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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, January 2, 2015, Vol. 18, No. 001
Headlines
A U S T R A L I A
3D GROUP: In Administration; First Meeting Set For January 7
BOSTIDE PTY: First Creditors' Meeting Set For January 9
FLEUR WOOD: First Creditors' Meeting Slated For January 9
ITTI PTY: First Creditors' Meeting Set For January 8
MARION ENERGY: TCS Loses Dismissal Bid, But Gets Stay Relief
MISS CHU: In Administration, Cuts 60 Jobs
MULHERN'S WASTE: First Creditors' Meeting Slated For Jan. 12
PIE FACE: Rescued From Administration, Founder Resigns
C H I N A
COMJOYFUL INTERNATIONAL: Incurs $464K Net Loss for Q3
KAISA GROUP: S&P Puts 'BB-' LT CCR on CreditWatch Negative
TECHPRECISION CORP: Posts $649K Net Loss for Third Quarter
I N D I A
AERCON INDIA: CRISIL Assigns B+ Rating to INR49.1MM LT Loan
ALTECH INFRASTRUCTURE: ICRA Puts B+ Rating on INR6.75cr Cash Loan
AMPS ENGINEERING: CRISIL Reaffirms B Rating on INR30MM Cash Loan
BHARAT SILKS: ICRA Reaffirms B+/A4 Rating on INR3.08cr Loan
BHAVIK POLYMERS: CRISIL Assigns B+ Rating to INR55MM Cash Credit
DELLA ADVENTURE: ICRA Revises Rating on INR60cr Term Loan to D
DTL ANCILLARIES: CRISIL Assigns B- Rating to INR350MM Cash Credit
DUDI & COMPANY: ICRA Suspends B+ Rating on INR8.25cr Loan
FAZE THREE: CARE Ups Rating on INR64.12cr LT Bank Loan to 'C'
J.R.R. CONSTRUCTION: ICRA Assigns B Rating to INR5.20cr Bank Loan
JALARAM AGRI: ICRA Reaffirms B+/A4 Rating on INR14cr Export Loan
LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
LOTUS INFRA: CRISIL Suspends B Rating on INR320MM Term Loan
MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan
MICA INDUSTRIES: ICRA Suspends B Rating on INR12cr FB Loan
MILAN COTTEX: CARE Revises Rating on INR8.29cr LT Loan to B+
MODERN AGRO: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
NATRAJ INDUSTRIES: ICRA Assigns B Rating to INR9cr Cash Credit
NAYEK AGRIPRODUCTS: ICRA Reaffirms 'D' Rating on INR9.21cr Loan
NEW JAGAT: CRISIL Reaffirms B+ Rating on INR106MM Cash Credit
NIRALA RICE: CRISIL Reaffirms B+ Rating on INR46MM Cash Credit
ORBIT ARTISANS: CARE Cuts Rating on INR8.20cr ST Loan to 'D'
RAGHAVA PROJECT: CRISIL Assigns B- Rating to INR32.5MM Bank Loan
SAI LAKSHMI: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
SAVLA FOODS: ICRA Cuts Rating on INR72.15cr Term Loan to 'D'
SHIRIN FOODS: CRISIL Suspends B Rating on INR87.5MM Term Loan
SHREE BISHNU: CRISIL Reaffirms B- Rating on IN83.5MM Cash Credit
SINGLACHERRA TEA: CARE Assigns B Rating to INR11.56cr LT Loan
SKYVIEW CERAMIC: ICRA Assigns 'B' Rating to INR3cr Term Loan
SRV TELECOM: CRISIL Suspends B- Rating on INR92MM Cash Credit
THOTA COLDCEL: CRISIL Suspends B Rating on INR45MM Term Loan
VASISTA EDUCATIONAL: CRISIL Suspends D Rating on INR138.4MM Loan
VENKATESHWARA INDUSTRIES: CRISIL Suspends B+ INR52.5M Loan Rating
VICKY FASHION: ICRA Suspends B Rating on INR5cr LT Loan
VIDHANI VENEERS: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
VIMAL CHHAGANLAL: CRISIL Assigns B Rating to INR50MM Cash Credit
VINYAS INNOVATIVE: CRISIL Withdraws B+ Rating on INR100MM Loan
WIN CARS: CRISIL Suspends B Rating on INR70MM Cash Credit
I N D O N E S I A
BANK MUTIARA: J Trust Infuses Up to IDR1.3 Trillion in Capital
J A P A N
TAKATA CORP: Picks New General Counsel For North American Unit
S O U T H K O R E A
DONGBU CORPORATION: Files For Court Receivership
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
3D GROUP: In Administration; First Meeting Set For January 7
------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of 3D Group Pty Ltd and 3D Industries Pty Ltd on
Dec. 24, 2014.
A first meeting of the creditors of the Company will be held at
Holiday Inn Hotel, The Burke Room, Level 1, 575 Flinders Lane, in
Melbourne, on Jan. 7, 2015, at 11:00 a.m.
BOSTIDE PTY: First Creditors' Meeting Set For January 9
-------------------------------------------------------
Katherine Elizabeth Barnet and Hugh Armenis of Bentleys Corporate
Recovery were appointed as administrators of Bostide Pty Ltd on
Dec. 29, 2014.
A first meeting of the creditors of the Company will be held at
Bentleys Corporate Recovery, Level 3, 1 Castlereagh Street, in
Sydney, on Jan. 9, 2015, at 10:00 a.m.
FLEUR WOOD: First Creditors' Meeting Slated For January 9
---------------------------------------------------------
Jason Mark Tracy and Vaughan Neil Strawbridge of Deloitte were
appointed as administrators of Fleur Wood Fabrics & Design Pty
Limited on Dec. 30, 2014.
A first meeting of the creditors of the Company will be held at
Level 9 Grosvenor Place, 225 George Street, in Sydney, on
Jan. 9, 2015, at 11:00 a.m.
ITTI PTY: First Creditors' Meeting Set For January 8
----------------------------------------------------
Simon Thorn of PKF Lawler was appointed as administrator of Itti
Pty Ltd, formerly trading as "The Itti Bitti Nappy Co Pty
Limited", on Dec. 24, 2014.
A first meeting of the creditors of the Company will be held at
PKF Lawler, 755 Hunter Street, in Newcastle, on Jan. 8, 2015, at
11:00 a.m.
MARION ENERGY: TCS Loses Dismissal Bid, But Gets Stay Relief
------------------------------------------------------------
U.S. Bankruptcy Judge Joel T. Marker entered an order:
1) granting in part and denying in part TCS II Funding
Solutions, LLC and Castlelake, L.P.'s motion to dismiss the case
of Marion Energy Inc., or for relief from stay; and
2) denying Marion Energy's motion to obtain postpetition
financing.
Judge Marker ruled that TCS's request for an order dismissing the
case for having been commenced in bad faith is denied. Judge
Marker granted limited relief from the automatic stay solely to
allow TCS to record notices of default and of sale, and to take
other action as required by Utah law to effectuate the potential
foreclosure sale of its collateral to occur on or after June 10,
2015, and for no other purpose.
The Court order also provides that if the Debtor has not satisfied
its secured obligations to TCS by June 1, 2015, the Court will
enter a further order dismissing the case with prejudice to
prohibit refiling by the Debtor or any other entity in possession
of TCS's collateral for 180 days after the dismissal. If the case
is dismissed, TCS may conduct such a foreclosure sale no earlier
than June 10, 2015.
As reported in the TCR on Dec. 11, 2014, the TCS objected to the
Debtor's request to access DIP Financing. In response, the Debtor
stated that it has met its burden under Section 364(d) for the
Court to approve the DIP Loan. The Debtor, given its assets and
the time constraints, is demonstrably unable to obtain credit from
another lender on more favorable terms. TCS is adequately
protected by an equity cushion of more than $100 million, a fact
that TCS stipulated to at the Nov. 5, 2014 hearing.
The Debtor sought approval to obtain debtor-in-possession
financing of up to $4,200,000 from KM Custodians Pty Ltd. The
Debtor said the DIP Loan is necessary to enable the Debtor to
continue operations and to administer and preserve the value of
its estate as a going concern. In general terms, the proceeds of
the DIP Loan are to be used as follows: (i) to pay fees, costs and
expenses of the DIP Lender, including payment of Lender's
reasonable attorney's fees and other out of pocket expenses; (ii)
to pay postpetition operating expenses of the Debtor incurred in
the ordinary course of business; (iii) to pay costs and expenses
of administration of the chapter 11 case, including payment of
approved professional fees, including attorney fees; and (iv) to
pay other amounts as specified in the budget.
The Debtor will grant the DIP Lender a perfected first-priority
security interest in all of its assets to secure the DIP Loan, and
will grant the DIP Lender a superpriority administrative claim.
About Marion Energy
Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah. Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field"). The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").
Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.
Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014. The Debtor estimated assets and debt of $100 million to $500
million. The Debtor has tapped Parsons Behle & Latimer as
attorneys.
MISS CHU: In Administration, Cuts 60 Jobs
-----------------------------------------
Rahul Goyal and Janna Robertson of KordaMentha Restructuring have
been appointed Voluntary Administrators of Miss Chu Pty Limited
and Miss Chu Manly Pty Limited (collectively known as 'MissChu').
Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.
The Administrators have taken full control of the day-to-day
operations of Miss Chu and are working with the management of Miss
Chu to explore various options whilst continuing to operate the
retail and catering businesses.
Mr. Goyal said: "It is business as usual while we explore the
various options including the going concern sale of the MissChu
business". He added: "The current plan is to offer the business as
a going concern in the first quarter of 2015."
