/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/180810.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 Friday, August 10, 2018, Vol. 21, No. 158 Headlines A U S T R A L I A BCP INDUSTRIES: Second Creditors' Meeting Set for Aug. 16 IRDC PTY: First Creditors' Meeting Set for August 17 LINCHPIN CAPITAL: Court Orders Appointment of Receivers POSH PRINTING: Second Creditors' Meeting Set for August 16 RESIMAC 2018-1NC: S&P Assigns Prelim B(sf) Rating on Cl. F Notes SYNDROM HOLDINGS: Second Creditors' Meeting Set for Aug. 17 TASKBAY CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 20 WPG RESOURCES: Receivers Take Over Miner's Operations C H I N A HNA GROUP: Under Scrutiny By U.S. Panel Over Manhattan Building TIMES CHINA: S&P Alters Outlook to Positive & Affirms 'B+' ICR I N D I A ALPFLY PRIVATE: Insolvency Resolution Process Case Summary AS NUTRA: CARE Migrates D Rating to Non-Cooperating Category BANGS RESTO: Insolvency Resolution Process Case Summary BRAND ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'BB' DANKE ELECTRICALS: Insolvency Resolution Process Case Summary DISTRIBUTION LOGISTICS: CARE Removes Ratings From Non-Cooperating EMGEE CABLES: Insolvency Resolution Process Case Summary ESSAR AGROTECH: CARE Lowers Rating on INR21.65cr Loan to D GBA STEELS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating GHATGE PATIL: CARE Moves D Rating to Not Cooperating Category ILPEA PARAMOUNT: CRISIL Maintains B- Rating in Non-Cooperating INSTYLE EMBROIDERIES: CRISIL Keeps B Rating in Not Cooperating JAGDAMBA LOHA: Insolvency Resolution Process Case Summary JAYPEE INFRATECH: NCLT to Hear Insolvency Proceedings JEEVAN JYOTI: CRISIL Maintains 'B' Rating in Non-Cooperating JR AGROTECH: Insolvency Resolution Process Case Summary JVL AGRO: Insolvency Resolution Process Case Summary K. KOTESWARA: CRISIL Maintains B Rating in Non-Cooperating KAMNA MEDICAL: CRISIL Maintains B- Rating in Not Cooperating KATYAL METAL: CARE Assigns B+ Rating to INR9cr LT Loan to B+ KEYUR INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating KRIPA ANAND RISHI: CRISIL Maintains B Rating in Not Cooperating KVR PRIME: CRISIL Maintains B- Rating in Not Cooperating LAXMI NARASIMHA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating MAA JOYTARA: CRISIL Maintains B Rating in Non-Cooperating MADHAV CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating MAHA URJAA: Insolvency Resolution Process Case Summary MAPLE REALCON: Insolvency Resolution Process Case Summary MAXVEL REALTECH: CRISIL Maintains D Rating in Non-Cooperating MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to B NETWORK TRADELINK: CRISIL Maintains D Rating in Non-Cooperating ORION MOTORS: CRISIL Maintains B Rating in Non-Cooperating PD SHAH: CRISIL Maintains B Rating in Non-Cooperating Category PARSHURAM CONSTRUCTION: CRISIL Keeps D Rating in Non-Cooperating PHORUM JEWELS: CRISIL Maintains D Rating in Non-Cooperating PINCON SPIRITS: Insolvency Resolution Process Case Summary POWERCON PROJECTS: Insolvency Resolution Process Case Summary PROGRESSIVE MOTORS: CRISIL Maintains B+ Rating in Non-Cooperating PROVOGUE (INDIA): Insolvency Resolution Process Case Summary RP PRINTERS: CRISIL Maintains D Rating in Non-Cooperating RS MIRGANE: CRISIL Maintains D Rating in Non-Cooperating RABINDRA SURGICALS: CRISIL Maintains B Rating in Not Cooperating RAGHU INFRA: CRISIL Maintains D Rating in Not Cooperating RANGPUR TEA: CRISIL Moves B- Rating to Not Cooperating Category RAYON TEXTILE: CRISIL Maintains B+ Rating in Not Cooperating RELIANCE COMMUNICATIONS: Bonds Drop to 18 Low After Tender Offer RUNEECHA TEXTILES: Insolvency Resolution Process Case Summary RUSHABH TRADING: CRISIL Maintains B Rating in Non-Cooperating SANVI SPINNING: CRISIL Maintains B Rating in Non-Cooperating SARASWATI TIMBER: CARE Lowers Rating on INR7.99cr Loan to B SATYA WAREHOUSE: CRISIL Maintains D Rating in Not Cooperating SBO EXPORTS: Insolvency Resolution Process Case Summary STANDARD CASTINGS: CARE Reaffirms B Rating on INR4cr LT Loan SUNIL ISPAT: Insolvency Resolution Process Case Summary THAMIZH CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating TIRUPATI COMMODITIES: Insolvency Resolution Process Case Summary N E W Z E A L A N D MAVEN INTERIORS: Owes NZ$3.5M to More Than 80 Unsecured Creditors P H I L I P P I N E S WOMEN'S RURAL BANK: Creditors' Claims Deadline Set Sept. 23 - - - - - ================= A U S T R A L I A ================= BCP INDUSTRIES: Second Creditors' Meeting Set for Aug. 16 --------------------------------------------------------- A second meeting of creditors in the proceedings of BCP Industries Australia Pty Limited has been set for Aug. 16, 2018, at 12:00 p.m. at the offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW. 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 Aug. 15, 2018, at 4:00 p.m. Vincent Pirina and David Iannuzzi of Veritas Advisory were appointed as administrators of BCP Industries on July 12, 2018. IRDC PTY: First Creditors' Meeting Set for August 17 ---------------------------------------------------- A first meeting of the creditors in the proceedings of IRDC Pty, trading Ironlak Art & Design, Ltd will be held at the offices of Pearce & Heers Insolvency, Level 12, 127 Creek Street, in Brisbane, Queensland, on Aug. 17, 2018, at 10:00 a.m. Mark William Pearce of Pearce & Heers was appointed as administrator of IRDC Pty on Aug. 7, 2018. LINCHPIN CAPITAL: Court Orders Appointment of Receivers ------------------------------------------------------- The Federal Court of Australia has made interim orders in proceedings brought by the Australian Securities and Investments Commission (ASIC) against Linchpin Capital Group Ltd and Endeavour Securities (Australia) Ltd. Linchpin and Endeavour operate two managed investment schemes. Both schemes are called "Investport Income Opportunity Fund". On Aug. 7, 2018, Justice Derrington found that, on the evidence filed to date, Linchpin had engaged in serious breaches of the Corporations Act and that the Court could not have any confidence that Linchpin and its directors would act in the interests of the fund operated by Linchpin. His Honour stated: 'The manner in which the (Linchpin) Fund has been operated is also a matter of some concern given that the bulk of the funds have been invested in related party loans with no registered security . . . and the circumstances indicate this is likely to have given rise to breaches of trust and fiduciary duty'. The Court also found that there was a prima facie case that Endeavour had engaged in serious and persistent contraventions of the Corporations Act and breaches of duty towards members of the fund operated by Endeavour. His Honour further stated that: 'It appears that a substantial portion of the assets of the (Endeavour) Fund have been applied by it in contravention of the Act . . . and the transactions entered into by Endeavour required the approval of the members of the fund and that has neither been sought nor obtained.' The Court ordered that: * David Orr -- dorr@deloitte.com.au -- and Jason Tracy -- jtracy@deloitte.com.au -- of Deloitte be appointed as Receivers over: (i) the assets of Linchpin; (ii) any assets held by Endeavour in its capacity as responsibility entity of the Investport Income Opportunity Fund; * Linchpin and Endeavour are restrained from dealing with assets or investor funds; * Linchpin is restrained from operating the Investport Income Opportunity Fund and providing financial services advice, dealing in or promoting financial products or carrying on any financial servcices business; and * Endeavour is restrained from operating the Investport Income Opportunity Fund or carrying on any financial services business in connection with that scheme. These orders were made pending a final hearing into the conduct of Linchpin and Endeavour. The Court adjourned the matter for a case management hearing on Aug. 14, 2018 at 10:15 a.m. The Receivers are to provide a report to the court by Sept. 4, 2018, regarding the two schemes operated by Linchpin and Endeavour. POSH PRINTING: Second Creditors' Meeting Set for August 16 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Posh Printing CBD Pty Ltd has been set for Aug. 16, 2018, at 11:00 a.m. at Suite 1, Level 15, 9 Castlereagh Street, in Sydney, NSW. 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 Aug. 15, 2018, at 4:00 p.m. Christopher Damien Darin of Worrells Solvency was appointed as administrator of Posh Printing on July 12, 2018. RESIMAC 2018-1NC: S&P Assigns Prelim B(sf) Rating on Cl. F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC Series 2018-1NC. RESIMAC Bastille Trust - RESIMAC Series 2018-1NC is a securitization of nonconforming and prime residential mortgages originated by RESIMAC Ltd. The preliminary ratings reflect: -- S&P views of the credit risk of the underlying collateral portfolio, including that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. -- S&P views that the credit support is sufficient to withstand the stresses it applies. This credit support comprises note subordination for the rated notes and lenders' mortgage insurance to 5.3% of the portfolio. Lenders' mortgage insurance covers 100% of the principal balance on the insured loans, plus accrued interest, and reasonable costs of enforcement. In addition, the transaction includes various mechanisms to utilize excess spread to provide additional credit support. -- S&P's expectation that the various mechanisms to support liquidity within the transaction, including an amortizing l liquidity facility equal to 1.5% of the aggregate invested amount of the notes on closing, and principal draws, are sufficient under our stress assumptions to ensure timely payment of interest. -- The extraordinary expense reserve of AUD250,000, funded by RESIMAC Ltd. before closing, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. -- The benefit of a cross-currency swap to hedge the mismatch between the Australian dollar receipts from the underlying assets and the U.S. dollar payments on the class A1 notes to be provided by National Australia Bank Ltd. PRELIMINARY RATINGS ASSIGNED Class Rating Amount (mil.) A1 AAA (sf) US$131.25 A2 AAA (sf) AUD175.00 AB AAA (sf) AUD97.50 B AA (sf) AUD15.00 C A (sf) AUD15.00 D BBB (sf) AUD8.75 E BB (sf) AUD4.25 F B (sf) AUD3.75 G NR AUD5.75 NR--Not rated. SYNDROM HOLDINGS: Second Creditors' Meeting Set for Aug. 17 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Syndrom Holdings Pty. Ltd. has been set for Aug. 17, 2018, at 11:00 a.m. at the offices of Dye & Co. Pty Ltd, 165 Cambwerwell Road, in Hawthorn East. 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 Aug. 16, 2018, at 5:00 p.m. Nicholas Giasoumi and Roger Darren Grant of Dye & Co. were appointed as administrators of Syndrom Holdings on July 25, 2018. TASKBAY CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 20 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Taskbay Constructions Pty. LTD has been set for Aug. 20, 2018, at 10:30 a.m. at the offices of PKF Melbourne, Level 13, 440 Collins Street, in Melbourne. 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 Aug. 17, 2018, at 4:00 p.m. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of Taskbay Constructions on July 9, 2018. WPG RESOURCES: Receivers Take Over Miner's Operations ----------------------------------------------------- MiningNews.net reports that RSM Australia Partners' Gregory Dudley, Jonathan Colbran, and Richard Stone have taken over day- to-day running of WPG Resources and have taken possession of the Challenger and Tarcoola mines and all of WPG's assets. According to MiningNews.net, the company said RSM was in communications with the recently-appointed administrators, EY, to ensure "an efficient transition of the operations of the group", with the hope the business can continue to operate. The appointment of receivers follows WPG's default of an agreement struck in December with mining contractor Byrnecut, which had come to WPG's aid with a $20 million debt facility with 20% interest, MiningNews.net says. On July 30, 2018, Brett Lord, Adam Nikitins, and Samuel Freeman of Ernst & Young were appointed as administrators of: - WPG Resources Limited; - Challenger Gold Operations Pty Ltd; - WPG Securities Pty Ltd; - Tarcoola Gold Pty Ltd; - Tunkilla Gold Pty Ltd; - Southern Coal Holdings Pty Ltd; and - WPG Gawler Pty Ltd WPG Resources Ltd primarily -- http://wpgresources.com.au/-- engages in the mining, exploration, and development of gold projects in South Australia. It also explores for precious metal, silver, nickel, base metal, iron ore, and coal deposits. The company has a portfolio of tenements covering a total area of 7,343 square kilometers located in South Australia. ========= C H I N A ========= HNA GROUP: Under Scrutiny By U.S. Panel Over Manhattan Building --------------------------------------------------------------- Bloomberg News reports HNA Group Co. said it has been questioned by a U.S. government panel over its ownership of a building in Manhattan near Trump Tower. The scrutiny from the Committee on Foreign Investment in the U.S., which assesses deals posing potential national-security risks, involved some "unique facts and circumstances" regarding the location of the building, a representative for the Chinese conglomerate said in a statement, Bloomberg relays. Those issues didn't exist when HNA bought the 850 Third Avenue property in New York, it said. Bloomberg says the 21-story building houses one of only two police precincts that are within a mile of Trump Tower, the president's base when he's in New York. HNA said it's taking steps to address concerns voiced by the committee. According to Bloomberg, the scrutiny comes amid rising tensions between the U.S. and China, which is said to have decided to help HNA pull itself out of recent liquidity challenges. Bloomberg relates that the Chinese conglomerate, which has sold more than $17 billion in assets to lower its massive debts, has dangled the Manhattan building as one of several properties it is considering unloading. Amid an escalating trade war with the world's second-largest economy, President Donald Trump's administration has stepped up its meddling in inbound investments involving China, resulting in the scuttling of some high-profile deals such as Broadcom Ltd.'s $117 billion attempt to buy Qualcomm Inc. CFIUS's powers may also be expanded under a bill that Congress is expected to pass in August, Bloomberg relates. Bloomberg says the Chinese conglomerate has also been caught in the crossfire. In late April, it abandoned plans to buy SkyBridge Capital from former White House Communications Director Anthony Scaramucci. The group has also faced heightened attention across its holdings worldwide, partly because of questions about its ownership. HNA agreed to buy the 850 Third Avenue building before Trump was elected, the report stats. Separately, the New York Post earlier reported that Trump's administration is poised to seize a majority stake in the building, Bloomberg reports. Responding to the article, HNA said "there is no seizure or forced sale of 850 Third Avenue underway or pending, and it is grossly inaccurate and misleading to suggest otherwise," Bloomberg relates. About HNA China-based HNA Group Co. Ltd. offers airlines services. The Company provides domestic and international aviation transportation, air travel, aviation maintenance, and aviation logistics services. HNA Group also operates holding, capital, tourism, logistics, and other business. Bloomberg News said HNA has been facing increasing pressure -- some banks are said to have frozen some unused credit lines to HNA units after they missed payments -- after a debt-fueled acquisition spree that left it with global assets ranging from hotels and refrigerated trucks to aviation and car rentals. TIMES CHINA: S&P Alters Outlook to Positive & Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Times China Holdings Ltd. to positive from stable. At the same time, S&P affirmed its 'B+' long-term issuer credit rating on the China property development company and our 'B' long-term issue rating on its senior unsecured notes. S&P said, "We revised the outlook because we expect Times China to continue to achieve strong contracted sales growth with its established market position in the Guangzhou-Hong Kong-Macau Greater Bay Area. Although the company's leverage has risen moderately in the first half of 2018 due to its continued expansion, the company may lower its debt-to-EBITDA ratio below 5x in the next 12 months, in our view, considering its revenue growth and track record of disciplined expansion and financial management. "Times China's credit profile has been gradually strengthening over the past two years, in our view. The company's market position has continually improved through the successful implementation of its regional focus strategy. Its standing in the credit market has also risen. "In our view, the company has kept its land costs competitive, accounting for only 19% of its average selling price in the first half of 2018. We expect this to protect Times China from the margin pressure arising from the government's price restriction policy on new homes. Moreover, most of the company's sales are still from Guangzhou, Foshan, and Zhuhai, where demand from first- time homebuyer and upgraders is still solid. "We expect the strong performance in the first half of 2018 to persist in the remainder of the year and in 2019, driven by strong revenue growth and stable margins. In our estimates, Times China's full-year contracted sales will reach Chinese renminbi (RMB) 58 billion-RMB60 billion, exceeding its own sales target for 2018. The company achieved 47% of the sales target in the first six months, with a further 60% of its RMB100 billion saleable resources to be launched in the second half. We expect revenue growth will also accelerate in the second half and in 2019, as the strong contracted sales growth of 50% in 2016 and 42% in 2017 start to translate into earnings. "With sales proceeds and land acquisitions skewed toward the second half of 2018, we expect Times China's reported debt to grow further to RMB44 billion-RMB45 billion at the end of 2018, which constrains the improvement in its credit profile. Under our base case, the company's debt-to-EBITDA ratio may slightly weaken to 5.0x-5.2x this year and next, from 4.8x in 2017. Times China's debt growth in the first six months was above our expectation, with reported debt rising to RMB40.5 billion, from RMB33.3 billion at the end of 2017. We attribute this to the payment of land premiums, including those brought over from last year, as well as an improving cash position. "After its debt growth in the first six months of 2018, Times China may adopt a more prudent expansion plan and cash flow management, in response to the increasingly regulated industry environment and funding conditions. The company slowed down its land acquisitions in the first half of 2018, with 10 out of 11 development projects stemming from merger and acquisitions. This is contrast with the company's reliance on land auctions to buy land before 2018. Times China's current land reserves of 18 million square meters can support its development for the next three to five years. "If the policy tightening on the housing market continues, the company's land acquisitions could fall materially below our current estimate of about RMB25 billion. Furthermore, Times China's strong operating performance could improve its financial leverage in the next 12 months. "The positive outlook reflects our view that Times China will continue to have strong sales execution, solid revenue recognition, and stable margin over the next 12 months, while maintaining its leverage. "We may raise the rating if Times China's debt-to-EBITDA ratio is sustainably below 5x. This could happen if the company achieves strong revenue growth because of its good contracted sales, and if the company is more disciplined about land acquisitions and debt growth. "We may revise the outlook back to stable if Times China's debt- to-EBITDA ratio exceeds 5x. This could happen if: (1) the company's debt-funded expansion is more aggressive than we expected; or (2) its profitability substantially declines because of rising land costs and increasing competition in Guangzhou, Foshan, and Zhuhai." ========= I N D I A ========= ALPFLY PRIVATE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Alpfly Private Limited B-6/2, Ground Floor, Jogabai Extension Jamia Nagar Okhla, New Delhi - 110025 Insolvency Commencement Date: July 12, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 10, 2018 (90 days from commencement) Insolvency professional: Anurag Sharma Interim Resolution Professional: Anurag Sharma 40, LGF, National Park Lajpat Nagar-IV, New Delhi ? 110024 E-mail: anurag.s.ip@gmail.com Last date for submission of claims: July 30, 2018 AS NUTRA: CARE Migrates D Rating to Non-Cooperating Category ------------------------------------------------------------ CARE Ratings has migrated the rating on bank facility of AS Nutra Tech Pvt Ltd (ASNPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 13.40 CARE D; ISSUER NOT COOPERATING; Facilities based on best available information CARE has been seeking information from ASNPL to monitor the ratings vide e-mail communications/letters dated April 26, 2018, June 1, 2018, July 21, 2018, July 24, 2018 and numerous phone calls. 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. The ratings on ASNPL'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 ratings. Detailed description of the key rating drivers The rating assigned to the bank facilities of ASNPL is constrained by the stretched liquidity position due to losses in FY16-FY17 leading to erosion of networth. Furthermore CARE has also not been able to contact the lender and hence, unable to comment upon the regularization of the delays. Revenue from operations also declined from INR15.25 crore in FY16 to INR4.17 crore in FY17 (76.04% on YoY basis). ASNPL, incorporated in February 2010, is promoted by Shrishrimal family of Raipur. The company has a soya nuggets manufacturing unit which is non-operational since the past three years and the company has been trading soya DOC since then. The company has set up a refinery plant (9000 MTPA) and solvent extraction plant for manufacturing refined soya oil (27000 MTPA) and refined rice bran oil (18000 MTPA) in April 2015 (within the scheduled time). The estimated project cost for the facilities has been INR17.67 crore funded through debt of INR10 crore and promoter's contribution of INR7.67 crore. BANGS RESTO: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Bangs Resto Ventures Private Limited Shop No. C, First Floor, No.179, MGR Road Hindu Colony, Nanganallur, Chennai - 600061 Insolvency Commencement Date: July 25, 2018 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: January 21, 2019 Insolvency professional: M. Raguram Interim Resolution Professional: M. Raguram B-9, Abhinayam 1, Sakthi Nagar, 2nd Avenue, Nolambur, Chennai ? 600095 E-mail: adiyensaranagathi@gmail.com Last date for submission of claims: August 13, 2018 BRAND ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'BB' ----------------------------------------------------------- India Ratings and Research (Ind-Ra) downgrades Brand Alloys Private Limited's (BAPL) Long-Term Issuer Rating to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-wise rating actions are: -- INR156.7 mil. (reduced from INR235 mil.) Long term loans due on February 2021 downgraded with IND BB/Stable rating; -- INR115 mil. Fund-based limits downgraded with IND BB/Stable rating; -- INR50 mil. (reduced from INR100 mil.) Non-fund-based limits affirmed with IND A4+ rating; -- INR50 mil. Proposed non-fund based limits withdrawn (issuer is no longer proceeding with the instrument as envisaged) and the rating is withdrawn. KEY RATING DRIVERS The downgrade reflects BAPL's continued small scale of operations coupled with a sustained decline in revenue during FY17-FY18. Revenue fell to INR321 million in FY18 (FY17: INR435 million; FY16: INR556 million), due to lower revenue generation from the railway bogies division, as its bogie unit had to suspend its operations for 17 months due to a fire accident in the premises. FY18 financials are provisional. The ratings are further constrained by BAPL's weak credit metrics. Interest coverage ratio (operating EBITDA/gross interest expense) improved to 2.9x in FY18 (FY17: 1.75x) and net leverage (net debt/operating EBITDA) to 5.9x (8.0x) because of an improvement in operating margins. RoCE was 6.0% in FY18 (FY17: 5.34%) and EBITDA margin was modest at 14.8% (10.5%). The margin improved in FY18 due to a decline in the quantities of raw materials consumed as the bogie unit was shut down. The ratings however are supported by the company's directors' experience of more than two decades in the iron and steel business and BAPL's comfortable liquidity, indicated by an average fund- based limit utilization of 86% for the 12 months