/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/161108.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 8, 2016, Vol. 19, No. 221 Headlines A U S T R A L I A ARRIUM LIMITED: Has Less Than Handful of Bidders for Steelworks HOME AUSTRALIA: Liquidator to Probe Family First Payments THINK TANK 2016-1: S&P Assigns 'BB' Rating to Class E Notes C H I N A YESTAR INTERNATIONAL: Fitch Assigns BB- Rating to USD200MM Notes I N D I A A. K. PIPE: CRISIL Reassigns 'D' Rating to INR40MM Cash Credit AKLIA EDUCATIONAL: CRISIL Suspends B- Rating on INR45MM Loan AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan ARAVALI INFRAPOWER: Ind-Ra Withdraws 'D' Long-Term Issuer Rating BANSAL RICE: Ind-Ra Suspends 'B' Long-Term Issuer Rating BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan BRAR SEEDS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating C B RANWADE: CRISIL Suspends 'D' Rating on INR41MM LT Loan CHINTPURNI STEEL: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating DEVANGA SANGHA: ICRA Reaffirms B+ Rating on INR11cr Term Loan DEVARSHEE COMPLEX: CRISIL Suspends D Rating on INR95MM Loan EAST HOOGHLY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating ELECTRONICS & CONTROLS: ICRA Suspends D Rating on INR7cr Loan ENVIROPOL ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan EVERGREEN FARMHOUSE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating GOLD SPIN: CRISIL Suspends B+ Rating on INR75MM Cash Loan GRAND PRIX: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating HARISONS AND HARLAJ: CRISIL Suspends B+ Rating on INR13.9MM Loan HIMALAYA KRAFT: CRISIL Suspends 'B' Rating on INR40MM Cash Loan J J REALTECH: CRISIL Lowers Rating on INR250MM Term Loan to B+ JAWAHAR SAW: CRISIL Assigns B- Rating to INR455MM Cash Loan K B A INFRASTRUCTURE: Ind-Ra Assigns BB- Long-Term Issuer Rating K.REMASH BABU: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan KUKADI SAHAKARI: CRISIL Reaffirms 'B' Rating on INR479.2MM Loan LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan LAURENT PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating LILAMANI INFRA: CRISIL Suspends B+ Rating on INR500MM Term Loan MAA BALA: Ind-Ra Suspends 'B' Long-Term Issuer Rating MAGNUM INTERGRAFIKS: CRISIL Suspends 'D' Rating on INR180MM Loan MOTHER LAM: CRISIL Suspends B+ Rating on INR49.8MM LT Loan NAND ESTATE: ICRA Suspends 'B' Rating on INR24cr Bank Loan NAVIN AUTOMOBILES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating NAVKAR WHEELS: CRISIL Suspends B+ Rating on INR49MM Term Loan OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.36cr Term Loan PERSANG ALLOY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating PIANO PRESITEL: Ind-Ra Affirms 'BB' Long-Term Issuer Rating PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan RISHIKESH FILAMENTS: Ind-Ra Withdraws BB- Long-Term Issuer Rating ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan S K PLASTIC: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating SAIKRUPA FIBRES: Ind-Ra Withdraws B- Long-Term Issuer Rating SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.5cr Cash Loan SHAKTI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR112.5MM Loan SHANKAR FLOUR: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating SHINKWANG ELECTRONICS: CRISIL Suspends B+ Rating on INR98.8M Loan SHREE RADHA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating SHREE SAIRAM: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan SMITABH INTERCON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating SOMA ISOLUX: CRISIL Reaffirms 'D' Rating on INR36.46BB Term Loan SPARK INSULATORS: CRISIL Suspends B+ Rating on INR40MM Cash Loan SRI GANESH: CRISIL Suspends B- Rating on INR50MM Cash Loan SRI RAGHAVENDRA: CRISIL Ups Rating on INR180MM Term Loan to B+ SRI VANGALAMMAN: CRISIL Reaffirms B- Rating on INR100MM Loan SRIRAMAGIRI SPINNING: CRISIL Suspends 'D' Rating on INR250MM Loan SSK EXPORTS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating UNI SOURCCE: Ind-Ra Withdraws BB+ Long-Term Issuer Rating V.R. CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR99MM Loan VRAJ PACKAGING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan J A P A N TAKATA CORP: Denies Media Reports of Impending Bankruptcy Filing MITSUI O.S.K.: Unveils Merger Plans with Two Other Container Line N E W Z E A L A N D PUMPKIN PATCH: 145 Jobs to Go as 27 Stores Set to Close S O U T H K O R E A STX OFFSHORE: 4 Parties Express Interest in French Unit's Stake X X X X X X X X * BOND PRICING: For the Week Oct. 31 to Nov. 4, 2016 - - - - - ================= A U S T R A L I A ================= ARRIUM LIMITED: Has Less Than Handful of Bidders for Steelworks --------------------------------------------------------------- Australian Financial Review reports that Arrium Ltd has "less than a handful" of potential bidders left for the rest of its assets, including the Whyalla steelworks, after a US private equity firm won the fight for the failed steelmaker's most sought after business, Moly-Cop. Contrary to earlier reports, it has emerged South Korea's POSCO remains a significant player and has submitted a bid through the steelmaker's venture capital arm, POSCO Capital, AFR says. Both POSCO and Australian government sources confirmed the Koreans would be bidders, though it remains unclear which private equity companies POSCO Capital is working with, AFR relates. POSCO is one of the world's top five steelmakers. It said on Nov. 3 the company itself was not a bidder for Arrium, but was trying to sell technology to the Australian group. According to the report, South Australian Treasurer Tom Koutsantonis and federal Industry Minister Greg Hunt flew to Korea on Nov. 2 for talks with POSCO, the largest steel maker in Korea as the sale process for the rest of Arrium's assets heads into the final stages. AFR relates that Arrium's administrators said Arrium has signed a sales contract to sell Moly-Cop to US private equity firm American Industrial Partners for US$1.23 billion (AUD1.6 billion), as Street Talk revealed early on Nov. 4, ahead of the second creditors' meeting at midday. Addressing the media after the meeting at the SMC Conference and Function Centre, Arrium's administrators said there were less than five potential bidders for its steelworks, according to the report. AFR says the potential bidders are understood to be are a mix of Australian and overseas buyers, including private equity. The administrators said they are not expecting any run-ins with the Foreign Investment Review Board, which can stop overseas bids from going ahead if they are deemed to be against Australia's public interests. KordaMentha would not reveal the identity of bidders or the potential sale price, the report notes. Creditors voted at the meeting to appoint KordaMentha as "deed administrators," AFR states. They will be tasked with selling Arrium's assets and aggregating and distributing the proceeds once the assets are sold off, adds AFR. The creditors also had the option of returning the company to the directors and liquidating the company. The report notes that the proceeds of the Moly-Cop sale will go to paying back the company's lenders, who are seeking to recoup about AUD2.8 billion owed to them. "The sale of Moly-Cop is a great step forward for all the creditors of Arrium. It's probably AUD300 million or AUD400 million more than the sale price that was offered last year," AFR quotes KordaMentha administrator Mark Mentha as saying. Mr. Mentha said Arrium bought Moly-Cop in 2010 from mining giant Anglo American and it has "never been integrated" fully into the rest of Arrium's business, AFR adds. Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an Australia-based mining and materials company. The Company is engaged in mining and supply of iron ore and steelmaking raw materials; manufacture and supply of mining consumable products; manufacture and distribution of steel products, and recycling of ferrous and non-ferrous scrap metal. Its segments include Mining, Mining Consumables, Steel and Recycling. Its Mining segment exports hematite iron ore and supplies both pelletized magnetite iron ore and hematite lump iron ore. Its Mining Consumables segment consists of Moly-Cop grinding media business, Waratah steel mill and Altasteel steel mill. Its Mining Consumables segment supplies various mining consumables, such as grinding media, wire ropes and rail wheels. Its Steel segment manufactures billet and distributes steel and metal products, including structural steel selections, steel plate, angels, channels, reinforcing steel and carbon products. Its Recycling segment supplies steelmaking raw materials. Pursuant to orders made by the Federal Court of Australia on April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and Cassandra Mathews of KordaMentha have been appointed Joint and Several Voluntary Administrators of the Company and its 93 Australian subsidiaries replacing Said Jahani, Paul Billingham, Michael McCann and Matthew Byrnes of Grant Thornton, who were appointed earlier in April. HOME AUSTRALIA: Liquidator to Probe Family First Payments --------------------------------------------------------- Australian Financial Review reports that McGrath Nicol will closely examine a $1.5 million payment made to the Family First political party and other donations by former Senator Bob Day's businesses. It will also be scrutinising inter-company transactions from the profitable South Australian business, Homestead Homes. AFR relates that Matthew Caddy, who is heading the team from McGrath Nicol told a meeting of about 60 creditors in Adelaide on Nov. 4 that it would scrutinise the payments to Family First as part of its investigations, along with inter-company transactions made by the profitable Homestead Homes business in South Australia, to see if any funds could be clawed back. The Family First transactions would be put under the microscope, the report says. "We will get the accounts. We will look at these payments," AFR quotes Mr. Caddy as saying. AFR says the liquidator will scrutinize a number of payments and loans made to Family First in 2013-14 and 2014-15 after Home Australia made large dividend payments to Mr. Day. McGrath Nicol will also reconstruct the accounts of Homestead Homes, the South Australian arm of the Bob Day national home building empire which collapsed under debts of more than $16 million, according to AFR. Mr. Day resigned from the Senate on November 1. Of particular interest to the liquidators is the fact that Homestead, which was the original homebuilding business set up by Mr. Day before an ill-fated expansion into other states through acquisitions including Huxley Homes in NSW, was profitable before the entire Home Australia entity collapsed, AFR says. "Essentially the entity in South Australia was a profitable entity," Mr. Caddy, as cited by AFR, said. He said it wasn't hugely profitable, but was in the black. Mr. Caddy said Mr. Day, who was the sole director of Home Australia, had obligations to all of the entities in the Home Australia corporate structure, AFR relays. They would forensically reconstruct the accounts, which was a painstaking process. "It is a process that will take time," the report quotes Mr. Caddy as saying. This would determine if there were any breaches of corporate law. Home Australia made combined losses of about $12 million in the past three years, Mr. Caddy said. McGrath Nicol has received eight offers from potential buyers for the remnants of the Homestead Homes business, but he conceded the price tag wouldn't amount to much. He reiterated to the Adelaide creditors that they were highly unlikely to get any return from the collapse of the Bob Day empire, the report notes. "No-one wants to hear that they are not going to get paid," Mr. Caddy said, as he empathised with the trades people and suppliers in the room. Mr. Caddy said he had two brothers who were both tradesman and he understood the "dire" situation that the Home Australia collapse had caused. The National Australia Bank is owed AUD11.4 million, and unsecured creditors are owed about AUD4.8 million, notes AFR. AFR reports that Mr. Caddy said his preliminary investigations showed that Mr. Day was effectively running the "back end" of Home Australia when he was a Senator for Family First in the Federal parliament. "He was the person who was processing the payments at the back end," Mr. Caddy, as cited by AFR, said. When he became a Senator, there was no-one who replaced him at the head of the company, which in practical terms was a recipe for difficulties for the state-based building companies. "They were left to run themselves," Mr. Caddy said. AFR adds that Mr. Day was responsible for the company failing. "He's the sole director of the company. The buck stops with him". Creditor meetings held in Melbourne and Sydney were told that an attempted rescue of the Home Australia empire by Philippines company Goshen Capital Resources a few weeks ago was essentially entered into by Goshen "with a view to extorting money from the company in relation to transaction fees," reports AFR. About Home Australia Home Australia is a residential new home building group operating in five Australian States under the brands Homestead Homes; Collier Homes; Newstart Homes; Ashford Homes; and Huxley Homes. On Oct. 17, 2016, Mathew Caddy and Barry Kogan of McGrathNicol were appointed as joint and several Liquidators of Home Australia Pty Ltd and wholly owned subsidiaries: -- Homestead Homes Pty Ltd -- Collier Homes Pty Ltd -- Newstart Homes (SE QLD) Pty Ltd -- Ashford Homes Pty Ltd -- Huxley Homes Pty Ltd -- Nationwide Australian Investments Pty Ltd -- Smart Road Property Rentals Pty Ltd THINK TANK 2016-1: S&P Assigns 'BB' Rating to Class E Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to six of the nine classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Series 2016-1 Trust. Think Tank Series 2016-1 Trust is a securitization of loans to commercial borrowers, secured by first-registered mortgages over Australian commercial or residential properties originated by Think Tank Group Pty Ltd. The ratings reflect: -- S&P's view of the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. -- S&P's view that the credit support is sufficient to withstand the stresses it applies. This credit support comprises note subordination for each class of rated note. -- S&P's expectation that the various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 3.0% of the outstanding balance of the rated notes, and principal draws, are sufficient under S&P's stress assumptions to ensure timely payment of interest. S&P's cash-flow analysis also reflects that a minimum margin will be maintained on the assets. -- The extraordinary expense reserve of A$250,000, funded from day one by Think Tank, and available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. A copy of S&P Global Ratings' complete report for Think Tank Series 2016-1 Trust can be found on RatingsDirect, S&P Global Ratings' web-based credit analysis system, at: http://www.globalcreditportal.com RATINGS ASSIGNED Class Rating Amount (mil. A$) A1 AAA (sf) 182.00 A2 AAA (sf) 23.80 B AA (sf) 16.24 C A (sf) 19.60 D BBB (sf) 19.60 E BB (sf) 4.76 F NR 4.76 G NR 4.48 H NR 4.76 N.R.--Not rated. ========= C H I N A ========= YESTAR INTERNATIONAL: Fitch Assigns BB- Rating to USD200MM Notes ---------------------------------------------------------------- Fitch Ratings has assigned Yestar International Holdings Company Limited's (Yestar; BB-/Stable) USD200 mil. 6.9% senior unsecured notes due 2021 a final rating of 'BB-'. The notes are rated at the same level as Yestar's senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company. This final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned on Sept. 7, 2016. KEY RATING DRIVERS Steadily Growing IVD Business: Yestar entered the in vitro diagnostics (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 the 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 ========= A. K. PIPE: CRISIL Reassigns 'D' Rating to INR40MM Cash Credit -------------------------------------------------------------- CRISIL has downgraded its ratings on long term bank facilities of A. K. Pipe Fitting Private Limited to 'CRISIL D' from 'CRISIL B+/Stable' and has assigned its short term rating at 'CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 12.5 CRISIL D (Downgraded from 'CRISIL B/Stable') Cash Credit 40.0 CRISIL D (Reassigned) The downgrade reflects continuous overutilization of the cash credit facility for over 30 days, mainly owing to weak liquidity, arising from a stretch in the receivables cycle. The rating reflects the below-average financial risk profile, marked by high gearing and weak debt protection metrics. The rating also factors in modest scale and working capital-intensive nature of operations, amidst intense competition. These rating weaknesses are partially offset by extensive experience of promoters in the pipes and fittings industry and their funding support. AKPFL was incorporated in 1997, by promoters, Mr. Anil Kadakia, Mr. Bakul Kadakia, and Mr. Kalpesh Kadakia. The company manufactures precision seamless and welded pipe fittings, forged and screwed fittings flanges, pipe spools, and long radius induction bends. AKLIA EDUCATIONAL: CRISIL Suspends B- Rating on INR45MM Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Aklia Educational and Research Society. