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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, July 3, 2015, Vol. 18, No. 130
Headlines
A U S T R A L I A
C & V PRESSURE: First Creditors' Meeting Set For July 10
DISCOVERY METAL: Cupric Canyon Buys Liquidated Botswana Unit
C H I N A
STX DALIAN: Third Auction Falls Through
I N D I A
ADITYA INFRA: CRISIL Assigns B+ Rating to INR50MM Cash Loan
ANIIRUDH CIVIL: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
BEAUMONDE THE FERN: CRISIL Suspends D Rating on INR267.5MM Loan
CHENNAI CNC: CRISIL Suspends B+ Rating on INR92.5MM Bank Loan
CREATIONS: CRISIL Suspends B+ Rating on INR50MM Cash Credit
DAYA ENGINEERING: Ind-Ra Suspends 'IND BB' LT Issuer Rating
DELITE APPARELS: CRISIL Suspends B- Rating on INR42.5MM Loan
DEVENDRAN PLASTICS: CRISIL Reaffirms B Rating on INR35MM Loan
DR. NARENDRA: CRISIL Suspends 'B' Rating on INR110MM Bank Loan
EVERWIN CLOTHINGS: CRISIL Suspends 'D' Rating on INR60MM Loan
GK SONS: CRISIL Suspends 'B' Rating on INR155MM Cash Loan
GREENLAND MOTORS: CRISIL Suspends B+ Rating on INR120MM Loan
GSS INFOTECH: CRISIL Cuts Rating on INR427.5MM Bank Loan to B
HARYANA HATCHERY: CRISIL Suspends B Rating on INR54.7MM Term Loan
ICON SLEEPER: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
INDICA OVERSEAS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
J. B. DARUKA: CRISIL Suspends 'D' Rating on INR129.8MM Term Loan
J P INFRA: CRISIL Suspends B+ Rating on INR900MM Term Loan
JAIN UDHAY: CRISIL Suspends 'D' Rating on INR116.1MM Term Loan
KAMACHI GRANITES: CRISIL Suspends B- Rating on INR3MM Term Loan
KAYTX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR390MM Loan
KEMIA APARTMENTS: CRISIL Suspends B+ Rating on INR200MM Bank Loan
KUN COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR220MM Term Loan
M.M. SAW: CRISIL Suspends B+ Rating on INR30MM Cash Loan
M/S VALSONS: CRISIL Suspends B Rating on INR60MM Cash Credit
MAHA KALI: CRISIL Suspends 'D' Rating on INR45MM LT Loan
MARUTI COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
METCUT TOOLINGS: CRISIL Reaffirms 'D' Rating on INR75.9MM Loan
MIRYALGUDA RICE: CRISIL Ups Rating on INR122.5MM Loan to B+
MJR RICE: CRISIL Reaffirms 'D' Rating on INR50MM Cash Credit
MURALI & CO.: CRISIL Suspends B+ Rating on INR37MM Cash Loan
NAGARJUNA FEEDS: CRISIL Reaffirms 'D' Rating on INR30MM Loan
NAGARJUNA HATCHERIES: CRISIL Reaffirms D Rating on INR130MM Loan
NATIONAL LUMBERS: CRISIL Suspends 'D' Rating on INR160MM Loan
PATIL RAIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
PEACOCK COMMUNICATIONS: Ind-Ra Suspends 'IND BB+' Issuer Rating
PRADHVI MULTITRADE: CRISIL Suspends 'D' Rating on INR100MM Loan
PROFIT SHOE: Ind-Ra Withdraws BB Long-Term Issuer Rating
RACHANA LIFE: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
RAGHAVENDRA AUTOMATION: CRISIL Suspends B+ INR37.5MM Loan Rating
RAMA KRISHNA: CRISIL Reaffirms D Rating on INR60MM Cash Loan
RAMABRAHMA GOLDEN: CRISIL Suspends 'D' Rating on INR60MM Loan
RAMESH CHANDRA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
RAMESH MEGHJI: CRISIL Suspends B+ Rating on INR115MM Term Loan
RAMESH ZAVERI: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
SHIVADARSHAN AGRO: CRISIL Suspends B+ Rating on INR80MM Cash Loan
SHIVDHARA MINERALS: CRISIL Assigns B Rating to INR33MM Term Loan
SHREE BHAGWATI: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
SHREE RAM: CRISIL Cuts Rating on INR250MM Cash Credit to 'D'
SIVA SWATHI: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
SPACETECH PROJECTS: CRISIL Suspends 'B' Rating on INR31.5MM Loan
SUJAY KUMAR: CRISIL Assigns 'B+' Rating to INR43.7MM LT Loan
SUMANGALAM SEWA: CRISIL Suspends B- Rating on INR240MM LT Loan
SUNNY STAR: CRISIL Ups Rating on INR149.8MM Term Loan to B+
SVM NONWOVENS: CRISIL Cuts Rating on INR120MM LT Loan to B-
SWAPNIL AGRO: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
THANE STEELS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
UI PIPE: CRISIL Reaffirms 'D' Rating on INR70MM Term Loan
VIKRAM STRUCTURES: CRISIL Suspends 'D' Rating on INR106MM Loan
VISHHRAM NLP: CRISIL Assigns 'D' Rating to INR60MM Term Loan
J A P A N
SHARP CORP: S&P Raises Corp. Credit Rating to 'B-'; Outlook Neg.
SONY CORP: Shares Drop as Investors Question Fundraising Drive
N E W Z E A L A N D
KIWI FORESTRY: Faces Probe Over Alleged Insolvent Trading
MOTOR TRADE: High Court to Hear Appeal on Decision Over Breaches
P H I L I P P I N E S
PHILIPPINES: Budget System Needs Improvement, IMF Says
RURAL BANK OF TAYSAN: Placed Under PDIC Receivership
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 & V PRESSURE: First Creditors' Meeting Set For July 10
--------------------------------------------------------
Jamieson Louttit at Jamieson Louttit & Associates was appointed as
administrator of C & V Pressure Welding Pty Limited on July 2,
2015.
A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15
88 Pitt Street, in Sydney on July 10, 2015, at 10:00 a.m.
DISCOVERY METAL: Cupric Canyon Buys Liquidated Botswana Unit
------------------------------------------------------------
Reuters reports that Cupric Canyon Capital, a private equity firm
backed by a unit of Barclays Plc, has bought Discovery Copper
Botswana (DCB) for 343 million pula ($35 million), the appointed
liquidators said on June 26.
DCB, a unit of Australia's Discovery Metal Limited, was placed
under provisional liquidation earlier this year after failing to
pay more than BWP1.3 billion to creditors, according to Reuters.
Cupric's takeover paves way for its Boseto Mine to resume
operations, the news agency notes.
According to the report, Terry Brick, a director at Deloitte, the
provisional liquidators of the mine, said his firm would seek the
court's approval of the deal to enable DCB to come out of
liquidation.
Out of DCB's $137 million in total liabilities, $103 million is
owed to secured lenders, $4 million to government and $30 million
to unsecured creditors, Reuters discloses.
Mr. Brick said Cupric Canyon was also one of the mining firm's
creditors, the report relates.
Cupric Canyon, through a local subsidiary Khoemacau, plans to open
another copper mine near Boseto next year, adds Reuters.
About Discovery Metals
Australia-based Discovery Metals Limited (ASX:DML) --
http://www.discoverymetals.com/-- is a copper and silver
concentrate producer from its 100% owned major asset, the Boseto
Copper Project in north-west Botswana.
Discovery Metals on Feb. 17, 2015, appointed Stefan Dopking and
Michael Ryan of FTI Consulting as Voluntary Administrators of the
Company under Part 5.3A of the Corporations Act.
The decision to appoint Voluntary Administrators followed the
receipt of correspondence from DML's Lender Group on Feb. 17.
DML's Lender Group has demanded full and immediate repayment by
DML of all monies (comprising principal repayments, interest and
costs).
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C H I N A
=========
STX DALIAN: Third Auction Falls Through
---------------------------------------
Maritime News reports that the third auction for the bankrupted
STX Dalian Shipyard failed, as until June 26 there were no
bidders. The auction was held by Dalian Intermediate People's
Court after the company bankrupted in middle 2014 and went beyond
redemption for not just the creditors but also the Chinese
government, the report says.
According to the report, the third auction for the big shipbuilder
failed, as no bidders participated, despite the rumors that Dalian
Shipbuilding Industry Corporation (DSIC) is considering to take
over the shipyard.
Maritime News says STX Dalian has total US$3.2 billion debts,
which should be covered or restructured by the new owner. The
company was unable to restructure its debt and management in the
first half of 2014 and went into liquidation by the Dalian
Intermediate People's Court, the report notes.
Among the assets of STX Dalian are two vessels ordered at the
shipyard, says Maritime News. According to the report, the
liquidator succeeded already to sell a livestock carrier to
Australia's Wellard Group for US$17.4 million USD. However, the
two ships of STX Offshore & Shipbuilding are not yet sold and
might be included, as part of the deal for company acquisition, or
sold at separate auction, the report says.
About STX Dalian
STX Dalian was established in 2007, with a registered capital of
USD1.125 billion, and employed over 20,000 people at its peak
time. However, the STX chaebol's deterioration into financial
trouble in 2013 precipitated STX Dalian's demise.
STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.
The company is based in Dalian, China.
As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2014, Seatrade Global said STX Dalian Group is now
formally under court receivership after China's Dalian court
accepted the company's application. The financially-troubled
group will now undergo a restructuring process, and the court and
its creditors will proceed to discuss how to resolve the debts of
the company, Seatrade Global related.
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I N D I A
=========
ADITYA INFRA: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Aditya Infra and Agri Business Private Limited
(AIABPL) and has assigned its 'CRISIL B+/Stable' rating to
AIABPL's bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated December 31, 2014 since AIABPL had not provided necessary
information required to take the rating review. AIABPL has now
shared the requisite information enabling CRISIL to assign rating
on its bank facilities.
The rating reflects AIABPL's working capital intensive operations
and its small scale of operations in the competitive civil
construction industry. These rating weaknesses are partially
offset by the experience of the promoters in the civil
construction industry and average financial risk profile, marked
by moderate gearing and debt protection metrics, though
constrained by low net worth.
Outlook: Stable
CRISIL believes that AIABPL will benefit from the experience of
its promoters over the medium term. The outlook may be revised to
'Positive' if the business risk profile improves on account of
significant increase in AIABPL's scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' in case of lengthening of working capital cycle or if
AIABPL undertakes a significant debt-funded capital expenditure,
leading to deterioration in its liquidity.
Incorporated in 2011, Aditya Infra Constructions Private Limited
provides logistic and labour services in civil construction work.
