/raid1/www/Hosts/bankrupt/TCRAP_Public/150904.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, September 4, 2015, Vol. 18, No. 175
Headlines
A U S T R A L I A
COFFS HARBOUR: Save the Fishos' DOCA Approved
GREEN HOUSE: First Creditors' Meeting Set For Sept. 9
GUNNS LTD: Liquidators to Seek Repayment From Contractors
KADOURY & WARLOW-SHILL: First Creditors' Meeting Set Sept. 11
MAKRAM CONSTRUCTION: First Creditors' Meeting Set Sept. 15
NCIG HOLDINGS: Moody's Changes Ba2 Sr. Rating Outlook to Stable
QUICKFLIX: Suspends Trading Amid Talk of Potential Insolvency
SUCCESS ALUMINIUM: Falls into Administration
TRAINING OPPORTUNITIES: Goes Into Voluntary Administration
VEMMA AUSTRALIA: First Creditors' Meeting Set For Sept. 14
C H I N A
CHINA: Slower Growth for City Gas Sector as Economy Slows
CHINA OIL: Moody's Puts Ba1 CFR on Review for Downgrade
CHINA SHANSHUI: Fitch Lowers IDR to 'B-'; Outlook Neg.
GLORIOUS PROPERTY: S&P Lowers CCR to 'CC'; Outlook Negative
ROAD KING: Moody's Says B1 CFR Reflects Overall Credit Metrics
H O N G K O N G
CHINA PRECISION: CFO and COO Resign
I N D I A
3G TELECOM: CRISIL Suspends B+ Rating on INR100MM Cash Loan
ABHEDYA POWER: CRISIL Suspends 'B' Rating on INR150MM LT Loan
AKSHAR SPINTEX: CRISIL Suspends 'B' Rating on INR408MM Loan
ARAFAT GATE: CRISIL Suspends 'D' Rating on INR40MM Loan
ARG INFRA: CRISIL Suspends B+ Rating on INR230MM Term Loan
ARSHIT GEMS: ICRA Cuts Rating on INR28cr Loan to 'D'
ARUN ELECTRONICS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
ASHTAVINAYAK ASSOCIATES: CRISIL Suspends B Rating on INR50MM Loan
CLEAN AIR: CRISIL Cuts Rating on INR75MM LT Loan to 'D'
DHARESHWAR COTTEX: CRISIL Suspends 'B' Rating on INR115MM Loan
DURGA HI-RISE: CRISIL Suspends B+ Rating on INR150MM LT Loan
EXTRUSION INDIA: CRISIL Suspends 'B' Rating on INR63MM Term Loan
FIRDOUS GOLD: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
GANESH DAL: CRISIL Suspends 'B' Rating on INR50MM Term Loan
GAYTECH ENGINEERING: ICRA Suspends 'D' Rating on INR5cr Loan
GREENKO GROUP: S&P Puts 'B' CCR on CreditWatch Positive
H M STEELS: CRISIL Cuts Rating on INR400MM Term Loan to 'D'
HI TECH: CRISIL Suspends 'D' Rating on INR70MM Packing Loan
JAI JAGDAMBA: CRISIL Assigns B- Rating to INR125MM Cash Loan
JALARAM AGRO: CRISIL Suspends B+ Rating on INR75MM Cash Loan
KHUSHIYA INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
LEADAGE METALS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
MARUTI NANDAN: CRISIL Suspends 'B' Rating on INR110.8MM Loan
MODERN LIVING: ICRA Reaffirms B+ Rating on INR5.0cr Term Loan
NEO TEX: ICRA Puts B+/A44 Rating on Notice For Withdrawal
PANSUT UDYOG: CRISIL Suspends B+ Rating on INR350MM Term Loan
PARAS FOODS: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Loan
PMJ CONSTRUCTIONS: CRISIL Suspends B Rating on INR15MM Loan
PRASHANTH POULTRY: CRISIL Reaffirms B Rating on INR107.7MM Loan
ROHINI OIL: CRISIL Suspends B+ Rating on INR70MM Cash Loan
RSV RICE: ICRA Assigns 'B' Rating to INR22.50cr Loan
SADGURU SRI: CRISIL Ups Rating on INR450.2MM Term Loan to 'B'
SAI TRIPURA: CRISIL Assigns 'B' Rating to INR100MM LT Loan
SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
SHABINA EXPORTS: CRISIL Suspends 'D' Rating on INR150MM Loan
SRI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR180MM Loan
SRI SAKTHI: CRISIL Assigns B+ Rating to INR47.5MM Cash Loan
SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Term Loan
SURMOUNT LABORATORIES: ICRA Assigns B+ Rating to INR7.0cr Loan
VISHWANATH SPINNERZ: ICRA Ups Rating on INR76.67cr LT Loan to C-
M O N G O L I A
MONGOLIAN MINING: S&P Lowers CCR to 'CCC'; Outlook Negative
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
COFFS HARBOUR: Save the Fishos' DOCA Approved
---------------------------------------------
The Coffs Coast Advocate reports that board members of the Coffs
Harbour Deep Sea Fishing Club are remaining cautiously optimistic
as the process to reopen the venue continues.
A Deed of Company Arrangement proposal submitted by the Save the
Fishos group was approved by creditors on August 19.
Under the DOCA, the North Coast Hotel Group will partner with the
club and provide financial backing, the report says.
According to the report, the decision means control of the club
has been handed back to directors who will now undertake the
restructure in accordance with the DOCA.
The report relates that the announcement followed recent concerns
from club members about their memberships and the future of the
club's annual events.
Club president Bill Mabey said a re-opening date of October was
still likely, but many regulatory approvals still needed to be
met, the report notes.
GREEN HOUSE: First Creditors' Meeting Set For Sept. 9
-----------------------------------------------------
Michael Slaven of Kazar Slaven was appointed as administrator of
Green House Emporium Pty Ltd on Sept. 2, 2015.
A first meeting of the creditors of the Company will be held at
Level 3, Engineering House, 11 National Circuit, in Barton, at
Sept. 9, 2015, at 11:00 a.m.
GUNNS LTD: Liquidators to Seek Repayment From Contractors
---------------------------------------------------------
Bruce Mounster at Herald Sun reports that the liquidator of Gunns
Ltd is expected to demand tens of millions of dollars in
repayments from forest contractors who dealt with the firm before
its 2012 collapse.
The report says the Corporations Act requires the liquidator PPB
to identify creditors, including contractors and suppliers, who
received payments from Gunns during a period of insolvency before
the collapse.
According to the report, creditors found to have gained an unfair
preference and those who ought to have known Gunns was insolvent,
will be required to pay the money back.
The money will be divided among all unsecured creditors, the
report states.
Herald Sun relates that PPB said it would consider the
circumstances of individual affected parties "in a constructive
manner".
"Parties affected by legal proceedings will be contacted directly
and they are encouraged to seek independent advice," the report
quotes PPB as saying.
According to Herald Sun, Australian Forest Contractors Association
chairman Ian Reid said contractors had already been significantly
burdened by Gunns' collapse and, if the liquidator's action was
successful, it could drive many into bankruptcy.
"This is a real kick in the guts and could be the final nail in
the coffin for a lot of forest contractors across Australia,"
Herald Sun quotes Mr Reid as saying.
He said a number of the contractors had lost millions from unpaid
invoices at the time of the collapse, the report relays.
Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities. Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.
On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators. KordaMentha has also been
appointed Receivers and Managers.
The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.
Gunns was placed into liquidation in March 2013.
KADOURY & WARLOW-SHILL: First Creditors' Meeting Set Sept. 11
-------------------------------------------------------------
Stirling L. Horne and Petr Vrsecky of PKF Melbourne were appointed
as administrators of Kadoury & Warlow-Shill Legal Pty. Ltd. on
Sept. 2, 2015.
A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, Melbourne, on
Sept. 11, 2015, at 2:30 p.m.
MAKRAM CONSTRUCTION: First Creditors' Meeting Set Sept. 15
----------------------------------------------------------
Danny Vrkic -- danny@dvrm.com.au -- of DV Recovery Management was
appointed as administrator of Makram Construction Pty Ltd on Sept.
3, 2015.
A first meeting of the creditors of the Company will be held at
Level 1, 76 Market Street, in Wollongong, on Sept. 15, 2015, at
11:00 a.m.
NCIG HOLDINGS: Moody's Changes Ba2 Sr. Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook on Newcastle Coal
Infrastructure Group Pty Ltd's (NCIG) Baa3 senior secured rating
as well as the Ba2 senior unsecured rating of its parent NCIG
Holdings Pty Ltd (NCIGH, together "the group") to stable from
positive, and has at the same time affirmed both ratings.
NCIGH, owned by six coal companies ("shipper shareholders" or
"counterparties"), is NCIG's holding company. NCIG has economic
ownership of, and operates the NCIG Coal Export Terminal under a
long term lease with Port of Newcastle. The terminal is located at
the Port of Newcastle in New South Wales, Australia.
RATINGS RATIONALE
"The change in outlook to stable from positive primarily captures
the impact of the ongoing deterioration in coal market conditions
on NCIG's credit profile", says Mary Anne Low, a Moody's Analyst,
adding "the declining coal price is weakening the financial
position of NCIG's contractual counterparties, which is a
fundamental credit driver given they are the source of NCIG's cash
flows".
The owners of certain of NCIG's mine counterparties have reported
ongoing weak financial performance from their Australian coal mine
portfolios, a factor which increases the likelihood of
counterparty default.
