/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/141226.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 26, 2014, Vol. 17, No. 254 Headlines A U S T R A L I A AARD METALS: First Creditors' Meeting Slated For January 8 EMECO HOLDINGS: Fitch Affirms B+ Long-Term Issuer Default Rating M A CUTHBERTSON: First Creditors' Meeting Set For January 6 MISS CHU: First Creditors' Meeting Slated For January 7 NEXUS ENERGY: NSW Supreme Court Approves Seven Group Takeover TERRITORY HORTICULTURAL: Placed Into Liquidation H O N G K O N G CITIC RESOURCES: Moody's Affirms Ba3 Corporate Family Rating I N D I A EIFFEL INDIA: CRISIL Suspends B+ Rating on INR50MM Cash Credit EMMANUEL ENGINEERING: CRISIL Suspends B Rating on INR22.5MM Loan EPPELTONE ENGINEERS: CRISIL Suspends B Rating on INR70MM Loan ISR EXPORTS: CRISIL Suspends D Rating on INR150M Letter of Credit J S DESIGNER: CRISIL Suspends D Rating on INR600MM Packing Loan JASLEEN ENTERPRISES: CRISIL Suspends D Rating on INR90MM Loan JAY TARAMA: CRISIL Suspends D Rating on INR29.3MM Cash Credit JHANWAR INDUSTRIES: CRISIL Suspends B+ Rating on INR100MM Loan JPS REINFORCED: CRISIL Suspends D Rating on INR143MM Term Loan JYOT OVERSEAS: CRISIL Suspends B+ Rating on INR10MM Cash Credit K.K.R. METAL: CRISIL Suspends B+ Rating on INR79MM LT Term Loan KARAIKAL AIRPORT: CRISIL Suspends B Rating on INR200MM Loan KASTOORI DEVI: CRISIL Suspends B- Rating on INR59MM Term Loan KETI INFRASTRUCTURE: CRISIL Suspends D Rating on INR780MM Loan KHYATI ISPAT: CRISIL Suspends B+ Rating on INR500MM Cash Credit KISHOR PROJECTS: CRISIL Suspends B Rating on INR40MM Bank Loan KUBER TIEUP: CRISIL Suspends D Rating on INR150MM Cash Credit LIBERTY INFOTECH: CRISIL Suspends B Rating on INR105MM Cash Loan M.M. RICE: CRISIL Suspends B Rating on INR50M Warehouse Financing MAA BANBHORI: CRISIL Suspends D Rating on INR49.5MM Term Loan MAA CHINMASTIKA: CRISIL Suspends D Rating on INR32MM Term Loan MAHADEO STEEL: CRISIL Suspends B Rating on INR90MM Cash Credit MANOJ TRADING: CRISIL Suspends B Rating on INR250MM Cash Credit MELT-O-THERM FURNACES: CRISIL Suspends Rating on INR43.1MM Loan MPR REFRACTORIES: CRISIL Suspends B+ Rating on INR49.5MM Loan N. MANJUNATH: CRISIL Suspends B+ Rating on INR31.5MM Cash Credit NALINAKSHA AGRO: CRISIL Suspends B+ Rating on INR40MM Term Loan NARMADA DAL: CRISIL Suspends B+ Rating on INR50MM Term Loan NARODA COMMERCIAL: CRISIL Suspends D Rating on INR150MM Loan NEALEX ALLOYS: CRISIL Suspends B Rating on INR50MM Cash Credit NEUTEC HEALTHCARE: CRISIL Suspends B+ Rating on INR32MM Bank Loan SPICEJET LTD: Co-Founder Seeks More Time for Fund Infusion X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= AARD METALS: First Creditors' Meeting Slated For January 8 ---------------------------------------------------------- Giles Geoffrey Woodgate of Woodgate & Co was appointed as administrator of Aard Metals Limited on Dec. 24, 2014. A first meeting of the creditors of the Company will be held at Woodgate & Co., Level 8, 6-10 O'Connell Street, in Sydney, on Jan. 8, 2015, at 10:00 a.m. EMECO HOLDINGS: Fitch Affirms B+ Long-Term Issuer Default Rating ----------------------------------------------------------------- Fitch Ratings has revised the Outlook on Australia-based mining- services company Emeco Holdings Limited to Negative from Stable. The agency has also affirmed Emeco's 'B+' Long-Term Issuer Default Rating and the 'BB-' rating on the USD335m senior secured notes due in 2019 issued by Emeco Pty Ltd. The notes are secured against the Emeco Group's assets, and guaranteed by Emeco and some of its subsidiaries. The Negative Outlook reflects challenges faced by Emeco in improving its earnings and leverage (defined as net debt/EBITDA) to below 3x in the next 18-24 months because of the continued weakening in global prices of key commodities over 2014, and Fitch's expectations that prices are likely to remain soft in the next 18-24 months. The affirmation of Emeco's 'B+' rating reflects considerable contract wins during the latter part of the fiscal year ended on 30 June 2014 (FY14) that has raised asset utilisation rates in 1HFY15; the company's considerable flexibility in managing its cash flows by cutting capex and dividends and selling idle assets; and the successful lengthening of its debt maturities through to 2019. KEY RATING DRIVERS Protracted Uncertainty in Commodity Prices: Crude oil prices have fallen sharply in 2014 - the benchmark WTI crude oil spot price is down to around USD55/barrel from over USD90/barrel in December 2013 - and they are now at around the incremental cost of production for oil sands miners, which is threatening to reduce oil sands processing further. This is likely to place pressure on Emeco's earnings as the Canadian oil sands industry was the biggest contributor to the company's FY14 revenue at 30%. Prices of coal and iron ore, which accounted for a further 29% and 8% of Emeco's FY14 revenue respectively, have also fallen to below their average cost of production. Price recovery for all three commodities continues to appear distant. Contract Wins Drive Higher Utilisation: Fitch expects Emeco's incremental asset utilisation rates to remain stable at around 70% in the next 18-24 months, supported by contract wins. Utilisation rates improved from an average of 48% in FY14, largely on account of new business rather than asset disposals. However Fitch currently expects higher utilisation rates to translate into stronger earnings only in 2HFY15 because of the higher expenses incurred in 1HFY15 to mobilise equipment to support its new contracts. Low utilisation rates and earnings in FY14 