/raid1/www/Hosts/bankrupt/TCRAP_Public/150915.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
Tuesday, September 15, 2015, Vol. 18, No. 182
Headlines
A U S T R A L I A
2015-1 REDS: Fitch Assigns 'BB' Rating to Class E Notes
BASTEMEYER GROUP: Owner Blames Union Action For Liquidation
BELL GROUP: Liquidators Fight Confiscation of Litigation Proceeds
MODULAR CONCEPT: First Creditors' Meeting Set For Sept. 22
RESOLUTE PTY: First Creditors' Meeting Set For Sept. 23
TALOS ACCOUNTING: Goes in Liquidation
C H I N A
KU6 MEDIA: Songhua Zhang Resigns as Director
I N D I A
ADITYA TIMPACK: CARE Assigns B+ Rating to INR9.42cr LT Loan
AGGARSAIN FIBRES: Ind-Ra Affirms 'BB' Rating on INR4.8MM Loans
BRILLIANT BIO: CARE Lowers Rating on INR26.49cr Loan From 'B'
CHARUTAR AROGYA: ICRA Suspends B+ Rating on INR27.75cr Loan
CITY INN: ICRA Upgrades Rating on INR21cr Term Loan to B+
CONSITE ENGINEERING: CARE Assigns B+ Rating to INR5.5cr LT Loan
DCS TECHNO: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
GHAZIABAD ALIGARH: CARE Lowers Rating on INR1479.93cr Loan to D
GODAVARI PLASTO: CARE Revises Rating on INR5.76cr Loan to B+
HINDUSTAN ORGANIC: CARE Cuts Rating on INR100cr Loan to 'D'
INNOTECH EDUCATIONAL: CARE Reaffirms B+ Rating on INR19cr LT Loan
KACHCHH STEELS: ICRA Suspends 'D' Rating on INR13cr Cash Loan
KARTYA CONSTRUCTIONS: ICRA Assigns B+ Rating to INR7.85cr Loan
LAXMI SOPAN: CARE Assigns 'B' Rating to INR7.18cr LT Loan
M V WAGHADKAR: Ind-Ra Assigns 'B+' Rating on INR14.84MM Loan
MANDAKINI TRAVEL: CARE Assigns B- Rating to INR11cr LT Loan
MAYUR PLY: Ind-Ra Cuts LT Issuer Rating to 'D'; Outlook Stable
MPS STEELS: CARE Assigns B+ Rating to INR11.92cr LT Loan
NEW SAPNA: CARE Assigns B+ Rating to INR8.63cr LT Loan
PICCADILY HOTELS: CARE Reaffirms B+ Rating on INR223.57cr Loan
PM CARS: ICRA Assigns B+ Rating to INR8.05cr Cash Credit
POPAWALA CHEMICALS: CARE Ups Rating on INR18.75cr Loan From B+
PRAKASH STEEL: ICRA Suspends B+ Rating on INR15cr Cash Loan
R. Y. EXTRUSION: ICRA Assigns B- Rating to INR5.0cr Cash Loan
RADHE SHAM: Ind-Ra Assigns 'BB+' LT Issuer Rating; Outlook Stable
RAYANI SPINTEX: ICRA Reaffirms 'B' Rating on INR20.37cr LT Loan
RUSHABHDEV INFRAPROJECTS: ICRA Withdraws B Rating on INR10cr Loan
S. H. ENTERPRISES: CARE Assigns B+ Rating to INR8cr LT Loan
SHREE KRISHNA: ICRA Suspends B+ Rating on INR8.60cr Loan
SOOD AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating; Outlook Stable
SUJALA PIPES: CARE Ups Rating on INR31.80cr Loan to 'C'
SUNSHINE SOLPOWER: ICRA Assigns SP 2C Grading
U R ENERGY: ICRA Assigns SP 5E Grading on Poor Financial Strength
ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR20cr Loan
VEEKAY PLAST: CARE Ups Rating on INR12.5cr Loan From B+
YADAV TRACTOR: Ind-Ra Puts 'B+' LT Issuer Rating; Outlook Stable
I N D O N E S I A
BERAU COAL: S&P Affirms then Withdraws 'SD' Corp. Credit Rating
J A P A N
TOSHIBA CORP: Posts JPY12.3BB 1Q Net Loss as TV Sales Slump
N E W Z E A L A N D
ENERGY MAD: Gets NZ$500,000 Loan Lifeline From Superlife
SILVER FERN: No Taxpayer Bailout For Firm, PM Says
P H I L I P P I N E S
PHILIPPINES: Moody's Cuts Country's Two-Year Growth Forecast
X X X X X X X X
* BOND PRICING: For the Week Sept. 7 to Sept. 11, 2015
- - - - -
=================
A U S T R A L I A
=================
2015-1 REDS: Fitch Assigns 'BB' Rating to Class E Notes
-------------------------------------------------------
Fitch Ratings has assigned expected ratings to Series 2015-1 REDS
EHP Trust's automotive and equipment-backed floating-rate notes.
The issuance consists of notes backed by automotive and equipment
loans and leases originated by Bank of Queensland Equipment
Finance (BOQEF), whose ultimate parent is Bank of Queensland (BOQ,
A-/Stable/F2). The ratings are:
AUD395 mil. Class A notes: 'AAA(EXP)sf'; Outlook Stable;
AUD29 mil. Class B notes: 'AA(EXP)sf'; Outlook Stable;
AUD24 mil. Class C notes: 'A (EXP)sf'; Outlook Stable;
AUD12 mil. Class D notes: 'BBB(EXP)sf'; Outlook Stable;
AUD12.5 mil. Class E notes: 'BB(EXP)sf'; Outlook Stable; and
AUD27.5 mil. Seller notes: 'NRsf'
The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of Series 2015-1 REDS EHP Trust.
At the cut-off date, the total collateral pool consisted of 7,871
loan and lease receivables totaling approximately AUD494 mil.,
with an average size of AUD62,730. All receivables were
originated by BOQEF and are amortizing principal and interest
loans and leases for cars and light commercial vehicles (28.6%),
trucks and buses (29.2%), excavators (10.6%), trailers (10.5%) and
other wheels (21.1%). The pool contains loans with varying
balloon amounts payable at maturity (45.4%), with a weighted
average balloon payment of 12.8%.
The transaction also benefits from a large and diverse number of
small business borrowers across a broad range of industries.
KEY RATING DRIVERS
Sufficient Enhancement: A sequential pay/pro rata pay structure,
consistent with prior transactions, allows principal to be paid
pro rata to all classes of notes. Initial hard credit enhancement
(CE) to the 'AAAsf' notes totals 21%. Pro rata paydown will
commence when hard CE reaches 19.5% for the Class B notes if the
transaction performs consistently well.
Experienced Originator: BOQEF is an established originator in the
market that has been providing auto and equipment financing since
1971, and is a regular issuer in the bond market with a total of
nine issues, via REDS EHP, since 2003.
Diverse and Granular Portfolio: The portfolio is granular with a
diverse mix of new and used cars, light commercial vehicles,
trucks, buses, trailers, excavators, and other equipment. The
assets are spread across a wide range of industries and geographic
locations.
Balloon Loans in Portfolio: The pool comprises amortising
principal, and interest lease and loan receivables, with varying
balloon amounts payable at maturity. The WA balloon is 12.8%.
Subordinated Coupon: The Class C, D, E and seller notes will
receive a subordinated coupon that will be paid prior to
distribution of excess spread to the unit holder and will not be
eligible to draw from any of the available sources of liquidity.
Multiple Levels of Liquidity: Multiple sources of liquidity
support ensure stable cash flows for all notes and trust expenses.
Hedging arrangements are in place to address fixed-to-floating
rate mismatches between the fixed rate earned on the assets and
floating rate liability payments.
No Residual Value Risk: All securitized loans are structured so
that there is no exposure to residual value risk, with the
borrower liable for such risks at all times.
EXPECTED RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and would likely result in a decline in
credit enhancement (CE) and remaining loss-coverage levels
available to the notes. Decreased CE may make certain note
ratings susceptible to potential negative rating actions,
depending on the extent of the decline in coverage.
Fitch has evaluated the sensitivity of the ratings assigned to
Series 2015-1 REDS EHP Trust to increased defaults and decreased
recovery rates over the life of the transaction. Fitch's analysis
found that the rating of all Classes were negatively impacted
under mild (10%), moderate (25%) and severe (50%) default stress,
with the exception of the Class D notes which remained stable
under mild stress, while the Class E notes remained stable under
mild and moderate stress, while being adversely impacted only
under a severe stress.
The Class A notes remained stable under mild (10%) and moderate
(25%) recovery stress, but adversely impacted under severe (50%)
recovery stress. The Class C and D notes remained stable under
mild recovery rate stress only and negatively impacted under
higher stress scenarios, while the Class E notes remained stable
under all recovery stresses. The Class B notes were adversely
impacted under all recovery rate stresses.
The ratings of the Class D and E notes were adversely impacted
under both a moderate and severe combination stress scenario of
25% increased defaults and 25% decrease in recovery rates, and 50%
increased defaults and 50% decrease in recoveries. All other
rated classes were negatively impacted under all combination
stresses from mild to severe.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by BOQEF compared to BOQEF's
credit policy at the time of underwriting. Fitch has checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.
BASTEMEYER GROUP: Owner Blames Union Action For Liquidation
-----------------------------------------------------------
Quentin Todd at the Gold Coast Bulletin reports that the
demolition business run by John Bastemeyer, which over 30 years
has knocked over countless Gold Coast buildings, has itself
crumbled.
Creditors to the Bastemeyer Group on September 9 voted to put the
company into liquidation, with the Australian Taxation Office the
major creditor with a AUD1.4 million exposure, according to the
report.
The Bulletin relates that the creditors were told that Mr
Bastemeyer, the company's sole director, blamed union action on a
Brisbane contract for the company's troubles.
The report says the Burleigh-based businessman called in
administrators Jason Bettles and Raj Khatri, of Worrells, last
month. They subsequently said the Bastemeyer Group was insolvent
and recommended it should be wound up.
According to the report, the administrators said 27 vehicles along
with plant and equipment had been sold prior to their appointment.
At the meeting, creditors voted for liquidation, with Mr Bettles
and Mr Khatri to become the liquidators, the report relays.
The Bulletin relates that Mr Bettles said the move would enable
investigation into matters such as insolvent trading and any
preferential payments that might have been made to creditors.
Mr Bastemeyer declined to talk about the company's failure, citing
"legal reasons," the report adds.
BELL GROUP: Liquidators Fight Confiscation of Litigation Proceeds
-----------------------------------------------------------------
Neale Prior at The West Australian reports that Bell Group NV
liquidators have challenged the state government's plan to seize
$1.7 billion in litigation proceeds.
According to West Australian, liquidator Tony Woodings has asked
the Supreme Court for guidance on a potential High Court challenge
to a state-appointed administrator being put in charge of the $1.7
billion carve-up.
West Australian relates that the State Government's Insurance
Commission of WA pumped more than $200 million into funding
litigation by Mr. Woodings against the Company's former bankers
over the financiers taking out dodgy mortgages over company assets
one year before they threw the group into receivership in 1991.
The report states that the Commission, with the aid of successive
coalition and labor administrations, went ahead with the
litigation funding despite its creditor status being doubtful as
the holder of the Company's junk bonds.
About Bell Group
Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation. On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990. It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.
MODULAR CONCEPT: First Creditors' Meeting Set For Sept. 22
----------------------------------------------------------
Kimberley Wallman of HLB Mann Judd was appointed as administrator
of Modular Concept Systems Pty Ltd on Sept. 11, 2015.
A first meeting of the creditors of the Company will be held at
the Ground Floor, 15 Rheola Street, in West Perth, WA, on
Sept. 22, 2015, at 10:00 a.m.
RESOLUTE PTY: First Creditors' Meeting Set For Sept. 23
-------------------------------------------------------
Martin Bruce Jones, Darren Gordon Weaver and Benjamin Michael
Johnson of Ferrier Hodgson were appointed as administrators of
Resolute Pty Ltd on Sept. 11, 2015.
A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth, on
Sept. 23, 2015, at 11:30 a.m.
TALOS ACCOUNTING: Goes in Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Talos Accounting
Group Pty Ltd has gone into liquidation. BRI Ferrier's Andrew John
Cummins and Peter Krejci were appointed liquidators of the company
on August 11, 2015.
According to the report, liquidators said creditors with debts
from before August 11 are unlikely to receive a dividend as
everything owned by the company is expected to go to the banks.
=========
C H I N A
=========
KU6 MEDIA: Songhua Zhang Resigns as Director
--------------------------------------------
Ku6 Media Co., Ltd., announced the resignation of Mr. Songhua
Zhang as an independent director of the board and all board
committee positions which he held. Ms. Jun Deng was appointed as
an independent director of the board as well as member of the
audit committee, effective as of Sept. 7, 2015.
Prior to joining the Company, Ms. Deng was a founder of CEEP
(Beijing) Investment Co., Ltd. and has served as its legal
director and executive director since 2012. Prior to that, Ms.
