/raid1/www/Hosts/bankrupt/TCRAP_Public/150807.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 7, 2015, Vol. 18, No. 155
Headlines
A U S T R A L I A
ADELAIDE PLAINS: In Liquidation; 1st Creditors Meeting on Aug. 14
B & K CARRYING: First Creditors' Meeting Set For Aug. 14
COASTZONE PTY: Court Appoints Clifton Hall as Liquidator
DONCASTER COACHES: First Creditors' Meeting Set For Aug. 14
MYSTATE BANK: S&P Assigns 'BB+' Rating on Proposed A$20MM Notes
PACIFIC CONSTRUCTIONS: First Creditors' Meeting Set Aug. 13
SOUTHERN CROSS: Armstrong Auto Buys Firm Out of Receivership
C H I N A
CHINA: Corporate Giants Sound Profits Alarm Over Slowdown
TIMES PROPERTY: 1H 2015 Results Support Moody's B1 CFR
I N D I A
ACUTE CERAMIC: CRISIL Reaffirms B+ Rating on INR66MM Term Loan
AIC CASTING: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
ASHTECH BUILDPRO: CRISIL Assigns B+ Rating to INR110MM Term Loan
ASSOCIATED MANUFACTURING: CRISIL Reaffirms B+ INR55MM Loan Rating
DHANLAXMI AGROMILLS: Ind-Ra Assigns 'IND B' LT Issuer Rating
DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR49.7cr Loan
ERAM MOTORS: CRISIL Assigns 'B' Rating to INR330MM Cash Loan
ESS KAY: Ind-Ra Assigns 'IND BB' Long-term Issuer Rating
H. K. TIMBERS: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
HARI MACHINES: CARE Lowers Rating on INR67.61cr LT Loan to 'D'
ICICI BANK: Moody's Keeps (P)Ba2 FC Junior Sub. MTN Rating
KMR ESTATES: CRISIL Assigns B- Rating to INR200MM LT Loan
MAHESH GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MANGAL MURTI: CRISIL Assigns B+ Rating to INR67.8MM Term Loan
MOHAN ROCKY: CRISIL Reaffirms B- Rating on INR90MM Overdraft Loan
N N ISPAT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
OSL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR1.61BB Loan
PILANIA INDUSTRIES: CRISIL Assigns B+ Rating to INR100MM Loan
R.K. STEEL: CRISIL Ups Rating on INR150MM Cash Loan to B+
R.S. GREEN: CARE Assigns 'B' Rating to INR12.73cr LT Loan
RATAN ENGINEERING: ICRA Reaffirms 'B' Rating on INR10.75cr Loan
S. A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Loan
SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR100MM Loan
SONA SATI: CRISIL Reaffirms 'D' Rating on INR578.2MM Term Loan
SRI CHENNAKESAVA: CRISIL Lowers Rating on INR20MM Loan to 'B'
SRI RAMANI: CRISIL Assigns 'B' Rating to INR38.8MM Cash Credit
SUBHANG CAPSAS: ICRA Assigns 'B' Rating to INR3.50cr Cash Credit
SUPER DISCO: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
SURYATEJA POWER: CRISIL Assigns B+ Rating to INR24MM LT Loan
TIME RESEARCH: CRISIL Assigns B+ Rating to INR35MM Cash Loan
TUSHAR FABRICS: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
ZUBERI ENGINEERING: CRISIL Reaffirms B+ Rating on INR80MM Loan
N E W Z E A L A N D
JEAN JONES: Placed in Liquidation
S O U T H K O R E A
STX CONSTRUCTION: To Accept Bids This Week
S R I L A N K A
CEYLON DOLLAR: Fitch Affirms 'BB-' Fund Credit Quality Rating
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
ADELAIDE PLAINS: In Liquidation; 1st Creditors Meeting on Aug. 14
-----------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Adelaide Plains Bulk Haulage Pty
Ltd on Aug. 3, 2015.
A meeting of creditors will be held at 3:00 p.m. on Aug. 14, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.
B & K CARRYING: First Creditors' Meeting Set For Aug. 14
--------------------------------------------------------
Adam Francis Ward and Michael John Griffin of Worrells Solvency
were appointed as administrators of B & K Carrying Pty Ltd on Aug.
5, 2015.
A first meeting of the creditors of the Company will be held at
Level 1, 160 Brisbane Street, in Ipswich, Queensland, on
Aug. 14, 2015, at 11:30 a.m.
COASTZONE PTY: Court Appoints Clifton Hall as Liquidator
--------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Coastzone Pty Ltd on Aug. 5, 2015, by Order of the Federal Court
of Australia.
DONCASTER COACHES: First Creditors' Meeting Set For Aug. 14
-----------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Doncaster Coaches Pty Ltd on
Aug. 4, 2015.
A first meeting of the creditors of the Company will be held at
boardroom of Servcorp, Level 2, 710 Collins Street, in Docklands,
Victoria, on Aug. 14, 2015, at 1:00 p.m.
MYSTATE BANK: S&P Assigns 'BB+' Rating on Proposed A$20MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' long-term
and 'A-2' short-term issue credit rating to the senior notes
component of MyState Bank Ltd.'s (MYS; BBB/Stable/A-2) A$2 billion
debt instrument program (DIP), and its 'BB+' long-term issue
credit rating to the subordinated notes component of the
aforementioned DIP. At the same time, S&P also assigned its 'BB+'
long-term issue credit rating to MYS's proposed A$20 million Tier
2 subordinated notes issue due in 2025.
The senior notes issued from the program would constitute direct,
unconditional, unsecured, and unsubordinated obligations of MYS,
and rank pari passu with all other present and future direct,
unconditional, unsecured, and unsubordinated obligations of MYS.
As such, S&P has equalized the long-term and short-term senior
note ratings of the new program with MYS's issuer credit ratings.
MYS's 'BBB' issuer credit rating reflects the bank's very strong
capitalization and business, which is focused on low-risk secured
residential lending. These factors are offset by the
susceptibility of MYS's business to aggressive competition from
the Australian regional and major banks, and its concentrated
geographic focus and limited franchise outside of its core service
area.
To arrive at S&P's ratings on the subordinated notes component of
the DIP and the proposed A$20 million Tier 2 subordinated notes
issue, Standard & Poor's deducts two notches off MYS's stand-alone
credit profile (SACP) of 'bbb'.
The issue rating reflects these factors:
-- The securities' subordinated status (one-notch deduction);
and
-- a contingency clause requiring mandatory conversion into
common equity on activation of a nonviability trigger (one-
notch deduction).
S&P has assessed the proposed issue as having "minimal" equity
content due to its inability to absorb losses on a going concern
basis without triggering a default on senior debt. Nevertheless,
S&P considers that given the instrument's loss-absorption features
in line with Basel III framework, the subordinated notes are able
to absorb losses ahead of senior debt via mandatory conversion
into common equity on activation of a nonviability trigger.
RATINGS LIST
MyState Bank Ltd.
AUD2 bil med-term note Prog 06/26/2015
Senior Unsecured
Foreign and Local Currency BBB
Subordinated
Foreign and Local Currency BB+
Short-Term Debt
Foreign and Local Currency A-2
Subordinated
AUD20 mil hybrid ser 1
Local Currency BB+
PACIFIC CONSTRUCTIONS: First Creditors' Meeting Set Aug. 13
-----------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Pacific Constructions NSW Pty Ltd on Aug. 3, 2015.
A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney on
Aug. 13, 2015, at 11:00 a.m.
SOUTHERN CROSS: Armstrong Auto Buys Firm Out of Receivership
------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Armstrong Auto
Group has bought Southern Cross Automotive. The purchase
reportedly marks the first expansion of the Toowoomba company into
the Western Downs, Dissolve.com.au says.
The report relates that the sale will bring main vehicle brands
Volvo, BMW, Ford and Renault under the Armstrong Auto group banner
as an addition to its present line which includes Jeep, Chrysler
and Nissan.
Southern Cross Automotive was put into receivership in June, the
report notes.
=========
C H I N A
=========
CHINA: Corporate Giants Sound Profits Alarm Over Slowdown
---------------------------------------------------------
Michael Stothard and Chris Bryant at The Financial Times report
that some of the world's largest companies have sounded the alarm
about the slowdown in the Chinese economy, warning that weaker
growth would hit profits in the second half of the year.
Car companies such as PSA Peugeot Citroen, Audi and Ford have
slashed growth forecasts while industrial goods groups such as
Caterpillar and Siemens have all spoken out on the negative impact
of China, the FT says.
According to the FT, the warnings are a sign that China's weaker
growth and its stock market rout last month are creating a
headache for global corporates that have long relied heavily on
the world's second-largest economy to drive revenues.
Audi and France's Renault both cited China as they cut their
global sales targets on July 30, with Christian Klingler, sales
chief at Audi parent Volkswagen, predicting "a bumpy road" in the
country this year.
According to the FT, Peugeot slashed its growth forecast for China
from 7% to 3% while Ford last week predicted the first full-year
sales fall for the Chinese car market since 1990.
US companies have also been affected, the FT states. "In Asia, the
China market has clearly slowed," the report quotes Akhil Johri,
chief financial officer at United Technologies, as saying. "Real
estate investment, new construction starts and floor space sold
are all under pressure."
"Companies thought that China was the land of opportunity, but
it's not living up to that promise," Ludovic Subran, chief
economist at Euler Hermes, the FT relays. "They realise the
business environment is changing for the worse."
The FT says China's slowdown, which follows years of extraordinary
growth, has been particularly startling in recent months, with
figures last month showing that the country's factory activity
contracted by the most in 15 months in July.
The poor figures coincide with a time of turbulence on the Chinese
stock market. The Shanghai Composite shed 8.5% on
July 27, its steepest drop since 2007, the FT discloses.
The FT notes that the fall came despite a string of interventions
by Beijing to stem the slide in equities, including a ban on short
selling and an interest-rate cut.
TIMES PROPERTY: 1H 2015 Results Support Moody's B1 CFR
------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's 1H 2015 results are in line with Moody's expectations
and continue to support its B1 corporate family rating and B2
senior unsecured debt rating and their stable outlook.
"Despite a profit margin contraction, Times Property's stable
financial metrics remain appropriate for its B1 corporate family
rating," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.
Times Property's gross profit margin weakened to 25.7% in 1H 2015
from 29.5% in 2H 2014, because the company adjusted its prices
down in 2014 to accelerate property presales, and some of these
project presales were recognized in 1H 2015.
As a result, Times Property's EBIT/interest coverage ratio for the
12-month period ended June 2015 fell slightly to 2.65x, from 2.74x
for FY2014.
Moody's expects the company will offset the financial impact of
the decline in its profit margin through its strong sales growth
and lower borrowing costs.
Times Property continues to show strong growth in contracted
sales. Its contracted sales for 1H 2015 rose 27% year-on-year to
RMB7.6 billion, after 38% year-on-year growth in 2014.
The company has been using lower-cost funding, including onshore
bonds, to refinance its high-cost trust loans.
Thus, Moody's expects the company's EBIT/interest coverage ratio
will remain 2.5x-3.0x in the next 12-18 months, a level that
supports its B1 corporate family rating.
In addition, the company's debt leverage, as measured by
revenue/adjusted debt, remained stable at 89% for the 12-month
period ended June 2015, versus 88% in FY2014. Moody's expects the
company will maintain its debt leverage at 85%-90% over the next
12 -18 months, which is appropriate with its B1 corporate family
rating.
The company's liquidity position remains adequate despite its
increased land investments. Times Property purchased eight pieces
of land with an attributable investment of RMB4.72 billion between
January and July 2015, a considerable increase from the RMB2.87
acquired in FY2014. In addition, the company is in the process of
acquiring three redevelopment projects in Guangzhou.