"Whilst NCIG has the contractual ability to socialize lost revenue
following the hypothetical default of a counterparty amongst the
remaining counterparties, this contractual mechanism remains
untested," says Low, adding "nevertheless, we recognise that the
counterparties' obligations to, amongst other protection measures,
provide guarantees for 12 months of their take-or-pay obligations
provides a level of support".
A possible downside scenario is that following a counterparty
failure, NCIG is unable to fully socialize the lost revenue as a
result of certain of the remaining counterparties - and/or their
owners - not having the capacity to fully fund the required
increase in tariffs. Such a situation would reduce NCIG's
financial flexibility.
However, Moody's base case scenario - and stable outlook -
reflects that NCIG's mine counterparties will remain sufficiently
viable at prevailing coal prices for the purposes of continuing
production for export demand, albeit with increasing downside
risk.
Fundamentally, NCIG's senior secured investment grade rating is
underpinned by the take-or-pay nature of its revenues and its
ability to recoup shortfalls in revenue caused by actual volumes
falling below contracted levels -- in the normal course of events
-- through monthly and annual true-up payments. Further rating
support flows from NCIG's strong operating track record and
management's ongoing endeavours to reduce operating costs, which
benefits counterparties through reduced take-or-pay charges.
NCIG's Baa3 senior secured rating also reflects the terminal's
essential role in the logistics chain which serves the large and
globally competitive coalfields of New South Wales, its solid
operating track record and the absence of requirement for a
material expansion programme with associated execution risk.
The two notch rating differential between the notes issued by
NCIGH and NCIG's senior secured rating reflects Moody's
expectation of lower recoveries for the former in the hypothetical
event of default, given their structural and legal subordination.
Given the increasing counterparty risk, the ratings are unlikely
to be upgraded. Over the longer term, the senior secured rating
could be upgraded subject to a prolonged period of stability in
coal market conditions and sustained strengthening in the shipper
shareholders' financial profiles.
The rating could face downward pressure should it become evident
that a shipper is more likely to fail and/or there is evidence of
NCIG encountering difficulty in fully socialising the lost revenue
amongst the remaining counterparties. Material breaches of
environmental regulations could also pressure the rating.
NCIG Coal Export Terminal is located on a 173-hectare site on
Kooragang Island at the Port of Newcastle (unrated) in New South
Wales Australia. It has a coal handling capacity of 66 millions
tonnes per annum.
QUICKFLIX: Suspends Trading Amid Talk of Potential Insolvency
-------------------------------------------------------------
Chris Keall at NBR Online reports that Quickflix Limited said it
requested the trading halt ahead of a restructure announcement.
NBR Online relates that the company's ASX filing implies the
company promised minimum payments to TV and movie makers to secure
rights to their content but now doesn't have enough cash to meet
its obligations. According to the report, Quickflix said these
legacy deals are hindering its right to arrange new funding.
Quickflix is currently in negotiations with licensors to "seek
relief from existing obligations" so it can "continue to be a
distribution channel for their content and providing competition
in the marketplace," the report relays.
NBR says Australian trade site Mumbrella describes it as an
attempt to head off "potential insolvency."
It's certainly in a tough bind in a market that's growing fast but
also becoming increasingly expensive to play in as new arrivals
bid for content rights, according to NBR.
NBR discloses that Quickflix's second quarter report revealed a
14% drop in customer base to 121,127 for the quarter and a 13%
quarter-on-quarter decrease in paying customers, to 107,969.
Revenue dropped 19% against the year-ago quarter and 15% over the
previous quarter to AUD4.23 million, the report discloses.
NBR says the launch of Netflix in Australia and New Zealand
earlier this year, and an attendant jump in free trial deals, was
blamed for the slowdown.
The company did not supply a profit/loss number but said it had -
AUD1 million cashflow and AUD913,000 in the bank or enough for one
more quarter at its current burn rate.
According to NBR, Quickflix trading was also suspended earlier
this month as it negotiated a deal with an un-named Chinese media
partner which was ultimately never consumated.
In May, Quickflix also halted trading before the announcement of a
content partnership with Presto (a Foxtel-Seven joint venture).
That deal also collapsed at the last minute, the report notes.
Quickflix Limited (ASX:QFX) -- http://www.quickflix.com.au/--
engages in the development and operation of an online movie
rental subscription and retail service. It provides online movie
subscription service in Australia. Its subscribers have access to
a range of over 50,000 movies and television titles over the
Internet. It operates in the online digital video disc (DVD)
business segment.
SUCCESS ALUMINIUM: Falls into Administration
--------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Success Aluminium
Pty Ltd has been placed into administration. Sule Arnautovic,
Glenn Anthony Crisp and Amanda Young of Jirsch Sutherland were
appointed administrators of the company on Aug. 10, 2015, the
report says.
Success Aluminum is an aluminum products and systems manufacturer
and supplier with about AUD39.4 million annual turnover, the
report discloses. It has been in business for over thirty years.
The company has 34 employees.
TRAINING OPPORTUNITIES: Goes Into Voluntary Administration
----------------------------------------------------------
ABC News reports that the not-for-profit organization in charge of
the U-Turn program in Tasmania, aimed at rehabilitating young car
thieves, has gone into voluntary administration.
The State Government said an independent audit earlier this year
found Training Opportunities and Options for Learning (TOOL)'s
financial management and reporting systems needed to be reviewed,
according to ABC News.
The report notes that it also said the organization was not in a
financially sustainable position.
In a statement, the Government said TOOL agreed to rectify the
problems by October and was given a AU$67,500 funding advance to
ensure it's ongoing financially viability, the report relays.
"Unfortunately, despite the Government's best efforts and bringing
that funding forward, TOOL has entered into voluntary
administration," the statement said, the report added.
Opposition blames lack of government support
Opposition spokesman Lara Giddings said TOOL closed its doors
because of a lack of government support, the report notes.
"These organizations run on the smell of an oily rag," the report
quoted Ms. Giddings as saying. "Rather than allowing them to
close their doors the Government should be stepping in and working
with them, especially if they have any concerns. I've sat down
with TOOL many times, their issues were about access to funds."
The report notes that Ms. Giddings said TOOL had lost out in
competition for tenders earlier this year, losing about AU$400,000
in funding.
"For the Government to try to lay blame at the feet of TOOL
themselves I think is wrong," Ms. Giddings said, the report
relays. "If they did have concerns they should have stepped in
and held the hand of the management committee if that was what was
required."
The Government said to date, it had funded TOOL in line with its
election commitment of AU$270,000 for last year, plus the advance
on this financial year's first quarter, the report notes.
It said the remaining money had been quarantined for youth
training and would either form part of TOOL's new structure or be
invested into other worthy programs, the report adds.
VEMMA AUSTRALIA: First Creditors' Meeting Set For Sept. 14
----------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Vemma Australia Pty Limited on Sept. 2, 2015.
A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on Sept.
14, 2015, at 10:30 a.m.
=========
C H I N A
=========
CHINA: Slower Growth for City Gas Sector as Economy Slows
---------------------------------------------------------
Fitch Ratings expects city gas sales growth in China in the next
five years to average in the low- to mid-teens, slower than
historical rates but faster than the pace that several operators
reported for the first six months of 2015 in their recent interim
results announcements.
The Chinese city gas operators reported that their gas sales rose
at a slower pace in 1H15 than the average growth of the last five
years. Binhai Investment Company Limited's (BHI, BBB-/Stable) gas
sales volume rose 9% in 1H15, China Oil and Gas Group's increased
8%, China Resources Gas Group Limited's (CRG, BBB+/Stable) climbed
11%, ENN Energy Holdings Limited's (ENN, BBB/Stable) increased
11%, and Towngas China Company Limited rose 3%. Fitch believes
such slow growth is likely to extend to the second-half of 2015.
Most of these operators' sales rose by about 20% annually on
average in 2010-2014.
For those companies that reported the breakdown in gas sales
volume to the residential and industrial and commercial (C&I)
segments, the residential segment maintained more robust growth of
above 10%. However, the C&I segment, which accounted for over 50%
of the volume sold, experienced growth in the single digits.
The C&I segment's growth comes from existing customers and new
customers. The sales to existing C&I customers are generally
driven by economic activity; while many of the new C&I customers
are converting to natural gas due to regulations pushing for
conversion from coal-powered equipment to gas.
Economically, though, C&I end-users are still better off using
coal-powered equipment, even with a likely cut in city-gate level
gas prices in the coming months. Therefore, in Fitch's view, a
moderate reduction in natural gas prices in 2H15 is unlikely to
materially boost gas demand growth immediately.
However, China's policies to address pollution issues will
continue to drive increased usage of natural gas. China is
committed to increase the share of natural gas in its primary
energy mix from around 6% in 2014. With the slower economic
growth in China, total gas demand by 2020 is not likely to hit the
previous estimates. However, China's policy push and the large
quantities of committed pipeline gas import volumes the country
has secured should support a healthy volume growth for the
established city gas operators in the country over the medium
term.
At the same time, Fitch do not expect the slower growth in gas
demand to materially negatively impact the financial metrics of
the larger players, such as CRG and ENN. In addition to their
currently strong balance sheets, Fitch expects the EBITDA from
recurring gas sales to cover most of their planned capex over the
next two to three years.
CHINA OIL: Moody's Puts Ba1 CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed China Oil and Gas Group
Limited's (COG) Ba1 corporate family rating and senior unsecured
debt rating on review for downgrade.
RATINGS RATIONALE
"The rating review reflects continued weakness in COG's credit
profile arising from regulatory-driven delays in implementing a
cost pass-through", says Ivy Poon, a Moody's Assistant Vice
President and Analyst. "The review is also prompted by heightened
business risk associated with the company's upstream oil business,
which has been negatively affected by the weak oil price
environment."