Apart from this, the company is also into construction of roads
and water drainages. The company changed its name in May 12, 2015
to Aditya Infra and Agri Business Private Limited. The company is
planning to venture into exports of agri-commodities in medium
term. AIABPL is based out of Mangalore (Karnataka) and its day-to-
day operations are managed by Mr. Aditya Nayak.
ANIIRUDH CIVIL: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aniirudh Civil
Engineers and Contractors Private Limited (ACECPL) continue to
reflect instances of delay by ACECPL in servicing its debt
obligations. The delays have been caused by the company's weak
liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL D (Reaffirmed)
Cash Credit 30 CRISIL D (Reaffirmed)
Term Loan 18 CRISIL D (Reaffirmed)
ACECPL has a high degree of geographic concentration in its order
book, and is exposed to intense competition in the construction
industry. However, the company benefits from its promoter's
extensive industry experience.
ACECPL, incorporated in 2011, is engaged in jetty construction and
stone crushing activities. Its day-to-day operations are managed
by Mr. Vivek Kawde and his son Mr. Aditya Kawde. The promoters
have been engaged in the civil construction business since 1998
through group entity Aniirudh Enterprises (rated 'CRISIL D').
BEAUMONDE THE FERN: CRISIL Suspends D Rating on INR267.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Beaumonde The Fern (BTF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 267.5 CRISIL D
Overdraft Facility 12.5 CRISIL D
The suspension of ratings is on account of non-cooperation by BTF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BTF is yet to
provide adequate information to enable CRISIL to assess BTF'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'
BTF, set up in 2012, owns a 70-room, five-star hotel called
Beaumonde The Fern in Kochi (Kerala). The firm's operations are
managed by Mr. Mahesh Jasrotia.
CHENNAI CNC: CRISIL Suspends B+ Rating on INR92.5MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Chennai
Cnc Servotronics Private Limited (CCSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 25 CRISIL B+/Stable
Long Term Loan 32.5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 92.5 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
CCSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CCSPL is yet to
provide adequate information to enable CRISIL to assess CCSPL'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'
CCSPL, incorporated in 1997, manufactures CNC machining
components. The company is promoted by Mr. D Subramanian.
CREATIONS: CRISIL Suspends B+ Rating on INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Creations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 40 CRISIL A4
Cash Credit 50 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 30 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
Creations with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Creations is yet to provide adequate information to enable CRISIL
to assess Creations'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'
Creations was set up in 1989 as proprietorship concern by Mr. T E
Giridhara Raj; it was reconstituted as a partnership firm in 2010.
The firm undertakes turnkey interior designing projects (designing
and execution) for corporate clients.
DAYA ENGINEERING: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research has migrated Daya Engineering Works Pvt
Ltd's (DEWPL) 'IND BB' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. The rating will now appear as
'IND BB(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
the lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for DEWPL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
DEWPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
from 'IND BB';
-- INR39.0 mil. term loan limits: migrated to
'IND BB(suspended)' from 'IND BB';
-- INR100.0 mil. fund-based working capital limits: migrated
to 'IND BB(suspended) from 'IND BB' and
'IND A4+(suspended)' from 'IND A4+'
-- INR30.0 mil. non-fund-based working capital limits:
migrated to 'IND A4+(suspended)' from 'IND A4+'
DELITE APPARELS: CRISIL Suspends B- Rating on INR42.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Delite
Apparels Ltd (DAL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 42.5 CRISIL B-/Stable
Letter of Credit 20 CRISIL A4
Proposed Long Term
Bank Loan Facility 7.5 CRISIL B-/Stable
Term Loan 5.0 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by DAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DAL is yet to
provide adequate information to enable CRISIL to assess DAL'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'
DAL (formerly known as Delite Hosiery Pvt Ltd), was taken over by
its present management, Mr. A C Mishra and Mr. Manzoor Ahmed Shah,
in 2003. It manufactures trousers for both men and women, with a
presence mainly in the domestic market. DAL has two manufacturing
units, one each in Noida (Uttar Pradesh) and Kundli (Haryana); the
Kundli unit is non-operational.
DEVENDRAN PLASTICS: CRISIL Reaffirms B Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Devendran Plastics Pvt
Ltd (DPPL) continue to reflect DPPL's below-average financial risk
profile marked by small net worth, weak debt protection metrics,
and high gearing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B/Stable (Reaffirmed)
Letter of Credit 65 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 35 CRISIL B/Stable (Reaffirmed)
The ratings also factor in the susceptibility of the company's
profitability to volatility in raw material prices and to intense
competition in the packaging industry. These ratings weaknesses
are partially offset by significant funding support from promoters
and their extensive entrepreneurial experience
Outlook: Stable
CRISIL believes DPPL will continue to benefit over the medium term
from its promoters' significant funding support and extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the company successfully stabilises its operations,
resulting in higher sales and better operating profitability.
Conversely, the outlook may be revised to 'Negative' if DPPL
registers a low increase in its turnover or if its capacity
utilisation is sub-optimum, resulting in weakening of its
financial risk profile.
Update
DPPL reported revenue of around INR190 million for 2014-15 (refers
to financial year, April 1 to March 31), a year-on-year growth of
around 85 per cent. Though the company continued to report
operating losses on account of low capacity utilisation, its
operating margins improved to a negative 7.5 per cent for 2014-15
from a negative 30.5 per cent for 2013-14. CRISIL believes that
DPPL's business risk profile will benefit from its promoters'
extensive industry experience and addition of new customers over
the medium term, though constrained by operating losses.
DPPL's financial risk profile remains weak, marked by a small net
worth, high gearing, and weak debt protection metrics. It had a
small net worth and high gearing of around INR8 million and 4.21
times respectively as on March 31, 2015. On account of net losses
expected to be booked, the company's net worth and gearing is
expected to be negative over the medium term. Due to negative
operating margins, DPPL's debt protection metrics were weak in
2014-15. CRISIL believes that DPPL's financial risk profile will
remain weak over the medium term.
DPPL's liquidity is marked by high bank limit utilisation, while
it is expected to generate negative cash accruals over the medium
term; however its liquidity is partially supported by promoter
funds and the absence of any debt-funded capital expenditure
plans. The company's bank limits have been highly utilised at an
average of around 92.7 per cent during the 12 months through March
2015. The promoters have, however, extended unsecured loans to the
company, the balance of which stood at around INR170 million as on
March 31, 2015. CRISIL believes that DPPL's liquidity will be
constrained over the medium term on account of cash losses and
high bank limit utilisation.
DPPL was originally incorporated in 2011 as Dev Aakash Plast India
Pvt Ltd; the name was changed in 2013. It manufactures printed
polyethylene film rolls at its facility in Sivakasi (Tamil Nadu).
DR. NARENDRA: CRISIL Suspends 'B' Rating on INR110MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Dr. Narendra V. Vaidya (DNVV).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 110 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by DNVV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DNVV is yet to
provide adequate information to enable CRISIL to assess DNVV'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'
DNVV was established in 2013 and operates a 30-bed super specialty
hospital in Pune under the brand Lokamanya, specializing in
orthopaedic treatments. DNVV is a sole proprietorship owned by Dr.
Narendra Vidyadhar Vaidya, and commenced operations of its
hospital in January 2014.
EVERWIN CLOTHINGS: CRISIL Suspends 'D' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Everwin
Clothings Pvt Ltd (ECPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.4 CRISIL D
Cash Credit 60 CRISIL D
Rupee Term Loan 30 CRISIL D
The suspension of ratings is on account of non-cooperation by ECPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ECPL is yet to
provide adequate information to enable CRISIL to assess ECPL'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'
ECPL, was incorporated in 2008. The company manufactures
unstitched knit fabric and began commercial production in January
2012. ECPL is managed by its promoter, Mr. K Periasamy.
GK SONS: CRISIL Suspends 'B' Rating on INR155MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of GK Sons
Engineering Enterprises Private Limited (GKEEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4
Cash Credit 155 CRISIL B/Stable
Term Loan 65 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
GKEEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GKEEPL is yet to
provide adequate information to enable CRISIL to assess GKEEPL'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'
GKEEPL was originally set up in 1969 as a partnership firm, which
was reconstituted as a private limited company in 2007. The
company undertakes precision machining and sheet metal
fabrication. It is managed by Mr. K G Muralidharan and his wife,
Mrs. Annapoorni.
GREENLAND MOTORS: CRISIL Suspends B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Greenland Motors (GM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B+/Stable
Inventory Funding Facility 120 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by GM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GM is yet to
provide adequate information to enable CRISIL to assess GM'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'
GM, a dealer of MSIL's cars, commenced operations in 2005. GM has
three showrooms-cum-workshops in Allahabad, Pratapgarh, and
Kaushambi (all in Uttar Pradesh). Currently, GM is the sole dealer
for MSIL in Pratapgarh and Kaushambi, and one of two dealers for
MSIL in Allahabad.
GSS INFOTECH: CRISIL Cuts Rating on INR427.5MM Bank Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of GSS Infotech Ltd (GSSIL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable, and has reaffirmed its rating on the company's short-
term facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 32.5 CRISIL A4 (Reaffirmed)
Proposed Long Term 427.5 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
Working Capital 140 CRISIL B/Stable (Downgraded
Term Loan from 'CRISIL B+/Stable')
The rating downgrade reflects deterioration in GSSIL's credit risk
profile owing to low cash accruals, as well as its stretched
liquidity, marked by modest cash accruals vis-a-vis its maturing
debt obligations.
The ratings continue to reflect GSSIL's susceptibility to intense
competition in the industry and fluctuations in foreign exchange
rate. These rating weaknesses are partially offset by its
promoters' extensive experience in the information technology (IT)
sector, healthy growth prospects in the industry, and its diverse
revenue profile.
For arriving at its ratings, CRISIL has combined the financial
risk profiles of GSSIL along with its subsidiaries - GSS IT
Solutions Pvt. Ltd (India), GSS Healthcare IT Solutions Pvt Ltd,
GSS Infotech CT Inc (USA) and its step-down subsidiaries in the US
- System Dynamix Corporation, ATEC Group, GCI Systems, Veloce
Group, Infovista Technologies, Technovant Inc and Infovision
Technologies Inc.
Outlook: Stable
CRISIL believes that the GSSIL will continue to benefit over the
medium term from its established track record and relationships
with customers. The outlook may be revised to 'Positive' if the
GSSIL reports a significant and sustainable growth in its revenue
which substantially improves its profitability margins while
maintaining the capital structure. Conversely, the outlook may be
revised to 'Negative' if GSSIL faces continued pressures on its
revenue and profit margins, or if it undertakes a large debt-
funded capital expenditure or acquisition programmes, thereby
weakening its capital structure, or if the company incurs
significant impairment of goodwill, thereby weakening its
financial risk profile.