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit/ Overdraft facility 15 CRISIL B-/Stable Proposed Long Term Bank Loan Facility 27 CRISIL B-/Stable Rupee Term Loan 45 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by AERS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AERS is yet to provide adequate information to enable CRISIL to assess AERS'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. AERS, set up in 2003, is managed by its chairman, Mr. Gurtej Singh Brar, and vice chairman, Mr. Iqbal Singh. The society runs secondary and senior secondary schools, polytechnic and engineering colleges, management colleges and arts colleges in Goniana (Bhatinda, Punjab). AERS's schools are affiliated with the Central Board of Secondary Education (CBSE); the engineering and polytechnic institutes with the All India Council for Technical Education (AICTE); and the teaching and arts colleges to the Punjabi University, Patiala. AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan ------------------------------------------------------------- CRISIL's rating on the bank facility of Akshaya Auto Service (AAS) continue to reflect AAS's below-average financial risk profile, marked by high total outside liabilities to tangible net worth (TOLTNW) ratio and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable (Reaffirmed) The ratings also factor in the firm's modest scale of operations in the intensely competitive automobile dealership industry. These rating weaknesses are partially offset by AAS's established relationship with its key principal, Bajaj Auto Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). Outlook: Stable CRISIL believes that AAS will continue to benefit over the medium term from its exclusive dealership contract with its principal, BAL. The outlook may be revised to 'Positive' if AAS's sales volumes and operating margin improve substantially, or if there is any equity infusion from the promoters, thereby improving its capital structure. Conversely, the outlook may be revised to 'Negative' if AAS records a decline in its sales volumes, thus significantly impacting its revenues and profitability, or undertakes any large, debt-funded capital expenditure (capex) programme, thus weakening its financial risk profile. Akshaya Auto Service (AAS), established in 1989, is the sole authorised dealer for BAL's two-wheelers and three-wheelers in Tumkur and Chitradurga districts (both in Karnataka). AAS is promoted by Mr. Suresh Babu and his sons, Mr. A S Samith and Mr. A S Amith. ARAVALI INFRAPOWER: Ind-Ra Withdraws 'D' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Aravali Infrapower Ltd's (AIPL) 'IND D(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. India Ratings will no longer provide ratings or analytical coverage for AIPL. Ind-Ra suspended AIPL's ratings on Feb. 19, 2016. AIPL's ratings: -- Long Term Issuer Rating: 'IND D(suspended)'; rating withdrawn -- INR2533 mil. fund-based working capital facility: Long- term/Short-term 'IND D(suspended)'; rating withdrawn -- INR3,934 mil. non-fund-based working capital facility: Short-term 'IND D(suspended)'; rating withdrawn -- INR4,228 mil. long-term bank loan: Long-term 'IND D(suspended)'; rating withdrawn BANSAL RICE: Ind-Ra Suspends 'B' Long-Term Issuer Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Bansal Rice Mills' (BRM) 'IND B' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. The rating will now appear as 'IND B(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for BRM. The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary BRM's ratings: -- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from 'IND B'/Stable -- INR120 mil. fund-based working capital limits: migrated to Long-term 'IND B(suspended)' from 'IND B' and Short-term 'IND A4(suspended)' from 'IND A4' -- INR24.4 mil. term loans: migrated to Long-term 'IND B(suspended)' from 'IND B' BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan -------------------------------------------------------------- CRISIL's ratings on bank facilities of Bhasin and Company (BAC) continue to reflect the small scale of operations, average financial risk profile, because of moderate debt protection metrics and high gearing, and weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Inland Guarantees 80 CRISIL A4 (Reaffirmed) Inland/Import Letter of Credit 20 CRISIL A4 (Reaffirmed) Overdraft Facility 80 CRISIL B+/Stable (Reaffirmed) Proposed Bank Guarantee 10 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by extensive experience of the proprietor in the hosiery garments business, and established relationships with reputed clients. Outlook: Stable CRISIL believes BAC will continue to benefit from extensive experience of the proprietor and established relationships with suppliers and customers. The outlook may be revised to 'Positive' in case of a substantial and sustained improvement in revenue and profitability, considerable increase in the networth on the back of capital infusion by the proprietor, or decline in loans and advances extended to group companies. The outlook may be revised to 'Negative' if larger-than-expected working capital requirement or any sizeable, debt-funded capital expenditure, weakens the capital structure significantly. BAC was established as a proprietorship firm in 1950 by the late Mr. Ramlal Bhasin. The firm manufactures hosiery products, and copper, nickel and silver medals. As sales are only to the Indian Armed Forces, business is entirely tender-based. Operations are currently being managed by Mr. Balraj Kumar Bhasin and his son, Mr. Munish Bhasin. BRAR SEEDS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Brar Seeds Pvt. Ltd.'s 'IND BB-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for BSPL. Ind-Ra suspended BSPL's ratings on Feb. 24, 2016. BSPL's ratings: -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn -- INR60 mil. fund-based limits: 'IND BB-(suspended)'; rating withdrawn -- INR32 mil. long-term loans: 'IND BB-(suspended)'; rating withdrawn C B RANWADE: CRISIL Suspends 'D' Rating on INR41MM LT Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of C B Ranwade Patil. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 29 CRISIL D Proposed Long Term Bank Loan Facility 41 CRISIL D Term Loan 30 CRISIL D The suspension of ratings is on account of non-cooperation by CBRP with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CBRP is yet to provide adequate information to enable CRISIL to assess CBRP'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. CBRP, based in Pune (Maharashtra), is a proprietorship firm of Mr. Chaburau B Ranwade. The firm mines and crushes stone aggregates and has a stone quarry near Pune. CHINTPURNI STEEL: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Chintpurni Steel Private Limited's 'IND BB+' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. The rating will now appear as 'IND BB+(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for CSPL. The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary CSPL's ratings: -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)' from 'IND BB+'/Stable -- INR150 mil. fund-based limits: migrated to Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-term 'IND A4+(suspended)' from 'IND A4+' -- INR15 mil. non-fund-based limits: migrated to Short-term 'IND A4+(suspended)' from 'IND A4+' -- INR7.6 mil. term loan: migrated to Long-term 'IND BB+(suspended)' from 'IND BB+' DEVANGA SANGHA: ICRA Reaffirms B+ Rating on INR11cr Term Loan ------------------------------------------------------------- ICRA has reaffirmed the long-term rating assigned to the INR11.00 crore long-term term loan facilities of Devanga Sangha at [ICRA]B+. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term-Term Loan 11.00 [ICRA]B+; Reaffirmed Rating Rationale The rating reaffirmation takes into account the reputed and established presence of the society through its school, pre- university college, hostel, choultry and commercial complexes for over three decades and the regular rental income generated from the commercial complexes and the tower. ICRA also takes comfort from the demonstrated support from the members of the society through regular infusion of funds in the form of unsecured loans for meeting the capital expenditure and operational requirements. The rating also takes into account the growth in the society's turnover and operating profitability during FY2016 on account of additional rentals from the Tower. The rating is, however, constrained by the society's weak financial profile with a highly leveraged capital structure as indicated by gearing of 4.63 times as on March 31, 2016 and weak coverage indicators, notwithstanding the marginal improvement in coverage indicators in FY2016. The rating is also constrained by the society's large debt repayment obligations in near term that may create pressure on its liquidity position; however, given that the society is in the advanced stages of discussion with new tenants for its Tower provides some comfort. The rating also notes the modest scale of operations of the educational institutes, reflected by the limited course offerings in the college and limited occupancy levels in the school. Going forward, the ability of the society to tie up with new tenants for the remaining portions of the Tower and its ability to profitably enhance the scale of operations of its educational institutions will be the key rating sensitivities. Established in 1924, the Devanga Sangha Society provides education facilities to the people of the weaker sections of the society. It is registered under Karnataka Societies Registration Act and has around 18000 members in Bangalore, Karnataka. It runs through an elected body which is elected through open general body elections held every three years. It started its operations by providing hostel facilities to poor students and then opened schools and colleges gradually. Currently, the Sangha has a school, a pre-university college and first grade college. The educational institutions are supported through income generated from the rentals of Choultry (function hall) and commercial complexes. It has commercial complexes at Avenue Road and S.R Nagar, Bangalore and has recently started another commercial complex, Devanga Sangha Tower (Tower), at K.G Road, Bangalore in November 2015. Recent Results During FY2016 (based on provisional numbers), the Sangha reported a net profit of INR0.60 crore on an operating income of INR1.88 crore, as against a net profit of INR0.04 crore on an operating income of INR1.45 crore during FY2015. DEVARSHEE COMPLEX: CRISIL Suspends D Rating on INR95MM Loan ----------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Devarshee Complex. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Project Loan 95 CRISIL D Proposed Long Term Bank Loan Facility 45 CRISIL D The suspension of ratings is on account of non-cooperation by DC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DC is yet to provide adequate information to enable CRISIL to assess DC'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. DC, based in Pune (Maharashtra) and established in 2012, is a partnership firm, with Mr. Popat Ranawade and Mr. Avdhoot Raykar of Pune as partners. The firm is engaged in real estate development. It is currently undertaking the construction of a residential project, Devarshee Complex, in Pune. EAST HOOGHLY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned East Hooghly PolyPlast Private Limited a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect Ind-Ra's expectation of an improvement in EHPPL's credit metrics and scale of operations from FY17 onwards, on the back of scheduled repayments of term loans and healthy revenue visibility owing to an increased production capacity to 4,800MTPA in FY16 from 1,200MTPA in FY14 and modernisation of the existing plant. FY16 financials indicate revenue of INR403 mil. (FY15:INR262 mil.), EBITDA interest coverage (operating EBITDA/Interest) of 2.8x (2.3x), net financial leverage (net debt/operating EBITDA) of 3.0x (3.3x) and EBITDA margins of 9.4% (12.9%). EHPPL achieved revenue of INR262.2 mil. til August 2016 according to interim numbers shared by the management. The ratings are constrained on account of raw material price fluctuation risks since the prices of plastic granules which is the major raw material for the company is volatile in nature and EHPPL is dependent on a limited number of suppliers such as Reliance Industries Limited ('IND AAA'/Stable) and Haldia Petrochemicals Limited for the polypropylene (PP) granules which are linked to the fluctuations in crude oil prices as PP is a derivative of crude. The ratings are, however, supported by more than a decade of experience of EHPPL's founders in the PP woven fabric and tarpaulin sheets manufacturing business. The ratings benefit from the company's established customer base with repeat orders from the existing customers. The ratings are also supported by the prospects of large orders from new customers during FY17, which are likely to fuel the company's revenue growth and mitigate customer concentration risks. RATING SENSITIVITIES Positive: A positive rating action could result from substantial improvement in the scale of operations along with improvement in the credit metrics of the company. Negative: A negative rating action could result from a decline in the scale of operations and deterioration in the credit metrics. COMPANY PROFILE EHPPL, incorporated in December 2009, is promoted by Mr. Mainak Mondal, Mr. Bimal Pal, and Mr. Kamal Pal. The company, based in Hooghly (West Bengal), has an existing capacity to produce 4,800MTPA of PP fabric and manufactures HDPE tarpaulins and fabric sheets used in the agriculture and construction industries, and as truck and container liners, wagon covers, temporary shelters (tents), poultry shading and packing materials. The company sells its products under the brand name of TARPEX. EHPPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable -- INR76.5 mil. fund-based working capital limits: assigned 'IND BB+'/Stable -- INR38.43 mil. Long-term loans: assigned 'IND BB+'/Stable -- INR3.84 mil. non-fund-based working capital limits: assigned 'IND A4+' ELECTRONICS & CONTROLS: ICRA Suspends D Rating on INR7cr Loan ------------------------------------------------------------- ICRA has suspended the rating of [ICRA]D assigned to INR5.47 crore fund based limits and to INR7.00 crore of non fund based limits facilities of Electronics & Controls Power Systems Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. According to its suspension policy, ICRA may suspend any rating outstanding if in its opinion there is insufficient information to assess such rating during the surveillance exercise. ENVIROPOL ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Enviropol Engineers Private Limited (EEPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect EEPL's small scale of operations. According to FY16 provisional financials its revenue was INR289.10 mil. (FY15: INR159.21 mil.). The ratings, however, are supported by EEPL's comfortable EBITDA margins and strong credit profile. Margins of EEPL stood at 23.45% in FY16 (FY15: 18.36%), interest coverage (operating EBITDA/gross interest expense) at 62.49x (FY15: 31.43x) and net leverage (total adjusted net debt/operating EBITDAR) at 0.16x (0.76x). The ratings are also supported by a decade of experience of EEPL's promoters in the iron and steel industry. The ratings factor in EEPL's comfortable liquidity position as evident from average working capital utilization of around 24% during the six months ended September 2016. RATING SENSITIVITIES Negative: Significant decline in EBITDA margins leading to sustained deterioration in the overall credit metrics could be negative for the ratings Positive: Significant improvement in the top-line along with the current credit metrics being maintained at existing levels could be positive for the ratings. COMPANY PROFILE Enviropol Engineers was established as a proprietorship concern in 2005 by Mr. Rajesh Kumar Verma. Subsequently in 2008, the newly incorporated company EEPL took over the operations of Enviropol Engineers. EEPL is engaged in designing, engineering and manufacturing of pollution control equipment (mainly air pollution) such as electrostatic precipitators, bag filters, wet scrubbing, pre-dust collectors and their spare parts. Its manufacturing facilities are located in Noida. EEPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable -- INR30 mil. fund-based limits: assigned 'IND BB+'/Stable/ 'IND A4+' -- INR65 mil. non-fund-based limit: assigned 'IND A4+' ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan ------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA]B+ on the INR31.28-crore (enhanced from INR27.94 crore) bank facilities and INR1.47 crore (enhanced from INR0.06 crore) unallocated limits of Ess Ess Kay Engineering Company Private Limited. ICRA has also reaffirmed its short-term rating of [ICRA]A4 on the INR0.50-crore (reduced from INR5.25 crore) non-fund based bank facilities and INR0.25-crore short-term fund-based facility