ended July 2018. RATING SENSITIVITIES Negative: A decline in the EBITDA margin leading to deterioration in the credit metrics on a sustained basis will lead to a negative rating action. Positive: A substantial increase in the revenue along with an improvement in the credit metrics on a sustained basis could be positive for the ratings. COMPANY PROFILE BAPL was incorporated as a limited company in June 1994. It was changed into a private limited company in January 2017. BAPL manufactures steel billets, CASNUB bogies and related components, coupler components, thermo mechanical treatment bars and stainless steel castings for Indian Railways. Its manufacturing facility is located in Serampore District, Hoogly, and West Bengal. DANKE ELECTRICALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Danke Electricals Limited 776 to 779 G I D C Waghodia Dist Baroda GJ India Insolvency Commencement Date: July 27, 2018 Court: National Company Law Tribunal, Vadodara Bench Estimated date of closure of insolvency resolution process: January 23, 2019 (180 days from commencement) Insolvency professional: Mr. Sunil Kumar Kabra c/o JLN US & Company Chartered Accountants M-19, Metro Tower, Nr. Kinnari Cinema Ring Road, Surat 395002 Gujarat, India E-mail: jlnusco@gmail.com Interim Resolution Professional: Mr. Sunil Kumar Kabra Last date for submission of claims: August 14, 2018 DISTRIBUTION LOGISTICS: CARE Removes Ratings From Non-Cooperating ----------------------------------------------------------------- CARE Ratings reaffirmed and then removed the ratings on certain bank facilities of Distribution Logistics Infrastructure Pvt Ltd. (DLI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 695.73 CARE D Reaffirmed and removed From Issuer Not Cooperating Long term bank facilities 35.43 CARE D Reaffirmed and removed From Issuer Not Cooperating Short term Bank Facilities 69.77 CARE D Reaffirmed and removed From Issuer Not Cooperating Detailed Rationale & Key Rating Drivers The reaffirmation in the rating assigned to the bank facility of DLI takes into consideration ongoing delays in debt servicing by the company due to liquidity mismatches. Detailed description of the key rating drivers Key Rating Weakness Ongoing Delays in Debt Servicing: There are ongoing delays in the account. The company has undergone 5/25 restructuring wherein stepped-up interest rate structure has been adopted and 51% shares of DLIPL are pledged along with the Corporate Guarantee of DLI, Mauritius. Key Rating Strengths Strong parentage and experienced management: The management team of the company includes professionals having experience with Multimodel logistics and Freight Forwarding companies etc. Mr. K. Sathianathan, Managing Director, has extensive experience in the logistics industry which includes working with CONCOR, Adani Logistics Ltd. and ETA. Distribution Logistics Infrastructure Pvt Ltd (DLI), formerly Vikram Logistics & Maritime Services Pvt Ltd. is a multimodal integrated logistics service provider. DLI was originally promoted as a partnership firm in 1972; it was converted to private limited in 1992 as Vikram Associates P Ltd. The name of the company was changed to Vikram Logistic and Maritime Services Pvt Ltd in 2006 and then to Distribution Logistics Infrastructure Pvt Ltd with effect from 12th September 2014. DLI owns and operates a fleet of 142 trailers along with over 416 containers and 31 handling equipment like Reach stackers, RTGs, Cranes, Forklifts. Change in ownership: India Infrastructure Plc (IIP), UK (an associate company of Guggenheim Partners) acquired 100% equity holding (through its subsidiaries) in DLI from the existing promoters. DLI became subsidiary of IIP in FY11. EMGEE CABLES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Emgee Cables And Communications Limited F-75/76, Udyog Vihar, Jaitpura, Jaipur ? 303704, Rajasthan Insolvency Commencement Date: July 27, 2018 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 23, 2019 (180 days from commencement) Insolvency professional: Mr. Sandeep Kumar Jain Interim Resolution Professional: Mr. Sandeep Kumar Jain 24 Ka 1, Jyoti Nagar, Pankaj Singhvi Marg, Near New Vidhansabha, Jaipur, Rajasthan, 302005 E-mail: sandeepjaincs@gmail.com sandeepjainip@gmail.com Last date for submission of claims: August 10, 2018 ESSAR AGROTECH: CARE Lowers Rating on INR21.65cr Loan to D ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Essar Agrotech Limited (EAC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 21.65 CARE D; ISSUER NOT COOPERATING; Facilities Revised from CARE B; Stable Detailed Rationale& Key Rating Drivers The revision in the ratings assigned to the bank facilities of EAC factors in the ongoing delays in servicing of debt obligation by the company. Detailed description of the key rating drivers Key Rating Weaknesses Delays in debt servicing: As per banker interaction, there have been ongoing delays in servicing of interest and principal on long term debt. Timely repayment of debt is the key rating sensitivity. EAL was incorporated in April 1993 and is engaged in farming of flowers, plants and vegetable and trading of milk. EAL has established the brand name of 'Indus Fresh Brand' for Dutch roses (13 different types of roses) and exotic vegetables. Currently EAL is producing roses, vegetables, mango, plants and plugs in five sites which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar. GBA STEELS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn GBA Steels & Metals Private Limited's (GBA) Long-Term Issuer Rating of 'IND BB-'. The Outlook was Stable. The instrument-wise rating actions are: -- The IND BB- rating on the INR21 mil. Term loans due on October 2018 is withdrawn; -- The IND BB- rating on the INR40 mil. Fund-based working capital limits is withdrawn; -- The IND BB- rating on the INR0.50 mil. Non-fund-based working capital limits is withdrawn; and -- The IND BB- rating on the INR10 mil. Proposed fund-based working capital limits is withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the lender. Ind-Ra will no longer provide rating and analytical coverage for GBA. COMPANY PROFILE Incorporated in 2010, GBA manufactures mild steel ingots and thermo-mechanically treated bars. It is also involved in trading of pig iron and sponge iron. The company's manufacturing facility for mild steel ingots is located in Mathura, Uttar Pradesh and facility for thermos-mechanically treated bars is in Shikohabad, Uttar Pradesh. GHATGE PATIL: CARE Moves D Rating to Not Cooperating Category ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of Ghatge Patil Transports Limited (GPTL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.50 CARE D; Issuer not cooperating; Facilities Based on best available Information Short-term Bank 0.06 CARE D; Issuer not cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from GPTL to monitor the ratings vide e-mail communications/letters dated July 19, 2018, July 11, 2018, July 06, 2018, June 28, 2018 and numerous phone calls. 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. The rating on GPTL'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. Detailed description of the key rating drivers At the time of last rating on May 2, 2017, the following were the rating strengths and weaknesses: Key Rating Weaknesses Continues overdrawal in cash credit facility due to stretched liquidity position: There have been continuous overdrawals of more than 30 days in the cash credit limit of INR7.50 crore during the 12 months ended September 30, 2015. The same was on account of stretched liquidity position of the company. During FY17, the company has incurred operating losses to the tune of INR11.71 crore, the same coupled with losses in the previous years has completely eroded the net-worth. GPTL is the flagship company of the Ghatge group and has been operational since 1958 in the name of Ghatge & Patil(Transports) Private Limited. During September 2002, the company was converted into public limited (closely held) and as the name was changed to 'Ghatge Patil Transports Limited'. GPTL is engaged in logistics; owning fleet of over 360 vehicles with over 300 branches pan India (as on March 31, 2015). Furthermore, under the name of Chetan Motors (Division of GPTL) the company operates as an authorised auto dealer of Tata Motors Limited (TML). ILPEA PARAMOUNT: CRISIL Maintains B- Rating in Non-Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Ilpea Paramount Limited (ILPEA) continues to be 'CRISIL B-/Stable Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with ILPEA for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Ilpea, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Ilpea is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of Ilpea continues to be 'CRISIL B-/Stable Issuer not cooperating' Ilpea, established in 1996, is a 51:49 joint venture between Industrie Ilpea SpA (Italy) and Paramount Polymers Pvt Ltd. Ilpea's product profile comprises magnetic gaskets, polyvinyl chloride rigid profiles, injection-moulded components, and rubber components for the white goods industry. The company has its manufacturing facilities in Faridabad (Haryana) and Pune. Ilpea has also set up two satellite plants in Noida (Uttar Pradesh) and Jajru (Haryana). INSTYLE EMBROIDERIES: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Instyle Embroideries Private Limited (IEPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 3.40 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 7.35 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with IEPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of IEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on IEPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of IEPL continues to be 'CRISIL B/Stable Issuer not cooperating' Incorporated in 1998, IEPL undertakes fabric embroidery on a job- work basis for garment manufacturers. The company is promoted by Mr. Sanjeev Jindal, Mr. Jitender Bansal, and Mr. Vipin Mehta. Its production facility is in Manesar (Haryana) while the marketing office is in Okhla (Delhi). JAGDAMBA LOHA: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Jagdamba Loha Udhyog Private Limited G-21 Begrajpur Industrial Area Muzaffarnagar Uttar Pradesh 251003 Insolvency Commencement Date: July 31, 2018 Court: National Company Law Tribunal, Ghaziabad Bench Estimated date of closure of insolvency resolution process: January 27, 2019 Insolvency professional: Sumit Shukla Interim Resolution Professional: Sumit Shukla B-4/702, Krishna Apra Garden, Plot-7, Vaibhav Khand. Indirapuram, Ghaziabad, Uttar Pradesh E-mail: sumit_shukla@rediffmail.com Last date for submission of claims: August 14, 2018 JAYPEE INFRATECH: NCLT to Hear Insolvency Proceedings ----------------------------------------------------- LiveMint.com reports that in a setback to the Jaypee group, the Supreme Court on Aug. 9 asked the National Company Law Tribunal (NCLT), Allahabad, to deal with insolvency proceedings against Jaypee Infratech Ltd (JIL), and barred the group and its promoters from participating in fresh bidding process. A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from Aug. 9, LiveMint says. The Bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said the INR750 crore deposited by JIL in the apex court will be transferred to NCLT Allahabad. LiveMint relates that the top court also allowed the Reserve Bank of India (RBI) to direct banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Ltd (JAL). According to the report, the Bench said homebuyers should be included in the Committee of Creditors in accordance with the amendments made in the Insolvency and Bankruptcy Code (IBC). The Bench disposed of all petitions and applications pending before it. LiveMint says the apex court had earlier reserved its order on "interim reliefs" sought by various stakeholders, including the homebuyers of JIL, JAL, banks and financial institutions and the resolution professional. IDBI Bank had moved the application before the NCLT against debt-ridden JIL, after it allegedly defaulted on a INR526 crore loan. Lawyers, representing homebuyers, opposed the submission that JAL be allowed to complete housing projects, saying that it was barred under the law to do so. Taking note of the enormity of the situation, the bench said it was thought that the liability of the firm was to the tune INR2,000 crore, which went beyond INR30,000 crore. Earlier, JAL had said it would deposit INR600 crore more to refund homebuyers if it was allowed to dispose of its identified assets, including a cement plant at Rewa in Madhya Pradesh, LiveMint recalls. JAL had said INR750 crore was deposited with the apex court's registry and INR600 crore more would be required for paying the principal sum to homebuyers. Homebuyers had moved the apex court stating that around 32,000 people had booked flats and were now paying instalments, LiveMint says. About Jaypee Infratech Jaypee Infratech Limited (JIL) is engaged in the real estate development. The Company's business segments include Yamuna Expressway Project and Healthcare. The Company's Yamuna Expressway Project is an integrated project, which inter alia includes construction of 165 kilometers long six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Company provides operation and maintenance of Yamuna Expressway for over 36 years, collection of toll and the rights for development of approximately 25 million square meters of land for residential, commercial, institutional, amusement and industrial purposes at over five land parcels along the expressway. The Healthcare business segment includes hospitals. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. On August 8, 2017, the National Company Law Tribunal (NCLT), Allahabad bench accepted lender IDBI Bank's plea and classified JIL as an insolvent company. With this, the board of directors of the company remains suspended. Anuj Jain was appointed as Interim Resolution Professional (IRP) to manage the company's business. The IRP had invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida. In September 2017, the Supreme Court of India stayed the insolvency proceedings initiated against JIL, after various associations of homebuyers moved a batch of petitions fearing they will lose their apartments and not get any compensation, according to Livemint. The stay was later revoked by the court, which directed the resolution professional to submit an interim resolution plan that takes into account the interest of homebuyers. The court also directed the parent company, JAL, to deposit INR2,000 crore to protect the interest of homebuyers. Out of this, only INR750 crore has been deposited so far, Livemint relayed. JIL features in the Reserve Bank of India's first list of non- performing assets accounts and had debt exposure of over INR9,783 crore as of September 2017. The parent company, JAL owes more than INR29,000 crore to various banks, the report added. JEEVAN JYOTI: CRISIL Maintains 'B' Rating in Non-Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Jeevan Jyoti Health Care and Research Centre Private Limited continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 46.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with Jeevan Jyoti for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Jeevan Jyoti, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Jeevan Jyoti is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of Jeevan Jyoti continues to be 'CRISIL B/Stable Issuer not cooperating' Jeevan Jyoti, incorporated in Dec. 2011 is currently implementing a 257-bedded multi-speciality hospital in Silchar District of Assam. The hospital is expected to commence operations from April 2017 onwards. The aggregate cost of setting up the project is Rs76.08 crore and is being funded at a debt-equity ratio of 1.56 times. The hospital is being promoted by Dr. Rajdeep Roy and associates. JR AGROTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: J R Agrotech Private Limited Village Awankha, PO Dinanagar, District Gurdaspur, Punjab. Insolvency Commencement Date: July 27, 2018 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: January 22, 2019 Insolvency professional: Dinesh Kumar Seth Interim Resolution Professional: Dinesh Kumar Seth SCO 40-41, Level-III, Sector 17A, Chandigarh 160017 E-mail: dinesh2seth@gmail.com jragro@dineshseth.com Last date for submission of claims: August 15, 2018 JVL AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: JVL Agro Industries Limited Village Tilampur Ghazipur Road Ashapur Varanasi Varanasi ? 221 007 Uttar Pradesh, India Insolvency Commencement Date: July 25, 2018 Court: National Company Law Tribunal, Varanasi Bench Estimated date of closure of insolvency resolution process: January 21, 2019 (180 days from commencement) Insolvency professional: Mr. Avishek Gupta Interim Resolution Professional: Mr. Avishek Gupta CK, 104, Sector 2, Salt Lake City Kolkata, India 700091 E-mail: ho@optimumresolution.net - and - C/o EY Restructuring LLP 17th floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai 400028 E-mail: ip.jvlagro@in.ey.com Last date for submission of claims: August 8, 2018 K. KOTESWARA: CRISIL Maintains B Rating in Non-Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of K. Koteswara Reddy (KKR) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL A4 (ISSUER NOT COOPERATING) Secured Overdraft 4 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) CRISIL has been consistently following up with KKR for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KKR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KKR is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of KKR continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in the year 1998, KKR is based out of Hyderabad (Telangana) and promoted by Mr. K. Koteswara Reddy. The firm is engaged in undertaking civil contract primarily related to construction of roads in Andhra Pradesh, Telangana and Maharashtra. KAMNA MEDICAL: CRISIL Maintains B- Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Kamna Medical Centre Private Limited (KMC) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit .75 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5.25 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KMC for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KMC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KMC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of KMC continue to be 'CRISIL B-/Stable Issuer not cooperating'. KMC, incorporated in July 2006, operates a 250-bed general-purpose hospital in Meerut, Uttar Pradesh. The company is promoted by Dr. Gupta and Dr. Agarwal it provides a full range of medical services. KATYAL METAL: CARE Assigns B+ Rating to INR9cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Katyal Metal Agencies (KMA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9.00 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of KMA is primarily constrained by small and declining scale of operations with low proprietor's capital base, leveraged capital structure and weak debt coverage indicators. The rating is further constrained by working capital intensive nature of operations along with highly fragmented and competitive footwear industry. The rating, however, draws comfort from experienced proprietor and moderate profitability margins. Going forward; ability of the firm to profitably increase its scale of operations while improvement in the capital structure and efficiently managing its working capital requirement, shall be the key rating sensitivity. Detailed description of the key rating drivers Small and declining scale of operations with low proprietor's capital base: The scale of operations has stood small marked by a total operating income and gross cash accruals of INR28.51 crore and INR0.40 crore respectively during FY17 (FY refers to the period April 1 to March 31). The scale has been declining for the past three financial years i.e. FY15-FY17 owing to lower quantity sold. Further, the proprietor's capital base stood relatively small at INR2.56 crore as on March 31, 2017. The small scale limits the company's financial flexibility in times of stress and deprives it from scale benefits. The company has achieved total TOI of ~Rs.17 crore till 11MFY17 (refers to the period April 01 to February 28, based on provisional results). Leveraged capital structure and weak coverage indicators: The company has debt mainly in form of unsecured loans and working capital borrowings. The capital structure stood leveraged as on past three balance sheets ending March 31, '15-'17 owing to high reliance on external borrowings to meet working capital requirements. The coverage indicators as marked by interest coverage and total debt to gross cash accrual ratio stood weak for the past three financial years i.e. FY15-FY17 mainly on account of high debt levels. Interest coverage and total debt to gross stood at 1.47x and 20x respectively for FY17. Working capital intensive nature of operations: The firm maintains inventory of around a month to meet the immediate demand of its customers. The firm offers a credit period of around 2-3 months owing to highly competitive nature of industry. On the contrary, the firm receives average credit period of around a month from the suppliers. This same results into high reliance on external borrowings to meet the working capital requirements. The average working capital limits remained almost full utilized for the past 12months ended February, 2018. Highly fragmented and competitive footwear industry: KMA operates in a highly fragmented industry marked by the presence of a large number of players in the unorganized sector. Further, with presence of various players, the same limits bargaining power which exerts pressure on its margins. Key Rating Strengths Experienced proprietor and moderate profitability margins: The firm is managed by Mr. Naresh Katyal, proprietor of the firm. He is a graduate in qualification and has around two decades of experience in the footwear trading industry through his association with the firm. The profitability margins as marked by PBILDT and PAT margin stood moderate at 4.40% and 1.21% respectively for FY17. The same improved from 3.52% and 1.15% respectively for FY16 on account of product sold with higher profitability margins. Delhi based, Katyal Metal Agencies (KMA) is a proprietorship firm established in year 1986 by Mr. Naresh Katyal. The firm is engaged in wholesale trading of footwear, i.e., sports shoes for men and women. KEYUR INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating --------------------------------------------------------------- CRISIL ratings on bank facilities of Keyur Industries (KI) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 2 CRISIL A4 (ISSUER NOT Discounting COOPERATING) Facility Cash Credit 8 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KI for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KI is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of KI continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Established in 1974, KI commenced operations as a small-scale manufacturer and exporter of psyllium seed (popularly known as Isabgol), psyllium husk, and psyllium husk powder. The firm is promoted by Mr. Girdharlal Patel and is currently managed by Mr. Manubhai Girdharlal Patel and family members. Its production facilities are in Sidhpur in the Mehsana district of Gujarat. KRIPA ANAND RISHI: CRISIL Maintains B Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Kripa Anand Rishi Cellular Private Limited (Kripa) continues to be CRISIL B/Stable Issuer not cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with Kripa for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Kripa, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Kripa is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of Kripa continues to be 'CRISIL B/Stable Issuer not cooperating' Kripa, incorporated in 2006 and promoted by Pune (Maharashtra)- based Dudhedia family, distributes Samsung mobile handsets, accessories, and tablets in Pune. KVR PRIME: CRISIL Maintains B- Rating in Not Cooperating -------------------------------------------------------- CRISIL said the ratings on bank facilities of KVR Prime Constructions Private Limited (KVR) continues to be 'CRISIL B- /Stable Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KVR Prime Constructions Private Limited (KVR) for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KVR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KVR is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of KVR continues to be 'CRISIL B-/Stable Issuer not cooperating' KVR Prime Constructions Pvt Ltd (KVR) was started by Mr. Venkateswara Rao and is involved in residential real estate construction business at Vijayawada (AP). The company has one ongoing project under the name KVR Prime Galaxy. LAXMI NARASIMHA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Laxmi Narasimha Breeding Farm's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating 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 continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR10 mil. Fund-based working capital limits maintained in Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR21.6 mil. Term loan maintained in Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING) rating; and -- INR110 mil. Proposed fund-based working capital limits maintained in Non-Cooperating Category with Provisional IND B+ (ISSUER NOT COOPERATING) / Provisional IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 8, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Laxmi Narasimha Breeding Farm is a Telangana-based partnership firm involved in the poultry business. MAA JOYTARA: CRISIL Maintains B Rating in Non-Cooperating --------------------------------------------------------- CRISIL said the ratings on bank facilities of Maa Joytara Rice Mill Private Limited (MJRMPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.17 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 4.45 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 9.83 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Standby Letter 0.55 CRISIL B/Stable (ISSUER NOT of Credit COOPERATING) CRISIL has been consistently following up with MJRMPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained Non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MJRMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MJRMPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of MJRMPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Formed in 1993 as a proprietorship concern and reconstituted as a private-limited company in 2004, MJRMPL mills and processes rice; its facility is in Malda (West Bengal). The company has set up a solvent extraction unit, which became operational in July 2014. Its operations are managed by Mr. Prafulla Kumar Ghosh. MADHAV CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Madhav Constructions (MC) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Long Term 2 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with MC for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of MC continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' MC was set up in 1978 as a partnership firm by Mr. Gope Rochlani and his son Mr. Raja Rochlani. The firm undertakes real estate projects and construction of roads in Bhiwandi and Kalyan (both in Maharashtra). MAHA URJAA: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Maha Urjaa Utilities Private Limited 9/3/2, Erandawana, Deepashri Near Mahtre Bridge, Pune ? 411004 Maharashtra, India Insolvency Commencement Date: July 24, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 20, 2019 Insolvency professional: Jitendrakumar Rambaran Yadav Interim Resolution Professional: Jitendrakumar Rambaran Yadav 11 Singh House, 2nd Floor, 23 Ambalal Doshi Marg Near Bombay Stock Exchange Fort, Mumbai 400001, Maharashtra E-mail: jitendra.yadav0712@gmail.com Last date for submission of claims: August 14, 2018 MAPLE REALCON: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Maple Realcon Private Limited B-22, F/Floor, Village Gazipur Delhi - 110096 Insolvency Commencement Date: July 18, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 14, 2019 (180 days from commencement) Insolvency professional: Mr. Dinesh Chandra Agarwal Interim Resolution Professional: Mr. Dinesh Chandra Agarwal 11/6B, II Floor, Shanti Chambers, Pusa Road, Opp. Metro Pillar No. 133, New Delhi ? 110005 E-mail: padamdinesh@gmail.com Tel. No.: 9810106892, 011-47060111 Insolvency Professionals Representative of Creditors in a class: Sunil Prakash Sharma E-25, Lajpat Nagar-3 New Delhi 110024 Kanwal Choudhary EA-413, Maya Enclave New Delhi 110064 Ajay Goyal 49, DDA Site No. 1, M Block, New Rajendra Nagar Delhi 110060 Last date for submission of claims: August 7, 2018 MAXVEL REALTECH: CRISIL Maintains D Rating in Non-Cooperating ------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Maxvel Realtech Private Limited (MRPL) to 'CRISIL D' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B+/Stable') Term Loan 14 CRISIL D (Downgraded from 'CRISIL B+/Stable') The rating reflects delays by MRPL in serving interest payments on its term loan. It also reflects risks related to cyclical nature of real estate industry and demand risk associated with the on- going project - Maxvel Residency. These rating weaknesses are partially offset by extensive experience of promoters in the real estate industry. Key Rating Drivers & Detailed Description Weakness * Delays in servicing of interest: There have been recent instances of delay in payment of interest on term loan. * The company is exposed to demand risk associated with the on- going project: Till March 2018, less than half units were booked. Entire project is expected to get completed by December 2018. Hence, exposure to demand and completion risk is expected to continue over the medium term. * Risks related to cyclical nature of real estate industry: MRPL is susceptible to risks pertaining to inherent cyclicality in the real estate sector. Strengths * Promoters' extensive experience in the real estate industry: MRPL is promoted by Mr. Rajinder Khurana, Mr. Rajender Saluja, Mr. Siddharth Agarwal, and Mr. Amarjeet Singh. They have been engaged in the real estate business for over a decade, and are also actively involved in designing of project executed by the company. MRPL, formerly known as M/s. Sanjay Cements P. Ltd was incorporated in 1989. The company had not undertaken any activity until October 2013. The company is engaged in real estate development. The company is promoted by Mr. Rajinder Khurana, Mr. Rajender Saluja, Mr. Siddharth Agarwal and Mr. Amarjeet Singh. MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to B ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Murli Electrode Private Limited (MEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.00 CARE B; Issuer Not Cooperating; Facilities Revised from CARE B+ on the basis of best available information Short term Bank 1.00 CARE A4; Issuer Not Cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from MEPL to monitor the ratings vide e-mail communications dated May 28, 2018, June 19, 2018, June 29, 2018 and numerous phone calls. 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. The rating on MEPL's bank facilities will now be denoted as CARE B/CARE A4; 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 ratings have been revised on account of unavailability of financial information. Detailed description of the key rating drivers At the time of last rating on April 24, 2017, the following were the rating strengths and weaknesses: Key Rating Weaknesses Susceptibility of operating profitability margins to fluctuation in raw material prices The major raw materials used by MEPL are steel-wire and silicate which forms around 85% of the cost of sale. The prices of steel-wire and silicate are highly volatile in nature hence it is exposed to price fluctuation risk. MEPL usually maintains inventory for around 90-100 days for smooth flow of operations. Cyclicality in the industry and susceptibility to slowdown in the end user industry The fortunes of MEPL is closely linked to the fortunes of the primary steel industry and heavily dependent on the automotive, engineering and infrastructure industries as the main customers. Key Rating Strengths Extensive experience of promoters in the industry: MEPL is owned by Maloo family based out of Nagpur. Key promoter of MEPL, Mr. Murli Maloo, Director, has almost two decades of experience in the welding electrodes industry and looks after the finance division of the company. He is assisted by Mr Mahesh Maloo, Director, who also looks after the finance division, Mr. Dinesh Maloo, Director, who looks after the sales division and Mr Harish Maloo, Director, who looks after the overall administration of the company. The company's senior management team comprises of well-qualified and experienced professionals. Established dealership and distribution network MEPL has a wide distribution network across India with more than 32-40 authorized distributors which are spread across India. Moreover, the company has spread its operations covering 10-12 states of India. Over the years, it has developed market for its products and established good relationship with various customers. Nagpur based, MEPL was incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh Maloo, Mr. Dinesh Maloo and Mr Harish Maloo. MEPL is engaged in the manufacturing of various types of welding electrodes, welding consumables and wires. The product portfolio of the company includes High Frequency (HF) Electrode, High Tensile Steel and Low Hydrogen Electrode, Mild Steel Electrode, Stainless Steel Electrode and Metal Inert Gas (MIG) wires. Furthermore, MEPL belongs to the Murli Group and is a sister concern of Murli Industries Limited Nagpur, which has earned a prestigious position in the field of production of cement, paper, solvent extractions and power generation. NETWORK TRADELINK: CRISIL Maintains D Rating in Non-Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Network Tradelink Private Limited (NTPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 3 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with NTPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of NTPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on NTPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of NTPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. NTPL, incorporated in 2009 and promoted by Kolkata-based Jhawar family, trades in, and processes, grey fabric. It procures grey fabric from across India, and outsources its processing, including bleaching and dyeing, to jobworkers in different parts of the country. ORION MOTORS: CRISIL Maintains B Rating in Non-Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of Orion Motors Private Limited (OMPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (ISSUER NOT COOPERATING) Inventory Funding 5 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) CRISIL has been consistently following up with OMPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of OMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on OMPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of OMPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 1999, OMPL is an authorised automobile dealer of HMIL in Hisar and Hansi. The company is promoted by Mr. Jagmohan Oberoi and Ms. Rita Oberoi and is based in Hisar (Haryana). PD SHAH: CRISIL Maintains B Rating in Non-Cooperating Category -------------------------------------------------------------- CRISIL said the ratings on bank facilities of P.D. Shah & Sons Traders Private Limited (part of the Shah group) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.24 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 25.