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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, April 10, 2015, Vol. 18, No. 070
Headlines
A U S T R A L I A
C.B.D. MAINTENANCE: Creditors' Meeting Set For April 16
COFFS HARBOUR: First Creditors' Meeting Set For April 16
PARVA INVESTMENTS: First Creditors' Meeting Set For Apr. 16
STEEN CONSTRUCTIONS: Creditors' Meeting Slated For April 17
C H I N A
CHINA AOYUAN: Placement of USD Notes No Impact on Moody's B2 CFR
I N D I A
AADITYA KRAFT: CRISIL Assigns B Rating to INR140MM Term Loan
ARIYANAYAKI AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr FB Loan
ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR130MM Loan
BAFNA HOSPITAL: CRISIL Reaffirms D Rating on INR480MM Term Loan
BALAGANAPATHI AGRO: CRISIL Assigns B Rating to INR60MM LT Loan
CYBERABAD EXPRESSWAYS: CRISIL Reaffirms D Rating on INR3.7BB Loan
DEVICOLAM DISTILLERIES: CRISIL Puts B- Rating on INR48MM Loan
DIGIFLIC CONTROLS: ICRA Assigns 'SP 3D' Grading
DUNAR FOODS: CRISIL Suspends D Rating on INR2.15BB Cash Credit
ELLUME SOLAR: ICRA Assigns SP 4D Grading on Weak Fin'l Strength
GOURANGA COLD: CRISIL Ups Rating on INR82MM Cash Loan to B-
GURU NANAK: CRISIL Assigns B- Rating to INR90MM Cash Credit
HARIOM FLEXIPACK: ICRA Reaffirms B Rating on INR4.55cr Term Loan
HEMKUNT RICE: CRISIL Assigns B+ Rating to INR50MM Cash Credit
JNK INDIA: ICRA Suspends B+ Rating on INR2cr Capital Loan
K.G. INDUSTRIES: CRISIL Rates INR185M Loan B on Weak Risk Profile
K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
K.R. PADMANABHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
KAIZEN INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
KNIGHT QUEEN: CRISIL Assigns B+ Rating to INR56.2MM Cash Loan
KRIFOR INDUSTRIES: ICRA Reaffirms B Rating on INR34.4cr Term Loan
KSL CONSTRUCTION: ICRA Suspends D Rating on INR15cr Bank Loan
M. K. STONE: CRISIL Ups Rating on INR20MM Cash Loan to B-
M. M. RICELAND: CRISIL Rates INR39.5MM Cash Loan at B
MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
MAHADEV YARN: CRISIL Assigns B+ Rating to INR121.2MM LT Loan
MEGADIMENSION INFRA: CRISIL Rates INR80MM LT Bank Loan at B+
METRO CITY: ICRA Ups Rating on INR7.75cr Cash Loan to B
NAVIYA TECHNOLOGIES: ICRA Assigns SP 3D Grading
NIHAR COTSPIN: CRISIL Assigns B Rating to INR50MM Term Loan
P. SRI: CRISIL Assigns B Rating to INR100MM Cash Credit
PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
PRESSURE VESSELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
PROTEX CERAMIC: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
RIGA CERAMICA: CRISIL Assigns B+ Rating to INR59.8MM Term Loan
RLJ INFRACEMENT: CRISIL Reaffirms B Rating on INR98.8MM Loan
S. D. GURAV: CRISIL Assigns D Rating to INR60MM Overdraft Loan
SHREE HANUMAN: CRISIL Assigns B Rating to INR60MM Cash Loan
SHRI THANGAM: CRISIL Keeps B Rating on INR80MM LT Loan
SINGER IMPEX: CRISIL Assigns B+ Rating to INR55MM Cash Credit
SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
SRI SAI: ICRA Cuts to D Then Suspends Rating on INR11cr Loan
SVSVS PROJECTS: CRISIL Suspends B+ Rating on INR25MM Cash Loan
TIRUPATI BALAJI: CRISIL Assigns B Rating to INR85MM Term Loan
TREZEROIL AGROTECH: CRISIL Assigns D Rating to INR65MM Cash Loan
M A L A Y S I A
1MALAYSIA: Prokhas to Help Firm With Cashflow Troubles
S I N G A P O R E
AVAGO TECHNOLOGIES: Fitch Affirms 'BB+' IDR; Outlook Stable
S O U T H K O R E A
* SOUTH KOREA: Puts 41 Conglomerates Under Watch
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
C.B.D. MAINTENANCE: Creditors' Meeting Set For April 16
-------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Administrators of C.B.D. Maintenance Services Pty Ltd
on April 2, 2015.
A meeting of creditors will be held at 10:30 a.m. on April 16,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.
COFFS HARBOUR: First Creditors' Meeting Set For April 16
--------------------------------------------------------
David Morgan and Morgan Chubb of Clout & Associates were appointed
as administrators of Coffs Harbour Catholic Recreation & Sporting
Club Limited, formerly Trading As Club Coffs on West High, on
April 2, 2015.
A first meeting of the creditors of the Company will be held at
Novatel Pacific Bay Resort, Cnr Bay Drive & Pacific Highway, on
Coffs Harbour, on April 16, 2015, at 11:00 a.m.
PARVA INVESTMENTS: First Creditors' Meeting Set For Apr. 16
-----------------------------------------------------------
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Parva Investments Pty Ltd, trading
as Autobarn Ballarat, on April 7, 2015.
A first meeting of the creditors of the Company will be held at
the offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn
East, on April 16, 2015, at 10:00 a.m.
STEEN CONSTRUCTIONS: Creditors' Meeting Slated For April 17
-----------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed
Joint and Several Liquidators of Steen Constructions Pty Ltd on
April 7, 2015.
A meeting of creditors will be held at 10:30am on April 17, 2015,
at Clifton Hall, Level 3, 431 King William Street, Adelaide.
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C H I N A
=========
CHINA AOYUAN: Placement of USD Notes No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Aoyuan Property Group
Limited's private placement of notes totaling USD100 million will
not immediately impact its B2 corporate family rating or B3 senior
unsecured bond rating.
On April 1, 2015, China Aoyuan announced that it had entered into
a purchase agreement with Harbor Sure (HK) Investments Limited
(unrated) -- a subsidiary of ABC International Holdings Limited
(unrated) -- to issue USD100 million notes due 2018 at 9.25%.
"The notes will improve China Aoyuan's liquidity profile and
lengthen the average tenure of its debt portfolio, because a large
portion of the proceeds will be used for debt refinancing," says
Fiona Kwok, a Moody's Analyst.
China Aoyuan's cash on hand, inclusive of unrestricted cash, of
RMB5.9 billion at end-2014, together with the notes totaling
USD100 million (RMB620 million), and its operating cash flow over
the next 12 months will be sufficient to cover its short-term debt
of RMB4.5 billion and unpaid land purchases of RMB2.0 billion,
including the site in Australia acquired in March 2015.
Its cash to short-term debt was at 1.3x at end-2014.
Besides, because a portion of the proceeds will be used to
refinance offshore debt secured by onshore deposits, onshore
deposits will be released to supplement the unrestricted cash
position of RMB2 billion at end-2014.
In addition, the issuance can help lower the company's short-term
debt level and improve its debt maturity profile.
At end-2014, China Aoyuan's short-term debt to gross debt was
high, at 39%.
Overall, China Aoyuan's 2014 results were in line with Moody's
expectations. Its adjusted EBITDA/interest and revenue/adjusted
debt were around 1.1x and 52% respectively at end-2014.
Moody's expects China Aoyuan's revenue to rise in 2015, supported
by its contracted sales of RMB10-RMB12 billion over the last two
years from RMB5.3 billion during 2012.
Consequently, while the company's debt levels will rise to fund
its expansion, Moody's expects that China Aoyuan's credit metrics
will remain stable. In particular, its EBITDA/interest and
revenue/adjusted debt should stay at around 1.1x-1.2x and 50%-55%
respectively. Such results position the company at its B2 rating
level.
Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen.
As of December 31, 2014, the company had 45 projects in seven
provinces, including Guangdong Province and Chongqing city, with a
total land bank of 12.31 million square meters of gross floor
area.
=========
I N D I A
=========
AADITYA KRAFT: CRISIL Assigns B Rating to INR140MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aaditya Kraft & Papers Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable
Term Loan 140 CRISIL B/Stable
The rating reflects AKPPL's exposure to risks related to
implementation of its ongoing project of setting up a kraft paper
unit. The rating also factors in AKPPL's start-up phase and
expected small scale of operations in the highly fragmented and
intensely competitive industrial paper segment. These rating
weaknesses are partially offset by the entrepreneurial experience
of the promoters and their funding support.
Outlook: Stable
CRISIL believes that AKPPL will benefit over the medium term, from
the promoters' entrepreneurial experience and funding support. The
outlook may be revised to 'Positive' if the company completes the
project within the stipulated time and cost, and generates strong
revenue and profitability, resulting in sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if delay in
completion of project and stabilisation of operations leads to low
revenue and profitability; or if large working capital
requirements or debt-funded capital expenditure (capex) weakens
AKPPL's financial risk profile, particularly liquidity.
AKPPL, incorporated in 2012 by Mr. Bibekananda Behara and family,
manufactures kraft paper. The company's manufacturing facility is
located in the outskirts of Cuttack (Orissa); it is expected to
commence commercial production from January 2016.
ARIYANAYAKI AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Ariyanayaki Agro Foods International (AAFI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 10 CRISIL B+/Stable
Long Term Loan 12.7 CRISIL B+/Stable
Cash Credit 70.0 CRISIL B+/Stable
Key Cash Credit 7.3 CRISIL B+/Stable
The rating reflects AAFI's weak financial risk profile, marked by
modest net worth and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of AAFI's promoter in the rice milling
business.
Outlook: Stable
CRISIL believes that AAFI will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and operating profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AAFI undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.
Set up in 1995 as a proprietorship firm, AAFI is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. The firm is promoted by Mr. K. Sivaprakasam and is
based out of Pallathur (Tamil Nadu).
AAFI reported a profit after tax (PAT) of INR1.0 million on net
sales of INR 254.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR187.5 million for 2012-13.
ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr FB Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B outstanding
on the INR11.27 crore (revised from INR17.97 crore) term loans,
the INR20.00 crore fund based facilities and the INR6.7 crore
proposed facilities of Aruppukottai Shri Ramalinga Spinners
Private Limited. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 outstanding on the INR1.84 crore non-fund based
facilities of the Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: Term loans 11.27 [ICRA]B/re-affirmed
Long-term: Fund based
Facilities 20.00 [ICRA]B/re-affirmed
Long-term: Proposed
facilities 6.70 [ICRA]B/re-affirmed
Short-term: Non-fund
based facilities 1.84 [ICRA]A4/re-affirmed
The rating action takes into consideration the promoter's
significant experience in the spinning industry and the continuous
financial support extended by the group company, Shri Ramalinga
Mills Limited (rated [ICRA]BB (stable)/[ICRA]A4+). In 2013-14, the
promoters had infused equity to the tune of INR3.0 crore which
aided in shoring up the net worth position; however, the capital
structure continues to be weak with gearing remaining high at 9.2
times as on March 31, 2014, and the coverage indicators remain
stretched. The Company's revenues and profitability are exposed to
volatility in cotton and yarn prices, and fluctuations in forex
rates. The ratings are further constrained by the limited scale of
operations, restricting its financial flexibility and price
competitiveness, given the highly fragmented structure of the
domestic spinning industry. Amid a sluggish demand scenario in the
current fiscal resulting in a sharp decline in yarn prices, the
Company's ability to protect its profit margins and generate
healthy cash flows becomes the key rating sensitivity.
Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited Company in June 1999 with an
object of establishing spinning and textile mills.
ASRSPL was a wholly owned subsidiary of Shri Ramalinga Mills
Limited; however, with the change in share holdings in 2013-14,
the Company is currently being held by the promoters. The Company
commenced its production in November 2003 and currently operates
as a cotton spinning unit in Aruppukottai, Tamil Nadu with an
installed capacity of 69,312 spindles.
Recent Results
The Company reported a net profit of INR4.1 crore on an operating
income of INR96.6 crore in 2013-14, as against a net loss of
INR0.04 crore on an operating income of INR91.7 crore in 2012-13.
ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atlantic Shipping Pvt
Ltd (ASPL) continue to reflect ASPL's below-average financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics, and the company's susceptibility to economic
downturns. These rating weaknesses are partially offset by ASPL's
established market position in the port agency services business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL A4 (Reaffirmed)
Cash Credit 80 CRISIL B+/Stable (Reaffirmed)
Overdraft Facility 10 CRISIL B+/Stable (Reaffirmed)
Term Loan 130 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that ASPL's financial risk profile will remain
weak over the medium term, constrained by its weak capital
structure. The outlook may be revised to 'Positive' if ASPL's
capital structure improves, most likely driven by substantial
equity infusion by its promoter, or sustained increase in
profitability and accretion to reserves. Conversely, the outlook
may be revised to 'Negative' in case of stretch in ASPL's working
capital cycle, or more-than-expected funding support to associate
concerns, or large debt-funded capital expenditure.
Update
ASPL started catering to offshore segment in 2013-14, which gained
momentum in 2014-15 and has lead to increased revenues through the
year. The company's revenues are estimated to grow at a moderate
rate 10 per cent in 2014-15 (refers to financial year, April 1 to
March 31) to around INR 270 million driven by increased business
from offshore segment, which is expected to be sustainable through
2015-16. The change in revenue mix has also contributed to
increase in profitability and accruals generated by the company;
CRISIL expects that ASPL's accruals will remain in the INR25-35
million range over the near-term.
ASPL's gearing expected to be about 3.5-4 times as on March 31,
2015. This is higher than CRISIL's previous expectations as the
capital expenditure (capex) for office space, incurred by the
company in 2013-14, was higher than expected. However, there has
been infusion of unsecured loans (treated as neither debt nor
equity by CRISIL) to support the capex which CRISIL believes will
remain in the business over medium term. The gearing is expected
to improve going forward supported by absence of any debt funded
capex plans and steady accretion to reserves over the medium term.
The company's liquidity remains stretched, on account of its long
working capital cycle. Its debtor cycle remains stretched, which
has led to consistently high utilization on bank limits. CRISIL
expects that the increase in accruals generated will partially
reduce the reliance on short-term debt; however, the company's
long debtor cycle is expected to drive its working capital
requirements over the medium term.
ASPL was established in 1985 by Mr. Shabbir Rangwala. The company
provides port agency services, such as customs clearance and
documentation, crew-related services, loading and unloading of
cargo, and other services to vessels reaching Indian ports. It
handles dry and liquid cargo.
BAFNA HOSPITAL: CRISIL Reaffirms D Rating on INR480MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bafna Hospital and
Orthopaedic Research Centre Pvt Ltd (Bafna) continue to reflect
instances of delay by the company in servicing the interest
payment on its term loan contracted to set up a 230-bed hospital
(at an estimated cost of INR760 million). The delay has been
caused by the company's weakening liquidity, following the delay
in completion of the new hospital.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 480 CRISIL D (Reaffirmed)
Bafna is susceptible to risks related to implementation and demand
offtake for its ongoing project, and its small scale of existing
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the healthcare delivery sector.
Bafna was incorporated in Indore (Madhya Pradesh) in 1999. The
company runs a 30-bed hospital for orthopaedic and trauma cases.
BALAGANAPATHI AGRO: CRISIL Assigns B Rating to INR60MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of M/s. Balaganapathi Agro Industries Private
Limited (BAIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash 5 CRISIL B/Stable
Credit Limit
Cash Credit 60 CRISIL B/Stable
Long Term Loan 60 CRISIL B/Stable
The rating reflects BAIPL's weak financial risk profile, marked by
high gearing, small net worth, weak debt protection metrics, and
modest scale of operations in an intensely competitive rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of BAIPL's promoters in rice milling
industry.
Outlook: Stable
CRISIL believes that BAIPL will benefit over the medium term from
the extensive industry experience of its promoters. 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, or in case of significant infusion of
capital, resulting in an improvement in BAIPL's capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially leading to
weakening in its financial risk profile.
Incorporated in 2008, BAIPL is engaged in milling of raw and
parboiled rice in Nizamabad (Telangana). The company is promoted
by Mr. Vattikuti Rambabu and his family.
BAIPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR178.7 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR167.1 million for 2012-13.
CYBERABAD EXPRESSWAYS: CRISIL Reaffirms D Rating on INR3.7BB Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Cyberabad Expressways Ltd
(CEL) continues to reflect instances of delay by CEL in servicing
its debt; the delays have been caused by the company's weak
liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3,760 CRISIL D (Reaffirmed)
CEL has a limited track record of timely receipt of annuities, and
is exposed to operations and maintenance-related risks associated
with highways. However, CEL benefits from the annuity nature of
its build, operate, and transfer (BOT) project.
CEL is a special-purpose vehicle (SPV), set up to design,
construct, develop, and maintain an 11.7-kilometre stretch of the
Kollur-Patancheru section of the eight-lane Hyderabad (Andhra
Pradesh) Outer Ring Road. The company has received provisional
completion certificate on March 2012. As per the concession
agreement, CEL will receive a semi-annual annuity of INR395
million from Hyderabad Growth Corridor Ltd until December 2022.
Gayatri Projects Ltd holds a 50 per cent equity stake in CEL,
while IL&FS Engineering & Construction Company and Terra Projects
Ltd hold 18 and 32 per cent, respectively.
DEVICOLAM DISTILLERIES: CRISIL Puts B- Rating on INR48MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of The Devicolam Distilleries Ltd (TDDL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Working
Capital Facility 3.7 CRISIL B-/Stable
Cash Credit 48.0 CRISIL B-/Stable
Long Term Loan 8.3 CRISIL B-/Stable
The rating reflects TDDL's below-average financial risk profile.
The rating also factors in TDDL's modest scale of operations,
large working capital requirements, and susceptibility to
regulatory risks in the Indian-made foreign liquor (IMFL) segment.
These rating weaknesses are partially offset by the extensive
industry experience of TDDL's promoters.
Outlook: Stable
CRISIL believes that TDDL will benefit over the medium term from
its promoters' extensive experience in the IMFL industry. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its operating profitability
or its working capital management, resulting in a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if any regulatory change adversely impacts the company's revenue
and margins or if the company undertakes a large debt-funded
capital expenditure programme or if its working capital cycle
lengthens, leading to deterioration in its financial risk profile.
TDDL, based in Ernakulam (Kerala), manufactures IMFL. The company
is promoted by Mr. Clint Martel Wilfred, Mr. Clive Melini Wilfred,
and Ms. Certina Roy Vayalat.
For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, TDDL reported a profit after tax of INR0.32
million on a total revenue of INR369.91 million; for 2012-13, the
company reported a loss of INR15.09 million on a total revenue of
INR392.92 million.
DIGIFLIC CONTROLS: ICRA Assigns 'SP 3D' Grading
-----------------------------------------------
ICRA has assigned 'SP 3D' grading to Digiflic Controls (India)
Private Limited, indicating the 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid till 16th March 2017
after which it will be kept under surveillance
Grading Drivers
Strengths
Experienced track record of the promoters in operations and
marketing management in addition to technical competence in the
solar industry.
Service center network spread across the country with 33 centers
adding to O&M capabilities with additional dedicated service team.
Strong technical team of 44 members, most of them is having long
track record in related industry.
Established government clientele including department of
sericulture, Karnataka Forest Department, Karnataka Horticulture
Department etc.
Risk Factors
Relatively modest scale of operation of the firm
Large number of organized/ unorganized players indicating high
level of competition may lead to pressure on margins.
Moderate financial profile of the company indicated by moderate
gearing, reduced margins, and high TOL/TNW.
High working capital intensity on account of high debtor days.
SI Related Business - Moderate Performance Capability
Promoter Track Record: Mr. Subramani. P is the Chairman and
Managing Director of the company and is the majority shareholder
with 99.5% shareholding percentage. He has 9 years of experience
in the Solar systems industry in addition to experience in the
marketing of automated and hydraulics machines with a total
experience of 25 years. DCPL has moved into water purification
system manufacturing and it started operations in Solar PV segment
also. Ms. Kamal C.S is the director of the company and holds a
B.Com and ICWAI degree.
She holds a total experience of 15 years and leads the finance,
procurement and administration functions of the company.
Technical competence and adequacy of manpower: The major driving
force behind the business project of DCPL is the technical
knowledge base of the management and the manpower. The company
employs 44 employees with varied expertise in technical, marketing
and finance divisions.
Quality of suppliers and tie ups: The Company procures materials
like tubular batteries, SPV modules, cables, LED Luminary, PCB
Boards for the manufacturing of its products. The main
prerequisite for all the products being sourced is meeting the
necessary quality specifications. Major suppliers of DCPL
include Luminous Power Technology Pvt. Ltd., Vikram Solar Pvt.
Ltd., and HBL Power systems etc.
Customer and O&M Network: DCPL has projects spread across ventures
catering to governmental establishments to remote village
projects. The company has installed systems for several
educational institutions, hospitals, petrol pumps etc. Some of the
major customers are Karnataka Forest Department, Department of
Sericulture, State Bank of Mysore, Kudremukh Wildlife Division
etc. The company has a network of 33 dealers spread across
Karnataka, Andhra Pradesh, Maharashtra, Tamil Nadu, New Delhi,
Assam etc. In addition to this dealer chain the company has its
dedicated service personnel also adding to the service
capabilities.
Financial Strength - Weak
Revenues:
The company reported sales of INR13.22 crore as on FY14
Return on Capital Employed (RoCE): 31.51%
Total Outside Liabilities/Tangible Net worth: 3.61 times
Interest Coverage Ratio: 4.67 times
Net-Worth:
The company's net-worth is INR2.98 crore
Current Ratio: 1.21 times
Relationship with bankers:
Bankers have given a negative feedback. The account has been
irregular for last 4 months.
