/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/131220.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, December 20, 2013, Vol. 16, No. 252 Headlines A U S T R A L I A CRUSADE ABS 2013-1: Fitch Rates AUD14MM Class E Notes at 'BB' KSUBI: Fashion Label Placed in Receivership MONTEGOS BAR: Worrells Appointed as Voluntary Liquidator RIVIERA PROPERTIES: Collapses to Administration After Loan Breach C H I N A FRANSHION PROPERTIES: S&P Ups Corporate Credit Rating From 'BB+' TIANNENG POWER: Fitch Affirms LT Issuer Default Rating of BB- I N D I A AAMODA PUBLICATIONS: CRISIL Reaffirms D Ratings on INR420M Loans ALUPAN COMPOSITE: CRISIL Reaffirms B- Ratings on INR147.5MM Loans AMRAPALI PRINCELY: ICRA Revises Rating on INR150cr Loans to 'B+' ASREDDY INFRATECH: CARE Places 'B+' Rating on INR6cr Loans B.R. ELASTICS: CRISIL Reaffirms 'B' Ratings on INR142MM Loans BAAHUBALI FERRO: CRISIL Suspends 'D' Ratings on INR200MM Loans BALAJI FIBER: CARE Assigns 'B+' Rating on INR12.5cr LT Loans BANSAL SHIP: CRISIL Reaffirms 'B+' Rating on INR50MM Loan BRATTLE FOODS: CRISIL Assigns 'B-' Ratings to INR200MM Loans CENTURY TEXOFIN: ICRA Suspends 'B+' Rating on INR20.71cr Loans CIKAUTXO TAURUS: CRISIL Suspends 'B+' Ratings on INR300MM Loans CJ EXPORTERS: ICRA Reaffirms 'B+' Rating on INR60cr LT Loans CTS INDUSTRIES: CRISIL Suspends 'D' Ratings on INR300MM Loans ESKAY BUILDWORKS: CRISIL Suspends B+ Rating on INR40MM Loan G-TECH STONE: ICRA Upgrades Ratings on INR30cr Loans to 'C+' GOVINDAM PROJECTS: CRISIL Cuts Rating on INR60MM Loan to 'B+' GUPTA METAL: CARE Cuts Ratings on INR59.81cr Loans to 'D' H S INDIA: CRISIL Suspends 'B+' Ratings on INR191MM Loans HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr Loans KADVANI FORGE: ICRA Reaffirms 'B+' Ratings on INR30.5cr Loans KAPOOR OIL: ICRA Assigns 'B' Ratings to INR7.40cr Loans KEMS SERVICES: ICRA Assigns 'B+' Ratings to INR9.50cr Loans KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.88cr Loans L R AUTOMOBILES: CRISIL Reaffirms 'B+' Ratings on INR123.5M Loans LEXUS GRANITO: CARE Assigns 'D' Ratings to INR37.72cr Loans MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D' MARVELORE MINING: CRISIL Suspends 'D' Ratings on INR225MM Loans MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr Loans MULTI POLY: ICRA Assigns 'B' Rating to INR9.2cr LT Bank Loans OMEGA PREMISES: CRISIL Cuts Ratings on INR500MM Loans to 'D' OMNITECH INFOSOLUTIONS: ICRA Cuts Rating on INR196.5cr Loans to D OSWAL POLYFAB: ICRA Suspends 'B+' Rating on INR9.5cr Bank Loans OXFORD GOLF: CRISIL Rates INR1.25BB LT Bank Loan at 'B-' PANCHKROSHI SHIKSHAN: CARE Rates INR8.24cr LT Loans at 'D' PRAGATI INGOTS: CRISIL Cuts Rating on INR120MM Loans to 'B' R.J. CHATHA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan RAMRIA ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR120MM Loan RANGANAYAKA SPINNING: CRISIL Puts 'B+' Ratings on INR229.7M Loans SAI KRUPA: CRISIL Suspends 'B+' Ratings on INR110MM Loans SHIVA UDYOG: CRISIL Lowers Ratings on INR318.5MM Loans to 'D' SHREE SHYAM: ICRA Lowers Ratings on INR92.54cr Loans to 'D' SHREYAS INTERMEDIATES: CRISIL Suspends D Rating on INR1.27B Loans SHRI DARSHNA: ICRA Assigns 'B+' Rating to INR6.82cr Loans SINGLA TIMBERS: CRISIL Cuts Ratings on INR50MM Loans to 'B' SPICEJET LTD: To Complete Turnaround in a Year, COO Says SUKH SAGAR: CRISIL Suspends 'B-' Ratings on INR82.5MM Loans SUMARAJ SEAFOODS: CRISIL Suspends B- Rating on INR8.4MM Loan SUMMER COOL: CARE Assigns 'B+' Rating to INR1.05cr Loans SUNMARG STEELS: CRISIL Assigns 'B' Rating to INR60MM Loan SUSHILA AGROVET: ICRA Assigns 'B-' Ratings to INR9cr Loans VARIETY LUMBERS: CARE Lowers Rating on INR17cr Loan to 'D' J A P A N TOKYO ELECTRIC: To Get JPY9 Trillion Interest-Free Loans N E W Z E A L A N D GREENSHELL NEW ZEALAND: Rabobank Appoints KordaMentha as Receiver ROSS ASSET: David Ross Appeal on Jail Sentence Upsets Investors S R I L A N K A UNION BANK OF COLOMBO: Fitch Slashes National LT Rating to 'BB' X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= CRUSADE ABS 2013-1: Fitch Rates AUD14MM Class E Notes at 'BB' ------------------------------------------------------------- Fitch Ratings has assigned final ratings to Crusade ABS Series 2013-1 Trust's asset-backed floating-rate notes. The issuance consists of notes backed by Australian automotive loan and lease receivables originated by St.George Finance Limited. The ratings are as follows: AUD840m Class A notes: 'AAAsf'; Outlook Stable; AUD40m Class B notes: 'AAsf'; Outlook Stable; AUD30m Class C notes: 'Asf'; Outlook Stable; AUD24m Class D notes: 'BBBsf'; Outlook Stable; AUD14m Class E notes: 'BBsf'; Outlook Stable; and AUD52m Seller notes: 'Not Rated' The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of Crusade ABS Series 2013-1 Trust. The latter is a legally distinct trust established pursuant to a master trust and security trust deed. At the cut-off date, the pool was made up of receivables backed by motor vehicles with a weighted-average (WA) seasoning of 22.2 months, and an average size of AUD19,117. Distribution of the portfolio is concentrated on the east coast, in line with the population. The WA balloon residual percentage is 7.6% (percentage of the original outstanding balance of the receivable). Key Rating Drivers: Experienced Originator: St.George Bank established its auto finance business in 1994 through the purchase of a business incorporating motor vehicle receivables, commercial lending, and private banking, from Barclays Bank Australia Limited. St.George Bank is a wholly owned subsidiary of Westpac Banking Corporation (Westpac, AA-/Stable/F1+). Adequate Data Availability: St.George Finance provided Fitch with seven years of historical static loss data, and a complete set of line-by-line data fields, as expected, for its assessment. Changing Origination Composition: Consumer finance as a proportion of the receivables originated has increased significantly over the past five years. Consumer finance has higher levels of losses and longer lease terms than other originated product types, up to 84 months. This change in composition has been addressed in the rating analysis. Low Historical Defaults: St.George Finance's receivables book has experienced relatively low levels of defaults to date, with the majority of quarterly vintage gross loss percentages ranging from 1.1% to 3.9% for passenger vehicles. Delinquencies greater than 30 days have generally tracked below 3.0%. Consistent Credit Quality: This transaction's collateral backing has statistically similar credit quality to prior pools securitised under the Crusade ABS programme. Rating Sensitivity: Unexpected increases in the frequency of foreclosures, and the loss severity on defaulted loans, could produce loss levels higher than Fitch's base case, which could in turn result in potentially negative rating actions on the notes. Fitch has evaluated the sensitivity of the ratings assigned to Crusade ABS Series 2013-1 Trust to increased gross default levels, and decreased recovery rates over the life of the transaction. Its analysis found that collectively all notes' ratings remain stable under Fitch's mild (10% increase), moderate (25% increase) and severe default (50% increase) scenarios. Recovery scenarios, whereby recovery rate assumptions are decreased, include mild (10% decrease), moderate (25% decrease) and severe (50% decrease) stressed scenarios. The analysis showed that the Class A notes were downgraded only under the severe scenario. All other rated notes remain stable under the mild, moderate and severe stresses. The Class A notes were subject to a downgrade only under a severe scenario combination of both increased defaults and decreased recovery rates. All other rated notes remain stable under the mild, moderate and severe stresses. KSUBI: Fashion Label Placed in Receivership ------------------------------------------- Jirsch Sutherland has been appointed as receiver and manager of the companies previously known as Ksubi Copyright Pty Ltd and Mentmore Pty Ltd. Jirsch Sutherland Partners Andrew Spring and Roderick Sutherland were appointed as Joint Receivers on Dec. 17, 2013. The appointment was made by the company's principal lender. The Receivers are currently assessing the financial position. Whilst there has been some necessary rationalisation of overheads including staff at head office, the companies are continuing to trade seven retail outlets throughout metropolitan Melbourne, Sydney and Brisbane, in addition to a popular online retail store. "The companies are also continuing to operate a wholesale business, selling locally and internationally the three brands - Ksubi, Insight and Something Else," Mr. Spring explains. "We are continuing to trade with a view to identifying a purchaser for these businesses. Due to the strong local and international reputation of these three brands, we are optimistic that a purchaser for the business will be found." The Sydney Morning Herald reports that around 60 staff have lost their jobs at the Australian Ksubi fashion label. A staff member who asked not to be named, told AAP on Dec. 19 around 60 employees from the label's head office were let go, SMH relays. However, the staff member was hopeful about the future of the brand. The trendy street brand was founded by George Garrow and Dan Single in 1999 and worn by the likes of supermodel Miranda Kerr and celebrity Nicole Richie, SMH discloses. MONTEGOS BAR: Worrells Appointed as Voluntary Liquidator -------------------------------------------------------- Kathy Sundstrom at NoosaNews reports that frantic brides-to-be have been chasing their deposit as auditors crunch numbers after the financial collapse of Montegos Bar and Restaurant at Kawana. According to the report, Sunshine Coast solvency firm Worrells has confirmed it had been appointed as voluntary liquidator on November 11 after the business was no longer able to pay its debts. Sadly, it is not a unique situation on the Coast, the report notes. NoosaNews relates that liquidator and bankruptcy trustee Paul Nogueira -- paul.nogueira@worrells.net.au -- said Worrells Sunshine Coast was fielding between 10 and 20 inquiries a week from business owners struggling to make ends meets. This year alone, Worrells, the largest insolvency firm on the Coast, managed about 220 insolvencies, Mr. Nogueri, as cited by NoosaNews, said. NoosaNews relates that Mr. Nogueri said it was a common theme across the greater Sunshine Coast and inquires were coming across all industries. He said it was primarily in response to a lot of pressure from the Australian Taxation Office in respect of unpaid debt. "This is a major factor which is forcing people to contact us," NoosaNews quotes Mr. Nogueri as saying. He said the ATO was the reason why the owners of Montegos finally had to call for help, the report adds. RIVIERA PROPERTIES: Collapses to Administration After Loan Breach ----------------------------------------------------------------- Ben Butler at The Sydney Morning Herald reports that regional Victorian developer Riviera Properties has collapsed after failing to meet the conditions of its loan from stricken mortgage fund Gippsland Secured Investments. The board of Riviera, which owed GSI about AUD12 million, last week appointed Gess Rambaldi -- gess.rambaldi@pitcher.com.au -- and Andrew Yeo -- andrew.yeo@pitcher.com.au -- of Pitcher Partners as administrator, SMH relates. The report says Riviera was linked to its lender through director John Stephenson, who was formerly the managing director of GSI. Mr. Stephenson, who has also served as mayor of Bairnsdale, resigned from the Riviera board on July 12, the report notes. Riviera Properties built residential projects in Victoria's south- east, including Kings Cove, a marina and golf course development at Metung on the Gippsland Lakes. According to SMH, financial records filed with the Australian Securities and Investments Commission show that Riviera breached the terms of its loan from GSI after the lender ordered a revaluation of its property portfolio. Property values were slashed by AUD2.92 million amid total writedowns of AUD12.6 milllion, which included all the goodwill in the Kings Cove development, the report discloses. The swingeing writedowns helped drive Riviera to a loss of AUD11.5 million for the 2013 financial year, up from AUD2.1 million in the previous year. It also owes AUD780,000 to Westpac, SMH discloses. Creditors will meet on Dec. 23, the report adds. ========= C H I N A ========= FRANSHION PROPERTIES: S&P Ups Corporate Credit Rating From 'BB+' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it had raised its long-term corporate credit rating on China-based real estate company Franshion Properties (China) Ltd. to 'BBB-' from 'BB+'. The outlook is stable. At the same time, S&P raised the issue rating on the company's outstanding guaranteed senior unsecured notes to 'BBB-' from 'BB'. S&P also raised the long-term Greater China regional scale rating on the company to 'cnA-' from 'cnBBB+' and on its outstanding guaranteed senior unsecured notes to 'cnA-' from 'cnBBB'. S&P then removed all the ratings from CreditWatch, where they were placed with positive implications on Nov. 26, 2013. "We upgraded Franshion because under our revised group rating methodology we now view the company as a moderately strategic subsidiary of its indirect and ultimate parent Sinochem Group, a government-related entity," said Standard & Poor's credit analyst Frank Lu. "In our view, Franshion is likely to indirectly benefit from extraordinary government support through the parent. We have therefore raised the rating on Franshion one notch higher than its stand-alone credit profile (SACP) of 'bb+'. We assess the group credit profile of Sinochem Group at 'bbb+'." "We expect Franshion to continue to contribute significant profit to its parent group over the next two to three years. In our opinion, Sinochem's management has a long-term commitment to the company, and would likely provide support in the event of financial distress. We base our view on the fact that Franshion is a significant subsidiary of its direct parent, Sinochem Hong Kong (Group) Co. Ltd., which is a core subsidiary of Sinochem Group. If Franshion defaults on its debt, the company may trigger a cross default on the senior unsecured notes issued by Sinochem Hong Kong, according to the terms of the notes. Nevertheless, we believe that Franshion's business is less important to the group's long-term strategy, and provides limited synergies to Sinochem Group's main businesses of energy and fertilizer," S&P added. "We view Franshion's business risk profile as "satisfactory," given the company's "satisfactory" competitive position, "moderately high" risk in the property development industry, and China's "moderately high" country risk. In our view, Franshion's competitive advantage partly stems from its record of solid property development and commercial property operations and good brand recognition. The company also benefits from stable and sizable rental and hotel income, with support from high-quality investment properties. Despite the company's relatively diversified product mix, property sales weigh heavily on Franshion's business risk profile. Residential and commercial property sales contribute over 80% of its total revenue. In addition, the company receives ongoing parental support for business development and financing. Franshion's profitability and other operating measures are in line with its industry peers'. Nevertheless, the company has high project and geographic concentration in its property development business due to the limited number of projects and high exposure to tier-one cities," S&P said. S&P assess Franshion's financial risk profile as "significant." S&P expects Franshion to maintain its largely stable capital structure and good financial flexibility while pursuing expansion over the next two years. S&P also expects Franshion's cash flow adequacy to improve modestly in 2013 and 2014 as sales growth outpaces the increase in debt. In S&P's base case for 2013 and 2014, it estimates the ratio of debt to EBITDA at 4.0x-5.0x (2012: 5.4x) and EBITDA interest coverage at 3.0x-5.0x (2012: 3.2x). S&P raised its issue ratings on Franshion's outstanding senior unsecured notes to the same level as the corporate credit rating because it believes the company's ratio of priority debt to total assets will likely remain below S&P's threshold of 20% for investment-grade issuers. The ratio was 18.6% on June 30, 2013. "The stable outlook on Franshion reflects our expectation that the company will moderately increase its contract sales and maintain its stable capital structure and good financial flexibility while pursing fast expansion over the next 12 months," said Mr. Lu. S&P also expects Franshion to maintain the good asset quality of its investment properties and generate stable cash flows from property leasing and hotels. Nevertheless, S&P believes the company's project and geographic concentration is likely to remain high over the next two years. S&P may lower the rating if it lowers Franshion's SACP. This could happen if the company's debt-funded expansion is more aggressive or its contract sales and margins are materially weaker than S&P expected, such that its EBITDA interest coverage is lower than 3.0x and shows no signs of improvement. S&P may also lower the rating if it lowers the group credit profile of its parent group, Sinochem Group, by more than one notch, or S&P's assessment of parent support to Franshion weakens. S&P may raise the rating if it raises Franshion's SACP. This could happen if the company materially increases its scale and project diversification and improves its leverage, such that its debt-to-EBITDA ratio falls to less than 4.0x on a sustained basis. In accordance with S&P's group rating methodology, it will cap the rating on Franshion at one notch below the Sinochem Group's group credit profile of 'bbb+' unless Franshion's SACP is equal to or higher than the group credit profile. TIANNENG POWER: Fitch Affirms LT Issuer Default Rating of BB- ------------------------------------------------------------- Fitch Ratings has affirmed China-based Tianneng Power International Limited's Long-Term Issuer Default Rating and senior unsecured rating of 'BB-'. The Outlook is Stable. The ratings have simultaneously been withdrawn. The ratings have been withdrawn as the company does not intend to issue US dollar notes and hence the ratings are no longer considered to be relevant to Fitch's coverage. Fitch will no longer provide ratings or analytical coverage of this issuer. ========= I N D I A ========= AAMODA PUBLICATIONS: CRISIL Reaffirms D Ratings on INR420M Loans ---------------------------------------------------------------- CRISIL's ratings on the bank loan facilities of Aamoda Publications Pvt Ltd (part of the Aamoda group) continues to reflect instances of delays by Aamoda group in servicing of its debt; the delays have been caused by the group's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 210.0 CRISIL D (Reaffirmed) Inland /Import Letter of Credit 90.0 CRISIL D (Reaffirmed) Proposed Long-Term Bank Loan Facility 120.0 CRISIL D (Reaffirmed) The Aamoda group also has a weak financial risk profile marked by high gearing, weak debt protection metrics, and is exposed to risks related to intense competition the media and publishing industry. These weaknesses are partially offset by the industry experience of its promoters and its in-house production capabilities. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of Amoda Broadcasting Company Pvt Ltd and its parent, APPL, together referred to as the Aamoda group. The combined approach is because APPL holds a 72 per cent stake in ABCPL. APPL, incorporated in August 2002 by Mr. V Radhakrishna and his wife, Mrs. K Kanaka Durga, publishes and prints the Telugu daily newspaper, Andhra Jyothy, and Telugu weekly, Navya. ABCPL was established in 2008 by Mr. V Radhakrishna and his wife, Mrs. K Kanaka Durga. The company is operating a 24-hour free-to- air satellite Telugu news channel, ABN Andhra Jyothy. The channel commenced commercial operation on October 15, 2009, and its target market is Andhra Pradesh. For 2012-13 (refers to financial year, April 1 to March 31), APPL, on a standalone basis, reported a net loss of INR21.2 million on net sales of INR1.77 billion. ALUPAN COMPOSITE: CRISIL Reaffirms B- Ratings on INR147.5MM Loans ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Alupan Composite Panels Pvt Ltd continue to reflect ACPPL's weak financial risk profile, marked by weak liquidity owing to large working capital requirements, and its small scale of operations. These rating weaknesses are partially offset by the extensive experience of ACPPL's promoters in the aluminium composite panels industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 132.5 CRISIL B-/Stable (Reaffirmed) Letter of Credit 102.5 CRISIL A4 (Reaffirmed) Proposed Long-Term 15.0 CRISIL B-/Stable (Reaffirmed) Bank Loan Facility Outlook: Stable CRISIL believes that ACPPL's liquidity will remain weak over the medium term owing to high inventory requirements and stretched receivables. However, the working capital funding requirements will be supported by expected fresh equity infusion by promoters and expected enhancement in fund based limits through interchangeability with and reduction in non-fund based limits. The outlook may be revised to 'Positive' if ACPPL improves its working capital management, resulting in better liquidity. Conversely, the outlook may be revised to 'Negative' if the company reports a decline in its profitability, or in case of more-than-expected increase in its working capital requirements, leading to pressure on its debt protection metrics and liquidity. ACPPL, promoted by Mr. Vinod Kumar Garg in 2003, manufactures aluminium composite panels. Its manufacturing facility in Haridwar (Uttarakhand) has a capacity of around 0.5 million square feet per annum. ACPPL reported a profit after tax (PAT) of INR14.1 million on net sales of INR343 million for 2012-13 (refers to financial year, April 1 to March 31), as against a PAT of INR8.8 million on net sales of INR328 million for 2011-12. AMRAPALI PRINCELY: ICRA Revises Rating on INR150cr Loans to 'B+' ---------------------------------------------------------------- ICRA has revised the long term rating assigned to the INR100 crore term loans and INR50 crore unallocated limits of Amrapali Princely Estate Private Limited from '[ICRA]BB' to '[ICRA]B+'. The rating revision factors in significant investment and advancement of funds (-INR100 crore till FY13) to group companies which have constrained APEPL's financial flexibility. The liquidity constraint has also lead to irregularities in payment of land dues to Noida Authority. The rating continues to be constrained by execution risk given the project is in intermediate stage of construction, and dependence on customer advances for project funding which makes the company's collection efficiency critical for smooth progress of the project. The rating is, however, supported by healthy bookings and customer advances received in the project, low approval risk for the project, and experience of its promoters in the real estate business. Going forward, project execution, collection efficiency, and debt servicing track record will be amongst the key rating sensitivities. Incorporated in February 2010, APEPL is a SPV promoted by Amrapali Group for developing a group housing project called "Amrapali Princely Estate" over 15.15 acre of plot in Sector-76, Noida. The company expects the project to be completed by March 2015. The total saleable area in the project is 2.2 million square feet out of which about 84% has been booked so far. The total cost for the project including land is estimated to be INR632 crore. The land has been secured on lease basis from New Okhla Industrial Development Authority (NOIDA). The total land premium is INR124.2 crore payable in installments till the year 2020 along with the interest. However, the company will have to pay the entire outstanding land premium before the final registry of the apartments. The effective land cost (land premium, interest on the deferred land payments to be paid till the completion of the project and stamp duty cost etc) is estimated to be around INR183 crore. ASREDDY INFRATECH: CARE Places 'B+' Rating on INR6cr Loans ---------------------------------------------------------- CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of Asreddy Infratech Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6 CARE B+ Assigned Facilities Short-term Bank 7.50 CARE A4 Assigned Facilities Rating Rationale The ratings assigned to the bank facilities of ASReddy Infratech Private Limited are constrained by its small scale of operations, declining profitability margins with intense competition in the industry. The rating is further constrained by the elongated operating cycle of the company on account of the stretched collection period, client concentration risk and highly leveraged capital structure with working capital nature of operations. The ratings, however, derive strength from the experience of the promoters in the construction industry, significant growth in the total operating income during the three years ended FY13 (refers to the period April 1 to March 31) and moderate order book position. The ability of the company to scale up its operations with the timely execution of the ongoing projects and timely collection of receivables will remain as the key rating sensitivities. ASReddy Infratech Private Limited was initially established as a proprietorship concern by Mr A Sudhakar Reddy in 1991 which was later converted into a private limited company on Nov. 29, 2011. The company is registered as a Class-I contractor with the Andhra Pradesh government and is engaged in the execution of civil works and contracts for government entities. Major work of the company include construction of residential, commercial, institutional and corporate head quarter projects etc. The company's contracts are tender-based orders from government and semi-government organizations. The company has executed several contracts till date and the recent projects of the company include the construction of government Sports College (Uttar Pradesh), LIG quarters (Andhra Pradesh) and Training institute (Northeast Khadi). During FY13, ARIPL reported a PAT of INR0.21 crore on a total operating income of INR14.17 crore as against a PAT of INR0.25 crore on a total operating income of INR6.04 crore in FY12. Furthermore, the company has achieved a sales of INR12 crore during 7MFY14. B.R. ELASTICS: CRISIL Reaffirms 'B' Ratings on INR142MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank-facilities of B.R. Elastics India Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Line 12 CRISIL B/Stable (Reaffirmed) of Credit Long Term Loan 10 CRISIL B/Stable (Reaffirmed) Foreign Letter of Credit 5 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B/Stable (Reaffirmed) Bank Guarantee 2.5 CRISIL A4 (Reaffirmed) Bill Discounting 60 CRISIL B/Stable (Reaffirmed) The ratings reflect its small scale of operations in intensely competitive textile industry and its large working capital requirements. These rating weaknesses are partially offset by the extensive industry experience of BREPL's promoters and its moderate financial risk profile marked by moderate capital structure. Outlook: Stable CRISIL believes that BREPL shall continue to benefit by the extensive industry experience of its promoters and established relationship with key customers. The outlook may be revised to 'Positive' if the company is able to achieve a sustained increase in revenues and profitability, resulting in higher-than-expected cash accruals or improves its working capital management thereby leading to improvement in liquidity. Conversely, the outlook may be revised to 'Negative' if the company's revenues and operating margins decline sharply or if the company undertakes a large debt funded capital expenditure programme thereby deteriorating its financial risk profile. Set up as a proprietorship in the year 2000 and later reconstituted as a private limited company in 2008, Tirupur (Tamil Nadu)-based BREPL is engaged in the manufacture of varied types of elastics including woven elastic, woven jacquard elastic, plain knitted elastic, fancy frill elastic and lycra elastics. BREPL reported, profit after tax (PAT) of INR3 million on net sales of INR294 million for 2012-13 (refers to financial year, April 1 to March 31) as against PAT of INR3 million on net sales of INR240 million for 2011-12. BAAHUBALI FERRO: CRISIL Suspends 'D' Ratings on INR200MM Loans -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Baahubali Ferro Tech & Power Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 10 CRISIL D Suspended Overdraft Facility 80 CRISIL D Suspended Proposed Long-Term Bank Loan Facility 35 CRISIL D Suspended Rupee Term Loan 75 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by BFTPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BFTPL is yet to provide adequate information to enable CRISIL to assess BFTPL'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' CRISIL has combined the financial and business risk profiles of BFTPL and its group entities, Baahubali TMT Bars Pvt Ltd (BTBL) and RLJ Ferro Alloys Ltd (RLJFA). The entities are collectively referred to as the Baahubali group. This is because the entities have common promoters, trade in ferroalloys and thermo- mechanically treated (TMT) bars, and have significant operational and financial linkages with each other. Although the group's promoters have communicated to CRISIL that the group entities will no longer be extending any funding support to each other, it is yet to be demonstrated. The Baahubali group is based in Kolkata (West Bengal). BFTPL was incorporated in 2003 as Daudee Steel P Ltd and its name was changed to the current one in 2008 by its current management, which includes Mr. Ratanlal Jain, his son, Mr. Ashok Jain, and their families. BFTPL manufactures silico-manganese, mild-steel ingots, ferrosilicon, ferromanganese, and TMT bars. The group's manufacturing unit is in Durgapur (West Bengal), and has installed capacity of 5000 million tonnes per month (mtpm) for mild-steel ingots and 8500 mtpm for ferroalloys. BTBL and RJLFA trade in TMT bars and ferroalloys, respectively. BALAJI FIBER: CARE Assigns 'B+' Rating on INR12.5cr LT Loans ------------------------------------------------------------ CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Balaji Fiber Reinforce Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12.50 CARE B+ Assigned Facilities Long-term/Short- 13.00 CARE B+/CARE A4 term Bank Assigned Facilities Short-term Bank 9.02 CARE A4 Assigned Facilities Rating Rationale The ratings assigned to the bank facilities of Balaji Fiber Reinforce Private Limited are primarily constrained on account of the high working capital intensity coupled with weak liquidity position and financial risk profile marked by moderate scale of operations, moderate profitability and capital structure. The ratings are further constrained on account of the volatility associated with the raw material prices and foreign exchange fluctuation risk. The above constraints outweigh the benefits derived from the promoters' experience, well equipped manufacturing facility and healthy order book position with reputed client profile. The ability of BFRPL to timely execute the contracts, management of increasing working capital requirement with improvement in collection period and maintaining its capital structure and profitability are the key rating sensitivities. Vadodara-based (Gujarat) BFRPL was incorporated as a proprietorship concern named 'Reinforced Plastic Products' in 1963 by Mr Shantilal Patel. Later in March 2007, BFRPL assumed its current name after being converted into a private limited company subsequent to its reconstitution as a partnership firm in April 2002 to Balaji Industries. BFRPL manufactures Fiber Reinforced Plastic (FRP)/glass reinforced plastic (GRP) based components & pipes, GRP/FRP tanks, filtration tanks, portable toilets, vessels, etc. BFRPL also undertakes turnkey projects related to water effluent disposable projects, sewage treatment plant, water supply pipelines, tailor made products for railways, LED street lights, solar water systems, etc. Furthermore, BFRPL is 'AA' class contractor from the PWD department of Gandhinagar and Rajasthan. As against a net profit of INR1.62 crore on a total operating income of INR70.71 crore in FY12 (refers to the period April 1 to March 31), BFRPL reported a net profit of INR2.23 crore on a total operating income of INR75.67 crore during FY13. BANSAL SHIP: CRISIL Reaffirms 'B+' Rating on INR50MM Loan --------------------------------------------------------- CRISIL's ratings on the bank facilities of Bansal Ship Breakers continue to reflect BSB's modest scale of operations, and its vulnerability to cyclicality in the fragmented shipping industry and to changes in government regulations. These rating weaknesses are partially offset by the extensive industry experience of the firm's promoter. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable (Reaffirmed) Inland/Import Letter of Credit 200 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that BSB will continue to benefit over the medium term from its promoters' extensive experience in the ship-breaking industry. The outlook maybe revised to 'Positive' if BSB's sales and profits increase more than expected, without deterioration in its capital structure. Conversely, the outlook may be revised to 'Negative' if the firm's operating margin declines significantly, most likely because of a sharp decline in scrap prices. Set up in 1993 as a sole proprietorship concern, BSB undertakes ship-breaking activity in Maharashtra and Gujarat; it has a track record of breaking about 40 ships since its inception. The firm, promoted by Mr. B C Bansal, undertakes ship-breaking activity at Mazagaon in Mumbai (Maharashtra), where plots are made available for short periods as per ships in hand. The promoter has been in the ship-breaking business for the past 35 years. For 2012-13 (refers to financial year, April 1 to March 31), BSB reported a profit after tax (PAT) of INR2.4 million on net sales of INR387 million, against a PAT of INR5.5 million on net sales of INR280 million for 2011-12. BRATTLE FOODS: CRISIL Assigns 'B-' Ratings to INR200MM Loans ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank facilities of Brattle Foods Pvt Ltd (part of the Brattle group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B-/Stable Term Loan 190 CRISIL B-/Stable The rating reflects the Brattle group's weak business risk profile, marked by its operating losses, along with its small scale and short track record of operations. These rating weaknesses are partially offset by the group's established infrastructure and customer base, and a comfortable capital structure. For arriving at its rating, CRISIL has combined the business and financial risk profiles of BFPL and its subsidiary Laxman Logistics Pvt Ltd. This is because both the above-mentioned companies, referred to as the Brattle group, have financial fungibility, along with a common management team and marketing network. Outlook: Stable CRISIL believes that the Brattle group will continue to benefit over the medium term, from its established client base. The outlook may be revised to 'Positive' if the group achieves operating profitability and efficient working capital management. Conversely, the outlook maybe revised to 'Negative' in the event of sustained pressure on the Brattle group's revenues and profitability or larger-than-expected working capital requirements, leading to deterioration in the group's financial risk profile. BFPL was set up in New Delhi in 2010. The company provides warehousing services to quick service restaurants (QSRs). BFPL provides cold storage facilities to fast food chains and brands, at warehouses in nine cities across India. LLPL was set up in 2009 as a wholly-owned subsidiary of BFPL. The company transports frozen products from the kitchens of QSRs to warehouses and restaurants. LLPL has its own fleet of refrigerated trucks. BFPL incurred a net loss of INR25.3 million on net sales of INR42.9 million for 2012-13 (refers to financial year, April 1 to March 31), vis-�-vis a net loss of INR2.6 million on net sales of INR26.0 million for 2011-12. CENTURY TEXOFIN: ICRA Suspends 'B+' Rating on INR20.71cr Loans -------------------------------------------------------------- ICRA has suspended '[ICRA]B+' rating assigned to the INR20.71 crore fund based facilities of Century Texofin Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Incorporated in 2007, Century Texofin Private Limited is engaged in business of fabric processing with its processing unit based out of Balotra, Rajasthan, which is a hub for processing of poplin fabric due to favorable weather conditions. The company has installed capacity for processing 5 million meter of fabric per month, and is promoted by Mr. Shantilal Balar, who has been involved in this line of business for over three decades. Prior to 2007, the operations were conducted under a partnership firm. In 2011-12, the company reported sales of INR77.58 crore against INR79.99 crore reported in 2010-11. CIKAUTXO TAURUS: CRISIL Suspends 'B+' Ratings on INR300MM Loans --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Cikautxo Taurus Flexibles Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 120 CRISIL A4 Suspended Cash Credit 80 CRISIL B+/Stable Suspended Proposed Long-Term Bank Loan Facility 19.3 CRISIL B+/Stable Suspended Term Loan 200.7 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by CFPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CFPL is yet to provide adequate information to enable CRISIL to assess CFPL'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' CFPL, incorporated on January 31, 2011, is a 50-50 joint venture between Taurus Flexibles Pvt Ltd of India and Cikautxo S. Coop of Spain. CFPL acquired a 100 per cent export-oriented unit of the Taurus group entity, Indo Australian Hose Manufacturing Pvt Ltd, with effect from July 1, 2011, for a total consideration of around INR192 million, entirely funded through equity. CFPL has a rubber and nylon hose manufacturing unit in Pune (Maharashtra) and the hoses/assemblies manufactured by the company are mainly used in the automobile industry. CFPL has global vendor registration from General Motors Corporation and Renault S.A. The company also exports its hoses to other OEMs such as Navistar International Corporation and FIAT S.p.A. along with the Tier I suppliers such as Eaton Corporation, Cooper Standard Automotive Inc. etc. In India, CFPL's sales to domestic OEMs are routed through the group entity Taurus Flexibles Pvt Ltd. CFPL's unit has capacity to manufacture 8000 kilometres of rubber hoses (increased recently from around 5000 kilometres) and around 3000 kilometres of nylon hoses per annum. CJ EXPORTERS: ICRA Reaffirms 'B+' Rating on INR60cr LT Loans ------------------------------------------------------------ ICRA has reaffirmed the '[ICRA]B+' rating to the INR60.00 crore short-term fund based bank facilities of CJ Exporters. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term fund 60.00 [ICRA]B+ Reaffirmed based facilities The rating reaffirmation takes into consideration the firm's thin profitability as inherent in the low value additive CPD business as well as its high working capital intensity of operations due to delayed receivables and high inventory holding period which adversely impacts its liquidity profile. CJE's tight liquidity position is also evidenced by its 100% bank limit utilization pattern. The financial risk profile of the firm is weak as reflected by its leveraged capital structure, low accruals and weak coverage indicators. The firm operates in an industry characterised by strong competition from unorganised and organised players which exerts pricing pressures as is reflected by the fall in operating margin in FY 13. ICRA also notes that the revenues of the firm are exposed fluctuations in diamond prices as well as forex risks in the absence of a formal hedging mechanism. The rating however derives comfort from the promoters established experience in the cut and polished diamonds (CPD) industry as well as the increase in operating income in FY 13 supported by increased demand and sales realization given the firm's presence in higher carat diamonds. CJE is a partnership firm and has been in the business of cut and polished diamonds (CPD) for nearly five decades and deals in diamonds ranging primarily from 0.01 to 10 carats. The firm has its registered office in Mumbai and manufacturing facilities in Surat and Katargram. Recent Results As per its audited financials for FY 13, CJE recorded a net profit of INR0.90 crore on an operating income of INR175.24 crore. For the period April 2013-September 2013, the firm earned a profit before tax and depreciation of INR6.11 crore on an operating income of INR92.01 crore as per its provisional financials. CTS INDUSTRIES: CRISIL Suspends 'D' Ratings on INR300MM Loans ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of CTS Industries Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL D Suspended Cash Credit 200 CRISIL D Suspended Letter of Credit 50 CRISIL D Suspended Term Loan 20 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by CTS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CTS is yet to provide adequate information to enable CRISIL to assess CTS'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' CTS was initially engaged only in trading in petrochemical products such as parafin wax, slack wax and pesidue wax. It was amalgamated with its group company, Annapurna Global Ltd, in April 2006. The wax production facilities, which were with Annapurna Global Ltd, were transferred to the amalgamated entity. The company now operates in three segments, including wax trading, pre-stressed concrete (PSC) pole manufacturing and supplying crushed stone/aggregates to the construction segment. Currently, 80 per cent of the company's revenues come from supplying crushed stone/aggregates to the construction segment, wax division contributes about 11 per cent, and the rest comes from PSC pole manufacturing. ESKAY BUILDWORKS: CRISIL Suspends B+ Rating on INR40MM Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Eskay Buildworks Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 Suspended Cash Credit 40 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by EBPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, EBPL is yet to provide adequate information to enable CRISIL to assess EBPL'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' EBPL, promoted by Mr. S K Agarwal and his son, Mr. A K Agarwal, in July 2006, undertakes contracts for supply, erection, and commissioning of transmission lines, OHE traction, and civil construction and mechanical structural works. It operates in Chhattisgarh. Before forming EBPL, its promoters used to undertake similar contracts through their partnership firm, Eskay Builders (established in 1991), which was taken over by EBPL with effect from April 1, 2007. G-TECH STONE: ICRA Upgrades Ratings on INR30cr Loans to 'C+' ------------------------------------------------------------ ICRA has upgraded the long term rating outstanding on the INR11.50 crore term loans (revised from INR9.80 crore) and the INR18.50 crore long-term fund based facilities (revised from INR5.10 crore) of G-Tech Stone Limited to '[ICRA]C+' from '[ICRA]D'. ICRA has also upgraded the short term rating outstanding on the INR3.00 crore short term non fund facilities (revised from INR17.60 crore) and the INR1.00 crore short term fund based facilities (revised from INR1.50 crore) short to '[ICRA]A4' from '[ICRA]D'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- LT Scale-Term Loans 11.50 [ICRA]C+/upgraded LT Scale-Fund based facilities 18.50 [ICRA]C+/upgraded ST Scale-Non fund based facilities 3.00 [ICRA]A4/upgraded ST Scale-Fund based facilities 1.00 [ICRA]A4/upgraded The rating revision is on account of regularization of debt servicing by the Company. The rating also considers significant experience of promoters in the edible oil refining and granite monuments business. The ratings are however constrained by the stretched financial profile characterized by weak capitalization, coverage indicators and intense competition in the business, which restricts pricing flexibility and high product concentration in palm oil. Palm oil prices have been witnessing price shocks (both due to commodity price and exchange rate fluctuations), hence the Company has curbed imports and is only procuring domestically, which has negatively impacted the scale of operations during the last two fiscals. ICRA also notes that the company has extended corporate guarantees to its group companies and large intergroup transactions, which stretches the debt indicators further. Incorporated in 1989, G-Tech Stone Limited, is involved in the export of granite monuments and import and refining of edible oil. Within the granite segment, the company is primarily involved in the manufacture of stone handicrafts and also indulges in the raw blocks and polished granite tiles and slabs. In the edible oil segment, the company imports Crude Palm Oil/RBD (Refined Bleached Deodorized Palm Oil) Palmolein and Sunflower Oil in bulk. The company is also involved in the packing of around 1600 Metric tons of RBD Palm Olein for the government to aid in the public distribution scheme and charges a commission for the same. The company's brands in Oil are "SunKing" for refined sunflower oil and "Vishnu Gold" for RBD Palmolein. Recent Results For 2012-13, G-Tech reported a net profit of INR0.1 crore on an operating income of INR72.6 crore as against a net profit of INR0.1 crore on an operating income of INR54.3 crore during 2011-12. GOVINDAM PROJECTS: CRISIL Cuts Rating on INR60MM Loan to 'B+' ------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Govindam Projects Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Downgrade from 'CRISIL BB/ Stable') The rating downgrade reflects a decline in GPPL's business risk profile in 2012-13 (refers to financial year, April 1 to March 31) and 2013-14, driven by a slowdown in demand, and realisation as well as high raw material prices. Consequently, the company incurred operating as well as net losses in 2012-13, which continued in 2013-14. GPPL's losses weakened the company's financial risk profile, with its negative interest coverage and net cash accrual to total debt ratios during 2012-13. Additionally, despite a decline in its scale of operations, GPPL's bank lines have remained high at around 85 per cent in the 12 months through October 2013. This is because of a stretch in liquidity due to high inventory and delayed payments from customers. CRISIL believes that GPPL's business risk profile will remain constrained due to its non-integrated operations and the overall economic condition of the industry, over the medium term. The rating reflects GPPL's moderate financial risk profile, marked by a low gearing. The rating also factors in the benefits that GPPL derives from the promoters' extensive experience in the sponge iron industry. These rating strengths are partially offset by GPPL's small scale of operations, high susceptibility to fluctuations in availability of raw material and prices, and working-capital-intensive operations. Outlook: Stable CRISIL believes that GPPL will continue to benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company scales up its operations and profitability, or reports better working capital management thereby improving its liquidity. Conversely, the outlook may be revised to 'Negative' if GPPL's liquidity weakens because of its restricted profitability, or larger-than-expected working capital requirements; or the company undertakes any significant debt-funded capital expenditure (capex) programme. GPPL was set up in 2003 by Mr. Pradip Khemka along with his four friends, Mr. Sashi Choudhury, Mr. Uday Rajgaria, Mr. Hanuman Agarwal, and Mr. Binod Agarwal, in Sundergarh (Odisha). The company manufactures sponge iron, with a production capacity of 2 kilns of 100 tonnes per day each and is operating at around 53 per cent. GUPTA METAL: CARE Cuts Ratings on INR59.81cr Loans to 'D' --------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Gupta Metal Sheets Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 50.81 CARE D Revised Facilities from CARE BB Short-term Bank 9.00 CARE D Revised Facilities from CARE BB Rating Rationale The ratings' revision takes into consideration the delays in servicing of the company's debt obligations on account of stressed liquidity position. Gupta Metal Sheets Ltd was originally incorporated as a private limited company by the name of Gupta Metal Sheets Pvt Ltd in the year 1995. GMSL is primarily engaged in the conversion of copper cathodes into copper and copper alloys sheets/strips. The company's manufacturing plant is located in Rewari (Haryana) with an installed capacity of 12,500 Tonnes Per Annum (TPA). GMSL primarily sells its products to automobile manufacturers, electric goods manufacturers and defense sector. During FY13 (refers to the period April 1 to March 31), the company registered a total income of INR324.57 crore and PAT of INR0.47 crore. Delay in Debt Servicing In FY13, GMSL witnessed deterioration in financial profile with a decline in profitability margins, increase in overall gearing and weak debt coverage indicators. The liquidity stress was mainly due to the increase in the raw material prices and limited ability of the business to pass on the same to the end consumers. H S INDIA: CRISIL Suspends 'B+' Ratings on INR191MM Loans --------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of H S India Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 Suspended Cash Credit 2.5 CRISIL B+/Stable Suspended Long-Term Loan 100.0 CRISIL B+/Stable Suspended Proposed Long-Term Bank Loan Facility 88.5 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by HSIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, HSIL is yet to provide adequate information to enable CRISIL to assess HSIL'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' HSIL (formerly, Hotel Silver Plaza Pvt Ltd) was set up in 1989 by Mr. Pushpendra Bansal. It runs a 136-room, three-star hotel, Lord's Plaza, in Surat (Gujarat), in franchise agreement with Lords Inn and Hotels Developers Ltd (promoted by Mr. Bansal and his associates). HSIL has been listed on the Bombay Stock Exchange since 1993. HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr Loans ------------------------------------------------------------ CARE reaffirms the ratings assigned to the bank facilities of Hule Constructions Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9 CARE B+ Reaffirmed Short-term Bank Facilities 3 CARE A4 Reaffirmed Rating Rationale The ratings continue to be constrained on account of the slow execution of present projects coupled with no new contracts in the recent past, geographical and segmental concentration of operations, limited comfort from price escalation clause and its relativity small scale of operations in the competitive construction industry. The ratings are further constrained by the stretched liquidity position of the company. The ratings, however, continue to draw comfort from the experience of the promoters in the irrigation space, healthy order book position and registration as class I (A) contractor with the Public works Department (PWD) of Maharashtra state. The ability of the company to effectively execute