of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term fund- based facilities 31.28 [ICRA]B+; reaffirmed Long-term unallocated 1.47 [ICRA]B+; reaffirmed Short-term fund- based facilities 0.25 [ICRA]A4; reaffirmed Short-term non- fund-based facilities 0.50 [ICRA]A4; reaffirmed ICRA's ratings reaffirmation takes into account SSKE's healthy growth in operating income in FY2016, resulting in higher operating profit and cash accruals. ICRA has also noted the weakening of liquidity due to significant debtor and inventory build-up, which have been financed through incremental borrowings. ICRA's ratings continue to take into account the intensely competitive market together with the low value-adding nature of the business. SSKE's profit margins remain subdued due to its raw-material intensive nature of operations and its low bargaining power. The ratings are also constrained by the company's high working capital intensity of operations due to high inventory levels and weak debt coverage indicators, with thin DSCR and NCA/TD. However, the ratings positively factor in the company's long association with the Indian Railways, from which the company has seen regular order inflow. The rating also factors in the promoter's extensive experience in the electric switchgear and control panel industry and the company's well- established brand name. Going forward, the company's ability to diversify its revenue base across clients and improve its working capital intensity of the operations will be the key rating sensitivity. SSKE was constituted in 1964 as a private limited company by Mr. K. S. Khosla. The company manufactures modular switches, regular switches, board mounting switches, miniature circuit breakers, changeover switches, distribution boards and panels, power control panels, heating ventilation and air conditioning units and LED lights. The company's product range comprises around 600 types of products. The company sells its products under the brand name 'SSK'. Its manufacturing facilities are at Kapurthala and Jalandhar in Punjab. Recent Results In FY2016, the company incurred a net profit of INR1.21 crore on an operating income of INR76.64 crore as compared with a net profit of INR0.22 crore on an operating income of INR58.89 crore in FY2015. EVERGREEN FARMHOUSE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Evergreen Farmhouse LLP (EF) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The agency has also assigned EF's INR70 mil. term loan a Long-Term 'IND B+' rating with a Stable Outlook. KEY RATING DRIVERS The ratings reflect the risk of time and cost overruns in EF's ongoing residential project, Shree Ganesh Vihar which was 60% completed as on Aug. 31, 2016, and no duplex was booked/sold. The ratings are further constrained by the organization's structure. The ratings benefit from the promoter's around a decade-long experience in residential real estate projects. The ratings also benefit from the fact that the project is not dependent on customer payments for completion. RATING SENSITIVITIES Negative: Time and cost overruns or cancellations of booked units leading to stressed cash flow could lead to a negative rating action. Positive: An improvement in the sales along with the timely payment from customers, leading to stronger cash flow could lead to a positive rating action. COMPANY PROFILE EF was established in 2014 as a partnership firm and constructs residential properties. Its registered office is in Jhansi (Madhya Pradesh) and its project, Shree Ganesh Vihar, consists of 31 duplexes. GOLD SPIN: CRISIL Suspends B+ Rating on INR75MM Cash Loan --------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Gold Spin India Private Limited (GSIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B+/Stable Term Loan 15.8 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by GSIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GSIPL is yet to provide adequate information to enable CRISIL to assess GSIPL'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. GSIPL incorporated in 2005 by a Jain family, manufactures polar fleece fabric used to make polar blankets. The company's manufacturing facility is located in Panipat (Haryana), with a total production capacity of 15 tonnes per day. GRAND PRIX: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Grand Prix Engineering Private Limited's (GPE) 'IND BB+' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. The rating will now appear as 'IND BB+(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for GPE. The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary. GPE's ratings: -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)' from 'IND BB+'/Stable -- INR100 mil. fund-based working capital limits: migrated to 'IND BB+(suspended)' from 'IND BB+' and 'IND A4+(suspended)' from 'IND A4+' -- INR215 mil. non-fund-based working capital limits: migrated to 'IND BB+(suspended)' from 'IND BB+' and 'IND A4+(suspended)' from 'IND A4+' HARISONS AND HARLAJ: CRISIL Suspends B+ Rating on INR13.9MM Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Harisons and Harlaj Limited (Harisons; part of the Harisons group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 Bill Purchase- Discounting Facility 35 CRISIL A4 Export Packing Credit 115 CRISIL A4 Term Loan 13.9 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by Harisons with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Harisons is yet to provide adequate information to enable CRISIL to assess Harisons'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 Harisons and its associate concern, Harihar Textiles (Harihar). This is because the two entities, together referred to as the Harisons group, are in the same line of business and Harisons owns an 85 per cent stake in Harihar. Set up in 1979 as a partnership firm, Harisons was reconstituted as a private limited company in 1995. The company manufactures carpets, cushion covers, and other home furnishing items, such as bath mats, door mats, bed covers, and curtains. It exports its products to Europe, US, and Japan. HIMALAYA KRAFT: CRISIL Suspends 'B' Rating on INR40MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Himalaya Kraft Private Limited (HKPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B/Stable Term Loan 28.4 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by HKPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, HKPL is yet to provide adequate information to enable CRISIL to assess HKPL'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 2007, Himalaya Kraft Private Limited, is a Una- based company that is primarily engaged in the manufacture of kraft paper. The company's operations are currently being managed by Mr. Tarsem Mahajan. The company has its mill based in Una (Himachal Pradesh). J J REALTECH: CRISIL Lowers Rating on INR250MM Term Loan to B+ -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank loan facility of J J Realtech Private Limited to 'CRISIL B+/Stable' from 'CRISIL BB+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 250 CRISIL B+/Stable (Downgraded from 'CRISIL BB+/Stable') The downgrade reflects delay in construction and lower-than- expected customer advances which led to lower cash inflows than expected. The downgrade also factors in exposure to project risk associated with its upcoming commercial complex in Chakrata Road, Dehradun (Uttaranchal. Improved sales and timely project implementation will drive cash inflows and hence remain key monitorables. The rating continues to reflect susceptibility to risks and cyclicality inherent in India's real estate sector, along with low construction and revenue visibility for its new project. These weaknesses are partially offset by the extensive experience of promoters in the real estate sector and track record of delivering successful projects in the past. Outlook: Stable CRISIL believes JJRPL will continue to benefit over the medium term from the extensive experience of its promoters. The outlook may be revised to 'Positive' if the business and financial risk profiles improve significantly, backed by timely construction and high saleability of its ongoing project, leading to healthy cash accrual on a sustainable basis, along with adequate construction and revenue visibility of its new project. The outlook may be revised to 'Negative' in case of time and cost overruns in its ongoing project or if liquidity is significantly constrained by delays in receiving funds for the projects, leading to deterioration in its debt-servicing ability. Established in 2012 by the Dehradun-based Lumba family, JJRPL undertakes residential and commercial real estate development in Dehradun. Mr. Raj Lumba, the key promoter, manages operations. Currently, it is executing a residential project, Shivalik Emerald, at Rajpur Road, Dehradun. JAWAHAR SAW: CRISIL Assigns B- Rating to INR455MM Cash Loan ----------------------------------------------------------- CRISIL has revoked the suspension of its rating on the long-term bank facility of Jawahar Saw Mills Private Limited (JSMPL; part of the Agicha group), and has assigned its 'CRISIL B-/Stable' rating to its bank loan facility. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 455 CRISIL B-/Stable (Assigned; Suspension Revoked) CRISIL had suspended the rating on September 30, 2013, as JSMPL had not provided the necessary information for a rating review. The company has now shared the requisite information, enabling CRISIL to assign a rating to its bank facility. The rating reflects the Agicha group's weak financial risk profile because of subdued capital structure and debt protection metrics, its large working capital requirement, and modest scale of operations in the highly fragmented timber trading business. These weaknesses are partially offset by the extensive industry experience of the group's promoters. For arriving at its rating, CRISIL has combined the business and financial risk profiles of Satramdas and Co (SAC) and JSMPL. The entities, together referred to as the Agicha group, are managed by the same promoter family, and trade in the same product. There have been instances of financial transactions between them, and they share infrastructure, and procurement, finance, and management teams. Outlook: Stable CRISIL believes the Agicha group will maintain its stable business risk profile over the medium term, backed by its established relationships with customers and suppliers. The outlook may be revised to 'Positive' if there is a significant fund infusion by the promoters, resulting in a better capital structure. The outlook may be revised to 'Negative' in case of decline in profitability, leading to lower-than-expected cash accrual and adverse debt protection indicators. The Agicha group, founded by the Agicha family in 1956, trades in timber logs. Its operations are managed by Mr. Manohar Agicha. K B A INFRASTRUCTURE: Ind-Ra Assigns BB- Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned K B A Infrastructure Private Limited (KBA) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect KBA's moderate credit profile and weak revenue base. The company's revenue decreased 10.2% in FY16 to INR363 mil. (FY15: INR404 mil.). This decline was due to fewer work orders received by the company in FY16 on account of competitive bidding for government projects. Credit metrics deteriorated with net leverage (total Ind-Ra adjusted net debt/operating EBITDA) increasing to 3.4x in FY16 (FY15: 1.8x) and EBITDA interest coverage (operating EBITDA/gross interest expense) decreasing to 2.2x (2.7x). The credit metrics deteriorated on account of an increase in debt. While the EBITDA margin declined to 9.3% in FY16 (FY15: 12.2%) due to a higher number of lower-margin subcontracting jobs undertaken during the year. The order book stood at INR747m at end-September 2016 (2x of FY16 revenue) and is to be executed by 2QFY18. KBA has booked revenue of INR56.2 mil. for 1HFY17. The company's liquidity remained comfortable with the average utilization of its working capital limits being 86.1% for the 12 months ended September 2016. The ratings are supported by the more than two decades of experience of its promoters in the engineering, procurement, and construction segment. RATING SENSITIVITIES Positive: Substantial growth in the revenue and improvement in profitability leading to a sustained improvement in the credit metrics will be positive for the ratings. Negative: Substantial decline in the revenue or profitability and sustained deterioration in the overall credit metrics will lead to a negative rating action. COMPANY PROFILE Incorporated in 2005, KBA is an an engineering, procurement and construction contractor. The firm constructs and repairs roads, constructs drains, and undertakes beautification of gardens primarily for the Municipal Corporation of Greater Mumbai. KBA's ratings: -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable -- INR100 mil. fund-based working capital limits: assigned 'IND BB-'/Stable/'IND A4+' -- INR130 mil. non fund-based working capital limits: assigned 'IND A4+' K.REMASH BABU: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan -------------------------------------------------------------- CRISIL's ratings to the bank facilities of K.Remash Babu continue to reflect KRB's below-average financial risk profile, because of small net worth and weak debt protection metrics, and small scale of operations, with geographical concentration in revenue profile. These rating weaknesses are partially offset by the extensive experience of the promoters in the civil construction industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 31 CRISIL A4 (Reaffirmed) Cash Credit 30 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes KRB will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if the if the firm improves its revenues and profitability while improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the firm reports lower than expected accruals or undertakes higher than expected debt funded capex plans leading to weakening of financial risk profile. KRB, incorporated in 2008 by Mr. K. Remash Babu and his family, undertakes civil construction works for government of Kerala like construction of engineering colleges, schools and civil stations etc. KUKADI SAHAKARI: CRISIL Reaffirms 'B' Rating on INR479.2MM Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Kukadi Sahakari Sakhar Karkhana Limited continue to reflect KSSKL's weak financial risk profile, marked by high gearing and subdued debt protection metrics, driven by large working capital requirements and capital expenditure amid average profitability. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 479.2 CRISIL B/Stable (Reaffirmed) Short Term Loan 150.0 CRISIL A4 (Reaffirmed) Term Loan 38.0 CRISIL B/Stable (Reaffirmed) The ratings also factor in the company's susceptibility to cyclicality and regulatory risks in the sugar industry. These rating weaknesses are partially offset by KSSKL's established regional presence in the sugar industry with long-standing association with farmers/sugarcane growers and its semi- integrated operations. Outlook: Stable CRISIL believes that KSSKL will benefit over the medium term from its long-standing presence in the industry and co-generation power capacity. The outlook may be revised to 'Positive' if the society reports a substantial increase in its cash accruals while improving its capital structure. Conversely, the outlook may be revised to 'Negative' if KSSKL's financial risk profile, especially its liquidity, weakens, most likely because of low cash accruals or significant cost or time overrun in its ongoing project. KSSKL was incorporated in January 2003. The society manufactures sugar and has installed crushing capacity of 2500 tonnes per day; it also has a 12-megawatt co-generation power plant. Its plant is at Pimpalgaon Pisa in Ahmednagar district of (Maharashtra). LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan ---------------------------------------------------------- The long-term rating of [ICRA]B+ has been reaffirmed for the INR4.00 crore cash credit facility and INR6.24 crore term loans facility of Lasa Cera Private Limited. ICRA has also reaffirmed the short term rating of [ICRA]A4 for the INR3.00 crore non-fund based facility of LCPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 4.00 [ICRA]B+ reaffirmed Term Loan 6.24 [ICRA]B+ reaffirmed Bank Guarantee 3.00 [ICRA]A4 reaffirmed The assigned ratings are constrained by risk associated with product establishment due to the start-up nature of operations and high competitive intensity in the tile manufacturing industry with presence of large established organised and unorganised players in Morbi (Gujarat). The ratings are also constrained by the weak financial risk profile as evident from net loss, adverse capital structure and high working capital intensity. Further the ratings are also constrained by the cyclical nature of the real estate industry, which is the main consuming sector, and exposure of the company's profitability to volatility in raw material and fuel prices. The ratings, however, favorably considers the past experience of the promoters' in the ceramics industry and competitive advantage that company has in raw material procurement on account of its location in