The overall financial profile of the company is Weak.
DUNAR FOODS: CRISIL Suspends D Rating on INR2.15BB Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dunar
Foods Ltd (Dunar).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 50 CRISIL D Suspended
Cash Credit 2,155 CRISIL D Suspended
Export Packing Credit 2,065 CRISIL D Suspended
Packing Credit 230 CRISIL D Suspended
Standby Line of Credit 200 CRISIL D Suspended
Term Loan 364.5 CRISIL D Suspended
Warehouse Receipts 1,000 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by
Dunar with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Dunar is yet to
provide adequate information to enable CRISIL to assess Dunar'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'
Dunar was established as a partnership firm and reconstituted as a
private limited company in 1998, and then as a public limited
company in 2010-11 (refers to financial year, April 1 to
March 31). The company is managed by Mr. Surendar Gupta. Dunar
mills and processes basmati rice.
ELLUME SOLAR: ICRA Assigns SP 4D Grading on Weak Fin'l Strength
---------------------------------------------------------------
ICRA has assigned a 'SP 4D' grading to Ellume Solar Private
Limited (ESPL/the company), indicating 'Weak Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid for a
period of two years from the date of assignment of grading i.e.
till March 30, 2017 after which it will be kept under
surveillance.
Grading Drivers
Strengths
Strong parentage, with flagship company Hi-Fab Engineers Private
Limited commanding a reputed brand name in the mechanical
engineering sector
Promoters proven track record in solar thermal sector, with
installations in the range of 2 lakh LPD; experienced technical
team is in place for solar initiative
Risk Factors
Limited track record in solar PV space with installations done on
a pilot basis without recording any revenue in the PV domain till
date
Currently the pending order book consist only of 50kW order for
R&D purpose
Scaling up of business in PV domain remains the key
Order inflow and timely execution remains key for growth of solar
venture going forward
Loss making operations at present with negative net worth due to
limited installations
Fact Sheet
Year of Formation: 2010
Office Address:
Shree Building, 4th Floor, Shantilal Modi Road, Kandivali
(W) Mumbai 400 067
Shareholding Pattern :
Mr Rajendra Damania - 50%
Mrs. Jyoti Damania - 50%
Incorporated in 2010, Ellume Solar Private Limited is currently
engaged in the manufacture of solar water heaters and is planning
on venturing into the PV segment.
The company is already conducting research in the PV segment and
has come up with the product profile but is yet to launch them
formally. R&D installations has been done for ~36.5 kW consisting
of solar pumps and rooftop solar projects. Till date, the
company has installed solar water heaters to the extent of 2 lakh
LPD.
GOURANGA COLD: CRISIL Ups Rating on INR82MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Gouranga Cold Storage Pvt Ltd (GCSPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.0 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 82.0 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Term Loan 21.5 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects GCSPL's improved liquidity, leading to
timely servicing of debt over the past three months. In addition,
its cash accruals are expected to increase, driven by an
improvement in its business risk profile and supported by better
operating income and margin. The cash accruals are likely to be
sufficient to meet its debt obligations over the medium term.
CRISIL, however, believes that GDSPL's liquidity, though improved,
will remain constrained over the medium term because of modest
profitability and large working capital requirements.
The ratings reflect GCSPL's small scale of operations and below-
average financial risk profile; the ratings also factor in the
company's susceptibility to regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the benefits that
GCSPL derives from its promoters' extensive industry experience.
Outlook: Stable
CRISIL believes that GCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of increase in
GCSPL's cash accruals or infusion of capital by its promoters,
leading to improvement in the company's financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of pressure on GCSPL's liquidity on account
of delays in repayment by farmers, considerably low cash accruals,
or significant debt-funded capital expenditure.
GCSPL, incorporated in 1987, provides cold-storage facility to
potato farmers and traders. The company is owned by the West
Bengal-based Dolui family, who has experience of two-and-a-half
decades in the same line of business. GCSPL's cold storage, with
capacity of about 42,960 tonnes divided into five chambers, is in
Paschim Medinipur (West Bengal). The average utilisation of the
company's storage capacity during 2011-12 (refers to financial
year, April 1 to March 31) was over 95 per cent.
GURU NANAK: CRISIL Assigns B- Rating to INR90MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Guru Nanak Cotton Factory (GNCF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B-/Stable
The rating reflects GNCF's weak financial risk profile, marked by
a small net worth and weak debt protection metrics. The rating
also factors in the firm's small scale of operations in an
intensely competitive industry. These rating weaknesses are
partially offset by the extensive experience of GNCF's promoters
in agriculture-based industry and funding support received from
them.
Outlook: Stable
CRISIL believes that GNCF will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the firm's financial risk profile is expected to remain weak over
this period owing to its working-capital-intensive operations. The
outlook may be revised to 'Positive' if GNCF improves its
financial risk profile, driven by an improvement in its scale of
operations and hence in a substantial increase in its net cash
accruals, or a better working capital cycle. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly its liquidity, deteriorates further due to a
decline in its revenue and profitability.
GNCF is a partnership firm started by the Kumar family. It
manufactures cotton bales and rice. The cotton bales are sold to
spinning mills based in Punjab, whereas the rice is sold to
exporters based at Kandla port (Gujarat).
HARIOM FLEXIPACK: ICRA Reaffirms B Rating on INR4.55cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR8.05 crore long
term, fund based facility of Hariom Flexipack Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term, Fund
Based-Cash Credit 3.50 [ICRA]B Reaffirmed
Long term, Fund
Based-Term Loan 4.55 [ICRA]B Reaffirmed
The reaffirmation of rating takes into consideration the long
standing experience of the promoters in plastic bags and flexible
packaging industry, well established customer relationships with
reputed FMCG companies providing sustainable repeat orders for the
firm. HFI has started exporting polycoated papers and soap
wrappers to geographies like Dubai and expected healthy increase
in the export business would provide geographical diversification
for the company. The rating is, however, constrained by the highly
leveraged capital structure with weak debt coverage indicators,
fragmented and highly competitive industry structure and small
scale of operations of the firm. Liquidity position of the company
also remains under pressure as reflected in high working capital
facility utilization.
Further, the ratings also factor in the susceptibility of the firm
to raw material price volatility which is a crude oil derivative.
Established in 2010, HFI is engaged in manufacturing of laminated
packaging material such as Printed Laminated Rolls, Pouches, Soap
Wrappers and Poly Coated Papers. The firm mainly caters to the
FMCG industry and the products manufactured by the firm find their
application in packaging of soaps, spices, grocery, wafers, and
food products etc. The manufacturing facility of the firm is
located in Kolhapur, Maharashtra. The firm is promoted by Mr.
Vijay Rohida and Mr. Sham Rohida. Rohida group is based out of
Kolhapur and has established track record in plastic bags and
flexible packaging business.
HEMKUNT RICE: CRISIL Assigns B+ Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Hemkunt Rice Mills Pvt Ltd (HRMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 40 CRISIL B+/Stable
Cash Credit 50 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The rating reflects HRMPL's modest financial risk profile marked
by low net worth base and below average debt protection metrics.
The rating also factors in the moderate scale of operations of
HRMPL in an intensely competitive rice milling industry. These
rating weaknesses are partially offset by promoter's extensive
experience in rice industry and established regional presence of
HRMPL's brand.
Outlook: Stable
CRISIL believes that HRMPL will benefit over the medium term from
its promoter's extensive rice industry experience. The outlook may
be revised to 'Positive' if the company's scale of operations
improves substantially while maintaining profitability and
accruals or if the financial risk profile improves significantly
led by infusion of funds from promoters. Conversely, the outlook
may be revised to 'Negative' if the company undertakes large than
expected debt-funded expansions, or if its revenues and
profitability decline substantially leading to deterioration in
its liquidity and overall financial risk profile.
Incorporated in January 2005, and based out Hazaribagh (Jharkhand)
HRMPL is engaged in milling and processing of par boiled rice. It
has an installed paddy milling capacity of 20 TPH. HaritKranti ,
Swarna Supreme and AAA Gold are the some of products brand of the
company. The day to day activity is managed by its Directors --
MrManjeet Singh Kalra and MrSwaranpal Singh Kalra.
JNK INDIA: ICRA Suspends B+ Rating on INR2cr Capital Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.00 crore
working capital limits of JNK India Private Limited.
ICRA has also suspended [ICRA]A4 rating assigned to the INR6.00
crore non fund based limits of JNK India Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
K.G. INDUSTRIES: CRISIL Rates INR185M Loan B on Weak Risk Profile
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
K.G. Industries (KGI) continues to reflect KGI's weak financial
risk profile, marked by high gearing, a small net worth, and weak
debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 185 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 10 CRISIL B/Stable
Term Loan 15 CRISIL B/Stable
The rating also factors in the firm's large working capital
requirements, small scale of operations, and exposure to risks
relating to regulatory changes, vagaries in the monsoon, and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of KGI's promoters in
the rice processing industry.
Outlook: Stable
CRISIL believes that KGI's financial risk profile will remain weak
over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' if KGI's operating margin and scale of operations
increase considerably, while it manages its incremental working
capital requirements prudently leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin declines further, or if
it contracts large debt to fund capital expenditure.
KGI processes and sells basmati and parmal rice. Its facility in
Jalalabad (district Bhatinda, Punjab) has a milling and sorting
capacity of 8 tonnes per hour.
For 2013-14, KGI reported a book profit of INR3.1 million on net
sales of INR462.2 million, against a book profit of INR 0.6
million on net sales of INR389 million for 2012-13.
K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of K.K. Fibers (KKF; part
of the KK group) continues to reflect the KK group's below-average
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Term Loan 13.1 CRISIL B+/Stable (Reaffirmed)
The rating also factors in the group's modest scale of operations
with low operating profitability in the highly fragmented cotton
industry, and susceptibility to changes in government policies and
to volatility in cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of the KK
group's promoters, and the funding support extended by them to the
group.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKF and KK Finecot Pvt Ltd (KKPL),
together referred to as the KK group. This is because both the
entities are engaged in the same business, are managed by common
promoters, and have operational linkages in the form of common
procurement.
Outlook: Stable
CRISIL believes that the KK group will continue to befnefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's financial
risk profile, particularly its liquidity, improves significantly,
most likely because of significant cash accruals or infusion of
fresh capital by the promoters leading to improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of decline in KK group's profitability or increase in its
working capital requirements, leading to deterioration in its
financial risk profile, particularly its liquidity.
The KK group, based in Khargone (Madhya Pradesh), is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
is engaged in ginning and pressing of raw cotton and sale of
cotton seeds. It has an in-house oil mill for extracting oil from
cotton seeds. KKFL, incorporated in 2011-12, is also engaged in
cotton ginning and pressing of raw cotton.