the projects in hand, diversify its operations and enhance the scale of operations remain the key rating sensitivities. Incorporated in year 2007, Hule Constructions Private Limited is promoted by Mr Vishwanath Hule Patil having almost 25 years of experience in the infrastructure space in the capacity of contractor. HCPL is engaged in infrastructure contract work with operations focused in Beed (Marathwada region), Maharashtra. Within the infrastructure sector, HCPL majorly operates in two segments - irrigation and construction of buildings. The company participates in the tender floated by the PWD; if awarded with the contract, the company has to approve the work designs from Central Design Organisation, Nasik. Till date, HCPL has successfully executed 11 projects and also owns most of the machinery and equipment which are required for the execution of projects. The company got registered under the class- I (A) contractor in the year 2011 with the PWD, Maharashtra state, by virtue of which it is eligible to undertake all types of civil work, irrespective of size within the state of Maharashtra. HCPL reported a PAT of INR1.39 crore against a turnover of INR42.44 crore in FY13 (refers to the period April 1 to March 31) as against PAT of INR1.47 crore against a turnover of INR33.60 crore in FY12. KADVANI FORGE: ICRA Reaffirms 'B+' Ratings on INR30.5cr Loans ------------------------------------------------------------- The rating of '[ICRA]B+' has been reaffirmed for the INR25.00 crore (enhanced from INR22.00 crore) cash credit facility and the INR2.50 crore (reduced from INR5.46 crore) term loans of Kadvani Forge Limited. The rating of '[ICRA]B+' has also been assigned to the INR3.00 crore working capital demand loan of KFL. Further, the rating of '[ICRA]A4' has been reaffirmed for the INR2.00 crore (enhanced from INR0.42 crore) Letter of credit facility of KFL. The rating of '[ICRA]A4' has also been assigned to the INR1.00 crore bill discounting facility, the INR2.50 crore forex forward limit and the INR1.50 crore bank guarantee facility of KFL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit facility 25.00 [ICRA]B+ reaffirmed Term Loan 2.50 [ICRA]B+ reaffirmed Working Capital Demand Loan 3.00 [ICRA]B+ assigned Letter of Credit facility 2.00 [ICRA]A4 reaffirmed Sale Bill Discounting-LCBD 1.00 [ICRA]A4 assigned Forex Forward Limit 2.50 [ICRA]A4 assigned Bank Guarantee facility 1.50 [ICRA]A4 assigned The ratings continue to remain constrained by the weak financial profile as reflected by low net margin, adverse capital structure and moderate debt coverage metrics as well as high working capital intensity leading to stretched liquidity position of the company. The ratings also take into account the low capacity utilization levels, moderate customer concentration risk, vulnerability of sales volumes to performance of automobile sector and intense competition from large number of domestic forging units leading to pressure on operating margin. The ratings, however, take into account the promoters' experience in the forging industry; long standing relationships with a stable customer base and order linked production leading to low risk of raw material price fluctuations. Kadvani Forge Limited, incorporated in 1995, is involved in manufacturing of closed die steel forged products in carbon, alloy and stainless steel with its plant located at GIDC Lodhika in Rajkot, Gujarat. KFL was initially promoted by Kadvani family and was taken over by Mr. Vitthal Dhaduk in February 2009. Currently the plant has an installed capacity of 30,000 MTPA. Recent Results For FY2013, the company reported an operating income of INR98.88 crore and profit after tax of INR1.35 crore as against operating income of INR97.91 crore and profit after tax of INR0.01 crore for FY 2012. KAPOOR OIL: ICRA Assigns 'B' Ratings to INR7.40cr Loans ------------------------------------------------------- ICRA has assigned an '[ICRA]B' rating to the INR1.40 crore term loan and INR6.00 crore cash credit facility of Kapoor Oil Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 1.40 [ICRA]B assigned Cash Credit 6.00 [ICRA]B assigned The assigned rating is constrained by Kapoor Oil Industries's modest scale of operations, weak financial profile characterised by low profitability, stretched capital structure owing to recently incurred debt funded capex and weak debt coverage indicators. ICRA also takes note of the highly competitive and fragmented industry structure with the limited value additive nature of operations which leads to a pressure on profitability. The rating further incorporates the vulnerability to adverse movements in raw material prices, which in turn is linked to the seasonal nature of the cotton industry and government regulations on MSP and export. Also, being a partnership firm, any substantial withdrawal by the partners can have an adverse impact on the capital structure of the firm. The rating however, favorably factors in the experience of the promoters in the cotton industry, the location in the cotton growing belt of India which ensures easy availability of cotton, the forward integration in crushing facilities for cottonseeds resulting into limited diversification and additional revenue in crushing as well as the stable demand outlook supported by the scrapping of excise duty on cotton and spun yarn in last budget. The firm was incorporated on July 4, 2006, as partnership firm to engage in the business of crushing cottonseeds. In FY 2013, the firm diversified its operations by entering into the ginning and pressing segment to produce cotton bales and cottonseeds. The manufacturing unit located at Vijapur, Gujarat is equipped with 14 jumbo ginning machines, one pressing machine and four expellers. The firm has an installed capacity to produce 145 cotton bales and 4 MT cottonseed oil per day (24 hours operation). The operations of the firm are managed by six partners namely Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr. Rameshbhai Patel, Mr. Rashikbhai Patel and Mr. Popatbhai Patel. Recent Results During FY 2013, KOI reported an operating income of INR11.56 crore and PAT of INR0.19 crore against an operating income of INR5.23 crore and PAT of INR0.07 crore during FY 2012. KEMS SERVICES: ICRA Assigns 'B+' Ratings to INR9.50cr Loans ----------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.50 crore cash credit facility, the INR7 crore bank guarantee and the INR0.50 crore unallocated bank limits of Kems Services Private Limited. ICRA has also assigned a short term rating of '[ICRA]A4' to the above INR0.50 crore (interchangeable with long term) unallocated bank limits of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 2.50 [ICRA]B+ assigned Facility Bank Guarantee 7.00 [ICRA]B+ assigned Unallocated limits 0.50 [ICRA]B+/[ICRA]A4 assigned The ratings factor in the company's exposure to geographical concentration risks, with the majority share of the company's ongoing projects being located in Bihar and the execution risks arising from delays in receipt of regulatory approvals, issues related to land availability and political as well as bureaucratic interventions due to the high exposure to the government sector. The ratings also incorporate the company's exposure to volatility in raw material prices that could have an adverse impact on its profitability and cash flows. The presence of built-in price escalation clauses in long tenure contracts, however, mitigates such risks to an extent. ICRA notes that the high working capital requirement adversely impacts its liquidity position of the company. The ratings are however, favorably impacted by the healthy order book position of the company thereby offering revenue visibility in the near to medium term and the favorable capital structure of the company as indicated by a conservative gearing, comfortable coverage indicators and the absence of long term loans which provides financial flexibility to the company. Incorporated in 2001, KSPL is a civil contractor and is engaged in executing various projects awarded by the Government. The activities of the company primarily include construction of roads, bridges, dams and buildings, mainly in Bihar. Recent Results As per provisional results, KSPL registered a profit before tax of INR0.45 crore on the back of OI of INR14.18 crore in FY13. In FY12, the company registered a profit after tax of INR0.41 crore on the back of OI of INR27.14 crore. KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.88cr Loans --------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Krishna Developers. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.88 CARE B+ Reaffirmed Facilities The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of the withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating continues to remain constrained on account of the risk associated with the timely receipt of rentals from the sole leased sole commercial property of Krishna Developers and uncertainty regarding termination of lease considering no lock-in period which may lead to cash flow mismatches. The rating is further constrained on account of KDE's small revenue base coupled with net losses in FY13 (refers to the period April 1 to March 31), moderately leveraged capital structure and its constitution as a partnership concern. The rating, however, continues to take comfort from the vast experience of the partners with demonstrated financial support in the past and healthy business profile of the tenant. Timely receipt of the lease rentals and continued financial support from the partners, especially in an event of termination of the lease agreement by the existing tenant are the key rating sensitivities. Jaipur-based (Rajasthan) KDE was formed in 2007 as a partnership concern promoted by 10 partners. Later in April 2010, four partners retired from the firm and currently, KDE is owned by six partners. Mr Vinod Agarwal and Mr Namit Agarwal are the main working partners who look after the overall operations of the firm. KDE is engaged in the real estate development business and has developed a commercial complex, 'Matrix Mall' situated at Jawahar Nagar (Jaipur) which houses two basement and three floors with total area of 40,408 square feet. It developed this property on lease land taken from Jaipur Nagar Nigam (JNN). During March 2012 KDE gave the entire mall on lease to SBBJ bank. The partners have vast experience in the development of various commercial projects. The management has developed various real estate projects in Jaipur under different companies like Alankar Buildcon Private Limited, Riddhi Siddhi Home Private Limited and Krishna Buildhome Private Limited which are engaged in the same line of business. Other than these entities, the partners also manage Agrasen Engineering Industries Limited (AEIL, rated CARE BBB/CARE A3+) which is engaged in the manufacturing of automotive component and Scion Exports Private Limited (SEPL, rated CARE BB) which is engaged in the manufacturing of forged components. L R AUTOMOBILES: CRISIL Reaffirms 'B+' Ratings on INR123.5M Loans ----------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of L R Automobiles continues to reflect LRA's weak financial risk profile, marked by a weak capital structure, its exposure to intense competition in the automobile dealership market, and its limited bargaining power with its principal, Hyundai Motor India Ltd (Hyundai; rated 'CRISIL A1+'). These rating weaknesses are partially offset by LRA's established market position as a dealer of Hyundai's passenger vehicles. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120.0 CRISIL B+/Stable (Reaffirmed) Proposed Long-Term 3.5 CRISIL B+/Stable (Reaffirmed) Bank Loan Facility Outlook: Stable CRISIL believes that LRA will maintain its business risk profile over the medium term, backed by its established position in the automobile dealership business and its relationship with Hyundai. The outlook may be revised to 'Positive' in case of more-than- expected increase in the firm's revenues with sustained profitability, along with improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if LRA reports lower-than-expected operating margin or revenues, or if it undertakes a large debt-funded capital expenditure, resulting in deterioration in its financial risk profile. Update: LRA reported revenues of INR651.1 million, in line with CRISIL expectation, for 2012-13 (refers to financial year, April 1 to March 31). The firm's operating margin has remained in line with CRISIL expectation at 2.6 per cent for 2012-13. CRISIL believes that LRA's business risk profile will remain stable over the medium term, with stable revenues and operating margin on account of its established relationship with Hyundai. LRA has moderate working capital requirements for maintaining its inventory of cars at its showroom with no credit period from its supplier. With the increase in the number of models, the firm's working capital requirements are expected to increase and hence reliance on bank lines expected to increase to meet the incremental working capital requirements. LRA's financial risk profile has remained in line with CRISIL's expectation, with a total outside liabilities to tangible net worth ratio of over 3 times as on March 31, 2013, and interest coverage ratio of 1.8 times for 2012-13. CRISIL believes that the firm's financial risk profile will remain weak over the medium term, with a small net worth and a low operating margin LRA was established by members of the Miglani family in 2008. The firm is an authorised dealer of Hyundai in Haryana. LRA operates through two showrooms-cum-workshops at Kaithal and Jind. Financials: Financials: For 2012-13 (refers to financial year, April 1 to March 31), LRA reported a net profit of INR3.5 million on net sales of INR651.1 million, against a net loss of 4.8 million on net sales of INR583.1 million in 2011-12. LEXUS GRANITO: CARE Assigns 'D' Ratings to INR37.72cr Loans ----------------------------------------------------------- CARE assigns 'CARE D' ratings to the bank facilities of Lexus Granito (India) Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 32.02 CARE D Assigned Short-term Bank Facilities 5.70 CARE D Assigned Rating Rationale The rating assigned to the bank facilities of Lexus Granito (India) Private Limited is primarily constrained on account of the frequent instances of delay in the debt servicing. Establishing a clear track record of timely servicing of debt obligations along with improvement in the liquidity position are the key rating sensitivities. Incorporated in 2008, Morbi-based (Gujarat) LGPL is engaged in the manufacturing of doublecharged vitrified tiles. The company had started commercial production in August 2011. LGPL's manufacturing facility is located at Morbi in the Rajkot district which is the ceramic tile manufacturing hub of Gujarat and has an installed capacity of 82,800 Metric Tonnes Per Annum (MTPA) for manufacturing of vitrified tiles as on March 31, 2013. During FY13 (refers to the period April 1 to March 31), LGPL reported a total operating income of INR63.65 crore (FY12: INR29.94 crore) and PAT of INR0.67 crore (FY12: net loss of INR2.99 crore). During 8MFY14 (provisional), LGPL achieved sales of approximately INR30 crore. MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D' ---------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the bank facility of Mailam Subramaniya Swamy Educational Trust. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 105 CRISIL D (Assigned) The ratings reflect instances of delay by MSSET in servicing its interest on debt; the delays have been caused by cash flow mismatches as a result of delays in fee realisation. MSSET is also vulnerable to the highly regulated environment in the education industry and to intense competition from other educational institutes in the region. However, MSSET benefits from the extensive experience of its promoters in the education industry, and its comfortable capital structure and healthy debt protection metrics. Set up in 1998, MSSET runs Mailam Engineering College in Villapuram district (Tamil Nadu). The college is affiliated to Anna University, Chennai (Tamil Nadu), and it currently offers twelve courses in the fields of engineering and management. The trust has total student strength of close to 3700 students. Mr. M Dhanasekaran, chairman of the trust, currently manages the day-to- day operations of the trust. MSSET reported a surplus of INR58.3 million on net income of INR200.2 million in 2012-13 (refers to financial year, April 1 to March 31); the trust reported a surplus of INR35.8 million on net income of INR150.7 million for 2011-12. MARVELORE MINING: CRISIL Suspends 'D' Ratings on INR225MM Loans --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Marvelore Mining & Allied Industries Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL D Suspended Letter of Credit 2.4 CRISIL D Suspended Proposed Long-Term Bank Loan Facility 130.7 CRISIL D Suspended Rupee Term Loan 71.9 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Marvelore with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Marvelore is yet to provide adequate information to enable CRISIL to assess Marvelore'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' CRISIL has combined the business and financial risk profiles of Marvelore and Yogita Allied & Calcine Products (Yogita). This is because the two companies, together referred to as the Marvelore group, have operational linkages and fungible cash flows with each other. Marvelore was incorporated in 2008, promoted by the Patel and Kheni families, and is involved in mineral micronisation and mineral calcination. The two families have been business associates of each other for 25 years. Marvelore is managed by Mr. Keyur Kheni and Mr. Hiren Patel, who set up the company to diversify from the promoters' traditional businesses of real estate, diamond cutting, polishing, and trading and textiles. Marvelore has its registered office in Surat (Gujarat). MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr Loans ---------------------------------------------------------- ICRA has reaffirmed the '[ICRA]B' rating assigned to INR10.00 crore long term fund based bank limits of Muktsar Cotton (P) Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term: Fund 10.00 [ICRA]B/(reaffirmed) Based Limits The rating reaffirmation continues to take into account the company's stretched financial profile which is on account of low profitability and high leverage. Limited value addition in ginning along with high competitive intensity, given the low entry barriers and commoditized nature of the product, results in low profitability and accruals. This coupled with working capital intensive nature of the business, given the large cotton stocking undertaken for its group company which accounts for MSPL's entire cotton sales, would continue to result in high dependence on debt for working capital funding and keep the debt coverage and liquidity stretched. The above concerns are mitigated by track record of the company of maintaining the profitability despite sharp correction in the cotton prices in the past; however the high levels of cotton inventory maintained at the end of the cotton season would continue to result in vulnerability to adverse movement in the cotton prices which given the low profitability could impact the financial profile of the company. The rating continues to favorably take into account the experience of close to three decades of the promoters in the cotton ginning industry and the favorable location of the ginning unit in the cotton belt and in close vicinity to the textile hub in Punjab , which provides easy access to both raw materials and customers. Going forward, while the profitability is expected to remain low due to the nature of the business, improvement in the working capital cycle and infusion of equity capital to reduce the high dependence on debt would be critical for improvement in the debt coverage and would thus be key rating sensitivity. MCPL was incorporated in September 1996 and is primarily engaged in cotton ginning to produce cotton lint and cotton seeds. The company also does crushing of cotton seeds to produce cotton seed oil and cotton seed cake, however their proportion in the total sales is modest. The company has a ginning unit in Muktsar (Punjab) with 32 ginning machines and 7 expellers and an installed capacity of ginning 750 quintals of kapas and crushing 600 quintals of cotton seeds per day. The entire cotton sales are to a group company which is engaged in cotton yarn spinning. MULTI POLY: ICRA Assigns 'B' Rating to INR9.2cr LT Bank Loans ------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B' to INR9.20 crore fund based limits of Multi Poly Films Private Limited. ICRA has also assigned a short term rating of '[ICRA]A4' to INR0.80 crore short term fund based limits of MPFPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term fund 9.20 Assigned [ICRA]B based limits Short term fund 0.80 Assigned [ICRA]A4 based limits The assigned ratings are constrained by MPFPL's modest scale of operations in the polymer packaging industry, vulnerability of profits to adverse fluctuations in prices of raw materials and competitive pressures in the highly fragmented packaging industry (Dairy and Oil packaging). The ratings are also constrained by the high working capital intensity on account of high receivables and inventory resulting in full utilisation of bank facilities. Low profitability coupled with high working capital intensity has resulted in a leveraged capital structure as reflected in gearing of ~2 times as on March 31, 2013 and weak coverage indicators. The ratings, however positively factor in the long track record of the promoters in the polymer packaging industry, a reputed customer profile comprising established dairy operators including Heritage Foods Limited and Creamline Dairy Private Limited and a robust growth in operating income since FY2011 on the back of improved capacity utilization levels. While ICRA notes the positive demand outlook for products manufactured by MPFPL (Dairy and oil packaging), increasing operational scale and profitability, which depends on availability of additional working capital, will remain critical to timely servicing of debt obligations. Multi Poly Films Private Limited was incorporated in the year 1983 to engage in the manufacture of blown film used in the packaging industry. The company remained inactive for a long period and was revived during 2009-10. The company currently operates two facilities (1 printing and 1 manufacturing facility) in Hyderabad, Andhra Pradesh and is involved in manufacturing of packaging products for use in Daily and Oil - half litre and one litre sachets. The plant has a manufacturing capacity of ~3000 MT (metric tons) per annum. Recent Results The company reported an operating income and profit of INR27.84 crore and 0.06 crore respectively in FY2013 as against an operating income and net profit of INR21.49 crore and INR0.22 crore respectively in FY2012. OMEGA PREMISES: CRISIL Cuts Ratings on INR500MM Loans to 'D' ------------------------------------------------------------ CRISIL has downgraded its rating on the long-term bank facilities of Omega Premises Pvt Ltd to 'CRISIL D' from 'CRISIL BB/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 8.5 CRISIL D (Downgraded from 'CRISIL BB/Stable') Proposed Long-Term 491.5 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL BB/Stable') The rating downgrade reflects a recent instance of delay by Omega in meeting its debt servicing obligations. The delay was primarily due to the company's weak liquidity, driven by a cost overrun in its ongoing projects coupled with muted realisations. Omega is also exposed to the cyclicality inherent in the real estate industry. However, the company continues to benefit from its promoters' extensive experience in the real estate business and its established market position in Pune (Maharashtra). For arriving at the rating, CRISIL has now taken a standalone view of the business and financial risk profiles of Omega, as against the earlier approach of consolidation with its group entity, Pentagon Premises Pvt Ltd (Pentagon). This is because the two entities are independently managed and operate in different geographies. Furthermore, according to the management, no funding support will be extended by Pentagon to Omega over the medium term. Omega is a part of the Suhas Mantri group, which was set up in the early 1990s. The group operates in the real estate business, mainly in Mumbai, Pune, Kalyan, and Khopoli (Maharashtra), and Hyderabad (Andhra Pradesh). Omega develops residential and commercial properties in and around Pune. It is currently executing two residential projects in Pune: Mantri Mystica at Rahatani, and Mantri Eternity at Dapodi. It is also undertaking a commercial project, Mantri Alpine (Phase 2), which is an extension of the completed residential project, Mantri Alpine (Phase 1). OMNITECH INFOSOLUTIONS: ICRA Cuts Rating on INR196.5cr Loans to D ----------------------------------------------------------------- ICRA has revised the long-term rating assigned to the INR131.0 crore long-term fund-based facilities, INR30 crore term loans and INR23.0 crore long-term non-fund based facilities of Omnitech InfoSolutions Limited to '[ICRA]D' from '[ICRA]BB-' earlier. ICRA has also revised its rating on the INR35.5 crore short-term fund- based facilities to '[ICRA]A4' from '[ICRA]A4' earlier. The INR23.0 crore non-fund based facilities limits are interchangeable between long-term and short-term exposure such that the total utilisation does not exceed INR23.0 crore. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term, fund- 131.0 [ICRA]D revised from based facilities [ICRA]BB-(negative) (Cash Credit) Fund-based 23.0 [ICRA]D revised from Facilities [ICRA]A4 Long-term loans 30.0 [ICRA]D revised from [ICRA]BB-(negative) Short-term fund 12.5 [ICRA]D revised from based limits [ICRA]A4 The ratings revision reflects delays in debt servicing by the company on account of adverse liquidity position. Omnitech Infosolutions was incorporated on January 30, 1990 as Omnitech Business Machines Private Limited. The name of the Company was changed to Omnitech Infosolutions Private Limited on January 9, 2001 and subsequently to Omnitech Infosolutions Limited on April 12, 2001. Over a period of time, from being a third party service provider and computer assembling company, the company has expanded its scope of activities by venturing into IT solutions and Technology services. Omnitech has a number of strategic alliances with technology leaders like IBM, CA, VERITAS, Cisco, Microsoft, Oracle, HP, Citrix, Intel, etc which helps it in delivering software and hardware for its client projects. The company has client base across different industry segments like BFSI (Banking, Financial Services & Insurance), Manufacturing, Utilities, Services, Government bodies, etc. In January, 2011, Omnitech acquired Avensus (renamed Europe Omnitech Technology Services B.V.), a Netherlands based company having annual turnover of roughly INR55 crore for a total initial consideration of INR40 crore excluding M&A, financial and legal due diligence costs. Avensus is into providing security solutions, managed infrastructure services and virtualisation/optimisation services. The Company has a technology centre in Andheri, Mumbai and disaster recovery centres at Mhape, Navi Mumbai (set up in February 2008) and at Hyderabad (set up in August 2009). The technology centre contains a Network Operations Centre (NOC), Data Centre, Proof of Concept centre (POC), Software development lab, Independent test lab, etc. This apart, it also has an all-India service network covering more than 1,000 locations. In FY 2008, the Company raised INR35 crore (Rs. 105 per share) through an IPO and was listed on Bombay Stock Exchange ('BSE') in August 2007. OSWAL POLYFAB: ICRA Suspends 'B+' Rating on INR9.5cr Bank Loans --------------------------------------------------------------- ICRA has suspended '[ICRA]B+' rating assigned to the INR9.50 Crore bank facilities of Oswal Polyfab Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of requisite information from the company. Incorporated in 2003, Oswal Polyfab Private Limited is a Bhilwara, Rajasthan based weaver engaged in manufacturing and trading of fabric. The company started with trading of fabric in 2003; and subsequently in 2007-08, it set up a weaving facility having annual production capacity of 40 million meters. The company also undertakes weaving job work to adequately utilize installed capacity. OPPL is managed by Mr. Amar Singh Babel and Mr. Anil Kumar Babel, who have combined experience of more than two decades in the textile sector. OXFORD GOLF: CRISIL Rates INR1.25BB LT Bank Loan at 'B-' -------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the proposed long-term bank loan facility of Oxford Golf & Resorts Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 1,250 CRISIL B-/Stable Bank Loan Facility The rating reflects the company's weak liquidity and exposure to project implementation risks as its project is still in the construction phase. These rating weaknesses are partially offset by the experience of the company's promoters in the hospitality and real estate industry. Outlook: Stable CRISIL believes that Oxford will continue to benefit from its promoters' experience in the hospitality and real estate industry. The outlook maybe revised to 'Positive' if cash flows from existing operations strengthen Oxford's liquidity significantly. Conversely, the outlook may be revised to 'Negative' if the company generates lower-than-expected cash flows from existing operations. Oxford was constituted as a partnership firm in 2005-06 (refers to financial year, April 1 to March 31) and thereafter corporatized as Private Limited Company in 2009-10 to develop an integrated tourism and leisure project at Pune (Maharashtra). The company is promoted by Mr. Anirudha U Seolekar and Mr. Ashok Kothari. The project is for development of a golf course, a golf academy, a sports centre, a luxury resort, time-share apartments, a spa, and other recreational amenities. The entire project is spread over 134 acres. The overall cost of the project is around INR2.17 billion, of which INR1.11 billion has been expended till date. The Oxford group has business interests in hospitality and real estate development. The group is primarily engaged in the development of residential, commercial, and hospitality properties in Pune. The group owns and operates 5-star hotels under the brand "The Hotel O" in Goa and Pune. The group has developed property of 3 million square feet. Oxford reported a net loss of INR4.9 million on net sales of INR74.0 million for 2012-13, against a net loss of INR55.1 million on net sales of INR53.5 million for 2011-12. PANCHKROSHI SHIKSHAN: CARE Rates INR8.24cr LT Loans at 'D' ---------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Panchkroshi Shikshan Mandal. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.24 CARE D Assigned Facilities Rating Rationale The rating assigned to the bank facilities of Panchkroshi Shikshan Mandal factors in the ongoing delays in debt servicing due to its stressed liquidity position. Panchkroshi Shikshan Mandal was registered as an educational society on Sept. 15, 1942, under the Societies Registration Act, 1860. Currently, the society is managing 13 institutes spread across Satara, Maharashtra, offering courses from nursery to post graduation in various disciplines such as arts, commerce, science, agriculture, etc. The courses offered by PSM are approved by the All India Council for Technical Education (AICTE), Maharashtra State Board of Technical Education (MSBTE) and Government of Maharashtra. In FY13 (refers to the period April 1 to March 31), PSM registered a surplus of INR1.64 crore on a total operating income of INR11.39 crore as against a surplus of INR0.68 crore on a total operating income of INR9.59 crore in FY12. PRAGATI INGOTS: CRISIL Cuts Rating on INR120MM Loans to 'B' ----------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Pragati Ingots & Power Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 62 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Term Loan 58 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The rating downgrade reflects deterioration in PIPPL's business and financial risk profiles, marked by a decline in its turnover to 813.5 million in 2012-13 (refers to financial year, April 1 to March 31), from INR861.9 million in 2011-12. PIPPL's operating margin has also declined during the year by 1.0 per cent to reach 1.7 per cent due to increased market competition and higher contribution of trading sales to overall turnover leading to lower cash accruals. The company's financial position has also weakened during the year, as indicated by decline of interest coverage and net cash accruals to total debt (NCATD) ratios from 1.47 times to 1.08 times; and 0.14 times to 0.06 times; respectively, during 2012-13. CRISIL believes that PIPPL's business and financial risk profiles will remain constrained by its weak debt protection metrics and lower-than-expected sales over the medium term. The rating reflects PIPPL's small scale of operations; exposure to risks related to the competitive and fragmented nature of the secondary steel industry; and weak financial risk profile, marked by weak debt protection metrics. The rating also factors in the susceptibility of PIPPL's operating margin to volatility in steel prices. These rating weaknesses are partially offset by PIPPL's diversified client base and low working capital requirements, marked by low gross current asset days. Outlook: Stable CRISIL believes that PIPPL will benefit from the healthy prospects for the secondary steel industry over the medium term. The outlook may be revised to 'Positive' in the event of a higher-than- expected increase in revenues and profitability, along with an improvement in capital structure. Conversely, the outlook may be revised to 'Negative' if the company reports lower-than-expected capacity utilisation, leading to a decline in its top line, thus weakening its profitability, or undertakes any significant debt- funded capital expenditure (capex) programme. Incorporated in 2009, PIPPL is promoted by Mr. Abhishek Bhachhawat and Mr. Umesh Agarwal. The company manufactures mild steel ingots, which find application in rolling mills, and are used as raw materials