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 7.01 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 5.75 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with P.D. Shah for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of P.D. Shah & Sons Traders Private Limited, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on P.D. Shah & Sons Traders Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of P.D. Shah & Sons Traders Private Limited continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. P D Shah and Sons - Pune, a proprietorship concern established in 1972, is presently managed by Mr. Ashok P Shah. PD Shah & Sons ' Kolhapur, PD Shah & Sons ' Nashik, Mahalaxmi Distributors, and the cold storage unit are owned by Mr. Shah and his family members. The group mainly trades in milk and milk products. It is also a carrying and forwarding agent and distributor for companies such as Parag Milk Foods Pvt Ltd, Warana Dairy and Agro Industries Ltd, Heritage Foods India Ltd, Gujarat Cooperative Milk Marketing Federation Ltd, and Hindustan Unilever Ltd. The group also operates a cold storage unit in Wai. P D Shah and Sons Traders Pvt Ltd has taken over the existing businesses of P D Shah & Sons ' Pune and Mahalaxmi Distributors from November 13, 2015. PARSHURAM CONSTRUCTION: CRISIL Keeps D Rating in Non-Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Parshuram Construction (PC) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (ISSUER NOT COOPERATING) Overdraft 4 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 1.83 CRISIL D (ISSUER NOT COOPERATING) Term Loan 1.67 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with PC for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of PC continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. PC is a proprietorship firm established by Mr. Nitin Parshuram Warghade in 2005-06 (refers to financial year, April 1 to March 31). The firm undertakes civil construction contracts for roads, footpaths, and laying of drainage pipes for the Pune Municipal Corporation. PHORUM JEWELS: CRISIL Maintains D Rating in Non-Cooperating ----------------------------------------------------------- CRISIL said the ratings on bank facilities of Phorum Jewels Limited (PJL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 4 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with PJL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PJL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PJL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of PJL continues to be 'CRISIL D Issuer not cooperating'. PJL was incorporated in 2001 by Mr. Bharat Mewawala and his family. The company retails in plain gold and diamond-studded gold jewellery. PJL has two retail showrooms - one in Byculla and another in the Opera House (both in Mumbai). PINCON SPIRITS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s Pincon Spirits Limited. Wellesley House, 7 Red Cross Place, 3rd Floor Kolkata 700001 Insolvency Commencement Date: July 19, 2018 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 15, 2019 Insolvency professional: Partha Kamal Sen Interim Resolution Professional: Partha Kamal Sen Flat-8C1, Brook Tower Hiland Park, 1925 Chak Garia, Kolkata 700094 E-mail: Partha_Kamal@yahoo.com - and - Mercantile Building 9 Lalbazar Street, Block-A 1st Floor, Room No. 1 Kolkata 700001 E-mail: pksrp2017@yahoo.com Last date for submission of claims: August 16, 2018 POWERCON PROJECTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Powercon Projects & Associates Ltd House No. -3, Gymkhana Palm Heights Residency Near Sum Hospital Bharatpur, Bhubaneswar Khordha Or 751003 India Insolvency Commencement Date: July 10, 2018 Court: National Company Law Tribunal, Bhubaneswar Bench Estimated date of closure of insolvency resolution process: January 6, 2019 Insolvency professional: Anand Chandra Swain Interim Resolution Professional: Anand Chandra Swain Expo Tower, Plot-1307, Flat-4 (A&B), Nandankanan Road, P.O.-KIIT, Bhubaneswar, Odisha, 751024 E-mail: anand.swain2@gmail.com Last date for submission of claims: July 26, 2018 PROGRESSIVE MOTORS: CRISIL Maintains B+ Rating in Non-Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Progressive Motors (PM) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.13 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 5.00 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term .87 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with PM for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of PM continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. PM, set up in 2007, is a partnership firm between Mr. Biplab Kumar Saha, his wife Ms. Suparna Saha, and brother Mr. Dilip Kumar Saha. The firm is an authorised dealer of construction equipment, tractors, and farm equipment of Terex Equipment Pvt Ltd, Terex India Pvt Ltd, Kobelco Construction Equipment Pvt Ltd, Greaves Cotton Ltd, and Mahindra & Mahindra Ltd. It has four showrooms in three states: one each in Tripura (Agartala) and Meghalaya (Shillong), and two in Assam (Guwahati and Silchar). PROVOGUE (INDIA): Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Provogue (India) Limited 105/106 Provogue House, 1st Floor Off New Link Road Andheri West Mumbai Mumbai City MH 400053 India Insolvency Commencement Date: July 25, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 21, 2019 Insolvency professional: Jitendrakumar Rambaran Yadav Interim Resolution Professional: Jintendrakumar Rambaran Yadav 11 Singh House, 2nd Floor 23 Ambalal Doshi Marg Near Bombay Stock Exchange, Fort, Mumbai 400001 Maharashtra E-mail: jitendra.yadav0712@gmail.com Last date for submission of claims: August 15, 2018 RP PRINTERS: CRISIL Maintains D Rating in Non-Cooperating --------------------------------------------------------- CRISIL said the ratings on bank facilities of R. P. Printers (RPP) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RPP for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RPP, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RPP is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of RPP continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. RPP was set up as a partnership firm in 2005 and is owned and managed by Mr. Nitin Gupta. The firm prints colouring books and notebooks at its printing facility at Noida, Uttar Pradesh. RS MIRGANE: CRISIL Maintains D Rating in Non-Cooperating -------------------------------------------------------- CRISIL said the ratings on bank facilities of R. S. Mirgane (RSM) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8 CRISIL D (ISSUER NOT COOPERATING) Term Loan 0.75 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RSM for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RSM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RSM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of RSM continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. R.S. Mirgane is a Solapur based, proprietorship firm of Mr. Rajendra S. Mirgane. The firm is a class I contractor for irrigation projects in Maharashtra. In 2011-12 the firm has also entered into real estate business, and is currently in process of building a 3, 25,000 square feet township in Barshi, Solapur. RABINDRA SURGICALS: CRISIL Maintains B Rating in Not Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Rabindra Surgicals Private Limited (RSPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RSPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RSPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of RSPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. RSPL was set up as a proprietorship concern by Mr. Rabindra Narayan Senapati and his wife, Mrs. Sunita Senapati, in Bhubaneswar (Odisha) in 1990. The firm was reconstituted as a private limited company in 2005. RSPL trades in various medical equipment and instruments related to diagnostics, surgery, radiology, ophthalmology, neurosurgery, and dentistry; along with ear-nose-throat (ENT) related instruments. The company also undertake turnkey projects to set up modular operation theatres, and oxygen and gas pipelining in hospitals. RSPL also provides annual maintenance of, and servicing for equipment. RAGHU INFRA: CRISIL Maintains D Rating in Not Cooperating --------------------------------------------------------- CRISIL said the ratings on bank facilities of Raghu Infra Private Limited (RIPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 75 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 40 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RIPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of RIPL continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Set up in 1980, RIPL undertakes civil construction projects, especially works related to irrigation and roads. The Bengaluru- based company is promoted by Mr. K Shiva Rao and his family members. RANGPUR TEA: CRISIL Moves B- Rating to Not Cooperating Category --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Rangpur Tea Association Limited (RTAL) from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL B-/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.4 CRISIL A4 (Migrated from 'CRISIL A4 ISSUER NOT COOPERATING') Cash Credit 5.0 CRISIL B-/Stable (Migrated from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Proposed Long Term .05 CRISIL B-/Stable (Migrated Bank Loan Facility from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Term Loan 9.55 CRISIL B-/Stable (Migrated from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Due to inadequate information, CRISIL had, in line with Securities and Exchange Board of India guidelines, migrated its ratings on the bank facilities of RTAL to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. However, the management started sharing information necessary to carry out a comprehensive review of the rating. Consequently, CRISIL is migrating the rating from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL B- /Stable/CRISIL A4'. The ratings continue to reflect RTAL's exposure to risks related to seasonal production and climatic conditions, below-average capacity utilisation, and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the tea industry. Key Rating Drivers & Detailed Description Weaknesses * Exposure to risks related to seasonal production, and climatic conditions: Tea is a seasonal product, and its production could be constrained significantly in case of any variation in rains, humidity, and temperature. Poor weather conditions hamper production and quality, leading to volatile realisations. Moreover, the cost of plantation is fixed in nature, with labour accounting for 50-60% of total costs in the tea industry. Presence of several labour laws and unions ensure that manpower cannot be reduced easily, thereby increasing the rigidity in cost. Such inflexibility in cost reduction means that in case of lower production or reduction in realisations, profitability may decline. * Below-average capacity utilization: Capacity utilisation is still 35%, as only 25% of the tea leaves is produced from the company's own garden; the rest depends upon nearby gardens. Strengths * Promoters' extensive experience: Benefits from the promoters' experience of more than two decades, and their funding support should continue to support business risk profile. * Average financial risk profile: Net worth and gearing are estimated at 7.95 crores and 1.03 times, respectively, as on March 31, 2018. Interest coverage and net cash accrual to total debt ratios are projected at 1.69 times and0.11, respectively, in fiscal 2018. As the term loan is going to be fully paid by the end of the current quarter, gearing and debt protection metrics are expected to improve. Outlook: Stable CRISIL believes RTAL will continue to benefit over the medium term from its promoters' extensive experience. The outlook may be revised to 'Positive' if substantial and sustained improvement in revenue and accrual, and improved working capital management strengthen key credit metrics. The outlook may be revised to 'Negative' if low operating income and accrual, stretch in working capital cycle, or a large debt-funded capital expenditure weakens key credit metrics. RTAL was incorporated on May 15, 1917, and is engaged in plantation and processing of tea. It was taken over by the present management (MLA group) in 2005 from Mr Dayanand Agarwal. The company has one tea garden'Majherdabri Tea Estate'taken on lease from the Government of West Bengal. Mr Madan Lal Agarwal, Mr Binod Kumar Agarwal, Mr Raj Kumar Agarwal, and Mr Bhagirath Madan Lal Agarwal are the directors. RTAL sells 60% of the production to auction houses, and the rest to distributors in Rajasthan, Punjab, Uttar Pradesh, Maharashtra, and Kolkata through its Dabri Tea brand. RAYON TEXTILE: CRISIL Maintains B+ Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Rayon Textile India Private Limited (RTIPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Letter of Credit 1.5 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RTIPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RTIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RTIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of RTIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in 2009, RTIPL manufactures cotton yarn. The company also trades in cotton bales and seed. The company's manufacturing facility is located in Barwani, MP. The company is promoted by Mr. Shekhar Chand Patni, Mr. Sanjay Patni and Mr. Jugal Kishore Jain. RELIANCE COMMUNICATIONS: Bonds Drop to 18 Low After Tender Offer ---------------------------------------------------------------- Bloomberg News reports that bonds that Reliance Communications Ltd. defaulted on last year slumped to a seven-month low on Aug. 7, after the Indian mobile operator controlled by billionaire Anil Ambani offered to repay holders at a discount to the principal value. The firm, which is set to meet with bondholders on Aug. 10, has been trying to close a sale of wireless assets to Reliance Jio Infocomm Ltd. that would raise money to help pay creditors, Bloomberg says. Reliance Communications' 2020 dollar notes fell 2 cents on the dollar to 43 cents as of 6:00 p.m. in Hong Kong, the lowest since December, according