/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/141205.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, December 5, 2014, Vol. 17, No. 241 Headlines A U S T R A L I A ATLAS IRON: Moody's Affirms B3 Corporate Family Rating NEW POINT: First Creditors' Meeting Slated For December 8 PIE FACE: In Talks With Woolworths Over Frozen Pie Sale PIE FACE: Creditors To Meet again on December 30 PROPERTY TRADE: First Creditors' Meeting Set For December 11 PRIME BUILDING: First Creditors' Meeting Set For December 10 C H I N A CHINA AOYUAN: Moody's Says Stake Sale No Impact on B2 CFR MODERN LAND: Moody's Confirms B2 CFR & Sr. Unsecured Debt Ratings PING AN: Insurance's Share Sale Plan Won't Affect Unit's Rating I N D I A ALUMAYER INDIA: CRISIL Suspends B+ Rating on IN60MM Cash Credit BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR200MM Term Loan BANGALORE METALLURGICALS: CRISIL Suspends 'B' INR60MM Loan Rating BHAGWATI LIFESTYLE: CRISIL Suspends D Rating on INR350M Cash Loan CLASSIC WEARS: CARE Revises Rating on INR10.72cr Bank Loan to B+ DORA INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR50MM Loan GARG ENTERPRISES: CRISIL Suspends B+ Rating on INR13MM Cash Loan H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Overdraft HARSHA STONE: CRISIL Suspends B- Rating on INR20.5MM Term Loan HINDALCO INDUSTRIES: Prepares For INR63,000cr Debt Restructuring JOTINDRA STEEL: ICRA Reaffirms 'B-' Rating on INR24cr LT Loan JR SEAMLESS: CARE Reaffirms B+ Rating on INR24.52cr LT Loan KESHAVA REDDY: ICRA Suspends D Rating on INR3.5cr Overdraft Loan LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Credit MANEESH IMPEX: CRISIL Suspends B Rating on INR40MM Term Loan MONICA GARMENTS: ICRA Reaffirms B Rating on INR.81cr Term Loan PANACEA HOSPITALS: CRISIL Suspends D Rating on INR45MM Term Loan PARSVNATH ESTATE: CARE Revises Rating on INR210cr LT Loan to 'B' PRATAP CIVIL: CRISIL Suspends D Rating on INR60MM Cash Credit S.T ENTERPRISES: CRISIL Suspends B Rating on INR140MM Cash Loan SHAKUNTALA WIRE: CRISIL Suspends B+ Rating on INR60MM Cash Credit SHANTI PULSES: CRISIL Suspends B+ Rating on INR30MM Cash Credit SHREE SHYAM: ICRA Reaffirms B Rating on INR7cr Cash Credit SHRI LAXMINARAYAN: CARE Assigns B+ Rating to INR8.48cr LT Loan SHUBHLAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR9.5cr Loan SRI KANAKADURGA: ICRA Suspends D Rating on INR10cr Term Loan SRI MAHANANDEESWARA: ICRA Suspends D Rating on INR23.3cr Loan SRI SARASWATHI: ICRA Suspends 'D' Rating on INR6.6cr Term Loan SRI SRINIVASA: ICRA Assigns B- Rating to INR20cr Bank Loan SRI SURYA: ICRA Suspends D Rating on INR8.85cr Term Loan SRI VENKATESWARA: ICRA Suspends D Rating on INR16.75cr Term Loan SUNDARAM MULTI: CARE Assigns 'D' Rating on INR78.75cr Bank Loan SURYA SYNTHETICS: ICRA Reaffirms B+ Rating on INR12cr FB Loan TRIVENI SILK: ICRA Reaffirms B+ Rating on INR10.50cr FB Loan WEST FACE: CRISIL Suspends D Rating on INR250MM LT Loan WORLD WIDE: CRISIL Suspends D Rating on INR30MM Cash Credit I N D O N E S I A ADARO INDONESIA: Moody's Withdraws Ba1 Corporate Family Rating N E W Z E A L A N D HUDSON HOSPITALITY: Cost Overrun Sparks Liquidation, Says Report P H I L I P P I N E S * PHILIPPINES: Small Banks' Bad Loans Declined in Q2 S I N G A P O R E OUE HOSPITALITY: Crowne Plaza Deal Unlikely to Affect Ba1 Rating PRECISION CAPITAL: Moody's Lowers Corporate Family Rating to B1 X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= ATLAS IRON: Moody's Affirms B3 Corporate Family Rating ------------------------------------------------------ Moody's Investors Service has affirmed Atlas Iron Limited's (Atlas) B3 corporate family and senior secured ratings and changed the outlook on the ratings to negative from stable. Ratings Rationale "The change in outlook reflects our expectation that iron ore fundamentals will remain weak into 2016. Given the further deterioration in the iron ore price, we see negative pressure building on Atlas' cashflow generating ability and a depletion in its previously solid liquidity position", says Saranga Ranasinghe - Moody's Analyst. Moody's see a material risk that the current weakness in the price will continue over the next few months, thereby reducing the cushion within Atlas' current rating. While Atlas had AUD 204 million of cash on hand at 30 September 2014, the current price level is exerting significant pressure on Atlas' ability to produce positive returns. Moody's expect the company to utilize its cash on hand to fund its operations, thereby depleting its previously solid liquidity position. "Moody's acknowledges the cost rationalization initiatives taken by Atlas as well as the benefit from the lower AUD compared to the USD", Ranasinghe says, adding "however, the weakness in the operating environment means that it is more challenging for Atlas to maintain a credit profile that is consistent with its B3 rating". With the current weakness in the iron ore price and its impact on cash flow and earnings, Moody's expect financial leverage as measured by Debt/EBITDA to increase in FY15. If the weakness in iron ore prices continue, Moody's expect Atlas to exceed the tolerance level set for the B3 rating, including Debt/ EBITDA exceeding 7.0x in fiscal year ending 30 June 2015 (FY15). The rating and/or outlook could face further negative pressure if fundamentals for iron ore continue to deteriorate and beyond our expectations. The rating and/or outlook could also face negative pressure if the liquidity buffer diminishes at a pace that is not consistent with our expectations hindering the company's ability to cover debt service obligations. The rating could also be downgraded if there is an inability to maintain debt-to EBITDA below 7.0x on a consistent basis. The rating outlook could revert to stable if there is a marked and sustained improvement in iron ore prices leading to an improvement in margins. Specifically, Moody's would look to leverage improving to around 3.5x -- 4.x on an ongoing basis. Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is an iron ore producer and developer focused on the North Pilbara region of Western Australia. In FY14, Atlas shipped 10.9Mt of iron ore and generated revenues of around $1.1 billion. The principal methodology used in this rating was Global Mining Industry published in August 2014. NEW POINT: First Creditors' Meeting Slated For December 8 --------------------------------------------------------- Raymond Anthony Sutcliffe -- raysutcliffe@csso.com.au -- of City Side Serviced Offices was appointed as administrator of New Point Australia Pty Ltd on Dec. 1, 2014. A first meeting of the creditors of the Company will be held at The Boardroom, City Side Serviced Offices, 200 Alexandra Parade, in Fitzroy, Victoria, on Dec. 8, 2014, at 10:00 a.m. PIE FACE: In Talks With Woolworths Over Frozen Pie Sale ------------------------------------------------------- Sue Mitchell at The Age reports that Pie Face is in talks with Woolworths to sell its smiley-face pies from the freezer aisle in an attempt to boost sales and reduce production costs. The Age relates that trials have been under way in 15 Woolworths stores and Pie Face and Woolworths are expected to decide early next year whether to extend the rollout of frozen take-home pie packs. The potential supply agreement with Woolworths is one of several strategies under consideration as the 11-year old company -- which has attracted more than AUD35 million in funding from high-profile investors -- fights to survive, according to The Age. The Age notes that Pie Face founder and major shareholder, former Citigroup banker Wayne Homschek, appointed accounting and advisory firm Jirsch Sutherland as administrator late last month and is attempting to restructure and refinance the company, which owes creditors more than AUD20 million. After closing 17 company-owned stores and two franchised stores last week, Pie Face administrators and management are now in talks with landlords to reduce lease costs on remaining stores, The Age relates. Pie Face is also looking at ways to cut costs and boost production in its Rosehill factory and reduce the cost of goods for franchisees, some of whom have complained that costs are too high, the report says. New Pie Face chief executive Kevin Waite was confident a supply deal with Woolworths would not cannibalise sales for franchisees, The Age adds. About Pie Face Pie Face offers premium handmade sweet and savoury pies, pastries, cakes, muffins, coffee and other lunch options. The Company launched in Sydney in 2003 and had 89 stores across Australia, the United States and New Zealand. Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were appointed as Joint Administrators of Pie Face Holdings Pty Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on Nov. 21, 2014. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie Face's secured creditors, late in November appointed Ferrier Hodgson partners Steve Sherman and Peter Gothard as receivers to a number of key Pie Face assets. PIE FACE: Creditors To Meet again on December 30 ------------------------------------------------ Sue Mitchell at The Age reports that franchisees, creditors and investors at Pie Face's first creditors meeting on December 3 were told that weekly outgoings across the group were still exceeding sales by about AUD150,000, based on the latest data. Creditors will meet again on December 30, by which time the creditors should have a clearer picture of Pie Face's assets and liabilities, the report says. The Age notes that Pie Face founder and major shareholder, former Citigroup banker Wayne Homschek, appointed accounting and advisory firm Jirsch Sutherland as administrator late last month and is attempting to restructure and refinance the company, which owes creditors more than AUD20 million. Macquarie Capital, the only secured creditor, is owed AUD4.2 million, convertible note holders AUD7.5 million and the tax office AUD7 million, The Age discloses. But these debts are dwarfed by intercompany loans of AUD33 million, the status of which is unknown, the report says. The loans are owed by the operating company, Pie Face Pty Ltd, to the holding company, and were presumably taken out to prop up the business, The Age states. According to The Age, Jirsch Sutherland is looking for a buyer for the entire business and is also looking for financiers to take over the Macquarie Capital debt, which is secured over assets including shares in Pie Face Holdings Pty Ltd, AUD3.5 million cash at bank and shares that Pie Face holds in Pie Face Inc, the US business. The Age relates that new Pie Face chief executive Kevin Waite said he was certain the company would survive and no more store closures were planned. "I wouldn't be here if I didn't believe this company had a future," the report quotes Mr. Waite as saying. "We have a tough month to go through with the administration process but there is every reason to believe our franchisees and this brand have a future." About Pie Face Pie Face offers premium handmade sweet and savoury pies, pastries, cakes, muffins, coffee and other lunch options. The Company launched in Sydney in 2003 and had 89 stores across Australia, the United States and New Zealand. Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were appointed as Joint Administrators of Pie Face Holdings Pty Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on Nov. 21, 2014. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie Face's secured creditors, late in November appointed Ferrier Hodgson partners Steve Sherman and Peter Gothard as receivers to a number of key Pie Face assets. PROPERTY TRADE: First Creditors' Meeting Set For December 11 ------------------------------------------------------------ Blair Pleash & David Ingram of Hall Chadwick Chartered Accountants were appointed as administrators of Property Trade Group 1 Pty Limited on Dec. 1, 2014. A first meeting of the creditors of the Company will be held at the Offices of Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in Sydney, on Dec. 11, 2014, at 10:00 a.m. PRIME BUILDING: First Creditors' Meeting Set For December 10 ------------------------------------------------------------ Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher Partners were appointed as administrators of Prime Building Supplies Pty Ltd on Dec. 1, 2014. A first meeting of the creditors of the Company will be held at the offices of Pitcher Partners, Level 1, 914 Hay Street, in Perth, on Dec. 10, 2014, at 2:00 p.m. ========= C H I N A ========= CHINA AOYUAN: Moody's Says Stake Sale No Impact on B2 CFR --------------------------------------------------------- Moody's Investors Service says that China Aoyuan Property Group Limited's (B2 stable) announcement that it will be selling to Huaxia Life Insurance Co. Ltd (unrated) a 46% stake in its wholly- owned subsidiary, Guangzhou Aoyu Real Estate Development Company Limited, for a total consideration of RMB1 billion, will boost its liquidity and is credit positive. The transaction is expected to close before by end of 2014. The transaction has no immediate impact on China Aoyuan's B2 corporate family rating and B3 senior unsecured rating as the company intends to use the sale proceeds to fund investments and general working capital. Guangzhou Aoyu currently owns an investment property, Guangzhou Aoyuan Plaza, which is located in Guangzhou and has total GFA of approximately 80,000 sqm. China Aoyuan will continue to hold 54% of Guangzhou Aoyu. "The disposal will increase China Aoyuan's liquidity to fund investments, which is credit positive for the company," says Gerwin Ho, a Moody's Vice President and Senior Analyst. "Moreover the transaction demonstrates the company's ability to diversify its funding channel via investment property stake sale," adds Ho, who is also Moody's Lead Analyst for China Aoyuan. China Aoyuan also reported that it achieved RMB10.7 billion in contracted sales in the first 11 months of 2014. This represents 33% year-on-year growth and is in line with Moody's expectations. Supported by its contracted sales growth, Moody's forecasts revenue to grow by around 20% year-on-year in both 2014 and 2015, thus revenue to gross debt to improve to 65%-70% over the next 12- 18 months from 53.7% for the 12 months ended-June 2014. In addition, Moody's expects China Aoyuan's liquidity position to remain solid. China Aoyuan's cash holdings of around RMB6.29 billion at end-June 2014 and operating cash flow will be sufficient to cover its short-term debt of RMB2.99 billion and committed land payments over the next 12 months. The principal methodology used in this rating was Global Homebuilding Industry published in March 2009. China Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi Wen and his brother Mr. Guo Zi Ning. It was listed on the Hong Kong Stock Exchange in 2007 and has operations in six provinces, includng Guangdong, Jiangxi, Liaoning, Hunan, Jiangsu, Guangxi, and Chongqing. MODERN LAND: Moody's Confirms B2 CFR & Sr. Unsecured Debt Ratings ----------------------------------------------------------------- Moody's Investors Service has confirmed Modern Land (China) Co Ltd's B2 corporate family and senior unsecured debt ratings. The ratings outlook is stable. This action concludes the rating review for possible downgrade initiated on 2 September 2014. Ratings Rationale "We have confirmed Modern Land's ratings as the company has no material change in its business strategy and operations since the changes in the senior management team in September 2014," says Kaven Tsang, a Moody's Vice President and Senior Analyst. The company has confirmed that it will not change its business strategy and will continue to focus on its core markets of Beijing and Shanxi Province, and to enter Hunan, Hubei, and Jiangxi Provinces. The change in management has not impacted its operations. This is demonstrated by its contracted sales of RMB5.9 billion in the first 10 months of 2014, representing a 78% year-on-year improvement. Such sales momentum will enable the company to achieve its full- year target of RMB7 billion. "Moreover, the change in management does not seem to have affected the company's access to debt financing," says Tsang. Moody's notes that the company's bank debt level at end Q3 2014 remained largely unchanged from 1H 2014 suggesting that access to bank financing remains normal. Moody's forecast of Modern Land's credit metrics remains unchanged. Its EBITDA/interest will fall to 2.5x over the next 12- 18 months from 5.2x for the twelve-month period ended June 2014, because of its increased debt leverage and decreased profit margin. Its debt leverage -- measured by revenue to debt -- will decline to around 0.8x--1.0x from 1.1x in 1H 2014. These credit metrics will continue to position the company in the mid-B level when compared with its rated Chinese property peers. Modern Land's B2 corporate family rating reflects the company's successful track record of marketing its concept of comfortable and eco-friendly homes -- a niche market -- to generate stable sales. The rating also reflects the high profitability associated with Modern Land's niche products. On the other hand, the rating also considers Modern Land's small scale and its exposure to market volatility as it needs to access more capital as it grows quickly. Modern Land has a strong liquidity position. Its cash holdings (including restricted cash), which totaled RMB2.5 billion as of end-June 2014 and its operating cash flow will adequately cover its maturing debt of RMB905 million and committed land payments over the next 12 months. The stable outlook reflects Moody's expectation that the company will maintain adequate liquidity and will grow sales as planned, and that it will adjust its speed of expansion -- in accordance with market conditions -- to avoid a material deterioration in its credit profile. Upward rating pressure could emerge over the medium term if Modern Land establishes a track record of: (1) growing its scale and establishing its brand in new locations outside Beijing over the next 1-2 years; (2) maintaining a reasonable cash balance of around 10%-12% of total assets; and (3) demonstrating strong financial discipline in land acquisitions. On the other hand, downward rating pressure could emerge if: (1) Modern Land's liquidity position and ability to generate operating cash flows prove to be weaker than Moody's expectations, owing to declining contracted sales, aggressive land acquisitions, or the emergence of more severe regulatory controls on China's property sector; (2) prices decline, and revenue recognition is slower than expected, or if profit margins fall, negatively affecting interest coverage and financial flexibility; or (3) the company engages in material debt-funded acquisitions. In such a situation, its balance sheet cash -- including restricted and unrestricted cash -- could fall below 10% of total assets or 50% of short-term debt, and/or its EBITDA/interest coverage could weaken to below 1.5x on a sustained basis. The principal methodology used in this rating was Global Homebuilding Industry published in March 2009. Listed on the Hong Kong Stock Exchange in July 2013, Modern Land (China) Co Limited was founded in Beijing in 2000 by the company's chairman, Mr Zhang Lei. It specializes in developing "comfort living" housing units and is one of the few early pioneers of green and eco-friendly projects in China. As of end-June 2014, the company had a total land bank of 3.6 million square meters in gross floor area in China, excluding investment properties and properties held for own use. Its properties are located in Beijing, Jiujiang, Nanchang, Taiyuan, Changsha, Xiantao, and Wuhan. PING AN: Insurance's Share Sale Plan Won't Affect Unit's Rating --------------------------------------------------------------- Fitch Ratings says Ping An Insurance (Group) Company's (PAIG) plans to raise HKD36.8bn (CNY29.2bn) in capital will have no impact on the ratings of its subsidiary Ping An Bank (PAB; BB+/Stable/Viability Rating: b), in which the group holds a 59% stake. The plan, approved by the China Securities Regulatory Commission in early November and announced on 30 November 2014, will see the insurer sell 594m new H-shares in a private placement to no more than 10 investors. Fitch believes the proposed capital raising will be partly used to help fund PAB's aggressive growth. The bank said in July it plans to raise CNY10bn by issuing common shares and CNY20bn by issuing preferred shares, with PAIG buying up around half of the issuance. PAB's proposed capital raising is awaiting regulatory approval. PAB requires additional capital because its fundamentals remain among the weakest of China's mid-tier banks, despite improvements in profitability in 2014 and a CNY14.8bn capital injection from PAIG in 2013. Its Tier 1 capital ratio was 8.8% at the end of 3Q14, substantially below the industry average of 10.5%. In Fitch's view, the bank's strategy of pursuing above-peer growth makes it more vulnerable to asset quality shocks as the rest of China's banking industry slows. Although profitability improved this year due to an expansion in fee income, acceleration in asset quality deterioration in the medium term could seriously impair PAB's ability to generate capital through retained earnings. Special mention and non-performing loans have already risen to 4.2% of loans at the end of 3Q14 from 1.9% at end-2012, even as more bad loans were written off and disposed. The bank's high ratio of overdue loans (which stands at over four times the reported NPL balance), low loan-loss reserves (1.9% of loans), large off-balance-sheet contingent liabilities and exposure to riskier non-standard assets, all point to higher future losses. Assuming PAB's proposed CNY30bn capital raising is completed, its pro forma Tier 1 capital ratio would rise to over 10%. Given the bank's aggressive growth targets, however, Fitch projects that this additional capital would likely be consumed by asset growth over two years, after which further capital would be required from PAIG. PAB's ratings were recently affirmed on 19 November 2014 by Fitch. Its Long-Term Issuer Default Rating is currently based on modest expectations of extraordinary support from the central government in the event of stress, rather than institutional support from PAIG. In a stress scenario, Fitch believes PAIG's ability to provide timely support to PAB may be limited due to the bank's relative size (56% and 41% of PAIG's assets and profits), despite