GSSIL, established in 1999, is a CMMI Level 5 company and a
provider of information technology and IT-enabled solutions and
services to companies worldwide. The company was formerly known as
GSS America Infotech Ltd. and changed its name to GSSIL in March
2011. The day to-day operations of the company are managed by Mr.
Bhargav Marepally.
For 2014-15 (refers to financial year, April 1 to March 31), GSSIL
reported a loss of INR1.93 billion on total income of INR2.42
billion against a PAT of INR63.15 million on total income of
INR2.69 billion for 2013-14.
HARYANA HATCHERY: CRISIL Suspends B Rating on INR54.7MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Haryana
Hatchery.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15.5 CRISIL B/Stable
Term Loan 54.7 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
Haryana Hatchery with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL,
Haryana Hatchery is yet to provide adequate information to enable
CRISIL to assess Haryana Hatchery'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'
Haryana Hatchery, a partnership firm, was set up in 2002 by Mr.
Balwan Singh and Mr. Surender Singh in Haryana. The firm is in the
business of poultry farming wherein it purchases the egg laying
bird, sells the chicks produced and the birds. The facility is at
Panipat (Haryana).
ICON SLEEPER: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has migrated Icon Sleeper Track Private
Limited's 'IND BB' Long-Term Issuer Rating with a Stable Outlook
to the suspended category. The rating will now appear as 'IND
BB(suspended)' on the agency's website
The ratings have been migrated to the suspended category due to
the lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Icon.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Icon's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
from 'IND BB';
-- INR20.0 mil. fund-based working capital limits: migrated to
'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
from 'IND A4+'
-- INR80.0 mil. non-fund-based working capital limits:
migrated to 'IND A4+(suspended)' from 'IND A4+'
INDICA OVERSEAS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Indica Overseas Private
Limited (IOPL) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable. IOPL's bank facilities have also been assigned ratings
as:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed term loans 55.96 Provisional IND B'/
Stable
Proposed fund-based 15.00 Provisional IND B/
working capital Stable
limits
KEY RATING DRIVERS
The ratings reflect the nascent stage of IOPL's rice mill project
and non-achievement of financial closure.
The ratings are supported by the strategic location of the rice
mill in the paddy growing region.
RATING SENSITIVITIES
Positive: Achievement of financial closure along with timely
completion of the project will be positive for the ratings.
Negative: Non-achievement of financial closure or delays in the
completion of the project will be negative for the ratings.
COMPANY PROFILE
IOPL was incorporated in May 1997 and is promoted by Prashant
Kumar and Griwala Kumari. The company is setting up a 19,200mtpa
rice mill in Purnea, Bihar, which is likely to commence commercial
production by August 2016. The project will cost INR89.45m and is
being funded by a debt of INR55.96 mil. and a founder's
contribution of INR33.49 mil.
J. B. DARUKA: CRISIL Suspends 'D' Rating on INR129.8MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J. B. Daruka Papers Ltd (JBDPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL D
Term Loan 129.8 CRISIL D
The suspension of ratings is on account of non-cooperation by
JBDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JBDPL is yet to
provide adequate information to enable CRISIL to assess JBDPL'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'
JBDPL was set up by three brothers, Mr. Jagdish Agarwal, Mr.
Shambhoo Nath Agarwal and Mr. Vishwanath Agarawal in 1995. The
company manufactures absorbent kraft paper and has a plant at
Sitapur (Uttar Pradesh).
J P INFRA: CRISIL Suspends B+ Rating on INR900MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of J P
Infra Mumbai Private Limited (JPIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 300 CRISIL B+/Stable
Bank Loan Facility
Term Loan 900 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
JPIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JPIPL is yet to
provide adequate information to enable CRISIL to assess JPIPL'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'
JPIPL was incorporated in March 2006 by Mr. Vijay Jain and his
business acquaintances, Mr. Virendra Agarwal and Mr. Vikram
Agarwal. The company is involved in residential and commercial
real estate development in Mumbai, with majority of its projects
in the western suburbs. JPIPL's overall operations are managed by
Mr. Vijay Jain.
JAIN UDHAY: CRISIL Suspends 'D' Rating on INR116.1MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jain
Udhay Apparels Pvt Ltd (JUA). The suspension of ratings is on
account of non-cooperation by JUA with CRISIL's efforts to
undertake a review of the ratings outstanding.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL D
Letter of Credit 20 CRISIL D
Term Loan 116.1 CRISIL D
Despite repeated requests by CRISIL, JUA is yet to provide
adequate information to enable CRISIL to assess JUA'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 1984, JUA is managed by Mr. Amit Kumar Jain and
Mr. Arvind Kumar Jain. The company, based in Ludhiana (Punjab),
manufactures ready-made garments. It sells the garments under the
Coffler and JUS brands.
KAMACHI GRANITES: CRISIL Suspends B- Rating on INR3MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kamachi Granites Private Limited (KGPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 1.5 CRISIL B-/Stable
Term Loan 3 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by KGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KGPL is yet to
provide adequate information to enable CRISIL to assess KGPL'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'
KGPL was incorporated in 1993 and is promoted by Mr. G L Kothari
and Mr. Kewal Chand Kothari. The company processes marble, sand
stone, and granite, which includes cutting of granite and sand
stone blocks; using lime and alloy shots; and grinding and
polishing. In 2012-13 (refers to financial year, April 1 to
March 31), the company generated 93.9 per cent of its sales from
marble, 4.4 per cent from sand stone, and the remaining 1.7 per
cent from granites.
KAYTX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR390MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaytx Industries Pvt
Ltd (KIPL) continue to reflect the company's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, large working capital requirements, its
exposure to intense competition in the highly competitive steel
long-products industry, and its susceptibility to volatility in
raw material prices.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 390 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 150 CRISIL A4 (Reaffirmed)
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters, KIPL's strong
clientele with stake in reputed projects, and its integrated
manufacturing facility, with presence in rolling, fabrication, and
galvanisation of steel structures.
Outlook: Stable
CRISIL believes that KIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is significant and
sustained improvement in the company's revenue and profitability,
while it improves its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if KIPL's
financial risk profile deteriorates, most likely because of a
sharp decline in its profitability or revenue, or deterioration in
its working capital cycle.
Update
On a provisional basis, KIPL's operating income is estimated at
INR2122.1 million in 2014-15 (refers to financial year, April 1 to
March 31) against INR1794.1 million in 2013-14; it was lower than
CRISIL's expectation. The sales declined due to deferment of few
orders from 2014-15 to 2015-16. CRISIL believes that KIPL's scale
of operations will remain moderate over the medium term.
In 2014-15, KIPL has operated with operating margin estimated at
3.8 per cent, which is in line with CRISIL's expectations and the
previous year. The company has managed to maintain its margin due
to slight change in the revenue mix.
Operating profitability for 2015-16 is estimated to improve aided
by benefits of the new turnkey project, which has better margins.
CRISIL believes that KIPL's operating profitability will slightly
improve over the medium term due to a high-margin tender awarded
to the company.
KIPL has a weak financial risk profile, marked by high gearing
estimated at 4.86 times as on March 31, 2015, on account of high
working capital requirements. However, gearing is expected to
reduce marginally over the medium term driven by funding support
from the promoters expected by CRISIL. The management is expected
to bring in INR25 million equity in 2015-16 and maintain unsecured
loans at similar levels. CRISIL believes that KIPL's financial
risk profile will remain weak over the medium term.
KIPL's working capital requirements have remained high as
reflected by its gross current assets estimated at 134 days as on
March 31, 2015. Its debtors and inventory are expected at 52 days
and 75 days, respectively, as on March 31, 2015. Against this,
KIPL receives limited trade credit support from its suppliers as
reflected by from payables estimated at 32 days as on March 31,
2015, leading to high reliance on bank borrowings. CRISIL believes
that KIPL's operations will remain working capital intensive over
the medium term.
KIPL, based in Mandi Gobindgarh (Punjab), is engaged in trading,
manufacturing, fabrication, and galvanisation of steel structures.
Its product profile includes angles, channels, joints, and H-
beams, which find application in railway electrification,
hydroelectric power projects, power transmission, construction,
bridges, and other works. The current management includes Mr.
Parshotam Aggarwal, Mr. Salil Aggarwal, and Mr. Namit Aggarwal.
KIPL has an integrated plant with the capability for rolling,
fabrication, and galvanisation.
On a provisional basis, for 2014-15, KIPL reported profit after
tax (PAT) of INR4.9 million on net sales of INR2068.3 million as
against PAT of INR4.3 million on net sales of INR1730.3 million
for 2013-14.
KEMIA APARTMENTS: CRISIL Suspends B+ Rating on INR200MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kemia Apartments Ltd (KAL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 200 CRISIL B+/Stable
Bank Loan Facility
The suspension of ratings is on account of non-cooperation by KAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KAL is yet to
provide adequate information to enable CRISIL to assess KAL'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'
KAL was established in 2008 in Chennai (Tamil Nadu). The company
is currently undertaking a residential villa project in
Puducherry.
KUN COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR220MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kun Commercial
Vehicles Pvt Ltd (KCVPL) continues to reflect KCVPL's delays in
servicing its term loan obligations owing to its weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Inventory Funding
Facility 50 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 30 CRISIL D (Reaffirmed)
Term Loan 220 CRISIL D (Reaffirmed)
The rating also reflects KCVPL's early stage of operations,
geographical concentration in its revenue profile, and the
susceptibility of its operations to intense competition in the
automotive dealership industry. These weaknesses are partially
offset by its promoters' extensive industry experience.
Set up in 2011, KCVPL is an authorised dealer of commercial
vehicles of Daimler India Commercial Vehicles Pvt Ltd (rated
'CRISIL AA/Stable/CRISIL A1+').
M.M. SAW: CRISIL Suspends B+ Rating on INR30MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M.M. Saw Mills and Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable
Letter of Credit 67.5 CRISIL A4
The suspension of ratings is on account of non-cooperation by
MMSMI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMSMI is yet to
provide adequate information to enable CRISIL to assess MMSMI'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'
MMSMI, set up as a partnership firm in 1992, trades in timber. The
firm is based in Muvattupuzha (Kerala) and is promoted by Mr.
Mohammad Kunju. MMSMI trades in sawn timber and log wood.
M/S VALSONS: CRISIL Suspends B Rating on INR60MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Valsons.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 40 CRISIL A4
Cash Credit 60 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
Valsons with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Valsons is yet
to provide adequate information to enable CRISIL to assess
Valsons'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'
Valsons is a partnership firm established in 1983 by Mr. Surendra
Madhani. The firm undertakes contracts for maintenance of roads,
water lines, sewage lines, and canals, and water proofing, among
other civil works, in Mumbai and primarily from the BMC. The
firm's office is at Mumbai.