"Accordingly, we expect COG's credit profile and financial metrics
to weaken in 2015-2016 to levels that may no longer be consistent
with the Ba1 rating." adds Poon. Prior to today's rating action,
COG's rating had a negative outlook, reflecting similar concerns.
COG's operating results in 1H 2015 continued to be dragged by the
material delays in passing increased costs to customers in Qinghai
Province and the low oil price environment. Its reported EBITDA
dropped by 22% to HKD496 million in 1H 2015 from the previous
year, despite the growth in revenue and gas sales volume of the
city gas projects as well as daily production volume of the
upstream business.
Moody's expects the company's credit metrics in 2015 to be weak
compared to 2014 levels, given the slow recovery in profitability
in its Qinghai projects, and the low oil price environment. The
likelihood for the company to recoup its tariff hikes related to
2014's tariff adjustment seems remote given the challenges it
faced in Qinghai projects and the downtrend in gas price.
COG's earnings in 2016 will likely improve based on a potential
reduction in unit gas costs and a corresponding decrease in
average sales price in 3Q 2015. However, a material turnaround is
unlikely in Moody's view, with financial leverage expected to
remain high for the rating.
The review will focus on (1) the factors that would likely drive
performance in 2015 and 2016, including the April 2015 tariff
hikes, any potential reduction in gas costs and average sales
prices over coming months, and the weak oil price environment and
(2) any further expansion planned for the upstream business. The
review will be mindful of the increase in the business risk
associated with its city gas and oil upstream business. The review
will also incorporate any plans that COG may have to reduce its
high financial leverage.
The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.
China Oil and Gas Group Limited engages in the piped city gas
business in China, as well as the transportation and distribution
of compressed natural gas, and liquefied natural gas. The company
also expanded its footprint to the oil and gas production business
in Canada in July 2014. In 2014, its revenue reached HKD7.7
billion.
The company is listed on the Hong Kong Exchange. Mr. Xu Tieliang,
the company's chairman, is the largest shareholder, with a 21.75%
stake.
CHINA SHANSHUI: Fitch Lowers IDR to 'B-'; Outlook Neg.
------------------------------------------------------
Fitch Ratings has downgraded China Shanshui Cement Group Limited's
Long-Term Issuer Default Rating and senior unsecured ratings to
'B-' from 'B+'. The agency has also removed the company from
Rating Watch Negative and assigned it a Negative Outlook. The
Recovery Rating on the senior unsecured ratings remains at 'RR4'.
The rating downgrade reflects the continued weak business
environment and Shanshui's reliance on short-term financing, which
could pressure liquidity. The Negative Outlook reflects the lack
of visibility as to when the company will refinance its short-term
debt with longer-term facilities.
KEY RATING DRIVERS
Poor Profitability in 1H15: Shanshui's EBITDA in 1H15 declined 79%
to CNY311 million from CNY1,484 million in 1H14, due to weakness
in the Chinese cement market and one-off expenses. Fitch believes
the employee and shareholder disputes that took place in 1H15 also
negatively affected the company's operations and contributed to
the low profitability.
Market Share Remains Stable: Shanshui's sales fell by 31% year-on-
year in 1H15 due to a 21% drop in cement and clinker volume, and a
12% fall in cement price and 16% decrease in clinker price. This
is in line with the sharp decline in cement prices and volumes in
Shanshui's core markets in Shandong, Liaoning and Shanxi, which
were the worst performing areas of China. Fitch believes the
cement market will remain subdued in the rest of 2015, but is not
likely to deteriorate from current levels.
Increased Liquidity Pressure: Shanshui's short-term borrowings
increased to CNY11bn at end-1H15 from CNY4 bil. at end-2014 as a
result of redemption of its USD378m (principal and interest) 2016
note and the poor operating environment. In comparison, Shanshui
had cash and equivalents of CNY4bn at end-1H15. Short-term
commercial paper (SCP) and medium-term notes (MTN) accounted for
51% of the company's short-term borrowings and 41% total
borrowings. Fitch believes the company had to rely on instruments
with shorter maturities for funding because its access to bank
financing remained curtailed by the unresolved shareholder
disputes. The company says it intends to lengthen its debt
maturity profile in 2H15.
Resolution of Disputes is Key: Shanshui's employee and shareholder
disputes are still unresolved although Asia Cement Corporation
(ACC), which owns 20.90% of Shanshui, and China National Building
Materials (CNBM), which owns 16.67%, may make an offer to acquire
the rest of the company subject to the satisfaction of certain
pre-conditions. Fitch believes the resolution of the disputes
will bring the company's operations back to normal, which help it
to reduce leverage.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Average selling prices of cement in Shanshui's main markets
to be weak in 2015 and 2016;
-- Total capex (including acquisitions) between 2015-2017 no
higher than CNY4bn;
-- The company is able to roll over short-term debt
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Further weakening of liquidity.
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Resolution of employee and shareholder disputes, which will
allow the company to access longer-term financing, may
result in the Outlook being revised to Stable.
-- Material improvement in the operating environment and
liquidity may result in a rating upgrade, potentially by
more than a notch.
GLORIOUS PROPERTY: S&P Lowers CCR to 'CC'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Glorious Property Holdings
Ltd. to 'CC' from 'CCC-'. The outlook is negative. S&P also
lowered its long-term Greater China regional scale rating on the
China-based developer to 'cnCC' from 'cnCCC-'.
At the same time, S&P lowered its long-term issue rating on
Glorious' senior unsecured notes to 'C' from 'CC'. S&P also
lowered its long-term Greater China scale rating on the notes to
'cnC' from 'cnCC'.
"We downgraded Glorious because the company disclosed a series of
overdue debt repayments that have not been completely remedied or
waived," said Standard & Poor's credit analyst Christopher Yip.
The company is in negotiations for renewals and extensions;
however, no immediate repayments have been demanded. S&P believes
this shows that Glorious continues to face difficulty in obtaining
additional new and sufficient financing. Therefore, S&P also sees
a high probability that the company could default on its US$300
million unsecured offshore notes due in October without unforeseen
positive developments.
Although the company expects to refinance its notes (equivalent to
Chinese renminbi [RMB] 1.9 billion) by way of secured onshore bank
facilities, there are still uncertainties due to the short amount
of time remaining until the maturity of the notes. Any missed
payments could also trigger cross-default clauses for the
company's liabilities, particularly on its other offshore notes of
US$400 million due 2018.
Glorious' mid-year results showed a further weakening in its
liquidity position as its cash balance continues to deplete. The
cash level decreased to less than half from end-2014 to just over
RMB200 million. Despite sales improving to about RMB2.1 billion
over the first six months of the year and cash collection from
sales amounting to nearly RMB2.2 billion for the same period, S&P
believes the company still faces a shortfall in liquidity. This
is due to its large short-term debt maturity, which totaled
RMB21.8 billion, including the reclassification of longer-term
borrowings with cross-default clauses.
Asset disposals by Glorious may not be significant or timely
enough to provide financial support, in S&P's view. The company
has a substantial land bank as well as a certain amount of
investment properties. However, Glorious has not been able to
realize a significant amount of disposals so far, amounting only
to about RMB43 million.
S&P's assessment of Glorious' management and governance as "weak"
has continued to deteriorate as the company has not produced
timely information disclosure.
"Our outlook on Glorious is negative because we continue to
believe that the company's prospects for additional funding are
lacking, given the current leverage and overdue amounts," said Mr.
Yip. "Glorious' ability to maintain normal operations will
largely depend on negotiations with its creditors."
S&P could lower the corporate credit rating to 'D' if Glorious
does not manage to repay or refinance its offshore notes due
Oct. 25, 2015. S&P could also downgrade the company if it cannot
resolve its overdue amounts and an event of default is triggered.
S&P plans to raise its corporate credit rating on Glorious if the
company resolves all overdue amounts and meets its debt
obligations, including its offshore notes.
ROAD KING: Moody's Says B1 CFR Reflects Overall Credit Metrics
--------------------------------------------------------------
Moody's Investors Service says that the positive outlook on Road
King Infrastructure Limited's B1 corporate family rating reflects
its overall strong credit metrics, but that it needs to improve
the operating performance of its property segment and strengthen
its liquidity for a ratings upgrade.
The ratings outlook has been positive since September 2013.
"Although Road King has achieved or is close to achieving some of
its benchmarks for an upgrade, China's slower economic growth
coupled with the company's strategy to maintain selling prices
amid market oversupply have prevented it from achieving all
upgrade triggers," says Dylan Yeo, a Moody's Analyst.
Moody's conclusions were contained in its just-released report on
Road King, entitled "Road King Infrastructure Limited: Frequently
Asked Questions on Continued Positive Outlook."
Road King's contract sales increased 36% year on year during the
first half of 2015, as China's easing of home-purchase
restrictions and lower mortgage costs boosted nationwide property
sales.
This strong growth contrasts sharply with 2014, during which Road
King's contracted sales fell by 23% year on year to RMB9.4 billion
as a result of a 15% decrease in contracted gross floor area sold.
While Moody's expects contracted sales to increase by 15% for the
full year 2015, they are unlikely to reach the peaks of 2013 over
the next 1-2 years. The company is tapering its growth plan amid
oversupply and weaker demand resulting from China's slower
economic growth.
Nevertheless, Road King's credit metrics remain strong. Moody's
expects the company will maintain a debt-to-book-capitalization
ratio of 55%-57% in the next 1-2 years, as it slows its pace of
debt-funded land acquisitions.