MissChu began as a catering business in 2007 and has expanded into
retail tuckshops in Sydney, Melbourne and London. MissChu is well
known for serving freshly made Vietnamese food.
Mr. Goyal said it appeared that the financial pressures of MissChu
have been caused by the lack of controls over fixed costs in the
business, the expansion of the retail tuckshops through trading
and the closure of the Opera House premises without notice.
Mr. Goyal said that these will be investigated as part of the
process.
MissChu currently employs approximately 190 people across the
retail tuckshops, the commercial kitchen and head office.
Employees are being advised of developments on a regular basis.
Daily Telegraph said the 190 staff who work in Miss Chu's head
office, head kitchen and six tuckshops across Sydney were given an
unwelcome Christmas surprise on Dec. 23, 2014, when they were told
the business had been placed in the hands of the insolvency firm
KordaMentha.
According to the report, around one third or around 60 staff of
Miss Chu's Sydney workforce were told they would be laid off,
while another third were told they would become casual.
Mr. Goyal said it was too early to fully determine the outcome of
the voluntary administration. The immediate priority was to
implement controls in the business, reduce the fixed costs and
notify all stakeholders of the appointment of the voluntary
administrators. The first meeting of creditors is scheduled to be
held in Sydney on Jan. 7, 2015.
MULHERN'S WASTE: First Creditors' Meeting Slated For Jan. 12
------------------------------------------------------------
Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Mulhern's Waste Oil Removal Pty Ltd
on Dec. 30, 2014.
A first meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on Jan. 12, 2015, at 10:30 a.m.
PIE FACE: Rescued From Administration, Founder Resigns
------------------------------------------------------
Leo Shanahan at The Australian reports that Pie Face founder Wayne
Homschek has stood down as chief executive of the fast food chain
a day after creditors agreed to a funding deal that will see it
rescued from administration.
The Australian relates that following a meeting of the new Pie
Face board on December 31, Kevin Waite, who was head of Australian
operations, has been appointed chief executive of Pie Face's
entire group, replacing the sometimes controversial
Mr. Homschek.
According to the report, new Pie Face chairman Andrew Thomson said
Mr. Homschek agreed to the change and is reportedly "exhausted by
the slings and arrows of the past year". Mr Homschek will remain
as a non-executive director on the Pie Face board, the report
notes.
The Australian says the change came a day after Pie Face brokered
a rescue package, with the agreement of creditors, that will see
the company lifted out of voluntary administration.
Under the deal, Pie Face will be provided with a AUD2 million loan
from TCA Fund Management Group, and it will try to raise
AUD10 million, mostly in the US, The Australian relays. The Pie
Face board was also restructured with a new three-person board
across the entire group, says The Australian.
Mr. Thomson, a former Howard government minister, told The
Australian on December 31 that "the company now has a chance as it
is now focused. It was too distracted before as there was so much
attention on the Australian company's solvency issues.
"Now that the Deed of Company Arrangement process has been
completed we believe Pie Face has an excellent long-term future."
The Australian notes that since Pie Face went into administration
in November it has been seeking a further investment to save the
remaining 51 stores across Australia and avoid going into
liquidation. Administrator Jirsch Sutherland has closed 18
company-owned stores, with two franchises also closing, the report
says.
The Australian adds that Mr. Waite said the company would now
focus on franchise profitability.
Mr. Thomson said the valuations for casual dining companies were
much higher in the US but existing shareholders would also have
the right to invest, The Australian reports.
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.
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C H I N A
=========
COMJOYFUL INTERNATIONAL: Incurs $464K Net Loss for Q3
-----------------------------------------------------
Comjoyful International Company filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $464,000 on $255,000 of revenues for the three
months ended Sept. 30, 2014, compared with a net loss of $549,000
on $107,000 of revenues for the same period in the prior year.
The Company's balance sheet at Sept. 30, 2014, showed $2.38
million in total assets, $6.6 million in total liabilities, and a
stockholders' deficit of $4.22 million.
The Company had recurring consolidated losses of $1.6 million for
the nine months ended Sept. 30, 2014 and $1.55 million for the
nine months ended Sept. 30, 2013, negative working capital of
$3.15 million as of Sept. 30, 2014 and $2.79 million as of
Dec. 31, 2013, and has a total deficit of $4.22 million as of
Sept. 30, 2014 and $7.21 million as of Dec. 31, 2013. These
conditions raise substantial doubt about the ability of the
Company to continue as a going concern, according to the
regulatory filing.
A copy of the Form 10-Q is available at:
http://is.gd/EEmcZI
The company was formerly known as Camelot Corporation and changed
its name to Comjoyful International Company in January 2013.
Comjoyful was incorporated in 1975 and is based in Beijing, China.
Comjoyful does not have significant operations. The company
intends to acquire an operating company. Previously, it focused on
the mineral exploration activities in the United States.
KAISA GROUP: S&P Puts 'BB-' LT CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating and 'cnBB+' long-term Greater China
regional scale rating on Kaisa Property Holdings Ltd. on
CreditWatch with negative implications. S&P also placed its 'BB-'
long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications. Kaisa
is a China-based property developer.
S&P placed the ratings on CreditWatch with negative implications
to reflect risks that Kaisa's sales prospects and financing
capabilities could weaken in 2015 following government
restrictions on the company's sales in Shenzhen. There is still
no visibility on when the Shenzhen local government will lift its
restrictions on Kaisa's sales in several projects in the city.
The reasons behind the restrictions also remain unclear.
In S&P's view, the sales restrictions on Kaisa's four Shenzhen
projects under pre-sale could materially undermine the company's
sales prospects over the next 12 months. Kaisa estimates that
projects in its home city of Shenzhen will contribute over 20% of
its total property sales in 2014 and 2015. Currently, S&P sees no
indication that the Shenzhen government's restrictions could be
replicated in other cities.
Kaisa's contracted sales and cash inflows could be materially
weaker than S&P's base-case expectation of Chinese renminbi (RMB)
32 billion-RMB33 billion for 2015. This could weaken the
company's key credit metrics and liquidity position. Projects in
Shenzhen, a top-tier city with high average selling prices, are
the most profitable in Kaisa's property sales portfolio.
In addition, the suspension of relevant approvals by the local
government will delay Kaisa's project construction and development
in Shenzhen, including its current land bank development and new
land acquisitions related to urban redevelopment projects. In
S&P's opinion, such influence could slow the company's growth in
the longer run and weaken its credit profile.
In S&P's view, Kaisa's financing capability could deteriorate if
sales prospects weaken. The company's financing channels could
tighten and funding costs could increase. As of June 30, 2014,
Kaisa had about RMB6 billion in short-term debt, compared with
RMB9.38 billion of unrestricted cash.
On Nov. 28 and Dec. 15, 2014, Kaisa announced that the Shenzhen
government had blocked sales in a total four of the company's
projects in Shenzhen. Kaisa has yet to receive an official
response to its inquiry on the reasons for the restrictions.
S&P expects to resolve the CreditWatch placement when it has
greater visibility on when the sales restrictions are likely to be
lifted and their impact on Kaisa's sales forecast and credit
profile.
S&P could downgrade Kaisa if it believes the restrictions will
significantly erode the company's sales prospects and reputation
over the longer term such that its credit profile, including its
funding capability and liquidity position, materially
deteriorates. S&P could also downgrade Kaisa if the restrictions
are related to a negative corporate development, which could
result in multiple notches of downgrade, depending on the impact.
S&P could affirm the rating with a stable outlook if the
government lifts its sales restrictions, Kaisa maintains its sales
execution and financing capabilities, and S&P assess that the
restrictions have not materially affected the company's credit
profile.
TECHPRECISION CORP: Posts $649K Net Loss for Third Quarter
----------------------------------------------------------
Techprecision Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $649,000 on $4.57 million of net sales for the three
months ended Sept. 30, 2014, compared to a net loss of $819,000 on
$5.2 million of net sales for the same period last year.
The Company's balance sheet at Sept. 30, 2014, showed
$14.8 million in total assets, $13.0 million in total liabilities
and total stockholders' equity of $1.82 million.
At Sept. 30, 2014, the Company has cash and cash equivalents of
$849,000, of which $15,600 is located in China and which it may
not be able to repatriate for use in the U.S. without undue cost
or expense, if at all. The Company's cash and cash equivalents
total includes $180,000 of restricted cash with the Bank that may
be used toward funding operating activities with the Bank's
approval. Approximately 55% and 24% of the Company's accounts
receivable and work-in-process, respectively, are at risk of not
being converted to cash in a timely manner due to a contract
dispute with one of our customers. The Company recorded a
provision for potential contract losses of $2.7 million, and, in
one case, filed a demand for arbitration under a customer's
purchase agreement to recover all of the Company's costs under the
contract terms. The Company cannot be certain that it will be
successful in recovering the full amount of its losses. The
Company incurred an operating loss of $1.9 million for the six
months ended Sept. 30, 2014.
A copy of the Form 10-Q is available at:
http://is.gd/oQuseL
About TechPrecision
TechPrecision Corporation (OTC BB: TPCSE), through its wholly
owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical
Components Co., Ltd., globally manufactures large-scale, metal
fabricated and machined precision components and equipment.
The Company reported a net loss of $1.27 million on $6.23 million
of net sales for the three months ended June 30, 2014, compared to
a net loss of $1.42 million on $7.09 million of net sales for the
same period a year ago.