Morbi which is a tile-manufacturing hub in india. Incorporated in April 2014 by Manvar family along with other promoters, Lasa Cera Private Limited is engaged in manufacturing of digital wall tiles at its manufacturing facility located at Morbi, Gujarat. The company has total installed capacity of producing around 9,000 boxes per day (~35,000 MTPA) and is currently engaged in manufacturing of wall tiles in size of 18" X 12" and 12" X 12". The company commenced commercial production from July 2015. Recent Results During the first eight and half months of operations in FY2016, LCPL has reported an operating income of INR5.96 crore and net loss of INR0.53 crore. LAURENT PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Laurent Packaging Pvt Ltd's (LPPL) 'IND B(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for LPPL. Ind-Ra suspended LPPL's ratings on March 2, 2016. LPPL's ratings: -- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn -- INR45 mil. fund-based limits: 'IND B(suspended)'; rating withdrawn -- INR8.06 mil. long-term loans: 'IND B(suspended)'; rating withdrawn LILAMANI INFRA: CRISIL Suspends B+ Rating on INR500MM Term Loan --------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Lilamani Infra (LI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 500 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by LI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, LI is yet to provide adequate information to enable CRISIL to assess LI'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. Formed in 2012, LI is part of Ahmedabad (Gujarat)-based Lilamani group, and promoted by Mr. Mahendra Vora and his family. The firm is developing a residential project of 253 apartments called River Valley One at Hansole in Ahmedabad. The project is scheduled for completion in March 2017. MAA BALA: Ind-Ra Suspends 'B' Long-Term Issuer Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Maa Bala Sundri Plywood Private Limited's (MBSPPL) 'IND B' Long-Term Issuer Rating to the suspended category. The Outlook was Stable. The rating will now appear as 'IND B(suspended)' on the agency's website. The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for MBSPPL. The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary. MBSPPL's ratings: -- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from 'IND B'/Stable -- INR50 mil. fund-based working capital limits: migrated to Long-term 'IND B(suspended)' from 'IND B' and Short-term 'IND A4(suspended)' from 'IND A4' -- INR15 mil. non-fund-based limits: migrated to Short-term 'IND A4(suspended)' from 'IND A4' MAGNUM INTERGRAFIKS: CRISIL Suspends 'D' Rating on INR180MM Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Magnum Intergrafiks Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 7.5 CRISIL D Cash Credit 180.0 CRISIL D Proposed Long Term Bank Loan Facility 15.0 CRISIL D Term Loan 12.5 CRISIL D The suspension of ratings is on account of non-cooperation by MIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MIPL is yet to provide adequate information to enable CRISIL to assess MIPL'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. MIPL, promoted by Mr. Sudhir Ghate, was established as a partnership firm in the early 1990s; the firm was reconstituted as a company in 1994. It is in the advertising and communications business, offering services across media categories such as print, radio, television broadcasting, outdoor publicity, and event management. MOTHER LAM: CRISIL Suspends B+ Rating on INR49.8MM LT Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Mother Lam Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 41.5 CRISIL B+/Stable Long Term Loan 49.8 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 0.2 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by MLPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MLPL is yet to provide adequate information to enable CRISIL to assess MLPL'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, MLPL is promoted by Ahmedabad (Gujarat) based Mr. Rajesh Gothi; Mr. Nilesh Patel, Mr. Kantilal Patel and Mr. Mahesh Patel. The company manufactures decorative laminates used for furnishing especially for doors, veneers and industrial laminates. The company has a plant at Navavas Village, Taluk Talod, Gujarat with an installed capacity of 7.20 lakh sheets per annum. NAND ESTATE: ICRA Suspends 'B' Rating on INR24cr Bank Loan ---------------------------------------------------------- ICRA has suspended the [ICRA]B rating for INR24.00 crore bank facilities of Nand Estate Developers Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Established in 1978, Nand Estate Developers Pvt. Ltd. is an Agra based construction company engaged in construction of shopping complex, residential colonies and hotels. Company's present operations include sale of land and plots with promoters in the Agra region. NAVIN AUTOMOBILES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Navin Automobiles' 'IND B(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for Navin. Ind-Ra suspended Navin's ratings on Feb. 24, 2016. Navin's ratings: -- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn -- INR50 mil. fund-based limits: 'IND B(suspended)'; rating withdrawn -- INR20 mil. non-fund-based limits: 'IND A4(suspended)'; rating withdrawn NAVKAR WHEELS: CRISIL Suspends B+ Rating on INR49MM Term Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Navkar Wheels. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 41 CRISIL B+/Stable Term Loan 49 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by NW with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NW is yet to provide adequate information to enable CRISIL to assess NW'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. NW is an authorised and exclusive dealer for all two-wheelers of Hero Moto Corp in Dhule (Maharashtra). NW operates one 3S (sales- service-spares) showroom in Dhule. It is also starting dealership of Hyundai in May 2015. OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.36cr Term Loan ------------------------------------------------------------ ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR2.50 crore cash credit facility, INR3.36 crore term loan facility (reduced from INR3.92 crore) and INR1.50 crore unallocated limits of Oyo Ceramic Private Limited. ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the INR1.80 crore short-term non-fund based facility and INR1.25 crore short-term fund based facility (sub-limit of Cash Credit) of OCPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 2.50 [ICRA]B+ reaffirmed Term Loan 3.36 [ICRA]B+ reaffirmed Unallocated Limits 1.50 [ICRA]B+ reaffirmed Non-fund based- Bank Guarantee 1.80 [ICRA]A4 reaffirmed Fund based-Bill Discounting (1.25) [ICRA]A4 reaffirmed The reaffirmation of ratings takes into account OCPL's relatively modest scale of operations and weak financial risk profile, marked by low profitability in early stage of operations, stretched capital structure and moderate coverage indicators. The ratings are further constrained by OCPL's limited product portfolio, comprising only ceramic wall tiles, which restricts its sales prospects and dealings with large institutional buyers. Moreover, the highly fragmented nature of the tiles industry results in intense competitive pressures. The ratings also take into account the cyclical nature of the real estate industry, which is the main consuming sector, and the exposure of the company's profitability to fluctuations in prices of raw materials, natural gas and foreign currency exchange rate. The ratings, however, take comfort from the past experience of the promoters in the ceramic industry and the marketing support drawn from the group companies engaged in the similar line of business. The ratings also take into account the company's competitive advantage in raw material procurement on account of its favorable location in Morbi. Incorporated in February 2014, Oyo Ceramic Private Limited commenced commercial production of ceramic wall tiles in November 2014. The manufacturing facility of the company is located at Morbi in Rajkot district of Gujarat and has an installed capacity of 30,000 Metric Tonnes Per Annum (MTPA). OCPL manufactures digitally printed ceramic wall tiles of size 12"X18". The promoters of the company have prior experience in the ceramic industry by virtue of their association with the group concerns such as Lexo Ceramic, Blue Lake Ceramic, Wipro Marketing and Romex Tiles Pvt. Ltd. Recent Results During FY2016, OCPL reported an operating income of INR16.89 crore and profit after tax of INR0.24 crore as against the operating income of INR6.71 crore and net losses of INR0.06 crore during FY2015 (5 months of operations). PERSANG ALLOY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Persang Alloy Industries Private Limited (PAIPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect PAIPL's weak credit metrics, moderate scale of operation and volatile EBITDA margins. The company's FY16 financials indicate net leverage (Ind-Ra total adjusted net debt/operating EBITDAR) of 3.4x (FY15: 3.9x) and interest coverage (operating EBITDA/gross interest expense) of 1.9x (1.3x). Revenue was INR442.3 mil. in FY16 (FY15: INR520.3 mil.). The decline in revenue was due to moderation of major raw material prices leading to lower realization. EBITDA margin of the company has been volatile and ranged between 5.9% and 8.0% over FY12-FY16 on account of fluctuation in the prices raw materials such as lead, silver and steel. However, the risk emanating from raw material price fluctuation is mitigated to some extent due to the company's ability to moderate fluctuations by revising prices of it supplies monthly. The company's liquidity remains comfortable as its average peak use of working capital facilities during the 12 months ended September 2016 was 85%. The ratings, however, are supported by more than two decades of experience of the company's promoters in the solder manufacturing business leading to established relationship with the customers. Further its technical collaboration with Shenmao Technology Inc in Taiwan for manufacturing and distribution of solder paste in India coupled with low customer concentration risk (as none of the customer contributed more than 10% to the overall revenue in FY16) benefits the ratings. RATING SENSITIVITIES Positive: Substantial revenue growth while maintaining profitability leading to sustained improvement in the credit metrics, could lead to a positive rating action. Negative: A decline in revenue and/or profitability leading to sustained deterioration in the credit metrics and/or liquidity could lead to a negative rating action. COMPANY PROFILE Established as a partnership firm in 1989 and then converted to a private limited company in 2007, PAIPL is engaged in manufacturing of soldering products such as solder bars, solder wire, solder paste and fluxes. PAIPL's manufacturing plant is located at Vadodara in Gujarat. According to 1HFY17 provisional results, the company has booked revenue of INR270 mil. (61% of FY16 revenue). PAIPL ratings: -- Long-Term Issuer Rating: assigned 'IND BB'/Stable -- INR80 mil. fund-based working capital limits: assigned 'IND BB'/Stable/'IND A4+' -- INR43.48 mil. term loan limits: assigned 'IND BB'/Stable PIANO PRESITEL: Ind-Ra Affirms 'BB' Long-Term Issuer Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Piano Presitel's Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. KEY RATING DRIVERS The rating affirmation reflects the company's small scale of operations and moderate credit metrics. FY16 revenue was INR350 mil. (FY15: INR325 mil.), net leverage was 2.8x (FY15: 2.4x) and interest coverage was 3.2x (3.5x). The ratings also take into consideration the improvement in EBITDA margins to 24.9% in FY16 (FY15: 21.3%) on account of favorable raw material prices. There was no loss on fluctuation in the prices of raw materials as Piano purchased raw material when the prices were favorable and increased its inventory holding period. The ratings are supported by the more than three decade long experience of the founders in the auto ancillary industry. RATING SENSITIVITIES Positive: Substantial growth in revenue and profitability leading to a sustained improvement in the credit metrics will be positive for the ratings. Negative: Substantial decline in profitability resulting in a sustained deterioration in the credit profile will lead to a negative rating action. COMPANY PROFILE Set up in1982, Piano is engaged in the manufacture and supply of various varieties of auto parts such as washers, clips and allied stainless steel components. The company has its manufacturing facility in Thane, Mumbai. Piano's ratings: -- Long Term Issuer Rating: affirmed at 'IND BB'/Stable -- Proposed INR30 mil. long term loans: assigned Provisional 'IND BB'/Stable; to be withdrawn as the facility no longer exists -- INR120 mil. (increased from INR70 mil.) fund-based facilities: affirmed at 'IND BB'/Stable/'IND A4+' -- INR41.7 mil. (reduced from INR54.2 mil.) long term loans: affirmed at 'IND BB'/Stable PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan ---------------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA]B+ and its short-term rating of [ICRA]A4 to the INR14.00-crore bank facilities of PRJ Polymers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based facilities 8.00 [ICRA]B+; reaffirmed Non-fund based facilities 6.00 [ICRA]A4; reaffirmed The ratings reaffirmation takes into account the extensive experience of PPPL's promoters in the polymer trading business; the company's established relationships with its principal and customers; and its large dealer network that facilitates sales. The ratings are, however, constrained by the company's high working capital requirements; moderate customer base; high geographic and segment concentration risks; and weak financial profile characterised by low cash accruals and weak debt coverage indicators. Further, the company's operations are dependent on the volumes handled for its principal, Indian Oil Corporation Ltd. Going forward, the ability of company to increase its scale of operations in a profitable manner and efficiently manage its working capital cycle will be the key rating sensitivities. Incorporated in 2006, PPPL was earlier involved in the business of distributing chemicals and polymers for GAIL India Ltd, Reliance Industries Limited, and IOCL etc. In 2009, PPPL applied to be a distributor of IOCL and got the distributorship for polymer products in May, 2010. Presently, PPPL is a del-credere agent (DCA) as well as a consignment stockist (CS) of IOCL for distribution of polymer products in the National Capital Region. The company has a rented warehouse in the Kavinagar industrial area, with a capacity of 350 metric tonnes (MT). Recent Results In FY2016, PPPL reported a net profit of INR0.14 crore on an operating income (OI) of INR34.96 crore, as against a net profit of INR0.13 crore on an OI of INR26.35 crore in the previous year. RISHIKESH FILAMENTS: Ind-Ra Withdraws BB- Long-Term Issuer Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Rishikesh Filaments Pvt Ltd's (RFPL) 'IND BB-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for RFPL. Ind-Ra suspended RFPL's ratings on March 2, 2016. BSPL's ratings: -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn -- INR82.50 mil. fund-based limits: 'IND BB-(suspended)'; rating withdrawn -- INR70 mil. long-term loans: 'IND BB-(suspended)'; rating withdrawn -- INR4.00 mil. non- fund- based limits: 'IND A4+ (suspended)'; rating withdrawn ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Rosewood Laminates Pvt Ltd continues to reflect the company's modest, albeit improving, scale of operations, and its large working capital requirement in the intensely competitive laminates industry, and its below-average debt protection metrics. These weaknesses are partially offset by its promoters' extensive industry experience. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 0.9 CRISIL B/Stable (Reaffirmed) Term Loan 59.1 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes RLPL will continue to benefit from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if continued ramp-up in operations and profitability leads to higher-than-expected cash accrual and a stronger financial risk profile. The outlook may be revised to 'Negative' if low revenue or operating margin, large debt-funded expansion, or a stretch in working capital cycle significantly weakens the financial risk profile, especially liquidity. RLPL, incorporated in 2013, is promoted by Mr. Rajesh C Garala, Mr. Digvijaysinh Padheriya, and others. Based in Morbi, Gujarat, the company manufactures laminates. S K PLASTIC: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn S K Plastic Engineerings' 'IND BB-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for SKPE. Ind-Ra suspended SKPE's ratings on Feb. 2016. SKPE's ratings: -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn -- INR40 mil. fund-based limits: 'IND BB-(suspended)'; rating withdrawn -- INR45 mil. long term loans: 'IND BB-(suspended)'; rating withdrawn -- INR0.27 mil. non-fund-based limits: 'IND A4+(suspended)'; rating withdrawn SAIKRUPA FIBRES: Ind-Ra Withdraws B- Long-Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Saikrupa Fibres Pvt Ltd's (SFPL) 'IND B-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for SFPL. Ind-Ra suspended SFPL's ratings on Feb. 29, 2016. SFPL's ratings: -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating withdrawn -- INR90 mil. fund-based limits working capital limit: 'IND B-(suspended)'; rating withdrawn -- INR40 mil. long-term loans: 'IND B-(suspended)'; rating withdrawn SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.5cr Cash Loan -------------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA]B on the INR10.0-crore bank facilities of Satnaam Stone Crushers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based cash credit limit 7.50 [ICRA]B; reaffirmed Fund-based term loan limit 2.40 [ICRA]B; reaffirmed Unallocated limit 0.10 [ICRA]B; reaffirmed ICRA's rating reaffirmation takes into account SSCPL's performance in FY2016, wherein the company incurred a net profit of INR0.08 crore on an operating income of INR5.84 crore. While the company was able to earn an operating margin of 32.5%; its overall operating scale remained modest. The rating continues to take into account SSCPL's limited track record of operations, and its weak financial profile characterised by high gearing levels and weak debt coverage indicators. The rating also factors in the company's high working capital because of high inventory holding and sizeable scheduled debt repayment obligations in relation to its cash accruals. Further, the rating also factors in the high competition as well as the regulatory risks associated with changes in government regulations in the mining and quarrying industry. However, ICRA draws comfort from the experience of the promoters and favorable demand for stone grits, given the increase in activities in the infrastructure industry. Going forward, the ability of the company to ramp up its scale of operations, while maintaining its operating profit margins, will be the key rating sensitivity. Government regulations that impact mining and quarrying will also be a key monitorable. SSCPL was established in January 2013, but commenced operations in February 2014. The company is involved in the business of crushing and screening of stones/boulders into grits of smaller sizes. The company is promoted by Mr. Vinay Arora, Mr. Om Prakash Arora, Mr. Anil Khatri and Mr. Jitendra Kumar. The stone crushing plant of the company is located at Rampur (Uttar Pradesh). Recent Results In FY2016, the company incurred a net profit of INR0.08 crore on an operating income of INR5.84 crore as compared to a net loss of INR0.82 crore on an operating income of INR4.06 crore in FY2015. SHAKTI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR112.5MM Loan ---------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Shakti Industries - Jalalabad continues to reflect Shakti's modest scale of operations in an intensely competitive rice processing industry, and average financial risk profile, with weak interest coverage ratio and small networth. These weaknesses are partially offset by the extensive experience of partners in the rice processing industry and funding support from them, and moderate working capital requirement. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 112.5 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 2.5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that Shakti will continue to benefit over the medium term from its partners' extensive industry experience and their funding support. The outlook may be revised to 'Positive' in case of significantly higher-than-expected cash accrual while managing its working capital requirement prudently. Conversely, the outlook may be revised to 'Negative' in case of lower-than- expected cash accrual, or stretched liquidity, most likely due to significant increase in working capital requirements or a large, debt-funded capital expenditure. Established in 1996, Shakti, a partnership between Mr. Pawan Bajaj and Mr. Sudhir Kumar, mills and processes rice. The firm is based in Jalalabad (Punjab). SHANKAR FLOUR: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Shankar Flour Mill's (SFM) 'IND B-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for SFM. Ind-Ra suspended SFM's ratings on Feb. 23, 2016. SFM's ratings: -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating withdrawn -- INR36 mil. fund-based limits: 'IND B-(suspended)'; rating withdrawn -- INR14 mil. long-term loans: 'IND B-(suspended)'; rating withdrawn SHINKWANG ELECTRONICS: CRISIL Suspends B+ Rating on INR98.8M Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shinkwang Electronics Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL B+/Stable Term Loan 98.8 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by SEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SEPL is yet to provide adequate information to enable CRISIL to assess SEPL'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. Established in 2006 and based in Noida (Uttar Pradesh), SEPL manufactures plastic parts for electrical and electronic appliances such as television sets, air conditioners, refrigerators, and others. The company is promoted by Mr. Kwang II Lee. SHREE RADHA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Shree Radha Govind Agro Industries a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect Radha's moderate credit profile. Provisional FY16 financials indicate revenue of INR304 mil. (FY15: INR302 mil.). EBITDA margin was in the range of 3.9%-1.6% over FY13- FY16. EBITDA interest cover (operating EBITDA/gross interest expense) was 1.7x in FY16 (FY15: 1.3x) and net leverage (total adjusted net debt/operating EBITDA) was 6.7x (7.8x). The ratings factor in the risks associated with agricultural commodity-based manufacturing business which is fraught with price volatility. The company has indicated INR177.3 mil. revenue during 1HFY17. The ratings factor in the partnership form of organization. The ratings, however, are supported by more than two decades of experience the firm's promoters in the rice milling industry. The firm's liquidity was comfortable with the average utilization of its fund-based facilities of around 76% over the 12 months ended September 2016. RATING SENSITIVITIES Positive: A significant increase in the scale and profitability leading to sustained improvement in the credit metrics, could be positive for the ratings. Negative: Substantial decline in revenue and profitability resulting in a sustained deterioration in the credit metrics could be negative for the ratings. COMPANY PROFILE Ahmedabad-based Radha is a partnership firm established in the 1998. The firm engages in the manufacturing and processing of rice from paddy at its unit with an annual installed capacity of converting 13,500MT of paddies into fine rice. Radha's ratings: -- Long-Term Issuer Rating: assigned 'IND B+'/Stable -- INR11.6 mil. term loan: assigned 'IND B+'/Stable -- INR70 mil. fund-based working capital limits: assigned 'IND B+'/Stable/'IND A4' SHREE SAIRAM: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan ------------------------------------------------------------- CRISIL's ratings on the long term bank facilities of Shree Sairam Communications (India) Private Limited continues to reflect SSCPL's limited track record and modest scale of operations in the intensely fragmented industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 10 CRISIL B+/Stable (Reaffirmed) The ratings also factor in SSCPL's below-average financial risk profile marked by weak debt protection metrics. These rating weaknesses are mitigated by the extensive industry experience of the promoters and the company's established relationship with its principal, Bharti Airtel Limited (CRISIL AA+/Stable/CRISIL A1+). Outlook: Stable CRISIL believes that SSCPL will continue to benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm significantly scales up its operations while maintains its operating profitability, or improves its working capital management, thereby resulting in improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' if SSCPL's financial risk profile weakens owing to decline in its cash accruals or deterioration in its working capital management, or significant withdrawals by the promoters. Incorporated in June 2014, Shree Sairam Communications Pvt Ltd (SSCPL) is an authorized distributor of Airtel sim cards, mobile handsets, recharge vouchers and Airtel DTH products. Based out of Chennai, the company caters to 200 retailers in the region. The company is promoted and managed by Mr. S Ponkarthick and Mr. Sushil Lalwani. SMITABH INTERCON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Smitabh Intercon Ltd.'s 'IND B-(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for SIL. Ind-Ra suspended SIL's ratings on Feb. 29, 2016. SIL's ratings: -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating withdrawn -- INR20 mil. fund-based limits: 'IND B-(suspended)'; rating withdrawn -- INR30 mil. non-fund-based limits: 'IND A4(suspended)'; rating withdrawn SOMA ISOLUX: CRISIL Reaffirms 'D' Rating on INR36.46BB Term Loan ---------------------------------------------------------------- CRISIL's rating on the long-term bank facility of Soma Isolux Soma Isolux NH One Tollway Private Limited continues to reflect weak liquidity because of ongoing delays in interest payment on the term loan, due to lower-than-expected toll collection. The project was also impacted due to non-availability of approvals from National Highways Authority of India (NHAI; rated 'CRISIL AAA/Stable') and interrupted debt disbursement by the lenders, leading to significant time and cost overruns. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 36460 CRISIL D (Reaffirmed) Tolling began on October 1, 2015, with receipt of provisional completion certificate for 91.03% of the total project. Toll revenue was around INR400 million per month since commencement of commercial operations. Nonetheless, lower-than-expected toll revenue resulted in shortfall in cash flow, adversely impacting the company's debt servicing ability. The company expects to receive claims from NHAI pertaining to change of scope of the project of INR3.89 billion and arbitration claim of INR22 billion over the medium term. The Public Sector Pension Investment Board (rated 'AAA/Stable/A- 1+' by S&P Global Ratings) made investments in the Isolux Corsan group, which holds 50% stake in SIPL, thereby improving the group's financial risk profile. CRISIL believes SIPL's ability to meet debt obligation in a timely manner over the medium term will depend on pick-up in toll collections and resultant cash flow adequacy, timely receipt of claim proceeds and financial support from the sponsors. Toll revenue remains susceptible to fluctuation in traffic volume. However, the company benefits from strategic location of the project. Incorporated in 2008, SIPL is a special-purpose vehicle promoted by the Isolux Corsan group and Soma Enterprises Ltd in the ratio of 61:39. SIPL has entered into a concession agreement with NHAI for execution, operation, and maintenance of the project on a build-operate-transfer (BOT) basis. The company has been awarded the right to widen the four-lane Panipat'Jalandhar section of NH 1 to six lanes, to be executed on a BOT-toll basis. The concession period is for 15 years, which includes a construction period of 30 months. The revised project cost of INR56.90 billion was funded in a debt-equity ratio of 64:36. The project was delayed by 46 months and it achieved provisional completion certificate on September 30, 2015. SIPL had high premium payout to NHAI of 26% of revenue earned in fiscal 2016 prior to debt servicing (premium to be increased by 1% y-o-y till the end of the concession period). SIPL earned toll revenue of INR2.42 billion and INR1.59 billion in fiscal 2016 and in the first four months of fiscal 2017, respectively. SPARK INSULATORS: CRISIL Suspends B+ Rating on INR40MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Spark Insulators Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 15 CRISIL A4 Cash Credit 40 CRISIL B+/Stable Letter of Credit 15 CRISIL A4 Long Term Loan 25.8 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 4.2 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by SIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIPL is yet to provide adequate information to enable CRISIL to assess SIPL'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. Established in 2009 by Mr. P Bheemudu and Mr. Padala Sanjeeva Kumar, SIPL manufactures polymer insulators in the range of 11 kilovolt amperes (kVA) to 765 kVA. The company is based in Hyderabad (Telangana) and its day-to-day operations are managed by Mr. Bheemudu. SRI GANESH: CRISIL Suspends B- Rating on INR50MM Cash Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sri Ganesh Rice Mills - Taraori (SGR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable Letter of credit & Bank Guarantee 5 CRISIL A4 Proposed Cash Credit Limit 25 CRISIL B-/Stable Term Loan 15 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by SGR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SGR is yet to provide adequate information to enable CRISIL to assess SGR'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. SGR was established as a partnership firm by Mr. Vinod Kumar and Mrs. Lalita Devi in 2012 in Taraori (Haryana). The firm mills and sorts basmati rice for sales in the domestic and export markets. SRI RAGHAVENDRA: CRISIL Ups Rating on INR180MM Term Loan to B+ -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Sri Raghavendra Ferro Alloys Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 115 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') Term Loan 180 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The upgrade reflects improvement in SRFAPL's liquidity, backed by higher cash accrual and reduced dependence on bank limits. The upgrade also factors in its strengthening capital structure, low gearing, and debt protection metrics. Cash accrual increased to INR78 million in fiscal 2016 from INR17 million in fiscal 2014. Bank limit utilisation for the 12 months through August 2016 was 78% as against 96% for the 12 months through March 2015. CRISIL believes that SRFAPL's liquidity will be adequate on the back moderate accretion and reserves, and continuity of reduced reliance on bank limits. Net worth remained healthy at INR322 million as on March 31, 2016, growing 9% from INR295 million as on March 31, 2015. Gearing reduced to 0.8 time as on March 31, 2016, from 1.0 time the previous year. The ratio is expected to reduce further to 0.6 time by March 31, 2017, supported by continued growth in networth and nil large, debt-funded capital expenditure. CRISIL's rating on the long-term bank facilities of SRFAPL continues to reflect working capital-intensive operations, high degree of customer concentration in revenue, and susceptibility to volatility in raw material prices. These weaknesses are partially offset by the extensive experience of promoter in the ferroalloys industry, and above-average financial risk profile with moderate networth, low gearing, and robust debt protection metrics. Outlook: Stable CRISIL believes SRFAPL will continue to benefit over the medium term from its promoter's extensive experience. The outlook may be revised to 'Positive' in case of a substantial and sustained increase in revenue while maintaining profitability margins, or sustained improvement in working capital cycle. Conversely, the outlook may be revised to 'Negative' if profitability margins decline steeply, or capital structure weakens significantly, most likely due to a stretch in the working capital cycle. SRFA was set up in 2004 by Mr. K Srinivasa Reddy. The company manufactures ferroalloys, with silico-manganese being its main product. Its manufacturing unit is in Nalgonda, Telangana. SRI VANGALAMMAN: CRISIL Reaffirms B- Rating on INR100MM Loan ------------------------------------------------------------ CRISIL's rating on the long-term bank facilities of Sri Vangalamman Farms India Private Limited continue to reflect SVFIPL's small scale of operations in the fragmented poultry industry, its low operating margins and its weak financial risk profile marked by weak debt protection metrics and net worth. These rating weaknesses are partially offset by the benefits derived from the extensive experience of SVFIPL's promoters in the poultry industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 35 CRISIL B-/Stable (Reaffirmed) Long Term Loan 100 CRISIL B-/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SVFIPL will continue to benefit over the medium term from promoter's extensive experience in the poultry industry. The outlook may be revised to 'Positive' if the company completes ongoing capacity addition within stipulated time and cost resulting in larger scale of operations, while sustaining profitability levels. Conversely, the outlook may be revised to 'Negative' if SVFIPL's profitability is significantly low or there are delays or cost overrun in ongoing capacity expansion, resulting in deterioration in financial risk profile. Established in 2006 and based in Namakkal (Tamil Nadu), SVFIPL is engaged in the poultry business and produces eggs. The company