were also partly the result of one-off items, as well as pressure from Emeco's loss-making Indonesia business, the assets of which have mostly been sold with the intention of exiting the market in the near term. Satisfactory Liquidity: Emeco successfully sold a USD335m senior secured bond in March 2014, which pushed out its debt maturities by five years to May 2019. It also negotiated a further liquidity line of AUD50m, which remains unutilised as of FYE14. This, the around AUD21m of readily available cash at FYE14, Emeco's efforts to reduce capex to minimum levels, and its on-going asset disposals are likely to keep free cash flows at neutral to positive levels over the medium term. RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- Slower than expected deleveraging to below 3x; Fitch currently expects Emeco's leverage to reduce to around 3x by FYE16 compared with 4.7x at FYE14. -- Emeco's inability to improve its funds flow from operations/interest expense and rentals ratio to more than 2x; Fitch currently expects this ratio to improve to 2.5x by FYE16, compared to 1.2x at FYE14. Positive: Future developments that may, individually or collectively, lead to the Outlook being revised to Stable, include: -- Faster than expected deleveraging to below 3x as a result of strong earnings accretion from stable to improving asset utilisation and rental rates. M A CUTHBERTSON: First Creditors' Meeting Set For January 6 ----------------------------------------------------------- Simon Miller and Mark Hall of Clifton Hall were appointed Joint and Several Liquidators of M A Cuthbertson Pty Ltd on Dec. 22, 2014. A meeting of creditors will be held at 10:30 am on Tuesday, 6 January 2015 at Clifton Hall, Level 3, 431 King William Street, Adelaide. MISS CHU: First Creditors' Meeting Slated For January 7 ------------------------------------------------------- Rahul Goyal -- rgoyal@kordamentha.com -- and Jannamaria Robertson -- jrobertson@kordamentha.com -- of KordaMentha were appointed as administrators of Miss Chu Pty Ltd and Miss Chu Manly Pty Ltd on Dec. 23, 2014. A first meeting of the creditors of the Company will be held at Level 5 Chifley Tower, 2 Chifley Square, in Sydney, New South Wales, on Jan. 7, 2015, at 11:00 a.m. NEXUS ENERGY: NSW Supreme Court Approves Seven Group Takeover ------------------------------------------------------------- Leo Shanahan at The Australian reports that the Kerry Stokes- controlled Seven Group Holdings has received an early Christmas present, with a New South Wales Supreme Court judge approving its controversial takeover of Nexus Energy. In a long-awaited decision December 24, Justice Ashley Black approved the deed of company arrangement (DOCA) that would allow full ownership of Nexus Energy transferred to Seven for around AUD180 million. While approval of the deal sees creditors and employees paid by Seven (SVW) after it purchased Nexus (NSX) debt earlier in the year, Seven's takeover means Nexus shareholders get nothing for their shares, according to The Australian. The Australian says the buyout was fought tooth and nail in the courts by a group of powerful Nexus shareholders holding 22 per cent of the company. They included former senator and Liberal Party president Richard Alston, corporate raider Ron Brierley, Azure Capital chairman John Poynton, Andrew Greig of Betchel Corp, Karoon Gas chairman Bob Hosking, and the managing director of the Victor Smorgon Group, Peter Edwards. According to the report, lawyer representing Nexus shareholders, Amanda Banton, said they were considering an appeal and possible alternative actions in relations to the conduct of Seven managing director Don Voelte. A stay on the transfer of the shares was to remain in place December 24, and may be extended pending any appeal, the report notes. The Australian adds that Nexus shareholders have questioned how administrators McGrathNicol could transfer the shares to Seven if the DOCA decision is subject to an appeal. Comment was being sought from Seven, the report relays. According to The Australian, the AUD180 million Nexus acquisition is a significant move into the resources sector by Seven and the recent decision will be greeted with great relief by the Stokes- controlled company. Seven managing director Don Voelte also previously served as Nexus chairman. The Australian relates that Mr. Voelte's dual role as Seven managing director and Nexus chairman in the lead-up to Seven's bid has been the focus of complaints by shareholders to the corporate watchdog, the Australian Securities and Investments Commission. The Australian does not suggest Mr. Voelte acted inappropriately. About Nexus Energy Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian Stock Exchange listed oil and gas company. In 2009, Nexus transitioned from explorer to producer with the start up of the Longtom gas project. The company holds interests in eight permits located offshore Australia. Operations are focused on the Gippsland Basin, offshore Victoria and the Browse Basin, offshore Western Australia. McGrathNicol announced on June 12, 2014, that partners Matthew Caddy, Tony McGrath, and Jason Preston have been appointed joint and several Voluntary Administrators to Nexus Energy Limited. TERRITORY HORTICULTURAL: Placed Into Liquidation ------------------------------------------------ Cliff Sanderson at Dissolve.com.au reports that Territory Horticultural Farm was placed into liquidation owing over AUD1.3 million to its creditors. The pumpkin and watermelon farm was damaged by extreme wind, rain and hail, the report says. Macks Advisory was appointed as liquidator