As of June 30, 2014, the Company had $17.23 million in total
assets, $14.88 million in total liabilities and $2.34 million in
total stockholders' equity.
At June 30, 2014, TechPrecision had negative working capital of
$3.4 million as compared with negative working capital of $2
million at March 31, 2014. As of June 30, 2014, the Company had
$0.9 million in cash and cash equivalents compared to $1.1 million
at March 31, 2014.
KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the
year ended March 31, 2013. The independent auditors noted that
the Company was not in compliance with the fixed charges and
interest coverage financial covenants under their credit facility,
and the Bank has not agreed to waive the non-compliance with the
covenants. Since the Company is in default, the Bank has the right
to accelerate payment of the debt in full upon 60 days
written notice. The Company has suffered recurring losses from
operations, and the Company's liquidity may not be sufficient to
meet its debt service requirements as they come due over the next
twelve months. These circumstances raise substantial doubt about
the Company's ability to continue as a going concern.
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I N D I A
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AERCON INDIA: CRISIL Assigns B+ Rating to INR49.1MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Aercon India (AI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 30.9 CRISIL B+/Stable
Bank Loan Facility
Cash Credit 20 CRISIL B+/Stable
Long Term Loan 49.1 CRISIL B+/Stable
The rating reflects the extensive industry experience of the
promoters in the construction industry along with their
established industry relationships and healthy demand prospects
for the firm's product autoclaved aerated concrete (AAC) blocks.
These rating strengths are partially offset by its working-
capital-intensive and modest scale of its operations, its below-
average financial risk profile and its susceptibility to
competition in a fragmented building materials industry.
Outlook: Stable
CRISIL believes that AI will benefit over the medium term from the
experience of its promoters in construction industry. The outlook
may be revised to 'Positive', if AI scales up its operations and
profitability significantly over the medium term in a sustainable
fashion there by leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
the firm undertakes any significant debt-funded capital
expenditure or if its revenues and operating profitability decline
or if its working capital cycle elongates or there are significant
capital with drawls leading to deterioration in its financial
profile.
AI was set up as partnership firm in the year 2012 by Mr Patil and
Mr Bhorniya. The firm is into manufacturing of AAC blocks. The
firm's manufacturing facility is located at Padadhari near Rajkot,
Gujarat.
AI reported a net loss of INR12.7 million on net sales of INR51.1
million for the year 2013-14 (refers to financial year, April 1 to
March 31).
ALTECH INFRASTRUCTURE: ICRA Puts B+ Rating on INR6.75cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.75
crore of cash credit limit, INR0.62 crore of term loan and INR0.23
crore of unallocated bank limits of AIPL. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR3.40 crore of Altech
Infrastructure Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limits 6.75 [ICRA]B+; Assigned
Term Loan 0.62 [ICRA]B+; Assigned
Unallocated Limits 0.23 [ICRA]B+; Assigned
Short term non
fund based limits
Non fund based limits 3.40 [ICRA]A4; Assigned
The ratings are constrained by the company's elongated working
capital cycle on account of long manufacturing cycle and high
receivables outstanding for a period more than six months. The
high total debts coupled with low accruals have led to weak
coverage indicators. The ratings also take into account AIPL's
modest scale of operations, competition from other players in the
industry and the vulnerability of profitability to any unfavorable
fluctuations in prices of key raw materials given the fixed price
nature of contracts. However, the ratings draws comfort from long
experience of the promoters in fabrication business, established
customer base comprising reputed companies which reduces the
counterparty credit risk and healthy outstanding order book of the
company which provides revenue visibility for the near term.
Going forward, the ability of the firm to secure fresh orders and
maintain adequate margins will remain the key rating
sensitivities.
AIPL was incorporated in the year 2006 and is engaged in the
manufacturing of Deaerators, Pressure Vessels, Heat Exchangers,
Condensers, Evaporators and other stainless steel tanks which
finds application in many industries like, Chemical , Fertilizer,
Breweries, Petro Chem., Paper, Plywood, Power, etc. The company
has its manufacturing facility in Bhiwadi, Rajasthan.
Recent Results
AIPL reported, on a provisional basis, a profit after tax (PAT) of
INR0.34 on an operating income of INR31.22 crore in FY 2013-14 as
compared to a PAT of INR0.87 crore on an operating income of
INR29.53 crore in the previous year.
AMPS ENGINEERING: CRISIL Reaffirms B Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amps Engineering and
Equipments Pvt Ltd (AMPS) continue to reflect AMPL's working-
capital-intensive operations, below-average financial risk
profile, and exposure to risks related to cyclicality in the end-
user industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30.0 CRISIL A4 (Reaffirmed)
Cash Credit 30.0 CRISIL B/Stable (Reaffirmed)
Term Loan 4.2 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are partially offset by the benefits that
AMPS derives from its promoters' extensive experience in the bulk
material handling industry and its established relationship with
the buyers and suppliers.
Outlook: Stable
CRISIL believes that AMPS's will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if AMPS's credit risk profile improves
significantly, most likely because of better-than-expected
revenues and profitability along with improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
liquidity and capital structure, deteriorates due to stretch in
working capital cycle or due to large debt-funded capital
expenditure.
Incorporated in 2004, AMPS manufactures bulk material handling
equipment. The company also undertakes turnkey projects which
include design, manufacture, supply and erection of bulk material
handling equipment.
BHARAT SILKS: ICRA Reaffirms B+/A4 Rating on INR3.08cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating at [ICRA]A4 to the INR3.08 crore unallocated limits of
Bharat Silks. ICRA has reaffirmed the short term rating at
[ICRA]A4 to the INR10.00 crore fund based limits and INR3.10 crore
non-fund based limits of BS.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 10.00 [ICRA]A4 Re-affirmed
Non-Fund Based Limits 3.10 [ICRA]A4 Re-affirmed
Unallocated Limits-
Long Tem/Short Term 3.08 [ICRA]B+/[ICRA]A4 assigned
The ratings reaffirmations favorably factor in the improved
profitability of the firm with increased focus on sales of high
value added products. The ratings also draw comfort from the long,
established presence of the firm in the textile industry and its
continued long standing relationship with major customers which
translate into repeat business thus lending stability to the
revenues.
The ratings, however, remain constrained by the high working
capital intensity of operations of the firm owing to the extended
receivables period and high inventory days and the high client and
geographic concentration risk faced by the firm with~24% of the
revenue in FY14 being generated from the top customer and ~58%
from the top 5 customers together and sales to the US and Europe
constituting 80% of revenues. Moreover, the ratings continue to
factor in BS's relatively low scale of operations and the
fragmented nature of the textile industry, resulting in intense
competition which limits the pricing flexibility and keeps a check
on profitability. Besides, the rating also takes into account the
risks inherent in partnership nature of the firm, inter alia, the
limited ability to raise capital, risk of capital withdrawal and
the exposure to personal liabilities of the partners.
Going forward, BS's ability to maintain its profitability and
improve upon its working capital intensity would remain the key
rating sensitive factors.
BS commenced operations in the year 2002 under the name Bharat
Fashions & Apparels. Subsequently it was renamed as 'Bharat Silks'
in FY12. Another group entity, which was operating under the name
'Bharat Silks', had merged its business with BS in January, 2012.
Bharat Silks is engaged in the manufacturing of silk fabrics from
yarn (imported primarily from China), readymade garments and
embroided furnishing fabrics. The firm exports its fabrics mainly
to the USA, UK and other EU countries. The firm caters to the
Women-Girl (WG) segment for garments and furnishing for fabrics.
BS focuses on embroidery, needle work intensive and intricately
styled apparels. The firm lately ventured into digital printing of
fabrics. The firm has a capacity of 0.8 million garments per
annum, and mainly produces apparels such as bridal wear, cocktail
dresses, jackets, blouses, skirts, trousers etc.
BS is a part of the Bharat Silks group which started its
activities in the year 1978 and produces a range of fabrics
including fashion fabrics, garments, furnishings and made-ups.
Another group company, Bharat Tissus Private Limited (BTPL) (rated
at [ICRA]A4) is engaged in the manufacturing of silk fabric and
readymade garments (cotton, Silks, silk blends and other fabric
qualities).
Recent Results
In FY14, the firm reported a net profit of INR1.21 crore on an
operating income of INR74.4 crore as compared to a net profit of
INR1.73 crore on an operating income of INR55.30 crore in FY13.
BHAVIK POLYMERS: CRISIL Assigns B+ Rating to INR55MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhavik Polymers (P) Ltd (BPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable
The rating reflects BPPL's below-average financial risk profile
marked by a small net worth, high gearing and weak debt protection
metrics. The rating also factors in the modest scale of operations
in the highly fragmented polyvinyl chloride (PVC) pipe trading
industry. These rating weaknesses are partially offset by BPPL's
promoters' extensive industry experience and established
association with Astral Poly Technik Ltd (ATPL).
Outlook: Stable
CRISIL believes that BPPL will continue to benefit from its
promoters' extensive industry experience and established
association with ATPL over the medium term. The outlook maybe
revised to 'Positive' if BPPL significantly improves its financial
risk profile most likely through substantially better cash
accruals or equity infusion along with efficient working capital
management. Conversely, the outlook maybe revised to 'Negative' in
case of considerably low cash accruals or significantly large
working capital requirements exerting further pressure on the
company's liquidity.
BPPL was established in 1983 as a partnership firm Bharat Traders
and was reconstituted as a private limited company in 2009. It is
an authorised distributor of PVC pipes of ATPL. BPPL is based in
New Delhi and is promoted by Mr. Charat Sharma and his family
members.
