/raid1/www/Hosts/bankrupt/TCRAP_Public/140826.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, August 26, 2014, Vol. 17, No. 168
Headlines
A U S T R A L I A
AIR AUSTRALIA: Boss Returns to Travel Industry
JOHN & ERICA: Grant Thornton Appointed as Administrators
* AUSTRALIA: ASIC Winds Up 10 Abandoned Companies
C H I N A
CENTRAL CHINA: JVs Rising Debt Narrow Headroom on Moody's Ba3 CFR
CHINA SCE: Weak 1H 2014 Results No Impact on B1 CFR, Moody's Says
FANTASIA HOLDINGS: S&P Lowers CCR to 'B+'; Outlook Negative
ORIENT PAPER: Seeking to Raise Funds to Pay Off Debt
SUNTECH POWER: Swiss Unit Now Solvent Member of Suntech Group
I N D I A
A.H. ALLOYS: ICRA Reaffirms 'B' Rating on INR5cr Cash Credit
AMIT SOLVEX: CRISIL Reaffirms B Rating on INR65MM Cash Credit
ANAND FROZEN: CRISIL Assigns 'B-' Rating to INR49.9MM Term Loan
BHUVAN WHEELS: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
DHARMLOK INDUSTRIES: ICRA Reaffirms B Rating on INR4.36cr LT Loan
HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit
HIND MOTORS: CRISIL Lowers Rating on INR150MM Cash Credit to D
INSTA EXIHIBITIONS: CRISIL Suspends B- INR123M Cash Credit Rating
JAI MAHALAXMI: CRISIL Cuts Rating on INR450MM Cash Credit to 'D'
JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR52MM Cash Credit
JANAKIRAM STEEL: CRISIL Rates INR20MM Cash Credit at 'B'
JASMINE BUILDMART: CARE Assigns 'B-' Rating to INR75cr Bank Loan
LATA EXPORTS: CARE Reaffirms 'B' Rating on INR7.5cr Bank Loan
MAA CHINTPURNI: CRISIL Cuts Rating on INR430MM Cash Credit to D
PROFESSIONAL EDUCATIONAL: CRISIL Cuts INR240M Loan Rating to 'B-'
RADHA CASTING: CARE Assigns 'D' Rating to INR6.95cr Bank Loan
RAHEEM INDUSTRIES: CRISIL Puts B+ Rating on INR41.5MM Cash Credit
SANSHU GREEN: CARE Assigns 'B' Rating to INR14.98cr Bank Loan
SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR96.8MM Loan to B
SHRI AAVISHKAR: ICRA Reaffirms B+ Rating on INR4.5cr Cash Credit
SHRI WARDHMAN: CRISIL Reaffirms B+ Rating on INR67MM Term Loan
SNQS INTERNATIONAL: ICRA Ups Rating on INR10cr LT Loan From 'D'
SRI SARVEJANA: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
YKZ ZIP: CARE Assigns 'D' Rating to INR18.39cr Bank Loan
M A L A Y S I A
MALAYSIA AIRLINES: To Cut Up to 6,000 Jobs in Restructuring
S I N G A P O R E
STATS CHIPPAC: Moody's Downgrades Corporate Family Rating to Ba2
X X X X X X X X
* BOND PRICING: For the Week August 18 to August 22, 2014
- - - - -
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A U S T R A L I A
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AIR AUSTRALIA: Boss Returns to Travel Industry
----------------------------------------------
Tammy Mills and Chris Vedelago at The Sydney Morning Herald report
that the boss of Air Australia has returned to the travel sector
in a senior management role despite being banned by the corporate
regulator over conduct that critics claimed wreaked "havoc" in the
industry.
The Australian Securities and Investments Commission last year
disqualified Michael James from managing corporations for three
years for failing to act with care and diligence in the lead-up to
the spectacular collapse of the airline in February 2012, the
report recalls.
The report says the company was AUD97 million in debt when it went
into voluntary administration leaving creditors, investors and
travellers out of pocket. Approximately AUD36 million was owed to
ticketholders and 4,000 passengers were stranded when its flights
were suddenly grounded, the report discloses.
According to the report, Mr. James has returned to the industry,
apparently in a management role in his wife's online discount
travel company Bestjet.
SMH relates that Mr. James had been using the title "commercial
manager" before he was disqualified by ASIC in November. Documents
seen by Fairfax Media show Mr James has continued in a similar
role managing some of the financial affairs of the company,
although he has since removed the title from official
correspondence between Bestjet and its business partners and
clients, the report relays.
SMH says Bestjet declined to reveal what Mr. James' position is at
Bestjet, only confirming he is an employee that is not involved
with the day-to-day management of the company.
According to SMH, Australian Federation of Travel Agents chief
executive Jayson Westbury said Mr. James' involvement in the
company raised "serious concerns".
"The travel industry is still reeling from the significant
financial losses to which there are no make-good strategies," the
report quotes Mr. Westbury as saying. "He caused so much havoc."
Bestjet said its management team was made up of Mr. James' wife
Rachel James, who is the owner and manager, and Scott Mayne, who
is its general manager.
SMH notes that a statement from the company said that it complied
with the Corporations Act, that it was operating profitably and it
had met "all the financial criteria requirements" with the
International Air Transport Association.
The company described itself as a successful start-up business
with a "growing clientele," the report relays.
Bestjet Travel was registered with ASIC under Mrs. James' name a
fortnight after the collapse of Air Australia, adds SMH.
About Air Australia
The Air Australia fleet consisted of five Airbus A330-200 and
A320-200 aircraft, with headquarters in Hendra, Queensland.
Regular flight paths included Bali, Phuket and Honolulu as well
as Australian domestic destinations such as Melbourne, Brisbane,
Perth, Port Hedland and Derby.
On Feb. 17, 2012, Mark Korda and John Park of KordaMentha were
appointed by the Director of the Strategic Aviation Group as
voluntary administrators for the firm. The group consists of
seven companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.
Liquidators were appointed to those companies in March 2012.
ANZ was the airline's the biggest creditor, owed more than
AUD20 million, Australian Associated Press disclosed.
JOHN & ERICA: Grant Thornton Appointed as Administrators
--------------------------------------------------------
Laurence Fitzgerald -- laurie.fitzgerald@au.gt.com -- of Grant
Thornton was appointed as administrator of John & Erica Lacorcia &
Sons Pty Ltd on Aug. 21, 2014.
A first meeting of the creditors of the Company will be held at
Level 30, 525 Collins Street, in Melbourne, on Sept. 2, 2014, at
9:30 a.m.
* AUSTRALIA: ASIC Winds Up 10 Abandoned Companies
-------------------------------------------------
Australian Securities and Investment Commission has exercised its
wind up powers to appoint liquidators to a further 10 abandoned
companies to assist employees of these companies to gain access to
the Fair Entitlements Guarantee (FEG). The appointment of
liquidators will also facilitate a full and proper investigation
into the reasons why the companies failed and allow recovery of
any voidable or unreasonable director-related transactions.
Since November 2012, ASIC has used its wind up powers to appoint
liquidators to 29 companies who have owed, in total, 127 employees
more than AUD1.8 million in entitlements.
The 10 abandoned companies owe at least 26 employees a total in
excess of AUD350,000 in employee entitlements.
The FEG is a legislative safety net scheme funded by the
Australian Government. It is designed to assist employees owed
unpaid employee entitlements because of their employer company's
liquidation or the company directors' bankruptcy.
However, some employees owed entitlements are unable to access FEG
because the companies' directors are either unable to discharge
their duties or abandoned their insolvent companies without
putting them into liquidation. The appointment of liquidators by
ASIC facilitates access to FEG.
ASIC also administers the Assetless Administration Fund that
liquidators of these companies can draw upon in circumstances
where there are little or no funds available to conduct a proper
investigation into the affairs of the companies.
ASIC Commissioner John Price said, "ASIC's decision to apply its
powers to wind up companies is carefully considered against some
specific criteria and is not taken lightly.
"By appointing liquidators, we know that the affected employees
will now be able to access the scheme to claim entitlements owed
to them. It also enables a proper investigation into the affairs
of the companies by the appointed liquidators."
The 10 companies wound up by ASIC are:
Company Liquidator and firm
------- -------------------
Sustainable Business Gary Fettes of Rodgers
Practices Pty Ltd Reidy --
gfettes@rodgersreidy.com
TDPH Golf Operations Pty Ltd Leigh Prior of Pitcher
Partners
Sydney Wide Steel Hugh Armenis of Bentleys
Corporate Recovery --
harmenis@bcr.bentleys.com.au
Newric Mark Englebert of FTI
Consulting --
mark.englebert@fticonsulting.com
Silverdane Darryl Kirk of
PricewaterhouseCoopers
Hamermount Vaughn Strawbridge of
Deloitte Touche Tohmatsu --
vastrawbridge@deloitte.com.au
Trafalgar Financial (Victoria Gary Doran of Deloitte
Park) Pty Ltd Touche Tohmatsu --
gdoran@deloitte.com.au
Trafalgar Financial Gary Doran of Deloitte
(Cannington) Pty Ltd Touche Tohmatsu
Trafalgar Financial (Subiaco) Gary Doran of Deloitte
Touche Tohmatsu
Trafalgar Financial (Midvale) Gary Doran of Deloitte
Touche Tohmatsu
"ASIC acknowledges the assistance provided by the appointed
liquidators in what can be difficult circumstances. We will
continue to work with the liquidators of these abandoned
companies, including consideration of further action against the
companies or their officeholders is warranted," Mr. Price said.