EBIT-interest coverage will decline to 3.0x-3.5x from 3.7x in
2014, because margins will contract owing to a higher proportion
of low-margin sales, lower revenue and rising interest costs.
However, it remains strong relative to B1-rated peers.
Meanwhile, cash distributions from Road King's toll roads have
been declining for four consecutive years since 2011, due to
competition from other transportation routes, as well as a lower
proportion of distributable cash flow under the company's joint-
venture operating agreements.
Cash distributions from the toll roads will decline to about
HKD500 million in 2015, from HKD515 million in 2014. But Moody's
expect an improvement of HKD30-40 million in 2016, because the
proportion of cash flow distributable to Road King from Tangjin
Expressway, a toll road the company operates with joint-venture
partners, will increase.
Further, the Machao Expressway, a 35.77 kilometer expressway Road
King acquired in June 2014, will begin distributing cash flow in
2018.
Moody's further notes that Road King's liquidity is adequate,
although its ratio of cash to short-term debt of 74% is well below
the rating upgrade trigger of 100%. Road King had HKD4.4 billion
in cash, including restricted cash, as of June 30. This cash
balance, together with strong projected operating cash flow, will
be sufficient to cover its maturing debt, committed land payments,
and debt repayable on demand in the next 12 months.
================
H O N G K O N G
================
CHINA PRECISION: CFO and COO Resign
-----------------------------------
Leada Tak Tai Li resigned from the Board of Directors, and from
the position of chief financial officer of China Precision Steel,
Inc., on Aug. 31, 2015, according to a document filed with the
Securities and Exchange Commission. Also on that date, Zu De Jiang
resigned from the position of chief operating officer.
According to the filing, none of the resignations were the result
of any disagreement with the Company on any matter relating to its
operation, policies or practices.
Hai Sheng Chen, the current chief executive officer and director
of the Company, will remain as the sole director, and will serve
in the position of chief financial officer as well as chief
executive officer.
About China Precision Steel
China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles. The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia. China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.
China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.
As of Dec. 31, 2014, the Company had $66.3 million in total
assets, $63.7 million in total liabilities, all current, and $2.61
million in total stockholders' equity.
MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014. The independent auditors noted that the Company
suffered very significant losses for the years ended June 30,
2014, and 2013, respectively. Additionally, the Company defaulted
on interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.
=========
I N D I A
=========
3G TELECOM: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
3G Telecom Infra India Private Limited (3GTI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4
Cash Credit 30 CRISIL B+/Stable
Proposed Cash
Credit Limit 100 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by 3GTI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, 3GTI is yet to
provide adequate information to enable CRISIL to assess 3GTI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in 2009, Hyderabad-based 3GTI, is an infrastructure
provider of fiber optic in Andhra Pradesh. 3GTI owns a robust
fiber network across Andhra Pradesh. 3GT) offers solutions for
Enterprise Businesses & service Providers. The company is promoted
by Mrs.Yarla Geetha, Mrs. M Ratna Kumari & Mrs. Nusrat Moinuddin.
ABHEDYA POWER: CRISIL Suspends 'B' Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Abhedya Power Pvt Ltd (APPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4.5 CRISIL B/Stable
Long Term Loan 150.0 CRISIL B/Stable
Proposed Working
Capital Facility 45.5 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by APPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APPL is yet to
provide adequate information to enable CRISIL to assess APPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
APPL, incorporated in 2012, is a Vijayawada (Andhra Pradesh)-based
company. It is setting up a 2.3 megawatts solar power plant in
Anantapur (Andhra Pradesh). The company is promoted by Mr. Seelam
Devi Vivekananda along with his family members.
AKSHAR SPINTEX: CRISIL Suspends 'B' Rating on INR408MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Akshar Spintex Pvt Ltd (ASPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 13.5 CRISIL A4
Cash Credit 60 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 3.5 CRISIL B/Stable
Term Loan 408.0 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by ASPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASPL is yet to
provide adequate information to enable CRISIL to assess ASPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in 2012-13, ASPL is setting-up a unit to manufacture
15 tonnes per day of combed and carded yarn in Jamnagar (Gujarat).
The company's operations are managed by Mr. Ashok Bhalala and Mr.
Kapil Bhalala. It is expected to become fully operational by
September 2014.
ARAFAT GATE: CRISIL Suspends 'D' Rating on INR40MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arafat Gate Imports and Exports Pvt Ltd (AGPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL D
Export Packing Credit 40 CRISIL D
Proposed Long
Term Bank Loan Facility 6.6 CRISIL D
The suspension of ratings is on account of non-cooperation by AGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AGPL is yet to
provide adequate information to enable CRISIL to assess AGPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Established in 2011, AGPL exports various types of non-basmati
rice to Singapore, Saudi Arabia, Madagascar, and other countries.
The company is promoted by Mr. Mohammad Shakeel Aamir and Mr. Syed
Ahmed Darmani and their family members. It started commercial
operations in September 2011.
ARG INFRA: CRISIL Suspends B+ Rating on INR230MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ARG Infra Developers Pvt Ltd (ARG Infra).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 70 CRISIL B+/Stable
Proposed Short Term
Bank Loan Facility 5 CRISIL A4
Term Loan 230 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by ARG
Infra with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARG Infra is yet
to provide adequate information to enable CRISIL to assess ARG
Infra's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key factor in its rating process as outlined in its
criteria 'Information Availability - a key risk factor in credit
ratings'
ARG Infra, a part of the ARG group, was established in 2008 to
execute residential projects. The company is currently executing a
residential project, Rosewood, along National Highway 8, on the
outskirts of Ajmer.
ARSHIT GEMS: ICRA Cuts Rating on INR28cr Loan to 'D'
----------------------------------------------------
ICRA has revised the long term rating assigned to the INR28 crore
fund based bank limits of Arshit Gems (AG) to [ICRA]D from
[ICRA]B+. ICRA has also revised the short term rating assigned to
the abovementioned bank limits of the company to [ICRA]D from
[ICRA]A4. The ratings revision reflects current delays in debt
servicing by the company. The company has been classified as a non
performing asset by one of its bankers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/short- 28.0 Revised to [ICRA]D/[ICRA]D
term, fund-based from [ICRA]B+/[ICRA]A4
facilities
Arshit Gems (AG) was incorporated in 1988 as a partnership firm by
five partners (all family members).The firm is engaged in
importing rough diamonds, cutting, polishing and marketing them in
India as well as to various destinations globally. The firm has
manufacturing units situated at Surat (2 units), Bhavnagar (3
units) and Rajkot (1 unit).
ARUN ELECTRONICS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arun Electronics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by Arun
Electronics with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Arun
Electronics is yet to provide adequate information to enable
CRISIL to assess Arun Electronics's ability to service its debt.
The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key factor in its rating
process as outlined in its criteria 'Information Availability - a
key risk factor in credit ratings'
Arun Electronics is a proprietorship firm founded by Mr. Arun
Nakra in Karol Bhag (Delhi) in 1989. The firm trades in branded
and non-branded mobile phones. The promoter oversees the firm's
day-to-day operations.
ASHTAVINAYAK ASSOCIATES: CRISIL Suspends B Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashtavinayak Associates (AA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by AA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AA is yet to
provide adequate information to enable CRISIL to assess AA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
AA, set up in 2011, is a partnership firm of Mr. Girish Jaiswal
and Mr. Ajay Jaiswal and is engaged in wholesale liquor
distributorship in Nagpur district of Maharashtra. The firm sells
liquor brands of various distilleries and breweries like Vishnu
Laxmi Distillery Ltd., Lilasons Industries Ltd. and Jagatjit
Industries Ltd amongst others with Vishnu Laxmi Distillery Ltd.
contributing significant proportion of the revenues.
CLEAN AIR: CRISIL Cuts Rating on INR75MM LT Loan to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Clean Air Projects India Pvt Ltd (Clean Air) to 'CRISIL D/CRISIL
D' from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 15 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 60 CRISIL D (Downgraded from
'CRISIL B/Stable')
Proposed Long Term 75 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
The rating downgrade reflects Clean Air's continuously overdrawn
cash credit limits for more than 30 consecutive days. The
overdrawn limits were because of weakening of the company's
liquidity, driven by a stretch in its receivables.
Clean Air also has a modest scale and working-capital-intensive
nature of operations. Its financial risk profile is below average,
marked by a modest net worth, high gearing, and subdued debt
protection metrics. However, the company benefits from the
extensive experience of its promoters in the heating, ventilation,
and air conditioning (HVAC) and clean room industry.
Clean Air was incorporated in 1996, promoted by Mr. Ravindra
Badge. The company provides HVAC and clean room solutions on a
turnkey basis primarily for pharmaceutical companies. Its
fabrication unit is in Aurangabad (Maharashtra) and its registered
office in Mumbai.
Clean Air, on a provisional basis, reported a profit after tax
(PAT) of INR4.4 million on net sales of INR73 million for 2014-15
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR1.4 million on net sales of INR28.2 million for 2013-14.
DHARESHWAR COTTEX: CRISIL Suspends 'B' Rating on INR115MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Dhareshwar Cottex (DC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 115 CRISIL B/Stable
Term Loan 15 CRISIL B/Stable
The suspension of rating is on account of non-cooperation by DC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DC is yet to
provide adequate information to enable CRISIL to assess DC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in 2013, DC is a partnership firm located in Bhavnagar
(Gujarat). The firm recently set up a unit for cotton ginning and
pressing. It commenced operations in January 2014.
