and Mr. Puneet Maini. Net sales are estimated at INR305.35 million and net profit at INR3.28 million for fiscal 2016. Net sales and net profit were INR256.45 million and INR2.19 million, respectively, for fiscal 2015. MAYUR SEEDS: CRISIL Suspends 'B' Rating on INR40MM Cash Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Mayur Seeds and Agritech. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 90 CRISIL A4 Cash Credit 40 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by Mayur with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Mayur is yet to provide adequate information to enable CRISIL to assess Mayur's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. MSA was set up as a proprietorship firm by Mr. Jagdish Chandra Khandelwal in Indore (Madhya Pradesh) in 2002. The firm was reconstituted as a partnership in 2004 with the appointment of the promoter's nephew, Mr. Rajesh Khandelwal, as a partner. MSA processes breeder seeds in to certified seeds, mainly of wheat and soybean seeds. MISHRIBAI AGRO: CRISIL Assigns B+ Rating to INR75MM Term Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Mishribai Agro Tech Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable Term Loan 75 CRISIL B+/Stable The rating reflects exposure to funding, implementation, and demand risks associated with an ongoing project. This rating weakness is partially offset by the entrepreneurial experience of the promoters in agriculture-related industries. Outlook: Stable CRISIL believes Mishribai will commence commercial operations as scheduled without any cost overrun. The outlook may be revised to 'Positive' in case of more than expected revenue and profit after operations stabilise. The outlook may be revised to 'Negative' in case of additional debt-funded capital expenditure, leading to deterioration in the financial risk profile. Mishribai was incorporated in 2011, promoted by Mr. Mahendhra Omkar Agarwal, its director, and Mr. Subhash Omkar Agarwal. The company is in the process of setting up a unit for manufacturing cattle feed with total capacity of about 200 tonne per day. Commercial operation is expected to start from April 2017. MOUNT ZION: CRISIL Suspends 'B+' Rating on INR150MM LT Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Mount Zion Medical College (part of the MZMCH group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 70 CRISIL A4 Long Term Loan 150 CRISIL B+/Stable Overdraft Facility 12.5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by MZMC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MZMC is yet to provide adequate information to enable CRISIL to assess MZMC's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. MZMC was established in 2014 at Adoor in Pathanamthitta(Kerala) by Dr. K J Abraham Kalamannil, who is the founder chairman of CEWS. MZMC runs a medical college. The institute has an annual intake of 100 MBBS students and the first academic batch started from 2014-15. Mount Zion Medical College Hospital, established in 2012 runs a 300 bedded multi-specialty hospital. Both these institutes are governed and managed by CEWS. MUTHU PIPES: CRISIL Suspends 'B' Rating on INR88MM LT Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Muthu Pipes Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 Cash Credit 30 CRISIL B/Stable Letter of Credit 20 CRISIL A4 Proposed Long Term Bank Loan Facility 88 CRISIL B/Stable Standby Line of Credit 5 CRISIL B/Stable Term Loan 2 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MPPL is yet to provide adequate information to enable CRISIL to assess MPPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. MPPL, incorporated in 1999, is promoted by Mr. M Palanivelu and his family. The company manufactures polyvinyl chloride pipes under the Muthu brand. MPPL's manufacturing facility is at Tanjavur (Tamil Nadu) and its registered office is in Chennai. NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR62.5MM Loan ------------------------------------------------------------ CRISIL's ratings on the bank facilities of Northern India Trading Co. continue to reflect the firm's weak financial risk profile because of small networth, high leverage, and weak debt protection metrics. The ratings also factor in its large working capital requirement and small scale of operations in a highly fragmented industry. These weaknesses are partially offset by the extensive experience of its partners in the ready-made garments industry, and its established clientele. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit-Book Debt 20 CRISIL B+/Stable (Reaffirmed) Export Packing Credit 62.5 CRISIL B+/Stable (Reaffirmed) Letter of Credit 5.0 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 2.5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes NITC will continue to benefit from its partners' extensive industry experience, but its financial risk profile will remain constrained because of large working capital requirements. The outlook may be revised to 'Positive' if the firm scales up operations and sustains its profitability, leading to better-than-expected cash accrual, or if its capital structure improves due to equity infusion. The outlook may be revised to 'Negative' in case of decline in topline, or lower-than-expected profitability, or large capital withdrawal, weakening the liquidity. NITC, set up in 1979, manufactures and exports ready-made garments for women and children, such as skirts, blouses, and trousers. The firm largely sells directly to branded retail outlets in Europe and the US. Its manufacturing unit in Faridabad, Haryana, has capacity of 2000-3000 garments per day. ORBIT AYAS: CRISIL Suspends B+ Rating on INR90MM Cash Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Orbit Ayas Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by OAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, OAPL is yet to provide adequate information to enable CRISIL to assess OAPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. OAPL, set up in 2012 by Mr. Rajendra Choksi and his family, is based in Mumbai. It took over the business of a partnership firm - Raju Steel Corporation - which was set up in 1968 by the same promoters. OAPL trades in steel products, such as angles, channels, coils, and sheets. PINK STAR: CRISIL Suspends 'D' Rating on INR150MM Loan ------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Pink Star. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Export Packing Credit 40 CRISIL D Post Shipment Credit 150 CRISIL D Proposed Long Term Bank Loan Facility 53.8 CRISIL D The suspension of ratings is on account of non-cooperation by Pink Star with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Pink Star is yet to provide adequate information to enable CRISIL to assess Pink Star's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Pink Star was set up in 1977 by Mr. Pravin Shah and Mr. Pratik Shah. The firm is engaged in cutting and polishing of diamonds. It is based in Mumbai (Maharashtra) and its manufacturing unit is in Surat (Gujarat). PM DIMENSIONS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of PM Dimensions Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL D The suspension of ratings is on account of non-cooperation by PDPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PDPL is yet to provide adequate information to enable CRISIL to assess PDPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. PDPL, incorporated in 2007 and promoted by Mr. Makarand Rajadhyaksha, provides high-end engineering services as well as training to students in niche engineering