The company's cash to short-term debt ratio of 2.7x at end-June
2015 remained healthy, although down from 3.0x at end-December
2014.
Moody's points out that the company's unrestricted cash of RMB4.9
billion at end-June and strong contracted sales will enable it to
meet its short-term payment obligations.
The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry. The interest coverage formula is
modified for Chinese developers to substitute "capitalized
interest" in the numerator for "interest charged to cost of goods
sold", as the latter is not separately disclosed in audited
financial statements. Total adjusted debt does not include
adjustments for mortgage guarantees.
Times Property Holdings Limited is a small-to mid-sized property
developer based in Guangdong Province. It focuses on meeting end-
user demand for mass-market housing.
At end-June 2015, it had 30 property projects spread between five
cities in Guangdong Province, as well as in Changsha city in Hunan
Province. Its land bank totaled around 10.1 million square meters
(sqm) at end-June 2015.
=========
I N D I A
=========
ACUTE CERAMIC: CRISIL Reaffirms B+ Rating on INR66MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Acute Ceramic Pvt Ltd
(ACPL) continue to reflect ACPL's modest scale of operations in
the highly competitive ceramics industry and its large working
capital requirements.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 13 CRISIL A4 (Reaffirmed)
Cash Credit 20 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1 CRISIL B+/Stable (Reaffirmed)
Term Loan 66 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by its promoters'
extensive industry experience and the proximity of the company's
manufacturing facilities to raw material and labour sources.
Outlook: Stable
CRISIL believes that ACPL will continue to benefit over the medium
term from its strategic location in Morbi (Gujarat) and its
promoters' extensive experience in the ceramics industry. The
outlook may be revised to 'Positive' if the company records more-
than-expected revenue growth and profitability and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if AVPL's revenue and profitability are less than
expected or if the company takes up a major debt-funded capital
expenditure programme or witnesses a stretch in its working
capital cycle.
Update
For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, ACPL reported total sales of INR80.62 million
and operating margin of around 9 per cent. The topline and margins
in 2014-15 of ACPL were below CRISIL's expectations on account of
delay in commencement of commercial operations and higher fixed
overheads. However, with stabilisation of the newly started
operations, CRISIL believes that ACPL will sustain its existing
business risk profile backed by its promoters' extensive industry
experience.
The operations of ACPL remained working capital intensive in 2014-
15; however, majority of the working capital requirements were
funded by the credit offered by its suppliers on account of long-
standing relations of the promoters with them. CRISIL believes
that though the operations are expected to be working capital
intensive over the medium term, ACPL will be able to fund a part
of the requirements by extending its creditors.
ACPL's capital structure has remained moderate marked by moderate
gearing of 1.9 times as on March 31, 2015, with net worth of over
INR43 million during the respective period. Gearing is estimated
to be moderate at 1.6 times to 1.9 times over the medium term on
accounts its modest accretions to reserves and its reliance on
bank debt to funds its incremental working capital requirements.
In 2014-15, the accruals of ACPL are expected to be tightly
matched by the repayment obligations; the company is expected to
post accruals of close to around INR11 million against repayment
obligations of INR11 million. The promoters of ACPL have extended
funding support to the company by way of unsecured loans in the
past. In case of any shortfall in meeting repayment obligations or
any financial exigency, CRISIL believes that the promoters will
continue to support ACPL by way of unsecured loans as and when
required.
ACPL is a Morbi-based company incorporated in 2013. The company
manufactures ceramic wall-glazed tiles. Its promoters, Mr.
Jayantilal Vansjaliya, Mr. Mahadevbhai Bhoraniya, and Mr. Bhavesh
Kankasaniya, have been engaged in the ceramic tiles industry for
more than five years. The company has commenced commercial
operations in August 2014.
AIC CASTING: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AIC Casting Pvt.
Ltd. (ACPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned ACPL's INR95 mil. fund-
based working capital limit a Long-term 'IND BB-' rating with
Stable Outlook.
KEY RATING DRIVERS
The ratings reflect ACPL's small scale of operations and moderate
credit profile. According to the provisional financials for FY15,
net revenue was INR485 mil., gross interest coverage was 1.5x and
net leverage was 4.2x. Operating EBITDA margins were volatile
ranging between 4.4% and 6.4% over FY12-FY15 due to fluctuations
in raw material prices which the company was unable to pass on to
its customers due to increasing competition in the market.
The ratings are, however, supported by over a decade-long
experience of ACPL'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 will be
positive for the ratings.
Negative: A sustained deterioration in the credit profile will be
negative for the ratings.
COMPANY PROFILE
Incorporated in 1993, ACPL is a group entity of the AIC group
which manufactures engineering casting and cast iron foundry at
its facility in Liluah, Howrah. The group's registered office is
in Kolkata, West Bengal.
ACPL is operating with an installed capacity of 12,000MT per
annum. The company manufactures products such as motor bodies,
end shields, gear box, manhole covers and valve boxes according to
the specifications provided by its clients.
It is managed by Dinesh Adukia, Gyan Adukia, Bajrang Lal Adukia
and Vivek Adukia.
ASHTECH BUILDPRO: CRISIL Assigns B+ Rating to INR110MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ashtech Buildpro India Pvt. Ltd. (ABIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B+/Stable
Term Loan 110 CRISIL B+/Stable
The rating reflects ABIPL's expected below-average financial risk
profile, marked by a small net worth and weak debt protection
matrices. The rating also factor in nascent stage of operations.
These rating weaknesses are partially offset by the established
relationships of ABIPL's promoters with prospective customers and
suppliers, and benefits expected from the healthy demand prospects
for aerated autoclave concrete (AAC) blocks.
Outlook: Stable
CRISIL believes that ABIPL will continue to benefit over the
medium term from its promoters' established relationships with
prospective customers and suppliers. The outlook may be revised to
'Positive' in case of a substantial increase in ABIPL's scale of
operations and profitability, leading to healthy cash accruals, or
improvement in its capital structure, supported by capital
infusion by its promoters, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity weakens, driven by a decline in its
profitability, resulting in low accruals, or lengthening of its
working capital cycle, or large debt-funded capital expenditure.
ABIPL was incorporated in 2013, promoted by Mr. Sandeep Kumar
Jindal and Mr. Shiv Kumar Agarwal. The company is engaged in
manufacturing of AAC blocks with a capacity to build 150,000 cubic
metres per annum.
ASSOCIATED MANUFACTURING: CRISIL Reaffirms B+ INR55MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Associated
Manufacturing LLP (AML) continue to reflect AML's below-average
financial risk profile, marked by small net worth, high gearing,
and subdued debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 20 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 25 CRISIL B+/Stable (Reaffirmed)
The ratings also factor in the firm's small scale of operations
and susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of AML's management in the automotive
components industry, and its established relationships with
customers.
Outlook: Stable
CRISIL believes that AML will continue to benefit over the medium
term from its management's extensive industry experience and its
established relationships with vendors that enable it to avail of
extended credit. The outlook may be revised to 'Positive' in case
of substantial improvement in the firm's liquidity, most likely
through better working capital management or sizeable capital
infusion by promoters. Conversely, the outlook may be revised to
'Negative' in case of unanticipated capital withdrawal by
promoters or significant delays in realisation of receivables,
leading to deterioration in liquidity.
AML is a partnership firm owned by Pune (Maharashtra)-based Shah
family. AML manufactures precision sheet-metal-based components
for braking systems, seating systems, radiators, clutches and
pulleys, among other products. It caters to original equipment
manufacturers such as General Motors India Pvt Ltd, Force Motors
Ltd, and MAN Trucks India Pvt Ltd, and to Tier-1 players such as
Bosch Chassis Systems India Ltd, Tata Toyo Radiator Ltd (rated
'CRISIL AA-/Stable/CRISIL A1+'), Johnson Controls Automotive Ltd,
Tata Autocomp Systems Ltd (CRISIL AA-/Stable), Faurecia Automotive
Seating India Pvt Ltd, Fukoku India Pvt Ltd, Jaya Hind Industries
Ltd, and Knorr-Bremse Systems for Commercial Vehicles India Pvt
Ltd. AML has a plant covering 100,000 square feet at Chakan in
Pune.
DHANLAXMI AGROMILLS: Ind-Ra Assigns 'IND B' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhanlaxmi
Agromills India Limited (DAIL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable. The agency has also assigned
DAIL's bank loans these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term loans 50.00 'IND B'/Stable
Fund-based limit 45.00 'IND B'/Stable/'IND A4'
(cash credit)
KEY RATING DRIVERS
The ratings reflect DAIL's short operational track record as it
commenced commercial operations only from Nov. 23, 2014. The
company could generate the revenue of only INR135 mil. in FY15.
The ratings are constrained by the company's presence in a highly
competitive industry.
The ratings also reflect the company's tight liquidity position as
evident from its almost-full working capital utilization during
the eight months ended June 2015.
The ratings are, however, supported by the over three-decade-long
experience of the company's founders in rice milling and trading.
RATING SENSITIVITIES
Negative: Deterioration in the liquidity profile could be negative
for the ratings.
Positive: The stabilization of operations leading to a substantial
increase in the revenue with higher-than-expected credit metrics
will be positive for the ratings.
COMPANY PROFILE
DAIL was incorporated on Oct. 10, 2013. It is engaged in the
manufacturing and extraction of rice bran oil and de-oiled cakes.
DAIL has a 54,750tpa manufacturing facility in Bazpur.
DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR49.7cr Loan
---------------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR14.00 crore
(enhanced from INR8.00 crore) fund-based cash credit facility and
INR49.70 crore term loan facility (enhanced from INR28.50 crore)
of Dwarkadhish Cotspin Private Limited. A rating of [ICRA]A4 has
also been reaffirmed to the INR3.00 crore (enhanced from INR1.50
crore) short term non fund based bank guarantee facility and
INR0.44 crore of derivative facility of DCPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 49.70 [ICRA]B+ reaffirmed
Cash Credit 14.00 [ICRA]B+ reaffirmed
Bank Guarantee 3.00 [ICRA]A4 reaffirmed
Credit Exposure Limit 0.44 [ICRA]A4 reaffirmed
The rating reaffirmation takes into account growth in revenue
during FY15. The ratings, also, favorably take into account the
long experience of promoters in the cotton industry; close
proximity to raw material sources as the company is located in the
major cotton growing belt of India; capacity enhancement through
installation of additional 10000 spindles and fiscal benefits in
terms of interest subsidy and subsidized power tariffs and refund
of VAT resulting in relatively comfortable margins.
Further, the ratings continue to be constrained by the risk
associated with stabilization of plant after the capacity
expansion. ICRA also notes the highly competitive business
environment given the fragmented nature of cotton industry thus
limiting the company's ability to fully pass on the increase in
raw material prices and vulnerability of profitability to
unexpected movements in cotton prices which are in turn subject to
seasonality and crop harvest. ICRA further notes the debt funded
capital expenditure undertaken by the company and high working
capital intensity of operations which is expected to keep the
capital structure and credit metrics stretched in near term.
Dwarkadhish Cotspin Private Limited (DCPL) was incorporated in
May 2011. It is engaged in spinning of cotton yarn with its plant
located at Surendranagar, Gujarat. DCPL commenced operations in
April 2013 with 14,688 spindles. During the fiscal year 2014-15,
DCPL undertook capacity expansion project with addition of 10000
spindles. It has capacity to manufacture 13-14 MT of 30s, 32s and
40s of combed hosiery yarn per day.
