/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/131107.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 Thursday, November 7, 2013, Vol. 16, No. 221 Headlines A U S T R A L I A GUJARAT NRE: RUS Mining Files Wind-Up Petition MACQUARIE REGIONAL: Rapsey Griffiths Appointed as Liquidators NATIONAL ENGINEERING: Business and Assets Up for Sale TAMAR VALLEY: Fonterra Buys Assets Out of Administration C H I N A ANTON OILFIELD: Moody's Rates $250MM Sr. Unsec. Notes 'Ba2' I N D I A AASRA FOUNDATIONS: CRISIL Suspends C Ratings on INR270.8MM Loans ANJAN DRUG: CRISIL Assigns 'BB' Ratings to INR217.5MM Loans BELL TOWER: CRISIL Suspends 'D' Ratings on INR405.8MM Loans D. D. STEEL: CRISIL Assigns 'BB-' Ratings to INR100MM Loans DEVRAJ TROPICAL: CRISIL Assigns 'BB+' Ratings to INR88.9MM Loans ENAR RUBBER: CRISIL Assigns 'B' Ratings to INR100MM Loans FRONTIER STRIPS: CRISIL Assigns 'BB' Ratings to INR150MM Loans GUJARAT NRE: Initiates Corporate Debt Restructuring Process HIGH VOLT: CRISIL Assigns 'BB' Ratings to INR112.5MM Loans HIMA SAI: CRISIL Assigns 'BB-' Ratings to INR150MM Loans HINDUSTAN HERBALS: CRISIL Assigns 'B-' Ratings to INR200MM Loans J. B. COTTON: CRISIL Reaffirms 'BB-' Rating on INR100MM Loan JAI JALARAM: CRISIL Reaffirms 'B' Ratings on INR75MM Loans KAAISER OILS: CRISIL Suspends 'B+' Ratings on INR213.6MM Loans KALYANESHWARI POLYFABS: CRISIL Puts 'B' Ratings on INR120MM Loans KAPSONS WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR20MM Loan L-COMPS & IMPEX: CRISIL Reaffirms 'BB-' Rating on INR85MM Loan LINGAYA'S SOCIETY: CRISIL Assigns 'B' Rating to INR400MM Loan MAHENDRA METAL: CRISIL Assigns 'B' Ratings to INR45MM Loans MEGA VITRIFIED: CRISIL Assigns 'D' Ratings to INR163.6MM Loans MRS EDUCATIONAL: CRISIL Assigns 'B-' Ratings to INR160MM Loans NAKODA GINNING: CRISIL Rates INR78.5MM Cash Credit at 'B' NAVIN TRADING: CRISIL Suspends 'B+' Ratings on INR50MM Loans POLLUTECH ENGINEERING: CRISIL Puts 'BB-' Ratings on INR75MM Loans PONDY VENKATESWARA: CRISIL Suspends 'B-' Ratings on INR46MM Loans PROTOCOL MARINE: CRISIL Assigns 'BB-' Ratings to INR120MM Loans RUBY MICA: CRISIL Upgrades Ratings on INR49.6MM Loans to 'B' S.R. SELVARAJ: CRISIL Suspends 'B+' Ratings on INR41.5MM Loans SHREE MUKUND: CRISIL Suspends 'BB-' Rating on INR100MM Loan SRI DEVARAAJA: CRISIL Assigns 'BB+' Ratings to INR140MM Loans SUNSILK DYEING: CRISIL Assigns 'D' Ratings to INR91MM Loans TAYO ROLLS: CRISIL Cuts Ratings on INR1.35BB Loans to 'BB+' TIRUPATI BALAJI: CRISIL Suspends 'B+' Ratings on INR75MM Loans TRISHAKTI ALLOYS: CRISIL Suspends B Ratings on INR56MM Loans YEGNA MANOJAVAM: CRISIL Assigns 'B-' Ratings to INR762.4MM Loans I N D O N E S I A BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CC' M O N G O L I A GOLOMT BANK: Moody's Withdraws 'B1' Issuer & Deposit Ratings - - - - - ================= A U S T R A L I A ================= GUJARAT NRE: RUS Mining Files Wind-Up Petition ---------------------------------------------- Kate Walsh at Illawara Mercury reports that RUS Mining, a company that provides mining services and equipment, has applied to have Gujarat NRE Coking Coal wound up in a bid to recoup the debts it is owed. RUS Mining, which has its headquarters in Rathmines, Lake Macquarie, as well as an office in Wollongong, notified the Australian Securities and Investments Commission on October 23 that it intended to pursue court action for a winding-up order against Gujarat NRE. RUS Mining provides specialised underground mining services, including consumables such as drill heads and miner picks, mining equipment hire, equipment rebuilds and mine maintenance. A creditor can make an application for a winding-up order if a debt remains unpaid 21 days after service of a statutory demand for it to be paid, the report says. According to the report, Construction, Forestry, Mining and Energy Union south-western district vice-president Bob Timbs said while he understood companies had suffered as they waited for their money, he did not believe a winding-up order was the best course of action. "I understand that they're owed money, but the CFMEU and all stakeholders have worked together to keep these companies operable so that at some stage if they return to full operation everyone will be paid up 100per cent," the report quotes Mr. Timbs as saying. "We've gone this far and I'd call on everyone to give the new operator of the mine, which is Jindal, who have only really been there for a week, some time to sort out and make good on their debt." The matter is scheduled to go before the Supreme Court on December 4, the Mercury discloses. Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/- - is an India-based company engaged manufacturing metallurgical coke. The Company operates in two segments: coal & coke and steel. The Company together with its subsidiaries owns and operates two coal mines: NRE No.1 Colliery and NRE Wongawilli colliery (Avondale and Elouera colliery) having about 652 million tons insitu resources of metallurgical coal with coking properties. Coke segment is at the core of the operations of the Company and contributed approximately 75% of the total turnover during the fiscal year ended March 31, 2012 (fiscal 2012). Steel segment contributed around 25% to the total turnover in fiscal 2012. The Company operates in India and the rest of the world. As of March 31, 2012, the Company had two Indian subsidiaries and nine Australian subsidiaries. MACQUARIE REGIONAL: Rapsey Griffiths Appointed as Liquidators ------------------------------------------------------------- Tony Ibrahim at CRN reports that Macquarie Regional Technology has entered liquidation after the company struggled to cope with its growth. CRN relates that Founder Daniel Gordon said the company was placed into liquidation due to the toll it was taking on his health. "My physical and mental health was starting to fail, and there's no point running a business if your health is starting to fail," the report quotes Mr. Gordon as saying. According to CRN, the company was placed into liquidation under Rapsey Griffiths Insolvency after it failed to reconcile debts in excess of AUD338,000. Partner Chad Rapsey -- chadr@rapseygriffiths.com.au -- said the company went under as a result of mismanaged growth, CRN relays. "It grew very quickly over a short period of time and that led to cash flow problems. The problem is the company didn't have a growth plan and as it grew it was funded through non payment of tax," Mr. Rapsey, as cited by CRN, said. Among the company's largest creditors is the Australian Taxation Office who is owed AUD289,539. Other creditors include the National Australia Bank and Telstra which are owed AUD11,672 and AUD2,973, respectively, CRN discloses. CRN says the insolvency firm is trying to claim outstanding payments and sell off the company's assets. "We're trying to get about AUD30,000 in customer payments and outstanding bills. There are a few assets we need to sell. The plant equipment is probably worth AUD10,000," CRN quotes Mr. Rapsey as saying. Macquarie Regional Technology provided managed services and IT support for regional companies in western New South Wales. NATIONAL ENGINEERING: Business and Assets Up for Sale ----------------------------------------------------- Cliff Sanderson at dissolve.com.au reports that urgent expressions of interest are being sought by voluntary administrator Frank Lo Pilato for the sale of the business assets of National Engineering Young Pty Limited. The sale is said to be based on a "walk in walk out" basis, dissolve.com.au relates. Individual asset offers will be taken into account. According to the report, the sale of the business includes a voortman robotic beam line, plant for surface coating and steel fabrication, a multi head profile cutting and welding machine as well as beam manufacturing. National Engineering was engaged in fabricating and surface coating structural steelwork. The company started out as a blacksmith business in 1890. TAMAR VALLEY: Fonterra Buys Assets Out of Administration -------------------------------------------------------- New Zealand-based dairy manufacturer Fonterra has entered into a binding contract to acquire the business and assets of Tasmanian yoghurt producer Tamar Valley Dairy. The sale was achieved by Deloitte Restructuring Services Partners Glen Kanevsky -- gkanevsky@deloitte.com.au -- and Tim Norman -- tnorman@deloitte.com.au -- who were appointed Joint and Several Administrators over the Launceston-based business on Sept. 23, 2013. Fonterra is a global dairy manufacturer with existing operations in Tasmania, Victoria and New South Wales. The sale agreement will see Fonterra acquire the processing equipment, related services, intellectual property rights and trademark for the Tamar Valley Dairy brand. The acquisition will be effective from 25 November (subject to completion of the sale). Terms of the sale will not be disclosed. Mr. Kanevsky said the sale was an excellent outcome for the business, employees, suppliers and the Tasmanian dairy industry in general. "We are extremely pleased with the sale," he said. "The voluntary administration process is inherently unpredictable, and this transaction now provides certainty of outcome for suppliers, customers and employees. "This is a particularly complex