/raid1/www/Hosts/bankrupt/TCRAP_Public/180907.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, September 7, 2018, Vol. 21, No. 178
Headlines
A U S T R A L I A
A1 AUTOMOTIVE: First Creditors' Meeting Set for Sept. 17
BATHROOM INSPIRATIONS: First Creditors' Meeting Set for Sept. 13
CAT AND FIDDLE HOTEL: 1st Creditors' Meeting Set for Sept. 13
FORSYTH TRANSPORT: First Creditors' Meeting Set for Sept. 13
REJOICE HOMES: Clifton Hall Appointed as Liquidator
SNJ TRANSPORT: Second Creditors' Meeting Set for Sept. 17
SUNSHINE FOODS: First Creditors' Meeting Set for Sept. 13
TWO WAYS: First Creditors' Meeting Set for Sept. 13
VILLIERS FAMILY: First Creditors' Meeting Set for Sept. 12
WEST PERTH FOOTBALL: Creditors OK Deed of Company Arrangement
C H I N A
CHINA AOYUAN: S&P Affirms B+ Issuer Credit Rating, Outlook Stable
EVERGRANDE GROUP: S&P Raises ICR to 'B+', Outlook Positive
FANTASIA HOLDINGS: S&P Alters Outlook to Neg. & Affirms 'B' ICR
I N D I A
ACIL LTD: Insolvency Resolution Process Case Summary
ARYA FILAMENTS: Insolvency Resolution Process Case Summary
ASSOCIATED DRILLING: Insolvency Resolution Process Case Summary
B D MOTORS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
B.P. FOOD: Insolvency Resolution Process Case Summary
BCIL RED: Insolvency Resolution Process Case Summary
BEE KAY: Insolvency Resolution Process Case Summary
BELLATRIX INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to 'BB-'
BINAYAK HI-TECH: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
BIODIVERSITY CONVERSATION: Insolvency Resolution Case Summary
BIRBAL INT'L: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
BKR HOTELS: Insolvency Resolution Process Case Summary
BRUA HYDROWATT: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
B S TECHNO: Insolvency Resolution Process Case Summary
CASABLANCA MULTI: Ind-Ra Maintains B- Rating in Non-Cooperating
CASTINGS INDIA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
CREATORS CONSTRUCTIONS: Ind-Ra Keeps B Rating in Non-Cooperating
EVERON CASTINGS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
FORTIS CLINICAL: Insolvency Resolution Process Case Summary
G.S. ALLOY: CRISIL Reaffirms B Rating on INR6.30cr LT Loan
G.S. AUTO: CRISIL Migrates 'D' Rating to Not Cooperating
GOLD STAR: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
HAQ ENTERPRISES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
HP COTTON: CRISIL Cuts Rating on INR6cr Credit to B+/Stable
IDEA INFINITY: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
JAYVEER ENTERPRISE: Ind-Ra Maintains B Rating in Non-Cooperating
JOHN ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'D'
JPB CHEMICAL: Ind-Ra Retains BB Issuer Rating in Non-Cooperating
KALPTARU STEEL: Insolvency Resolution Process Case Summary
KOHINOOR PULP: Insolvency Resolution Process Case Summary
KPM PROCESSING: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
KUSMASULI MULTIPURPOSE: CRISIL Reaffirms 'B' Cash Credit Rating
LOTUS AUTO: Insolvency Resolution Process Case Summary
MALAR SOLVENT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
MALAYALAM VEHICLES: CRISIL Assigns B+ Rating to INR8cr Loan
MANIDHARI GUAR: Ind-Ra Maintains B- LT Rating in Non-Cooperating
MUKTI PROJECTS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
NAAGAAMI INFRATECH: Ind-Ra Retains BB- Rating in Non-Cooperating
NATIONAL STEEL: CRISIL Raises Rating on INR10cr Loan to B+
NIRAV MODI: 16 Nirav Modi-linked Firms File for Liquidation
NEERU COTTON: Insolvency Resolution Process Case Summary
PARKASH PULSES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR20cr Term Loan
PINKY SHIPYARD: Insolvency Resolution Process Case Summary
PRAYAGRAJ POWER: JSW Submits Revised Bid Worth INR6,200 crore
PREMIER PIPES: CRISIL Migrates 'B+' Rating to Not Cooperating
REJEUVINE ENTERPRISES: Ind-Ra Assigns 'B' Rating, Outlook Stable
RELIGARE ENTERPRISES: Ex-Billionaire Shivinder Singh Sues Brother
S. K. INDUSTRIES: CRISIL Migrates 'B' Rating to Not Cooperating
S. S. AGRO: CRISIL Migrates 'B' Rating to Not Cooperating
SAKRI IT: Insolvency Resolution Process Case Summary
SALASAR BALAJI: CRISIL Migrates 'B+' Rating to Not Cooperating
SALASARLENE DRESS: CRISIL Migrates 'B' Rating to Not Cooperating
SANMAAN RICE: CRISIL Lowers Rating on INR15.6cr Cash Loan to D
SARAS HOTELS: CRISIL Migrates 'D' Rating to Not Cooperating
SAT INDER: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
SHIVKRUPA CORP: CRISIL Assigns B+ Rating to INR5cr Whse Receipts
SHREE NARSHING: CRISIL Migrates B+ Rating to Not Cooperating
SHREE SAINATH: CRISIL Migrates 'B' Rating to Not Cooperating
SHREE SHARANAM: CRISIL Migrates 'B' Rating to Not Cooperating
SHRI HARI: CRISIL Migrates 'D' Rating to Not Cooperating
SHRI JAYASHEEL: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SILVERMOON MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
SPS YARNS: CRISIL Migrates 'B-' Rating to Not Cooperating
SREE NIRMALA: CRISIL Migrates 'B+' Rating From Not Cooperating
SRI RAJALAKSHMI: CRISIL Migrates 'B' Rating to Not Cooperating
SRS LIMITED: Insolvency Resolution Process Case Summary
SUPRAJA TEXTILES: Insolvency Resolution Process Case Summary
TARUN ENTERPRISE: Ind-Ra Migrates BB LT Rating to Non-Cooperating
TECHNOCAST FOUNDRY: Ind-Ra Retains BB- Rating in Non-Cooperating
VENKATA SAI: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
Z FASHIONS: CRISIL Migrates B+ Rating to Not Cooperating Category
M A L A Y S I A
* MALAYSIA: More Listed Firms Facing Distress, Analysts Say
N E W Z E A L A N D
FORESTLANDS GROUP: KordaMentha Appointed as Liquidators
P A P U A N E W G U I N E A
PAPUA NEW GUINEA: S&P Assigns 'B' Rating to New Unsecured Notes
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A U S T R A L I A
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A1 AUTOMOTIVE: First Creditors' Meeting Set for Sept. 17
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A first meeting of the creditors in the proceedings of A1
Automotive Blasting Pty Ltd will be held at the offices of McLeod
& Partners, Hermes Building, Level 1, 215 Elizabeth Street, in
Brisbane, Queensland, on Sept. 17, 2018, at 10:00 a.m.
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of A1 Automotive on Sept. 5, 2018.
BATHROOM INSPIRATIONS: First Creditors' Meeting Set for Sept. 13
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bathroom
Inspirations Pty Ltd, trading as ABL Tile Centre, will be held at
the offices of PricewaterhouseCoopers, Level 17, One International
Towers Sydney, in Barangaroo, Sydney, NSW, on
Sept. 13, 2018, at 11:00 a.m.
William Anthony Honner and Andrew John Scott of
PricewaterhouseCoopers were appointed as administrators of
Bathroom Inspirations on Sept. 3, 2018.
CAT AND FIDDLE HOTEL: 1st Creditors' Meeting Set for Sept. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of The Cat And
Fiddle Hotel Balmain Pty Ltd will be held at the offices of Cor
Cordis, One Wharf Lane, Level 20, 171 Sussex Street, in Sydney,
NSW, on Sept. 13, 2018, at 11:00 a.m.
Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of The Cat And Fiddle Hotel on Sept. 2, 2018.
FORSYTH TRANSPORT: First Creditors' Meeting Set for Sept. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Forsyth
Transport Pty Ltd will be held at Level 10, 239 George Street, in
Brisbane, Queensland, on Sept. 13, 2018, at 11:00 a.m.
Domenico Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Forsyth Transport on Sept. 4, 2018.
REJOICE HOMES: Clifton Hall Appointed as Liquidator
---------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of
Rejoice Homes Pty Ltd on Sept. 6, 2018.
SNJ TRANSPORT: Second Creditors' Meeting Set for Sept. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of SNJ Transport
Pty Ltd has been set for Sept. 17, 2018, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, Suite 1103,
Level 11, 147 Pirie Street, in Adelaide, SA.
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 Sept. 16, 2018, at 5:00 p.m.
Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency were appointed as administrators of SNJ Transport on Aug.
13, 2018.
SUNSHINE FOODS: First Creditors' Meeting Set for Sept. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunshine
Foods Co Pty Ltd will be held at the offices of SV Partners, 22
Market Street, in Brisbane, Queensland, on Sept. 13, 2018, at
11:00 a.m.
David Michael Stimpson of SV Partners was appointed as
administrator of Sunshine Foods on Sept. 3, 2018.
TWO WAYS: First Creditors' Meeting Set for Sept. 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of Two Ways
Constructions Pty Ltd will be held at the offices of Cor Cordis,
Level 29, 360 Collins Street, in Melbourne, Victoria, on
Sept. 13, 2018, at 9:30 a.m.
Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of Two Ways on Sept. 4, 2018.
VILLIERS FAMILY: First Creditors' Meeting Set for Sept. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Villiers
Family Pty. Ltd. Ltd will be held at the offices of PKF Melbourne,
Level 13, 440 Collins Street, in Melbourne, on Sept. 12, 2018, at
10:30 a.m.
Petr Vrsecky and Glenn J. Franklin of PKF Melbourne were appointed
as administrators of Villiers Family on Aug. 31, 2018.
WEST PERTH FOOTBALL: Creditors OK Deed of Company Arrangement
-------------------------------------------------------------
Justin Bianchini at Joondalup Times reports that creditors of West
Perth Football Club have accepted four cents in the dollar owed to
them.
They voted unanimously at the Joondalup club Sept. 4 for the
payment figure and to support the deed of company arrangement put
forward by the WA Football Commission, the report says.
According to Joondalup Times, administrator KordaMentha considered
the four-cent proposal the best option for the club which went
into voluntary administration in July with a debt of nearly
AUD800,000.
Joondalup Times relates that West Perth chief executive Linda
Hamersley, who was appointed at the start of the season as the
Falcons' first female CEO, said when the deed was executed, the
administration period would cease.
She said KordaMentha had up to 15 business days to execute it, so
the club could be operating under administration for a maximum of
another three weeks. But the administrator wanted the deed
executed within a week, the report notes.
"The unanimous vote was a positive show of support for the
administrator's recommendation that the club be allowed to
continue to trade going forward," Joondalup Times quotes Ms.
Hamersley as saying. "Our members and supporters have rallied
over the last six weeks to ensure we raised enough funds for the
club to operate once the administration period has concluded."
Joondalup Times says the deed also allows the WAFC to appoint an
interim board. The board could be appointed within a week.
Ms. Hamersley, the former boss of Hockey WA and Athletics NZ, said
guiding the club through a tough period had been a learning
experience.
"It has been a learning for me, one that I hope not to be involved
in again," she told Community News.
"To get to the situation of having to go into administration means
the organisation is financially very vulnerable to liquidation.
"The uncertainty of that for staff and creditors is unsettling.
People with legitimate monetary claims do not receive their full
monies owed and it can be an emotionally challenging time for
creditors. I now have a very good understanding of how the
administration process works though."
West Perth Football Club, known as the Falcons, is an Australian
rules football club located in Joondalup, Western Australia.