of the business, Dissolve.com.au relates. According to the report, the liquidator said the horticultural business has remained viable despite the weather event. It is estimated that the lost crop's value was AUD$2.5 million. The liquidator cited debts to different creditors that amount to over AUD1.3 million and noted that the company did not have crop insurance, the report adds. ================ H O N G K O N G ================ CITIC RESOURCES: Moody's Affirms Ba3 Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has affirmed CITIC Resources Holdings Limited's Ba3 corporate family rating. The rating outlook is stable. Ratings Rationale "The rating affirmation reflects our expectation that CITIC Resources will be able to refinance its $380 million debt maturing in the second quarter of 2015. Furthermore, Moody's believe that the strong parental support from CITIC Group (A3 stable) will remain in place, given CITIC Resources' continued importance as an offshore platform for the Group's resources and energy business," says Joe Morrison, a Moody's Vice President and Senior Analyst. CITIC Resources' Ba3 corporate family rating incorporates a three- notch uplift, reflecting the strong expected support from CITIC Group in the event of financial distress. At the same time, CITIC Resources' underlying credit strength has weakened, due to (1) lower than expected oil prices; (2) loss of certain commodity export business as a result of the ongoing investigation at Qingdao port; and (3) the continued decline in coal prices, resulting in lower profit margins. "CITIC Resources' credit metrics will likely deteriorate in 2015, with adjusted debt/EBITDA rising above 10x and adjusted FFO/debt falling below 1%, assuming continued low oil prices and no recovery in its commodity export business in the next 12-18 months," says Pingping Xing, a Moody's Assistant Vice President and Analyst. In terms of liquidity, despite large maturing debt of about HKD3.5 billion in 2015, which includes the $380 million syndicate loan due in 2Q 2015, Moody's expects that the company will have little difficulty in refinancing such debt. At end-September 2014 it had cash on hand of HKD3.5 billion, while its association with CITIC Group supports its good access to bank credit. Upward rating pressure is unlikely in the near term, given the company's deteriorating operating performance, driven by the downturn in its commodity export business and the weak oil prices. The rating could be downgraded if (1) CITIC Resources embarks on a larger than expected debt-funded acquisition, or if such acquisition entails a high level of implementation risk; (2) it suffers from higher than expected losses in its commodity import and export businesses; (3) it breaches its financial covenants on its syndicated loans, materially weakening its liquidity profile and increasing its refinancing risk; or (4) its financial profile deteriorates further, such that adjusted EBITDA/interest falls below 1x for a prolonged period. Any weakening in the relationship with CITIC Group -- thereby lowering the support level -- will be negative for the rating. A downgrade of CITIC Group's rating would lead Moody's to revisit its assumptions of support and hence the uplift in CITIC Resources' ratings. The principal methodology used in this rating was Global Independent Exploration and Production Industry published in December 2011. CITIC Resources Holdings Limited is an energy and natural resources investment holding company, with interests in aluminum smelting, coal, import and the export of commodities, manganese, bauxite mining and alumina refining operations, as well as the exploration, development and production of oil. The company serves as the principal natural resources and energy arm of its parent, CITIC Group. ========= I N D I A ========= EIFFEL INDIA: CRISIL Suspends B+ Rating on INR50MM Cash Credit -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Eiffel India Infraprojects Pvt Ltd (EIIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 250 CRISIL A4 Cash Credit 50 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by EIIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, EIIPL is yet to provide adequate information to enable CRISIL to assess EIIPL'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' EIIPL was originally incorporated in 2007 as Eiffel Realty Pvt Ltd, and was renamed in 2011-12 (refers to financial year, April 1 to March 31). The company is engaged in civil construction activities, comprising mainly of construction of buildings (both residential and commercial) for government, semi-government, and private entities on a contract basis. Its day-to-day operations are looked after by Mr. Rahul Nahar along with his brother Mr. Vishal Nahar. EMMANUEL ENGINEERING: CRISIL Suspends B Rating on INR22.5MM Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Emmanuel Engineering Pvt Ltd (EEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 7 CRISIL A4 Cash Credit 9.5 CRISIL B/Stable Proposed Bank Guarantee 5.5 CRISIL A4 Proposed Cash Credit Limit 5.5 CRISIL B/Stable Proposed Long Term Bank Loan Facility 22.