DELLA ADVENTURE: ICRA Revises Rating on INR60cr Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating to the INR60.00 crore term
loan of Della Adventure Private Limited to [ICRA]D from [ICRA]B+.
The rating revision reflects the delays in debt servicing by the
company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 60.00 Revised to [ICRA]D from
[ICRA]B+
Incorporated in 2009, Della Adventure Private Limited (DAPL) owns
and operates an adventure park, 125 room luxury hotel and banquet
halls at Kunegaon, near Lonavala, Maharashtra. The company is also
involved in design, construction and sale of 21 luxury villas
adjacent to the adventure park. The company belongs to Della
Group, which is promoted by Mr. Jimmy Mistry. Della Group is
involved in design and execution of various real estate projects
on turnkey basis, both residential and commercial, across India
for reputed clientele.
Recent Results
In 2013-14, DAPL has recorded a profit after tax (PAT) of INR4.03
crore on an operating income of INR69.48 crore, while in 2012-13,
DAPL had reported a net profit of INR1.45 crore on an operating
income of INR34.00 crore.
DTL ANCILLARIES: CRISIL Assigns B- Rating to INR350MM Cash Credit
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of DTL Ancillaries Ltd (DTL) and assigned its 'CRISIL
B-/Stable/CRISIL A4' rating to the facilities. CRISIL had, on
January 9, 2012, suspended the ratings as DTL had not provided the
necessary information required to maintain a valid rating. DTL has
now shared the requisite information, enabling CRISIL to assign
ratings to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 60 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 350 CRISIL B-/Stable (Assigned;
Suspension Revoked)
External Commercial 85.9 CRISIL B-/Stable (Assigned;
Borrowings Suspension Revoked)
Letter of Credit 320 CRISIL A4 (Assigned;
Suspension Revoked)
Term Loan 134.1 CRISIL B-/Stable (Assigned;
Suspension Revoked)
The ratings reflect DTL's below-average financial risk profile,
primarily marked by weak debt protection metrics and stretched
liquidity, albeit moderate net worth. The ratings also factor in
the customer concentration in DTL's revenue profile, and the
company's exposure to risks related to volatility in raw material
prices and to economic downturns. These rating weaknesses are
partially offset by the extensive experience of DTL's promoters,
and the company's established market position as supplier of load
body fabrications and customised cold roll formed (CRF) sections
to the automobile industry and Indian Railways.
Outlook: Stable
CRISIL believes that DTL will continue to benefit over the medium
term from its promoters' extensive industry experience. CRISIL,
however, also believes that DTL's overall financial risk profile
will remain constrained by large debt-funded capital expenditure,
and weak cash flows from operations, over the medium term. The
outlook may be revised to 'Positive' in case of large equity
infusion or significant and sustainable growth in cash flows from
operations, resulting in improvement in the company's liquidity.
Conversely, the outlook may be revised to 'Negative' in case DTL's
liquidity deteriorates further due to dip in profitability or
further stretch in working capital cycle.
Incorporated in 1996, DTL manufactures customised CRF sections and
load body fabrications for railway wagons and coaches as well as
commercial vehicles. The company has manufacturing facilities at
Chakan in Pune district (Maharashtra), and Kolkata (West Bengal).
DTL reported a net loss of INR93.3 million on net sales of INR1.51
billion for 2013-14 (refers to financial year, April 1 to March
31), against a net profit of INR46.1 million on net sales of
INR1.91 billion for 2012-13.
DUDI & COMPANY: ICRA Suspends B+ Rating on INR8.25cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9.75 crore
of fund based and non fund based facilities of Dudi & Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Fund Based Limits 8.25 [ICRA]B+ suspended
Fund Based Limits 1.50 [ICRA]B+ suspended
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
FAZE THREE: CARE Ups Rating on INR64.12cr LT Bank Loan to 'C'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Faze Three
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 64.12 CARE C Revised from
CARE D
Short term Bank Facilities 12.50 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings factors satisfactory debt servicing
track record of rated bank facilities.
The ratings, however, continue to be constrained by ongoing
default in redemption of foreign currency convertible bonds
(FCCBs) and liability towards its subsidiary under liquidation.
Faze Three Limited (FTL), promoted by Mr Ajay Anand in 1985, is an
integrated manufacturer and exporter of home furnishing textile
products mainly floor coverings, ie, bathmats, rugs, and top of
the bed, ie, blankets and throws with manufacturing facilities at
Panipat, Silvassa and Vapi. FTL exports its home furnishings
mainly to USA, UK, Germany, Mexico, Canada and other countries.
Originally promoted as a trading company, FTL came out with a
public issue during the year 1995, post which the company set up
its first plant for automotive textiles by entering into joint
venture (JV) with Aunde Achter & Ebels Gmbh, Germany, which was
later hived off in CY2000 as an independent unit and renamed as
Aunde India Limited. In 1998, FTL commenced carpet manufacturing
operations. In the following year, through collaborative agreement
with Whitley Willows, the company started Bathmat manufacturing
and dyeing plant with installed capacity of 8 million pieces at
Panipat.
The company posted a total operating income of INR216.16 crore in
FY14 as compared with INR176.76 crore in FY13.
J.R.R. CONSTRUCTION: ICRA Assigns B Rating to INR5.20cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR5.60 crore long
term fund based and non fund based bank limits of J.R.R.
Construction (P) Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Overdraft 0.40 [ICRA]B; assigned
Bank Guarantee 5.20 [ICRA]B; assigned
The rating is constrained by the small scale of operations of the
company, vulnerability of its profits to changes in prices of key
raw materials and geographic and client concentration risk as
JRR's operations are confined to road construction orders from the
Public Works Department (PWD) in Haryana. This apart, the rating
takes into account the company's limited revenue visibility with
the company having an order Book/Operating Income of 1.25 times,
as well as its stretched liquidity position as reflected in its
fully utilized fund based bank limits.
However, the rating favourably factors in the experience of the
promoters in the road construction business and the company's
modest working capital requirements leading to limited reliance on
external debt. The rating also factors in the comfortable capital
structure of the company (gearing of 0.54 times as on March 31,
2014) and moderate coverage indicators (OPBDIT/Interest of 2.82
times and Debt/OPBDIT of 0.92 times as on March 31, 2014). Going
forward, the ability of the company to augment its order book,
improve its operating scale and profitability indicators while
maintaining the working capital cycle, will be key rating
sensitivities.
Incorporated in 2004 as a private limited company, JRR is engaged
in civil construction works- primarily construction and up
gradation of roads. The company is enlisted as a Class-1
contractor (for road works) with the PWD.
Recent Results
In 2013-14, JRR reported a net profit of INR0.31 crore on an
operating income of INR15.92 crore as compared to a net profit of
INR0.15 crore on an operating income of INR4.15 crore in the
previous year.
JALARAM AGRI: ICRA Reaffirms B+/A4 Rating on INR14cr Export Loan
----------------------------------------------------------------
ICRA has reaffirmed the ratings of [ICRA]B+ and [ICRA]A4 assigned
to the INR14.00 crore (enhanced from INR7.00 crore) fund based
facility of Jalaram Agri Exports.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Export Packing Credit 14.00 [ICRA]B+/[ICRA]A4 reaffirmed
The reaffirmation of the rating takes into account the firm's weak
financial risk profile characterized by small net worth base, low
profitability and weak coverage indicators. The rating further
takes into account the exposure of the company's profitability to
any adverse regulatory changes primarily related to export
incentives; and fluctuations in availability and prices of traded
goods subject to seasonality and crop harvest.
The rating however continues to positively consider the extensive
experience of the promoter in agro commodity trading, and the
steady growth in operating revenue during FY14. The rating also
takes into account the favorable location of the firm giving it
easy access to ports for exports and the stable prospects for
export demand for various agro products.
Jalaram Agri Exports Private Limited (JAEPL) is engaged in
processing and export trading of groundnut kernels, sesame seeds
and other agro products. Earlier, the business was conducted
through a partnership firm (Jalaram Agri Exports) which was
converted into a private limited company w.e.f. August 20, 2014.
The company operates from Junagadh in Gujarat and has been
promoted by Mr. Vinaykant Kotecha and his family members who have
more than two decades of experience in agro commodity processing
and trading business.
In FY14, JAE reported an operating income of INR127.69 crore and
profit after tax of INR0.74 crore as against an operating income
of INR118.89 crore and profit after tax of INR0.45 crore during
FY13.
LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Lalsons Plyboard Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 1 CARE B+ Reaffirmed
Short term Bank Facilities 5 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Lalsons Plyboard
Private Limited (LPPL) continue to remain constrained on account
of its modest scale of operations in a highly competitive and
fragmented wood products industry, moderately weak financial risk
profile as characterized by low profit margins, leveraged capital
structure and moderate debt coverage indicators. The ratings also
continue to remain constrained on account of vulnerability of
profits to fluctuation in raw material prices and foreign exchange
rates.
The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry and
their associations with their group companies in the similar line
of business. The ratings also factor in the decline in total
operating income (TOI) in FY14 (refers to the period April 1 to
March 31) and elongation of operating cycle while improvement in
PBILDT margin and capital structure.
The ability of LPPL to increase its scale of operations and
improve profitability and capital structure with efficient working
capital management remains the key rating sensitivity.
LPPL, incorporated on October 9, 2002, was promoted by Mr Girdhar
Vidhani who spearheads the company in assistance with other family
members/directors including Mr Hemant Girdhar Vidhani, Mr Govind
Lalchand Vidhani, Ms Kanchan Vidhani and Ms Varsha Girdhar
Vidhani. The company is engaged in the manufacturing and trading
of plyboards, flush doors, block boards, core veneer and face
veneer at its manufacturing facility situated at Kutch, Gujarat.