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CHINA AOYUAN: S&P Affirms B+ Issuer Credit Rating, Outlook Stable
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S&P Global Ratings affirmed its 'B+' long-term issuer credit
rating on China Aoyuan Property Group Ltd. (Aoyuan). The outlook
is stable. S&P also affirmed the 'B' long-term issue rating on the
China-based property developer's outstanding senior unsecured
notes.
S&P said, "We affirmed the rating to reflect our view of Aoyuan's
strengthening business position with an expanding operating scale
and rising profitability. This should temper the impact of the
company's high leverage.
"We believe Aoyuan will continue to expand its scale and market
position in a balanced manner." The company's contracted sales
growth so far in 2018 has been strong, and sales are likely to
exceed the full-year target of Chinese renminbi (RMB) 73 billion.
Aoyuan continues to have a concentrated exposure to Guangdong
province, but it is gradually improving its geographical
diversity. Central and eastern China accounted for 44% of total
sales so far in 2018."
Aoyuan's profitability is likely to improve over the next 24
months after being stable for the past few years. The company's
average selling price of more than RMB10,000 per square meter is
about 5x its average land cost and underpins its profitability, in
our view. In addition, Aoyuan's diversified land procurement
strategy of public auctions, mergers and acquisitions, and sizable
urban renewal pipeline should sustain reasonable land prices. The
company also has a mixed business platform of commercial
properties, which gives it flexibility in land procurement and
project development. S&P has revised its assessment of the
company's business risk profile to fair based on the above
factors.
Aoyuan's financial leverage remains high, with adjusted rolling-
12-months ratio of debt to EBITDA (with 25% surplus cash net-off)
at about 6.5x as of June 30, 2018. S&P said, "We expect the ratio
to decline to around 6x by the year end owing to good cash
collections and accelerated revenue recognition. We believe Aoyuan
has room to deleverage driven by its growing revenue, improving
margin, and sound financial discipline."
S&P said, "The stable outlook reflects our expectation that Aoyuan
will continue to achieve strong sales and revenue growth over the
next 12-24 months with steady improvement in profitability. We
expect the company to control its debt expansion through good cash
collections and disciplined land acquisitions over the period.
"We may lower the rating if Aoyuan's leverage deteriorates. This
could happen if: (1) the company becomes aggressive in land
acquisitions and its sales fall below our expectation; or (2) its
profitability materially declines, such that the debt-to-EBITDA
ratio stays noticeably above 6x or EBITDA interest coverage falls
below 2x.
"We could raise the rating if Aoyuan can balance its business
expansion and debt growth to demonstrate a consistent deleveraging
trend, such that its debt-to-EBITDA ratio declines toward 5x on a
sustainable basis."
EVERGRANDE GROUP: S&P Raises ICR to 'B+', Outlook Positive
----------------------------------------------------------
S&P Global Ratings raised its long term issuer credit rating on
China Evergrande Group to 'B+' from 'B'. The outlook is positive.
At the same time, S&P also raised the long-term issue rating on
the company's outstanding senior unsecured notes to 'B' from 'B-'.
S&P said, "We upgraded Evergrande because the company's liquidity
and leverage have shown sustainable improvements due to a
reduction in short-term debt and a decreasing exposure to
alternative financing. While still high, Evergrande's leverage
should continue to trend down over the next 12 months, partly due
to a more controlled growth appetite amid a tighter funding
environment and crackdown on shadow banking financing. Hence, the
rating outlook on Evergrande is positive.
"We believe unsupportive domestic and overseas bond markets may
have motivated Evergrande's decision to pay off rather than
refinance short-term debt. In our view, short-term debt is likely
to continue to fall as the company uses cash sales to pay off
alternative financing such as entrusted loans, trust financing,
and cash-pledged offshore borrowing, which are mostly short in
tenor. The company's short-term debt declined by 16% to Chinese
renminbi (RMB) 299 billion as at end-June 2018, accounting for 44%
of total debt from 49% as at end-2017. Exposure on trust financing
and entrusted loans have dropped by 4-6 percentage points,
although they still account for 45%-55% of Evergrande's total
debt.
"In addition, we anticipate Evergrande's mildly stronger-than-
expected sales inflow and moderating land acquisitions will
continue to contribute to a better liquidity profile. In the first
seven months of 2018, Evergrande's contracted sales grew by 20% to
RMB345 billion, with a cash collection rate of around 80%, which
in our view is solid under the current tightening environment. The
company has only incurred about RMB70 billion of land premium
payments in the first half of 2018, compared to total spending of
RMB313 billion in 2017. Given these tailwinds, we estimate that
Evergrande's liquidity sources are now marginally able to cover
liquidity uses over the next 12 months.
"We expect Evergrande's leverage, as measured by debt-to-EBITDA
ratio, to improve to 5.3x-5.5x in 2018-2019, from 7.1x in 2017.
Its debt-to-EBITDA ratio has already dropped to around 4.8x as at
mid-2018, but we expect the ratio to increase moderately by year
end due to committed payments such as declared dividends for 2016-
2017 and various investments. The improving trend is also driven
by strengthened profitability; we believe its 35%-37% gross margin
is sustainable over the next one to two years. This is considering
the company has locked in its land costs at a low level of
RMB1,683/square meter (sqm) against its current average selling
price of over RMB10,000/sqm.
"We believe that Evergrande's abundant unrecognized contracted
sales as well as its stable sales growth will be sufficient to
support its projected revenue growth of 20%-45% in 2018-2019. The
company has more than RMB400 billion of unrecognized contracted
sales as at mid-2018. We also anticipate that the company will
maintain slower but stable growth of 12%-17% in contracted sales
in 2018-2019, supported by its balanced exposure to lower and
higher-tier cities and its strong sales execution. Evergrande now
consistently ranks among the top three property developers in
China in terms of market share."
Evergrande's liquidity profile remains weaker than that of most
peers. Short-term debt and alternative financing continue to
account for a considerable portion of its capital structure.
Moreover, its leverage is still higher than that of peers in the
'BB' rating category. As such, liquidity and leverage remain
Evergrande's key rating constraints.
S&P said, "In our view, Evergrande's underlying interest in
investment and acquisitions may not have substantially changed,
despite management's recent shift in focus from rapid expansion to
efficiency and quality. It has recently purchased a 45%-stake in
Faraday Future Group (a new energy automobile company), involving
a total payment of US$2 billion by instalments. It has also
recently signed an uncommitted framework agreement with the China
Academy of Science to invest RMB100 billion in new technologies
over the next 10 years.
"We believe the company has the capability to alleviate its short-
term debt burden further, given an ample cash balance and strong
operating performance, but such improvement will hinge on its
control of other spending. The company's drop in total reported
debt could be seen as reactive to the tightening environment
leading to the paying down of alternative financing.
"The positive outlook reflects our expectation that Evergrande's
leverage will continue to improve over the next 12 months as the
company expands at a more controlled pace. The improvement will
also stem from a reduction of its large short-term debt, including
alternative financing. This will further enhance Evergrande's
liquidity profile, along with stable profitability and growth in
contracted sales.
"We could raise our rating if: (1) the company further slows down
debt growth by showing discipline in land and other acquisitions,
such that its debt-to-EBITDA ratio improves to below 5x on a
sustainable basis; and (2) Evergrande improves its capital
structure by extending its debt maturity profile, such that the
ratio of short-term liquidity sources to uses approaches 1.2x.
"We may revise the outlook to stable if: (1) Evergrande engages in
substantial debt-funded land banking or other major non-property
investments, such that its debt-to-EBITDA ratio fails to improve
to below 5x; or (2) Evergrande's liquidity deteriorates, with
liquidity sources materially below uses. This could happen if the
company uses, and substantially relies on, short-term financing to
roll over existing debt or to fund its spending."
FANTASIA HOLDINGS: S&P Alters Outlook to Neg. & Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on Fantasia Holdings Group
Co. Ltd. to negative from stable. S&P said, "At the same time, we
affirmed our 'B' long-term issuer credit rating on the China-based
developer. We also affirmed our 'B' long-term issue rating on the
company's outstanding U.S. dollar senior unsecured notes."
S&P revised the outlook on Fantasia to negative because it expects
the company's leverage to remain high and its refinancing risk to
increase over the next 12 months.
Fantasia's already high debt leverage may weaken beyond S&P's
expectation of a debt-to-EBITDA ratio of 11x-12x in 2018-2019.
This is mainly because of the company's strategic transition to a
focus on property development, which requires substantial ongoing
expenditure for land acquisitions and construction. The high
spending is in contrast to the asset-light property management
business that used to be Fantasia's earlier focus. At the same
time, the company's refinancing risk will continue to intensify if
the spending on property development stays high. Fantasia has
large short-term debt obligations of Chinese renminbi (RMB) 10.8
billion, particularly its offshore U.S. dollar senior unsecured
notes.
S&P said, "We no longer expect Fantasia's highly leveraged
position to improve in 2018 and 2019, given that the company has
shown a growing appetite to engage in debt-funded acquisitions to
expand its scale. We had previously anticipated that the company
would moderately deleverage, bringing down the debt-to-EBITDA
ratio to 7x-8x in 2019. We estimate the company's rolling 12 month
debt-to-EBITDA ratio is about 10x as of June 30, 2018."
"Fantasia's spending on expansion could exceed our expectation.
The company's funding needs will continue to increase to replenish
its land bank to expand scale and to repay its large short-term
debt obligations. In our base case, Fantasia is likely to spend
about 40% of contracted sales on land acquisitions in the next 12-
24 months. We believe the company's high growth target of RMB100
billion of contracted sales in 2020 might be a bit steep, given
the current size of the land bank and salable resources. The
company's leverage is likely to weaken if it increases spending on
land acquisitions beyond our expectations.
"We anticipate only a moderate improvement in Fantasia's revenue
recognition in 2018-2019, despite strong growth in contracted
sales in the 18 months to end-June 2018. This is because it
generally will take about two years for projects that Fantasia
recently ramped up to be delivered and recognized. We expect the
company's sales growth to remain strong. We estimate that sales
will be RMB23 billion-RMB27 billion in 2018 and increase 23%-28%
in 2019, compared to RMB19 billion in 2017. The location of
saleable resources mainly in Chengdu, Nanjing, Hefei, and
Shenzhen, which are cities with good demand, will support sales.
"We believe Fantasia's refinancing risk is largely related to its
US$768 million notes maturing in 2019. This amount is high
compared to the company's limited offshore cash. Most of
Fantasia's cash balance is at the project company level or at its
subsidiary Colour Life Services Group, and is not immediately
available. Therefore, the readily available cash balance could be
considerably below Fantasia's reported large unrestricted cash
balance of about RMB20 billion as of June 30, 2018. The company's
repayment capability may depend on the capital repatriation from
onshore cash and the additional debt raised. In addition, further
high spending on expansion will drain Fantasia's liquidity,
especially the seemingly ample cash balance that it has at the
moment.
"We believe the current tough credit environment is likely to
impact Fantasia's ability to refinance. The company has obtained
credit approval to issue up to US$1 billion senior notes, but
successful issuance relies heavily on market conditions."
Fantasia's outstanding U.S. dollar senior notes currently trade at
a high yield to maturity of 12%-15%. This increases the challenges
for the company to issue U.S. dollar notes, and will weigh on its
debt-servicing ability even if the proposed issuance goes through.
Fantasia has already issued three 364-day U.S. dollar senior notes
totaling US$540 million so far in 2018 to refinance its short-term
debt due this year. In S&P's view, the company's capital structure
could weaken if it continues to use short-term borrowings to
refinance existing debt.