to prices compiled by Bloomberg. The securities slid 5.3 cents on Aug. 9, the biggest decline since May, says Bloomberg. According to Bloomberg, the company said that holders of the $300 million bonds can tender their existing notes or exchange them for $45 million new zero-coupon notes due 2023 to be issued by unit Global Cloud Xchange Ltd. If bondholders choose to tender their securities, Reliance Communications is offering to pay at least 3.5 percent of the principal for notes validly offered, according to a more detailed memo to holders of the bonds dated Aug. 3 seen by Bloomberg News. "The options Reliance Communications is offering bondholders don't look very favorable," Bloomberg quotes R. Lakshmanan, senior research analyst at CreditSights in Singapore, as saying. Global Cloud Xchange bonds due 2019 fell 1.8 cents, the sharpest drop since May, to 87 cents on Tuesday, Bloomberg-compiled prices show. As reported in the Troubled Company Reporter-Asia Pacific on May 17, 2018, The Economic Times said the dedicated bankruptcy court has admitted three insolvency petitions filed against Reliance Communications and its subsidiaries, by Ericsson, dealing a severe blow to the telco's plans of selling most of its wireless units to Reliance Jio Infocom (Jio). The decision, which came after nearly eight months since the Swedish telecom equipment maker moved the National Company Law Tribunal's (NCLT) Mumbai bench to recover INR1150 crore in dues, effectively makes the Anil Ambani owned carrier bankrupt, the second such after Chennai-based Aircel, ET said. Based in Mumbai, India, Reliance Communications Ltd (BOM:532712) -- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to- home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. RUNEECHA TEXTILES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Runeecha Textiles Limited 144, III Floor Taimoor Nagar New Delhi New Delhi DL 110025 IN Insolvency Commencement Date: July 31, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 27, 2019 Insolvency professional: Mr. Navneet Kumar Gupta Interim Resolution Professional: Mr. Navneet Kumar Gupta 5th Floor, Caddie Commercial Tower Aerocity, New Delhi 110037 E-mail: navneetkgupta@gmail.com Last date for submission of claims: August 16, 2018 RUSHABH TRADING: CRISIL Maintains B Rating in Non-Cooperating ------------------------------------------------------------- CRISIL said the rating on bank facilities of Rushabh Trading Co. (RTC) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 4 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with RTC for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RTC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RTC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of RTC continues to be 'CRISIL B/Stable Issuer not cooperating'. RTC was set up in 1983 by Mr. Premji Velji Karani and family. The firm trades in basmati rice. It is headquartered in Mumbai, and has a branch office in New Delhi. SANVI SPINNING: CRISIL Maintains B Rating in Non-Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Sanvi Spinning Mill Private Limited (SSPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.25 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 5.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 34.50 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SSPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SSPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of SSPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in 2015, SSPL is promoted by the Jamnagar-based Ranipa and Jotaniya families. The company is setting up a facility to manufacture cotton yarn in various counts, mainly in the 30s count, used for knitting and weaving. It is expected to commence operations from May 2016. SARASWATI TIMBER: CARE Lowers Rating on INR7.99cr Loan to B ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Saraswati Timber Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.99 CARE B; Issuer Not Cooperating Facilities Revised from CARE B+; Issuer not cooperating Long term/Short 1.63 CARE B/CARE A4; Issuer Not term Bank Cooperating Revised from Facilities CARE B+/CARE A4; Issuer not cooperating Detailed Rationale & Key Rating Drivers CARE has been seeking information from Saraswati Timber to monitor the rating(s) vide e-mail communications/letters dated June 1, 2018, May 29, 2018, May 17, 2018 and numerous phone calls. However, despite CARE's repeated requests, the company 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 of Saraswati Timber Private Limited bank facilities will now be denoted as CARE B/CARE A4; 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 has been revised by taking into account non- availability of information and no due-diligence conducted due to non-cooperation by Saraswati Timber Private Limited with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Detailed Description of the Key Rating Drivers At the time of last rating on April 10, 2017, the following were the key rating drivers: Key Rating Weaknesses Small scale of operations with low profitability margins, leveraged capital structure and weak coverage indicators The scale of operations of the company stood small scale, which limits the company's financial flexibility in times of stress and deprise of scale benefits. The profitability margins of the company remained on a lower side owing to the trading nature of the business and highly competitive industry. STPL had leveraged capital structure on account of low net-worth base. Further owing to high total debt and lower profitability the coverage, indicators continue to remain weak. Working capital intensive nature of operations: Being a highly competitive business and the product is being sold through large dealers and distributors; the payment is being realized once the products is being sold by the dealer to end customer, the average collection period remained high at around 3-4 months. The company has a large product portfolio which is required to maintain adequate inventory of raw material for smooth running of its production processes and finished goods of all the products to meet the immediate demand of its customers which resulted into average inventory holding period of around 2-3 months. Key Rating Strengths Experienced promoters and part of ACE Footmark group: The promoters of STPL i.e. Mr. Surendra Kumar, Mr. Akash Kapoor and Mr. Arjun Puri have about more than a decade of experience each in the manufacturing and trading of footwear products. Further, being a part of "ACE" group, STPL enjoys the benefits such as established marketing and strong brand image. Location advantage and integrated manufacturing process: The manufacturing facility of STPL is located in footwear park Bahadurgarh, Haryana. It gives the company easy availability of raw materials and other support items as a large number of companies engaged in the related business are located in the footwear park. Incorporated in 1998, STPL is promoted by Mr Surendra Kumar, Mr Akash Kapoor and Mr Arjun Puri. The company started its commercial operations in July 2011 and is engaged in the manufacturing of footwear products like slippers, sandals, flip flops, etc. The manufacturing facility of the company is located at Bahadurgarh, Haryana. The company has its own inhouse ethylene vinyl acetate (EVA) compounding unit and manufactures EVA sheets from EVA granules. The main raw material of the company is rubber, which is procured domestically as well as imported from China. STPL sells its products domestically under the brand name 'Fizik' through a network of dealers as well as through large retail players. Besides STPL, other group companies include Ace Footmark Private Limited (AFPL), Focus Shoes Private Limited and NR Footwear Private Limited which are engaged in the trading & manufacturing of footwear products. SATYA WAREHOUSE: CRISIL Maintains D Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the rating on bank facility of Satya Warehouse continues to be 'CRISIL D Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with Satya for obtaining information through letters and emails dated Feb. 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Satya, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Satya is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facility of Satya continues to be 'CRISIL D Issuer not cooperating' Set up in 2012, Satya is a partnership firm promoted by Mr. Ram Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has constructed a warehouse with capacity of 70,000 tonne for agricultural products in Hisar (Haryana). It has signed a 10-year offtake agreement with HAFED. SBO EXPORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: SBO Exports Private Limited DSM 531, 532 and 533 Parking No. PB 3103, 3086, 3102, DLF Towers, Shivaji Marg New Delhi 110015. Insolvency Commencement Date: July 30, 2018 Court: National Company Law Tribunal, Principal Bench, New Delhi Estimated date of closure of insolvency resolution process: January 25, 2019 (180 days from commencement) Insolvency professional: Atul Kumar Interim Resolution Professional: Atul Kumar B-17, 4th Floor Jangpura Extension New Delhi 110014 E-mail: atuladv@gmail.com Last date for submission of claims: August 12, 2018 STANDARD CASTINGS: CARE Reaffirms B Rating on INR4cr LT Loan ------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Standard Castings Private Limited (SCP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.00 CARE B; Stable Reaffirmed Short-term Bank Facilities 5.00 CARE A4 Reaffirmed Long/Short-term Bank Facilities 7.00 CARE B; Stable/CARE A4 Reaffirmed Detailed Rational and Key Rating Drivers The rating assigned to the bank facilities of SCP continues to remain constrained on account of its small scale of operations with low net worth base, low net profitability margins, leveraged capital structure and weak coverage indicators. The ratings further take cognizance of elongated working capital cycle, foreign exchange fluctuation risk and susceptibility to volatility in prices of raw material. The rating, however, continues to draw comfort from experienced promoters and satisfactory industry outlook. Going forward, the ability of the company to increase the scale of operations while improving its profitability margins and capital structure shall be the key rating sensitivities. Detailed description of key rating drivers Key rating weakness Small scale of operations coupled with low net worth base: The scale of operations of the company continues to remain as small marked by a total operating income and gross cash accruals of INR11.64 crore and INR0.23 crore respectively during FY17 (FY refer to April 01 to March 31). Further, capital base of the company is also small with a tangible net worth of INR2.13 crore as on March 31, 2017. The small scale limits the company's financial flexibility in times of stress and deprives it from scale benefits. Also, company achieved a total operating income of INR12.48 crore in FY18 (based on provisional results). Low net profitability margins, leveraged capital structure and weak coverage Indicators: The PBILDT margin of the company continues to remain moderate above 19% for the last two financial years. However high interest cost restricted the net profitability of the company below unity at 0.10% in FY17. The capital structure of SCP continues to remain leveraged owing to higher total debt as against its networth base as marked by overall gearing ratio which remained above 11x for the balance sheet date of the past three financial years (FY15-FY17). The coverage indicators of the company continues to remain weak as marked by interest coverage ratio and total debt to GCA owing high interest expense and high reliance on external borrowings. Elongated working capital cycle: The operating cycle of the company continues to remain elongated as marked by operating cycle of 1027 days in FY17 on account of higher inventory holding in form of raw material and work in progress. The company is in the manufacturing of the customized products and requires clearance from the customers end before delivery. Usually the manufacturing time is high as the customization and designs requires prior approvals from the customers. Also inventory in the form of work in progress remains high as generally there is delay in delivery of material (chasis) from the customer which is required for manufacturing of the defense equipment's by SCP. All this leads to high inventory holding. In normal course of business the company