Deng practiced law at Beijing Dadu Law Firm from 2000 to 2003, at
Mishcon de Reya from 2004 to 2005, and at Beijing Dacheng Law Firm
from 2006 to 2011. Ms. Deng worked at the Research and Development
Center for SourthWest Securities from 1997 to 2000 as an analyst
covering pharmaceutical industry and health care sector. Ms. Deng
received an MBA degree from Oxford University in 2004, a master's
degree in law from Peking (Beijing) University in 2003 and a
bachelor's degree from Beijing Medical University (Peking
University Health Science Centre) in 1996.
About Ku6 Media
Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.
Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.
As of March 31, 2015, the Company had US$8.6 million in total
assets, US$13.5 million in total liabilities and a US$4.9 million
total shareholders' deficit.
PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.
=========
I N D I A
=========
ADITYA TIMPACK: CARE Assigns B+ Rating to INR9.42cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Aditya
Timpack Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.42 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Aditya Timpack
Private Limited (ATPL) is primarily constrained on account of risk
associated with stabilization of the recently commissioned
operations. The rating is also constrained by ATPL's presence in
the highly fragmented and competitive flexible packaging industry
and susceptibility of profit margins to volatility in prices of
key raw materials and foreign exchange rates.
The rating, however, derives comfort from the experience of the
promoters and various incentives from the government.
ATPL's ability to quickly stabilize its business operations and
achieve envisaged level of sales and profitability in light of
fluctuating raw material prices are the key rating sensitivities.
Navsari-based (Gujarat) ATPL was incorporated in February, 2014 as
a private limited company by Mr Parsottam Patel and Mr
Vasant Patel. The company has set up a greenfield project for
manufacturing of plastic jumbo bags with an installed capacity
of 2,100 metric tonnes per annum (MTPA). The total project cost
was of INR11.93 crore, which was funded through term loan
of INR6.42 crore, unsecured loan of INR1.76 crore and balance
INR3.75 crore through equity share capital. ATPL has commenced
commercial production from August, 2015.
Credit Risk Assessment
Experienced management in the wooden industry; however ATPL is
their first venture in the plastic industry ATPL's operations are
managed jointly by five promoters named Mr Parsottam T Patel, Mr
Vasant T Patel, Mr Tejabhai Patel, Mrs Bhartiben Patel and Mrs
Darshanaben Patel. Mr Parshottam Patel has 15 years of experience
in the wooden industry through his firms named Aditya Timbers and
Aditya Corporation. Mr Vasant has a decade of experience in the
wooden industry through his firms named Aditya Timbers and Aditya
Industries. Mr Tejabhai Patel has four decades of experience in
the wooden industry and he is also a partner in Aditya Timbers.
Mrs Bhartiben Patel and Mrs Darshanaben Patel have three years of
experience each in the wooden industry through their firm named
Autograph Industries. All promoters will jointly look after all
day today activities of the company.
Although the promoters have experience in the wooden industry,
there lack of experience in the plastic industry poses a risk
in terms of availability of suppliers and customers along with a
network of distributors in a highly competitive and fragmented
industry.
Various incentives from the Government
The project of the company is eligible under Technology Up
gradation Funds Scheme (TUFS) of Central Government with 7%
interest subsidy and capital subsidy of INR0.15 crore. The project
is also eligible for 15% capital subsidy under Credit Linked
Capital Subsidy (CLCS) scheme from the central government
amounting to INR0.60 crore. The total amount of capital subsidy
for which the company is eligible is INR0.75 crore, which is
expected to be received in October, 2015. The interest subsidy
receivable is of total 60 months amounting to INR1.15 crore. ATPL
will receive interest subsidy every six months and is expected to
receive its first interest subsidy in March, 2016. The project is
also eligible for capital subsidy receivable under revised
Industrial Policy 2015 from State Government of INR0.30 crore,
which is expected to be received in July, 2016.
Project stabilization risk
Recently, ATPL completed a project for plastic jumbo bag
manufacturing with proposed installed capacity of 2,100 MTPA. ATPL
has commenced production from August 2015. As the commercial
production has just commenced and is currently in nascent
stage, it is yet to establish a customer base in a highly
fragmented industry. Hence, ATPL is exposed to the risk of quick
project stabilization.
Margins are susceptible to volatility in prices of key raw
materials and forex fluctuation risk
The price of its raw material i e polypropylene (PP) are dependent
on crude oil prices and which are highly volatile. Furthermore,
the company does not have any long term contracts with the
suppliers for the purchase of raw materials. Hence, the
profitability margins of the company could get adversely affected
with any sudden spurt in the raw material prices. ATPL also plans
to import PP which will expose ATPL to foreign exchange
fluctuation risk.
Presence in a highly competitive and fragmented nature of industry
The industry is highly fragmented with a large number of small to
medium scale unorganised players. Furthermore, fungible
nature of products with no visible differentiators has also
resulted in a highly competitive market. High competition in the
operating spectrum and proposed small size of operations of the
company limits the scope for improvement in margins.
However, there is healthy demand of plastic jumbo bags from the
packaging industry. Plastic jumbo bags are used mainly by the
textile, food processing, cement and fertilizer industry.
AGGARSAIN FIBRES: Ind-Ra Affirms 'BB' Rating on INR4.8MM Loans
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aggarsain Fibres
Limited (AFL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. AFL's bank facilities have also been affirmed ratings
as:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-term loans 4.8 Affirmed at
(reduced from INR55.0 mil.) 'IND BB'/Stable
Long-term loans 20.0 Assigned final
'IND BB'/Stable
Fund-based 160.0 Affirmed at 'IND BB'/
working capital limits Stable/'IND A4+'
Non-fund-based 16.10 Affirmed at 'IND A4+'
working capital
limits
KEY RATING DRIVERS
The affirmation reflects AFL's small scale of operations with
revenue of INR508.6 mil. during FY15 (FY14: INR611.7 mil.). The
ratings also reflect AFL's moderate credit profile with interest
coverage of 1.6x in FY15 (FY14: 1.8x) and net financial leverage
5.8x (4.6x). Operating profitability is weak with EBITDA margins
of 5.6% in FY15 (FY14: 5.3%) due to the company's presence in the
highly fragmented and competitive carded cotton yarn industry.
The ratings are, however, supported by over a decade-long of
experience of AFL's director in the cotton yarn business and the
company's strong relationships with its customers and suppliers.
RATING SENSITIVITIES
Positive: A rise in the operating profitability leading to an
improvement in the credit metrics will be positive for rating.
Negative: A decline in the operating profitability and further
liquidity stretch could lead to a negative rating action.
COMPANY PROFILE
AFL was incorporated in 2004 and started its commercial production
in 2007. It manufactures carded cotton yarn. The manufacturing
facility of the company is located in Samana (Punjab).
BRILLIANT BIO: CARE Lowers Rating on INR26.49cr Loan From 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the LT bank facilities of
Brilliant Bio Pharma Pvt Ltd. and reaffirms rating assigned to its
ST bank facilities.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 26.49 CARE BB Revised from
CARE B
Short term Bank Facilities 8.50 CARE A4 Reaffirmed
Rating Rationale
The revision in ratings assigned to the bank facilities of
Brilliant Bio Pharma Private Limited (BBPL) factors in improved
financial performance during FY15 (refers to the period April 01
to March 31) & Q1Fy16, comfortable order book position
and improved operating cycle. Furthermore, the ratings are
underpinned by satisfactory experience of the promoters and
long track record of operations, established relationship with
clients, strong demand potential in the Foot & Mouth
Diseases (FMD) vaccines segment coupled with presence of a few
players in the segment.
The ratings are constrained by high revenue concentration to
government agencies exposing BBPL to debtor realization
risk, small scale of operations, and high client concentration in
order book. The ratings also factor in the declining operating
margins of the company. Ability of the company to improve its
scale of operations with improved profitability, recovery of
receivables on time and diversification of its customer base are
the key rating sensitivities.
BBPL, which commenced operations in 1988, is into manufacturing of
Foot and Mouth Disease (FMD) veterinary vaccines, bacterial
vaccines and other animal health products with an installed
capacity of 100 million doses of FMD vaccines, 3.5 million doses
of bacterial vaccines and 50 million doses of other vaccines at
its manufacturing facility located at Pashamylaram Village, Medak,
Telangana. BBPL's manufacturing facilities are accredited with c-
GMP, WHO -- GMP certifications.
BBPL also has windmills in Tamil Nadu with a generation capacity
of 3.15MW, with the power purchase agreement with Tamil Nadu Power
Generation and Distribution Corporation Limited (TANGEDCO) for
sale of power generated from these wind mills.
BBPL belongs to TGV Group of Industries which is into diversified
business segments like chemicals manufacturing, health care
products, aqua culture, real estate and hospitality. The flagship
companies of the group are Sree Rayalaseema Alkalies and Allied
Chemicals Limited (rated CARE BBB-/CARE A3) which is into
manufacturing of Caustic soda and other chemicals and Sree
Rayalaseema Hi Strength Hypo Limited which is into manufacturing
of hypo solution.
In FY15, BBPL reported PAT of INR5.59 crore (Rs.3.54 crore in
FY14) on a total operating income of INR63.47 crore (Rs.42.69
crore in FY14). In Q1FY15, BBPL reported PBT of INR 2.70 crore on
total revenue of INR24.27 crore.
CHARUTAR AROGYA: ICRA Suspends B+ Rating on INR27.75cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the term loan
and long-term fund-based limits aggregating to INR27.75 crore of
Charutar Arogya Mandal (CAM). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
The Charutar Arogya Mandal (CAM), a charitable trust, was set up
in 1972 by late Dr. H M Patel, the then Union Home and Finance
Minister, to cater to the health care needs of the rural community
of Anand and Kheda districts of Gujarat. Located at Karamsad in
Gujarat, the Mandal presently runs a 571-bed multi-speciality
hospital, the Shree Krishna Hospital, besides managing several
institutions in the field of medical education including the
Pramukhswami Medical College.
CAM is registered as a Public Trust under Bombay Public Trust Act,
1850 and Society Registration Act 1860. Its properties are vested
in the Board of Trustees and the policies are decided by the
Governing Body headed by the Mandal's Chairperson, Dr. Amrita
Patel.
CITY INN: ICRA Upgrades Rating on INR21cr Term Loan to B+
---------------------------------------------------------
ICRA has upgraded its long term rating on the INR21.0 crore term
loan of City Inn Private Limited to [ICRA]B+ from [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 21.0 [ICRA]B+; Upgraded
The rating upgrade factors in the satisfactory execution progress
in CIPL's hotel project which is scheduled to commence operations
over the next four months. Of the total project cost of INR29.8
crore, the company has incurred an expenditure of INR27.0 crore as
on July 25, 2015, of which INR11.9 crore has been met through
infusion of funds by the promoters, against the previously
envisaged infusion of INR8.8 crore. Further, the rating takes into
account CIPL's agreement with the Lords group for operating and
managing its hotel which is expected to lead to benefits being
derived through Lords' track record in the hospitality sector. The
rating continues to take into consideration the experience of the
promoters as well as the strategic location of the hotel under
construction; being situated in the commercial hub of Agra and the
hotel's proximity to the Taj Mahal, which could help the hotel
attract guests.
However, the rating remains constrained by the fact that CIPL's
hotel is yet to start operations. Pending the ramp up of operating
metrics and thus cashflows from operations, CIPL will remain
dependent on timely support from promoters to manage its debt
servicing. This is critical as CIPL's debt repayment has started
in August 2015. Nevertheless ICRA notes that the promoters have
supported the company by bringing in higher than envisaged funds
thus leading to lower project leverage.
Going forward, the ability of the company to start operations of
the hotel as planned, achieve desired operating performance amid a
competitive market and continue to receive timely funding from
promoters will be the key rating sensitivities.
CIPL is constructing a three star hotel in Agra, Uttar Pradesh.
Located at Sanjay Place, the 54 room hotel will have banquet
halls, a restaurant and a coffee shop. The directors of the
company include Mr P. L. Sharma and Mr Shivam Sharma who have long
experience in the field of real estate development as a part of
the Buland group.
CONSITE ENGINEERING: CARE Assigns B+ Rating to INR5.5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Consite Engineering Company Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.50 CARE B+ Assigned
Short-term Bank Facilities 7.80 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Consite Engineering
Co. Ltd (CECL) are constrained by its below average financial risk
profile characterised by thin profitability margins, elongated
operating cycle leading to working capital intensive nature of
operations and highly leveraged capital structure at the end of
FY15 (Provisional) (refers to the period April 01 to March 31).
The ratings are further weakened on account of modest scale of
operations, susceptibility of margins to the volatility in raw
material prices, customer concentration risk and presence in the
highly fragmented and competitive industry.
The ratings however, derive strength from the extensive experience
of the promoters, established relationship with reputed client
base and consistent growth in revenues over the past three years
(FY12 to FY15).