S&P said, "In our opinion, Fantasia can manage its onshore notes
maturities. The company has about RMB6 billion in domestic bonds
with puttable options in the next 12 months. We estimate only one-
third will be puttable in 2018, given most of the put options are
scheduled from August to September 2018. Of these, the company
repaid RMB950 million in August 2018. Nevertheless, growing
contracted sales could temper the repayment risk.
"The negative outlook reflects the risk that Fantasia's leverage
and debt serviceability may continue to deteriorate and deviate
from our expectations over the next 12 months, due to the
company's strong growth aspirations. Fantasia will also face
heightened refinancing risk if the spending on expansion stays
high, considering its large short-term debt maturities and its
reliance on capital market conditions to refinance this debt.
"We could lower the rating if Fantasia's debt-funded expansion is
more aggressive than we anticipate. A downgrade trigger could be
the company's debt-to-EBITDA ratio rising above 11x-12x or EBITDA
interest coverage dropping to 1x or lower over the next 12 months.
"We could also lower the rating if Fantasia's liquidity weakens
such that its sources of liquidity can't meet its uses.
"We could revise the outlook to stable if Fantasia maintains
adequate liquidity and exercises greater discipline in scale
expansion with more controlled spending. The company's debt-to-
EBITDA ratio not deteriorating from our expectation and its EBITDA
interest coverage staying well above 1x would indicate such
moderation."
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ACIL LTD: Insolvency Resolution Process Case Summary
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Debtor: ACIL Ltd
Ground Floor, Building No. 108/B
Madangir Village
New Delhi 110062
- and -
3 Local Shopping Centre,
Pamposh Enclave, Greater Kailash Part-I
New Delhi 110062
Insolvency Commencement Date: August 8, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 4, 2019
Insolvency professional: Mr. Ravindra Loonkar
Interim Resolution
Professional: Mr. Ravindra Loonkar
c/o RBSA Restructuring Advisors LLP,
Hansalaya Building, 9 C, 15, Barakhamba
Rd, Connaught Place, Delhi 110001
E-mail: ravi.loonkar@gmail.com
acil@rbsa-advisors.com
Last date for
submission of claims: August 27, 2018
ARYA FILAMENTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Arya Filaments Private Limited
Registered Office:
132 FB, IDA Scheme
No. 94, Pipliyahana Square, Ring Road
Indore 452016
Insolvency Commencement Date: August 17, 2018
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: February 13, 2019
Insolvency professional: Mr. Ravi Kapoor
Interim Resolution
Professional: Mr. Ravi Kapoor
402 Shaival Plaza
Near Gujarat College
Ellisbridge, Ahmedabad 380006
E-mail: ravi@ravics.com
Last date for
submission of claims: September 5, 2018
ASSOCIATED DRILLING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Associated Drilling & Services Limited
100 Western Avenue Sainik Farm New Delhi 110062
Insolvency Commencement Date: August 21, 2018
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: February 17, 2019
(180 days from commencement)
Insolvency professional: Naresh Verma
Interim Resolution
Professional: Naresh Verma
416/7 & 8, 1st Floor
Opposite Karkardooma Metro Station
Delhi 110092
(Near Mata Mahamai Shiv Mandir)
E-mail: office.nva@gmail.com
Mobile No.: 9999971560
Office No.: 9999419560
Last date for
submission of claims: September 10, 2018
B D MOTORS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B D Motors
Ltd.'s (BDML) Long-Term Issuer Rating to 'IND D' from 'IND BB-'.
The Outlook was Stable.
The instrument-wise rating actions are:
-- INR12.0 mil. Long-term loan (Long-term) due on March 2018
downgraded with IND D rating;
-- INR340.0 mil. Fund-based facilities (Long-term) downgraded
with IND D rating; and
-- INR1 mil. Non-fund-based facilities (Short-term) downgraded
with IND D rating.
KEY RATING DRIVERS
The downgrades reflect BDML's delays in debt servicing during the
12 months ended July 2018, due to a tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
BDML has an automobile dealership business. It sells Tata Motors
Ltd.'s passenger vehicles. It owns showrooms and workshops across
Burdwan, Durgapur and Asansol.
Ind-Ra is awaiting financial information from the issuer.
B.P. FOOD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/S B.P. Food Products Private Limited
HA/A-5, Deen Dayal Nagar Morar
Gwalior Madhya Pradesh 474005 India
Insolvency Commencement Date: August 8, 2018
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: February 4, 2019
(180 days from commencement)
Insolvency professional: Sunil Kumar Kedia
Interim Resolution
Professional: Sunil Kumar Kedia
210-B, 21st Century Business Center
Near Udhna Darwaja, Ring Road, Surat
Gujarat 395002
E-mail: kedia_kedia@yahoo.com
ipsunilkedia@gmail.com
Last date for
submission of claims: September 7, 2018
BCIL RED: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: BCIL Red Earth Developers India Private Limited
No. 37-1/1, R.K. Chambers Ground Floor
Aga Abbas Ali Road
Bengaluru, Karnataka 560042
Insolvency Commencement Date: August 9, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 5, 2019
(180 days from commencement)
Insolvency professional: Nidhi Seksaria
Interim Resolution
Professional: Nidhi Seksaria
BDO Restructuring Advisory LLP
The Ruby-Level 9, NW Wing
Senapati Bapat Marg
Dadar West, Mumbai 400028, India
E-mail: nidhiseksaria@bdo.in
irp.redearth@bdo.in
Classes of creditors: Allottees under real estate project
Insolvency
Professionals
Representative of
Creditors in a class: Girish Kambadaraya
Balady Shekar Shetty
Senapati Varaha Satyanarayana
Last date for
submission of claims: August 25, 2018
BEE KAY: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Bee Kay Precision (India) Private Limited
D-80, Udyog Kunj, Site-V
Panki, Kanpur 208022, UP
Insolvency Commencement Date: August 21, 2018
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: February 16, 2019
(180 days from commencement)
Insolvency professional: CA. Pawan K. Goel
Interim Resolution
Professional: CA. Pawan K. Goel
A.R. & Co., Chartered Accountants
C-1, 2nd Floor, RDC, Raj Nagar
Ghaziabad, Uttar Pradesh 201001
E-mail: pawankgoel1@gmail.com
- and -
C-11, 2nd Floor, RDC, Raj Nagar
Ghaziabad, Uttar Pradesh 201001
Last date for
submission of claims: September 5, 2018
BELLATRIX INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/s Bellatrix
Infrastructure Private Limited's (BIPL) Long-Term Issuer rating to
'IND BB-' from 'IND B+ (ISSUER NOT COOPERATING)' The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR29.1 mil. (reduced from INR35.5 mil.) Term loan due on
December 2023 upgraded with IND BB-/Stable rating; and
-- INR25.0 mil. Fund-based facilities upgraded with IND BB-
/Stable/IND A4+ rating.
KEY RATING DRIVERS
The upgrade reflects an improvement in BIPL's revenue in FY18,
driven by an increase in product demand. FY18 was the company's
first full year of operations. The revenue increased to INR82.0
million in FY18 (FY17: INR6 million) due to an increase in order
inflow. Revenue was INR50 million in 5MFY18. The company had an
unexecuted order book of INR210 million at end-August 2018, which
is likely to be completed by March 2019. FY18 numbers are
provisional in nature.
The upgrade also reflects an improvement in BIPL's credit metrics
in FY18, due to improved operating EBITDA. Net leverage (adjusted
net debt/operating EBITDAR) was 3.9x (FY17: negative 40.6x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
was 2.2x (negative 1.5x).
However, the company's scale of operations remains small. Also,
the credit profile continues to be modest due to a short
operational track record as it began commercial operations in
October 2016.
The ratings also factor in BIPL's modest EBITDA margin of 21.7%
with ROCE of 4% and tight liquidity. Its use of the fund-based
working capital facilities was 96% on average during the 12 months
ended August 2018.
The ratings however are supported by the company's promoters'
experience of around three decades in the construction segment,
resulting in established relationships with customers and
suppliers.
RATING SENSITIVITIES
Positive: A substantial improvement in the top line and operating
profitability, leading to an improvement in the credit metrics,
all on a sustained basis, would be positive for the ratings.
Negative: A decline in the revenue and profitability, resulting in
deterioration in the credit metrics, all on a sustained basis,
would be negative for the ratings.
COMPANY PROFILE
Incorporated in 2014, BIPL started commercial operations in
December 2016. It is engaged in the crushing of different sizes of
blue metals. It has a total installed capacity of 250 tons/hour
with 80% capacity utilization. Mr. M. Ramesh, Mr. Ch.
Satyanarayana, Mr. M. Sri Harsha and Mr. Ch. Rohith are the
promoters of the company.
BINAYAK HI-TECH: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Binayak Hi-Tech
Engineering Private Limited's Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR140 mil. Fund-based limit migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR57.63 mil. Term loan due on September 2027 migrated to
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1995, Binayak Hi-Tech Engineering manufactures
cast manhole covers, curb/service/valve boxes, garden benches,
fence paneling, railings, molded plastic products, forgings,
fabricated access/duct covers and gratings.
BIODIVERSITY CONVERSATION: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Biodiversity Conversation (India) Private Limited
No.37-1/1, R.K. Chambers, Ground Floor
Aga Abbas Ali Road
Bengaluru, Karnataka 560042
Insolvency Commencement Date: August 9, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 5, 2019
(180 days from commencement)
Insolvency professional: Nidhi Seksaria
Interim Resolution
Professional: Nidhi Seksaria
BDO Restructuring Advisory LLP
The Ruby-Level 9, NW Wing
Senapati Bapat
Marg Dadar West
Mumbai, India 400028
E-mail: nidhiseksaria@bdo.in
irp.bcil@bdo.in
Last date for
submission of claims: August 25, 2018
BIRBAL INT'L: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Birbal
International Private Limited'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 action is:
-- INR100 mil. Fund-based working capital limit maintained
in Non-Cooperating Category with IND B+ (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1995 in New Delhi, Birbal International
manufactures and exports garments such as kids wear, shirts, T-
shirts, jeans and trousers. The company is a 100% export house.
BKR HOTELS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: BKR Hotels And Resorts Pvt Ltd
Registered Office:
Old No. 6, New No. 9, Venkatesan Street
T. Nagar Chennai 600017
Other Offices:
1. BKR Group, 71, Sarojini St, Postal Colony
Parthasarathi Puram, T Nagar, Chennai 600017
2. BKR Ooty Gate, Coonoor Road,
Nondimedu Ooty 643001
Insolvency Commencement Date: August 14, 2018
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: February 10, 2019
Insolvency professional: R. Venkatakrishnan
Interim Resolution
Professional: R. Venkatakrishnan
1/4 Rangas, 4th Main Road
R.A. Puram Chennai 28
E-mail: rvk@rvkassociates.com
bkr.ibc@rvassociates.com
Last date for
submission of claims: September 3, 2018
BRUA HYDROWATT: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brua Hydrowatt
Pvt Ltd.'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 these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR490 mil. Long-term loans maintained in non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2005, Brua Hydrowatt operates a 9MW hydro power
plant in the Kinnaur district of Himachal Pradesh.
B S TECHNO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: B S Techno Construct Pvt Ltd
5 Anand Dham
Near Income Tax Office
Mathura UP 281004
Insolvency Commencement Date: July 25, 2018
Court: National Company Law Tribunal, Noida Bench
Estimated date of closure of
insolvency resolution process: January 21, 2019
Insolvency professional: Mr. Alok Kumar Agarwal
Interim Resolution
Professional: Mr. Alok Kumar Agarwal
605, Suncity Business Tower
Golf Course Road
Sector-54 Gurugram, Haryana 122002
E-mail: alok@insolvencyservices.in
- and -
C-100, Sec-02, Noida 201301, UP
E-mail: bstechno@ascgroup.in
Last date for
submission of claims: August 10, 2018
CASABLANCA MULTI: Ind-Ra Maintains B- Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Casablanca
Multiventures Private Limited'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 these ratings. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based facilities maintained in non-
cooperating category with IND B- (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR7.5 mil. Non-fund-based facilities maintained in non-
cooperating category with IND A4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 9, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2015, Mumbai-based Casablanca Multiventures is
engaged in the trading of agricultural commodities and LED lights.