is promoted by Mr. K Jayaprakash. SRIRAMAGIRI SPINNING: CRISIL Suspends 'D' Rating on INR250MM Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sriramagiri Spinning Mills Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL D Letter of Credit 10 CRISIL D Long Term Loan 250 CRISIL D The suspension of ratings is on account of non-cooperation by SSML with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SSML is yet to provide adequate information to enable CRISIL to assess SSML'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. SSML was set up in 2006 by Mr. S Ramachandra Rao and his family members. The company manufactures cotton yarn, and its spinning unit is located in Nalgonda district in Andhra Pradesh. SSK EXPORTS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned SSK Exports Limited a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The agency has also assigned the company's INR750 mil. fund-based working capital limit an 'IND BB+' rating with a Stable Outlook. KEY RATING DRIVERS The ratings reflect SSK's moderate credit metrics. According to FY16 provisional financials its gross interest coverage (operating EBITDA/gross interest expenses) was 1.8x (FY15: 1.8x) and net financial leverage (adjusted net debt/operating EBITDAR) was 2.8x (3x). The ratings reflect the company's moderate net cash cycle which deteriorated to 82 days in FY16 from 79 days in FY15. This was mainly due to high inventory holding. The ratings factor in SSK's moderate liquidity position as indicated by 92.7% average utilization of its fund-based limits during the 12 months ended September 2016. The ratings, however, are supported by two and a half decades of experience of the company's owners in trading of tea. The ratings also factor in the company's improved scale of operations and strong operating margins. Its revenue increased to INR1,644 mil. during FY16 from INR1,155m in FY15 and EBITDA margins were 6.6% (7.1%). RATING SENSITIVITIES Positive: An improvement in EBITDA interest coverage on a sustained basis could lead to a positive rating action. Negative: Any deterioration in EBITDA interest coverage on a sustained basis could lead to a negative rating action. COMPANY PROFILE SSK, incorporated in 1993, is a Kolkata-based company promoted by Mr. Anoop Kumar. The company has its own tea garden- The Boisahabi Tea Estate - at Selenghat in Jorhat (Assam). Total area of the garden is 809.59 hectares and the area under cultivation is 498.28 hectares. The company presently is engaged in cultivation, manufacturing, trading and export of tea. The annual production capacity of SSK is 1,500,000 kg. Presently the company earns its revenue mostly from trading. The company also runs business operations from its offices in Coimbatore (Tamil Nadu), Cochin (Kerela) and Jorhat (Assam). UNI SOURCCE: Ind-Ra Withdraws BB+ Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Uni Sourcce Treend India's (USTI) 'IND BB+(suspended)' Long-Term Issuer Rating. The ratings have been withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for USTI. Ind-Ra suspended USTI's ratings on Feb. 25, 2016. USTI's ratings: -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating withdrawn -- INR170 mil. fund-based limits: 'IND A4+(suspended)'; rating withdrawn -- INR46.08 mil. long term loans: 'IND BB+(suspended)'; rating withdrawn V.R. CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR99MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of V.R. Constructions. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit/ Overdraft facility 99 CRISIL D The suspension of ratings is on account of non-cooperation by VRC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, VRC is yet to provide adequate information to enable CRISIL to assess VRC'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. VRC was set up as a partnership firm in August 2011 by Mr. Velu B Pethi and his wife, Mrs. Reshma Velu. The firm has a commercial real estate project at Rajaji Nagar in Bengaluru. VRAJ PACKAGING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Vraj Packaging Private Limited's 'IND BB+(suspended)' Long-Term Issuer Rating. The ratings have beenn withdrawn due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for Vraj. Ind-Ra suspended Vraj's ratings on May 2, 2016. Vraj's ratings: -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating withdrawn -- INR74.7 mil. term loan: 'IND BB+(suspended)'; rating withdrawn -- INR200 mil. fund-based working capital limits: 'IND BB+(suspended)'/'IND A4+(suspended)'; ratings withdrawn -- INR20 mil. non-fund-based working capital limits: 'IND A4+(suspended)'; rating withdrawn WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan --------------------------------------------------------------- ICRA has reaffirmed the long term rating assigned to the INR27.0 crore fund based term loan limits of Waterline Hotels Private Limited at [ICRA]B-. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Term Loan 27.0 [ICRA]B- reaffirmed The reaffirmation of the rating considers the continuous losses reported by the company owing to the high fixed costs incurred for the hotel, which has resulted in negative cash accruals and led to further erosion of net worth (negative net worth of Rs.7.79 crore as on March 31, 2016) . The rating also factors in the delays in execution of the real estate project 'Miraya Rose' as per the schedule (initial expected date of completion was June 2016); with the bookings in the real estate project remaining stagnant at 71% since Dec 2015. Also, the real estate project, being partly debt funded, has resulted in sizable repayment obligations falling due in the short to medium term, which render vulnerability to debt servicing ability. Further, the company remains exposed to execution risk, given intermediate stage of completion of project, while it continues to face competition from the ongoing projects of reputed large scale developers in the vicinity of upcoming project. The hotel operations also remain susceptible to inherent cyclicality of the hotel industry and high competitive intensity in the hotel location (Whitefield, Bangalore). The rating, however, derives comfort from the strong management tie-up of the hotel, group support and promoter background with presence in hospitality and real estate and the high collect efficiency of 90% as on July, 2016. Going forward, the ability of the company to execute the Miraya Rose project in a timely manner, to improve sales velocity and to maintain healthy collection efficiency; coupled with stabilization of hotel operations will be the key rating sensitivities. Incorporated in 2008, Waterline Hotels Private Limited owns a 122-room 5-star hotel "Holiday Inn Bangalore" (erstwhile Alila) at Whitefield in Bangalore, which is currently operated under a management contract with Intercontinental Hotels Group (India) Ltd. The hotel has been operational since August, 2011. WHPL is currently also constructing a residential cum commercial project at Whitefield (Bangalore) under the name of Miraya Rose in a 60:40 joint development agreement with the land owners. The cost of the project is INR120.12 Crore; expected to be completed by July 2017. As on July 31, 2016 the project has achieved 71% of bookings with 90% collection efficiency and the company has incurred 62% of the project cost reflecting intermediate stage of completion. WHPL is a part of the UKN Group of companies with ~62.05% stake in the company held by UKN Properties Private Limited (UPPL). The Group is primarily engaged in real estate development and has till date developed over 1.5 million square feet of commercial, residential and hospitality projects. Mr. Gautam U Nambisan, who specializes in hotel management, remains the Managing Director of the Group since 2003. Recent Results During FY2016 the company reported a net loss of INR4.30 crore on an operating income of INR76.05 crore as against a net loss of INR9.97 crore on an operating income of INR13.95 crore during FY2015. ========= J A P A N ========= TAKATA CORP: Denies Media Reports of Impending Bankruptcy Filing ---------------------------------------------------------------- Takata Corporation acknowledged on Nov. 4 that certain media have reported that TK HOLDINGS INC., its U.S. subsidiary, is considering filing for Chapter 11 bankruptcy proceedings under the U.S. Federal Bankruptcy Code and that Takata is considering voluntary liquidation in Japan. Takata said these media reports are not based on any announcement by the Company. Takata said it has not made any such decisions and has no information to disclose concerning these matters. Takata said it has set up an external Steering Committee and commissioned it to develop a comprehensive restructuring plan to address the various issues related to airbag recalls. As part of its activities this committee is seeking new investors in Takata, but there are no new decisions to report since the press release issued by Takata on October 11, 2016 titled "Regarding certain media reports." Any information that requires disclosure will be announced promptly as it arises. On Oct. 11, Takata also denied certain media reports of a looming bankruptcy filing for TK Holdings. Takata at that time also said the reports were not based on any announcement made by the Company, and that it has not made any decision nor has facts to be disclosed concerning this matter. According to the Oct. 11 statement by the Company, "Takata has set up a Steering Committee and commissioned it to develop a comprehensive restructuring plan to address the various issues related to airbag recall. As a corporate citizen, Takata has called on the Steering Committee to develop a restructuring plan that considers all of its stakeholders. At the same time, Takata's most important operational commitment remains to ensure a stable and uninterrupted supply to automaker customers of high quality replacement parts and general production components. Takata works toward operational stability over the medium to long term with the understanding from all relevant parties." Takata's understanding is that as part of the restructuring plan, the Steering Committee is currently considering a number of measures, including seeking new investors, and has received various proposals, and discussions with relevant parties will start. Any information that requires disclosure will be announced promptly as it arises, says the Company statement. The Troubled Company Reporter and Troubled Company Reporter-Asia Pacific, citing a report by the Asia Nikkei Review, said Takata is preparing for a possible bankruptcy protection filing in the U.S. amid the mounting costs related to the company's defective air bags, which have been linked to some deaths. According to the Nikkei report, the move could help the Tokyo-based company find a financial backer to ensure its parts-supplying operations remain ongoing as it seeks an out-of-court reorganization -- an important consideration for its automaker customers. According to Nikkei, Takata's financial adviser has urged would- be sponsors to propose turnaround plans based on the assumption that the U.S. unit would file for bankruptcy protection. Global air bag leader Autoliv of Sweden, U.S. private equity funds and other potential backers have submitted proposals on this premise, the report noted. Honda Motor, Toyota Motor and other customers that have shouldered some of the recall costs for Takata are also believed to be leaning in favor of TK Holdings entering bankruptcy protection, according to Nikkei. The automakers are expected to seek repayment of recall costs and other claims, but not to the extent that it would compromise Takata's ability to supply parts, Nikkei said. Citing an October report by Bloomberg News, the Troubled Company Reporter-Asia Pacific said Takata reportedly hired law firm Weil Gotshal & Manges LLP to help it weigh options that could include bankruptcy or a sale, according to people with knowledge of the matter. Bloomberg said Takata is evaluating at least five bids as it confronts the potentially massive cost of recalling 100 million faulty airbag inflators worldwide and lawsuits tied to at least 16 deaths and numerous injuries. Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. MITSUI O.S.K.: Unveils Merger Plans with Two Other Container Line ----------------------------------------------------------------- Nikkei Asian Review reports that three Japanese marine shipping companies, Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha, jointly announced on Oct. 31 plans to consolidate their container shipping operations, in the face of silent pressure from financial markets. "Shareholders' equity accumulated over the years disappeared in an instant," the report quotes Nippon Yusen President Tadaaki Naito as saying. When the three shipping lines announced the merger of their container businesses on Nov. 7, Nippon Yusen said it expects its group net loss to hit JPY245 billion ($2.37 billion) in the fiscal year ending March 2017. As a result, the company's capital ratio fell to 24% from 34% at the end of the previous fiscal year, Nikkei relates. Capital ratio of Mitsui O.S.K. Lines is 22% and that of Kawasaki Kisen is around 23%, far below 40%, the average of financially stable listed companies that are unlikely to go bankrupt, according to Nikkei. Nikkei relates that the three shipping lines logged net losses in five years out of the nine years from the global financial crisis through the current fiscal year, mainly due to slumping container line business, which is the subject of the merger. Over the period, Kawasaki Kisen's container line business logged a net loss six times, compared with Nippon Yusen's seven times and Mitsui O.S.K. Lines' eight times, the report notes. In addition to business fluctuations, "it took shippers a long time to notice the structural change," Nikkei quotes Ryota Himeno, an analyst at Citigroup Global Markets Japan, as saying. Shipping lines continued to pump money into new ships even when the global trade volume began a constant stagnation due to China's economic slowdown. That created an oversupply, making it increasingly difficult to continue the business, the report states. Nikkei says that while a ship's service life is 20-30 years and it takes about three years from order to delivery, container line contracts are normally one year. Freight rates are determined by market conditions. The container line business has been hit hard by market conditions, compared with bulk shipping, which has long-term, stable contracts with large customers, such as steel and car makers. The benchmark freight rates for the U.S. are about half of the level of before the global financial crisis, adds Nikkei. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 7, 2016, Moody's Japan K.K. said the announcement of the merger of the container shipping businesses of Mitsui O.S.K. Lines, Ltd. (MOL, Ba1 corporate family rating, negative), Nippon Yusen Kabushiki Kaisha (Baa3 negative) and Kawasaki Kisen Kaisha, Ltd. (unrated) has no immediate impact on MOL's Ba1 rating and negative outlook. "The move highlights the very negative market conditions that continue to plague the containership industry," says Mariko Semetko, a Moody's Vice President and Senior Analyst. Moody's expects the integration of the three businesses could prove credit positive over time if it leads to more discipline in managing capacity. However, the potential cash flow synergies and balance sheet impact remain uncertain for now, including (1) whether the companies will transfer their vessels to a new joint venture and (2) the capital structure. Headquartered in Tokyo, Japan, Mitsui O.S.K. Lines Ltd., is one of the world's largest shipping companies by fleet size with about 900 vessels including spot-chartered ships and vessels owned through joint ventures. ==================== N E W Z E A L A N D ==================== PUMPKIN PATCH: 145 Jobs to Go as 27 Stores Set to Close ------------------------------------------------------- Having advised the affected staff, the receivers of Pumpkin Patch Originals Limited, have confirmed the closure of 27 Pumpkin Patch and Charlie & Me stores across Australia. 