DURGA HI-RISE: CRISIL Suspends B+ Rating on INR150MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Durga Hi-Rise Pvt Ltd (DHRPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 150 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
DHRPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DHRPL is yet to
provide adequate information to enable CRISIL to assess DHRPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DHRPL and Durga Projects and
Infrastructure Pvt Ltd (DPIPL). This is because both these
companies, together referred to as the Durga group, are under the
same management. Moreover, both DPIPL and DHRPL have considerable
operational and business linkages with each other.
Set up in 2006 as a private limited company, DPIPL is involved in
commercial and residential real estate construction business in
Bengaluru and Patna. DHRPL, incorporated in 2009, is also a real
estate developer. The companies are part of the Durga group
promoted by Mr. Navneet Jhunjhunwala and his brothers Mr.
Navaratan Jhunjhunwala and Mr. Neeraj Jhunjhunwala.
EXTRUSION INDIA: CRISIL Suspends 'B' Rating on INR63MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Extrusion India (EI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable
Term Loan 63 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by EI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EI is yet to
provide adequate information to enable CRISIL to assess EI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Formed in 2012, EI is promoted by Mr. Jaganath Patkar, Mr. Nathu
Dorik, and their family members. The firm manufactures high
density polyethylene/polypropylene rolls, which are used in
packaging of fertilisers, sugar, cement, chemicals, and food
grains.
FIRDOUS GOLD: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Firdous Gold Pattambi LLP (FGPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable
The rating reflects FGPL's geographic concentration in revenue
profile and modest scale of operations in the intensely
competitive jewellery industry. These rating weaknesses are
partially offset by the promoters' extensive experience, and the
company's established market position and strong brand.
Outlook: Stable
CRISIL believes that FGPL will continue to benefit over the medium
term from its established market position and strong brand. The
outlook may be revised to 'Positive' if growth in revenue and
profitability result in a considerably stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of aggressive debt-funded expansions or decline in revenue
and profitability.
Incorporated in 2012, FGPL retails in jewellery at its showroom at
Pattambi, Kerala. The firm is promoted by Mr. Benseer PP and
Mohammed Ali.
For 2014-15 (refers to financial year, April 1 to March 31), FGPL
reported a provisional profit after tax (PAT) of INR1.54 million
on total revenue of INR240.54 million, against loss of INR6.29
million on total revenue of INR189.57 million for 2013-14.
GANESH DAL: CRISIL Suspends 'B' Rating on INR50MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ganesh
Dal Industries (GDI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B/Stable
Term Loan 50 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by GDI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GDI is yet to
provide adequate information to enable CRISIL to assess GDI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
GDI was set up as a partnership firm in 2000 by Mr. Pannalal Sewak
and his brother Mr. Premkumar Sewak. GDI is engaged in processing
of channa into channa dall and besan. The firm also generates
revenue through trading of Chana dal. The firm has its
manufacturing facility based in Nagpur, Maharashtra. The firm is
in process of incurring capex to enhance manufacturing capacity.
GAYTECH ENGINEERING: ICRA Suspends 'D' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR2.00 crore
cash credit facility and the INR2.00 crore term loans and [ICRA]D
rating assigned to the INR5.00 crore Bank Guarantee facility of
Gaytech Engineering Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 2.00 [ICRA]D suspended
Term Loan 2.00 [ICRA]D suspended
Bank Guarantee
Facility 5.00 [ICRA]D suspended
Gaytech Engineering Private Limited (GEPL) was incorporated in
1995 and is involved in erection and commissioning of plant
equipment and machinery, pipeline fabrication and erection as well
as operations and maintenance of plants. The company is also
involved in providing manpower services (project managers,
supervisors and skilled labourers) for a specific time period to
domestic as well as overseas clients based out of Middle East and
Africa. GEPL caters to sectors like power, oil & gas,
petrochemical, refinery, mining, tyre, fertilizer and textile
industries.
GREENKO GROUP: S&P Puts 'B' CCR on CreditWatch Positive
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Greenko Group PLC on CreditWatch with
positive implications. S&P also placed its 'B' long-term issue
rating on the senior secured notes issued by Greenko's majority-
owned indirect subsidiary Greenko Dutch B.V. on CreditWatch with
positive implications. Greenko guarantees the notes. Greenko has
renewable energy plants in India.
S&P placed the ratings on CreditWatch because Singapore-based GIC
Pte. Ltd. is seeking majority ownership of Greenko. In S&P's
view, GIC's stake could lower Greenko's cost of borrowings
(including refinancing of existing debt), provide greater clarity
on financial policies, and strengthen risk management practices.
In particular, GIC's ownership may help Greenko to evolve its
hedging polices and provide greater visibility over target
leverage.
"We understand from GIC that Greenko is an important investment
for GIC," said Standard & Poor's credit analyst Abhishek Dangra.
"The acquisition will be the first corporate investment in which
the Singapore company has a majority stake, board control and its
sole direct private investment in a renewable energy asset."
In S&P's view, continuation of the existing promoters and
management team of Greenko should also help to maintain the
company's good execution track record and day-to-day operations.
The company and GIC intend to seek necessary approvals from
bondholders and equity holders, among others.
Greenko's execution track record has been good, even though its
operating performance in 2015 is likely to be weaker than earlier
expectations due to the delayed monsoon in India.
S&P expects Greenko to reach its target of 1 Gigawatt hour
capacity by the end of 2015, and subsequent capacity additions are
likely to be gradual. The company anticipates that it will derive
a significant majority of revenues from feed-in-tariffs (with cost
pass-through), which should provide greater stability to its
financial performance.
"Our existing rating on Greenko reflects the company' high
leverage, and small size. The strength of Greenko's regulated
renewable power generation business tempers these weaknesses," Mr.
Dangra said.
Standard & Poor's aims to resolve the CreditWatch within the next
three months after seeking greater clarity on Greenko's plan to
reduce the cost of debt and update its hedging policy. S&P also
requires visibility over the expected capital structure and
financial leverage under the majority ownership of GIC. S&P could
raise the rating by one or more notches if it concludes that
Greenko will maintain lower leverage on a sustainable basis, as
indicated by a ratio of funds from operations to debt above 9%
(based on the expectation that the majority of revenues will come
from feed-in-tariffs) and the company will receive GIC's continued
support.
H M STEELS: CRISIL Cuts Rating on INR400MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
H M Steels Ltd (HMSL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 260 CRISIL D (Downgraded
from 'CRISIL B-/Stable')
Funded Interest 55.1 CRISIL D (Downgraded
Term Loan from 'CRISIL B-/Stable')
Letter Of Guarantee 20 CRISIL D (Downgraded
from 'CRISIL A4')
Working Capital 400 CRISIL D (Downgraded
Term Loan from 'CRISIL B-/Stable')
The rating downgrade reflects instances of delay by HMSL in
servicing its term debt; the delays have been caused by weak
liquidity. CRISIL believes that HMSL's liquidity will remain
stretched over the medium term with large working capital
requirements driven by substantial receivables from doubtful
debtors.
Moreover, HMSL's financial risk profile remains weak, with high
gearing, small net worth, and debt-funded capital expenditure
plan. The company, however, benefits from its promoters' extensive
experience in the steel industry.
CRISIL had earlier combined the business and financial risk
profiles of Padmavati Steels Limited (PSL) with HMSL; however, PSL
is now not included in the group as there are no financial
linkages between PSL and HMSL.
HMSL, incorporated in 1999, manufactures ingots, ERW pipes, MS
bars, and galvanised iron pipes at its plant in Sirmour (Himachal
Pradesh); it sells in the domestic market. It is managed by Mr.
Megh Raj Garg, Mr. Rajnish Bansal, Mr. Pankaj Bansal, and Mr.
Ashok Kumar Singla.
HI TECH: CRISIL Suspends 'D' Rating on INR70MM Packing Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hi Tech
Leather Garments Bangalore Pvt Ltd (HTL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing 70 CRISIL D
Credit
Foreign Bill
Discounting 60 CRISIL D
Foreign Letter of
Credit 50 CRISIL D
Long Term Loan 15.1 CRISIL D
The suspension of ratings is on account of non-cooperation by HTL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HTL is yet to
provide adequate information to enable CRISIL to assess HTL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up as a partnership firm called Hi Tech Leathers in June 2008,
HTL was reconstituted as a private limited company and got its
present name in 2009. Based in Bengaluru (Karnataka) and promoted
by Mr. K L Nagendra, HTL manufactures leather garments and leather
products for the export market.
JAI JAGDAMBA: CRISIL Assigns B- Rating to INR125MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Jai Jagdamba Metalloys Ltd (JJML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 125 CRISIL B-/Stable
The rating reflects JJML's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of JJML's promoter in
the steel industry.
Outlook: Stable
CRISIL believes that JJML will continue to benefit over the medium
term from its promoter's extensive industry experience. However,
its financial risk profile is expected to remain constrained by
low operating profitability and large working capital
requirements. The outlook may be revised to 'Positive' in case of
significant increase in revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure or deterioration in working capital management.
JJML was incorporated by Mr. Om Prakash Mehdiratta in 2002 and has
a mild steel ingot manufacturing facility in Unnao (Uttar Pradesh)
with an installed capacity of around 40000 MT per annum.
JALARAM AGRO: CRISIL Suspends B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jalaram Agro Industries (Jalaram Agro).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable
The suspension of rating is on account of non-cooperation by
Jalaram Agro with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Jalaram
Agro is yet to provide adequate information to enable CRISIL to
assess Jalaram Agro's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key factor in its rating process as
outlined in its criteria 'Information Availability - a key risk
factor in credit ratings'
Formed in 2008, Jalaram Agro is a partnership firm promoted by the
Prajapati family based at Ahmedabad (Gujarat). The firm is engaged
in processing of non-basmati rice.