CASTINGS INDIA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Castings India
Private Limited'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 these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital facility maintained in
non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating; and
-- INR14 mil. Term loan maintained in non-cooperating category
with IND B+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 22, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1996, Castings India manufactures thermo
mechanically treated bars and rods, and construction castings.
CREATORS CONSTRUCTIONS: Ind-Ra Keeps B Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Creators
Constructions Limited'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 these ratings. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR58.5 mil. Fund-based facilities maintained in non-
cooperating category with IND B (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR60 mil. Non-fund-based facilities maintained in non-
cooperating category with IND A4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Creator Constructions is an A-class public works department civil
contractor, incorporated in 2010. The company is engaged in mini
civil station, hospital, college and road contract projects. It
derives 90% of its revenue from government projects.
EVERON CASTINGS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Everon Castings
Private Limited's Long-Term Issuer Rating to 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 now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR196.7 mil. Term loan due on March 2025 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating;
-- INR210 mil. Fund-based facilities migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR30 mil. Non-fund-based facilities migrated to non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2007, Everon Castings is engaged in the
manufacturing of carbon steel, alloy steel and stainless steel
castings.
FORTIS CLINICAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Fortis Clinical Research Ltd.
Prius Platinum, Ground Floor D3, District Center
Saket, New Delhi 110017
Insolvency Commencement Date: August 28, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 23, 2019
(180 days from commencement)
Insolvency professional: Vikram Kumar
Interim Resolution
Professional: Vikram Kumar
J 6A, Kailash Colony
New Delhi 110048
E-mail: vikramau@gmail.com
ip.fcrl@gmail.com
Last date for
submission of claims: September 11, 2018
G.S. ALLOY: CRISIL Reaffirms B Rating on INR6.30cr LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of G.S. Alloy Castings Limited (GSAC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.25 CRISIL A4 (Reaffirmed)
Cash Credit 5.70 CRISIL B/Stable (Reaffirmed)
Letter of Credit .25 CRISIL A4 (Reaffirmed)
Long Term Loan 6.30 CRISIL B/Stable (Reaffirmed)
The ratings continue to reflect modest scale of GSAC's operations
in the intensely competitive castings industry, susceptibility to
fluctuations in raw material prices, and large working capital
requirement. These weaknesses are partially offset by the
experience of the promoter and his funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was INR55.3 crore in fiscal 2018.
* Susceptibility to fluctuations in raw material prices: Operating
margin (9.5-11% over the three fiscals through 2018) may remain
restricted by variations in the cost of key raw materials -- iron
and steel scrap.
* Large working capital requirement: Gross current assets were 179
days as on March 31, 2018, driven mainly by stretched receivables
of 125 days and moderate inventory of 35 days.
Strength
* Experience of promoter: Benefits from the promoter's experience
of over two decades, his strong understanding of the local market
dynamics, healthy relations with customers and suppliers, and
timely, need-based unsecured loans should continue to support the
business.
Outlook: Stable
CRISIL believes GSAC will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if there
is substantial increase in revenue, profitability and cash accrual
along with prudent working capital management. Conversely, the
outlook may be revised to 'Negative' if steep decline in
profitability, stretch in working capital cycle, or any larger-
than-expected, debt-funded capital expenditure weakens financial
risk profile and liquidity,.
GSAC, established in 1987 at Vijayawada (Andhra Pradesh) by Mr
Prasad Rao, manufactures alloy and steel castings that are used
largely in the heavy engineering industry.
G.S. AUTO: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of G.S. Auto
International Limited (GSAIL) at 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
Cash Credit 27.25 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
Foreign Currency
Term Loan 24 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
Letter of Credit 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
Proposed Long Term 23.74 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating migrated)
Term Loan 6.01 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
CRISIL has been consistently following up with GSAIL for obtaining
information through a letter dated Aug. 9, 2018. 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 the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes information available on GSAIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last available
information, CRISIL has migrated the ratings at 'CRISIL D/CRISIL D
Issuer not cooperating'.
Set up in 1938 as a proprietorship concern, Gurmukh Singh & Sons,
GSAIL was reconstituted as a private limited company in 1973, and
then as a public limited company in 1984. GSAIL is listed on the
Bombay Stock Exchange Ltd and The Ludhiana Stock Exchange Ltd. The
company manufactures automotive components. The units can produce
10,000 tonne per annum of machined, hot- and cold-forged, and
casting (ferrous and non-ferrous) automotive components at its
plant in Ludhiana, Punjab.
GOLD STAR: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gold Star Steels
Private Limited's Long-Term Issuer Rating to 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 now
appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR55 mil. Fund-based limits migrated to non-cooperating
category with IND B- (ISSUER NOT COOPERATING) rating; and
-- INR25 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1992, Gold Star Steels manufactures iron & steel
products such as wires and castings.
HAQ ENTERPRISES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated HAQ Enterprises
Private Limited's Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR200 mil. Fund-based working capital limits migrated to
non-cooperating category with IND BB (ISSUER NOT
COOPERTAING)/IND A4+ (ISSUER NOT COOPERTAING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2008, HAQ Enterprises is engaged in the trading of
pig iron, iron scraps and casts.
HP COTTON: CRISIL Cuts Rating on INR6cr Credit to B+/Stable
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of HP Cotton
Textile Mills Limited (HCTML) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL A4 (ISSUER NOT
COOPERATING; Migrated
from 'CRISIL A4')
Capex Letter 6.75 CRISIL A4 (ISSUER NOT
of Credit COOPERATING; Migrated
from 'CRISIL A4')
Cash Credit 6.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL BB-/Negative')
Letter of Credit 2.40 CRISIL A4 (ISSUER NOT
COOPERATING; Migrated
from 'CRISIL A4')
Long Term Loan 1.65 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL BB-/Negative')
Proposed Long Term 3.07 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'CRISIL BB-/Negative')
CRISIL has been consistently following up with HCTML for obtaining
information through a letter dated August 9, 2018. 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 the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes information available on HCTML is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last available
information, CRISIL has migrated the ratings to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
HCTML was incorporated in 1981, promoted by Mr Arjun Das Aggarwal,
Mr Kashmiri Lal Aggarwal, and Mr Krishnan Kumar Aggarwal.
Currently, it is managed by Mr Kailash Kumar Agarwal and Mr Ashok
Kumar Agarwal. The company manufactures hosiery yarn and sewing
thread for retail and industrial uses at its plant is in Hisar,
Haryana.
IDEA INFINITY: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Idea Infinity
IT Solutions Private Limited'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 these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR5 mil. Fund-based facilities maintained in non-cooperating
category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating;
-- INR47 mil. Non-fund-based Facilities maintained in non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating;
-- INR10 mil. Proposed fund-based facilities maintained in non-
cooperating category with Provisional IND BB (ISSUER NOT
COOPERATING)/Provisional IND A4+ (ISSUER NOT COOPERATING)
rating; and
-- INR58 mil. Proposed non-fund-based facilities maintained in
non-cooperating category with Provisional IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2008, Bengaluru-based Idea Infinity IT Solutions
is engaged in research and development of software in India.
JAYVEER ENTERPRISE: Ind-Ra Maintains B Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jayveer
Enterprise Private Limited'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 action is:
-- INR290 mil. Long-term loan maintained in non-cooperating
category with IND B (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2006, Surat-based Jayveer Enterprise is a real
estate company.
JOHN ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded John Energy
Limited's (JEL) Long-Term Issuer Rating to 'IND D' from 'IND A'
while resolving the Rating Watch Negative (RWN).
The instrument-wise rating actions are:
-- INR578.4 mil. (reduced from INR819.3 mil.) Term loan (Long-
term) due on October 2018 - June 2024 downgraded; Off RWN
with IND D rating;
-- INR2,832.1 bil. (reduced from INR3,581.1 bil.) External
commercial borrowings (Long-term) due on July 2019-
August 2025 downgraded; Off RWN with IND D rating;
-- INR1.270 bil. Working capital limits Long-term downgraded/
Short-term withdrawn with IND D rating; and
-- INR1,816.1 bil. (reduced from INR1.991 bil.) Non-fund-based
limits Long-term downgraded / Short-term withdrawn with
IND D rating.
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing by JEL in June
2018 on account of weakened liquidity position, primarily due to
delays in deployment of certain high-powered drilling rigs, which
were major revenue contributors for the company. Ind-Ra could not
establish management's assertion that the delays were technical in
nature.
As per FY18 provisional financials, JEL's revenue and operating
profitability declined 30% yoy and 45% yoy to INR4,018 million and
INR1,169 million, respectively.
Operating cash flows declined to INR515 million in FY18 (FY17:
INR1,301 million) primarily due to a decline in profitability. The
lower operating cash flows coupled with sizeable repayment
obligations and unscheduled capex resulted in drawdowns from cash
balances, advances from customers, and incremental external
borrowings and infusion of capital by promoters by the way of
unsecured loans in FY18. The cash balances declined to INR42
million at FYE18 (FYE17: INR533 million). JEL's average peak
utilization of the fund-based working capital facilities was
moderate at 82% in the 12 months ended April 2018 on account of a
decline in operating performance.
Further, interest coverage (EBITDA/gross interest expense)
deteriorated to 2.2x in FY18 (FY17: 4.2x) and net leverage (total
adjusted net debt/EBITDA) to 5.1x (2.6x) on the back of a decline
in operating profitability to INR1,169 million (INR2,124 million)
and lower-than expected decline in debt primarily on account of
unscheduled capex.
RATING SENSITIVITIES
Timely servicing of debt for three consecutive months will be
positive for the ratings.
COMPANY PROFILE
JEL is an oil and gas field services provider. It provides
drilling/work-over, integrated drilling (including mud services,
cementing services and directional drilling services), gas
compression and man management services. The company's high
capacity rigs of 1,500-2,000 horsepower can drill up to 6km and
mid-capacity rigs can drill up to 3-4km.
JPB CHEMICAL: Ind-Ra Retains BB Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained JPB Chemical
Industries Pvt Ltd.'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 BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR220 mil. Fund-based limits maintained in non-cooperating
category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
JPB Chemical Industries manufactures, import and distributes
pharmaceuticals, solvents and bulk drugs.
KALPTARU STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Kalptaru Steel Rolling Mills Limited
Registered Office:
121, First Floor, Vardhaman Market
Outer Ring Road, Vikaspuri, New Delhi 110018
Factory:
Plot No. 55 & 56, AP IIC Ltd.
Thumkunta Check Post
Hindupur Andhra Pradesh 515213
Insolvency Commencement Date: August 14, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 9, 2019
Insolvency professional: Prabhakar Nandiraju
Interim Resolution
Professional: Prabhakar Nandiraju
D. No:11-12-7 Road No. 1,
Income Tax Colony
Sree Ramakrishnapuram
Kothapet, Hyderabad 500102
E-mail: pnandiraju26@gmail.com
Last date for
submission of claims: August 28, 2018
KOHINOOR PULP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kohinoor Pulp & Paper Pvt Ltd
11 Allenby Road, 1st Floor
Kolkata, West Bengal 700071
Insolvency Commencement Date: August 21, 2018
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: February 16, 2019
(180 days from commencement)
Insolvency professional: CA IP Sanjay Kumar Agarwal
Interim Resolution
Professional: CA IP Sanjay Kumar Agarwal
Draupadi Mansion, 3rd Floor
11 Brabourne Road, Kolkata 700001
E-mail: sanjaycal@hotmail.com
cirp.kohinoorpaper@gmail.com
Last date for
submission of claims: September 5, 2018
KPM PROCESSING: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KPM Processing
Mill Private Limited's Long-Term Issuer Rating to 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 appear
as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR90 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating;
-- INR109.93 mil. Long-term loans due on May 2019 - April 2021
migrated to Non-Cooperating Category with IND BB (ISSUER NOT
COOPERATING) rating; and
-- INR10.97 mil. Non-fund-based limits migrated to Non-
Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
KPM Processing Mill operates a 12,000kg/day fabric dyeing unit in
Tirupur, Tamil Nadu. The company is promoted by P Sekaran, N
Chandra Sekaran and Thamilselvi.
