/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/140919.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 19, 2014, Vol. 17, No. 186 Headlines A U S T R A L I A AUSWIDE SERVICES: In Administration; First Meeting Set Sept. 25 JOHN FARRAGHER TRANSPORT: Placed Into Liquidation PUBLISHERS AUSTRALIA: Goes Into Voluntary Administration C H I N A FOSUN INT'L: Bid For Club Med No Impact on Ba3 CFR, Moody's Says GEELY AUTOMOBILE: Moody's Assigns Ba2 Corporate Family Rating LDK SOLAR: Units to File Prepack Bankruptcy in U.S. LDK SOLAR: Cayman Court Wants Creditors Meeting Held in October LDK SOLAR: Hong Kong Court to Conduct Hearing on Sept. 23 RUSSIAN STANDARD: S&P Lowers CNY500BB LPN Rating to 'cnBB-' H O N G K O N G BAOXIN AUTO: Moody's Withdraws Ba3 Corporate Family Rating I N D I A A. S. INDUSTRIES: CRISIL Assigns D Rating to INR32MM Term Loan AJANTA OFFSET: CRISIL Suspends D Rating on INR328.9MM Bank Loan ANG LIFE: CRISIL Assigns 'D' Rating to INR81.5MM Term Loan ATTAR CONSTRUCTION: CRISIL Suspends B+ Rating on INR200MM Loan C P SPONGE: CRISIL Suspends B+ Rating on INR177MM Cash Credit CHIRAYU CHARITABLE: CRISIL Suspends B Rating on INR567.5MM Loan COSMOS JEWELLERS: CRISIL Suspends B+ Rating on INR50M Cash Credit DEIVAANAI SINTER: CRISIL Suspends D Rating on INR53.9MM Term Loan DEVA SINGH: CRISIL Suspends B+ Rating on INR110MM Cash Credit GAUTAM AUTO: CRISIL Suspends B Rating on INR100MM Funding Loan JIA AUTO: CRISIL Suspends D Rating on INR70MM Cash Credit Stock KAYNES HOTEL: CRISIL Suspends D Rating on INR200MM Term Loan KESHRANAND COTEX: CRISIL Assigns B+ Rating to INR110MM Bank Loan KINGFISHER AIRLINES: Lenders Vie for 1st Right of Recovery KRISHNA COKE: CRISIL Suspends 'D' Rating on INR50MM Cash Credit MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR124MM Bank Loan MAHAJAN TYRE: CRISIL Reaffirms B Rating on INR75MM Cash Credit MANDONA HYUNDAI: CRISIL Suspends B Rating on INR32MM Funding Loan METAL CRAFT: CRISIL Suspends B+ Rating on INR76.4MM Cash Credit NICOMET INDUSTRIES: CRISIL Suspends D Rating on INR1BB LOC PAL & PAUL: CRISIL Reaffirms B+ Rating on INR139MM Overdraft Loan PEARL FURNITURE: CRISIL Assigns B+ Rating to INR38MM Cash Credit PEEKAY MEDIEQUIP: CRISIL Suspends D Rating on INR150M Cash Credit POLYLON INDUSTRIES: CRISIL Suspends B- Rating on INR50M Cash Loan POLYLON TEXTILE: CRISIL Suspends B- Rating on INR46.2MM Term Loan PRECISE SEAMLESS: CRISIL Reaffirms B Rating on INR180.5MM Loan PRESSMACH INFRA: CRISIL Suspends B Rating on INR136MM Cash Credit PRESTIGE URBAN: CRISIL Suspends B Rating on INR350MM Cash Credit PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B- RACHNA METAL: CRISIL Upgrades Rating on INR150M Cash Credit to B+ RAJ-RAJESHWARI PAP-CHEM: CRISIL Suspends D INR127.5M Loan Rating RCM INFRA: CRISIL Suspends C Rating on INR60MM Overdraft Loan SARDA RICE: CRISIL Assigns B+ Rating to INR76MM Cash Credit SARVODAY ASHRAM: CRISIL Reaffirms B+ Rating on INR65M Cash Credit SHIVKRUPA TRADING: CRISIL Suspends B Rating on INR30MM Bank Loan SHREE MANIBHADRA: CRISIL Suspends B+ Rating on INR90M Cash Credit SHREE UMIYA: CRISIL Suspends 'B' Rating on INR90MM Cash Credit SHRI VISHNU: CRISIL Suspends D Rating on INR550MM Foreign Bill SIDDHI VINAYAK: CRISIL Reaffirms B Rating on INR55MM Cash Credit SIRIUS INFRA: CRISIL Suspends B+ Rating on INR30MM Cash Credit SIVAGAMY TRADERS: CRISIL Suspends B Rating on INR47.5MM Cash Loan SOHAMS FOUNDATION: CRISIL Suspends D Rating on INR135MM Cash Loan SRI VENKATESWARA: CRISIL Suspends B+ Rating on INR50M Cash Credit STERLING ESTATES: CRISIL Suspends D Rating on INR100M Cash Credit SUNSHINE INFRAWELL: CRISIL Suspends B+ Rating on INR200MM Loan SURYA CONSTRUCTION: CRISIL Suspends B- Rating on INR20MM Loan SURYA HEALTHCARE: CRISIL Suspends D Rating on INR488MM Term Loan SYNPACK FINANCE: CRISIL Suspends B Rating on INR100MM Cash Credit T C SPINNERS: CRISIL Suspends D Rating on INR644.7MM Bank Loan TRAVANCORE COCOTUFT: CRISIL Suspends B+ Rating on INR30MM Loan ULTIMA SWITCHGEARS: CRISIL Reaffirms B+ Rating on INR60MM Loan VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan I N D O N E S I A MITRA PINASTHIKA: Fitch Assigns BB- Rating on USD200MM Sr. Notes J A P A N PIONEER CORP: To Sell DJ Equipment Business to KKR for JPY59BB SONY CORP: Revises Full-Year Net Loss Forecast to JPY230 Billion SONY CORP: USD1.7B Write-Down No Effect on BB- Rating, Fitch Says M A L A Y S I A MALAYSIA AIRLINES: Khazanah to Set Up Outplacement Center N E W Z E A L A N D FELTEX CARPET: Prospectus 'Not Misleading', High Court Says SOLID ENERGY: Gets NZ$103MM Fund From Government S I N G A P O R E GOODPACK LIMITED: Moody's Assigns Parent B2 Corp. Family Rating V I E T N A M * VIETNAM: New Bankruptcy Law to Take Effect in January 2015 X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= AUSWIDE SERVICES: In Administration; First Meeting Set Sept. 25 --------------------------------------------------------------- David Ian Mansfield and Neil Robert Cussen of Deloitte Touche Tohmatsu were appointed as administrators of Auswide Services Ltd and Auswide Projects Ltd on Sept. 15, 2014. A first meeting of the creditors of the Company will be held at 14 Cabarita Place, in Merimbula, New South Wales, on Sept. 25, 2014, at 12:30 p.m. JOHN FARRAGHER TRANSPORT: Placed Into Liquidation ------------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that John Farragher Transport Management Pty Ltd has been placed on the market following the vote of creditors to put the company into liquidation. Farnsworth Shepard's Adam Shepard was appointed as liquidator of the company on Sept. 16, 2014. According to the report, the liquidator addressed staff and said that if the business does not have enough money to pay their entitlements, which does not include superannuation, they could make a Fair Entitlement Guarantee claim. The placement of the company into liquidation followed a voluntary administration, Dissolve.com.au notes. PUBLISHERS AUSTRALIA: Goes Into Voluntary Administration -------------------------------------------------------- Mediabiz Net reports that Publishers Australia, struggling with membership and financial pressures has entered voluntary administration. A lifeline being a AUD50,000 line of credit provided by Focal Attractions publishers of Mumbrella apparently could not arrest the problems faced by the industry body, according to Mediabiz Net. The report notes that Geoff Hird stepped down as long serving Chair replaced one month ago by Ash Hunter who released a statement. "After careful consideration and professional advice, the Board has made the decision to put Publishers Australia into voluntary administration. The company in recent years has not performed well financially and has residual debt. The appointment of the voluntary administrator will provide a mechanism to restructure the company and hopefully provide a stronger company into the future," the statement said. Prior to the appointment of the administrator, the Board entered into an agreement with Focal Attractions to prepare and hold the annual Excellence Awards which have been launched and are entirely unaffected by this process. The administrator is continuing to trade the business of the company and is working with Focal Attractions," the statement added. The report relates that it is hoped the Association will be revived as the industry needs a champion for small to medium publishers especially in the B2B and Specialist publishing space. ========= C H I N A ========= FOSUN INT'L: Bid For Club Med No Impact on Ba3 CFR, Moody's Says ---------------------------------------------------------------- Moody's Investors Service said Fosun International Limited's tender offer for Club Mediterranee (Club Med, unrated) and investment in Sinopec Marketing Co., Ltd. (Sinopec Sales, unrated) have no immediate impact on its Ba3 corporate family rating and B1 bond ratings. The outlook for the ratings remains negative. "The tender offer and investment reflect Fosun's continued investment appetite. The cash consideration for Club Med and Sinopec Sales could total up to EUR696 million and RMB2.153 billion, respectively," says Lina Choi, a Moody's Vice President and Senior Analyst. "The two deals will be partially funded by Fosun's insurance subsidiaries and funds from third parties, an investment strategy in line with Moody's expectations. By leveraging these financial resources Fosun also partially alleviates the funding pressure arising from its aggressive investment plans," adds Kai Hu, a Moody's Vice President and Senior Credit Officer. If Fosun wins the tender offers and acquires 100% of the stakes in Club Med, Moody's estimates that Fosun will still need to fund deal with around EUR238million in additional debt and/or liquid financial assets (i.e. cash or marketable securities) at the holding company level. For the RMB2.153 billion Sinopec Sales deal, about 28% of the cash consideration will be funded by Fosun's insurance subsidiary and a fund under its management, the other 72% will be funded by third party Co-investors. "Even though, such will further pressure Fosun's credit metrics and liquidity profile, following a debt increase of RMB18.4 billion in 1H 2014. Unless Fosun achieves more active asset disposal or expands the use of alternative funding resources, its credit metrics will be under higher pressure," adds Hu. While both deals could further improve Fosun's portfolio diversity and value, they will unlikely materially boost Fosun's recurring EBITDA and cashflow in the next six to twelve months. The environment for its core businesses remains challenging environment, and there is uncertainty regarding the integration with the acquired businesses. The negative outlook for its ratings reflects: (1) concerns over whether Fosun can reduce its reliance on debt-funded growth by leveraging other funding channels; (2) Fosun's considerable execution risk in integrating its Portuguese insurance companies' operations; and (3) the unfavorable industry conditions affecting its core businesses in steel, property and mining. Fosun's ratings reflect its: (1) business risk and competitive position compared with others within the industry; (2) capital structure and financial risk; (3) projected performance over the next 12-18 months; and (4) management's track record and tolerance for risk. Fosun was founded in 1992 and focuses on the core businesses of: (1) steel; (2) property; (3) pharmaceuticals and healthcare; and (4) mining. Apart from its core businesses, Fosun also has a growing presence in other areas such as insurance and asset management. It also has a significant portfolio of Chinese and overseas investments in listed companies, equity interests in operating businesses and investment partnerships that are not publicly listed. GEELY AUTOMOBILE: Moody's Assigns Ba2 Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has assigned a first-time Ba2 corporate family rating to Geely Automobile Holdings Limited (Geely). Moody's has also assigned a Ba2 rating to its proposed USD senior notes. The ratings outlook is stable. The net proceeds from the notes issuance will be used by Geely to refinance its existing indebtedness, expand its business, and for other general corporate purposes. Ratings Rationale "The Ba2 corporate family rating reflects Moody's expectation that Geely will achieve robust unit sales growth of around 10%-15% in 2015, given that it operates in China's large and rapidly growing passenger vehicle market," says Gerwin Ho, a Moody's Vice President and Senior Analyst. Moody's points out that Geely's focus is on China's auto market, which is the largest globally, with unit sales volume reaching 22 million in 2013, a 14% year-on-year growth rate. Its passenger vehicle market, which includes sedans, MPVs and SUVs, grew 23% over the same period. The high growth rate reflects China's higher GDP growth relative to other economies and the low penetration rates evident in its auto market. In addition, the government's support of local automakers is favorable to Geely. "Geely's Ba2 corporate family rating also considers the operational support that the company receives from its parent," says Ho, who is also the Lead Analyst for Geely. Geely's parent, Zhejiang Geely Holding Group Company Limited (Zhejiang Geely, unrated), supports Geely's production of passenger vehicles through its own holding of licenses to manufacture passenger vehicles in China. Consequently, Geely can manufacture and sell cars in China, while holding 99% stakes in operating subsidiaries, despite its offshore incorporation. Zhejiang Geely also provides support to Geely in the form of model incubations. For example, the parent's ownership of Volvo Car Corporation is helping Geely develop new models through the two companies' co-operation on the development of the Compact Modular Architecture (CMA) passenger vehicle platform. This platform -- once it becomes operational -- will in turn support Geely's strategy to expand its customer base by developing competitive, larger and higher-priced models. Moody's points out that Geely's Ba2 rating also takes into account its low debt leverage. Its debt/EBITDA and debt/book capitalization at 31 December 2013 were at 0.3x and 8% respectively. The company's debt leverage fell in 2013, due partly to lower levels of borrowing and the conversion of RMB901 million of convertible bonds. The low debt leverage reflects the company's cautious approach to financial management. While it suffered a material decline in sales of 32% year-on-year in 1H 2014 -- partly due to the restructuring its dealership network and weak export sales -- it was able to control inventory, capital expenditure and borrowings. This meant it could maintain good liquidity and low debt leverage. However, Moody's expects Geely's debt leverage to rise over the next 12-18 months, as the company focuses on improving its products and distribution network. In addition, Geely's debt leverage will rise further in 2016, as it acquires the CMA passenger vehicle platform from its parent. Nonetheless, Geely's debt leverage, as measured by debt/EBITDA, will remain below 2x over the next two years; a level which will support its Ba rating. On the other hand, Geely's rating is constrained by the strong competition in China's auto market. It captured 3.4% of China's passenger vehicle market in 2013, ranking it 10th-largest by unit sales, and second-largest local brand by unit sales. Geely's limited market share is due to competition from a large number of major international automakers, as well as from local brands; in particular, Geely faces brand and product competition from the major international automakers, and price and value competition from local brands. Moreover, Geely's exports to emerging markets add volatility to its sales, in turn constraining its rating. Moody's notes that Geely's product range is limited, as its vehicles are mainly low-priced small sedans. Nevertheless, the company plans to develop new models to improve its