MAHA KALI: CRISIL Suspends 'D' Rating on INR45MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Maha Kali Ispat Pvt Ltd (MKIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 18.8 CRISIL D
Long Term Loan 45 CRISIL D
The suspension of ratings is on account of non-cooperation by
MKIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MKIPL is yet to
provide adequate information to enable CRISIL to assess MKIPL'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'
MKIPL was incorporated as a private limited company in 2003 and
commenced commercial operations in April 2006. The company,
promoted by Mr Ritesh Bagaria, and is engaged in manufacturing of
sponge iron.
MARUTI COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL rating reflects Maruti Cotton Ind - Kadi (MCI)'s exposure
to the risks related to the ongoing project, initial phase and
susceptibility of profitability to volatility in cotton prices and
intense competition.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable (Reaffirmed)
Long Term Loan 19.5 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are partially offset by its promoters'
extensive experience in the cotton ginning industry, leading to
its established relationships with customers and suppliers, and
plants' advantageous location.
Outlook: Stable
CRISIL believes MCI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if MCI stabilizes its operations
considerably early, leading to sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative', if the firm achieves
substantially low cash accruals or its financial risk profile
weakens, caused most likely by stretch in working capital
borrowings or, large debt-funded capital expenditure, or
disruption in its operations driven by adverse regulatory changes.
Update
MCI sales are estimated to be of about INR280 million with first
year of operations in 2014-15 (refers to financial year, April 1
to March 31). The sales were constrained mainly due to sluggish
order flow and moderation in cotton prices during the same year.
Later, the firm is expected to grow at moderate pace of 5 to 8 per
cent over the medium term. In 2014-15, the firm's operating
profitability was lower at around 2.0 per cent marked by
fragmented nature of industry and low bargaining power. Over the
medium term, CRISIL expects the profitability to be in range of
2.0 to 3.0 per cent marked by low value addition and fragmented
nature of industry. MCI has high working capital intensity with
gross current assets (GCA) over 66 days as on March 31, 2015. Over
the medium term, CRISIL expects GSM's GCA days to be around 60 to
70 days, however the overall working capital requirements are
expected to rise with its scale of operations.
CRISIL expects the financial risk profile to be marked by high
gearing with modest networth and below average debt protection
metrics over the medium term. The liquidity profile is constrained
by insufficient net cash accruals against term debt repayment
obligations and limited financial flexibility.
Incorporated in 2013, MCI is promoted by Kadi (Gujarat)-based
Bhavsar and Prajapati family. The firm is engaged in cotton
ginning and pressing. Commercial operations for the firm have
started from the year 2014-15.
METCUT TOOLINGS: CRISIL Reaffirms 'D' Rating on INR75.9MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Metcut Toolings Pvt Ltd
(MTPL) continue to reflect instances of delay by MTPL in servicing
its term debt; the delays were because of the company's weak
liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D (Reaffirmed)
Letter of Credit 15 CRISIL D (Reaffirmed)
Long Term Loan 8.6 CRISIL D (Reaffirmed)
Proposed Long Term 75.9 CRISIL D (Reaffirmed)
Bank Loan Facility
MTPL also has a small scale, and working-capital-intensive nature,
of operations, and is susceptible to slowdown in the demand from
its end-user industry and to volatility in raw material prices.
These rating strengths are partially offset by the promoter's
extensive industry experience.
Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.
MIRYALGUDA RICE: CRISIL Ups Rating on INR122.5MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Miryalguda Rice Industries Pvt Ltd (MRI) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and has reaffirmed its rating on the
company's short-term bank facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.7 CRISIL A4 (Reaffirmed)
Cash Credit 122.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Cash 7.5 CRISIL B+/Stable (Upgraded
Credit Limit from 'CRISIL B/Stable')
Term Loan 10.0 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects improvement in MRI's business risk
profile driven by a substantial and sustained increase in its
scale of operations along with steady profitability margins. The
company's working capital cycle has reduced, resulting in lower
reliance on debt and improvement in its capital structure. CRISIL
believes that MRI's financial risk profile will remain average
over the medium term, with consistent increase in net worth and
sustenance of its improved working capital management.
MRI's revenue registered a compound annual growth rate of around
32 per cent from 2012-13 (refers to financial year, April 1 to
March 31) to 2014-15, and its operating profit margin remained
largely stable at 3.2 per cent during the period. The company's
working capital cycle improved steadily, as reflected in the
decline in its gross current assets to an estimated 110 days as on
March 31, 2015, from 215 days as on March 31, 2013, driven by
lower inventory and less credit extended to customers. CRISIL
believes that MRI will maintain its improved working capital cycle
over the medium term, backed by its strategy to operate with lower
inventory and its enhanced collection efforts.
The improvement in the company's working capital cycle resulted in
lower reliance on debt, and consequently, improvement in its
capital structure. The company's total outside liabilities to
tangible net worth (TOLTNW) ratio declined to 3.2 times as on
March 31, 2015, from 6.2 times as on March 31, 2013. The TOLTNW
ratio is expected to remain stable over the medium term supported
by consistent increase in net worth and sustenance of improved
working capital management.
The ratings reflect MRI's exposure to intense competition in the
rice milling industry resulting in low profitability, the
susceptibility of its profitability margins to volatility in paddy
prices, and the vulnerability of its operations to regulatory
changes. The ratings also factor in the company's average
financial risk profile marked by modest net worth, moderate TOLTNW
ratio, and average debt protection metrics. These rating
weaknesses are partially offset by the benefits that MRI derives
from its promoters' extensive experience in the rice industry.
Outlook: Stable
CRISIL believes that MRIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
sustained increase in its scale of operations and profitability,
or substantial improvement in its capital structure on the back of
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability margins or significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.
MRI was set up in 1984 and was acquired in 1997 by Mr. Ranzith
Ranga and his family members. The company mills and processes
paddy into rice; it also generates by-products, such as broken
rice, bran, and husk. Its rice mill is in Nalgonda (Telangana).
MJR RICE: CRISIL Reaffirms 'D' Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL rating on the long-term bank facilities of MJR Rice
Industries (MJR; part of the RRI group) continues to reflect
instances of over drawls in MJR's cash credit facility; the over
drawls have been caused by the group's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 35 CRISIL D (Reaffirmed)
The RRI group has a weak financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The group's scale of operations is modest in the intensely
competitive rice milling industry, and its profitability margins
are susceptible to changes in paddy prices and government
regulations. However, the group benefits from the extensive
experience of its partners in the rice business.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MJR, Rama Krishna Rice Industries (RRI)
and MSR Rice Industries (MSR). This is because these three firms,
together referred to as the RRI group, have common promoters, are
in the same line of business, and have operational linkages and
fungible cash flows.
RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K Jagga
Rao, also set up two other partnership firms- MJR and MSR in 2007
and 2009, respectively.
All these three entities - RRI, MJR, and MSR - mills and processes
paddy into rice; they also generate by-products, such as broken
rice, bran, and husk. The milling units of all the three entities
are located in Warangal district in Telangana.
MURALI & CO.: CRISIL Suspends B+ Rating on INR37MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s.
Murali & Co.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/Overdraft
facility 13 CRISIL B+/Stable
Proposed Cash Credit
Limit 37 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
Murali & Co. with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Murali &
Co. is yet to provide adequate information to enable CRISIL to
assess Murali & Co.'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'
Murali & Co, established in 1994, is a partnership owned by Mr. K
A Girijan (the managing partner), his mother-in-law, Mrs. Ammini
Amma, and his son, Mr. G Murali. The firm undertakes civil
contract works for various government departments.
NAGARJUNA FEEDS: CRISIL Reaffirms 'D' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagarjuna
Feeds (Cattle & Poultry Feeds) (Nagarjuna Feeds; part of the
Nagarjuna group) continues to reflect instances of delay by
Nagarjuna Feeds in servicing its debt; the delays have been caused
by the firm's weak liquidity resulting from its depressed cash
accruals.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL D (Reaffirmed)
Long Term Loan 22.5 CRISIL D (Reaffirmed)
The Nagarjuna group's profitability margins are susceptible to
volatility in raw material prices, and the group is exposed to
intense competition and to risks inherent in the poultry industry.
However, the group benefits from its promoters' extensive
experience in the poultry industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Nagarjuna Feeds and Nagarjuna
Hatcheries (Nagarjuna). This is because the two firms, together
referred to as the Nagarjuna group, have common partners, are
engaged in the same line of business, and have operational
linkages and fungible cashflows.
Nagarjuna, set up in 2007, by Mr. K S Reddy and the late Mr. M V
Sudhakar, is engaged in poultry farming; its poultry farms are in
Ranga Reddy (Telangana).
Set up in 2009, Nagarjuna Feeds manufactures poultry feed. The
firm's feed mill is in Ranga Reddy. The firm is promoted by Mrs. K
Anuradha (wife of Mr. K S Reddy) and Mrs. M Nirupama.
NAGARJUNA HATCHERIES: CRISIL Reaffirms D Rating on INR130MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagarjuna
Hatcheries (Nagarjuna; part of the Nagarjuna group) continues to
reflect instances of delay by Nagarjuna in servicing its debt; the
delays have been caused by the firm's weak liquidity resulting
from its depressed cash accruals.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL D (Reaffirmed)
Long Term Loan 130 CRISIL D (Reaffirmed)
The Nagarjuna group's profitability margins are susceptible to
volatility in raw material prices, and the group is exposed to
intense competition and to risks inherent in the poultry industry.
However, the group benefits from its promoters' extensive
experience in the poultry industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Nagarjuna Feeds (Cattle & Poultry
Feeds) (Nagarjuna Feeds) and Nagarjuna. This is because the two
firms, together referred to as the Nagarjuna group, have common
promoters, are engaged in the same line of business, and have
operational linkages and fungible cashflows.
Nagarjuna, set up in 2007, by Mr. K S Reddy and the late Mr. M V
Sudhakar, is engaged in poultry farming; its poultry farms are in
Ranga Reddy (Telangana).
Set up in 2009, Nagarjuna Feeds manufactures poultry feed. The
firm's feed mill is in Ranga Reddy. The firm is promoted by Mrs.
K.
NATIONAL LUMBERS: CRISIL Suspends 'D' Rating on INR160MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
National Lumbers (NL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL D
Letter of Credit 160 CRISIL D
The suspension of ratings is on account of non-cooperation by NL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NL is yet to
provide adequate information to enable CRISIL to assess NL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Set up in 2006, NL is owned and managed by Mr. Yasir Ali, Mr.
Sadir Ali, and Mr. Ummerkoya. The firm trades in and processes
timber logs, mainly pyinkado, which is a hard wood, from Burma.