Ability of the company to improve its overall scale of operation
and profitability margins amidst intense competition as well as
enhancing its capital structure along with efficient management of
the working capital cycle would be the key rating sensitivities.
Incorporated in 1986, Consite Engineering Company Limited (CECL)
is an ISO 9001:2008 certified company engaged in designing,
fabrication, installation and commissioning of process equipment's
for plants (such as heat exchangers, pressure vessels, pressure
reducing stations and storage tank) and fired equipment's (like
boilers and furnaces) that find application in power, oil & gas,
chemicals, engineering and pharmaceutical industries.
These are manufactured in Stainless steel (SS), Mild Steel (MS),
cupronickel, hastealloy, aluminium, Inconel etc. Moreover, CECL is
also undertakes turnkey mechanical projects such as piping,
structural fabrication, boring operation, erection of LPG bullets,
bridges, skywalks, toll booths etc. on EPC basis. CECL has its
manufacturing facility located in Wada, Maharashtra; certified by
Moody International Pvt Ltd who are accredited with UKAS
international body. The company has requisite statutory approvals
from IBR, Deptt. of explosives, tariff advisory committee meeting
indian and international codes and standards. The company has a
branch office in Bangalore.
During FY15, CECL posted a PAT of INR0.03 crore on a total income
of INR24.37 crore as compared to PAT of INR0.02 crore on a total
income of INR20.39 crore in FY14.
DCS TECHNO: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed DCS Techno
Services Private Limited's (DCS) Long-Term Issuer Rating at
'IND BB-' with a Stable Outlook. Rating actions on DCS' bank
facilities are:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based working 57.5 Affirmed at 'IND BB-'/
capital limit Stable and 'IND A4+'
Non-fund-based 62.5 Affirmed at 'IND A4+'
limit
KEY RATING DRIVERS
The affirmation reflects DCS' continued small scale of operations
and moderate credit metrics. Unaudited FY15 financials indicate a
slight year-on-year revenue growth to INR269 mil. (INR233 mil.)
due to an increase in the sales of tower cranes. Interest
coverage (operating EBITDA/gross interest expense) was 2.0x in
FY15 (FY14: 1.8x) and net leverage (adjusted net debt/operating
EBITDAR) was 3.3x (3.0x) Liquidity remains tight with the fund-
based facilities being utilized at an average of 92.1% over the 12
months ended July 2015.
The ratings also factor in the fall in EBITDA margins during FY15
to 6.5% (FY14: 10%) owing to exchange rate fluctuations that
resulted in higher input costs and lower profitability as a
majority of DCS' products are imported.
The company has an extended working capital cycle (FY15: 167 days;
FY14: 209 days) which, Ind-Ra believes, renders the probability of
super normal growth moderate unless supported by further
borrowings.
The ratings continue to derive comfort from DCS' established
relationships with most of its principals and customers, exclusive
dealership in India for its portfolio of capital goods and
consumables, and a large customer base.
RATING SENSITIVITIES
Positive: Significant and sustained growth in the revenue and
EBITDA margins leading to an improvement in the credit metrics
will result in a rating upgrade.
Negative: A sustained decline in the revenue and EBITDA margins
leading to sustained deterioration in the credit metrics could
lead to a negative rating action.
COMPANY PROFILE
Established in 1997, DCS (formerly Known as DCS Trading and
Services Private Limited) is a Hyderabad-based trading company.
It deals in machinery spare parts and consumables which are used
in various industries from mining to power plants to automobiles.
GHAZIABAD ALIGARH: CARE Lowers Rating on INR1479.93cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Ghaziabad
Aligarh Expressway Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 1479.93 CARE D Revised from
CARE BB
Rating Rationale
The revision in the ratings reflects the ongoing delays in debt
servicing by the company due to stressed liquidity position
resulting from delayed commercial operation of partial project
stretch and generation of insufficient toll collection. Ability
of the company to improve its liquidity and regularize its debt
servicing will remain the key rating sensitivity.
Ghaziabad Aligarh Expressway Private Limited (GAEPL), incorporated
in December 2009, was promoted by SREI Infrastructure Finance Ltd.
(SREI; rated CARE AA-/CARE A1+), PNC Infratech Ltd. (PNC; rated
CARE A/CARE A1) and Galfar Engineering and Contracting India Pvt.
Ltd. (GEC) as a Special Purpose Vehicle (SPV) to undertake the
four laning of Ghaziabad to Aligarh section of NH-91 spanning
126.0 km (from 23.60 km to 149.60 km), under NHDP Phase III on
Build, Operate and Transfer (BOT) -- Toll Basis.
The Concession Agreement (CA) was executed between GAEPL
(Concessionaire) and National Highways Authority of India
(NHAI) onMay 20, 2010 for a concession period of 24 years from the
appointed date (i.e. February 25, 2011).
The project has already commenced partial tolling whereby around
100 k.m. of stretch out of total project stretch of 126 k.m. has
become operational from Jun.24, 2015. However, there are ongoing
delays in debt servicing obligation of the company. Delay in
commencement of tolling of the project and collection of
inadequate toll vis-…-vis the repayment obligations of the company
has resulted in a stretched liquidity position of the company,
thus resulting into ongoing delays.
GODAVARI PLASTO: CARE Revises Rating on INR5.76cr Loan to B+
------------------------------------------------------------
CARE revises/reaffirms ratings assigned to the bank facilities of
Godavari Plasto Containers Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.76 CARE B+ Revised from
CARE B
Short-term Bank Facilities 4.00 CARE A4 Reaffirmed
Rating Rationale
The revision in the rating assigned to the long-term bank
facilities of Godavari Plasto Containers Private Limited (GCPL)
takes into account increase in the total operating income in FY15
(Provisional; refers to the period April 01 to March 31), the
improvement in operating cycle along with reduced customer
concentration risk.
The rating is, however, constrained by leveraged capital structure
and weak debt coverage indicators in FY15 (Provisional), working
capital-intensive nature of operations and presence in the
competitive plastic industry. The rating also factors in the
experience of the promoters in the business and established
relationship with reputed clientele.
The ability of the company to increase scale of operations,
improve profitability in light of stiff competition, improve
capital structure and effectively manage its working capital is
the key rating sensitivity.
Godavari Plasto Containers Private Limited (GCPL) was incorporated
in 1997 by Mr C Chandra Prakash, Mr M Ramesh and Mr C Janardhan
Rao who are the directors of the company. The company is engaged
in manufacturing of High Destiny Polyethylene (HDPE) drums and
containers ranging from 20 litres to 270 litres. GCPL operates
from two manufacturing units; one located at Hyderabad with a
total capacity of around 3396 Metric Tonne Per Annum (MTPA)and the
second unit being located at Vishakhapatnam with a total capacity
of around 3840 Metric Tonne Per Annum(MTPA).
HINDUSTAN ORGANIC: CARE Cuts Rating on INR100cr Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bond issue (SERIES XX) of
Hindustan Organic Chemicals Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Redeemable Non-Convertible 100 CARE D Revised from
Unsecured Taxable Bonds/ CARE 'AAA(SO)';
NCD credit watch removed
Rating Rationale
CARE has assigned the rating solely based on the strength of an
unconditional and irrevocable guarantee from GoI executed through
the Department of Chemicals & Petrochemicals, Ministry of
Chemicals and Fertilizers. The rating has been revised to CARE D.
The revision was on account of failure to fund the designated
account (as per the structured payment mechanism specified in the
offer document) leading to delay in interest payment to the
bondholders. Rating watch has been removed.
Now CARE has been informed that the designated account has been
funded on September 10th, 2015.
Incorporated on December 12, 1960, HOCL, a GoI enterprise (of
which GoI holds 58.78% equity as onMarch 31, 2015) andunder the
administrative control of Department of Chemicals & Petrochemicals
(DCPC) - Ministry of Chemicals and Fertilizers, manufactures
organic chemicals (aniline, phenol, acetone, formaldehyde, etc).
HOCL has two manufacturing facilities situated at Rasayani,
Maharashtra and Kochi, Kerala with a combined installed capacity
of 349,495 TPA. Also, HOCL is the sole indigenous manufacturer of
the liquid rocket propellant N2O4 in India, which is supplied to
ISRO.
During FY15 (refers to the period April 1 to March 31), HOCL
reported a net loss of INR215.49 crore on a total operating
income of INR152.48 crore as compared with net loss of INR176.85
crore on a total operating income of INR218.09 crore during FY14.
In Q1FY16, HOCL reported a net loss of INR34.37 crore on a total
operating income of INR62.22 crore.
INNOTECH EDUCATIONAL: CARE Reaffirms B+ Rating on INR19cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Innotech Educational Society.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 19 CARE B+ Reaffirmed
Rating Rationale
The rating for the bank facilities of Innotech Educational Society
(IES) continues to remain constrained by its nascent stage of
operations, coupled with implementation risk associated with the
balance phase of the project, presence in regulated & fragmented
education sector and capital intensive nature of business. These
factors far outweigh the benefits derived from by the presence of
experienced members on the advisory board of the society, moderate
enrolment rate, satisfactory infrastructure and tie-up with
reputed International Institute and National University.
Going forward, the ability of IES to successfully implement the
balance phase of the project and derive benefits there from,
establish a brand name for itself amidst intense competition and
ensure adequate student intake would be the key rating
sensitivities.
IES was established in March 2010 under the Societies Registration
Act, 1860, for establishing and operating educational institutes
for imparting education in engineering discipline in Araria,
Bihar.
With the completion of the Phase I of its three-phased project the
society has started an Engineering college under the name
"MotiBabu Institute of Technology (MBIT)" with 300 seats in 5
streams of engineering, ie, Electronics & Communication, Computer,
Mechanical, Civil and Electrical from the academic year 2014-2015.
Currently, there are 31 qualified faculty members in MBIT with
student faculty ratio of approximately 13:1. The institute is
approved by All India Council for Technical Education (AICTE) and
affiliated to Aryabhatta Technology University, Bihar.
The Phase I of the project got completed at a total cost of
INR16.55 crore funded by way of debt of INR7.20 crore and corpus
fund/trustee's contribution of INR9.35 crore. The estimated cost
of Phase II of the project is INR10.0 crore which is funded by way
of debt of INR6.00 crore and corpus fund/trustee's contribution of
INR4.00 crore. Currently, Phase II of the project is in the final
stages of implementation and till August 20, 2015, the society has
incurred INR9.00 crore towards construction of the hostel
building, which was funded through corpus fund of INR3.00 crore
and term loan of INR6.00 crore. It is likely to be completed by
the end of Sep. 2015. The Phase III will start from February 2016
and is likely to be completed by the end of March 2017.
The society has been founded & promoted by Mr Amit Kumar Das, an
NRI (based in Australia), who is a graduate and diploma holder in
computer engineering and possesses more than a decade experience
in Information Technology sector.
During 7MFY15 (Prov.) [refers to the period September 1 to
March 31], the society reported a total operating income of
INR1.45 crore and a net loss of INR3.40 crore. Furthermore, the
management has stated to have achieved a total operating income of
INR1.5 crore in Q1FY16.
KACHCHH STEELS: ICRA Suspends 'D' Rating on INR13cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR13.00
crore cash credit facility of Kachchh Steels Private Limited
(KSPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
Kachchh Steels Private Limited (KSPL) was incorporated in July
2003 and is involved in manufacturing of TMT bars with its plant
located at in Kutch, Gujarat. The plant currently has installed
capacity of 80,000 MTPA of TMT bars. The company also has a
marketing office in Ahmedabad. The company is closely held by a
group of entities, most of which are based out of India.
KARTYA CONSTRUCTIONS: ICRA Assigns B+ Rating to INR7.85cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.85
crore fund based facilities and a short-term rating of [ICRA]A4 to
the INR0.25 crore non-fund based facilities of Kartya
Constructions Private Limited. ICRA has also assigned the long-
term rating of [ICRA]B+ and short-term rating of [ICRA]A4 to the
INR0.40 crore proposed facilities of Kartya.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, fund
based facilities 7.85 [ICRA]B+ assigned
Short-term, non-
fund based facilities 0.25 [ICRA]A4 assigned
Long-term/Short-
term, proposed
facilities 0.40 [ICRA]B+/A4 assigned
The assigned rating considers the long standing experience of the
management and the established track record of the company in the
construction of civil structures.
The ratings are further supported by the backward integration of
the company into sale of blue metals and ready-mix concrete which
limits supply risks and provides limited diversification to
revenue streams. The ratings are, however, constrained by the
modest scale of the company's operations and the susceptibility to
delays in execution associated with external factors such as
climactic conditions, etc. The rating also takes into
consideration the significant client and geographic concentration
risks faced by the company. The ratings are further constrained by
the company's stretched financial profile characterized by thin
profit margins, highly geared capital structure and minimal
accretion to reserves. The ratings also take into account the high
working capital intensity of the company's operations
characterized by high debtor and inventory levels.
Kartya Constructions Private Limited (Kartya/the company) was
started in 2010 with its registered office in Madurai, Tamil Nadu.
