/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/151229.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, December 29, 2015, Vol. 18, No. 255 Headlines A U S T R A L I A ATLAS IRON: S&P Lowers CCR to 'CC'; Outlook Negative CHERIES PIES: First Creditors' Meeting Set For Jan. 7 HOYTS GROUP: S&P Withdraws 'B' Issuer Credit Rating INFA PRODUCTS: First Creditors' Meeting Set For Jan. 7 SUBURBAN SYSTEMS: First Creditors' Meeting Set For Jan. 7 TITAN ENERGY: Placed Into Administration C H I N A * CHINA: Bad Bank Sells Stake With View to IPO I N D I A A-1 LAUNDRY: CRISIL Suspends 'D' Rating on INR85MM Term Loan ADITYA CONSTRUCTIONS: ICRA Assigns B/A4 Rating to INR10cr Loan AEROLAM INSULATIONS: CRISIL Suspends B+ Rating on INR37MM Loan AKASH PET: CARE Assigns B+ Rating to INR13.56cr LT Loan AMITH CASHEW: CRISIL Assigns B+ Rating to INR35MM Pledge Loan ASIAN INSTITUTE: ICRA Assigns B+ Rating to INR13.25cr LT Loan AVADH COTTON: ICRA Reaffirms 'B' Rating on INR4.50cr Loan BEE KAY: CRISIL Lowers Rating on INR80MM Cash Loan to 'C' DHARMARATHINA TEXTILE: CRISIL Suspends B Rating on INR96MM Loan EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR100M Loan EVEREST HOLOVISIONS: CARE Reaffirms B+ Rating on INR4.39cr Loan GHATGE PATIL: CARE Assigns 'D' Rating to INR7.50cr LT Loan GOVIND RUBBER: CRISIL Cuts Rating on INR401.8MM Cash Loan to D GURU KIRPA: CRISIL Assigns 'B' Rating to INR60MM Cash Credit HALDIA NIRMAN: CRISIL Reaffirms B Rating on INR56.5MM Loan IMPEX FERRO: ICRA Cuts Rating on INR123.24cr Term Loan to D JINDAL TIMBER: ICRA Suspends B+ Rating on INR16cr Loan K.S. COT: CARE Reaffirms 'B' Rating on INR0.12cr LT Loan K. S. COTEX: CARE Reaffirms 'B' Rating on INR0.58cr LT Loan KALPAKA TRANSPORT: CRISIL Reaffirms B Rating on INR90MM Loan KERALA TRANSPORT: CRISIL Reaffirms 'B' Rating on INR290MM Loan KUJJAL BUILDERS: CARE Lowers Rating on INR150cr LT Loan to 'D' LANCO VIDARBHA: CARE Assigns 'D' Rating to INR9,614cr LT Loan M S AHUJA: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan M V ALLOYS: ICRA Suspends B+ Rating on INR7.82cr Loan MALT COMPANY: ICRA Lowers Rating on INR15cr LT Loan to B+ MANIKANTA COTTON: ICRA Upgrades Rating on INR12.50cr Loan to B NILKANTH CHAWAL: CARE Lowers Rating on INR5.07cr LT Loan to D PMV MALTINGS: ICRA Raises Rating on INR80MM Term Loan to B+ PRASADHINI ENTERPRISES: CARE Rates INR12cr Term Loan at B+ PRERNA SERVICES: CARE Assigns B+ Rating to INR5.5cr LT Loan RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to B+ RAJASTHAN VIKAS: ICRA Reaffirms B Rating on INR25cr Loan REVIVE CONSTRUCTION: CRISIL Suspends 'B' Rating on INR100M Loan SAKA EMBROIDERY: CRISIL Suspends B Rating on INR50MM Term Loan SEPCON SYSTEMS: CRISIL Assigns B+ Rating to INR31MM Cash Loan SHIV CARRIERS: CRISIL Assigns 'B' Rating to INR125MM Term Loan SHIVAM ENTERPRISE: CRISIL Reaffirms B+ Rating on INR80MM Loan SHREE BHAWANI: CARE Assigns B+/A4 Rating to INR13.50cr Loan SHREE MAHAVIR: CRISIL Assigns 'B+' Rating to INR120MM Cash Loan SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.50cr LT Loan SILVERLINE ELECTRICALS: CRISIL Reaffirms B+ Rating on INR30M Loan SITARAM HISSARIA: CRISIL Assigns 'B' Rating to INR60MM Loan SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr Loan SRI SAI: CRISIL Cuts Rating on INR100MM LT Loan to 'B-' SRI MUTHUMARI: CRISIL Assigns 'D' Rating to INR70MM Term Loan SURGICION MEDEQUIP: CARE Assigns 'D' Rating to INR5cr LT Loan TAN SINGH: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR189.4MM Loan TULSI DEVI: CARE Assigns B+ Rating to INR1.86cr LT Loan VASUNDHARA DEVELOPERS: ICRA Assigns B Rating to INR10cr Loan VATSHAL INDUSTRIES: ICRA Suspends 'B' Rating on INR5.11cr Loan VIKAS COTTON: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan J A P A N SHARP CORP: Hon Hai Willing to Buy Firm Provided Top Mgt Revamped N E W Z E A L A N D HONEYPOT CAFE: In Administration, Owes NZ$250,000 TE AUPOURI: Inquiry Confirms Board Was Insolvent X X X X X X X X * BOND PRICING: For the Week Dec. 21 to Dec. 25, 2015 - - - - - ================= A U S T R A L I A ================= ATLAS IRON: S&P Lowers CCR to 'CC'; Outlook Negative ---------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Atlas Iron Ltd. to 'CC' from 'CCC+'. The outlook is negative. At the same time, S&P lowered the rating on the company's senior secured notes to 'CC' from 'CCC+'. The recovery rating remains unchanged at '4'. "We lowered the rating on Atlas Iron because we view the company's signed restructuring support agreement with its lenders of the term loan B (TLB) as a distressed debt exchange equivalent to a de-facto default," said Standard & Poor's credit analyst May Zhong. Under the agreements, Atlas Iron will pay down the TLB by an aggregate amount of US$10 million and issue shares and options to the TLB lenders in exchange for the TLB lenders retiring US$132 million of the TLB debt. Should the restructure be successfully implemented, Atlas Iron will reduce its term loan debt from US$267 million to US$135 million; extend the maturity date to April 2021, from December 2017; and will incur lower interest rates than those in the original terms and conditions. In accordance with S&P's criteria for distressed debt exchange, S&P believes that, in the absence of an agreement with the lenders, there was a realistic possibility of a conventional default on the senior secured notes over the near to medium term. This is because Atlas Iron's mines could struggle to remain cash flow positive under the challenging industry conditions. In S&P's view, despite the company's continued efforts to reduce its operating costs, the rapid fall in iron ore prices since October 2015 could outweigh the benefits of the company's innovative collaboration agreement with its contactors. S&P estimates that Atlas Iron is currently drawing down cash to fund its operations. Should this trend continue, the miner may struggle to service its debt over the next 12 months. S&P believes that Atlas Iron will benefit from a lower interest expense and leverage once the agreeement is implemented. However, key to its viability is the timing of the recovery in iron ore prices and the company's liquidity position. Ms. Zhong added: "The negative outlook reflects the likelihood that we will lower the rating to 'SD' (selective default) once Atlas Iron's proposed transaction with its lenders is completed. We will then review Atlas Iron's credit profile after taking into account the oulook for the iron ore industry, as well as the company's debt level, further efforts to reduce its production costs, and liquidity level." CHERIES PIES: First Creditors' Meeting Set For Jan. 7 ----------------------------------------------------- Christopher Darin and Nicholas Malanos of Worrells were appointed as administrators of Cheries Pies Pty Ltd on Dec. 23, 2015. A first meeting of the creditors of the Company will be held at the Meeting Room, Worrells, Suite 1, Level 15, 9 Castlereagh Street, in Sydney, on Jan. 7, 2016, at 11:30 a.m. HOYTS GROUP: S&P Withdraws 'B' Issuer Credit Rating --------------------------------------------------- Standard & Poor's Ratings Services said that it had withdrawn its 'B' issuer credit rating on Hoyts Group Holdings LLC. This rating withdrawal follows the repayment of all of the group's outstanding rated debt issues from proceeds of a new debt facility. At the time of withdrawal, the outlook on the long-term rating was positive, reflecting the group's strong free cash flow generation and improving financial profile. INFA PRODUCTS: First Creditors' Meeting Set For Jan. 7 ------------------------------------------------------ Christopher Damien Darin and Nicholas Malanos of BRI Ferrier were appointed as administrators of Infa Products Pty Ltd on Dec. 23, 2015. A first meeting of the creditors of the Company will be held at BRI Ferrier, Level 30, Australia Square 264 George Street, in Sydney, on Jan. 7, 