KUSMASULI MULTIPURPOSE: CRISIL Reaffirms 'B' Cash Credit Rating
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Kusmasuli Multipurpose Cold Storage Private
Limited (KMCSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.13 CRISIL A4 (Reaffirmed)
Cash Credit 5.29 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.38 CRISIL B/Stable (Reaffirmed)
Term Loan 2.13 CRISIL B/Stable (Reaffirmed)
Working Capital
Facility 0.45 CRISIL B/Stable (Reaffirmed)
The ratings continue to reflect KMCSPL's exposure to risks of
unfavorable regulations and intense competition in the cold
storage industry of West Bengal, and a weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to unfavorable regulations and intense competition
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association, with rental rates fixed
by Department of Agricultural Marketing. Players are also forced
to offer discounts to ensure healthy utilisation of storage
capacity. Intense competition and unfavourable regulations may
continue to restrict scalability and limit pricing power, thereby
constraining profitability.
* Weak financial risk profile: Networth remains modest at 2.45
crore as on March 31, 2018, while gearing was high at 2.83 times
due to loans extended to farmers, especially around end of fiscal.
Interest coverage and net cash accrual to total debt ratios were
average at 1.33 times and 0.10 time, respectively, in fiscal 2018.
The financial risk profile is expected to remain weak over the
medium term.
Strengths
* Extensive experience of promoters: Benefits from the promoters'
experience of over 25 years, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business. Thus,
utilisation of storage capacity has been healthy, averaging 90% in
fiscal 2017.
Outlook: Stable
CRISIL believes KMCSPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if efficient farmer credit finance management and the
consequent increase in revenue and profitability strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if delays in repayment by farmers, significantly low
cash accrual, or any large, debt-funded capital expenditure
weakens financial risk profile and liquidity.
KMCSPL, incorporated in 2011 at Paschim Medinipur (West Bengal),
operates a cold storage unit for potatoes, with capacity of 16,000
tonne. The company occasionally trades in potatoes to ensure
optimum capacity utilisation of the cold storage unit. It also
finances farmers who need potato storage, which is then refinanced
by banks. Mr Nandalal Ghosh and Mr Bibekananda Sannigrahi are the
promoters.
LOTUS AUTO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Lotus Auto Engineering Limited
70, Basement Navjeewan Vihar
New Delhi 110017
- and -
3 LSC, Pamposh Enclave
Greater Kailash-1
New Delhi 110048
Insolvency Commencement Date: August 7, 2018
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: February 3, 2019
Insolvency professional: Mr. Ashok Kumar Gulla
Interim Resolution
Professional: Mr. Ashok Kumar Gulla
RBSA Restructuring Advisors LLP
9C, 9th Floor, Hansalaya Building
15, Barakhamba Road, Cannought Place
New Delhi 110001
E-mail: ashok.gulla@rbsa.in
ip.lotus@rbsa.in
Last date for
submission of claims: August 27, 2018
MALAR SOLVENT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Malar Solvent
Extraction Private Limited'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 these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR50 mil. Fund-based limit maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1991, Malar Solvent Extraction is a Tamil Nadu-
based company engaged in extracting oil from rice bran.
MALAYALAM VEHICLES: CRISIL Assigns B+ Rating to INR8cr Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
for the bank facilities of Malayalam Vehicles India Private
Limited (MVIPL). The ratings reflect the company's modest scale of
operations and below average financial risk profile. These rating
strengths are partially offset by the extensive experience of its
promoters.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 3 CRISIL A4 (Assigned)
Inventory Funding
Facility 8 CRISIL B+/Stable (Assigned)
Long Term Loan 2 CRISIL B+/Stable (Assigned)
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: The company operates at a modest
scale, as indicated by revenue of around INR22 crore in fiscal
2018. Scale of operations is expected to improve gradually, with
higher sales from new outlets.
* Below average financial risk profile: Net worth was modest and
TOL/TNW was high at INR2.3 crore and 4.8 times respectively as on
March 31 2018. Net worth is expected to improve gradually over the
medium term supported by steady accretion to reserves. Debt
protection metrics were average, as indicated by NCATD of 5% and
interest cover of 2.6 times in fiscal 2018.
Strength
* Extensive experience of promoters: The business risk profile of
MVIPL will continue to benefit over the medium term from the
extensive experience of its promoters, who have been engaged in
the automotive dealership industry for around 7 years. Moreover,
the promoters have overall entrepreneurial experience of around 2
decades.
Outlook: Stable
CRISIL believes MVIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a significant increase in
scale of operations while maintaining operating profitability
resulting in higher cash accrual, along with efficient management
of working capital requirement, leading to better liquidity. The
outlook may be revised to 'Negative' in case of a significant
decline in scale of operations, impacting cash accrual, an
increase in working capital requirement, or higher than expected
debt-funded capital expenditure, leading to deterioration in
liquidity.
MVIPL, incorporated in April 2017 and based out of Ernakulam
(Kerala), is an authorized dealer for passenger vehicles of Tata
Motors Limited. The company is promoted by Mr Rajwanth Ben and Mr
Shamier Marickar.
MANIDHARI GUAR: Ind-Ra Maintains B- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Manidhari Guar
Gum Industries' 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 action is:
-- INR80 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND B- (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 1998, Manidhari Guar Gum Industries manufactures
guar gum, guar gum powder and guar gum mixture at its 500 quintals
per day facility in Adarsh Nagar, Barmer, Rajasthan.
MUKTI PROJECTS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mukti Projects
Limited'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
D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR32.4 mil. Fund-based working limits (long-term) maintained
in Non-Cooperating Category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR1,549.7 bil. Long-term loans (long-term) maintained in
Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1993, Mukti Projects is a closely held public
limited company with a registered office in Kolkata. The company
operates a shopping mall-cum-entertainment center, Mukti World,
and owns a five-star hotel, Park Plaza, in Kolkata.
NAAGAAMI INFRATECH: Ind-Ra Retains BB- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Naagaami
Infratech Private Limited'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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR300 mil. Proposed fund-based limits maintained in Non-
Cooperating Category with Provisional IND BB- (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2016, Naagaami Infratech is engaged in the
construction of roads, bridges and civil structures. It executes
only central and state government projects in Assam and Nagaland.
NATIONAL STEEL: CRISIL Raises Rating on INR10cr Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
National Steel Suppliers (NSS) to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' and has reaffirmed its short-term rating at 'CRISIL
A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL A4 (Reaffirmed)
Cash Credit 10 CRISIL B+/Stable (Upgraded from
'CRISIL B-/Stable')
Overdraft 10 CRISIL A4 (Reaffirmed)
The upgrade reflects improvement in scale of operations with
revenue of INR103 crore in fiscal 2018 against INR87.48 Cr in
fiscal 2017. Further margins continues to remain at 4%. Also
liquidity profile improved with cash accruals at Rs1.10 crore as
against repayment obligation of INR0.75 crore in fiscal 2018.
Further support coming from unsecured loans from promoters
continue to support the liquidity.
The ratings continue to reflect the below-average financial risk
profile, and susceptibility to fluctuations in input prices. These
weaknesses are partially offset by extensive experience of the
proprietor in the steel trading industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Financial risk profile was
marked by a modest networth and high total outside liabilities to
tangible networth ratio (TOL/TNW) ratio of around INR7.87 crore
and 4.21 times, respectively as on March 31, 2018, with low
profitability restricting accretion to reserves. Debt protection
metrics were weak, with interest coverage ratio of 1.45 times for
fiscal 2018, constrained by large bank debt and low profitability.
* Susceptibility to fluctuations in input prices: Profitability
remains vulnerable to movements in prices of steel products, and
any sharp decline in prices could weaken the margin substantially.
Strength
* Extensive experience of the proprietor: The proprietor has been
engaged in the steel-trading business for around 36 years, and
also has experience in other fields, such as real estate and
education. Over the years, he has maintained healthy relationships
with suppliers and customers. The firm is at an advantageous
position in the trading business, as it saves on consignment
commission. The memorandum of understanding (MoU) signed with
Rashtriya Ispat Nigam Limited (RINL), ensures continual supply and
availability of products at a discount. Products are sold to a
diversified customer base in the National Capital Region (NCR) and
Dehradun.
Outlook: Stable
CRISIL believes NSS will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' in case of significant improvement in financial risk
profile, particularly liquidity, driven by large cash accrual or
reduced investments in unrelated businesses. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of large working capital requirement or
additional investments in real estate, land, or equity shares.
NSS was set up in 1982, as a proprietorship firm of Mr Anand
Prakash. It trades in steel products such as thermo-mechanically
treated (TMT) bars, angles, shapes and sections, beams, billets,
rounds and others. It is also a consignment agent of RINL, for
Ghaziabad and Dehradun regions, wherein it undertakes
transportation, grading, sizing, and warehousing.
NIRAV MODI: 16 Nirav Modi-linked Firms File for Liquidation
-----------------------------------------------------------
The Indian Express reports that at least 16 companies in
Hong Kong and the United Arab Emirates (UAE) allegedly connected
to fugitive diamond jeweller Nirav Modi have filed for winding up
of business in the past three months. These firms, sources said,
were the top buyers and suppliers of Nirav Modi Group of companies
and were allegedly controlled by Modi through "dummy directors".
According to documents seen by The Indian Express, two such firms
in Hong Kong - Auragem Company Ltd and Sino Traders - that filed
for winding up on May 25 and July 4, respectively, had received
INR5,921 crore of the fraudulent letters of undertaking (LoUs)
issued by state-owned Punjab National Bank (PNB). Other firms
allegedly floated by Nirav Modi in Hong Kong that have filed for
winding up in Hong Kong include Brilliant Diamonds Ltd (June 4),
Eternal Diamonds Corporation Ltd (June 6), Fancy Creations Company
Ltd (May 25) and Sunshine Gems Ltd (June 7), the report relates.
All the firms have been wound up under the "creditors' voluntary
winding up" process initiated by the company directors.
The Indian Express relates that apart from this at least 10
"dummy" companies in the UAE allegedly formed by Modi to rotate
the LoU funds "in the guise of export-import transactions" have
also filed for liquidation. Some of these firms such as Unique
Diamond and Jewellery FZC, Universal Fine Jewelry FZE, Vista
Jewelry FZE, Diagems FZC, Pacific Diamond FZE, Tri color gems FZE
and Hamilton precious traders Limited FZCO have received about Rs
7,000 crore through PNB LoUs between 2011 and 2017.
According to the report, the Indian investigative agencies have
alleged that the six Hong Kong-based firms that have filed for
liquidation have allegedly diverted at least Rs840 crore of LoU
funds to Modi's firms Firestar Diamond Inc and A Jaffe Inc in the
US and Rs271 crore to Belgium-based Firestar Diamond BVBA.
Firestar Diamond Inc and A. Jaffe filed for bankruptcy protection
in the United States on February 26, while Firestar Diamond BVBA
was declared bankrupt by an Antwerp court on March 19, the report
states.
On August 25, an investigation report submitted by John J Carney,
an examiner appointed by a US bankruptcy court hearing the plea of
Firestar Diamond and A Jaffe said that the two firms were
"directly involved" in transactions related to the alleged Rs
13,500 crore PNB fraud for which Modi has been charged in India,
The Indian Express relays.