52 employees will be redeployed to other Pumpkin Patch stores and there will be a loss of up to 145 jobs. The stores are: Belrose Clearance Bendigo Charlie & Me Booragoon Charlie & Me Carousel Charlie & Me Chatswood Chase Chatswood Chase Colonnades Rockingham Claremont Docklands Clearance Forest Hill Chase Frankston Indooroopilly Logan Dubbo Melton Tuggerah Mt Ommaney Northlakes Nunawading Outlet Orange Rundle Mall ShellHarbour NSW Shepparton Sunbury Top Ryde Wagga Wagga Receiver, Brendon Gibson said the likely closure of some Pumpkin Patch stores in both Australia and New Zealand had been signalled when the business was placed in receivership on October 26. "We have already moved to close some stores in New Zealand. Having now had time to assess the financial viability of the Australian retail footprint, unfortunately it is necessary to also close some stores in an effort to stabilise the broader business. "Staff have been advised of their store closure and the receivers' intention to pay all entitlements. They have also been given access to EAP support services. We acknowledge this is a difficult time for all Pumpkin Patch employees and we would ask the media to please respect this situation," Mr. Gibson said. The receivers noted that work is continuing to identify viable sale options for the business. The stores will close on or before Nov. 15, 2016. About Pumpkin Patch Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) -- http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer and wholesaler of children's clothing. The Company's product range encompasses all stages of a child's growth, from baby to toddler, primary school kid to pre and early teen, including clothing, nightwear, accessories, rainwear, footwear and teddy collection. Pumpkin Patch also caters for mums-to-be with a maternity collection. The Company also has a fashion mini-brand for discerning pre and early-teen girls, Urban Angel Girls. The Company's collections are available in numerous countries and regions, including New Zealand, Australia, the United Kingdom, the United States, South Africa and the Middle East. Pumpkin Patch predominantly sells through its own store network in New Zealand, Australia, the United Kingdom and the United States. The Company's subsidiaries include Torquay Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and Urban Angel Girls Limited. On Oct. 26, the Board of Pumpkin Patch has placed the company into Voluntary Administration under Part 15A of the Companies Act 1993. The board has therefore appointed Andrew Grenfell and Conor McElhinney of McGrathNicol as administrators for Pumpkin Patch and a number of its subsidiaries. Pumpkin Patch's bank has appointed Neale Jackson and Brendon Gibson of KordaMentha as receivers. ==================== S O U T H K O R E A ==================== STX OFFSHORE: 4 Parties Express Interest in French Unit's Stake --------------------------------------------------------------- Joyce Lee at Reuters reports that four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd. and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Nov. 4. The Seoul Central District Court spokesman declined to comment on the names of the parties, Reuters notes. The South Korean court in October decided to allow the two units of the collapsed STX shipbuilding group to be sold either separately or together, Reuters recounts. Initial bids were due on Nov. 4 for all of STX Offshore & Shipbuilding Co Ltd. and a 66.7% stake in STX France SA that is held by STX Europe AS, Reuters states. South Korean M&A publication Market Insight reported earlier on Nov. 4, citing unnamed investment banking sources, the four parties that entered non-binding bids in the sale were France's DCNS Group, Italy's Fincantieri SpA and Netherlands' Damen Shipyards, and a fourth non-Korean bidder, Reuters relays. France's Industry Minister Christophe Sirugue confirmed to Reuters that there had been four offers, including at least two from Europe. According to Reuters, the Korean media report said there isn't a high chance that both will be sold together as potential buyers are only interested in STX France. STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company mainly engaged in the shipbuilding and offshore business. The company operates its business through five segments: merchant vessel, cruise, offshore and specialized vessel (OSV), vessel apparatus and other segment. As reported by the Troubled Company Reporter-Asia Pacific on Oct. 21, 2016, STX Offshore & Shipbuilding Co., Ltd., filed a Chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of Texas in an attempt to block creditors from seizing control of its assets in the United States. Mr. Yoon Keun Jang, the court-appointed administrator of the Company, seeks recognition in the United States of the Company's legal proceedings (case number 2016 hoehap 100109 Rehabilitation) under the Republic of Korea's Debtor Rehabilitation and Bankruptcy Act currently pending before the Republic of Korea's Seoul Central District Court, Third Bankruptcy Division. Contemporaneously with the petition, Mr. Jang asks the U.S. Bankruptcy Court to enter a preliminary injunction and temporary restraining order prohibiting the initiation or continuation of any collection actions against the Company in the United States pending a hearing on the Company's petition for recognition of a foreign proceeding pursuant to Chapter 15 of the Bankruptcy Code. On May 27, 2016, the Company applied for a commencement of Rehabilitation Procedure under the DRBA which initiated the Korean Bankruptcy Proceeding. On June 7, 2016, the Korean Bankruptcy Court issued its decision commencing rehabilitation proceedings under the DRBA and appointing the then CEO of the Company, Mr. Byung Mo Lee, as the Company's administrator. Mr. Lee was later replaced by Mr. Jang pursuant to a June 28, 2016, order of the Korean Bankruptcy Court. =============== X X X X X X X X =============== * BOND PRICING: For the Week Oct. 31 to Nov. 4, 2016 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- BOART LONGYEAR MANAGE 10.00 10/01/18 USD 70.00 BOART LONGYEAR MANAGE 7.00 04/01/21 USD 11.75 BOART LONGYEAR MANAGE 10.00 10/01/18 USD 69.88 BOART LONGYEAR MANAGE 7.00 04/01/21 USD 22.03 CML GROUP LTD 9.00 01/29/20 AUD 1.00 CRATER GOLD MINING LT 10.00 08/18/17 AUD 23.89 CROWN RESORTS LTD 5.73 04/23/75 AUD 72.86 DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 64.45 EMECO PTY LTD 9.88 03/15/19 USD 60.00 EMECO PTY LTD 9.88 03/15/19 USD 61.00 IMF BENTHAM LTD 6.16 06/30/19 AUD 60.13 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.67 LAKES OIL NL 10.00 03/31/17 AUD 4.00 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 1.37 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 1.37 RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.76 RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.76 STOKES LTD 10.00 06/30/17 AUD 0.35 TREASURY CORP OF VICT 0.50 11/12/30 AUD 73.93 CHINA ----- ANHUI PROVINCE WANBEI 5.32 06/28/17 CNY 70.00 ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 63.38 ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 63.73 ANYANG INVESTMENT GRO 8.00 04/17/19 CNY 64.23 BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 62.17 BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 60.50 BANGBU CITY INVESTMEN 5.78 08/10/17 CNY 30.67 BEIJING CAPITAL DEVEL 5.95 05/29/19 CNY 62.76 BEIJING CONSTRUCTION 5.95 07/05/19 CNY 62.73 BEIJING CONSTRUCTION 5.95 07/05/19 CNY 60.00 BEIJING ECONOMIC TECH 5.29 03/06/18 CNY 71.71 BEIJING XINGZHAN STAT 6.48 08/31/19 CNY 63.86 BEIJING XINGZHAN STAT 6.48 08/31/19 CNY 83.00 BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 63.86 BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 61.50 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 63.29 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 75.00 CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 84.63 CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 64.05 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 63.19 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 60.01 CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 63.64 CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 64.31 CHANGSHA HIGH TECHNOL 7.30 11/22/17 CNY 71.10 CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 63.35 CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 60.00 CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 63.70 CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 63.00 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 51.67 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 51.70 CHAOYANG CONSTRUCTION 7.30 05/25/19 CNY 63.42 CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 63.40 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 51.74 CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 60.00 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 52.17 CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 64.45 CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 65.30 CHIFENG CITY HONGSHAN 7.20 07/25/19 CNY 63.26 CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 51.34 CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 50.25 CHONGQING DASHENG ASS 6.78 06/02/17 CNY 51.23 CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.44 CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.20 CHONGQING HECHUAN URB 6.95 01/06/18 CNY 72.67 CHONGQING HECHUAN URB 6.95 01/06/18 CNY 71.38 CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.67 CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.00 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 63.41 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 83.20 CHONGQING LAND PROPER 7.35 04/25/19 CNY 64.10 CHONGQING LAND PROPER 7.35 04/25/19 CNY 63.90 CHONGQING MAIRUI CITY 6.82 08/17/19 CNY 63.95 CHONGQING NAN'AN URBA 8.20 04/09/19 CNY 64.40 CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 61.78 CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 63.42 CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 63.92 CHONGQING XINGRONG HO 8.35 04/19/19 CNY 64.05 CHONGQING XINGRONG HO 8.35 04/19/19 CNY 64.30 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 64.23 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 60.00 CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 73.00 CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 71.00 CHONGQING YUFU ASSET 6.50 09/04/19 CNY 63.90 CHONGQING YUFU ASSET 6.50 09/04/19 CNY 64.12 CHONGQING YULONG ASSE 6.87 05/31/19 CNY 63.21 CHONGQING YUXING CONS 7.29 12/08/17 CNY 71.99 DALI ECONOMIC DEVELOP 8.80 04/24/19 CNY 64.75 DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 63.43 DANDONG CITY DEVELOPM 5.84 09/06/17 CNY 40.55 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 63.89 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 62.50 DATONG ECONOMIC CONST 6.50 06/01/17 CNY 40.80 DATONG ECONOMIC CONST 6.50 06/01/17 CNY 40.84 DAXING ANLING FORESTR 7.08 10/23/19 CNY 79.90 DONGBEI SPECIAL STEEL 6.50 03/27/16 CNY 40.00 DONGBEI SPECIAL STEEL 5.63 04/12/18 CNY 40.00 DONGBEI SPECIAL STEEL 6.10 01/15/18 CNY 40.00 DONGBEI SPECIAL STEEL 7.00 07/10/16 CNY 40.00 DONGBEI SPECIAL STEEL 5.88 05/05/16 CNY 40.00 DONGBEI SPECIAL STEEL 7.40 07/17/17 CNY 40.00 DONGBEI SPECIAL STEEL 8.20 06/06/16 CNY 40.00 DONGBEI SPECIAL STEEL 6.30 09/24/16 CNY 36.13 DONGTAI COMMUNICATION 7.39 07/05/18 CNY 52.38 DONGTAI COMMUNICATION 7.39 07/05/18 CNY 51.01 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 32.13 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 32.38 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 50.26 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 49.37 EZHOU CITY CONSTRUCTI 7.08 06/19/19 CNY 63.64 FEICHENG CITY ASSET O 7.10 08/14/18 CNY 52.61 FEICHENG CITY ASSET O 7.10 08/14/18 CNY 52.50 FUJIAN LONGYAN CITY C 7.45 08/14/19 CNY 64.29 FUSHUN URBAN INVESTME 5.95 05/11/18 CNY 71.87 GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 51.00 GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 52.11 GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 64.31 GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 62.72 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 62.92 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 62.73 GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 52.12 GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 52.00 GUIYANG ECO&TECH DEVE 8.42 03/27/19 CNY 64.41 GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 70.84 HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.52 HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.45 HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 62.00 HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 63.96 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 51.25 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 51.49 HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.02 HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.21 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 64.10 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 63.55 HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 73.25 HEFEI CONSTRUCTION IN 5.23 08/28/18 CNY 71.82 HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 63.67 HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 60.00 HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 64.34 HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 61.90 HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 63.77 HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 60.00 HEGANG KAIYUAN CITY I 6.50 07/19/19 CNY 63.90 HEILONGJIANG HECHENG 7.78 11/17/16 CNY 40.29 HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 64.20 HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 64.35 HUAIAN CITY URBAN ASS 7.15 12/21/16 CNY 40.25 HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 64.38 HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 62.01 HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 64.19 HUAI'AN DEVELOPMENT H 6.80 03/24/17 CNY 42.46 HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 63.81 HUAIAN QINGHE NEW ARE 6.79 04/29/17 CNY 40.82 HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 51.81 HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 53.00 HUZHOU MUNICIPAL CONS 7.02 12/21/17 CNY 72.25 HUZHOU NANXUN STATE-O 8.15 03/31/19 CNY 63.53 HUZHOU WUXING NANTAIH 7.71 02/17/18 CNY 72.68 JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.01 JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.34 JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 63.94 JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 60.00 JIANAN INVESTMENT HOL 7.68 09/04/19 CNY 64.62 JIANGDONG HOLDING GRO 6.90 03/27/19 CNY 62.99 JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 63.04 JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 63.11 JIANGSU HUAJING ASSET 5.68 09/28/17 CNY 50.00 JIANGSU HUAJING ASSET 5.68 09/28/17 CNY 50.60 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.86 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.28 JIANGSU TAICANG PORT 7.66 05/16/19 CNY 64.10 JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 64.55 JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 64.66 JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 63.99 JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 60.00 JIASHAN STATE-OWNED A 6.80 06/06/19 CNY 63.45 JIAXING CULTURE FAMOU 8.16 03/08/19 CNY 64.21 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 63.36 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 60.00 JILIN PROVINCIAL COAL 6.00 11/11/16 CNY 74.00 JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 50.00 JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 52.03 JINAN XIAOQINGHE DEVE 7.15 09/05/19 CNY 64.42 JINAN XIAOQINGHE DEVE 7.15 09/05/19 CNY 63.74 JINGZHOU URBAN CONSTR 7.98 04/24/19 CNY 64.61 JINING CITY CONSTRUCT 8.30 12/31/18 CNY 63.94 JINTAN CONSTRUCTION I 8.30 03/14/19 CNY 63.62 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.49 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.24 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 64.00 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 64.56 KAIFENG DEVELOPMENT I 6.47 07/11/19 CNY 63.22 KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 62.40 KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 63.73 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.13 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.02 KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.62 KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.74 LAIWU CITY ECONOMIC D 6.50 03/01/18 CNY 61.91 LEQING CITY STATE OWN 6.50 06/29/19 CNY 62.44 LEQING CITY STATE OWN 6.50 06/29/19 CNY 60.00 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 72.82 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 72.70 LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 67.75 LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 66.00 LIAOYUAN STATE-OWNED 7.80 01/26/17 CNY 40.49 LIAOYUAN STATE-OWNED 7.80 01/26/17 CNY #N/A N/A LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 63.40 LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY #N/A N/A LIJIANG GUCHENG MANAG 6.68 07/26/19 CNY 63.33 LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 49.88 LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 52.32 LINHAI CITY INFRASTRU 7.98 11/06/16 CNY 50.37 LINHAI CITY INFRASTRU 7.98 11/06/16 CNY 50.28 LINYI INVESTMENT DEVE 8.10 03/27/18 CNY 53.50 LIUZHOU DONGCHENG INV 8.30 02/15/19 CNY 62.02 LIUZHOU DONGCHENG INV 8.30 02/15/19 CNY 63.05 LIUZHOU INVESTMENT HO 6.98 08/15/19 CNY 63.74 LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 72.50 LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.53 LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.49 MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 63.07 MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 60.51 MIANYANG SCIENCE & TE 6.30 07/22/18 CNY 54.15 MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 63.57 MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 62.94 NANAN CITY TRADE INDU 8.50 04/25/19 CNY 65.60 NANCHONG CHEMICAL IND 8.16 04/26/19 CNY 63.97 NANJING HEXI NEW TOWN 6.40 02/03/17 CNY 60.79 NANJING HI-TECH ECONO 6.94 09/07/19 CNY 64.11 NANJING HI-TECH ECONO 6.94 09/07/19 CNY 62.52 NANJING JIANGNING SCI 7.29 04/28/19 CNY 62.15 NANJING JIANGNING