KHUSHIYA INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Khushiya Industries Pvt Ltd (KIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable
Term Loan 47.1 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by KIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KIPL is yet to
provide adequate information to enable CRISIL to assess KIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in 2012, KIPL is a Deesa (Gujarat)-based company. It
is engaged in the extraction of mustard oil from mustard seeds and
has processing capacity of 30,000 tonnes per annum.
LEADAGE METALS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Leadage
Metals Ltd (LML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 200 CRISIL A4
Open Cash Credit 50 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by LML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LML is yet to
provide adequate information to enable CRISIL to assess LML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in July 2013, and based in Bengaluru (Karnataka), LML
trades in re-melted lead ingots, pure lead and lead alloys. The
company began operations in February 2014. The day-to-day
operations of the company are managed by Mr. T Arun Kumar and Mr.
T Rajkumar.
MARUTI NANDAN: CRISIL Suspends 'B' Rating on INR110.8MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maruti
Nandan Cotton Industries (MCI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 110.8 CRISIL B/Stable
Term Loan 24.2 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by MCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCI is yet to
provide adequate information to enable CRISIL to assess MCI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Incorporated in 2013, MCI is a partnership firm located at
Jarakhiya near Amreli (Gujarat). The firm carries out cotton
ginning and pressing activity. It commenced operations in February
2014.
MODERN LIVING: ICRA Reaffirms B+ Rating on INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to revised
INR5.00 crore (previously INR7.84 crore) term loans, INR1.50 crore
cash credit and INR2.84 crore (previously nil) unallocated
facilities of Modern Living Solutions Private Limited at [ICRA]B+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term, fund based
limits - Cash Credit 1.50 [ICRA]B+ Reaffirmed
Long term, fund based
limits - Term Loan 5.00 [ICRA]B+ Reaffirmed
Long term- Unallocated 2.84 [ICRA]B+ Reaffirmed
The assigned ratings favourably factor in the established track
record of the promoters in the furniture industry through the
parent company of the group -- Spacewood Furnishers Private
Limited (rated [ICRA]BBB (stable)/[ICRA]A3+) which provides strong
technical and operational support. The retail outlets across major
cities have aided the group in its brand awareness initiatives and
have driven the growth of self branded products thus reducing
dependence on Other Equipment Manufacturers. Retail sales have
also provided better margins though the benefit remains limited to
a certain extent by the increased marketing expenses. Increased
retail presence has helped provide increased reach to end
customers.
The ratings are, however, constrained by the weak standalone
financial profile of the company given the nascent stage of its
operations. Due to the continued active expansion of its retail
reach which coupled with the ensuing financing and depreciation
cost has exerted pressure on the cash flows of the company.
Further, high investment in inventory and stretched receivable
days has exerted pressure on the liquidity profile of the company
though it is compensated to an extent by longer payable days. The
benefits of retail presence are yet to be seen amidst strong
competition from the existing established brands.
Modern Living Solutions Private Limited (MLS) is the retail arm of
the Spacewood group, which provides furniture solutions to OEMs
and under its in house brands. MLS procures furniture and
furniture components from Spacewood Furnishers Private Limited and
markets them through its showrooms. MLS operates 15 showrooms
located in Gurgaon, Chennai, Hyderabad, Bangalore, Kolkatta, Pune,
Delhi, Nagpur and Ranchi. Additional showrooms in Faridabad, Noida
and Kolkata are likely to commence operations during FY16 thereby
increasing the total number of outlets. As on date, the company is
a 100% subsidiary of Spacewood Furnishers Private Limited (rated
[ICRA]BBB/Stable/A3+).
Recent Results
For the twelve months ending March 31, 2015, MLS recorded an
operating income of INR52.00 crore and profit after tax (PAT) of
INR-1.13 crore as against an operating income of INR30.21 crore
and a PAT of INR-0.68 crore for the twelve months ending
March 31, 2014.
NEO TEX: ICRA Puts B+/A44 Rating on Notice For Withdrawal
---------------------------------------------------------
ICRA has placed the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR7.00 crore bank limits of Neo Tex Yarns Private Limited on
notice for withdrawal for one month at the request of the company.
As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid ratings will be withdrawn after one month from the date
of this withdrawal notice.
PANSUT UDYOG: CRISIL Suspends B+ Rating on INR350MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pansut Udyog (Pansut).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 350 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
Pansut with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Pansut is yet to
provide adequate information to enable CRISIL to assess Pansut's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Pansut was set up more than 30 years ago, as a proprietorship
concern by Mr. M. P Bansal. However the firm was not actively
involved in any major business operations during all these years.
The firm is a part of Bansal group and is holding a plot in Sector
18, Gurgaon (Haryana), and is in the process of constructing a
commercial building for leasing out. The project is expected to be
complete and leased by December 2014 and the firm is expected to
start getting revenue income from January 2015.
PARAS FOODS: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Paras Foods
(PF) continue to reflect PF's below average financial risk profile
marked by modest networth and high external indebtedness and
susceptibility of its operating margins to volatility in prices of
traded goods. These rating weaknesses are partially offset by the
extensive experience of the partner in the agricultural products
trading business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Term Loan 40 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that PF will maintain its business risk profile
over the medium term backed by the partner's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
reports significant increase in its revenues while maintaining its
profitability or receives any significant equity infusion,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected revenues and profitability, or lengthening of
its working capital cycle, leading to deterioration in financial
risk profile.
PF was formed in 2003 as a partnership firm of Mr. Ujwal Pagariya,
Mr. Ulhas Pagaria and Mr. Umesh Pagaria. It is engaged in
wholesale trading of agricultural products. The firm is based out
of Nagpur (Maharashtra).
PF reported a profit after tax (PAT) of INR20.5 million on net
sales of INR535.4 million for 2014-15 (refers to financial year,
April 1 to March 31); the firm reported a PAT of INR12.5 million
on net sales of INR337 million for 2013-14.
PMJ CONSTRUCTIONS: CRISIL Suspends B Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PMJ Constructions Pvt Ltd (PMJ).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 60 CRISIL A4
Cash Credit 15 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by PMJ
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PMJ is yet to
provide adequate information to enable CRISIL to assess Company
PMJ's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key factor in its rating process as outlined in its
criteria 'Information Availability - a key risk factor in credit
ratings'
Set up in 1993, PMJ undertakes civil construction work for the
Karnataka state government, in and around Bengaluru (Karnataka).
The firm's day-to-day operations are managed by its managing
director, Mr. M. Jagannath.
PRASHANTH POULTRY: CRISIL Reaffirms B Rating on INR107.7MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prashanth
Poultry Pvt Ltd (PPPL) continues to reflect PPPL's weak financial
risk profile, marked by low networth, high gearing and weak debt
protection metrics and working-capital-intensive operations, and
exposure to inherent risks in the poultry industry. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 44.5 CRISIL B/Stable (Reaffirmed)
Long Term Loan 107.7 CRISIL B/Stable (Reaffirmed)
Proposed Cash
Credit Limit 30 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 7.8 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages its working capital requirements, significantly increases
its scale of operations, and improves its profitability margins,
resulting in a better financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a stretch in PPPL's working capital cycle, a substantial
decline in its revenue or profitability, or large debt-funded
capital expenditure, resulting in deterioration in its financial
risk profile, especially its liquidity.
PPPL, set up in 2005, is in the poultry business, producing eggs
at its unit in Mahbubnagar (Andhra Pradesh), for the market The
company is promoted by Mr. V Bhaskar Rao and his family.
ROHINI OIL: CRISIL Suspends B+ Rating on INR70MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rohini Oil Field Chemicals Pvt Ltd (ROFCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 70 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
ROFCL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ROFCL is yet to
provide adequate information to enable CRISIL to assess ROFCL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Established in 2005 as a partnership firm and reconstituted as a
private limited company during 2013, ROFCL is engaged in
manufacturing of Barium Sulphate (Barite). The company is promoted
by Mr. K. Subramanyam Raju along with his family.
RSV RICE: ICRA Assigns 'B' Rating to INR22.50cr Loan
----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to Rs 12.50
crore (Rs. 22.50 crore enhanced from Rs 10.00 crore) fund based
facilities and INR0.50 crore unallocated facilities of RSV Rice
Industries. ICRA has [ICRA]B rating outstanding on the INR10.00
crore fund based facilities of RSV Rice Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 22.50 [ICRA]B assigned/outstanding
Unallocated 0.50 [ICRA]B assigned
The credit strengths and concerns of RSV Rice Industries remain
the same as highlighted in ICRA's Rationale issued in July'2015
available at the following link: http://bit.ly/1fYrZvM
RSV Rice Industries (RSVRI) is a partnership firm established in
2015, with the objective of setting up a paddy mill unit to
produce non- basmati, raw and boiled rice. The milling unit is
located in the Nalgonda district of Telangana. The 57,600 MTPA
capacity mill, with a 0.75MW captive power unit and 2000 tonne
capacity silos, is estimated to be executed at a total project
cost of INR23.40 crore. The partners, Ranga Srikar, Ranga Ranzith
Kumar and Gouru Rama Murthy, have longstanding experience in the
industry through their association with other entities.
