/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/180313.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, March 13, 2018, Vol. 21, No. 051 Headlines A U S T R A L I A DANCE NATION: First Creditors' Meeting Set for March 20 FORCE RESOURCES: First Creditors' Meeting Set for March 20 ICT VISION: First Creditors' Meeting Set for March 20 RENBEC PTY: Second Creditors' Meeting Scheduled for March 20 RUBDON PTY: First Creditors' Meeting Slated for March 20 SUPERFUNDED PTY: Federal Court Appoints Deloitte as Liquidators B A N G L A D E S H BANGLADESH: Faces Strong Economic Growth, Moody's Says C H I N A GUANGYANG ANTAI: Fitch Assigns BB- IDR, Outlook Stable H O N G K O N G NOBLE GROUP: Skips Bond Coupon Payment on March 9 I N D I A ABF RURAL: CARE Moves B+ Rating to Not Cooperating Category ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.60cr Loan ASHWINI FROZEN: CARE Moves D Rating to Not Cooperating Category BASANT CITY: ICRA Keeps B+ Rating in Not Cooperating Category GMR CHHATTISGARH: ICRA Reaffirms D Rating on INR5,850cr Loan GMR KAMALANGA: ICRA Moves D Rating to Not Cooperating Category GOPAL CHAKRABORTY: Ind-Ra Affirms BB- Rating on INR240.36MM Loan HIM SAGAR: CARE Assigns B+ Rating to INR12.85cr LT Loan ICED DESSERTS: ICRA Moves D Rating to Not Cooperating Category K. B. PRODUCTS: ICRA Keeps B Rating in Not Cooperating Category LANCO BABANDH: CARE Moves D Rating to Not Cooperating Category LANCO VIDARBHA: CARE Moves D Rating to Not Cooperating Category MARUTI GINNING: ICRA Reaffirms B+ Rating on INR5cr Cash Loan NV DISTILLERIES: CARE Raises Rating on INR267.16cr Loan to B- PEARL INTERNATIONAL: Ind-Ra Assigns BB Rating, Outlook Stable PHILIP D'COSTA: Ind-Ra Migrates B Rating to Non-Cooperating PST ENGINEERING: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable RAJASTHAN EDUCATION: CARE Cuts Rating on INR5.01cr LT Loan to D RIDDHI SIDDHI: ICRA Moves D Rating to Not Cooperating Category SHREE KHODAL: ICRA Cuts Rating on INR6.50cr Cash Loan to D SREEJA METAL: CARE Assigns B+ Rating to INR9.60cr LT Loan SRI LAXMI: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan SUNIL AND COMPANY: ICRA Reaffirms B- Rating on INR7.50cr Loan SYNCO INDUSTRIES: ICRA Reaffirms C+ Rating on INR8.50cr Loan VAMSADHARA GINNING: CARE Assigns B+ Rating to INR5cr LT Loan VERSANT ONLINE: CARE Moves B Rating to Not Cooperating Category YASHWANT DUGDH: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable N E W Z E A L A N D FUTURECOL: In Voluntary Liquidation; Staff and Students in Limbo MEATCO NZ: Halal Slaughterhouse's Owners Put Into Liquidation NEW ZEALAND HONEY: Bought Out of Receivership S I N G A P O R E SIX CAPITAL: Applies for Voluntary Liquidation S O U T H K O R E A GM KOREA: KDB Kicks Off Due Diligence to Determine Financial Aid X X X X X X X X * BOND PRICING: For the Week March 5 to March 9, 2018 - - - - - ================= A U S T R A L I A ================= DANCE NATION: First Creditors' Meeting Set for March 20 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Dance Nation Australia Pty Ltd will be held at the offices of Mackay Goodwin, Level 2, 10 Bridge St, in Sydney, NSW, on March 20, 2018, at 11:00 a.m. Domenic Calabretta & Grahame Ward of Mackay Goodwin were appointed as administrators of Dance Nation on March 8, 2018. FORCE RESOURCES: First Creditors' Meeting Set for March 20 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Force Resources Pty Ltd will be held at the offices of Balance Insolvency, 6.05, 50 Clarence Street, in Sydney, NSW, on March 20, 2018, at 9:00 a.m. Timothy Cook of Balance Insolvency was appointed as administrator of Force Resources on March 12, 2018. ICT VISION: First Creditors' Meeting Set for March 20 ----------------------------------------------------- A first meeting of the creditors in the proceedings of ICT Vision Investment Holdings Pty Limited will be held at the offices of Vincents, Level 14 MLC Centre, 19-29 Martin Place, in Sydney, NSW, on March 20, 2018, at 11:00 a.m. Louisa Sijabat of Vincents Chartered Accountants was appointed as administrator of ICT Vision on March 8, 2018. RENBEC PTY: Second Creditors' Meeting Scheduled for March 20 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Renbec Pty Ltd has been set for March 20, 2018, at 11:00 a.m. at the offices of Palisade Business Consulting, 22 Lindsay Street, in Perth, WA. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 19, 2018, at 4:00 p.m. Jack Robert James and Paula Smith of Palisade Business Consulting were appointed as administrators of Renbec Pty on Feb. 17, 2018. RUBDON PTY: First Creditors' Meeting Slated for March 20 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Rubdon Pty Ltd, trading as D & R Automotive Service, will be held at Level 31, Dexus Place, Waterfront Place, 1 Eagle Street, in Brisbane, Queensland, on March 20, 2018, at 11:00 a.m. Alan Walker & Matthew Joiner of Cor Cordis were appointed as administrators of Rubdon Pty on March 8, 2018. SUPERFUNDED PTY: Federal Court Appoints Deloitte as Liquidators --------------------------------------------------------------- The Federal Court of Australia has made orders by consent to wind up WA-based company Superfunded Pty Ltd, appointing Jason Tracy of Deloitte as the Liquidator. The Australian Securities and Investments Commission made the winding up application for the appointment of a Liquidator to Superfunded to the Federal Court of Australia on Feb. 15, 2018. ASIC had previously obtained a range of interim injunctions in the Perth Federal Court on Nov. 9, 2017, against Superfunded and its sole director, Mr. Max David Goldenberg, of Currambine and its sole shareholder Mr. Mark Travis Goldenberg of Claremont (the Goldenbergs): * restraining Superfunded and the Goldenbergs from providing financial services * restraining Superfunded and the Goldenbergs from having access to client or investor assets * prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Superfunded Loan Investment Trust for the preservation of assets; and * for financial disclosure. ASIC Commissioner John Price said, "This case serves as a reminder to consumers approached to set up self -managed super funds, to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation." ASIC's investigation is ongoing. ASIC's MoneySmart website has guidance for consumers on self- managed super funds. =================== B A N G L A D E S H =================== BANGLADESH: Faces Strong Economic Growth, Moody's Says ------------------------------------------------------ Moody's Investors Service says that Bangladesh's (Ba3 stable) credit profile is supported by strong economic growth, macroeconomic stability, a modest government debt burden and access to concessional funding. At the same time, credit challenges stem from a very narrow government revenue base that restricts fiscal flexibility, and very low institutional capacity that constrains competitiveness. Moody's continues to expect robust economic activity in Bangladesh, driven by the ready-made garment (RMG) industry, which contributes to exports, foreign investment, job creation and GDP growth. While Moody's also expects the fiscal deficit to widen slightly in the fiscal year ending June 2018 (FY2018), the government's debt burden will remain relatively low and stable. Moody's conclusions are contained in its just-released annual credit analysis, "Bangladesh -- Ba3 Stable". The report elaborates on Bangladesh's credit profile in terms of Economic Strength -- "Moderate (+)"; "Institutional Strength -- Very Low (+)"; "Fiscal Strength -- Moderate (-)"; and "Susceptibility to Event Risk -- Moderate", which are the four main analytic factors in Moody's Sovereign Bond Rating methodology. Moody's expects GDP growth to stay steady at 6.7% in FY2018, in line with the average growth of the past five years and much stronger than similarly rated sovereigns, under the assumption that upcoming elections in December 2018 will not cause any major disruptions to the economy. Strong export growth will largely be offset by rising capital goods imports, leaving domestic demand -- supported by higher remittances -- as the main growth driver. In the medium term, Moody's expects GDP growth to hover around 6.5%. However, Moody's expects Bangladesh's government revenue-to-GDP ratio to remain among the lowest within Moody's rated universe, given the delay in implementation of the new VAT law. Moody's also expects the fiscal deficit to widen to 5.2% of GDP in FY2018, as the government frontloads infrastructure spend in 2018 ahead of the general election. Meanwhile, debt affordability in terms of interest payments as a percentage of government revenue is weaker than the median of Ba- rated sovereigns at 15.8% in FY2017, reflecting low revenue generation. Bangladesh's banking sector risk is assessed as "Moderate (-)", reflecting sizeable contingent liability risks from state-owned banks. In addition, Moody's notes that Bangladesh, like many of its South Asian neighbors, is vulnerable to climate change risks. The country's low-lying land and coastal position expose it to flooding, which can create negative economic and social costs. The magnitude and dispersion of seasonal monsoon rainfall also influences agricultural sector growth, which could generate economic volatility and raise uncertainty over rural incomes and consumption. ========= C H I N A ========= GUANGYANG ANTAI: Fitch Assigns BB- IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has assigned China-based stainless steel producer Guangyang Antai Holdings Limited (Guangyang Antai) a Long-Term Issuer Default Rating (IDR) of 'BB-'. The Outlook is Stable. Fitch has also assigned a 'BB-' senior unsecured rating to Guangyang Antai and assigned a 'BB-(EXP)' expected rating to its proposed US dollar-denominated senior notes. The proposed notes are issued by Guangyang Antai (HK) Co., Ltd., a wholly owned subsidiary of Guangyang Antai, and are rated at the same level as Guangyang Antai's senior unsecured rating as they represent the company's unconditional and irrevocable obligations. The final rating is subject to the receipt of final documentation conforming to the information already received. Guangyang Antai's ratings are supported by its strong market position in its core products, its diversified product offering, favourable market outlook and its strong financial metrics. The ratings are constrained by Guangyang Antai's limited regional diversification and significant external guarantees. KEY RATING DRIVERS Leading Stainless Steel Producer: Guangyang Antai, through its 91% ownership of Shandong Taishan Steel Co., Ltd. (Taishan Steel), is one of the leading stainless steel producers and the second-largest 400 series stainless steel producer in China with 1 million tonnes (mt) of 400 series production capacity, about 13% of the nation's total. In 2017, Guangyang Antai produced 866 thousand tonnes (kt) of 400 series stainless steel, accounting for 17% of China's total production. The company also has a key cost advantage over other 400 series producers as it has a unique patented process that allows for continuous casting of its products, which allows the company to lower its production costs by 8%-10% compared with conventional methods. Product Diversification Enhances Stability: Guangyang Antai produces both carbon steel and stainless steel. Within the stainless steel category, the company produces a variety of 300 and 400 series products with the 400 series being its core product. The average selling prices (ASPs) of these two products can vary quite significantly due to the differences in their applications and the major raw materials used (other than iron ore). The 300 series are mostly used in industrial sectors, such as equipment manufacturing, industrial storage and pressure storage, while 400 series are mostly used in consumer appliances. As for carbon steel products, the company produces hot-rolled plates and sheets, as well as cold-rolled sheets rather than low value-added long products. These steel products are mostly used in the construction and auto industries and their ASPs can also differ from stainless steel products. The company's carbon steel ASP dropped by 28% in a sector-wide downturn in 2015, but its stainless steel ASP fell by only 14%. Favorable Market Outlook: China's stainless steel market continues to see apparent consumption growing at a healthy pace, unlike crude steel, which has seen no growth in apparent consumption since 2015. China's 2017 stainless steel apparent consumption was around 20mt, with total production of around 23mt. Fitch expect Chinese stainless steel apparent consumption to grow at 4%-5% in the next few years as stainless steel consumption has wider applications including consumer appliances and transportation. Fitch also expect demand growth for the 400 series, which Guangyang Antai focuses on, to surpass other stainless steel products due to their use in consumer appliances. Downstream Integration Drives Capex: Guangyang Antai started construction of a downstream 500-800kt-per-annum cold-rolling facility for its stainless steel products under a joint venture (60% owned) with Chinese stainless steel cold-rolled producer Guangdong Baochia Stainless Steel Co., Ltd. in 2017. Fitch expect this downstream processing facility to raise the company's stainless steel gross profit (GP) margin in the longer term, as stainless steel cold-rolling capacity in Shandong is only at around 300-500kt per annum, compared with annual demand of around 3mt. Fitch expect Guangyang Antai to finance its 60% share of the remaining CNY600 million capex with its own operating cash flow in 2018. Strong Financial Metrics: Guangyang Antai has fairly strong financial metrics despite being in a highly cyclical sector. Its leverage in 2015 was around 3.7x when the rest of the rated peers were averaging 5.5x-6.5x. Its leverage improved to around 2.5x in 2016 and Fitch expect the company to continue its deleveraging trend given more stable market dynamics, and its strong cash flow generation ability. Much of its leverage is driven by its high amount of external guarantees, which the company is looking to gradually reduce. Production Concentration, Diversified Sales: Guangyang Antai's main production base is located in Shandong province to take advantage of the product value chain within the region. However, its sales are more diversified on a national basis, mostly driven by its stainless steel segments. Around 60% of its carbon steel sales are regional, compared with regional sales of its 400 series at under 13% of its total 400 series sales, Fitch do not expect to see a reduction in this concentration in the next two- three years as the company's new stainless steel cold-rolling facility will mostly be servicing customers in the region due to the regional shortage. Fitch see this regional concentration as a potential constraint on the company's rating level. Significant External Guarantees: Guangyang Antai had about CNY3.5 billion and close to CNY3.7 billion of external guarantees as of end-2016 and end-September 2017, respectively, compared with CNY2.7 billion and CNY2.3 billion, respectively, of the company's own debt. About CNY420 million of the external guarantee was directly provided to Qixing Group Co., Ltd. (Qixing) as of end- September 2017. Qixing is undergoing a restructuring after entering bankruptcy proceedings in 2017 and Fitch do not expect it to repay the debt at this stage. Fitch included all external guarantees in calculating the company's leverage ratios. DERIVATION SUMMARY Compared with Chinese steel producer China Oriental Group Company Limited (BB-/Positive), Guangyang Antai is similar in terms of operating scale, but it has better margin stability due to its more diversified product mix. China Oriental has a better leverage profile and has demonstrated its strong flexibility during cyclical downturns through working capital management. Compared with international 'B' and 'BB' category rated steel producers such as ArcelorMittal S.A. (BB+/Positive) and United States Steel Corporation (US Steel; B+/Stable), Guangyang Antai is smaller in scale with lower margins, especially compared with ArcelorMittal, which is the largest steel producer in the world with significant self-sufficiency in iron ore. Guangyang Antai has much better financial metrics than both ArcelorMittal and US Steel in terms of coverage and leverage stability. KEY ASSUMPTIONS Fitch's Key Assumptions Within Fitch Rating Case for the Issuer - Stainless steel and steel prices to decline in 2018-2020 driven by Fitch view of a decline in steel-making raw material prices - Iron ore price at USD55/t in 2018/19 and USD50/t thereafter - Nickel prices at USD10,500/t and USD11,500/t in 2018/19 and USD12,500/t thereafter - Coking coal price at USD135/t and USD120/t