2016, at 10:00 a.m. SUBURBAN SYSTEMS: First Creditors' Meeting Set For Jan. 7 --------------------------------------------------------- Jonathan Paul McLeod of McLeod & Partners was appointed as administrator of Suburban Systems Pty Ltd, formerly known as Centenary Accounting Pty Ltd and Centenary Accounting, on Dec. 23, 2015. A first meeting of the creditors of the Company will be held at McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street, in Brisbane, Queensland, on Jan. 7, 2016, at 10:00 a.m. TITAN ENERGY: Placed Into Administration ---------------------------------------- Cliff Sanderson at Dissolve.com.au reports that Titan Energy Services Ltd has been placed into administration. Joanne Dunn and Stefan Dopking of FTI Consulting were appointed administrators of the company on Dec. 21, 2015, the report discloses. According to the report, the company tried to sell assets and raise funds, but was unsuccessful. In recent years, its losses mounted and it attempted to rein in costs reducing its workforce from 230 to 48 in November, Dissolve.com.au reports. Titan Energy Services offered resources-camp accommodation and drilling services. ========= C H I N A ========= * CHINA: Bad Bank Sells Stake With View to IPO ----------------------------------------------- Grace Zhu at The Wall Street Journal reports that China Great Wall Asset Management Corp. said on Dec. 22 that two state entities will become investors and that it will seek more investors to pave the way for an eventual initial public offering. The Journal relates that the asset-management company -- one of four Chinese financial institutions known as "bad banks" for buying up sour loans -- said China's National Social Security Fund and China Life Insurance will buy unspecified stakes in the firm. It didn't disclose details. The moves will dilute the ownership of China's Ministry of Finance, which currently holds 100% of its stake, the Journal says. According to the Journal, China Great Wall said it plans to attract five to eight more strategic investors by June 2017, who together will hold a 20% stake. The moves will pave the way for an IPO that it hopes will take place both at home and abroad. The Journal says Beijing set up four state-owned asset-management companies in the 1990s to help resolve some CNY1.3 trillion ($200.72 billion) of bad debt from the nation's state banks. The four have since moved to buy bad debt from other types of Chinese companies. Two of the bad banks -- China Cinda Asset Management Co. and China Huarong Asset Management Co. -- have finished their share listings in Hong Kong as the cooling economy in recent years has fueled a surge in bad assets, the report relates. The Journal adds that China's bad banks make money from distressed assets by buying them at a discount from the country's banks and other companies, and then restructuring the debt or recovering cash from the borrowers. ========= I N D I A ========= A-1 LAUNDRY: CRISIL Suspends 'D' Rating on INR85MM Term Loan ------------------------------------------------------------ CRISIL has suspended its ratings on the bank facilities of A-1 Laundry Services (ALS). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 8 CRISIL D Cash Credit 5 CRISIL D Proposed Long Term Bank Loan Facility 7 CRISIL D Term Loan 85 CRISIL D The suspension of ratings is on account of non-cooperation by ALS with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ALS is yet to provide adequate information to enable CRISIL to assess ALS's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability -- a key risk factor in credit ratings'. ALS, set up in 2010, is a Mumbai-based joint venture firm promoted by three partners: All Services Global Pvt Ltd, Key Engineers & Developers Pvt Ltd, and Tesla Environmental Engineering Service Pvt Ltd. The firm, which commenced operations in April 2013, provides laundry services for the Central Railway. ADITYA CONSTRUCTIONS: ICRA Assigns B/A4 Rating to INR10cr Loan -------------------------------------------------------------- ICRA has assigned the long-term rating of [ICRA]B and short-term rating of [ICRA]A4 to the INR10 crore unallocated limits of Aditya Constructions. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Unallocated Limits 10.00 [ICRA]B/[ICRA]A4 assigned The assigned rating is constrained by the weak financial profile of the company, characterized by modest scale of operations despite significant growth in FY15, thin profit margins and cash accruals with low margin trading business dominating the revenue mix. ICRA takes a note of the high execution risk involved on the back of significantly higher order book in comparison to current scale of operations of the construction division. ICRA also notes the high order book concentration with the entire order book for the construction division consisting of a single customer and anticipated increase in debt levels to fund the working capital requirements of construction division which could stretch the capital structure and coverage indicators in the near term. The ratings, however, draw comfort from the long standing experience of AC's promoters in the field of steel trading and execution of civil construction works. Going forward, ability of the company to scale up its operations by timely execution of current orders, improve profitability and effectively manage its working capital requirements will be the key rating sensitivity from credit perspective. Aditya Constructions was established in 2012 as a proprietorship concern and is engaged in trading of Steel, Granite processing and trading and also execution of construction projects under the capacity of sub-contractor. Mr. Ramesh Reddy is the Proprietor of the firm. Mr. Reddy is a B.Tech graduate and has prior experience of 15 years in the same field. In FY15, Steel Trading contributed about 80% to the entire revenues while Granite trading and job- works and Construction contributed 10% each towards the total revenues. Recent Result According to audited FY2014 results, the firm recorded an operating income of INR12.26 crore with a net profit of INR0.13 crore. As per provisional FY2015 numbers, the firm estimates an operating income of INR62.38 crore with a net profit of INR0.28 crore. AEROLAM INSULATIONS: CRISIL Suspends B+ Rating on INR37MM Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Aerolam Insulations Pvt Ltd (AIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 37 CRISIL B+/Stable Term Loan 36 CRISIL B+/Stable The suspension of rating is on account of non-cooperation by AIPL with CRISIL's efforts to undertake a review of the rating outstanding. Despite repeated requests by CRISIL, AIPL is yet to provide adequate information to enable CRISIL to assess AIPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability -- a key risk factor in credit rating'. AIPL, incorporated in 2011, was established by Patel family of Ahmedabad (Gujarat). The company manufactures reflective roof insulation and air bubble insulation material. AKASH PET: CARE Assigns B+ Rating to INR13.56cr LT Loan ------------------------------------------------------- CARE assigns 'CARE B+' ratings to the bank facilities of Akash Pet Containers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 13.56 CARE B+ Assigned Rating Rationale The ratings assigned to the bank facilities of Akash Pet Containers Private Limited (APC) are constrained by the nascent stage of operations, concentrated customer base and thin PAT margin. The ratings are also constrained by the weak gearing and coverage indicators and long operating cycle due to high inventory levels. The ratings, however factor in the three decade long experience of the promoters in the packaging industry and established relationship with customers. Going forward, ability of the company to effectively utilize the capacity being put up towards increasing the scale of operations, prudently