and highly regulated industry, and we are very fortunate to have received tremendous support from all stakeholders since our appointment which has allowed us the opportunity to pursue a transaction of this scale and complexity. "While we still have some milestones to meet before completion on November 25, we will work closely with Fonterra over the coming weeks to ensure that the transition of the business is managed in a way that minimises any disruption to day-to-day operations." Tamar Valley Dairy produces a variety of yoghurt products including classic, low fat and Greek varieties. The 17-year-old business was established in 1996 near Launceston, Tasmania and has 170 employees. ========= C H I N A ========= ANTON OILFIELD: Moody's Rates $250MM Sr. Unsec. Notes 'Ba2' ----------------------------------------------------------- Moody's Investors Service has assigned a definitive Ba2 rating to Anton Oilfield Services Group's $250 million, 7.5%, 5-year senior unsecured notes, due 6 November 2018. The outlook for the ratings is stable. Ratings Rationale: Moody's definitive rating on this debt obligation follows Anton Oilfield Services Group's completion of its USD note issuance, the final terms and conditions of which are consistent with Moody's expectations. The provisional rating was assigned on 21 October, and Moody's ratings rationale was set out in a press release published on the same day. The proceeds from the proposed bonds will be used to fund the company's capex and general working capital needs. Anton Oil is a leading Chinese oil services company focusing mainly on the country's fast growing natural gas sector. Anton Oil was founded by its chairman Luo Lin in 1999 and was listed on the Exchange of Hong Kong in December 2007. ========= I N D I A ========= AASRA FOUNDATIONS: CRISIL Suspends C Ratings on INR270.8MM Loans ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Aasra Foundations (Regd.). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 9.2 CRISIL A4 Suspended Long-Term Loan 210.8 CRISIL C Suspended Overdraft Facility 60.0 CRISIL C Suspended The suspension of ratings is on account of non-cooperation by AF with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AF is yet to provide adequate information to enable CRISIL to assess AF's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. AF, a society registered in Punjab with the Registrar of Firms and Societies, has been operating educational institutes since 1996. AF is part of a group set up by its promoter Dr. Zora Singh. The group is primarily involved in the education sector. AF runs a cluster of institutes offering education in the fields of engineering, technology, management, medicine, dentistry, ayurveda, and nursing. The society currently has 12 institutes, with campuses in Mandi Gobindgarh (Punjab). It has around 4000 students on its rolls in various programs offered by its institutes. ANJAN DRUG: CRISIL Assigns 'BB' Ratings to INR217.5MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the bank facilities of Anjan Drug Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 79.5 CRISIL BB/Stable (Assigned) Standby Line of 18.0 CRISIL BB/Stable (Assigned) Credit Letter of Credit 80.0 CRISIL A4+ (Assigned) Bank Guarantee 2.5 CRISIL A4+ (Assigned) Cash Credit 120.0 CRISIL BB/Stable (Assigned) The ratings reflect ADPL's above-average financial risk profile, marked by comfortable gearing, and its promoters' extensive experience in the pharmaceutical industry. These rating strengths are partially offset by the company's modest scale of operations and large working capital requirements. Outlook: Stable CRISIL believes that ADPL will continue to benefit from its promoters' extensive industry experience, and maintain its comfortable capital structure over the medium term. The outlook may be revised to 'Positive' if ADPL reports higher-than-expected revenues or profitability, resulting in an improved liquidity. Conversely, the outlook may be revised to 'Negative' if the company's profitability declines sharply, or if it undertakes a large debt-funded capital expenditure programme, weakening its financial risk profile. Set up in 1990 and promoted by Mr. C Kalaichelvan, ADPL is a Chennai-based pharmaceutical company. It specialises in manufacturing active pharmaceutical ingredients that are used in formulations for the treatment of central nervous system disorders. ADPL reported a profit after tax (PAT) of INR28.2 million on net sales of INR580 million for 2012-13 (refers to financial year, April 1 to March 31), against a PAT of INR5.4 million on net sales of INR412 million for 2011-12. BELL TOWER: CRISIL Suspends 'D' Ratings on INR405.8MM Loans ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bell Tower Resorts Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL D Suspended Foreign Currency Term Loan 332.8 CRISIL D Suspended Long-Term Loan 23.0 CRISIL D Suspended Overdraft Facility 20.0 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Bell with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Bell is yet to provide adequate information to enable CRISIL to assess Bell's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Bell was set up in 2007 by the Kamani family, which has interests in floriculture, hospitality, real estate, power generation, and hotels and resorts in India, the UK, and Kenya. Bell operates a 106-room resort under the brand The Retreat by Zuri, at Benaulim beach, Goa. In India, the promoters have another company, Zuri Hospitality Pvt Ltd, which operates resorts in Goa, Kerala, and Bangalore, apart from windmills in Tamil Nadu. The promoters are into real estate and floriculture in Kenya and UK. D. D. STEEL: CRISIL Assigns 'BB-' Ratings to INR100MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long- term bank facilities of D. D. Steel. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 49.6 CRISIL BB-/Stable (Assigned) Cash Credit 40.0 CRISIL BB-/Stable (Assigned) Proposed Long-Term 10.4 CRISIL BB-/Stable (Assigned) Bank Loan Facility The rating reflects the firm's small scale of operations in the fragmented industry and susceptibility of margins to volatility in steel prices and intense competition. These rating weaknesses are partially offset by the promoters' extensive industry experience. Outlook: Stable CRISIL believes that DDS will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm's scale of operations increases significantly along with sustained improvement in its profitability, leading to higher-than-expected accruals and substantial improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if DDS's financial risk profile deteriorates further owing to a stretch in working capital requirements or lower-than-expected accruals or higher-than-expected debt-funded capital expenditure plan. DDS manufactures mild steel ingots, and its plant is located at Godhra, Gujarat. The firm is promoted by Mr. Danish Dadi and Mr. Minty Saliya. DDS started its manufacturing operations from September 2012. For 2012-13 (refers to financial year, April 1 to March 31), DDS reported a net profit of INR0.7 million on sales of INR165.9 million. DEVRAJ TROPICAL: CRISIL Assigns 'BB+' Ratings to INR88.9MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to the bank facilities of Devraj Tropical Fruits (DTF; part of the Devaraja group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 23.6 CRISIL BB+/Stable (Assigned) Proposed Long-Term 5.3 CRISIL BB+/Stable (Assigned) Bank Loan Facility Letter of Credit 10.0 CRISIL A4+ (Assigned) Bank Guarantee 1.1 CRISIL A4+ (Assigned) Cash Credit 60.0 CRISIL BB+/Stable (Assigned) The ratings reflect the Devaraja group's above-average financial profile, marked by healthy gearing and debt protection metrics, the promoters' extensive experience in the fruit processing industry, and established customer relations. These rating strengths are partially offset by the Devaraja group's modest scale of operations, intense competition in the fruit processing industry, and susceptibility of the group's profitability to volatility in raw material prices. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of DTF, Shre Devaraja Agro Aseptic Industries (SDAAI), and Sri Devaraaja Agro Industries (SDAI). This is because the three entities together referred to as the Devaraja group, have a common management and derive considerable business and financial synergies from each other. Outlook: Stable CRISIL believes that the Devaraja group will continue to benefit over the medium term from the promoters' extensive experience in the fruit processing industry and healthy capital structure. The outlook may be revised to 'Positive' if the group records higher- than-expected revenues and profitability, while maintaining its comfortable capital structure. Conversely, the outlook may be revised to 'Negative' if the group reports lower-than-expected cash accruals or deterioration in its working capital management. The outlook may also be revised to 'Negative' if the Devaraja group undertakes any larger-than-expected debt-funded capital expenditure programme, leading to deterioration in its financial risk profile. DTF was established in 2010, in Tamil Nadu as a partnership firm; it manufactures and sells pulp and concentrates of fruits such as mango, guava, papaya, and tomato. The firm, along with SDAI and SDAAI, is promoted by Mr. Devaraja and his family. SDAI and SDAAI were established in 2005 and 2007, respectively, to manufacture and sell pulp and concentrates of fruits such as mango, guava, papaya, and tomato. The Devaraja group reported a profit after tax (PAT) of INR20.5 million on net sales of INR532.5 million for 2012-13 (refers to financial year, April 1 to March 31), vis-�-vis a PAT of INR22.8 million on net sales of INR260.3 million for 2011-12. ENAR RUBBER: CRISIL Assigns 'B' Ratings to INR100MM Loans --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Enar Rubber Reclaim Industries Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 68.3 CRISIL B/Stable (Assigned) Cash Credit 25.0 CRISIL B/Stable (Assigned) Proposed Long-Term 6.7 CRISIL B/Stable (Assigned) Bank Loan Facility The rating reflects the company's susceptibility to risks related to timely implementation and stabilisation of ongoing project and below-average financial risk profile. These rating weaknesses are partially offset by the extensive industry experience of ERRIPL's promoters. Outlook: Stable CRISIL believes that ERRIPL will continue to benefit from its promoters' extensive entrepreneurial experience. The outlook may be revised to 'Positive' if ERRIPL successfully commercialises and stabilises operations at its manufacturing facility without cost and time overrun while efficiently managing its working capital, leading to improved liquidity. Conversely, the outlook may be revised to 'Negative' if time or cost overrun in setting up manufacturing facilities adversely affects its financial risk profile, or if ERRIPL reports considerably lower-than-expected revenue and cash accruals. ERRIPL was incorporated in September 2012 to undertake the production of reclaimed rubber. The company is setting up its manufacturing facility with total installed capacity of 7200 tonnes per annum in Jamshedpur (Jharkhand) and is expected to commence commercial production in November 2013. FRONTIER STRIPS: CRISIL Assigns 'BB' Ratings to INR150MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the bank facilities of Frontier Strips Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL BB/Stable (Assigned) Letter of Credit 50 CRISIL A4+ (Assigned) Bank Guarantee 20 CRISIL A4+ (Assigned) Cash Credit 50 CRISIL BB/Stable (Assigned) The ratings reflect FSPL's above-average financial risk profile, marked by low gearing and comfortable debt protection metrics. The rating also factors in the benefits that FSPL derives from its promoters' extensive experience in the steel industry, and established customer relationship. These rating strengths are partially offset by susceptibility of FSPL's operating performance to volatility in steel prices and offtake by end user industry, and modest scale of operations Outlook: Stable CRISIL believes that FSPL will continue to benefit over the medium term from its promoters' extensive experience in the steel industry and established customer relationship. The outlook may be revised to 'Positive' if FSPL reports higher-than-expected increase in its revenues, while improving its operating margins, leading to improvement in financial risk profile. Conversely, the outlook may be revised to 'Negative' if FSPL's financial risk profile weakens, most likely because of lower-than-expected cash accruals, or larger-than-expected working capital requirements, or debt-funded capital expenditure (capex). FSPL was incorporated in 2010, by the Mr. Pawan Agarwal alongwith his brother Mr. Vinod Agarwal and business acquaintance Mr. Ramavtar Singhal. The company is engaged in manufacturing of stainless steel (SS) cold rolled coils and strips. FSPL has it manufacturing unit located at Bhiwadi, Alwar with an installed capacity of 1800 metric tonne per month (MTPM), which commenced commercial operation from June 2012. Mr. Pawan Agarwal oversees the day-to-day operations of the company. GUJARAT NRE: Initiates Corporate Debt Restructuring Process ----------------------------------------------------------- Business Standard reports that Gujarat NRE Coke Ltd said it has initiated the process of corporate debt restructuring (CDR), a month after the auditor's comment on its Australian subsidiary, Gujarat NRE Coking Coal. The company informed exchanges about its plan to approach the CDR cell to realign its debt and is holding discussions with major secured lenders, Business Standard relates. According to Business Standard, it was reported that Grant Thornton, the auditor, refused to give an opinion on the accounts of Gujarat NRE Coking Coal for FY 2013 citing doubts over the company's ability to survive as a 'going concern' and inadequate information about its ability to repay debts. Gujarat NRE Coke Ltd has INR952 crore long term borrowing on its book as on March 2013 against INR756.9 crore in 2012, the report notes. The annual interest burden for FY 2013 is close to INR250 crore while for Q2 of FY 2014 it is INR67 crore, Business Standard discloses. Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/- - is an India-based company engaged manufacturing metallurgical coke. The Company operates in two segments: coal & coke and steel. The Company together with its subsidiaries owns and operates two coal mines: NRE No.1 Colliery and NRE Wongawilli colliery (Avondale and Elouera colliery) having about 652 million tons insitu resources of metallurgical coal with coking properties. Coke segment is at the core of the operations of the Company and contributed approximately 75% of the total turnover during the fiscal year ended March 31, 2012 (fiscal 2012). Steel segment contributed around 25% to the total turnover in fiscal 2012. The Company operates in India and the rest of the world. As of March 31, 2012, the Company had two Indian subsidiaries and nine Australian subsidiaries. HIGH VOLT: CRISIL Assigns 'BB' Ratings to INR112.5MM Loans ---------------------------------------------------------- CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the bank facilities of High Volt Electricals Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 21.8 CRISIL BB/Stable (Assigned) Standby Line of 2.5 CRISIL A4+ (Assigned) Credit Proposed Long-Term 3.2 CRISIL BB/Stable (Assigned) Bank Loan Facility Bank Guarantee 37.5 CRISIL A4+ (Assigned) Cash Credit 87.5 CRISIL BB/Stable (Assigned) The ratings reflect the extensive experience of HVEPL's promoters in the transformers industry. The ratings also factor in HVEPL's above-average financial risk profile, marked by moderate net worth, comfortable gearing and healthy debt protection metrics. These rating strengths are partially offset by HVEPL's modest scale of operations, customer concentration in its revenue profile and working capital intensive nature of activity. Outlook: Stable CRISIL believes that HVEPL will continue to benefit over the medium term from its promoter's extensive experience in the industry. The outlook may be revised to 'Positive' in case the company achieves significant and sustained improvement in its revenues, while maintaining its margins and capital structure. Conversely, the outlook may be revised to 'Negative' in case HVEPL registers significant decline in its revenues or margins, or if there is elongation in its working capital cycle or if it undertakes a larger than expected debt-funded capital expenditure programme, resulting in weakening in its financial risk profile. HVEPL, incorporated in 1992, by Mr. Rajesh Shah is engaged in manufacturing and repairs of power, locomotive and industrial transformers. Mr. Rajesh Shah started his business under his proprietorship concern, 'High Volt Electricals' in 1979. After the commencement of operations in HVEPL, the business is now mostly booked under HVEPL. The company's manufacturing facility is located in Tarapur (Maharashtra) and the registered office is in Mumbai. HVEPL reported a profit after tax (PAT) of INR16.5 million on net sales of INR 287.9 million for 2012-13 (refers to financial year, April 1 to March 31), as against a PAT of INR8.6 million on net sales of INR197.9 million for 2011-12 HIMA SAI: CRISIL Assigns 'BB-' Ratings to INR150MM Loans -------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to the bank facilities of M/s. Hima Sai Constructions. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Cash 35 CRISIL BB-/Stable (Assigned) Credit Limit Proposed Bank 100 CRISIL BB-/Stable (Assigned) Guarantee Bank Guarantee 50 CRISIL A4+ (Assigned) Cash Credit 15 CRISIL BB-/Stable (Assigned) The rating reflects extensive experience of HSC's promoters in the civil construction industry and its above-average financial risk profile, though constrained by small net worth. These rating strengths are partially offset by HSC's modest scale of operations, and exposure to intense competition in the fragmented civil construction industry. Outlook: Stable CRISIL believes that HSC will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm diversifies and improves its scale of operations and operating profitability on a sustainable basis, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case there is a significant decline in the firm's revenues and profitability, or if the firm undertakes a larger-than-expected debt-funded capital expenditure programme, or if there is deterioration in working capital management, leading to weak financial risk profile. Set up in 2001, HSC is promoted by Mr.V Srinivas Reddy, Mr. K Praveen Reddy, Mr. K Linga Reddy and their family. The firm undertakes subcontracting of civil construction works like construction of canals, bridges and roads. HSC reported a profit after tax (PAT) of INR9.1 million on net sales of INR174.6 million for 2012-13 (refers to financial year, April 1 to March 31), as against a PAT of INR4.9 million on net sales of INR109.7 million in 2011-12. HINDUSTAN HERBALS: CRISIL Assigns 'B-' Ratings to INR200MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term bank facilities of Hindustan Herbals Ltd. The rating reflects HHL's weak financial risk profile marked by weak debt protection metrics and nascent stage of operations. These weaknesses are partially offset by the extensive industry experience of HHL's promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B-/Stable (Assigned) Term Loan 100 CRISIL B-/Stable (Assigned) Outlook: Stable CRISIL believes that HHL's business and financial risk profiles will remain constrained by its nascent stage of operations. The outlook may be revised to 'Positive' in case of stabilisation of operations with an increase in revenues and positive operating margin, leading to better financial risk profile. The outlook may be revised to 'Negative' if HHL's financial risk profile further deteriorates on account of a significant increase in working capital requirements or any debt-funded capital expenditure programme. HHL was incorporated in 2010 by Mr. Radhe Shyam Goel, Mr. Ved Parkash Goel, and Mr. Om Parkash Goel (cousins) along with their sons. The company manufactures and processes herbal extracts and phytochemicals, and caters to pharmaceutical companies. HHL has its manufacturing facility in Rohtak, Haryana. J. B. COTTON: CRISIL Reaffirms 'BB-' Rating on INR100MM Loan ------------------------------------------------------------ CRISIL's ratings on the bank facilities of J. B. Cotton Industries continue to reflect the benefits that JBI derives from its partners' extensive industry experience. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 15 CRISIL A4+ (Reaffirmed) Cash Credit 100 CRISIL BB-/Stable (Reaffirmed) This rating strength is partially offset by JBI's below average financial risk profile, marked by modest net worth and weak debt protection metrics and small scale of operations in the intensely competitive cotton industry, and vulnerability to unfavorable changes in government POLICY. Outlook: Stable CRISIL believes that JBCI will continue to benefit over the medium term from its partners' extensive industry experience. The outlook may be revised to 'Positive' if the firm's capital structure improves significantly, either because of equity infusion or cash accruals. Conversely, the outlook may be revised to 'Negative' if JBI's financial risk profile weakens further because of increased working capital-related debt or in case of changes in government policy negatively impacting its operations. JBCI was set up in Vijapur (Gujarat) in 2005. The firm undertakes cotton ginning activities; it is owned and managed by Mr. Ramanbhai Joitram Patel. JBCI's profit after tax (PAT) and sales were estimated at INR3.6 million and INR494 million, respectively, for 2012-13 (refers to financial year, April 1 to March 31); the firm reported PAT of INR3.0 million on sales of INR490 million for 2011-12. JAI JALARAM: CRISIL Reaffirms 'B' Ratings on INR75MM Loans ---------------------------------------------------------- CRISIL's rating on the bank facilities of Jai Jalaram Ceramic Works Pvt Ltd continues to reflect JJCWPL's below-average financial risk profile, marked by a modest net worth, high gearing, and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 55 CRISIL B/Stable (Reaffirmed) Proposed Long-Term 20 CRISIL B/Stable (Reaffirmed) Bank Loan Facility The rating also factors in the company's exposure to the fragmented and intensely competitive cotton industry, restricting its scale of operations, and its susceptibility to any changes in government policies related to cotton. These rating weaknesses are partially offset by the extensive industry experience of JJCWPL's promoters. Outlook: Stable CRISIL believes that JJCWPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of infusion of capital into the company, leading to improvement in its capital structure, and/or significant improvement in its scale of operations and profitability, thereby improving its debt protection measures. Conversely, the outlook may be revised to 'Negative' if JJCWPL contracts more-than-expected debt to fund its incremental working capital requirements or capital expenditure. JJCWPL was originally set up in 1973; it was purchased by its present promoter in 2007. The company is engaged in cotton ginning, which contributes the major portion of its revenues, as well as manufacturing of ceramic pipes. JJCWPL is located in Vijapur (Gujarat) and is promoted and managed by Mr. Raman Patel. JJCWPL's profit after tax (PAT) and sales are estimated at INR0.6 million and INR279 million, respectively, for 2012-13 (refers to financial year, April 1 to March 31); the company reported a PAT of INR0.5 million on sales of INR213 million for 2011-12. KAAISER OILS: CRISIL Suspends 'B+' Ratings on INR213.6MM Loans -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Kaaiser Oils Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 Suspended Cash Credit 70.6 CRISIL B+/Stable Suspended Rupee Term Loan 143.0 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by Kaaiser with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Kaaiser is yet to provide adequate information to enable CRISIL to assess Kaaiser's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Kaaiser, promoted by Mr. Aditya Sikdar and Mr. Amartya Sikdar in April 2010 processes rice bran at its 250 tonne per day (tpd) solvent extraction plant and 100 tpd refinery to extract rice bran oil and in the process manufactures de-oiled rice bran. The plant started commercial production on July 2, 2011 and is located in the Burdwan district of West Bengal, a rice mill hub. The flagship company of the group, Dollon's Food Products Pvt Ltd, processes and packages milk for Anand Milk Union Ltd Dairy, on a job work basis. KALYANESHWARI POLYFABS: CRISIL Puts 'B' Ratings on INR120MM Loans ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Kalyaneshwari Polyfabs Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 60 CRISIL B/Stable (Assigned) Bank Guarantee 5 CRISIL A4 (Assigned) Cash Credit 60 CRISIL B/Stable (Assigned) The ratings reflect KPPL's exposure to risks related to timely implementation and stabilisation of its on-going project, coupled with exposure to intense competition in the packaging industry. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters. Outlook: Stable CRISIL believes that KPPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company successfully commercialises and stabilises operations at its manufacturing facility without cost and time overrun while efficiently managing its working capital, leading to improved liquidity. Conversely, the outlook may be revised to 'Negative' if KPPL faces a time or cost overrun in setting up its manufacturing facilities, or if it reports considerably lower-than-expected revenues and cash accruals, adversely impacting its financial risk profile. KPPL, incorporated in 2011 and promoted by the Kolkata-based Agarwal family, is setting up a facility for manufacturing polypropylene (PP) and high-density polyethylene (HDPE) woven sacks with an installed capacity of 3300 tonnes per annum. The company plans to sell the PP and HDPE woven sacks to companies in the cement and agricultural commodities industries. Its day-to- operations are managed by Mrs. Pooja Agarwal and Mrs. Anita Agarwal. KAPSONS WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR20MM Loan --------------------------------------------------------------- CRISIL's ratings on bank facilities of Kapsons Worldwide continue to reflect the extensive experience of KW's proprietor in the footwear industry and its moderate debt protection metrics. These rating strengths are partially offset by customer and geographical concentration in the firm's revenue profile, and its susceptibility to volatility in raw material prices and foreign exchange rates. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 10 CRISIL A4+ (Reaffirmed) Export Packing Credit 40 CRISIL A4+ (Reaffirmed) Letter of Credit 10 CRISIL A4+ (Reaffirmed) Proposed Long-Term 20 CRISIL BB/Stable (Reaffirmed) Bank Loan Facility Outlook: Stable CRISIL believes that KW will continue to benefit over the medium term from its proprietor's extensive experience in the footwear industry. The outlook may be revised to 'Positive' if the firm increases its scale of operations while maintaining its operating margin, or in case of significant improvement in its net worth, on the back of equity infusion by its proprietor. Conversely, the outlook may be revised to 'Negative' in case of lower-than- expected margins, withdrawal of funds by KW's proprietor, or a substantial debt-funded expansion programme that weakens its capital structure. Update KW reported net sales of INR415 million for 2012-13 (refers to financial year, April 1 to March 31), registering a year-on-year growth of 56 per cent. The surge in the topline was driven by an increase in the installed capacity and receipt of more orders as compared to previous year. The firm, however, remains exposed to customer and geographical concentration. KW reported an operating margin of 8.7 per cent for 2012-13, similar to the previous year's margin. The firm's operations have remained moderately working- capital-intensive, with gross current assets of 122 days as on March 31, 2013. KW's gearing was moderate at 0.75 times as on March 31, 2013, because of its modest debt. This resulted in moderate debt protection metrics. However, the firm's financial risk profile remains constrained by its small net worth at less than INR60 million as on March 31, 2013. KW utilised its bank limits at an average of 82 per cent over the eight months through September 2013. The firm's liquidity is partially supported by unsecured loans of INR31.4 million, which have been treated as neither debt nor equity. KW reported a profit after tax (PAT) of INR15 million on net sales of INR415 million for 2012-13, against a PAT of INR7.6 million on net sales of INR262 million for 2011-12. KW was originally set up in 1985 as a partnership concern by Mr. Lakshmi Narayan Kapoor and his son, Mr. Pradeep Kapoor. It was reconstituted as a proprietorship concern in 2006, with Mr. Pradeep Kapoor as the sole proprietor. The firm manufactures leather footwear for men and women, and exports primarily to the UK and Germany. L-COMPS & IMPEX: CRISIL Reaffirms 'BB-' Rating on INR85MM Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of L-Comps & Impex Pvt Ltd continue to reflect LCIPL's established relations with principals, and moderate financial risk profile, marked by comfortable total outside liabilities to tangible net worth (TOLTNW) ratio and modest debt protection metrics. These rating strengths are partially offset by LCIPL's small scale of operations in a fragmented industry, and weak liquidity due to its working- capital-intensive operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 85 CRISIL BB-/Stable (Reaffirmed) Letter of Credit 26.8 CRISIL A4+ (Reaffirmed) Outlook: Stable CRISIL believes that LCIPL will continue to benefit from its established relations with its key suppliers, over the medium term. The outlook may be revised to 'Positive' if LCIPL sustains growth in its topline and operating margin, while improving its working capital cycle, and hence, its liquidity. Conversely, the outlook may be revised to 'Negative' if the company's liquidity weakens significantly, or its working capital cycle increases, or its revenues and profitability come under pressure, or the company undertakes a sizeable debt-funded capital expenditure (capex) programme, leading to deterioration in its financial risk profile, specifically its liquidity. Update: LCIPL's revenues (net sales) increased by 6.5 per cent to INR391.1 million in 2012-13 (refers to financial year, April 1 to March 31) from INR366.9 million in 2011-12. The growth in revenues was driven by the expansion of its product base with the addition of new brands in its portfolio, and partly by product price hikes. LCIPL is expected to book revenues between INR400 million and INR450 million in 2013-14. The company's operating margin was 5.2 per cent in 2012-13, 100 basis points (bps) lower than that in 2011-12 at 6.2 per cent on account of currency fluctuation. LCIPL is likely to report an operating margin between 4.5 per cent and 6.0 per cent over the medium term. LCIPL's financial risk profile continues to be moderate, marked by its comfortable debt protection metrics with interest coverage ratio of 2.1 times during 2012-13 and total outside liabilities to tangible net worth (TOLTNW) ratio of 3.1 times due to complete repayment of its term loan; along with its improved but small net worth of INR 62 million as of March 31, 2013. Though the company's turnover has increased, the modest operating margin of its trading operations continues to constrain its liquidity. LCIPL's liquidity is marked by moderate bank line utilisation at 78 per cent over the 12 months through July 2013, and expected sufficient but low net cash accruals of INR8 million to INR9 million for term loan obligations of around INR6 million, maturing in 2013-14. The company's liquidity is, however, supported by the absence of any significant debt-funded capex plans over the medium term. LCIPL was set up in Chandigarh in 1997 by father of Mr. Puneet Gupta. The company trades imported fast moving consumer goods (FMCG) including cheese, juices, yoghurt and ice creams. LCIPL is the sole Indian distributor of several multinational brands. LCIPL on a provisional basis, reported a profit after tax (PAT) of INR9.9 million on net sales of INR391.1 million for 2012-13, vis- a-vis a PAT of INR11.8 million on net sales of INR366.9 million for 2011-12. LINGAYA'S SOCIETY: CRISIL Assigns 'B' Rating to INR400MM Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the bank facilities of Lingaya's Society. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 400 CRISIL B/Stable (Assigned) The rating reflects the society's weak financial risk profile, and the regulatory restrictions inherent to the education sector, which affect revenue growth. These rating weaknesses are partially offset by the experience of LIS's management in the education sector along with diversified courses offered by society. Outlook: Stable CRISIL believes that LIS's credit risk profile will remain sensitive to the timely infusion of funds from the members to service its debt due to low surpluses, given its nascent stage of operations. The outlook may be revised to 'Positive' if LIS increases its scale of operations leading to a considerable improvement in its cash accruals, which will suffice its term debt obligations. Conversely, the outlook may be revised to 'Negative' if the society's liquidity deteriorates because of lower-than- expected cash accruals, resulting from a significant decline in the total number of its students; or if LIS undertakes a large, debt-funded capital expenditure programme, or if the All India Council for Technical Education withdraws its approval for courses offered by the society. LIS was setup in 2010 as Lingaya Jankalyan Shikshan Sansthan (LJSS). The trust conducts courses through various educational institutes set up in Delhi and the Northern Capital Region (NCR). The society is promoted by Mr. V K Sinha. MAHENDRA METAL: CRISIL Assigns 'B' Ratings to INR45MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank facilities of Mahendra Metal Corporation. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Cash 15 CRISIL B/Stable (Assigned) Credit Limit Cash Credit 30 CRISIL B/Stable (Assigned) Letter of Credit 25 CRISIL A4 (Assigned) The ratings reflect MMC's moderate scale of operations in the intensely competitive steel trading segment and below-average financial risk profile marked by high total outside liabilities to tangible net worth ratio. These rating weaknesses are partially offset by extensive industry experience of MMC's promoters. Outlook: Stable CRISIL believes that MMC will continue to benefit over the medium term from the extensive experience of its promoters in the trading of steel trading. The outlook may be revised to 'Positive' if MMC enhances its scale of operations, mainly by diversifying its product mix and improves its profitability leading to improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' if MMC financial risk profile weakens, most likely because of large debt-funded capex, thereby weakening its capital structure, its revenues and margins decline. Set up in 1985, Chennai (Tamil Nadu) based-MMC is engaged in the trading of stainless steel sheets, wires, rods and coils which are used in railways, household appliances, and refrigerators. The day to day operations are managed by its proprietor, Mr. Rajkumar Jain. MMC recorded profit after tax (PAT) of INR2 million on net sales of INR231 million during 2012-13 (refers to financial year, April 1 to March 31) as against PAT of INR4 million on net sales of INR223 million during 2011-12. MEGA VITRIFIED: CRISIL Assigns 'D' Ratings to INR163.6MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of Mega Vitrified Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 61.1 CRISIL D (Assigned) Letter of Credit 10.0 CRISIL D (Assigned) Bank Guarantee 22.5 CRISIL D (Assigned) Cash Credit 70.0 CRISIL D (Assigned) The ratings reflect instances of delay by MVPL in servicing its debt; the delays have been caused by the company's weak liquidity. MVPL has weak liquidity because of its working-capital-intensive operations. MVPL also has a small scale of operations in the highly fragmented ceramic industry. Moreover, it is susceptible to volatility in raw material prices and to intense industry competition. However, MVPL benefits from its promoters' extensive industry experience, and its strategic location which ensures availability of raw material and labour. Incorporated in 2006, Mega Vitrified Private Limited (MVPL) is promoted by Mr Prakash Patel, Mr Paresh Gopani , and Mr Anil Gopani . The company is engaged into manufacturing of vitrified tiles with a manufacturing facility in morbi (Gujarat). MRS EDUCATIONAL: CRISIL Assigns 'B-' Ratings to INR160MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term bank facilities of MRS Educational Trust. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 10 CRISIL B-/Stable (Assigned) Bank Loan Facility Term Loan 150 CRISIL B-/Stable (Assigned) The rating reflects MRS's small scale and nascent stage of operations and exposure risks related to their ongoing project. These rating weaknesses are partially offset by favorable demand for primary and secondary education. Outlook: Stable CRISIL believes that MRS's credit risk profile will be constrained due to project nature of operations. However, CRISIL also believes that MRS benefits from the high demand for primary and secondary education in the country. The outlook may be revised to 'Positive' if MRS implements the ongoing project within the envisaged cost and time and achieves more-than-expected offtake. Conversely, the outlook may be revised to 'Negative' if the trust's debt servicing ability weakens, caused most likely by lack of timely funding support from the promoters or substantially less-than-expected offtake. Set up in July 2011 as a trust by Swami Sadanand Ji Maharaj, Mr. Kamal Kumar Gupta, Ms. Madhu Gupta, Mr. Yash Gupta, and Mr. Ketan Gupta, MRS has commenced operations of Redbridge International Academy, an international school, at Bangalore, with 2013-14 being the first academic year. However, construction activities are still not fully complete. The project was commenced in 2011 and is being undertaken in three phases. NAKODA GINNING: CRISIL Rates INR78.5MM Cash Credit at 'B' --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Nakoda Ginning and Pressing Factory. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 78.5 CRISIL B/Stable (Assigned) The rating reflects NGPF's modest scale of operations with low profitability, and susceptibility to volatility in cotton prices; the rating also factors in the firm's below-average financial risk profile marked by a small net worth, a high gearing, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of NGPF's proprietor and the funding support that the firm receives from him. Outlook: Stable CRISIL believes that NGPF will continue to benefit from its proprietor's extensive industry experience over the medium term. The outlook may be revised to 'Positive' in case NGPF significantly improves capital structure led by higher-than- expected cash accruals or capital infusion along with efficient working capital management. Conversely, the outlook maybe revised to 'Negative' in case of lower-than-expected cash accruals or larger-than-expected working capital requirements or the firm undertakes any large debt-funded capital expenditure exerting further pressure on its liquidity. Established in 1996, NGPF is engaged in ginning and pressing of cotton and also trades in cotton bales. Headquartered in Khargone (Madhya Pradesh), NGPF is a sole proprietorship firm owned and managed by Mr. Premchand Dosi. NAVIN TRADING: CRISIL Suspends 'B+' Ratings on INR50MM Loans ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Navin Trading Company. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 10 CRISIL A4 Suspended Cash Credit 30 CRISIL B+/Stable Suspended Proposed Bill 10 CRISIL A4 Suspended Discounting Facility Proposed Cash 20 CRISIL B+/Stable Suspended Credit Limit The suspension of ratings is on account of non-cooperation by Navin with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Navin is yet to provide adequate information to enable CRISIL to assess Navin's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Set up as a partnership firm in 1979 by Mr. Mahendrakumar Jain at Kochi (Kerala), Navin trades in spices and pulses such as pepper, red chillies, and green moong. In 2009-10 (refers to financial year, April 1 to March 31), it also started trading in rubber. The firm procures spices and rubber from farmers and local traders and sells it on commodity exchanges and to exporters. For 2010-11, about 65 per cent of its sales were through commodity exchanges. Navin's promoters, through Jai Hind Traders, a partnership firm, also trade in metals such as steel and aluminium. POLLUTECH ENGINEERING: CRISIL Puts 'BB-' Ratings on INR75MM Loans ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long- term bank facilities of Pollutech Engineering. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Line 5 CRISIL BB-/Stable (Assigned) of Credit Cash Credit 50 CRISIL BB-/Stable (Assigned) Proposed Long-Term 20 CRISIL BB-/Stable (Assigned) Bank Loan Facility The rating reflects PE's established market position in distribution and servicing of Volvo India Ltd's (Volvo) construction equipment and spares in Odisha and moderate financial risk profile. These rating strengths are partially offset by PE's modest scale of operations in the competitive heavy earth moving equipment (HEME) and construction equipment segments, and its working capital intensive operations. Outlook: Stable CRISIL believes that PE will maintain its stable business risk profile over the medium term on the back of its established position in Volvo's HEME dealership in Odisha. The outlook may be revised to 'Positive' if PE improves its scale of operation while maintaining its profitability and improves its working capital management. Conversely, the outlook may be revised to 'Negative' if the firm's working capital cycle weakens or it undertakes any larger-than-expected debt-funded capital expenditure programmes. PE was a partnership firm set up in 1990 by Mr. Dilip Tripathi, as the managing partner and his family members in Bhubaneswar (Odisha). In September 2003, it entered into dealership for Volvo's HEME, construction and road machinery equipment. The firm is the sole dealer of Volvo in Odisha for construction equipment and road machinery. It also undertakes sales of spares and servicing of equipment. The firm has six branches-cum-workshops and four onsite service points in Odisha. PONDY VENKATESWARA: CRISIL Suspends 'B-' Ratings on INR46MM Loans ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Pondy Venkateswara Modern Rice Mill. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B-/Stable Suspended Proposed Cash Credit Limit 10 CRISIL B-/Stable Suspended Proposed Term Loan 3 CRISIL B-/Stable Suspended Term Loan 3 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by PVMR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PVMR is yet to provide adequate information to enable CRISIL to assess PVMR's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Set up in 1987 in Pondicherry under the proprietorship of Mrs. Premavathy, PVMR mills parboiled rice variety with capacity of around 37.5 tonnes per day. The firm's day-to-day operations are managed by the proprietor's son, Mr. Govindaraju. PVMR currently caters to customers in Kerala and Pondicherry. PROTOCOL MARINE: CRISIL Assigns 'BB-' Ratings to INR120MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long term bank facilities of Protocol Marine Services Private Limited (PMSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 29 CRISIL BB-/Stable (Assigned) Cash Credit 40 CRISIL BB-/Stable (Assigned) Proposed Long-Term 51 CRISIL BB-/Stable (Assigned) Bank Loan Facility The rating reflects the extensive experience of PMSPL's promoters in the freight forwarding and logistics business and established relationship with customers. These rating strengths are partially offset by the modest scale of PMSPL's operations in the intensely competitive freight forwarding and logistics business and below- average financial risk profile marked by modest net worth, high gearing and moderate debt protection metrics. Outlook: Stable CRISIL believes that PMSPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if the company reports a significant growth in its revenues and profitability while improving its capital structure. Conversely, the outlook may be revised to 'Negative' in case there is significant decline in revenues and margins or lengthening of its working capital cycle leading to pressure on liquidity and financial risk profile. PMSPL was incorporated in 2001 in Mumbai by Mr. Devilal Chapagain and is engaged in freight forwarding, customs clearing, transportation and warehousing business. The entire revenue is generated by ocean freight with operations across all major ports in India. PMSPL reported, on a provisional basis, a profit after tax (PAT) of INR8.7 million on net sales of INR460 million for 2012-13 (refers to financial year, April 1 to March 31); it had reported a PAT of INR4.3 million on net sales of INR430.3 million for 2011-12 RUBY MICA: CRISIL Upgrades Ratings on INR49.6MM Loans to 'B' ------------------------------------------------------------ CRISIL has upgraded its ratings of the bank facilities of Ruby Mica Company Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Upgraded from 'CRISIL D') Cash Credit-Book Debt 8 CRISIL B/Stable (Upgraded from 'CRISIL D') Cash Credit-Stock 12 CRISIL B/Stable (Upgraded from 'CRISIL D') Export Packing Credit 19 CRISIL A4 (Upgraded from 'CRISIL D') Letter of Credit 5 CRISIL A4 (Upgraded from 'CRISIL D') Post-Shipment Credit 6 CRISIL A4 (Upgraded from 'CRISIL D') Proposed