in 2018/19 and USD110/t thereafter - GP per tonne of stainless steel products to improve to around CNY660-700 due to integration of higher value-added cold- rolled capacities; GP per tonne of carbon steel products to remain at around CNY230 - Capex of CNY950 million (assuming 800kt of cold-rolled processing facility), CNY560 million and CNY660 million in 2018-20, respectively. - Reduction of external guarantees to CNY2.8 billion by the end of 2018 RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - FFO adjusted net leverage sustained below 1.5x - More diversified funding sources Developments That May, Individually or Collectively, Lead to Negative Rating Action - FFO adjusted net leverage sustained above 2.5x - Operating EBITDA margin sustained below 5.5% LIQUIDITY Comfortable Liquidity: As of end-September 2017, Guangyang Antai had total adjusted debt of CNY6.0 billion, of which CNY2.3 billion was short-term debt, and CNY3.7 billion was external guarantees. This compares with its readily available cash of CNY1.7 billion and unused credit facilities of CNY1.4 billion. ================ H O N G K O N G ================ NOBLE GROUP: Skips Bond Coupon Payment on March 9 ------------------------------------------------- The Board of Directors of Noble Group Limited said that the Company has not paid the coupon due March 9, 2018 with respect to the US$750 million notes due March 9, 2022 (the "2022 Notes"). In accordance with the terms of the 2022 Notes, the Company has availed itself of a 30-day grace period. In reaching its decision not to pay the coupon, the Board consulted extensively with an ad hoc group of the Group's senior creditors (the "Ad Hoc Group') and took into consideration advice received from the Group's legal and financial advisors. The Board currently considers that the Company is very close to reaching final terms with the Ad Hoc Group in respect of a proposed restructuring of the Group's unsecured liabilities. The Group will make further announcements in relation to the progress and implementation of the Group's proposed restructuring in due course. Shareholders, potential investors and holders of the existing debts and other securities of the Group are advised to exercise caution when dealing in the securities of the Group. About Noble Group Hong Kong-based Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- engages in supply of agricultural, industrial and energy products. The Company supplies agricultural and energy products, metals, minerals and ores. Agriculture products include grains, oilseeds and sugar to palm oil, coffee, and cocoa. Energy business includes coal, gas and liquid energy products. In metals, minerals and ores (MMO), it supplies iron ore, aluminum, special ores and alloys. The Company operates nearly in 140 locations. It supplies growth demand markets in Asia and Middle East. Alcoa World Alumina and Chemicals is the subsidiary of this company. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and the ratings on all its outstanding senior unsecured notes to 'C' from 'CC'. The Recovery Rating of the notes is 'RR5'. The downgrade follows Noble's announcement on Jan. 29, 2018 of a debt restructuring plan that Fitch views as a distressed debt exchange (DDE) as it involves a material reduction in principal, and the restructuring is necessary to avoid a traditional payment default due to the liquidity shortfall of the company. Fitch will downgrade the IDR to Restricted Default (RD) upon the completion of the debt restructuring and following that, may assign an appropriate IDR for the issuer's post-exchange capital structure, risk profile and prospects. The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings lowered its long-term corporate credit rating on Noble Group to 'CC' from 'CCC-'. The outlook is negative. S&P also lowered the long-term issue rating on the company's outstanding senior unsecured notes to 'CC' from 'CCC-'. ========= I N D I A ========= ABF RURAL: CARE Moves B+ Rating to Not Cooperating Category ----------------------------------------------------------- CARE Ratings has been seeking information from ABF Rural Godown to monitor the rating(s) vide e-mail communications dated December 15, 2018, February 3, 2018 and February 10, 2018 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on ABF Rural Godown will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.00 CARE B+; Stable; Issuer not Facilities cooperating; based on best available information Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers At the time of last rating in January 30, 2017 the following were the rating strengths and weaknesses: Key Rating weakness Project implementation risk: The firm is undertaking a project for construction of Warehouse at Karnataka on land area of 12 acres comprising of one Godown with an area of 143,070 sq. ft. having storage capacity of 50,000 MT. The project was started by the firm during February 2016 and expected to be completed by April 2017. The total cost of project is INR15.03 crore which is expected to be funded through promoter fund of INR4.13 crore and term loan of INR10.90 crore. Financial closure of the project has been achieved, as on December 31, 2016. The firm has incurred expenses of INR8 crore which was funded through partners' capital of INR3.43 crore and term loan of INR4.57 crore. Though 53% of the project has been completed, the ability of the firm to complete the project without any cost or time over run will remain critical from a credit perspective. Constitution of the entity as a proprietorship concern: ABF, being a proprietorship concern, is exposed to inherent risk of the proprietor's capital being withdrawn at the time of personal contingency which will affect its capital structure and the firm being dissolved upon the death/retirement/insolvency of the promoter. Highly fragmented industry with number of players: The Warehousing industry is highly fragmented and competitive, marked by the presence of numerous players in India. The players in the industry do not have pricing power and are exposed to the competition induced pressures on profitability. Key rating strengths Experience of the promoters for a more than two decades in various sectors: ABF is promoted by Mr Mohammed Aslam Kazi. He is a qualified graduate having an experience of more than two decades in various sectors i.e. Steel, Logistics, Leather and Hardware. Well established associate companies: ABF has around nine associate companies, in diversified sectors with reach in India, UAE (United Arab Emirates), KSA (Kingdom of Saudi Arabia) and China. Mr Mohammed Aslam Kazi is Proprietor/ Managing Director in these nine associate companies. ABF Rural Godown (ABF) was established in the year 2016, as a proprietorship concern, by Mr Mohammed Aslam Kazi. The firm is engaged in constructing warehouse for lease rental purpose. ABF has started constructing the Godown in Tyamagondlu Hobli, NelamangalaTaluk, Bangalore Rural District. The firm has started its commercial operations in May 2017. The property is built on total land area of 4.26 acres (143,070 sq. ft.) comprising of one Godown (ABF Rural Godown) having storage capacity of 50,000 MT for food crops, cash crops among others. ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.60cr Loan ---------------------------------------------------------- ICRA Ratings has reaffirmed its long-term rating of [ICRA]B on the INR5.60-crore fund-based bank facilities of Ashok Handlooms Factory Private Ltd (AHFL). The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Cash Credit 5.60 [ICRA]B (Stable); reaffirmed Rationale: ICRA's rating reaffirmation takes into account the ~15% year-on- year (YoY) decline of in AHFPL's topline in FY2017, increasing working-capital intensity because of inventory build-up caused by tepid demand, and the low (albeit stable) operating margins. The rating also factors in the vulnerability of the company's profitability to volatility in raw material prices and modest scale of operations. ICRA also notes AHFL's moderate financials characterised by modest debt-coverage indicators and leveraged capital structure as evident from gearing ratio of 7.9 times as on March 31, 2017. Nevertheless, most of the debt consists of bank borrowings and unsecured loans from promoters. The rating, however, continues to be supported by the long track record of the company's operations, and its established relationships with its customers and suppliers. ICRA also notes that over the years, there has been some moderation in the company's customer concentration. Outlook: Stable ICRA believes that the AHFL would continue to benefit from the extensive experience of its promoters in the industry and established relationship with customers and suppliers. The outlook may be revised to Negative in case of a decline in profitability and significant deterioration in topline. The outlook may be revised to Positive in case substantial improvement in the scale of operations, and thereby better profitability of the company. AHFL's ability to improve its profitability, ramp up its scale of operations and attain an optimal working-capital cycle will be the key rating sensitivities. Key rating drivers: Credit strengths Extensive experience of the promoters: The promoters of the company has more than five decades of experience in the textile industry. Established relationship with customers: AHFL has established relationships with its customers, Avenue Supermarts, Mumbai being its biggest customer. Credit challenges Moderate scale of operations: The company's scale of operations is moderate with presence predominantly in the low-end bedsheet segment as well as fabrics. Susceptibility of margins to price volatility of raw material: The company's margins are dependent on the prices of its major raw material, i.e. cotton. Limited financial flexibility: The working-capital intensity of the operations is high because of the long processing time, thereby limiting AHFL's financial flexibility. Weak financial profile: AHFL's financial profile is characterised by low profitability, weak coverage indicators and stretched financial leverage. Fragmented industry and intense competition: AHFL operates in a fragmented industry comprising many small players in the unorganised segment, leading to intense competition and low margins. AHFL was established in 1946 as a proprietorship firm and was converted into a private limited company in 1989. The company manufactures home linen items such as bed sheets, bed linen, pillow cases, cushion cover sets, curtains, and drapes which are marketed under the brand name 'Sonalika'. In addition, AHFPL manufactures power loom-printed cloth and fabric that are directly marketed to wholesalers, trading firms etc. The operations of the company are at present managed by Mr. Ambuj Kumar, Managing Director, in collaboration with other directors/family members. The company derives the bulk of its revenues from the sale of power loom-printed fabric and grey cloth. The company reported a net profit after tax of INR0.03 crore on an operating income (OI) of INR20.8 crore in FY2017 against a net profit after tax of INR0.02 crore on an OI of INR24.5 crore in FY2016. ASHWINI FROZEN: CARE Moves D Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has been seeking information from Ashwini Frozen Foods (AFF) to monitor the ratings vide e-mail communications/ letters dated August 21, 2017, September 20, 2017, October 11, 2017, November 20, 2017, February 5, 2018, February 7, 2018 and numerous phone calls. However, despite CARE's repeated requests, the entity has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Ashwini Frozen Foods' bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 0.15 CARE D; Issuer Not Cooperating Long-term/Short term Bank Facilities 6.00 CARE D; Issuer Not Cooperating Short-term Bank Facilities 0.25 CARE D; Issuer Not Cooperating Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account delays in debt repayment owing to weak liquidity position. Key Rating Weaknesses Ongoing delay in debt servicing: AFF has been irregular in servicing its debt obligation as there are on-going delays in servicing its term loan principle and interest. The same is due to weak liquidity position of the firm. Ashwini Frozen Foods was established in 1995 and is engaged in processing of sea food which includes ribbon fish, croaker cuttlefishes, crabs etc. which are exported to countries like Saudi Arabia, Mozambique, and Oman etc. The firm has set up its processing facility at Mangrol, Gujarat. The firm is currently owned and managed by Mr. Bhimji M Khorava along with 4 other partners and has a long experience in sea food industry. The firm also has an associate concern with the name of Jalfish Sea Food which is engaged in the similar line of business. BASANT CITY: ICRA Keeps B+ Rating in Not Cooperating Category ------------------------------------------------------------- ICRA Ratings said the rating for the INR10.00 crore bank facilities of Basant City Centre Malls Private Limited (BCCMPL) continues to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". ICRA had earlier moved the rating of BCCMPL to the 'ISSUER NOT COOPERATING' category due to non-submission of monthly 'No Default Statement' ("NDS") by the entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 10.00 [ICRA]B+ (Stable); ISSUER NOT Based (Term Loan) COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Basant City Centre Malls Private Limited is a private limited company promoted by Mr. Basantkumar Patil and his associates to carry on the business of construction and development of residential and commercial properties. The company was incorporated in 2006 with its registered office at Bangalore. The firm is being managed by Mr. Patil who has developed several other projects including software parks, and a hospital in Bangalore. He also runs three hotels in Bangalore and Hubli and a charitable trust in Bijapur. He has also served as the president of Karnataka Film Producers Association for the period 2001-05. The company is currently developing a residential cum commercial project, "Basant Hiralkh" at Court Circle, Traveller's Bunglow Road, Hubli. The project has residential and commercial structures consisting of two towers of eight floors each. The project is being executed in JDA mode whereby the company has 100% share in residential area and 43% share in commercial area. The total project cost is INR135 crore which is to be funded through bank loans to the tune of INR65 crore, INR50 crore through promoter contribution and balance INR20 crore through customer advances. GMR CHHATTISGARH: ICRA Reaffirms D Rating on INR5,850cr Loan ------------------------------------------------------------ ICRA Ratings has reaffirmed the long-term rating of [ICRA]D outstanding on the term loans of INR5,850 crore and unallocated limits of INR1867.00 crore of GMR Chhattisgarh Energy Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loans 5850.00 [ICRA]D; reaffirmed Unallocated Limits 1867.00 [ICRA]D; reaffirmed Rationale: The rating reaffirmation takes into account the continued delays in debt servicing by the company due to the subdued Plant Load Factor (PLF) since Commercial Operation Date (COD) due to the absence of any long-term/medium term Power Purchase Agreements (PPA), which has resulted in cash losses and stretched liquidity. GCEL witnessed delays of almost two years in project execution, which resulted in significant cost overrun with the final project cost being significantly higher at INR11,643 crore as against budgeted project cost of INR8,290 crore. Additionally, the company had no long-term/medium term Power Purchase Agreements (PPA) and operated on merchant/bilateral basis at subdued PLF levels. Consequently, in February 2017, the lenders implemented the Strategic Debt Restructuring (SDR) Scheme, as per which, out of the total outstanding debt of INR8,842 crore (including accrued interest), a debt of INR2,992 crore was converted into equity. Key rating drivers: Credit challenges Ongoing delays in debt servicing: Owing to the subdued PLF levels since COD due to the absence of any long-term / Medium term PPA, the company faced severe liquidity issues which has resulted in irregularities in the debt servicing. Consequently, the lenders implemented the SDR Scheme on February 21, 2017, as a part which, out of the total outstanding debt of INR8,842 crore (including accrued interest), a debt of INR2,992 crore was converted into equity. As a result of this, a consortium of bankers hold 52.38% equity shareholding in the company. Absence of long-term PPA impacting the PLF levels: The company's operations got severely impacted owing to the absence of any long-term PPA. Consequently, it remained exposed to offtake risk which impacted the