LLPL imports its key raw material, ie, timber from Malaysia, USA
and Germany and sells the final product in Gujarat, Maharashtra,
Rajasthan and Delhi.
During FY14, LPPL reported PAT of INR0.17 crore on TOI of INR11.42
crore as against INR0.22 crore on a TOI of INR13.20 crore during
corresponding period last year.
LOTUS INFRA: CRISIL Suspends B Rating on INR320MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lotus
Infra Projects Pvt Ltd (LIPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 320 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
LIPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LIPPL is yet to
provide adequate information to enable CRISIL to assess LIPPL'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'
LIPPL, incorporated in 2005, is a part of the Raghunath group,
which has diverse business interests in various sectors including
retail and real estate development. LIPPL is developing its maiden
project, Raghunath Mall, a shopping mall-cum-hotel complex, in
Haridwar for INR 565 million. The project has a total built-up
area of 196,416 square feet (sq ft), which includes a mall with an
area of 127,925 sq ft (to be sold), a multiplex of 19,278 sq ft to
be run by Sun City Cinema, and a 3-star hotel of 49,213 sq ft to
be run by Fortune Park Hotels Ltd (an ITC-owned company). The
civil structure of the project is complete and the project, as per
the current company schedule, is expected to be operational by
September 2013.
MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahavir Transmission
Udyog Pvt Ltd (MTUPL) continue to reflect MTUPL's weak financial
risk profile marked by high gearing and weak debt protection
metrics, and small scale of operations in a highly fragmented
industry. These rating weaknesses are partially offset by the
extensive experience of MTUPL's promoters and the company's
established customer base in the aluminium conductors business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 60 CRISIL A4 (Reaffirmed)
Cash Credit 100 CRISIL B/Stable (Reaffirmed)
Letter of Credit 40 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that MTUPL will maintain a stable business risk
profile over the medium term on the back of its established
presence in the domestic aluminum conductor business. However, the
company's financial risk profile will remain constrained, marked
by leveraged capital structure and weak debt protection measures,
over the period. The outlook may be revised to 'Positive' if
MTUPL's scale of operations or margins increases significantly
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company reports significant decline in revenue growth or margins
or undertakes any large debt-funded capital expenditure.
Update
MTUPL's revenue registered healthy year-on-year growth of 58 per
cent to around INR113.65 million for 2013-14 (refers to financial
year, April 1 to March 31), driven by faster execution of orders
in hand; however, the revenue growth was offset by decline in
operating margin by around 100 basis points to 2 per cent in 2013-
14 on account of increased raw material cost. MTUPL has an order
book of INR600 million to be executed over the next 12 months;
hence, CRISIL believes that the company's topline will grow at a
healthy pace of around 15 per cent over the medium term. However,
MTUPL's operating margin is expected to remain low, in the range
of 2.8 to 3.0 per cent, over the medium term on account of high
volatility in raw material prices and the company's inability to
pass on the same fully to the customers.
The company's operations are working capital intensive, as
reflected in its estimated gross current assets (GCAs) of 118 days
as on March 31, 2014; the GCA days were at a similar level in the
past and emanate from the company's large inventory of around 40
days and receivables of 70 days. As a result, the company's bank
limit utilization has been high, averaging 97 per cent over the 12
months through September 2014.
MTUPL's net worth remains small, at INR48.8 million as on March
31, 2014, limiting its financial flexibility to meet any exigency.
The company has large debt contracted to fund its working capital
requirements; the large debt and small net worth result in high
gearing, estimated at 3.19 times as on March 31, 2014.
MTUPL was set up in 1995 by Mr. Rakesh Jain and his family members
as a partnership firm, Class Time Trading and later renamed and
reconstituted in 2004 as a private limited company. The company
commenced operations in 2004 with a manufacturing facility in
Dehradun, Uttarakhand. It is engaged in manufacturing of Aluminium
Conductor Steel Reinforced and All Aluminium Alloy.
MICA INDUSTRIES: ICRA Suspends B Rating on INR12cr FB Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.90 crore
of working capital facilities and term loans & [ICRA]A4 rating to
the INR29.00 crore of short term, non fund based facilities of
Mica Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 12.00 [ICRA]B suspended
Term Loans 3.90 [ICRA]B suspended
Non Fund Based Limits 29.00 [ICRA]A4 suspended
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
MILAN COTTEX: CARE Revises Rating on INR8.29cr LT Loan to B+
------------------------------------------------------------
CARE revised ratings assigned to bank facilities of Milan Cottex.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.29 CARE B+ Revised from
CARE B
Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Milan Cottex (MIC) is primarily on account of
stabilization of manufacturing facilities and improvement in
capital structure, debt coverage indicators and liquidity
position during FY14 (refers to the period April 1 to March 31).
The rating, however, continue to remain constrained on
account of thin profit margin with presence in the highly
fragmented cotton ginning industry coupled with susceptibility
of operating margins to cotton price fluctuation, seasonality
associated with the cotton industry and Government regulations.
The rating, continues to take comfort from the wide experience of
the partners of MIC in the cotton industry coupled with locational
advantage in terms of proximity to the cotton-growing region in
Gujarat.
The ability of MIC to increase its scale of operations, improving
its profit margins, capital structure and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.
Amreli-based (Gujarat) Milan Cottex (MIC) was formed in June 2013
as a partnership firm by six partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field of cotton ginning & pressing of cotton bales and cotton
seeds. MIC operates from its sole manufacturing facility located
in Amreli (Gujarat) and has an installed capacity of 5032 metric
tonnes per annum (MTPA) for cotton bales and 8806 MTPA for cotton
seed. MIC has started production from January 2014 hence FY15
would be the first full year of operations for the firm.
During FY14, MIC reported a TOI of INR14.97 crore and PAT of
INR0.02 crore. Furthermore, during 8MFY15, MIC has achieved TOI of
INR8 crore.
MODERN AGRO: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.50 crore long term fund based limits of Modern Agro Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 7.50 [ICRA]B+;(reaffirmed)
Based Limits
ICRA's ratings continue to take into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings and unsecured
loans. The firm's small scale of operations coupled with the low
value additive nature of the rice milling industry has resulted in
low profitability indicators. Further the lower margins with high
gearing have resulted in weak coverage indicators as reflected in
low interest coverage of 1.40 times during FY 2013-14. The rating
also takes into account the high intensity of competition in the
rice milling industry and agro climatic risks, which can affect
the availability of paddy in adverse weather conditions. However,
the proximity of the mill to major rice growing areas results in
easy availability of paddy and mitigates this risk to a certain
extent. The ratings also derive comfort from the extensive
experience of the partners in the rice industry and their strong
relationships with their customers and suppliers.
MAM was established in 2008 as a partnership firm by Mr. Nishant
Malik, Mr. Devraj Malik, Mrs. Sunita Malik and Mr. Vinod Malik.
The firm is engaged in milling of basmati rice. The firm's milling
unit located in Karnal, Haryana has an installed capacity of 8
tonnes/hour.
Recent Results
MAM reported a net profit of INR0.20 crore on an operating income
of INR31.65 crore in FY 2013-14 as compared to a net profit of
INR0.0.85 crore on an operating income of INR25.51 crore in the
previous year.
NATRAJ INDUSTRIES: ICRA Assigns B Rating to INR9cr Cash Credit
--------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR9.00 crore long term
fund based cash credit facility of Natraj Industries. ICRA has
also assigned the rating of [ICRA]A4 to the INR9.00 crore short
term non fund based facilities (sublimit to cash credit) of NI.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 9.00 [ICRA]B assigned
PC/FDBP/FUDBP (9.00) [ICRA]A4 assigned
The assigned ratings are constrained by NI's high financial risk
profile characterized by limited profitability margins on account
of the low value additive nature of firm's operations, its
leveraged capital structure on account of high working capital
requirements and low coverage indicators. The ratings also take
into account the vulnerability of the firm's profitability to
fluctuations in commodities prices and the highly fragmented
nature of industry with a large number of organised and
unorganised units resulting in high competitive intensity. ICRA
also notes that NI is a partnership and any withdrawals from the
capital account would affect its credit profile and the continuity
of operations.
The ratings also take into account the long standing experience of
the partners in trading business and firm's diversified product
profile with presence in trading of agro commodities, peanut
processing and oilseed crushing operations.
Established in 1995, Natraj Industries is owned and managed by the
Patel family. The entity is involved in trading of agro
commodities, processing of groundnuts and crushing of oilseeds.
The operations are carried out from its manufacturing facility
located at Junagadh Gujarat. The processing operations primarily
consist of cleaning, shelling, processing, grading, sorting and
packing of peanuts. The firm has an installed capacity of
processing 25-30 Metric Tons per day (MTPD) with 24 hours of
operations. The crushing operations consist of crushing oilseeds
such as cotton seeds, groundnut seeds, castor seeds to extract oil
and oil cake. The firm has an installed output capacity of
crushing 25-35 MT oil per day with 24 hours of operations. The
main commodities traded by the firm include castor seeds and oil,
groundnut seeds and oil, wheat, cotton etc.
Recent Results
For FY 2014, firm has reported an operating income of INR45.57
crore and profit after tax of INR0.24 crore as against an
operating income of INR29.99 crore and profit after tax of INR0.14
crore for FY 2013. The firm has reported an operating income of
INR10.63 crore in Q1 FY 2015 (unaudited provisional).