Recent Results
For the year ended March 31, 2015, Dwarkadhish Cotspin Private
Limited achieved an operating income of INR71.72 crore and profit
after tax of INR8.44 crore as per the provisional financials.
ERAM MOTORS: CRISIL Assigns 'B' Rating to INR330MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short term bank
loan facilities of Eram Motors Private Limited, while the long
term ratings have been reaffirmed at 'CRISIL B/Stable'. CRISIL
had assigned its CRISIL B/Stable rating to the bank facilities of
Eram Motors Private Limited on July 31, 2015.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 90 CRISIL A4
Cash Credit 330 CRISIL B/Stable
Cash Credit 240 CRISIL B/Stable
The rating reflects Eram's weak financial risk profile, marked by
high Total outside Liabilities to Tangible Net Worth (TOL/TNW)
ratio and weak debt protection metrics. The rating also factors in
the company's susceptibility to economic slowdowns and to intense
competition in the automobile (auto) dealership segment. These
rating weaknesses are partially offset by the extensive industry
experience of Eram's promoters.
Outlook: Stable
CRISIL believes that Eram will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
cash accruals, driven by an increase in its scale of operations
and profitability leading to improved liquidity. Conversely, the
outlook may be revised to 'Negative' if Eram's revenue or
operating profitability declines, or there is large than expected
debt funded capex, or there are delays in receipt of funding
support from its promoters, leading to deterioration in its
financial risk profile.
Eram, incorporated in 2009, is an authorised dealer for passenger
vehicles of Mahindra & Mahindra Ltd in Kerala. The company
operates 17 showrooms in Kerala. Eram, a part of the Eram group,
is promoted by Dr. Sideek Ahmed, who has over 25 years of
experience across various verticals.
ESS KAY: Ind-Ra Assigns 'IND BB' Long-term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ess Kay
Fabrications (EKF) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned EKF's bank loans
these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term loan 32.50 Long-Term 'IND BB'/Stable
Fund-based working 35.00 Long-Term 'IND BB'/
capital limit Stable and Short-Term
'IND A4+'
Non-fund-based 50.00 Short-Term 'IND A4+'
Limits
KEY RATING DRIVERS
The ratings reflect EKF's moderate credit metrics and low and
declining operating EBITDA margins. According to the provisional
financials for FY15, interest coverage (operating EBITDA/gross
interest expense) was 2.60x (FY14: 2.55x), financial leverage
(total adjusted debt/operating EBITDAR) was 2.22x (2.30x) and
margins were 4.22% (FY14: 5.18%, FY13: 6.01%). The ratings
further reflect EKF's small-to-moderate scale of operations with
revenue of INR751.40m in FY15 (FY14: INR446.92 mil.).
The ratings are constrained by the company's tight liquidity as
reflected in its 98.82% average working capital utilization during
the 12 months ended June 2015. The ratings are further
constrained by the partnership structure of the firm.
The ratings benefit from the firm's short working capital cycle of
10 days in FY15 (FY14: 11 days FY13: 18 days) and its established
operating track record of over 23 years.
RATING SENSITIVITIES
Positive: Substantial revenue growth and an improvement in the
profitability leading to the credit metrics being sustained will
be positive for the ratings.
Negative: Further deterioration in the operating margins leading
to weaker credit metrics and/or deterioration in the liquidity
profile will be negative for the ratings.
ENTITY PROFILE
Incorporated in October 1991, EKF (ISO 9001-2008 certified)
manufactures tubular parts for the air-conditioning and
refrigeration industry, mainly out of copper tubes. The entity
has major customers such as LG Electronics, Carrier Midea India
Private Limited (Bawal) and Daikin India Private Limited
(Neemrana). It has two manufacturing units, one each in Gurgaon
and Noida; the entity plans to set up a copper tubing
manufacturing unit in Bawal to have a strategic advantage.
H. K. TIMBERS: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of H. K. Timbers Pvt Ltd
(HKTPL) continue to reflect the susceptibility of HKTPL's
profitability to intense competition, regulatory changes in the
timber business, fluctuations in foreign exchange (forex) rates,
its weak financial risk profile, and working-capital-intensive
operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Letter of Credit 87.5 CRISIL A4 (Reaffirmed)
These rating weaknesses are partially offset by its promoters'
extensive experience in the timber trading business, and its
established relationships with customers and suppliers.
For arriving at its ratings, CRISIL considered the standalone
business and financial risk profiles of HKTPL, as its group entity
H. K. Timbers (HKT) is not having major revenue.
Update
HKTPL reported sales of INR401.9 million (on a provisional basis)
for 2014-15 (refers to financial year, April 1 to March 31)
against sales of INR9.3 million in 2013-14. The firm's operating
margin has remained around 3.1 per cent for 2014-15. Its gearing
has been high at around 7 times as on March 31, 2015 due to
increase in dependence on bank limits and low net worth of INR26
million. The debt protection matrices remain weak with interest
coverage ratio of 1.4 times and net cash accruals to total debt
ratio of around 0.02 times for 2014-15.
Outlook: Stable
CRISIL believes that HKTPL's business profile will benefit over
the medium term backed by its promoters' extensive experience in
the timber trading business and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if HKTPL's capital structure and debt protection metrics improve
on a sustainable basis, supported by large equity infusion, or
higher revenue and profitability. Conversely, the outlook may be
revised to 'Negative' if HKTPL's financial risk profile and
liquidity deteriorate due to any adverse movement in forex rate or
raw material prices leading to low cash accruals, or if it
contracts large debt to meet its working capital requirements.
HKTPL, set up in December 2012 is promoted by Rudani family. It
has taken over the business of its group entity, HKT, engaged in
processing and sale of timber. The firm has timber processing
facility in Gandhidham (Gujarat).
HARI MACHINES: CARE Lowers Rating on INR67.61cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Hari
Machines Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank Facilities 67.61 CARE D Revised from
CARE B+
Long/Short Term Bank 40 CARE D/CARE D Revised
Facilities from CARE B+/CARE A4
Rating Rationale
The revision in ratings takes into account the ongoing delays in
debt servicing by Hari Machines Ltd (HML). The cash flow position
of the company has been severely impacted due to continuing losses
arising from under utilisation of capacities on account of lack of
orders. This has resulted in the inability of the company to meet
its debt obligations on time.
HML was incorporated in 1948 under the name of Cement Distributors
Ltd in Delhi, acting as a sole selling agent of Orissa Cement Ltd.
Thereafter, in 1987, with the cessation of agency, the company
ventured into manufacturing of equipment and the name of the
company was changed to HML. HML is engaged in manufacturing
equipment for heavy engineering industries (sponge iron,
engineering industry and refractory industry), mineral processing
industry and boilers for power & process plants. The manufacturing
facility is situated in Rajgangpur, Orissa with a total installed
capacity of 15,000 MTPA.
The company belongs to the Dalmia group which has interests in
cement, mining, refractories, sugar and power with OCL India Ltd.,
as its flagship company.
In FY15, HML reported net loss of INR19.19 crore (net loss of
INR15.71 crore in FY14) on total operating income of INR139.85
crore (INR153.84 crore in FY14).
ICICI BANK: Moody's Keeps (P)Ba2 FC Junior Sub. MTN Rating
----------------------------------------------------------
Moody's Investors Service, has assigned a Baa3 rating to ICICI
Bank Limited's (ICICI, Baa3, Positive) proposed USD denominated
senior unsecured notes, issued under its US$7.5 billion Global
Medium-Term Note (GMTN) program. The drawdown will be carried out
from its DIFC's (Dubai) branch. The bonds will have a maturity of
5 years and will be listed on the Singapore Stock Exchange.
The outlook on the ratings, where applicable, is Positive.
The senior debt rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed by
Moody's.
RATINGS RATIONALE
The Baa3 foreign currency senior unsecured MTN debt rating is
anchored on ICICI's baa3 baseline credit assessment (BCA).
ICICI's BCA of baa3 is underpinned by the bank's solid franchise
as India's largest private sector bank by assets, as well as its
strong capitalization, liquidity, and earnings profile. It also
takes into consideration (1) the challenging domestic operating
environment, which could lead to a further deterioration in the
asset quality; (2) high buffers to withstand further asset quality
deterioration including strong pre-provision income generation,
high loan loss coverage levels and high levels of capitalization;
and (3) improvement in core operating performance characterized by
improving funding profile and cost-income ratios.
ICICI is headquartered in Mumbai. As of March 31, 2015, ICICI
reported standalone assets of INR6,461 billion (approximately
USD100.6 billion).
The full list of ratings for ICICI Bank Limited are:
Long-term local currency deposit rating of Baa3; positive outlook
Short-term local currency deposit rating of P-3
Long-term foreign currency deposit rating of Baa3; positive
outlook
Short-term foreign currency deposit rating of P-3
Foreign currency senior unsecured MTN program rating of (P)Baa3
Foreign currency subordinated MTN program rating of (P)Ba1
Foreign currency junior subordinated MTN rating of (P)Ba2
BCA and Adjusted BCA of baa3
Counterparty Risk Assessment of Baa2(cr) / P-2(cr)
KMR ESTATES: CRISIL Assigns B- Rating to INR200MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of KMR Estates & Builders Private Limited (KMR).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 200 CRISIL B-/Stable
The rating reflects KMR's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
projects in Hyderabad, and to cyclicality in the real estate
industry. The rating also factors in geographical concentration in
the company's revenue profile. These rating weaknesses are
partially offset by the extensive experience and established track
record of KMR's promoters in the residential real estate
development business.
Outlook: Stable
CRISIL believes that KMR will continue to benefit from the
extensive industry experience of its promoters and its established
track record in the real estate industry in Hyderabad. The outlook
may be revised to 'Positive' if the company achieves an earlier-
than-expected completion and sale of its upcoming project
resulting in timely collection of customer advances leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there are delays in project
completion, in the receipt of advances from customers, or if KMR
undertakes a large debt-funded project leading to deterioration in
its financial risk profile.
Incorporated in 1987, KMR develops residential and commercial
projects in and around Hyderabad. The day-to-day operations are
managed by Mr. K Madhava Reddy.
In 2013-14 (refers to financial year, April 1 to March 31), KMR
had profit after tax (PAT) of INR11.78 million on total revenue of
INR35.17 million; it reported PAT of INR13.36 million on total
revenue of INR37.72 million in 2012-13.
MAHESH GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mahesh Ginning
Pressing and Oil Industries (Mahesh Ginning) continues to reflect
the firm's weak financial risk profile, marked by high gearing and
small net worth, its small scale of operations in the intensely
competitive cotton-ginning industry, and vulnerability of the
firm's business risk profile and profitability to changes in
government policy. These rating weaknesses are partially offset by
the extensive industry experience of Mahesh Ginning's partners.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Mahesh Ginning will continue to benefit over
the medium term from its partners' extensive industry experience.
The outlook may be revised to 'Positive' if the firm significantly
scales up its operations with sustained profitability and its
capital structure improves either due to substantial equity
infusion or a decline in working capital requirements. Conversely,
the outlook may be revised to 'Negative' if Mahesh Ginning's
financial risk profile weakens because of a stretch in its working
capital cycle or a large debt-funded capital expenditure programme
or large capital withdrawal.
Update
Mahesh Ginning, on a provisional basis, reported profit after tax
(PAT) of INR1.7 million on net sales of INR275.2 million for 2014-
15 (refers to financial year, April 1 to March 31) as against PAT
of INR1.6 million on net sales of INR293.3 million for 2013-14.