courses. The company has its training institute at Gandhinagar and administrative office in Mumbai. POWER WELFARE: CRISIL Lowers Rating on INR300MM LT Loan to 'D' -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Power Welfare Society to 'CRISIL D' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 300 CRISIL D (Downgraded from 'CRISIL B-/Stable') The rating reflects instances of delay by PWS in servicing its debt obligations because of weak liquidity. The rating continues to reflect the lack of experience of PWS's board members in the real estate business, and the society's vulnerability to cyclicality in the Indian real estate industry. These rating weaknesses are partially offset by the advance stage of completion of the society's project. PWS was set up in 2005 as a non-profit organisation under the Andhra Pradesh Societies Act, 2001, to build an 853-flat residential complex for its members, at Gachibowli in Hyderabad. PUNJAB MEDICAL: CRISIL Ups Rating on INR114.2MM LT Loan to B+ ------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Punjab Medical Foundation Charitable Trust to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 50 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 114.2 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') The rating upgrade reflects CRISIL's belief that the company will sustain the improvement in its liquidity over the medium term as cash accrual would be adequate to meet the declining debt obligation. Cash accrual is estimated at INR14-15 million, against repayment of around INR4.5 million for fiscal 2017. Dependence on fund-based bank limits was low, at an average of around 65% for the 12 months through March 2016. Liquidity is further supported by need-based funding by promoters in the form of unsecured loans. Liquidity would remain adequate in the absence of any significant capital expenditure requirement, over the medium term. The upgrade also factors in CRISIL's believe that the scale of operations of the trust will improve over this period due to addition of capacities to its existing departments. Revenue is expected to grow by around 10% to INR250-280 million over the medium term, while a moderate surplus level would be sustained. The rating reflects a modest scale of operations and geographical concentration in revenue. These ratings weaknesses are partially offset by the extensive experience of the promoters in the healthcare industry and an established regional market position. The rating also factors in an above-average financial risk profile because of a low gearing and a moderate networth. Outlook: Stable CRISIL believes PMFCT will continue to benefit over the medium term from the industry experience of its promoters and an established regional market position. The outlook may be revised to 'Positive' in case of significant improvement in operating surplus, supported by better-than-expected occupancy. The outlook may be revised to 'Negative' in case of considerable time or cost overrun in completion of the new unit of the trust, a stretched working capital cycle, or a decline in occupancy, leading to weakening of liquidity. PMFCT was set up in 1990 by Mr Balbir Singh, who is one of the nine trustees. The trust has been operating the Kidney Hospital & Lifeline Medical Institution (KHLM) since fiscal 1989, and K H Medicos, a pharmacy, since 2006; both the ventures are in Jalandhar, Punjab. KHLM is a multi-speciality hospital with 110 beds. RAJ JEWELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Raj Jewels. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by RJ with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RJ is yet to provide adequate information to enable CRISIL to assess RJ's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. RJ was set up in 1999 by Mr. Shailesh Gadhecha as a proprietary firm. It is engaged in wholesale trading and manufacturing of gold jewellery. It owns one store in Ahmedabad (Gujarat). RASHMI YARNS: CRISIL Suspends 'B' Rating on INR180MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Rashmi Yarns Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 180 CRISIL B/Stable Proposed Long Term Bank Loan Facility 20 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by RYL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RYL is yet to provide adequate information to enable CRISIL to assess RYL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. RYL, set up as a private limited company in 1997, became a public limited company in 2006 and is engaged in texturising and twisting of polyester partially oriented yarn. The company's registered office is in Mumbai and its manufacturing units in Silvassa and Surat (Gujarat). RYL's day-to-day operations are managed by its directors, Mr. Pankaj Mehta and Mr. Lakhabhai Wagh. RISE PACKERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Rise Packers Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable Long Term Loan 29.6 CRISIL B/Stable Proposed Long Term Bank Loan Facility 0.4 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by RPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RPPL is yet to provide adequate information to enable CRISIL to assess RPPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 2014, RPPL has set up a unit for manufacturing corrugated boxes, with a capacity of 18,600 tonnes per annum, at Kadi, in Mehasana (Gujarat). The plant has commenced commercial production from January 2015. The company is promoted by Mr. Ranjitsinh K Rathod, who has more than seven years of experience in the packaging industry. SACHIN FIBERS: CRISIL Assigns B+ Rating to INR40MM Term Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities Sachin Fibers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 40 CRISIL B+/Stable Working Capital Demand Loan 40 CRISIL B+/Stable The rating reflects the firm's exposure to implementation and demand risks associated with ongoing project and early stage of implementation. These weaknesses are partially offset by the extensive experience of its promoters in the ginning industry. Outlook: Stable CRISIL expects SF to commence commercial operations without any time or cost overruns. The outlook may be revised to 'Positive' in case of more-than-expected revenue and profit after operations stabilise. The outlook may be revised to 'Negative' if additional, debt-funded capital expenditure weakens financial risk profile. Set up in 2016 in Wardha, Maharashtra, as a partnership firm by Mr. Vijay Goyanka and Ms. Kalpana Goyanka, SF is setting up a cotton ginning unit that is expected to start commercial operations from November 2016. SATMA INDUSTRIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to bank facilities of Satma Industries Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 10 CRISIL B+/Stable Cash Credit 70 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 48.5 CRISIL B+/Stable The rating reflects extensive experience of promoters in the tyre trading industry and the moderate risk management policies, followed by the management. These rating strengths are partially offset by modest scale of operations and working capital intensity in operations. Outlook: Stable CRISIL believes that SIPL will benefit over the medium term from extensive experience of promoters. The outlook may be revised to 'Positive' if the company reports higher revenue and maintains profitability and capital structure. The outlook may be revised to 'Negative' if decline in profitability or revenue, significant stretch in working capital cycle, or large debt-funded capital expenditure, weakens the