competitiveness. Geely's liquidity position is solid. At end-June 2014, excluding assets and liabilities held for sale, it reported net cash holdings totaling RMB5.6 billion, and cash and marketable securities to debt of 809%. The stable rating outlook reflects Moody's expectation that Geely will achieve sales growth by producing new marketable models. It will also maintain its discipline in financial management, as seen by low debt levels and a strong liquidity position. Upward rating pressure could emerge over the medium term if Geely: (1) improves its overall market share through the successful sales of new models; (2) improves profitability, such that its EBITA margins -- net of government subsidies -- exceed 7.5% on a sustainable basis; (3) maintains low debt leverage, as measured by debt/EBITDA below 1.5x; and (4) maintains a solid liquidity profile, as indicated by cash/short-term debt above 1.5x. Downgrade pressure could emerge if Geely: (1) exhibits weakening sales or falling profit margins; in particular, if EBITA margins fall below 6%; (2) expands capacity rapidly, or if acquisitions are materially funded by debt; or (3) makes substantial distributions to its parent, Zhejiang Geely. Specific credit metrics that would indicate downward rating pressure include debt/EBITDA well above 2.5x. The principal methodology used in this rating was Global Automobile Manufacturer Industry published in June 2011. Geely Automobile Holdings Limited is incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The company is one of the largest privately owned, local brand automakers in China. Geely develops, manufactures and sells passenger vehicles that are sold in China and globally. Chairman and founder, Mr. Li Shufu, became Geely's controlling shareholder in June 2005. Mr. Li and his family held a 42.6% stake in the company at end-2013. LDK SOLAR: Units to File Prepack Bankruptcy in U.S. --------------------------------------------------- LDK Solar CO., Ltd., in provisional liquidation, together with its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said Sept. 18 that three of its U.S. subsidiaries, LDK Solar USA, Inc., LDK Solar Tech USA, Inc. and LDK Solar Systems, Inc. (the 'US Plan Proponents'), launched a solicitation of votes on a prepackaged plan of reorganization (the 'Prepackaged Plan') from the holders of the Company's 10% Senior Notes due 2014 (the 'Senior Notes'). The US Plan Proponents intend to implement the Prepackaged Plan through the commencement of chapter 11 cases. Votes on the Prepackaged Plan from the holders of Senior Note guarantee claims must be submitted to Lucid Issuer Services Limited ('Lucid') so that they are actually received no later than 12:00 p.m. (prevailing Eastern time) on October 15, 2014. Holders of Senior Notes guarantee claims who need additional information regarding the balloting process can contact Lucid at ldk@lucid-is.com or Epiq Bankruptcy Solutions, LLC, which is the U.S. Voting Agent, at +1 646-282-2500 or tabulation@epiqsystems.com (please include “LDK Solar” in the subject line). The JPLs may be reached at: Tammy Fu Eleanor Fisher ZOLFO COOPER CAYMAN LIMITED P.O. Box 1102 4th Floor, Building 3 Cayman Financial Centre Grand Cayman KY1-1102 Cayman Islands Tel: (345) 946-0081 Fax: (345) 946-0082 E-mail: tammy.fu@zolfocooper.ky eleanor.fisher@zolfocooper.ky About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. LDK SOLAR: Cayman Court Wants Creditors Meeting Held in October --------------------------------------------------------------- LDK Solar CO., Ltd., in provisional liquidation, together with its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said Sept. 18 that the Company's application (acting by the JPLs) and its subsidiary, LDK Silicon & Chemical Technology Co., Ltd. (?LDK Silicon?), by summons dated August 29, 2014, to the Grand Court of the Cayman Islands (the ?Cayman Court?), the Cayman Court made an order dated September 12, 2014 and filed on September 16, 2014 to direct the Company and LDK Silicon to convene the class meetings of the Company's creditors on October 16, 2014 (starting at 8:00 p.m.), Cayman time, and October 17, 2014 (starting at 9:00 a.m.), Hong Kong time. The Cayman Court is currently scheduled to hear the petition in respect of the schemes of arrangement on November 6, 2014, at which hearing the Cayman Court will determine whether or not to sanction the schemes of arrangement. Creditors of the Company and LDK Silicon are invited to review the Scheme Website at http://ldksolar-provisionalliquidation.comwhere further details of the schemes of arrangement may be found, including details of how to vote at the meetings, copies of the schemes of arrangement, the explanatory statement, and the solicitation packets. About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. LDK SOLAR: Hong Kong Court to Conduct Hearing on Sept. 23 --------------------------------------------------------- LDK Solar CO., Ltd., in provisional liquidation, together with its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said Sept. 18 that the Company, together with LDK Silicon and LDK Silicon Holding Co., Limited ('LDK Silicon Holding'), previously made a filing to commence schemes of arrangement in the High Court of Hong Kong (the 'Hong Kong Court'). The Hong Kong Court is currently scheduled to hear on September 23, 2014 the applications on behalf of the company, LDK Silicon and LDK Silicon Holding to convene the class meetings of creditors for the Hong Kong schemes of arrangement on or around October 17, 2014, Hong Kong time. About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. RUSSIAN STANDARD: S&P Lowers CNY500BB LPN Rating to 'cnBB-' ----------------------------------------------------------- Standard & Poor's Ratings Services corrected its Greater China Regional Scale rating on senior unsecured loan participation notes (LPNs) issued by special purpose vehicle Russian Standard Finance S.A. for Russia-based Russian Standard Bank JSC by lowering it to 'cnBB-' from 'cnBB'. The LPNs affected by this rating action are: -- CNY500 bil 8.00% LPN series 12 due 02/14/2015 (issuer: Russian Standard Finance S.A.; borrower Russian Standard Bank JSC). S&P's counterparty credit ratings and Russia national scale rating on Russian Standard Bank and all other issues, rated on a global or local rating scale, are unaffected by this rating action. S&P is lowering its issue rating on the notes to correspond with the long-term counterparty credit rating on Russian Standard Bank. The downgrade is in accordance with S&P's rating methodology, including its mapping of the Greater China Regional scale to global scale local currency ratings. The outlook on Russian Standard Bank remains negative, reflecting the bank's increasing risks in unsecured lending in Russia and S&P's opinion that its loan portfolio deterioration could continue throughout 2014. ================ H O N G K O N G ================ BAOXIN AUTO: Moody's Withdraws Ba3 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service has withdrawn Baoxin Auto Group Limited's Ba3 corporate family rating with a stable outlook. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Founded in 1999, Baoxin Auto Group Limited is one of the top players in the luxury car dealership market in China, operating 82 stores at end-2013. Baoxin listed on the Hong Kong Stock Exchange in December 2011. ========= I N D I A ========= A. S. INDUSTRIES: CRISIL Assigns D Rating to INR32MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' ratings to the bank facilities of A. S. Industries (Haridwar) [ASI]. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 32 CRISIL D Cash Credit 25 CRISIL D Letter of Credit 3 CRISIL D The ratings reflect instances of delay by ASI in meeting its debt obligations; the delays have been due to cash flow mismatches arising from the difference in the receivables cycle and debt repayment schedule, as the firm derives 90 per cent of its revenue from two customers. Furthermore, it has weak liquidity owing to large working capital requirements. ASI also has a weak financial risk profile, marked by a high gearing and a small net worth, and a small scale of operations. However, the firm benefits from the extensive experience of its promoters in the die-casted automotive (auto) components industry. ASI, formed in 2010 and based in Noida (Uttar Pradesh), is a partnership firm between Mr. Sunil Sharma and Mrs. Sunheri Sharma. The firm manufactures aluminium die-casted auto components for two-wheelers. Its manufacturing facility is in Bhegumpur (SIDCUL), Haridwar (Uttarakhand). ASI reported a book profit and net sales of INR5.4 million and INR148.6 million, respectively, for 2012-13 (refers to financial year, April 1 to March 31), against a book profit of INR6.9 million on net sales of INR80.4 million for 2011-12. AJANTA OFFSET: CRISIL Suspends D Rating on INR328.9MM Bank Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Ajanta Offset and Packaging Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 230 CRISIL D Suspended Letter of Credit 70 CRISIL D Suspended Proposed Long Term Bank Loan Facility 328.9 CRISIL D Suspended Term Loan 241.1 CRISIL D Suspended Working Capital Term Loan 170 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by AOPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AOPL is yet to provide adequate information to enable CRISIL to assess AOPL'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 1969 and promoted by Mr. G P Todi, AOPL offers comprehensive print management solutions, including pre-press, press, and post-press services, and is listed on the Delhi Stock Exchange. The company has three units at Faridabad (Haryana) and a unit in New Delhi. ANG LIFE: CRISIL Assigns 'D' Rating to INR81.5MM Term Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of ANG Life Sciences (India) Pvt Ltd (ANG). The ratings reflect instances of delay by ANG in repayment of its term debt; the delays have been caused by the company's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 81.5 CRISIL D Proposed Long Term Bank Loan Facility 13.5 CRISIL D Letter of Credit 37.5 CRISIL D Bank Guarantee 10 CRISIL D Cash Credit 37.5 CRISIL D ANG also has a weak financial profile marked by high gearing, and working capital intensive operations. However, the company benefits from its promoter's extensive industry experience. Incorporated in 2006, ANG manufactures dry powder injectibles. It has a manufacturing plant at Baddi (Himachal Pradesh). Its operations are currently being managed by Mr. Rajesh Gupta. ATTAR CONSTRUCTION: CRISIL Suspends B+ Rating on INR200MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Attar Construction Company Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B+/Stable Suspended Letter of Credit 335 CRISIL A4 Suspended Proposed Long Term Bank Loan Facility 200 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by ACCPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ACCPL is yet to provide adequate information to enable CRISIL to assess ACCPL'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'. ACCPL was promoted by Mr. Tarun Jain in 1985, and was initially engaged in the construction business. The company was non- operational for a few years until 2009 as its business was moved to group entity Kamanwala Housing Construction Ltd. In 2009, ACCPL started ship-breaking at Mazgaon in Mumbai (Maharashtra). The company imports ships and breaks them into iron and steel plates, which it sells to re-rolling mills in and around Mumbai. C P SPONGE: CRISIL Suspends B+ Rating on INR177MM Cash Credit ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of C P Sponge Iron Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 177 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by CP Sponge with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CP Sponge is yet to provide adequate information to enable CRISIL to assess CP Sponge'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 2002, CP Sponge is a part of the Chawla group of companies, which is based in Durgapur (West Bengal). The group manufactures iron and steel, and trades in coal, coke, and iron and steel. CP Sponge commenced commercial production in July 2008. CHIRAYU CHARITABLE: CRISIL Suspends B Rating on INR567.5MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Chirayu Charitable Foundation. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 95 CRISIL A4 Suspended Term Loan 567.5 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by Chirayu with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Chirayu is yet to provide adequate information to enable CRISIL to assess Chirayu'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'. Chirayu, set up in 2001, is a society registered under Madhya Pradesh Societies Registration Act, 1973. Chirayu is promoted by Dr. Ajay Goenka and family, who are also the promoters of Chirayu Health and Medicare Pvt Ltd in Bhopal (Madhya Pradesh). The society has set up a multi-speciality hospital in 2010-11 and a medical college in 2011-12. The society plans to open a nursing college in November 2012. COSMOS JEWELLERS: CRISIL Suspends B+ Rating on INR50M Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Cosmos Jewellers Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable Suspended Gold Loan 150 CRISIL A4 Suspended The suspension of ratings is on account of non-cooperation by CJPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CJPL is yet to provide adequate information to enable CRISIL to assess CJPL'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' CJPL was incorporated in February 2011, promoted by Mr. Ravinder Gupta and Mr. Abhishek Saraf. The company is engaged in wholesale trading of hand-crafted gold jewellery and its product range include all types of ornaments, such as necklaces, rings, earrings, bangles, and bracelets. DEIVAANAI SINTER: CRISIL Suspends D Rating on INR53.9MM Term Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Deivaanai Sinter Metals Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 17.5 CRISIL D Suspended Term Loan 53.9 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by (DSMPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, (DSMPL is yet to provide adequate information to enable CRISIL to assess (DSMPL'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'. DSMPL was established in 2010 by Mr. K M Ravichandran in Sathapadi, Tamil Nadu. The company is engaged in powder iron casting. Currently, it manufactures valve plates, connecting rods, and pistols for compressors used in refrigerators. DEVA SINGH: CRISIL Suspends B+ Rating on INR110MM Cash Credit ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Deva Singh Sham Singh. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 110 CRISIL B+/Stable Suspended Letter of Credit 9.9 CRISIL A4 Suspended Packing Credit 222.5 CRISIL A4 Suspended The suspension of ratings is on account of non-cooperation by DSSS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DSSS is yet to provide adequate information to enable CRISIL to assess DSSS'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'. DSSS processes paddy to produce basmati and broken basmati rice. The firm processes about 10 varieties of basmati rice, including 1121, sela, shabnam, and pusa, amongst others. It has eight registered brands in the export market (around 80 per cent of total sales are from exports); they are 817 Elephant, Laxmi, Jahan, Butterfly, AAA, Kasturi, Sona, and Janta. GAUTAM AUTO: CRISIL Suspends B Rating on INR100MM Funding Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Gautam Automobiles Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Inventory Funding Facility 100 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by GAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GAPL is yet to provide adequate information to enable CRISIL to assess GAPL'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 2001 by Mr. Rakesh Jain and family, GAPL is a dealer for the entire range of ALL's commercial vehicles in Haryana and Himachal Pradesh. The company has seven showrooms-cum- workshops (four in Haryana at Faridabad, Gurgaon, Rohtak, and Sohna; and three in Himachal Pradesh at Bhilaspur, Nalagarh, and Solan). JIA AUTO: CRISIL Suspends D Rating on INR70MM Cash Credit Stock --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Jia Auto Sales Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL D Suspended Cash Credit 20 CRISIL D Suspended Cash Credit-Stock 70 CRISIL D Suspended Term Loan 8 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Jia with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Jia is yet to provide adequate information to enable CRISIL to assess Jia'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'. Jia, incorporated in 1996, is an authorised dealer of Skoda's passenger vehicles in eastern India. Jia operates four showrooms out of which three are located at Kolkata and one showroom each located at Asansol and Siliguri; the company has three workshops, in Kolkata, Asansol, and Siliguri. Jia is managed by Mr. Amit Kumar Modi. KAYNES HOTEL: CRISIL Suspends D Rating on INR200MM Term Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Kaynes Hotel Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 200 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Kaynes with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Kaynes is yet to provide adequate information to enable CRISIL to assess Kaynes'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' Kaynes was acquired by Mr. Jagannath Shenoi in 2004 from the previous promoter. The company operates a three-star hotel with 54 rooms in Mysore (Karnataka). KESHRANAND COTEX: CRISIL Assigns B+ Rating to INR110MM Bank Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Keshranand Cotex Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 30 CRISIL B+/Stable Cash Credit 30 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 110 CRISIL B+/Stable The rating reflects KCPL's below-average financial risk profile, marked by its modest net worth, high gearing and below-average debt protection metrics, and its modest scale of operations in the fragmented cotton ginning and pressing industry. These rating weaknesses are partially offset by the promoters' extensive industry experience, and their funding support. Outlook: Stable CRISIL believes that KCPL will continue to benefit over the medium term from the promoters' extensive experience. The outlook may be revised to 'Positive' if the company generates more-than-expected cash accruals or receives a substantial capital infusion. Conversely, the outlook may be revised to 'Negative' in case of lower-than-expected cash accruals or large-than-expected working capital requirements or debt-funded capital expenditure (capex) pressurizing the company's liquidity. Established in 2010,KCPL is engaged in cotton ginning and pressing, and extracts oil from cotton seeds. The company has manufacturing facilities in Dhule (Maharashtra). KCPL commenced production in October 2012 and is owned and managed by Mr. Dyaneshwer Bhamre and his family. KINGFISHER AIRLINES: Lenders Vie for 1st Right of Recovery ---------------------------------------------------------- Economic Times reports that a consortium of 14 banks fighting to recover money they have lent to Vijay Mallya-promoted Kingfisher Airlines have challenged an attachment notice the service tax department issued against the liquor baron in the Karnataka High Court to recover tax dues. Now it's for the court to decide the first right of recovery between secured lenders and sovereign dues, the report says. ET recalls that the revenue department, a couple of months ago, claimed the first right to recover dues by attaching the Kingfisher House in Mumbai, six aircraft and two helicopters, besides freezing bank accounts of the defunct airline. It filed a petition with the Debt Recovery Tribunal (DRT) in Mumbai and in Bangalore where banks, led by the State Bank of India, are fighting to recover their dues from Kingfisher Airlines, says ET. While 17 banks have lent more than INR7,000 crore to the firm, a senior tax official in the know of the development said the department has laid a claim to the tune of INR100 crore, according to the report. "The avenues to get money from the company are evaporating fast and everybody wants to recover as much as they can get," the official, as cited by ET, said. Early this month, United Bank of India had declared Mallya a 'wilful defaulter' and last week SBI said it too has sent a wilful defaulter notice to him, ET recalls. ET notes that once a company is declared a wilful defaulter, criminal proceedings can be initiated against its promoters and directors, who will also not be allowed to raise fresh funds from banks and set up new ventures for five years. As per RBI guidelines, it will have to be proved that the borrower diverted funds taken from a bank and did not repay the loan despite having the ability to pay it, ET says. According to ET, Advait Sethna, special counsel appearing for the service tax department in the case, said that the banks' challenge is an important development. "The decision in this case would be a landmark judgement and is being closely watched by the banking and finance sector, as the battle for recovery of the state dues and the bank debts intensifies," he said, adding that the decision will have "far-reaching implications," ET relays. Prakash Mirpuri, vice-president of corporate communications at Mallya's United Breweries Group, in an email response to ET query, said, "We cannot comment on matters that are sub judice please." An email query to State Bank of India (SBI) did not elicit any response till the time of going to press. The consortium of banks fighting to recover money from Kingfisher includes Axis Bank, Bank of Baroda, Bank of India, Central Bank of India and Corporation Bank, the report discloses. Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., served about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes since October 2012. The airline lost its operating license in January last year after failing to convince authorities it has enough funds to restart flights. The airline defaulted on payments to lessors, creditors and airports as losses widened amid rising fuel costs and competition. According to Bloomberg News, Mr. Mirpuri said in an e-mail on January 13 the airline continues its efforts to recapitalize and restart services. As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on bank loan facilities of Kingfisher Airlines Ltd continue to reflect delays by KFAL in servicing its debt; the delays have been caused by the company's weak liquidity and continued losses at the operating level. Losses in the past six years have resulted in a complete erosion of KFAL's net worth, leading to its weakfinancial risk profile. For 2012-13 (refers to financial year, April 1 to March 31), KFAL reported a net loss of INR83.5 billion (INR23.3 billion for 2011-12) on net sales of INR5 billion (INR54.85 billion). For the six months ended September 30, 2013, it reported a net loss of INR18.72 billion (INR14.04 billion for the corresponding period of 2012-13) on net revenues of INR0.0 (INR5.01 billion). KRISHNA COKE: CRISIL Suspends 'D' Rating on INR50MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Krishna Coke (India) Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL D Suspended Letter of Credit 40 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by KCIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KCIPL is yet to provide adequate information to enable CRISIL to assess KCIPL'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'. KCIPL, incorporated in 1995, manufactures and trades in low ash metallurgical coke. It is headquartered at Cuttack (Orissa). The company is promoted by Mr. Vinod Saraogi and his son, Mr. Gaurav Saraogi. MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR124MM Bank Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Mahabir Cold Storage Pvt Ltd continue to reflect MCL's below-average financial risk profile, marked by its high gearing and constrained debt protection metrics; and large working capital requirements. These rating weaknesses are partially offset by the promoter's extensive experience in the cold storage industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 124 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that MCL will continue to benefit from its promoter's extensive industry experience, over the medium term. The outlook may be revised to 'Positive' if the company's financial risk profile improves with enhanced scale of operations and cash accruals or a significant equity infusion by the promoter. Conversely, the outlook may be revised to 'Negative' if MCL's financial risk profile weakens because of sizeable debt- funded capital expenditure (capex), or a sharp decline in the profit margin driven by volatility in commodity prices. Set up in 1999 by Mr. Hulas Chand Jain, MCL trades in, stores, and preserves potatoes. The company's cold storage unit in Tinsukhia (Assam) has capacity of 140,000 quintals. MCL procures potatoes from West Bengal, and sells these to traders and wholesalers in Assam. MCL reported a profit after tax (PAT) of INR0.7 million on net sales of INR101.5 million for 2013-14 (refers to financial year, April 1 to March 31), as compared to a PAT of INR0.5 million on net sales of INR91.3 million, for 2012-13. MAHAJAN TYRE: CRISIL Reaffirms B Rating on INR75MM Cash Credit -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Mahajan Tyre Company continue to reflect the firm's below-average financial risk profile marked by high gearing and weak debt protection metrics, and its small scale of operations in the highly competitive tyre industry. The ratings also factor in the firm's working-capital- intensive operations. These rating weaknesses are partially offset by the extensive industry experience of MTC's promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B/Stable (Reaffirmed) Letter of Credit 40 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that MTC will benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm's capital structure improves, either through equity infusion or large cash accruals, scale of operations increases, or working capital management improves. Conversely, the outlook may be revised to 'Negative' if MTC's financial risk profile deteriorates on account of decline in revenue and profitability or large debt-funded capital expenditure, or if the firm's liquidity weakens significantly on account of increase in working capital requirements. Update MTC's turnover is estimated at INR373 million for 2013-14 (refers to financial year, April 1 to March 31), up from INR299 million in 2012-13 on account of increase in demand from the replacement market for bicycle tyres and tubes. CRISIL believes that MTC's scale of operations will increase gradually, but remain small, over the medium term. MTC's operating margin is estimated at 7.1 per cent for 2013-14, down from 8.0 per cent in 2012-13 on account of increase in raw material cost. CRISIL believes that MTC's operating profitability will remain susceptible to fluctuations in raw material prices. MTC's financial risk profile remains below average, marked by estimated high gearing of 3.37 times as on March 31, 2014, and weak debt protection metrics, with interest coverage and net cash accruals to total debt ratios estimated at 1.4 times and 0.09 times, respectively, for 2013-14; this has been on account of large working capital requirements and low accretion to reserves. CRISIL believes that MTC's financial risk profile will remain below average over the medium term marked by high gearing and weak debt protection metrics. MTC's working capital cycle remains large, as reflected in estimated gross current assets (GCAs) of over 225 days as on March 31, 2014; the GCAs were over 220 days over the four years ended March 31, 2014, mainly on account of large credit extended to customers and large inventory. MTC's debtors and inventory are estimated at 100 days and 116 days, respectively, as on March 31, 2014. Despite comfortable trade credit of over three months from suppliers, the firm remains dependent on bank borrowings. CRISIL believes that MTC's working capital requirements will remain large over the medium term. MTC's annual net cash accruals are expected at over INR6.5 million for 2014-15 and 2015-16, against term debt obligations of around INR1 million each for 2014-15 and 2015-16. However, its bank limit utilisation remains high, averaging 95 per cent over the 12 months ended July 31, 2014, constraining its liquidity. CRISIL believes that MTC's liquidity will remain constrained over the medium term driven by large working capital requirements. MTC is a partnership entity, set up in 2009 by Mr. Vivek Mahajan and Mrs. Pooja Mahajan. Based in Jalandhar (Punjab), the firm manufactures bicycle tyres and tubes. MANDONA HYUNDAI: CRISIL Suspends B Rating on INR32MM Funding Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Mandona Hyundai (A Unit of Bimala Automobile Private Limited). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B/Stable Suspended Inventory Funding Facility 32 CRISIL B/Stable Suspended Term Loan 18 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by Mandona with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Mandona is yet to provide adequate information to enable CRISIL to assess Mandona'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'. Mandona promoted by Mr. Babul Dutta is engaged in dealership of passenger vehicles for HMIL. The unit has a showroom-cum-workshop (6580 square feet of showroom space and 19,500 square feet is occupied by the workshpop) in North Lakhimpur, Assam. Its operations started in October 2011. The promoters are also engaged in dealership of two-wheelers of India Yamaha Motor Pvt Ltd and Mahindra Two Wheelers Ltd. METAL CRAFT: CRISIL Suspends B+ Rating on INR76.4MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Metal Craft Engineering Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.5 CRISIL A4 Suspended Cash Credit 76.4 CRISIL B+/Stable Suspended Term Loan 3.1 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by MCEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MCEPL is yet to provide adequate information to enable CRISIL to assess MCEPL'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'. Based in Kolkata (West Bengal), MCEPL was set up in 2004 as a private limited company by Mr. Sanjay Todi and his father, Mr. Mahabir Prasad Todi. The company processes and fabricates engineering products and has a capacity of around 900 tonnes per month. It operates primarily as a vendor and supplies boiler auxiliaries to engineering, procurement, and construction contractors in the power sector. NICOMET INDUSTRIES: CRISIL Suspends D Rating on INR1BB LOC ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Nicomet Industries Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 237.5 CRISIL D Suspended Letter of Credit 1,008.0 CRISIL D Suspended Long Term Loan 19.5 CRISIL D Suspended Packing Credit 227.5 CRISIL D Suspended Proposed Long Term Bank Loan Facility 52.5 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Nicomet with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Nicomet is yet to provide adequate information to enable CRISIL to assess Nicomet's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'. Incorporated in 1993, Nicomet is promoted by Mr. Rajendra Agrawal and his associates, Mr. Vijay Porwal and Mr. Bhupat Shah. Nicomet is engaged in the business of extraction of cobalt, nickel, and copper from imported ore and concentrates. PAL & PAUL: CRISIL Reaffirms B+ Rating on INR139MM Overdraft Loan ----------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Pal & Paul Builders Ltd continues to reflect PPBL's exposure to risks and cyclicality inherent in the real estate sector in India, and its average financial risk profile. These rating weaknesses are partially offset by the company's diversified revenue profile and its promoters' extensive experience in the real estate industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 139 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 111 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that PPBL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company strengthens its business risk profile by improving its scale of operations and expanding its geographical reach. Conversely, the outlook may be revised to 'Negative' if its financial risk profile deteriorates either because of lower-than-expected profitability or a substantial increase in its working capital requirements. Incorporated in 1980 and based in Delhi, PPBL is promoted by Mr. D S Pal. The company operates in the real estate development and hospitality sector; it owns Hotel Palm Greens as well as some service apartments in Delhi. PEARL FURNITURE: CRISIL Assigns B+ Rating to INR38MM Cash Credit ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Pearl Furniture Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 38 CRISIL B+/Stable Term Loan 25.3 CRISIL B+/Stable The rating reflects the modest scale of PFPL's newly begun operations in the highly competitive home furnishing industry and below-average financial risk profile marked by high gearing and modest debt protection metrics. These rating weaknesses are partially offset by its promoters' extensive experience in the home furnishing industry. Outlook: Stable CRISIL believes PFPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company stabilises its operations in time, leading to large cash accruals and better financial risk profile. Conversely, the outlook may be revised to 'Negative', if it achieves low cash accruals or its financial risk profile weakens, caused most likely by increase in working capital borrowings or large debt-funded capital expenditure. Incorporated in 2013, PFPL is promoted by the Rajkot (Gujarat)- based Nandani family. The company manufactures all types of furniture such as chair and bed-room sets. PEEKAY MEDIEQUIP: CRISIL Suspends D Rating on INR150M Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Peekay Mediequip Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL D Suspended Cash Credit 150 CRISIL D Suspended Letter of Credit 50 CRISIL D Suspended Rupee Term Loan 70 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by PML with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PML is yet to provide adequate information to enable CRISIL to assess PML'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'. PML was established as a private limited company in 1995 by Mr. Shankar G. In 2003, a partnership firm named Peekay Enterprises (established in 1992 and in the same line of business) was merged with PML. The company manufactures disposable syringes and needles and has plans to manufacture insulin syringes, IV cannula, IV sets, face masks, and caps over the medium term. POLYLON INDUSTRIES: CRISIL Suspends B- Rating on INR50M Cash Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Polylon Industries (PI; part of the Polylon group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable Suspended Term Loan 27.1 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by PI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PI is yet to provide adequate information to enable CRISIL to assess PI'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 consolidated the business and financial risk profiles of Polylon Textiles (PT), PI, and Polylon Fabrics Pvt Ltd (PFPL), together referred to as the Polylon group. This is because the three entities are in the same line of business, have common ownership, and are expected to support each other in case of a financial exigency. At an operational level, the entities share common infrastructure with common procurement, finance and management teams. PI is a partnership firm based in Panipat (Haryana). It was established in December 2009. The firm manufactures and markets narrow fabric (malai dori), which is widely used in carpets and other home furnishing items. The other two entities in the group are PT, engaged in the manufacturing of Polar Fabrics and PFPL, engaged in printing and manufacturing of Zips. POLYLON TEXTILE: CRISIL Suspends B- Rating on INR46.2MM Term Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Polylon Textile (PT; part of the Polylon group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 68.5 CRISIL B-/Stable Suspended Proposed Long Term Bank Loan Facility 0.9 CRISIL B-/Stable Suspended Term Loan 46.2 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by PT with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PT is yet to provide adequate information to enable CRISIL to assess PT'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 consolidated the business and financial risk profiles of Polylon Industries (PI), PT and Polylon Fabrics Pvt Ltd (PFPL), together referred to as the Polylon group. This is because the three entities are in the same line of business, have common ownership, and are expected to support each other in case of a financial exigency. At an operational level, the entities share common infrastructure with common procurement, finance and management teams. PT is a partnership firm based in Panipat (Haryana). It was established in December 2009. The firm is manufacturing Polar fabrics on knitting machines which are used in blankets and also in home furnishings export items. The other two entities in the group are PI, engaged in the manufacturing of narrow fabrics and PFPL, which manufactures polar fabrics. PRECISE SEAMLESS: CRISIL Reaffirms B Rating on INR180.5MM Loan -------------------------------------------------------------- CRISIL has reaffirmed its rating on the bank facilities of Precise Seamless Apparels Private Limited at 'CRISIL B/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable Reaffirmed Export Packing Credit 120 CRISIL A4 Reaffirmed Letter of Credit 70 CRISIL A4 Reaffirmed Term Loan 180.5 CRISIL B/Stable Reaffirmed The ratings reflect the company's below- average financial risk profile marked by high gearing; and its stretched liquidity resulting from working-capital-intensive operations, and large term debt repayment obligations. These rating weaknesses are partially offset by the benefits that PSAPL derives from its promoter's extensive experience in the ready-made garments industry and established relationship with its key customers. Outlook: Stable CRISIL believes that PSAPL will benefit from its promoter's extensive experience in the ready-made garments industry and its established relationship with key customers. The outlook may be revised to 'Positive' in case of significant improvement in the company's financial and liquidity profiles driven by better-than- expected cash accruals along with efficient working capital management. Conversely, the outlook may be revised to 'Negative' in case of further pressure on the company's financial risk profile, particularly liquidity, driven by lower-than-expected cash accruals or larger-than-expected working capital requirements. Update The revenues of the company registered a 10.5 per cent growth in 2013-14 and were around INR44.23 Crore in 2013-14 (refers to financial year, April 1 to March 31); which was on account of increased demand from its existing customers as well as addition of new clients. Over the medium term top line of the company is expected to grow at a growth rate of around 20-25 per cent account of successful commission of enhanced capacity and addition of new clients and healthy order book. The company's operating margins increased by around 90 basis points to 16.7 per cent in 2013-14 on account of appreciation of dollar and benefits from economies of scale and expected to remain in the range of around 15-16 per cent over the medium term. The company's operations are relatively highly working capital intensive as reflected in its estimated gross current asset (GCA) of around 152 days as on March 31, 2014; the GCA days have increased from the past level of around 100 days on account of increase in inventory days. These GCA days emanates from the company's inventory levels of around 135 days. As a result, the company's average bank limit utilization has been higher at around 92.4 per cent, for the 12 months ended July 2014. PSAPL's net worth is also remained low at around INR77.3 million, as on March 31, 2014 and the company has high debt levels towards funding its working capital requirements and capex; these coupled with low net-worth levels has resulted in high gearing of around 4.88 times as on March 31, 2014. Over the medium term PSAPL's financial profile is expected to improve on account of improvement in net worth level on account of receipt of capital grant, continues addition to reserves and expected funding support from promoters which will consequently improve its capital structure. Incorporated in 2004, PSAPL is engaged in manufacturing of garments, particularly ladies' garments and their exports. The company undertakes various operations such as knitting, dyeing, finishing, and packaging. The company has its manufacturing facilities in Delhi and is promoted by the Jindal family. PRESSMACH INFRA: CRISIL Suspends B Rating on INR136MM Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Pressmach Infrastructure Pvt Ltd (PIPL; part of the Pressmach group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 Suspended Cash Credit 136 CRISIL B/Stable Suspended Proposed Long Term Bank Loan Facility 103 CRISIL B/Stable Suspended Term Loan 36 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by PIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PIPL is yet to provide adequate information to enable CRISIL to assess PIPL'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 PIPL and Press Mach. This is because both the entities, together referred to as the Pressmach group, have common promoters and significant financial linkages. Incorporated in 2010, PIPL is engaged in erection of pre- fabricated shelters. Its group entity, Pressmach, set up in 1984, is also engaged in the same line of business. The Pressmach group reported a profit after tax (PAT) of INR17.6 million on net sales of INR658.0 million for 2011-12, as against a PAT of INR50.2 million on net sales of INR658.3 million for 2010- 11. PRESTIGE URBAN: CRISIL Suspends B Rating on INR350MM Cash Credit ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Prestige Urban Infratech Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 350 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by PUIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PUIPL is yet to provide adequate information to enable CRISIL to assess PUIPL'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 Shalimar Corp Ltd (previously known as SAS Hotels & Properties Pvt Ltd) and Prestige Urban Infratech Pvt Ltd (PUIPL), together referred to as the Shalimar Group. Shalimar group commenced operations in 1988 as a civil works contractor; it undertakes construction and repair of buildings. In 1998, the group started developing real estate projects and over the last 10 years, it has developed several projects in the residential and commercial space, mainly in Lucknow. Mr. Sanjay Seth, Mr. Masood Ahmed, and their associates have equal shares in the Shalimar group. PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B- ------------------------------------------------------------ CRISIL has upgraded its rating on the long-term bank facilities of Prithvi Ferro Alloys Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 304.3 CRISIL B-/Stable (Upgraded from 'CRISIL D') Proposed Long Term 154.2 CRISIL B-/Stable (Upgraded Bank Loan Facility from 'CRISIL D') Term Loan 843 CRISIL B-/Stable (Upgraded from 'CRISIL D') The upgrade reflects timely repayment of interest and term debt obligations by PFAPL since April 2014. The rating also factors in commencement of operations at the company's facilities. In terms of overall implementation, the company has completed the captive power plant (CPP). The CPP has started commercial operations since April 2014 and is currently being utilised at 50 per cent capacity. The power produced in CPP is expected to be used in Ferro Alloy Plant 1 and Ferro Alloy Plant 2. The Ferro Alloy Plant 1 has also been completed and commenced production since July 2014. The Ferro Alloy Plant 2 is expected to commence full-fledged operations in December 2014. Liquidity of the company continues to remain weak but continues to be supported by financial support from the promoters and the diversified Prithvi group. The rating continues to reflect PFAPL's weak liquidity and limited track record of operations. The rating weakness is partially offset by the extensive experience of the promoters, who are a part of the diversified Prithvi group. Outlook: Stable CRISIL believes that PFAPL will continue to benefit over the