NAYEK AGRIPRODUCTS: ICRA Reaffirms 'D' Rating on INR9.21cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR9.21 crore term loans (enhanced from INR7.83 crore),
INR0.21 crore working capital facility and INR0.45 crore
unallocated bank limits (reduced from INR1.96 crore) of Nayek
Agriproducts Private Limited. ICRA has also assigned an [ICRA]D
rating to the INR0.13 crore short term non fund based bank limits
of the company. NAPL's unallocated bank limits are entirely
interchangeable between long term and short term.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 9.21 [ICRA]D Reaffirmed
Working Capital 0.21 [ICRA]D Reaffirmed
Bank Guarantee 0.13 [ICRA]D Assigned
Unallocated 0.45 [ICRA]D Reaffirmed
The rating reaffirmation reflects NAPL's continuing delays in
timely servicing of debt obligations, its weak financial profile
as characterised by net losses in the last two years that had
eroded the net-worth, and depressed levels of coverage indicators.
The rating also takes note of the company's small scale of
operations, notwithstanding a growth in income during 2013-14,
with a single cold storage unit, significant client concentration
risks with PepsiCo India Holdings Pvt. Ltd. being the sole tenant,
and NAPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agro commodity,
i.e. potato. The rating takes into account the long track record
of the promoters in the cold storage business, and the locational
advantage of NAPL by way of presence of it's cold storage unit in
West Bengal, a state with large potato production. In ICRA's
opinion, the ability of the company to service its debt
obligations in a timely manner would be a key rating sensitivity
going forward.
Incorporated in 2007-08, NAPL has been promoted by the Burdwan
(West Bengal) based Nayek family. The company operates a cold
storage unit, with a capacity of 19,000 metric tonnes at Memari,
Burdwan, West Bengal and is primarily engaged in the business of
storage and preservation of potatoes.
Recent Results
In 2013-14, the company reported a net loss of INR0.66 crore on an
operating income of INR2.31 crore as compared to a net loss of
INR1.64 crore on an operating income of INR1.43 crore in 2012-13.
NEW JAGAT: CRISIL Reaffirms B+ Rating on INR106MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of New Jagat Gouri Rice
Mill Pvt Ltd (NJGRMPL) continues to reflect NJGRMPL's below
average financial risk profile, marked by highly leveraged capital
structure and weak debt protection metrics and limited scale of
operations in the fragmented rice milling industry. These rating
weaknesses are partially offset by the extensive experience of
NJGRMPL's promoters in rice milling operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 9.1 CRISIL A4 (Reaffirmed)
Cash Credit 106 CRISIL B+/Stable (Reaffirmed)
Term Loan 83.7 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that NJGRMPL will continue to benefit over the
medium term from its management's extensive industry experience
and increase in its scale of operations. The outlook may be
revised to 'Positive' if the company's revenues and profitability
increase substantially, leading to an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if NJGRMPL's revenues and profitability decline substantially, or
if it undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its working capital cycle is
stretched, leading to deterioration in its financial risk profile.
Update
NJGRMPL's turnover increased to INR393 million in 2013-14 (refers
to financial year, April 1 to March 31) from INR316 million in
2012-13, due to improved capacity utilisation of the company. The
turnover of the company is expected to increase exponentially in
view of the increased capacity of the company. The firm's
operating margin has remained stable between 2.9 and 3.6 per cent
over the three years through March 2014.
NJGRMPL's operations are moderately working capital intensive,
marked by gross current assets of 85 days as on March 31, 2014
driven by high inventory holding of the company of 65 days, along
with creditors of 12 days for the same period. The firm's
financial risk profile remains below average, marked by a low net
worth and moderate gearing; it's net worth and gearing were at
INR59 million and 1.98 times, respectively, as on March 31, 2014.
NJGRMPL's total debt of INR116 million comprises of INR66 million
of term loan and the remaining is short-term working capital bank
borrowings. Modest operating margin has led to average debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios at 1.70 times and 0.04 times, respectively,
for 2013-14.
NJGRMPL registered a profit after tax (PAT) and net sales of INR3
million and INR393 million, respectively, for 2013-14 (Rs.3
million and INR316 million, respectively, for 2012-13).
NJGRMPL was originally set up in 2007 as a partnership firm; the
firm was reconstituted as a private limited company in March 2013.
The company is engaged in milling and processing of paddy into
rice, rice bran, broken rice, and husk. It has paddy milling
capacity of 4 tonnes per hour at Burdwan (West Bengal). Its day-
to-day operations are being managed by Mr. Soumen Kesh and his
family.
NIRALA RICE: CRISIL Reaffirms B+ Rating on INR46MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its' ratings to the bank facilities of Nirala
Rice Mill Pvt Ltd (NRMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 46 CRISIL B+/Stable (Reaffirmed)
Standby Line of 5 CRISIL B+/Stable (Reaffirmed)
Credit
Term Loan 8 CRISIL B+/Stable (Reaffirmed)
The rating reflects NRMPL's modest scale of operations and
exposure to intense competition in the rice milling industry along
with its below-average financial risk profile. These rating
weaknesses are partially offset by the experience of NRMPL's
promoters in the rice milling industry.
Outlook: Stable
CRISIL believes that NRMPL will continue to benefit from the
extensive experience of its promoters in the rice milling industry
over the medium term. The outlook may be revised to 'Positive' if
NRMPL increases its scale of operations and profitability or in
case of significant capital infusion, leading to overall
improvement in the company's financial risk profile. Conversely,
the outlook may be revised to 'Negative' if NRMPL's revenues and
profitability decline substantially; or if its working capital
management weakens or in case of any significant debt-funded capex
plans by the company.
Update:
NRMPL's turnover is estimated to be INR333 million for 2013-14
(refers to financial year, April 1 to March 31) from INR290
million for 2012-13. The operating margin has remained in the
range of 4.4-5.6 per cent over the past three years ended March
2014, with operating margin estimated to be 4.4 per cent for 2013-
14.
NRMPL's operations are moderately working capital intensive,
marked by estimated gross current assets of 86 days, along with
inventory, receivables and creditors estimated at 68 days, 12 days
and 14 days, respectively as on March 31, 2014. The firm's
financial risk profile remains below average, marked by a small
net worth estimated at INR33 million and moderate gearing of 1.60
times as on March 31, 2014. Its estimated total debt of INR53
million largely comprises of short-term working capital bank
borrowings. NRMPL's low operating margin has led to average debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios estimated at 2.24 times and 0.14 times,
respectively, for 2013-14.
Incorporated in 2009, NRMPL is engaged in the milling and
processing of parboiled rice. Its rice mill is located near
Bardhaman (West Bengal). The company's day-to-day operations are
managed by Mr. Soumen Kesh.
ORBIT ARTISANS: CARE Cuts Rating on INR8.20cr ST Loan to 'D'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Orbit Artisans
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 6.50 CARE D Revised from
CARE BB
Short term Bank Facilities 8.20 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Orbit Artisans Private Limited (OAPL) were primarily on account of
various instances of irregularities in its debt servicing and
invocation of bank guarantees owing to the stressed liquidity
position.
Establishing a track record of timely debt servicing along with
improvement in the liquidity position is the key rating
sensitivity.
OAPL was incorporated on August 11, 1997, and took over a
partnership firm of the promoters as going concern, which was
operational since 1993. OAPL is engaged into industrial civil and
mechanical work and construction activities. OAPL has worked for
various industries including refineries, petrochemicals, power
plants, steel plants, etc, and also for government bodies and has
well-known clientele such as Reliance Industries Limited (RIL),
Essar group, Bhilwara group, HEG, Hindustan Zinc Limited (HZL),
Adani Power Limited (APL), etc.
OAPL is a registered 'AA' class (highest in the scale of AA to E)
contractor from Road and Building Department (R&B), with
Government of Gujarat (GoG) and also an accredited member of
Construction Industrial Development Council (CIDC), Delhi, for
execution of civil and mechanical works.
During FY14 (refers to the period April 1 to March 31), OAPL
reported PAT of INR0.47 crore on a TOI of INR16.90 crore as
against PAT of INR0.69 crore on TOI of INR23.07 crore during
corresponding period last year.
RAGHAVA PROJECT: CRISIL Assigns B- Rating to INR32.5MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Raghava Project Constructions Private
Limited Pvt Ltd (RPCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 7.5 CRISIL B-/Stable
Bank Loan Facility
Bank Guarantee 32.5 CRISIL A4
Overdraft Facility 25 CRISIL B-/Stable
The ratings reflect RPCPL's modest scale of operations in the
intensely competitive civil construction industry, revenue
concentration risks and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
benefits that the company derives from the promoter's extensive
industry experience and its moderate financial risk profile albeit
constrained by small net worth.
Outlook: Stable
CRISIL believes that RPCPL will continue to benefit over the
medium term from the industry experience of its promoters in the
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability resulting in higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative', if the company undertakes larger than expected debt-
funded capital expenditure or in case of decline in revenues and
profitability leading to deterioration in its financial risk
profile.
Incorporated in 2012, RPCPL undertakes execution of civil
contracts in Andhra Pradesh. The company is promoted by Mr.B.
Raghava Rao.
For 2013-14, (refers to financial year, April 1 to March 31),
RPCPL reported a profit after tax (PAT) of INR11.7 million on net
sales of INR291.5 million, against a net loss of INR0.2 million on
net sales of INR36.2 million for 2012-13.