With the addition of a new customer in 2015-16, Mahesh Ginning is
expected to report moderate growth in net sales over the medium
term. Operating margin improved marginally to 3.9 per cent in
2014-15 as compared with 3.4 per cent a year ago mainly on account
of moderation in raw material prices. The operations remain
working capital intensive with gross current assets (GCAs) of 108
days as on March 31, 2015. Working-capital-intensive operations,
combined with low credit availed from suppliers, led to high
reliance on external short-term debt; average bank limit
utilisation remained around 95 per cent for the 12 months ended
March 31, 2015. The financial risk profile remains weak with high
gearing of 2.2 times, and weak interest coverage ratio of 1.6
times as on March 31, 2015. During 2014-15, the partners withdrew
capital of around INR5.6 million. However, no major capital
withdrawal is expected in 2015-16. Liquidity remains supported by
the absence of any term debt and accruals of around INR3 million
are expected to support the firm's incremental working capital
requirements over the medium term.
Mahesh Ginning, set up in 2007, undertakes cotton-ginning activity
in Surendranagar (Gujarat). It was set up by Mr. Prabhubhai
Bhoraniya and his son, Mr. Nayankumar Bhoraniya, currently manages
the operations.
MANGAL MURTI: CRISIL Assigns B+ Rating to INR67.8MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to bank
facilities of Mangal Murti Fabrics Private Limited (MMFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B+/Stable
Term Loan 67.8 CRISIL B+/Stable
The rating reflects MMFPL's project phase and expected modest
scale of operations in the highly competitive industry. The
ratings also factor in the company's large expected working
capital requirements. These rating weaknesses are partially offset
by the promoters' extensive industry experience in the industry.
Outlook: Stable
CRISIL believes that MMFPL will benefit from its promoters'
extensive experience in the textile industry, over the medium
term. The outlook may be revised to 'Positive' if there is a
significant improvement in the company's scale of operations with
sustained operating profitability along with prudent working
capital management, leading to improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's revenue and operating margin decline significantly,
or it contracts a large debt to undertake any capex program or
meet its working capital requirements, leading to weakening in its
financial risk profile.
Incorporated in the year 2006, MMFPL carries embroidery work on
job work basis. The Company is promoted by Mr. Ramesh Agarwal and
other family members and has processing facility in Ahmedabad,
Gujarat.
MOHAN ROCKY: CRISIL Reaffirms B- Rating on INR90MM Overdraft Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mohan Rocky
Springwater Breweries Ltd (MRSBL) continues to reflect MRSBL's
limited pricing flexibility with its key customer Mohan Meakin
Ltd, which constrains MRSBL's profitability.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 90 CRISIL B-/Stable (Reaffirmed)
The rating also factors in MRSBL's large working capital
requirements and weak financial risk profile marked by high
gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
MRSBL's promoters in the liquor industry.
Outlook: Stable
CRISIL believes that MRSBL 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 a
significant improvement in its profitability or if its financial
risk profile improves on the back of infusion of equity capital by
the promoters. Conversely, the outlook may be revised to
'Negative' in case of a further decline in revenue and margins or
lengthening of working capital cycle, affecting the company's
financial risk profile.
Update
MRSBPL is estimated to report operating income of around INR340
million for 2014-15 (refers to financial year, April 1 to March
31), up from INR277 million in the preceding year because of
recommencement of the company's beer manufacturing unit in January
2015. MRSBL's business risk profile though continued to be subdued
on account of its limited pricing flexibility with its key
customer, resulting in negligible profitability for the company.
The company is estimated to report gross current assets of about
210 days to 220 days as on March 2015.
MRSBPL's financial risk profile remains weak, marked by negligible
net worth, high gearing, and subdued debt protection metrics
during 2014-15. MRSBPL's liquidity is stretched, with fully
utilized bank limits over the 12 months ended March 2015. However,
its liquidity is supported by absence of term debt obligation and
support from promoters in form of unsecured loans.
MRSBL was incorporated in 1970 as a closely held public company
and is part of the Mohan Meakin group which is engaged in the
liquor and food products business. MRSBL manufactures beer and
Indian-made foreign liquor (IMFL). Its day-to-day operations are
handled by Mr. Vinay Mohan. The company has a manufacturing
facility in Khopoli (Maharashtra).
N N ISPAT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned N. N. Ispat Pvt.
Ltd. (NNPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. NNPL's bank facilities have also been assigned ratings
as:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based working 130.0 'IND BB+'/Stable
capital limits
Term loan 150.5 'IND BB+'/Stable
Non-fund-based 80.0 'IND A4+'
working capital limits
KEY RATING DRIVERS
The ratings reflect NNPL's moderate credit profile with interest
coverage of 2.2x according to the provisional financials for FY15
(FY14: 2.3x) and net financial leverage of 8.3x (4.6x). The net
financial leverage deteoriated sharply in FY15 due to the inflow
of a huge amount of debt of INR135 mil. to fund the company's
capex for setting up a rolling mill which became operational in
January 2015.
Operating EBITDA margins were low and volatile ranging from 1.3%
to 1.9% over FY13-FY15 due to fluctuations in raw material prices.
The ratings are, however, supported by over a decade-long
experience of AIPL'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 will be
positive for the ratings.
Negative: A sustained deterioration in the interest coverage will
be negative for the ratings.
COMPANY PROFILE
Incorporated in 2004, NNPL is a group entity of AIC group which
manufactures MS billets and TMT bars at its facility in Burdwan
district. The group's registered office is in Kolkata, West
Bengal.
NNPL has a rolling mill with an installed capacity of 75,000MT of
TMT per annum. To set up the rolling mill the company incurred
capex of INR235 mil. in FY15, of which INR100 mil. was funded by
its promoters and the rest by term loan.
NNPL is managed by four directors - Dinesh Adukia, Gyan Adukia,
Dipak Kumar Singh and Vivek Adukia.
The net revenue at FYE15 was INR2,491 mil. (FY14: INR2,733 mil.).
NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL ratings on bank facilities of Nanibala Cold Storage Pvt Ltd
(NCSPL) continues to reflect its below-average financial risk
profile, its small scale of operations and susceptibility of its
operations to adverse regulatory changes in the cold storage
industry. These rating weaknesses are partially offset by the
extensive experience of NCSPL's promoters in the cold storage
business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 45 CRISIL B+/Stable (Reaffirmed)
Working Capital
Facility 10 CRISIL B+/Stable (Reaffirmed)
For arriving at its rating, CRISIL has treated interest-free
unsecured loans worth INR4.58 million as on March 31, 2015 from
NCSPL's promoters and their family as part of quasi capital as the
same is expected to remain in the business over the long term.
Outlook: Stable
CRISIL believes that NCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage business
over the medium term. The outlook may be revised to 'Positive' in
case of efficient management of farmer financing and significant
ramp-up in NCSPL's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' in case
NCSPL's liquidity is constrained by delays in repayments by
farmers, lower-than-expected cash accruals or larger than expected
debt-funded capex.
Update
The company registered operating revenues of Rs 26.5 million Cr in
2014-15 as against Rs 25.2 million in 2013-14, improvement in
operating income of the company was on account of higher rental
income received from the farmers and better capacity utilization
of the cold storage. The operating margins of the company stood at
21 per cent in 2014-15. As a part of government initiative, NCSPL
takes loan from the banks and extends it to the farmers.
NCSPL's has a below average financial risk profile, characterized
by low net worth, high gearing and below average debt protection
metrics. The company had a net worth of Rs 20.6 million as on
March 31 2015, further the company provides financial assistance
to the farmers by borrowing from banks and lending to farmers.
This has led to high gearing of 3.40 times as on March 31 2015.
The debt protection metrics of the company has remained below
average with interest coverage ratio (ICR) and Net Cash Accruals
to Total Debt (NCATD) of 3.02 times and 0.02 times respectively as
on March 31, 2015.
Incorporated in 1997 by Mr. Chittranjan Pal and his four sons,
NCSPL has a cold storage in Bankura (West Bengal) with three
chambers and a capacity of 218,000 quintals. The company also
trades in potatoes.
OSL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR1.61BB Loan
------------------------------------------------------------
CRISIL rating on the bank facilities of OSL Healthcare Private
Limited (OSLHP) continues to reflect the company's high exposure
to risks associated with implementation and demand-related risks
of its ongoing project, and geographical concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the management team and funding
support from the promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1,610 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that OSLHP will continue to benefit over the
medium term from the extensive industry experience of its
promoters and their funding support. The outlook may be revised to
'Positive' in case of timely completion of the company's project
within the budgeted cost along with better-than-expected cash
accruals during its initial phase of operations. Conversely, the
outlook may be revised to 'Negative' in case of any delays in in
commencement of operations, or lower-than-expected cash accruals
during the initial phase of operations, adversely impacting its
debt servicing ability.
Incorporated in 2007, OSLHP is implementing multispeciatlity 417
bed hospital at Gurgaon (Haryana). The company is owned and
managed by OSL group and Dr. Rajiv K Sharma.
PILANIA INDUSTRIES: CRISIL Assigns B+ Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pilania Industries (India) Pvt Ltd (PIIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable
Term Loan 100 CRISIL B+/Stable
The rating reflects PIIPL's exposure to cyclicality in the steel
industry along with intense competition and its negative net worth
due to accumulated losses in the past. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and its above-average debt protection metrics.
Outlook: Stable
CRISIL believes that PIIPL will maintain its stable business risk
profile over the medium term backed by its promoters' extensive
industry experience and established relationship with clients. The
outlook may be revised to 'Positive' if the company posts higher-
than-expected operating income and cash accruals while maintaining
its profitability along with improved working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
PIIPL's low cash accruals, stretch in its working capital cycle,
or if the company undertakes any large debt-funded capital
expenditure leading to deterioration in its overall financial risk
profile, particularly liquidity.
PIIPL, incorporated in 2006, manufactures thermo-mechanically
treated (TMT) bars. The company commenced its commercial
operations from May 2010 onwards. Mr. Manish Agrawal, Mr. Kailash
Chand Agrawal, Mr. Ram Bhagat Agarwal, and Mr. Sanjay Agarwal are
the directors of the company. PIIPL was initially manufacturing
TMT bars under the Prime Gold' brand. From 2013 onwards, it has
been manufacturing TMT bars for Jindal Saw Ltd.
R.K. STEEL: CRISIL Ups Rating on INR150MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
R.K. Steel Industries (RKSI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that RKSI's liquidity
will improve over the medium term, with increasing cash accruals
against nil debt obligations and continued funding support from
partners to meet incremental working capital requirements. The
partners infused INR24 million into the firm during 2014-15
(refers to financial year, April 1 to March 31). Increasing cash
accruals are driven by consistent ramp-up in operations and
sustained, though low, operating margin. The scale of operations
increased driven by higher demand for Steel Authority of India
Ltd's products, which RKSI started selling in January 2014.
Support from partners and increasing cash accruals led to moderate
utilisation of cash credit limit of INR150 million, at an average
of 81 per cent over the 12 months through June 2015, despite
incremental working capital requirements of INR83 million during
2014-15.
The rating reflects RKSI's weak financial risk profile, marked by
small net worth, high total outside liabilities to tangible net
worth ratio, and subdued debt protection metrics. The rating also
factors in the firm's modest scale of operations in the intensely
competitive steel industry. These rating weaknesses are partially
offset by the extensive industry experience of RKSI's proprietor.
Outlook: Stable
CRISIL believes that RKSI will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the firm's scale of operations and liquidity,
driven by substantial cash accruals and efficient working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RKSI's
liquidity weakens significantly, working capital cycle lengthens,
or revenue and profitability come under pressure.
RKSI, set up in 1990, is promoted by Mr. Rajesh Kumar. RKSI trades
in iron and steel bars, flats, plates, and sheets. The firm is
based in Ludhiana (Punjab).