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C H I N A
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CENTRAL CHINA: JVs Rising Debt Narrow Headroom on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's (CCRE) increasing debt obligations at its joint ventures
(JVs) are narrowing the headroom in its Ba3 corporate family and
senior unsecured ratings. CCRE's stable rating outlook, however,
reflects Moody's expectation that the company will be able to
achieve its full-year contracted sales target and maintain
adequate liquidity in the next 12-18 months.
"CCRE's financial profile (adjusted with the consolidation of its
JVs) has weakened since the start of 2014, as it has raised debt
obligations at its JVs to prepare for new product launches and for
overall liquidity management," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.
CCRE's JVs have increased their indebtedness faster than their
earnings. At end-June 2014, CCRE extended guarantees of RMB4.8
billion for debt at its JVs, up from RMB2.4 billion at end-
December 2013. Such amount is substantial in proportion to CCRE's
reported gross debt of RMB10.4 billion at end-June.
CCRE also raised SGD200 million bond in 1H 2014. Part of the debt
will be used to refinance its RMB686 million convertible bond due
in August.
Moody's has adjusted CCRE's credit metrics by fully consolidating
the results of its JVs, given its substantial economic interests
in and effective control over its JVs operation and cash flow.
Based on the full consolidation of the company's JVs, Moody's
estimates that CCRE's adjusted EBITDA/interest expense weakened to
2.3x for the last 12 months to end-June 2014 from 2.8x in 2013.
This ratio positions it at the lower end of the Ba3 rating
category.
On the other hand, CCRE's reported a 7.3% increase in contracted
sales to RMB6.6 billion in 1H 2014, achieving 38.5% of its full
year target. Moody's expects the company will achieve its target
of RMB17.2 billion in contracted sales (including JVs) in 2014, as
the company has indicated it will have RMB20.5 billion in saleable
inventory and new launches in 2H 2014. Moody's expect CCRE's JVs
will contribute to the increasing sales in 2014, as in 2013.
Many of its new projects carry a relatively low land cost and will
contribute to earnings upon delivery. In 1H 2014, CCRE was able to
improve its gross margin to 41.8% from 36.3% a year ago.
CCRE reported cash of RMB7.7 billion at end-June 2014, well
exceeding its reported short-term debt (RMB2.3 billion) and thus
reflecting manageable refinancing risk.
The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.
Central China Real Estate Limited is a leading property developer
in China's Henan Province. Founded in 1992, it listed on the Hong
Kong Stock Exchange in June 2008.
CHINA SCE: Weak 1H 2014 Results No Impact on B1 CFR, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that China SCE Property Holdings
Limited's B1 corporate family and B2 senior unsecured ratings and
stable outlook are not immediately impacted by its weaker-than-
expected results in 1H 2014.
"China SCE's weaker-than-expected revenue is a result of slower
product delivery in the first half of this year compared to the
same period last year. But Moody's expects the company to catch up
in the second half as it has maintained good contracted sales
execution," says Lina Choi, a Moody's Vice President and Senior
Analyst.
China SCE's revenue for 1H 2014 totaled RMB2.1 billion, compared
with RMB3.7 billion in 1H 2013. This represents a 42% year-over-
year decline.
The company's EBITDA totaled around RMB600 million versus RMB1.1
billion in the same period. Its management indicated that the
slight deterioration was due to a tightening of the mortgage
market in 1H 2014.
Moody's expects China SCE to deliver better revenue in 2H 2014 as
the company had contracted sales of RMB4.9 billion at end-June
2014 for properties pending delivery to purchasers.
In addition, China SCE and its joint ventures achieved contracted
sales totaling RMB6.4 billion in the first seven months of 2014,
representing a 4% year-on-year increase.
"Slow product deliveries and RMB2.5 billion in land premiums paid
in 1H 2014 have exerted short-term pressure on China SCE's credit
metrics," adds Choi.
China SCE's EBITDA/interest coverage for the twelve-month period
ended June 2014 fell to 1.0x from 1.7x in 2013, which is below
Moody's downgrade trigger.
However, Moody's expects the company to meet its delivery schedule
in the coming months and restore its full-year EBITDA/interest
coverage to around 2.0x. Such a result will support its B1 rating.
China SCE's full-year EBITDA/Interest coverage will also be helped
by the expected increase in its gross profit margin in 2014.
Its 1H 2014 gross profit margin increased to 38.6% compared to
28.0% in 2013 due to deliveries of units from higher-end projects.
Moody's expects its full-year gross profit margin to be at 33%-35%
upon complete delivery of more of these higher-end products.
China SCE's debt leverage remained high at end-June 2014. Its
gross debt -- including its perpetual capital instrument --
increased to RMB12.4 billion at 30 June 2014 from RMB9.7 billion
at end-2013. As a result, its adjusted debt/capitalization stayed
high at around 59.8%. The ratio will likely remain at this level
in the next 12 months and position the company in the single B
rating range.
Moody's will closely monitor China SCE's sales execution as well
as its ability to meet its delivery schedule in 2H 2014. Any
slower-than-expected revenue recognition or key financial metrics
-- including debt leverage and EBITDA/interest coverage -- will
likely pressure the company's ratings.
The company's liquidity remains solid. Its cash position of RMB3.8
billion at end-June 2014, including restricted cash, as well as
its operating cash flow, adequately cover its maturing debt of
RMB3.2 billion over the next 12 months. The company did not have
any committed unpaid land payments at end-June 2014.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province. The company has also
expanded to cities around the Bohai Rim region, including Beijing,
Anshan (Liaoning Province), Tangshan (Hebei Province), and Linfen
(Shanxi Province), but the majority of its development projects
remain in the cities of Fujian Province. The company has been
listed on the Hong Kong Stock Exchange since February 2010. The
Chairman, Mr Wong Chiu Yeung, holds a 57.6% stake.
FANTASIA HOLDINGS: S&P Lowers CCR to 'B+'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer Fantasia Holdings Group Co. Ltd. to 'B+' from 'BB-'.
The outlook is negative. S&P also lowered the long-term issue
rating on the company's outstanding senior unsecured notes to 'B'
from 'B+'. At the same time, S&P lowered its long-term Greater
China regional scale rating on Fantasia to 'cnBB-' from 'cnBB' and
on the notes to 'cnB+' from 'cnBB-'.
"We lowered the rating to reflect our view that Fantasia's debt
leverage and cash flow adequacy will weaken over the next 12
months," said Standard & Poor's credit analyst Dennis Lee.
In S&P's base case, it expects the company's debt-to-EBITDA ratio
to exceed 6x in 2014 and 2015, compared with 5.6x in 2013. S&P
anticipates that the EBITDA interest coverage will deteriorate to
less than 2x over the period from 2.3x in 2013. S&P has therefore
lowered its assessment of the company's financial risk profile to
"highly leveraged" from "aggressive."
In S&P's view, Fantasia will find it challenging to meet its
contract sales target for 2014. The company's sales performance
is significantly weaker than the industry trend. In the first
half of the year, Fantasia's contracted sales were Chinese
renminbi (RMB) 1.8 billion, or only 18% of the revised full-year
target of RMB10 billion, and 12% of the original target. S&P
expects sales to reach RMB9 billion on a full-year basis because
the company will launch more projects in the second half of 2014
than it did in the first half. However, S&P believes there is a
risk that Fantasia will not be able to meet the contract sales as
assumed in S&P's base case.
"We expect Fantasia's gross margin to gradually decrease from a
high base over the next two years," said Mr. Lee. "This is
because of the company's increasing sales of residential
properties, which generally have lower margins than for commercial
properties. Moreover, we believe that Fantasia could lower prices
to boost sales."
Refinancing risk for Fantasia is manageable in the coming 12
months, in S&P's opinion. The company has a cash balance of
RMB4.8 billion, compared with short-term debt of RMB3.1 billion.
S&P expects Fantasia to use its cash, sales proceeds, and bank
refinancing to cover its debts and operating needs.
Fantasia has an established market position in Chengdu,
diversified and low-cost land reserves, and relatively good
margins. However, S&P expects the company's scale of operations
to grow at a slower pace than that of peers because of its weak
execution in the past few years. S&P therefore assess Fantasia's
business risk profile as "fair."
S&P expects Fantasia's EBITDA interest coverage, the supplementary
ratio to determine a company's financial risk profile, to stay
close to the upper end of the "highly leveraged" range over the
next 12 months. The rating is therefore one notch above the
anchor to reflect S&P's "positive" assessment of the company's
comparable rating analysis.
"The negative outlook reflects our expectation that Fantasia's
leverage will remain high over the next 12 months and its
profitability could weaken as sales prospects remain uncertain,"
said Mr. Lee.
S&P could lower the rating if Fantasia's EBITDA margin declines
significantly and stays well below 25% over the next 12 months.
S&P could also lower its rating if the company's sales are
significantly lower than its forecast of about RMB9 billion in
2014 and RMB11 billion in 2015.