a strong willingness to support. High correlation within the financial services sector also implies PAIG's insurance subsidiaries would come under stress at the same time - investments held by the insurance and bank subsidiaries are likely to be similar in nature. Moreover, Fitch expects the China Insurance Regulatory Commission to restrict the movement of dividends or capital from PAIG's insurance entities to the parent or PAB in order to preserve the entities' own solvency levels. ========= I N D I A ========= ALUMAYER INDIA: CRISIL Suspends B+ Rating on IN60MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Alumayer India Pvt Ltd (AIPL; part of the Alumayer group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable Letter of credit & Bank Guarantee 140 CRISIL A4 The suspension of ratings is on account of non-cooperation by AIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AIPL is yet to provide adequate information to enable CRISIL to assess AIPL'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' For arriving at the rating, CRISIL has combined the business and financial risk profiles of AIPL and ASPL, together referred to as the Alumayer group. This is because ASPL is a subsidiary of AIPL. Furthermore, both companies operate in the same line of business and ASPL sells its entire production to AIPL. AIPL, incorporated in 2001, specialises in the erection and commissioning of aluminium and glass facades, including curtain walls, glazes, skylights, partitions, mall/shop fronts, railings, ceilings, and canopies, which find application in the construction industry. ASPL is a subsidiary of AIPL, set up in 2008, and manufactures facades and fabrication of aluminium frames exclusively for AIPL. The group is located at Mumbai, Maharashtra. BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR200MM Term Loan --------------------------------------------------------------- CRISIL's rating on the long term bank facilities of Balaji Realty (Balaji) continues to reflect its susceptibility to risks related to implementation of its ongoing project and cyclicality in the real estate industry in India. These rating weaknesses are partially offset by its partners' extensive experience in the real estate industry and their funding support. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 200 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that Balaji will continue to benefit from its partners' extensive experience in the real estate industry and their funding support over the medium term. The outlook may be revised to 'Positive' in case of better customer bookings resulting in substantially large cash inflows leading to improvement in liquidity. Conversely, the outlook may be revised to 'Negative' in case of time or cost overrun in relation to the project, lower bookings resulting in poor cash inflows, or large debt funding for the project, constraining the liquidity. Set up in April 2011, Balaji is implementing a residential real estate project in Mahalunge, near Baner in Pune (Maharashtra). The project comprises 260 residential units (2, 3, and 4 bedroom, hall, kitchen) and is being marketed as Metro Jazz. Balaji is a part of the Pune-based Balaji group of entities promoted by Mr. Rajendra Chitodkar and family. BANGALORE METALLURGICALS: CRISIL Suspends 'B' INR60MM Loan Rating ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bangalore Metallurgicals (P) Ltd (BMPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B/Stable Proposed Long Term Bank Loan Facility 47.1 CRISIL B/Stable Working Capital Term Loan 35 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by BMPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BMPL is yet to provide adequate information to enable CRISIL to assess BMPL'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' BMPL was originally set up in 1960 as a partnership firm by Mr. Maddaiah Ramaiah and his family members; the firm was reconstituted as a private limited company in 1987. BMPL manufactures grey and ductile steel castings, which find application in power generation equipment, turbines, pumps, valves, engine blocks, automobiles, and machine tools. The company's manufacturing facility is at Hoskote (Karnataka). BHAGWATI LIFESTYLE: CRISIL Suspends D Rating on INR350M Cash Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Bhagwati Lifestyle Pvt Ltd (BLPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 350 CRISIL D The suspension of ratings is on account of non-cooperation by BLPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BLPL is yet to provide adequate information to enable CRISIL to assess BLPL'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' BLPL was reconstituted as a private limited company in April 2010, with Mr. Gaurav Jain and Mr. Madan Chand Jain as its directors; it was initially Bhagwati Enterprises, a proprietorship concern, which was set up in 1985 to trade in garments and other products, through its showrooms. CLASSIC WEARS: CARE Revises Rating on INR10.72cr Bank Loan to B+ ---------------------------------------------------------------- CARE revises and reaffirms rating assigned to the bank facilities of Classic Wears Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 10.72 CARE B+ Revised from CARE B Short term Bank Facilities 0.2 CARE A4 Reaffirmed Rating Rationale The revision in the long-term rating of the bank facilities of Classic Wears Pvt Ltd (CWL) takes into account the improvement in the operational and financial performance for FY14 (refers to the period April 1 to March 31). Furthermore, the ratings continue to draw strength from the experience of the promoters, established track record of operations, well-established marketing network and reputed client base. The ratings, however, are constrained by the small scale of operations, working capital-intensive nature of business and obsolescence risk associated with inventory. The business of the company is also seasonal in nature and highly fragmented with intense competition from organized and unorganized players. Going forward, the continuation of the profitable scale- up of operations and management of working capital cycle shall be the key rating sensitivities. Classic Wears Private Limited (CWL) was established in the year 1988 by Mr Raj Awasthi and his family members. It is a part of the Sportking group. The company is engaged in the manufacturing and retailing of Hosiery and Ready-made garments for men, women and kids at its unit in Ludhiana (Punjab) under the brand name 'Sportking' and 'Mentor'. Its main products are primarily for winter season like pullovers, track suits, cardigans and infant wear. CWL registered a total operating income of INR49.46 crore during FY14 with a PAT of INR5.14 crore as against a total operating income of INR51.86 crore and PAT of INR0.94 crore in FY13. Excluding the impact of the extraordinary income, the company reported losses of INR0.86 crore. DORA INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR50MM Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Dora Infrastructures and Properties Pvt Ltd (DIPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Working 25 CRISIL B/Stable Capital Facility Bank Guarantee 25 CRISIL A4 Cash Credit 50 CRISIL B/Stable The ratings reflect DIPPL's modest scale of operations in the fragmented civil construction industry, working capital intensive nature of operations and below-average financial risk profile marked by small net worth and high gearing. These rating weaknesses are partially offset by the extensive experience of DIPPL's promoters in the civil construction industry. Outlook: Stable CRISIL believes that DIPPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company scales up its operations significantly while it improves its profitability, leading to substantial cash accruals and a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if DIPPL reports low revenue or profitability, or its working capital management deteriorates, or it undertakes any large debt-funded capital expenditure programme, leading to weak financial risk profile, particularly liquidity. Incorporated in 2010 and based in Ranni (Kerala), DIPPL undertakes civil contracts, primarily construction of buildings for various government entities. The company is founded and managed by Mr. Abraham Thomas. DIPPL reported a profit after tax (PAT) of INR4.1 million on revenue of INR38.6 million for 2013-14 (refers to financial year, April 1 to March 31), against a PAT of INR3.3 million on revenue of INR34.2 million for 2012-13. GARG ENTERPRISES: CRISIL Suspends B+ Rating on INR13MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Garg Enterprises (GE). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 13 CRISIL B+/Stable Proposed Cash Credit 12 CRISIL B+/Stable Limit The suspension of ratings is on account of non-cooperation by GE with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GE is yet to provide adequate information to enable CRISIL to assess GE'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' GE was established as a partnership firm in 1980 and deals in tiles and sanitary ware of Somany Ceramics Ltd. H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Overdraft ---------------------------------------------------------- ICRA has reaffirmed its long term rating on the INR8.00 crore fund based bank facilities of H R Builders (HRB) at [ICRA]B+. ICRA has also reaffirmed its short term rating on the INR46.00 crore bank facilities (including INR18.00 crore unallocated bank facilities) of HRB at [ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based bank 8.00 [ICRA]B+; reaffirmed facilities-Overdraft Non-fund based bank 28.00 [ICRA]A4; reaffirmed facilities-Bank Guarantee Unallocated bank 18.00 [ICRA]A4; reaffirmed Facilities The rating action factors in the continued stretched liquidity position of the firm, as reflected in consistently high utilization of working capital limits, owing to its high working capital intensity (largely on account of high receivable days) as well as loans and advances extended to related parties. While the firm's revenues and accruals in the past (in 2012-13 and 10M' 2013-14) have seen moderation, owing to limited order-inflow, however, the financial profile of the entity continues to remain moderate as reflected in gearing of 0.91x and TOL/TNW of 1.85x as on March 31, 2014. Further, given the infusion of interest free unsecured loan by promoters to meet the increased funding requirements, the coverage indicators also remain moderate as evident in interest cover of 3.02x and net cash accruals/total debt ratio of 22% for 2013-14. While the firm's order-book position has improved on account of receipt of three orders worth INR103.39 crore (in February 2014), the revenue visibility however remains moderate owing to the long duration of the contracts. ICRA also notes that HRB is exposed to order concentration risks, with these three orders accounting for over 88% of the present order-book. The above mentioned risks apart, the firm continues to remain exposed to risks associated with its constitution as a proprietorship firm such as withdrawal of capital, limited sources of raising capital etc. The rating however continues to draw comfort from the established