R.S. GREEN: CARE Assigns 'B' Rating to INR12.73cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of R.S. Green
Foods Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 12.73 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of R. S. Green Foods
Private Limited (RGF) is constrained by limited experience of
the promoter in the paddy processing industry, its relatively
small scale of operations, weak financial risk profile marked by
cash losses coupled with negative net-worth base and working
capital intensive nature of operations. The rating is further
constrained by the project implementation risk associated with its
debt-funded project, high degree of competition due to the
fragmented nature of the industry and susceptibility of margins to
fluctuation in raw material price & climatic uncertainties. The
rating, however, favourably takes into account the resourcefulness
of the promoters and favourable location of the manufacturing
facilities.
The ability of the company to achieve the projected level of
income and profitability, implementation of the project within
the time and cost estimates and managing the working capital
requirements efficiently would be the key rating sensitivities.
R.S. Green Foods Private Limited (RGF) was incorporated in
December 2011 and the operations of the company are being managed
by Mr Harbhajan Singh Nadha and Mr Taman Raj. The company is
engaged in trading as well as processing of paddy at its
manufacturing unit located at Patiala, Punjab with total installed
capacity of 36,000 metric ton per annum (MTPA), as onMarch 31,
2015. Currently, the company is milling rice for government and
other private entities.
For FY15 (Provisional; refers to the period April 1 to March 31),
RGF reported a total operating income of INR1.36 crore with net
losses of INR0.91 crore as against the total operating income of
INR0.88 crore with net losses of INR0.16 crore in FY14.
RATAN ENGINEERING: ICRA Reaffirms 'B' Rating on INR10.75cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR3.0
crore (revised from INR2.50 crore) working capital limits and
INR10.75 crore (revised from INR11.50 crore) term loans of Ratan
Engineering Company Private Limited. ICRA has also assigned its
short term rating of [ICRA]A4 to the INR0.25 crore (revised from
nil) non fund based limits of RECPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Working capital
fund based limits 3.00 [ICRA]B; Reaffirmed
Term Loan Limits 10.75 [ICRA]B; Reaffirmed
Non fund based limits 0.25 [ICRA]A4; Assigned
The rating reaffirmation takes into account the 17% year-on-year
growth in Operating Income (OI) registered by the company in FY15,
which has been accompanied by an improvement in its operating
profit margins. However, on account of increased inventory levels,
the company's working capital intensity has seen deterioration
relative to the previous year. The company's gearing as on March
31, 2015 was broadly at the same levels as the previous year,
however, its coverage ratios have shown some moderation in FY15.
ICRA's ratings continue to take into account RECPL's modest scale
of operations, as well as the highly competitive nature of the
industry in which it operates, with low entry barriers. ICRA also
takes into account the high client concentration risk to which the
company is exposed, though this has been declining over the years.
The rating also factors in the company's high working capital
intensity and its weak coverage indicators, with thin Debt Service
Coverage Ratio and weak NCA/TD. The rating however continues to
takes into account the long standing experience of the promoters
in the business and the reputed client base of the company.
Going forward, the ability of the company to ramp up its scale of
operations, further reduce the client concentration and maintain
adequate profitability will be the key rating sensitivities.
RECPL was established in 1987 and manufactures steel casting
products, which include industrial valves, turbine components and
other types of castings. The company has manufacturing facilities
located at Kahrani and Bhiwadi in Rajasthan, which have a combined
installed production capacity of 2400 Metric Tonnes. The Kahrani
unit commenced operations in May 2013.
Recent Results
RECPL, on a provisional basis, reported a net profit of INR0.14
crore on an operating income of INR12.53 crore in FY 2014-15, as
compared to a net profit of INR0.05 crore on an operating income
of INR10.69 crore in the previous year.
S. A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S. A. Plywood Industry
Pvt Ltd (SAPIPL) continue to reflect SAPIPL's small scale and
working-capital-intensive operations, and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of SAPIPL's promoters in the
plywood industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.5 CRISIL A4 (Reaffirmed)
Cash Credit 115.0 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 22.5 CRISIL B+/Stable (Reaffirmed)
Proposed Short Term
Bank Loan Facility 50.0 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that SAPIPL will continue to benefit from its
promoters' extensive experience in the plywood business. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's operating income and cash
accruals along with, improved working capital management.
Conversely, the outlook may be revised to 'Negative' if SAPIPL's
revenue and accruals decline substantially or if it undertakes any
large, debt-funded capital expenditure programme or if there is a
stretch in its working capital cycle, resulting in weakening of
its financial risk profile.
SAPIPL, formed in 1979 as a partnership concern by Mr. Arun Saha
and Mr. Salil Shah, was reconstituted as a private limited company
in 2009. The company manufactures plywood, block board and flush
door at its facility in Mathabhanga in Coochbehar (West Bengal).
The company sells its products under the brand name Globe, Glider
and Grand.
SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Srinivasa
Cotton Industries (SSCI) continues to reflect SSCI's below-average
financial risk profile, marked by a small net worth and high
gearing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.6 CRISIL B+/Stable (Reaffirmed)
The rating also factors in the susceptibility of the firm's
margins to regulatory changes and to volatility in cotton prices.
These rating weaknesses are partially offset by the extensive
experience of SSCI's partners in the cotton industry and the
advantageous location of its plant.
Outlook: Stable
CRISIL believes that SSCI will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm significantly
expands its scale of operations and improves its operating
profitability, resulting in substantial cash accruals, or betters
its liquidity through effective working capital management.
Conversely, the outlook may be revised to 'Negative' if SSCI's
scale of operations declines, negatively impacting its cash
accruals, or if its liquidity comes under increased pressure on
account of large working capital requirements or debt-funded
capital expenditure.
SSCI, a partnership firm, was set up in 2010. It undertakes cotton
ginning and pressing of raw cotton into cotton bales. The firm is
based at Mahabubabad in Warangal (Andhra Pradesh).
SONA SATI: CRISIL Reaffirms 'D' Rating on INR578.2MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of Sona Sati Organics Pvt Ltd
(SSOPL) continues to reflect instances of delay in interest
payment on the company's term loans by the company.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 578.2 CRISIL D (Reaffirmed)
The ratings continue to reflect susceptibility of SSOPL to
volatility in input prices and to unfavourable changes in the
regulatory framework. These rating weaknesses are partially offset
by the healthy demand prospects for the alcohol and alcohol-
related products industry.
Update
SSOPL continues to delay payment of interest obligation on its
term loan by up to 29 days. The delays are because of the
company's weak liquidity emanating from lower-than-expected
operating income and hence operating profits. There has been a
delay in commissioning SSOPL's plant by around two years.
Repayment of term loan instalment is slated to start from October
2015.
SSOPL, on a provisional basis, recorded an operating income of
INR324 million in 2014-15 (refers to financial year, April 1 to
March 31) as against INR116 million in 2013-14. The company
recorded a healthy operating margin of 28 per cent in 2014-15;
however, the same is expected to moderate over the medium term.
The financial risk profile remains weak, marked by gearing of 3.1
times as on March 31, 2015, and interest coverage ratio of 1.2
times in 2014-15. CRISIL believes that SSOPL's financial risk
profile will remain weak over the medium term given the company's
large term loan and low accretion to reserves from its small scale
of operations.
SSOPL, incorporated in 2004, manufactures extra neutral alcohol
and rectified spirit. Currently, the company has three directors
Mr. Rakesh Kumar, Mr. Manish Kumar Jaiswal, and Mr. Devendra
Prasad Singh.
SRI CHENNAKESAVA: CRISIL Lowers Rating on INR20MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Chennakesava Constructions (SCC) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 210 CRISIL A4 (Downgraded from
'CRISIL A4+')
Overdraft Facility 10 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Long Term 20 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The rating downgrade reflects the deterioration in SCC's
liquidity, with a stretch in its working capital cycle resulting
in almost full utilisation of its bank limits. The downgrade also
factors in the substantial decline in the firm's scale of
operations on account of slow-moving projects. CRISIL believes
that SCC would need fresh capital from its partners, or would have
to register sustained improvement in its working capital cycle, to
alleviate the pressure on its liquidity.
The stretch in SCC's working capital cycle is reflected in
increased receivables of around 600 days as on March 31, 2015,
from 189 days as on March 31, 2014. Furthermore, revenue declined
by 62 per cent year-on-year to INR105 million in 2014-15 (refers
to financial year, April 1 to March 31) on account of slow-moving
projects. Despite a healthy order book of INR2.3 billion as on
March 31, 2015, the pace of execution of orders remains a key
rating sensitivity factor.
The ratings reflect SCC's small scale of operations, its large
working capital requirements, high geographic and customer
concentration in order book, and its exposure to intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive industry experience of SCC's
promoters.
Outlook: Stable
CRISIL believes that SCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in the firm's scale of operations while
maintaining its profitability margins, or there is a sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or deterioration in its
liquidity caused most likely by further stretch in its working
capital cycle.
SCC was set up in 1994 Mr. G Ramaiah and his family members. The
firm undertakes construction of canals, bridges, and roads. It is
based in Hyderabad (Telangana).
SRI RAMANI: CRISIL Assigns 'B' Rating to INR38.8MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Ramani Spinners Private Limited (SRSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 21.4 CRISIL B/Stable
Proposed Bank Guarantee 1 CRISIL B/Stable
Long Term Bank Facility 8.5 CRISIL B/Stable
Bank Guarantee 2.2 CRISIL A4
Cash Credit 38.8 CRISIL B/Stable
The ratings reflect SRSPL's below average financial risk profile
marked by a small net worth and modest debt protection metrics and
its modest scale of operations and susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by extensive experience of the
promoter in the textile industry.
Outlook: Stable
CRISIL believes that SRSPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company records
considerable increase in revenues and profitability leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is considerable increase in
working capital requirement or higher than expected capex plans,
resulting in further weakening of its financial risk profile.
SRSPL, established in 2000, manufactures cotton yarn. Its daily
operations are managed by Mr. Ramadoss. The company's
manufacturing unit is located in Virudhunagar (Tamil Nadu).
SUBHANG CAPSAS: ICRA Assigns 'B' Rating to INR3.50cr Cash Credit
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.32
crore fund-based bank facilities of Subhang Capsas Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based Term
Loans 2.82 [ICRA]B assigned
Fund based Cash
Credit 3.50 [ICRA]B assigned
The assigned rating is constrained by the small scale of
operations of Subhang Capsas Private Limited (SCPL) and leveraged
capital structure on account of high net working capital intensity
and debt funded capex coupled with weak tangible net worth.
Despite, interest free unsecured loans, the coverage indicators
have also remained weak on account of high finance cost on secured
loans and moderate profitability. The rating also takes into
consideration the susceptibility of revenues to the fluctuation in
raw material prices and to the competitive pressure prevailing in
the market.
The assigned rating, however favourably factor in the significant
experience of the partners in the plastic products manufacturing
business and reputed clientele from diversified sectors.
Incorporated in December 2011, SCPL is into the business of
manufacturing of moulding products for packaging solutions. At
present, the company manufactures blow molded containers with the
capacity ranging from 20 litres to 65 litres. The company has
gradually increased its installed capacity. At present, the
installed capacity is 1200MTPA. The management has installed its
third blow molding machine for manufacturing of 100 litres
containers, which is expected to commence operations from August
2015, thereby increasing the capacity to 2184MTPA. The
manufacturing unit of the company is located in Silvassa across
2000mts plot.
Recent Results:
SCPL recorded a net profit of INR0.07 crore on an operating income
of INR8.96 crore for the year ending March 31, 2014. In FY15, the
company reported a profit before depreciation and tax of INR0.31
crore on an operating income of INR13.72 crore, as per the
provisional financials.