S&P may revise the outlook to stable if it expects Fantasia's
margin to stabilize and its sales execution to improve over the
next 12 to 18 months.
ORIENT PAPER: Seeking to Raise Funds to Pay Off Debt
----------------------------------------------------
Orient Paper, Inc., filed its quarterly report on Form 10-Q,
disclosing net income of $3.57 million on $37.84 million of
revenue for the three months ended June 30, 2014, compared with
net income of $3.66 million on $33.04 million of revenue for the
same period in 2013.
The Company's balance sheet at June 30, 2014, showed $224.21
million in total assets, $58.15 million in total liabilities and
total stockholders' equity of $166.07 million.
As of June 30, 2014, the Company had current assets of $32.22
million and current liabilities of $40.95 million (including
amounts due to related parties for $2.41 million), resulting in a
working capital deficit of approximately $8.73 million; while as
of Dec. 31, 2013, the Company had current assets of $25.95 million
and current liabilities of $28.37 million (including amounts due
to related parties for $2.27 million), resulting in a working
capital deficit of approximately $2.42 million. The Company is
currently seeking to restructure the term of its liabilities by
raising funds through long-term loans to pay off liabilities with
shorter terms. Its ability to continue as a going concern is
dependent upon obtaining the necessary financing or negotiating
the terms of the existing short-term liabilities to meet the
Company's current and future liquidity needs. Although management
believes it can secure financial resources to satisfy the
Company's current liabilities and the capital expenditure needs in
the next 12 months, there are no guarantees that these financial
resources will be secured. Therefore, there is a substantial
doubt about the ability of the Company to continue as going
concern, according to the regulatory filing.
A copy of the Form 10-Q is available at:
http://is.gd/BPUXMt
Orient Paper, Inc. is one of the leading paper manufacturers in
northern China. The Hebei, China-based Company conducts its
operations through Hebei Baoding Orient Paper Milling Company
Limited (Orient Paper HB), which produces printing paper and
corrugating medium paper, and Baoding Shengde Paper Co., Ltd
(Orient Paper Shengde), which produces digital photo paper.
SUNTECH POWER: Swiss Unit Now Solvent Member of Suntech Group
-------------------------------------------------------------
Suntech Power Holdings Co., Ltd. said the Schaffhausen Cantonal
Court's order of July 16, 2014, approving the Dividend Agreement
to resolve the creditor claims of Suntech Power International Ltd.
became effective as of August 8, 2014. A corresponding
publication was made in the Swiss Official Gazette of Commerce on
August 15, 2014.
The moratorium phase and the mandate of the Swiss Administrator
have come to an end. SPI is now a solvent member of the Suntech
Group under the operational control of its Board of Directors.
The Swiss Administrator has been appointed by the Schaffhausen
Cantonal Court to continue to work with the Board in the coming
months to supervise and ensure that the terms of the Dividend
Agreement are properly executed, which will include the payment of
dividends to SPI's creditors and administrative matters.
Mr David Walker, Joint Provisional Liquidator of the Company, said
"The Court Order has closed a difficult chapter for SPI and we are
pleased that the hard work of the SPI Board, the Swiss
Administrator, the Chief Restructuring Officer of SPI Mr Robert
Moon, and the creditors of SPI, who have been supportive
throughout this process, has been recognised. This was an
important milestone to the restructuring: SPI is a significant
entity in Europe and an integral cog for the continued
restructuring of the Group as a whole."
About Suntech
Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications. Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.
Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013. That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance
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A.H. ALLOYS: ICRA Reaffirms 'B' Rating on INR5cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR5.00 crore long term
cash credit facilities of A.H. Alloys.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash credit 5.00 [ICRA]B reaffirmed
The rating assigned is constrained by AHA's modest scale of
operations, its low profitability margins due to limited value
additive nature of operations, high gearing level and modest debt
coverage indicators. The rating also factors in the intensely
competitive and cyclical nature of the steel industry and
vulnerability of AHA's profits and cash flows to fluctuations in
prices of raw materials. Further AHA is a proprietary firm and any
significant withdrawals from the capital account could adversely
impact its net worth and thereby the capital structure.
Nevertheless, the rating draws comfort from the long experience of
promoters in the steel business and their established relationship
with key customers. Going forward, ability of the firm to increase
its scale of operations in a profitable manner while maintaining
working capital intensity will be key rating sensitivities.
A.H. Alloys was established as a partnership firm in 2005 and was
.Later in 2007,it got converted into proprietorship firm. It is
engaged in manufacturing of rounds and bars. The manufacturing
facility of the firm is located at Ludhiana in Punjab. The firm
sells entire material within India.
The firm reported a net profit of INR0.07 crores on an operating
income of INR79.89 crores in FY14 (provisional results) as against
net profit of INR0.09 crores on an operating income of INR77.55
crores in FY13.
AMIT SOLVEX: CRISIL Reaffirms B Rating on INR65MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Amit Solvex
(AS; unit of Amit Oils Ltd) continues to reflect AS's small scale
of operations and weak financial risk profile, marked by small net
worth and average debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of AS's partners
in the oil extraction and refining industry, and the funding
support it receives from Amit Oils Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 53.1 CRISIL B/Stable (Reaffirmed)
Term Loan 13 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that AS will benefit over the medium term from the
extensive experience of its promoters in the oil extraction and
refining industry. The outlook may be revised to 'Positive' if AS
increases its scale of operations while it maintains stable
profitability. Conversely, the outlook may be revised to
'Negative' if AS's profitability declines or its capital structure
weakens on account of large working capital requirements.
Update
AS's revenue has increased by about 22 per cent in the past two
years on a year-on-year basis; however, its scale of operations
remained modest at about INR 279 million in 2013-14 (refers to
financial year, April 1 to March 31). The firm's operating margin
is estimated at about 5.5 per cent in 2013-14, lower than 7.3 per
cent in 2012-13 due to higher overhead costs. The operating margin
is expected to be stable over the medium term.
AS's financial risk profile is marked by a modest net worth of INR
57 million and moderate gearing of 1.4 times as on March 31, 2014.
With increase in its scale of operations, the firm's working
capital requirements are expected to increase; however, gearing is
expected to be stable at about 1.5 times over the medium term with
repayment of term debt. The interest coverage ratio was average at
1.7 times and net cash accruals to total debt ratio at 8 per cent
in 2013-14. The debt protection metrics will remain average over
the medium term.
AS's liquidity remains stretched, as reflected in complete
utilisation of bank limits on account of large working capital
requirements. The average bank limit utilisation for the 12 months
ended June 2014 was about 99 per cent. Furthermore, the accruals
are expected to tightly match repayment obligations of about INR 5
million in 2014-15.
Set up in 2008 by Mr. Sandeep Agarwal and Mr. Deepak Agarwal, AS
extracts rice bran oil, mustard oil, and mahua oil. Its extraction
facility is in Kamur (Bihar).
ANAND FROZEN: CRISIL Assigns 'B-' Rating to INR49.9MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Anand Frozen Foods. The rating reflects AFF's
nascent stage of operations and working capital intensive nature
of operations leading to high gearing. These rating weaknesses are
partially offset by the financial support that the firm receives
from promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 43.2 CRISIL B-/Stable
Term Loan 49.9 CRISIL B-/Stable
Outlook: Stable
CRISIL believes that AFF will continue to benefit from the
financial support of promoters over the medium term. The outlook
may be revised to 'Positive' in case of substantial improvement in
AFF's scale of operations and profitability, leading to healthy
cash accruals, or improvement in its capital structure supported
by capital infusion by promoters leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of decline in profitability, resulting in low
accruals, or lengthening of working capital cycle, or large debt-
funded capital expenditure, leading to pressure on liquidity.
Incorporated in 2013 by Mr. Jitender Arora, Mr. Sanjeevpal Arora,
Ms. Manju Arora and Ms. Niru Arora, AFF is in the business of
processing of vegetables and fruits through the individually quick
frozen (IQF)-based method. Based at Kashipur, Uttarakhand, AFF has
a processing capacity of around 2 tonnes per hour and started
commercial operations in February 2014. The firm sells its
products under its brand Anand Fresh.
BHUVAN WHEELS: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhuvan Wheels Pvt Ltd (BWPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable
The rating reflects BWPL's modest scale of operations in the
competitive automotive (auto) dealership business because of its
start-up phase. The rating also factors in the company's average
financial risk profile marked by increasing reliance on external
debt to meet its large working capital requirements amid low
profitability. These rating weaknesses are partially offset by the
benefits that BWPL derives from its promoters' extensive
experience in the auto dealership business and its association
with Hyundai Motor India Ltd (HMIL; rated 'CRISIL A1+'), one of
the prominent players in the Indian passenger car industry.
For arriving at the rating, CRISIL has treated interest-free
unsecured loans of INR 43.48 million extended to BWPL by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.
Outlook: Stable
CRISIL believes that BWPL will benefit over the medium term from
its promoters' extensive industry experience and its association
with HMIL. The outlook may be revised to 'Positive' if the company
records substantial sales and profitability, leading to sizeable
cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
liquidity, weakens because of lower ramp-up in sales, decline in
cash accruals, large working capital requirements, or large debt-
funded capital expenditure.