PATIL RAIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has migrated Patil Rail Infrastructure
Pvt Ltd's (PRIL) 'IND BB' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. The rating will now appear as
'IND BB(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
the lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for PRIL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
PRIL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
from 'IND BB'
-- INR385 mil. term loan limits: migrated to
'IND BB(suspended)' from 'IND BB';
-- INR847 mil. fund-based working capital limits: migrated to
'IND BB(suspended) from 'IND BB'' and 'IND A4+(suspended)'
from 'IND A4+';
-- INR768 mil. non-fund-based working capital limits: migrated
to 'IND A4+(suspended)' from 'IND A4+'
PEACOCK COMMUNICATIONS: Ind-Ra Suspends 'IND BB+' Issuer Rating
---------------------------------------------------------------
India Ratings and Research has migrated M/s Peacock
Communications' 'IND BB+' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. This rating will now appear as
'IND BB+ (suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Peacock.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Peacock's ratings are:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
from 'IND BB+';
-- INR60 mil. fund-based working capital limits: migrated to
Long-term 'IND BB+(suspended)' and 'IND A4+(suspended)'
from 'IND BB+' and 'IND A4+'; and
-- Proposed INR60 mil. fund-based facilities: 'Provisional IND
BB+' and 'Provisional IND A4+'; ratings withdrawn because
of lack of information
PRADHVI MULTITRADE: CRISIL Suspends 'D' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pradhvi
Multitrade Pvt Ltd (PMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL D
The suspension of ratings is on account of non-cooperation by PMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PMPL is yet to
provide adequate information to enable CRISIL to assess PMPL'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'
PMPL based in Mumbai was established in 2011 and is engaged in
trading of processed fabrics. Its operations are managed by Mr.
Kalathil Ravindra Menon and Mr. Rajpal Singh.
PROFIT SHOE: Ind-Ra Withdraws BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research has withdrawn Profit Shoe Company
Private Limited's Long-Term Issuer Rating of 'IND BB (suspended).
The agency has also withdrawn PSCPL's INR100 mil. fund-based
working capital limits' 'IND BB(suspended)'/ 'IND A4+(suspended)'
ratings.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of PSCPL.
Ind-Ra had suspended PSCPL's ratings on Sept. 26, 2014.
RACHANA LIFE: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Rachana Life Spaces
(RLS) continues to reflect RLS's exposure to demand and
implementation risks related to its ongoing project, accentuated
by the initial stage of project implementation, and its
susceptibility to risks and cyclicality inherent in the Indian
real estate industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 300 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the established
track record of the firm's promoters in the industry and the
advantageous location of its ongoing project.
Outlook: Stable
CRISIL believes that RLS will benefit over the medium term from
its promoters' strong track record in the real estate industry;
however, the firm's liquidity will remain sensitive to timeliness
in inflow of customer advances for its ongoing project. The
outlook may be revised to 'Positive' if RLS achieves large
bookings and customer advances, resulting in sizeable cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case of time and cost overruns in the project, or if offtake from
the project is below expectation, or if the firm extends
significant support to its group companies, resulting in
deterioration in its liquidity.
RLS was set up in 2010 by Pune-based entrepreneurs Mr. Vinay
Kalbhor and Mr. Nitin Bhanagay. The promoters have been involved
in the real estate business for almost two decades through their
flagship firm, Rachana Lifestyle, which is reputed for real estate
development at prime locations in Pune. It is currently
undertaking the second phase of a residential project, Bella Casa,
on the Pune-Mumbai bypass highway.
RAGHAVENDRA AUTOMATION: CRISIL Suspends B+ INR37.5MM Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raghavendra Automation Pvt Ltd (RAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4
Cash Credit 37.5 CRISIL B+/Stable
Letter of Credit 10 CRISIL A4
Proposed Bank Guarantee 2.5 CRISIL A4
The suspension of ratings is on account of non-cooperation by RAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAPL is yet to
provide adequate information to enable CRISIL to assess RAPL'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'
RAPL was set up as a private limited company in 1993 by Mr. M
Sridharan. The Chennai (Tamil Nadu)-based company designs,
manufactures, supplies, erects, and commissions LPG bottling
plants, and automobile LPG dispensing stations for oil marketing
companies.
RAMA KRISHNA: CRISIL Reaffirms D Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Rama Krishna
Rice Industries (RRI; part of the RRI group) continues to reflect
instances of over drawls in RRI's cash credit facility; the over
drawls have been caused by the group's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 12 CRISIL D (Reaffirmed)
The RRI group has a weak financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The group's scale of operations is modest in the intensely
competitive rice milling industry, and its profitability margins
are susceptible to changes in paddy prices and government
regulations. However, the group benefits from the extensive
experience of its partners in the rice business.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RRI, MJR Rice Industries (MJR), and MSR
Rice Industries (MSR). This is because these three firms, together
referred to as the RRI group, have common promoters, are in the
same line of business, and have operational linkages and fungible
cash flows.
RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K Jagga
Rao, also set up two other partnership firms- MJR and MSR in 2007
and 2009, respectively.
All these three entities - RRI, MJR, and MSR - mills and processes
paddy into rice; they also generate by-products, such as broken
rice, bran, and husk. The milling units of all the three entities
are located in Warangal district in Telangana.
RAMABRAHMA GOLDEN: CRISIL Suspends 'D' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ramabrahma Golden Agri Exim Pvt Ltd (RGAEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D
Proposed Cash
Credit Limit 7.5 CRISIL D
SME Credit 2.5 CRISIL D
The suspension of ratings is on account of non-cooperation by
RGAEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RGAEPL is yet to
provide adequate information to enable CRISIL to assess RGAEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Set up in April 2011, RGAEPL is engaged in cotton ginning. The
company was promoted by Mr. J Brahma Reddy and his family members.
RGAPL's ginning unit is located near Guntur (Andhra Pradesh).
RAMESH CHANDRA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Ramesh Chandra Rai a Long-
Term Issuer Rating of 'IND B+'. The Outlook is Stable. The
agency has also assigned RCR's bank facilities these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based limit 20 'IND B+'/Stable/'IND A4'
Proposed fund-based 20 'Provisional IND B+'/
Limit Stable/'Provisional IND A4'
Non-fund-based 45 'IND A4'
facility
KEY RATING DRIVERS
The ratings reflect RCR's small scale of operations, low
profitability and weak credit profile. Provisional FY15
financials indicate revenue of INR195.06 mil. (FY14:
INR190.13 mil.), EBITDA margins of 2.55% (2.22%). net interest
coverage (operating EBITDA/net interest expense) of 1.24x (1.27x)
and financial leverage (total adjusted net debt/operating EBITDA)
of 3.89x (4.65x).
The ratings also factor in RCR's tight liquidity as indicated by
its almost full use of the working capital limits during the 12
months ended May 2015, along with its partnership structure.
The ratings are however supported by over three decades of
experience of RCR's promoters in trading liquor.
RATING SENSITIVITIES
Positive: A significant improvement in the revenue along with a
sustained improvement in the overall credit metrics will be
positive for the ratings.
Negative: A decline in the operating profitability leading to a
further deterioration in the credit metrics will be negative for
the ratings.
COMPANY PROFILE
RCR, established in 2009 is engaged in trading liquor, which
includes both country liquor and foreign liquor. It procures
liquor through tenders floated by the government, which are
renewed every year. It operates out of its shop situated at
Indore and Jhansi in Madhya Pradesh and Uttar Pradesh,
respectively. Its total revenue comprises both retail sales and
sales to hotels.
RAMESH MEGHJI: CRISIL Suspends B+ Rating on INR115MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ramesh
Meghji Sorathiya (RMS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 150 CRISIL A4
Overdraft Facility 35 CRISIL B+/Stable
Rupee Term Loan 115 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by RMS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RMS is yet to
provide adequate information to enable CRISIL to assess RMS'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'
RMS was set up as a partnership firm in 1992. The firm, promoted
by the Sorathiya family of Kutch (Gujarat), is registered as a
'Class AA' contractor with the Government of Gujarat. RMS
undertakes the construction and maintenance of roads for
government agencies. The firm's revenues are concentrated in
Gujarat. The firm has two stone-crushing units in Kutch, with
small and large jaw crushers. The stone ballast, grit, and stone
dust are largely used in-house for construction work; however, RMS
also undertakes stone ballast delivery contracts for the Indian
Railways.
RAMESH ZAVERI: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ramesh Zaveri
and Co (RZC; part of the Ramesh Zaveri group) continues to reflect
the Ramesh Zaveri group's below-average financial risk profile,
marked by a modest net worth and aggressive gearing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 210 CRISIL B+/Stable (Reaffirmed)
The rating also factors in the group's exposure to risks related
to intense competition in the business-to-business segment of the
jewellery industry. These rating weaknesses are partially offset
by the extensive experience of the group's promoter in
manufacturing and trading in gold jewellery, and its established
relationships with customers.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RZC, a sole proprietorship firm, and
Rahul Jewellers (RJ), a Hindu undivided family (HUF) concern. This
is because the two entities, together referred to as the Ramesh
Zaveri group, are under a common management, in a similar line of
business, and have fungible cash flows between them.
Outlook: Stable
CRISIL believes that the Ramesh Zaveri group will continue to
benefit over the medium term from its established market position
and its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the group records substantial sales
growth and improves its operating margin, resulting in higher cash
accruals and a better capital structure. Conversely, the outlook
may be revised to 'Negative' if there is a steep decline in the
group's profitability or significant deterioration in its capital
structure, most likely because of large working capital
requirements or debt-funded capital expenditure.
Set up in 1968 by Mr. Ramesh Ranavat, the Ramesh Zaveri group
manufactures and trades in gold jewellery with specialisation in
gold chains. MRJ manufactures the chains, and RZC trades in gold
chains manufactured by MRJ. The group operates from its factory in
Sewri and office in Zaveri Bazar, both in Mumbai. RZC sells to
wholesalers from its office in Zaveri Bazar and branch in Cuttack
(Odisha).
SHIVADARSHAN AGRO: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shivadarshan Agro Industries (SAI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable
Standby Line of Credit 10 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by SAI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAI is yet to
provide adequate information to enable CRISIL to assess SAI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Set up in 2001 as a partnership firm, Karnataka-based SAI is
engaged in the milling and processing of paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 70 tonnes per day.
SHIVDHARA MINERALS: CRISIL Assigns B Rating to INR33MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shivdhara Minerals (SHIMIN).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B/Stable
Term Loan 33 CRISIL B/Stable
The rating reflects SHIMIN's exposure to project risks and its
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
ceramic industry and the favourable location of its plant at Morbi
(Gujarat), which ensures availability of raw materials and labour.