SUPER DISCO: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Super Disco Ispat Pvt. Ltd. (SDIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 20 CRISIL B/Stable
Letter of Credit 20 CRISIL A4
Bank Guarantee 20 CRISIL A4
Cash Credit 40 CRISIL B/Stable
The ratings reflect SDIPL's working capital intensive operations
marked by stretched receivables, and average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by SDIPL's reputed clientele and
extensive industry experience of its promoters.
Outlook: Stable
CRISIL expects SDIPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company significantly improves its
cash accruals while managing its working capital requirements
prudently. The outlook maybe revised to 'Negative' in case SDIPL
reports lower-than-expected cash accruals or if it faces further
stretch in its receivables.
SDIPL, incorporated in 1997 and promoted by Mr. Vijay Mittal,
manufactures roofing sheets and trades in different type of
roofing sheets, wind operated turbo ventilators and fastening
items.
SURYATEJA POWER: CRISIL Assigns B+ Rating to INR24MM LT Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Suryateja Power Projects Pvt Ltd (SPPPL), and
has assigned its 'CRISIL B+/Stable' rating to the facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 21.3 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Long Term Loan 24.0 CRISIL B+/Stable (Assigned;
Suspension Revoked)
CRISIL had, on June 26, 2015 suspended the rating as SPPPL had not
provided necessary information required to maintain a valid
rating. SPPPL has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.
The rating reflects geographical and client concentration in
revenue profile and exposure to volatility in raw material prices.
These weaknesses are partially offset by the extensive industry
experience of SPPPL's promoters and stable revenue supported by
its power purchase agreement with the Transmission Corporation of
Andhra Pradesh Ltd.
Outlook: Stable
CRISIL believes that SPPPL will maintain a stable business risk
profile, with experienced promoters and established market
position. The outlook may be revised to 'Positive' if SPPPL
increases its revenue and profitability by enhancing its plant
load factor, thus improving the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SPPPL
reports decline in revenue and margins or delays in payments from
its customers, impacting its financial and liquidity risk
profiles.
Incorporated in 2002, SPPPL operates a biomass power plant located
in Beechpally village (Telangana). Its operations are managed by
Mr. Jayarami Reddy.
In 2013-14 (refers to financial year, April 1 to March 31), SPPPL
had a profit after tax (PAT) of INR21.66 million on total revenue
of INR136.68 million; it reported a PAT of INR24.27 million on
total revenue of INR117.88 million in 2012-13.
TIME RESEARCH: CRISIL Assigns B+ Rating to INR35MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Time Research & Breeding Farm (TRBF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B+/Stable
Term Loan 23 CRISIL B+/Stable
The rating reflects TRBF's modest scale of operations in the
fragmented poultry industry and the vulnerability of the firm's
margins to risks inherent in this industry. The rating also
factors in TRBF's weak financial risk profile, marked by a small
net worth. These rating weaknesses are partially offset by the
extensive industry experience of TRBF's promoters.
Outlook: Stable
CRISIL believes that TRBF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TRBF has sizeable cash
accruals or its financial risk profile improves, led by equity
infusion from partners. Conversely, the outlook may be revised to
'Negative' in case the firm's profitability declines, resulting in
low accruals, or if TRBF's working capital cycle stretches or it
undertakes a large debt-funded capital expenditure programme.
Established in 2012, TRBF is a Karnal (Haryana)-based partnership
firm engaged in the hatchery business. The firm is promoted by Mr.
Ravi Sabarwal and Mr. Inderjeet Singh, and has farms in village
Nagla Megha , Karnal with a parent bird capacity of 0.1 million
layer birds per annum.
TUSHAR FABRICS: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Tushar Fabrics
Pvt Ltd's (TFPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The agency has also taken these rating actions
on TFPL's bank loans:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based working 250 Affirmed at 'IND BB-'/Stable
capital limit
Non-fund-based 450 Affirmed at 'IND A4+'
working capital limits
KEY RATING DRIVERS
The affirmation reflects TFPL's low operating profitability and
moderate EBITDA margins as well as credit profile in FY14 and FY15
due to the seasonal and trading nature of its business. According
to the provisional financials for FY15, EBITDA was INR99.6 mil.
(FY14: INR124.9 mil.), margins were 3.7% (FY14: 4.5%, FY13: 3.9%),
EBITDA gross interest coverage was 1.51x (1.58x, 1.8x) and
financial leverage was 6.29x (5.05x, 5.17x).
The decline in EBITDA is attributed to around 2.5% yoy fall in
revenue to INR2,691m in FY15 (FY14: down around 10.2%). This was
because of issues regarding the supply of fabric from one of the
manufacturers due to delays in the commissioning of its plant.
However, Ind-Ra expects revenue to improve in FY16 as supply-side
constraints are likely to ease with new tie-ups, resulting in an
improvement in TFPL's credit profile.
The ratings are constrained by TFPL's high working capital
requirements due to high debtor days (FY14: 85, FY13: 92).
However, the liquidity position is comfortable, supported by
unutilized fund-based working capital lines to the extent of 50%
of the existing INR250 million lines.
The ratings continue to benefit from the sound track record of
TFPL's founders in the domestic denim fabrics trading business and
TFPL's position as one of India's leading denim fabrics trading
companies with a strong distribution network. The company
continues to have stable supply arrangements with leading
manufacturers.
RATING SENSITIVITIES
Positive: Significant revenue growth accompanied by a sustained
improvement in the credit metrics could lead to a positive rating
action.
Negative: A decline in the revenue and margins impacting the
credit metrics and the company's ability to consistently service
its debt could lead to a negative rating action.
COMPANY PROFILE
TFPL was originally started as a proprietorship firm in 1987 by
Mr. Tushar D Thakkar, the current chairman and managing director
of the company. It was converted into a private limited company
in July 2010.
ZUBERI ENGINEERING: CRISIL Reaffirms B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Zuberi Engineering
Company (ZEC) continue to reflect ZEC's working-capital-intensive
operations, exposure to intense competition and tender nature of
business and susceptibility to movements in raw material prices.
These weaknesses are partially offset by the benefits that the
firm derives from its adequate revenue visibility and its
partners' extensive experience in the engineering industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 400 CRISIL A4 (Reaffirmed)
Cash Credit 80 CRISIL B+/Stable (Reaffirmed)
Inland/Import
Letter of Credit 50 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that ZEC will benefit from its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
ZEC's financial risk profile, particularly its liquidity, improves
backed by healthy cash accruals and prudent working capital
management. Conversely, the outlook may be revised to 'Negative'
if the partners withdraw significant capital from the firm or
there is time or cost overrun in its order execution or delays in
realising payments from its customers, resulting in weak
liquidity.
Established in 1987, ZEC is a partnership firm formed by Mr. M Z
Zuberi, Ms. Nasira Zuberi, Mr. Adil Zuberi, Mr. Iqbal Hussan, Mr.
Irfan Hussan, Mr. Moshin Khan and Ms. Annie Zuberi. ZEC, based in
Jaipur (Rajasthan), is an engineering, procurement and
construction contractor doing civil and mechanical works in the
industrial sector, mainly thermal plants and water supply
management systems.
====================
N E W Z E A L A N D
====================
JEAN JONES: Placed in Liquidation
---------------------------------
Collette Devlin at Stuff.co.nz reports that Kiwi clothing store
and manufacturer Jean Jones is in liquidation.
It is understood to owe almost NZ$2 million to creditors, the
report says.
Stuff.co.nz relates that one of its two Wellington stores was
closed last week after the landlord locked the business owner out
for allegedly not paying rent.
Last week, the Jean Jones website, which has been shut down,
showed it had a nationwide chain of 19 stores which employed about
100 staff, according to the report.
A number of its stores were still operating when liquidator Amanda
Atkins -- amanda@chapmanatkins.co.nz -- Chapman Atkins of was
appointed on July 31, Stuff.co.nz discloses.
The report says Ms. Atkins estimated Jean Jones owed about
NZ$600,000 to secured creditors, NZ$360,000 to preferential
creditors and NZ$800,000 to unsecured creditors. The Inland
Revenue was claiming about $260,000 and staff were owed about
NZ$100,000, the report discloses.
It was too soon to say if creditors would get any of their money,
she said, Stuff.co.nz relates.
The report adds that a notice of 're-entry and cancellation of
lease' was taped on the Jean Jones store window in central
Wellington last week.
The notice was addressed to the tenant, Cozican Investments, which
owns Jean Jones, Stuff.co.nz reports.
====================
S O U T H K O R E A
====================
STX CONSTRUCTION: To Accept Bids This Week
------------------------------------------
Park Si-soo at The Korea Times reports that STX Construction is up
for sale.
The report relates that Seoul Central District Court said on
August 5 that the mid-sized builder, which has come under the
court's receivership since May 2013, will receive bids throughout
this week and will announce a preferred bidder by the end of the
month.
According to the Korea Times, industry insiders said it's
uncertain whether the sale will progress smoothly because the
domestic construction market is still in the doldrums and, above
all, there are many other builders up for grabs.
In June, a mid-sized builder was put up for sale. But the deal was
broken because nobody showed any intention to buy it, the report
recalls.
The company reported KRW588.2 billion ($501 million) in sales and
KRW1.2 billion in operating losses last year, the Korea Times
discloses.
Established in 2005, STX Construction grew rapidly by clinching a
string of profitable deals at home and abroad, the Korea Times
discloses. In 2012, the company ranked 37th in terms of
construction capacity, making it one of the key affiliates of STX
Group.
The Korea Times discloses that the company started falling in 2012
in the wake of the group's decline in the shipbuilding business.
It was also hit by a breach of trust scandal involving then STX
Group Chairman Kang Duck-soo, who was prosecuted for ordering STX
affiliates to purchase bonds issued by the ailing builder, the
report recalls. STX Construction sought court protection in 2013.
================
S R I L A N K A
================
CEYLON DOLLAR: Fitch Affirms 'BB-' Fund Credit Quality Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Ceylon Dollar Bond Fund's Fund Credit
Quality Rating of 'BB-'. The Fund Volatility Rating is 'V-5'.
The fund only invests in US dollar-denominated bonds issued by the
Sri Lankan sovereign, licensed banks and corporate issuers. The
fund is managed by Ceylon Asset Management (CAM).
KEY RATING DRIVERS
The 'BB-' Fund Credit Rating is driven by the weighted average
rating factor (WARF) and rating distribution based on the expected
composition of the fund and the fund's investment guidelines. The
rating also reflects the fund's total assets which are currently
placed in US dollar deposits at a local licensed commercial bank.
The fund has limited investment space as it will only invest in US
dollar bonds issued by the government of Sri Lanka, licensed banks
in Sri Lanka and Sri Lankan corporates that are rated by an
international rating agency. This limits the current investment
space to 11 issuances totaling just over USD7 billion. The
manager expects the allowable investor base to increase within the
next three months, which would help the fund to attract
significant investments.
ASSET CREDIT QUALITY
The fund's target portfolio comprises bonds rated 'BB-' or lower
issued by the entities detailed above. The fund will invest up to
10% of its assets in US dollar fixed deposits in a licensed
commercial bank in Sri Lanka. It is currently invested only in
bank deposits with Deutsche Bank Sri Lanka, a branch of Deutsche
Bank AG (A+/Negative/F1+).
CONCENTRATION
As a result of the limited investment opportunities, Fitch expects
the fund to be moderately concentrated. Consistent with the
agency's rating criteria, Fitch has therefore conducted stress
tests on the expected portfolio. Based on its analysis, Fitch
believes the fund has a limited capacity to withstand negative
rating migration in its investments before it would be downgraded
to the 'B' category.