track record of the promoters in the construction sector as well as HRB's reputed and diversified client base, consisting largely of public sector entities where the possibility of delinquencies is low, though ICRA notes that the entity remains exposed to risk of delays in payments, as has been witnessed in the past. In ICRA's view, the ability of the firm to execute the pending order book while reducing the working capital cycle as well as timely recovery of advances from related parties will remain critical determinants for easing of the liquidity position in the short term and would be key rating sensitivities. This apart, improvement in the order inflow and the resultant improvement in revenue visibility would also be key monitorables. Incorporated in January 1981 by Mr. Hansraj Dhankar, HRB is a proprietorship concern which is engaged in the construction of roads and buildings. The firm's scope of work under the roads segment includes repair, maintenance and rehabilitation of existing roads as well as construction of new roads. Under the building construction segment, the services offered by the firm include structural work for buildings, furniture and fixtures fittings as well as provision of plumbing, electrical, fire fighting works. The firm's clientele largely includes public sector clients like Delhi State Industrial and Infrastructure Development Corporation, Public Works Department, Delhi Metro Rail Corporation and National Highways Authority of India. HARSHA STONE: CRISIL Suspends B- Rating on INR20.5MM Term Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Harsha Stone Industries (HSI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 10 CRISIL B-/Stable Post Shipment Credit 18 CRISIL A4 Pre Shipment Credit 30 CRISIL A4 Proposed Term Loan 20.5 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by HSI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, HIS is yet to provide adequate information to enable CRISIL to assess HSI'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'. HSI was set up in 1988 in Kota (Rajasthan) as a partnership firm by Mr. Chanda Saraogi, Mr. Naresh Kumar Pandya, and Ms. Sunita Jain. The firm processes slabs of sandstone, limestone, and slate for flooring and pavement requirements; it exports more than 80 per cent of its products to the UK, and the rest mainly to other European countries. HINDALCO INDUSTRIES: Prepares For INR63,000cr Debt Restructuring ---------------------------------------------------------------- Kritika Saxena at CNBC-TV18 reports that Hindalco Industries Ltd. is gearing up for a mega debt restructuring drive. According to CNBC-TV18, sources said over the next one year Hindalco seeks to restructure its debt of INR63,000 crore in three phases. Hindalco plans to refinance INR6,000 crore debt in the first tranche through dollarising debt, CNBC-TV18 says. Move may reduce company's debt cost by up to INR150 crore. Going ahead, it may raise ECB issue of up to USD500 million in the second tranche. Discussions are still on to carve out a plan for the remaining debt. In the third tranche, it will actively look to reduce debt, the report notes. CNBC-TV18 says Hindalco plans to complete the restructuring process by July 2015. Headquartered in Mumbai, Maharashtra, India, Hindalco Industries Ltd. is an aluminium manufacturing company and is a subsidiary of the Aditya Birla Group. JOTINDRA STEEL: ICRA Reaffirms 'B-' Rating on INR24cr LT Loan ------------------------------------------------------------- ICRA has reaffirmed its long term rating of [ICRA]B- on the INR24 crore (reduced from INR29 crore) long term fund based bank limits of Jotindra Steel and Tubes Ltd. ICRA has also reaffirmed its short term rating of [ICRA] A4 on the INR11 crore non fund based bank limits of JSTL (as sub limit of total fund based limits). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based Limits 24.00 [ICRA]B-; reaffirmed Non Fund based (11.00) [ICRA]A4; reaffirmed Limits- (as sub limit of total fund based limits) ICRA's ratings continue to be constrained by the highly competitive nature of the steel industry, characterized by the presence of large as well as small unorganized players, JSTL's presence in low value add products and its weak financial profile characterized by high gearing levels and weak debt coverage indicators. The ratings also factor in the deterioration in the operating income of the company on account of closure of one of its manufacturing facilities, which was located in Faridabad. However, the ratings favourably factor in the long and established track record of JSTL's promoters in the industry. The ratings also derive comfort from the improvement in operating profitability margins of the company, due to a change in the revenue mix, with trading revenues accounting for about 90% of the total revenues for FY 2014. Going forward, the ability of the company to increase the scale of its trading operations while improving its profitability margins, as well as the size and scope of its real estate project, will be the key rating sensitivities. JSTL was promoted by Mr. V.K. Sureka and his family in 1970. The company came out with a public issue in 1972 and its shares were listed on the Delhi Stock Exchange. Presently, the promoters hold 60.77% stake in the company, while the balance is held by the public. JSTL trades in M.S. Ingots, M.S.bars and billets, steel scrap, etc and also manufactures Electric Resistance Welded and Galvanised Iron (GI) pipes. In FY 2014, the company has also forayed into real estate and plans to construct residential flats in Faridabad on land where one of its factories is located, subsequent to the government declaring the area as a residential area. Currently, the company is running its trading and fabrication operations from one of its manufacturing facilities in Ghaziabad, Uttar Pradesh. Recent Results JSTL reported, on a provisional basis, a profit after tax (PAT) of INR0.83 crore on an operating income of INR103.11 crore in FY 2013-14 as compared to a PAT of INR0.44 crore on an operating income of INR218.33 crore in the previous year. JR SEAMLESS: CARE Reaffirms B+ Rating on INR24.52cr LT Loan ----------------------------------------------------------- CARE reaffirms ratings to bank facilities of JR Seamless Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 24.52 CARE B+ Reaffirmed Short term Bank Facilities 5.01 CARE A4 Reaffirmed Rating Rationale The ratings continue to be constrained by the vulnerability of the company's profitability to raw material price volatility, financial risk profile characterized by low profits and cash accruals from the business, weak liquidity position and the company's presence in the competitive and cyclical steel industry. The ratings, however, derive strength from the experience of the promoters for more than two decades in the steel industry with established manufacturing facilities and robust growth in total operating income during FY14 (refers to the period April 01 to March 31). The ability of the company to scale up its operations and improve its profitability and liquidity position along with managing its working capital effectively are the key rating sensitivities. Incorporated in 2007, Hyderabad-based, JRSPL was promoted by Mr Mahender Agarwal, Mr Narender Agarwal, Mr Rajender Agarwal and Mr Jogi Ram Agarwal. The company is engaged in the manufacturing and trading of seamless tubes and pipes at its unit located at Chegunta, Medak, Telangana with an installed capacity to manufacture 24,000 metric tonnes per annum (MTPA). The size of tubes and pipes ranges from 12.7 mm to 90 mm, wall thickness ranges from 2.11 mm to 14 mm and length of tube varying between 3 mts to 14 mts. The products manufactured by JRSPL mainly find applications in boiler, automobiles and borewell industries. JRSPL is certified by TUV NORD for ISO 9001-2008, Central Boiler Board and Engineers India Limited (EIL). Apart from JRSPL, the directors of the company are also actively involved in the associate concerns, namely, Bharat Tubes Corporation, IHM Valves Private Limited, JR Forgings and JRVS Polymers Private Limited. During FY14, JRSPL reported a net profit of INR0.57 crore on a total operating income of INR104.34 crore as compared to a net loss of INR5.12 crore on a total operating income of INR20.64 crore in FY13. KESHAVA REDDY: ICRA Suspends D Rating on INR3.5cr Overdraft Loan ---------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]D assigned to INR3.00 crore term loan facilities and INR3.50 crore overdraft facilities of M/s Keshava Reddy Educational Trust. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Keshava Reddy Educational Trust was established in 2007 and runs two schools in Anantapur, Andhra Pradesh. KRET is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Credit ---------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR22.00 crore cash credit facility (enhanced from INR15.00 crore) of Lakshmi Cot-Gin Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit Facility 22.00 [ICRA]B+ reaffirmed The reaffirmation of rating takes into account LCPL's weak financial profile characterized by low profitability levels, owing to the limited value addition in the business and the highly competitive and fragmented industry structure; its highly leveraged capital structure and modest coverage indicators. The rating also continues to remain constrained by the vulnerability of the company's profitability to raw material prices which are subject to seasonality, and crop harvest; and the regulatory risks with regard to MSP fixed by GoI and restrictions on cotton exports. The rating, however, continues to favourably factor in the experience of the company's promoters in the cotton ginning industry and the advantage the company enjoys by virtue of its location in the cotton producing belt of Saurashtra (Gujarat). Lakshmi Cot-Gin Private Limited (LCPL), incorporated in 2006, is engaged in the business of cotton ginning and trading of cotton lint/bales and cotton seed. The company's plant is located in Gondal, Rajkot. The company is closely held by the promoters, Mr. Nimish Lotiya, Mr. Vishal Lotiya, and other family members. Recent Results For the year ended March 31, 2014, Lakshmi Cot-Gin Private Limited reported an operating income of INR129.55 crore and profit after tax of INR0.20 crore as against an operating income of INR105.42 crore and profit after tax of INR0.16 crore for the year ended March 31, 2013. MANEESH IMPEX: CRISIL Suspends B Rating on INR40MM Term Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Maneesh Impex Pvt Ltd (MIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4 Cash Credit 40 CRISIL B/Stable Letter of Credit 30 CRISIL A4 Term Loan 40 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MIPL is yet to provide adequate information to enable CRISIL to assess MIPL'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' MIPL was incorporated in 2012, to undertake manufacture of imitation fashion jewellery. The promoter Mr. Manesh Mandok, presently runs the business under his sole proprietorship 'Maneesh Impex'. Gradually the operations of proprietorship concern will be taken over by MIPL. The manufacturing facility is at Vasai (Maharashtra). MONICA GARMENTS: ICRA Reaffirms B Rating on INR.81cr Term Loan -------------------------------------------------------------- ICRA has reaffirmed its long term rating of [ICRA]B on the INR0.81 crore (revised from INR1.30 crore) term loan of Monica Garments. ICRA has also reaffirmed its short term rating of [ICRA]A4 on the INR5.59 crore short-term bank facilities and INR0.53 crore (revised from INR0.04 crore) unallocated facilities. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loans 0.81 [ICRA]B; reaffirmed Packing Credit 4.00 [ICRA]A4; reaffirmed Bill Discounting 1.50 [ICRA]A4; reaffirmed Overdraft 0.09 [ICRA]A4; reaffirmed Unallocated 0.53 [ICRA]A4; reaffirmed ICRA's ratings continue to reflect the high competitive intensity in the garment industry; threat of adverse changes in regulation and vulnerability of profitability to adverse movements in foreign exchange. The ratings also take into account the firm's high client concentration risk. The ratings factor in the firm's leveraged capital structure owing to continued dependence on external borrowings for meeting the working capital requirements and the low profitability of the business; the profitability has however seen some improvement in FY2013-14 due to favourable foreign exchange movement and change in product mix. This has also translated into a marginal improvement in the debt coverage indicators. However, the ratings positively factor in the extensive experience of Monica Garments' promoters. Going forward, the ability of the firm to increase its scale of operations in a profitable manner while maintaining the working capital intensity will be the key rating sensitivity. Monica Garments is a partnership firm and was established in 1990, with Mr. Anil Varma and Mr. Virendra Rawat as partners. The firm primarily manufactures and exports garments for women and caters to the mid price segment. Majority of the firm's clientele includes the buying houses based in US and Europe. The firm has two manufacturing facilities located in the National Capital Region at Okhla and Noida, with a total manufacturing capacity of around 75,000-200,000 pieces per month, depending on the type of garment. Recent Results In FY2013-14, Monica Garments reported an Operating Income (OI) of INR19.25 Crore and net profit of INR0.77 Crore as compared to OI of INR19.16 crore and net profit of INR0.51 crore in the previous year. PANACEA HOSPITALS: CRISIL Suspends D Rating on INR45MM Term Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Panacea Hospitals (P.) Ltd (PHPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 25 CRISIL D Term Loan 45 CRISIL D The suspension of ratings is on account of non-cooperation by PHPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PHPL is yet to provide adequate information to enable CRISIL to assess PHPL'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' PHPL was incorporated in 2002, promoted by Dr. C Jayanna. The company started operations in 2002 by acquiring a 25-bed running nursing home in Bengaluru (Karnataka); it later expanded its operations by setting up the 105-bed multi-speciality Panacea Hospital at Basaveshwaranagar in Bengaluru. PHPL has recently set up two multi-speciality hospitals in Mysore (Karnataka) and Nagarbhavi in Bengaluru, with 25 beds and 60 beds, respectively. PARSVNATH ESTATE: CARE Revises Rating on INR210cr LT Loan to 'B' ---------------------------------------------------------------- CARE reaffirms the rating assigned to long-term instruments of Parsvnath Estate Developers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Instruments 210 CARE B Revised from CARE C Rating Rationale The rating revision considers the tie-up of lease arrangement for commercial tower, premium location of the project and promoter group's experience in the real estate business. However, the rating remains constrained by longer than envisaged time taken in leasing out the new office tower, off-take risk for residual area and subdued commercial real estate sector scenario. Going forward, the ability of PEDPL to achieve envisaged lease tie-ups along with profitable scale-up of operations would be the key rating sensitivities. Parsvnath Estate Developers Pvt. Ltd. (PEDPL) was incorporated on July 24, 2007. PEDPL is a Joint Venture (JV) between Redfort Capital (RFC) and Delhi-based developer, Parsvnath Developers Ltd. (PDL), for executing a commercial real estate project 'Red Fort Parsvnath Tower' (saleable area of 2.84 lac square feet lsf) on Bhai Veer Singh Marg, near Connaught Place (New Delhi) under a concession agreement with Delhi Metro Rail Corporation (DMRC) for 30 years. The construction of RFP Tower, comprising of G+7 floors with an estimated area of 2.84 lsf, was completed at a cost of INR310 crore in FY14 (refers to the period April 1 to March 31). PRATAP CIVIL: CRISIL Suspends D Rating on INR60MM Cash Credit ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Pratap Civil Engineering Pvt Ltd (PCEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL D Cash Credit 60 CRISIL D Term Loan 50 CRISIL D The suspension of ratings is on account of non-cooperation by PCEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PCEPL is yet to provide adequate information to enable CRISIL to assess PCEPL'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' PCEPL, promoted by Mr. Pratap Nikam, mainly undertakes stone crushing sub-contracting activities for large companies that undertake civil construction projects, mainly road projects. The promoter incorporated PCEPL in April 1, 2011 to take over the business of his proprietorship firm, Pratap Construction. S.T ENTERPRISES: CRISIL Suspends B Rating on INR140MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of S.T Enterprises (STE). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 140 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by STE with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, STE is yet to provide adequate information to enable CRISIL to assess STE'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' STE was set up in 2002 by Mr. Arun Suri and his family members. It trades in electronic goods such as mobile phones, and other allied products such as drivers, remote controls, capacitors, batteries, and resisters. SHAKUNTALA WIRE: CRISIL Suspends B+ Rating on INR60MM Cash Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shakuntala Wire Industries Pvt Ltd (Shakuntala). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Purchase- 10 CRISIL A4 Discounting Facility Cash Credit 60 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by Shakuntala with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Shakuntala is yet to provide adequate information to enable CRISIL to assess Shakuntala'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' Shakuntala was set up as a proprietorship firm in 1992 by Mr. Sitaram Khandelwal; it was reconstituted as a private limited company in 1997. It manufactures coppers wires, which are primarily used by electrical/electronic equipment manufacturers. SHANTI PULSES: CRISIL Suspends B+ Rating on INR30MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shanti Pulses (SP; part of the Shanti group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B+/Stable Letter of Credit 30 CRISIL A4 The suspension of ratings is on account of non-cooperation by SP with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SP is yet to provide adequate information to enable CRISIL to assess SP'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' For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Shanti Udyog (SU) and SP, together referred to as the Shanti group. The consolidated approach is because both the firms have common partners and are in the same line of business. SP was established as a partnership firm by Mr. Jagdeesh Mittal and his brothers, Mr. Naresh Mittal and Mr. Satish Mittal. The firm processes and trades in pulses, mainly Toor Daal. The Mittal family has business interests in trading and processing of food grains and pulses for long and has various pulses mills in Khandwa (Madhya Pradesh), Akola and Jalgaon (both in Maharashtra). SHREE SHYAM: ICRA Reaffirms B Rating on INR7cr Cash Credit ---------------------------------------------------------- ICRA has reaffirmed an [ICRA]B rating to INR7.00 crore fund based cash credit facility of Shree Shyam Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit Limit 7.00 [ICRA]B; Reaffirmed The rating continues to be constrained by the firm's modest scale of operations with weak financial profile described by stretched liquidity on account of high inventory holding, leveraged capital structure and weak coverage indicators. The rating is further constrained by the low operating margins on account of limited value addition and highly competitive and fragmented industry structure due to low entry barriers. The ratings further incorporate the susceptibility of the cotton prices to seasonality and regulatory risks which together with the highly competitive industry environment exerts more pressure on the margins. ICRA also notes that Shree Shyam Industries is a partnership firm and any significant withdrawals from the capital account will affect its net worth and thereby the gearing levels. The rating however continues to favorably consider the long experience of the partners in cotton industry, favorable location of the plant giving it easy access to high quality raw cotton and strong demand for cotton seed oil in Gujarat. Incorporated in 2008, Shree Shyam Cotton Industries is engaged in ginning and pressing operations. The firm is promoted and managed by Mr. Kantibhai Patel along with five other partners with experience in the cotton ginning industry. The firm's manufacturing facility is located at Vijapur, Mehsana in Gujarat and has twenty four ginning machines and one pressing machine with capacity to produce 200 pressed cotton bales per day. Recent Results For the year ended 31st March, 2014, the firm reported an operating income of INR30.56 crore with profit after tax (PAT) of INR0.28 crore. SHRI LAXMINARAYAN: CARE Assigns B+ Rating to INR8.48cr LT Loan -------------------------------------------------------------- CARE assigned 'CARE B+' and 'CARE A4' ratings to the bank facilities of Shri Laxminarayan Industrial Co-Operative Service Society Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.48 CARE B+ Assigned Short-term Bank Facilities 4.00 CARE A4 Assigned Rating Rationale The ratings assigned to bank facilities of Shri Laxminarayan Industrial Co-operative Service Society Limited (SLCS) are constrained on account of stressed liquidity position due to temporary cash flow mismatch and risk associated with the receipt of balance booking advance coupled with risk related to the cyclical real estate sector. The ratings, however, derive strength from the experience of the promoters in the real estate sector and established track record of operations. The ratings further, derive strength from low project execution risk, favorable booking status and low reliance on debt coupled with favorable outlook for the textile business in Gujarat. The ability of SLCS is to receive the balance customer advances from booked units on time is the key rating sensitivity. Incorporated in 2004, Shri Laxminarayan Co-op Service Society Limited (SLCS), promoted by Surat-based members of the Patel family to develop the textile industrial estate at Udhna (Surat) namely "Shri Laxminarayan Industrial Park" (SLIP). SLCS was established as co-operative society under the Gujarat Cooperative Society Act, 1961. The project comprises of housing 2655 industrial units and total saleable area of the project is 67.86 lakh square feet. Out of the total 2655 industrial units, 2509 units are small for which Environmental Clearance (EC) was already obtained and rest 146 are large plots and will obtain the EC as per their requirement depending upon the nature of their activity. These industrial plots are sold to textile units viz. power looms, spinning, and twisting, garmenting, knitting and embroidery units. The project was commenced in the year 2006 and till September 30, 2014, SLCS has incurred the total cost of INR81.27 crore (almost 96% of the total project cost) out of the total cost of INR85 crore. SHUBHLAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR9.5cr Loan --------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]B+ assigned to the INR9.50 crore bank facilities of Shubhlaxmi Industries. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Shubhlaxmi Industries was established in 1997 as a proprietorship firm by Mr. Mahasukhlal M Shah. It is engaged in manufacturing and exporting of Guar Gum Splits, Guar Meal and its derivates. It also involved in trading of agro products and export of animal feeds. The proprietor has been associated with the guar gum industry since 1989 and previously was a partner in Prakash Gum Industry involved in trading of Guar Gum and its derivatives. SRI KANAKADURGA: ICRA Suspends D Rating on INR10cr Term Loan ------------------------------------------------------------ ICRA has suspended the long term rating of [ICRA]D assigned to INR10.00 crore term loan facilities of M/s Sri Kanakadurga Educational Society. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Sri Kanakadurga Educational Society was established in 2009 and runs one school in Guntur, Andhra Pradesh. SKES is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. SRI MAHANANDEESWARA: ICRA Suspends D Rating on INR23.3cr Loan ------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]D assigned to INR23.30 crore term loan facilities of M/s Sri Mahanandeeswara Educational Society. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Sri Mahanandeeswara Educational Society was established in 2008 and runs three schools in Kurnool and one school in Hyderabad. SMES is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. SRI SARASWATHI: ICRA Suspends 'D' Rating on INR6.6cr Term Loan -------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]D assigned to INR6.60 crore term loan facilities of M/s Sri Saraswathi Educational Society. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Sri Saraswathi Educational Society was established in 2009 and runs one school in Mahboobnagar, Andhra Pradesh. SSES is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. SRI SRINIVASA: ICRA Assigns B- Rating to INR20cr Bank Loan ---------------------------------------------------------- ICRA has assigned a the long term rating of [ICRA]B- to INR20.00 crore enhanced bank facilities of Sri Srinivasa Spintex (India) Limited. ICRA also has [ICRA]B- rating outstanding for INR104.25 crore long term bank facilities of SSSIL. SSSIL, incorporated in July 2006, is primarily engaged in producing cotton yarn of medium counts viz. 32s, 40s, etc. Based at Tadepalligudem in West Godavari district of Andhra Pradesh, SSSIL started commercial production of yarn in August 2008 with 4,000 spindles which was increased gradually to 18,000 spindles in January 2009 to 42,840 spindles in January 2011 and 55,440 spindles in June 2012. Recently the company has also commenced operations of Open Ended spinning division with 1380 rotors in October 2014. Recent Results SSSIL has, for the year ended March 31, 2014, reported an operating income of INR143.36 crore and a profit before tax of INR2.74 crore as against INR120.79 crore and INR2.77 crore respectively for FY13. SRI SURYA: ICRA Suspends D Rating on INR8.85cr Term Loan -------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]D assigned to INR8.85 crore term loan facilities of M/s Sri Surya Educational Society. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Society Profile Sri Surya Educational Society was established in 2010 and runs three schools in Srikakulam and one school in Rajahmundry, Andhra Pradesh. SSES is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. SRI VENKATESWARA: ICRA Suspends D Rating on INR16.75cr Term Loan ---------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]D assigned to INR16.75 crore term loan facilities of M/s Sri Venkateswara Educational Society. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Sri Venkateswara Educational Society was established in 2007 and runs three schools, one each in Chittoor, Kadapa and Kurnool in Andhra Pradesh. SVES is part of Keshava Reddy group of educational institutions which was started in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years of operation the group ran it's schools only in Kurnool, AP but since 2008 the group has been undertaking major expansion and has spread across several locations in Andhra Pradesh. The group presently has close to 100,000 students studying in 38 schools under the guidance of ~5000 teachers in 14 different locations in Andhra Pradesh. The school imparts education from KG to class X as per the Andhra Pradesh state curriculum. SUNDARAM MULTI: CARE Assigns 'D' Rating on INR78.75cr Bank Loan --------------------------------------------------------------- CARE assigns 'CARE D' ratings to the bank facilities of Sundaram Multi Pap Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 78.75 CARE D Assigned Rating Rationale The ratings assigned to the bank facilities of Sundaram Multi Pap Ltd (SMPL) takes into account several delays in debt service obligations due to severe deterioration in liquidity profile and enhanced support to subsidiary business. Sundaram Multi Pap Limited (SMPL), incorporated in 1995, is promoted by Mr. Amrut and Mr. Shantilal Shah. SMPL is engaged in the manufacture of notebooks, account books, other paper stationery products, Kraft paper and trading of office paper stationery. Its operating facilities are located at Palghar, Nagpur and Kandla (SEZ facility). It sells its products in local as well as exports market. Exports primarily comprise exercise books to African countries like Tanzania, Ethiopia, Sudan, etc. In domestic market, SMPL has a strong distribution network in Maharashtra, Goa and Gujarat with over 21,000 dealers and retailers put together. In 2010, SMPL formed a wholly owned subsidiary E-class Education System Limited (EESL). During FY10- 13, the company completed the development of e- learning product (e-class) for students of standard I to X for Maharashtra State Education Board (MSEB) in English and Marathi schools at the cost of INR20 crore and started selling education content through electronic medium (pen drives, players and compatible with Android OS based tablets) in FY11. In FY14 (refers to the period April 1 to March 31), the company has earned a PAT of INR0.10 crore (PY: INR4.55 crore) on a total operating income of INR159.20 crore (PY: INR187.05 crore). During H1FY15, SMPL reported net loss of INR 8.41 crore on a total income of INR47.30 crore as compared with net profit of INR1.77 crore on a total income of INR89.20 crore in H1FY14. SURYA SYNTHETICS: ICRA Reaffirms B+ Rating on INR12cr FB Loan ------------------------------------------------------------- ICRA has reaffirmed its long term rating of [ICRA]B+ on INR12.00 crore (reduced from 15 crore) fund-based facilities of Surya Synthetics. ICRA had earlier suspended the rating in June 2014, the suspension now stands revoked. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term Fund 12.00 [ICRA]B+, Reaffirmed; Based Limits Suspension Revoked ICRA's ratings continue to factor in the weak financial profile of SS as reflected in its weak profitability indicators, leveraged capital structure and resultant weak debt coverage indicators. Due to the fragmented nature of the industry, the pricing power of the entity remains limited, which is evident from its thin profitability margins, with operating profit margin of 5.24% and net profit margin of 0.48% for FY2014. Further, the working capital requirements of the firm have shown a steady increase due to improving capacity utilization and increased capacities thereby resulting in a stretched liquidity profile, as reflected in consistently high utilization of sanctioned limits. Increased working capital borrowings coupled with debt availed for funding the expansion of manufacturing facilities and limited accretion to net worth owing to modest profitability, has weakened the firm's capital structure as reflected in gearing of 4.4 times as on March 31, 2014. The ratings however continue to favorably take into account the extensive experience of the promoters in the fabric weaving business and the firm's relationships with its customers. Further, the location of the weaving facility in Ludhiana (Punjab) ensures easy access to raw-material and manpower. Going forward, the ability of the firm to grow its operations in a profitable manner, maintain adequate liquidity and improve its capital structure will be the key rating sensitivities. SS, a partnership firm established in 1990 is managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is engaged in the production of cotton and synthetic fabrics which are used in making suits, dress materials, shawls, etc for women. The firm's manufacturing unit is located in Ludhiana and comprises of 74 looms, 40 embroidery machines and 1 printing machine. The group entity of SS, Triveni Silk Mills (rated at [ICRA]B+) is also based in Ludhiana and is engaged in production of cotton and synthetic fabrics. TRIVENI SILK: ICRA Reaffirms B+ Rating on INR10.50cr FB Loan ------------------------------------------------------------ ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to INR10.50 crore*(reduced from 14.50 crore) fund-based facilities of Triveni Silk Mills. ICRA had earlier suspended the rating in June 2014, which stands revoked. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term Fund 10.50 [ICRA]B+ Reaffirmed; Based Limits Suspension Revoked ICRA's ratings continue to factor in the weak financial profile of TSM as reflected in its weak profitability indicators, leveraged capital structure and resultant weak debt coverage indicators. Due to the fragmented nature of the industry, the pricing power of the entity remains limited, which is evident from its thin profitability margins, with operating profit margin of 4.31% and net profit margin of 0.29% for FY2014. Further, the working capital requirements of the firm have shown a steady increase due to improving capacity utilization and increased capacities thereby resulting in a stretched liquidity profile, as reflected in consistently high utilization of sanctioned limits. Increased working capital borrowings coupled with debt availed for funding the expansion of manufacturing facilities and limited accretion to net worth owing to modest profitability, has weakened the firm's capital structure as reflected in gearing of 4.4 times as on March 31, 2014. The ratings however continue to favorably take into account the extensive experience of the promoters in the fabric weaving business and the firm's relationships with its customers. Further, the location of the weaving facility in Ludhiana (Punjab) ensures easy access to raw-material and manpower. Going forward, the ability of the firm to grow its operations in a profitable manner, maintain adequate liquidity and improve its capital structure will be the key rating sensitivities. TSM, a partnership firm established in 1990 is managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is engaged in the production of cotton and synthetic fabrics which are used in making suits, dress materials, shawls, etc for women. The firm's manufacturing unit is located in Ludhiana and comprises of 7 looms, 30 embroidery machines and 4 printing machines. Surya Synthetics (rated [ICRA]B+), a group entity, is also based in Ludhiana and is engaged in production of cotton and synthetic fabrics. WEST FACE: CRISIL Suspends D Rating on INR250MM LT Loan ------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of West Face Hospitality and Management Pvt Ltd (WFH). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 250 CRISIL D The suspension of ratings is on account of non-cooperation by WFH with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, WFH is yet to provide adequate information to enable CRISIL to assess WFH'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' WFH was incorporated in August 2009 by Mr. Inder Pal Singh & Mr. Satvinder Singh Wadhawan to start a boutique hotel at Punjabi Bagh, New Delhi, in January 2011, at a cost of INR348.1 million, excluding land. But the project has been delayed and is now expected to be completed by April 2013. WORLD WIDE: CRISIL Suspends D Rating on INR30MM Cash Credit ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of World Wide Iron and Steels Pvt Ltd (WWISPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3.1 CRISIL D Cash Credit 30 CRISIL D Letter of Credit 30 CRISIL D Long Term Loan 8.7 CRISIL D Working Capital Demand Loan 1.2 CRISIL D The suspension of ratings is on account of non-cooperation by WWISPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, WWISPL is yet to provide adequate information to enable CRISIL to assess WWISPL'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' WWISPL, incorporated in 2005, manufactures thermo-mechanically- treated bars. The day-to-day operations of the company are managed by Mr. K P Zakkir Hussain and his brother Mr. K P Abdul Azeez. ================= I N D O N E S I A ================= ADARO INDONESIA: Moody's Withdraws Ba1 Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has withdrawn PT Adaro Indonesia's (Adaro) Ba1 corporate family rating with a stable outlook. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Adaro is one of the largest single-site coal producers in the southern hemisphere and one of the world's largest sub-bituminous coal companies. The four largest destinations of Adaro's coal are Indonesia, India, China, and Japan. Adaro is wholly owned by PT Adaro Energy Tbk (Adaro Energy), an integrated energy group listed on the Indonesia Stock Exchange. ==================== N E W Z E A L A N D ==================== HUDSON HOSPITALITY: Cost Overrun Sparks Liquidation, Says Report ---------------------------------------------------------------- Narelle Henson at Waikato Times reports that the first liquidator's report for property-development company Hudson Hospitality Investments has been released. The company is one of 10 under the directorship of Hamilton man Bruce Parker currently in liquidation, the report says. The companies have been placed into liquidation over the course of the last nine months, with Hudson Hospitality the latest to fail, according to the Waikato Times. Waikato Times relates that the report said the company went into liquidation because of "an overrun on costs of the development which were unable to be recovered by the sale of the properties". Hudson Hospitality was involved in townhouse developments in Hamilton, Waikato Times says. According to Waikato Times, Mr. Parker had previously stated the company went into liquidation over a trade dispute with Hamilton Asphalts. Hamilton Asphalts refuted this, saying Hudson Hospitality could not pay its bills. It was still owed NZ$11,000 by Hudson Hospitality. The report lists 23 other companies as associated with Hudson Hospitality, including the 10 in liquidation, Waikato Times notes. Waikato Times relates that Mr. Parker said there were no Inland Revenue investigations or concerns over the remaining 13 companies, only three of which were "commercially engaged". "They have nothing to do with property development or construction and between them employ over 60 people," the report quotes Mr. Parker as saying. Mr. Parker previously said that much of the NZ$1 million Inland Revenue claimed the 10 companies owed was up for dispute, and he was in negotiations with the government tax body over the amount. However, Inland Revenue confirmed it did not negotiate on debt subsequent to liquidation, Waikato Times reports. ===================== P H I L I P P I N E S ===================== * PHILIPPINES: Small Banks' Bad Loans Declined in Q2 ---------------------------------------------------- Julito G. Rada at Manila Standard Today reports that non- performing loans of rural and cooperative banks declined 1.36 percent in the second quarter to PHP17.87 billion from PHP18.11 billion in the first quarter, data from the Bangko Sentral ng Pilipinas showed. "The 1.36-percent quarter-on-quarter decrease in the banks' gross non-performing loans was a welcomed development following the three previous quarters wherein NPLs increased quarter-on- quarter," the Bangko Sentral said in a statement, Manila Standard relays. Data, however, showed the ratio of gross NPLs to the total loan portfolio of rural banks and cooperative banks rose slightly to 13.45 percent in the second quarter from 13.14 percent in the first quarter, the report says. This was traced to the 3.6-percent decrease in loan portfolio of rural and cooperative banks during the period. "The TLP of RBs and cooperative banks totaled PHP132.89 billion in June, 3.63 percent lower than the figure registered at the end of the first quarter this year," the Bangko Sentral, as cited by Manila Standard, said. Total loan portfolio of rural and cooperative banks in the first quarter hit PHP137.89 billion. The loans extended by rural banks and cooperative banks represented 2.55 percent of the banking system's total loan portfolio of PHO5.2 trillion in June. Their non-performing loans, on the other hand, accounted for 0.34 percent of the banking industry's TLP during the period. The Bangko Sentral assesses the loan quality of all banking groups as part of efforts to maintain high standards for credit risk management, the report notes. ================= S I N G A P O R E ================= OUE HOSPITALITY: Crowne Plaza Deal Unlikely to Affect Ba1 Rating ---------------------------------------------------------------- Moody's Investors Service says that OUE Hospitality Real Estate Investment Trust's (OUE-H REIT, Ba1 stable) proposed acquisition of Crowne Plaza Changi Airport (Singapore) and a future extension of the hotel will improve the trust's property portfolio and income diversification. Ratings are unlikely to be affected, as long as the trust uses an appropriate mix of debt and equity to fund the acquisition so that financial metrics are maintained within our expected ranges. OUE-H REIT announced on November 28, 2014 that it would acquire Crowne Plaza Changi Airport and its future extension from OUE Airport Hotel Pte. Ltd. (unrated), a subsidiary of the Sponsor, OUE Limited (unrated) for a consideration of SGD495 million. Upon acquisition, the hotel and its future extension will be leased back to OUE Airport Hotel Pte. Ltd. under a master lease agreement that has a minimum rent component to protect the trust from downside operational risk. The acquisition will be carried out in two parts: (1) Firstly, Crowne Plaza Changi Airport -- a 320-room hotel -- will be acquired at a cost of SGD290 million likely by 1Q 2015; and (2) Secondly, the trust will acquire the additional 243 rooms at a cost of SGD205 million, after the extension of the hotel is scheduled to be completed by end-2015 or early 2016. "The successful acquisition of Crowne Plaza Changi Airport will allow OUE-H REIT to lower its reliance on income contribution from Mandarin Orchard Singapore, which in turn contributes approximately 70% of the trust's revenue stream," says Jacintha Poh, a Moody's Assistant Vice President and Analyst. "We expect revenue from Crowne Plaza Changi Airport will contribute 10%-15% of OUE-H REIT's revenue in 2015; increasing to 15%-20% in 2016, after the extension of the hotel is complete," adds Poh. While OUE-H REIT plans to fund the proposed acquisition through a combination of debt and/or equity, it is still unclear as to how much of the purchase consideration will be debt funded. Nonetheless, the maximum amount of the equity proceeds is likely to total no more than SGD125 million. Based on pro-forma total deposited assets, Moody's expects the trust's debt headroom to be within the range of SGD400 and SGD450 million before exceeding our leverage parameter -- as measured by debt/total deposited assets -- of 40-45%. Moody's therefore believes funding for the extension will require some portion of equity. As of Sept. 30, 2014, OUE-H REIT's adjusted debt/total deposited assets stood at 32.6% and its adjusted EBITDA interest coverage ratio was at 6.9x. Crowne Plaza Changi Airport is a nine-storey business hotel managed by InterContinental Hotels Group. The hotel contains 320 rooms, four food and beverage outlets, and eight meeting rooms. The additional 243 rooms will be linked to the existing building via a link-way. Moody's notes that Crowne Plaza Changi Airport has recorded good occupancy rates in excess of 85% since 2011. The rating outlook is stable, reflecting Moody's expectation that OUE H-REIT will continue to generate stable cash flows from its portfolio, maintain financial discipline in its growth strategies, and keep its credit profile within targeted rating parameters. The rating could be upgraded if OUE H-REIT: (1) diversifies its portfolio and increases its asset base while maintaining its financial metrics, such that debt/total deposited assets does not exceed 40%-45% and EBITDA/interest coverage remains above 4x; (2) demonstrates consistent access to funding through its banking relationships and across the capital markets, particularly in support of acquisitions; and (3) improves its liquidity and financial flexibility by reducing its encumbered assets ratio and reliance on secured borrowings. OUE H-REIT's rating could face downward pressure if: (1) the operating environment deteriorates or it fails to renew its leases in Mandarin Gallery upon expiration, leading to higher vacancy levels and declining operating cash flows; and/or (2) the trust's financial metrics deteriorate, with debt/total deposited assets exceeding 45% and EBITDA/interest coverage falling below 3x on a consistent basis. In addition, future acquisitions without long-term committed funding in-place, and decreased access to funding could pressure the rating. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. OUE Hospitality Real Estate Investment Trust (OUE H-REIT) is stapled with OUE Hospitality Business Trust to form OUE Hospitality Trust, that is listed on the Singapore Stock Exchange since July 2013. Its portfolio consists of Mandarin Orchard Singapore and Mandarin Gallery, located in Orchard Road, Singapore's prime shopping district with a total appraised value of SGD1.76 billion as of Dec. 31, 2013. The trust's sponsor is OUE Limited (unrated), which held a 34% stake in the stapled entity as of June 30, 2014. PRECISION CAPITAL: Moody's Lowers Corporate Family Rating to B1 --------------------------------------------------------------- Moody's Investors Service has downgraded Precision Capital Private Ltd's (PCPL) corporate family rating (CFR) to B1 from Ba3. PCPL is a subsidiary of MMI International Ltd (MMI), a leading precision engineering components company for hard disk drive (HDD) manufacturers worldwide. At the same time, Moody's has downgraded the rating on the existing $300 million secured notes due 2017 and $180 million Term Loan B issued by MMI, and guaranteed by PCPL and some of MMI's subsidiaries, to B1 from Ba3. The outlook on the ratings is stable. Ratings Rationale "The downgrades reflect, in part, the slower than expected EBITDA expansion, which ultimately provides limited cushion to absorb shocks, as evidenced by PCLP's high adjusted leverage of 3.5x-3.8x over the last 12 months," says Annalisa DiChiara, a Moody's Vice President and Senior Analyst. PCPL reported revenue and adjusted EBITDA of $707 million and $123 million, respectively, for the 12-month period ended September 2014. The company has successfully offset lower pricing and slower EBITDA growth by reducing operating expenses through cost-cutting initiatives, productivity gains and the disposal of non-core businesses and growing underlying product shipments. "While we view PCLP's achievements positively, we remain cautious of a business model that relies, in part, on sustained cost reductions to support cash flows," adds DiChiara, also Moody's Lead Analyst for MMI and PCPL. At the same time, the company has used excess cash on its balance sheet to reduce absolute debt levels. In June and July 2014, the company prepaid around $80 million of its Term Loan B. Still, without a significant expansion of EBITDA or material debt prepayments over the next 12 months, leverage levels will likely remain in the 3.0x-3.5x range. "Consequently, given the slower than expected EBITDA growth and higher than anticipated leverage, we believe PCPL's rating is more appropriately positioned at the B1 level," adds Di Chiara. Furthermore, PCPL is wholly owned by private equity investor Kohlberg Kravis Roberts (KKR). While KKR has been and continues to be a supportive shareholder, Moody's is cognizant that given the length of the investment period (currently 7 years) there could be a change of risk appetite influencing how the company's capital structure is managed given the financial sponsor ownership. The ratings outlook is stable, reflecting PCPL's defendable market position and its strong customer relationships with the leading HDD original equipment manufacturer (OEM) players, especially Seagate Technology HDD Holdings (Baa3 stable) and Western Digital Corp (unrated). An upgrade is unlikely in the near term given the recent downgrade. However, over the longer term, positive ratings pressure could arise if (1) HDD demand picks up resulting in EBITDA expansion; (2) PCPL's debt/EBITDA is sustained below 2.5x; and (3) retained cash flow (RCF) to debt is maintained above 30%. Moody's would also like to get further clarity around shareholder intentions and strategy. Conversely, the rating could come under additional downward pressure if market conditions continue to deteriorate and HDD demand further falls beyond our expectations, resulting in debt/EBITDA remaining above 4.0x and RCF/debt falling below 15% over an extended period. The principal methodology used in these ratings was Global Technology Hardware published in October 2010. PCPL and its subsidiaries together represent a market-leading precision manufacturing technology company with a key focus on producing mechanical and electro-mechanical components for the HDD industry. =============== 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 360 CAPITAL OFFI TOF 88.94 -33.19 AAT CORP LTD AAT 32.50 -13.46 AAT CORP LTD AAT 32.50 -13.46 ATLANTIC LTD ATI 64.03 -517.87 AUSTRALIAN ZI-PP AZCCA 14.89 -65.04 AUSTRALIAN ZIRC AZC 14.89 -65.04 BESRA GOLD -CDI BEZ 67.38 -22.27 BIRON APPAREL LT BIC 19.71 -2.22 BLUESTONE GLOBAL BUE 46.32 -2.40 CLARITY OSS LTD CYO 13.99 -15.57 KASBAH RESOURCES KAS 18.24 -0.85 KASBAH RESOUR-NS KASN 18.24 -0.85 LEGEND MINING LEG 20.24 -0.66 MACQUARIE ATLAS MQA 1,643.30 -1,018.14 MIRABELA NICKEL MBN 158.54 -375.82 NATURAL FUEL LTD NFL 19.38 -121.51 QUICKFLIX LTD QFX 12.12 -4.38 QUICKFLIX LTD-N QFXN 12.12 -4.38 RIVERCITY MOTORW RCY 386.88 -809.13 SAVCOR GRP LTD SAV 25.90 -10.32 STERLING PLANTAT SBI 55.20 -11.32 STONE RESOURCES SHK 21.01 -5.58 STRAITS RESOURCE SRQ 185.04 -65.47 TZ LTD TZL 12.45 -10.10 VDM GROUP LTD VMG 17.70 -2.10 CHINA ANHUI GUOTONG-A 600444 75.69 -6.25 BAIOO 2100 88.34 -3.21 CHANG JIANG-A 520 85.63 -803.28 HUNAN TIANYI-A 908 56.58 -1.61 JIANGXI CHANG-A 600228 110.07 -9.15 LUOYANG GLASS-A 600876 203.45 -2.05 LUOYANG GLASS-H 1108 203.45 -2.05 NANNING CHEMIC-A 600301 344.15 -9.59 SHAANXI QINLIN-A 600217 349.25 -14.52 SHANG BROAD-A 600608 35.87 -0.22 SHANGHAI CHAOR-A 2506 577.79 -465.36 TIANGE 1980 139.51 -13.82 WUHAN BOILER-B 200770 203.68 -218.32 HONG KONG BEIJINGWEST INDU 2339 28.39 -57.06 BIRMINGHAM INTER 2309 59.86 -21.91 C FOOD&BEV GP 8272 50.10 -4.36 CHINA E-LEARNING 8055 13.33 -4.07 CHINA HEALTHCARE 673 27.19 -12.96 CHINA OCEAN SHIP 651 315.16 -76.51 CNC HOLDINGS 8356 42.92 -52.59 CROWN INTERNATIO 727 64.61 -5.12 EFORCE HLDGS LTD 943 55.72 -17.55 GR PROPERTIES LT 108 17.83 -52.36 GRANDE HLDG 186 205.00 -295.25 HARMONIC STR 33 32.93 -2.03 MASCOTTE HLDGS 136 18.90 -12.88 MEGA EXPO HOLDIN 1360 17.00 -0.53 PALADIN LTD 495 148.01 -14.35 PROVIEW INTL HLD 334 314.87 -294.85 SINO DISTILLERY 39 72.30 -7.54 SINO RESOURCES G 223 30.65 -17.93 SURFACE MOUNT SMT 41.44 -9.21 TITAN PETROCHEMI 1192 422.49 -1,073.54 INDONESIA APAC CITRA CENT MYTX 172.86 -12.52 ARPENI PRATAMA APOL 182.55 -333.91 ASIA PACIFIC POLY 330.86 -853.09 BAKRIE & BROTHER BNBR 956.98 -156.77 BAKRIE TELECOM BTEL 748.76 -111.71 BERLIAN LAJU TAN BLTA 1,074.01 -1,177.97 BERLIAN LAJU TAN BLTA 1,074.01 -1,177.97 BUMI RESOURCES BUMI 6,764.90 -242.51 ICTSI JASA PRIMA KARW 54.93 -6.88 JAKARTA KYOEI ST JKSW 23.75 -35.86 MATAHARI DEPT LPPF 282.58 -74.21 ONIX CAPITAL TBK OCAP 11.39 -1.66 PRIMARINDO ASIA BIMA 11.89 -16.86 RENUKA COALINDO SQMI 17.04 -0.33 SUMALINDO LESTAR SULI 77.74 -33.80 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 11.64 -10.64 ASHAPURA MINECHE ASMN 162.39 -16.64 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 BINANI INDUS LTD BZL 1,163.38 -38.79 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 462.53 -52.19 DISH TV INDI-SLB DITV/S 462.53 -52.19 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 314.24 -76.26 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 15.26 -304.68 GUPTA SYNTHETICS GUSYN 44.18 -6.34 HARYANA STEEL HYSA 10.83 -5.91 HEALTHFORE TECHN HTEC 14.74 -46.64 HINDUSTAN ORGAN HOC 57.24 -51.76 HINDUSTAN PHOTO HPHT 49.58 -1,832.65 HIRAN ORGOCHEM HO 14.56 -4.59 HMT LTD HMT 106.62 -454.42 ICDS ICDS 13.30 -6.17 INDAGE RESTAURAN IRL 15.11 -2.35 INDOSOLAR LTD ISLR 193.78 -6.91 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 2,856.84 -697.07 JET AIRWAYS -SLB JETIN/S 2,856.84 -697.07 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 KM SUGAR MILLS KMSM 19.14 -0.47 KSL AND INDUSTRI KSLRI 269.42 -14.19 LML LTD LML 43.95 -78.18 MADHUCON PROJECT MDHPJ 1,226.74 -21.90 MADRAS FERTILIZE MDF 289.78 -34.43 MAHA RASHTRA APE MHAC 14.49 -12.96 MALWA COTTON MCSM 44.14 -24.79 MAWANA SUGAR MWNS 142.07 -32.88 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 127.72 -153.54 QUINTEGRA SOLUTI QSL 16.76 -17.45 RAMSARUP INDUSTR RAMI 433.89 -89.28 RATHI ISPAT LTD RTIS 44.56 -3.93 RELIANCE MED-SLB RMW/S 276.99 -88.49 RENOWNED AUTO PR RAP 14.12 -1.25 RMG ALLOY STEEL RMG 66.61 -12.99 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 53.12 -30.47 SBEC SUGAR LTD SBECS 92.44 -5.61 SERVALAK PAP LTD SLPL 61.57 -7.63 SHAH ALLOYS LTD SA 168.13 -81.60 SHALIMAR WIRES SWRI 21.39 -24.28 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 SHREE RENUKA SUG SHRS 2,162.34 -82.52 SHREE RENUKA-SLB SHRS/S 2,162.34 -82.52 SIDDHARTHA TUBES SDT 44.95 -15.37 SIMBHAOLI SUGAR SBSM 268.76 -54.47 SPICEJET LTD SJET 489.96 -170.22 SQL STAR INTL SQL 10.58 -3.28 STATE TRADING CO STC 556.35 -392.74 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 SUZLON ENERG-SLB SUEL/S 5,061.62 -53.02 SUZLON ENERGY SUEL 5,061.62 -53.02 TAMILNADU JAI TNJB 17.07 -1.00 TATA METALIKS TML 122.76 -3.30 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 WEBSOL ENERGY SY WESL 105.10 -23.79 JAPAN GOYO FOODS INDUS 2230 11.93 -1.86 LCA HOLDINGS COR 4798 19.37 -7.17 OPTROM INC 7824 17.71 -2.66 PIXELA CORP 6731 15.08 -1.63 KOREA HYUNDAI CEMENT 6390 454.92 -262.92 SHINIL ENG CO 14350 199.04 -2.53 STX CORPORATION 11810 1,275.13 -484.08 STX ENGINE CO LT 77970 1,170.67 -62.72 TEC & CO 8900 139.98 -16.61 TONGYANG INC 1520 1,068.15 -452.52 TONGYANG INC-2PF 1527 1,068.15 -452.52 TONGYANG INC-3RD 1529 1,068.15 -452.52 TONGYANG INC-PFD 1525 1,068.15 -452.52 VERITAS INVESTME 19660 16.04 -0.09 MALAYSIA DING HE MINING 705 75.97 -26.38 HAISAN RESOURCES HRB 39.97 -11.83 HIGH-5 CONGLOMER HIGH 34.30 -46.85 ML GLOBAL BHD MLG 17.74 -3.63 PERWAJA HOLDINGS PERH 632.62 -7.46 PETROL ONE RESOU PORB 51.39 -4.00 PHILIPPINES CYBER BAY CORP CYBR 13.72 -23.36 DFNN INC DFNN 13.15 -2.31 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 91.11 -40.80 METRO GLOBAL HOL FC 40.90 -15.77 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 CHINA GREAT LAND CGL 16.52 -19.01 HL GLOBAL ENTERP HLGE 83.11 -4.63 OCEANUS GROUP LT OCNUS 85.03 -5.53 QT VASCULAR LTD QTVC 10.21 -25.76 SCIGEN LTD-CUFS SIE 46.71 -55.42 SINGAPORE EDEVEL SGE 20.68 -9.36 TERRATECH GROUP TEGP 13.55 -5.24 TT INTERNATIONAL TTI 399.33 -11.36 UNITED FIBER SYS UFS 51.61 -76.05 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 BIG CAMERA COP-F BIG/F 19.86 -13.03 BIG CAMERA CORP BIG 19.86 -13.03 BIG CAMERA -NVDR BIG-R 19.86 -13.03 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 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 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 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 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 34.54 -2.57 BEHAVIOR TECH-EC 2341O 34.54 -2.57 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 1,761.34 -296.10 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 202-362-8552. *** End of Transmission ***