to manufacture various steel products, including thermo- mechanically treated bars and hot-rolled coils and strips. PIPPL has a manufacturing plant in Raipur (Chhattisgarh). PIPPL reported a profit after tax (PAT) of INR0.70 million on an operating income of INR813.5 million for 2012-13, as against a PAT of INR2.5 million on an operating income of INR861.9 million for 2011-12. R.J. CHATHA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan --------------------------------------------------------- CRISIL's ratings on the bank facilities of R.J. Chatha Rice Mills continue to reflect RJCRM's weak financial risk profile, marked by small net worth, a high TOLTNW (Total outside Liability to Total Net worth) ratio, weak debt protection metrics, large working capital requirements, and low cash accruals. The ratings also reflect the firm's small scale of operations, susceptibility to volatility in raw material prices, adverse regulatory changes, and to erratic rainfall. These rating weaknesses are partially offset by healthy growth prospects for, and extensive experience of RJCRM's promoters in, the basmati rice-processing industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70.0 CRISIL B+/Stable (Reaffirmed) Packing Credit 100.0 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that RJCRM will benefit over the medium term from the extensive experience of its promoters in the basmati rice- processing industry. The outlook may be revised to 'Positive' if RJCRM's scale of operations and profitability improve substantially, leading to better-than-expected cash accruals, or if the firm's capital structure improves significantly because of significant capital infusion by the partners. Conversely, the outlook may be revised to 'Negative' if there is significant weakening in the firm's capital structure because of a larger- than-expected, debt-funded capital expenditure programme or decline in its profitability. Incorporated in 1971 by Mr. R S Chatha and Mr. J S Chatha, RJCRM processes basmati rice. The firm exports its produce to Middle- East countries, such as Saudi Arabia, Iran, and Uman, and to the US and Canada. In the domestic market, the firm sells rice under its own brands, Heera and Anarkali, which contribute to around 30 per cent to its total sales. The firm has rice-milling capacity of 5 tonnes per hour (tph) and sorting capacity of 4 tph. RJCRM reported profit after tax (PAT) of INR1.24 million on net sales of INR631.77 million for 2012-13 (refers to financial year, April 1 to March 31) as against PAT of INR1.21 million on net sales of INR560 million for 2011-12. RAMRIA ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR120MM Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Ramria Associates Pvt Ltd continue to reflect RAPL's modest scale of operations in the intensely competitive construction industry, geographical and customer concentration, and average financial risk profile, marked by weak debt protection metrics. These rating weaknesses are partially offset by the benefits that RAPL derives from its promoters' extensive experience in the business of trading in construction material. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Reaffirmed) Cash Credit 120 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that RAPL will continue to benefit over the medium term from its promoters' experience in the business of trading in construction material. The outlook may be revised to 'Positive' if the company achieves better-than-expected operating margin, leading to improvement in its debt protection metrics, and diversifies its customer profile. Conversely, the outlook may be revised to 'Negative' if RAPL records a decline in its operating margin or if its financial risk profile deteriorates because of lengthening of its working capital cycle. Update For 2012-13 (refers to financial year, April 1 to March 31), RAPL has registered operating income of INR897 million, a year-on-year increase of around 25 per cent. The company's operating margin, however, remained low around 2 per cent in 2012-13 in line with past trends and CRISIL's expectations. RAPL's operating margin is low because of the company's trading nature of business. The total outside liabilities to tangible net worth (TOLTNW) ratio remained healthy at 1.41 times as on March 31, 2013. RAPL's interest coverage ratio, however, continued to be low at 1.25 times for 2012-13. The company has moderate liquidity as reflected in its high bank limit utilisation of 95 per cent over the 12 months through October 2013. RAPL's bank limit utilisation is high mainly on account of the company's working-capital-intensive operations. RAPL, incorporated in 1994, is promoted by Mr. TR Mittal. It trades in various construction and building material such as ceiling items, roofing sheets, tiles, gypsum boards, cement, glass, and cement. RANGANAYAKA SPINNING: CRISIL Puts 'B+' Ratings on INR229.7M Loans ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Ranganayaka Spinning Mills Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 124.7 CRISIL B+/Stable Bank Guarantee 4.3 CRISIL A4 Cash Credit 105.0 CRISIL B+/Stable The ratings reflect RSMPL's modest scale of operations, high working capital intensity and vulnerability to volatility in raw material prices. The rating is also constrained by RSMPL's average financial risk profile marked by modest net worth, high gearing, and subdued debt protection metrics. These rating weaknesses are partially offset by the extensive experience of the RSMPL's promoters in the cotton yarn industry. Outlook: Stable CRISIL believes that RSMPL will continue to benefit over the medium term from the extensive experience of its promoters' in the textile industry. The outlook may be revised to 'Positive' if the company records significant increase in its scale of operations while improving its profitability and capital structure. Conversely, the outlook may be revised to 'Negative' if there is a decline in its revenues or margin, lengthening of its working capital cycle or it undertakes a large debt-funded capex programme leading to weakening in its financial risk profile. RSMPL established in 2006 by Mr. Ramalingeshwar Rao, commenced manufacturing operations in April 2008. The Company's production facility is located in Guntur, Andhra Pradesh. RSMPL produces cotton yarn and sells mainly in the domestic market through agents. For 2012-13 (refers to financial year, April 1 to March 31), RSMPL reported a profit after tax (PAT) of INR1.88 million on net sales of INR356.8 million, against a PAT of INR1.55 million on net sales of INR319.7 million for 2011-12. SAI KRUPA: CRISIL Suspends 'B+' Ratings on INR110MM Loans --------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sai Krupa Construction. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 110 CRISIL A4 Suspended Cash Credit 100 CRISIL B+/Stable Suspended Rupee Term Loan 10 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by Sai with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Sai is yet to provide adequate information to enable CRISIL to assess Sai'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 1996 as a proprietary concern, Sai undertakes infrastructure projects as a government-approved civil contractor. It specialises in sewage lines, drainage systems, canals, and pipe lines. Based in Vadodara (Gujarat), it is empanelled as a Class AA government contractor and is owned and managed by Mr. Jawahar Parekh. SHIVA UDYOG: CRISIL Lowers Ratings on INR318.5MM Loans to 'D' ------------------------------------------------------------- CRISIL has downgraded its ratings to the bank facilities of Shiva Udyog Barrels Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRIISL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Working Capital 183.5 CRISIL D (Downgraded from Term Loan 'CRISIL A4') Cash Credit 100 CRISIL D (Downgraded from 'CRISIL B/Stable') Term Loan 5 CRISIL D (Downgraded from 'CRISIL B/Stable') Letter of credit 30 CRISIL D (Downgraded from 'CRISIL B/Stable') The rating downgrade reflects instances of excess utilisation by SUBPL of its cash credit facility, for more than 90 days ended October 31, 2013, and devolvement of a letter of credit during September 2013. These instances have been driven by SUBPL's continued weak liquidity since March 2013. SUBPL's weak liquidity has resulted from a cash loss of INR130.3 million incurred in 2012-13 (refers to financial year, April 1 to March 31). The cash loss completely eroded the company's net worth as on March 31, 2013. SUBPL also has a weak financial risk profile, marked by high gearing and weak debt protection measures; and is exposed to risks related to customer concentration in its revenue profile. These rating weaknesses are partially offset by the promoters' extensive experience in the barrel manufacturing segment. SUBPL was incorporated in 2008, to take over the partnership firm, Shiva Udyog. Mr. Pankaj Agarwal, Mr. Sanjeev Kumar, and Mr. B Lal (Shiva Udyog's partners) retained a proportionate shareholding in SUBPL. The company manufactures barrels (steel drums). SUBPL reported a net loss of INR130.3 million on net sales of INR933.7 million for 2012-13 (refers to financial year, April 1 to March 31), vis-�-vis a net loss of INR1.6 million on net sales of INR1000.2 million for 2011-12. SHREE SHYAM: ICRA Lowers Ratings on INR92.54cr Loans to 'D' ----------------------------------------------------------- ICRA has revised the long term rating assigned to the INR50 crores term loans and INR27.66 crores fund based limits of Shree Shyam Pulp & Board Mills Limited to '[ICRA]D' from '[ICRA]BBB+'. ICRA has also revised the short term rating assigned to the INR14.88 crores non-fund based limits of SSPBML to '[ICRA]D' from '[ICRA]A2'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loans 50.00 [ICRA]D; Revised from [ICRA]BBB+(Stable) Fund Based Limits 27.66 [ICRA]D; Revised from [ICRA]BBB+(Stable) Non Fund Based 14.88 [ICRA]D; Revised from Limits [ICRA]A2 The rating action takes into account the delays in servicing of debt obligations by the company caused by technical failure in the boiler leading to plant shutdown for more than a month. The ratings continue to be constrained by the debt funded capacity expansion done by the company over the past few years which has resulted in relatively high gearing levels and moderate debt coverage indicators. The ratings also factor in the vulnerability of company's profitability to increase in prices of inputs such as agri- residues, waste paper, purchased pulp and coal which has resulted in decline in operating profitability of the company and vulnerability of SSPBML's profitability to cyclicality in the paper business. The ratings factor in the high working capital intensity of the business due to high inventory and receivable days which has resulted in almost full utilization of working capital limits of the company. ICRA however takes note of partially integrated nature of SSPBML's operations, industrial policy incentives enjoyed by the company and its strong management profile. Shree Shyam Pulp & Board Mills Limited was incorporated in the year 1994 and is promoted by Mr. Naresh Kumar Gupta and his family. The company is engaged in manufacturing of writing and printing paper mainly from agricultural residues at its manufacturing facility in Kashipur, Uttarakhand. The company sells paper in the domestic market and exports form a very small proportion of the total revenues of the company (less than 1% in FY13). SSPBML enjoys various industrial policy incentives under the Industrial Policy 2003 for Uttarakhand. Incentives are available for a period of 10 years from the commencement of commercial production and include excise exemption, income tax holiday and concessional sales tax @1%. Incentives are likely to terminate for 64% of current installed capacity post 2015 and for 36% of current installed capacity post 2017. The newly added capacity of 35000 Tonnes per Annum (TPA) will also be eligible for tax and excise benefits up to FY2017. Recent results In FY2013, SSPBML reported net profit of INR50.93 crores on an operating income of INR711.74 crores as against net profit of 41.99 crores on an operating income of INR499.75 crores in FY2012. SHREYAS INTERMEDIATES: CRISIL Suspends D Rating on INR1.27B Loans ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shreyas Intermediates Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 20 CRISIL D Suspended Cash Credit 329.3 CRISIL D Suspended Letter of Credit 6.0 CRISIL D Suspended Term Loan 923.3 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by SIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIL is yet to provide adequate information to enable CRISIL to assess SIL'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' SIL is an export-oriented unit that manufactures pthalocyanine pigments. The company's unit in Lote Parshuram near Ratnagiri (Maharashtra) has a copper pthalocyanine crude manufacturing capacity of 36,000 million tonnes per annum. Mr. Dinesh Sharma, who set up SIL in 1989, manages its operations along with his son, Mr. Shreyas Sharma. The company is listed on the Bombay Stock Exchange. SHRI DARSHNA: ICRA Assigns 'B+' Rating to INR6.82cr Loans --------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B+' to INR6.82 crore fund based limits and ratings of '[ICRA]B+/[ICRA]A4' to INR0.18 crore unallocated limits of Shri Darshna Industries. Amount Facilities (INR crore) Ratings ---------- ----------- -------- Fund based limits 6.82 [ICRA]B+ assigned Unallocated limits 0.18 [ICRA]B+/[ICRA]A4 assigned The assigned ratings are constrained by small scale of operations in the ginning industry; weak financial risk profile of the firm characterized by dip in operating income, thin profitability levels & moderately high gearing of 1.42 times as on March 31, 2013; and risks arising from partnership nature of the firm. The ratings are also constrained by fragmented industry characterized by competition from a large number of players which limits the ability to pass on hike in input costs and risks of operating in a commodity market characterised by volatility in cotton prices and government regulations on cotton prices. However, the ratings favorably factor in the experienced management; savings in transportation costs arising from plant proximity to cotton growing areas and strong promoter network by being part of the Raghunath Group. Shri Darshna Industries was formed as a partnership firm in the year 2010. The firm is engaged in ginning; pressing & trading of cotton lint. The plant is located in Adilabad district of Andhra Pradesh and it commenced operations from November 2010. The company has 24 gins & 1 Bale press and a capacity to produce 127,000 bales per annum. SINGLA TIMBERS: CRISIL Cuts Ratings on INR50MM Loans to 'B' ----------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Singla Timbers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable', while reaffirming the rating on the firm's short-term bank facilities at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 45 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Foreign Letter of Credit 250 CRISIL A4 (Reaffirmed) Proposed Long-Term 5 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') The rating downgrade reflects deterioration in STPL's business and financial risk profiles. The deterioration in the business risk profile of STPL is marked by decline in operating margin to 1.27 per cent during 2012-13 (refers to financial year, April 1 to March 31) from 1.92 per cent in 2011-12 leading to lower than expected accruals. The decline in operating margin of the company is attributed to competitive pressures due to slow off take from the construction sector and foreign exchange (forex) volatility, coupled with limited ability of STPL to pass on the price increase to the end customer. The financial position of the company also deteriorated during the year as reflected in increase in gearing from 0.72 times to 1.14 times along with a decline in interest coverage to around 1 time during 2012-13. CRISIL believes that STPL's business and financial risk profiles will remain constrained over the medium term due to low profitability. The ratings reflect STPL's weak financial risk profile, marked by high TOLTNW (total outside liabilities by tangible net worth) ratio and debt protection metrics, and small scale of operations in the fragmented timber industry, leading to low profitability. These rating weaknesses are partially offset by STPL's promoters' extensive experience in the timber trading business and moderate working capital requirements. Outlook: Stable CRISIL believes that STPL will benefit over the medium term from the extensive experience of its promoters in the timber business. The outlook may be revised to 'Positive' in case of improvement in STPL's operating margin and more-than-expected revenue, resulting in improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of further weakening in the company's operating margin or a large, debt-funded capital expenditure programme, resulting in weakening in its financial risk profile over the medium term. STPL, set up in 2009, was promoted by Mr. Amit Singla and commenced commercial operations in 2010-11. The company took over the operations