LIQUIDITY
The fund will invest in instruments with a relatively long
maturity (WAL of 2.75 years in the target portfolio) except for an
allocation of up to 10% to three-month deposits. Therefore the
fund will be reliant on secondary market liquidity to meet large
redemption requests. However, the fund has access to an overdraft
facility of 10%, and requires 14 days' notice on redemptions above
3% of the fund. On the asset side, it will hold only a limited
proportion of outstanding debt issues, all of which will be listed
on the Singapore Exchange.
PORTFOLIO SENSITIVITY TO MARKET RISK
The Volatility Rating of 'V-5' reflects the target portfolio's
relatively long WAL and a market risk factor (MRF) of 8.5.
Fitch's calculation of the fund's MRF incorporates a weighting to
take into account the volatility expected in lower-rated emerging
market debt. According to Fitch's criteria, funds rated 'V-5' are
considered to have high sensitivity to market risk. On a relative
basis, total returns and/or changes in net asset value are
expected to experience substantial variability across a range of
market scenarios due to substantial exposure to interest rates,
credit spreads and other risk factors.
FUND PROFILE
The fund is regulated by the Securities and Exchange Commission of
Sri Lanka under the Unit Trust Code, 2011. The fund's trustee is
Deutsche Bank Sri Lanka.
THE ADVISOR
Fitch considers CAM suitably qualified, competent and capable of
managing the fund. The investment committee has relevant
experience, and the company has sufficient sources of information
on which to base its decision-making process. Fitch considers the
systems supporting the fund's investment activities to be
satisfactory.
CAM is 21%-owned by Sri Lanka Insurance Corporation Limited (SLIC,
AA(lka)/Stable), 69% by Ceylon Capital Trust (Pvt) Ltd and 10% by
Commercial Credit and Finance PLC (CCF). Fitch believes it has
support from the shareholders. However, a key challenge facing
the business will be to demonstrate sustained growth in assets
under management. The Ceylon Dollar Bond Fund is a key component
of its growth strategy. CAM has been in existence and managing
funds since 1999. The current management team has been in place
since 2005, and SLIC and CCF invested in the business in 2010 and
2013, respectively.
RATING SENSITIVITIES
The ratings may be sensitive to material changes in the credit
quality or market risk profile of the fund. A weakening in the
liquidity inherent in the fund or changes to liquidity provisions
- such as the manager's ability to borrow against the net
assets of the fund or its ability to delay redemptions - would be
viewed as negative. A downgrade of the ratings of the banks where
the fund has currently invested its assets could also lead to a
downgrade of the fund. Changes in exchange-control regulations
that could affect the fund - leading to transfer and
convertibility risks - would also be viewed as negative.
Fitch will review the fund after six months to see if the fund has
achieved an appropriate level of diversification, consistent with
its target portfolio and investment guidelines as indicated by the
manager. If the fund fails to gain a considerable size within
this period, Fitch will withdraw the rating as it would no longer
be relevant to Fitch's coverage.
Fitch has capped the fund's rating at that of the Sri Lanka
sovereign (BB-/Stable), given its expected material exposure to
Sri Lankan sovereign bonds. Therefore upside potential for the
fund rating is limited.
To maintain the bond fund ratings, CAM will provide Fitch with
portfolio information, including details of the portfolio's
holdings and credit quality. Fitch closely monitors the credit
composition of the portfolio, the credit counterparties used by
the manager, and the overall market risk profile of the
investments.
===============
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 -152.68 -128.58
ATLANTIC LTD ATI -644.51 -623.62
AUSTRALIAN ZI-PP AZCCA -67.98 -82.58
AUSTRALIAN ZIRC AZC -67.98 -82.58
AXXIS TECHNOLOGY AYG -2.18 -2.75
BIRON APPAREL LT BIC -2.22 2.43
BLUESTONE GLOBAL BUE -2.40 -16.73
BRIDGE GLOBAL CA BGC -121.51 -127.89
BULLETPROOF GROU BPF -2.99 -1.44
CLARITY OSS LTD CYO -15.57 -4.00
IPH LTD IPH -7.54 5.47
LOVISA HOLDINGS LOV -3.43 -6.28
MBD CORP LTD MBD -0.20 -4.50
MIRABELA NICKEL MBN -71.38 28.39
NORSEMAN GOLD PL NGX -43.40 -39.99
OPUS GROUP LTD OPG -8.99 -47.37
QUICKSTEP HLDGS QHL -0.89 -0.48
RIVERCITY MOTORW RCY -809.13 133.92
RUBICOR GROUP LT RUB -0.82 -2.88
RUTILA RESOURCES RTA -3.90 -34.11
SPHERE MINERALS SPH -64.95 -119.39
STERLING PLANTAT SBI -15.46 9.69
STONE RESOURCES SHK -15.07 -27.87
STRAITS RESOURCE SRQ -13.26 -117.91
SUBZERO GROUP LT SZG -21.29 -27.50
CHINA
ANHUI GUOTONG-A 600444 -8.81 -40.54
CHINA ESSENCE GR CESS -112.12 -150.89
CLOUD LIVE TEC-A 2306 -18.55 -17.03
GREENS HOLDINGS 1318 -37.88 -90.12
HAINAN PEARL R-A 505 -6.09 -22.11
HAINAN PEARL-B 200505 -6.09 -22.11
HARMONICARE MEDI 1509 -16.03 -50.69
HEILONGJIAN HE-A 600179 -10.64 -124.94
LUOYANG GLASS-A 600876 -6.35 -41.30
LUOYANG GLASS-H 1108 -6.35 -41.30
MCC MEILI PAPE-A 815 -37.48 -53.01
NANNING CHEMIC-A 600301 -34.92 -65.09
SHAANXI QINLIN-A 600217 -43.83 -203.72
SHANG BROAD-A 600608 -2.86 -8.94
SHENZ CENTURY-A 33 -29.59 -3.22
SICHUAN CHEMIC-A 155 -151.08 -259.59
SONGLIAO AUTO -A 600715 -7.49 -11.29
WUHAN BOILER-B 200770 -233.10 -360.47
XIAKE COLOR-A 2015 -108.33 -100.27
YUNNAN JINGGU -A 600265 -0.62 -26.90
ZHONGCHANG MAR-A 600242 -7.16 -185.93
ZHUHAI BOYUAN -A 600656 -61.76 -78.17
HONG KONG
CHINA HEALTHCARE 673 -17.33 -17.69
CHINA OCEAN SHIP 651 -100.37 -161.16
CNC HOLDINGS 8356 -10.22 -26.60
FULLSHARE 607 -50.49 92.76
GR PROPERTIES LT 108 -52.36 -66.29
GRANDE HLDG 186 -302.44 -402.82
HARMONIC STR 33 -3.22 -3.66
KING STONE ENERG 663 -174.59 -409.06
MASCOTTE HLDGS 136 -3.57 1.18
MONGOLIA ENERGY 276 -417.76 -167.83
SIBERIAN MINING 1142 -253.46 -17.46
TAI SHING INTERN 8103 -6.00 -12.06
TITAN PETROCHEMI 1192 -996.20 -999.60
INDONESIA
APAC CITRA CENT MYTX -21.62 -63.32
ARGO PANTES ARGO -21.70 -42.12
ARPENI PRATAMA APOL -335.63 -140.80
ASIA PACIFIC POLY -908.37 -947.71
BAKRIE & BROTHER BNBR -185.61 -505.10
BAKRIE TELECOM BTEL -415.68 -496.20
BENTOEL INTL INV RMBA -135.11 235.56
BERAU COAL ENERG BRAU -29.46 -446.96
BERLIAN LAJU TAN BLTA -1,172.59 -101.87
BERLIAN LAJU TAN BLTA -1,172.59 -101.87
BORNEO LUMBUNG BORN -541.61 -1,321.62
BUKAKA TEKNIK UT BUKK -94.65 -108.57
BUMI RESOURCES BUMI -733.04 -4,451.78
ICTSI JASA PRIMA KARW -10.31 -59.21
JAKARTA KYOEI ST JKSW -33.58 7.28
MERCK SHARP DOHM SCPI -1.76 51.96
RENUKA COALINDO SQMI -0.30 -8.09
SUMALINDO LESTAR SULI -29.48 -7.17
TRUBA ALAM ENG TRUB -34.67 18.62
UNITEX TBK UNTX -17.25 -25.95
INDIA
3I INFOTECH LTD III -55.29 -119.10
3I INFOTECH -SLB III/S -55.29 -119.10
ABHISHEK CORPORA ABSC -25.51 -65.30
AGRO DUTCH INDUS ADF -22.81 -94.45
ALPS INDUS LTD ALPI -41.70 0.63
ARTSON ENGR ART -10.64 -7.75
ASHAPURA MINECHE ASMN -16.64 -75.41
ASHIMA LTD ASHM -48.94 -7.52
ATV PROJECTS ATV -43.93 -11.18
BELLARY STEELS BSAL -108.50 -122.30
BENZO PETRO INTL BPI -1.05 -4.44
BHAGHEERATHA ENG BGEL -28.20 -20.86
BHARATI SHIPYARD BHSL -17.76 103.37
BINANI INDUS LTD BZL -156.35 -175.27
BLUE BIRD INDIA BIRD -59.13 -63.79
CELEBRITY FASHIO CFLI -8.26 -1.86
CHESLIND TEXTILE CTX -0.03 -1.72
CLASSIC DIAMONDS CLD -6.84 -0.71
COMPUTERSKILL CPS -7.56 -4.82
DCM FINANCIAL SE DCMFS -9.46 0.00
DFL INFRASTRUCTU DLFI -6.49 0.00
DIGJAM LTD DGJM -22.59 19.31
DISH TV INDIA DITV -50.29 -407.67
DISH TV INDI-SLB DITV/S -50.29 -407.67