Outlook: Stable
CRISIL believes that SHIMIN will continue to benefit over the
medium term from its promoters' industry experience. However, the
firm's financial risk profile is expected to remain average over
this period, with high gearing and average debt protection
metrics, because of low accruals during the project stabilisation
phase. The outlook may be revised to 'Positive' if SHIMIN
stabilises its operations earlier than expected, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm reports a low operating
margin, or undertakes a large debt-funded expansion plan, or its
working capital management deteriorates, leading to further
weakening of its financial risk profile.
Incorporated in March 1980; the firm was reconstituted as a
partnership firm in July 2014. It is promoted by Mr. Amrutlal
Harjibhai Adroja with his family members. The firm is setting up a
facility to produce ceramic body clay with a total production
capacity of 90,000 tonnes per annum.
SHREE BHAGWATI: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Bhagwati
Samarth Food Products Pvt Ltd (SBSF) continues to reflect SBSF's
exposure to offtake risks because of its start-up phase of
operations and to intense competition in the food products
industry. These rating weaknesses are partially offset by the
extensive experience of SBSF's promoters in the food processing
business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Term Loan 30 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SBSF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises
operations as per schedule and reports strong cash accruals and
debt protection indicators. Conversely, the outlook may be revised
to 'Negative' in case of significant delays in stabilising
operations resulting in weak debt servicing ability.
Update
SBSF's flour mill to produce besan and wheat flour became
operational in May 2015. The operations were earlier expected to
start in April 2014. However, the company altered its project plan
to set up production capacity of 80,000 tonnes per annum (tpa) as
against 42,000 tpa proposed earlier, resulting in delay in
commencement of operations. The plant has been set up at a cost of
INR65 million funded through bank loan of INR30 million, equity of
INR25 million, and unsecured loan of INR10 million from the
promoter. CRISIL believes that as SBSF began operations only in
May 2015, the company's business risk profile will be constrained
by challenges in scaling up operations in a highly unorganised and
fragmented market.
The change in project plan resulted in incremental cost of INR25
million, which was funded through capital infusion by promoters.
Consequently, SBSF's gearing was moderate, at 1.6 times as on
March 31, 2015. With incremental working capital requirements
arising with increase in sales, the company's debt level will rise
moderately over the medium term, resulting in higher gearing. Its
net worth was around INR20 million as on March 31, 2015, due to
low accretion to reserves in the initial stage of operations. Its
liquidity remains dependent on stabilisation of operations and
generation of healthy cash flows. In case of mismatch of cash
flows and debt obligations, promoter's contribution to meet any
shortfall will be a key rating sensitivity factor. SBSF is likely
to generate cash accruals of above INR10 million over the medium
term which will be sufficient to meet its annual term loan
obligation of INR6 million.
SBSF was incorporated in May 2012 by Mr. Bhagwati Omprakash
Kalani, who also owns a sole proprietorship firm named Shree
Samarth Food Products. SBSF recently completed setting up a flour
mill to produce besan and wheat flour. Its manufacturing facility
and registered office are in Thane (Maharashtra).
SHREE RAM: CRISIL Cuts Rating on INR250MM Cash Credit to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Shree Ram
Dass Rice and Gen. Mills (SRDR) to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 250 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating reflects delays by SRDR in servicing its debt; the
delays have been caused by the firm's stretched liquidity because
of its large working capital requirements. The rating also factors
in the firm's below-average financial risk profile, marked by high
gearing and weak debt protection metrics, and large working
capital requirements. These rating weaknesses are partially offset
by the promoters' extensive experience in the rice industry.
SRDR, a partnership firm, was set up by Mr. Vijay Sood and Mr.
Anil Sood in 1982. It mills and processes paddy. SRDR is based in
Machhiwara (Punjab).
SIVA SWATHI: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has migrated Siva Swathi Constructions
Private Limited's (SSCPL) 'IND BB+' Long-Term Issuer Rating with a
Positive Outlook to the suspended category. The rating will now
appear as 'IND BB+(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information, and India Ratings will no longer
provide ratings or analytical coverage for SSCPL. The ratings
will remain in the suspended category for a period of six months
and be withdrawn at the end of that period. However, in the event
the issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.
SSCPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
from 'IND BB+';
-- INR520 mil. fund-based facility: migrated to
'IND BB+(suspended)' from IND BB+;
-- INR1,400 mil. non-fund-based facility: migrated to
'IND A4+(suspended)' from 'INDA4+';
-- INR14.8 mil. term loan: migrated to 'IND BB+(suspended)'
from 'IND BB+'
SPACETECH PROJECTS: CRISIL Suspends 'B' Rating on INR31.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Spacetech Projects and Systems Pvt Ltd (SPSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 23 CRISIL A4
Cash Credit 21 CRISIL B/Stable
Letter of Credit 2 CRISIL A4
Proposed Bank Guarantee 19.9 CRISIL A4
Proposed Cash Credit
Limit 31.5 CRISIL B/Stable
SME Credit 2.5 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
SPSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPSPL is yet to
provide adequate information to enable CRISIL to assess SPSPL'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'
SPSPL, set up in 1985, undertakes EPC projects mainly for entities
operating in the steel and petroleum industry. The Kolkata (West
Bengal)-based company is promoted by Mr. S K Ray and his wife,
Mrs. Sandhya Ray.
SUJAY KUMAR: CRISIL Assigns 'B+' Rating to INR43.7MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sujay Kumar Shetty (SKS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 43.7 CRISIL B+/Stable
Long Term Loan 1.3 CRISIL B+/Stable
Bank Guarantee 5 CRISIL A4
Cash Credit 15 CRISIL B+/Stable
The ratings reflect SKS's below average financial risk profile,
marked by a small net worth and modest scale of operations with
geographic concentration in revenue profile, and risks related to
tender-based nature of operations. These rating weaknesses are
partially offset by the extensive experience of SKS's promoter in
the civil construction industry.
Outlook: Stable
CRISIL believes that SKS will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SKS's working capital
management weakens or if the firm undertakes a large debt-funded
capital expenditure programme or if its promoter withdraw large
capital, thus weakening its capital structure and liquidity.
SKS was established in 1999 by Mr. Sujay Kumar Shetty as a
proprietary firm and is engaged in civil construction works in
Karnataka.
SUMANGALAM SEWA: CRISIL Suspends B- Rating on INR240MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sumangalam Sewa Aivam Educational Samati (SSAS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 240 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by SSAS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSAS is yet to
provide adequate information to enable CRISIL to assess SSAS'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'
SSAS was established in 2001 by Mr. Inder Dev Gupta and his family
members. The society provides education through its school KR
Mangalam World School at Vaishali (Ghaziabad, Uttar Pradesh),
which became operational in April 2012.
SUNNY STAR: CRISIL Ups Rating on INR149.8MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sunny Star Hotels Private Limited (SSHPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 149.8 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that SSHPL's liquidity
will improve over the medium term, with stabilisation of
operations at its newly started hotel in Patna. The hotel, which
became operational in January 2014, is likely to achieve occupancy
of over 75 per cent in 2015-16 (refers to financial year, April 1
to March 31) with healthy average room rate. Consequently, SSHPL's
operating margin will improve substantially in 2015-16 leading to
increase in net cash accruals, expected to be around 1.3 times its
debt obligation during the year.
The rating reflects geographical concentration in SSHPL's revenue
profile and the company's susceptibility to intense competition in
the hotel industry. These rating weaknesses are partially offset
by the experience of SSHPL's promoters in the hotel industry and
the company's moderate financial risk profile marked by moderate
debt protection metrics.
Outlook: Stable
CRISIL believes that SSHPL will continue to benefit over the
medium term from healthy occupancy of rooms and banquet hall in
its newly started hotel. The outlook may be revised to 'Positive'
in case of sustained improvement in the company's scale of
operations and profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSHPL undertakes a large debt-funded capital expenditure
programme, or if its revenue and profitability decline
substantially because of low average room rate or occupancy,
weakening its financial risk profile.
Established by Mr. Dilip Kumar and his family in 2012, SSHPL runs
a hotel named The Panache in Patna. The hotel commenced operations
in January 2014.
SVM NONWOVENS: CRISIL Cuts Rating on INR120MM LT Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of SVM Nonwovens Private Limited (SVMPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' and has reaffirmed its rating on short term
bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Reaffirmed)
Cash Credit 15 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Letter of Credit 10 CRISIL A4 (Reaffirmed)
Long Term Loan 120 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The rating downgrade reflects deterioration in SVMPL's liquidity
owing to larger than expected delay in commissioning of new
capacities leading to lower than expected net cash accruals.
However, the liquidity is expected to be supported by need based
fund support from promoters to aid timely repayments over the
medium term.
The rating reflects SVMPL's modest scale and working capital
intensive nature of operations. The rating also reflects SVMPL's
weak financial risk profile marked by its modest debt protection
metrics and high gearing. The above weaknesses are partially
offset by extensive industry experience of its promoters and its
established customer relationships.
Outlook: Stable
CRISIL expects SVMPL to benefit from its promoters' long standing
industry experience. The outlook may be revised to 'Positive' if
the company reports higher-than-expected revenues and
profitability leading to an improvement in its financial risk
profile. Conversely, outlook may be revised to 'Negative' in case
of deterioration in SVMPL's liquidity as a result of larger than
expected debt funded capex or stretched working capital
requirements.
Established in 1998 and based in Hyderabad, SVMPL is engaged in
manufacturing of nonwoven fabric. The company manufactures
nonwoven filter cloths and geotextiles. The company is promoted by
Mr. P.V.Rao and Mrs.P.Maruti. The day to operations of the company
are managed by Mr. Shiva Kumar.
SWAPNIL AGRO: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Swapnil Agro Pvt Ltd (SAPL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Proposed Long Term 4.4 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
Term Loan 6.6 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The rating upgrade reflects CRISIL's belief that SAPL's will
maintain its improved liquidity over the medium term, backed by
improvement in its cash accruals. The company's cash accruals are
expected to remain in the range of INR18 million to INR19 million
over the medium term, driven by low incremental working capital
requirements, and will be more-than-adequate to service its debt
obligations. This is further expected to improve the company's
financial risk profile, particularly its debt protection metrics.
SAPL's financial risk profile will also remain supported by
absence of any debt-funded capital expenditure plans over the
medium term.
The rating reflects SAPL's average financial risk profile, marked
by high gearing and a modest net worth. The rating also factors in
the company's modest scale of operations in the competitive
agricultural commodity trading segment and its large working
capital requirements. These rating weaknesses are partially offset
by its promoters' extensive industry experience.