financial risk profile, especially liquidity. SIPL, incorporated in 2013 in Lucknow, is an authorised dealer of tyres manufactured by Michelin, Bridgestone, MRF, Apollo, Ceat and Birla Tyres and Tubes. Operations are managed by Mr. Naveen Kumar Jain and his wife, Mrs Shikha Jain. The company also trades in ophthalmic lenses, and has two showrooms, one each for both businesses. SCIENTIFIC INTERNATIONAL: CRISIL Rates INR68MM Loan at 'B' ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Scientific International Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Drop Line Overdraft Facility 68 CRISIL B/Stable Term Loan 52 CRISIL B/Stable The rating reflects the company's working capital-intensive, and modest scale of, operations, and weak financial risk profile because of a high total outside liabilities to tangible networth ratio and muted debt protection metrics. These weaknesses are partially offset by the extensive experience of its promoters in the textbook distribution and publishing industry and established relationship with suppliers and customers. Unsecured loans of INR19.6 million as on March 31, 2016, from promoters have been treated as neither debt nor equity as they are interest-free and will remain in business over the medium term. Outlook: Stable CRISIL believes SIPL will continue to benefit over the medium term from the extensive experience of its promoters and established relationship with suppliers and customers. The outlook may be revised to 'Positive' if better working capital management and significant ramp-up in operations, while improving profitability, leads to a strong financial risk profile. The outlook may be revised to 'Negative' if inefficient working capital management or lower-than-expected cash accrual due to decline in profitability further weakens financial risk profile. Established in 1993 in New Delhi by Mr. Rajan Jain and family, SIPL publishes and trades in engineering, medical, science, geology, and other higher educational textbooks. Operations primarily involve distribution of books published by foreign publishers. Net profit was INR0.74 million on sales of INR681.83 million in fiscal 2016, against INR0.072 million on sales of INR424.42 million for fiscal 2015. SHIV SHANKAR: CRISIL Suspends B+ Rating on INR110MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shiv Shankar Oil Industries Private Limited (part of the Sonpal group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 40 CRISIL A4 Cash Credit 110 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 50 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by SSOIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SSOIPL is yet to provide adequate information to enable CRISIL to assess SSOIPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of SSOIPL, Sonpal Exports Pvt Ltd (SEPL), and Hanuman Industries (HI). This is because all these entities, together referred to as the Sonpal group, are engaged in similar lines of business and have a common promoter and fungible cash flows. SEPL, incorporated in 2004, hulls natural sesame seeds for the export market. HI was set up in 2003 as a proprietorship concern; it was reconstituted as a partnership firm in 2007. Apart from sorting, the firm trades in sesame seeds and other agricultural products in the export market. SSOIPL was incorporated in 2011 and is in the same line of business. The group is promoted by Mr. Manojkumar Sonpal. SHRI AMBICA: CRISIL Lowers Rating on INR1.10BB Cash Loan to 'D' --------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Shri Ambica International Food Company Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 1100 CRISIL D (Downgraded from 'CRISIL BB/Stable') Export Packing Credit 700 CRISIL D (Downgraded from 'CRISIL A4+') Term Loan 110.6 CRISIL D (Downgraded from 'CRISIL BB/Stable') The downgrade reflects SAIFCO's recent instances of delay in servicing its debt. Also, its cash credit facility is over utilised on account of weak liquidity because of stretched working capital cycle. SAIFCO has a subdued financial risk profile because of high gearing and weak debt protection metrics, has large working capital requirement, and is susceptible to volatility in raw material prices, fluctuations in rainfall, and regulatory changes. However, it benefits from its established position in the domestic rice market, increasing export, geographically diversified and large clientele, and its promoters' extensive industry experience and their support through regular equity infusion. SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a proprietorship firm, and was reconstituted as a private limited company in November 2006. It mills and processes basmati rice. Its plant is at Taraori in Karnal, Haryana. The company also purchases semi-processed rice from smaller mills in the area, and sorts and exports it. SHRIAMAN AGROVET: CRISIL Assigns B+ Rating to INR42.5MM LT Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Shriaman Agrovet Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 20 CRISIL B+/Stable Cash Credit 17.5 CRISIL B+/Stable Long Term Loan 42.5 CRISIL B+/Stable The ratings reflect the company's vulnerability to risks inherent in poultry industry and intense competition. These rating weaknesses are partially offset by the promoter's extensive experience in the poultry industry. Outlook: Stable CRISIL believes that SAPL will benefit from extensive industry experience of its promoters in the poultry business. The outlook may be revised to 'Positive' in case of sustainable increase in the firm's scale of operations and profitability consequently resulting in an improving financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of lower-than expected accruals or in case of a large debt funded capital expenditure resulting in a weaker financial risk profile. Set up in 2014, Surguja (Chattisgarh) based SAPL manufactures poultry and cattle feed. The operations of the firm are managed by the Mr. Gopal Agrawal and his family. On a provisional basis, SAPL reported profit after tax (PAT) of INR1.3 million on total revenue of INR120 million for 2015-16 (refers to financial year, April 1 to March 31). SOLITAIRE FOODS: CRISIL Suspends D Rating on INR130MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Solitaire Foods Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 130 CRISIL D Proposed Long Term Bank Loan Facility 10 CRISIL D Term Loan 100 CRISIL D The suspension of ratings is on account of non-cooperation by Solitaire with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Solitaire is yet to provide adequate information to enable CRISIL to assess Solitaire's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Solitaire was promoted by Mr. Sandeep Nagar and three of his business associates, Mr. Luv Ojha, Mr. Shakti Chabra, and Mr. Rajeev, in 2008 to trade in raw milk. In 2010-11 (refers to financial year, April 1 to March 31), the company started manufacturing pasteurised milk. Its manufacturing facility is in Ghaziabad (Uttar Pradesh). SRI RAJESWARI: CRISIL Suspends B+ Rating on INR10.5MM LT Loan ------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Sri Rajeswari Fireworks. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable Long Term Loan 4.5 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 10.5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by SRF with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SRF is yet to provide adequate information to enable CRISIL to assess SRF's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. SRF, a partnership firm set up in 1979, manufactures pyrotechnics. The firm is based in Sivakasi (Tamil Nadu) and is managed by Mr. G Kathiresan and his son, Mr. K Prithviraj. ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan -------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facility of St. Johns Cashew Company. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable The rating reflects a small scale and working capital-intensive operations, and exposure to intense competition in the cashew industry. These strengths are partially offset by the extensive experience of promoter in the cashew industry. Outlook: Stable CRISIL believes SJCC will continue to benefit from the promoter's extensive experience. The outlook may be revised to 'Positive', if scaling up of revenue and profitability result in better-than- expected cash accrual. Conversely, the outlook may be revised to 'Negative' if lower-than-expected accrual or larger-than- expected, debt-funded capital expenditure or a stretch in working capital cycle weakens liquidity. Set up as a proprietorship firm in 2001, SJCC processes raw cashew nuts and sells cashew kernels. The firm, based in Kollam, Kerala, is promoted by Mr. Sajan P Y. TECHNOVAA PLASTIC: CRISIL Assigns B- Rating to INR475MM Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank facilities of Technovaa Plastic Industries Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 180 CRISIL B-/Stable Term Loan 475 CRISIL B-/Stable The rating reflects TPIPL's weak financial risk profile, because of initial stage of operations, operational losses, large working capital requirement, and exposure to volatility in raw material prices and intense competition. These rating weaknesses are partially offset by the promoters' extensive experience and funding support and the company's growing scale of operations. Outlook: Stable CRISIL believes TPIPL will continue to benefit over the medium term from the promoters' experience and funding support. The outlook may be revised to 'Positive' if higher-than-expected sales, improved profitability, or sizeable equity infusion by the promoters alleviates pressure on liquidity. Conversely, the outlook may be revised to 'Negative' if higher than anticipated losses, and stretch in working capital cycle further constrains liquidity and debt servicing ability. Incorporated in 2010, TPIPL is part of the Darvesh group. The group, based in the United Arab Emirates, has interests in diverse businesses such as plastic packaging, paper core manufacturing, construction equipment, trading of building materials, and real estate. TPIPL manufactures plastic packaging products such as cast polypropylene films and stretch wrap films at its facility at Gujarat. VARDHMAN ENTERPRISE: CRISIL Rates INR48MM Cash Loan at 'B+' ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long- term bank facility of Vardhman Enterprise - Ahmedabad. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 48 CRISIL B+/Stable Drop Line Overdraft Facility 44.5 CRISIL B+/Stable The rating reflects average financial risk profile marked by subdued debt protection metrics, low profitability and exposure to competition in a fragmented sugar trading industry. These rating weaknesses are partially offset by the extensive industry experience of the partners, and an established relationship with customers and suppliers. Outlook: Stable CRISIL believes VE will continue to benefit over the medium term backed by the industry experience of its partners. The outlook may be revised to 'Positive' in case of a substantial and sustained increase in operating income and cash accrual, along with continued efficient working capital management, leading to an improvement in the debt protection metrics. The outlook may be revised to 'Negative' in case of lower-than-expected operating income or cash accrual, or a stretched working-capital cycle, weakening the financial risk profile and liquidity. Established in 2008, VE is an Ahmedabad-based partnership firmpromoted by Mr Pannalal Jain and his family. It trades in sugar in the domestic market. Operations aremanaged by Mr Mahavirprasad Jain, who has an industry experience of more than three decades. VINDEEP DEVELOPERS: CRISIL Suspends 'D' Rating on INR100.6MM Loan ----------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Vindeep Developers Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 5 CRISIL D Proposed Long Term Bank Loan Facility 4.4 CRISIL D Term Loan 100.6 CRISIL D The suspension of ratings is on account of non-cooperation by VDPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, VDPL is yet to provide adequate information to enable CRISIL to assess VDPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. VDPL was incorporated in 2006, promoted by Mr. Raj Advani, a Nigeria-based non-resident Indian. The company operates a service apartments building with 32 service apartments at Hinjewadi in Pune (Maharashtra). It commenced operations in June 2012. VDPL's registered office is in Mumbai. =============== M O N G O L I A =============== MONGOLIA: Asks IMF for Financial Assistance ------------------------------------------- The Financial Times reports that Mongolia has requested a rescue loan from the International Monetary Fund as it battles to plug the gap in its public finances while keeping its giant neighbour, China, at arm's length. According to the FT, the IMF said on Sept. 30 that the central Asian nation submitted a formal request for financial assistance from the fund to support its economy and address balance of payments pressures. The FT relates that a team from the IMF will visit Ulan Bator, Mongolia's capital, for discussions with the government. Mongolia has struggled to control its budget deficit, make its international payments and curb a severe depreciation in its currency following the global commodity price rout. The FT says the request for assistance was widely expected and will probably trigger offers of support from other international donors, including the Asian Development Bank and Japan. It comes after a week of conference calls in which Mongolia's ministry of finance sought to assure international bond investors that belt- tightening measures already under way would be sufficient to improve the country's medium-term outlook, the FT relays. By turning to the IMF, Mongolia is staving off a slide into greater dependence on China, which has been supporting its currency through a central bank swap agreement, the report states. Mongolia discussed an extension of that swap at a central Asian bankers' meeting this month in western China, amid an intense public debate over how much the country should be in hock to its much larger neighbour. The FT adds that Western investors had expressed confidence in Mongolia's bonds in expectation that the IMF would step in. Prime Minister Erdenebat Jargaltulga, who formerly served as finance minister, is hoping that the country will soon issue new international bonds at lower rates, thus paying down high interest-rate bonds issued earlier. But finance ministry officials dismissed speculation this week that Mongolia would renegotiate existing bonds as "false information," the FT relays. According to the FT, Mongolia's economy is reliant on mining coal, copper and gold -- most of which it sells to China. It has been one of the worst-hit economies in the world by the fall in prices for natural resources, following a spending spree on roads, civil servant salaries and subsidised mortgages for its citizens during the boom years. The country's budget deficit has climbed to 20% of gross domestic product this year and