DUNCANS INDUS DAI -227.05 -65.57
ELECTROTHERM IND ELT -96.22 -343.53
ENSO SECUTRACK ENSO -0.46 -3.36
EURO CERAMICS EUCL -6.83 -18.00
EURO MULTIVISION EURO -9.95 -38.45
FERT & CHEM TRAV FCT -137.49 -127.69
GANESH BENZOPLST GBP -15.48 0.50
GANGOTRI TEXTILE GNTX -14.22 -55.33
GLODYNE TECHNO GLOT -25.55 -116.90
GOKAK TEXTILES L GTEX -5.00 -8.91
GOLDEN TOBACCO GTO -18.24 -37.82
GSL INDIA LTD GSL -42.42 -18.13
GSL NOVA PETROCH GSLN -1.31 -14.38
GTL LTD GTS -10.69 -517.10
GTL LTD-SLB GTS/S -10.69 -517.10
GUJARAT STATE FI GSF -304.68 0.00
GUPTA SYNTHETICS GUSYN -6.34 -21.94
HARYANA STEEL HYSA -5.91 -2.56
HEALTHFORE TECHN HTEC -46.64 -56.14
HINDUSTAN ORGAN HOC -51.76 -48.36
HINDUSTAN PHOTO HPHT -1,832.65 -1,825.53
HIRAN ORGOCHEM HO -4.59 -10.83
HMT LTD HMT -454.42 -263.58
ICDS ICDS -6.17 0.00
INDAGE RESTAURAN IRL -2.35 2.06
INDOSOLAR LTD ISLR -15.57 -89.02
INTEGRAT FINANCE IFC -51.32 0.00
JAYBHARAT TEXTIL JTRE -34.90 -14.52
JCT ELECTRONICS JCTE -76.70 -46.60
JENSON & NIC LTD JN -71.70 -67.33
JET AIRWAYS IND JETIN -1,015.07 -1,545.08
JET AIRWAYS -SLB JETIN/S -1,015.07 -1,545.08
JINDAL STAINLESS JDSL -102.07 -327.53
JOG ENGINEERING VMJ -5.28 41.82
JSL INDS LTD-SLB JDSL/S -102.07 -327.53
KALYANPUR CEMENT KCEM -42.66 -36.34
KERALA AYURVEDA KERL -1.69 3.16
KIDUJA INDIA KDJ -3.43 0.00
KINGFISHER AIR KAIR -2,371.26 -1,458.63
KINGFISHER A-SLB KAIR/S -2,371.26 -1,458.63
KITPLY INDS LTD KIT -58.78 -50.64
KLG SYSTEL LTD KLGS -27.37 -24.37
KSL AND INDUSTRI KSLRI -77.80 -50.14
LML LTD LML -78.18 -93.19
MADHUCON PROJECT MDHPJ -21.03 -327.01
MADRAS FERTILIZE MDF -54.99 -55.32
MAHA RASHTRA APE MHAC -12.96 0.00
MALWA COTTON MCSM -24.79 -12.80
MAWANA SUGAR MWNS -32.88 -93.78
MEP INFRASTRUCTU MIDL -25.27 -47.15
MODERN DAIRIES MRD -3.81 1.12
MOSER BAER INDIA MBI -165.63 -243.86
MOSER BAER -SLB MBI/S -165.63 -243.86
MPL PLASTICS LTD MPLP -51.22 -35.46
MTZ POLYFILMS LT TBE -2.57 -11.39
MURLI INDUSTRIES MRLI -38.30 1.71
MYSORE PAPER MSPM -8.12 -20.84
NATL STAND INDI NTSD -0.73 -2.33
NAVCOM INDUS LTD NOP -3.53 -6.88
NICCO CORP LTD NICC -4.91 -25.09
NICCO UCO ALLIAN NICU -83.90 0.00
NK INDUS LTD NKI -7.71 -9.17
NRC LTD NTRY -52.44 -102.19
NUCHEM LTD NUC -1.60 1.17
PANCHMAHAL STEEL PMS -0.33 6.39
PARAMOUNT COMM PRMC -0.52 8.11
PARASRAMPUR SYN PPS -307.14 -303.86
PAREKH PLATINUM PKPL -88.85 -78.16
PIONEER DISTILLE PND -5.62 -12.47
PREMIER INDS LTD PRMI -6.09 -3.53
PRIYADARSHINI SP PYSM -2.28 -16.30
QUADRANT TELEVEN QDTV -214.97 -182.24
QUINTEGRA SOLUTI QSL -17.45 -32.70
RADHA MADHAV COR RMCL -20.64 -26.34
RAMSARUP INDUSTR RAMI -89.28 -506.46
RATHI ISPAT LTD RTIS -3.93 14.53
RELIANCE MED-SLB RMW/S -144.47 -115.99
RENOWNED AUTO PR RAP -1.25 -5.73
RMG ALLOY STEEL RMG -12.99 -17.72
ROYAL CUSHION RCVP -75.18 -18.75
SAAG RR INFRA LT SAAG -4.93 -8.33
SADHANA NITRO SNC -0.58 -6.84
SANATHNAGAR ENTE SNEL -6.78 -9.36
SANCIA GLOBAL IN SGIL -30.47 5.01
SBEC SUGAR LTD SBECS -5.61 -32.85
SERVALAK PAP LTD SLPL -7.63 -0.32
SHAH ALLOYS LTD SA -81.60 -119.39
SHALIMAR WIRES SWRI -24.28 -24.97
SHAMKEN COTSYN SHC -6.17 0.21
SHAMKEN MULTIFAB SHM -13.26 2.41
SHAMKEN SPINNERS SSP -16.76 -11.04
SHREE GANESH FOR SGFO -2.89 3.56
SHREE KRISHNA SHKP -0.92 -2.07
SHREE RAMA MULTI SRMT -4.49 -3.53
SHREE RENUKA SUG SHRS -375.69 -853.38
SHREE RENUKA-SLB SHRS/S -375.69 -853.38
SIDDHARTHA TUBES SDT -15.37 -5.65
SIMBHAOLI SUGARS SBSM -54.47 -131.82
SPICEJET LTD SJET -202.94 -307.41
SQL STAR INTL SQL -3.28 2.93
STATE TRADING CO STC -392.74 -389.59
STELCO STRIPS STLS -5.73 -15.44
STI INDIA LTD STIB -2.13 -0.75
STL GLOBAL LTD SHGL -5.62 -3.45
STORE ONE RETAIL SORI -59.09 -4.75
SURYA PHARMA SUPH -9.97 -150.85
SUZLON ENERG-SLB SUEL/S -1,164.00 -396.86
SUZLON ENERGY SUEL -1,164.00 -396.86
TAMILNADU JAI TNJB -1.00 0.01
TATA TELESERVICE TTLS -138.25 -650.97
TATA TELE-SLB TTLS/S -138.25 -650.97
TIMEX GROUP IND TIMX -2.27 -4.18
TIMEX GROUP-PREF TIMXP -2.27 -4.18
TODAYS WRITING TWPL -25.67 -24.95
TRIUMPH INTL OXIF -14.18 0.00
TRIVENI GLASS TRSG -10.45 -4.26
TUTICORIN ALKALI TACF -22.86 -25.82
UNIFLEX CABLES UFCZ -7.49 -21.97
UNIWORTH LTD WW -151.14 -90.59
UNIWORTH TEXTILE FBW -35.03 -18.03
USHA INDIA LTD USHA -54.51 -39.42
VANASTHALI TEXT VTI -5.80 -5.42
VENUS SUGAR LTD VS -1.08 -2.77
VISA STEEL LTD VISA -16.29 -179.73
WANBURY LTD WANB -3.91 -43.15
WEBSOL ENERGY SY WESL -31.30 -56.52
ZYLOG SYSTEMS ZSL -29.22 -79.00
JAPAN
ETA ELEC INDUS 6891 -1.89 -16.86
FUJITA CORPORAT 3370 -0.48 -1.29
GOYO FOODS INDUS 2230 -1.81 0.02
LCA HOLDINGS COR 4798 -2.59 -16.35
MAG NET HOLDINGS 8073 -0.68 -0.39
MATSUYA CO LTD 7452 -0.76 -34.08
MEGANESUPER 3318 -8.10 19.39
OPTROM INC 7824 -4.50 -12.55
PIXELA CORP 6731 -0.41 1.46
SANBIO CO LTD 4592 -0.74 7.47
KOREA
L ENERGY CO LTD 60900 -24.75 -18.17
NAMKWANG ENGINEE 1260 -60.31 -29.00
NEXOLON CO LTD 110570 -331.58 -655.16
STX ENGINE CO LT 77970 -38.82 72.63
TEC & CO 8900 -16.61 -72.17
ULTRA CONSTR-PFD 4325 -71.68 -124.06
MALAYSIA
DING HE MINING 705 -38.57 -74.46
HAISAN RESOURCES HRB -19.67 -28.76
HIGH-5 CONGLOMER HIGH -65.83 -91.61
LION CORP BHD LION -194.79 -638.49
OCTAGON CONSOL OCTG -54.28 -61.30
PERWAJA HOLDINGS PERH -284.67 -443.27
NEW ZEALAND
PULSE ENERGY LTD PLE -4.52 -4.95
PHILIPPINES
CYBER BAY CORP CYBR -28.97 -28.98
DFNN INC DFNN -1.88 -2.21
FILSYN CORP A FYN -11.69 -31.43
FILSYN CORP. B FYNB -11.69 -31.43
GOTESCO LAND-A GO -19.21 -24.00
GOTESCO LAND-B GOB -19.21 -24.00
METRO GLOBAL HOL MGH -15.77 -8.07
PICOP RESOURCES PCP -23.33 -77.51
STENIEL MFG STN -11.96 5.02
UNIWIDE HOLDINGS UW -57.19 -82.73
SINGAPORE
CHINA GREAT LAND CGL -21.26 -21.41
GOLDEN ENERGY & GER -96.89 -127.03
GPS ALLIANCE HOL GPS -0.40 -3.58
HL GLOBAL 1 HLGE1 -0.62 19.10
HL GLOBAL ENTERP HLGE -0.62 19.10
JASPER INVESTMEN JASP -9.27 -177.65
OCEANUS GROUP LT OCNUS -19.84 -88.78
SCIGEN LTD-CUFS SIE -55.42 -6.68
SINOPIPE HLDS SPIP -84.26 -127.65
THAILAND
ASCON CONSTR-NVD ASCON-R -3.37 -19.16
ASCON CONSTRUCT ASCON -3.37 -19.16
ASCON CONSTRU-FO ASCON/F -3.37 -19.16
BANGKOK RUBBER BRC -114.37 -132.70
BANGKOK RUBBER-F BRC/F -114.37 -132.70
BANGKOK RUB-NVDR BRC-R -114.37 -132.70
BIG CAMERA COP-F BIG/F -13.03 -16.70
BIG CAMERA CORP BIG -13.03 -16.70
BIG CAMERA -NVDR BIG-R -13.03 -16.70
CIRCUIT ELEC PCL CIRKIT -78.88 -0.84
CIRCUIT ELEC-FRN CIRKIT/F -78.88 -0.84
CIRCUIT ELE-NVDR CIRKIT-R -78.88 -0.84
ITV PCL-NVDR ITV-R -121.94 -121.94
K-TECH CONSTRUCT KTECH/F -46.47 -67.93
KTECH CONSTRUCTI KTECH -46.47 -67.93
K-TECH CONTRU-R KTECH-R -46.47 -67.93
KUANG PEI SAN POMPUI -8.59 4.01
KUANG PEI SAN-F POMPUI/F -8.59 4.01
KUANG PEI-NVDR POMPUI-R -8.59 4.01
PATKOL PCL PK -30.64 -52.32
PATKOL PCL-FORGN PK/F -30.64 -52.32
PATKOL PCL-NVDR PK-R -30.64 -52.32
PROFESSIONAL WAS PRO -1.68 -10.02
PROFESSIONAL-F PRO/F -1.68 -10.02
PROFESSIONAL-N PRO-R -1.68 -10.02
SHUN THAI RUBBER STHAI -6.13 -11.34
SHUN THAI RUBB-F STHAI/F -6.13 -11.34
SHUN THAI RUBB-N STHAI-R -6.13 -11.34
TONGKAH HARBOU-F THL/F -11.69 -33.35
TONGKAH HARBOUR THL -11.69 -33.35
TONGKAH HAR-NVDR THL-R -11.69 -33.35
TRANG SEAFOOD TRS -5.99 -2.62
TRANG SEAFOOD-F TRS/F -5.99 -2.62
TRANG SFD-NVDR TRS-R -5.99 -2.62
TT&T PCL TTNT -762.30 -134.18
TT&T PCL-NVDR TTNT-R -762.30 -134.18
TT&T PUBLIC CO-F TTNT/F -762.30 -134.18
TAIWAN
BEHAVIOR TECH CO 2341S -2.57 6.66
BEHAVIOR TECH-EC 2341O -2.57 6.66
HELIX TECH-EC 2479T -24.12 -44.94
HELIX TECH-EC IS 2479U -24.12 -44.94
HELIX TECHNOL-EC 2479S -24.12 -44.94
POWERCHIP SEM-EC 5346S -296.10 -799.71
PRO MOS TECH-EC 5387R -1,610.74 -1,616.41
TAIWAN KOL-E CRT 1606U -147.14 -294.85
TAIWAN KOLIN-EN 1606V -147.14 -294.85
TAIWAN KOLIN-ENT 1606W -147.14 -294.85
*********
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 ***