of Singla Timbers, which was a partnership firm set up in 1993. STPL imports and trades in timber and logs and is based in Rajpura (Punjab). STPL reported profit after tax (PAT) of INR0.90 million on net sales of INR844.5 million for 2012-13 as against PAT of INR2.4 million on net sales of INR684.6 million for 2011-12. SPICEJET LTD: To Complete Turnaround in a Year, COO Says -------------------------------------------------------- The Economic Times reports that SpiceJet Ltd will complete a financial turnaround in a year and bring in an equity partner "hopefully soon", chief operating officer Sanjiv Kapoor predicted. "There is room for more than one successful, strong and profitable airline in India and we intend to be one of them," the report quotes Mr. Kapoor, who is a month and a half into the job at the loss-making budget airline, as saying. "The operational turnaround is already underway." SpiceJet, which is controlled by media baron Kalanithi Maran, on Dec. 16 entered into an 'interline' agreement with Singapore-based budget carrier Tiger Airways to sell each other's tickets and transfer passengers' checked-in baggage between the airlines, according to ET. The report says Indian aviation companies are passing through a difficult phase, with all carriers other than Indigo making heavy losses. After the government allowed up to 49% foreign investment in civil aviation last year, Etihad has sealed a deal with Jet Airways to buy a 24% stake in the Indian carrier for about INR2,000 crore, the report relays. Admitting delay in roping in an equity partner, Kapoor said, "There has certainly been interest. We want to make sure whoever we partner with is the right partner for us. We should be firming up equity partner hopefully soon," ET reports. He declined to comment on whether Tiger Airways was among those the company is talking to for equity partnership, ET notes. SpiceJet posted losses of INR559 crore in the September quarter this year, INR163 crore in September quarter last year and INR185 crore in the March quarter this year, the report discloses. About Spicejet Ltd SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. SpiceJet posted INR1.91 billion and INR6.05 billion annual net losses for the year ended March 31, 2013 and 2012, respectively. SUKH SAGAR: CRISIL Suspends 'B-' Ratings on INR82.5MM Loans ----------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Sukh Sagar Motors Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 64 CRISIL B-/Stable Suspended Term Loan 18.5 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by SSMPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SSMPL is yet to provide adequate information to enable CRISIL to assess SSMPL'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' SSMPL was incorporated in 2008 by Mr. Baljinder Singh Khanna and his son, Mr. Amandeep Singh Khanna in Jabalpur (Madhya Pradesh). The company is an authorised dealer for TML for the Jabalpur region. The company has one showroom and a workshop. It is also engaged in providing road transportation services, and this segment contributed around 7 per cent to its topline in 2010-11 (refers to financial year, April 1 to March 31). In addition, SSMPL also provides tax service in Jabalpur and has a fleet of 25 taxis. This segment contributed around 1.5 per cent to its sales in 2010-11. SUMARAJ SEAFOODS: CRISIL Suspends B- Rating on INR8.4MM Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Sumaraj Seafoods Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Purchase- Discounting Facility 50 CRISIL A4 Suspended Packing Credit 100 CRISIL A4 Suspended Proposed Long-Term Bank Loan Facility 8.4 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by Sumaraj with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Sumaraj is yet to provide adequate information to enable CRISIL to assess Sumaraj'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' Sumaraj was set up by Mr. Ramu Naga Chandan and family in 1996. The company commenced commercial operations in 2000-01 (refers to financial year, April 1 to March 31). The company exports black tiger shrimps mainly to the European Union, China, the Middle East, the Far East and Mauritius. The firm's processing and storage facility in Taloja (Maharashtra) is Hazard Analysis and Critical Control Point (HACCP) certified, with capacity of 113 metric tonnes per day. SUMMER COOL: CARE Assigns 'B+' Rating to INR1.05cr Loans -------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Summer Cool Home Appliances Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 1.05 CARE B+ Assigned Facilities Long-term/Short- term Bank Facilities 5.62 CARE B+/CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Summer Cool Home Appliances Private Limited are primarily constrained by its small scale of operations, working capital intensive nature of operations and weak debt coverage indicators. The ratings are further constrained by the highly fragmented and competitive nature of the industry and seasonal nature of the business. The ratings, however, draw comfort from the experienced promoters, moderate profitability margins and capital structure. Going forward, SCPL's ability to scale-up its operations while maintaining its profitability margins and effective management of working capital requirements shall be the key rating sensitivities. Summer Cool Home Appliances Private Limited was incorporated in January 2003 as a private limited company by Mr Sanjeev Kumar Gupta and his wife, Ms Rashmi Gupta.SCPL is engaged in the business of manufacturing and trading of a wide range of electrical appliances, viz, fans, coolers, geysers, electric iron, etc. The manufacturing unit of the company is located in Ghaziabad, Uttar Pradesh. The firm procures the raw material domestically and sells its product under the brand name of 'Summer cool' and 'Thermocool'. During FY13 (refers to the period April 1 to March 31), SCPL achieved a total operating income and PAT of INR10.61 crore and INR0.12 crore respectively. The company has achieved a total operating income of INR6 crore till August 31, 2013. SUNMARG STEELS: CRISIL Assigns 'B' Rating to INR60MM Loan --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank loan facility of Sunmarg Steels Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60.0 CRISIL B/ Stable The rating reflects SSPL's modest scale of operations in the highly competitive and fragmented steel industry, and its below- average financial risk profile, marked by high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of SSPL's promoters in the steel industry. Outlook: Stable CRISIL believes that SSPL will continue to benefit over the medium term from the extensive experience of its promoters in the steel industry and its established relationship with its customers. The outlook may be revised to 'Positive' in case there is a substantial improvement in its scale of operations and profitability, leading to improvement in its cash accruals and subsequently its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case there is a decline in the profitability leading to lower-than-expected cash accruals, or elongation in the working capital cycle, leading to pressure on liquidity. SSPL, based in Chhattisgarh was established in 1995 by Mr. Babu Bhai Patel and his family. The company commenced operations in 1997 and manufactures of thermo-mechanically treated steel bars, angles, channels and other structural steel products used in the construction and infrastructure industry. For 2012-13 (refers to financial year, April 1 to March 31), SSPL reported a profit after tax (PAT) of INR0.36 million on net sales of INR244.3 million as against PAT of INR0.81 million on net sales of INR265.3 million for 2011-12. SUSHILA AGROVET: ICRA Assigns 'B-' Ratings to INR9cr Loans ---------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B-' to the INR1.00 crore fund-based facilities and INR8.00 crore long-term loans of Sushila Agrovet Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- Based 1.00 [ICRA]B- Long-term loans 8.00 [ICRA]B- The rating factors in the rich experience of the promoters in the poultry industry, association with Venkatesh Hatcheries which controls the Vencobb breed that commands major market share in India and positive outlook for the broiler chicken industry in India on account of lower cost of chicken over other alternatives. The rating is, however, constrained by its ongoing capital expenditure which is expected to keep the capital structure and cash flows stretched, small networth and modest scale of operations limiting economies of scale. The rating is also constrained by competitive nature of the poultry industry (breeding), high price control exerted by the suppliers and the restricted ability of the company to pass on such input price increases given the commoditized nature of broiler chicken. ICRA also takes of the company's vulnerability to inherent risks of poultry industry like disease out breaks, volatile broiler realizations, high feed stock prices and seasonal nature of business. Sushila Agrovet Private limited was incorporated in 2007 as a private limited company and caters to the hatching egg requirements in Maharashtra. The company is engaged in the breeding of broiler birds of Vencobb 400Y breed and it operates through its facility located at Alibaug in Maharashtra and another facility located at Satara. The company procures day old parent chicks from Venkateshwara Hatcheries, grows them and sells the fertile hatching eggs laid by the birds. The company is managed by four directors who have equal shareholding in the company and have considerable experience in the industry. Recent results: For FY 2013, as per audited numbers, the company reported a loss of INR0.92 crore over an operating income of INR3.54 crore. VARIETY LUMBERS: CARE Lowers Rating on INR17cr Loan to 'D' ---------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Variety Lumbers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Short- 17 CARE D Revised from term Bank CARE B/CARE A4 Facilities Rating Rationale The revision in the ratings assigned to the bank facilities of Variety Lumbers Private Limited primarily factors in the delay in debt servicing due to weakened liquidity position. VLPL, incorporated in the year 2002, is promoted by Mr SN Dubey at Kandla (Gujarat). The company is engaged in the import of round timber logs which is subsequently sawn and sized at its saw mill into various commercial sizes as per the requirement of its customers. Most of its revenue is derived from the sale of various types of pinewood. Furthermore, from FY09 (refers to the period April 1 to March 31) onwards, VLPL also started manufacturing of wooden plates. VLPL's manufacturing facility is located in Gandhidham in the Kutch district of Gujarat, near Kandla port which facilitates easy imports and transportation. VLPL procures its raw material through imports mainly from New Zealand and Singapore. The timber processed by VLPL finds large-scale use in the packaging of various products apart from use in infrastructure, building construction and furniture. As per the audited results for FY13, VLPL reported a PAT of INR0.23 crore (INR0.25 crore in FY12) on a total operating income of INR38.08 crore (INR36.26 crore in FY12). During H1FY14, VLPL reported a TOI of INR15.33 crore. ========= J A P A N ========= TOKYO ELECTRIC: To Get JPY9 Trillion Interest-Free Loans -------------------------------------------------------- Kyodo News reports that the Abe administration plans to lift the ceiling on interest-free loans to Tokyo Electric Power Co. to JPY9 trillion, up from the current JPY5 trillion, to help pay compensation to victims of the Fukushima nuclear disaster and decontamination efforts, a source said. Officials had considered a JPY10 trillion cap but lowered it because compensation payments are now estimated to show a smaller increase than previously thought, the source told Kyodo. Kyodo relates that the JPY4 trillion increase comprises JPY500 billion for compensation, JPY2.5 trillion for decontamination and JPY1 trillion for constructing and managing interim storage facilities for radioactive materials. The loans will be in the form of a bond Tepco can cash when needed, the report adds. About Tokyo Electric Tokyo Electric Power Company is the largest electric power company in Japan and the largest privately owned electric utility in the world. TEPCO supplies electricity to meet the increasingly diversified and sophisticated demands of its over 28.09 million customers in the metropolitan Tokyo, which is the political, economic, and cultural center of Japan, and eight surrounding prefectures. Bloomberg News said the utility is battling radiation leaks at the Fukushima Dai-Ichi power plant north of Tokyo after a March 11 earthquake and tsunami knocked out its cooling systems, causing the biggest atomic accident in 25 years. More than 50,000 households were forced to evacuate and Bank of America Corp.'s Merrill Lynch estimates TEPCO may face compensation claims of as much as JPY11 trillion (US$135 billion). As reported in the Troubled Company Reporter-Asia Pacific on May 11, 2012, Bloomberg News said Japan's government took control of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as part of the nation's largest bailout since the rescue of the banking industry in the 1990s. Bloomberg related that the government will obtain more than 50% of the voting rights in the utility under a 10-year plan approved on May 8 by Trade and Industry Minister Yukio Edano. The government stake may rise to two-thirds if TEPCO fails to meet goals that include cost cuts and compensation payments, said Bloomberg. Under the plan, Bloomberg disclosed, the utility aims for an unconsolidated profit of JPY106.7 billion in the year ending March 2014, based on an electricity rate increase and the restart of the Kashiwazaki Kariwa nuclear station. Bloomberg says nationalization of TEPCO paves the way for the government to restructure the electricity industry monopolized by regional utilities and possibly break up power generation and transmission networks to allow more competition. ==================== N E W Z E A L A N D ==================== GREENSHELL NEW ZEALAND: Rabobank Appoints KordaMentha as Receiver ----------------------------------------------------------------- Christopher Adams at the New Zealand Herald reports that Greenshell New Zealand has gone into receivership. Receivers KordaMentha have been appointed to Greenshell New Zealand and an associated company, Ikana, by the firms' main secured creditor, Rabobank, the Herald says. According to the report, KordaMentha's Brendon Gibson said he could not comment on how much creditors were owed. The Herald relates that Greenshell New Zealand was continuing to trade and the receivers were aiming to sell the business, whose main assets were leases and licences on several Coromandel mussel farms, as a going concern. Mr. Gibson said Ikana -- the retail arm of the business, which sold chilled and frozen mussels -- had been unprofitable and ceased trading, resulting in four to five job losses, the Herald relays. Gibson said he could not discuss the causes of the receivership. On Nov. 19, 2013, Brendon James Gibson -- bgibson@kordamentha.com -- and Grant Robert Graham -- ggraham@kordamentha.com -- of KordaMentha were appointed Joint and Several Receivers and Managers of the assets and undertakings of Greenshell Investments Limited, Greenshell New Zealand Limited, Ikana Limited and Ikana New Zealand Limited. Headquartered in Auckland, Greenshell New Zealand is a mussel farming company. It has about 20 staff. ROSS ASSET: David Ross Appeal on Jail Sentence Upsets Investors --------------------------------------------------------------- Hamish McNicol at Stuff.co.nz reports that David Ross's appeal against his jail sentence has been labelled a "poke in the eye" to the 700 plus investors he stole about NZ$115 million from. Stuff.co.nz says Mr. Ross's lawyer Gary Turkington confirmed on Dec. 16 an appeal against the five years and five months minimum non-parole period had been filed on Dec. 13. The Lower Hutt man behind New Zealand's biggest fraud would appeal his minimum jail term on the grounds it was either "manifestly excessive" or "inappropriate," the report relays. According to the report, Ross Asset Management Investors Group head Bruce Tichbon said Mr. Ross was entitled to justice but the appeal was upsetting and had surprised investors who thought the matter had reached its end. "We thought we'd put this guy away and this chapter could be closed in the minds of a lot of investors who are very upset with the guy," the report quotes Mr. Tichbon as saying. "For a lot of people this will prevent closure." Last month Mr. Ross was sentenced in the Wellington District Court to 10 years and 10 months jail for the single biggest individual fraud in New Zealand history, Stuff.co.nz recalls. The report notes that the 63-year-old stole about NZ$115 million from at least 700 investors through a Ponzi scheme. He must serve a minimum non-parole period of half of the sentence -- five years and five months. This is equivalent to roughly one day for every NZ$60,000 he stole from investors. According to Stuff.co.nz, Mr. Tichbon said the appeal was a "poke