K.R. PADMANABHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of K.R. Padmanabhan and Sons (KRP; part of the KRP
group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable
The rating reflects the KRP group's modest scale of operations and
below-average financial risk profile, marked by high external
indebtedness. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the rice
industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KRP and P. Sri Ramulu (PRS). This is
because both the entities, together referred to as the KRP group,
are engaged in the same business and have significant financial
fungibility.
Outlook: Stable
CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.
The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.
KAIZEN INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaizen Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 10 CRISIL A4
Bank Guarantee 15 CRISIL A4
Cash Credit 45 CRISIL B+/Stable
The ratings reflect Kaizen Industries' small scale and working-
capital-intensive operations, and below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
firm's established position in the pre-fabricated steel structures
business, and its moderate order book.
For arriving at the ratings, CRISIL has treated unsecured loans of
INR43.37 million, provided to Kaizen Industries by its partners
and their relatives, as neither debt nor equity. This is based on
a specific undertaking from the management stating that these
loans will not be withdrawn from the business over the next three
years.
Outlook: Stable
CRISIL believes that Kaizen Industries will continue to benefit
over the medium term from its established market position and its
moderate order book. The outlook may be revised to 'Positive' if
the firm scales up its operations and improves its customer
diversity, leading to strengthening of its business risk profile.
An increase in accruals or more efficient working capital
management, resulting in a better financial risk profile,
particularly liquidity, may also lead to a 'Positive' outlook.
Conversely, deterioration in Kaizen Industries' liquidity, on
account of low accruals, a stretch in its working capital cycle,
or large debt-funded capital expenditure, could drive a revision
in the outlook to 'Negative'.
Kaizen Industries, set up in 2004 by Kolkata-based Mr. Samik De
and Mr. Suarajit Dutta, manufactures pre-fabricated steel
structures for buildings and shelters, and polyvinyl chloride
compound granules for Bharat Sanchar Nigam Ltd.
KNIGHT QUEEN: CRISIL Assigns B+ Rating to INR56.2MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Knight Queen Industries Pvt Ltd (KQIPL;
part of the Anupam group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 16.7 CRISIL B+/Stable
Inland/Import
Letter of Credit 2.1 CRISIL A4
Bank Guarantee 5 CRISIL A4
Cash Credit 56.2 CRISIL B+/Stable
The ratings reflect the Anupam group's working-capital-intensive
and modest scale of operations. These rating weaknesses are offset
by the group's average financial risk profile marked by average
gearing and moderate net worth and the long-standing presence of
its promoters in the consumer durable industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AHA and its group company KQIPL. This
is because the two entities, together referred to herein as the
Anupam group share a common management, operations and marketing
network.
Outlook: Stable
CRISIL believes that Anupam group will maintain its business
profile over the medium term backed by established relationship
with its customers and suppliers. The outlook may be revised to
'Positive' in case of improvement in its working capital
management or an improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial profile as a result of
higher-than-expected increase in working capital requirements or
decline in profitability as a result of significant price
volatility of raw material.
Set up in 1984, as a partnership firm, AHA manufactures hurricane
lantern, liquid petroleum gas (LPG) stove, kerosene-wick stove,
LPG geyser, pressure cooker, LED lamps. The group has its
manufacturing facility in Himachal Pradesh and sells its lantern
under the brand name 'Everyday'.
Set up in 1985-86, KQIPL manufactures mosquito repellents like
refills, mats, liquid vaporiser machine and coils. KQIPL also
manufactures LPG stove and pressure cookers. KQIPL sells its
repellent under the 'Knight Queen' brand and the remaining
products under the '3H' brand.
KRIFOR INDUSTRIES: ICRA Reaffirms B Rating on INR34.4cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and a short-
term rating of [ICRA]A4 to the fund based and non-fund based bank
facilities aggregating to INR54.40 crore of Krifor Industries
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term - Term loans 34.40 [ICRA]B; reaffirmed
Long Term - Cash Credits 20.00 [ICRA]B; reaffirmed
Short Term- Import Letter (14.10) [ICRA]A4; reaffirmed
of Credit (FLC)
Short Term- Letter of (12.19) [ICRA]A4; reaffirmed
comfort for buyers
credit
The ratings reaffirmation takes into consideration Krifor
Industries Private Limited's (KIPL's) limited track record of
operation with weak financial risk profile indicated by loss
incurred as well as highly leveraged capital structure. The
ratings are further constrained by the risks associated with the
availability of key raw materials, the threat from substitute
products and intensely competitive industry structure
characterized by the presence of a large number of players both in
the organized and unorganised segments.
The ratings however favorably factor in the healthy demand
indicators for particle boards, locational advantages derived by
the company by virtue of proximity to raw material suppliers and
major consumption centers as well as steady ramp up of
manufacturing activities during initial stage of
operations.
Krifor Industries Private Limited (KIPL) was incorporated in April
2012 with the objective of manufacturing particle boards from
sugar cane bagasse. Manufacturing operations of the company
initiated during March 2014. Mr. Sanjeev Dalmia, Mr. Mandeep
Bajaj, Mr. Chetandas Khatri and Mr. Jugal Bhutra are the key
management personnel of the company who look after overall
operations of the company. KIPL has nine other operational group
companies, seven of which are associated with the textile
industry. The particle board manufacturing unit in Surat under
KIPL is a step forward to further diversity in the operations of
the group.
KSL CONSTRUCTION: ICRA Suspends D Rating on INR15cr Bank Loan
-------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D and short term
rating of [ICRA]D assigned to INR15.00 crore bank facilities of
KSL Construction Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
M. K. STONE: CRISIL Ups Rating on INR20MM Cash Loan to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M. K. Stone (MK) to 'CRISIL B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 7 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 47 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects partial alleviation of pressure on
MK's liquidity following the restructuring of its debt. Under an
approved restructuring scheme, the firm's repayments have
ballooning maturity starting January 2015. The repayments since
January 2015 have been timely backed by improvement in liquidity,
driven by increasing sales and healthy operating profitability. MK
is likely to report net sales of around INR18.5 million for 2014-
15 (refers to financial year, April 1 to March 31). As 2015-16
will be the firm's first full year of operations following the
restructuring of its debt, CRISIL believes MK will report healthy
sales growth of 100 per cent year-on-year for the year. Besides,
the firm's operating margin is expected to improve and remain
around 30 per cent over the medium term.
The rating reflects MK's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
small scale of operations in the intensely competitive building
material sector. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the building
material industry.
Outlook: Stable
CRISIL believes that MK will, over the medium term, continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, leading to
sizeable cash accruals, and improves its capital structure, driven
by shortening of its working capital cycle or equity infusion.
Conversely, the outlook may be revised to 'Negative' if MK's
liquidity weakens because of low offtake or a decline in
profitability or a stretch in the working capital cycle.
MK, set up in March 2011, manufactures aggregates (grit, metal,
and kapchi) which are used in the construction sector. The firm is
managed by its three partners: Mr. Mukesh Patel, Mr. Rajesh Patel,
and Mr. Jatin Patel.
MK reported a net loss of INR12.91 million on net sales of INR9.32
million for 2013-14.
M. M. RICELAND: CRISIL Rates INR39.5MM Cash Loan at B
-----------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of M. M. Riceland Private Limited (MRPL; formerly known
as M.M. Rice Mill), and has assigned its 'CRISIL B/Stable' rating
to the long-term facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 39.5 CRISIL B/Stable (Assigned;
Suspension Revoked)
Term Loan 1.8 CRISIL B/Stable (Assigned;
Suspension Revoked)
Warehouse Financing 27.9 CRISIL B/Stable (Assigned;
Suspension Revoked)
CRISIL had, on December 7, 2014, suspended the ratings as MRPL had
not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.
The rating reflects MRPL's small scale of operations with high
working capital intensity, and below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the proprietors' extensive experience in, and healthy growth
prospects for, the rice industry.
Outlook: Stable
CRISIL believes that MRPL will continue to benefit over the medium
term from its proprietors' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the firm's financial risk profile, driven most
likely by sizeable cash accruals or capital infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of considerably low cash
accruals, or large working capital requirements, or a large, debt-
funded capital expenditure, exerting further pressure on MRPL's
liquidity.
Initially set up in 1998 as a partnership firm, MRPL was
reconstituted as a proprietorship concern under Mr. Surinder Pal
in 2011-12 (refers to financial year, April 1 to March 31). MRPL
mills basmati rice at its production facilities located at Malout
(Punjab).
MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR0.54 crore working capital loan and INR1.31 crore term loans of
Maa Bameswari Cold Storage Pvt. Ltd. ICRA has also re-affirmed the
short term rating of [ICRA]A4 to the INR3.72 crore seasonal cash
credit facility of MBCS.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Seasonal Cash Credit 3.72 [ICRA]A4 re-affirmed
Working Capital Loan 0.54 [ICRA]B re-affirmed
Term Loan 1.31 [ICRA]B re-affirmed
The ratings reaffirmation take into account MBCS's adverse capital
structure, depressed coverage indicators, high working capital
intensive nature of operations on account of upfront advances to
be extended to the farmers at the time of loading of potatoes,
which in turn keeps the gearing at a high level. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on increase in operating costs in a
timely manner, leading, in turn, to downward pressures on
profitability and MBCS's exposure to agro-climatic risks, with its
business performance being entirely dependent upon a single agro
commodity, i.e. potato. Further, ICRA notes that the loans
extended to farmers by MBCS may lead to delinquency, if potato
prices fall to a low level. The ratings also take cognizance of
the recent debt funded capacity expansion of MBCS which might lead
to stretched liquidity position in the short term due to high
debt-servicing obligations relative to expected net cash
accruals from operations.
The ratings, however, derive support from the long track record of
the promoters in the management of cold storages, and the
locational advantage of MBCS by way of presence of its cold
storage units in West Bengal, a state with large potato production
and the recent increase in rental by the State Government which is
likely to provide cushion to the profitability of the company in
the near to medium term.
Incorporated in 2005, MBCS is promoted by the Saha and the Shaw
family. It is located in the Hooghly district of West Bengal and
is primarily engaged in the business of storage and preservation
of potatoes. Currently, MBCS has an annual storage capacity of
19,300 tonne.
Recent Results
In FY14, MBCS reported a net loss of INR0.02 crore on the back of
an operating income (OI) of INR1.88 crore, as compared to a net
profit of INR0.01 crore on the back of an OI of INR1.62 crore in
FY13.
MAHADEV YARN: CRISIL Assigns B+ Rating to INR121.2MM LT Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Mahadev Yarn Pvt Ltd (MYPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 121.2 CRISIL B+/Stable
Bank Guarantee 5.0 CRISIL A4
Cash Credit 100 CRISIL B+/Stable
The ratings reflect MYPL's below average financial risk profile
marked by modest net worth, high gearing and below average debt
protection metrics, and limited pricing flexibility due to
commodity nature of the products and intense competition in the
texturised yarn segment. Theses rating weaknesses are partially
offset by its promoters' extensive experience in the textile
industry.