receives 80% payment from its customers after completing the order and the remaining 20% is released after testing and quality check process, which results in delayed realization of payment. The average collection period stood at 265 days for FY17. Also the company is able to command high credit period of 84 days in FY17 from its suppliers based on long established relations and track record of the company. Average working capital limits remained fully utilized for the past 12 month period ending June, 2018. Susceptibility of margins to volatility in prices of raw material: Steel is the major RM for the company whose prices remain volatile. With industry being competitive players (especially smaller ones like SCP) are unable to pass on any RM price hike to customers. Also on the supply side it does not have any long term agreement for RM procurement which adds to the problem. Foreign exchange fluctuation risk: The company is mainly importing material from USA, UK etc. and its import procurement to raw material cost stood at 50% for FY17. With initial cash outlay for procurement in foreign currency and significant chunk of sales realization in domestic currency, the company is exposed to the fluctuation in exchange rates which the company does not hedge. So, any adverse fluctuations in the currency markets may put pressure on the profitability of the company. Key rating strengths Experienced director: The operations of SCP are currently managed by Ms. Geetha Manchanda and Mr. KK Manchanda. Ms. Geetha Manchanda is a graduate by qualification and has an experience of around four decades in manufacturing of Special Purpose Vehicles, Rail Wagons and Heavy Fabrication through her association with SCP. Mr. KK Manchanda is also a graduate by qualification has an experience of five decades in trading of manufacturing of Special Purpose Vehicles, Rail Wagons and Heavy Fabrication through his association with SCP. They both look after the overall operations of the company. Industry outlook: The Indian defense policy focuses on promoting self-reliance, indigenization, technology, up-gradation, achieving economies of scale and developing capabilities for exports in the defense sector. The policy stance of present government in India and the 'Make in India' campaign is poised to make India a defense manufacturing hub with strong emphasis on sustainable and quality production (Zero Effect and Zero Defect). The GOI also advocates strategic engagement of both private and public sector in the defense industry. The policy support to Indian defense industry includes fiscal and monetary incentives such as streamlining of grant of licenses, tax incentives, area-based incentives schemes, well-defined policies for joint ventures, procurement, etc. This provides the huge opportunities for not only a few large players in the industry but also to a large number of Micro, Small and Medium Sized Enterprises (MSMEs). The opportunities lie not only in defense products manufacturing but also towards supply chain sourcing as well as defense offsets. Furthermore, the opening of the strategic defense sector for private sector participation will help foreign original equipment manufacturers to enter into strategic partnerships not only with large Indian companies but also with MSMEs. Delhi based Standard Castings Private Limited (SCP) was incorporated in 1960 and is currently being managed by Ms. Geetha Manchanda and Mr. K.K. Manchanda. SCP is engaged in Design, Development, Manufacture and Sale of Special Purpose Vehicles such as aircraft refuellers, hydrant dispensers, hydrant refueling carts, rail wagons and heavy fabrication etc. SCP has its manufacturing unit located in Delhi and Gurgaon, Haryana. SCP procures key raw material viz. steel, aluminium and other parts & components from dealers across India. It also imports raw material from USA, UK and Spain. SCP receives orders directly from various government bodies through tendering and bidding process. The company also executes orders as sub-contractor for private corporates like Bharat Electronics Limited, Bharat Heavy Electricals Ltd, Transformers & Electricals Company Limited etc. to manufacture goods for the defense forces. SUNIL ISPAT: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sunil Ispat and Power Limited Registered Office: 45A, New Alipore Residency Buroshibtala Main Road, Kolkata 700038 Works Office: Village Chiraipani P.O. Gerwani, District Raigarh (Chhattisgarh) Insolvency Commencement Date: July 31, 2018 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 27, 2019 (180 days from commencement) Insolvency professional: Arun Kumar Gupta Interim Resolution Professional: Arun Kumar Gupta P15, Bentinck Street, 3rd Floor Kolkata 700001 E-mail: guptaarunkumar2001@yahoo.com Last date for submission of claims: August 14, 2018 THAMIZH CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Thamizh Constructions Private Limited (TCPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 CRISIL B+/Stable (Assigned) Proposed Long Term Bank Loan Facility 3 CRISIL B+/Stable (Assigned) The rating reflects risks related to demand and salability of the ongoing project and exposure to cyclicality and sluggishness of demand in the real estate sector. These rating weaknesses are partially offset by the extensive experience of the promoters in the residential real estate sector. Key Rating Drivers & Detailed Description Weakness * Susceptibility to risks related to salability of the ongoing project: The firm is currently executing one residential real estate development project, Thamizh Kaveri, in Trichy which is at advance stages of completion. The company faces moderate demand risk as around 50% of the project is yet to be sold. Delayed bookings or receipt of customer advances may impact the company's liquidity and hence remain a key monitorable. * Exposure to cyclicality in the Indian real estate sector: The real estate sector in India is marked by volatile prices, opaque transactions, and a highly fragmented market structure. The risk is compounded by aggressive timelines for completion with shortage of man power (project engineers and skilled labor) in this sector. Strengths * Extensive industry experience of the promoters: Promoter's extensive experience of a decade in real estate development has helped successfully execute projects and create a strong brand in Trichy. Growing acceptance of its offerings and timely execution of projects has helped develop strong regional presence. Outlook: Stable CRISIL believes TCPL will continue to benefit from extensive industry experience of its promoters. The outlook may be revised to 'Positive' if substantial sales realizations from the ongoing project lead to sizeable cash flows. The outlook may be revised to 'Negative' if delays in receipt of advances from customers, or further large, debt-funded projects weaken the financial risk profile. TCPL was established in 2004 as a private limited company by Mr Prabhakar. The firm, based in Trichy, undertakes residential real estate projects. It is currently undertaking such a project - 'Thamizh Kaveri' in Trichy. TIRUPATI COMMODITIES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Tirupati Commodities Impex Pvt. Ltd. Office No. 901, 9th Floor Lodha Supremus, Senapati Bapat Marg, Lower Parel Mumbai 400013 Insolvency Commencement Date: July 31, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 27, 2019 Insolvency professional: Devendra Jain Interim Resolution Professional: Devendra Jain Top Floor, c/o Swati Jewellers, Springfield Society Judges Bungalow Road Vastrapur, Ahmedabad 380054 E-mail: devendradjain@hotmail.com - and - Office No. 1109 & 1112 REGUS, Tower B, Peninsula Business Park Senapati Bapat Marg Lower Parel, Mumbai 400013 E-mail: irptirupati@gmail.com Last date for submission of claims: August 16, 2018 ==================== N E W Z E A L A N D ==================== MAVEN INTERIORS: Owes NZ$3.5M to More Than 80 Unsecured Creditors ----------------------------------------------------------------- Chris Hutching at Stuff.co.nz reports that staff at Maven Interiors, which has gone into liquidation, were working at two of the Christchurch projects that tripped up Fletcher Challenge. Stuff relates that Maven, also trading as M-int, ran into cashflow problems due to disputes, delays and cost overruns on the Christchurch airport Novotel and central city Justice and Emergency Services Precinct - the cause of recent financial problems for Fletchers. More than 80 unsecured creditors of Maven were owed NZ$3.5 million, including big suppliers like Placemakers, law firms, small trades companies, plus a Maven-related company, Interior Trade Labour, which employed 20 tradespeople and was owed NZ$211,000, according to Stuff. Stuff notes that recovery of money for creditors will largely depend on the liquidator's ability to recover NZ$841,000 in disputed retention payments, and accounts due of NZ$1.6 million. According to Stuff, liquidator Andrew Oorschot said in his first report some projects were at various stages of completion and he would employ a quantity surveyor to calculate the cost to complete them to enable him to negotiate amounts owing. Mr. Oorschot declined to name the projects that caused problems, but industry sources confirmed they were the two in Christchurch, Stuff relays. Stuff says Maven staff were also at the Southbase-managed QEll site of the rebuild of Shirley Boys' and Avonside Girls' High Schools, and the company was evaluating costings and taking on the some of the former Maven staff. Secured creditor ASB was owed NZ$13,000, and Toyota Financial Services about NZ$180,000. They were likely to be repaid, Stuff notes. The report says next in line for payment were preferential creditors including employees, owed an estimated NZ$50,891, and Inland Revenue owed NZ$58,332. According to Stuff, there may be some recovery of money from fixed assets with relatively small value, but goodwill is valued at of NZ$695,000 and such items are generally unrecoverable. Mr. Oorschot said the cost of a creditors' meeting outweighed the benefit, Stuff relays. Maven had traded for several years and achieved turnover of more than NZ$10 million before it struck trouble, Stuff states. ===================== P H I L I P P I N E S ===================== WOMEN'S RURAL BANK: Creditors' Claims Deadline Set Sept. 23 ----------------------------------------------------------- All creditors of the closed Women's Rural Bank, Inc. have until September 23, 2018 to file their claims against the assets of the closed bank either personally or by mail. Creditors refer to any individual or entity with a valid claim against the assets of the closed Women's Rural Bank and include depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PhP500,000. The Philippine Deposit Insurance Corporation (PDIC) said that creditors and depositors with uninsured deposits may file their claims personally at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also be filed through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. The prescribed Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph. Claims filed after September 23, 2018 shall be disallowed. PDIC, as Receiver, shall notify creditors of denial of claims through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within sixty (60) days from receipt of final notice of denial of claim. In addition, PDIC said that depositors with account balances of more than the maximum deposit insurance coverage (MDIC) of PhP500,000 who have already filed claims for the insured portion of their deposits are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC. PDIC, as Receiver of closed banks, requires personal data from creditors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012. Women's Rural Bank was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on July 12, 2018 and PDIC, as the designated Receiver, was directed by the MB to proceed with the takeover and liquidation of the closed bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The bank's Head Office is located at 29-A Carandang St., Barangay C (Pob.), Rosario, Batangas. Its lone branch is located in Brgy. Bihis, Santa Teresita, Batangas. All requests and inquiries relating to Women's Rural Bank shall be addressed to the PDIC Public Assistance Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, or through telephone numbers (02) 841-4630 or 841-4631. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC. ********* 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 ***