The company is in the field of infrastructure development and
undertakes construction of civil structures such as colleges,
shopping malls, hospitals, schools, etc. The company also
undertakes construction of industrial structures and civil works.
The company has a separate unit that manufactures and sells ready-
mix concrete and blue metal using input from its own quarries.
For the 12 months ending March 2015, the company reported a net-
profit of INR0.4 crore on an operating income of INR33.1 crore
compared to net profit of INR0.5 crore on an operating income of
INR38.7 crore in FY 2014.
LAXMI SOPAN: CARE Assigns 'B' Rating to INR7.18cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Laxmi Sopan
Agriculture Produce Marketing Company Limited (LAPM).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.18 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of LAPM is constrained
on account of small scale of operations with limited track record
of the company, nascent stage of operations, agreement roll
over risk along with non existence of lock-in period and rent
escalation clause. The rating draws support from experienced and
resourceful promoters along with 100% occupancy rate of the leased
assets.
LAPM's ability to roll over the lease agreement after expiry of
the current lease terms at desired rates is the key rating
sensitivity.
LAPM was incorporated on February 08, 2012, and was promoted by Mr
Rajendra Vitthal Raut (Director), Mr Sanjay Raut (Director) and
five other directors. The company has developed an area of around
18 acres (784,080 sq. ft.) of land located at Solapur for
providing a commercial market for trading of agriculture produce
by farmers. The company has leased out an area of 17 acres
(740,520 sq. ft) consisting of 100 shops with an average area of
around 1,280 sq. ft. per shop. The company has started
the lease operations from December 2014.
Out of the 100 shops, 75 shops have been leased to the grain
sellers and the remaining 25 shops have been leased to vegetable
sellers with a fixed rent of INR1, 000 per month per shop. In
addition, the lessees are liable to pay 1% of their total sales as
a commission to LAPM out of which 0.05% will go to Government of
Maharashtra (GoM) (0.95% retained with LAPM) as per terms of
agreement with GoM. As on August 2015, the area had occupancy rate
of 100% for the market with all contracts being in place.The
company also provides value added facilities to the lessees', viz,
polishing facility for grains, weighing instruments and a cold
storage for the lessees, however, the cold storage facility is yet
to commence the operation.
Credit Risk Assessment
Experienced and resourceful promoters
The promoters of LAPM are engaged in various other businesses in
addition to LAPM. The chairman and main promoter of LAPM - Mr
Rajendra Vitthal Raut is an Ex-MLA (Member of Legislative
Assembly) from Solapur constituency and is engaged in dairy
business also in addition to LAPM. He is serving as a Chairman of
Laxmi Dudh Utpadak Prakriya Sangh and is also involved in real
estate business, packaged drinking water business through another
concern, viz, Bhagyalaxmi Mineral Water Private Limited. Other
promoter, Mr Vijay Vitthal Raut, is engaged in construction
business. Other promoters - Mr Sanjay Vitthal Raut is engaged in
agri business and Mr Abhijeet Ashok Raut is engaged in
manufacturing of paver blocks, cement bricks, etc.
The promoters have been supporting the business by infusion of
funds in the business in the form of equity and unsecured loans.
LAPM had unsecured loans from promoters to the tune of INR2.72
crore as on March 31, 2015.
100% occupancy rate of leased assets
The entire area for leased has been occupied by grain sellers and
vegetable sellers and LAPM has received security deposits of
INR0.05 crore from each lessee and has entered into lease
agreements with tenure of 5 years. This provides LAPM with a
revenue visibility through rentals as well as commission on sales
of the lessees.
Agreement roll over and vacancy risk
Though LAPM has signed agreements with tenants for a period of 5
years (expiring in 2019), the company faces rollover risk.
The said agreements is renewable on mutually agreed terms and
conditions between the lesser (LAPM) and the lessees on
expiry of the agreement period falling in 2019. The ability of
LAPM to hold the existing lessees and to rollover the agreement
at the prevailing market rate or acquire new lessees post expiry
of the current lease term is critical for the performance of the
company.
Small scale of operations with limited track record of the entity
LAPM commenced commercial operations in December 2014 due to which
it has short track record of operations as FY16 (refers to the
period April 1 to March 31) will be the first full year of
operation for the company. Furthermore, the net worth of the
company stood at INR0.35 crore as on March 31, 2015 (Prov.)
considering only 4 months of operations.
Non-existence of lock in period and rent escalation clause
The rental agreement entered into by LAPM with its tenants are for
an average period of 5 years and does not include any lock
in period, however, as per the agreements; post completion of 5
years of tenure, the rent would increase to INR10,000 per
month (from current level of INR1,000 per month) if the lease
agreement is not renewed and place if the place is not vacant
by the tenant. The tenants can discontinue any time after
servicing a notice period of one month which might result in loss
of income for LAPM if it does not find another tenant. There is
the risk of non-existence of price clause; however, the same is
mitigated to some extent due to the presence of 0.1% commission of
the total sales made by the tenants.
M V WAGHADKAR: Ind-Ra Assigns 'B+' Rating on INR14.84MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M. V. Waghadkar &
Sons Jewellers Private Limited (MVWSJ) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable. MVWSJ's bank facilities have
also been assigned ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based limits 85.0 'IND B+'/Stable
Term loan 14.84 'IND B+'/Stable
KEY RATING DRIVERS
The ratings reflect MVWSJ's moderate credit metrics and small
scale of operations. According to the unaudited financials for
FY15, net leverage (total adjusted net debt/operating EBITDA) was
3.1x, interest coverage (operating EBITDA/gross interest expense)
was 1.7x and revenue was INR257 mil. Moreover, liquidity is tight
as indicated by the company's overutilization of its working
capital limits for up to 14 days over the five months ended July
2015.
The ratings, however, derive strength from the over two-decade-
long track record of the promoters in jewellery retailing.
RATING SENSITIVITIES
Positive: A positive rating action could result from an
improvement in the liquidity position.
Negative: A negative rating action could result from a further
weakening of the liquidity profile leading to deterioration in the
credit metrics.
COMPANY PROFILE
MVWSJ was incorporated in 1991, by Mr. Madhukar Waghadkar. MVWSJ
operates two jewellery showrooms one each in Dombivali and Kalyan.
Total debt outstanding on March 31, 2015, was INR34.63 mil.,
comprising working capital debt of INR11.87 mil. and unsecured
debt of INR22.76 mil.
MANDAKINI TRAVEL: CARE Assigns B- Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B-' ratings to bank facilities of Mandakini
Travel & Tours Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11 CARE B- Assigned
Rating Rationale
The rating assigned to the bank facilities of Mandakini Travel &
Tours Private Limited (MTTP) is primarily constrained by its small
scale of operations, and leveraged capital structure and weak debt
service coverage indicators. Furthermore, the rating is also
constrained by competition from other existing hotels and subdued
industry outlook of hospitality industry. The rating, however,
draws comfort from experience of the promoters in hotel industry
coupled with long track record of the entity and location
advantage.
Going forward, the ability of MTTP to achieve break-even point
coupled with increase its scale of operations by achieving higher
occupancy levels and high average room rent shall be the key
rating sensitivities. Furthermore, continued support from the
promoter would also be a key rating sensitivity.
New Delhi-based, MTTP was incorporated in 1987 as Mandakini Travel
& Tours Private Limited. In 1998, the company was taken over by Mr
Suraj Gulati and Mr Vijay Gulati. The company is presently
operating a four star hotel under the name "Hotel Ganga View" in
Rishikesh (Uttrakhand). The hotel was first commissioned in 1987
and subsequently in 2012, the hotel was renovated wherein, it has
been upgraded to four stars as per classification and guidelines
issued by the Ministry of Tourism. The hotel consists of 32 rooms,
restaurants -- the sitting elephant, banquet hall (150 person
capacities) and other facilities which include modern spa
technology, ayurvedic therapies like Abhyanga, Shirodhara,
Sarwangadhara, etc. The group company of MTTP includes Ellbee
Associates Private Limited running a hotel namely Hotel Ashok
Continental (Mussoorie) and has three upcoming project in
Haridwar, Rishikesh and Saharanpur. Another group concern, ie,
Ellbee Hospitality Worldwide Private Limited is presently
providing the hotel operational and management services to MTTP.
For FY15 (refers to the period April 1 to March 31), MTTP achieved
a total operating income (TOI) of INR2.51 crore with
net loss of INR1.02 crore (based on provisional results) as
against TOI of INR1.21 crore with net loss of INR1.52 crore in
FY14.
MAYUR PLY: Ind-Ra Cuts LT Issuer Rating to 'D'; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mayur Ply
Industries Pvt Ltd's (Mayur) Long-Term Issuer Rating to 'IND D'
from 'IND BB'. The Outlook was Stable. The rating actions on
Mayur's bank loan facilities:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fund-based limits 430 Downgraded to Long-term
(increased from 'IND D' from 'IND BB'
INR410 mil.)
Working capital 50 Downgraded to Short-term
facilities 'IND D' from 'IND A4+'
Non-fund-based 1,065 Downgraded to Short-term
limits (increased from 'IND D' from 'IND A4+'
INR1,035 mil.)
Proposed fund- 130 Assigned Long-term
based limits 'Provisional IND D'
Proposed non 120 Assigned Short-term
fund-based limits 'Provisional IND D'
KEY RATING DRIVERS
The downgrade reflects Mayur's 32-day-long overutilization of the
fund-based limits and the instances of devolvement of the letter
of credit due to a tight liquidity position. This was due to its
stretched receivables and delays in the disbursement of the
enhanced working capital limits.
RATING SENSITIVITES
Timely debt servicing for at least three months could result in a
positive rating action.
COMPANY PROFILE
Mayur, incorporated in 1998, is a Kolkata-based manufacturer and
trader of plywood, veneers and allied products. Its manufacturing
facilities are located in Kolkata, Gujarat and Chennai with a
total installed capacity of 120 cubic meter per day. The day-to-
day operations of the company are handled by Prakash Kumar More.
The company sells its products under the brand names Mayur and
Alpine and has a strong dealer network, with around 6,000 outlets
across India.
MPS STEELS: CARE Assigns B+ Rating to INR11.92cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of MPS Steels
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11.92 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of MPS Steels Private
Limited (MPS) is constrained by the small size of operations, lack
of linkages for the supply of raw material and consequent exposure
to volatile raw material prices as well as thin profit margin. The
rating is further constrained by the weak debt coverage indicators
working capital intensive nature of operations and intense
competition in the fragmented industry.
However, the rating does factor in the long experience of the
promoters of over a decade in similar business. Going forward,
the firm's ability to grow its scale of operations and improve its
profitability will be the key rating sensitivities.
MPS Steels Private Limited (MPS) was originally established as MPS
Steels Castings P Ltd, part of the Paragon Steel Group. It had two
divisions -- castings and ingots. Subsequently in FY13, the ingot
division was taken over by Beepath group, whose promoters are Mr
Palakkandy Usman Koya Mr Moideen Koya, Mr Mujeeb Rehman
Charupadikkal and Mr Palakkandy Hafeezula. The Beepath Group has
its presence in the steel segment including in manufacturing of
mild steel ingots and trading of steel. The group is also engaged
in rice milling.
MPS commenced its operations under the new management in May 2013
and is engaged in manufacturing MS ingots with installed capacity
of 12,000 MT per annum, as of June 2015 at its Palakkad unit. The
average capacity utilization is 80% in FY15 (refers to the period
April 1 to March 31).
As per audited results for FY14 MPS reported a PAT of INR0.01
crore on a total operating income of INR30.12 crore. The
company has achieved PAT of INR0.01 crore on total operating
income of INR32.44 crore in FY15 (provisional).
NEW SAPNA: CARE Assigns B+ Rating to INR8.63cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of New Sapna
Granite Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.63 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of New Sapna Granite
Industries (NSGI) is constrained on account of its modest scale of
operations with low net worth base, fluctuating operating profit
margins, moderately leveraged capital structure and moderate debt
coverage indicators. The rating is further constrained on account
of risk associated with the ongoing debt-funded capex, stretched
liquidity position, risk associated with proprietorship nature of
constitution along with its presence in the competitive and
fragmented granite industry whose demand is linked to the cyclical
real estate sector.
The rating, however, derives benefits from experienced proprietor,
location benefit and growing scale of operations. The ability of
NSGI to increase its scale of operations, timely complete its
ongoing capex without any cost overrun, improve its capital
structure and manage its working capital requirements efficiently
are the key rating sensitivities.
Godhra-based (Gujarat) NSGI established in 2011 is a
proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is 2,00,000
square feet of stone per annum. The proprietor has an experience
of over a decade in stone cutting and polishing. He was earlier
engaged in cutting and polishing of marble, granite and
Kotastone through a firm named Sapna Kota Stone. The granite
stones are sold to traders and real estate builders in and
around Gujarat, Rajasthan and Maharashtra.
NSGI reported a Profit after Tax (PAT) of INR0.18 crore on a total
operating income (TOI) of INR14.38 crore during FY15 (refers to
the period April 1 to March 31) as against a PAT of INR0.08 crore
on a TOI of INR6.58 crore during FY14.