Outlook: Stable
CRISIL believes MYPL will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' in case the company
generates more-than-expected cash accruals, because of sustained
improvement in revenue and profitability leading to better capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes any large debt-funded capital expenditure, or
its liquidity weakens because of sharp decline in profitability or
increase in working capital requirements.
Incorporated in 1991, MYPL is a Surat (Gujarat)-based company
promoted by the Mundra family. It manufactures polyester filament
yarns and textured yarns. MYPL's plant, located at Kharch in
Bharuch (Guajarat), has installed capacity 28 tonnes per day.
MEGADIMENSION INFRA: CRISIL Rates INR80MM LT Bank Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Megadimension Infra Pvt Ltd (MIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 80 CRISIL B+/Stable
The rating reflects MIPL's exposure to risks related to project
implementation and offtake, and its susceptibility to inherent
risks and cyclical demand in the real estate sector in India.
These rating weaknesses are partially offset by the promoters'
extensive experience in the real estate sector.
Outlook: Stable
CRISIL believes that MIPL will continue to benefit over the medium
term from the promoters' extensive experience in the real estate
sector. The outlook may be revised to 'Positive' if the company's
business and financial risk profiles significantly improve, backed
by timely completion and healthy demand for its ongoing project,
leading to healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if MIPL's debt servicing ability
deteriorates because of time or cost overruns in the ongoing
project, or delays in receiving customer advances, constraining
its revenue and profitability.
MIPL was incorporated in 2012, and develops real estate. The
company is constructing a residential project in Lucknow (Uttar
Pradesh). MIPL is promoted by Mr. Shamim Khan and Mr. Haseen Khan.
METRO CITY: ICRA Ups Rating on INR7.75cr Cash Loan to B
-------------------------------------------------------
ICRA has upgraded the long term ratings assigned to the INR3.82
crore (reduced from INR5.00 crore) term loans and the INR7.75
crore cash credit facilities of Metro City Tiles Private Limited
from [ICRA]D to [ICRA]B. ICRA has also upgraded the short term
ratings assigned to the INR2.60 crore (enhanced from INR2.50
crore) non fund based facilities of MCTPL from [ICRA]D to
[ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based- 7.75 Rating revised to
Cash Credit Facility [ICRA]B from
[ICRA]D
Long Term Fund Based- 3.82 Rating revised to
Term Loans [ICRA]B from
[ICRA]D
Short Term Non-Fund 2.60 Rating revised to
Based Limits [ICRA]A4 from [ICRA]D
The revision in ratings takes into account the regularizing of the
debt servicing by MTCPL in the recent months and healthy growth in
scale of operations in FY14 and current fiscal on account of the
shift in product profile, supported by increasing exports leading
to an improvement in profitability and cashflows of the company.
The ratings also factor in the extensive experience of the
promoters in the ceramic industry and locational advantage due to
presence of the company's plant in Morbi (Gujarat), India's
ceramic hub giving it easy access to raw material. The group
companies are also present in other tile segments, which supports
the marketing and sales of the company's products to
dealers/builders.
The ratings continue to remain constrained by MCTPL's moderate
scale of operations and its weak financial risk profile
characterized by low net margins, stressed liquidity, high gearing
levels and moderate coverage indicators albeit some improvements
in FY14 and current fiscal due to improved net profitability. The
ratings are further constrained by the vulnerability of
profitability to availability and increasing prices of gas (a
major source of fuel for tile manufacturers) as well as to the
cyclicality inherent in the real estate industry, which is the
main consuming sector and the intense competitive pressures owing
to the presence of a large number of organized as well as
unorganized players in the tiles industry.
Incorporated in the year 2007, Metro City Tiles Private Limited
(MCTPL) is involved in manufacturing of digital glazed vitrified
tiles with its plant situated at Morbi, Gujarat. The plant has an
installed capacity of 43,200 Metric Tonnes Per Annum (MTPA). MCTPL
currently manufactures glazed vitrified tiles of size 2 x 2 sq.
ft. and 2 x 4 sq. ft with the current set of machineries at its
production facility.
MCTPL is promoted by Mr. Dilip R. Patel and his family members.
The company is a part of Metro Group of Industries having presence
across floor tiles (Metro Ceramics), glazed vitrified tiles
(MCTPL), polished vitrified tiles and porcelain tiles (Metro World
Tiles Private Limited).
Recent Results
For the 2013-2014, MCTPL reported an operating income of INR32.34
crore and profit after tax of INR0.30 crore as against operating
income of INR18.35 crore and net losses of INR0.60 crore for the
financial year 2012-13. Further, during 9M FY 2015 (provisional
unaudited), MCTPL reported an operating income of INR43.59 crore
and profit after tax of INR1.22 crore.
NAVIYA TECHNOLOGIES: ICRA Assigns SP 3D Grading
-----------------------------------------------
ICRA has assigned a 'SP 3D' grading to Naviya Technologies,
indicating the 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake off-grid
solar projects. The grading is valid for a period of two years
from March 30, 2015 after which it will be kept under
surveillance.
Grading Drivers
Strengths
Long track record of the firm's promoters in marketing of
batteries and other power equipments across various sectors like
power, telecom, pharma, IT etc
Established relationship with suppliers
Diversified revenue stream decreases reliance on any single
segment
Healthy order book position for FY 2016
Risk Factors
Limited experience as a system integrator in the solar power
industry
Small scale of operations at present
Low net worth position; however, firm has been sanctioned INR2.25
crore bank limits which would support its growth in operations
going forward
Ability of the firm to commission the off grid solar power plants
under
Decentralized Distributed Generation (DDG) scheme without time and
cost overruns remains crucial to ensure profitability margins,
given the fixed price nature of contracts
Fact Sheet
Year of Formation: 2011
Office Address:
117, Gundecha Industrial Estate, Next to Big Bazar, Akurli
Road, Kandivali (East), Mumbai 400101
Shareholding Pattern:
50% - Mr. Bala Kishore Bijinepally
50% - Mr. K.B. Umapathi
Naviya Technologies (NT) is a partnership firm incorporated in the
year 2011 by Mr. Bala Kishore Bijinepally and Mr. K.B. Umapathi.
The firm's promoters have industry experience of more than 15
years each in marketing of batteries and other electrical
equipments across various sectors like power, telecom, pharma, IT
etc. The firm is currently engaged in supply of batteries for
small off-grid solar power plants and industrial applications,
supply, installation and commissioning of solar pumps, heat pumps,
chillers, Diesel Generators etc. In the solar energy space, in
addition to supply of batteries to various off grid solar power
plants including projects under the Decentralized Distributed
Generation (DDG) scheme under the The Rajiv Gandhi Grameen
Vidyutikaran Yojana (RGGVY), the firm has also commissioned solar
pumps of 15 KW capacity in the state of Chhattisgarh.
Moreover, the firm has also been involved in installations of ~375
KW solar pumps and ~200 KW off grid solar power plants (under DDG
schemes) as a project manager. In Q4 FY 2015, the firm was
selected as the L1 bidder for executing DDG projects in 15
villages in the state of Karnataka involving setting up of solar
PV capacity of ~300 KW.
SI Related Business - Moderate Performance Capability
Solar capacity installed and promoter Track Record: The firm's
promoters have industry experience of more than 15 years each in
marketing of batteries and other electrical equipments across
various sectors like power, telecom, pharma, IT etc. In the solar
energy space, in addition to supply of batteries to various off
grid solar power plants including projects under the Decentralized
Distributed Generation (DDG) scheme under the The Rajiv Gandhi
Grameen Vidyutikaran Yojana (RGGVY), the firm has also
commissioned solar pumps of 15 KW capacity in the state of
Chhattisgarh. Moreover, the firm has also been involved in
installations of ~375 KW solar pumps and ~200 KW off grid solar
power plants (under DDG schemes) as a project manager. In Q4 FY
2015, the firm was selected as the L1 bidder for executing DDG
projects in 15 villages in the state of Karnataka involving
setting up of solar PV capacity of ~300 KW.
Technical competence and adequacy of manpower: Both the firm's
promoters have engineering backgrounds and have more than 15 years
of industry experience. Further, Mr. K. Dhanumjaya, who has an
industry experience of more than 25 years and has been closely
associated with the solar industry in India, is the mentor and
advisor to the firm's promoters. The firm currently has 11
employees on its payrolls of which 4 personnel are technical staff
involved in the firm's solar energy related activities, 1
technical personnel is involved in HVAC segment, 4 personnel are
involved in marketing activities and balance 2 are involved in the
administration and account functions. The firm executes the
installation works largely through 22 sub-contractors with whom
the firm's promoters have a long standing relationship. Given the
current scale of operations, the manpower strength of the firm
remains adequate.
Quality of suppliers and tie ups: In the solar energy space, the
firm has till date largely been involved in supplying solar
batteries and has also set up 5 solar pumps of aggregate capacity
15 KW. The firm sources the solar batteries primarily from NED
Energy Ltd which is a reputed player in the industry. Further,
the firm sources solar pumps from Kirloskar Brothers Ltd which is
also a large and reputed supplier. The feedback from the firm's
suppliers remains satisfactory.
Customer and O&M Network: In the solar energy space, till date the
firm has installed 5 solar pumps for individuals. Further, the
firm has undertaken solar pump installations and solar power plant
installations as a project manager for other companies. The
customers are satisfied with the work done by the firm. In
case of solar batteries, the firm has a product warranty from the
battery manufacturer which is extended to the customers. Further,
in case of solar pumps, while the components are covered by back
to back warranty from the manufacturers, the firm enters into an
Annual Maintenance Contract with the customers for a period of 5
years. The AMC charges are typically 5% - 7% of the
installation costs and cover unscheduled, on-call corrective
maintenance services as well as scheduled preventive maintenance
as per the terms of agreement with the customer.
NIHAR COTSPIN: CRISIL Assigns B Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Nihar Cotspin Pvt Ltd (NCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 50 CRISIL B/Stable
Inland/Import Letter
of Credit 10 CRISIL A4
Overdraft Facility 25 CRISIL A4
The ratings reflect NCPL's nascent stage of operations along with
significant offtake risks, exposure to intense competition in the
textile industry, and the company's weak financial profile, marked
by modest net worth and high gearing. These rating weaknesses are
partially offset by the extensive experience of NCPL's promoter in
the textile industry.
Outlook: Stable
CRISIL believes that NCPL will continue to benefit over the medium
term from the extensive experience of its promoter in the textile
industry. The outlook may be revised to 'Positive' in case of
successful commissioning of its manufacturing unit, leading to
substantial accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue or profitability, or sizeable
debt to fund working capital requirements, thereby impacting
NCPL's debt-servicing ability.
Incorporated in May 2013, NCPL is promoted by Mr. Chirag Thakkar.
The company is setting up a grey fabric manufacturing unit in
Bhiwandi (Maharashtra). NCPL also trades in grey fabric.