BWPL was incorporated in 2013 by Mr. Subhash Zambad and his
family. BWPL is the authorised dealer for HMIL in Aurangabad
(Maharashtra). The company currently operates two showrooms and
one work shop in Aurangabad. During 2014-15 BWPL is likely to set
up showrooms and workshops in Jalna and Latur (both in
Maharashtra).
DHARMLOK INDUSTRIES: ICRA Reaffirms B Rating on INR4.36cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.36
crores fund based limits and short term rating of [ICRA]A4 to the
INR5.00 crores fund based limits of Dharmlok Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits-
Long Term 4.36 [ICRA]B reaffirmed
Fund Based Limits-
Short Term 5.00 [ICRA]A4 reaffirmed
The rating continues to take into account the high gearing level
of the company arising out of the large debt which mainly
comprises of working capital funding. The rating is also
constrained by small scale of operations, high intensity of
competition in the industry due to the presence of small to medium
sized players and agro climatic risks which can affect the
availability of agro products in adverse weather conditions. These
factors combined have put pressure on the profitability metrics of
the firm at the operating and net levels.
The rating favourably continues to derive comfort from the long
standing experience of the promoters with strong relationships
with several customers and suppliers coupled with the proximity of
the mill to major agricultural area which results in easy
availability of raw materials.
Recent Results
DI reported a net profit of INR0.38 crores on an operating income
of INR48.66 crores for the year ended March 31st, 2013 and a net
profit of INR0.44 crores on an operating income of INR59.47 crores
for the year ended March 31st, 2014.
Business was established in the year 1992 as a proprietorship
concern with Mr Mohanlal Batra as the proprietor. The Company is
engaged in the business of trading and processing of Grains, Poha,
and Murmura. Rahar Dall is the main product of the firm having a
significant share in the revenues. Manufacturing unit of the firm
is located in Katni, Madhya Pradesh with a capacity of 30000 MT
per annum.
HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Agro Industries
Pvt Ltd continue to reflect HAIPL's weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, a small net worth, and weak debt protection metrics, and
its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of HAIPL's promoter
in the trading business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 200 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that HAIPL's business risk profile will remain
stable over the medium term, supported by the extensive experience
of its promoters and established relationships with its customers;
however, its credit risk profile will continue to be constrained
by its small scale of operations and low net worth. The outlook
may be revised to 'Positive' if HAIPL reports significant
improvement in its scale of operations while maintaining its
operating margin, leading to larger-than-expected net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's working capital requirements increase further,
leading to greater reliance on debt, and/or if its revenue and
operating margin decline substantially, thereby adversely
affecting its cash accruals.
Incorporated in 1991 by Mr. Balwant Rai, HAIPL trades in plastic
and petrochemical-related products. Its product portfolio includes
Ethylene-Vinyl Acetate (EVA), synthetic rubber, polyvinyl
chloride resin, paraffin wax, dicumyl peroxide, plastic scrap, and
coir pith. The company's day-to-day operations are managed by its
director, Mr. Devik Garg.
HAIPL, on a provisional basis, reported a profit after tax (PAT)
of INR 28.9 million on net sales of INR 437.2 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR 27.5 million on net sales of INR 431.2 million for
2012-13.
HIND MOTORS: CRISIL Lowers Rating on INR150MM Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Hind
Motors India Ltd (HMIL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 150 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 25 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Term Loan 77.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating downgrade reflects HMIL's delay in servicing its term
loans owing to weak liquidity driven by increase in inventory
levels, low cash accruals and delay in funding support from
promoters. The inventory has doubled to INR 166 million as on
March 31, 2014 from INR 79 million as on March 31, 2013 while the
sales have come down to nearly INR 300 million in 2013-14 (refers
to financial year, April 1 to March 31) from INR 380 million in
2012-13. The high inventory has resulted in almost full
utilisation of the available bank lines of INR 150 million. The
cash accruals, expected at less than INR 10 million for 2014-15,
are insufficient to meet the term loan obligations of INR 23
million maturing during the year. The funding support from
promoters was also not sufficient and timely to meet the term loan
obligations.
HMIL's financial risk profile has been weak, marked by a high
gearing and weak debt protection metrics. The company is also
exposed to intense competition in the auto dealership market,
small scale of operations, and regional concentration in
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the automotive dealership
business.
HMIL, promoted in 1956 by Mr. C M Gupta, has been an automotive
dealer since its inception. It was a dealer for Hindustan Motors
Ltd from 1960 to 1998 and for Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+') since 1998. By the end of 2011-12, HMIL
became a dealer for Nissan Motor India Pvt Ltd in Chandigarh, and
ceased to be a dealer for TML in both Chandigarh and Mohali
(Punjab).
HMIL reported a profit of INR 0.04 million on net sales of INR384
million for 2012-13, against a loss of INR1.4 million on net sales
of INR600 million for 2012-13.
INSTA EXIHIBITIONS: CRISIL Suspends B- INR123M Cash Credit Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Insta
Exihibitions Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 123 CRISIL B-/Stable Suspended
Letter of credit &
Bank Guarantee 5 CRISIL A4 Suspended
Term Loan 30.3 CRISIL B-/Stable Suspended
The suspension of ratings is on account of non-cooperation by
Insta with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Insta is yet to
provide adequate information to enable CRISIL to assess Insta's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Incorporated in 2003 and promoted by Mr. Rajnikant Kedia, IEPL
provides exhibition solutions, which include manufacturing
products, such as portable-display systems, modular systems,
custom-modular systems, and custom-built systems, and offering
other exhibition-related services. IEPL is present across the
value chain of the exhibition solutions space, including product
manufacturing, designing, installing, and maintenance.
JAI MAHALAXMI: CRISIL Cuts Rating on INR450MM Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jai Mahalaxmi Ispat (India) Pvt Ltd to CRISIL D/CRISIL D from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 16.5 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 450 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term
Bank Loan Facility 33.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Term Loan 70 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects instances of delays by JMPL in servicing
its term debt; the delays have been caused by the company's weak
liquidity.
JMPL also has working capital intensive operations and exposure to
intense competition in the highly fragmented steel products
market. The company, however, benefits from the extensive
experience of the promoters.
JMPL, incorporated in 1995, manufactures thermo mechanically
treated (TMT) bars. It's manufacturing facilities are located in
Wada and Jalna (both in Maharashtra).
JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR52MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jajodia Exports Pvt Ltd
continue to reflect JEPL's weak financial risk profile, marked by
a small net worth and weak debt-protection metrics, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the trading industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52 CRISIL B+/Stable
Letter of Credit 48 CRISIL A4
Proposed Long Term
Bank Loan Facility 29.7 CRISIL B+/Stable
Standby Line of Credit 10 CRISIL B+/Stable
Outlook: Stable
CRISIL believes that JEPLs financial risk profile will remain
constrained over the medium term because of its small net worth
and working-capital-intensive operations. The outlook may be
revised to 'Positive' if there is large capital infusion,
resulting in an increase in the company's net worth and an
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if JEPL's profitability declines
significantly, or it undertakes any large unanticipated debt-
funded capacity expansion programme.
Update
Given the challenging economic environment, JEPL's sales declined
to around INR 500 million in 2013-14 (refers to financial year,
April 1 to March 31) from INR 673.6 million in 2012-13, while its
operating margin was broadly in line with historical trends. A
revival in demand in the near to medium term is expected to
support the company's turnover at current levels while its
operating margin is projected to remain range bound between 2 and
3 per cent.
The company has a weak financial risk profile, marked by a small
net worth of about INR 60 million as on March 31, 2014, and weak
debt protection metrics, with interest coverage and net cash
accruals to total debt ratios of 1.5 times and 0.06 times,
respectively, for 2013-14. JEPL's operations continue to be
working capital intensive, with gross current assets of about 80
days as on March 31, 2014, as against 57 days a year earlier.
However, its liquidity is adequate, with average bank limit
utilisation of 80 per cent during the 12 months through May 2014.
The company does not have any term debt obligations nor any
capital expenditure plans over the medium term, which will ensure
that it sustains it financial risk profile at the current level.
JEPL was originally set up as a partnership firm in 1999 by Mr.
Jagdish Prashad Jajodia. This firm was re-constituted as a private
limited company with the present name in 2011. The company trades
in agriculture machinery (used in irrigation) imported from China;
it also trades in pulses, fruits, vegetables, and coal.
JANAKIRAM STEEL: CRISIL Rates INR20MM Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Janakiram Steel and Power Pvt Ltd (JRSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B/Stable
Letter of Credit 80 CRISIL A4
The rating reflects JRSPL's modest scale of operations in the
fragmented steel industry, its average financial risk profile
marked by modest networth and its working capital intensive
operations. These rating weaknesses are partially offset by the
extensive experience of JRSPL's promoters in the steel industry.
Outlook: Stable
CRISIL believes that JRSPL will continue to benefit from the
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case of higher than
expected increase in revenues and profitability leading to larger
than expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any significant debt- funded
capital expenditure or stretch in its working capital position
leading to deterioration of its financial risk profile.
JRSPL set up in 2004, is involved in the manufacture of steel
ingots. The daily operations of the company are managed by Mr.
Narayan Singh.