SCI 7.29 04/28/19 CNY 63.77 NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 60.00 NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 63.46 NANTONG STATE-OWNED A 6.72 11/13/16 CNY 40.02 NANTONG STATE-OWNED A 6.72 11/13/16 CNY 40.23 NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 53.00 NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 51.91 NEIMENGGU XINLINGOL X 7.62 02/25/18 CNY 72.23 NINGBO CITY ZHENHAI I 6.48 04/12/17 CNY 40.55 NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 52.03 NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 51.16 NINGDE CITY STATE-OWN 6.25 10/21/17 CNY 40.30 NINGHAI COUNTY CITY C 8.60 12/31/17 CNY 73.34 NONGGONGSHANG REAL ES 6.29 10/11/17 CNY 71.11 PANJIN CONSTRUCTION I 7.70 12/16/16 CNY 40.30 PANJIN CONSTRUCTION I 7.70 12/16/16 CNY 40.24 PANJIN CONSTRUCTION I 7.50 05/17/19 CNY 63.71 PANJIN CONSTRUCTION I 7.50 05/17/19 CNY 61.00 PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 64.35 PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 60.00 PUER CITY STATE OWNED 7.38 06/20/19 CNY 63.08 PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 64.20 PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 60.00 QIANAN XINGYUAN WATER 6.45 07/11/18 CNY 51.82 QIANAN XINGYUAN WATER 6.45 07/11/18 CNY 50.00 QIANDONG NANZHOU DEVE 8.80 04/27/19 CNY 64.10 QINGDAO CITY CONSTRUC 6.19 02/16/17 CNY 40.48 QINGDAO CITY CONSTRUC 6.19 02/16/17 CNY 40.46 QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 62.78 QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 63.11 QINGDAO HUATONG STATE 7.30 04/18/19 CNY 63.71 QINGDAO HUATONG STATE 7.30 04/18/19 CNY 60.00 QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 31.29 QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 31.51 QINZHOU CITY DEVELOPM 6.72 04/30/17 CNY 51.13 QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 63.04 QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 63.80 QUJING DEVELOPMENT IN 7.25 09/06/19 CNY 63.68 QUJING DEVELOPMENT IN 7.25 09/06/19 CNY 64.16 QUNSHAN HUAQIAO INTER 7.98 12/30/18 CNY 63.33 SANMING STATE-OWNED A 6.99 06/14/18 CNY 73.39 SANMING STATE-OWNED A 6.99 06/14/18 CNY 70.08 SHANGHAI CHENGTOU COR 4.63 07/30/19 CNY 61.66 SHANGHAI REAL ESTATE 6.12 05/17/17 CNY 40.86 SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 50.00 SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 52.21 SHANGYU COMMUNICATION 6.70 09/11/19 CNY 84.14 SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 51.78 SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 50.00 SHAOYANG CITY CONSTRU 7.40 09/11/18 CNY 52.81 SHIYAN CITY INFRASTRU 7.98 04/20/19 CNY 64.34 SICHUAN COAL INDUSTRY 7.80 09/27/17 CNY 35.00 SICHUAN COAL INDUSTRY 5.94 05/15/17 CNY 35.00 SICHUAN COAL INDUSTRY 7.45 12/25/16 CNY 35.00 SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 35.00 SICHUAN DEVELOPMENT H 5.40 11/10/17 CNY 70.82 SONGYUAN URBAN DEVELO 7.30 08/29/19 CNY 63.33 SONGYUAN URBAN DEVELO 7.30 08/29/19 CNY 60.00 SUIZHOU CITY INVESTME 7.50 08/22/19 CNY 64.38 SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 60.00 SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 63.88 SUZHOU CONSTRUCTION I 7.45 03/12/19 CNY 63.32 SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 60.01 SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 62.78 SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 63.51 SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 64.00 TAIAN CITY TAISHAN IN 5.79 03/02/18 CNY 71.00 TAIXING ZHONGXING STA 8.29 03/27/18 CNY 53.33 TAIXING ZHONGXING STA 8.29 03/27/18 CNY 52.51 TAIZHOU CITY CONSTRUC 6.90 01/25/17 CNY 40.40 TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 64.11 TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 64.16 TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 52.10 TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 52.23 TENGZHOU CITY STATE-O 6.45 05/24/18 CNY 60.00 TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 71.50 TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 71.78 TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 63.62 TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 66.00 TIANJIN HANBIN INVEST 8.39 03/22/19 CNY 63.88 TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 59.60 TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 63.85 TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 63.43 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 51.81 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 50.00 TIGER FOREST & PAPER 5.38 06/14/17 CNY 57.39 TONGCHUAN DEVELOPMENT 7.50 07/17/19 CNY 62.73 TONGLIAO CITY INVESTM 5.98 09/01/17 CNY 40.97 TONGLIAO CITY INVESTM 5.98 09/01/17 CNY 40.22 TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 63.83 TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 61.02 URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 63.40 URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 63.30 URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.47 URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.55 WAFANGDIAN STATE-OWNE 8.55 04/19/19 CNY 63.99 WENZHOU ANJUFANG CITY 7.65 04/24/19 CNY 63.60 WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.74 WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.00 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 52.11 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 51.00 WUZHOU DONGTAI STATE- 7.40 09/03/19 CNY 63.13 XIAN CHANBAHE DEVELOP 6.89 08/03/19 CNY 63.30 XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 61.00 XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 64.01 XIANGTAN JIUHUA ECONO 7.43 08/29/19 CNY 64.34 XIANGTAN JIUHUA ECONO 6.93 12/16/16 CNY 40.42 XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 63.79 XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 63.63 XIANNING CITY CONSTRU 7.50 08/31/18 CNY 78.00 XIANNING CITY CONSTRU 7.50 08/31/18 CNY 52.69 XIANYANG CITY CONSTRU 7.90 12/09/17 CNY 71.00 XIAOGAN URBAN CONSTRU 8.12 03/26/19 CNY 64.22 XINING CITY INVESTMEN 7.70 04/27/19 CNY 64.07 XINING CITY INVESTMEN 7.70 04/27/19 CNY 60.00 XINJIANG SHIHEZI DEVE 7.50 08/29/18 CNY 49.09 XINJIANG UYGUR AR HAM 6.25 07/17/18 CNY 51.98 XINXIANG INVESTMENT G 6.80 01/18/18 CNY 71.99 XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 63.72 XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 63.60 XINZHOU CITY ASSET MA 7.39 08/08/18 CNY 52.74 XUCHANG GENERAL INVES 7.78 04/27/19 CNY 64.20 XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 60.60 XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 64.00 XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 50.00 XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 52.35 YAAN STATE-OWNED ASSE 7.39 07/04/19 CNY 63.49 YANCHENG ORIENTAL INV 5.75 06/08/17 CNY 50.00 YANCHENG ORIENTAL INV 5.75 06/08/17 CNY 50.97 YANGZHONG URBAN CONST 7.10 03/26/18 CNY 72.98 YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 60.00 YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 63.38 YANZHOU HUIMIN URBAN 8.50 12/28/17 CNY 51.86 YIBIN STATE-OWNED ASS 5.80 05/23/18 CNY 72.48 YICHUN CITY CONSTRUCT 7.35 07/24/19 CNY #N/A N/A YICHUN CITY CONSTRUCT 7.35 07/24/19 CNY 61.12 YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 58.59 YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 59.15 YINCHUAN URBAN CONSTR 6.28 03/09/17 CNY 25.15 YIYANG CITY CONSTRUCT 8.20 11/19/16 CNY 40.39 YIYANG CITY CONSTRUCT 7.36 08/24/19 CNY 64.22 YIYANG CITY CONSTRUCT 7.36 08/24/19 CNY #N/A N/A YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 64.51 YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 76.00 YUNNAN PROVINCIAL INV 5.25 08/24/17 CNY 40.40 YUNNAN PROVINCIAL INV 5.25 08/24/17 CNY 40.71 ZHANGJIAGANG JINCHENG 6.23 01/06/18 CNY 61.42 ZHANGJIAKOU TONGTAI H 6.90 07/05/18 CNY 73.40 ZHEJIANG PROVINCE DEQ 6.90 04/12/18 CNY 72.81 ZHENJIANG CULTURE AND 5.86 05/06/17 CNY 50.12 ZHENJIANG CULTURE AND 5.86 05/06/17 CNY 50.52 ZHENJIANG NEW AREA EC 8.16 03/01/19 CNY 62.83 ZHENJIANG NEW AREA EC 8.16 03/01/19 CNY 62.99 ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 63.27 ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 62.49 ZHONGSHAN TRANSPORTAT 6.65 08/28/18 CNY 51.98 ZHONGSHAN TRANSPORTAT 6.65 08/28/18 CNY 52.39 ZHUCHENG ECONOMIC DEV 7.50 08/25/18 CNY 31.75 ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 39.00 ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 41.45 ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 52.29 ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 52.30 ZHUHAI ZHONGFU ENTERP 6.60 03/28/17 CNY 57.25 ZHUHAI ZHONGFU ENTERP 5.28 05/28/15 CNY 57.25 ZHUJI CITY CONSTRUCTI 6.92 07/05/18 CNY 73.50 ZHUJI CITY CONSTRUCTI 6.92 07/05/18 CNY 73.55 ZHUZHOU GECKOR GROUP 7.82 08/18/18 CNY 74.73 ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 84.86 ZIBO CITY PROPERTY CO 6.83 08/22/19 CNY 63.89 ZIBO CITY PROPERTY CO 6.83 08/22/19 CNY #N/A N/A ZIBO CITY PROPERTY CO 5.45 04/27/19 CNY 37.36 ZIGONG STATE-OWNED AS 6.86 06/17/18 CNY 72.85 ZOUCHENG CITY ASSET O 7.02 01/12/18 CNY 41.08 ZOUPING COUNTY STATE- 6.98 04/27/18 CNY 71.00 ZOUPING COUNTY STATE- 6.98 04/27/18 CNY 72.93 ZUNYI CITY INVESTMENT 8.53 03/13/19 CNY 64.54 ZUNYI CITY INVESTMENT 8.53 03/13/19 CNY 62.52 INDONESIA --------- BERAU COAL ENERGY TBK 7.25 03/13/17 USD 22.12 BERAU COAL ENERGY TBK 7.25 03/13/17 USD 22.47 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 13.13 BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.14 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.36 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.25 EXPORT-IMPORT BANK OF 8.18 12/07/25 INR 7.52 GTL INFRASTRUCTURE LT 4.53 11/09/17 USD 24.38 JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 41.63 JCT LTD 2.50 04/08/11 USD 22.50 PRAKASH INDUSTRIES LT 5.25 04/30/15 USD 20.63 PYRAMID SAIMIRA THEAT 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 6.50 REI AGRO LTD 5.50 11/13/14 USD 6.50 SVOGL OIL GAS & ENERG 5.00 08/17/15 USD 20.00 JAPAN ----- AVANSTRATE INC 5.55 10/31/17 JPY 33.25 AVANSTRATE INC 5.55 10/31/17 JPY 37.00 MICRON MEMORY JAPAN I 0.50 10/26/15 JPY 4.99 MICRON MEMORY JAPAN I 0.70 08/01/16 JPY 4.99 MICRON MEMORY JAPAN I 2.03 03/22/12 JPY 4.99 MICRON MEMORY JAPAN I 2.10 11/29/12 JPY 4.99 MICRON MEMORY JAPAN I 2.29 12/07/12 JPY 4.99 TAKATA CORP 0.58 03/26/21 JPY 69.25 KOREA ----- 2014 KODIT CREATIVE T 5.00 12/25/17 KRW 33.41 2014 KODIT CREATIVE T 5.00 12/25/17 KRW 33.41 2016 KIBO 1ST SECURIT 5.00 09/13/18 KRW 29.36 DAEWOO SHIPBUILDING & 3.79 04/21/19 KRW 74.89 DOOSAN CAPITAL SECURI 20.00 04/22/19 KRW 46.56 HANA FINANCIAL GROUP 3.95 05/29/45 KRW 435.73 HANJIN SHIPPING CO LT 5.90 06/07/17 KRW 14.69 HANJIN SHIPPING CO LT 2.00 05/23/17 KRW 62.42 KIBO ABS SPECIALTY CO 5.00 01/31/17 KRW 37.58 KIBO ABS SPECIALTY CO 10.00 02/19/17 KRW 42.73 KIBO ABS SPECIALTY CO 5.00 03/29/18 KRW 32.28 KIBO ABS SPECIALTY CO 10.00 08/22/17 KRW 18.57 KIBO ABS SPECIALTY CO 5.00 12/25/17 KRW 31.90 LSMTRON DONGBANGSEONG 4.53 11/22/17 KRW 32.86 OKC SECURITIZATION SP 10.00 01/03/20 KRW 26.78 SINBO SECURITIZATION 5.00 06/25/18 KRW 30.13 SINBO SECURITIZATION 5.00 06/25/19 KRW 27.98 SINBO SECURITIZATION 5.00 02/11/18 KRW 32.68 SINBO SECURITIZATION 5.00 02/11/18 KRW 32.68 SINBO SECURITIZATION 5.00 01/15/18 KRW 33.20 SINBO SECURITIZATION 5.00 01/15/18 KRW 33.20 SINBO SECURITIZATION 5.00 09/30/19 KRW 27.01 SINBO SECURITIZATION 5.00 12/25/16 KRW 41.98 SINBO SECURITIZATION 5.00 02/21/17 KRW 37.32 SINBO SECURITIZATION 5.00 02/21/17 KRW 37.32 SINBO SECURITIZATION 5.00 03/13/17 KRW 35.82 SINBO SECURITIZATION 5.00 03/13/17 KRW 35.82 SINBO SECURITIZATION 5.00 01/29/17 KRW 39.47 SINBO SECURITIZATION 5.00 03/12/18 KRW 32.43 SINBO SECURITIZATION 5.00 03/12/18 KRW 32.43 SINBO SECURITIZATION 5.00 07/29/18 KRW 29.79 SINBO SECURITIZATION 5.00 07/08/17 KRW 34.80 SINBO SECURITIZATION 5.00 07/08/17 KRW 34.80 SINBO SECURITIZATION 5.00 08/16/17 KRW 34.40 SINBO SECURITIZATION 5.00 08/16/17 KRW 34.40 SINBO SECURITIZATION 5.00 06/07/17 KRW 19.27 SINBO SECURITIZATION 5.00 06/07/17 KRW 19.27 SINBO SECURITIZATION 5.00 10/01/17 KRW 34.00 SINBO SECURITIZATION 5.00 10/01/17 KRW 34.00 SINBO SECURITIZATION 5.00 10/01/17 KRW 34.00 SINBO SECURITIZATION 5.00 10/05/16 KRW 65.43 SINBO SECURITIZATION 5.00 10/05/16 KRW 65.43 SINBO SECURITIZATION 5.00 12/13/16 KRW 45.58 SINBO SECURITIZATION 5.00 07/29/19 KRW 27.65 SINBO SECURITIZATION 5.00 07/24/17 KRW 33.40 SINBO SECURITIZATION 5.00 07/24/18 KRW 31.49 SINBO SECURITIZATION 5.00 07/24/18 KRW 31.49 SINBO SECURITIZATION 5.00 06/27/18 KRW 31.72 SINBO SECURITIZATION 5.00 06/27/18 KRW 31.72 SINBO SECURITIZATION 5.00 08/29/18 KRW 30.96 SINBO SECURITIZATION 5.00 08/29/18 KRW 30.96 SINBO SECURITIZATION 5.00 05/26/18 KRW 30.40 SINBO SECURITIZATION 5.00 08/27/19 KRW 27.39 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.76 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.76 SINBO SECURITIZATION 5.00 09/26/18 KRW 30.76 SINBO SECURITIZATION 5.00 02/27/19 KRW 29.24 SINBO SECURITIZATION 5.00 01/30/19 KRW 29.45 SINBO SECURITIZATION 5.00 01/30/19 KRW 29.45 SINBO SECURITIZATION 5.00 10/30/19 KRW 20.36 SINBO SECURITIZATION 5.00 12/23/18 KRW 29.80 SINBO SECURITIZATION 5.00 02/27/19 KRW 29.24 SINBO SECURITIZATION 5.00 12/23/17 KRW 31.92 SINBO SECURITIZATION 5.00 12/23/18 KRW 29.80 SINBO SECURITIZATION 5.00 03/18/19 KRW 29.01 SINBO SECURITIZATION 5.00 03/18/19 KRW 29.01 TONGYANG CEMENT & ENE 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT & ENE 7.50 07/20/14 KRW 70.00 TONGYANG CEMENT & ENE 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT & ENE 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT & ENE 7.30 06/26/15 KRW 70.00 U-BEST SECURITIZATION 5.50 11/16/17 KRW 34.31 WOONGJIN ENERGY CO LT 3.00 12/19/19 KRW 56.56 WOORI BANK 5.21 12/12/44 KRW 403.32 SRI LANKA --------- HATTON NATIONAL BANK 8.00 08/29/23 LKR 67.00 SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 63.31 SRI LANKA GOVERNMENT 6.00 12/01/24 LKR 69.93 SRI LANKA GOVERNMENT 8.00 01/01/32 LKR 70.44 SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 72.22 MALAYSIA -------- BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.77 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.29 SENAI-DESARU EXPRESSW 0.50 12/31/38 MYR 66.30 SENAI-DESARU EXPRESSW 0.50 12/30/44 MYR 71.43 SENAI-DESARU EXPRESSW 0.50 12/29/45 MYR 72.06 SENAI-DESARU EXPRESSW 0.50 12/31/40 MYR 68.20 SENAI-DESARU EXPRESSW 0.50 12/30/39 MYR 67.48 SENAI-DESARU EXPRESSW 0.50 12/31/46 MYR 72.82 SENAI-DESARU EXPRESSW 0.50 12/31/47 MYR 73.47 SENAI-DESARU EXPRESSW 0.50 12/31/41 MYR 68.94 SENAI-DESARU EXPRESSW 0.50 12/31/42 MYR 69.93 SENAI-DESARU EXPRESSW 0.50 12/31/43 MYR 70.73 SENAI-DESARU EXPRESSW 1.35 12/29/28 MYR 60.70 SENAI-DESARU EXPRESSW 1.15 12/29/23 MYR 73.13 SENAI-DESARU EXPRESSW 1.15 06/28/24 MYR 71.62 SENAI-DESARU EXPRESSW 1.15 12/31/24 MYR 70.09 SENAI-DESARU EXPRESSW 1.15 06/30/25 MYR 68.63 SENAI-DESARU EXPRESSW 1.35 12/31/25 MYR 68.62 SENAI-DESARU EXPRESSW 1.35 06/30/26 MYR 67.23 SENAI-DESARU EXPRESSW 1.35 06/29/29 MYR 59.32 SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 57.92 SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 56.54 SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 55.12 SENAI-DESARU EXPRESSW 1.35 06/30/28 MYR 62.07 SENAI-DESARU EXPRESSW 1.15 06/30/23 MYR 74.67 SENAI-DESARU EXPRESSW 1.35 12/31/26 MYR 65.93 SENAI-DESARU EXPRESSW 1.35 06/30/27 MYR 64.66 SENAI-DESARU EXPRESSW 1.35 12/31/27 MYR 63.39 SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 53.71 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS L 5.35 10/01/18 SGD 65.63 AUSGROUP LTD 7.45 10/20/16 SGD 65.75 AXIS OFFSHORE PTE LTD 7.90 05/18/18 USD 59.00 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.17 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.17 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 21.98 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 22.00 BLD INVESTMENTS PTE L 8.63 03/23/15 USD 8.25 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 20.60 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 19.88 BUMI INVESTMENT PTE L 10.75 10/06/17 USD 20.38 BUMI INVESTMENT PTE L 10.75 10/06/17 USD 20.25 ENERCOAL RESOURCES PT 6.00 04/07/18 USD 7.75 EZION HOLDINGS LTD 4.88 06/11/21 SGD 70.25 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 58.00 GOLIATH OFFSHORE HOLD 12.00 06/11/17 USD 5.06 INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.88 INTERNATIONAL HEALTHW 6.00 02/06/18 SGD 65.50 NEPTUNE ORIENT LINES 4.40 06/22/21 SGD 64.00 NEPTUNE ORIENT LINES 4.65 09/09/20 SGD 71.61 ORO NEGRO DRILLING PT 7.50 01/24/19 USD 44.00 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.50 OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 66.85 OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 65.14 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 52.38 RICKMERS MARITIME 8.45 05/15/17 SGD 72.00 SWIBER CAPITAL PTE LT 6.50 08/02/18 SGD 14.50 SWIBER CAPITAL PTE LT 6.25 10/30/17 SGD 13.25 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 13.88 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 15.02 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 13.88 SWISSCO HOLDINGS LTD 5.70 04/16/18 SGD 65.75 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.75 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 TRADIN 1.00 10/10/25 USD 51.03 DEBT AND ASSET TRADIN 1.00 10/10/25 USD 57.19 ********* 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 ***