Outlook: Stable
CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected cash accruals, driven by significant ramp-up
in its scale of operations and profitability, or there is equity
infusion, resulting in improvement in SAPL's capital structure and
subsequently financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the company's
financial risk profile, because of decline in revenues or
profitability, or elongation in the working capital cycle,
resulting pressure on its liquidity.
SAPL, based in Nagpur (Maharashtra) is promoted by Mr. Satish
Munde. The company is involved in supply of agricultural
commodities such as jiggery, chana, moong and edible oil to
Vyankateshwara Mahila Audyogik Utpadak Sahakari Sanstha (VMAU).
THANE STEELS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research has assigned Thane Steels Private
Limited (TSPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned ratings to TSPL's bank
facilities as:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based working 160.0 'IND BB'/ Stable
capital limits
Term loans 59.4 'IND BB'/ Stable
Non-fund-based working 20.0 'IND A4+'
capital limits
KEY RATING DRIVERS
The ratings reflect TSPL's moderate scale of operations as well as
credit profile. In FY14, revenue was INR1,285 mil., net financial
leverage (adjusted net debt/operating EBITDA) was 6.1x and
interest coverage was 1.6x.
The ratings also reflect TSPL's tight liquidity as reflected in
its almost full use of the working capital limits during the 12
months ended May 2015 with maximum use ranging between 99.6%-
100.7%.
The ratings are, however, supported by around two-decade-long
experience of TSPL's promoters in the iron and steel industry.
RATING SENSITIVITIES
Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit metrics would be
positive for the ratings.
Negative: A sustained deterioration in the credit metrics would be
negative for the ratings.
COMPANY PROFILE
Incorporated in 1995, TSPL manufactures mild steel ingots and TMT
bars at Thane, Maharashtra with an installed capacity of 60,000MT
of TMT bars per annum.
Provisional FY15 financials indicate revenue of INR1,278 mil.
UI PIPE: CRISIL Reaffirms 'D' Rating on INR70MM Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of UI Pipe Fittings Pvt
Ltd (UI Pipe) continue to reflect instances of delay by UI Pipe in
servicing its debt. The delays have been on account of its weak
liquidity arising from its large working capital requirements.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL D (Reaffirmed)
Cash Credit 53 CRISIL D (Reaffirmed)
Letter of Credit 8 CRISIL D (Reaffirmed)
Term Loan 70 CRISIL D (Reaffirmed)
UI Pipe has large working capital requirements, and is exposed to
intense competition in the pipe fittings industry. However, the
company benefits from its promoters' extensive industry
experience.
UI Pipe was set up by Mr. Srikanth Vellanki as a proprietorship
firm - Ushasri Industries - in 1997. The firm was reconstituted as
a private limited company with the current name in 2006. The
company manufactures pipe fittings, such as elbows, tees,
reducers, caps, and flanges. It is based in Hyderabad (Telangana).
VIKRAM STRUCTURES: CRISIL Suspends 'D' Rating on INR106MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vikram
Structures Pvt Ltd (VSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 106 CRISIL D
Overdraft Facility 50 CRISIL D
Proposed Long Term
Bank Loan Facility 94 CRISIL D
The suspension of ratings is on account of non-cooperation by VSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VSPL is yet to
provide adequate information to enable CRISIL to assess VSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Set up 2008 by Mr. Vikram Prabhakar, VSPL is engaged in real
estate development, in and around Bengaluru. Its day-to-day
operations are managed by Mr. Prabhakar, who serves as the
managing director.
VISHHRAM NLP: CRISIL Assigns 'D' Rating to INR60MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vishhram NLP Associates (VNA). The rating reflects
delays by VNA in servicing its debt; the delays have been caused
by the firm's weak liquidity arising out slow receipt of customer
advances against bookings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 20 CRISIL D
Term Loan 60 CRISIL D
VNA is also exposed to risks related to completion and saleability
of its ongoing real estate residential project in Daund
(Maharashtra), and to cyclicality in the Indian real estate
industry. However, the firm benefits from the extensive experience
and track record of its promoters in the real estate industry.
VNA was set up in November 2012 as a partnership firm and is
engaged in residential real estate development. It is currently
undertaking a real estate development project, Daffodil Greens,
with 240 flats in Daund.
=========
J A P A N
=========
SHARP CORP: S&P Raises Corp. Credit Rating to 'B-'; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on Japan-based electronics
company Sharp Corp. to 'B-' and its short-term corporate credit
rating on the company to 'B', both from 'SD' (selective default).
The outlook on the long-term corporate credit rating is negative.
On June 30, 2015, S&P lowered the long- and short-term corporate
credit ratings to 'SD' because Sharp carried out a de facto debt-
for-equity swap. S&P revised the ratings following completion of
the transaction, which resolved the situation that it defines as
'SD'.
S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch. S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.
"We believe Sharp faces heightened business risk in its main
liquid crystal display (LCD) operation because of a maturing
market and shorter business cycles. Prices of small LCD panels
for smartphones are under pressure, and inventories have grown
because the Chinese market has matured rapidly. Sharp aims to
enhance management of its inventory and diversify applications for
its small-to-mid size LCD panels to include industrial use.
Currently, the major application of these panels is in
smartphones, which results in highly volatile demand. However,
even if these measures produce some benefits, volatility in the
earnings of Sharp's LCD business is unlikely to subside
substantially and we expect it to remain high. Sharp has certain
competitiveness in non-LCD businesses such as home appliances,
mobile phones, and copiers. But Sharp has relatively small scale
in these businesses, which we think causes the company difficulty
in offsetting the impact of earnings volatility in its LCD
business. Incorporating these factors and Sharp's strong brand
recognition and technological strengths in the LCD business, we
assess the company's business risk profile as "weak"," S&P said.
"The ratio of Sharp's debt to EBITDA excluding one-time factors
reached 6x in fiscal 2014 (ended March 31, 2015), compared with
3.9x the previous fiscal year, owing to steeply deteriorating
operating performance. We assess the equity content of the
preferred shares Sharp issued as "minimal" and we treat them as
debt in our analysis. We believe key measures of Sharp's
financial performance may worsen further because intense
competition not only makes it unlikely its EBITDA will
substantially recover in the near term but makes its EBITDA likely
to remain volatile. Sharp is likely to maintain close
relationships with its main lender banks, and its EBITDA interest
coverage is strong relative to other financial metrics. Even so,
we assess Sharp as having a "highly leveraged" financial risk
profile. Sharp is highly dependent on short-term borrowings, and
the average maturity of its debt is short. Therefore, we consider
the potential need for massive refinancing a negative factor and
incorporate this into our ratings," S&P added.
S&P assumes these in its base-case scenario for the next 24 months
or so:
-- Operating profit from the LCD business on par with fiscal
2014 levels as continued fierce competition in the maturing
market for small LCD panels for smartphones produces
inventory adjustments and falling prices;
-- Continued operating losses in the LCD TV business despite a
boost from business restructuring, because intense
competition and commoditization will continue to pressure
the business;
-- A moderate operating improvement in the solar cell business
despite an improved product lineup, because of continued
high material costs and a weaker yen;
-- Continued strong profits from the home appliance and copier
businesses; and
-- Massive impairment losses and restructuring costs in fiscal
2015, for the second consecutive fiscal year.
Under these assumptions, S&P expects these financial metrics:
-- Operating profit of about JPY40.0 billion in fiscal 2015
and far greater extraordinary losses;
-- EBITDA margins in a 5.0%-5.9% range; and
-- Debt to EBITDA in a 7.0x-7.9x range, and EBITDA interest
coverage in a 4.0x-4.9x range.
S&P assess Sharp's liquidity as "weak." S&P expects sources of
liquidity to be about 0.5x uses for the next 12 months. Sources
of liquidity include about JPY268.5 billion in cash and
equivalents and about JPY40.0 billion a year in funds from
operations. Liquidity uses include repayment of short-term
borrowings totaling about JPY640 billion after partial repayment
with preferred shares; capital expenditures; and dividend payments
on the preferred shares. S&P believes Sharp's main lender banks
intend to give it ongoing support, which continues to underpin
Sharp's liquidity.
The rating action S&P took makes its long-term debt rating on
Sharp equal to its long-term corporate credit rating on the
company. S&P lowers its long-term debt rating on Sharp two
notches because the company has a high ratio of priority
liabilities to total assets at about 30%. The rating continues to
also incorporate two notches of uplift to reflect support from
banks. S&P believes banks have offered informal consent to
continuing to support the company, including the main lender
banks' agreement to the de facto debt-for-equity swap, which S&P
believes produces a higher likelihood of the company fulfilling
its obligations to bondholders over those to lender banks.
The negative outlook reflects S&P's view that Sharp's earnings and
financial standing are unlikely to recover materially in the next
six to 12 months or so amid heightened risk of volatility in the
earnings of its LCD business. The continued severe market and
competitive environment lead S&P to assume the company will incur
massive impairment losses and restructuring costs in fiscal 2015
for the second consecutive year, which S&P incorporates into its
base-case scenario.
Support from Sharp's main lender banks will become an increasingly
important factor in S&P's credit analysis because of growing
volatility risk in Sharp's earnings. S&P will consider
downgrading Sharp if S&P sees a stronger likelihood of its
earnings remaining weak because of a failure to shrink inventories
and diversify applications for the products of its LCD business,
because fiscal 2015 operating performance falls far short of S&P's
base-case assumptions, or because support from main lender banks
weakens. To revise the outlook to stable, S&P needs to see
Sharp's earnings on a somewhat clear path to recovery, as would
occur if fiscal 2015 consolidated operating profit was likely to
beat the company's target as a result of reduced volatility risk
in its earnings owing to progress in diversifying LCD
applications.
SONY CORP: Shares Drop as Investors Question Fundraising Drive
--------------------------------------------------------------
Bloomberg News reports that Sony Corp.'s plan for its first share
sale in 26 years is straining investors' faith in Chief Executive
Officer Kazuo Hirai's ability to deliver on growth promises.
The company plans to raise about JPY440 billion ($3.6 billion) by
selling common stock and convertible bonds to help finance an
increase in production of image sensors used in smartphones, Sony
said in a statement June 30, Bloomberg relays. The stock, which
has doubled in the past year, dropped the most since September
after the announcement, the report notes.
According to Bloomberg, the fundraising comes as Mr. Hirai is
midway through a turnaround. He has improved profit by cutting
costs and generating more revenue from image sensors and
PlayStation games, rebuilding confidence in a company that cut its
earnings outlook 15 times in the past seven years, Bloomberg says.
Still, investors are concerned about the size and timing of the
offerings without more proof it can produce growth, relates
Bloomberg.
"This company has broken its promises for years, so the market
won't just take them at their word, no matter how promising image
sensors may be," Bloomberg quotes Mitsushige Akino, executive
officer at Ichiyoshi Asset Management Co. in Tokyo, as saying.