The Indian Express says Modi, who left India in the first week of
January, weeks before the banking scam surfaced, is wanted by
multiple investigating agencies in the country. In July, the
Interpol issued a Red Corner Notice against Modi and earlier this
month the Central Bureau of Investigation (CBI) and the
Enforcement Directorate (ED) sent a request for extradition of
Modi from the UK.
The report relates that both the CBI and ED have filed their
chargesheet against Modi and his companies. Modi has been accused
of diverting over Rs4,000 crore of the Rs6,519 crore outstanding
fraudulent LoU issued by PNB to his firms, The Indian Express
adds.
NEERU COTTON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Neeru Cotton Pvt. Ltd.
1719, Dhobhi Ni Khadki
Kapadiwad, O/s Raipur Gate
Ahmedabad, Gujarat - 380001
Insolvency Commencement Date: August 7, 2018
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: February 6, 2019
Insolvency professional: Sunit Jagdishchandra Shah
Interim Resolution
Professional: Sunit Jagdishchandra Shah
303, 3rd Floor, Abhijeet-1, Opp. Bhuj
Mercantile Bank, Mithakhali Six Roads,
Navrangpura, Ahmendabad-6
E-mail: sunit78@gmail.com
cirpncpl@gmail.com
Last date for
submission of claims: August 24, 2018
PARKASH PULSES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Parkash Pulses'
Long-Term Issuer Rating to 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 now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR100 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2009 in New Delhi, Parkash Pulses is a
proprietorship firm engaged in the trading of pulses.
PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR20cr Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Perody Builders Private Limited (PBPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 20 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's subdued financial
risk profile because of small networth, and susceptibility to
risks related to completion and saleability of yet-to-be-launched
project, Perody Classic. The weaknesses are partially offset by
extensive experience of the company's promoters in the Bengaluru
real estate industry, and the attractive location of its upcoming
project.
Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to risks related to completion of yet-to-be-
launched project: PBPL has launched Perody Classic, which involves
development and construction of 176 residential apartments under a
joint development agreement with the plot owners. As the project
is in initial stage of execution, it is exposed to significant
risks related to implementation.
* Exposure to cyclicality in the Indian real estate industry
The real estate sector in India is cyclical, and marked by
volatile prices, opaque transactions, and a highly-fragmented
market structure because of the presence of a large number of
regional players. Significant time overruns in earlier projects
has led the company to apply for rescheduling and restructuring of
term loans in the past, owing to slow inflow of customer advances.
The rising interest rates and increasing costs of land, along with
expected correction in prices, will hurt players' profitability
over the medium term. Furthermore, PBPL faces geographic
concentration risk, as its entire revenue comes from real estate
development in Bengaluru.
Strengths
* Extensive industry experience of the promoters: The key promoter
Mr P Ramakantha Shetty has experience of more than a decade in the
real estate development segment in Bengaluru. The promoters have
completed several real estate projects (under joint development)
in and around Bengaluru.
* Attractive location of project: The Company has launched a
residential project, Perody Classic, in Bengaluru. The project is
centrally located and well connected to various parts of the city.
Hence, it is likely to face limited risk regarding saleability.
Outlook: Stable
CRISIL believes PBPL will continue to benefit from its promoters'
extensive experience in the real estate industry. The outlook may
be revised to 'Positive' if better-than-expected bookings and
customer advances enhance liquidity. The outlook may be revised to
'Negative' if low cash flow from operations due to subdued
response to project, or delay in receiving customer advances
impacts debt-servicing ability.
Established in 2001 by Mr P Ramakantha Shetty and his family, PBPL
undertakes residential real estate development in Bengaluru.
PINKY SHIPYARD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Pinky Shipyard Private Limited
Survey No. 209/2, Zorinto
Sancoale Village, Taluka
Marmagoa, Goa 403601
Insolvency Commencement Date: August 21, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 17, 2019
Insolvency professional: Manoj Gangawal
Interim Resolution
Professional: Manoj Gangwal
719, The Summit Business Bay
Near WEH
Metro Station, Chakala, Sir M.V. Road
Andheri East, Mumbai 400093
E-mail: manoj.gangwal@aklivus.com
ipmg.pspl@gmail.com
Last date for
submission of claims: September 4, 2018
PRAYAGRAJ POWER: JSW Submits Revised Bid Worth INR6,200 crore
-------------------------------------------------------------
Livemint.com reports that JSW Energy has submitted a revised bid
of INR6,200 crore for the debt-laden Prayagraj Power Generation
Co. Ltd, outbidding Resurgent Power Ventures Pte Ltd by INR200
crore, two people close to the development said on condition of
anonymity.
Livemint.com relates that the move is likely to heat up
competition, as Resurgent has been already given the go-ahead by
the creditors of Prayagraj to acquire a 75% stake in the firm.
Resurgent Power is a joint venture between Tata Power Co. Ltd and
ICICI Venture Funds Management Co. Ltd, Kuwait Investment
Authority, Oman State General Reserve and Canadian pension fund
Caisse de depot et placement du Quebec, Livemint.com discloses. It
is an investment platform that focuses on acquiring thermal and
hydroelectric projects.
Established in September 2016, Resurgent is owned 26% by Tata
Power and 10% by ICICI Venture. The remaining stake is held by the
pension funds, the report notes.
Earlier, JSW Energy had offered to pay INR5,900 crore in upfront
cash but would not take on the tax liabilities that would have
emerged after the deal closure, according to Livemint.com. "As per
the revised bid, JSW is providing INR6,200 crore as upfront cash
and offering 15% equity stake to the lenders. The firm has also
agreed to meet the tax liabilities that would emerge later," said
the first of the two persons mentioned above, Livemint.com relays.
He said the tax-liabilities are estimated to be around INR2,800
crore.
According to Livemint.com, Tata Power on Aug. 29 announced that
Resurgent Power received a letter of intent from creditors of
Uttar Pradesh-based Prayagraj to acquire 75.01% stake in the firm.
It had submitted a bid of around INR6,000 crore and offered 14%
equity stake to the lenders in Prayagraj after the acquisition. It
had also agreed to settle the tax dues.
"JSW had also received the letter of intent from the lenders.
Resurgent's bid, however, was unanimously approved later as it had
agreed to settle the tax dues. JSW has submitted the revised
proposal with the State Bank of India now," the second person
said, Livemint relays. SBI is the lead banker for Prayagraj.
The 3x660 megawatt (MW) super critical coal-based power project
was named by the Reserve Bank of India in its February 12 circular
directing banks to resolve the account by August 27, according to
the report. Insolvency proceedings would have been initiated
against the firm in the absence of any resolution. As on Oct. 31,
2017, Prayagraj's total debt stood at INR11,086 crore.
Livemint.com, citing proposal for sale of majority shareholding in
Prayagraj, prepared by a lenders' consortium led by the State Bank
of India, discloses that the firm's debt ballooned because of
project delays. Overall costs spiralled to INR15,537 crore from
the original estimate of INR10,780 crore due to a 33-month delay
in completing the power project, the proposal stated.
Based in Noida, India, Prayagraj Power Generation Company Limited
generates power. Prayagraj Power operates as a subsidiary of
Jaiprakash Power Ventures Ltd.
PREMIER PIPES: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Premier
Pipes Limited (PPL) at 'CRISIL B+/Stable/CRISIL A4 issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating migrated)
Letter of credit
& Bank Guarantee 2.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating migrated)
Proposed Long Term 1.0 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating migrated)
CRISIL has been consistently following up with PPL for obtaining
information through a letter dated August 9, 2018. 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 the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes information available on PPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last available
information, CRISIL has migrated the ratings at 'CRISIL
B+/Stable/CRISIL A4 issuer not cooperating'
PPL, based in Kanpur, Uttar Pradesh, was set up in 1971, promoted
by Mr Ajay Kumar Jain. The company primarily manufactures
galvanised iron pipes, polyvinyl chloride pipes, and electrical
poles. Its manufacturing unit at Kanpur has an installed capacity
of around 46,000 tonne per annum, of which 28,000 tonne was
utilised in fiscal 2017.
REJEUVINE ENTERPRISES: Ind-Ra Assigns 'B' Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rejeuvine
Enterprises Private Limited (REPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR30 mil. Fund-based working capital limit assigned with IND
B/Stable/IND A4 rating; and
-- INR123.3 mil. Term loan due on June 2026 assigned with IND
B/Stable rating.
KEY RATING DRIVERS
The ratings reflect the cost and time overrun risk stemming from
the construction stage of REPL's multi-specialty holistic health
park. The total project cost of INR246.7 million is being funded
equally through debt and equity. The project is likely to achieve
completion and start commercial operations in June 2019.
However, the ratings are supported by the project's strategic site
in Chevella, Ranga Reddy (Telangana) which is located around 50km
from the Hyderabad city. The ratings are further supported by the
management's experience of more than two decades in the healthcare
industry.
RATING SENSITIVITIES
Negative: Any delays in the commencement of operations will lead
to a negative rating action.
Positive: Scheduled commencement of the project and stabilization
of profitable operations, leading to generation of sufficient cash
flows, will lead to a positive rating action.
COMPANY PROFILE
Established in November 2017, REPL is setting up a 50-bed multi-
specialty holistic health park in Chevella, Ranga Reddy,
Telangana.
RELIGARE ENTERPRISES: Ex-Billionaire Shivinder Singh Sues Brother
-----------------------------------------------------------------
Ari Altstedter at Bloomberg News reports that the unraveling of
one of India's most storied business empires has caused a rupture
in its founding family, with one of the Singh brothers --
synonymous with each other for decades -- saying he has sued the
other for alleged "oppression and mismanagement" of their
companies.
In a statement, Shivinder Singh said he filed a case with India's
National Company Law Tribunal against his elder brother Malvinder
and Sunil Godhwani, former chairman of Religare Enterprises Ltd.,
the financial services company the brothers used to control,
Bloomberg relates. Shivinder alleges Malvinder and Godhwani were
to blame for "a systematic undermining of the interests of the
companies and their shareholders," according to Bloomberg.
"I am now disassociating from my brother as a business partner and
will be pursuing an independent path going forward," Shivinder,
43, wrote in the statement dated Sept. 4, Bloomberg relays. "I can
no longer be party to activities in which transparency and ethics
are continuously and consistently negated." Bloomberg News
couldn't immediately obtain the case filing from the tribunal,
which couldn't be reached.
Bloomberg notes that heirs to a generations-old business house
once worth billions, the brothers have in recent months seen a
dramatic fall in their fortunes. They've had their public
shareholdings seized by lenders, and are under a criminal probe by
financial authorities over INR23 billion ($321 million) missing
from their listed companies. They owe $500 million over fraud
allegations related to the 2008 sale of drugmaker Ranbaxy
Laboratories.
Bloomberg says the brothers have previously denied any wrongdoing.
Last month, Bloomberg News published a story detailing the
business linkages between the brothers and Gurinder Singh Dhillon,
the head of a spiritual sect in North India called the Radha Soami
Satsang Beas. These included loans to Dhillon's family and
companies controlled by them, which Bloomberg's investigation
found to be a key financial strain on their empire. Dhillon hasn't
been accused of any wrongdoing.
Shivinder in the statement said he filed the case against his
brother and Godhwani after media articles.
"Attempts to pass the buck to an eminent figure, who has been a
guiding light not only to our family but also to a large section
of the public, deceives no one," Shivinder, as cited by Bloomberg,
wrote. He also said Malvinder was chairman of their corporate
group and took decisions on behalf of the family, while he was
"the publicly supportive younger brother."
According to Bloomberg, the Singhs are famous in India for
expanding their two public firms -- hospital operator Fortis
Healthcare Ltd. and financial firm Religare -- at breakneck speed
after reaping $2 billion from the sale of Ranbaxy, then India's
largest drugmaker. Both companies went on to top $1 billion in
market value as India's demand for health and financial services
surged.