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by EEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, EEPL is yet to provide adequate information to enable CRISIL to assess EEPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Established in 1995, EEPL is engaged in executing EPC contracts. The day-to-day operations of the company are managed by Mr. Juspus Shalin and his three brothers. EPPELTONE ENGINEERS: CRISIL Suspends B Rating on INR70MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Eppeltone Engineers Pvt Ltd (EEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 Cash Credit 70 CRISIL B/Stable Letter of Credit 10 CRISIL A4 The suspension of ratings is on account of non-cooperation by EEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, EEPL is yet to provide adequate information to enable CRISIL to assess EEPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Incorporated in 2002, EEPL is owned and managed by Mr. Harish Chander Chowdhary and his son Mr. Rohit Chowdhary. EEPL, based in Delhi, is engaged in trading of iron and steel scrap and other non-ferrous metals, and manufacturing of energy meters. ISR EXPORTS: CRISIL Suspends D Rating on INR150M Letter of Credit ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of ISR Exports Pvt Ltd (ISR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 150 CRISIL D The suspension of ratings is on account of non-cooperation by ISR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ISR is yet to provide adequate information to enable CRISIL to assess ISR'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' ISR, based in New Delhi, was set up in 2007 as a private limited company by Mr. Inderpal Singh Wadhawan and his brother, Mr. Satvinder Singh Wadhawan. The company trades in fabric and ready- made garments. J S DESIGNER: CRISIL Suspends D Rating on INR600MM Packing Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of J S Designer Ltd (JSD). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Export Packing Credit 600 CRISIL D Foreign Bill Discounting 400 CRISIL D Letter Of Guarantee 20 CRISIL D Letter of Credit 100 CRISIL D Term Loan 50 CRISIL D The suspension of ratings is on account of non-cooperation by JSD with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JSD is yet to provide adequate information to enable CRISIL to assess JSD'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' JSD is managed by Mr. Vikas Mohand Singhal and Ms. Anuradha Singhal. Earlier, the business was carried out under BNK Exports, a proprietorship firm (which was set up in 1997 and reconstituted as private limited company in 2004) managed by Ms. Anuradha Singhal. JSD manufactures and exports RMG for women and kids. JASLEEN ENTERPRISES: CRISIL Suspends D Rating on INR90MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Jasleen Enterprises (JE). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL D Long Term Loan 7.2 CRISIL D Working Capital 2.3 CRISIL D Term Loan The suspension of ratings is on account of non-cooperation by JE with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JE is yet to provide adequate information to enable CRISIL to assess JE'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' Jasleen Enterprises is engaged in manufacturing of various furniture mainly sofa sets (either of poly urethane i.e. PU or fabric or of leather) and other wooden furniture which are sold to various furniture retail outlets. The customers for the firm include marquee names such as Reliance Retail Limited (Reliance Living), Godrej & Boyce Manufacturing Co. Ltd. (Godrej Interio) (rated CRISIL AA-/Stable/CRISIL A1+), Future Group (Home Town), and other established furniture retail outlets. JAY TARAMA: CRISIL Suspends D Rating on INR29.3MM Cash Credit ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Jay Tarama Cold Storage Pvt Ltd (Jaytarama). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 29.3 CRISIL D Proposed Long Term Bank Loan Facility 8.9 CRISIL D Term Loan 11.7 CRISIL D Cash Credit 1.60 CRISIL D The suspension of ratings is on account of non-cooperation by Jaytarama with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Jaytarama is yet to provide adequate information to enable CRISIL to assess Jaytarama's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Incorporated in 2004, Jaytarama provides cold storage facilities to potato farmers and traders, and also trades in potatoes. The company is equally owned by the families of Mr. Govind Das Pal, Mr. B L Kesri, Mr. Rabindranath Ghosh, and Mr. Tapas Chandra Pal, all based in West Bengal. Jaytarama's cold storage unit has a capacity of about 16,500 tonnes, divided into two chambers; the unit is in Cooch Behar (West Bengal). JHANWAR INDUSTRIES: CRISIL Suspends B+ Rating on INR100MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Jhanwar Industries (JI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by JI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JI is yet to provide adequate information to enable CRISIL to assess JI'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' JI, located in Bundi (Rajasthan), is engaged in milling and sorting of rice with a capacity of 2 tons per hour (TPH). The entity is managed by its partners Mr. B.L Jhanwar and Mr. P.D. Jhanwar. JPS REINFORCED: CRISIL Suspends D Rating on INR143MM Term Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of JPS Reinforced Pipes Pvt Ltd (JPS; formerly, JPS Balaji Reinforced Pipe Pvt Ltd). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL D Term Loan 143 CRISIL D The suspension of ratings is on account of non-cooperation by JPS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JPS is yet to provide adequate information to enable CRISIL to assess JPS'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' JPS was incorporated in 2009. The company is promoted by the brothers, Mr. Charanjeet Singh and Mr. Harjeet Singh along with their wives Mrs. Jyoti Sahni and Mrs. Pummy Sahni, respectively. The company is engaged in manufacturing glass reinforced plastic pipes which find application in industrial and domestic wastewater treatment. JYOT OVERSEAS: CRISIL Suspends B+ Rating on INR10MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Jyot Overseas Pvt Ltd (JOPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Purchase- 85 CRISIL A4 Discounting Facility Cash Credit 10 CRISIL B+/Stable Export Packing Credit 55 CRISIL A4 Proposed Long Term Bank Loan Facility 6 CRISIL B+/Stable Standby Line of Credit 28 CRISIL A4 The suspension of ratings is on account of non-cooperation by JOPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JOPL is yet to provide adequate information to enable CRISIL to assess JOPL'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' JOPL was incorporated in 1997, promoted by Mr. Rajnikant Patel. The company processes psyllium husk from seeds, which is popularly known as isabgol in India. The company is managed by Mr. Vijay Patel (son of Mr. Rajnikant Patel), his wife, Mrs. Parul Patel, and a relative, Mr. Hemant Patel. JOPL's manufacturing unit is located in Abu Road (Rajasthan), which is a hub for manufacturing isabgol. JOPL has crushing capacity of 8700 tonnes per annum and its unit is currently operating at 90 per cent utilisation. K.K.R. METAL: CRISIL Suspends B+ Rating on INR79MM LT Term Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of K.K.R. Metal Components (KKR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 Cash Credit 36 CRISIL B+/Stable Long Term Loan 79 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by KKR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KKR is yet to provide adequate information to enable CRISIL to assess KKR's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Established in 1999 as a proprietorship firm, KKR manufactures automotive components. The firm is managed by its proprietor, Mr. K K Ramesh. KARAIKAL AIRPORT: CRISIL Suspends B Rating on INR200MM Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Karaikal Airport Private Limited (KAPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 200 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by KAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KAPL is yet to provide adequate information to enable CRISIL to assess KAPL'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' Karaikal Airport Private Limited (KAPL) was incorporated as a special purpose vehicle (SPV) in the year 2007 for setting up a greenfield airport at Karaikal by the Super Airport Group. KAPL has its office at Coimbatore, Tamil Nadu. The company has started work on the first phase of the project for laying a 1.2 km air strip at a cost of around Rs.350 million. The subsequent phases will entail increasing the length of the airstrip and developing a full-fledged airport. Mr.J.V. Chowdhury, the group chairman, established Super Airport Holdings (India) Pvt Ltd (SAHPL, holding company of KAPL) in 1995, as a holding company for airports interests of the group. The group initiated the process of acquiring land under Karaikal Infrastructure Private Limited (KIPL) for the airport and its allied infrastructure. KASTOORI DEVI: CRISIL Suspends B- Rating on INR59MM Term Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Kastoori Devi Foundation (KDF). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6 CRISIL B-/Stable Term Loan 59 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by KDF with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KDF is yet to provide adequate information to enable CRISIL to assess KDF'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' KDF was registered as an educational trust in 2004. The trust was promoted by Professor S D Bharadwaj, his wife, Mrs. Shashi Bharadwaj, and son, Mr. Atul Bharadwaj. The trust operates ABSS Institute of Technology (ABSS) in Meerut (Uttar Pradesh). It offers a four-year technical course (Bachelor of Technology), two- year management programme, and a polytechnic course. KETI INFRASTRUCTURE: CRISIL Suspends D Rating on INR780MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Keti Infrastructure Pvt Ltd (KIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL D Term Loan 780 CRISIL D The suspension of ratings is on account of non-cooperation by KIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KIPL is yet to provide adequate information to enable CRISIL to assess KIPL'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' KIPL was incorporated in April 2007 as a special-purpose vehicle of Indore-based Keti Constructions Ltd, for the reconstruction and strengthening of a 112-kilometre road from Chhindwara to Matkuli in Madhya Pradesh, on a build-operate-transfer (BOT) basis. KIPL signed a concession agreement with Madhya Pradesh Road Development Corporation Ltd in June 2007; the concession period expires in March 2033. Construction work commenced on April 1, 2008, and the project was completed in two phases; tolling for Phase I commenced from March 20, 2010, and for Phase 2 from April 16, 2011. KIPL is a part of the Indore-based Keti group promoted by Mr. Kedar Mal Jakhetia and his family. KHYATI ISPAT: CRISIL Suspends B+ Rating on INR500MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Khyati Ispat Pvt Ltd (KIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 Cash Credit 500 CRISIL B+/Stable Proposed Cash Credit Limit 22.7 CRISIL B+/Stable Term Loan 40 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by KIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KIPL is yet to provide adequate information to enable CRISIL to assess KIPL'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' KIPL, set up in 1996, manufactures hot-rolled steel products, such as