medium term from the extensive experience of the promoters who are a part of the diversified Prithvi group. The outlook may be revised to 'Positive' in case of sustainable increase in the company's revenue and profitability, supported by stabilisation and healthy utilisation of its newly started ferro alloy unit and improvement in its debt protection metrics and liquidity. Conversely, the outlook may be revised to 'Negative' if it records lower-than-expected revenue or profitability, or if its working capital cycle lengthens, leading to deterioration of its financial risk profile, particularly liquidity. PFAPL was formed for the purpose of setting up a greenfield integrated steel complex comprising a ferro alloys (13,200 tonnes per annum of silica-manganese alloys) manufacturing facility and an 18-megawatt (MW) CPP. The Prithvi group was started by Mr. Bijay Kumar Garodia, Mr. Ramesh Kumar Sarawagi, and Mr. Shankar Lall Ajitsaria in the 1990s. The Prithvi group has presence across several industries, including cement, tea, power generation, real estate, steel, and mining. RACHNA METAL: CRISIL Upgrades Rating on INR150M Cash Credit to B+ ----------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Rachna Metal Industries Pvt Ltd (RMIPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 62.7 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') CRISIL has upgraded the rating of RMIPL on account of improvement in business and liquidity risk profile of the company in 2013-14. The operating margins of the company improved due to entire procurement of the raw material from the domestic sources and no purchases from overseas suppliers, thus mitigating the forex risk and preventing any losses due to volatility of currency. Improved margins along with moderate growth in the top line resulted in cash accruals of around INR17.4 million in 2013-14 against repayment obligations of around INR10 million maturing in that year. CRISIL believes, going forward RMIPL will sustain the improvement in its business risk profile and liquidity due to moderate growth in revenues and sustained margins which will generate adequate cash accrual against nil debt repayments. CRISIL's ratings on the bank facilities of Rachna Metal Industries Pvt Ltd (RMIPL) continue to reflect RMIPL's weak financial risk profile, marked by a high gearing and below-average debt protection metrics, small scale of operations and the susceptibility of the company's margins to volatility in input prices. These rating weaknesses are partially offset by the extensive experience of RMIPL's promoter in manufacturing copper products and the company's established relationships with its customers. Outlook: Stable CRISIL believes that RMIPL will continue to benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' in case there is a substantial and sustained improvement in the revenues and profitability or there is an improvement in eth working capital management. Conversely, the outlook may be revised to 'Negative' if there is a decline in the company's revenues or profitability margins from the current levels or if there is a deterioration in its capital structure on account of larger-than-expected working capital requirements or large debt-funded capex. RMIPL was set up in 1996 by the late Mr. Mahesh Agarwal and his wife, Mrs. Sadhna Agarwal. The company manufactures copper and brass cold-rolled sheets, circles, flanges, flats, and strips. RAJ-RAJESHWARI PAP-CHEM: CRISIL Suspends D INR127.5M Loan Rating ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shree Raj-Rajeshwari Pap-Chem Industries Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5.5 CRISIL D Suspended Cash Credit 127.5 CRISIL D Suspended Proposed Cash Credit Limit 2.0 CRISIL D Suspended Term Loan 50.0 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by Shree Raj with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Shree Raj is yet to provide adequate information to enable CRISIL to assess Shree Raj'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'. Shree Raj was established in 1997 by the Shah family of Maharashtra. The company manufactures kraft paper from waste paper. Its plant, with an installed capacity of 100 tonnes per day, is in Nashik (Maharashtra). RCM INFRA: CRISIL Suspends C Rating on INR60MM Overdraft Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of RCM Infrastructure Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 250 CRISIL A4 Suspended Overdraft Facility 60 CRISIL C Suspended The suspension of ratings is on account of non-cooperation by RCM Infra with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RCM Infra is yet to provide adequate information to enable CRISIL to assess RCM Infra'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' RCM Infra, promoted by Mr. K S Chowdary, is a turnkey contractor for civil engineering projects. SARDA RICE: CRISIL Assigns B+ Rating to INR76MM Cash Credit ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Sarda Rice and Oil Mills. The rating reflects SROM's modest scale of operations in a fragmented market, and below average financial risk profile. These rating weaknesses are partially offset by SROM's promoters' extensive experience in the rice industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 76 CRISIL B+/Stable Term Loan 54 CRISIL B+/Stable Outlook: Stable CRISIL believes that SROM will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the firm's revenue and profitability increase significantly, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if SROM undertakes aggressive, debt-funded expansions, or registers significant decline in revenue and profitability, or if the partners withdraw capital from the firm, leading to deterioration in its financial risk profile. SROM, a partnership firm, was formed in 1917. It mills and processes paddy into rice, rice bran, broken rice, and husk. Its rice mill is in Birbhum (West Bengal). Its day-to-day operations are managed by its managing partner Mr. Prakash Chandra Sarda and his son Mr. Karan Sarda. SARVODAY ASHRAM: CRISIL Reaffirms B+ Rating on INR65M Cash Credit ----------------------------------------------------------------- CRISIL's rating on the bank facilities of Sarvoday Ashram continues to reflect its small scale of operations, along with intense competition to the society's khadi products from machine- made fabric. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B+/Stable The rating also factors in Sarvoday's average financial risk profile, marked by outstanding receivables from various government organisations in the form of rebates. These rating weaknesses are partially offset by the promoters' extensive industry experience, the society's established market position in the khadi industry, and the Government of India's (GoI's) favourable policies, towards the industry. Outlook: Stable CRISIL believes that Sarvoday will maintain its financial risk profile, backed by its established presence in the khadi industry, and the GoI's favourable policies, towards the industry. The outlook may be revised to 'Positive' if Sarvoday improves its business risk profile supported by its substantial top line and profitability, or there is a significant improvement in its working capital management. Conversely, the outlook may be revised to 'Negative' if the society's financial risk profile deteriorates, because of sizeable debt-funded capital expenditure (capex), or an increase in its working capital cycle. Update Sarvoday's revenue registered 14 per cent year-on-year growth to around INR139 million for 2013-14 (refers to financial year, April 1 to March 31), mainly driven by its enhanced presence in the retail segment through a new retail outlet in Puducherry, healthy offtake from the existing showrooms, and e-commerce initiatives such as selling through websites including jayporee.com, and ekmatra.com. However, growth in the society's topline was offset by a decline in the operating margin by around 900 basis points to 4.5 per cent in 2013-14, amid raw material price hikes, and the society's inability to pass these on to its customers. Sarvoday's topline is likely to grow at 10 to 12 per cent over the medium term, with an expected increase in the demand for khadi products from retail and institutional clients; thus, the society's profitability levels could range between 6 and 7 per cent, over the period. Sarvoday's operations are working capital intensive with its gross current assets (GCAs) of around 410 days as on March 31, 2014, given its large inventory of around 313 days and receivables of 65 days. Consequently, its bank limit utilisation was around 98 per cent on average, over the 12 months through June 2014. The society sustained its moderate net worth at around INR82 million as on March 31, 2014, and contracted moderate debt to fund its working capital requirements; this, coupled with its moderate net worth, has resulted in Sarvoday's moderate gearing of around 1.03 times as on March 31, 2014. About the Society Sarvoday was established in 1952 in Etah (Uttar Pradesh [UP]) by Late Mr. Rohan Lal Chaturvedi. It is a society affiliated with the Khadi and Village Industries Commission (KVIC). Sarvoday has been engaged in the spinning, weaving and marketing of khadi clothes. The society sells woven clothes under its Ekmatra and Khadiline brands. The founder's son, Mr. Manoj Chaturvedi, currently serves as Sarvoday's elected chairman. SHIVKRUPA TRADING: CRISIL Suspends B Rating on INR30MM Bank Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shivkrupa Trading Co. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL B/Stable Suspended Proposed Long Term Bank Loan Facility 30 CRISIL B/Stable Suspended Working Capital Demand Loan 25 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by STC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, STC is yet to provide adequate information to enable CRISIL to assess STCO'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'. Formed in 1990, STC is the proprietorship firm of Dhanedhar (Gujarat)-based Mr. Shankarbhai Patel. The firm trades in various agri-commodity products such as mustard seeds and castor seeds. SHREE MANIBHADRA: CRISIL Suspends B+ Rating on INR90M Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shree Manibhadra Food Product Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL B+/Stable Suspended Proposed Long Term Bank Loan Facility 23.2 CRISIL B+/Stable Suspended Standby Line of Credit 13.5 CRISIL B+/Stable Suspended Term Loan 23.3 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by SMF with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SMF is yet to provide adequate information to enable CRISIL to assess SMF'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 2010, SMF is promoted by Ahmedabad (Gujarat)-based Mr. Prakash Shah and his two sons, Mr. Pritesh Shah and Mr. Tejas Shah. The promoter family has experience of over 10 years in the agro commodity business. The company has a sortex plant at Bavla (Gujarat) for various agro commodities and spices such as wheat, cumin, mustard, sesame, and toor dal. SHREE UMIYA: CRISIL Suspends 'B' Rating on INR90MM Cash Credit -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shree Umiya Cotton Ginning and Pressing Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL B/Stable Suspended Proposed Long Term Bank Loan Facility 7.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by SUCGPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SUCGPPL is yet to provide adequate information to enable CRISIL to assess SUCGPPL'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 2006, Shree Umiya Cotton and Ginning and Pressing Private Limited (SUCGPPL) undertake cotton ginning and pressing based out of Amreli (Gujarat). The company is promoted by Mr. Pravin Goti and Mr. Kamlesh Bokarvadiya. SHRI VISHNU: CRISIL Suspends D Rating on INR550MM Foreign Bill -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shri Vishnu Eatables (India) Ltd (SVEL; part of the Shri Vishnu group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 200 CRISIL D Suspended Foreign Bill Purchase 550 CRISIL D Suspended Packing Credit 350 CRISIL D Suspended Term Loan 69 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by SVEL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SVEL is yet to provide adequate information to enable CRISIL to assess SVEL'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 SVEL and Shri Vishnu Overseas Private Limited (SVOL), here in referred to as Shri Vishnu group. This is primarily because both the entities are controlled by the same management and are engaged in the same businesses- processing of rice. The entities also derive considerable operational and business synergies from each other. SVEL was set up as a partnership firm in 1993 and was incorporated in 1996 by Mr. Banarasi Lal Mittal and his sons. The company mills paddy and trades rice and related items. SVEL's processing unit is in Kaithal (Haryana). SIDDHI VINAYAK: CRISIL Reaffirms B Rating on INR55MM Cash Credit ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Siddhi Vinayak Cotton Industries (Bhavnagar) continue to reflect SVCI's below-average financial risk profile marked by high gearing and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 55 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 1.8 CRISIL B/Stable (Reaffirmed) The rating also factors in the firm's exposure to intense competition in the highly fragmented cotton ginning industry, restricting its scale of operations and profitability, and the vulnerability of its business and profitability to changes in government policy. These rating weaknesses are partially offset by the extensive industry experience of SVCI's promoter. Outlook: Stable CRISIL believes that SVCI will continue to benefit over the medium term from its promoter's industry experience. The outlook may be revised to 'Positive' in case of equity infusion or improvement in profitability, leading to improvement in the firm's capital structure and debt protection metrics. Conversely, the outlook may be revised to 'Negative' in case of deterioration in SVCI's capital structure, most likely because of large debt contracted for meeting incremental working capital requirements or capital expenditure. Update For 2013-14 (refers to financial year, April 1 to March 31), SVCI's turnover reduced by around 5 per cent year-on-year to INR440 million because of limited availability of cotton for ginning. CRISIL expects SVCI's turnover growth to be modest, in the range of 5 to 10 per cent, over the medium term; the turnover growth remains susceptible to the economic scenario and government policies. In 2013-14, SVCI's operating profitability remained low, at 2.0 per cent. Because of fragmentation and intense competition in the cotton industry, players have limited bargaining power leading to lower margins. CRISIL believes that the fragmented industry nature will restrict SVCI's bargaining power, leading to low operating margin of 2.0 to 3.0 per cent over the medium term. In 2013-14, the firm's working capital requirements were stable, with gross current assets (GCA) days at around 60 as on March 31, 2014. Over the medium term, the GCAs are expected in the range of 60 to 65 days and the working capital requirements are expected to increase with scaling up of operations. As on March 31, 2014, the firm's gearing reduced marginally to around 3.75 times on account of term loan being paid off and because of low working capital debt because of moderation in sales growth. The gearing is expected to remain close to 3.0 times over the medium term, in the absence of debt-funded capex and with incremental debt to meet working capital requirements, given expected modest accruals. Over the medium term, SVCI's financial risk profile will remain constrained by its modest net worth, weak debt protection metrics, and stretched liquidity. SVCI's profit after tax (PAT) and sales are estimated at INR0.5 million and INR439 million, respectively, for 2012-13; the firm reported PAT of INR0.3 million on sales of INR457.3 million for 2011-12. SVCI, established in 2007, operates a cotton ginning and pressing unit in Palitana (Gujarat). The firm is owned and managed by Mr. Bharatbhai Kukadiya. SIRIUS INFRA: CRISIL Suspends B+ Rating on INR30MM Cash Credit -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sirius Infra Projects Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Bank Guarantee 40 CRISIL A4 Suspended Proposed Cash Credit Limit 30 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by SIPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIPPL is yet to provide adequate information to enable CRISIL to assess SIPPL'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'. Established in 2009 as a private limited company, Sirius Infra Projects Pvt. Ltd. (SIPPL) is involved in civil construction for various large infrastructure projects like roads and pipeline laying works. The company is promoted by Mr.B.Narasimha Reddy and Mr.Rajeev Mayor. SIVAGAMY TRADERS: CRISIL Suspends B Rating on INR47.5MM Cash Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sivagamy Traders. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 47.5 CRISIL B/Stable Suspended Long Term Loan 12.5 CRISIL B/Stable Suspended The suspension of ratings is on account of non-cooperation by ST with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ST is yet to provide adequate information to enable CRISIL to assess ST'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' Established in 1979 as a partnership firm, ST trades in steel products. Its day-to-day operations are managed by Mr. K.R Rajagopalan and his two sons, Mr. R. Balasubramanian and Mr. R. Saravanan. SOHAMS FOUNDATION: CRISIL Suspends D Rating on INR135MM Cash Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sohams Foundation Engineering Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 75 CRISIL D Suspended Cash Credit 135 CRISIL D Suspended Letter of Credit 30 CRISIL D Suspended Proposed Long Term Bank Loan Facility 130 CRISIL D Suspended Term Loan 30 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by SFEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SFEPL is yet to provide adequate information to enable CRISIL to assess SFEPL'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'. SFEPL, incorporated in 1993 as a private limited company, specialises in geotechnical engineering and covers all aspects of foundation and ground engineering services. The company operates from its office in Mumbai (Maharashtra) and implements projects across India. The company is promoted by Mr. Vitthal Vaishyampayan. SRI VENKATESWARA: CRISIL Suspends B+ Rating on INR50M Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sri Venkateswara Rice Industry, Gandepalli. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable Suspended Key Loan 30 CRISIL A4 Suspended Long Term Loan 20 CRISIL B+/Stable Suspended Proposed Cash Credit Limit 10 CRISIL B+/Stable Suspended The suspension of ratings is on account of non-cooperation by SVRI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SVRI is yet to provide adequate information to enable CRISIL to assess SVRI'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 2004 as a partnership firm, SVRI mills and processes paddy into rice, rice bran, broken rice, and husk. SVRI is promoted by Mr. Venkateswara Rao and his family members. STERLING ESTATES: CRISIL Suspends D Rating on INR100M Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sterling Estates and Properties Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL D Suspended Proposed Long Term Bank Loan Facility 2.4 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by SEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SEPL is yet to provide adequate information to enable CRISIL to assess SEPL'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 1986 by Mr. K L V Rama Rao, SEPL constructs residential properties in and around Chennai and the suburbs of Bengaluru. SUNSHINE INFRAWELL: CRISIL Suspends B+ Rating on INR200MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Sunshine Infrawell Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 200 CRISIL B+/Stable Suspended Bank Loan Facility The suspension of ratings is on account of non-cooperation by SIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIPL is yet to provide adequate information to enable CRISIL to assess SIPL'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' Sunshine Infrawell was formed in 2010 as a special purpose vehicle to undertake a residential project namely Sunshine Helios, located at Sector 78, Noida. The project is promoted by the Sunshine group (through Sunshine Infratech Pvt Ltd, the group's flagship company) along with a consortium of companies. The project has 407 residential flats. SURYA CONSTRUCTION: CRISIL Suspends B- Rating on INR20MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Surya Construction Company. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 65 CRISIL A4 Suspended Overdraft Facility 20 CRISIL B-/Stable Suspended The suspension of ratings is on account of non-cooperation by Surya with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Surya is yet to provide adequate information to enable CRISIL to assess Surya'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' Surya was established in 1987 by Mr. Suraj Mal Choudhary and his family. The firm undertakes construction, and maintenance of roads. Its construction activities are concentrated mainly in and around Rajasthan. SURYA HEALTHCARE: CRISIL Suspends D Rating on INR488MM Term Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Surya Healthcare Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 350 CRISIL D Suspended Letter of Credit 110 CRISIL D Suspended Term Loan 488 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by SHL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SHL is yet to provide adequate information to enable CRISIL to assess SHL'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'. SHL, promoted by the Surya group and based in Chandigarh, was incorporated in 2008-09 (refers to financial year, April 1 to March 31); it opened its first pharmacy retail store in 2009 in Delhi. The company operates in the wellness and pharmaceutical retailing industry through its chain of chemist stores, Viva. SYNPACK FINANCE: CRISIL Suspends B Rating on INR100MM Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Synpack Finance Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B/Stable Suspends The suspension of ratings is on account of non-cooperation by SPFPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SPFPL is yet to provide adequate information to enable CRISIL to assess SPFPL'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'. SPFPL is setting up a shopping mall-cum-office space, Roodraksh, in Guwahati (Assam). The company is promoted by Mr. Sanjay Chhabra and Mr. D K Jain. The property is spread over 170,000 square feet. SPFPL plans to set up the shopping mall-cum-entertainment space on the ground plus three floors, while the remaining space up to the eighth floor will be used for commercial purposes. T C SPINNERS: CRISIL Suspends D Rating on INR644.7MM Bank Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of T C Spinners Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 202.5 CRISIL D Suspended Letter of Credit 50 CRISIL D Suspended Proposed Long Term Bank Loan Facility 644.7 CRISIL D Suspended Term Loan 208.8 CRISIL D Suspended The suspension of ratings is on account of non-cooperation by TCSPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, TCSPL is yet to provide adequate information to enable CRISIL to assess TCSPL'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'. TCSPL is engaged in the production of cotton and polyester yarn of counts in the range of 20 to 25. TCSPL also manufactures sewing threads (contributed around 15 per cent to operating revenues in 2010-11). TCSPL was acquired by the Satia group in 2007-08. Originally, TCSPL was known as Euro Cotspin Pvt Ltd. TRAVANCORE COCOTUFT: CRISIL Suspends B+ Rating on INR30MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Travancore Cocotuft Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 Suspended Bank Guarantee 5 CRISIL A4 Suspended Bill Purchase- Discounting Facility 100 CRISIL A4 Suspended Packing Credit 125 CRISIL A4 Suspended Proposed Long Term Bank Loan Facility 30 CRISIL B+/Stable Suspended Standby Line of Credit 12 CRISIL A4 Suspended The suspension of ratings is on account of non-cooperation by TCPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, TCPL is yet to provide adequate information to enable CRISIL to assess TCPL'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'. Based in Cherthala (Kerala), TCPL was set up by Mr. V V Pavitharan in 2000. The company manufactures and exports polyvinyl-chloride- tufted coir rolls and mats, rubber tray mats, and polypropylene mats. TCPL has the capacity to produce 1.68 million square metres per annum. ULTIMA SWITCHGEARS: CRISIL Reaffirms B+ Rating on INR60MM Loan -------------------------------------------------------------- CRISIL ratings on the bank loan facilities of Ultima Switchgears Ltd continue to reflect the company's large working capital requirements and modest scale of operations. These rating weaknesses are partially offset by the extensive experience of USL's promoters in the power transmission and distribution (T&D) industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 (Reaffirmed) Bill Discounting under 15 CRISIL A4 (Reaffirmed) Letter of Credit Bank Guarantee 35 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that USL will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' in case of substantial and sustained improvement in the company's revenue and profitability margins or in its working capital management. Conversely, the outlook may be revised to 'Negative' in case of steep decline in the company's profitability margins or significant deterioration in its capital structure on account of large working capital requirements or debt-funded capital expenditure. Update USL revenues remained flat, at around INR225 million for 2013-14 (refers to financial year, April 1 to March 31) because of partial execution of orders from Himachal Pradesh Electricity Board on account of domestic hurdles and non-allocation of budget by the state government. However, USL's operating margin increased by around 250 basis points year-on-year to 8.17 per cent in 2013-14 on account of reduction in fixed overheads. The company's topline is expected to grow at a moderate rate of 8 to 10 per cent over the medium term, backed by healthy order book of around INR250 million to be executed in the next 12 months; its operating margin is expected to remain moderate on account of low value addition in operations and exposure to intense competition. The company's operations are highly working capital intensive, as reflected in its estimated gross current assets (GCAs) of around 496 days as on March 31, 2014; the GCA days were at a similar level in the past. The high GCA days emanate from large inventory of around 163 days and receivables of 293 days. As a result, the company's bank limit utilisation was high, averaging 97 per cent for the 12 months through June 2014. USL's net worth remains moderate, at around INR175 million as on March 31, 2014. The company has limited debt on its books contracted for funding working capital requirements; low debt and moderate net worth result in healthy gearing, estimated at around 0.5 times as on March 31, 2014. Incorporated in 1997, USL manufactures electrical components such as electrical control panels and boards, switchgears, suspension clamps, and drop-out fuses. The company's day-to-day operations are managed by Mr. D V Parmar. VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Vineet Automobiles Pvt Ltd continues to reflect VAPL's weak financial risk profile, marked by a high total outside liabilities to tangible net worth (TOLTNW) ratio and a weak interest coverage ratio; the rating also factors in the company's susceptibility to risks relating to intense competition in the automobile (auto) dealership market and limited bargaining power with its principal, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+'). These rating weaknesses are partially offset by the benefits that VAPL derives from its association with M&M, and the extensive experience of its promoters in the auto dealership industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 200 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that VAPL will continue to benefit over the medium term from its association with M&M and the extensive experience of its promoters in the auto dealership industry. The outlook may be revised to 'Positive' if the company generates better-than- expected cash accruals and improves its capital structure, leading to an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if VAPL's working capital management deteriorates, or if it undertakes a large debt-funded capital expenditure programme, thereby adversely impacting its financial risk profile. Update VAPL's revenue registered a 15 per cent year-on-year growth to around INR1.38 billion in 2013-14 (refers to financial year, April 1 to March 31); the revenue growth has been high due to the demand for M&M's vehicles in the market. The company's operating margin has, however, increased to 2.1 per cent due to increase in income from insurance commission. Over the medium term, the margin is expected to be around 1.6 per cent due low bargaining power with M&M. VAPL's operations have moderate working capital requirement, as reflected in its gross current assets (GCAs) of around 65 days as on March 31, 2014; the GCAs have been at similar levels in the past. These GCAs emanate from the company's inventory of around 51 days and receivables of 10 days. The company's average bank limit utilisation has been high