India's stock market and fraud regulators have launched
investigations into financial irregularities at Religare and
Fortis, although they are yet to report their findings, Bloomberg
says. In July Malaysia's IHH Healthcare Bhd agreed to take control
of Fortis and minority shareholders have taken over at Religare.
Bloomberg says the Singhs resigned from their posts at Fortis in
February. They've lost almost all their shareholdings in both
Fortis and Religare as their lenders called in unpaid debts, the
report notes.
Religare Enterprises Limited is a financial services company. The
Company is engaged in the business of broking in securities and
commodities, lending and investments, financial advisory
services, custodial and depository operations, portfolio
management services, asset management and insurance,
institutional equities and investment banking services to
clients.
S. K. INDUSTRIES: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S. K.
Industries - Faridkot (SKI) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Term Loan 0.92 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Term Loan .08 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SKI for obtaining
information through letters and emails dated June 29,2018,
August 7, 2018 and August 13, 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 S. K. Industries - Faridkot.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on S. K. Industries - Faridkot is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of S. K. Industries - Faridkot to 'CRISIL B/Stable
Issuer not cooperating'.
Set up by brothers Mr Rajiv Kumar, Mr Rakesh Kumar, Mr Sanjiv
Kumar, and Mr Naresh Kumar in 1997, SKI mills rice. The firm's
manufacturing facility is in Faridkot, Punjab.
S. S. AGRO: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S. S. Agro
(SSA; part of the SS group) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SSA for obtaining
information through letters and emails dated May 31, 2018 and,
June 30, 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 S. S. Agro. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on S. S.
Agro is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of S. S. Agro to 'CRISIL B/Stable Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSA and SS Overseas (SSO), because the
two firms, together referred to as the SS group, are in the same
line of business, with common promoters and management, and strong
financial linkages. CRISIL has also considered unsecured loans
extended by the group's promoters, as neither debt nor equity, as
they bear an interest rate that is lower than the market rate, and
have been in the business for over three years.
The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.
SAKRI IT: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Sakri IT Solutions Private Limited
Rakshak Nagar, Phase II, SR.No.39/1A, Khardi,
Next to Shell Petrol, Pune - 411 014, Maharshtra, India
Insolvency Commencement Date: August 7, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 3, 2019
(180 days from commencement)
Insolvency professional: Subodh Balkrishna Gokhale
Interim Resolution
Professional: Subodh Balkrishna Gokhale
1, Samruddhi, A/48, Gokuldham, Goregaon
(East), Mumbai - 400063, Maharashtra
E-mail: ipsubodhgokhale@gmail.com
Last date for
submission of claims: August 27, 2018
SALASAR BALAJI: CRISIL Migrates 'B+' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Salasar
Balaji Cold Storage Private Limited (SBPL) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 9.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Overdraft 0.5 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SBPL for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 Salasar Balaji Cold Storage
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Salasar Balaji Cold Storage
Private Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Salasar Balaji Cold Storage Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.
SBPL, set up in 1998, provides cold storage and warehouse services
to farmers, merchants, and traders for chili, jaggery, rice,
wheat, groundnut, guar, castor bean, and pulses near Jodhpur
mandi. Its operations are managed by Mr Jagdish Prasad Bajaj, Mr
Satya Narayan Bajaj, and Mr Kailash Bajaj.
SALASARLENE DRESS: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Salasarlene
Dress Fab Private Limited (SDFPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2.6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SDFPL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 Salasarlene Dress Fab Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Salasarlene Dress Fab Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Salasarlene Dress Fab Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.
SDFPL was incorporated in 1991, promoted by Mr Santosh Makharia.
The company manufactures dress material for women. It produces
grey fabric and undertakes dying, printing, stitching and
packaging. The company has a capacity to manufacture around 1
lakh pieces per month. The final embroidered dress material is
sold under the brands of Madam Suit, Ladli, and Kisna. The
manufacturing facility is in Surat, Gujarat. The company started
manufacturing its own grey fabric from fiscal 2016.
SANMAAN RICE: CRISIL Lowers Rating on INR15.6cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sanmaan
Rice Mills (SRM) to 'CRISIL D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15.6 CRISIL D (Downgraded from
'CRISIL B/Stable')
Long Term Loan 1.0 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects continuously overdrawn bank lines, and
delay in servicing instalments on term loan on account of
company's stretched liquidity position.
The downgrade also reflects the firm's below-average financial
risk profile, modest scale of operations, and working-capital-
intensive operations. These weaknesses are partially offset by the
extensive experience of the partners in the rice industry.
Analytical Approach
Unsecured loans (estimated at INR9 crore as on March 31, 2018)
from the promoters, have been treated as debt due to significant
withdrawals in the past.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in meeting debt obligation: There have been recent
instances of delay in servicing of term loan. Also, bank limit is
overdrawn for more than 30 days. This is on account of stretched
liquidity position.
* Below-average financial risk profile: Financial risk profile is
below average because of high dependency on borrowings to meet
working capital requirements. Total outside liabilities to
tangible networth is estimated at 10.32 times as on March 31,
2018. Adjusted interest coverage and net cash accrual to adjusted
debt ratios are projected at 1.27 times and 0.02 times,
respectively, in fiscal 2018.
* Modest scale of operations: Intense competition in the rice
milling industry - because of low entry barriers - continues to
constrain scalability: operating income is estimated at INR50-55
crore in fiscal 2018, and is likely to grow at a moderate pace
over the medium term.
* Working-capital-intensive operations: Gross current assets are
estimated at 362 days as on March 31, 2018, due to inventory of
more than 300 days. Inventory is sizeable during year end, as
procurement is done in bulk during the paddy season (October to
March). The large working capital requirement is primarily funded
by bank borrowings resulting in full utilization for past 12
months through May 2018.
Strengths
* Extensive experience of the partners: Benefits from the
partners' experience of a decade, and established relations with
customers and suppliers should continue to support business risk
profile.
Set up in 1998 in Muktasar (Punjab), SRM mainly processes basmati
rice, and sells it under the Sanmaan brand in domestic and export
markets.
SARAS HOTELS: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Saras Hotels
Private Limited (SHPL) to CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 SHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SHPL to CRISIL D Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
SHPL, established in 2014, and promoted by Mr.Selvaraj R, is based
in Chennai. It runs the 57-room deluxe Days Hotel in Chennai.
SAT INDER: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sat Inder
Constructions Private Limited'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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND BB- (ISSUER NOT
COOPERATING) rating;
-- INR45 mil. Non-fund-based working capital limit maintained in
Non-Cooperating Category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR7.3 mil. Long-term loans maintained in Non-Cooperating
Category with IND BB- (ISSUERNOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Sat Inder Constructions undertakes civil construction projects for
government entities such as Public Works Departments in Odisha and
West Bengal.
SHIVKRUPA CORP: CRISIL Assigns B+ Rating to INR5cr Whse Receipts
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shivkrupa Corporation (SC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 5 CRISIL B+/Stable (Assigned)
Overdraft 3.39 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 0.61 CRISIL B+/Stable (Assigned)
The rating reflects a weak financial risk profile, a modest scale
of operations in the intensely competitive agro industry, and high
customer concentration in revenue. These rating weaknesses are
partially offset by the extensive industry experience of the
partners and efficient working capital management.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: As on March 31, 2018, as per the
provisional financials, the networth was modest at INR1.46 crore,
while the total outside liabilities to adjusted networth ratio was
high at 5.56 times due to considerable dependence on bank funding
to meet working capital requirement. Large debt and moderate
profitability have resulted in modest debt protection metrics: the
interest coverage and net cash accrual to total debt ratios were
1.2 times and 0.01 time, respectively, in fiscal 2018.
* Modest scale of operations and customer concentration in
revenue: Operating income was modest at INR59.65 crore in fiscal
2018. Furthermore, 80-85% of revenue is derived from only one
customer. The scale of operations is expected to remain modest
over the medium term.
* Exposure to intense competition: The agro industry is highly
fragmented leading to intense competition among players. This
limits the bargaining power of individual players and also
restricts their ability to completely pass on any rise in raw
material prices to customers.
Strengths
* Extensive industry experience of the partners: A presence of
over more than two decades in the agro industry as traders through
other entities has enabled the partners to establish a strong
relationship with suppliers and gain a better understanding of the
industry.
* Efficient working capital management: Gross current assets, on a
provisional basis, were low at 58 days, driven by inventory of 22
days and debtors of 30 days, as on March 31, 2018, against 42
days, 6 days, and 27 days, respectively, a year earlier.
Outlook: Stable
CRISIL believes SC will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' in case of significant growth in the scale of
operations and profitability while the working capital cycle is
maintained, leading to strengthening of the financial risk
profile. The outlook may be revised to 'Negative' if the financial
risk profile weakens due to a stretch in the working capital cycle
or decline in the operating margin.
SC, based in Dhanera, Gujarat, is a proprietorship firm. The firm
trades in mustard and castor seeds.
SHREE NARSHING: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree
Narshing Construction (SNC) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SNC for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 Shree Narshing Construction.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Shree Narshing Construction is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shree Narshing Construction to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Jamshedpur-based SNC, formed in 1980 as a proprietorship firm by
Mr. Bimal Agarwal, is engaged in construction and repairs of
railway tracks, over-bridges, railway sidings, railway stations,
and subways in the Eastern region.
SHREE SAINATH: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Sainath
Textiles Private Limited (SSTPL) to CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 7.7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SSTPL for obtaining
information through letters and emails dated May 31, 2018 and June
30, 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 SSTPL which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SSTPL to CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
SSTPL, based in Nagpur (Maharashtra), was set up by Mr. Sayaji
Jadhao and Manish Vaidya and family. The company gins and presses
cotton. It has a manufacturing capacity of 350 cotton bales per
day near Nagpur. The company has also set up a unit to convert
single yarn into double yarn, which has started operations in
2016-17 (refers to financial year, April 1 to March 31).
SHREE SHARANAM: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree
Sharanam Real Estate Private Limited (SSREPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Overdraft 2 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
Term Loan 21 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SSREPL for
obtaining information through letters and emails dated May 31,
2018 and June 30, 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 Shree Sharanam Real Estate
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Shree Sharanam Real Estate
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shree Sharanam Real Estate Private Limited to
'CRISIL B/Stable Issuer not cooperating'.
SSREPL, established in 2004 by Mr Laxman Das Goel and Mr Ravi
Goel, operates a luxury 5-star hotel, Crystal Sarovar Premiere, in
Agra, Uttar Pradesh. The company has entered into a long-term
agreement with SHRPL, under which, the latter will operate,
manage, and maintain the hotel.
SHRI HARI: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Hari
Forging Products (SHFP) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.85 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Bill Discounting 10.00 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 3.25 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 12.46 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3.85 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SHFP for obtaining
information through letters and emails dated June 18,2018,
July 30, 2018, August 7, 2018 and August 13, 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 Shri Hari Forging Products.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Shri Hari Forging Products is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shri Hari Forging Products to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
SHFP, a proprietorship firm set up in 2006, manufactures and
fabricates components such as transformer structures, top
brackets, and guarding cross arms, which are used in the power
distribution sector. The firm, promoted by Mr Shrikant Sharma, is
based in Jaipur (Rajasthan).
SHRI JAYASHEEL: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Jayasheel
N Shetty'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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR45 mil. Fund-based facilities maintained in Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)/
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR50 mil. Non-fund-based facilities maintained in Non-
Cooperating Category with INDA4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Shri Jayasheel N Shetty was established in 2006 as a
proprietorship firm. The firm is engaged in civil construction
works of roads, bridges, canal works, barrage works and lift
irrigation works.