"They should have waited until there were some positive earnings
to show as proof that growth is on track."
Sony dropped 8.3 percent, the most since Sept. 18, to JPY3,461.5
as of the close in Tokyo on June 30. In the U.S. traded American
depositary receipts declined 6.5 percent to $28.39 in New York.
The planned sales amount to about 10 percent of the company's
market value of about JPY4.1 trillion, Bloomberg notes.
"We have gone through a restructuring phase and are now entering
into an investment stage," the report quotes Yasuhiro Okada, a
company spokesman, as saying. The proceeds will be used to
increase output capacity in the chip business, he said, the report
relays.
According to the report, the company said the share sale will be
to the public in Japan and overseas. Bloomberg says stock will
make up about JPY321.5 billion of the transaction, while
convertible bonds account for JPY120 billion.
According to Bloomberg, Sony has said it's quadrupling investment
in semiconductors to JPY290 billion this year to tap surging
demand for the sensors used in Apple Inc. and Samsung Electronics
Co. smartphones. Sony expects sales in the image censor business
to climb as much as 62 percent to JPY1.5 trillion in the next
three years, the report discloses.
Operating profit will reach JPY500 billion in the year ending
March 2018, the company has forecast in its mid-term plan. That's
the highest since JPY520 billion in 1998, Bloomberg relays.
Sony's net cash, or cash minus debt, stood at JPY1.4 trillion as
of March 31, compared with JPY826 billion in the previous quarter
and JPY500 billion a year earlier, according to Bloomberg.
"The amount they are raising doesn't correspond to the kind of
growth we see in image sensors," said Yasuaki Kogure, chief
investment officer at SBI Asset Management Co. "This is pretty
negative, and the share selloff shows a mismatch with market
expectations."
Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business. The IP&S segment provides digital imaging
products and professional solutions.
As reported in the Troubled Company Reporter-Asia Pacific on
July 2, 2015, Moody's Japan K.K. has changed Sony Corporation's
ratings outlook to positive from stable. At the same time, Moody's
has affirmed Sony's Ba1 issuer and long-term senior unsecured bond
ratings.
Moody's has also affirmed Not Prime short-term rating of its
supported subsidiary, Sony Global Treasury Services Plc.
====================
N E W Z E A L A N D
====================
KIWI FORESTRY: Faces Probe Over Alleged Insolvent Trading
---------------------------------------------------------
Imran Ali at The New Zealand Herald reports that the Commerce
Commission is assessing a union call for two logging companies
that went bust owing NZ$26 million to be investigated for
allegedly trading while insolvent.
According to the Herald, First Union took up the fight for 17
truck drivers with Smith and Davies NZ in Whangarei, who lost
their jobs on March 16 after parent company Kiwi Forestry
International's assets were seized.
The Herald relates that the union alleged Smith and Davies NZ
breached a collective agreement requiring the company to give
redundant workers two weeks notice and one month's redundancy
compensation.
In letters to the commission and the Companies Office dated
June 2, union organiser Bryce Hamilton said his members were
concerned about the legal status of Smith and Davies, HarvestPro,
Pounamu, and Kiwi Forestry and their subsidiaries, the report
relays.
He said there was no record of the companies going into
liquidation, voluntary liquidation or insolvency in the Companies
Office register, yet workers had been made redundant, according to
the Herald.
The Herald relates that Mr Hamilton said the affected workers and
the union were not notified of any liquidation or given written
confirmation they would be made redundant.
The decision to transfer equipment and staff to Stan Semenoff
Logging with continued union membership, without redundancy
payment, was misleading and/or deceptive, Mr Hamilton alleged, the
report relays.
"There are suspicions amongst members that a formal investigation
may reveal more than this complaint can detail and that the
complicated business structures may be the result of tax evasion
and regulatory avoidance," the Herald quotes Mr. Mr Hamilton as
saying.
Commission spokeswoman Michelle Vieira confirmed that matters
raised by the union have been assessed, the report says.
The Companies Office has yet to receive the letter, adds the
Herald.
About Kiwi Forestry
Kiwi Forestry International Limited is a supplier of forest
logging, management and timber marketing services in New Zealand
with specific focus and capacity in the northern, central and
eastern areas of New Zealand's North Island.
The Group is the successful merge of the interests owned and
operated by Smith & Davies Group of companies and the HarvestPro
Group of companies.
MOTOR TRADE: High Court to Hear Appeal on Decision Over Breaches
----------------------------------------------------------------
BusinessDesk.co.nz reports that the Supreme Court has granted
Motor Trade Finance and Sportzone Motorcycles leave to appeal a
decision by the Court of Appeal over breaches to the Credit
Contracts & Consumer Finance Act.
In March the Court of Appeal rejected the motorcycle and car
finance businesses' appeals over two High Court decisions which
found in favour of the Commerce Commission, the report recalls.
According to BusinessDesk.co.nz, the regulator said the company
breached consumer protection law over fees charge in 39 loan
contracts originated by Sportzone between May 2005 and July 2008.
Sportzone had an agreement with MTF allowing the now-defunct
motorcycle business to write credit contracts for buyers of
motorcycles, the report says.
BusinessDesk.co.nz relates that the Supreme Court judgment by
Justices William Young, Terrence Arnold and Mark O'Regan said the
approved question for appeal is "Did the Court of Appeal err in
finding that the fees charged by the applicants were unreasonable
for the purposes of s41 of the Credit Contracts and Consumer
Finance Act 2003?"
In September and October, the High Court issued two judgments in
favour of the commission that some fees in the lender's loan
contracts were unreasonable, while rejecting other aspects of the
commission's claims that MTF and Sportzone, which is in
liquidation, failed to make proper disclosure of components of
credit fees payable under the loan contracts, according to the
report. The Court of Appeal upheld the High Court judgments and
dismissed MTF and Sportzone's appeal after a hearing in November,
the regulator said in a statement, BusinessDesk.co.nz recalls.
Last July, MTF rebuffed a takeover offer from Heartland New
Zealand, in part because of the NZX listed bank's request for
information relating to MTF's dispute with the commission over the
loans with Sportzone, for which Heartland wasn't prepared to enter
into confidentiality agreements, BusinessDesk.co.nz relates. At a
special meeting in August shareholders rejected seven out of nine
resolutions which sought more information about the Sportzone
dispute and its appeal against the commission.
MTF has NZ$40 million of perpetual preference shares listed on
NZX's debt market, which were last quoted at 66 cents in the
dollar, BusinessDesk.co.nz notes.
=====================
P H I L I P P I N E S
=====================
PHILIPPINES: Budget System Needs Improvement, IMF Says
------------------------------------------------------
Zinnia B. Dela Pena at The Philippine Star reports that the
Philippines obtained a favorable score in the International
Monetary Fund's Fiscal Transparency Evaluation but there is still
room for further improvement in some key areas particularly the
budget system, the multilateral lender said.
"Overall, the country complies with generally good practices
across all pillars, although with several areas for improvement in
each of them," the IMF said in its June 2015 report, the
Philippine Star relays.
According to the report, the objective of the FTE was to assess
the Philippines' fiscal reporting, forecasting and budgeting, and
fiscal risks analysis and management practices against the
standards set by the IMF's draft FTE.
The report relates that the IMF said the government's public
financial management reform strategy has helped initiate a wide
variety of reforms which are beginning to bear fruit.
For one, the country's fiscal reporting was seen to be relatively
comprehensive, frequent and timely with many areas of good and
advanced practices, the report states.
The IMF, however, noted a number of weaknesses in the quality and
integrity of fiscal data, partly reflecting multiple agencies
having responsibilities for fiscal reporting, the Philippine Star
notes.
It said while external auditing of individual government entities
is the responsibility of the Commission on Audit (COA), it is also
assigned the task of compiling the government annual financial
reports, which is contrary to international standards, according
to the report.
Apart from these, the IMF noted the Philippine budget system's
unusually large amount of complexity and flexibility, which
complicate fiscal reporting and give rise to vulnerabilities, the
Philippine Star relates.
"The structure of the budget is complex as it encompasses a large
number of earmarking, special purpose funds, and automatic
appropriations permanently authorized by other laws," the
Philippine Star quotes the IMF as saying. "In addition, the
existing budget framework allows for the government to
significantly alter the composition of expenditure during the
course of the fiscal year," the IMF said.
The report states that to address the country's fiscal
transparency gaps, the government must focus on publishing a set
of budget documents that provides the public with the means to
track the operations of government from one year to the next and
over the course of the year; and compare the budget to the final
accounts on a transparent basis.
Other reforms include better allocation of resources to priority
areas over the medium-term, delineating more rigorously the
government's policy activities from purely commercial activities
and ensuring that consolidated financial reports are audited in a
fully-independent manner, the Philippine Star relays.
"High-quality reporting on public finances is fundamental to
fiscal transparency. It provides a sound basis for analyzing and
understanding the government's financial position and performance,
for forecasting and budgeting, for designing appropriate fiscal
policies and managing risks, and for holding governments to
account," the IMF, as cited by the Philippine Star, said.
Budget and Management Secretary Florencio Abad said the IMF's
report validates the Aquino administration's good governance
agenda, the report adds.
RURAL BANK OF TAYSAN: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Taysan (Batangas),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1001.B dated
June 26, 2015. As Receiver, PDIC took over the bank on June 29,
2015.
Rural Bank of Taysan is a single-unit rural bank with Head Office
located at J.P. Rizal St., Brgy. Poblacion East, Taysan, Batangas.
Based on the Bank Information Sheet filed with the PDIC as of
December 31, 2014, the bank is owned by Grace G. Buencamino
(17.67%), Belen B. Gutierrez (15.83%), Crisanto S. Bautista III
(9.06%), Shirley Maribel B. Gutierrez (6.21%), Renato Z. Loza
(5.84%), Arturo T. Gutierrez (5.52%), Ma. Antonio F. Bonifacio
(5.08%), Wendelina S. Bautista (4.96%), Gabriella Victoria G.
Buencamino (3.07%), Patrocinia B. Gutierrez (2.92%) and Jose G.
Alcantara (2.23%). The Bank's President is Grace G. Buencamino and
its Chairman is Belen B. Gutierrez.
Latest available records show that as of March 31, 2015, Rural
Bank of Taysan had 1,121 accounts with total deposit liabilities
of PHP47.6 million, all of which are insured.
PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.
Depositors with valid deposit accounts with balances of
PHP100,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with Rural Bank of
Taysan or acted as co-makers of these obligations, and have
incomplete and/or have not updated their addresses with the bank,
and have been evaluated to be not eligible for early payment. PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the second week of July.
Depositors may update their addresses until July 6, 2015 using the
Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.
For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of July.
The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on July 9, 2015. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.
===============
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 ***