PICCADILY HOTELS: CARE Reaffirms B+ Rating on INR223.57cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Piccadily Hotels Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 223.57 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Piccadily Hotels
Private Ltd (PHPL) remain constrained by weak financial risk
profile marked by continued losses in FY15 (Provisional; refers to
period from April 01 to March 31), leveraged capital structure and
stressed debt coverage indicators. The rating also factors in
subdued hospitality industry scenario. The rating, however,
continues to draw strength from experience of the promoters, long
track record of operations and operating and marketing arrangement
for its two hotel properties with Hyatt International.
Going forward, the company's ability to improve its average room
revenue (ARR) and occupancy levels for all the hotel properties
would remain the key rating sensitivities.
Incorporated in 1973, PHPL was promoted by Mr Venod Sharma. He is
currently assisted by his wife Mrs. Shakti Rani Sharma (Director)
and son Mr Kartikeya Sharma. Mrs. Sharma has more than three
decades of experience in hospitality industry whileMr Kartikeya
Sharma has spent more than 15 years in hospitality, media and
sugar manufacturing industry.
PHPL owns 5 hotels in Delhi, Gurgaon, Chhattisgarh and Punjab of
which 2 'Hyatt Regency' hotels (operated by Hyatt Intl) & 3 under
its own brand 'Piccadily'.
As per provisional results for FY15, PHPL incurred net loss of
INR85 crore on total income of INR121 crore against PAT of
INR13 on total income of INR88 crore in FY14 (Audited).
PM CARS: ICRA Assigns B+ Rating to INR8.05cr Cash Credit
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR8.05
crore cash credit limits and INR2.95 crore term loan of PM Cars
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 8.05 [ICRA]B+ assigned
Term Loan 2.95 [ICRA]B+ assigned
The assigned rating is constrained by the financial profile of the
company, characterized by low profitability, high gearing and weak
coverage indicators. The ratings also take into account PMCPL's
small scale and nascent stages of operations which limits its
financial flexibility. ICRA notes the requirements of the auto
dealership business in India, which is characterized by thin
margins, a weak bargaining position and high working capital
requirements. ICRA also notes company's exposure to the inherent
cyclicality of the Indian auto industry.
The ratings, however, draw comfort from the long standing
experience of PMCPL's partners in the auto dealership business, as
well as the company's association with Honda Cars India Private
Limited (HCIPL).
Going forward, the company's ability to increase its scale of
operations and maintain profitability, while optimally managing
its working capital cycle, will remain the key rating
sensitivities.
Incorporated in October 2013, PM Cars Private Limited (PMCPL) is
the sole authorized dealer for passenger vehicles of Honda Cars
India Private Limited for the regions Anantapur, Kurnool and
Kadapa. The company operates 3 showrooms including service centers
across Anantapur, Kurnool and Kadapa enabling PMCPL to sell about
200 passenger vehicles annually.
Recent Result
According to audited FY2014 results, the firm recorded an
operating income of INR3.88 crore with a net loss of INR0.20
crore. As per provisional FY2015 numbers, the firm estimates an
operating income of INR23.12 crore with a net profit of INR0.06
crore.
POPAWALA CHEMICALS: CARE Ups Rating on INR18.75cr Loan From B+
--------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
bank facilities of Popawala Chemicals Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term/Short term 18.75 CARE BB-/CARE A4 Revised
Bank Facilities from CARE B+/Reaffirmed
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Popawala Chemicals Private Limited (PCPL) takes into account
the increase in the scale of operations along with improvement in
the capital structure and debt coverage indicators. The ratings
continue to derive strength from the long track record of
operations leading to established relationship with customers and
suppliers and extensive experience of the promoters.
The ratings, however, continue to be constrained by the modest
scale of operations with low profitability margins, moderately
leveraged capital structure and moderate debt coverage indicators.
The ratings further continue to be constrained by the
susceptibility of profitability margins to foreign exchange
fluctuation risk and presence in a highly fragmented and
competitive industry.
The ability of PCPL to scale up its operations and improve its
profitability margins along with improvement in its capital
structure are the key rating sensitivities.
Incorporated in 1964, PCPL is engaged in the trading of industrial
chemicals, specialty chemicals, polymers and pharma intermediaries
which find application in the pharmaceutical, paints, plastic,
synthetic fibers, inks, personal care, cosmetics, paper and other
similar industries. The promoters of the company are vastly
experienced having an average experience of around 35 years.
PCPL imports around 90% of its traded products from China, Korea
and Taiwan. It generates its revenue entirely from the domestic
market with income from indenting contributing around 80% to the
total revenue in FY15 (refers to the period April 1 to March 31).
During FY15 (provisional), PCPL posted a total operating income of
INR136.19 crore (vis-a-vis INR129.38 crore in FY14) and PAT of
INR0.41 crore (vis-a-vis INR0.27 crore in FY14). Furthermore,
during Q1FY16, the company recorded sales of INR56 crore.
PRAKASH STEEL: ICRA Suspends B+ Rating on INR15cr Cash Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR16.27
crore long term loans & working capital facilities of Prakash
Steel Corporation. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash
Credit Limit 15.00 [ICRA]B+ suspended
Fund Based-Term
Loan 1.27 [ICRA]B+ suspended
Prakash Steel Corporation (PSC) is a proprietorship firm
established by late Mr. Babulal A Shah in 1975 in Ahmedabad. After
the demise of Mr. Babulal A Shah, his son Mr. Pankaj B Shah took
over the business of the firm. PSC is a part of the Mukta Group;
of which the other group companies are Mukta Industries Pvt. Ltd.,
Vastupal Steel & Spares Pvt. Ltd. and Anil Steel Traders. The firm
has been engaged in manufacturing of bright bars for different
grades of stainless steel, alloy steel and carbon steel. The
product range finds application in submersible pumps, automobile,
engineering, and other allied industries.
R. Y. EXTRUSION: ICRA Assigns B- Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR6.00
crore fund-based bank facilities of M/s R. Y. Extrusion Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund Based
Limit-Cash Credit 5.00 [ICRA]B- Assigned
Long Term-Fund Based
Limit-Term Loan 1.00 [ICRA]B- Assigned
The assigned rating factors in the experience of promoters in
aluminium business for more than two decades supported by
promoters' professional qualification and exposure to marketing
and operations of reputed companies across the globe. The rating
also factors in healthy capacity utilisation (~75%) achieved
within one year of operations and location advantage arising from
proximity to end customers.
The rating is however constrained by the nascent stage of
operations and low net worth with significant funds infused as
unsecured loans from promoters. The assigned rating also takes
into account the modest scale of the company in an intensely
competitive industry with many established players. ICRA also
notes that company is yet to tap its target customer segment of
industrial applications for aluminium sections with current
revenues largely dependent on demand from architectural utilities
and real estate sector.
R. Y. Extrusion Pvt. Ltd, incorporated in 2011, is engaged in
manufacturing of aluminium sections and profiles for
architectural, commercial and industrial use and is promoted by
Yadav family with 100% shareholding. The company has set up its
plant at MIDC, Ambernath spread across 4142 sq mt and is located
strategically to cater to customers based in Mumbai, Thane and
Navi Mumbai. The company commenced commercial production in
August, 2014 and is manufacturing various kinds of aluminium
sections and profiles ranging from 5mm to 125mm cross sectional
diameter.
RADHE SHAM: Ind-Ra Assigns 'BB+' LT Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Radhe Sham Ravi
Prakash Timbers Private Limited (RSRPT) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. The agency has also
assigned RSRPT's INR360 mil. non-fund-based limit a Short-Term
'IND A4+' rating.
KEY RATING DRIVERS
The ratings are constrained by RSRPT's modest scale of operations
and meagre operating margins because of its presence in a business
with low value addition and high raw material costs. According to
the provisional financials for FY15, top-line was INR967.92 mil.
(FY14: INR798.02 mil.) and margins were 0.69% (0.99%). Even
though they are low, RSRPT's margins are largely in line with
industry peers'. The ratings also factor in timber import's
vulnerability to government interventions.
However, the ratings benefit by over four-decade-long experience
of RSRPT's promoters in the timber trading business which has
resulted in the company's long-standing relationships with
clientele and suppliers, and the proper measures implemented by
the company to mitigate forex risk. The ratings are further
supported by RSRPT's credit metrics with net interest coverage
(operating EBITDA/interest expense) of negative 6.88x in FY15
(FY14: negative 5.29x) due to high interest income and low net
financial leverage (total adjusted net debt/operating EBITDA) of
0.66x (negative 0.33x). The company's interest income was
INR7.25 mil. in FY15 and INR6.23 mil. in FY14 against the interest
expenses of INR6.28 mil. and INR4.73 mil.
RATING SENSITIVITIES
Positive: An increase in the operating profitability leading to a
sustained improvement in the gross interest coverage will lead to
a positive rating action.
Negative: A decline in the operating profitability resulting in
deterioration in the interest coverage will be negative for the
ratings.
COMPANY PROFILE
RSRPT was established in 1983 by Mr. Ravi Prakash Singhal as a
partnership firm. In 2008, it was converted into a private
limited company. RSRPT trades and processes timber logs. The
company imports timber logs from New Zealand, further processes
and cut them into various varieties of sawn timbers and sells it
domestically.
The company has its registered office in Delhi and two branch
offices one each in Delhi and Gandhidham (Gujarat).
RAYANI SPINTEX: ICRA Reaffirms 'B' Rating on INR20.37cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B assigned to
the INR15.13 crore long term fund based limits (revised from
INR16.76 crore), INR0.50 crore long term non fund based limits and
INR20.37 crore unallocated limits (revised from INR18.74 crore) of
Rayani Spintex Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based Limits 15.13 [ICRA]B; reaffirmed
Long Term Non
Fund Based Limits 0.50 [ICRA]B; reaffirmed
Long Term
Unallocated Limits 20.37 [ICRA]B; reaffirmed
The rating reaffirmation takes into account the small scale of
operations of RSPL in a highly fragmented industry with intense
competition limiting the ability of the company to pass on the
hike in input costs. In 2014-15, operating income of the company
witnessed de-growth of ~10% and operating margins declined on
account of lower yarn realizations. The rating also factor in the
weak financial profile of RSPL with high gearing of 2.86 times as
on 31st March 2015 owing to debt funded capex incurred in the past
and working capital intensive nature of operations leading to
stretched coverage indicators as reflected in Total Debt/OPBDITA
at 4.75 times, OPBDIT/Interest charges at 2.10 times as on 31st
March 2015. The ratings also consider exposure of the company's
earnings to fluctuations in volatile cotton and yarn prices and
regulatory risks with regards to minimum support price for raw
cotton and curbs on exports for cotton lint and yarn. The rating
however, positively takes into account the experience of the
promoters in cotton ginning and spinning industry and proximity to
cotton growing areas of Guntur in the state of Andhra Pradesh
which provides the company advantage in terms of better raw
material availability and savings in logistics cost. Going
forward, the ability of the company to enhance its scale of
operations, improve profitability and capital structure will
remain the key rating sensitivities.
Rayani Spintex Private Limited (RSPL) was established by Mr.
Rayani Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava
Subba Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL has
commissioned the cotton spinning mill of 11,520 spindles in
November'2011. The company caters to domestic as well as
international markets and is largely into manufacturing of 32s to
40s counts of cotton yarn. The current capacity of the company is
14400 spindles which was enhanced by 2880 spindles in May'15.
Recent Results
As per audited financials for FY2015, RSPL reported an operating
income of INR39.05 crore with profit after tax of INR0.93 crore
and INR43.48 crore of operating income with profit after tax of
INR1.47 crore in FY2014.
RUSHABHDEV INFRAPROJECTS: ICRA Withdraws B Rating on INR10cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR10.00
crore term loan facility of Rushabhdev Infraprojects Private
Limited (RIPL) as there is no amount outstanding against the rated
facilities.
Rushabhdev Infraprojects Private Limited (RIPL) was incorporated
in 2011 and is engaged in construction of residential apartments.
The company is based out of Ahmedabad, Gujarat and is currently
focused on execution of residential projects in Ahmedabad. The
company is promoted by Shah & Benani families who have been
associated with the real estate business in Ahmedabad region for
over a decade. The promoters have carried out several projects
under the brand name of the "Sharan" in Ahmedabad under other
associate concerns. RIPL is currently executing a single
residential project, namely Sharan Sapphire in Ahmedabad region.
S. H. ENTERPRISES: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of S. H.
Enterprises.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of S. H. Enterprises
(SHE) are constrained by its small scale of operations coupled
with low margin trading nature of business, pricing constraints
and margin pressure arising out of competition from other players
in the market, working capital intensive nature of operation
leading to leveraged capital structure and geographical
concentration risk. The rating also factors in its partnership
form of constitution with inherent risk of withdrawal of capital
in the time of contingency and risk of dissolution on account of
poor succession planning. The aforesaid constraints are partially
offset by the long track record and experience of the partners in
trading of iron & steel products and advantages arising out of
strategic location of the warehouse.