in the eye" and "slap in the face" of investors. "The guy has never really seemed to show sincere remorse and we just feel this really reflects back to the investors the sort of mindset the guy has. "He's out looking after himself." As reported in the Troubled Company Reporter-Asia Pacific on Nov. 18, 2013, Mr. Ross has been sentenced in the Wellington District Court to 10 years and 10 months of imprisonment following a joint agency investigation by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA). The Wellington based financial adviser pleaded guilty in August this year to four Crimes Act charges of false accounting and one charge of theft by person in special relationship laid by the SFO. He pleaded guilty to three FMA charges of providing a financial service when he was not registered for that service, knowingly making a false declaration to FMA for the purposes of obtaining authorisation as an Authorised Financial Adviser (AFA) and producing documents to FMA which he knew to be false or misleading. The TCR-AP reported on Nov. 8, 2012, that the High Court appointed PricewaterhouseCoopers partners John Fisk and David Bridgman as Receivers and Managers to Ross Asset Management Limited and nine other associated entities following application by the Financial Markets Authority. The associated entities are: * Bevis Marks Corporation Limited; * Dagger Nominees Limited; * McIntosh Asset Management Limited; * Mercury Asset Management Limited; * Ross Investment Management Limited; * Ross Unit Trusts Management Limited; * United Asset Management Limited; * Chapman Ross Trust; * Woburn Ross Trust; * Ace Investments Limited or Ace Investment Trust Limited or Ace Investment Trust; * Vivian Investments Limited; and * Ross Units Trusts Limited. The Receivers and Managers have also been appointed to Wellington investment adviser David Robert Gilmore Ross personally. Mr. Fisk said they have identified investments of nearly NZ$450 million held on behalf of more than 900 investors across 1,720 individual accounts. The High Court in mid-December ordered John Fisk and David Bridgman be appointed liquidators of these companies: -- Ross Asset Management Limited (In Receivership); -- Bevis Marks Corporation Limited (In Receivership); -- McIntosh Asset Management Limited (In Receivership); and -- Mercury Asset Management Limited (In Receivership). ================ S R I L A N K A ================ UNION BANK OF COLOMBO: Fitch Slashes National LT Rating to 'BB' -------------------------------------------------------------- Fitch Ratings Lanka has downgraded Sri Lanka-based Union Bank of Colombo PLC's (UB) National Long-Term Rating to 'BB(lka)' from 'BB+(lka)'. The Outlook has been revised to Stable from Negative. Key Rating Drivers: The downgrade reflects the deterioration in UB's credit profile, in terms of its asset quality and capitalisation. Fitch has taken into consideration UB's increasing risk appetite, which can be seen in its rapidly expanding operations despite delays in implementing a core banking system. Fitch is of the view that UB's exposure to mostly SME customers renders it susceptible to economic cycles. The rating captures UB's weak financial profile and small franchise relative to other licensed commercial banks. Fitch believes that although UB is on track to resolve operational weaknesses, it is likely to take some time until tangible benefits from stronger risk management and more robust internal reporting feed through. Fitch expects UB's newly extended loans to continue to exert pressure on capitalisation as they season. UB posted loan growth of 16% in 9M13, well above the 5.2% for the sector. The NPLs increased by 27% in the first nine months of 2013, bringing the ratio of NPLs to gross loans to 13% at end-3Q13, from 12% at end- 2012. The NPLs at its subsidiary UB Finance Limited accounted for 41% of the group's total NPLs. The increase in the NPL ratio, excluding the NPLs at UB Finance Limited, to 8.4% of gross loans at end-3Q13 from 6.9% at end-2012 stemmed largely from pawning (gold-backed) advances. Having accumulated unprovided NPLs of 45% of equity at end-3Q13 (end-2012: 31%, end-2011: 30%) UB's capital remains vulnerable to further loan deterioration. UB's Fitch core capital ratio decreased to 14.5% at end-3Q13 (end-2012: 16.2%), mainly due to loan growth. In addition, the decline in UB's consolidated regulatory core capital adequacy ratio to 13.7% at end-3Q13 from 17.7% at end-2012 reflects losses from the consolidation of Serendib Capital Limited to comply with new accounting standards in Sri Lanka. UB transferred its non-performing assets to Serendib Capital Limited, a special purpose vehicle, in 2003. UB's investment in Serendib Capital Limited is in the form of a deeply discounted bond that the latter issued in 2003 as part of UB's recapitalisation. The bond is guaranteed by Sampath Bank Plc (AA-(lka)/Stable). UB recorded deposit growth of 21% in 9M13 resulting in a decrease in its loans/deposits ratio to 88.8% at end-3Q13 from 92.5% at end -2012. Fitch believes that the share of current and savings deposits in UB's total deposit base is likely to continue to be smaller than that of its more established peers. Rating Sensitivities: Continuously aggressive loan growth or loose underwriting standards may result in a rating downgrade if they were to lead to further significant capital erosion or materially hamper the group's liquidity. An upgrade is contingent on ongoing improvements to UB's risk management processes and systems, which should provide the bank with a more robust framework to manage its expansion and enable it to maintain adequate loan quality and capitalisation. UB is a small licensed commercial bank accounting for less than 1% of the Sri Lankan banking sector's assets. Vista Knowledge Limited and Select Gain Limited, which are companies associated with Malaysia's Genting Berhad, together hold 25.2% of UB's equity while Sampath Bank PLC holds a further 7.5%. The bank had 45 branches at end-3Q13. UB's subsidiaries include UB Finance Limited) and National Asset Management Limited. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA AAT CORP LTD AATDA 32.50 -13.46 ARASOR INTERNATI ARR 19.21 -26.52 ATLANTIC LTD ATI 490.17 -25.68 AUSTRALIAN ZI-PP AZCCA 77.75 -2.57 AUSTRALIAN ZIRC AZC 77.75 -2.57 BIRON APPAREL LT BIC 19.71 -2.22 BOUNTY MINING LT BNT 10.54 -0.94 CLARITY OSS LTD CYO 37.13 -13.75 CMA CORP LTD CMV 127.41 -51.00 CWH RESOURCES LT CWH 10.71 -3.03 LANEWAY RESOURCE LNY 10.84 -11.48 NATURAL FUEL LTD NFL 19.38 -121.51 PENRICE SODA HOL PSH 122.46 -26.85 QUICKFLIX LTD QFX 11.48 -5.34 QUICKFLIX LTD-N QFXN 11.48 -5.34 REDBANK ENERGY L AEJ 300.67 -20.13 RIVERCITY MOTORW RCY 386.88 -809.13 RUBICOR GROUP LT RUB 45.20 -75.31 STERLING PLANTAT SBI 59.08 -6.07 STIRLING RESOURC SRE 16.53 -8.12 STRAITS RESOURCE SRQ 208.51 -29.73 SWAN GOLD MINING SWA 36.43 -9.08 TZ LTD TZL 12.88 -8.73 CHINA ANHUI GUOTONG-A 600444 79.12 -10.53 CHANG JIANG-A 520 770.91 -176.56 CHINA GREAT LAND CGL 16.52 -19.01 CHINA OILFIELD T COT 22.00 -16.71 FORGAME HOLDINGS 484 83.73 -21.92 HEBEI BAOSHUO -A 600155 114.00 -104.15 HUASU HOLDINGS-A 509 77.77 -39.31 HULUDAO ZINC-A 751 507.79 -532.25 HUNAN TIANYI-A 908 59.37 -1.14 JIANGSU ZHONGDA 600074 338.59 -29.88 NANNING CHEMIC-A 600301 391.41 -43.60 QINGDAO YELLOW 600579 122.36 -71.04 QINGHAI SUNSHI-A 600381 394.70 -78.28 SHENZ CHINA BI-A 17 28.50 -283.65 SHENZ CHINA BI-B 200017 28.50 -283.65 SHIJIAZHUANG D-A 958 241.31 -111.50 SHUNFENG PHOTOVO 1165 411.73 -51.06 TAIYUAN TIANLO-A 600234 63.28 -17.71 WUHAN BOILER-B 200770 217.13 -213.03 WUHAN XIANGLON-A 600769 77.45 -103.43 YUNNAN JINGGU FO 600265 84.92 -2.90 HONG KONG BIRMINGHAM INTER 2309 63.14 -6.89 BUILDMORE INTL 108 17.36 -70.34 CHINA HEALTHCARE 673 37.65 -0.40 CHINA OCEAN SHIP 651 248.21 -106.72 CNC HOLDINGS 8356 99.16 -9.03 CROSBY CAPITAL 8088 16.40 -20.27 EFORCE HLDGS LTD 943 60.73 -9.56 FU JI FOOD & CAT 1175 16.51 -156.68 GRANDE HLDG 186 255.10 -208.18 ICUBE TECHNOLOGY 139 18.87 -0.43 INNO-TECH HLDGS 8202 84.54 -116.82 LANGHAM HOSPITAL 1270 684.55 -86.21 LONG SUCCESS INT 8017 50.05 -7.44 MASCOTTE HLDGS 136 161.39 -30.38 MEGA EXPO HOLDIN 1360 17.00 -0.53 MELCOLOT LTD 8198 13.69 -28.83 PALADIN LTD 495 159.65 -9.17 PROVIEW INTL HLD 334 314.87 -294.85 SINO RESOURCES G 223 29.34 -24.77 SURFACE MOUNT SMT 32.88 -10.68 U-RIGHT INTL HLD 627 15.56 -203.41 VXL CAPITAL LTD 727 74.79 -0.16 INDONESIA APAC CITRA CENT MYTX 176.66 -6.99 ARPENI PRATAMA APOL 249.84 -319.77 ASIA PACIFIC POLY 392.41 -827.79 BUMI RESOURCES BUMI 7,027.47 -18.17 ICTSI JASA PRIMA KARW 55.02 -5.29 JAKARTA KYOEI ST JKSW 24.92 -34.90 MATAHARI DEPT LPPF 209.66 -89.74 ONIX CAPITAL TBK OCAP 13.22 -1.03 PRIMARINDO ASIA BIMA 11.14 -18.88 RENUKA COALINDO SQMI 15.64 -0.26 SUMALINDO LESTAR SULI 114.51 -5.85 UNITEX TBK UNTX 18.54 -18.35 INDIA ABHISHEK CORPORA ABSC 53.66 -25.51 AGRO DUTCH INDUS ADF 85.09 -22.81 ALPS INDUS LTD ALPI 201.29 -41.70 AMIT SPINNING AMSP 12.85 -7.68 ARTSON ENGR ART 11.81 -10.16 ASHAPURA MINECHE ASMN 161.89 -51.58 ASHIMA LTD ASHM 63.23 -48.94 ATV PROJECTS ATV 48.47 -43.93 BELLARY STEELS BSAL 451.68 -108.50 BENZO PETRO INTL BPI 26.77 -1.05 BHAGHEERATHA ENG BGEL 22.65 -28.20 BLUE BIRD INDIA BIRD 122.02 -59.13 CELEBRITY FASHIO CFLI 24.96 -8.26 CHESLIND TEXTILE CTX 20.51 -0.03 CLASSIC DIAMONDS CLD 66.26 -6.84 COMPUTERSKILL CPS 14.90 -7.56 DCM FINANCIAL SE DCMFS 18.46 -9.46 DFL INFRASTRUCTU DLFI 42.74 -6.49 DIGJAM LTD DGJM 99.41 -22.59 DISH TV INDIA DITV 579.01 -28.55 DISH TV INDI-SLB DITV/S 579.01 -28.55 DUNCANS INDUS DAI 122.76 -227.05 ENSO SECUTRACK ENSO 15.57 -0.46 EURO CERAMICS EUCL 110.62 -6.83 EURO MULTIVISION EURO 36.94 -9.95 FERT & CHEM TRAV FCT 311.92 -35.19 GANESH BENZOPLST GBP 44.05 -15.48 GANGOTRI TEXTILE GNTX 54.67 -14.22 GOKAK TEXTILES L GTEX 46.36 -0.29 GOLDEN TOBACCO GTO 97.40 -18.24 GSL INDIA LTD GSL 29.86 -42.42 GSL NOVA PETROCH GSLN 16.53 -1.31 GUJARAT STATE FI GSF 10.26 -303.64 GUPTA SYNTHETICS GUSYN 44.18 -6.34 HARYANA STEEL HYSA 10.83 -5.91 HEALTHFORE TECHN HTEC 14.74 -46.64 HINDUSTAN ORGAN HOC 74.72 -24.07 HINDUSTAN PHOTO HPHT 49.58 -1,832.65 HMT LTD HMT 108.71 -572.12 ICDS ICDS 13.30 -6.17 INDAGE RESTAURAN IRL 15.11 -2.35 INTEGRAT FINANCE IFC 49.83 -51.32 JCT ELECTRONICS JCTE 80.08 -76.70 JENSON & NIC LTD JN 16.49 -71.70 JET AIRWAYS IND JETIN 3,368.77 -335.45 JET AIRWAYS -SLB JETIN/S 3,368.77 -335.45 JOG ENGINEERING VMJ 45.90 -5.28 KALYANPUR CEMENT KCEM 23.39 -42.66 KANCO ENTERPRISE KANE 10.59 -4.93 KERALA AYURVEDA KERL 13.97 -1.69 KIDUJA INDIA KDJ 11.16 -3.43 KINGFISHER AIR KAIR 515.93 -2,371.26 KINGFISHER A-SLB KAIR/S 515.93 -2,371.26 KITPLY INDS LTD KIT 14.77 -58.78 KLG SYSTEL LTD KLGS 40.64 -27.37 LML LTD LML 43.95 -78.18 MADRAS FERTILIZE MDF 167.72 -56.20 MAHA RASHTRA APE MHAC 14.49 -12.96 MAHANAGAR TELE MTNL 4,845.41 -511.72 MAHANAGAR TE-SLB MTNL/S 4,845.41 -511.72 MALWA COTTON MCSM 44.14 -24.79 MILTON PLASTICS MILT 17.67 -51.22 MODERN DAIRIES MRD 38.61 -3.81 MOSER BAER INDIA MBI 727.13 -165.63 MOSER BAER -SLB MBI/S 727.13 -165.63 MTZ POLYFILMS LT TBE 31.94 -2.57 MURLI INDUSTRIES MRLI 262.39 -38.30 MYSORE PAPER MSPM 87.99 -8.12 NATL STAND INDI NTSD 22.09 -0.73 NAVCOM INDUS LTD NOP 10.19 -3.53 NICCO CORP LTD NICC 71.84 -4.91 NICCO UCO ALLIAN NICU 23.25 -83.90 NK INDUS LTD NKI 141.35 -7.71 NRC LTD NTRY 63.70 -53.01 NUCHEM LTD NUC 24.72 -1.60 PANCHMAHAL STEEL PMS 51.02 -0.33 PARAMOUNT COMM PRMC 124.96 -0.52 PARASRAMPUR SYN PPS 99.06 -307.14 PAREKH PLATINUM PKPL 61.08 -88.85 PIONEER DISTILLE PND 53.74 -5.62 PREMIER INDS LTD PRMI 11.61 -6.09 PRIYADARSHINI SP PYSM 20.80 -2.28 QUADRANT TELEVEN QDTV 150.43 -137.48 QUINTEGRA SOLUTI QSL 16.76 -17.45 RAMSARUP INDUSTR RAMI 433.89 -89.28 RATHI ISPAT LTD RTIS 44.56 -3.93 RELIANCE BROADCA RBN 86.97 -0.59 RELIANCE MEDIAWO RMW 425.22 -21.31 RELIANCE MED-SLB RMW/S 425.22 -21.31 RENOWNED AUTO PR RAP 14.12 -1.25 RMG ALLOY STEEL RMG 66.61 -12.99 ROLLATAINERS LTD RLT 22.97 -22.24 ROYAL CUSHION RCVP 14.70 -75.18 SAAG RR INFRA LT SAAG 12.54 -4.93 SADHANA NITRO SNC 16.74 -0.58 SANATHNAGAR ENTE SNEL 49.23 -6.78 SANCIA GLOBAL IN SGIL 78.82 -25.13 SBEC SUGAR LTD SBECS 92.44 -5.61 SCOOTERS INDIA SCTR 19.75 -13.35 SERVALAK PAP LTD SLPL 61.57 -7.63 SHAH ALLOYS LTD SA 168.13 -81.60 SHALIMAR WIRES SWRI 22.79 -27.18 SHAMKEN COTSYN SHC 23.13 -6.17 SHAMKEN MULTIFAB SHM 60.55 -13.26 SHAMKEN SPINNERS SSP 42.18 -16.76 SHREE GANESH FOR SGFO 44.50 -2.89 SHREE KRISHNA SHKP 14.62 -0.92 SHREE RAMA MULTI SRMT 38.90 -4.49 SIDDHARTHA TUBES SDT 75.90 -11.45 SIMBHAOLI SUGAR SBSM 268.76 -54.47 SITI CABLE NETWO SCNL 219.45 -9.68 SPICEJET LTD SJET 563.64 -41.19 SQL STAR INTL SQL 10.58 -3.28 STATE TRADING CO STC 826.29 -276.56 STELCO STRIPS STLS 14.90 -5.27 STI INDIA LTD STIB 21.69 -2.13 STL GLOBAL LTD SHGL 30.73 -5.62 STORE ONE RETAIL SORI 15.48 -59.09 SUPER FORGINGS SFS 14.62 -7.00 SURYA PHARMA SUPH 370.28 -9.97 TAMILNADU JAI TNJB 17.07 -1.00 TATA METALIKS TML 156.70 -5.36 TATA TELESERVICE TTLS 1,311.30 -138.25 TATA TELE-SLB TTLS/S 1,311.30 -138.25 TODAYS WRITING TWPL 18.58 -25.67 TRIUMPH INTL OXIF 58.46 -14.18 TRIVENI GLASS TRSG 19.71 -10.45 TUTICORIN ALKALI TACF 19.86 -19.58 UDAIPUR CEMENT W UCW 11.38 -10.53 UNIFLEX CABLES UFCZ 47.46 -7.49 UNIWORTH LTD WW 149.50 -151.14 UNIWORTH TEXTILE FBW 22.54 -35.03 USHA INDIA LTD USHA 12.06 -54.51 VANASTHALI TEXT VTI 14.59 -5.80 VENUS SUGAR LTD VS 11.06 -1.08 WANBURY LTD WANB 141.86 -3.91 JAPAN FLIGHT HOLDINGS 3753 10.10 -2.62 GOYO FOODS INDUS 2230 11.79 -1.51 HARAKOSAN CO 8894 186.55 -8.07 IDEA INTERNATION 3140 23.66 -0.08 KANMONKAI CO LTD 3372 42.64 -0.81 KOREA DVS KOREA CO LTD 46400 17.40 -1.20 HS R&A CO LTD 13520 1,081.63 -0.57 KC FEED CO LTD 25880 111.24 0.00 NARA KIC LTD 7460 155.88 -1.85 ORIENTAL PRECISI 14940 224.92 -79.83 ROCKET ELEC-PFD 425 111.09 -0.42 ROCKET ELECTRIC 420 111.09 -0.42 SHINIL ENG CO 14350 199.04 -2.53 SSANGYONG ENGINE 12650 1,231.13 -119.47 STX OFFSHORE & S 67250 7,627.42 -1,124.38 TEC & CO 8900 139.98 -16.61 TONGYANG NETWORK 30790 311.91 -36.46 WOONGJIN HOLDING 16880 2,197.34 -635.50 MALAYSIA HAISAN RESOURCES HRB 41.31 -11.54 HO HUP CONSTR CO HO 59.28 -16.64 PETROL ONE RESOU PORB 51.39 -4.00 SILVER BIRD GROU SBG 41.63 -34.19 SUMATEC RESOURCE SMTC 169.12 -26.18 VTI VINTAGE BHD VTI 17.74 -3.63 NEW ZEALAND NZF GROUP LTD NZF 11.69 -4.60 PULSE UTILITIES PLU 11.29 -3.44 PHILIPPINES CYBER BAY CORP CYBR 14.26 -20.51 FIL ESTATE CORP FC 40.90 -15.77 FILSYN CORP A FYN 23.11 -11.69 FILSYN CORP. B FYNB 23.11 -11.69 GOTESCO LAND-A GO 21.76 -19.21 GOTESCO LAND-B GOB 21.76 -19.21 LIBERTY TELECOMS LIB 113.23 -14.81 MRC ALLIED INC MRC 27.06 -2.56 PICOP RESOURCES PCP 105.66 -23.33 STENIEL MFG STN 21.07 -11.96 UNIWIDE HOLDINGS UW 50.36 -57.19 SINGAPORE ADVANCE SCT LTD ASCT 19.68 -22.46 HL GLOBAL ENTERP HLGE 83.11 -4.63 IGG INC 8002 21.53 -55.84 SCIGEN LTD-CUFS SIE 68.70 -42.35 SUNMOON FOOD COM SMOON 20.26 -17.36 TT INTERNATIONAL TTI 298.35 -82.84 UNITED FIBER SYS UFS 65.52 -56.60 THAILAND ABICO HLDGS-F ABICO/F 15.28 -4.40 ABICO HOLDINGS ABICO 15.28 -4.40 ABICO HOLD-NVDR ABICO-R 15.28 -4.40 ASCON CONSTR-NVD ASCON-R 59.78 -3.37 ASCON CONSTRUCT ASCON 59.78 -3.37 ASCON CONSTRU-FO ASCON/F 59.78 -3.37 BANGKOK RUBBER BRC 77.91 -114.37 BANGKOK RUBBER-F BRC/F 77.91 -114.37 BANGKOK RUB-NVDR BRC-R 77.91 -114.37 CALIFORNIA W-NVD CAWOW-R 28.07 -11.94 CALIFORNIA WO-FO CAWOW/F 28.07 -11.94 CALIFORNIA WOW X CAWOW 28.07 -11.94 CIRCUIT ELEC PCL CIRKIT 16.79 -96.30 CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30 CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30 DATAMAT PCL DTM 12.69 -6.13 DATAMAT PCL-NVDR DTM-R 12.69 -6.13 DATAMAT PLC-F DTM/F 12.69 -6.13 ITV PCL ITV 36.02 -121.94 ITV PCL-FOREIGN ITV/F 36.02 -121.94 ITV PCL-NVDR ITV-R 36.02 -121.94 K-TECH CONSTRUCT KTECH 38.87 -46.47 K-TECH CONSTRUCT KTECH/F 38.87 -46.47 K-TECH CONTRU-R KTECH-R 38.87 -46.47 KUANG PEI SAN POMPUI 17.70 -12.74 KUANG PEI SAN-F POMPUI/F 17.70 -12.74 KUANG PEI-NVDR POMPUI-R 17.70 -12.74 MANGPONG 1989 PC MPG 11.83 -0.91 MANGPONG 1989 PC MPG/F 11.83 -0.91 MANGPONG 19-NVDR MPG-R 11.83 -0.91 PATKOL PCL PATKL 52.89 -30.64 PATKOL PCL-FORGN PATKL/F 52.89 -30.64 PATKOL PCL-NVDR PATKL-R 52.89 -30.64 PICNIC CORP-NVDR PICNI-R 101.18 -175.61 PICNIC CORPORATI PICNI 101.18 -175.61 PICNIC CORPORATI PICNI/F 101.18 -175.61 SAHAMITR PRESS-F SMPC/F 27.92 -1.48 SAHAMITR PRESSUR SMPC 27.92 -1.48 SAHAMITR PR-NVDR SMPC-R 27.92 -1.48 SHUN THAI RUBBER STHAI 19.89 -0.59 SHUN THAI RUBB-F STHAI/F 19.89 -0.59 SHUN THAI RUBB-N STHAI-R 19.89 -0.59 SUNWOOD INDS PCL SUN 19.86 -13.03 SUNWOOD INDS-F SUN/F 19.86 -13.03 SUNWOOD INDS-NVD SUN-R 19.86 -13.03 TONGKAH HARBOU-F THL/F 62.30 -1.84 TONGKAH HARBOUR THL 62.30 -1.84 TONGKAH HAR-NVDR THL-R 62.30 -1.84 TRANG SEAFOOD TRS 15.18 -6.61 TRANG SEAFOOD-F TRS/F 15.18 -6.61 TRANG SFD-NVDR TRS-R 15.18 -6.61 TT&T PCL TTNT 589.80 -223.22 TT&T PCL-NVDR TTNT-R 589.80 -223.22 TT&T PUBLIC CO-F TTNT/F 589.80 -223.22 WORLD CORP -NVDR WORLD-R 15.72 -10.10 WORLD CORP PCL WORLD 15.72 -10.10 WORLD CORP PLC-F WORLD/F 15.72 -10.10 TAIWAN BEHAVIOR TECH CO 2341S 30.90 -0.22 BEHAVIOR TECH-EC 2341O 30.90 -0.22 HELIX TECH-EC 2479T 23.39 -24.12 HELIX TECH-EC IS 2479U 23.39 -24.12 HELIX TECHNOL-EC 2479S 23.39 -24.12 POWERCHIP SEM-EC 5346S 2,036.01 -52.74 TAIWAN KOL-E CRT 1606U 507.21 -147.14 TAIWAN KOLIN-EN 1606V 507.21 -147.14 TAIWAN KOLIN-ENT 1606W 507.21 -147.14 UNITED FU SHEN C 5467 12.82 -0.22 ********* 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 ***