PLF levels. Recently, the company has successfully bid under the Tolling Linkage initiative of the Government of India and has won a PPA for supply of power to the extent of 500-MW to Gujarat Urja Vikas Nigam Limited (GUVNL) for a period of six months from January 2018. GMR KAMALANGA: ICRA Moves D Rating to Not Cooperating Category -------------------------------------------------------------- ICRA Ratings has moved the ratings for the bank facilities of GMR Kamalanga Energy Limited (GKEL) to the 'Issuer Not Cooperating' category. The ratings are now denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 3405.0 [ICRA]D ISSUER NOT COOPERATING; Loan Rating moved to the 'Issuer Not Cooperating' category Non-fund based 450.0 [ICRA]D ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. GMR Kamalanga Energy Limited (GKEL) is an SPV promoted by the GMR Group for development of 1050 MW (3 X 350 MW) domestic coal based thermal power plant at Kamalanga in the state of Odisha. GMR Group holds ~86% stake in GKEL through GMR Energy Limited, while balance is held by India Infrastructure fund and IDFC Limited. The plant has been commissioned in March 2014 as against original commissioning schedule of March 2012. The final project cost is estimated at INR6,519 crore. The company has three Power Purchase Agreement (PPA) with Grid Corporation of Odisha (GRIDCO; 263 MW), Haryana Utilities (300 MW net) and Bihar state utility (260 MW net). GOPAL CHAKRABORTY: Ind-Ra Affirms BB- Rating on INR240.36MM Loan ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Gopal Chakraborty Charitable Trust's (GCCT) bank facilities' ratings as follows: -- INR240.36 mil. (reduced from INR275.60 mil.)Bank loans affirmed with IND BB-/Stable rating; and -- INR52.30 mil. Bank loan* assigned with IND BB-/Stable rating. * The assignment of the final rating follows the receipt of the sanction letter. KEY RATING DRIVERS The ratings continue to be constrained by GCCT's tight liquidity. The trust's available funds remained low and did not provide adequate cushion towards debt and operating expenditure during FY13-FY17. In FY17, available funds to cover total debt (INR390.95 million) and operating expenditure (INR175.77 million) stood at 1.44% and 3.19%, respectively. GCCT's collection days were nil during FY13-FY17. The ratings continue to be constrained by a high debt burden. In FY17, debt/income ratio stood at 171.74% (FY16: 171.52%) and debt/current balance before interest and depreciation (CBBID) was 7.54x (8.65x). The marginal fall in the debt/CBBID ratio was driven by a 38.25% yoy increase in CBBID to INR51.88 million in FY17. Ind-Ra expects the debt burden to remain high, given the trust will undertake an INR52.3 million capex in FY18. The ratings continue to be supported by GCCT's growing student headcount annually and developing brand equity of its school Indus Valley World School. Student strength increased to 1,770 in FY17 from 1,605 in FY16. As of February 2018, 1,949 students were studying in the school. The current student intake capacity is 3,200 (FY17: 2,000) and capacity utilization was 60.91% in academic year 2017-18. Ind-Ra expects continued headcount growth during FY18-FY19 on account of infrastructure availability. The ratings are also supported by a 20.24% yoy rise in total income to INR227.65 million in FY17, driven by higher tuition fee receipts (up 19.84% yoy to INR219.99 million). Tuition fee receipts accounted for 96.64% of the total income in FY17. Moreover, operating margin rose to 22.21% in FY17 from 19.35% in FY16 due to a higher rise (20.06% yoy) in operating income than that (15.79% yoy) in key expenditure. However, net surplus decreased to INR0.91 million in FY17 from INR6.63 million in FY16 due to a 24.11% yoy rise in overall expenditure. The ratings are also supported by a comfortable debt service coverage ratio during FY16-FY17. The ratio improved to 2.31x in FY17 from 1.56x in FY16, driven by a rise in CBBID. On the other hand, interest coverage ratio improved to 3.78x in FY17 from 2.26x in FY16. Ind-Ra expects the trust's coverage ratios to stay comfortable in FY18 on account of a likely comfortable operating performance despite capex plans during the period. RATING SENSITIVITIES Negative: Any unexpected fall in the student strength leading to a weak operating profitability, a tight liquidity and a high debt burden would trigger a negative rating action. Positive: Any substantial income growth leading to any improvement in the leverage ratios and the liquidity could trigger a positive rating action. COMPANY PROFILE GCCT runs Indus Valley World School, which is spread over 170,000 square feet, offers K-12 education and is affiliated to the Central Board of Secondary Education. The trust was established in 2008 in Kolkata and is registered under the Indian Trust Act, 1882. HIM SAGAR: CARE Assigns B+ Rating to INR12.85cr LT Loan ------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Him Sagar Farm Fresh (HSFF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 12.85 CARE B+; Stable Assigned Detailed Rationale and key rating drivers The rating assigned to the bank facilities of HSFF is primarily constrained on account of its implementation and stabilization risk associated with its up-coming debt-funded capex, its constitution as a partnership firm, its presence in the competitive and seasonal food processing industry, and susceptibility of profit margins to raw material price fluctuation risks. The rating, however, derives comfort from experienced partners and proximity to fruits and vegetables sourcing area along with fiscal benefits from the government. The ability of HSFF to successfully commission the upcoming capex within envisaged time and cost parameters would be the key rating sensitivity. Further, quick stabilization of operations and achieving envisaged level of sales and profitability in light of competition from other players would also remain crucial. Detailed description of the key rating drivers Key Rating Weaknesses Implementation and stabilization risk associated with up-coming debt-funded capex: HSFF is implementing green field project for processing of vegetables and pulping of fruits which will be frozen in its own cold storage facility using Individual Quick Freezing (IQF) technology. The total project cost envisaged stood at INR15.37 crore, with proposed debt-equity funding mix of 2.40 times. With high project gearing and majority of the costs yet to incur, post project implementation and stabilization risk towards achieving the envisaged capacity utilization and sales realization remains crucial for the firm. Constitution as a partnership firm: There is inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/retirement/insolvency/personal contingency of any of the partners. Presence in competitive and seasonal food processing industry with susceptibility of profit margins to raw material price fluctuations: In spite of being capital intensive business, the entry barrier for new processing and cold storage unit is low backed by fiscal benefits, which intensifies competition. Also, the industry is seasonal and prices of raw material i.e. fruits and vegetables are highly volatile in nature depending upon factors like, weather conditions, area under production, yield for the year, international demand supply scenario and inventory carry forward of last year which affects the margins of players in this industry. Key Rating Strengths Experienced partners: HSFF is promoted by Mr. Ram Narayan Jhanwar having an experience of more than two decades while Mr. Vishal Jhanwar has an experience of more than five years mainly in the ice cream manufacturing industry and will look after the overall management of the firm. Proximity to fruits and vegetables sourcing area: The processing and cold storage unit of the firm is located in fruits and vegetables growing belt of Gujarat having large network of farmers, thereby making it suitable for the farmers and processing as well as cold storage units in terms of transportation and connectivity. Fiscal benefits from the government: Government of Gujarat (GOG) is providing certain benefits for encouraging small scale business via various subsidies for setting up/expansion & diversification/modernization of Agro and Food Processing Units which is expected to increase the cash flow in the short-medium term. Valsad-based (Gujarat), HSFF was formed in October 16, 2017 by four partners namely Mr. Vishal Jhanwar, Mr. Nitesh Patel, Mr. Ram Narayan Jhanwar and Mr. Sumantrai Patel. The firm is setting up a green field project for processing of vegetables and pulping of fruits which will be frozen in its own cold storage facility using Individual Quick Freezing (IQF) technology. The project cost is envisaged at INR15.37 crore via proposed debt-equity mix of 2.40 times. The firm will operate from Valsad (Gujarat) with a proposed installed capacity of 7200 metric ton per annum for processing the fruits and vegetables, while it expects to commence commercial production from July, 2018. It will procure the vegetables and fruits from domestic suppliers while it will sell the processed products majorly to wholesalers and retailers. ICED DESSERTS: ICRA Moves D Rating to Not Cooperating Category -------------------------------------------------------------- ICRA Ratings has moved the long term ratings for the bank facilities of Iced Desserts & Foods Parlours (I) Pvt Ltd (ICED) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 15.00 [ICRA]D ISSUER NOT COOPERATING; Loan Rating moved to the 'Issuer Not Cooperating' category The rating takes into account continued delays in debt servicing by the entity. As part of its process and in accordance with its rating agreement with ICED, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information, and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. The rating is based on limited information on the entity's performance since the time it was last rated in September 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with ICED, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. ICED was established in 1994 and is a part of the N. R. Group of Companies promoted by Mr. Neeraj Rawal. The company was engaged in Super Distributorship of Kingfisher beer brand of UBL for entire Maharashtra except Mumbai. The company has two warehouses situated in Aurangabad and Ambarnath having capacity of 50,000 and 80,000 cases respectively. With effect from April 1, 2016, ICED have be appointed as a Commission Agent by United Breweries Ltd which is change from earlier role as Super distributors for the region of Maharashtra except Greater Mumbai. Hence since this change there would be no sales and purchases in their books of account and they would get only commission income once a month. K. B. PRODUCTS: ICRA Keeps B Rating in Not Cooperating Category --------------------------------------------------------------- ICRA Ratings said the rating for INR7.00-crore bank facilities of K. B. Products Private Limited (KBPPL) continues to remain under 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". ICRA had earlier moved the rating of KBPPL to the 'ISSUER NOT COOPERATING' category due to non-submission of monthly 'No Default Statement' ("NDS") by the entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 5.45 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated Limit 1.55 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. K. B. Products Private Limited was setup by Mr. Kewalchand Jain and his brother Mr. Jagdish Jain in the year1978 as a trading and distribution firm for milk products in Masjid Bunder. In 2007, the company was converted from a sole proprietorship into a private limited company. KBPL is primarily engaged in trading and marketing of ghee and dairy products. KBPL has been a distributor for various dairy brands; however, since the last few years the company is focussing on marketing and distribution of ghee and dairy products under its own brand name 'Nakoda'. Some of the main products which the company sells under its brand name 'Nakoda' include buffalo ghee, cow ghee, coconut oil, skimmed milk powder, refined sunflower oil, groundnut oil, sesame oil and mustard oil. KBPL's products are distributed mainly in Maharashtra, Uttar Pradesh, Chhattisgarh and few other states through a wide spread dealer network. The company also has a manufacturing facility located at Bhiwandi (Maharashtra) for processing of ghee, butter and oil with a storage capacity of 300 TPD and a packing capacity of 50 TPD. LANCO BABANDH: CARE Moves D Rating to Not Cooperating Category -------------------------------------------------------------- CARE Ratings has been seeking information from Lanco Babandh Power Ltd to monitor the ratings vide e-mail communications/letters dated February 15, 2018, January 22, 2018, December 29, 2017, December 22, 2017, December 18, 2017, December 7, 2017, November 21, 2017, November 2, 2017 and August 18, 2017 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requiste information for monitoring the ratings. Further, Lanco Babandh Power Ltd has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings on Lanco Babandh Power Ltd's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8,344 CARE D; Issuer not cooperating; Facilities Based on best available information Long/Short Term 750 CARE D; Issuer not cooperating; Bank Facilities Based on best available information Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating of Lanco Babandh Power Ltd continues to take into account the ongoing delays by Lanco Babandh Power Ltd (LBPL) in servicing its debt obligations. Detailed description of the key rating drivers Ongoing delay in debt servicing: There are ongoing delays in the interest servicing pertaining to debt drawn for the project. Also as per the latest information, the project has come to stand still since Sep'16 and afterwards no progress has been recorded. Heightened funding risk due to weak financial profile of LITL and other group entities: The cost of the project is INR10,430 crore which is to be funded by INR8,344 crore of debt and INR2,086 crore of promoter's contribution. The debt has been tied up with consortium of 14 banks. As per the revised condition with the lenders, the project is to be funded by debt equity ratio of 80:10:10 (80% debt, 10% equity upfront and remaining 10% as last mile equity to be infused 6 months prior to COD). Promoter group with experience of implementing thermal power projects: The company is a part of Lanco group which has experience in extensive project development and management. The flagship company of the group is Lanco Infratech Limited (LITL) which is engaged in power, EPC, solar, natural resources and other infrastructure projects. The coal-based power plants consist of majority of the operational portfolio. The operational coal-based plants include 600MW Lanco Amarkanatak Power Limited and 1,200MW of Lanco Anpara Power Limited. Other than coal-based plants the operational gas based plants include 734MW Lanco Kondapalli Power and 120MW Lanco Tanjore Power Plant. Fuel supply arrangements: For unit-I of 660MW, the company has signed Fuel Supply Agreement (FSA) with Mahanadi Coal Fields Limited (MCL) in April 2016 for 2.83 Million Tonnes Per Annum (MTPA). For unit-II of 660MW, the company previously had a captive coal mine (Rampia coal block) for meeting the fuel requirements. PPA for off take of significant capacity: The company had entered into a PPA with Grid Corporation of Orissa (GRIDCO) for 330MW (25% of total capacity). During FY14, the company also signed PPA with Uttar Pradesh Power Corporation Limited (UPPCL) for 448.8MW (34% of total capacity) of power at tariff rate of INR3.82 per unit and signed PPA with Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) for 369.6MW (28% of total capacity) at a tariff rate of INR3.68 per unit. The company is expected to sell the remaining power of ~171.6MW through merchant sales/ Case-I bidding. Lanco Babandh Power Private Limited was incorporated as a private limited company on 30th May, 2007. The company was converted into a limited company and its name was changed to Lanco Babandh Power Limited (LBPL) on Feb. 3, 2010. The company is promoted by Lanco Group, to construct, operate and maintain a 1320 MW(2 X 660MW) coal based power project in Dhenkanal District, Orissa. The flagship company of the Lanco Group is Lanco Infratech Ltd. The project was envisaged at a cost INR10,430 crore to be funded in the debt of INR8,344 crore and promoters contribution of INR2,086 crore. LANCO VIDARBHA: CARE Moves D Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has been seeking information from Lanco Vidarbha Thermal Power Ltd to monitor the ratings vide e-mail communications/letters dated February 15, 