manage its raw material price risk and working capital requirements would be the key rating sensitivities. Akash Pet Containers Private Limited (APC) was incorporated in 2011 by Mr D Manickasundaram, Managing Director along with his sister Ms A Indira with the objective of manufacturing PET (Polyethylene terephthalate) bottle and its aluminium caps. APC was established as MRVS Pet Containers Private Limited and subsequently the name was changed in October 2013. APC manufactures PET bottles of various size such as 180ml, 500ml, 750ml, 1litre, 2litre etc. which are used in the liquor industry. APC commenced its aluminum caps production from April 2015. APC has an installed capacity to manufacture 180 tons of PET bottles per month and 35 tons of aluminium caps per month as of July 31, 2015. APC has achieved a PAT of INR0.03 crore on a total operating income of INR8.97 crore in FY15 (provisional, refers to the period April 1 to March 31) as compared with a PAT of INR0.01 crore on a total operating income of INR5.54 crore in FY14. AMITH CASHEW: CRISIL Assigns B+ Rating to INR35MM Pledge Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities Amith Cashew Industries (ACI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 3.2 CRISIL B+/Stable Pledge Loan 35 CRISIL B+/Stable Cash Credit 25 CRISIL B+/Stable Long Term Loan 6.8 CRISIL B+/Stable The rating reflects the firm's modest scale of operations in the intensely competitive cashew industry, and below-average financial risk profile because of a small networth and below-average debt protection metrics. These rating weaknesses are partially offset by the extensive experience of ACI's partners in the cashew processing industry. Outlook: Stable CRISIL believes ACI will continue to benefit over the medium term from its partners' extensive industry experience. The outlook may be revised to 'Positive' in case of a significant increase in revenue and profitability, resulting in an improved financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of lower-than-expected revenue and profitability, substantial debt-funded capital expenditure, or significant withdrawals by partners, leading to weakening of the financial risk profile. Set up in 2009 as partnership firm, ACI processes raw cashew nuts and sells cashew kernels. The firm market its products under the 'OM Cashews' brand. The firm, based in Udupi (Karnataka), is promoted by the Pai family. Operations are managed by Mr. Paladka Shankar Pai and his son Mr. Amith Pai. ASIAN INSTITUTE: ICRA Assigns B+ Rating to INR13.25cr LT Loan ------------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B+ to the INR13.25 crore long-term loans of Asian Institute of Oncology Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term fund based limits 13.25 [ICRA]B+ assigned The rating assigned takes into consideration the limited track record of operations of the company and the long gestation period associated with recently established hospital projects, the low bed occupancy levels and the stiff competitive pressures exerted by reputed players in the region of operations of the company. The rating is further constrained by the weak financial profile, as evinced by the net losses, stretched capital structure and weak coverage indicators. The ability of the company to commercialise the indigenous facility within estimated timelines, achieve adequate occupancies and per bed revenues will be key rating sensitivities. The rating however, draws comfort from the association with a reputed body of oncology experts with a vast experience in the field and he support extended by way of availability of leased infrastructure facility to the project in the initial years of operations. The rating also takes into consideration the healthy revenues recorded by the company in the first full year of operations in FY2015. The revenues have further grown by ~35% (annualised; provisional) during H1 FY2016, accompanied by improved profitability levels and net cash accruals. The Asian Institute of Oncology Private Limited (AIOPL) was instituted by a collaboration between the Asian Institute of Oncology (AIO) and Somaiya Ayurvihar. AIO is an association of 25 doctors (including Dr. S.H. Advani. Dr. R.K. Deshpande, Dr. Deepak Parikh and others), who specialise in the field of oncology. The Association was born in 2002 in the Wellspring Clinic Piramal Complex (Mumbai) and has collaborated with the S.L. Raheja Hospital (associated with Fortis Healthcare Limited), before shifting the base of operations to Somaiya Ayurvihar. The company is currently operating out of a leased facility at Somaiya Ayurvihar, which is equipped with ~80 beds. An indigenous facility for ~200 beds is planned to be constructed in an adjacent plot at Sion, Mumbai, which is expected to be commercialised by FY2017. Recent Results During the 12-month period ending March 31, 2015, the company has reported net losses of INR4.37 crore on an operating income of INR30.64 crore (provisional). During the 12-month period ending March 31, 2014, the company has reported a net loss of INR4.55 crore on an operating income of INR10.97 crore. During the 6-month period ending September 30, 2015, the company has reported net losses of INR0.31 crore on an operating income of INR20.83 crore (provisional). AVADH COTTON: ICRA Reaffirms 'B' Rating on INR4.50cr Loan --------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.50 crore cash credit cum ODBD (Overdraft against Book Debt) facility and the INR1.43 crore term loan facility of Avadh Cotton Industries- Jamnagar. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Cash Credit cum ODBD 4.50 [ICRA]B reaffirmed Fund Based Term Loan 1.43 [ICRA]B reaffirmed The reaffirmation of the rating continues to factor in Avadh Cotton Industries' (ACI) modest scale and limited track record of operations and financial profile characterized by modest profitability and stretched capital structure due to recently incurred debt funded capex and reliance on external working borrowings. ICRA also takes note of the highly competitive and fragmented industry structure with limited value additive nature of operations, which leads to pressure on profitability. The rating further incorporates the vulnerability of margins to adverse movements in agricultural produce prices due to the current low prices on account of slow cotton demand in market. Also, being a partnership firm, any substantial withdrawal by the partners can have an adverse impact on the capital structure of the firm. The rating, however, continues to factor in the favorable location of the firm giving it easy access to high quality raw cotton. Avadh Cotton Industries was established in January 2014 as a partnership firm by Mr. Rohitbhai Sitapara and five other partners. The firm is engaged in the ginning and pressing of raw cotton. In December 2014, the firm commenced ginning operations. The operations of the firm are managed by Mr. Shaileshbhai Chikani, Mr. Rashikbhai Vaishnav and Mr. Rohitbhai Sitapara. The manufacturing plant of the firm is situated at Moti Banugar, District Jamnagar in Gujarat. It is equipped with 24 ginning machines and one pressing machine with an installed capacity to produce 225 cotton bales per day (24 hours operation). Recent Results In FY15, the firm reported an operating income of INR21.51 crore and net profit of INR0.17 crore. BEE KAY: CRISIL Lowers Rating on INR80MM Cash Loan to 'C' --------------------------------------------------------- CRISIL has downgraded the ratings on the bank facilities of Bee Kay Precision India Private Limited (Bee Kay Precision) to 'CRISIL C/CRISIL A4' from 'CRISIL BB/Stable/'CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Downgraded from 'CRISIL BB/Stable') Cash Credit 80 CRISIL C (Downgraded from 'CRISIL BB/Stable') The rating downgrade reflects weakening in liquidity of Bee Kay Precision marked by instances