The ability of the firm to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.
M/s. S. H. Enterprises (SHE) was set up as a proprietorship firm
in 1992 by Mr Sanjay Kumar Agarwal of Jamshedpur, Jharkhand for
carrying out business of trading of iron & steel products.
Subsequently in 2002, it was converted into a partnership firm
with the induction of Mr Murari Lal Agarwal as partner, with equal
profit sharing ratio.
SHE is a small sized Jharkhand based firm engaged in trading of
iron & steel products like MS Ingot, Sponge Iron, Coal, Coke, Iron
ore, etc. The firm mainly caters to clients present in Jharkhand.
As per FY15 provisional (refers to the period April 1 to
March 31), SHE reported a total operating income of INR56.26 crore
(as against INR21.81 crore in FY14) and a profit of INR0.21 crore
(as against INR0.16 crore in FY14). The management has
maintained that they have achieved turnover of INR30 crore in
Q1FY16.
During FY15 (Prov.; refers to the period April 1 to March 31),
JMDC reported a total operating income of INR16.19 crore (as
against INR8.54 crore in FY14) and a profit of INR0.81 crore (as
against INR0.27 crore in FY14). The management has
maintained that they have achieved turnover of INR7.5 crore in
Q1FY16.
SHREE KRISHNA: ICRA Suspends B+ Rating on INR8.60cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.60
crore limits of Shree Krishna Cold Storage. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.
Founded in the year 1999, Shree Krishna Cold Storage (SKCS) is
engaged in the business of trading of potato and potato seeds and
providing cold storage facility to potato farmers and traders on a
rental basis. The facility of the firm is located at Dehgam,
Gujarat having storage capacity of 22,500 MTPA of potatoes or
approximately 4,50,000 bags with each bag weighing ~50 kg. The
partners of the firm have more than a decade of experience by
virtue of their association with this firm.
SOOD AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sood Agro Mills
(SAM) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned the company's INR70.00 mil.
fund-based working capital limit a Long-term 'IND B+' rating with
a Stable Outlook and a Short-Term 'IND A4' rating.
KEY RATING DRIVERS
The ratings reflect SAM's small scale of operations and weak
operating profitability with top-line of INR284.94 mil. and EBITDA
margins of 4.39% in FY15 due to the company's presence in the
highly fragmented and intensely competitive food industry.
The ratings are also constrained by the company's weak credit
metrics as reflected by its gross EBITDA coverage of 1.34x and net
financial leverage (total adjusted net debt/operating EBITDAR) of
2.65x in FY15. The ratings further factor in SAM's partnership-
based nature of business.
However, the ratings are supported by over two-decade-long
experience of SAM's partners in the same line of business. The
liquidity is comfortable as evident from SAM's average working
capital utilization of 34% during the 12 months ended July 2015.
RATING SENSITIVITIES
Negative: An increase in EBIDTA margin pressures leading to
deterioration of the credit metrics will be negative for the
ratings.
Positive: A substantial increase in the revenue with an
improvement in the credit metrics will be positive for the
ratings.
COMPANY PROFILE
SAM manufactures white flour, whole wheat flour, bran, rice and
allied products at its 36,900mtpa manufacturing facility in
Fatehgarh.
SUJALA PIPES: CARE Ups Rating on INR31.80cr Loan to 'C'
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sujala Pipes Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 31.80 CARE C Revised from
CARE D
Short-term Bank Facilities 15.07 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Sujala Pipes Private Limited (SPPL) takes into account the
regularization of debt servicing due to improvement in liquidity
position of the company led by sanction of working capital term
loan January 2015 (Provisional; refers to the period April 01 to
March 31). Furthermore, the ratings are underpinned by
satisfactory experience of the promoters, moderate profitability
margins and industry growth prospects.
The ratings are, however, constrained by decline in revenue in
FY15, volatility in prices and availability of raw material,
working capital-intensive nature of the business, and
deterioration in the capital structure and debt coverage
indicators in FY15. The ability of the company to improve its
liquidity profile and scale of operations thereby improving
profitability, and efficiently manage its working capital
requirements are the key rating sensitivities.
Sujala Pipes Private Limited (SPPL), belonging to Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982
as a partnership concern and was reconstituted as a Private
Limited Company in February, 1988. SPPL is engaged in
manufacturing of Polyvinyl Chloride (PVC) pipes & fittings used in
irrigation projects, water management, sewerage & drainage
industry, etc.
Nandi group, promoted by Mr S P Y Reddy, is a South India based
industrial house having diversified business interest.
Apart from manufacturing of PVC pipes, the group has presence in
cement, steel, dairy and construction segment. Nandi group
comprises companies like Anantha PVC Pipes Private Limited (rated
CARE B/CARE A4), S.P.Y. Agro Industries Limited (rated CARE B-
/CARE A4), Nandi Pipes Private Limited (rated CARE B+/CARE A4),
Integrated Thermoplastics Limited (rated CARE D).
During FY15 (refers to the period April 1 to March 31), SPPL
posted a PBILDT of INR11.59 crore (Rs.11.41 crore in FY14) and a
PAT (after deferred tax) of INR0.26 crore (Rs.1.29 crore in FY14)
on a total operating income of INR193.64 crore (Rs.216.07 crore in
FY14).
SUNSHINE SOLPOWER: ICRA Assigns SP 2C Grading
---------------------------------------------
ICRA has assigned a 'SP 2C' grading to Sunshine Solpower
Generation Limited, indicating the 'High Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid for a period of two
year from the date of assignment of grading ie. till April 29,
2017 after which it will be kept under surveillance.
Grading Drivers
Strengths
* Strong experience of the promoters in the setting up of non-
conventional energy based power plants
* Customer base includes reputed players such as Hiranandani
Developers and KG Fabrics
* Tie-ups with reputed EPC contractors ensures timely execution
and lend operational credibility to projects
* Healthy order book position for the installation and operation
of 3.2 MW of solar based power plants
Risk Factors
* Limited track record of operations of the company
* Financial profile on a standalone basis remains weak on account
of nascent stage of operations with the company yet to commence
recognition of revenues from projects
Fact Sheet
Year of Formation: 2010
Office Address:
603, A wing, Prathamesh tower, Raghuvanshi mill compound, S.B.
Marg, Lower Parel (W), Mumbai-400013
Shareholding Pattern as on 31st December, 2014
Mr. Jamnejai Bagrodia
80.91%
Mr. Santosh Bagrodia
17.97%
M/s Suryaa Chamball Power Ltd
1.11%
Others
0.01%
Incorporated in February 2012, Sunshine Solpower Generation Ltd is
engaged in the managing, controlling, erecting, commissioning,
operating, running and leasing of power plants based on solar
energy. In the solar space, SSGL caters primarily to industrial
power users including hotels, retail malls, large industries and
to residential societies. It has installed ~ 1.37MW of capacity in
the Solar PV segment. SSGL has two group companies Suryaa Chamball
Power Ltd and Sathyam Green Power Pvt Ltd which are engaged in
setting up of power plants based on biomass and wind energies.
While the former has installed ~ 7.5 MW of capacity, the latter
has installed ~ 10MW of capacity based on biomass energy.
U R ENERGY: ICRA Assigns SP 5E Grading on Poor Financial Strength
-----------------------------------------------------------------
ICRA has assigned a 'SP 5E' grading to U R Energy (India) Private
Limited (UREIPL), indicating the 'Poor Performance Capability' and
'Poor Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid till June 30, 2017 after
which it will be kept under surveillance.
Grading Drivers
Strengths
* Moderate order book position
Risk Factors
* Start up nature of the company; small envisaged scale of
operations
* Absence of previous track record of the promoters in the solar
business
* Large number of organized/ unorganized players indicating high
level of competition may lead to difficulties in getting new
contracts and may pressurize
Fact Sheet
Year of Establishment: 2009
Office Address:
206, Shanti Arcade, Nr. Akash-III, 132 feet Ring Road, Naranpura,
Ahmedabad.
Directors:
Mr. Vishnu Patel
Mr. Paras Patel
The company was formed in 2009 as V City Entertainment Private
Limited. The name was changed to Universal Renewable Energy
Private Limited in FY2014, which was further changed to U R Energy
(India) Private Limited in FY2015. The company plans to commence
business of supply, assembly, fabrication and installation of
solar panels and other solar products and also operate as an EPC
contractor for on-grid and off-grid projects (both roof-top and
ground mount projects). The company plans to commence the
commercial operations by mid of September 2015 and has currently
rented an office at Naranpura, Ahmedabad. The company is currently
owned by Mr. Vishnu Patel (having 99.94% stake); however, Mr.
Vishnu Patel is in process of selling his stake to Dubai based
company namely U R Energy LLC.
U R Energy LLC
U R Energy LLC is a Dubai based entity incorporated with objective
to enter the solar business and currently has three subsidiaries
in United States of America, United Kingdom and Australia. Mr.
Vishnu Patel has an ownership stake of ~49% in U R Energy LLC
which he plans to divest partially to his UK, USA and Australia
based partners. The remaining 51% of the stake is owned by Dubai
based partner.
ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR18.00
crore fund based bank facilities and INR20.00 crore non-fund based
bank facilities of Ultra Dimensions Private Limited (UDPL) at
[ICRA]B. ICRA has also reaffirmed the long term rating assigned to
Rs.2.00 crore unallocated limits of UDPL at [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 18.00 [ICRA]B; Reaffirmed
Non Fund based
Limits 20.00 [ICRA]B; Reaffirmed
Unallocated 2.00 [ICRA]B; Reaffirmed
The rating reaffirmation continues to be constrained by UDPL's
modest scale of operations in the Defense works & Ship repair
industry; weak financial profile characterized by low
profitability, high gearing and weak coverage indicators. Further
the rating is constrained by the stretched liquidity position of
the company as reflected by the high cash credit limit utilization
levels during April 2014 and March 2015 months owing to procedural
delays in billing and collections given relatively large number of
approvals in defense contracts. The rating however, favorably
factors in experienced management; company's established
relationship with Indian Navy and Defense Machinery and Design
Development (DMDE), Secundarabad and order book position with
Order Book/OI of 2.14 times providing visibility of revenues in
the short term.
Going forward, the ability of the firm to manage its working
capital requirements and increase its scale of operations by
improving margins would be key rating sensitivities.
Ultra Dimensions Private Limited (UDPL), promoted by Mr. L.G.T Rao
and his wife Mrs. L. Navya is headquartered in Vishakhapatnam and
undertakes contracts for manufacturing Titanium Valves, setting up
of Sewage Treatment Plants(STP) on a turnkey basis, online
fittings and other items in addition to Civil, electrical, Hull
fabrication, Engineering works and Equipment supplies. It has
branch offices at Hyderabad and Port Blair (Andaman & Nicobar
Islands). The workshop at Hyderabad carries out manufacturing of
its key product -- Titanium valves while Port Blair office
undertakes repair works for ships. While the contracts for
manufacturing valves and setting up STP's are contract driven,
ship repair carried out at the Port Blair branch are miscellaneous
in nature and are not contract driven service.
Recent Result
The firm registered net profit of INR0.05 crore on revenues of
INR37.57 crore (unaudited) in FY15 as against net profit of
INR1.91 crore on revenues of INR36.25 crore (audited) in FY14.
VEEKAY PLAST: CARE Ups Rating on INR12.5cr Loan From B+
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Veekay
Plast.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12.50 CARE BB- Revised
from CARE B+
Short-term Bank Facilities 18.50 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating of Veekay Plast (VKP) takes
into account significant increase in its Total Operating Income
(TOI) along with increase in gross cash accruals level in FY15
(refers to the period of April 1 to March 31) as well as
improvement in solvency position and its strong order book
position.
The ratings of VKP, however, continue to remain constrained on
account of moderately leveraged capital structure, stressed
liquidity profile and its constitution as a partnership concern.
The ratings, further, remain constrained due to its presence in
the highly competitive pipe manufacturing industry and
vulnerability of its profit margins to fluctuations in
the raw material prices.
The ratings, however, continue to derive strength from the wide
experience of the partners and continuous financial support
provided by them.
The ability of the firm to increase its scale of operations in a
highly competitive industry while maintaining profitability
margins in light of the volatile raw material prices and better
management of working capital remain the key rating sensitivities.
Jaipur-based (Rajasthan) VKP was formed in 1995 as a partnership
concern promoted by Mr Vijay Narain Katiyar, Mrs Reema Godika and
Mr Vijay Kumar Katiyar. In 2012, Mr Vimal Katiyar joined the firm
in place of Mr Vijay Narain Katiyar.