2018, January 22, 2018, December 29, 2017, December 22, 2017, December 18, 2017, December 7, 2017, November 21, 2017, November 2, 2017 and August 18, 2017 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. Further, Lanco Vidarbha Thermal Power Ltd has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings on Lanco Vidarbha Thermal Power Ltd's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9,614 CARE D; Issuer not cooperating; Facilities Based on best available information Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating of Lanco Vidarbha Thermal Power Ltd continues to take into account the ongoing delays by Lanco Vidarbha Thermal Power Ltd (LBPL) in servicing its debt obligations. Detailed description of the key rating drivers Ongoing delay in debt servicing: There are ongoing delays in the interest servicing pertaining to debt drawn for the project. Also as per the latest information, the project has come to stand still since Sep'16 and afterwards no progress has been recorded. Promoter group with experience of implementing thermal power projects of similar capacity: The company is a part of Lanco group which has experience in extensive project development and management. The flagship company of the group is Lanco Infratech Limited (LITL) which is engaged in power, EPC, solar, natural resources and other infrastructure projects. The coal-based power plants consist of majority of the operational portfolio. The operational coal-based plants include 600MW Lanco Amarkanatak Power Limited and 1,200MW of Lanco Anpara Power Limited. Other than coal-based plants the operational gas based plants include 734MW Lanco Kondapalli Power and 120MW Lanco Tanjore Power Plant. Fuel supply arrangements: The annual requirement of coal for 2x660 MW plant capacity has been estimated at about 6.61 MTPA at 85% PLF considering design coal GCV of 3300 kcal/kg with plant gross heat rate as 2220 kCal/kWh. Domestic Coal has been considered as fuel for the project. However, the company has no firm Fuel Supply Agreement (FSA) in place, which exposes the company to risks associated with fuel supply. PPA for off take of significant capacity: The project currently has PPA with National Energy Trading and Services limited (NETS) on February 11, 2011 for sale of 330 MW of power for 15 years at a levelized tariff of INR3.25 kWh.The company had earlier signed a PPA with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 680 MW (Net) on long term basis at a levelized tariff of INR2.70/kwh on Sept. 25, 2008. Lanco Vidarbha Thermal Power Limited (LVTPL) is promoted by Lanco Group and was incorporated on 23rd February 2005. The company was initially incorporated as a 'Private Limited' company and later converted into a 'Public Limited' company on May 10, 2010. LVTPL is promoted to develop, construct, own and operate a 1,320 MW (2x660 MW) thermal power plant based on domestic coal. The project is being implemented on super critical technology by way of a turnkey Engineering, Procurement & Construction (EPC) contract with an initial estimated project cost of INR10,433 crores to be financed at a debt to equity ratio of 4:1. The debt portion of INR5,549 crore was tied up with the lenders. MARUTI GINNING: ICRA Reaffirms B+ Rating on INR5cr Cash Loan ------------------------------------------------------------ ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to the INR6.05 crore fund-based facilities of Maruti Ginning and Pressing Industries. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Cash Credit 5.00 [ICRA]B+ (Stable); Reaffirmed Fund-based-Term Loan 1.05 [ICRA]B+ (Stable); Reaffirmed Rationale The rating reaffirmation takes into account he firm's weak financial profile characterised by fluctuating operating income, sub-optimal capacity utilisation levels, thin profitability margins, high working capital intensity and weak coverage indicators. The rating also factors in the vulnerability of the firm's profitability to any fluctuations in raw material prices (raw cotton) considering the inherently low value-added nature of the ginning business and stiff competition. Further, it is also exposed to the regulatory risks with regards to the minimum support price (MSP), which is set by the Government. ICRA notes the partnership constitution of MGPI as well, wherein any significant withdrawals from the capital account could adversely impact its net-worth and thereby its credit profile. The rating, however, continues to favourably factor in the extensive experience of the partners in the cotton ginning industry and the proximity of the firm's manufacturing unit to raw material sources. Outlook: Stable ICRA expects Maruti Ginning & Pressing Industries to benefit from the experience of its promoters and from locational advantages. The outlook may be revised to Positive in case of substantial growth in revenue and profitability, and better working capital management to strengthen its financial risk profile. The outlook may be revised to Negative in case of significant decline in scale and profitability leading to lower than expected cash accruals, or any major capital withdrawals or stretch in the working capital cycle leading to weakening of the liquidity profile. Key rating drivers Credit strengths Experience of promoters in the cotton industry: The promoters of MGPI have over a decade of experience in the cotton ginning industry, leading to established relationships with customers and suppliers. Locational advantages: The firm is based out of Una (Gujarat), an area with high cotton acreage and quality cotton crop and hence benefits in terms of lower transportation cost and easy access to quality raw material due to its proximity to raw material suppliers. Credit challenges Weak financial risk profile: The operating income of the firm remained volatile over the past few fiscals at INR29.32 crore for FY2017 with low capacity utilisations at 28% in FY2017. The low value added nature of cotton ginning operations resulted in low operating profitability at 2.39% in FY2017 and net profit margins at 0.60%. Low profitability and high debt level resulted in weak debt protection metrics with TD/OPBITDA of 6.96 times, NCA/TD of 2% and interest coverage at 1.53 times as on March 31, 2017. Further, the working capital intensity remained high as reflected by NWC/OI at 22% in FY2017 owing to high inventory holding. Profitability remains vulnerable to fluctuations in raw material prices and regulatory changes: The profit margins are exposed to fluctuations in raw cotton prices, which depend upon various factors like seasonality, climatic conditions, global demand and supply situation, export policy, etc. Further, it is also exposed to the regulatory risks with regards to the MSP set by the Government. Intense competition and fragmented industry structure: The firm faces stiff competition from other small and unorganised players in the industry, which limits its bargaining power with customers and suppliers, and hence, exerts pressure on its margins. Risks associated with being a partnership concern: Any capital withdrawal, given the partnership nature of the constitution, could adversely impact the capital structure of the firm. Established in 1999, Maruti Ginning and Pressing Industries (MGPI) is involved in ginning and pressing of raw cotton from its manufacturing facility in Una (Gujarat). The firm is equipped with 18 ginning machines and a pressing machine with an installed processing capacity of 150 bales per day (with 24-hour operations). NV DISTILLERIES: CARE Raises Rating on INR267.16cr Loan to B- ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of NV Distilleries & Breweries Private Limited (NVDBL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 267.16 CARE B-; Stable Revised Facilities from CARE D Long-term/Short- 2.00 CARE B-; Stable/CARE A4 term Bank Revised from CARE D Facilities Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of NVDBL takes into account equity infusion by the promoters and improvement in the operational performance of the company. The ratings derives strength from experienced promoters and management with presence of group companies in related business, strategic location with a large nearby market, abundant availability of grain and protective environment for existing players due to restrictive licensing acting as high entry barriers. The rating continues to be constrained by the weak financial risk profile, susceptibility to volatility in raw material prices, and highly regulated industry. Going forward, the ability of NVDBL to continue improvement in operational performance, reduction in debt levels and effective management of working capital requirements would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Weak financial risk profile: The debt metrics of the company remained moderately similar as reflected by the debt-equity ratio and overall gearing which stood at 1.41x (PY: 1.33x) and 2.46x (PY:2.22x) respectively. Further, the interest coverage ratio of the company rose to 0.86x during FY17 (PY: 0.18x). The overall gearing and PBILDT interest coverage of the company stood at 1.96x and 1.79x respectively as on December 31, 2017 (UA). Volatility in raw material prices: The margins of the company are highly susceptible to the volatility in the prices of the raw materials. The main raw material for NVDBL is grain and comprises the major cost of production. NVDBL procures its raw material through local traders. The prices of these raw materials are governed by various factors including the supply of the same which is in turn is dependent upon farm yield, government regulations, etc. Moreover, NVDBL operates grainbased distillery with no mechanism in place to shift the production to other raw materials like molasses, etc. when grain prices move in adverse directions, the company gets exposed to raw material price volatility risk. Highly regulated industry: Liquor industry is highly regulated in India with each state controlling the production, sales and duty structure independently. As a result, there are difficulties in transfer of production from one state to another along with huge burden of duties and taxes. The state controls the licenses for production, distributorship and retailing also. Key Rating Strengths Equity Infusion by the promoters: The company's promoters have infused equity into the company to the extent of INR49.25 crore during FY16 (refers to the period from April 1 to March 31) and INR4.46 crore during FY17. The same has helped the company to pay off its debt obligations and improve its liquidity position. Improved operational performance: During FY17, NVDBL witnessed moderation in total operating income by approximately 11.72% to INR351.49 crore as against INR398.14 crore in FY16. However, the company incurred lower net losses of (-) INR28.99 crore during FY17 as against net losses of (-) INR57.13 crore during FY16. During 9MFY18 (UA), the company registered total operating income of INR358.10 crore with PBT of INR1.41 crore. Experienced promoters, management & group companies in related business: NVDBL was incorporated in year 1994 by Mr. Ashok Jain (Chairman) and Mr. Sameer Goyal (Managing Director), both of whom have rich experience of nearly three decades and two decades respectively in the beverage industry. The promoters have been engaged in the related business through other group companies and possess rich experience of nearly three and two decades respectively in the alcoholic beverage industry. The promoters are well supported by an experienced and professional management team. Strategic Location: NVDBL has set up grain-based distillery in Rajpura (Punjab), which provides locational advantage in terms of availability of raw material (grains) in the state of Punjab and nearby states, viz. Haryana and Uttar Pradesh. Moreover, the company distributes country liquor and IMFL in nearby states which are some of the biggest consumers of liquor in northern region. High entry barrier: Liquor policies governing its production and sale are entirely controlled by respective State governments. With all the alcohol consuming States/Union Territories having their own regulations and entry-exit restrictions, it is very difficult for new entrants to get licenses thus providing a competitive advantage to existing players like NVDBL. NVDBL is a part of NV group. NVDBL promoted by Mr. Ashok Jain and Mr. Sameer Goyal, was incorporated in 1994. The company is operating a grain-based distillation cum bottling plant in Rajpura, Punjab, with an installed capacity of 120 KLPD of Extra Neutral Alcohol (ENA), 48 lakh cases per annum each of Indian made foreign liquor (IMFL) and Country liquor along with a power generation plant (11MW). The plant was fully commissioned from August 2011. Alongside, the company is also operating a Polyethylene terephthalate (PET) bottling plant with an installed capacity of 0.23 crore bottles per annum (180 ml), 3.20 crore bottles per annum (375 ml) and 3.50 crore bottles per annum (750 ml) since April 2012. PEARL INTERNATIONAL: Ind-Ra Assigns BB Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Pearl International Tours and Travels Limited (PITTL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument- wise rating actions are given below: -- INR25 mil. Term loan due on March 2021 assigned with IND BB/Stable rating; and -- INR190 mil. Fund-based working capital limit assigned IND BB/Stable/IND A4+ rating. KEY RATING DRIVERS The ratings reflect PITTL's modest scale of operations, thin EBITDA margins and weak credit metrics. Revenue grew to INR370 million in FY17 (FY16: INR283.35 million) on account of growth in ticketing business and the company's increased focus on its tour packages business. The EBITDA margins declined to 2.18% in FY17 (FY16: 4.76%) because of lower commission earned from airlines. Ind-Ra expects an improvement in the EBITDA margins on the back of targets achieved by the company in advance. As of December 2017, it booked revenue of INR318.6 million with an EBITDA margin of around 6.96%. Gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 0.72x in FY17 (FY16: 1.05x) and net leverage (total adjusted net debt/operating EBITDAR) to 9.32x (FY16:5.73x) due to a decline in EBITDA. The credit metrics are likely to improve in the medium term on the back of the anticipated improvement in the EBITDA margin. However, the ratings are supported by PITTL's comfortable liquidity position as reflected by 79% average utilization of working capital facility during the 14 months ended February 2018. The ratings are also supported by PITTL's promoters' over two decades of experience in the ticketing business. RATING SENSITIVITIES Positive: Any significant improvement in commissions and margins on tie-ups with more airlines, leading to a substantial improvement in the credit profile will be positive for the ratings. Negative: Any significant deterioration in the credit metrics on any stoppage and/or a significant reduction of commission payments by the airlines will be negative for the ratings. COMPANY PROFILE Incorporated in 1990, PITTL provides global corporate travel management services to companies on commission basis. The company is headquartered in New Delhi and has branches in Lucknow, Jaipur and Chandigarh. PITTL has been appointed as a Lufthansa City Centre agency and is engaged in the business of offering travel solutions such as airline ticket booking and hotel reservations. The company also provides travel related services to corporates. PHILIP D'COSTA: Ind-Ra Migrates B Rating to Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Philip D'Costa & Co.'s (PDC) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND B(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are as follows: -- INR20 mil. Fund-based facilities migrated to Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; -- INR30 mil. Non-fund-based facilities migrated to Non Cooperating CategoryIND A4 (ISSUER NOT COOPERATING) rating; -- INR6.6 mil.Long-term loans due on March 2023 migrated to Non- Cooperating Category with IND B (ISSUER NOT COOPERATING) rating; -- INR10 mil. Proposed long-term loans migrated to Non- Cooperating Category with Provisional IND B (ISSUER NOT COOPERATING) rating; -- INR5 mil. Proposed fund-based facilities migrated to Non- Cooperating Category with Provisional IND B (ISSUER NOT COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING) rating; and -- INR10 mil. Proposed non-fund-based facilities migrated to Non-Cooperating Category with Provisional IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 10, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE In May 2014, PDC commenced operations as a partnership firm based out of Karwar, Karnataka. PDC is an engineering, procurement and construction contractor that undertakes