of delay in servicing its debt obligations. CRISIL believes that the liquidity will remain weak over the medium term. The rating reflects Bee Kay Precision's modest scale of operations in a fragmented industry and its working-capital-intensive operations. These rating weaknesses are partially offset by promoters' funding support and their extensive experience in the manufacturing industry. Bee Kay Precision was originally established as a proprietorship concern in Kanpur (Uttar Pradesh). This firm was reconstituted as a private limited company in 2006. Bee Kay Precision manufactures sheet metal and machined components. DHARMARATHINA TEXTILE: CRISIL Suspends B Rating on INR96MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Dharmarathina Textile Pvt Ltd (DTPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 45 CRISIL B/Stable Proposed Long Term Bank Loan Facility 69 CRISIL B/Stable Term Loan 96 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by DTPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DTPL is yet to provide adequate information to enable CRISIL to assess DTPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability -- a key risk factor in credit ratings'. DTPL, set up in 2006, derives its revenue from supply of cotton yarn. Its day-to-day operations are managed by Mr. Dharmarajan and his son, Mr. D Ravi. EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR100M Loan ---------------------------------------------------------------- CRISIL's rating on the long-term bank facility of Edimannickal Fashion Jewellery (EFJ) continue to reflect the firm's modest scale of operations in an intensely competitive gold jewellery retail segment, and the below-average financial risk profile, marked by its subdued debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the promoters' extensive experience in the jewellery industry. Outlook: Stable CRISIL believes that EFJ will continue to benefit from the promoters' extensive industry experience, over the medium term. The outlook may be revised to 'Positive' if the firm improves its financial risk profile with sizeable cash accruals. Conversely, the outlook may be revised to 'Negative' if EFJ's financial risk profile deteriorates with significantly low revenue or profitability, and significant debt-funded capital expenditure. Established in 2012, EFJ retails gold jewellery and operates one showroom in Kerala. The firm's daily operations are managed by Mr. E T Jose. EFJ, reported a provisional profit after tax (PAT) of INR0.8 million on net sales of INR153.6 million for 2014-15 (refers to financial year, April 1 to March 31), vis-a-vis PAT of INR0.7 million on net sales of INR153.4 million for 2013-14. EVEREST HOLOVISIONS: CARE Reaffirms B+ Rating on INR4.39cr Loan --------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Everest Holovisions Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.39 CARE B+ Reaffirmed Short-term Bank Facilities 0.80 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Everest Holovisions Limited (EHL) continue to be constrained by the relatively small scale of operations coupled with low and fluctuating profit margins and continuous cash losses, leveraged capital structure and weak debt coverage indicators. The ratings further continue to be constrained by working capital intensive nature of operations, presence in fragmented and competitive holograms industry and susceptibility to raw material price fluctuation. The ratings however continue to derive strength from the long and established track record of EHL with reputed clientele along with the vast experience of the promoters in the industry and their demonstrated financial support. Going forward, ability of the company to increase its scale of operations along with improving profit margins and capital structure amidst intense competition and efficiently manage working capital cycle are the key rating sensitivities. Established as Ojasmit Holovision Ltd in 1997, Everest Holovision Ltd (EHL) is an ISO 9001-2000 certified company and an accredited member of International Hologram Manufacturers Association (IHMA) and Authentication Solution Providers' Association (ASPA, erstwhile Hologram Manufacturers Association of India). It is engaged in manufacturing of holographic solutions (such as holograms stickers, holographic films, holographic integrated labels, holographic stamping foils, holographic shrink sleeves, holographic strip and Holographic wads). EHL procures raw materials (mainly high quality polyester films, adhesives and release liner) largely from local suppliers (around 99% of total purchase in FY15 refers to the period April 1 to March 31) and the rest through imports. The company generated around 95% of its revenue from domestic market during FY15 (vis-a-vis about 90% in FY14), while the exports accounted for the rest. EHL operates a manufacturing facility located at Silvasa, having an installed capacity of about 3,150 MTPA and capacity utilization level of around 35% in FY15. EHL's products find application in diverse fields of printing, pharmaceuticals, automobile and others for brand establishment; brand protection and promotion purposes. During FY15 (refers to the period of April 01 to March 31), the total operating income of EHL stood at INR17.65 crore (compared to INR18.21 crore in FY14) while net loss incurred by the entity stood at INR1.14 crore in FY15 (compared to INR1.32 crore FY14). GHATGE PATIL: CARE Assigns 'D' Rating to INR7.50cr LT Loan ---------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Ghatge Patil Transports Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7.50 CARE D Assigned Short term Bank Facilities 0.06 CARE D Assigned Rating Rationale The ratings assigned to the bank facilities of Ghatge Patil Transports Limited (GPTL) factor in continuous overdrawal in its cash credit facility on account of the stretched liquidity position of the company. GPTL is the flagship company of the Ghatge group and has been operational since 1958 in the name of Ghatge & Patil (Transports) Private Limited. During September 2002, the company was converted into public limited (closely held) and as the name was changed to 'Ghatge Patil Transports Limited'. GPTL is engaged in logistics; owning fleet of over 360 vehicles with over 300 branches pan India. Furthermore, under the name of Chetan Motors (Division of GPTL) the company operates as an authorised auto dealer of TataMotors Limited (TML). GOVIND RUBBER: CRISIL Cuts Rating on INR401.8MM Cash Loan to D -------------------------------------------------------------- CRISIL has downgraded the ratings on the bank facilities of Govind Rubber Limited (GRL) to 'CRISIL D/CRISIL D' from 'CRISIL B- /Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 35 CRISIL D (Downgraded from 'CRISIL A4') Bill Discounting 42.9 CRISIL D (Downgraded from 'CRISIL B-/Stable') Bills -- Inland 12.6 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 401.8 CRISIL D (Downgraded from 'CRISIL B-/Stable') Letter of Credit 286 CRISIL D (Downgraded from 'CRISIL A4') Packing Credit 36 CRISIL D (Downgraded from 'CRISIL A4') Proposed Long Term 366.5 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B-/Stable') Term Loan 109.2 CRISIL D (Downgraded from 'CRISIL B-/Stable') Working Capital 210 CRISIL D (Downgraded from Demand Loan 'CRISIL B-/Stable') The downgrade reflects instances of delays in servicing term debt obligations by GRL. The delays have been caused by the company's weak liquidity marked by insufficient cash accrual to meet debt obligations. The ratings also factor in GRL's weak financial risk profile marked by high gearing and weak debt protection metrics, and susceptibility of GRL's margins to volatility in raw material prices. These rating weaknesses are partially offset by the GRL's established market position coupled with extensive experience of its promoters in the tyre