it faces about $2 billion in public and private debt payments due in next year, the report notes. Total external debt is estimated at about $23.5 billion, nearly twice the size of its $12 billion economy. Of that, government debt is about $8.4 billion. ================= S I N G A P O R E ================= GLOBAL A&T: Fitch Lowers Issuer Default Ratings to 'CCC' -------------------------------------------------------- Fitch Ratings has downgraded Singapore-based Global A&T Electronics Ltd's (GATE) Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'CCC' from 'B-'. The downgrade reflects our expectations of GATE's continued FCF deficit and the ensuing liquidity stress and refinancing risk as its 2019 bond maturity draws near. Fitch believes GATE's liquidity will deteriorate further in the absence of a meaningful recovery in EBITDA or a successful sale of non-core assets. KEY RATING DRIVERS Negative FCF: Fitch estimates GATE's cash reserves will deplete by USD60m-90m each year, which is likely to place considerable stress on its liquidity position in 2H17. Fitch's forecast assumes EBITDA of USD150m in 2016 will be insufficient to fund annual interest and finance lease payments (of around USD115 mil.), taxes (USD10 mil.) and capex (USD100 mil.). This is despite the company's cost-reduction plan implemented in 1H16 to trim USD13m in expenses this year. Limited Financial Flexibility: GATE's access to external financing is limited, leading to uncertainties regarding its ability to redeem the secured notes when they become due in February 2019. Management is considering options, which include selling non-core assets and moving USD40m-50m of cash from GATE's sister company, UTAC Manufacturing Services Limited, to boost liquidity. There is limited visibility on the timing and extent of cash proceeds; Fitch has not included these sources of cash until any transactions are completed. Fitch expects these options to ease liquidity pressure slightly, but substantial credit risk remains and may necessitate debt restructuring. Weak Business Prospects: Fitch expects GATE's EBITDA to remain flat at around USD150m-155m in 2016-2017, due to a slow recovery in global demand for semiconductors and the increasing pressure of customers to shift integrated circuit (IC) packaging in-house. Gartner, Inc. revised its sales forecast for semiconductors, expecting a decline of 3.0%, compared with a previously forecast fall of 0.6%, due to weak demand for electronic equipment and high inventory levels; but it anticipates growth of 4.7% in 2017. Ongoing Bond Dispute: Fitch believes the company's ongoing dispute with holders of the first tranche of its first-lien bond is likely to remain unresolved in the medium term. GATE filed an appeal in June 2016 with the New York Supreme Court following the reinstatement of certain claims by the bondholders against the company in May 2016. A dispute resolution by payment of damages or through any court judgment that requires significant funds would increase the likelihood of default and lead to a downgrade, which may not be limited to one notch. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: -- Revenue to stay flat in 2016-2017 then grow at low-single- digit percentages, reflecting the slow recovery in the semiconductor market. -- Operating EBITDA margin of 22%-23% in 2016-2018 (2015: 22.7%). -- Annual capex of USD90 mil.-100 mil. in 2016-2018. -- Annual cash taxes of around USD10 mil., and cash interest and finance lease payments of around USD115 mil. -- Cash payment of USD12 mil. in aggregate over 2017-2019 as settlement for a litigation suit relating to technology license agreements. -- No asset sales or capital injection. RATING SENSITIVITIES Negative: Future developments that may lead to negative rating action include weakening liquidity, such that default becomes probable (downgrade to CC), imminent or inevitable (downgrade to C). Positive: Future developments that may lead to a positive rating action include an improved liquidity position. LIQUIDITY Liquidity to Worsen: Fitch expects liquidity stress to increase in the next 12-24 months, based on a cash balance of USD136m at end-June 2016 and sustained negative FCF in the medium term. Continuing weak business prospects would place considerable pressure on GATE to meet its interest commitments starting 2H17. In addition, another USD12m of cash payment will become due in 2017-2019 as part of a litigation settlement. Access to external financing is limited; GATE only had USD12 mil. of undrawn credit and banking facilities available for working capital purposes at end-June 2016. ==================== S O U T H K O R E A ==================== HANJIN SHIPPING: Collapse Hits Businesses in Singapore ------------------------------------------------------ Tang See Kit at Channel NewsAsia reports that with nine containers of goods stranded at sea following the sudden collapse of South Korean behemoth Hanjin Shipping, the past three weeks have been both chaotic and frustrating for employees at the logistics department of Yong Wen Food Industries. While most of the company's stranded goods are non-perishable items such as canned food, the firm does have two containers carrying 3,600 cartons of fresh milk from Italy. Employees at the Singapore-based food group have thus far received little detail regarding the whereabouts of most of its containers. Daily queries made to Hanjin's Singapore office have also gone unanswered since the shipping giant filed for court receivership last month. "It's like they purposely ignore your calls and emails," said a female employee at Yong Wen Food Industries who declined to be named. "It is very frustrating because I just want to know how I can get to my cargo, especially the two 40-foot containers with milk that cannot be (left) under the sun. It is a huge amount and it will affect our sales." For the time being, the local food importer and distributor is relying on other shipments to make up for the stranded goods meant to be distributed to local supermarkets, bakeries and retailers. With updates from Hanjin Shipping being slow and scarce, the company has decided to engage freight forwarders to try to locate and retrieve its goods. While that will incur additional costs, the employee told Channel NewsAsia that her team does not have much of a choice. "(There's) no point sitting around and wait for information . . . might as well look for external help and these forwarders may have more information than we do." Channel NewsAsia notes that Yong Wen Food Industries is not the only one in Singapore caught up in the global supply-chain mess triggered by the demise of the world's seventh-largest container line, which has left more than 100 ships and their cargo in limbo at sea. When Channel NewsAsia visited Hanjin's Singapore office at the PSA Building on Sept. 28 morning, at least 10 representatives from various segments of the supply chain were seen in a queue at the reception area. This has become a common sight for the past month, according to these representatives whose businesses have been impacted by the shipping giant's sudden bankruptcy. Since news of the collapse emerged, frustrated shippers and cargo owners have been turning up at Hanjin's office demanding updates and more recently, making relevant payments for the retrieval of their goods. Jasico Express Services' manager Neo Kang Wei, for one, has made several trips to Hanjin's office over the past few weeks. "They wouldn't answer the phone so I have to come down personally," he said. The Singapore-based freight forwarder has "hundreds of containers" stranded on Hanjin's vessels, with most of them bound for delivery to various countries in the world, said Mr Neo. With the Singapore port being declared as one of the "safe havens" for Hanjin Shipping, following a High Court ruling to suspend "any enforcement or execution against any asset" of the South Korean firm and its local subsidiaries, the freight forwarder is hoping to unload all of its containers on board Hanjin's ships in Singapore before transferring them to alternative container lines. But the process has been far from smooth-sailing. "It's been very bad and messy," said Mr Neo. "The sudden collapse created a lot of confusion . . . no one knows what was happening and it was mainly because of a communication problem (on) Hanjin's (part)." About Hanjin Shipping Hanjin Shipping Co., Ltd., is mainly engaged in the transportation business through containerships, transportation business through bulk carriers and terminal operation business. The Debtor is a stock-listed corporation with a total of 245,269,947 issued shares (common shares, KRW 5000 per share) and paid-in capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee shareholders' association. The Company operates approximately 60 regular lines worldwide, with 140 container or bulk vessels transporting over 100 million tons of cargo per year. It also operates 13 terminals specialized for containers, two distribution centers and six Off Dock Container Yards in major ports and inland areas around the world. The Company is a member of "CKYHE," a global shipping conference and also a partner of "The Alliance," another global shipping conference to be launched in April 2017. Hanjin Shipping listed total current liabilities of KRW 6,028,543 million and total current assets of KRW 6,624,326 million as of June 30, 2016. As a result of the severe lack of liquidity, Hanjin applied to the Seoul Central District Court 6th Bench of Bankruptcy Division for the commencement of rehabilitation under the Debtor Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested and was granted a general injunction and the preservation of disposition of the Company's assets. The Korean Court's decision to commence the rehabilitation was made on Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's custodian. The Chapter 15 case is pending in the U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly appointed foreign representative of Hanjin Shipping. =============== X X X X X X X X =============== * BOND PRICING: For the Week Sept. 26 to Sept. 30, 2016 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 2.00 ARTSONIG PTY LTD 11.50 04/01/19 USD 1.29 BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 67.25 BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 11.50 BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 69.87 BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 11.75 CML GROUP LTD 9.00 01/29/20 AUD 1.02 CROWN RESORTS LTD 5.74 04/23/75 AUD 72.46 DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 73.48 EMECO PTY LTD 9.88 03/15/19 USD 60.50 EMECO PTY LTD 9.88 03/15/19 USD 61.00 IMF BENTHAM LTD 6.16 06/30/19 AUD 62.88 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.68 MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 1.41 MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 1.41 RELIANCE RAIL FINANCE PT 2.08 09/26/23 AUD 62.67 RELIANCE RAIL FINANCE PT 2.08 09/26/23 AUD 62.67 STOKES LTD 10.00 06/30/17 AUD 0.35 TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 74.62 CHINA ----- ANHUI PROVINCE WANBEI CO 5.32 06/28/17 CNY 70.97 ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 63.00 ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 63.93 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 64.13 BAISHAN URBAN CONSTRUCTI 7.00 07/31/19 CNY 61.63 BANGBU CITY INVESTMENT H 5.78 08/10/17 CNY 30.65 BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 64.22 BEIJING CAPITAL DEVELOPM 5.95 05/29/19 CNY 62.75 BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 62.68 BEIJING ECONOMIC TECHNOL 5.29 03/06/18 CNY 71.59 BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 83.00 BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 63.69 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 64.19 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 62.10 BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 63.22 BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 68.00 CHANGDE ECONOMIC DEVELOP 7.19 09/12/19 CNY 63.88 CHANGDE ECONOMIC DEVELOP 7.19 09/12/19 CNY 64.41 CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 63.17 CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 63.17 CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 63.61 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 63.24 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 59.00 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 60.00 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 63.45 CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 51.57 CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 48.00 CHAOYANG CONSTRUCTION IN 7.30 05/25/19 CNY 63.76 CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 58.00 CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 52.10 CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 64.42 CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 48.00 CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 65.07 CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 63.60 CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 64.68 CHIFENG CITY HONGSHAN IN 7.20 07/25/19 CNY 63.19 CHIFENG CITY INFRASTRUCT 6.18 05/18/17 CNY 51.26 CHIFENG CITY INFRASTRUCT 6.18 05/18/17 CNY 50.20 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 52.08 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 52.02 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 71.30 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 72.01 CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 63.01 CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 71.00 CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 71.58 CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 64.12 CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 58.00 CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 63.29 CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 63.94 CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 63.83 CHONGQING MAIRUI CITY IN 6.82 08/17/19 CNY 63.87 CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 61.71 CHONGQING NAN'AN URBAN C 8.20 04/09/19 CNY 64.22 CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 64.01 CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 63.38 CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 63.86 CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 64.05 CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 64.19 CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 64.07 CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 59.00 CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 71.30 CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 72.92 CHONGQING YUFU ASSET MAN 6.50 09/04/19 CNY 64.10 CHONGQING YULONG ASSET M 6.87 05/31/19 CNY 63.04 CHONGQING YUXING CONSTRU 7.29 12/08/17 CNY 71.89 CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 59.00 CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 63.53 DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 64.65 DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 59.00 DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 63.35 DANDONG