JRSPL reported a profit after tax (PAT) of INR 1.7 million on
total revenue of INR 725 million in 2012-13 (refers to financial
year, April 1 to March 31), as against a PAT of INR 5.6 million on
revenue of INR 663 million for 2011-12.
JASMINE BUILDMART: CARE Assigns 'B-' Rating to INR75cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' ratings to the bank facilities of
Jasmine Buildmart Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 75 CARE B- Assigned
Rating Rationale
The rating assigned to the bank facilities of Jasmine Buildmart
Private Limited is constrained by the limited experience of the
promoters in the real estate sector, substantial inter-group
advances and history of delays in debt servicing. The rating,
however, derives strength from the advanced stage of project
execution with healthy sales achieved, location advantage and good
connectivity of the project.
Going forward, the ability of the company to execute the project
within the envisaged cost and time and to achieve the envisaged
sales at the estimated price with timely recovery of the sales
receipts/advances from the customers shall be the key rating
sensitivities.
JBPL is a part of the Delhi-based Krrish group, which has
interests in liquor business and real estate business. JBPL is
currently engaged in the construction and development of the
Provence Estate project (PE) which is a residential group
housing project on a land area measuring approximately 12.31 acres
situated at Sector 2, Gwal Pahari, Gurgaon, Haryana with a
saleable area of 10.88 lsf.
JBPL is developing PE project with project cost of INR526.74
crore. The project is expected to be completed by FY16 (refers
to the period April 01 to March 31). JBPL reported a net loss of
INR2.25 crore on a total income of INR186.62 crore in FY13.
During FY14 (provisional), JBPL reported a net loss of INR5.31
crore on a total income of INR35.89 crore.
LATA EXPORTS: CARE Reaffirms 'B' Rating on INR7.5cr Bank Loan
-------------------------------------------------------------
CARE reaffirms 'CARE B' rating assigned to the bank facilities of
Lata Exports Apparels Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7.50 CARE B Reaffirmed
Long term Bank Facilities 6.75 CARE A4 Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Lata Exports
Apparels Private Limited continues to be constrained by
the relatively small scale of operations, elongated operating
cycle, leveraged capital structure and weak debt coverage
indicators. The rating further continues to be constrained by
customer and geographic concentration of sales, foreign exchange
fluctuation risk and presence in the highly competitive and
fragmented apparel industry. The ratings, however, continue to
derive strengths from the vast experience of promoters and
established relationship with the customers.
The ability of LEAPL to improve its scale of operations and
maintain the profitability margins amidst the intense
competition along-with acquiring new clients are the key rating
sensitivities.
Incorporated in 1996, Lata Exports Apparels Private Limited is
engaged in the manufacturing of ready garments and exports around
90% of its products to USA. Moreover, LEAPL also undertakes job
work of garment manufacturing for other entities. LEAPL has
manufacturing facilities in Bhiwandi with an installed capacity of
75,000 garments per month having capacity utilisation of 80% for
FY14 (refers to the period April 01 to March 31).
During FY14 provisional, LEAPL posted a total operating income of
INR17.60 crore (up by 10% vis-a-vis FY13) and PAT of INR0.69 crore
(up by 263% vis-a-vis FY13). Furthermore during 4MFY15, LEAPL has
reported total income of INR3.87 crore.
MAA CHINTPURNI: CRISIL Cuts Rating on INR430MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Maa Chintpurni Iron and Steel (India) Pvt Ltd (MCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 6.5 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 430 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term
Bank Loan Facility 33.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Term Loan 100 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects instances of delays by MCPL in servicing
its term debt; the delays have been caused by the company's weak
liquidity.
MCPL also has working capital intensive operations and exposure to
intense competition in the highly fragmented steel products
market. The company, however, benefits from the extensive
experience of the promoters.
MCPL, incorporated in 1999, manufactures thermo mechanically
treated (TMT) bars. It's manufacturing facilities are located in
Wada and Jalna (both in Maharashtra).
PROFESSIONAL EDUCATIONAL: CRISIL Cuts INR240M Loan Rating to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Professional Educational Trust (PET) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Funded Interest 40 CRISIL B-/Stable (Downgraded
Term Loan from 'CRISIL B+/Stable')
Long Term Loan 240 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
Overdraft Facility 40 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Long Term 20 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
The rating downgrade reflects the weakening of PET's liquidity,
marked by inadequate cash accruals to meet its term debt
obligation over the medium term. PET's operating profitability and
cash accruals declined in 2013-14 (refers to financial year, April
1 to March 31) due intense competition from other engineering
colleges. Furthermore, the trust's occupancy level and operating
profitability are expected to be under pressure due to intense
competition; and consequently the trust's cash accruals are
expected to be inadequate to meet its term debt obligations over
the medium term. However, CRISIL believes that PET is expected to
meet its term debt obligations on time supported by need-based
financial support from trustees.
The rating reflects PET's below-average financial risk profile,
marked by weak capital structure and below average debt protection
metrics, and exposure to risks related to regulatory changes and
intense competition in the education sector. These rating
weaknesses are partially offset by the extensive experience of
PET's trustees in the education sector.
Outlook: Stable
CRISIL believes that PET will continue to benefit over the medium
term from the extensive experience of its trustees. The outlook
may be revised to 'Positive' if the trust reports higher-than-
anticipated revenue driven by better-than-expected occupancy rate,
resulting in a substantial increase in its cash accruals and thus,
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if PET reports lower-than-expected cash accruals, or
its capital structure deteriorates further driven most likely by
larger-than-expected debt-funded capital expenditure.
PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and postgraduate
courses in engineering and management.
RADHA CASTING: CARE Assigns 'D' Rating to INR6.95cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Radha
Casting & Metalik Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 6.95 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of Radha Casting &
Metalik Pvt Ltd factors in the on-going delays in debt servicing
on account of the stretched liquidity position of the company.
Radha Casting & Metalik Pvt Ltd (RCMPL), incorporated in June
2006, was promoted by brothers Mr Dhananjay Kumar and Mr Pawanjay
Kumar of Jharkhand. The company had initially set up a pig iron
plant (installed capacity 15,000 metric tonnes per annum: MTPA) at
Ramgarh, Jharkhand and commenced commercial operation in the year
2008. But, later on, in May 2011, the company was forced to shut
down its pig iron plant due to iron ore scarcity owing to iron ore
mining related issues leading to rising raw material cost and weak
demand. Since, February 2012, the company had started
manufacturing Mild Steel (MS) Ingots with installed capacity of 15
000 MTPA at its existing plant.
During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR2.06 crore (Rs.1.74 crore in
FY12) and a PAT of INR0.15 crore (of INR0.05 crore in FY12) on a
total income of INR34.84 crore (Rs.8.03 crore in FY12).
RAHEEM INDUSTRIES: CRISIL Puts B+ Rating on INR41.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Raheem Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 41.5 CRISIL B+/Stable
Standby Line of Credit 5.3 CRISIL B+/Stable
The rating reflects RI's below-average financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics. The rating also factors in RI's modest scale of
operations in the highly fragmented rice industry. These rating
weaknesses are partially offset by its partners extensive industry
experience.
Outlook: Stable
CRISIL believes RI will benefit from its partners' extensive
industry experience over the medium term. The outlook maybe
revised to 'Positive' in case the firm scales up its operations
substantially with improvement in profitability leading to better
cash accruals and financial risk profile. Conversely, the outlook
maybe revised to 'Negative' if the firm generates low cash
accruals or its working capital requirements increase more-than-
expected, or it undertakes any large debt-funded capital
expenditure.
Established in 2005 and based in Bareilly (Uttar Pradesh), RI
processes paddy into basmati and non-basmati rice. The firm has a
manufacturing unit in Bareilly with a capacity of around 7 tonnes
per hour. It is a partnership firm, owned and managed by Mr. Abdul
Qayyum, Mr. Iqbal Ahmed and their families.
SANSHU GREEN: CARE Assigns 'B' Rating to INR14.98cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sanshu
Green Corn Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 14.98 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of Sanshu Green Corn
Private Limited (SCPL) primarily factors in the implementation and
funding risk associated with its greenfield project, high working
capital intensity, susceptibility of margins to volatile wheat
prices and presence in a fragmented industry segment.
The rating, however, does derive strength from the experienced
management team, support from the associate company and locational
advantage.
The ability of the company to complete the project as envisaged,
without any cost overrun and attainment of stability of operations
are the key rating sensitivities.
Sanshu Green Corn Private Limited (SCPL) was incorporated in
December 2013 with the objective of processing agricultural
commodities. Promoted by Mr Gaurav Kuldip Kashyap and Mrs Rani
Thithe, the company is currently setting up a green field wheat
processing unit, with a capacity of 200 tonnes/day at Chalisgaon,
Maharashtra. The company will engage in wheat processing activity
which will entail procuring raw wheat/unprocessed wheat from
farmers, cleaning, separation of wheat and husks, storage, grading
and packing of the same. The same will then be supplied to flour
mills and grain merchants located in Maharashtra. SCPL will
primarily sell to its associate company, Green Leaf Plasto Private
Limited (GPPL) engaged in processing of wheat to produce 'atta'
and 'maida', and to other flour mills based in Maharashtra and
Madhya Pradesh. The project is being set-up at a cost of INR2.60
crore and is expected to commence commercial operations from
January 2015.
SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR96.8MM Loan to B
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Siddhivinayak Poultry Breeding Farm & Hatcheries Private Limited
(SVPL) to 'CRISIL B/Stable' from 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.8 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Term Loan 96.8 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects a significant improvement in SVPL's
liquidity reflected in timely servicing of debt by SVPL over the
past twelve months ended June 30, 2014. SVPL's liquidity has
improved on the back of healthy improvement in cash accruals
generated from business coupled with a tighter control on the
working capital cycle reflected in an improvement in gross current
assets to about 64 days currently from over 180 days two year's
ago.
The ratings reflect below average financial risk profile of the
company, constrained by small networth base, and vulnerability of
company's operating profitability to risks inherent in the poultry
industry. However, the company benefits from its promoters'
extensive experience in the poultry industry through group
entities.
CRISIL has treated unsecured loans of INR 25 million as on March
31, 2014, extended to SVPL by the promoter and other affiliates as
neither debt nor equity because these loans are interest-free and
is expected to be retained in the business over the medium term.
Outlook: Stable
CRISIL believes that SVPL will continue to benefit from its
promoters' extensive experience in the poultry industry. The
outlook may be revised to 'Positive' if SVPL's business risk
profile improves significantly, driven most likely by increase in
scale of operations and cash accruals, coupled with improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the SVPL's liquidity due to less-than-
expected cash accruals, large working capital requirements, or
large debt-funded capital expenditure.
SVPL was established as a private limited company in Pune,
Maharashtra in 2010 by Mr. Ajay Deshpande, Mr. Laxman Bhosale and
Mr. Vijendra Bhosale. The company is engaged in broiler poultry
farming business and sells broiler eggs, day-old-chicks (DOC) and
broiler bird.
SVPL is likely to report a profit after tax (PAT) of INR 19.5
million on operating income of INR 826 million for 2013-14 (refers
to financial year, April 1 to March 31), as against a net loss of
INR 5.8 million on operating income of INR 156 million for 2012-
13.
SHRI AAVISHKAR: ICRA Reaffirms B+ Rating on INR4.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to the INR4.50 crore long-term
fund-based facility of Shri Aavishkar Metals Private Limited. ICRA
has also reaffirmed the [ICRA]A4 rating to the INR3.20 crore short
term non fund based facilities of SAMPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.50 [ICRA]B+ reaffirmed
Letter of Credit 3.00 [ICRA]A4 reaffirmed
CEL 0.20 [ICRA]A4 reaffirmed
The ratings reaffirmation takes into account SAMPL's small scale
of operations and weak financial risk profile characterized by
thin margins, aggressive capital structure and working capital
intensive nature of operations owing to long credit periods
extended to the customers. The ratings also take into account the
intense competitive pressures due to fragmented industry structure
and risks arising out of the vulnerability of company's
profitability to adverse volatility in metals prices, as well as
foreign exchange rate fluctuations due to reliance on imports for
procurement.
The ratings, however, favourably take into account the long track
record of the promoters in scrap trading business and healthy
growth in operating income over the last three fiscals driven by
increase in trading volumes and sales realizations.
Shri Aavishkar Metals Private Limited (SAMPL) was incorporated in
2006 by Mr. Prakash Jhanwar, in Ahmedabad, Gujarat. The company is
involved in trading of ferrous and non ferrous scrap metals. SAMPL
procures scrap through both local and international market and
supplies it to end users and traders present in Gujarat. The
promoter has more than 20 years of experience in the scrap trading
business.
Recent Results
For the year ended March 31, 2014, SAMPL has reported operating
income of INR50.01 crore and profit after tax (PAT) of INR0.20
crore as against profit after tax of INR0.16 crore on an operating
income of INR42.39 crore for the year ended 31st March 2013.
SHRI WARDHMAN: CRISIL Reaffirms B+ Rating on INR67MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Wardhman Takniki
Shiksha Samiti, Jabalpur (SWTSS), continues to reflect SWTSS's
susceptibility to regulatory changes, the geographic concentration
in its operations, and its weak financial risk profile. These
rating weaknesses are partially offset by the society's
established regional position in the education sector.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 33 CRISIL B+/Stable (Reaffirmed)
Term Loan 67 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SWTSS will continue to benefit over the
medium term from increasing demand for technical courses and its
established regional position. The outlook may be revised to
'Positive' if the society's financial risk profile improves
because of more-than-expected fee income with improvement in
operating margin, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
financial risk profile deteriorates because of lower-than-expected
cash accruals or large debt-funded capital expenditure (capex).
Update
SWTSS's revenue grew by 10 per cent year-on-year in 2013-14
(refers to financial year, April 1 to March 31), to around INR 121
million, on account of increased seats in the BE and ME courses.
The college operated by the society offers BE, ME, MBA, and MCA
courses; it started offering mechanical engineering in the BE
course in academic year 2013-14 and increased seats in the civil
engineering stream. The society's topline is expected to improve
over the medium term because of healthy occupancy and fee revision
due in 2015-16.
The society's corpus remains moderate, in the range of INR 105
million to INR 115 million as on March 31, 2014, because of
moderate profitability. The society continues to rely on bank debt
for meeting operational expenses. Its bank limit utilisation was
moderate, averaging 81 per cent over the 12 months through June
2014. The society undertook a capex programme of around INR 20
million in 2013-14 to expand its infrastructure facilities and
support increase in student intake. As a result, its gearing
remained moderate, around 1 time, as on March 31, 2014.
SWTSS was set up by the Jain family of Madhya Pradesh in 2006 in
Jabalpur (Madhya Pradesh). The society has one institute, Gyan
Ganga College of Technology, offering several courses in
engineering and management.
SNQS INTERNATIONAL: ICRA Ups Rating on INR10cr LT Loan From 'D'
---------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]D to [ICRA]B+
and short-term rating from [ICRA]D to [ICRA]A4 for the bank
facilities of SNQS International Socks Private Limited. Total
rated amount is INR12.00 crore (revised from INR16.40 crore).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term: Fund 10.00 [ICRA]B+/upgraded from
Based Facilities [ICRA]D
Short term: Non- 2.00 [ICRA]A4/upgraded from
fund based [ICRA]D
The rating upgrade takes into account the regularization of the
debt servicing by the company supported by promoter's fund
infusion in the form of equity and unsecured loans, and the
expected improvement in the financial profile of the company aided
by the change in customer mix and steady volumes from trading
operations. The ratings also consider the long experience of the
promoter in the textile industry and its strong ties with
established retail chains in Europe through S.N.Q.S International
(parent), a key sourcing agency for a renowned retail player. The
ratings however remain constrained by net losses, and weak
capitalization and coverage indicators. The ratings also factor in
SNQS Socks' small scale of operations with earnings being
vulnerable to fluctuations in raw material prices and power costs,
and its strained liquidity position owing to the working capital
intensive nature of operations with high inventory and receivable
periods. Going forward, the ability of the company to improve its
scale of operations and subsequently its earnings and liquidity
position through the measures being undertaken by the management
remains to be seen and would be key rating sensitivities.
SNQS International Socks Private Limited was formed by the take-
over of a company called M/s Jeyalakshmi Associates, which was
started in 1993 and was part of Lakshmi Machine Works (LMW) group.
Post take-over in 2001, Mr. Elangovan, the Managing Director
decided to convert the company into a 100% export oriented unit to
manufacture and export socks. The company has its production unit
in Coimbatore with an installed capacity of ~ two million dozen
pairs of knitted socks per annum The company exports mainly to
major brands/retailers in US and Europe and also to some domestic
branded manufacturers. The Company has began trading operations
since 2013-14.
Recent Results
SNQS Socks reported a net loss of INR0.9 crore on an operating
income of INR19.0 crore in 2013-14, as against a net loss of
INR1.3 crore on an operating income of INR22.5 crore for 2012-13.
SRI SARVEJANA: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Sarvejana Cottons Pvt Ltd (SSCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable
Long Term Loan 30 CRISIL B+/Stable
The rating reflects SSCPL's modest scale of operations in the
intensely competitive cotton ginning industry and low operating
margin because of trading nature of operations. The rating
weaknesses are partially offset by above-average financial risk
profile marked by a low gearing and modest debt protection metrics
albeit constrained by its low net worth base, and promoters'
extensive industry experience.
Outlook: Stable
CRISIL believes that the SSCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if there is
significant increase in SSCPL's scale of operations, while
improving its profitability margin and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenue or profitability or
if its capital structure deteriorates on account of high working
capital requirements or a large debt-funded capital expenditure.
Established in 2009, SSCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. The company is
promoted by Mr. K. Srinivasa Rao and Mrs. G. Bhavani and the
ginning unit is located near Gajwel (Telangana).
YKZ ZIP: CARE Assigns 'D' Rating to INR18.39cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of YKZ ZIP
Fastners Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 18.39 CARE D Assigned
Short term Bank Facilities 0.24 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of YKZ Zip Fastners Pvt
Ltd (YZFPL) factors in the on-going delays in debt servicing
on account of the stretched liquidity position of the company.