industry. GRL, incorporated in 1985, is engaged in manufacturing of tyres and tubes. The company's business operations are overseen by Mr. Vinod Poddar. GRL has its manufacturing facilities located at Ludhiana, Punjab. GURU KIRPA: CRISIL Assigns 'B' Rating to INR60MM Cash Credit ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Guru Kirpa Agro Industries -- Firozpur (GKAI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Warehouse Financing 20 CRISIL B/Stable Cash Credit 60 CRISIL B/Stable Term Loan 40 CRISIL B/Stable The rating reflects the firm's modest scale of operations and susceptibility of its operating profitability to volatility in paddy prices. The rating also factors in a below-average financial risk profile because of high gearing and average debt protection metrics. These rating weaknesses are partially offset by the partners' extensive experience in the rice industry. Outlook: Stable CRISIL believes GKAI will continue to benefit over the medium term from its partners' extensive industry experience and their funding support. The outlook may be revised to 'Positive' in case of substantial improvement in the financial risk profile, driven most likely by more-than-expected revenue growth leading to high cash accrual, or capital infusion, along with efficient working capital management. Conversely, the outlook maybe revised to 'Negative' in case of lower-than-expected cash accrual, a substantial increase in working capital requirement, or large debt funded capital expenditure, further constraining the firm's liquidity. GKAI was established as a partnership firm in 2013 by Mr. Rajinder Kumar and seven others. The firm primarily processes basmati and non-basmati rice at its facilities in Fazilka, Punjab. Its operations are managed by Mr. Rajinder Kumar, supported by the other partners. HALDIA NIRMAN: CRISIL Reaffirms B Rating on INR56.5MM Loan ---------------------------------------------------------- CRISIL's ratings on the bank facilities of Haldia Nirman Projects Private Limited (HNPPL) continue to reflect the company's small scale of operations in the highly fragmented civil construction industry and large working capital requirement. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4 (Reaffirmed) Cash Credit 56.5 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 21.8 CRISIL B/Stable (Reaffirmed) Term Loan 1.7 CRISIL B/Stable (Reaffirmed) These weaknesses are partially offset by the extensive experience of HNPPL's promoter, and moderate order book providing revenue visibility over the medium term. Outlook: Stable CRISIL believes HNPPL will continue to benefit over the medium term from promoter's extensive industry experience and moderate order book. The outlook may be revised to 'Positive' if ramp-up of operations or greater customer diversity strengthens business risk profile or if liquidity improves through better-than-expected accrual, efficient working capital management, or capital infusion by the promoter. Conversely, lower-than-expected accrual, stretch in working capital cycle, or any large debt-funded capital expenditure leading to deterioration in liquidity may lead to a revision in the outlook to 'Negative'. Promoted by the Kolkata-based Mr. Saroj Kumar Bera in 2004, HNPPL undertakes civil construction and structural fabrication such as reservoir construction, civil foundation, housing, and land development primarily for privates companies. Operations are managed by promoter-director, Mr. Sourav Kumar Bera. IMPEX FERRO: ICRA Cuts Rating on INR123.24cr Term Loan to D ----------------------------------------------------------- ICRA has revised downwards the long-term rating assigned to the INR23.64 crore term loans, INR123.24 crore working capital term loans, INR33.28 crore funded interest term loans, INR98.44 crore fund based limits, INR1.40 crore unallocated limits, and INR10.00 crore bank guarantee limits of Impex Ferro Tech Limited (IFTL) to [ICRA]D from [ICRA]C. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term loans 23.64 Downgraded to [ICRA]D from [ICRA]C Working capital term loans 123.24 Downgraded to [ICRA]D from [ICRA]C Funded Interest Term Loan 33.28 Downgraded to [ICRA]D from [ICRA]C Fund Based Limits 98.44 Downgraded to [ICRA]D from [ICRA]C Letter of Credit 40.00 Downgraded to [ICRA]D from [ICRA]A4 Bank Guarantee 10.00 Downgraded to [ICRA]D from [ICRA]C/[ICRA]A4 Unallocated Limit 1.40 Downgraded to [ICRA]D from [ICRA]C The bank guarantee limits have also been rated on the short term scale, for which the rating has been revised downwards to [ICRA]D from [ICRA]A4. The short term rating for the INR40.00 crore letter of credit facilities of the company has also been downgraded to [ICRA]D from [ICRA]A4. The revision in the ratings take into account the recent instance of devolvement of a Letter of credit (L/C) facility of the company, and the resulting irregularity in bank payment remaining uncorrected for a period more than 30 consecutive days. ICRA notes that IFTL's cash flows are under stress, given the low realization of the company's products vis-a-vis its cost of production. The ratings also take into account the adverse financial metrics of the company as reflected by its loss making nature of operations, highly aggressive capital structure, and stretched liquidity position. Additionally, ICRA notes that IFTL's non-integrated nature of operations exposes the company's margins and cash flows to the variability in the ferro alloy and raw material prices. The ratings, however, favorably factor in the experience of the promoters of the company in the steel and ferro alloys industries, as well as the company's favorable debt repayment schedule over the near term, in line with the recently implemented CDR programme, which is likely to support the liquidity position of the company going forward. Nevertheless, sizeable debt is required to be serviced over the medium term. IFTL, promoted by the SKP group based out of Kolkata, West Bengal, is engaged in the manufacturing of ferro alloys from its facility located at Asansol in West Bengal. The company started this business in 1998 with two furnaces of 3.6 and 5.0 MVA respectively. Over the years, the company added additional ferro alloy manufacturing facilities, comprising two 7.5 MVA furnaces and one 8.25 MVA furnace. In addition, the company had also commissioned a 30 MW coal based power plant. Apart from manufacturing ferro alloys, IFTL is also engaged in trading of iron and steel based products. Recent results IFTL had registered a net loss of INR61.44 crore on an operating income of INR506.69 crore in financial year 2014-15 (FY15) as compared to a net loss of INR54.85 crore on an operating income of INR699.30 crore in FY14. As per unaudited financial results, IFTL has registered a net loss of INR27.06 crore on an operating income of INR157.53 crore in April-September 2015. JINDAL TIMBER: ICRA Suspends B+ Rating on INR16cr Loan ------------------------------------------------------ ICRA has suspended the long term rating of [ICRA]B+ assigned to the INR2.00 crore fund based bank facilities and the short term rating of [ICRA]A4 assigned to the INR16.00 crore non fund based bank facilities of Jindal Timber & Plywood Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund- Based Limits Long Term 2.00 [ICRA]B+; Suspended Non Fund- Based Limits- Short Term 16.00 [ICRA]A4; Suspended The ratings were suspended due to lack of cooperation by the client to provide any further information. JTPPL is a privately owned company that was incorporated in March 2009. Directors of the company are Mr. Ramesh Jain and Mr. Dinesh Jain. Both the directors are actively engaged in the working of the business. The company imports timber mainly from Malaysia, New Zealand, Burma and Germany. The variety of timber that the company deals in is mainly used in furniture making and light construction work. The company's head