channels, joists, beams, and angles, which find application primarily in structural constructions such as transmission and railway towers, and factory sheds. The company has two manufacturing units in Raipur (Chhattisgarh), with combined installed rolling capacity of 114,000 tonnes per annum (tpa). It also has fabrication capacity of 18,000 tpa. KISHOR PROJECTS: CRISIL Suspends B Rating on INR40MM Bank Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Kishor Projects Private Limited (KPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 100 CRISIL A4 Cash Credit 20 CRISIL B/Stable Proposed Long Term Bank Loan Facility 40 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by KPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KPPL is yet to provide adequate information to enable CRISIL to assess KPPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Based in Rajkot (Gujarat), KPPL is a civil contractor and undertakes civil construction activities primarily for Public Works Department and irrigation departments of Gujarat and Maharashtra. KUBER TIEUP: CRISIL Suspends D Rating on INR150MM Cash Credit ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Kuber Tieup Pvt Ltd (Kuber). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL D The suspension of ratings is on account of non-cooperation by Kuber with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Kuber is yet to provide adequate information to enable CRISIL to assess Kuber'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' Kuber, based in Kolkata (West Bengal), is a wholesale tea trader; it trades primarily in premium varieties of tea. Set up in 2005 by Mr. Ujjwal Kumar Das and his father, Mr. Santosh Kumar Das, Kuber has various group companies. The group operates in diverse industries such as rice processing, iron and steel, real estate, cement, power, and trading in agricultural commodities. LIBERTY INFOTECH: CRISIL Suspends B Rating on INR105MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Liberty Infotech (LI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 Cash Credit 105 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by LI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, LI is yet to provide adequate information to enable CRISIL to assess LI'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'. LI was set up in 2006 by Mr. Adesh Gupta. The firm initially manufactured power management equipment such as power control systems, alarm management, and metering systems. In 2011, LI started trading in networking instruments, such as rotors, modems, and cables and currently, derives around 90 per cent of its sales from its business of trading in networking instruments. M.M. RICE: CRISIL Suspends B Rating on INR50M Warehouse Financing ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of M.M. Rice Mill (MRM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 16 CRISIL B/Stable Term Loan 3.2 CRISIL B/Stable Warehouse Financing 50 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MRM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MRM is yet to provide adequate information to enable CRISIL to assess MRM'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' Initially established in 1998 as a partnership firm, MRM was reconstituted as a proprietorship concern under Mr. Surinder Pal in 2011-12 (refers to financial year, April 1 to March 31). MRM is engaged in milling of basmati rice with its production facilities located at Malout (Punjab). MAA BANBHORI: CRISIL Suspends D Rating on INR49.5MM Term Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Maa Banbhori Steel Industry Pvt Ltd (MIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 6 CRISIL D Cash Credit 33.5 CRISIL D Proposed Long Term Bank Loan Facility 1.0 CRISIL D Term Loan 49.5 CRISIL D 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' Maa Banbhori Steel Industry Private Limited (MIPL) was incorporated in 2009 and promoted by friends Mr. Arun Kumar Mittal and Mr. Rajpal Panghal. Maa Banbhori Steel Industry Private Limited manufactures steel ingots and has it plant located at Dindori at Nasik with a capacity of 200 tones per day. Mr. Arun Kumar Mittal is the managing director of the company who was earlier into the business of trading of ingot and scrap for 20 years which was discontinued after MIPL was incorporated. MAA CHINMASTIKA: CRISIL Suspends D Rating on INR32MM Term Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Maa Chinmastika Fuels Pvt Ltd (MCFPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 21.5 CRISIL D Proposed Cash Credit Limit 11.5 CRISIL D Term Loan 32 CRISIL D The suspension of ratings is on account of non-cooperation by MCFPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MCFPL is yet to provide adequate information to enable CRISIL to assess MCFPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Incorporated in 2010, MCFPL manufactures hard coke, with annual capacity of 28,800 tonnes. The company is promoted by Mr. Rahul Singh and Mr. Ram Kumar Singh. Its manufacturing unit is in Ramgarh, Jharkhand. MCFPL sells its hard coke to ferroalloy manufacturers in Madhya Pradesh and Chattisgarh. MAHADEO STEEL: CRISIL Suspends B Rating on INR90MM Cash Credit -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Mahadeo Steel Pvt Ltd (MSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MSPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MSPL is yet to provide adequate information to enable CRISIL to assess MSPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Incorporated in 2006, MSPL process hot-rolled and cold-rolled steel coils based on customer's requirements and convert them into steel plates. The company is promoted and managed by Mr Bharat Singh. MANOJ TRADING: CRISIL Suspends B Rating on INR250MM Cash Credit --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Manoj Trading Company (MTC). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 250 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MTC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MTC is yet to provide adequate information to enable CRISIL to assess MTC'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' MTC, a proprietary concern of Mr. Manoj Jain, manufactures sarees and salwar suit material. The products are sold under the brand name Priyanka. It outsources its manufacturing process to printers and embroidery units in Gujarat and Maharashtra. MTC sells to wholesalers spread across India. MELT-O-THERM FURNACES: CRISIL Suspends Rating on INR43.1MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Melt-O- Therm Furnaces Pvt Ltd (MTFL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Bank Guarantee 1.9 CRISIL A4 Proposed Cash Credit Limit 40 CRISIL B/Stable Proposed Term Loan 43.1 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by MTFL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MTFL is yet to provide adequate information to enable CRISIL to assess MTFL'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' MTFL was incorporated in 2010, promoted by Mr. Jai Prakash Jaiswal, Mrs. Jaya Jaiswal, Mr. Amit Paul, Mrs. Sumitra Paul, and Mrs. Shailee Shah. The company is in the process of setting up a manufacturing facility for solid and hollow aluminium extrusion profiles used in architectural, automobile, and industrial products. The unit will have an annual capacity of 3600 tonnes. The plant is scheduled to start commercial operations by July 2013. MPR REFRACTORIES: CRISIL Suspends B+ Rating on INR49.5MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of MPR Refractories Ltd (MPR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 4 CRISIL A4 Cash Credit 49.5 CRISIL B+/Stable Letter of credit & Bank Guarantee 20 CRISIL A4 Proposed Long Term Bank Loan Facility 37.5 CRISIL B+/Stable Rupee Term Loan 29 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by MPR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MPR is yet to provide adequate information to enable CRISIL to assess MPR'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' MPR was set up in 1989 by Dr. M Appayya, Mr. M Chandrasekhar Rao, and Mr. M Nagaraja Rao. is engaged in manufacturing of conventional refractory bricks initially and then started production of continuous casting refractories in 2009-10. (refers to financial year, April 1 to March 31). N. MANJUNATH: CRISIL Suspends B+ Rating on INR31.5MM Cash Credit ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of N. Manjunath (NM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 18 CRISIL A4 Cash Credit 31.5 CRISIL B+/Stable Long Term Loan 0.5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by NM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NM is yet to provide adequate information to enable CRISIL to assess NM's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Set up in 1977, NM is a proprietorship entity established and managed by Mr. N Manjunath. The firm undertakes civil construction works for various government agencies. NALINAKSHA AGRO: CRISIL Suspends B+ Rating on INR40MM Term Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Nalinaksha Agro Products Pvt Ltd (NAPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 Cash Credit 34 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 4 CRISIL B+/Stable Term Loan 40 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by NAPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NAPPL is yet to provide adequate information to enable CRISIL to assess NAPPL'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' NAPPL, incorporated in 2009 and promoted by the West Bengal-based Reja family, manufactures crude rice bran oil and de-oiled rice bran cake. It started commercial operations at its Burdwan (West Bengal)-based solvent extraction plant from March 2013. Its day- to-day operations are looked after by its promoter director, Mr. Uday Chand Reja. NARMADA DAL: CRISIL Suspends B+ Rating on INR50MM Term Loan ----------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Narmada Dal Mill (NDM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Cash Credit Limit 50 CRISIL B+/Stable Proposed Term Loan 50 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by NDM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NDM is yet to provide adequate information to enable CRISIL to assess NDM's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings' Formed in 2013, NDM is a partnership firm promoted by Mr. Sagar Modi and his family members. The company is setting up a plant for processing of agricultural products such as moong dal and polished moong. The firm is expected to commence operations in July 2013. NARODA COMMERCIAL: CRISIL Suspends D Rating on INR150MM Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of Naroda Commercial Pvt Ltd (NCPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL D The suspension of ratings is on account of non-cooperation by NCPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NCPL is yet to provide adequate information to enable CRISIL to assess NCPL'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' NCPL, based in Kolkata, was set up in 1985. It was acquired by Mr. Nikhil Kumar Das in 2008, while Mr. Ujjal Kumar Das acquired a majority shareholding in the company in 