at around 90 per cent for the 12 months ended July 31, 2014. VAPL's net worth has remained small at around INR44 million as on March 31, 2014. The company has high debt levels towards funding its working capital requirements; these, along with a small net worth, have resulted in a high TOLTNW ratio of around 4.92 times as on March 31, 2014. VAPL, incorporated in 2000, is promoted by the Maheshwari and Rathi families. The company is an authorised dealer for M&M and operates showrooms in Aligarh, Hathras, Babrala, Bulandshahr, and Badaun (all in Uttar Pradesh). ================= I N D O N E S I A ================= MITRA PINASTHIKA: Fitch Assigns BB- Rating on USD200MM Sr. Notes ---------------------------------------------------------------- Fitch Ratings has assigned Indonesia-based PT Mitra Pinasthika Mustika Tbk's (MPM, BB-/Stable) USD200m 6.75% senior notes due 2019 a final rating of 'BB-'. The notes are issued by MPM Global Pte. Ltd. and are guaranteed by MPM and its subsidiaries, excluding the financing and insurance subsidiaries. This final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned on 7 September 2014. The proceeds will be used for the repayment of certain bank loans under MPM's rental services business called MPMRent (about 70%), for the repayment of certain bank loans under MPM (about 20%) and capital expenditure purposes (10%). KEY RATING DRIVERS Leading Motorcycle Distributor: MPM is the master distributor of Honda motorcycles in East Nusa Tenggara and East Java, the largest contributor to Indonesia's total motorcycle sales in 2013. Honda motorcycles had a 67.2% share of unit sales in East Java in 2013, according to Frost & Sullivan. Fitch believes that motorcycles are likely to remain the most popular mode of transportation in Indonesia in the medium term. Sound Financial Profile: MPM has a sound financial profile. Leverage, as measured by the ratio of net debt to operating EBITDA, is low at 1.6x in 1H14 (excluding the financing and insurance subsidiaries). Interest coverage, as measured by the ratio of operating EBITDA to gross interest expense, was sufficient at 4.7x (excluding the financing and insurance subsidiaries). MPM also has adequate liquidity and a well- laddered debt maturity profile. Solid Relationship with AHM: MPM has had a business relationship with Astra Honda Motor (AHM), an affiliate of Honda Motor Co. Ltd that manufactures and distributes the brand's motorcycles in Indonesia, since 1988. MPM holds the exclusive master license distributorship for East Java and East Nusa Tenggara and it consistently ranks among AHM's top three resellers thanks to its extensive networks in the two regions. Fitch believes the long history of cooperation with AHM and its extensive networks provide MPM with strong bargaining power to maintain its distributorship rights. Fitch expects MPM to continue to benefit from Honda's status as the leading motorcycle brand in Indonesia with good brand awareness, high resale value and attractive models. Flexible Capex, Manageable Leverage: Fitch expects free cash flow to be negative in the next two to three years because MPM is continuing to expand. About 80% of the total capex planned for 2014-17 is related to the expansion of MPMRent's fleet. Fitch believes the risk related to this expansion is manageable, considering the scalability of capex and management's good track record. Leverage is likely to remain manageable with Fitch expecting net debt/EBITDA (excluding the financing and insurance subsidiaries) to remain at below 2.5x over the next three to four years. Entry into Car Market: In 1H14, MPM opened its first car dealership to sell Nissan and Datsun cars. MPM plans to significantly expand its car dealership business, which would present some execution risk. Not only will the business incur start-up losses, but it will also enter a highly competitive sector where the Nissan group of brands' market share is small relative to its competitors. These risks are mitigated by the scalable capex for the business and MPM's adoption of a less capital-intensive strategy to identify partners for setting up dealerships. MPMFinance Merger: The recent merger of MPM's financing subsidiary PT Mitra Pinasthika Mustika Finance (MPMFinance; A-(idn)/Stable) with PT Sasana Artha Finance (SAF) will result in economies of scale and a larger capital base for the enlarged MPMFinance. The merger will also result in Japanese consumer credit company JACCS Co, Ltd becoming a shareholder in MPMFinance via its previous stake in SAF and a capital injection. Having JACCS as a shareholder will give MPMFinance access to low-cost funding and more expertise in the consumer financing business. Limited Scale; Competitive Environment: The rating is mainly constrained by MPM's limited scale of operations compared with higher-rated peers and the competitive operating environment. Auto distribution is characterised by low EBITDA margin of below 5%. The competition is even tougher in the car industry where players often offer discounts to defend their market shares. The car rental services industry is highly fragmented with relatively low barriers to entry. RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- Increase in net debt/EBITDA excluding finance subsidiaries to more than 2.5x on a sustained basis -- Significant deterioration in the finance subsidiaries' performance on a sustained basis No positive rating action is expected in the next 24 months, unless there is significant increase in scale and MPM's business profile without any deterioration in its financial profile. ========= J A P A N ========= PIONEER CORP: To Sell DJ Equipment Business to KKR for JPY59BB -------------------------------------------------------------- Japan Today reports that Pioneer Corp said on September 16 that it would sell its disc-jockey equipment business to private equity firm KKR & Co LP for about JPY59 billion. Pioneer has been selling off non-core assets to focus on its automotive electronics business, the report says. On September 12, the company said it would sell its home audio-visual business to audio equipment maker Onkyo Corp, the report relates. Pioneer said that it expects a JPY55 billion special profit from the sale of the DJ equipment business and that it may revise its earnings forecast, Japan Today adds. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 17, 2014, The Japan Times said Pioneer Corp. said it will cut more than 2,000 jobs -- 10 percent of its group workforce -- through voluntary retirement by employees and sales of noncore businesses to promote its rehabilitation. Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a Japan-based company engaged in the manufacturing and sale of electronic products. The Company operates in three business segments. The Car Electronics segment offers navigation systems, stereos, audio systems, speakers and peripheral products for automobile uses. The Home Electronics segment offers plasma televisions, digital versatile disc players/recorders/drives, blu- ray disc players/drives, audio systems, telephones, cable television-related machines and peripheral equipment. The Others segment offers electroluminescence (EL) displays, factory automation (FA) equipment, electronic components and commercial audio and visual (AV) systems. SONY CORP: Revises Full-Year Net Loss Forecast to JPY230 Billion ---------------------------------------------------------------- Bloomberg News reports that Sony Corp. CEO Kazuo Hirai is running out of ways to reverse the fortunes of the faltering consumer electronics maker. Bloomberg News relates that the Tokyo-based firm said it would report a larger-than-expected full-year loss due to poor performance in its smartphone business. In a statement issued on September 17, the firm announced it was taking a writedown of JPY180 billion in the value of its phone unit owing to heavy competition in the market, Bloomberg relays. Shares in Germany dropped by the most in 10 months in reaction to the news, the report says. According to Bloomberg, Mr. Hirai has been working to turn the company around by pushing entertainment and game content, consoles and mobile devices as demand for televisions and compact cameras has slumped. But with the Xperia smartphone now faltering, Mr. Hirai's only other options for reviving the company are its movies and PlayStation video game business, says Bloomberg. "Sony should have done it earlier," Bloomberg quotes Masahiko Ishino, a business analyst at Advanced Research Japan Co., as saying. "A lot of people were questioning why it didn't write down the mobile goodwill earlier as the business hasn't been doing well since the beginning of the fiscal year." Sony increased its full-year net loss forecast to JPY230 billion from JPY50 billion and suspended its shareholder dividend for the first time since its 1958 listing after writing down the value of its smartphone business, Bloomberg reports. The firm has lost money in five of the previous six years, according to Bloomberg. Based in Japan, Sony Corporation -- http://www.sony.net/-- engages in the operation of imaging products and solution (IP&S), game, mobile products and communication (MP&C), home entertainment and sound (HE&S), device, movie, music, financial and other business. The IP&S segment provides digital imaging products and professional solutions. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating and the long-term senior unsecured bond rating of Sony Corporation to Ba1 from Baa3. The ratings outlook is stable. At the same time, Moody's has downgraded the short-term rating of its supported subsidiary, Sony Global Treasury Services Plc, to Not Prime from Prime-3. SONY CORP: USD1.7B Write-Down No Effect on BB- Rating, Fitch Says ----------------------------------------------------------------- Sony's (BB-/Negative) JPY180bn (USD1.65bn) write-down in its mobile communications business comes as no surprise, and is not likely to affect the credit rating, says Fitch Ratings. Fitch's assumptions about Sony's mobile business profitability and cash generation have been consistently lower than those of management, given the competitive nature of the smartphone market and Sony's struggle to achieve the scale required for this business to be a success. Sony's revisions to its forecast cash flow indicate that it now believes that the mobile communication segment's valuation does not support goodwill which has a carrying value of JPY180m. As a result, the company has reviewed its smartphone strategy, and will now target more niche consumer segments. "We think the revised strategy to focus on premium mobile products in certain markets is more sound than trying to compete strongly in the mid-range smartphone market. However, lack of scale means that it will struggle against the big two, Apple and Samsung (A+/Stable), and will also face competition in the premium market from LG Electronics (BBB-/Stable), HTC and Nokia," Fitch said. In addition, the premium market is under threat from lower-cost Chinese manufacturers such as Lenovo, Huawei and Xiaomi, whose product design, build quality and functionality is improving to a level which may threaten the premium market in the longer term. These businesses will have to invest significantly in their brands before they represent a significant challenge to the big two in the premium market. Nevertheless, their growing strength in the low- and mid-market is leading to a narrowing in margins for all competitors. According to International Data Corporation, Sony's share of the smartphone market declined to 3.1% in the year to June 2014 (June 2013: 4.0%). In contrast Huawei's share rose to 6.7% from 4.3%, Lenovo to 5.2% from 4.7%, and Xiaomi to 4.6% from 1.7%. "The write-down supports our long-held view that mobile phones are unlikely to be a key element in Sony's recovery, and our rating assumes continued weak performance in this segment. However, credit markets were surprised by the announcement, with five-year CDS prices spiking up to 142bp from 112bp, according to Bloomberg, despite the positive news for creditors that the company will not be paying a dividend this year," Fitch said. Management's resolve to make difficult decisions will be tested if performance in the mobile business does not improve. Apart from PCs, the company continues to produce the same products as five years ago, and we believe that more aggressive reform to revamp Sony's product and business portfolio is overdue. For example, the company appears committed to turning around its TV business following 10 straight years of losses. Fitch rates Sony's chance of meeting its break-even target for TVs in the year ending March 2015 (FYE15) at no greater than 50%. =============== M A L A Y S I A =============== MALAYSIA AIRLINES: Khazanah to Set Up Outplacement Center --------------------------------------------------------- Bernama reports that Khazanah Nasional Bhd is to set up a special centre to provide "outplacement support" to some 6,000 Malaysia Airlines (MAS) staff to be made redundant as part of its restructuring process. A source familiar with the restructuring said the focus of the outplacement centre (OPC) would be to extend all relevant and required support to the various groups of employees leaving the national airline, according to Bernama. This would include professional, emotional and financial support to assist them as they transition out to the next stage of their career, the report relates. Bernama notes that Khazanah had, at the end of August, announced its 12-point plan to resuscitate the national airline which would see 6,000 jobs cut across the board and result in the emergence of a 'new' and leaner MAS come July 1, 2015 from its existing workforce of 20,000 employees. According to Bernama, a source said the OPC would help transition employees who have been identified under three categories -- early retirees, job seekers and potential entrepreneurs. * * * As reported by the Troubled Company Reporter - Asia Pacific on September 1 2014, The Associated Press said Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced on August 29 to revive its damaged brand after being hit by double passenger jet disasters. Investigators continue to scour the southern Indian Ocean for Malaysia Airlines Flight 370, which veered far off course while en route from Kuala Lumpur to Beijing on March 8 with 239 people on board, said the report. In July, 298 people were killed when Flight 17 was blasted out of the sky as it flew over an area of eastern Ukraine controlled by pro-Russian separatists. These tragedies have scarred the airline's brand, once associated with high-quality service, AP added. 