P. SRI: CRISIL Assigns B Rating to INR100MM Cash Credit
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of P. Sri Ramulu (PRS; part of the KRP group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B/Stable
The rating reflects the KRP group's modest scale of operations and
below-average financial risk profile, marked by high external
indebtedness. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the rice
industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K.R. Padmanabhan and Sons (KRP) and
PRS. This is because both the entities, together referred to as
the KRP group, are engaged in the same business and have
significant financial fungibility.
Outlook: Stable
CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.
The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.
PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to 11.00 crore
term loan and INR2.00 crore fund-based facility and [ICRA]A4
assigned to INR1.00 crore non-fund based facility of Pranali
Cement Pipes Pvt. Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 11.00 [ICRA]B- suspended
Fund-based Limits 2.00 [ICRA]B- suspended
Incorporated in 2006-07, PCPPL is promoted by Mr. Indermal Jain
and is engaged in the manufacturing of concrete pipes up to 3,000
mm of diameter. The company began its commercial operations in
2011-12; however, the promoters have an experience of over three
decades in the concrete pipes business. The company's
manufacturing facility is located at Wada in Thane,
Maharashtra and has an installed capacity of around 100,000 metric
tonnes per annum (MTPA).
PRESSURE VESSELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pressure Vessels India (PVI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 15 CRISIL B+/Stable
Inland/Import Letter 12 CRISIL A4
of Credit
Bank Guarantee 44 CRISIL A4
Cash Credit 50 CRISIL B+/Stable
The ratings reflect PVI's modest scale of and working-capital-
intensive operations in the fragmented engineering and capital
goods industry. The ratings also factor in the firm's below-
average financial risk profile, marked by its small net worth and
leveraged capital structure. These rating weaknesses are partially
offset by the extensive experience of PVI's promoters in the
engineering and capital goods industry and their established
relations with reputed customers.
Outlook: Stable
CRISIL believes that PVI will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm records a significant and
sustained improvement in its revenue while maintaining its
moderate profitability, leading to high cash accruals. Conversely,
the outlook may be revised to 'Negative' if PVI's financial risk
profile, particularly liquidity, weakens on account of low cash
accruals or a stretch in its working capital cycle or an
unanticipated debt-funded capital expenditure.
PVI, established in 1986, undertakes fabrication works for heavy
industrial equipment such as pressure vessels, heat exchangers,
distillation columns, and other allied equipment. PVI is a
partnership firm promoted by Mr. Shyam Joshi and Mrs. Vandana
Shyam Joshi, and its manufacturing facilities are located in Pune
(Maharashtra).
PROTEX CERAMIC: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Protex Ceramic Pvt Ltd (PCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 2.5 CRISIL B+/Stable
Bank Loan Facility
Cash Credit 10.0 CRISIL B+/Stable
Long Term Loan 42.5 CRISIL B+/Stable
The rating reflects PCPL's start-up nature and modest scale of
operations in the highly competitive sanitary ware industry, and
its average financial risk profile, marked by average gearing and
debt protection metrics. These rating weaknesses are partially
offset by the proximity of the company's manufacturing facilities
to raw material and labour resources and favorable demand for its
products.
Outlook: Stable
CRISIL believes that PCPL will continue to benefit over the medium
term from the favourable location of its plant. The outlook may be
revised to 'Positive' if the company ramps up its scale of
operations during its initial year of operations while registering
moderate profitability, thereby generating substantial cash
accruals, and efficiently manages its working capital
requirements. Conversely, the outlook maybe revised to 'Negative'
if PCPL's accruals are low, or its working capital requirements
are large during its initial phase of operations, resulting in
pressure on its liquidity.
Established in 2014, PCPL is based in Rajkot (Gujarat). The firm
manufactures sanitary ware at its unit in Wankaner. It began
commercial operations from January-2015.
RIGA CERAMICA: CRISIL Assigns B+ Rating to INR59.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Riga Ceramica Private Limited (RCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 59.8 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 0.7 CRISIL B+/Stable
Bank Guarantee 12.0 CRISIL A4
Cash Credit 27.5 CRISIL B+/Stable
The ratings reflect the company's susceptibility to risks
associated with its ongoing project, and its expected large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of RCPL's promoters
in the ceramic industry, and the proximity of its manufacturing
facilities to sources of cheap raw material and labour.
Outlook: Stable
CRISIL believes that RCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company stabilises
operations at its proposed plant on time, and reports substantial
revenue and profitability, leading to high cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company faces delays in commencement of its operations resulting
in cost over-runs, or generates lower than expected cash accruals
during the early stage of its operations, resulting in pressure on
its liquidity.
Incorporated in 2014, RCPL is based in Morbi, Gujarat. The company
is setting up a unit to manufacture digital wall tiles with an
installed capacity of 30,000 tonnes per annum. RCPL is likely to
commence its commercial operations from April 2015.
RLJ INFRACEMENT: CRISIL Reaffirms B Rating on INR98.8MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of RLJ
Infracement Pvt Ltd (RLJIPL) continues to reflect RLJIPL's
exposure to risks related to its nascent stage of operations in a
competitive industry, and its constrained financial risk profile
during its stabilisation phase. These rating weaknesses are
partially offset by the resourceful background of the company's
promoters and the strong funding support that it is expected to
receive from them.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 48 CRISIL B/Stable (Reaffirmed)
Term Loan 98.8 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that RLJIPL will continue to benefit over the
medium term from funding support from its promoters. The outlook
may be revised to 'Positive' if the company registers significant
improvement in its business and financial risk profiles, backed by
ramp-up in operations of its cement plant, leading to healthy and
sustainable cash accruals. Conversely, the outlook may be revised
to 'Negative' if RLIJPL faces delays in its project, and/or in
receiving funding, leading to depressed revenue and profitability,
and hence, to deterioration in its liquidity and debt servicing
ability.
RLJIPL is promoted by Mr. Sneh Jain, Mr. Rameshwar Singh, and Mr.
Manmohan Agrawal. The company manufactures cement at its facility
in Chunar, Mirzapur (Uttar Pradesh).
S. D. GURAV: CRISIL Assigns D Rating to INR60MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of S. D. Gurav (SDG).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/Overdraft 60 CRISIL D
facility
The rating reflects SDG's overdrawn working capital limits for
more than 30 days, on account of weak liquidity. The weak
liquidity is on account of large working capital requirements. The
rating also reflects SDG's below average financial risk profile
marked by its weak capital structure. However, these rating
weaknesses are partially offset by SDG's promoters' extensive
industry experience.
Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The
company primarily undertakes construction of residential projects.
For 2013-14 (refers to financial year, April 1 to March 31), SDG
reported a profit after tax (PAT) of INR9.3 million on total
revenue of INR118.1 million against a PAT of INR3.4 million on
total revenue of INR63.97 million for 2012-13.
SHREE HANUMAN: CRISIL Assigns B Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Shree Hanuman Jee Modern Rice Mill Pvt. Ltd.
(SHMRMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable
Term Loan 40 CRISIL B/Stable
The rating reflects SHMRMPL's exposure to risk related to
stabilization and demand of its rice mill and its working-capital-
intensive operations. These rating weaknesses are partially offset
by promoters' extensive experience in the rice milling industry
and stable demand for rice.
Outlook: Stable
CRISIL believes that SHMRMPL will benefit from the promoters'
extensive industry experience in rice milling business over the
medium term. The outlook may be revised to 'Positive' in case of
timely stabilization of operations at its manufacturing facility
resulting in more than expected revenue and accruals. Conversely,
the outlook may be revised to 'Negative' if SHMRMPL's financial
risk profile, particularly its liquidity, weakens, most likely
because of a considerable increase in its working capital
requirements, low cash accruals, or large debt-funded capital
expenditure.
Incorporated in 2009, SHMRMPL is into milling of par boiled rice
in Patna (Bihar). The day to day operations of the company is
being managed by Mr. Jamuna Prasad Gupta along with Mr. Sushil
Kumar and Mr. Manish Kumar, who have extensive experience in the
rice milling business.
SHRI THANGAM: CRISIL Keeps B Rating on INR80MM LT Loan
------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Thangam Spinners
India Pvt Ltd (STS) continue to reflect STS's below-average
financial risk profile, marked by high gearing. The ratings also
factor in the company's working-capital-intensive and small scale
of operations, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
experience of STS's promoters in the textile industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B/Stable
Letter of Credit 10 CRISIL A4
Long Term Loan 80 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 35 CRISIL B/Stable
Outlook: Stable
CRISIL believes that STS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant ramp-up in
scale of operations and stable operating profitability lead to
sustainably stronger cash accruals and capital structure for STS,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues or profitability decline or there is
deterioration in working capital management, or any large capital
expenditure leading to weakening the company's financial risk
profile.
STS was set up as a partnership firm in 1995 and reconstituted as
a private limited company in 2008. The company manufactures cotton
yarn.
SINGER IMPEX: CRISIL Assigns B+ Rating to INR55MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Singer Impex (SI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable
The rating reflects SI's modest scale of operations in the highly
competitive embroidery industry, and low operating margin inherent
in the trading nature of business. These rating weaknesses are
partially offset by the promoters' extensive experience in the
embroidery industry.
Outlook: Stable
CRISIL believes that SI will benefit from its promoters' long-
standing experience in the embroidery industry. The outlook may be
revised to 'Positive' in case of significant increase in revenue
and profitability leading to substantial increase in accruals.
Conversely, the outlook may be revised to 'Negative' if SI's
financial risk profile weakens, because of lower profitability or
revenue, or large external indebtedness or a stretch in its
working capital cycle.
SI, set up in 2010, is promoted by Surat (Gujarat)-based Mr. Ankur
Narang. The firm trades various types of embroidery needles and
embroidery spare parts used in garment industry. SI is the
authorised Indian distributor/supplier of products of TOYO brand
from China.
SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR14.50 crore bank
limits of Sky India Metals Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based 3.50 [ICRA]D Assigned
Limit-Cash Credit
Short Term Non Fund 11.00 [ICRA]D Assigned
Based Limit-Bank
Guarantee/Letter of
credit
The assigned rating takes into account the stretched liquidity
profile of SIMPL as reflected by multiple instances of devolvement
of letter of credit (LC) and over-utilization of bank limits in
recent months.
The rating is also constrained by company's moderate scale of
operations in a highly fragmented industry with low entry barriers
resulting in intense competition. Moreover, the rating is further
affected by high inventory levels entailing high working capital
intensity, which amplify the company's exposure to volatility in
metal scrap prices. ICRA further notes that the company is exposed
to foreign exchange fluctuation risks in the absence of natural
hedge and a company hedging mechanism.
The rating, however, factors in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent. ICRA also notes the
significant growth in operating income in 2013-14 supported
by increase in volumes and sales realization.
Ability of the company to regularize its debt obligations and
manage its working capital effectively will be the key rating
sensitivities.
Sky India Metals Private Limited (SIMPL) was incorporated in
February 2006 and is engaged in trading of ferrous & non ferrous
scraps. The company has its registered office at Mumbai and a
warehousing facility in Mumbra, (Thane district, Maharashtra).