SILVERMOON MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Silvermoon
Motors Private Limited (SMMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Auto loans 0.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Drop Line 5.0 CRISIL B+/Stable (ISSUER NOT
Overdraft COOPERATING; Rating Migrated)
Facility
Electronic 5.0 CRISIL B+/Stable (ISSUER NOT
Dealer Financing COOPERATING; Rating Migrated)
Scheme(e-DFS)
CRISIL has been consistently following up with SMMPL for obtaining
information through letters and emails dated June 29, 2018, August
7, 2018 and August 13, 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 Silvermoon Motors Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Silvermoon Motors Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Silvermoon Motors Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.
Incorporated in March 2012 and promoted by Mr. Mohan Singh
Guleria, SMMPL is an authorised dealer of TKMPL's passenger cars
in Kangra and Chamba districts of Himachal Pradesh. The company
has a showroom-cum-service centre in Kangra.
SPS YARNS: CRISIL Migrates 'B-' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SPS Yarns
Private Limited (SPS) to 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.45 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 6.55 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SPS for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 SPS Yarns Private Limited.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on SPS Yarns Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SPS Yarns Private Limited to 'CRISIL B-/Stable
Issuer not cooperating'.
Established in 2011 as a private limited company, SPS is engaged
in manufacturing of Polyester and plastic Zippers. Based in
Hyderabad (Telangana), the company is promoted and managed by Mr K
D Chuttar.
SREE NIRMALA: CRISIL Migrates 'B+' Rating From Not Cooperating
--------------------------------------------------------------
CRISIL is migrating the rating on the long-term bank facilities of
Sree Nirmala Yarn Mill Private Limited (SNYM) from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Long Term Loan 1.25 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Mortgage Loan
Facility .50 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Proposed Long Term
Bank Loan Facility 2.25 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Due to inadequate information, CRISIL in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facilities of SNYM to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, SNYM has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of rating. Consequently, CRISIL is migrating the rating on
the long-term bank facilities of SNYM from 'CRISIL B+/Stable
Issuer Not Cooperating' to 'CRISIL B+/Stable'.
The rating reflects SNYM's modest scale of operations in the
intensely competitive textile industry, vulnerability to
fluctuations in raw material prices, and a modest financial risk
profile. These weaknesses are partially offset by the experience
of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was modest at INR11 crore in fiscal
2018.
* Vulnerability to fluctuations in raw material prices: Since cost
of procuring the major raw material (cotton) accounts for around
65% of the production expense, even a slight variation in price
can drastically impact profitability. Further, cotton prices are
influenced by the demand-supply dynamics, nature of monsoon,
international demand, and government policies.
* Modest financial risk profile: Interest coverage and net cash
accrual to total debt ratios are projected at 1.65-1.75 times and
0.05-0.07%, respectively, over the medium term, while gearing is
expected at 3-3.20 times.
Strength
* Experience of promoters: Benefits from the promoters' experience
of over two decades, their strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.
Outlook: Stable
CRISIL believes SNYM will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and profitability
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual or any
large, debt-funded capital expenditure weakens financial risk
profile.
SNYM, incorporated in 2003 at Rajapalayam (Tamil Nadu),
manufactures cotton yarn of counts 32s to 40s. Mr N Venkataswamy
and his wife, Ms Nirmala are the promoters.
SRI RAJALAKSHMI: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Rajalakshmi Saw Mill - Tirunelveli (SRS) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Letter
of Credit 6 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SRS for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 Sri Rajalakshmi Saw Mill -
Tirunelveli. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Sri Rajalakshmi Saw Mill - Tirunelveli is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri Rajalakshmi Saw Mill - Tirunelveli to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.
Set up in 1986 as a partnership firm by Mr. Paulsamy along with
his son, SRS processes (cuts and saws) and trades in a variety of
wood logs, including teak.
SRS LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: SRS LIMITED
SRS Multiplex
2nd Floor, City Centre, Sector-12
Faridabad, Haryana 121007
Insolvency Commencement Date: August 21, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 17, 2019
Insolvency professional: Mr. Ashok Kumar Gulla
Interim Resolution
Professional: Mr. Ashok Kumar Gulla
RBSA Restructuring Advisors LLP
9C, 9th Floor, Hansalaya Building
15 Barakhamba Road, Connaught Place
New Delhi 110001
E-mail: ashok.gulla@rbsa.in
ip.srs@rbsa.in
Classes of creditors: Deposit Holders
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Devinder Arora
1301, Vijaya Building
17 Brakhamba Road
Connaught Place, New Delhi 110001
E-mail: dev_arora@hotmail.com
Mr. Alok Kaushik
G-105, Sai Baba Aptt Sec-9
Rohini, Delhi 110085
E-mail: alok_kaush@yahoo.com
Mr. Vishnu Dutt
219, Anarkali Bazar
Jhandewalan Extension
New Delhi 110055
E-mail: vishnudutt2050@yahoo.com
Last date for
submission of claims: September 6, 2018
SUPRAJA TEXTILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Supraja Textiles Private Limited
NH-5, Nadimpalem Village, Prathipadu Mandal, Guntur
Andra Pradesh 522019, India
Insolvency Commencement Date: August 23, 2018
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: February 19, 2019
(180 days from commencement)
Insolvency professional: Manivannan. J
Interim Resolution
Professional: Manivannan. J
Plot No. 53B, 8/330, Vishalakshi Nagar
Fourth Cross Street, Santhosapuram
Chennai, Tamil Nadu 600073
E-mail: equitablelegal@gmail.com
Last date for
submission of claims: September 7, 2018
TARUN ENTERPRISE: Ind-Ra Migrates BB LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tarun
Enterprise's Long-Term Issuer Rating to 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 now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR40 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERTAING) /
IND A4+ (ISSUER NOT COOPERTAING) rating; and
-- INR75 mil. Non-fund-based working capital limits migrated to
Non-Cooperating Category with IND A4+ (ISSUER NOT
COOPERTAING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 1970, Tarun Enterprise is a proprietorship firm
that is engaged in the trading of pig iron. It also acts as a
carrying and forwarding agent for Tata Metaliks Ltd. It sells pig
iron to foundries and induction furnace units in Gujarat.
TECHNOCAST FOUNDRY: Ind-Ra Retains BB- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Technocast
Foundry'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 these ratings. The rating will continue to appear as
'IND BB- (ISSUER NOT COOPERATING)' on the' website.
The instrument-wise rating actions are:
-- INR130 mil. Fund-based facilities maintained in non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR57.2 mil. Long-term loans maintained in non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2002, Technocast Foundry manufactures machined
grey ductile iron casting at its unit in Arasur, Coimbatore.
VENKATA SAI: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Venkata Sai
Ispat Industries Pvt Ltd.'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 D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR120 mil. Fund-based working capital limits (long-term)
maintained in Non-Cooperating Category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR50 mil. Term loan(long-term) maintained in Non-Cooperating
Category with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2008, Venkata Sai Ispat Industries is a Bangalore-
based manufacturer of sponge iron.
Z FASHIONS: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Z Fashions
(ZF) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 2.5 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with ZF for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 ZF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ZF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ZF to 'CRISIL B+/Stable Issuer not cooperating'.
Set up as a proprietorship concern in 2002 by Mr. Jinu V, ZF is
the sole Indian manufacturer of readymade garments for Canada-
based brands, Horse and Ride, Boston Bug, and Ferry & Tail. ZF is
based in Tirupur (Tamil Nadu).
===============
M A L A Y S I A
===============
* MALAYSIA: More Listed Firms Facing Distress, Analysts Say
-----------------------------------------------------------
New Strait Times reports that there maybe more listed Malaysian
companies falling into financial distress this year, worn down by
attrition brought about by the looming economic slowdown.
A total of 22 listed companies have been classified as Practice
Note 17 (PN17) so far this year and analysts expect the number to
rise gradually, New Strait Times says.
As at July 31 this year, Bursa Malaysia said there were a total of
24 companies classified under PN17 and GN3, accounting for 2.5 per
cent of the total number of 909 companies listed on the local
bourse, the report relates.
According to the report, seven companies that fell into PN17 this
year included Utusan Melayu (Malaysia) Bhd, Sumatec Resources Bhd,
Amtek Holdings Bhd, APFT Bhd and Bertam Alliance Bhd.
New Strait Times notes that Bursa Malaysia said the PN17 tag came
mainly because companies were in financial distress or
difficulties. This included cases such as companies' shareholders'
funds being less than 25 per cent of their total paid up capital
or receivers being appointed to take control of the companies'
assets.
Other reasons for the PN17 status are when auditors express
adverse opinions on the companies' default in loan interest and
principal repayments, the companies suspend or cease their
operations and companies do not have any significant businesses or
operations.
According to New Strait Times, Inter-Pacific Securities Sdn Bhd
head of research Pong Teng Siew said the Malaysia economy looked
like it is in its late cycle phase, which was typical when growth
slowed. As a result, the number of PN17 companies may rise
gradually.
"I think it will happen gradually. Partly this is an attrition and
product life cycle process and partly this is because of the
business cycle . . . We are in a late cycle stage but we do not
observe a spike in business failures due to interest rates
remaining almost permanently accommodative," Pong told NST
Business.
"Every rise in inflation rate is deemed transitory and elicits no
monetary policy response. On the other hand, every perceived
slowdown in the economy gets a rate cut," he added.
New Strait Times adds that Malaysian Association of Technical
Analysts adviser Nazarry Rosli agreed with Pong, saying more
companies could fall under the PN17 category in line with the
economic slowdown.
"This very much depends on the type of business or sector the
listed companies are operating in. The question is whether they
can escape or avoid the adverse impact from slowdown?" the report
quotes Nazarry as saying.
Nazarry said companies in the construction sector were most likely
to join the list of PN17 as businesses slowed but competition
remained stiff, adds New Strait Times.
====================
N E W Z E A L A N D
====================
FORESTLANDS GROUP: KordaMentha Appointed as Liquidators
-------------------------------------------------------
Neale Jackson and Grant Graham of KordaMentha have been appointed
liquidators of the Forestlands Group of Companies.
Forestlands comprises 18 companies, which each raised money from
the public and invested the funds in forests in the Hawkes Bay and
Wairarapa, and a management company. The forests were sold in
October 2016.
In early 2017 the Financial Markets Authority (FMA) received a
number of complaints from investors because the proceeds of the
sale of forests had not been distributed. Since then, surplus
funds from the sale have been held in a solicitor's trust account,
on the basis they can only be disbursed with the FMA's consent or
by Court Order.
Mr. Jackson advises "the Liquidations will allow us to commence
the process that will result in the funds being distributed to the
investors. We appreciate investors have waited a long time for
their money. We intend to write to all investors by mid-October
outlining the process required for them to lodge their claims. At
that time we will also advise investors what they might receive
and how the liquidations will proceed".
Forestlands Group of Companies is engaged in forestry investment.
===============================
P A P U A N E W G U I N E A
===============================
PAPUA NEW GUINEA: S&P Assigns 'B' Rating to New Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
rating to the proposed U.S. dollar-denominated notes to be issued
by the Independent State of Papua New Guinea (PNG, B/Stable/B).
The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with
the sovereign's other unsecured and unsubordinated debt
obligations.
S&P's ratings on PNG reflect structural constraints inherent in a
lower-middle-income economy dependent on extractive industries and
served by weak institutions, restricted monetary policy
flexibility, and increased government debt. These are balanced by
medium-term economic growth prospects, underpinned by expected new
natural resource projects, including liquefied natural gas and
mining projects.
S&P said, "The stable outlook reflects our view that PNG will
remain a low-income economy with weak institutions and limited
monetary policy flexibility. The stable outlook also reflects our
expectation that economic growth will rebound, possibly beyond our
current forecast horizon."
*********
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,
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Information contained herein is obtained from sources believed
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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 ***