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 three months that ended June 30, its net loss widened to MYR307 million from MYR176 million in the year-earlier period, the Journal disclosed. ==================== N E W Z E A L A N D ==================== FELTEX CARPET: Prospectus 'Not Misleading', High Court Says ----------------------------------------------------------- Radio New Zealand News reports that the High Court said a Feltex prospectus, issued two years before the carpet manufacturer went into receivership, was not misleading. Investor Eric Houghton took the case, on behalf of shareholders, against seven company directors for losses arising from what he claimed was a misleading 2004 prospectus, according to Radio New Zealand News. The report notes that the High Court has found the prospectus portrayed an improving financial position for Feltex but also identified risks. It says it was not misleading, the report relays. The former Feltex directors have issued a statement saying they regret people lost money when the company was forced into receivership in 2006 but are pleased the court has rejected the claim in its entirety, the report says. SOLID ENERGY: Gets NZ$103MM Fund From Government ------------------------------------------------ Stuff.co.nz reports that the Government will provide cover worth NZ$103 million to Solid Energy for restoring mining land and to avoid its technical insolvency. According to the report, Finance Minister Bill English and State- owned Enterprises Minister Tony Ryall said the state-owned miner needed the indemnity to keep it in "positive equity" and to sign off its accounts. Negative equity means a company has more liabilities than assets and is technically insolvent, the report notes. Stuff.co.nz relates that Mr. English said government officials were working with the company to extend its remediation indemnity, which would meet the future costs of restoring the mined land to its previous state. He expected that to be completed in the next week or so, says Stuff.co.nz. "This will extend a similar remediation agreement made in 1987," the report quotes Mr. English as saying. Trading conditions were still difficult for Solid Energy, he said. Stuff.co.nz says the indemnity was a promise by the Crown to reimburse Solid Energy for the costs of remediation when it was carried out and had a present value of NZ$103 million. "The company's directors are required to sign off the company's annual accounts by the end of September and they advised us they need this indemnity for the company to remain in a positive equity position through this financial year," Mr. English, as cited by Stuff.co.nz, said. The report relates that Mr. English said there would be no overall impact on Crown accounts because it was the transfer of a liability from a Crown-owned company directly to the Crown. The Government said a year ago that it would continue to support the company "if there is a reasonable chance it can be made viable", Mr. English said, Stuff.co.nz relays. Labour's state owned enterprises spokesperson Clayton Cosgrove said Ryall's last act as Minister was to load up the taxpayer with even more of a burden to rescue the "train wreck" he had turned Solid Energy into. Solid Energy was once the jewel of New Zealand's state owned enterprise crown, but had been turned into a "shell of a company", with 800 jobs lost and almost NZ$400 million in debt. As reported in the Troubled Company Reporter-Asia Pacific on May 22, 2013, The New Zealand Herald said stricken state owned coal miner Solid Energy's future appears bleak according to a recently completed report on the company, Prime Minister John Key had indicated. According to the Herald, Mr. Key said corporate advisers KordaMentha had just completed their report on the company which is on the brink of collapse after being crippled by low coal prices and almost NZ$400 million in debts. Solid Energy New Zealand Ltd is New Zealand's largest coal mining company and an investor in research and commercialisation of sustainable forms of energy that use coal, coal seam gas, biomass, biodiesel and solar. Solid Energy's core mining business includes hard coking coal, primarily for export to steel mills throughout Asia, and thermal coal for the Huntly power station and other domestic customers in the steel, dairy and cement industries. ================= S I N G A P O R E ================= GOODPACK LIMITED: Moody's Assigns Parent B2 Corp. Family Rating --------------------------------------------------------------- Moody's Investors Service has assigned a definitive B2 corporate family rating (CFR) to IBC Capital Limited, the parent holding company of guarantor Goodpack Limited (together Goodpack), a definitive B2 instrument rating to its $550 million first lien term loan due 2021 and a definitive B3 instrument rating to its $170 million second lien term loan due 2022. The outlook on the ratings is stable. This action follows the completion of the acquisition of Goodpack Limited by IBC Capital Limited, an indirect wholly owned subsidiary of a fund affiliated and advised by Kohlberg Kravis Roberts & Co L.P., by way of a scheme of arrangement which was effective 9 September 2014. Terms of the credit agreement and total debt used to fund the transaction are largely consistent with our original expectations. The first lien term loan was increased by $30 million to $550 million and second lien term loan reduced by the same amount to $170 million resulting in a modest increase in priority debt compared to the proposed terms. Ratings Rationale The B2 CFR continues to reflect high leverage deployed to acquire Goodpack via the leveraged buyout arrangement, which resulted in adjusted debt-to-EBITDA of around 6.5x and debt-to-revenue of over 3.0x at close. Whilst this arrangement is considered an aggressive capital structure, the rating is supported by the strength of Goodpack's margins and cash flow profile and its leading position in the niche logistics and packaging market for natural and synthetic rubber. Goodpack has customer concentration risks, whereby its top ten customers represent about 60% of its sales but are premised on long term relationships averaging around 12 years and multi-year contracts. In addition, the company relies on a single supplier for its patented intermediate bulk containers. The B2 rating on the $550 million first lien term loan and B3 rating $170 million second lien tem loan reflect guarantees from key operating entities and first or second lien security in substantially all assets. It also incorporates our view that Goodpack's assets would not support a full recovery on either facility in a distressed scenario and the subordination of the second lien loans relative to the first lien loans. The stable outlook incorporates our expectation of leverage to decline below 6.0x in the next 12-18 months from a combination of debt reduction and margin growth. Further, the outlook reflects our view that Goodpack will maintain its EBITDA margins at or around 50% while continuing to grow its customer base over the next 12-18 months. Ratings are unlikely to be upgraded in the next 12-18 months given Goodpack's relatively small scale and high leverage. Rating momentum would evolve if Goodpack demonstrates a commitment to reduce its financial leverage such that it remains in the 4.0-4.5x range and EBIT/interest exceeds 3.0x over a sustainable period while maintaining its revenue and EBITDA growth rates and good liquidity profile. The ratings may be downgraded if Goodpack raises debt to fund any acquisitions or to fund a shareholders distribution, leverage remains above 6.0x for an extended period, or if it were to lose one or more of its top customers. Moody's detailed rating rationale was set out in a press release and new issuer report issued on 16 July 2014. The principal methodology used in this rating was Global Business & Consumer Service Industry Rating Methodology published in October 2010. Goodpack, with a fleet of 3.3 million IBCs, provides bulk cargo packaging and logistics solutions for its customers largely in the natural rubber and synthetic rubber markets. It has operations in more than 70 countries servicing more than 5,000 delivery and drop-off points. ============= V I E T N A M ============= * VIETNAM: New Bankruptcy Law to Take Effect in January 2015 ------------------------------------------------------------ Ly Nghia Dung at BizHub reports that after 10 years from the issuance of the 2004 bankruptcy law, a new Law on Bankruptcy (the Bankruptcy Law) was passed on June 19, 2014, by the 13th National Assembly with bankruptcy proceedings separated into the two concepts -- insolvency and bankruptcy. BizHub relates that in addition, the new law clearly defines rights and obligations of involved parties in bankruptcy proceedings; changed the composition of the team of management and liquidation; prescribed shortened proceedings for bankruptcy, and procedures for bankruptcy of credit institutions; provided for suspension for settling cases related to the implementation of the financial obligations of enterprises unable to dissolve debts and resolve legal consequences; and re-arranged the stage of asset liquidation in bankruptcy proceedings, etc. According to BizHub, the new law creates a new title of trustee with the rights and obligations similar to the team for the management and liquidation of assets, which is responsible for managing the operation and liquidating assets of the enterprise in bankruptcy during the proceedings (including the management and liquidation of assets; representing the enterprise in the absence of a legal representative; reporting on the status of assets, financial liabilities and operations of the enterprise; participation in making a business recovery plan; provision of proposals for the court to implement the following works: collecting evidence, declaring a transaction invalid and recovering asset sales or transfers that were conducted illegally, applying interim urgent measures and applying administrative sanctions). Under the new Bankruptcy Law, a minimum period in which creditors can lodge a petition for bankruptcy proceedings against debtors is three months from the due date of financial obligations, BizHub says. In addition, the law also grants to other individuals and organisations the right to inform the entities who have the right and obligation to file a request for bankruptcy proceedings when they discovered the enterprise was unable to dissolve its debts, BizHub relays. BizHub says the court with jurisdiction to resolve bankruptcy proceedings is transferred to the people's court of the district where the head office of the enterprise is located, except in certain cases where the people's court of the province has jurisdiction under the provisions of Article 9.1 of the Bankruptcy Law. A petition for bankruptcy proceedings will not always result in initiation of bankruptcy proceedings as a petitioner has the right to actively negotiate the withdrawal of the petition through a separate agreement with the debtor, BizHub notes. BizHub adds that with the new regulations, information of an enterprise initiating bankruptcy proceedings (Insolvent Debtor) can be easily accessed via notification to the petitioner, Insolvent Debtor, creditors, the Procuracy, the authority of civil judgment enforcement, tax agency, business registration agency where the head office of the enterprise is located and the national business registration portal, the portal of the court and two consecutive issues of local newspapers. This allows other creditors, or other entities with financial issues against the enterprise a better ability to know and take the next steps to protect their own rights and legitimate interests. According to BizHub, in avoidance of dispersing and hiding assets, some transactions, shortly before initiation of bankruptcy proceedings can be considered to be invalid in the following cases: (i) transactions relating to asset transfers but not at market prices; (ii) the transfer of unsecured debt into secured debt or partially secured debt; (iii) payment or balance to a creditor for debts not yet due or for a larger amount than due debts; (iv) transfer of property without payment; (v) transactions for purposes other than business activities of the enterprise; and (vi) other transactions with the purpose of dispersing the assets of the enterprise. The court with jurisdiction will consider the transactions at the various periods depending on the engaged entities. The time period for entities in a relevant relationship to the Insolvent Debtor is 18 months, and for others it's six months. BizHub adds that an enterprise is declared bankrupt if (i) the enterprise is unable to pay official fees or advance bankruptcy costs; (ii) the creditors meeting was postponed but still unsatisfied for being reconvened; (iii) a resolution of the creditors meeting is not passed; or (iv) a business recovery plan is not made within the time-limit, a business recovery plan cannot be implemented, or debts cannot be dissolved even after the performance of the business recovery plan. This new Bankruptcy Law enters effect on Jan. 1, 2015, according to BizHub. =============== 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 AAT 32.50 -13.46 ANITTEL GROUP LT AYG 18.43 -0.26 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 33.12 -11.66 CMA CORP LTD CMV 127.41 -51.00 CWH RESOURCES LT CWH 10.71 -3.03 IDM INTERNATIONA IDM 30.99 -23.62 LIONHUB GROUP LT LHB 19.21 -26.52 MIRABELA NICKEL MBN 335.09 -179.03 NATURAL FUEL LTD NFL 19.38 -121.51 PACT GROUP HOLDI PGH 1,120.30 -982.11 PENRICE SODA HOL PSH 122.46 -26.85 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 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 59.95 -12.80 BUILDMORE INTL 108 17.36 -70.34 CHINA ENVIRONMEN 986 66.65 -0.87 CHINA HEALTHCARE 673 34.76 -0.75 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 GRANDE HLDG 186 255.10 -208.18 INNO-TECH HLDGS 8202 84.54 -116.82 LANGHAM -SS 1270 684.55 -86.21 LONG SUCCESS INT 8017 50.05 -7.44 MASCOTTE HLDGS 136 57.51 -81.70 MEGA EXPO HOLDIN 1360 17.00 -0.53 MELCOLOT LTD 8198 13.69 -28.83 NORSTAR FOUNDERS 2339 21.97 -56.33 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 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 375.58 -815.83 BUMI RESOURCES BUMI 7,027.47 -18.17 ICTSI JASA PRIMA KARW 56.41 -6.12 JAKARTA KYOEI ST JKSW 24.92 -34.90 MATAHARI DEPT LPPF 209.66 -89.74 ONIX CAPITAL TBK OCAP 13.22 -1.03 RENUKA COALINDO SQMI 15.84 -0.48 SUMALINDO LESTAR SULI 95.14 -18.99 UNITEX TBK UNTX 18.83 -18.53 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 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 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 HIGH-5 CONGLOMER HIGH 41.63 -34.19 HO HUP CONSTR CO HO 59.28 -16.64 PETROL ONE RESOU PORB 51.39 -4.00 SUMATEC RESOURCE SMTC 169.12 -26.18 VTI VINTAGE BHD VTI 17.74 -3.63 NEW ZEALAND NZF GROUP LTD NZF NZ Equity 11.69 -4.60 PULSE ENERGY LTD PLE NZ Equity 11.29 -3.44 PHILIPPINES CYBER BAY CORP CYBR 14.14 -21.59 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 108.53 -19.42 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 CEFC INTL LTD SUNE 95.25 -0.31 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 ********* 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 ***