Recent results
During the financial year 2013-14, SIMPL registered a net profit
of INR0.18 crore on an operating income of INR47.47 crore.
SRI SAI: ICRA Cuts to D Then Suspends Rating on INR11cr Loan
------------------------------------------------------------
ICRA has revised the long term assigned to INR15.00 crore fund
based limits of Sri Sai Basava Taraka Rama Oils Private Limited
from [ICRA] B to [ICRA] D and has simultaneously suspended the
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 11.00 Revised from [ICRA] B
to [ICRA] D and
simultaneously suspended
Unallocated 4.00 Revised from [ICRA] B
to [ICRA] D and
simultaneously suspended
The revision in rating takes into account delays in payment of
interest on term loans by the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.
SVSVS PROJECTS: CRISIL Suspends B+ Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Svsvs Projects Private Limited (SVSVS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 150 CRISIL A4 Suspended
Cash Credit 25 CRISIL B+/Stable Suspended
The suspension of ratings is on account of non-cooperation by
SVSVS with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVSVS is yet to
provide adequate information to enable CRISIL to assess SVSVS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. The company is a
special class contractor registered with the Public Works
Department of Andhra Pradesh and the Andhra Pradesh Roads and
Buildings Department. SVSVS is promoted by Mr. V Rama Mohan Rao
and his family.
TIRUPATI BALAJI: CRISIL Assigns B Rating to INR85MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Tirupati Balaji Agri Foods (TBAF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B/Stable
Term Loan 85 CRISIL B/Stable
The rating reflects TBAF's start-up phase of operations in the
fragmented cold storage industry and its weak financial risk
profile, marked by high gearing and small net worth. These rating
weaknesses are partially offset by the extensive experience of the
firm's partners in the cold storage business through group
concerns.
Outlook: Stable
CRISIL believes that TBAF will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves with enhanced scale of operations and cash accruals or a
significant capital infusion by its partners. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly its liquidity, weakens, most likely because
of large debt-funded capital expenditure or sharp decline in
accruals driven by volatility in commodity prices, or lengthening
of working capital cycle.
Set up in 2013, TBAF trades in, stores, and preserves potatoes.
Its cold storage is in Deesa (Gujarat) and has capacity of 10,000
tonnes per annum. The firm's day-to-day operations are managed by
Mr. Fulchand Bhai.
TREZEROIL AGROTECH: CRISIL Assigns D Rating to INR65MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Trezeroil Agrotech Limited (TAL)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL D
The rating reflects TAL's overdrawn working capital limits for
more than 30 days, on account of weak liquidity. The weak
liquidity is on account of large working capital requirements. The
rating also reflects TAL's weak financial risk profile marked by
high gearing and weak debt protection metrics. However, these
rating weaknesses are partially offset by TAL's promoters'
extensive experience in the edible oil industry.
TAL, established in 2010 as a closely held public limited company
and based in Hyderabad, is primarily engaged in the refining and
sale of edible oil.
For 2013-14 (refers to financial year, April 1 to March 31), TAL
reported net profit of INR3.3 million on total revenue of INR394.4
million, against net profit of INR4.0 million on total revenue of
INR45.4 million for 2012-13.
===============
M A L A Y S I A
===============
1MALAYSIA: Prokhas to Help Firm With Cashflow Troubles
------------------------------------------------------
The Star reports that Prokhas Sdn Bhd, the in-house restructuring
outfit of the Finance Ministry (MoF), has been tasked to help
sister company 1Malaysia Development Bhd (1MDB) deal with cash-
flow problems tied to its debt obligations.
The report says Prokhas was roped in to assist 1MDB, which needs
about MYR5 billion this year to meet its debt obligations.
"Prokhas has come into the picture, which is why CIMB Investment
Bank Bhd that was appointed two weeks ago to look into the sale of
1MDB's energy assets has been out of the job," the report quotes a
source as saying.
According to the report, the amount due this year is largely to
cover the payment of a US$975 million term loan taken by 1MDB
Energy Holdings Ltd that falls due on Aug 31 this year. At the
current exchange rate of 3.64 to the US dollar, the maturing term
loan is valued at MYR3.55 billion.
1MDB Energy Holdings is the energy unit of 1MDB that was supposed
to list by the first quarter of this year under the new name of
Edra Global Energy Bhd, the report states. But 1MDB withdrew its
proposal on Feb. 28 this year because it could not meet the
listing requirements.
"CIMB was roped in to arrange for the sale of Edra Energy, which
is about the only asset that can be sold immediately to raise
funds for 1MDB to help meet its debt obligations," said a banker,
The Star relays.
But its mandate was terminated on April 1 -- just a week after the
investment bank was appointed, the report notes.
The Star relates that the other portion of the MYR5 billion
obligation this year comes from interest cost totalling around
MYR1.4 billion on all other outstanding loans that 1MDB has taken
over the last five years.
1MDB is MYR41.9 billion in debt to fund a buying binge over the
past five years, as the company built up a portfolio of power and
energy assets, as well as amassing prime landbanks earmarked for
future development, according to the report.
The report relates that while the power plants acquired from
Genting Bhd and Tanjong Plc are generating some cashflow for the
company, it is not enough to cover its interest cost and planned
development expenditure.
Last year, 1MDB had to defer a debt payment taken to finance the
purchase of Tanjong's power plants in 2012 for MYR8.5 billion, the
report recalls.
An outstanding amount of MYR2 billion was finally settled with the
assistance of billionaire T. Ananda Krishnan, who owns Tanjong,
after two delays, says The Star.
According to the report, Second Finance Minister Datuk Seri Ahmad
Husni Hanadzlah had, in his winding-up speech in Parliament on
March 25, said that the Government had formed a special task force
to look into 1MDB's performance, as well as the debts borne by the
firm.
He had earlier in March told Parliament that 1MDB's financial
position was "unsustainable" with a cashflow problem, the report
relays.
The Star adds that the Government, Husni said, had already
extended MYR950 million to 1MDB as a "standby credit" facility to
address its short-term financial needs.
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
=================
S I N G A P O R E
=================
AVAGO TECHNOLOGIES: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings for Avago Technologies
Finance Pte. Ltd., including the 'BB+' Long-term Issuer Default
Dating. Fitch also has affirmed and assigned a recovery rating of
'RR1' to the senior secured revolving credit facility (RCF) and
term loan. Fitch's actions affect $6 billion of total debt,
including the undrawn $500 million secured RCF. The rating
outlook is Stable.
The ratings and Outlook reflect Fitch's expectations for Avago
Technologies Ltd.'s (Avago) solid operating performance from
accelerating LTE adoption driven secular demand. As a result,
higher smartphone shipments, increasing complexity, growing
internet bandwidth demands and greater storage requirements will
drive solid organic revenue growth over the next few years.
In addition, Fitch expects solid top line growth, constrained
capacity, healthy inventory levels and lower fixed operating
expenses from the LSI integration will sustain higher operating
EBITDA margins through the intermediate-term. Fitch expects
operating EBITDA margin above 40% versus a Fitch estimated 35.3%
for the latest 12 months (LTM) ended Feb. 1, 2015. Profitability
will remain cyclical with trough operating EBITDA margin in the
low 30%.
Fitch expects $500 million of FCF in fiscal 2015 and annual FCF
approaching $1 billion through the intermediate-term from growing
and higher margin profitability. Expectations for elevated
capital spending to alleviate capacity constraints at the
company's production facility and potentially higher inventory
levels to meet strong demand could temper FCF in the short-term.
Fitch also expects Avago to use FCF for acquisitions to continue
diversifying their end market exposure. The company will buy
supplier of fiber channel and related products, Emulex, for $606
million, or $609 million net of acquired cash and debt in the
second half of fiscal 2015. This transaction should complement
Avago's enterprise storage offerings. In conjunction with the
company's recent acquisition of PLX Technology and LSI, Avago
should generate nearly a third of revenues from enterprise storage
markets at higher than corporate wide profit margins.
Fitch expects credit protection measures to strengthen from higher
profitability and Avago's plan to repay $600 million of the
outstanding secured term loan during the current quarter with
available cash. As a result, Fitch anticipates total leverage
(total debt to operating EBITDA) will fall and remain below 2.5
times (x) in the absence of significant operating shortfalls or
debt financed acquisitions.
KEY RATINGS DRIVERS
The ratings are supported by Avago's:
-- Leadership positions in secular growth markets, driven by
Avago's technology leadership in integrated high performance
FBAR filters.
-- Strong profitability with expectations for profit margin
expansion from cost synergies.
-- Consistent and solid annual mid-cycle FCF, providing ample
financial flexibility for debt reduction and to organically
fund smaller technology focused acquisitions.
-- Expectations for solid credit protection measures for the
rating, given voluntary debt reduction and strengthened
profitability.
Rating concerns center on:
-- Expectations for ongoing and potentially significant debt
financed acquisitions, as well as the attendant integration
risks, given importance of research and development (R&D)
investments.
-- Expectations for operating volatility from short-cycle
products, particularly smartphones, which require annual
design socket wins and should represent 35% to 40% of total
sales through the intermediate-term. Fitch also
anticipates additional volatility from uneven demand
patterns in wireline infrastructure and enterprise and data
center spending.
-- Improved but still substantial customer and end market
concentration, with wireless communications and wired
infrastructure representing roughly half of revenues and
Avago's top 10 customers accounting for 57% of revenues.
Fitch notes exposure to leading handset providers, while a
risk, also are driving significant revenue growth, given
Avago's technology leadership.
RATINGS SENSITIVITIES
Positive rating action could occur if Fitch expects:
-- Total leverage will remain below 2.5x over the longer-term,
driven by voluntary debt reduction, structurally higher
profitability or management's commitment to maintain
financial policies consistent with investment grade; or
-- More consistent operating performance through the cycle
from reduced customer or end market concentration.
Negative rating actions could result from:
-- Market share erosion at a leading customer or in aggregate,
indicating an loss of technological advantage; or
-- Fitch expects total leverage sustained above 3x from
profitability and FCF degradation or large debt financed
acquisitions.
As of Feb. 1, 2015, Fitch believes liquidity is solid and consists
of:
-- $2.6 billion of cash and cash equivalents;
-- $500 million undrawn senior secured RCF expiring 2019.
Consistent annual FCF of $500 million to $1 billion also supports
liquidity. Cash location is not a concern for Avago, due to the
company's incorporation in Singapore.
Total debt is $5.4 billion and consists of:
-- $4.6 billion senior secured term loan B maturing in 2019;
-- $1 billion of the privately placed convertible note due
2020.
The term loan B amortizes at $46 million (1%) annually until the
bullet maturity in 2019.
KEY RATINGS ASSUMPTIONS
-- Strong Wireless segment revenue growth (mid-40%) for fiscal
2015, driven by robust smartphone demand from key
customers.
Fitch assumes more normalized mid-single digit growth beyond the
near-term.