YKZ Zip Fastners Private Limited (YZFPL), incorporated on
July 27, 2006, was promoted by the Mukherjee family of Kolkata
(West Bengal). YZFPL has been engaged in the business of
manufacturing of zip, which is used in garments, furniture, bags
and luggage. It commenced commercial production in November 2010.
The manufacturing facility of the company is located at Ruiya,
Patulia, Dumdum Kalyani Express (West Bengal) with a present
capacity of 1912.60 MT of zips per annum. The company markets its
products under the brand name YJS and DALLI.
During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR4.2 crore (INR3.1 crore in FY12)
and a PAT of INR0.6 crore (of INR0.3 crore in FY12) on a total
income of INR26.2 crore (INR20.2 crore in FY12). Furthermore, the
management has maintained that the company has achieved a turnover
of INR30.1 crore during FY14.
===============
M A L A Y S I A
===============
MALAYSIA AIRLINES: To Cut Up to 6,000 Jobs in Restructuring
-----------------------------------------------------------
Yantoultra Ngui at Reuters reports that about a quarter of
Malaysia Airlines' 20,000 staff are likely to lose their jobs
under a restructuring plan for the loss-making airline hit by two
separate jet disasters this year, a source with direct knowledge
of the matter said.
The restructuring plan, due to be unveiled later this week, will
include route cuts as well as the loss of up to 5,000-6,000 jobs,
according to the source, speaking on condition of anonymity,
Reuters relates. The source was not authorised to discuss the
plan publicly, notes the report.
According to Reuters, the carrier's majority owner, Malaysian
state fund Khazanah Nasional Bhd, is expected to announce the plan
to restructure the firm as early as Aug. 28. Reuters recalls that
Khazanah, which owns 69.37 percent of airline, formally known as
Malaysian Airline System Bhd (MAS), said earlier this month it is
taking MAS private in a $435 million deal.
Reuters says MAS is due to announce second-quarter results on Aug.
28 that are expected to show losses expanding. MAS has been
struggling with a slump in business since the unexplained
disappearance of Flight MH370 in March tipped the airline into its
worst quarterly performance in two years in January-March,
according to Reuters.
Its problems deepened on July 17 when its Flight MH17 was shot
down over Ukraine, killing all 298 people on board, the report
adds. The airline is now set to post one of its weakest
performance in the April-June quarter, hit by due to cancelled
bookings, weak passenger yields and high overheads, Reuters relays
citing analysts.
The same source told Reuters in July that Khazanah planned to de-
list the airline, which has recorded a net loss for the past three
years, and announce the restructuring plan as early as the end of
August.
Prime Minister Najib Razak, who is chairman of Khazanah, still has
to sign off on a restructuring plan for the carrier that is
politically sensitive, Reuters notes.
While 5,000-6,000 job losses would signal a drastic downsizing of
the firm, analysts have said many staff could be offered jobs at
other government-run firms to soften the blow to them and their
families. About 13,000 MAS workers are unionized, belonging to the
MAS Employees Union, according to Reuters.
The airline and its key stakeholders are in talks with banks for a
strategic overhaul that could include the partial sale of its
engineering unit and an upgrade of its ageing fleet, sources
involved in the discussions have told Reuters.
The plan is also expected to bring in a new chief executive and
replace other senior executives, reports Reuters.
Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.
Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the first
three months this year, its net loss widened to MYR443 million
from MYR279 million a year earlier, the Journal disclosed.
=================
S I N G A P O R E
=================
STATS CHIPPAC: Moody's Downgrades Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded STATS ChipPAC Ltd's
corporate family rating and senior unsecured debt rating to Ba2
from Ba1. The outlook is stable.
Ratings Rationale
"The rating action reflects Moody's view that STATS ChipPAC's
profitability will remain under pressure and that leverage will
remain above levels commensurate with the company's previous
rating level through 2015. This is in view of the slowing growth
in the high-end communications segment and muted demand from the
personal computer and consumer end markets," says Annalisa
DiChiara, a Moody's Vice President and Senior Analyst.
Revenues have been on a declining trend since 2011, reflecting
lower revenues from wire bonding and more recently, decelerating
growth in the high-end smartphone segment, and accelerated demand
for low-cost smart phones. At the same time, operating profit was
weak at 3% for the last twelve months (LTM) ending 30 June, owing
to the lower revenues and high fixed cost base.
As a result, LTM to June 2014 adjusted debt/EBITDA was 3.2x
substantially above the 2.0x-2.5x level appropriate for its
previous rating. Absolute reported debt levels have risen 20%
since FYE 2013 to $1.1 billion at 30 June 2014 driven by
investment needs for its new plant in South Korea. Debt is likely
to increase by an additional $90-120 million by year end 2014, in
part, to complete the expansion of this plant.
"The company's aggressive capital spending for the Korea project,
combined with low profitability, has caused the company to consume
free cash flow (FCF) and increase debt levels significantly over
the last 18 months. Given Moody's expected capex of $550 million
in 2014 and $450 million in 2015, negative FCF will likely
continue through 2015 and leverage will remain in the 3.0x-3.3x
range over the same period. At the same time, interest cover,
defined as adjusted EBIT/Interest, will remain weakly positioned
for the rating at less than 1.75x," adds DiChiara.
The rating continues to reflect STATS ChipPAC's fundamental credit
strength based on Moody's global rating scale, and Moody's
assumption that its ultimate holding company, Temasek Holdings
(Private) limite (Aaa, Stable), is likely to provide support in
the event of stress. STATS ChipPAC's final rating of Ba2 benefits
from a one-notch uplift due to such expected support from Temasek.
The current rating also considers STATS ChipPAC's position as the
fourth largest player in the global outsourcing semiconductor
assembly and test industry, with around 6.5% global market share
in terms of revenue according to Gartner, a leading information
technology research and advisory company.
In addition, the rating does not anticipate a deterioration in the
market position or any loss of major customers, considering the
industry's high barriers to entry and long qualification
processes.
The rating also considers the company's solid liquidity profile
with cash and liquid assets on hand of $127 million and additional
liquidity from undrawn credit facilities of $129 million as of 30
June 2014. The company's next significant long-term maturity ($200
million) is in March 2016.
The outlook is stable and reflects operating margins in the 5%
range, adjusted debt/EBITDA in the 3x range and adjusted
EBITDA/interest in the 8x range.
The ratings could come under additional pressure if: (1) STATS
ChipPAC suffers a reduced asset utilization rate, decreasing
profitability, and cash flow-generating capability, such that its
adjusted debt/EBITDA is sustained in the 3.5x range or higher (2)
a cyclical industry downturn emerges and significantly impairs the
company's ability to service its debt; and/or (3) STATS ChipPAC
undertakes an aggressive debt-funded acquisition or dividend
policy that pressures its balance-sheet leverage and liquidity.
Negative pressure could also arise over the next 12 months if the
company does not address the refinancing of its maturing $200
million bonds in March 2016, in a timely manner.
Upwards ratings pressure is unlikely over the near-term given the
downgrade.
However, over the longer-term, positive ratings momentum could
arise if operating margin is restored to the 8% range and debt
levels are permanently reduced such that adjusted debt/EBITDA is
sustained in the 2.0x-2.5x range.
The principal methodology used in this rating was Global
Semiconductor Industry Methodology, published in December 2012.