Long-Term Bank Loan Facility 20.6 CRISIL B/Stable (Upgraded from 'CRISIL D') Standby Line of Credit 9.0 CRISIL B/Stable (Upgraded from 'CRISIL D') The rating upgrade reflects RMCL's regularisation of its earlier delays in debt servicing and improvement in its liquidity, backed by infusion of funds by the promoters. The company repaid its entire term loan outstanding in September 2013 and has no plan to contract any fresh term loan in the near term. The rating upgrade also factors in CRISIL's belief that RMCL will maintain its above- average financial risk profile over the medium term. The ratings reflect RMCL's modest scale of operations in the highly competitive mica industry and working capital intensive operations. These rating weaknesses are partially offset by the promoters' extensive experience and above-average financial risk profile, marked by low gearing and moderate debt protection metrics. Outlook: Stable CRISIL believes that RMCL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if it reports substantial growth in its revenues, while maintaining its profitability, accompanied by efficient working capital management, resulting in higher-than-expected net cash accruals, leading to improved liquidity. Conversely, the outlook may be revised to 'Negative' in case of a significant decline in the company's revenues and margins, or lengthening of its working capital cycle, leading to pressure on its liquidity. RMCL is a closely held public limited company that processes and exports natural mica. The company was initially started as a partnership firm in 1968, but was reconstituted as a private limited company in 1988 and as a closely held public limited company in 2009-10 (refers to financial year, April 1 to March 31). RMCL is promoted, owned, and managed by the Bagaria family based in Giridih (Jharkhand). The promoter family has been in the mica business since 1937. Mr. Rajendra Kumar Bagaria and his elder brother, Mr. Chandan Kumar Bagaria, look after the company's day- to-day operations. For 2012-13, RMCL reported a profit after tax (PAT) of INR3.6 million on net sales of INR120.6 million, against a PAT of INR3.3 million on net sales of INR114.7 million for 2011-12. S.R. SELVARAJ: CRISIL Suspends 'B+' Ratings on INR41.5MM Loans -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of S.R. Selvaraj & Sons. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 Suspended Cheque Discounting 1 CRISIL A4 Suspended Overdraft Facility 40 CRISIL B+/Stable Suspended Proposed Overdraft 1.5 CRISIL B+/Stable Suspended Facility The suspension of ratings is on account of non-cooperation by SRS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SRS is yet to provide adequate information to enable CRISIL to assess SRS's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Set up in 1950, SRS is engaged in civil construction works in Tamil Nadu and Andaman and Nicobar. The firm mainly undertakes civil construction works related to construction of industrial and residential buildings. SRS is based in Tuticorin (Tamil Nadu) and is promoted by Mr. S R Selvaraj and his family. The firm undertakes works manly for various entities, such as Public Works Department and NLC-Tamil Nadu Power Ltd (NTPL), Dhrangadhra chemicals works ltd (Tuticorin) among others. The firm has order book of around INR170 million. SHREE MUKUND: CRISIL Suspends 'BB-' Rating on INR100MM Loan ------------------------------------------------------------ CRISIL has suspended its rating on the bank facilities of Shree Mukund Associates. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 100 CRISIL BB-/Stable Suspended The suspension of ratings is on account of non-cooperation by SMA with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SMA is yet to provide adequate information to enable CRISIL to assess SMA's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. SMA is a partnership firm, which constructs and sells commercial property, primarily in and around Navi Mumbai. The firm, which was set up in 2004 has worked on five commercial projects till date. SMA is owned by the Mumbai-based Bhanushali family. Mr. Chirag Bhanushali, Mr. Laheri Bhanushali, Ms. L Bhanushali, and Mr. Devji Joisar in equal proportion. SRI DEVARAAJA: CRISIL Assigns 'BB+' Ratings to INR140MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to the bank facilities of Sri Devaraaja Agro Industries (SDAI; part of the Devaraja group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 45 CRISIL BB+/Stable (Assigned) Cash Credit 95 CRISIL BB+/Stable (Assigned) Letter of Credit 10 CRISIL A4+ (Assigned) The ratings reflect the Devaraja group's above-average financial profile, marked by healthy gearing and debt protection metrics, the promoters' extensive experience in the fruit processing industry, and established customer relations. These rating strengths are partially offset by the Devaraja group's modest scale of operations, intense competition in the fruit processing industry, and susceptibility of the group's profitability to volatility in raw material prices. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of SDAI, Shre Devaraja Agro Aseptic Industries (SDAAI), and Devraj Tropical Fruits (DTF). This is because the three entities together referred to as the Devaraja group, have a common management and derive considerable business and financial synergies from each other. Outlook: Stable CRISIL believes that the Devaraja group will continue to benefit over the medium term from the promoters' extensive experience in the fruit processing industry and healthy capital structure. The outlook may be revised to 'Positive' if the group records higher- than-expected revenues and profitability, while maintaining its comfortable capital structure. Conversely, the outlook may be revised to 'Negative' if the group reports lower-than-expected cash accruals or deterioration in its working capital management. The outlook may also be revised to 'Negative' if the Devaraja group undertakes any larger-than-expected debt-funded capital expenditure programme, leading to deterioration in its financial risk profile. SDAI was established in 2005, in Tamil Nadu as a partnership firm; it manufactures and sells pulp and concentrates of fruits such as mango, guava, papaya, and tomato. The firm, along with SDAAI and DTF, is promoted by Mr. Devaraja and his family. SDAAI and DTF were established in 2007 and 2010, respectively, to manufacture and sell pulp and concentrates of fruits such as mango, guava, papaya, and tomato. The Devaraja group reported a profit after tax (PAT) of INR20.5 million on net sales of INR532.5 million for 2012-13 (refers to financial year, April 1 to March 31), vis-�-vis a PAT of INR22.8 million on net sales of INR260.3 million for 2011-12. SUNSILK DYEING: CRISIL Assigns 'D' Ratings to INR91MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank loan facilities of Sunsilk Dyeing & Printing Mills Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 57.7 CRISIL D (Assigned) Cash Credit 30.0 CRISIL D (Assigned) EPCG Guarantee (ST) 3.3 CRISIL D (Assigned) The ratings reflect instances of delay by SDPMPL in servicing its debt; the delays have been caused by the company's weak liquidity, marked by insufficient net cash accruals to meet its debt obligations. SDPMPL also has a below-average financial risk profile, marked by high gearing and weak debt protection metrics, a small scale of operations in the highly fragmented dyeing industry, and working- capital-intensive operations. These rating weaknesses are partially offset by the extensive industry experience of SDPMPL's promoters. Incorporated in 2007, SDPMPL undertakes job work for dyeing of knitted fabrics. With effect from April 2012, the company's operations were taken over by the new management comprising of Mr. Manoj Kumar Sethia (of Gujarat based Ginza Industries Ltd), Mr. Arvind Sethia, and Mr. Suresh Baid. For 2012-13 (refers to financial year, April 1 to March 31), SDPMPL reported a net loss of INR8.5 million on net sales of INR186.4 million. TAYO ROLLS: CRISIL Cuts Ratings on INR1.35BB Loans to 'BB+' ----------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Tayo Rolls Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB+/Negative/CRISIL A2'. CRISIL has also downgraded its ratings on TRL's commercial paper programme to 'CRISIL A4+' from 'CRISIL A2' and on TRL's fixed deposit programme to 'FB+/Stable' from 'FA- /Negative'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 610 CRISIL BB+/Stable (Downgraded from 'CRISIL BBB+/Negative') Letter of Credit 250 CRISIL A4+ (Downgraded from and Bank Guarantee 'CRISIL A2') Proposed Short-Term 100 CRISIL A4+ (Downgraded from Bank Loan Facility 'CRISIL A2' Rupee Term Loan 740 CRISIL BB+/Stable (Downgraded from 'CRISIL BBB+/Negative') The rating downgrade reflects TRL's stretched liquidity, marked by fully utilised bank limits, high gross current assets, and inadequate cash accruals for servicing its debt. The ratings reflect the benefits that TRL derives from its close association with its promoters, Tata Steel Ltd (Tata Steel) and Yodogawa Steel Works Ltd (Yodogawa). CRISIL believes that both the promoters will continue to extend operational and need-based financial support to TRL over the medium term. This rating strength is partially