CITY DEVELOPMENT 5.84 09/06/17 CNY 40.60 DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 63.75 DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 63.50 DATONG ECONOMIC CONSTRUC 6.50 06/01/17 CNY 40.00 DATONG ECONOMIC CONSTRUC 6.50 06/01/17 CNY 40.63 DONGBEI SPECIAL STEEL GR 6.50 03/27/16 CNY 38.25 DONGBEI SPECIAL STEEL GR 8.30 09/06/16 CNY 38.25 DONGBEI SPECIAL STEEL GR 6.10 01/15/18 CNY 40.00 DONGBEI SPECIAL STEEL GR 5.88 05/05/16 CNY 38.25 DONGBEI SPECIAL STEEL GR 5.63 04/12/18 CNY 38.25 DONGBEI SPECIAL STEEL GR 8.20 06/06/16 CNY 38.25 DONGBEI SPECIAL STEEL GR 7.00 07/10/16 CNY 38.25 DONGBEI SPECIAL STEEL GR 7.40 07/17/17 CNY 38.25 DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 51.01 DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 52.31 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 32.50 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 32.38 ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 49.79 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 63.57 FEICHENG CITY ASSET OPER 7.10 08/14/18 CNY 52.41 FEICHENG CITY ASSET OPER 7.10 08/14/18 CNY 49.00 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 64.30 FUJIAN LONGYAN CITY CONS 7.45 08/14/19 CNY 64.20 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 71.80 FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 52.34 GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 105.00 GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 51.01 GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 52.00 GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 64.18 GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 62.50 GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 56.00 GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 62.82 GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 52.05 GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 48.00 GUIYANG ECO&TECH DEVELOP 8.42 03/27/19 CNY 64.00 GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 71.14 HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 52.60 HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 52.32 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 62.51 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 63.85 HAINING CITY ASSET MANAG 7.80 09/20/18 CNY 74.90 HAINING CITY ASSET MANAG 7.80 09/20/18 CNY 74.87 HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 51.61 HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 51.46 HANGZHOU XIAOSHAN STATE- 6.90 11/22/16 CNY 40.01 HANGZHOU XIAOSHAN STATE- 6.90 11/22/16 CNY 40.21 HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 63.39 HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 64.10 HANZHONG CITY CONSTRUCTI 7.48 03/14/18 CNY 73.07 HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 103.24 HEFEI CONSTRUCTION INVES 5.23 08/28/18 CNY 72.03 HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 58.00 HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 63.65 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 64.18 HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 63.63 HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 59.00 HEGANG KAIYUAN CITY INVE 6.50 07/19/19 CNY 63.72 HEILONGJIANG HECHENG CON 7.78 11/17/16 CNY 40.04 HENAN JIYUAN CITY CONSTR 7.50 09/25/19 CNY 64.66 HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 59.00 HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 63.96 HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.21 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 64.15 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.01 HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 64.83 HUAI'AN DEVELOPMENT HOLD 6.80 03/24/17 CNY 42.38 HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 63.75 HUAIAN QINGHE NEW AREA I 6.79 04/29/17 CNY 40.77 HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 52.02 HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 51.85 HUZHOU MUNICIPAL CONSTRU 7.02 12/21/17 CNY 72.14 HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 63.39 HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 72.58 INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 63.38 JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 63.00 JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 63.25 JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 64.05 JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 63.00 JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 64.61 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 62.97 JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 63.02 JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 62.95 JIANGSU HUAJING ASSET OP 5.68 09/28/17 CNY 50.56 JIANGSU HUAJING ASSET OP 5.68 09/28/17 CNY 50.16 JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 62.52 JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 57.00 JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 64.08 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.50 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.58 JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 63.83 JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 63.37 JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 62.77 JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 63.33 JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 59.00 JILIN PROVINCIAL COAL IN 6.00 11/11/16 CNY 70.00 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 52.09 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 51.01 JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 64.33 JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 63.69 JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 64.38 JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 63.91 JINTAN CONSTRUCTION INVE 8.30 03/14/19 CNY 63.78 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 63.42 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 60.00 JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 64.34 KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 63.25 KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 63.66 KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 62.40 KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 51.91 KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 52.01 KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 52.62 KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 52.50 LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 61.77 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 59.00 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.50 LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 72.71 LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 72.58 LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 66.00 LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 67.62 LIAOYUAN STATE-OWNED ASS 7.80 01/26/17 CNY 40.40 LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 63.27 LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 63.27 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 52.10 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 46.00 LINHAI CITY INFRASTRUCTU 7.98 11/06/16 CNY 50.23 LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 64.71 LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 52.34 LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 63.03 LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 62.51 LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 63.77 LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 72.30 LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 72.40 