SADGURU SRI: CRISIL Ups Rating on INR450.2MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sadguru Sri Sri Sakhar Karkhana Ltd (SSSSKL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 269.8 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
Term Loan 450.2 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The rating upgrade reflects the improvement in SSSSKL's credit
risk profile, with the successful ramping up of its crushing
capacities and commencement of operations at its co-generation
(co-gen) plant leading to a better operating performance. The
company crushed over 380,000 tonnes of sugarcane with sugar
recovery (volume of sugar produced from total sugarcane crushed)
of 10.8 per cent in 2014-15 (refers to financial year, April 1 to
March 31) vis-a-vis 210,000 tonnes and 10.2 per cent,
respectively, in the previous year. The company sold co-gen power
of INR140 million in 2014-15. The commencement of profitable co-
gen operations coupled with lower fair remunerative price for
sugar cane, resulted in net cash accruals of over INR90 million in
2014-15 vis-a-vis a cash loss in the previous year; the accruals
were also higher than CRISIL's expectation. CRISIL believes that
with available sugar stock of around 25,000 tonnes, SSSSKL will be
able to adequately meet its outside liabilities including debt
repayments over the near term. CRISIL believes that SSSSKL will
maintain its operating performance over the medium term backed by
adequate sugar cane availability in its command area and longer
duration of co-gen operations.
The rating, however, continues to reflect SSSSKL's weak financial
risk profile, marked by high gearing and average debt protection
metrics, and its susceptibility to cyclicality in the sugar
industry. These rating weaknesses are partially offset by the
benefit that the company derives from its favourable location in
terms of good availability of sugarcane in its command area,
funding support from promoters, and semi-integrated nature of
operations.
Outlook: Stable
CRISIL believes that SSSSKL will continue to benefit over the
medium term from its increasing sugar cane crushing and co-gen
power sale. The outlook may be revised to 'Positive' if the
company reports substantial cash accruals and prudently manages
its working capital requirements, leading to sustainable
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SSSSKL's liquidity and debt
servicing ability deteriorate due to lower cash accruals driven by
lower realization, or any unanticipated large debt funded capital
expenditure.
SSSSKL, incorporated in 2010, has five promoters. The company
presently operates a sugar plant with a capacity of 3300 tonnes
crushed per day and a 12-MW co-generation plant at Rajewadi in the
Sangli district of Maharashtra. The operations commenced in sugar
season 2012-13.
SAI TRIPURA: CRISIL Assigns 'B' Rating to INR100MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Sai Tripura Techno Projects Pvt. Ltd. (STTPPL)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 100 CRISIL B/Stable
Bank Loan Facility
The rating reflects STTPPL's modest scale of operations in an
intensely competitive civil construction industry, its high
dependence on single key principal, and its moderate financial
risk profile constrained by its low net worth. These rating
weaknesses are partially offset by the benefits derived from the
extensive industry experience of its promoters.
Outlook: Stable
CRISIL believes that STTPPL's will continue to benefit over the
medium term from its promoter's extensive experience in Civil
Construction Industry. The outlook may be revised to 'Positive' if
the firm significantly scales up its operations, while it
maintains its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if STTPPL's financial risk
profile weakens, particularly its liquidity, because of larger-
than-expected working capital requirements or decline in its cash
accruals, or if it undertakes a large debt funded capital
expenditure programme.
Established as a partnership firm in 2008 as 'Sai Tripura
Projects' and later converted into a private limited company in
2011, STTPPL, majorly undertakes EPC projects in the Oil & Gas
sector. It is also engaged in other civil & mechanical works like
laying of Raw Water Pipelines, construction of roads, buildings
and other civil and Mechanical works in the construction industry.
It also provides services like ROU (Right to use) & ROW (Right of
way) for private players and government agencies. Based in
Kakinada (Andhra Pradesh), STTPPL is promoted by its
Mr.A.S.Ranganayakulu, Mrs. Satyakalavathi and Mr. K. Solomonraju.
For 2014-15, on provisional basis (refers to the financial year,
April 1 to March 31) STTPPL reported a profit after tax (PAT) of
INR 2.2 million on net sales of INR164 million against PAT of INR1
million on net sales of INR127 million in 2013-14.
SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanmaan Agro
Industries (SAI) continues to reflect SAI's weak financial risk
profile marked by high gearing and weak debt protection measures,
working-capital-intensive and small scale of operations in the
highly fragmented rice industry, and susceptibility to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B/Stable (Reaffirmed)
Long Term Loan 14 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1 CRISIL B/Stable (Reaffirmed)
Warehouse Receipts 15 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SAI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, most likely driven by substantial net cash
accruals or improvement in working capital cycle. Conversely, the
outlook may be revised to 'Negative' if SAI's financial risk
profile, particularly its liquidity, deteriorates due to decline
in revenue and profitability.
Update
SAI's sales in 2014-15 (refers to financial year, April 1 to March
31) were INR383 million, compared with INR376 million in 2013-14.
The marginal sales growth is due to quantitative growth as price
realisation declined in 2014-15. The firm's operating margin was
around 7.6 per cent in 2014-15 and is expected to remain at
similar level and susceptible to volatility in raw material
prices, over the medium term.
SAI has large working capital requirements, marked by high
inventory level of 368 days as on March 31, 2015. The stocking
increased in 2014-15 as the prices in industry were not conducive
to sell. SAI receives credit of 15 to 20 days from its suppliers,
which it often stretches to fund working capital requirements.
Large working capital requirements lead to full utilisation of
bank lines during the peak season (October to December). However,
the firm's liquidity is partially supported by unsecured loans of
INR60.5 million and capital infusion of INR5.5 million from
promoters as on March 31, 2015. SAI's net cash accruals were
INR4.0 million in 2014-15 and tightly matched term debt
obligations of INR3.6 million. Its financial risk profile remains
below average, marked by high gearing of 13.77 times as on
March 31, 2015, which is expected to remain around 10 times over
the medium term. The firm's interest coverage ratio was weak at
1.2 times for 2014-15, and is expected to remain at similar level
over the medium term due to low value addition.
SAI was established in 2000 as a partnership firm by Mr. Zora
Singh in Jalalabad (Punjab). The firm mills basmati and non-
basmati rice.
SHABINA EXPORTS: CRISIL Suspends 'D' Rating on INR150MM Loan
------------------------------------------------------------CRISIL
has suspended its ratings on the bank facilities of
Shabina Exports (SE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 150 CRISIL D
Foreign Bill Purchase 30 CRISIL D
Proposed Long Term
Bank Loan Facility 46.5 CRISIL D
The suspension of ratings is on account of non-cooperation by SE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SE is yet to
provide adequate information to enable CRISIL to assess SE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
SE was established as a partnership firm in 2006 by the Veraval
(Gujarat)-based Safi family. The firm is engaged in export of
processed seafood.
SRI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR180MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Raghavendra Ferro Alloys Pvt Ltd (SRFA) continues to reflect
SRFA's stretched liquidity, with cash accruals expected to tightly
match term debt obligations, and its working-capital-intensive
nature of operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B/Stable (Reaffirmed)
Proposed Long Term 115 CRISIL B/Stable (Reaffirmed)
Bank Loan Facility
Term Loan 180 CRISIL B/Stable (Reaffirmed)
The rating also factors in the high degree of customer
concentration in its revenue profile, and the susceptibility of
its profitability margins to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of the company's promoter in the ferroalloys industry.
Outlook: Stable
CRISIL believes that SRFA will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in the company's revenue while it maintains its
profitability margins, or sustained improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the company's profitability margins decline steeply,
or its capital structure weakens significantly most likely due to
a stretch in its working capital cycle.
SRFA was set up in 2004 by Mr. K Srinivasa Reddy. The company
manufactures ferroalloys, with silico-manganese being its main
product. Its manufacturing unit is in the Nalgonda district of
Telangana.
SRI SAKTHI: CRISIL Assigns B+ Rating to INR47.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Sakthi Vinayaga Ginning Mills (SSV).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 12.5 CRISIL B+/Stable
Proposed Working
Capital Facility 2.5 CRISIL B+/Stable
Overdraft Facility 2.5 CRISIL A4
Bill Negotiation 50 CRISIL A4
Cash Credit 47.5 CRISIL B+/Stable
The ratings reflect SSV's modest financial risk profile, marked by
small net worth and scale of operations in an intensely
competitive industry. These rating weaknesses are partially offset
by the extensive industry experience of SSV's promoters, and the
firm's established relations with key customers and suppliers.
Outlook: Stable
CRISIL believes that SSV will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant increase in
revenue and profitability leads to a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
aggressive, debt-funded expansions, or decline in revenue and
profitability weaken the financial risk profile.
Set up as a partnership concern in 2009, SSV is engaged in ginning
and pressing of raw cotton and sells cotton lint and cotton seeds.
Promoted by Mr. M. Sekar and Mr. Jambulingam, the firm is based in
Krishnagiri District, Tamil Nadu.
SSV had a provisional profit after tax (PAT) of INR 4.3 million
on net sales of INR418.9 million for 2014-15 (refers to financial
year, April 1 to March 31), against a PAT of INR2.4 million on net
sales of INR460.8 million for 2013-14.
SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Term Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR15.00 crore (revised from INR25.50 crore) term loan limits,
INR7.00 crore cash credit limits and INR0.20 crore non-fund based
limits of Sri Venkateswara Fertilizers Private Limited. ICRA has
also re-affirmed the long-term/short-term ratings of
ICRA]B/[ICRA]A4 assigned to the INR10.80 crore (revised from
INR0.30 crore) unallocated limits of SVFPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan limits 15.00 [ICRA]B re-affirmed
Cash Credit limits 7.00 [ICRA]B re-affirmed
Bank Guarantee limits 0.20 [ICRA]B re-affirmed
Unallocated limits 10.80 [ICRA]B/A4 re-affirmed
The reaffirmation of ratings continues to be constrained by the
limited experience of the promoters in the fertilizer industry and
the weak financial profile of the company with cash losses of
INR1.59 crore during FY 2015, high gearing at 2.50 times and
stretched coverage indicators with interest coverage ratio at 0.43
times and NCA/Debt at -7.86% for FY 2015.