The three partners have equal profit and loss sharing ratio in
VKP. VKP is engaged in the business of manufacturing of
Permanently Lubricated (PLB) High Density Polyethylene (HDPE) duct
which is used in the telecom industry, HDPE sprinkler pipes/system
which is used mainly in irrigation, HDPE pipes and coils for use
in the water supply distribution systems as well as industrial
applications like disposal of corrosive effluents, conveying
edible oils etc. The firm sells sprinkler pipes and systems under
the brand name of "Himangi". It manufacturers PLB HDPE ducts, HDPE
and sprinkler pipes in almost 20 different sizes. The
manufacturing facilities of the firm is located at Bagru near
Jaipur in a total area of approx 4,950 square meters and has an
installed capacity of 1355 Metric Tonnes Per Month (MTPM) as on
March 31, 2015. InMay 2010, VKP also started distribution of
plastic granules as Consignment Stockiest-cum-Del Credere
Associates (CS-cum-DCA) of Indian Oil Corporation Limited (IOCL)
for Rajasthan.
As per provisional results of FY15, VKP has reported a total
operating income of INR51.81 crore (FY14: INR23.28 crore) with
a net profit of INR 0.96 crore (FY14: INR0.30 crore).
YADAV TRACTOR: Ind-Ra Puts 'B+' LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yadav Tractor
Company (YTC) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The agency has also assigned YTC's bank loans these
ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash credit 24.30 Long-Term 'IND B+'/Stable and
Short-Term 'IND A4'
Letter of 30.00 Short-Term 'IND A4'
guarantee
KEY RATING DRIVERS
The ratings reflect YTC's small scale of operations, weak credit
metrics and low EBITDA margins. According to the provisional
financials for FY15, revenue was INR252.98 mil., financial
leverage (total adjusted debt/operating EBITDAR) was 4.95x,
interest coverage (operating EBITDA/gross interest expense) was
1.11x and EBITDA margins were 3.61%. Liquidity is stressed as
evident by the almost-full cash credit utilization during the 12
months ended August 2015.
The ratings are, however, supported by over two-decade-long
experience of YTC's promoters in trading tractors and the
company's well-established supplier base.
RATING SENSITIVITIES
Negative: A significant decline in the operating profitability
resulting in deterioration in the interest coverage will be
negative for the ratings.
Positive: A significant increase in the revenue along with an
improvement in the credit metrics will lead to a positive rating
action.
COMPANY PROFILE
YTC was established as a partnership firm in 1990 and is engaged
in the sales, services and spares of Mahindra Tractors. It also
holds a 3S authorized dealership of Mahindra tractors. The
company is located in Lucknow, Uttar Pradesh.
=================
I N D O N E S I A
=================
BERAU COAL: S&P Affirms then Withdraws 'SD' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and withdrew its 'SD'
long-term corporate credit rating and ASEAN regional scale rating
on Indonesian coal producer PT Berau Coal Energy Tbk. (Berau
Energy) because of a lack of sufficient information to maintain
the ratings. S&P also affirmed and withdrew the issue ratings on
the outstanding notes that the company issued or guarantees. S&P
is not able to ascertain whether the company will pay interest on
its US$500 million senior notes due Sept. 13, 2015.
Standard & Poor's lowered its long-term corporate credit rating on
Berau Energy to 'SD' on July 9, 2015, following the company's
announcement that it had obtained a moratorium by a Singapore
court against legal and enforcement actions by holders of US$450
million notes due July 8, 2015, issued by Berau Capital Resources
Pte. Ltd., a subsidiary of Berau Energy.
=========
J A P A N
=========
TOSHIBA CORP: Posts JPY12.3BB 1Q Net Loss as TV Sales Slump
-----------------------------------------------------------
Takashi Amano at Bloomberg News reports that Toshiba Corp. posted
a net loss for the first quarter as sales of televisions and
personal computers slumped and profit fell at its division that
makes chips.
The net loss was JPY12.3 billion ($102 million) for the three
months ended June, the Tokyo-based industrial group reported on
September 14 in a statement, Bloomberg relays. Sales were
JPY1.35 trillion, the lowest since the quarter ended December
2012.
Bloomberg notes that President Masashi Muromachi this month
pledged a "bold restructuring" of its chipmaking and lifestyle
divisions after reporting an annual loss and restating six years'
worth of earnings. Toshiba is releasing its second earnings report
in as many weeks after delaying results amid an accounting
scandal, the report says.
Meanwhile, Bloomberg reports that the Tokyo Stock Exchange said
Toshiba shares would be put on alert starting today, September 15
because trust in the company was damaged by the accounting
irregularities. The exchange fined Toshiba JPY91 million, Japan
Exchange Group Inc., which operates the bourse, said in a
statement on September 14, Bloomberg relays.
Bloomberg notes that companies put on alert post are required to
submit an improvement report to the exchange before being removed
from the list. Olympus Corp. was put on alert after its accounting
scandal in 2011.
First-quarter profit for the electronic devices and components
segments, which includes chips, fell 13 percent to JPY35.6
billion, Bloomberg discloses.
The lifestyle business, which makes personal computers,
televisions and appliances, had a JPY20.7 billion operating loss
in the quarter, Bloomberg reports citing Toshiba's statement.
Bloomberg adds that the company plans an extraordinary general
meeting on Sept. 30 and has said it intends to give a forecast for
the current fiscal year in October.
About Toshiba Corp.
The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.
The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.
On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating. The ratings outlook is stable.
The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others. The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others. The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment. The Others segment
leases and sells real estate.
====================
N E W Z E A L A N D
====================
ENERGY MAD: Gets NZ$500,000 Loan Lifeline From Superlife
--------------------------------------------------------
Alan Wood at Stuff.co.nz reports that struggling eco-bulb firm
Energy Mad has been handed a NZ$500,000 credit lifeline from one
of its main shareholders, SuperLife.
Stuff.co.nz says the Christchurch headquartered company said the
loan would help fund production in Australia.
Stuff.co.nz relates that a broker said that the loan was a
lifeline to the eco-bulb producer.
In July, the NZX-listed company told shareholders at their annual
meeting that it needed to triple profits to reach its forecast
break-even point in the next two years, the report says.
According to the report, managing director Chris Mardon said the
company was aiming to cut its losses and increase sales to reach
break-even.
In late 2014, the firm began its restructure by outsourcing sales
and cutting staff from 30 fulltime equivalents to eight, the
report relays.
Stuff.co.nz notes that the company was focused on increasing its
sales of light emitting diode (LED) bulbs into Australia's energy
efficiency schemes, and building its direct to consumer LED sales
in New Zealand.
SuperLife is owned by NZX, however, on September 9, NZX would not
comment on SuperLife's Energy Mad investment, Stuff.co.nz notes.
The report relates that Mr. Mardon said the two-year loan facility
with a one year extension option would support production growth
initiatives in New Zealand and Australia, where the company was
seeing good prospects.
"Generally we've been going pretty well . . . in terms of progress
into Australia," the report quotes Mr. Mardon as saying. "We've
now got all the key accreditations we need in the (South
Australian and Victorian) schemes for our lightbulbs, and we've
got plenty of customer demand for those. Having an overdraft
facility in place certainly helps with things like chasing bigger
light bulb orders."
According to the report, Grant Williamson, director at brokerage
Hamilton Hindin Greene, said Energy Mad had been struggling for
some time, and it was positive that extra funds had been found.
"The company has been a pretty big disappointment since it listed
on the market. Future prospects I would say are uncertain."
SILVER FERN: No Taxpayer Bailout For Firm, PM Says
--------------------------------------------------
Stuff.co.nz reports that Prime Minister John Key said there will
be no NZ$100 million taxpayer bailout for struggling Silver Fern
Farms.
Stuff.co.nz relates that the meat processing co-operative is
reportedly considering a capital injection from Chinese investors.
NZ First said the Government should step in rather than let
foreigners take a controlling stake, the report says.
But Prime Minister Key said the Government has had no talks with
the Dunedin-based company and there won't be any cash or loans.
"The Government won't be giving them money," he told reporters.
"They certainly haven't approached me on that," the report quotes
Prime Minister Key as saying.
According to the report, Prime Minister Key also said there were
no Cabinet discussions on September 9 on the proposed sale of
Lochinver Station, near Taupo, to the Chinese Shanghai Pengxin
group.
Ministers Paula Bennett and Louise Upston have been mulling over
the decision for four months, the report notes.
"I think they have been seeking a bit more information but exactly
why it's taking a bit longer, I don't know," the report quotes Mr.
Key as saying.
A TVNZ poll out on September 9 showed 54% of respondents want to
prevent sensitive land sales to foreigners, according to the
report.
"In some ways, people might say that it is narrower than you might
think because you are essentially saying about half of people
think there should be some sort of ban," Prime Minister Key said.
"And half the people broadly don't, within the margin of error. I
think what that shows you is there is a role and place . . . for
foreign investment in New Zealand."
"My view of it is there is a place for foreign investment, but it
is always on a case-by-case basis."
Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries. The company employs
more than 6,000 staff.
=====================
P H I L I P P I N E S
=====================
PHILIPPINES: Moody's Cuts Country's Two-Year Growth Forecast
------------------------------------------------------------
Lawrence Agcaoili at The Philippine Star reports that Moody's
Investors Service slashed its economic growth projection for the
Philippines for this year and next year amid the subdued global
growth exacerbated by weaker demand in China.
The Star relates that Moody's, in its latest report on Asia
Pacific Sovereigns titled "Credit profiles resilient to slowing
exports, subdued domestic demand," scaled down the gross domestic
product (GDP) growth forecast for the Philippines to
5.7 percent instead of 6.7 percent this year and to six percent
instead of 6.5 percent next year.
The report says the Philippines recorded a slower growth of
5.3 percent in the first half of the year from 6.4 percent in the
same period last year on the back of weak global demand and lack
of government spending.
According to the Star, the country's GDP growth accelerated to 5.6
percent in the second quarter of the year from the revised five
percent in the first quarter of the year on improved government
expenditures.
"In the Philippines, slowing export growth and fiscal
underspending weighed on output in the first half of the year. On
the supply side, the El Ni¤o-related dry spell hurt agricultural
production, contributing to our lower GDP growth forecast of 5.7
percent for 2015," Moody's, as cited by the Star, said.
The Star notes that the debt watcher expects GDP growth to pick up
in the second half of the year supported by higher government
spending on major infrastructure projects.
"Nevertheless, we expect fiscal disbursements to accelerate in the
second half, and to see further progress on infrastructure
development related to the government's public private partnership
program," it added.
Economic managers have penned a GDP growth of between seven and
eight percent this year, according to the Star.