-- Enterprise segment revenue growth in the low- to mid-single
digit, driven by solid enterprise and data center spend.
-- Low single digit revenue growth for the Wireline segment,
due to solid demand for ASIC and fiber optics.
-- Low single digit revenue growth for Industrial, consistent
with the broader market.
-- Fitch assumes profit margin remains consistent at current
levels, resulting in operating EBITDA margin near 40%.
-- Inventory levels increase to accommodate robust demand
within the context of constrained capacity.
-- Dividends grow 10% annually.
-- Capex remains at 10% of revenues through forecast period to
support growth.
Fitch affirms Avago Technologies Finance Pte. Ltd.'s ratings as:
-- IDR at 'BB+';
-- $4.6 billion Senior Secured Term Loan B at 'BBB-/RR1'; and
-- $500 million Senior Secured Revolving Credit Facility (RCF)
at 'BBB-/RR1'.
====================
S O U T H K O R E A
====================
* SOUTH KOREA: Puts 41 Conglomerates Under Watch
------------------------------------------------
Yonhap News reports the South Korea's financial watchdog said
April 9 that it has placed 41 highly-indebted conglomerates under
closer watch for debt reductions in order to prevent unexpected
defaults.
According to the report, the Financial Supervisory Service said
the conglomerates that owe more than KRW1.3 trillion ($1.2
billion) to local banks have been designated as heavy corporate
debtors for this year, compared with 42 firms selected last year.
The report relates that the FSS unveils the list of major highly-
indebted large firms in April every year.
STX Group, Daesung Group and Booyoung Group were dropped from the
list as they sold off affiliates and paid off debts amid
restructuring. Meanwhile, Sinokor Merchant Marine Co. and Harim
Co. were added to the list, according to Yonhap.
The report notes that the outstanding amount of the 41 firms'
combined loans totaled KRW303 trillion as of the end of 2014, up
7.4 percent from KRW282.3 trillion tallied a year earlier. It
accounted for 16.7 percent of all lending by local financial
institutions, the report notes.
The report says the most heavily-indebted conglomerate is Hyundai
Motor Group, which has KRW31.7 trillion in debt, followed by
Samsung Group with KRW29.6 trillion and SK Group with
KRW24.5 trillion.
Yonhap adds that the FSS said it will closely scrutinize the
firms' financial health until the end of April and monitor their
restructuring efforts throughout the year.
Local lenders have been struggling from snowballing corporate loan
defaults worth tens of trillions of won as mid-sized companies
including Keangnam Enterprises, Dongbu Corp., Taihan Electric Wire
Co. and Moneual Inc. have become insolvent since last year, Yonhap
reports.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ACONEX LTD ACX 36.38 -152.68
ADCORP AUSTRALIA AAU 17.86 -0.81
ATLANTIC LTD ATI 64.03 -517.87
AUSTRALIAN ZI-PP AZCCA 16.99 -71.67
AUSTRALIAN ZIRC AZC 16.99 -71.67
AXXIS TECHNOLOGY AYG 19.18 -1.88
BIRON APPAREL LT BIC 19.71 -2.22
BLUESTONE GLOBAL BUE 46.32 -2.40
BRIDGE GLOBAL CA BGC 19.38 -121.51
BULLETPROOF GROU BPF 11.11 -2.99
CLARITY OSS LTD CYO 13.99 -15.57
CONTINENTAL COAL CCC 141.26 -6.69
IPH LTD IPH 22.71 -7.54
LOVISA HOLDINGS LOV 19.02 -3.43
MBD CORP LTD MBD 14.63 -0.20
MIRABELA NICKEL MBN 158.54 -375.82
NORSEMAN GOLD PL NGX 36.28 -43.40
OPUS GROUP LTD OPG 63.26 -8.99
RIVERCITY MOTORW RCY 386.88 -809.13
RUTILA RESOURCES RTA 34.45 -3.90
SAVCOR GRP LTD SAV 25.90 -10.32
SIGNATURE METALS SBL 33.09 -18.85
SPHERE MINERALS SPH 108.81 -64.95
STERLING PLANTAT SBI 59.64 -12.67
STONE RESOURCES SHK 21.76 -14.91
SUBZERO GROUP LT SZG 31.95 -3.19
CHINA
ANHUI GUOTONG-A 600444 75.07 -7.31
BAIOO 2100 88.34 -3.21
CHINA ESSENCE GR CESS 48.99 -108.56
GCL SYSTEM INT-A 2506 577.79 -465.36
JIANGXI CHANG-A 600228 109.53 -11.09
LINEKONG INTERAC 8267 40.79 -112.57
LUOYANG GLASS-A 600876 203.45 -2.05
LUOYANG GLASS-H 1108 203.45 -2.05
NANNING CHEMIC-A 600301 257.94 -14.09
SHAANXI QINLIN-A 600217 339.47 -24.55
SHANG BROAD-A 600608 39.94 -0.31
SONGLIAO AUTO -A 600715 27.06 -6.12
TIANGE 1980 139.51 -13.82
WUHAN BOILER-B 200770 193.47 -235.12
XIAKE COLOR-A 2015 268.17 -18.47
CHINA HEALTHCARE 673 26.86 -17.33
CHINA MINING RES 340 97.56 -1.90
CHINA OCEAN SHIP 651 315.16 -76.51
CNC HOLDINGS 8356 50.95 -10.22
GR PROPERTIES LT 108 17.83 -52.36
GRANDE HLDG 186 194.96 -302.44
HARMONIC STR 33 33.31 -2.82
MASCOTTE HLDGS 136 17.72 -4.61
TITAN PETROCHEMI 1192 422.49 -1,073.54
INDONESIA
APAC CITRA CENT MYTX 174.01 -17.22
ARPENI PRATAMA APOL 166.39 -336.11
ASIA PACIFIC POLY 323.36 -862.79
BAKRIE & BROTHER BNBR 937.98 -160.00
BAKRIE TELECOM BTEL 627.41 -271.18
BENTOEL INTL INV RMBA 854.30 -17.77
BERAU COAL ENERG BRAU 1,876.65 -29.46
BERLIAN LAJU TAN BLTA 766.11 -1,173.91
BERLIAN LAJU TAN BLTA 766.11 -1,173.91
BORNEO LUMBUNG BORN 1,050.10 -541.61
BUMI RESOURCES BUMI 6,595.57 -320.93
ICTSI JASA PRIMA KARW 53.53 -10.11
JAKARTA KYOEI ST JKSW 24.64 -34.00
MERCK SHARP DOHM SCPI 92.25 -0.08
ONIX CAPITAL TBK OCAP 13.75 -2.96
RENUKA COALINDO SQMI 15.99 -0.30
SUMALINDO LESTAR SULI 77.28 -34.38
TRUBA ALAM ENG TRUB 216.87 -34.67
UNITEX TBK UNTX 20.62 -17.28
INDIA
ABHISHEK CORPORA ABSC 53.66 -25.51
AGRO DUTCH INDUS ADF 85.09 -22.81
ALPS INDUS LTD ALPI 201.29 -41.70
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
BHARATI SHIPYARD BHSL 1,428.69 -17.76
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
ELECTROTHERM IND ELT 501.15 -96.22
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 48.71 -5.00
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
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
MODERN DAIRIES MRD 38.61 -3.81
MOSER BAER INDIA MBI 727.13 -165.63
MOSER BAER -SLB MBI/S 727.13 -165.63
MPL PLASTICS LTD MPLP 17.67 -51.22
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 55.11 -52.44
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 105.10 -183.38
QUINTEGRA SOLUTI QSL 16.76 -17.45
RADHA MADHAV COR RMCL 10.33 -48.95
RAMSARUP INDUSTR RAMI 433.89 -89.28
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MED-SLB RMW/S 279.61 -144.47
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 SUGARS 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 11.65 -5.73
STI INDIA LTD STIB 21.69 -2.13
STL GLOBAL LTD SHGL 30.73 -5.62
STORE ONE RETAIL SORI 15.48 -59.09
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
TIMEX GROUP IND TIMX 20.14 -0.42
TIMEX GROUP-PREF TIMXP 20.14 -0.42
TODAYS WRITING TWPL 18.58 -25.67
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 19.71 -10.45
TUTICORIN ALKALI TACF 17.17 -22.86
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 11.13 -1.81
LCA HOLDINGS COR 4798 21.73 -1.75
OPTROM INC 7824 15.63 -4.50
PIXELA CORP 6731 13.97 -0.02
KOREA
HYUNDAI CEMENT 6390 454.92 -262.92
SAMWHAN CORP 360 624.46 -9.54
SAMWHAN CORP-PRE 365 624.46 -9.54
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
MALAYSIA
BIOSIS GROUP BHD BGH 10.39 -7.66
DING HE MINING 705 48.83 -57.14
HAISAN RESOURCES HRB 23.80 -20.90
HIGH-5 CONGLOMER HIGH 29.86 -65.83
LION CORP BHD LION 1,128.18 -160.72
ML GLOBAL BHD MLG 13.23 -4.07
OCTAGON CONSOL OCTG 14.55 -53.99
PERWAJA HOLDINGS PERH 515.46 -163.63
NEW ZEALAND
PULSE ENERGY LTD PLE 15.04 -4.52
PHILIPPINES
CYBER BAY CORP CYBR 13.68 -25.95
DFNN INC DFNN 14.84 -2.76
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
METRO GLOBAL HOL MGH 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
CHINA GREAT LAND CGL 12.24 -21.26
GPS ALLIANCE HOL GPS 15.91 -0.61
OCEANUS GROUP LT OCNUS 81.89 -13.92
QT VASCULAR LTD QTVC 17.99 -11.99
SCIGEN LTD-CUFS SIE 46.71 -55.42
SINGAPORE EDEVEL SGE 12.81 -3.18
SINOPIPE HLDS SPIP 146.50 -80.06
TERRATECH GROUP TEGP 13.55 -5.24
UNITED FIBER SYS UFS 46.83 -87.24
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/F 38.87 -46.47
KTECH CONSTRUCTI KTECH 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
PAE THAI PUB CO PAE 42.42 -0.28
PAE THAI-FRGN PAE/F 42.42 -0.28
PAE THAI-NVDR PAE-R 42.42 -0.28
PATKOL PCL PK 52.89 -30.64
PATKOL PCL-FORGN PK/F 52.89 -30.64
PATKOL PCL-NVDR PK-R 52.89 -30.64
PROFESSIONAL WAS PRO 10.68 -1.71
PROFESSIONAL-F PRO/F 10.68 -1.71
PROFESSIONAL-N PRO-R 10.68 -1.71
SHUN THAI RUBBER STHAI 13.16 -6.13
SHUN THAI RUBB-F STHAI/F 13.16 -6.13
SHUN THAI RUBB-N STHAI-R 13.16 -6.13
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 169.38 -510.60
TT&T PCL-NVDR TTNT-R 169.38 -510.60
TT&T PUBLIC CO-F TTNT/F 169.38 -510.60
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
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 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 ***