The ratings are further constrained by the low capacity
utilization levels owing to reduced demand for DCP from the
poultry sector; susceptibility of operating margins to agro-
climatic and regulatory risks involved in the fertiliser business
and project risk associated with the NPK granulation plant, with
the funding yet to be tied-up. The company also faces high client
concentration risk with its top 5 customers accounting for ~57% of
its total revenues during FY2015. The ratings however favourably
factor in the healthy growth prospects for fertilizer industry in
India due to increased awareness among farmers.
Stabilisation and scale up of operations in existing plant and
completion of the planned project without any further time and
cost overruns are the key rating sensitivities from the credit
perspective.
Sri Venkateswara Fertilizers Private Limited was incorporated as a
private limited company in August 2011 by Mr. Krishna Reddy and
his family members. SVFPL proposed to set up a 1,20,000 MTPA NPK
granulation, a 1,05,000 MTPA Single Super Phosphate (SSP) plant
and a 15,000 MTPA Di calcium phosphate (DCP) in East Godavari
District, Andhra Pradesh. While DCP plant has been operational
since October, 2013, the execution of NPK and SSP plants has been
delayed on account of pending approvals. SVFPL also sells Gypsum
in the open market, which is a by-product of the DCP production
process.
Recent Results
As per the unaudited results for FY2015, SVFPL reported an
operating income and net loss of INR12.67 crore and INR4.57 crore
respectively as against an operating income and net loss of
INR6.37 crore and INR1.83 crore respectively in FY2014.
SURMOUNT LABORATORIES: ICRA Assigns B+ Rating to INR7.0cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR7.00
crore fund based cash credit limits and a short term rating of
[ICRA]A4 to the INR2.50 crore non-fund based letter of credit
limits of Surmount Laboratories Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Cash 7.00 [ICRA]B+
Credit(CC) Limits
Non-Fund Based 2.50 [ICRA]A4
Letter of Credit
(LC) Limits
The ratings assigned to Surmount Laboratories Pvt. Ltd. (SLPL)
take into account the modest scale of operations and low
profitability due to dealing in generic products. The margins of
the company are also under pressure from the interest burden and
pricing pressures from presence in the intensely competitive
pharmaceutical sector with the presence of a large number of
organized and unorganized formulators who have been engaged in
exporting similar generic formulations in semi-regulated
countries. The ratings are also constrained by the relatively
stretched liquidity position of business resulting from inventory
stocking practice and relatively high debtor which renders high
reliance on external working capital borrowings as is evident from
the consistent high utilisation of the working capital limits
resulting in a leveraged capital structure. The inventory holding
also renders exposure to price risk pertaining to slow moving
inventory.
The ratings, however, favourably factor in the experience of the
promoter in the pharmaceutical industry, which has been
instrumental in building a relationship with the customers and
suppliers and the diversified product profile of the company
across various therapeutic segments. The ratings also draws
comfort from the moderate order-book position which stands at
INR~13.00 crore. However, the company's ability to build-up the
order-book position will remain critical. ICRA also takes note of
the company's new venture in pipeline, which will involve selling
higher margin anti cancer tablets, capsules and injection
products. This is likely to improve the operating scale and
profitability in the near term. However, the ability to bring in
additional promoter's funds to limit leveraging of the capital
structure is critical given the increased external borrowings to
fund the capex and working capital requirements.
Established in 1981 as a partnership firm with a subsequent
conversion to a private limited company in 1996, Surmount
Laboratories Pvt. Ltd. (SLPL) was acquired in May 2013 by Mr.
Dhirendra Mehta and Mrs. Vina Mehta. They are the current
directors and shareholders of the company acquired. SLPL is
engaged in the business of manufacturing pharmaceuticals products
in the therapeutic segments of anti-cold cough, anti-acidity, anti
diarrhoea, etc. The company has a registered office in Vidyavihar,
Mumbai and a fully equipped factory in Ankleshwar, Gujarat.
Recent Results
Surmount Laboratories Pvt. Ltd. has reported a net profit before
depreciation and tax of INR0.51 crore on an operating income of
INR28.93 crore for the year ending March 31, 2015 (Provisional).
VISHWANATH SPINNERZ: ICRA Ups Rating on INR76.67cr LT Loan to C-
----------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C- from [ICRA]D to
the INR76.67 crore fund based limits and INR0.33 crore unallocated
limits of Vishwanath Spinnerz India Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based Limits 76.67 [ICRA]C-; (revised from
[ICRA]D)
Long Term 0.33 [ICRA]C-; (revised from
Unallocated Limits [ICRA]D)
The rating revision takes into account regularization of debt
servicing obligations of the company with restructuring of term
loan repayments and infusion of INR12.56 crore of equity into the
business by promoters during FY15, which supported the liquidity
position of the company; the past delays in debt servicing were on
account of constrained liquidity position on the back of losses
incurred during the nascent stages of operations. The rating is
constrained by net losses of the company over the past 2 years on
account of high interest and depreciation charges over the last 2
years and high raw material costs leading to higher losses in
FY15, and weak financial profile of the company as reflected in
high gearing of 2.02 times as on 31st March 2015 and stretched
coverage indicators. The rating also takes into account intense
competition in the highly fragmented spinning industry, limiting
pricing flexibility and susceptibility of earnings to volatility
in the cotton and yarn prices. The rating, however, factors in
significant experience of the promoters in the spinning industry
and location advantage with proximity of the spinning unit in the
cotton growing areas of Telangana. Going forward, ability of the
company to improve its profitability and liquidity position
remains crucial for timely servicing of debt obligations.
VSIL which was incorporated in the year 2000 is a cotton spinning
mill located at Peddavoora in Nalgonda district of Telangana. The
company is promoted by Mr. K. Sridhar Reddy who is the Managing
director of the company. The company commenced its operations in
January 2013 and presently has spindle capacity of 26112 spindles
increased from 25920 spindles in FY15 and is involved in
manufacture of yarn of counts 16's to 40's. The 21's count has
dominated VSIL's product profile in FY14 and FY15.
Recent Results
As per audited financials for FY2014, VSIL reported an operating
income of INR104.50 crore with net loss of INR0.53 crore and
INR109.70 crore of operating income with net loss of INR4.84 crore
in FY2015 (unaudited and provisional).
===============
M O N G O L I A
===============
MONGOLIAN MINING: S&P Lowers CCR to 'CCC'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating and issue rating on the company's senior unsecured
notes on Mongolian Mining Corp. (MMC) to 'CCC' from 'CCC+'. The
outlook is negative.
S&P lowered the ratings to reflect its expectation that the
company's cash balance will continue to deplete over the next six
months because of sizable interest and debt maturities. S&P
believes MMC's cash balance will likely be insufficient to repay
maturing debt and interest payments in the first half of 2016,
barring substantial progress on the company's bid for the
development of the West and East Tsankhi blocks of the Tavan
Tolgoi coalfield.
MMC faces about US$180 million in interest and debt repayments
between Sept. 1, 2015, and April 30, 2016. That compares with a
current cash balance that we estimate at about US$70 million as of
Aug. 31, 2015.
"MMC is seeking additional liquidity sources through a potential
offtake agreement, refunds on payables from the government, and
further inventory management," said Standard & Poor's credit
analyst Xavier Jean. "Although those measures would slow cash
depletion, we expect its cash balance to substantially reduce over
the next six months."
MMC is part of a consortium that has submitted a bid to operate
certain blocks of the coal-rich Tavan Tolgoi deposit in Mongolia.
There have been several delays in closing this transaction. The
bid's terms and conditions, particularly the investment agreement
between the consortium and the government of Mongolia, as well as
the role of each consortium member, including China-based coal
producer China Shenhua Energy Co. Ltd., still need to be
finalized.
"We view the bid as instrumental to the long-term viability of
MMC's business risk profile. In our view, a successful bid could
markedly improve the company's cost position and profitability
even in the current weak pricing environment. It will also likely
reduce cash outflows, because of the blocks' lower stripping
ratios, and facilitate MMC's refinancing requirements," Mr. Jean
said.
S&P expects MMC to play an important part in this transaction,
given its existing asset base and record of operation in
neighboring coal seams. But while substantial progress on the bid
could still take place over the next two to three months, S&P
believes the company will reconsider its options regarding its
capital structure if no tangible progress on the bid has occurred
by the end of 2015.
S&P believes MMC's obligations are currently vulnerable to
nonpayment.
The negative outlook reflects the growing refinancing risk and a
depletion of MMC's cash within the next six to nine months,
barring tangible progress on the Tavan Tolgoi transaction.
S&P may lower the rating if there are signs that the transaction
with Tavan Tolgoi would be further delayed or S&P has reduced
confidence that MMC's partners in the venture would remain
committed, given MMC's reducing liquidity buffer and sizable debt
maturities in 2016.
S&P may revise the outlook to stable or raise the rating if there
are tangible signs that the Tavan Tolgoi transaction will proceed
before the end of the year. This would require an increased
confidence around an imminent signing of the investment agreement
with the government of Mongolia and a continued commitment by
MMC's partners in the transaction. S&P believes the transaction
could improve the sustainability of the company's business risk
profile, its cost structure, cash flow generation and facilitate
the refinancing of its short-term debt maturities. A revision of
the outlook to stable would also be contingent upon refinancing
risk having reduced.
===============
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 ***