STATS ChipPAC Ltd is the fourth largest player in the OSAT
industry in terms of revenue. It provides full turnkey solutions
to semiconductor companies, among them foundries, integrated
device manufacturers, and fabless companies in the US, Europe, and
Asia.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 18 to August 22, 2014
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
BOART LONGYEAR MAN 7.00 04/01/21 USD 74.65
BOART LONGYEAR MAN 7.00 04/01/21 USD 76.36
GRIFFIN COAL MININ 9.50 12/01/16 USD 70.88
GRIFFIN COAL MININ 9.50 12/01/16 USD 70.88
MIDWEST VANADIUM P 11.50 02/15/18 USD 41.55
MIDWEST VANADIUM P 11.50 02/15/18 USD 44.58
MIRABELA NICKEL LT 8.75 04/15/18 USD 23.25
MIRABELA NICKEL LT 8.75 04/15/18 USD 24.00
NEW SOUTH WALES TR 0.50 09/14/22 AUD 74.30
NEW SOUTH WALES TR 0.50 10/07/22 AUD 74.09
NEW SOUTH WALES TR 0.50 10/28/22 AUD 73.90
NEW SOUTH WALES TR 0.50 12/16/22 AUD 73.86
NEW SOUTH WALES TR 0.50 11/18/22 AUD 73.70
NEW SOUTH WALES TR 0.50 02/02/23 AUD 73.97
NEW SOUTH WALES TR 0.50 03/30/23 AUD 72.86
RELIANCE RAIL FINA 2.97 09/26/20 AUD 71.75
RELIANCE RAIL FINA 2.97 09/26/20 AUD 71.75
TREASURY CORP OF V 0.50 11/12/30 AUD 52.38
TREASURY CORP OF V 0.50 08/25/22 AUD 75.09
TREASURY CORP OF V 0.50 03/03/23 AUD 73.44
CHINA
-----
CHANGCHUN CITY DEV 6.08 03/09/16 CNY 70.52
CHANGCHUN CITY DEV 6.08 03/09/16 CNY 70.57
CHANGZHOU SMALL & 6.18 11/29/14 CNY 60.21
CHINA GOVERNMENT B 1.64 12/15/33 CNY 64.28
DANYANG INVESTMENT 6.30 06/03/16 CNY 70.00
GUANGXI XINFAZHAN 5.75 11/30/14 CNY 39.86
KUNSHAN ENTREPRENE 4.70 03/30/16 CNY 69.28
KUNSHAN ENTREPRENE 4.70 03/30/16 CNY 69.32
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 49.92
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 49.18
ZHENJIANG CITY CON 5.85 03/30/15 CNY 70.13
ZHENJIANG CITY CON 5.85 03/30/15 CNY 70.41
ZHUCHENG ECONOMIC 7.50 08/25/18 CNY 57.16
ZIBO CITY PROPERTY 5.45 04/27/19 CNY 59.08
ZOUCHENG CITY ASSE 7.02 01/12/18 CNY 70.75
INDONESIA
---------
DAVOMAS INTERNATIO 11.00 12/08/14 USD 19.38
DAVOMAS INTERNATIO 11.00 12/08/14 USD 19.38
INDONESIA TREASURY 6.38 04/15/42 IDR 74.87
PERUSAHAAN PENERBI 6.75 04/15/43 IDR 74.80
PERUSAHAAN PENERBI 6.10 02/15/37 IDR 70.50
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 41.13
CORE EDUCATION & T 7.00 05/07/15 USD 9.25
COROMANDEL INTERNA 9.00 07/23/16 INR 16.12
DEWAN HOUSING FINA 5.50 09/24/23 INR 72.32
GTL INFRASTRUCTURE 2.53 11/09/17 USD 36.49
INDIA GOVERNMENT B 0.23 01/25/35 INR 20.06
JCT LTD 2.50 04/08/11 USD 20.00
MASCON GLOBAL LTD 2.00 12/28/12 USD 10.00
PYRAMID SAIMIRA TH 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 55.88
REI AGRO LTD 5.50 11/13/14 USD 55.88
SHIV-VANI OIL & GA 5.00 08/17/15 USD 25.99
JAPAN
-----
ELPIDA MEMORY INC 0.70 08/01/16 JPY 13.13
ELPIDA MEMORY INC 0.50 10/26/15 JPY 14.25
ELPIDA MEMORY INC 2.10 11/29/12 JPY 14.25
ELPIDA MEMORY INC 2.29 12/07/12 JPY 16.13
ELPIDA MEMORY INC 2.03 03/22/12 JPY 14.38
JAPAN EXPRESSWAY H 0.50 03/18/39 JPY 70.43
JAPAN EXPRESSWAY H 0.50 09/17/38 JPY 70.92
KOREA
-----
EXPORT-IMPORT BANK 0.50 10/23/17 TRY 72.39
EXPORT-IMPORT BANK 0.50 12/22/17 BRL 66.85
EXPORT-IMPORT BANK 0.50 12/22/17 TRY 71.05
EXPORT-IMPORT BANK 0.50 12/22/16 BRL 75.16
EXPORT-IMPORT BANK 0.50 11/21/17 BRL 68.31
GREAT KODIT SECURI 10.00 09/29/14 KRW 73.16
HYUNDAI MERCHANT M 7.05 12/27/42 KRW 45.45
KIBO ABS SPECIALTY 10.00 08/22/17 KRW 32.34
KIBO ABS SPECIALTY 10.00 02/19/17 KRW 29.82
KIBO ABS SPECIALTY 10.00 09/04/16 KRW 30.47
KOREA LAND & HOUSI 3.99 03/26/44 KRW 73.90
SINBO CONSTRUCTION 10.00 09/29/14 KRW 73.16
SINBO SECURITIZATI 5.00 03/14/16 KRW 72.39
SINBO SECURITIZATI 8.00 02/02/15 KRW 74.88
SINBO SECURITIZATI 5.00 02/02/16 KRW 73.03
SINBO SECURITIZATI 8.00 03/07/15 KRW 74.20
SINBO SECURITIZATI 5.00 12/07/15 KRW 72.51
SINBO SECURITIZATI 5.00 01/19/16 KRW 72.45
SINBO SECURITIZATI 5.00 09/13/15 KRW 73.10
SINBO SECURITIZATI 5.00 09/13/15 KRW 62.52
SINBO SECURITIZATI 5.00 08/24/15 KRW 70.81
SINBO SECURITIZATI 5.00 07/19/15 KRW 70.93
SINBO SECURITIZATI 5.00 05/27/16 KRW 30.16
SINBO SECURITIZATI 5.00 10/05/16 KRW 29.83
SINBO SECURITIZATI 5.00 09/28/15 KRW 70.77
SINBO SECURITIZATI 5.00 10/05/16 KRW 29.83
SINBO SECURITIZATI 5.00 12/13/16 KRW 29.66
SINBO SECURITIZATI 5.00 07/26/16 KRW 29.94
SINBO SECURITIZATI 5.00 07/26/16 KRW 29.94
SINBO SECURITIZATI 5.00 01/29/17 KRW 29.57
SINBO SECURITIZATI 5.00 06/29/16 KRW 30.05
SINBO SECURITIZATI 5.00 02/21/17 KRW 27.95
SINBO SECURITIZATI 5.00 08/16/16 KRW 30.08
SINBO SECURITIZATI 5.00 08/31/16 KRW 29.85
SINBO SECURITIZATI 5.00 08/31/16 KRW 29.85
SINBO SECURITIZATI 5.00 08/16/17 KRW 30.07
SINBO SECURITIZATI 5.00 08/16/17 KRW 30.07
SINBO SECURITIZATI 5.00 05/27/16 KRW 30.16
SINBO SECURITIZATI 4.60 06/29/15 KRW 72.45
SINBO SECURITIZATI 4.60 06/29/15 KRW 72.45
SINBO SECURITIZATI 5.00 02/21/17 KRW 29.45
SINBO SECURITIZATI 5.00 03/13/17 KRW 29.47
SINBO SECURITIZATI 5.00 07/08/17 KRW 30.27
SINBO SECURITIZATI 5.00 07/08/17 KRW 30.27
SINBO SECURITIZATI 5.00 03/13/17 KRW 29.47
SINBO SECURITIZATI 5.00 06/07/17 KRW 27.47
SINBO SECURITIZATI 5.00 06/07/17 KRW 27.47
TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00
U-BEST SECURITIZAT 5.50 11/16/17 KRW 29.85
WOONGJIN ENERGY CO 2.00 12/19/16 KRW 60.89
SRI LANKA
---------
SRI LANKA GOVERNME 5.35 03/01/26 LKR 65.49
MALAYSIA
--------
BANDAR MALAYSIA SD 0.35 02/20/24 MYR 64.13
BANDAR MALAYSIA SD 0.35 02/22/21 MYR 74.96
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 68.57
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 69.97
SENAI-DESARU EXPRE 1.35 12/31/29 MYR 57.32
SENAI-DESARU EXPRE 1.15 06/30/23 MYR 70.04
SENAI-DESARU EXPRE 1.35 06/29/29 MYR 58.21
SENAI-DESARU EXPRE 1.35 06/30/28 MYR 60.04
SENAI-DESARU EXPRE 1.15 12/30/22 MYR 71.64
SENAI-DESARU EXPRE 1.35 12/31/30 MYR 55.57
SENAI-DESARU EXPRE 1.35 12/29/28 MYR 59.13
SENAI-DESARU EXPRE 1.15 06/30/25 MYR 64.52
SENAI-DESARU EXPRE 1.35 06/30/27 MYR 61.99
SENAI-DESARU EXPRE 1.15 12/31/24 MYR 65.71
SENAI-DESARU EXPRE 1.10 06/30/22 MYR 72.91
SENAI-DESARU EXPRE 1.35 12/31/25 MYR 65.07
SENAI-DESARU EXPRE 1.35 06/30/31 MYR 54.71
SENAI-DESARU EXPRE 1.35 06/28/30 MYR 56.47
SENAI-DESARU EXPRE 1.15 06/28/24 MYR 66.99
SENAI-DESARU EXPRE 1.15 12/29/23 MYR 68.50
SENAI-DESARU EXPRE 1.35 06/30/26 MYR 63.99
SENAI-DESARU EXPRE 1.35 12/31/26 MYR 62.99
SENAI-DESARU EXPRE 1.35 12/31/27 MYR 61.01
PHILIPPINES
-----------
BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM PTE 11.50 05/07/15 USD 11.10
BAKRIE TELECOM PTE 11.50 05/07/15 USD 9.25
BLD INVESTMENTS PT 8.63 03/23/15 USD 30.00
BUMI CAPITAL PTE L 12.00 11/10/16 USD 52.45
BUMI CAPITAL PTE L 12.00 11/10/16 USD 50.02
BUMI INVESTMENT PT 10.75 10/06/17 USD 49.75
BUMI INVESTMENT PT 10.75 10/06/17 USD 50.53
ENERCOAL RESOURCES 9.25 08/05/14 USD 35.03
INDO INFRASTRUCTUR 2.00 07/30/10 USD 1.88
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 13.63
MDX PCL 4.75 09/17/03 USD 17.13
*********
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, and Peter A. Chapman,
Editors.
Copyright 2014. 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 ***