government projects (construction of bridges and flyovers). PDC operates in Karnataka. PST ENGINEERING: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed P. S. T. Engineering Construction's (PST) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are given below: -- INR250 mil. (increased from INR100 mil.)Fund-based working capital facilities affirmed with IND BB+/Stable/IND A4+ rating; -- INR250 mil. (increased from INR50 mil.) Non-fund-based working capital facilities affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects PST's continued modest scale of operations and EBITDA margins. Revenue was INR1.73 billion in FY17 (FY16: INR1.77 billion) and EBITDA margins were 8.3% (7.8%). The firm had reported a substantial revenue growth of 263.91% yoy in FY16 by executing relatively large-sized projects. As of 9MFY18, the firm had an unexecuted order book of INR2.7 billion (1.6x of FY17 revenue), to be executed in one and a half years. PST recorded revenue of INR1.4 billion in 9MFY18 with improved EBITDA margin of 9.1% on account of reduced variable cost. Almost all of the company's contracts have a price escalation clause, safeguarding its margins from input price volatility. As of 9MFY18, the company's profit before tax was INR111.76 million (FY17: INR140.55 million). The ratings are constrained by PST's partnership nature of organization and exposure to geographical concentration risk, as its operations are largely concentrated in and around Tamil Nadu. However, the ratings benefit from the company's comfortable liquidity position. Net working capital cycle was 35 days in FY17 (FY16: 23 days). However, Ind-Ra expects the net working capital cycle to elongate to around 60 days on account of longer collectible period from government bodies, inherent to the industry. PST's peak utilization of its fund-based limits was around 86% during the 12 months ended February 2018. The company enhanced its bank limits to meet its liquidity requirement for business growth. Although PST's interest-bearing debt levels increased during FY17, its credit metrics remained at a comfortable level with net leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of 1.47x in FY17 (FY16: 1.1x) and EBITDA interest coverage (operating EBITDA/gross interest expense) of 10.47x (190.44x), supported by growing EBITDA (FY17: INR143.69 million, FY16: INR139.02 million, FY15: INR24.78 million). The firm reported healthy gross coverage during FY15-FY16 due to interest-free unsecured debt on its balance sheet from its associate company, which was fully repaid in FY16. The firm's debt levels are likely to rise to meet its increasing working capital requirement with growing scale of operations. Despite the rise in debt levels, Ind-Ra expects the credit metrics to remain at a comfortable level on account of improving EBITDA. The ratings are also supported by PST's promoters' more than two decades of experience in the civil construction business. RATING SENSITIVITIES Positive: A sustained growth in the revenue and operating EBITDA margins leading to a sustained improvement in the overall credit metrics will lead to a positive rating action. Negative: Deterioration in the liquidity position on account of stretched working capital cycle and/or a decline in the EBITDA margin and a decline in the overall operating performance and credit metrics on a sustained basis would be negative for the ratings. COMPANY PROFILE Incorporated in 1995 as a partnership firm by Mr. S. Thennarasu and family, PST began operations in 1999. PST is engaged in civil construction work such as building of colleges and hospitals, slum clearance, among others. It is registered as Class I civil contractor with Public Works Department in Tamil Nadu. RAJASTHAN EDUCATION: CARE Cuts Rating on INR5.01cr LT Loan to D --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Rajasthan Education Institute and Health Society (REIHS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.01 CARE D; ISSUER NOT COOPERATING; Facilities Revised from CARE BB-; Stable on the basis of best available information CARE has been seeking information from REIHS to monitor the ratings vide e-mail communications dated January 8, 2018, January 18, 2018, and numerous phone calls. E-mail communications and letter dated February 20, 2018. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, REIHS has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on REIHS's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating is revised on account of ongoing delays in debt servicing. Detailed description of the key rating drivers Key Rating Weaknesses Irregularities in debt serving: There is delay in term loan repayment due to stressed liquidity and banker has confirmed the same. Dausa (Rajasthan)-based Rajasthan Education Institute and Health Society (REIHS), formed by Dr C.L. Meena and Dr. R.S. Nagar, was registered as a society on February 22, 2000, for imparting education in the field of engineering, teaching, nursing and science at Dausa. REIHS operates four colleges under its umbrella i.e. engineering and polytechnic college, B.Ed. college, Science college and nursing college. REIHS offers civil engineering, computer science, electrical engineering, electronics & communication and mechanical engineering degree courses in its engineering college whereas offers diploma in civil engineering and electrical engineering courses in polytechnic college. In Science College, it offers B.Sc. graduation course whereas in nursing college, it offers G.N.M course. The engineering & polytechnic college for degree courses is affiliated from Rajasthan Technical University (RTU) and All India Council for Technical Education ( AICTE), whereas, diploma courses are affiliated from RTU and Board of Technical Engineering of Rajasthan (BTER). B. Ed college is affiliated from Rajasthan University (RU) and approved by National Council for Teacher Education (NCTE). Science college is affiliated from Rajasthan University of Health and Science (RUHS) and GNM college is affiliated from Indian Nursing Council (INC) and RNC. RIDDHI SIDDHI: ICRA Moves D Rating to Not Cooperating Category -------------------------------------------------------------- ICRA Ratings has moved the rating for the bank facilities of Riddhi Siddhi Cotton Ginning & Pressing Pvt. Ltd. continue to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 20.00 [ICRA]D ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Riddhi Siddhi Cotton Ginning & Pressing Pvt. Ltd. (RSCGPPL), incorporated in 2006, is engaged in cotton ginning and pressing to produce cotton bales and cotton seeds. The manufacturing unit of the company is located in Rajkot, Gujarat SHREE KHODAL: ICRA Cuts Rating on INR6.50cr Cash Loan to D ---------------------------------------------------------- ICRA Ratings has downgraded the long-term rating to [ICRA]D 'ISSUER NOT COOPERATING' from [ICRA]B+ 'ISSUER NOT COOPERATING' for the INR8.35 crore bank facilities of Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL). The Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.50 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B+; Rating continues to remain under 'Issuer Not Cooperating' category Term Loan 1.85 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B+; Rating continues to remain under 'Issuer Not Cooperating' category The rating downgrade follows the delays in debt servicing by SKCGPL to the lender(s), as confirmed by them to ICRA. ICRA has limited information on the entity's performance since the time it was last rated in July, 2016. As part of its process and in accordance with its rating agreement with SKCGPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) was incorporated in 2012 and it commenced ginning and pressing operations in January 2015 by setting up a manufacturing facility at Rajkot, Gujarat. The company's facility is equipped with 30 ginning machines and a pressing machine with a total capacity to process 28,000 MT of raw cotton annually. The operations of the firm are managed by Mr. Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria. SREEJA METAL: CARE Assigns B+ Rating to INR9.60cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Sreeja Metal Sand LLP (SMSLLP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9.60 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SMSLLP are tempered by short track record of the firm and risk towards achievement of commercial operations and stabilization of operations, lack of experience of promoter in M-Sand industry, highly fragmented industry with intense competition from large number of players. However, the rating is underpinned by the location advantage with presence in easy availability, financial closure achieved for the project, lease agreement from government of Andhra Pradesh of mines and Geology for 30 years and stable outlook of M sand. Going forward, the Ability of the firm to complete the project without any cost and time overrun and to stabilize the operations and generate the revenue and profit levels as envisaged shall remain the key rating sensitivities. Detailed Description of the key rating drivers Key Rating Weaknesses Short track record of the firm and risk towards achievement of commercial operations and stabilization of operations: The firm was established in 2015. The partners of the firm have proposed to set up an unit with a total estimated cost of INR11.43 crore which is funded through a bank term loan of INR7.60 crore,. and partner's contribution of INR3.83 crore. The commercial operation of the firm is expected to start in August, 2018. Therefore, the ability of the firm to stabilize the operations and generate the revenue and profit levels as envisaged remains critical from credit perspective. Lack of experience of partners in mining and manufacturer of M-Sand: SMSLLP is promoted by Mr.Venkataramana Babu Pilla (Managing Partner) along with his family members. Mr.Venkataramana Babu Pilla is a qualified graduate and has more than two decade experience in transport business and trading metal and nonmetal. However the project partners have no prior experience in similar line of business. Highly fragmented industry with intense competition from large number of players: The firm is engaged in mining and manufacturer of M-Sand which is highly fragmented industry due to presence of large number of organized and unorganized players in the industry resulting in huge competition. Key Rating Strengths Financial closure achieved for the project: SMSLLP has achieved financial closure for the said project. The total project cost is INR11.43 crore, out of which INR7.60 (67%) crore of project term loan was sanctioned by Andhra Bank and rest INR3.83 (33%) crore of funding was done through partners' contribution. The firm also availed the cash credit limits to the extent of INR2.0 crore for its working capital requirements. Lease agreement from government of Andhra Pradesh of mines and Geology for 30 years: The raw material required of manufacturing M-sand is rock (granite) boulders and the same is obtained through quarrying/mining, for mining the boulders the firm obtained in principal grant for quarry lease from government of Andhra Pradesh department of mines and geology for 30 years Lr. No 3337/P/2014/Visakhaptanam dated Jan. 2, 2017. Stable outlook of M-sand: Growth in cement demand from the housing segment over the next five years is expected to be led by increased urbanization, higher government investment in rural and semiurban Bhousing projects. However, demand from the private housing segment over the next two years is estimated to be muted. This is a sharp divergence from the historical trend wherein cement demand from the housing sector was largely private-led (individual house builders, real estate, promoter housing, etc.), with government housing spend comprising a small proportion. Increased government focus on Housing over the next 5-6 years, with the Ministry of Housing and Urban Poverty Alleviation) planning to provide assistance in the range of INR1.0-2.3 lakh per housing unit under its "Housing for All", PMAY mission. A report of the technical group on housing shortage indicates a shortfall of 47.4 million homes in rural India and another 18 million in urban India. These estimates take into consideration rising urbanization from the current 32.7% to nearly 35% by 2020. Sreeja Metal Sand LLP (SMSLLP) was established on December 25, 2014 as a Limited Liability Partnership firm by Mr. Venkataramana Babu Pilla along with his family members. On, August 6, 2015 the firm was reconstituted when Smt. Polimera Venkata Lakshmi retired. The firm has proposed to set-up a manufacturing unit of Metal Sand (M Sand). The raw material required for manufacturing M Sand is rock (granite) boulders and the same will be obtained through quarrying/mining. For mining of the boulders, the firm has obtained in-principle grant for quarry lease from Government of Andhra Pradesh, Department of Mines and geology for 30years for captive mining Lr. No. 3337/P/2014/Visakhapatnam dated 02.01.2017 over an extent of land measuring 6.000 hectares located at Sy. No.258 of Marupaka (V), Ravikamatham (M), Visakhapatnam District in the state of Andhra Pradesh. The commercial operations of the firm are expected to start in July, 2018. The total cost proposed for setting up the unit is INR11.43 crore funded by partners' contribution of INR3.83 crore and remaining through term loan of INR7.60 crore. The firm has incurred INR3.83 crore as on January 31, 2018. SRI LAXMI: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan ---------------------------------------------------------- ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ on the INR6.60 crore fund bases limits and INR0.40 crore unallocated limits of Sri Laxmi Srinivasa Roller Flour Mills(SLSRFM). The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based limits- Cash Credit 6.50 [ICRA]B+ (Stable); Reaffirmed Fund based limits- Term Loans 0.10 [ICRA]B+ (Stable); Reaffirmed Unallocated limits 0.40 [ICRA]B+ (Stable); Reaffirmed Rationale The rating is constrained by modest scale of operations and thin profitability levels inherent in the flour-milling industry due to the low value additive nature of business, and intense competition from organised and unorganised players. The ratings further constrained by SLSRFM's moderate financial profile charcterised by high gearing of 1.62 times as on March 31, 2017 and moderate coverage indicators for FY2017. ICRA notes that the firm's profitability is exposed to external factors such as government regulations and agro-climatic conditions that influence supply. The rating is also constrained by partnership nature of the firm. The ratings, however derives comfort from the extensive experience of the promoters of more than four decades in the flour-mill industry and stable demand outlook of wheat flour as it forms an important part of the staple Indian diet. Outlook: Stable ICRA believes SLSRFM will continue to benefit from the demand prospects of the sector. The rating may be revised upward if the scale of operations and profitability improve or if there is sustained improvement in the capital structure. The rating might be revised downward if any significant debt-funded capital expenditure weakens the capital structure and liquidity position. Key rating drivers Credit strengths Extensive experience of promoters more than four decades in the flour-milling industry: The firm's partners have been involved in the business of flour milling for more than four decades, which helps the firm in managing the business risks effectively, and also resulted in established relationships with customers and suppliers. Favorable demand prospects of the industry: Demand prospects of the industry are expected to remain stable as wheat flour forms an important part of the staple Indian diet. Credit weaknesses Modest scale of operations: The firm's scale of operations is modest with revenues of INR62.63 crore in FY2017 restricting its financial flexibility. Moreover, the firm's capacity utilisation has been moderate at ~50% over the past two years. Moderate financial profile of the firm: The firm's financial profile is characterised by high gearing of 1.62 times as on March 31, 2017 and moderate coverage indicators with an interest coverage ratio of 2.15 times and NCA/total debt ratio of 20% in FY2017. Intense competition in the industry keeps margins under check: Flour-milling industry is very competitive with presence of many organised and unorganised players. Intense competition coupled with limited value-additive nature of the business limit the pricing flexibility and margins. Susceptibility to agro-climatic risks: The flour-milling industry is susceptible to agro-climatic risks, which can affect the availability of wheat in