2009. NCPL trades in rice; it procures rice from rice mills and traders in and around West Bengal, and sells to dealers and wholesalers in and around the state. NEALEX ALLOYS: CRISIL Suspends B Rating on INR50MM Cash Credit -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Nealex Alloys Pvt Ltd (NAPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 6 CRISIL A4 Cash Credit 50 CRISIL B/Stable Letter of Credit 10 CRISIL A4 Long Term Loan 16 CRISIL B/Stable Proposed Long Term Bank Loan Facility 12 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by NAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NAPL is yet to provide adequate information to enable CRISIL to assess NAPL'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' NAPL, incorporated in 2009, commenced commercial operations in February 2010. The company manufactures aluminium extrusion profiles. It is promoted by Mr. Hari Kiran and his family. NEUTEC HEALTHCARE: CRISIL Suspends B+ Rating on INR32MM Bank Loan ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Neutec Healthcare Pvt Ltd (NHPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Buyer Credit Limit 10 CRISIL A4 Cash Credit 20 CRISIL B+/Stable Letter of Credit 48 CRISIL A4 Proposed Long Term Bank Loan Facility 32 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by NHPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NHPL is yet to provide adequate information to enable CRISIL to assess NHPL'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' NHPL trades in bulk drugs, formulations, vitamin premixes and active pharmaceutical ingredients. The company was set up in September 2010 by its key promoter-director, Mr. Gaurav Arora, who looks after the day-to-day operations of the company. NHPL NHPL's registered office is at New Delhi. The company commenced operations from 2011-12. SPICEJET LTD: Co-Founder Seeks More Time for Fund Infusion ---------------------------------------------------------- The Times of India reports that cash-strapped SpiceJet will have to wait longer for fund infusion. According to the report, aviation ministry officials said Ajay Singh, co-founder of the airline who exited it in 2010 and is now planning a re-entry, has sought two to three weeks more for finalizing the funding plan. "There are a number of holidays now, so more time has been asked for," TOI quotes the official as saying. Mr. Singh met aviation secretary V Somasundaran on December 22 "to apprise him of the development in their funding plan," the report relays. TOI relates that sources close to Singh, who has very strong ties with the ruling BJP and had coined the slogan "ab ki baar Modi sarkar", said the foreign PE funds that would be investing with him are doing due diligence of SpiceJet. "This entire process will take some time. Meanwhile, Singh has arranged for some funds so that the airline can keep operating till the investment comes. Singh and the PE funds are eying an investment of over Rs 1,200 crore," said a source, TOI relates. The report says the aviation ministry had asked Airports Authority of India (AAI) not to put SpiceJet, which owes it over INR194 crore, on cash-and-carry till the year-end. The proposed investors' demand for more time has now led the ministry to meet stakeholders and see how long they can allow SpiceJet to operate without paying upfront for services. Oil companies, for instance, have declined ministry's request to give jet fuel on credit to SpiceJet and are giving the same only on payment, TOI states. Meanwhile, The Times of India reports that the minister of state for aviation Mahesh Sharma told Lok Sabha on December 22 that SpiceJet's dues to foreign and Indian vendors, airport operators and oil companies grew from INR990 crore to INR1,230 crore in just 18 days till December 10. According to the report, Mahesh Sharma said the low cost carrier's (LCC) dues to foreign vendors, including lessors of aircraft and maintenance, repairs and overhaul (MRO) facilities, rose from INR624 crore on November 24 to INR670 crore on December 5 and INR742 crore on December 10. The LCC's outstanding to Indian vendors, including oil companies, AAI, private airport operators and ground handling agencies, stood at INR366 crore on November 24, rose to INR395 crore on December 5 and INR488 crore on December 10, TOI adds. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 18, 2014, Economic Times said the Civil Aviation Ministry said on December 16 it may request Indian banks/financial institutions to extend loans of up to INR600 crore to SpiceJet Ltd as part of measures to keep the carrier functional. Besides, it will also request the Finance Ministry to permit external commercial borrowing (ECB) for working capital as special dispensation, a Ministry release said, ET related. Bloomberg News said SpiceJet reported five straight quarterly losses and tried for more than two years to woo an external investor to one of the world's most expensive markets for fuel, which accounts for as much as 50 percent of the costs for some Indian carriers. Bloomberg said SpiceJet reduced its fleet of Boeing planes, delayed wages, and faced regulatory scrutiny after a spate of cancellations. About SpiceJet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second- biggest budget airline, after IndiGo. As reported in the Troubled Company Reporter-Asia Pacific on May 21, 2014, The Times of India said SpiceJet has posted its highest ever annual loss of INR1,003.2 crore in the financial year 2013-14 up five times from INR191 crore in the previous fiscal. =============== 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 ***