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.50 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.45 MIANYANG SCIENCE & TECHN 7.16 05/15/19 CNY 63.01 MIANYANG SCIENCE & TECHN 7.16 05/15/19 CNY 61.20 MIANYANG SCIENCE & TECHN 6.30 07/22/18 CNY 54.12 MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 63.25 MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 63.49 NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 64.44 NANCHONG CHEMICAL INDUST 8.16 04/26/19 CNY 63.89 NANJING HEXI NEW TOWN AS 6.40 02/03/17 CNY 60.73 NANJING HI-TECH ECONOMIC 6.94 09/07/19 CNY 63.46 NANJING HI-TECH ECONOMIC 6.94 09/07/19 CNY 63.91 NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 63.61 NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 62.84 NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 63.36 NANTONG STATE-OWNED ASSE 6.72 11/13/16 CNY 40.01 NANTONG STATE-OWNED ASSE 6.72 11/13/16 CNY 40.18 NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 52.89 NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.00 NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 72.13 NINGBO CITY ZHENHAI INVE 6.48 04/12/17 CNY 40.51 NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 51.98 NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 52.15 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 40.40 NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 71.12 PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 63.58 PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 61.60 PANJIN CONSTRUCTION INVE 7.70 12/16/16 CNY 40.20 PANJIN CONSTRUCTION INVE 7.70 12/16/16 CNY 40.21 PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 64.10 PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 64.23 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 64.17 PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 84.92 PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 63.04 PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 64.20 PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 63.90 QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 51.76 QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 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05/30/19 CNY 62.67 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.93 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 60.00 TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 52.48 TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 53.20 TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 63.44 TAIZHOU CITY CONSTRUCTIO 6.90 01/25/17 CNY 40.35 TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 64.00 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 52.44 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 52.05 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.39 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.47 TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 63.46 TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 66.00 TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 62.98 TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 63.70 TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 63.49 TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 59.00 TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 63.54 TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 48.00 TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 51.76 TIGER 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CEMENT & ENERGY 7.30 04/12/15 KRW 70.00 U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 34.46 WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 56.32 WOORI BANK 5.21 12/12/44 KRW 387.71 SRI LANKA --------- HATTON NATIONAL BANK PLC 8.00 08/29/23 LKR 67.00 SRI LANKA GOVERNMENT BON 6.00 12/01/24 LKR 70.36 SRI LANKA GOVERNMENT BON 8.00 01/01/32 LKR 71.23 SRI LANKA GOVERNMENT BON 9.00 06/01/43 LKR 72.93 SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 63.80 MALAYSIA -------- BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.77 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.28 SENAI-DESARU EXPRESSWAY 0.50 12/31/46 MYR 74.37 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 67.48 SENAI-DESARU EXPRESSWAY 0.50 12/29/45 MYR 73.62 SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 71.42 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 68.77 SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 72.93 SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 70.44 SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 72.24 SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 69.62 SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.01 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.72 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.61 SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.54 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.49 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.24 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.26 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.94 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.19 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.93 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.03 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.97 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.61 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.27 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.60 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.56 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.52 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.06 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 5.35 10/01/18 SGD 67.00 AUSGROUP LTD 7.45 10/20/16 SGD 65.75 AXIS OFFSHORE PTE LTD 8.11 05/18/18 USD 59.00 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 22.00 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 22.25 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 8.88 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 21.75 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 21.75 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 21.39 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 21.75 ENERCOAL RESOURCES PTE L 6.00 04/07/18 USD 8.63 EZION HOLDINGS LTD 4.88 06/11/21 SGD 65.88 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 60.00 GEO ENERGY RESOURCES LTD 7.00 01/18/18 SGD 74.00 GOLIATH OFFSHORE HOLDING 12.00 06/11/17 USD 5.06 INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.88 INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 63.00 NEPTUNE ORIENT LINES LTD 4.40 06/22/21 SGD 60.00 NEPTUNE ORIENT LINES LTD 4.65 09/09/20 SGD 65.00 ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 43.38 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 66.85 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 69.17 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 53.00 RICKMERS MARITIME 8.45 05/15/17 SGD 72.49 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 10.00 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 10.00 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 11.38 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 13.88 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 11.50 SWISSCO HOLDINGS LTD 5.70 04/16/18 SGD 67.25 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.50 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.75 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 TRADING C 1.00 10/10/25 USD 57.06 DEBT AND ASSET TRADING C 1.00 10/10/25 USD 56.53 ********* 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 ***