However, Socioeconomic Planning Secretary Arsenio Balisacan
earlier admitted the country's GDP expansion could settle between
six and 6.5 percent this year, the Star adds.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Sept. 7 to Sept. 11, 2015
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY LTD 10.00 10/30/23 AUD 1.93
AUSDRILL FINANCE PTY 6.88 11/01/19 USD 71.35
AUSDRILL FINANCE PTY 6.88 11/01/19 USD 71.68
BOART LONGYEAR MANAG 7.00 04/01/21 USD 68.00
BOART LONGYEAR MANAG 7.00 04/01/21 USD 68.00
CML GROUP LTD 9.00 01/29/20 AUD 0.90
CRATER GOLD MINING L 10.00 08/18/17 AUD 32.00
EMECO PTY LTD 9.88 03/15/19 USD 57.00
EMECO PTY LTD 9.88 03/15/19 USD 72.50
FMG RESOURCES AUGUST 6.88 04/01/22 USD 60.77
FMG RESOURCES AUGUST 6.88 04/01/22 USD 64.71
IMF BENTHAM LTD 6.35 06/30/19 AUD 70.38
KBL MINING LTD 12.00 02/16/17 AUD 0.32
KEYBRIDGE CAPITAL LT 7.00 07/31/20 AUD 0.70
LAKES OIL NL 10.00 03/31/17 AUD 8.13
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 5.03
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 4.40
RESOLUTE MINING LTD 10.00 12/04/17 AUD 1.00
STOKES LTD 10.00 06/30/17 AUD 0.40
TREASURY CORP OF VIC 0.50 11/12/30 AUD 64.59
CHINA
-----
CHANGCHUN CITY DEVEL 6.08 03/09/16 CNY 40.56
CHANGZHOU INVESTMENT 5.80 07/01/16 CNY 40.90
CHANGZHOU WUJIN CITY 5.42 06/09/16 CNY 50.50
CHINA GOVERNMENT BON 1.64 12/15/33 CNY 73.42
DANDONG CITY DEVELOP 7.81 09/06/17 CNY 71.90
DATONG ECONOMIC CONS 6.50 06/01/17 CNY 72.10
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 69.45
GRANDBLUE ENVIRONMEN 6.40 07/07/16 CNY 70.10
HANGZHOU XIAOSHAN ST 6.90 11/22/16 CNY 71.79
HUAIAN CITY URBAN AS 7.15 12/21/16 CNY 70.60
KUNSHAN ENTREPRENEUR 4.70 03/30/16 CNY 40.31
LIAOYUAN STATE-OWNED 7.80 01/26/17 CNY 71.32
NANJING NANGANG IRON 6.13 02/27/16 CNY 50.35
NANTONG STATE-OWNED 6.72 11/13/16 CNY 69.50
NINGBO CITY ZHENHAI 6.48 04/12/17 CNY 71.65
OCEAN RIG UDW INC 7.25 04/01/19 USD 58.00
OCEAN RIG UDW INC 7.25 04/01/19 USD 57.75
PANJIN CONSTRUCTION 7.70 12/16/16 CNY 72.26
QINGZHOU HONGYUAN PU 6.50 05/22/19 CNY 40.56
SHENGZHOU HOTEL CO L 9.20 02/26/16 CNY 100.00
TAIZHOU CITY CONSTRU 6.90 01/25/17 CNY 70.58
TONGLIAO CITY INVEST 5.98 09/01/17 CNY 70.50
WUHU ECONOMIC TECHNO 6.70 06/08/18 CNY 75.10
WUXI COMMUNICATIONS 5.58 07/08/16 CNY 50.75
XIANGTAN JIUHUA ECON 6.93 12/16/16 CNY 71.80
YANGZHOU ECONOMIC DE 6.10 07/07/16 CNY 50.61
YANGZHOU URBAN CONST 5.94 07/23/16 CNY 40.80
YUNNAN INVESTMENT GR 5.25 08/24/17 CNY 71.21
INDONESIA
---------
BERAU COAL ENERGY TB 7.25 03/13/17 USD 58.75
BERAU COAL ENERGY TB 7.25 03/13/17 USD 37.79
GAJAH TUNGGAL TBK PT 7.75 02/06/18 USD 71.01
GAJAH TUNGGAL TBK PT 7.75 02/06/18 USD 75.63
INDONESIA TREASURY B 6.38 04/15/42 IDR 68.79
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 10.88
BLUE DART EXPRESS LT 9.30 11/20/17 INR 10.09
BLUE DART EXPRESS LT 9.50 11/20/19 INR 10.18
BLUE DART EXPRESS LT 9.40 11/20/18 INR 10.13
COROMANDEL INTERNATI 9.00 07/23/16 INR 15.23
GTL INFRASTRUCTURE L 3.53 11/09/17 USD 24.88
INCLINE REALTY PVT L 10.85 04/21/17 INR 6.66
INCLINE REALTY PVT L 10.85 08/21/17 INR 9.99
INDIA GOVERNMENT BON 0.34 01/25/35 INR 23.44
JAIPRAKASH ASSOCIATE 5.75 09/08/17 USD 70.78
JCT LTD 2.50 04/08/11 USD 21.50
ORIENTAL HOTELS LTD 2.00 11/21/19 INR 74.98
PRAKASH INDUSTRIES L 5.25 04/30/15 USD 46.13
PYRAMID SAIMIRA THEA 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 20.63
REI AGRO LTD 5.50 11/13/14 USD 20.63
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 41.13
AVANSTRATE INC 5.00 11/05/17 JPY 30.50
ELPIDA MEMORY INC 0.70 08/01/16 JPY 10.25
ELPIDA MEMORY INC 0.50 10/26/15 JPY 10.25
ELPIDA MEMORY INC 2.03 03/22/12 JPY 10.25
ELPIDA MEMORY INC 2.10 11/29/12 JPY 10.25
ELPIDA MEMORY INC 2.29 12/07/12 JPY 10.25
KOREA
-----
2014 KODIT CREATIVE 5.00 12/25/17 KRW 29.49
2014 KODIT CREATIVE 5.00 12/25/17 KRW 29.49
DONGBU STEEL CO LTD 5.00 03/09/18 KRW 62.24
DOOSAN CAPITAL SECUR 20.00 04/22/19 KRW 37.51
HYUNDAI HEAVY INDUST 4.90 12/15/44 KRW 51.83
HYUNDAI HEAVY INDUST 4.80 12/15/44 KRW 52.80
HYUNDAI MERCHANT MAR 7.05 12/27/42 KRW 35.96
KIBO ABS SPECIALTY C 10.00 08/22/17 KRW 25.68
KIBO ABS SPECIALTY C 10.00 09/04/16 KRW 37.73
KIBO ABS SPECIALTY C 10.00 02/19/17 KRW 35.34
KIBO ABS SPECIALTY C 5.00 01/31/17 KRW 31.29
KIBO ABS SPECIALTY C 5.00 03/29/18 KRW 28.47
KIBO GREEN HI-TECH S 10.00 12/21/15 KRW 50.66
LSMTRON DONGBANGSEON 4.53 11/22/17 KRW 29.14
POSCO ENERGY CORP 4.66 08/29/43 KRW 66.64
POSCO ENERGY CORP 4.72 08/29/43 KRW 66.01
POSCO ENERGY CORP 4.72 08/29/43 KRW 66.04
PULMUONE CO LTD 2.50 08/06/45 KRW 66.69
SINBO SECURITIZATION 5.00 08/16/17 KRW 30.53
SINBO SECURITIZATION 5.00 09/28/15 KRW 66.34
SINBO SECURITIZATION 5.00 10/05/16 KRW 33.40
SINBO SECURITIZATION 5.00 10/05/16 KRW 31.80
SINBO SECURITIZATION 5.00 08/31/16 KRW 33.75
SINBO SECURITIZATION 5.00 08/31/16 KRW 33.75
SINBO SECURITIZATION 5.00 07/08/17 KRW 30.94
SINBO SECURITIZATION 5.00 07/08/17 KRW 30.94
SINBO SECURITIZATION 5.00 06/27/18 KRW 27.95
SINBO SECURITIZATION 5.00 06/27/18 KRW 27.95
SINBO SECURITIZATION 5.00 07/24/18 KRW 27.75
SINBO SECURITIZATION 5.00 07/24/18 KRW 27.75
SINBO SECURITIZATION 5.00 07/24/17 KRW 29.86
SINBO SECURITIZATION 5.00 08/29/18 KRW 27.29
SINBO SECURITIZATION 5.00 08/29/18 KRW 27.29
SINBO SECURITIZATION 5.00 08/16/16 KRW 32.89
SINBO SECURITIZATION 5.00 08/16/17 KRW 30.53
SINBO SECURITIZATION 5.00 01/19/16 KRW 40.63
SINBO SECURITIZATION 5.00 03/14/16 KRW 35.66
SINBO SECURITIZATION 5.00 02/21/17 KRW 31.87
SINBO SECURITIZATION 5.00 01/29/17 KRW 32.13
SINBO SECURITIZATION 5.00 02/02/16 KRW 39.45
SINBO SECURITIZATION 8.00 02/02/16 KRW 43.24
SINBO SECURITIZATION 5.00 03/13/17 KRW 31.64
SINBO SECURITIZATION 5.00 03/13/17 KRW 31.64
SINBO SECURITIZATION 5.00 07/26/16 KRW 34.13
SINBO SECURITIZATION 5.00 07/26/16 KRW 34.13
SINBO SECURITIZATION 5.00 12/25/16 KRW 31.73
SINBO SECURITIZATION 5.00 05/27/16 KRW 34.81
SINBO SECURITIZATION 5.00 05/27/16 KRW 34.81
SINBO SECURITIZATION 5.00 06/29/16 KRW 34.45
SINBO SECURITIZATION 5.00 12/13/16 KRW 32.63
SINBO SECURITIZATION 5.00 01/15/18 KRW 29.30
SINBO SECURITIZATION 5.00 01/15/18 KRW 29.30
SINBO SECURITIZATION 5.00 02/11/18 KRW 28.83
SINBO SECURITIZATION 5.00 02/11/18 KRW 28.83
SINBO SECURITIZATION 5.00 10/01/17 KRW 29.98
SINBO SECURITIZATION 5.00 10/01/17 KRW 29.98
SINBO SECURITIZATION 5.00 10/01/17 KRW 29.98
SINBO SECURITIZATION 5.00 12/07/15 KRW 46.77
SINBO SECURITIZATION 10.00 12/27/15 KRW 49.64
SINBO SECURITIZATION 5.00 02/21/17 KRW 31.87
SINBO SECURITIZATION 5.00 03/12/18 KRW 28.61
SINBO SECURITIZATION 5.00 03/12/18 KRW 28.61
SINBO SECURITIZATION 5.00 06/07/17 KRW 22.76
SINBO SECURITIZATION 5.00 06/07/17 KRW 22.76
SINBO SECURITIZATION 5.00 09/26/18 KRW 27.09
SINBO SECURITIZATION 5.00 09/26/18 KRW 27.09
SINBO SECURITIZATION 5.00 09/26/18 KRW 27.09
SK TELECOM CO LTD 4.21 06/07/73 KRW 64.73
TONGYANG CEMENT & EN 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & EN 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & EN 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & EN 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & EN 7.50 07/20/14 KRW 70.00
U-BEST SECURITIZATIO 5.50 11/16/17 KRW 30.21
WISE MOBILE SECURITI 20.00 07/17/18 KRW 72.48
SRI LANKA
---------
SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 68.87
MALAYSIA
--------
BANDAR MALAYSIA SDN 0.35 12/29/23 MYR 70.43
BANDAR MALAYSIA SDN 0.35 02/20/24 MYR 69.93
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 70.31
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 68.84
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 66.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.27
SENAI-DESARU EXPRESS 0.50 12/29/45 MYR 74.57
SENAI-DESARU EXPRESS 0.50 12/31/40 MYR 68.89
SENAI-DESARU EXPRESS 0.50 12/30/44 MYR 73.65
SENAI-DESARU EXPRESS 0.50 12/31/38 MYR 65.77
SENAI-DESARU EXPRESS 0.50 12/30/39 MYR 67.56
SENAI-DESARU EXPRESS 0.50 12/31/41 MYR 70.03
SENAI-DESARU EXPRESS 0.50 12/31/43 MYR 72.68
SENAI-DESARU EXPRESS 0.50 12/31/42 MYR 71.58
SENAI-DESARU EXPRESS 1.35 12/29/28 MYR 56.70
SENAI-DESARU EXPRESS 1.35 12/31/27 MYR 59.03
SENAI-DESARU EXPRESS 1.15 06/28/24 MYR 66.84
SENAI-DESARU EXPRESS 1.15 06/30/23 MYR 70.09
SENAI-DESARU EXPRESS 1.35 12/31/29 MYR 54.37
SENAI-DESARU EXPRESS 1.10 12/31/21 MYR 74.95
SENAI-DESARU EXPRESS 1.15 12/30/22 MYR 71.78
SENAI-DESARU EXPRESS 1.35 06/30/28 MYR 57.87
SENAI-DESARU EXPRESS 1.10 06/30/22 MYR 73.21
SENAI-DESARU EXPRESS 1.35 06/30/26 MYR 62.57
SENAI-DESARU EXPRESS 1.35 12/31/26 MYR 61.37
SENAI-DESARU EXPRESS 1.35 06/28/30 MYR 53.22
SENAI-DESARU EXPRESS 1.35 12/31/30 MYR 52.00
SENAI-DESARU EXPRESS 1.35 06/30/31 MYR 50.77
SENAI-DESARU EXPRESS 1.35 12/31/25 MYR 63.83
SENAI-DESARU EXPRESS 1.35 06/30/27 MYR 60.18
SENAI-DESARU EXPRESS 1.15 06/30/25 MYR 63.71
SENAI-DESARU EXPRESS 1.35 06/29/29 MYR 55.54
SENAI-DESARU EXPRESS 1.15 12/29/23 MYR 68.45
SENAI-DESARU EXPRESS 1.15 12/31/24 MYR 65.24
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.05
PHILIPPINES
-----------
BAYAN TELECOMMUNICAT 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICAT 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE LT 7.54 05/18/18 USD 63.84
BAKRIE TELECOM PTE L 11.50 05/07/15 USD 3.92
BAKRIE TELECOM PTE L 11.50 05/07/15 USD 3.92
BERAU CAPITAL RESOUR 12.50 07/08/15 USD 61.50
BERAU CAPITAL RESOUR 12.50 07/08/15 USD 74.78
BLD INVESTMENTS PTE 8.63 03/23/15 USD 9.50
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 28.25
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 21.02
BUMI INVESTMENT PTE 10.75 10/06/17 USD 25.94
BUMI INVESTMENT PTE 10.75 10/06/17 USD 21.02
ENERCOAL RESOURCES P 6.00 04/07/18 USD 14.50
GOLIATH OFFSHORE HOL 12.00 06/11/17 USD 30.00
INDO INFRASTRUCTURE 2.00 07/30/10 USD 1.88
ORO NEGRO DRILLING P 7.50 01/24/19 USD 74.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.00
OTTAWA HOLDINGS PTE 5.88 05/16/18 USD 79.00
OTTAWA HOLDINGS PTE 5.88 05/16/18 USD 60.73
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 4.00
MDX PCL 4.75 09/17/03 USD 36.75
VIETNAM
-------
BANK FOR INVESTMENT 10.33 05/19/16 VND 1.00
BANK FOR INVESTMENT 10.20 05/19/21 VND 1.00
DEBT AND ASSET TRADI 1.00 10/10/25 USD 57.80
DEBT AND ASSET TRADI 1.00 10/10/25 USD 54.75
*********
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 ***