offset by the company's weak business risk profile, as reflected in its poor operating profitability and return on capital employed. The company also has a weak financial risk profile, marked by stretched liquidity and high gearing. Outlook: Stable CRISIL believes that TRL will report modest improvement in its operating margin over the medium term, backed by cost-control measures being implemented by it. However, the company's financial risk profile will remain weak over this period, and it will depend on infusion of funds by its promoters to support its liquidity. The outlook may be revised to 'Positive' if TRL reports significant and sustained improvement in its operating profitability, leading to better-than-expected cash accruals and hence to an improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' if there is any reduction in support from Tata Steel, or if TRL's operating performance deteriorates further. TRL is among India's largest steel-roll manufacturers, with an overall market share of about 30 per cent. It manufactures steel rolls of various steel alloy grades and sizes, and undertakes regular process quality improvement measures. The company also manufactures forged rolls. Moreover, it benefits from its close association with Tata Steel and Yodogawa. Tata Steel is amongst TRL's largest customers. TRL reported a net loss of INR337.4 million on net sales of INR1.75 billion for 2012-13 (refers to financial year, April 1 to March 31), against a net loss of INR531.2 million on net sales of INR1.38 billion for 2011-12. The company reported a net loss of INR211.8 million on an operating income of INR794.6 million for the six months ended September 30, 2013, against a net loss of INR161.8 million on an operating income of INR891.6 million for the corresponding period of the previous year. TIRUPATI BALAJI: CRISIL Suspends 'B+' Ratings on INR75MM Loans -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Tirupati Balaji Foods Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4 Suspended Cash Credit 55 CRISIL B+/Stable Suspended Term Loan 20 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by TBFP with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, TBFP is yet to provide adequate information to enable CRISIL to assess TBFP's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. TBFP was set up in 2007. The company is engaged in the processing and sale of non-basmati rice (parimal variety) and rice, gram and corn grits. The company was promoted by Aggarwal family of Raipur, Chattisgarh. TRISHAKTI ALLOYS: CRISIL Suspends B Ratings on INR56MM Loans ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Trishakti Alloys Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable Suspended Letter of Credit 35 CRISIL A4 Suspended Term Loan 6 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by TAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, TAPL is yet to provide adequate information to enable CRISIL to assess TAPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Incorporated in 1993, TAPL manufactures aluminium-based alloys. It initially had its production unit (capacity of 1500 tonnes per annum) at Kolkata (West Bengal). In 2000, TAPL's promoters sold its Kolkata facility, and the company remained non-operational between 2000 and 2007. In 2007-08 (refers to financial year, April 1 to March 31), TAPL's promoters set up a manufacturing unit under TAPL in Pune (Maharashtra) to cater to customers in West India. The unit commenced commercial production in February 2010. TAPL's production facility in Pune has capacity of 3600 tonnes per annum (two shifts). However, TAPL operates one shift and had an annual production of 1500 tonnes in 2010-11. YEGNA MANOJAVAM: CRISIL Assigns 'B-' Ratings to INR762.4MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of Yegna Manojavam Drugs & Chemicals Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Working Capital Term Loan 242.6 CRISIL B-/Stable (Assigned) Long-Term Loan 195.6 CRISIL B-/Stable (Assigned) Letter of Credit 40.0 CRISIL A4 (Assigned) Funded Interest Term Loan 114.2 CRISIL B-/Stable (Assigned) Bank Guarantee 40.0 CRISIL A4 (Assigned) Cash Credit 210.0 CRISIL B-/Stable (Assigned) The ratings reflect YMDCL's weak financial risk profile marked by a weak capital structure and debt protection metrics and its high working capital requirements. These rating strengths are partially offset by the extensive industry experience of its promoters. Outlook: Stable CRISIL believes that YMDCL will benefit from the extensive industry experience of its promoters over the medium term. The outlook may be revised to 'Positive' if the company's scale of operations and operating profitability improve significantly on a sustained basis or if the promoters provide a 'higher than expected' fund support leading to an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company's revenues and operating profitability decline or if the company undertakes a 'larger than expected' debt funded capital expenditure or if there are delay in receipt of fund support from its promoters leading to weakening of its financial risk profile. Incorporated in 2003 and based out of Hyderabad, YMDCL is involved in the manufacturing of bulk drugs and intermediaries. The company is promoted by Mr. R.L.Y.P Shastry and Mr.Y.V. Ramana. During 2012-13 (refers to financial year April 1 to March 31), YMDCL reported a net loss of INR272.8 million on net sales of INR478.9 million as against a profit after tax (PAT) of INR27.3 million on net sales of INR1.02 billion during 2011-12. ================= I N D O N E S I A ================= BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CC' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Indonesia-based limited mobility wireless telecommunications operator PT Bakrie Telecom Tbk. to 'CC' from 'CCC'. At the same time, S&P lowered its ASEAN regional scale rating on BTEL to 'axCC' from 'axCCC'. The outlook is negative. S&P also lowered its rating on Bakrie Telecom Pte. Ltd.'s senior unsecured notes due 2015 to 'CC' from 'CCC'. BTEL guarantees the notes. "We lowered the rating to reflect our expectation that BTEL will likely miss an interest payment to noteholders due on Nov. 7, 2013, and it is unlikely to make the payment within 30 days allowed under the bond indenture," said Standard & Poor's credit analyst Mehul Sukkawala. "We also understand that the company is in discussion with noteholders and other creditors to restructure its debt to improve its weak liquidity position and debt servicing ability." Standard & Poor's plans to lower the rating on BTEL to 'D' on Nov. 8, 2013, after the company misses its interest payment. As per S&P's criteria, it lowers the rating to 'D' or 'SD' if a payment is missed and it do not believe payment will be made in the relevant (stated or imputed) grace period. Because BTEL's unsecured notes account for about 90% of the company's debt, excluding finance lease, S&P will be lowering the issuer and issue ratings to 'D'. "We expect BTEL's financial metrics to deteriorate more than we earlier forecast as the rupiah depreciation has adversely affected the company's debt servicing obligations and will more than offset the improvement in BTEL's EBITDA margin," Mr. Sukkawala said. S&P lowered its assessment of BTEL's management and governance to "weak" from "fair." This is based on S&P's view that the company failed to implement its strategy successfully to address the challenges of using CDMA wireless technology and manage intense competition. The company therefore materially underperformed its unrealistic targets for operating performance. BTEL's small scale and limited-mobility offerings put it at a disadvantage compared with its peers'. The company's share of the Indonesian wireless market is less than 5%, and it has a good presence in the highly populated and prosperous Jakarta, Bandung, and West Java provinces. The negative outlook reflects S&P's view that BTEL will likely default on its interest payment obligation to noteholders on Nov. 7, 2013. S&P would lower the rating to 'D' on Nov. 8, 2013, after the company misses its interest payment obligation to noteholders. The rating is unlikely to be raised. =============== M O N G O L I A =============== GOLOMT BANK: Moody's Withdraws 'B1' Issuer & Deposit Ratings ------------------------------------------------------------ Moody's Investors Service has withdrawn the ratings of Golomt Bank because it believes it currently does not have sufficient or otherwise adequate information to support the maintenance of the rating. Ratings Rationale: Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. The ratings withdrawn are E+ standalone bank financial strength rating (equivalent to a b1 baseline credit assessment, BCA); B1 issuer rating; B1 local currency long-term deposit rating; B2 foreign currency long-term deposit rating Domiciled in Ulaanbaatar, Golomt Bank reported total unaudited IFRS assets of MNT2.5 trillion (USD1.8 billion) as of 31 December 2012. The bank is 84.6% owned by Bodi International LLC (unrated) -- the immediate holding company of the Bodi Group in Mongolia -- 10.1% by Swiss MO Investment AG (unrated), and 5.0% by Trafigura Beheer B.V. (unrated). ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***