SAI LAKSHMI: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL rating to the bank facilities of Sai Lakshmi Venkateswara
Raw and Boiled Rice Mill (SLVR) continues to reflect SLVR's weak
financial risk profile, marked by a small net worth, a high
gearing, and weak debt protection metrics, and exposure to intense
competition in the rice milling industry. These rating weaknesses
are partially offset by the extensive industry experience of
SLVR's promoter.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 4 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SLVR will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company improves its scale of
operations and profitability, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SLVR undertakes aggressive debt-funded expansions,
or if its revenues and profitability decline substantially,
thereby weakening its financial risk profile.
SLVR, set up in 2009, is in the business of milling and processing
paddy into rice, rice bran, broken rice, and husk. It is promoted
by Mrs. Somavarupu Kameshwaramma. The day-to-day operations of the
firm are managed by Mr. Somavarupu Narahari Reddy and Mr.
Somavarupu Sudheer Reddy.
SLVR reported profit after tax (PAT) of INR0.7 million on net
sales of INR347 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR241 million for 2012-13.
SAVLA FOODS: ICRA Cuts Rating on INR72.15cr Term Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating for the INR72.15 crore term
loan and INR2.50 crore long-term, fund based facilities of
Savla Foods and Cold Storage Private Limited to [ICRA]D from
[ICRA]BB-.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, term 72.15 Revised to [ICRA]D from
loans [ICRA]BB- (Stable)
Long-term, fund- 2.50 Revised to [ICRA]D from
based facilities [ICRA]BB- (Stable)
The rating revision reflects the delays in debt servicing as the
company was unable to recover the advances to group companies on
time.
Savla Foods and Cold Storage Private Limited owns cold storage
facilities at Turbhe, Navi Mumbai with a total capacity of 2.7
million cubic feet (~28,000 MT) The company is promoted by the
Savla family and is closely held. The Savla family is the promoter
of the Benzer group which apart from cold storage has presence
also in retail, manufacturing, jewellery and real estate. The
flagship company of the group is Benzer Departmental Stores
Private Limited which runs the Benzer chain of retail stores. The
Group owns and manages the Center One mall in Vashi, Navi Mumbai.
Recent results:
SFCPL reported a net profit of INR0.38 crore on an operating
income of INR21.2 crore in FY14 as against a net loss of INR2.1
crore on an operating income of INR23.4 crore in FY13.
SHIRIN FOODS: CRISIL Suspends B Rating on INR87.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shirin
Foods Ltd (SFL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 17 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 45.5 CRISIL B/Stable
Term Loan 87.5 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by SFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SFL is yet to
provide adequate information to enable CRISIL to assess SFL'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'
SFL is a closely held public limited company engaged in processing
and export of frozen meat; the company operates from a leased
processing house-cum-cold store in Agra (Uttar Pradesh). SFL was
established by Mr. Najmu Sakib, Mr. Mohd. Yusuf Ahmed and Smt.
Khurishida Begum in 2005. The promoters source and process
commodities, packed under the Shirin brand. The company proposes
to discontinue its meat processing business in 2013-14 and start
marine food processing in Howrah (West Bengal), for which, it is
setting up a manufacturing facility, which is expected to be
complete by December 2013.
SHREE BISHNU: CRISIL Reaffirms B- Rating on IN83.5MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Bishnu Feed
Industries (SBFI; part of Shree Bishnu group) continues to reflect
Shree Bishnu group's vulnerability to risks inherent in the
poultry industry and intense competition, working capital
intensive nature of operations and weak financial risk profile
marked by a modest net worth, high gearing, and subdued debt
protection metrics. These rating weaknesses are partially offset
by the benefits that the company derives from its proprietors'
extensive experience in the poultry industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 83.5 CRISIL B-/Stable (Reaffirmed)
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SBFI and Bhagat Poultry Farms Pvt Ltd
(BPFPL), together referred to as the Shree Bishnu group. This is
because both these entities are managed by common promoters and
have significant operational linkages.
Outlook: Stable
CRISIL believes that the Shree Bishnu group will continue to
benefit over the medium term from its proprietors' extensive
experience in the poultry business The outlook may be revised to
'Positive' in case there is significant and sustained improvement
in the company's revenues and profitability, while improving its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in the company's revenues or profitability margins or
large debt funded capex resulting in a weakening in its financial
risk profile.
SBFI was established in 1995 as the proprietorship concern of Mr.
Bharatji Prasad. The concern is engaged in manufacturing of
poultry, cattle feed, and hatched chicks. SBFI also trades in
maize grain and soya bean de-oiled cakes. SBFI's manufacturing
facility is in Howrah (West Bengal).
BPFPL, incorporated in 2000 and promoted by Mr. Bharatji Prasad,
is in the poultry business and produces broiler chickens. It has
two units in Burdwan and Suri (West Bengal).
SINGLACHERRA TEA: CARE Assigns B Rating to INR11.56cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Singlacherra Tea Company Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11.56 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of Singlacherra Tea
Company Private Limited (STCPL) is constrained by the relatively
small size of its tea garden, pre and post implementation risk
associated with its large brownfield project, inherent
susceptibility to the vagaries of nature, labour intensive nature
of its operations and weak financial risk profile marked by weak
debt protection metrics, leveraged capital structure with expected
further deterioration. The rating, however, derives strength from
the rich experience of the promoters with strong management team,
assured off-take arrangement and stable demand outlook of the tea
industry.
Timely & successful completion of the ongoing project and STCPL's
ability to achieve the envisaged turnover & profit levels will be
the key rating sensitivities.
STCPL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam). The aggregate area available for
cultivation is 772 hectares; of which, the present area under
cultivation is only 293.38 hectares. Hence, STCPL is currently
developing the balance 478.62 hectares of unutilised land at an
aggregate project cost of INR1839 lakh, being financed at a debt
equity ratio of 1.69:1. The entire available land is likely to be
developed by 2018.
STCPL is a part of Barak group, having interests in cement, power
and tea industries, promoted by Mr Prahlad Rai Chamaria, Mr Bijay
Kumar Garodia and Mr Santosh Kumar Bajaj.
As per the audited results for FY14 (refers to the period April 1
to March 31), STCPL reported PBILDT & Net Loss of INR3.62 lakh
(INR4.72 lakh in FY13) and INR2.32 lakh (INR1.64 lakh in FY13)
respectively on total income of INR27.32 lakh (INR30 lakh in
FY13).
SKYVIEW CERAMIC: ICRA Assigns 'B' Rating to INR3cr Term Loan
------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR3.00 crore long term
fund based term loan and INR2.50 crore cash credit facility of
Skyview Ceramic.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 2.50 [ICRA]B assigned
Term Loan 3.00 [ICRA]B assigned
The assigned rating is constrained by the market risk associated
with the greenfield venture; the possible stress on debt servicing
ability in case of slower than anticipated ramp up of operations;
and the highly fragmented industry with competition from organized
and unorganized players. The rating also takes into account the
susceptibility of the firm's profitability to volatility in raw
material and fuel prices and the cyclicality inherent in the real
estate sector, which is the main consuming sector for the tile
industry. ICRA also notes that SC is a partnership concern and any
substantial withdrawal from capital account would have a potential
adverse impact on capital structure and hence on the credit
profile of the firm.
The rating, however, favorably factors in the longstanding
experience of the promoters in the ceramic tile industry; and
locational advantage as the firm is located in the tile
manufacturing hub of the country viz, Morbi, Gujarat. The ratings
also factors in the stable demand outlook for ceramic tile
industry which is the main consuming sector for body clay.
Skyview Ceramic (SC) was established in September 2013 as a
partnership firm consisting of sixteen partners. SC has set up the
plant for manufacturing of body clay (slurry) using spray dryer
technology. The manufacturing facility is located in Morbi,
Gujarat and has an installed capacity of 1,20,000 MT per annum.
SRV TELECOM: CRISIL Suspends B- Rating on INR92MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of SRV
Telecom (P) Ltd (SRV).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 80 CRISIL A4
Cash Credit 92 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 28 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by SRV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRV is yet to
provide adequate information to enable CRISIL to assess SRV'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'
SRV, based in Bengaluru (Karnataka) and promoted by Mr. E K
Surendran, was incorporated in 1995. It started operations as a
manufacturer of telecom equipment and electronic products such as
phones with caller identification, electronic push-button
telephones, fixed wireless telephones, patch cords and pigtails,
and coin box telephones.
THOTA COLDCEL: CRISIL Suspends B Rating on INR45MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Thota
Coldcel Pvt. Ltd (TCC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 17.5 CRISIL A4
Cash Credit 30 CRISIL B/Stable
Letter of Credit 15 CRISIL A4
Proposed Long Term
Bank Loan Facility 2.5 CRISIL B/Stable
Term Loan 45 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by TCC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TCC is yet to
provide adequate information to enable CRISIL to assess TCC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Established in 2009, TCC is involved in the manufacture of power
transformers, commercial coolers and deep freezers. The company is
promoted and managed by Mr.V.Thota and commenced its commercial
production during 2012-13 (refers to financial year from April 1
to March 31).
VASISTA EDUCATIONAL: CRISIL Suspends D Rating on INR138.4MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Vasista Educational Society (VES).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL D
Long Term Loan 138.4 CRISIL D
The suspension of ratings is on account of non-cooperation by VES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VES is yet to
provide adequate information to enable CRISIL to assess VES'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 2000 by Mr. K V Satyanarayana, VES runs various
educational institutions in Seetharamapuram (Andhra Pradesh).