adverse weather conditions. Fluctuations in supply, in turn, expose the company to price-volatility risks. Risks inherent to the partnership nature of the firm- SLSRFM is exposed to the risks associated with partnership firms including capital-withdrawal risks that could adversely impact the capital structure. Sri Laxmi Srinivasa Roller Flour Mill (SLSRFM) has been founded in 2008 as a partnership firm and is engaged in milling of wheat and produces atta, maida, rava and bran. The firm has milling unit at Kondamadugu village of Nalgonda district of Telangana with an installed production capacity of 52,560 metric tons per annum. SLSRFM sells its products majorly in the wholesale/retail market in Andhra Pradesh and Telangana under the brand name called "9star. SLSRFM has reported an operating income of INR62.63 crore and net profit of 0.98 crore in FY2017 as against an operating income of INR59.81 crore and net profit of INR0.65 crore in FY2016. SUNIL AND COMPANY: ICRA Reaffirms B- Rating on INR7.50cr Loan ------------------------------------------------------------- ICRA Ratings has reaffirmed long-term rating of [ICRA]B- to the INR9.50 crore bank facilities of Sunil And Company (SAC). The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Cash Credit 7.50 [ICRA]B-(Stable); Reaffirmed Fund-based Channel Funding 2.00 [ICRA]B-(Stable); Reaffirmed Rationale The reaffirmed rating continues to favorably factors in experience of the company's promoters and SAC's presence in five districts of Rajasthan as authorized dealer of Tata Motors Limited (TML). ICRA notes that recent launches by TML will support SAC's performance in the current year. However, the rating remains constrained by SAC's weak financial indicators characterized by consistently declining revenues, net losses and weak coverage indicators amid stiff competition from other players. ICRA also notes risk of capital withdrawal given the partnership nature of the constitution of the firm and the firm's stretched working capital cycle on account of increased inventory and receivables. Outlook: Stable ICRA believes that SAC will benefit from the sales revival in passenger cars segment of TML. The outlook may be revised to 'Positive' if the company is able to scale up operations in the dealership business and improve its profitability. The outlook may be revised to 'Negative' if the company keeps on incurring losses exacerbated by high amount of interest outgo to the partner's and continued pressure on liquidity. Key rating drivers Credit strengths Sole focus on TML's dealership amid the revival of passenger cars segment in the industry and fresh launches by Tata Motors Limited: The firm discontinued its oil extraction business at the end of FY2017 owing to high agro-climatic risks faced in the past. The firm is now solely focusing on the car dealership business. TML's fresh launches such as Hexa and Nexon and latest edition of Tiago has resulted in sales pick up in current year. The firm was able to achieve sales of INR9.84 crore in 9mFY2018. The rating draws comfort from SAC's presence in five districts of Rajasthan. The promoters have been in this business since 1999. Moderate capital structure: Though the firm has been posting losses over the last few years, it has managed to marginally increase its capital base through infusion to INR8.03 crore as on March 31, 2017 from INR7.77 crore as on March 31, 2016. The firm's gearing remains moderate at 1.83 times as on March 31, 2017, slightly deteriorated from 1.41 times as on March 31, 2016. Credit challenges Modest scale of operations along-with weak financial risk profile: The firm's overall financial profile continues to remain weak with declining revenues owing to gradual reduction in oil business over the years and increasing competitiveness in the dealership business. The company continues to post losses. The losses in FY2017 expanded owing to one-time sale of raw materials in oil division to group concern. Further, the partners continued to receive high interest on unsecured loans Thus, SAC's return and debt coverage metrics have continued to be inadequate. Stretched working capital: SAC's working capital intensity substantially worsened in FY2017 due to increased receivable as claims with its principal. In addition, SAC's inventory days also increased owing to reduced sales of older versions of TATA cars. Consequently, SAC's limit utilization remained high. However, the availment of loan against property and additional unsecured loans are expected to support SAC's liquidity position. Partnership nature of the constitution posing risk of capital withdrawal: The firm remains exposed to the risk of withdrawal of capital given the nature of constitution of the firm. Incorporated in the year 1984 Sunil & Company is a partnership firm of Mr. Tribhuwan Raj Bhandari, Mr. Sudeep Raj Bhandari and Mr. Trideep Raj Bhandari. The firm was engaged oil mill, dyeing, printing, processing and trading of cloth as well as was having the dealership of Tata Motors Limited passenger cars. In 2012, the firm discontinued the textile processing business and further exited the oil mill segment in 2017. It is now solely engaged in dealership of Tata Motors passenger cars and operates in the territories of Jodhpur, Barmer, Jalore , Pali and Jaisalmer. The firm owns one 3S (Showroom Spares Services) in Jodhpur. In FY2017, as per audited numbers, the firm made a net loss of INR0.97 Crore on an operating income of INR13.91 Crore, compared with a net loss of INR1.01 Crore on an operating income of INR27.79 Crore in FY2016. SYNCO INDUSTRIES: ICRA Reaffirms C+ Rating on INR8.50cr Loan ------------------------------------------------------------ ICRA Ratings has reaffirmed long-term rating of [ICRA]C+ and short-term rating of [ICRA]A4 to the INR10.00 crore bank facilities of Synco Industries Limited (SIL). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Cash Credit 8.50 [ICRA]C+; Reaffirmed Non-Fund based Bank Guarantee 1.50 [ICRA]A4; Reaffirmed Rationale The reaffirmed rating remains constrained by the company's continued weak performance as evidenced by declining revenues, meagre profitability and highly leveraged balance sheet. Further, the rating also factors in the company's increased working capital intensity which along-with withdrawal of unsecured loans keeps the liquidity position under pressure. However, the ratings favorably factors in the improvement in the company's debt-coverage metrics owing to revival in operating profits in FY2017 on the back of favorable raw material pricing in the oil extraction segment. This apart, the rating continues to draw comfort from the track record of the promoters in the edible oil and engineering goods segment. ICRA also takes note of reputed and diversified client base in the engineering division. Outlook: Not applicable Key rating drivers Credit strengths Temporary shutdown of oil extraction business operations and increased strategic focus on engineering division which has diversified and reputed clientele: The company was involved in oil extraction business since 1995 and later started its engineering division of blasting equipment. However, the company made net losses in FY2015 and FY2016 largely owing to agro- climatic risks. Thereafter, the company has decided to temporary discontinue the oil extraction business till the time margins are improved and focus on the engineering division, which is expected to garner better margins. The company has a reputed client base in this segment including public and private sector clients. Improved debt-coverage indicators owing to one-time gains in oil division: The company purchased raw material from a group entity at favorable pricing which enabled it to generate one-time gain in FY2017. This along-with moderate profitability in the engineering division resulted in improvement in interest and debt service coverage in FY2017 to 1.03 times and 0.89 times respectively in FY2017 from 0.54 times and 0.69 times respectively in FY2016. Extensive experience of promoters in engineering division: The company is involved into manufacturing and trading of various engineering devices such as blasting machines and other gas cleaning devices since 1995. The company also has more than two decades of experience in oil extraction business, however, the oil business is being gradually discontinued. Credit challenges Weak financial risk profile: The company's financial profile continued to be weak with continuing decline in revenues owing to gradual discontinuation of oil extraction. The company posted cash losses in FY2015 and FY2016. The net margin improved but continued to remain weak at 0.03% in FY2017 against -2.7% of net loss in FY2016. Low capital base and high leverage: The company's net worth stood modest at INR1.41 crore as on March 31, 2017 as against 1.40 crore as on Mar 31, 2016. High debt levels have kept the leverage at weak levels (gearing of 9.10 times and Debt/OPBDIT of 6.63 times as on March 31, 2017), even as unsecured loans of INR4.64 crore were withdrawn in FY2017. Growing working capital intensity: The company's working capital cycle remains stretched owing long credit period offered to public sector clients in the engineering division. Further, high inventory levels pertaining to oil division at the year-end further deteriorated the working capital intensity. The company's working capital limit remained highly utilised indicating stressed liquidity. Given the decline in scale, the promoters withdrew unsecured loans. Incorporated in 1982, SIL was originally incorporated as private limited company 'Synco Textiles Private Limited' for carrying out dyes and chemical manufacturing activity. However, with discontinuation of the dyes and chemical manufacturing business and commencement of oil extraction business in 1995, the name was changed to Synco Industries Limited and presently the company is involved in Processing of Mustard seed and Groundnut and selling of oil and de-oiled cake having installed plant capacity of 75,000 Metric tonnes per annum located in Sumerpur which is approx 150 km from Jodhpur. The company is also engaged in the manufacturing of blasting machines used in foundries for cleaning, grading and powder coating and pollution control equipments. In FY2017, as per audited numbers, the company made a net profit of INR0.01 Crore on an operating income of INR13.17 Crore, compared with a net loss of INR0.60 Crore on an operating income of INR21.90 Crore in FY2016. VAMSADHARA GINNING: CARE Assigns B+ Rating to INR5cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Vamsadhara Ginning And Pressing Industries (VGPI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.00 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of VGPI are tempered by limited operational track record and small scale of operations, constitution of the entity as partnership firm with inherent risk of withdrawal of capital, presence in highly fragmented and regulated industry and susceptibility of profits to volatile price fluctuation and seasonality associated with availability of cotton. However, the ratings are underpinned by the experienced management, satisfactory PBILDT margins albeit thin PAT margins, comfortable capital structure, location advantage of the plant and stable demand for cotton industry. Going forward, the ability of the firm to increase its sales along with improving the profit margins amidst competition and to maintain the capital structure shall remain the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Limited operational track record and small scale of operations: VGPI established in 2016 and commenced its operations in February 2017 due to limited track record the scale of operations of the firm was small marked by total operating income (TOI) of INR9.80 crore in FY17 which is for 2 months of operations. However, the networth of the firm stood moderate at INR17.17 crore as on March 31, 2017 as compared to other peers in the industry. The firm achieved sales of INR24.07 crore in 8MFY18 (Prov.). Constitution of the entity as partnership firm with inherent risk of withdrawal of capital: Constitution as a partnership has the inherent risk of possibility of withdrawal of the capital at the time of personal contingency which can adversely affect its capital structure. Furthermore, partnerships have restricted access to external borrowings as credit worthiness of the partners would be key factor affecting credit decision for the lenders. Presence in highly fragmented and regulated industry: The cotton ginning and pressing industry is highly fragmented due to presence of large number of players. Also, this industry entails low value addition in the overall textile value chain, due to which, the players operate on thin margins. The cotton prices in India are regulated through fixation of Minimum Support Price (MSP) by the government, and fortunes of cotton ginners depend on the price parity between the price fixed by the government and those prevailing in the market. Moreover, exports of cotton are also regulated by government through quota systems to suffice domestic demand for cotton. Hence, any adverse change in government policy i.e. higher quota for any particular year, ban on the cotton or cotton yarn export may negatively impact the prices of raw cotton in domestic market and could result in lower realizations and profit. Susceptibility of profits to volatile price fluctuation and seasonality associated with availability of cotton: The cotton prices are volatile in nature and depend upon factors like, monsoon condition, area under cultivation, yield for the year, international demand supply scenario, export policy decided by the government and inventory carry forward of last year. Cotton being a seasonal crop is sown up to October and harvesting is done between January and may in peninsular part of India. Prices of cotton are at their lowest in harvesting season and trend up thereafter, depending upon supply-demand dynamics which results into a higher inventory holding period for the business. Furthermore, the quantum of cotton produced in a particular year is dependent on factors such as rainfall and vagaries of nature and government policies. Thus the firm's operations are contingent on it sourcing the requisite quantum of cotton at an appropriate price. Key Rating Strengths Experienced management: Mr. Sontineni Venkateswara Rao, the chief promoter and managing partner of the firm has 27 years of experience in the line of rice milling and cotton ginning business. He is also a partner at Vamsadhara Rice Industries and Vamsadhara Cotton Industries. Mr. Chinthalapudi Purnachandra, partner who has three decades of experience in the agricultural industry handles the material procurement and production department. Furthermore, the top management is assisted by second line of management having adequate experience in the industry. Satisfactory PBILDT margins albeit thin PAT margins: The firm has satisfactory PBILDT margins which stood in the range of 6%-6.5% during the review period. The PBILDT margin of the firm has marginally improved in 8MFY18 due to increasing sales realization and absorption of fixed overheads on account of increasing scale of operations. The PAT margin of the firm has declined from 0.54% in FY17 to 0.37% in 8MFY18 due to increase in depreciation cost on account of addition of new machinery in order to improve the scale of operations coupled with increase in interest expense as a result of moderate utilization of working capital facilities. Comfortable capital structure: The capital structure of the firm remained comfortable during the review period. Debt equity ratio of the firm remained at nil due to absence of long term loans. The overall gearing ratio of the firm marginally improved from 0.29x as on March 31, 2017 to 0.27x as on November 30, 2017 due to increase in tangible net worth and stood comfortable at below unity. Location advantage of the plant: The plant unit of the firm is located at Guntur district in Andhra Pradesh, which is at close vicinity to the existing spinning mills and oil extraction units within the state. The raw material cotton is procured from intrastate neighboring districts of Krishna, Prakasam and also from the neighboring districts of Nalgonda and Mahaboobnagar of Telangana State where it is available in abundant. This cut downs the transportation costs and lowers the expenses to be incurred by the firm. Stable outlook of cotton industry: Amongst all the cotton growing countries of the world, India ranks number one in cotton cultivation area spreading out to about 95 lakh hectares. The ginning outturn of the Indian cotton also presents a wide spectrum of variations from 24% to 42%. The ginning industry has been on a modernization spree ever since the Government of India launched Technology Mission on Cotton. It is reported that as many as 860 ginning and pressing factories have completed modernization out of 1,000 projects approved by Technology Mission on Cotton during its implementation. It is also reported that about 500 ginning and pressing factories are being modernized under Technology Up-gradation Fund Scheme. With these developments, ginning infrastructure in the country seems to be well on its way to secure a firm foundation. The cotton textile industry in India can look forward to meet its major raw material requirements through indigenous supply of clean cotton. Vamsadhara Ginning And Pressing Industries (VGPI) was incorporated in the year 2016 by seven partners. The firm is engaged in cotton ginning And pressing at its factory located at Piduguralla, Guntur district. The operations started from February 2017 and the firm has its customer presence in Andhra Pradesh and Telangana who purchase cotton lint and cotton seed manufactured by the firm. Mr. Sontineni Venkateswara Rao, being the chief promoter and managing partner of this firm since its inception, has 27 years of experience in the line of rice milling and cotton ginning business. He is also having a major stake in the associate concerns, 'Vamsadhara Rice Industries' and 'Vamsadhara Cotton Industries' both located at Janapadu, Andhra Pradesh. The raw material cotton, an agro based produce is procured from intrastate neighboring districts of Krishna, Prakasam and also from the neighboring districts of Nalgonda and Mahaboobnagar of Telangana State. The cotton ginning and pressing factory located at Guntur district of Andhra Pradesh has a total installed capacity of 20,000 bales per annum. VERSANT ONLINE: CARE Moves B Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has been seeking information from Versant Online Solutions Private Limited (VOSPL) to monitor the rating via e- mail communications dated Sep 19, 2017, November 15, 2017, December 26, 2017, February 1, 2018 and various telephonic interactions. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the rating. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Versant Online Solutions Private Limited bank facilities will now be denoted as CARE B; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2.95 CARE B; Issuer not Cooperating Facility (Based on best available information) Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating in September 30, 2016 the following were the rating strengths and weaknesses: Key Rating weakness Operational and net losses since incorporation i.e. 2012: With a view to increase the client base, the company is offering huge discounts and charging even less to its customers than the actual cost incurred. Hence, the company incurred operational as well as net loss during review period [FY14 to FY16]. Weak financial risk profile: The financial risk profile of the company is weak during review period marked by operational and cash losses. Further, the capital structure of the company is highly leveraged marked by debt equity and overall gearing ratio stood at 7.03 and 9.18 respectively as on March 31, 2016. Due to the above said factors, the debt coverage indicators remained weak at FY16. Highly fragmented industry: E-Commerce is an industry where the consumer behavior makes the industry highly fragmented. With numerous service providers operating in the unorganized sector with no much variation in the service being provided keeps pressure on the profit margins. Key rating strengths Experience of promoter: Versant Online Solutions Private Limited (VOSPL) was promoted by Mr Darapaneni Naidu Chennapa who worked in IT sector for 5 years and in E-Commerce industry for 7 years. With anticipation of high increase in demand for the Ecommerce services in India, he incorporated VOSPL to provide a platform for the E-Booking of events happening all over the country. Growth in total operating income during the review period: The total Operating Income of the company has increased from the INR0.41crorein FY14to INR2.30 Crore in FY16 amounting to CAGR of 134.40%, due to increase in clients for booking as well as organisation of events through the web portal. Stable outlook of E-Booking industry: Increasing internet and mobile penetration, growing acceptability of online payments and favorable demographics has provided the e-commerce sector in India the unique opportunity to companies connect with their customers. Communication with clients using the e-Commerce website acts as a loyalty tool so that it is convenient for improvising the growth rate. Versant Online Solutions Private Limited was incorporated on March 30, 2012, by Mr Darapaneni Naidu Chennapa and Ms Sailaja Patharlapalli. The company provides e-booking services for events (Professional, Sports, Trainings, Entertainment, and Spiritual) all over India by web portal www.meraevents.com. YASHWANT DUGDH: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Yashwant Dugdh Prakriya Limited (YDPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are as follows: -- INR8.93 mil. Long-term loans due on December 2021 assigned with IND BB-/Stable rating; and -- INR90 mil. Fund-based limits assigned with IND BB-/Stable/ IND A4+ rating. KEY RATING DRIVERS The ratings reflect a thin EBITDA margin (FY17: 1.0%; FY16: 1.4%) due to a high milk procurement price and stiff competition from co-operative dairy units and other private players. Ind-Ra expects EBITDA margin to remain in the range of 1.0%-2.0% in the near term. The ratings also reflect weak credit metrics due to a thin EBITDA margin. In FY17, net leverage (total adjusted net debt/operating EBITDAR) was 7.6x (FY16: 6.5x) and gross interest cover (operating EBITDA/gross interest expense) was 1.4x (1.3x). Moreover, YDPL has a tight liquidity position, indicated by an average fund-based facility utilization of 99.0% for the 12 months ended January 2018. However, the ratings are supported by revenue growth and the promoters' 10-year experience in milk processing. The scale of operations is medium. Revenue rose to INR1,283 billion in FY17 from INR1,039 million in FY16, driven by an increase in the sale of milk by-products. RATING SENSITIVITIES Negative: Any decline in EBITDA margin leading to deterioration in the credit metrics on a sustained basis could be negative for the ratings. Positive: Any rise in EBITDA margin leading to any improvement in the credit metrics could be positive for the rating. COMPANY PROFILE Incorporated in 2008, YDPL is engaged in the milk processing business in Shirala, Sangli. It has an installed capacity of 200,000 liters per day. ==================== N E W Z E A L A N D ==================== FUTURECOL: In Voluntary Liquidation; Staff and Students in Limbo ---------------------------------------------------------------- Radio New Zealand reports that 15 staff and 33 international students in Hawke's Bay have been left in limbo after their education provider put itself into voluntary liquidation. FutureCol NZ offers NZQA-approved courses in cookery, information technology and management in Hastings and Queenstown. According to the report, some students said the cancellation of their course meant they had only two weeks before their student visas expired and they did not know what they would do. "I was shocked when I was told. All the students were crying." RNZ relates that another cookery student from India said he had been offered another course in Auckland but it was too far, too expensive, and with only two weeks left on his visa he did not have enough time to arrange it. Another had been offered a place at Eastern Institute of Technology in Napier but that course cost NZ$5,000 more than the NZ$10,000 he had borrowed for the FutureCol course, says the report. "The decision was made due to the fall in international student numbers and the rigid funding regime currently in place for domestic students," the report quotes FutureCol chief executive Bharat Guha as saying. All students had been offered an alternative place to continue their studies, he said, RNZ relays. Mr. Guha said fees paid by students were protected by the Public Trust Fee Protection Scheme, the report adds. NZQA said it was told on February 27 that FutureCol would be ceasing operations and all the students had been advised of an alternate provider if they wished to continue their studies, Radio NZ reports. MEATCO NZ: Halal Slaughterhouse's Owners Put Into Liquidation ------------------------------------------------------------- Andrew Ashton at The New Zealand Herald reports that overseas muslims could be robbed of the taste New Zealand lamb, after a halal meat exporter -- seemingly linked to a convicted tax fraudster -- was put into liquidation. Meatco NZ Ltd was placed into liquidation following High Court proceedings in Napier, with Chris Horton and Associates appointed as liquidators, the Herald discloses. According to the Herald, the Meatco website describes the company as "one of the New Zealand's leading providers of the highest quality halal lamb and mutton products in the Middle East and South East Asia". It also says it has the capacity to halal slaughter 15,000 sheep a week at a "fully refurbished modern halal meat processing plant", located in Christchurch, the Herald relays. However, Canterbury resource consenting authority ECan has no record of a consent being granted to the company. Similarly, the Ministry for Primary Industries, which grants licences for halal slaughterhouses has no record of a licence granted to Meatco, the Herald notes. Meatco NZ Ltd has a registered office address, listed with Companies Office, as belonging to North Shore businessman Michael Stacker, who is also the sole shareholder of the company, the report discloses. According to the report, Mr. Stacker is also a registered director of parent company Meatco International Ltd, which has a registered address belonging to BRL Accounting in Onekawa, Napier. The company's website domain name was registered by a former employee in Napier who confirmed to Hawke's Bay Today that the company was owned by Mr. Stacker. Mr. Stacker, previously known as Husain Khalil Al Saffaf, was sentenced to home detention at the North Shore District Court in 2014 after telling his tax agent he had brought assets which he had not. That led to the tax agent unknowingly filing a false tax return on behalf of Dalal Forest Trust which Mr. Stacker owned, the Herald says. Mr. Stacker had been prosecuted by the Serious Fraud Office previously for similar offences. In 2009 he was banned from being a company director for five years, the report states. "During the initial review of company documents by the liquidator's forensic team at Chris Horton Associates, we have come across the name MR A H ALSAFFAF [sic]," the Herald quotes liquidator Chris Horton as saying. That had led liquidators to "the reasonable conclusion" that Mr. Stacker of Meatco NZ Ltd (In Liquidation) and the Mr. Stacker referred to in relation matters reported from North Shore District Court, were in fact the one and same person, the Herald relates. Anyone owed money by Meatco is urged to contact Chris Horton and Associates, the report says. NEW ZEALAND HONEY: Bought Out of Receivership --------------------------------------------- Simon Hartley at Otago Daily Times reports that New Zealand Honey Specialties -- trading as the New Zealand Honey Company -- has been bought out of receivership, for an undisclosed sum. ODT relates that liquidator Iain Nellies confirmed on March 9 that New Zealand Honey Specialties was bought by New Zealand buyers and the company would continue to be operated as a going concern. "We're still assisting though, with the business handover," the report quotes Mr. Nellies as saying. Scott Brundell confirmed when contacted that he, Mark Lahood and Marc Eurell were in partnership and the new company would be trading as New Zealand Honey Co Ltd, the report relays. The trio had not purchased assets of the company, but its brand and intellectual property rights, the report notes. "Our initial focus is the New Zealand market," ODT quotes Mr. Brundell as saying, citing supermarkets and the tourism industry sectors as potential customers. According to ODT, Mr. Nellies was unable to give a specific update on the debts, but said about NZ$24,000 owed to employees had been settled. Three of the four staff had found work elsewhere and one remained with the company. While unsecured creditors were owed about NZ$809,000, more than half of that debt was owed to companies associated with the shareholders, which would get nothing. It was "unlikely" the other unsecured creditors would receive payments and shareholder advances of about NZ$590,000 would not get payment, ODT states. The report adds that Mr. Nellies said the company had sold its Mosgiel factory in June last year and would now operate as a "broker", taking orders and selling domestically. Dunedin-based New Zealand Honey Specialties was a specialist manuka honey exporter. The United Kingdom had been the company's biggest market. It had also exported to Hong Kong, Singapore, China and South Korea. New Zealand Honey Specialties was placed in voluntary receivership by its shareholders in mid-December. Its overall debt was assessed by liquidator Insolvency Management last November at more than NZ$1.4 million, ODT discloses. ================= S I N G A P O R E ================= SIX CAPITAL: Applies for Voluntary Liquidation ---------------------------------------------- Marissa Lee at The Strait Times reports that Six Capital Investments, which called itself a "fintech" firm and aggressively defended itself against the scrutiny of former employees and investors, has applied to be wound up. On Feb. 13, SixCap's boss and sole owner Patrick Teng Chee Wai filed for the voluntarily liquidation of his company in the British Virgin Islands, and chose Baker Tilly (BVI) as his preferred liquidator, The Straits Times discloses. Six Capital Investments was incorporated in the BVI. At a creditor's meeting in Baker Tilly's Singapore office on March 6, investors were told that SixCap owes investors and creditors more than US$143 million, and is unable to pay its debts as they fall due, according to the report. The report relates that a representative from Baker Tilly said he could not confirm this figure, as Baker Tilly is still trying to liase with SixCap's management to consolidate all claims. On March 6, around 200 creditors and their proxies swarmed the office of Baker Tilly. They were meant to vote on the appointment of Baker Tilly as the liquidator, or choose a different liquidator. However, no votes were cast as Baker Tilly was not prepared to accommodate the large crowd, says the report. "The liquidator's speaker had no microphone so nobody could hear what they were saying, the crowd turned angry and it went downhill from there," one investor told The Straits Times. The meeting was adjourned till further notice, likely this week, the Baker Tilly representative told BT. SixCap boss Patrick Teng did not attend the meeting, the report notes. Last year, police reports had been filed against SixCap, a local fintech currency trading firm that built a high profile by painting its name on an aircraft and wooing potential clients in Davos, Switzerland, the Strait Times recalls. The report says SixCap promised returns as high as 18 per cent a year by using "big data and powerful analytics" to make currency trades, but stopped making payouts around June last year. SixCap has since moved out of its office on the ground floor of SGX Centre 1 in Shenton Way, the report says. SixCap boss Patrick Teng is also the man behind Indigoz Exchange, which was fined SGD10,000 by the MAS in 2005 for selling stored- value cards which it called "i-chqs" without approval, The Strait Times notes. ==================== S O U T H K O R E A ==================== GM KOREA: KDB Kicks Off Due Diligence to Determine Financial Aid ---------------------------------------------------------------- Yonhap News Agency reports that the state-run Korea Development Bank on March 12 kicked off due diligence on GM Korea Co. as it prepares to make a decision on whether or not to extend fresh loans to the loss-making carmaker. According to Yonhap, KDB Chairman and Chief Executive Lee Dong- gull told reporters, "There were differences between the KDB and GM over the conditions involving due diligence, but they reached an overall agreement on various aspects." The carmaker is the South Korean unit of U.S. auto giant General Motors Co. GM holds a 77 percent stake in the company, while the South Korean lender holds 17 percent and SAIC Motor Corp. possesses 6 percent of all shares, Yonhap discloses. Yonhap relates that in a meeting with GM Executive Vice President Barry Engle, the chairman said GM will amend its initial stance of not providing most of the requested materials and will cooperate with the KDB so that due diligence can be carried out smoothly based on bilateral trust. GM asked the KDB to complete due diligence within a month, but the state lender demanded two to three months as it needs to thoroughly review GM Korea's financial status and its parent GM's investment plans in its Korean unit before deciding on new loans, Yonhap says. After announcing its plan on Feb. 13 to shut one of its four car assembly plants in South Korea by May and to decide the fate of the remaining plants within weeks, GM has been putting pressure on the KDB to participate in efforts to turn GM Korea around by offering capital. Yonhap says the state bank in response said new cash injection can only be possible if GM comes up with a "viable" plan to revive and maintain its Korean operations. Unless GM submits most of required data to the KDB, however, due diligence may not result in any fresh loan from the Korean government, the KDB said. PricewaterhouseCoopers will carry out a detailed review on behalf of the KDB, adds Yonhap. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 5 to March 9, 2018 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06 CLIME CAPITAL LTD 6.25 11/30/21 AUD 1.01 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94 LAKES OIL NL 10.00 05/31/18 AUD 7.50 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.19 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.31 QUINTIS LTD 8.75 08/01/23 USD 70.63 QUINTIS LTD 8.75 08/01/23 USD 70.63 QUINTIS LTD 8.75 08/01/23 USD 70.63 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 69.67 CHINA ----- ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.54 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 40.57 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 60.17 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 25.29 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.10 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.57 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 60.65 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 41.18 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.58 CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.70 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.40 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 74.01 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.85 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 60.95 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.11 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 26.10 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.30 CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 10.00 CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 10.00 CHINA DEVELOPMENT BANK 3.50 11/04/46 CNY 74.43 CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 66.00 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.50 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.57 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.53 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.41 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.32 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.30 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 41.00 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.42 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.22 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.95 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 41.00 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 60.00 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 40.51 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.29 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.00 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 60.00 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.00 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 81.50 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 40.42 FUZHOU INVESTMENT DEVEL 7.75 02/28/18 CNY 50.00 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.00 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.07 GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 71.63 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 40.50 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 60.93 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.10 HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 58.20 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.70 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.08 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.50 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.95 HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.20 HEFEI CONSTRUCTION INVE 6.60 08/28/18 CNY 40.30 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.35 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.55 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.17 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.08 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 41.05 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.52 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.13 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.40 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.72 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.26 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 61.62 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.30 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.00 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.18 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.52 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.64 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.09 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.04 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.47 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 68.05 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.96 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 60.20 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 40.38 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.34 NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 83.54 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.03 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.90 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.06 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.13 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.17 PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 60.05 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.70 PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.20 PULANDIAN CITY CONSTRUC 7.74 04/21/21 CNY 82.40 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.92 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.05 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.07 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.45 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.71 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.90 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.00 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.80 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.81 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 39.94 RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 60.44 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.19 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.99 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 57.21 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 60.02 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.32 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.05 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 72.87 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 40.59 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 61.18 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.00 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 71.13 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.07 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.83 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.81 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.67 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.10 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.30 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 39.98 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.20 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 72.74 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 59.50 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 60.15 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.01 URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.48 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 60.22 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.18 WUHAN CAIDIAN URBAN CON 7.24 05/28/21 CNY 34.69 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.20 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 59.90 WUHU CONSTRUCTION INVES 6.89 03/26/19 CNY 70.38 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 59.75 WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.23 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 51.03 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 70.67 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.18 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.79 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 60.24 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.20 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 59.80 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 60.25 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.34 XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.19 XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.13 YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.62 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 60.59 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 84.00 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 80.90 YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 50.02 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.10 YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.70 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.00 YINING CITY STATE OWNED 8.90 01/23/21 CNY 90.00 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.26 YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 59.60 ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 39.78 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.00 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.30 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.35 ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.78 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.10 ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 40.90 HONG KONG --------- CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 69.88 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 52.17 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 52.17 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.50 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.50 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.50 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.50 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 12.88 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.68 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.59 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 54.35 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.25 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 4.95 JCT LTD 2.50 04/08/11 USD 26.63 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 0.34 REI AGRO LTD 5.50 11/13/14 USD 0.34 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 63.45 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 59.88 JAPAN ----- TAKATA CORP 0.58 03/26/21 JPY 5.13 TAKATA CORP 0.85 03/06/19 JPY 5.13 TAKATA CORP 1.02 12/15/17 JPY 8.75 KOREA ----- 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 73.66 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 60.75 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 69.98 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 70.94 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 72.12 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 72.39 KOREA TREASURY BOND 1.50 09/10/66 KRW 68.48 OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 35.52 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 66.57 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 69.34 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 69.68 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 69.92 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 70.19 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 70.92 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 71.14 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 71.37 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 71.46 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 72.25 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 72.62 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 72.84 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 73.08 SINBO SECURITIZATION SP 5.00 09/30/19 KRW 73.86 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 74.00 SINBO SECURITIZATION SP 5.00 08/27/19 KRW 74.14 SINBO SECURITIZATION SP 5.00 06/25/18 KRW 74.28 SINBO SECURITIZATION SP 5.00 07/29/19 KRW 74.37 SINBO SECURITIZATION SP 5.00 05/26/18 KRW 74.51 SINBO SECURITIZATION SP 5.00 06/25/19 KRW 74.66 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.22 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.69 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.19 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.72 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.26 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.44 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.56 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.97 HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.51 I-BHD 3.00 10/09/19 MYR 0.36 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.13 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 66.91 PUC BHD 4.00 02/15/19 MYR 0.22 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.12 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.26 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.60 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.04 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.45 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.38 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.86 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 64.32 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 65.76 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 68.60 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 70.37 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 71.98 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 73.06 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 73.70 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 74.89 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.16 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 3.10 UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.97 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.45 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.01 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 70.71 SINGAPORE --------- ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 46.88 ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 46.88 AUSGROUP LTD 8.45 10/20/18 SGD 62.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.22 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.38 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00 BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 25.00 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.25 EZION HOLDINGS LTD 4.88 06/11/21 SGD 14.88 EZION HOLDINGS LTD 4.70 05/22/19 SGD 15.00 EZION HOLDINGS LTD 4.60 08/20/18 SGD 15.00 EZION HOLDINGS LTD 5.10 03/13/20 SGD 15.00 EZION HOLDINGS LTD 4.85 01/23/19 SGD 15.00 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 6.63 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 70.57 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 34.63 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 53.00 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 1.50 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.53 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 70.38 DEBT AND ASSET TRADING 1.00 10/10/25 USD 71.75 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2018. 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. *** End of Transmission ***