VENKATESHWARA INDUSTRIES: CRISIL Suspends B+ INR52.5M Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Venkateshwara Industries (VI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52.5 CRISIL B+/Stable
Letter of Credit 6.3 CRISIL A4
SME Credit 2.5 CRISIL B+/Stable
Term Loan 18.7 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by VI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VI is yet to
provide adequate information to enable CRISIL to assess VI'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 Warangal District, Andhra Pradesh, VI processes paddy
into rice. The firm processes both raw and parboiled rice of the
non-basmati variety. The firm was set up in 2005-06 as a
partnership firm by Mr. V Kiran Kumar.
VICKY FASHION: ICRA Suspends B Rating on INR5cr LT Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B rating outstanding on the INR5.00
crore long-term, fund based facilities and [ICRA]A4 rating
outstanding on the INR20.00 crore short-term, fund based
facilities of Vicky Fashion Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
VIDHANI VENEERS: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Vidhani
Veneers Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 1 CARE B+ Reaffirmed
Short term Bank Facilities 4.80 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Vidhani Veneers
Private Limited (VVPL) continue to remain constrained on account
of its modest scale of operations in a highly competitive and
fragmented wood products industry, moderately weak financial risk
profile as characterized by moderate profit margins and debt
coverage indicators. The ratings also continue to remain
constrained on account of vulnerability of profits to fluctuation
in raw material prices and foreign exchange rates.
The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry and
their associations with their group companies in the similar line
of business. The ratings also factors in the increase in total
operating income (TOI) in FY14 ( refers to the period April 1 to
March 31) and marginal fall in PBILDT margin and solvency position
with further elongation of working capital cycle of the company.
The ability of VVPL to increase its scale of operations, improve
its profitability and capital structure with efficient working
capital management remains the key rating sensitivity.
VVPL was incorporated in Gujarat on August 1, 2006 and was
promoted and directed by Mr Jay Vidhani in assistance with
Mr Girdhar Vidhani, Mr Romesh Vidhani and Mr Govind Lalchand
Vidhani. VVPL manufactures veneers, ply boards, flush board, and
block boards and is also engaged in the trading of pine timber and
fire wood. The Vidhani family is in this line of business since
the last 15 years. Lalsons Plyboard Private Limited (LPPL; rated
CARE B+/ CARE A4) and Ishwari Wood Products Pvt. Ltd. (IWPPL) are
the sister concerns of VVPL. While, LLPL was incorporated in 2002
and operates in the same line of business as VVPL, IWPPL has
started operations in FY13 and is engaged in the trading of wood
work machinery.
From April 2014 onwards, VVPL solely concentrates on trading
activities and its manufacturing operations are discontinued for
increasing the scale of operations of its group company LPPL. VVPL
imports its key raw material i e timber from Malaysia, USA and
Germany and sells the final product in Gujarat, Maharashtra,
Rajasthan and Delhi.
During FY14, VVPL reported PAT of INR0.13 crore on a total
operating income of INR12.27 crore as against PAT of INR0.19
crore on TOI of INR10.22 crore during the corresponding period
last year.
VIMAL CHHAGANLAL: CRISIL Assigns B Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vimal Chhaganlal Jewellers Pvt Ltd (Vimal).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 50 CRISIL B/Stable
The rating reflects the company's below-average financial risk
profile, marked by small net worth, weak debt protection metrics,
and weak capital structure. The rating also factors in Vimal's
modest scale of, and working-capital-intensive, operations with
low profitability. These rating weaknesses are partially offset by
the benefits that Vimal derives from its promoters' extensive
experience in the jewellery industry and their funding support.
Outlook: Stable
CRISIL believes that Vimal will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accruals or sizeable funding support from the promoters leading to
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of further deterioration in
the financial risk profile, especially liquidity, due to high
working capital requirements or low cash accruals.
Vimal was promoted in 2010-11 (refers to financial year, April 1
to March 31) by Mr. Vimal Seth and his family. The company
manufactures gold ornaments.
VINYAS INNOVATIVE: CRISIL Withdraws B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on Vinyas Innovative Technologies
Pvt Ltd's (VITPL's) bank loan facilities of INR299.0 million, at
the company's request and after obtaining a no-dues certificate
from its banker.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4(Notice of Withdrawal)
Cash Credit 100 CRISIL B+/Stable Withdrawal
Letter of Credit 70 CRISIL A4 Withdrawal
Long Term Loan 20 CRISIL B+/Stable Withdrawal
Proposed Export
Packing Credit 30 CRISIL A4 Withdrawal
Proposed Long Term
Bank Loan Facility 79 CRISIL A4 Withdrawal
CRISIL has also placed its rating on the company's other short-
term bank loan facility of INR1 million on 'Notice of Withdrawal'
for 60 days, on the company's request. CRISIL will withdraw the
rating on this facility at the end of the notice period, in line
with its policy on withdrawal of ratings on bank loans.
VITPL was set up in 2001 by Mr. N Narendra. It primarily assembles
printed circuit board components. The company also provides system
integration services to specific clients.
WIN CARS: CRISIL Suspends B Rating on INR70MM Cash Credit
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Win Cars Pvt Ltd (WCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash Credit Limit 70 CRISIL B/Stable
Proposed Term Loan 30 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by WCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WCPL is yet to
provide adequate information to enable CRISIL to assess WCPL'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 2012, WCPL is setting up an auto dealership showroom in
Nagercoil district. The company is promoted by Mr. P Alwin.
=================
I N D O N E S I A
=================
BANK MUTIARA: J Trust Infuses Up to IDR1.3 Trillion in Capital
--------------------------------------------------------------
The Jakarta Post reports that J Trust Co. Ltd., the major
shareholder of PT Bank Mutiara, is injecting the lender with more
capital, up to IDR1.3 trillion within the next four years.
Earlier, the Japanese company had already given the bank IDR300
billion and the remaining IDR1 trillion will be provided in
phases, the report says.
The Jakarta Post relates that in the first phase, IDR350 billion
will be disbursed in the first quarter of 2015. The lender will
then receive two payments of IDR200 billion each in 2016 and in
2017. The last disbursement of IDR250 billion will be made in
2018, the report states.
"J Trust wants to strengthen the lender by injecting capital,"
Bank Mutiara president director Ahmad Fajar said as quoted by
Antara on December 30, The Jakarta Post relays.
According to the report, the capital will be used to prepare
supporting infrastructure for the expansion of the lender's
business in consumer finance, as well as in small and medium scale
financing.
The Jakarta Post relates that Mr. Ahmad said the lender would not
be too expansive in disbursing credit to consumers, but rather
would be careful.
"Japan is conservative, so we don't want to be too expansive [in
business]," he added.
He said Bank Mutiara would build partnerships with property
developers to engage in credit syndication, particularly for
mortgages.
Based in Jakarta, Indonesia, Mutiara Bank, formerly known as PT
Bank Century Tbk -- http://www.mutiarabank.co.id/-- was a
financial institution. The Bank's products and services include
deposits, savings, loans, mutual funds, bank notes, export and
import financing, credit and commercial banking.
Bank Century was a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion). The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector. The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2014, Reuters said Indonesia's financial regulator has
approved Japanese finance company J Trust's proposed purchase of
Bank Mutiara, two officials said on November 11. According to
Reuters, the Indonesian Deposit Insurance Corporation or Lembaga
Penjamin Simpanan (LPS) started a public bidding process for its
99.996 percent interest in Bank Mutiara in April 2014.
=========
J A P A N
=========
TAKATA CORP: Picks New General Counsel For North American Unit
--------------------------------------------------------------
Jiji Press reports that embattled air bag supplier Takata Corp.
said it has hired lawyer Bruce Angiolillo to oversee its legal and
regulatory matters in North America.
Mr. Angiolillo was named general counsel at TK Holdings Inc., a
North American unit of Takata, effective on December 25, the
report relates.
"He will play an integral role in Takata's continued efforts to
work cooperatively with the National Highway Traffic Safety
Administration and other regulators to resolve all outstanding
issues related to the safety campaigns associated with certain
Takata air bag inflators," the company said December 30.
According to the report, Mr. Angiolillo said Takata "is clearly
facing some challenges, but also has significant opportunities
ahead of it to regain the full confidence of the public and
customers."
"I am eager to help identify and pursue solutions that are in the
best interests of the driving public and are fully aligned with
our customers and regulators," the report quotes Mr. Angiolillo as
saying.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags. The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.
According to the report, Takata's revenue in the first half of its
fiscal 2015 was just above $2.5 billion. It would barely make the
Fortune 500, said 24/7 Wall St. Due to its modest size, hundreds
of millions of dollars in repairs and recalls and billions of
dollars in liabilities for drivers harmed by its airbags could
easily render it insolvent, according to
24/7 Wall St.
Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.
====================
S O U T H K O R E A
====================
DONGBU CORPORATION: Files For Court Receivership
------------------------------------------------
Yonhap News reports that Dongbu Corporation, a financially
troubled construction arm of South Korea's 18th-largest
conglomerate Dongbu Group, said on Dec. 31, 2014, it has filed for
court receivership.
"Our company has applied for the court receivership program with
the Seoul Central District Court," Dongbu said in its regulatory
filing, Yonhap relays.
Yonhap says Dongbu Group, whose business portfolio ranges from
insurance and construction to steelmaking, has been under pressure
from its creditors to beef up its worsening financial status.
The builder has accumulated debts totaling KRW137 billion
(US$125.9 million) due to mature by the end of 2016, with retail
investors accounting for KRW23 billion, Yonhap discloses.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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.
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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 2015. 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 ***