office is located at Karnal (Haryana) and branch office is located at Gandhidham (Gujarat) and is engaged in cleaning and sawing of logs to make clean squared timber blocks. All the sawn timber produced at its Gandhidham (Gujarat) factory is sold from its office in Karnal in Haryana, and Gandhidham in Gujarat. K.S. COT: CARE Reaffirms 'B' Rating on INR0.12cr LT Loan -------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of K.S. Cot Fiber Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 0.12 CARE B Reaffirmed Long-term /Short-term Bank Facilities 7.00 CARE B/CARE A4 Re-affirmed Rating Rationale The ratings assigned to the bank facilities of K.S. Cot Fiber Private Limited (KSCPL) continue to remain constrained on account of the decline in the total operating income (TOI) coupled with thin profit margins, leveraged capital structure, weak debt coverage indicators and elongated working capital cycle. The rating is further constrained due to susceptibility of profit margins to cotton price fluctuations, seasonality associated with the cotton industry and the company's presence in highly fragmented cotton ginning and pressing industry with limited value addition resulting into working-capital intensive nature of operations. The ratings, however, continue to draw strength from the wide experience of the partners in the cotton industry and location advantage in terms of proximity to the cotton seed growing regions in Madhya Pradesh. The ratings also factor in improvement in profit margin and capital structure during FY15 (refers to the period April 1 to March 31). The ability of KSCPL to increase the scale of operations along with improvement in profit margins and capital structure while managing its working capital requirements efficiently are the key rating sensitivities. KSCPL was incorporated in June 2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as a private limited company. KSCPL is engaged into the business of cotton ginning and pressing. KSCPL deals in 'Shankar 6' type of cotton which is being sourced through local farmers from Madhya Pradesh and Maharashtra. KSCPL operates from its sole manufacturing plant located at Sendhwa (Madhya Pradesh) which has an installed capacity of 18,900 metric tonnes per annum (MTPA) as onMarch 31, 2015. During FY15 (A), KSCPL reported a TOI of INR39.11 crore and PAT of INR0.18 as against TOI of INR47.83 crore and PAT of INR0.20 crore during FY14 (A). During 8MFY16 (Provisional), KCIPL has achieved TOI of around INR15 crore. K. S. COTEX: CARE Reaffirms 'B' Rating on INR0.58cr LT Loan ----------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of K. S. cotex (I) Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 0.58 CARE B Reaffirmed Long-term /Short-term Bank Facilities 6.74 CARE B/CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of K. S. Cotex (I) Private Limited (KCIPL) continue to remain constrained on account of the weak financial risk profile marked by thin profit margins, leveraged capital structure and weak debt coverage indicators. The ratings are further constrained due to susceptibility of profit margins to cotton price fluctuations, seasonality associated with the cotton industry and company's presence in highly fragmented cotton ginning and pressing industry with limited value addition resulting into working-capital intensive nature of operations. The ratings, however, continue to draw strength from the wide experience of the promoters in the cotton industry and location advantage in terms of proximity to the cotton growing regions in Madhya Pradesh. The ratings also factor in decline in total operating income during FY15 (refers to the period April 1to March 31). The ability of KCIPL to increase the scale of operations along with improvement in the profit margins and capital structure while managing its working capital requirements efficiently are the key rating sensitivities. KCIPL was incorporated in April 2011 by Mr Hemant Kumar Agrawal and Mr Amar Kumar Agrawal as a private limited company with an objective for setting up of new ginning and pressing unit. KCIPL deals in 'Shankar 6' type of cotton which is being sourced through local farmers from Madhya Pradesh as well as Maharashtra. KCIPL operates from its sole manufacturing plant located at Malkapur (Madhya Pradesh) with an installed capacity to process. 18,900 metric tones per annum (MTPA) as onMarch 31, 2015. During FY15 (A), KCIPL reported a TOI of INR27.75 crore and PAT of INR0.06 as against TOI of INR33.58 crore and PAT of INR0.17 crore during FY14 (A). During 8MFY16 (Provisional), KCIPL has achieved TOI of around INR13 crore. KALPAKA TRANSPORT: CRISIL Reaffirms B Rating on INR90MM Loan ------------------------------------------------------------ CRISIL's rating on the bank facility of Kalpaka Transport Co Private Limited continue to reflect the group's below-average financial risk profile because of high gearing and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 90 CRISIL B/Stable (Reaffirmed) The ratings also factor in working capital-intensive operations, and susceptibility to intense competition in the road freight transport industry. These rating weaknesses are partially offset by the group's established position in this industry and diversified customer profile. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of KTC and Kalpaka Transport Company Pvt Ltd (KTCPL). This is because the two entities, together referred to as the KTCO group, are in the same line of business, under a common management, and have significant operational linkages and fungible cash flows between them. Outlook: Stable CRISIL believes the KTCO group will continue to benefit over the medium term from its promoters' extensive industry experience and established tie-ups with clients. The outlook may be revised to 'Positive' in case of a significant increase in profitability supported by improvement in working capital management, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if debt protection metrics deteriorate, most likely because of lower-than-expected growth in operating revenue, decline in profit margins, or substantial debt-funded capital expenditure. Set up in 1958 and based in Kerala, KTC is a partnership firm set up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson, Mr. P V Nidhish. The firm provides freight transportation services largely to companies manufacturing fast-moving consumer goods, automobiles, paints, and tyres, all over India. KTC also owns and operates two Indian Oil Corporation Ltd (IOCL) fuel bunks in Kozhikode and provides air cargo clearing and custom house agency services at the Nedumbassery Airport and Cochin Port, all in Kerala. Also, it owns some property and has undertaken projects to build residential flats for sale. KTCPL, incorporated in 1973, provides freight transportation services. It also owns and operates one IOCL fuel bunk in Kozhikode. KERALA TRANSPORT: CRISIL Reaffirms 'B' Rating on INR290MM Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Kerala Transport Company (KTC; part of the KTCO group) continue to reflect the group's below-average financial risk profile because of high gearing and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL A4 (Reaffirmed) Cash Credit 290 CRISIL B/Stable (Reaffirmed) Long Term Loan 40 CRISIL B/Stable (Reaffirmed) The ratings also factor in working capital-intensive operations, and susceptibility to intense competition in the road freight transport industry. These rating weaknesses are partially offset by the group's established position in this industry and diversified customer profile. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of KTC and Kalpaka Transport Company Pvt Ltd (KTCPL). This is because the two entities, together referred to as the KTCO group, are in the same line of business, under a common management, and have significant operational linkages and fungible cash flows between them. Outlook: Stable CRISIL believes the KTCO group will continue to benefit over the medium term from its promoters' extensive industry experience and established tie-ups with clients. The outlook may be revised to 'Positive' in case of a significant increase in profitability supported by improvement in working capital management, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if debt protection metrics deteriorate, most likely because of lower-than-expected growth in operating revenue, decline in profit margins, or substantial debt-funded capital expenditure. Set up in 1958 and based in Kerala, KTC is a partnership firm set up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson, Mr. P V Nidhish. The firm provides freight transportation services largely to companies manufacturing fast-moving consumer goods, automobiles, paints, and tyres, all over India. KTC also owns and operates two Indian Oil Corporation Ltd (IOCL) fuel bunks in Kozhikode and provides air cargo clearing and custom house agency services at the Nedumbassery Airport and Cochin Port, all in Kerala. Also, it owns some property and has undertaken projects to build residential flats for sale. KTCPL, incorporated in 1973, provides freight transportation services. It also owns and operates one IOCL fuel bunk in Kozhikode. KUJJAL BUILDERS: CARE Lowers Rating on INR150cr LT Loan to 'D' -------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Kujjal Builders Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 150 CARE D Revised from CARE BBB- (SO) Rating Rationale The revision in the ratings assigned to the bank facilities of Kujjal Builders Pvt Ltd (KBPL) takes into consideration the ongoing delays in debt servicing on account of liquidity mismatches. The rating also factors in the downgrade of Bharat Hotels Ltd (BHL) to 'CARE D' on account of on-going delays in BHL. KBPL is a step-down subsidiary (Prime Cellular Limited, a 100% subsidiary of Bharat Hotels Ltd (BHL) holds 50% shares of KBPL) of BHL with remaining 50% shares of KBPL being held by other group company of BHL. KBPL has developed a 179-room 5-star hotel in Chandigarh under the brand name of 'The Lalit'. The total cost of project was INR410 crore financed through debt of INR155 crore and equity of INR80 crore and unsecured loans of INR175 crore. KBPL has commenced its commercial operations from Q4FY14. LANCO VIDARBHA: CARE Assigns 'D' Rating to INR9,614cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE D' ratings to bank facilities of Lanco Vidarbha Thermal Power Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 9,614 CARE D Assigned Rating Rationale The rating of Lanco Vidarbha Thermal Power Ltd takes into account the ongoing delays by Lanco Vidarbha Thermal Power Ltd (LVTPL) in servicing its debt obligations. Lanco Vidarbha Thermal Power Limited incorporated on 23rd February 2005 is promoted by Lanco Group. The company was initially incorporated as a 'Private Limited' company and later converted into a 'Public Limited' company on May 10, 2010. LVTPL was promoted to develop, construct, own and operate a 1,320 MW (2x660 MW) thermal power plant based on domestic coal. The project is being implemented on super critical technology by way of a turnkey Engineering, Procurement & Construction (EPC) contract with an initial estimated project cost of INR6,936 crore to be financed at a debt to equity ratio of 4:1. The debt portion of INR5,549 crore is tied up with financing by a consortium of 16 banks/ FIs led by Punjab National Bank. The construction activities at the Project started on March 1, 2011 and were progressing satisfactorily until October 18, 2011 when the project company slowed down all activities at site subsequent to a court directive in response to a Public Interest Litigation (PIL) disputing the environment clearance accorded to the project. Subsequently by May 2013, all the construction activities were completely stopped. The environment clearance was then subsequently revalidated vide MoEF letter dated August 21, 2014. For nearly 2 years the construction activities were at halt and restarted on April 1, 2015. The above mentioned reasons and increase in project scope resulted into increase in project cost to INR10,433 crores from the appraised cost of INR 6,936 crores resulting in an increase of INR3,497 crore along with shift in COD to September 2017. It is proposed that this increase will be funded in the debt equity ratio of 4:1. On the fuel supply arrangements, LVTPL had received two separate Letters of Assurances (LOA) from South Eastern Coalfields Limited (SECL) on 26th October 2010 and 11th February 2011 for supply of 2.75 MTPA each aggregating to 5.50 MTPA of grade F coal against requirement of 6.61 MTPA. The balance fuel shall be sourced through e-auction from Coal India Limited and its subsidiaries. For the power offtake, LVTPL has PPA with National Energy Trading and Services limited (NETS) on February 11, 2011 for sale of 330 MWof power at levelized tariff INR3.25/kWh. M S AHUJA: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan ---------------------------------------------------------- ICRA has reaffirmed its rating of [ICRA]B on the INR8.50 crore bank facilities of M S Ahuja Agro Foods Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 5.00 [ICRA]B; reaffirmed Term Loan 3.50 [ICRA]B; reaffirmed The rating reaffirmation takes into account the small scale and limited track record of operations of the company and its high reliance on debt (including promoter loans) resulting in adverse capital structure and stretched liquidity. The rating is also constrained by the vulnerability of the company's profitability to adverse fluctuations in raw material costs which are subject to seasonality and crop harvest and the highly competitive nature of the industry with the presence of a large number of unorganized players. The rating, however, derives comfort from the experience of the promoters in the agricultural industry and the location advantage of being situated in Punjab with easy availability of paddy and favourable demand prospects for rice with India being the second largest producer and consumer of rice. The ability of the company to ramp up operations profitably, achieve satisfactory capacity utilisation and sales volumes and manage liquidity will be the key rating sensitivities. MSAAF was incorporated in May 2013 to engage in the milling and sorting of rice to produce raw and parboiled rice at its plant located in Muktsar, Punjab with a milling capacity of 5 metric tonnes of paddy per hour (MTPH) and sorting capacity of 4 MTPH. The company is promoted by the Ahuja family, who have been engaged in the rice milling and sorting business through an associate firm, namely Shri Gobind Enterprises (SGE) which is engaged in a similar line of business since 2012. SGE also has a milling capacity of 5 MTPH of paddy and sorting capacity of 4 MTPH of rice. The promoters of the company have been engaged in the agri inputs business for the last five decades acting as commission agents (for wheat, paddy, cotton etc) for the farmers in the surrounding areas. M V ALLOYS: ICRA Suspends B+ Rating on INR7.82cr Loan ----------------------------------------------------- ICRA has suspended the [ICRA]B+ rating assigned to the INR7.82 crore limits of M V Alloys. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. M V Alloys (MVA) was established in November 2010 as a partnership firm and is engaged in the manufacturing of mild steel billets which are used as a raw material by rolling mills for manufacturing of mild steel bars, angles, beams etc. The firm is promoted by Mr. Khushnoodraza S Varteji and Mr. Aliraza M. Varteji. The manufacturing unit is located in Bhavnagar with installed capacity of manufacturing 17,280 MT of mild steel billets per annum. MALT COMPANY: ICRA Lowers Rating on INR15cr LT Loan to B+ --------------------------------------------------------- ICRA has revised its long term rating on the INR17.70 crore (reduced from INR20.00 crore) fund based facility of The Malt Company (India) Private Limited to [ICRA]B+ from [ICRA]BB. ICRA has reaffirmed its short term rating on the INR3.00 crore non-fund based facility (enhanced from INR2 crore) of the company at [ICRA]A4. ICRA has also revised its rating on the INR4.30 crore unallocated limits (reduced from INR30 crore) of MCIPL to [ICRA]B+/A4 from [ICRA]BB/A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loans 2.70 [ICRA]B+;revised from [ICRA]BB (Stable) Fund-based, Long term facilities 15.00 [ICRA]B+;revised from [ICRA]BB (Stable) Non-Fund Based, 3.00 [ICRA]A4; reaffirmed Short-term facilities Unallocated Limits 4.30 [ICRA]B+/A4; revised from [ICRA]BB (Stable)/A4 In revising the ratings, ICRA has taken a consolidated view of MCIPL along with PMV Maltings Private Limited (collectively referred to as the Malt Group), due to the operational and financial linkages and the common promoters and managements of the two entities. The revision in the long term rating takes into account the deterioration in the company's financial profile as reflected by fall in operating income along with decline in profitability and return indicators, attributable to loss of some international customers as well as capital expenditure incurred in relation to revamping the company's ageing machinery. The ratings continue to be constrained by the company's modest scale of operations resulting in limited pricing and bargaining power; the sector concentration risk and customer concentration risk to which the company is exposed, though this risk is largely mitigated by the long term relationship, of over four decades, with its customers, and the exposure to agro-climatic risk as the raw material (barley) is an agricultural produce. The ratings, however, favourably factor in the long track record of the company in the malt production business; favourable demand growth prospects over the medium to long term; established and long standing relationships with major health food producers, and limited competition in the industry due to the major capacities being vested with only two producers (the Malt group and Barmalt Maltings(India) Private Limited). MCIPL was established in 1970 by Mr. P.K. Jain to produce barley malt and malt extract. The malt extract is sold in two forms liquid extract and malt extract powder. The company commenced operations with the facility located at Khandsa (Gurgaon) and subsequently established two more units at Pataudi (Gurgaon) and Kashipur (Uttrakhand) in 2002 and 2010 respectively. With effect from April 2013, the company was demerged with the transfer of Pataudi and Kashipur units to the newly formed company PMV, while MCIPL retained the Khandsa unit with an installed capacity of 25,000 metric tonnes per annum (MTPA) of Malt and 25,000 MTPA of liquid malt extract and 500 MTPA of Malt extract powder. Recent Results In 2014-15, MCIPL reported a net loss of INR4.11 crore on an operating income of INR76.26 crore, as against a net profit of INR0.73 crore on an operating income of INR85.41 crore in 2013-14. MANIKANTA COTTON: ICRA Upgrades Rating on INR12.50cr Loan to B -------------------------------------------------------------- ICRA has upgraded the long term rating assigned to the Rs.12.25 crore fund based limits and INR3.50 crore non-fund based limits of Manikanta Cotton Agro Industries from [ICRA]B- to [ICRA]B. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund based Limits 12.50 [ICRA]B; upgraded from [ICRA]B- Long Term Non- Fund based Limits 3.50 [ICRA]B; upgraded from [ICRA]B- The rating upgrade takes into account the increased revenues being the first full year of operations of the firm; and improved liquidity profile owing to lower debtor days. The rating also favourably factors in more than two decades of promoter experience in the cotton industry; MCAI's proximity to cotton growing areas of Telangana and fiscal benefits received from the Telangana government towards TUFS (Technology Upgradation Fund Sceheme). The rating, however, continues to be constrained by the limited track record of the firm with the operations starting from December 2013; low profitability on account of low value addition in the cotton ginning business; and highly fragmented and competitive nature of the industry which limits the ability of the firm to pass on hike in raw material costs. The rating is further constrained by weak financial profile of the firm characterised by high gearing and modest coverage indicators on account of debt funded capital expenditure coupled with high working capital borrowings; vulnerability of profits to fluctuations in cotton availability and prices and risks inherent to the partnership nature of the firm. Going forward, the firm's ability to improve its scale of operations, profitability and effectively manage its working capital requirement would be the key rating sensitivity. Manikanta Cotton Agro Industries (MCAI) was setup as a partnership firm in 2013 by Mr. D Malla Reddy and Mr. P. Ravinder Reddy and 6 other partners, with ginning activity as its main operations. The firm is a TMC (Technology Mission on Cotton) unit and has its production facility located at Muthannapeta village (Karimnagar District), Andhra Pradesh with installed capacity of 36 gins and 1 press. The unit commenced operations in December 2013. Recent Results For FY2015, the firm reported net profit of 0.32 crore on an operating income of 41.56 crore, as against a net profit of INR0.01 crore on an operating income of INR22.91 crore during FY2014 (four months of operations). NILKANTH CHAWAL: CARE Lowers Rating on INR5.07cr LT Loan to D ------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Nilkanth Chawal Mills Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.07 CARE D Revised from CARE BB Short-term Bank Facilities 2.75 CARE D Revised from CARE A4 Rating Rationale The revision in the rating assigned to the bank facilities of Nilkanth Chawal Mills Pvt. Ltd. (NCMPL) factors in the instances of delay in servicing of its debt obligations on account of the stressed liquidity position of the company. Going forward, NCMPL's ability to improve its liquidity position and service its debt on a regular basis would be the key rating consideration. Nilkanth Chawal Mills Private Limited (NCMPL), incorporated in September 2005 was promoted by Mr Sunil Kumar, Mr R C P Sharma and Mr Arun Kumar of Gaya, Bihar to set up a rice processing & milling unit and sale of its by-products like husk, bran, khudi etc. in the domestic market. The unit commenced commercial operation in 2007. The plant, having an installed capacity of 27,000 metric tonnes per annum (MTPA) is situated in Gaya district of Bihar, a major paddy growing area and is in close proximity to the local grain market enabling easy paddy procurement. In FY15 (refers to the period April 1 to March 31), the company has reported a total operating income of INR24.83 crore (as against INR27.53 crore in FY14) and net loss INR0.17 crore (as against PAT of INR0.13 crore in FY14). PMV MALTINGS: ICRA Raises Rating on INR80MM Term Loan to B+ ----------------------------------------------------------- ICRA has upgraded its long term rating on the INR20.00 crore cash credit facility and INR80.00 crore term loan of PMV Maltings Private Limited (PMV) to [ICRA]B+ from [ICRA]B-. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 20.00 [ICRA]B+; upgraded from [ICRA]B- Term Loan 80.00 [ICRA]B+; upgraded from [ICRA]B- In revising the rating, ICRA has taken a consolidated view of PMV along with The Malt Company (India) Private Limited (collectively referred to as the Malt Group), due to the operational and financial linkages, and the common promoters and management of the two entities. The upgrade in PMV's rating is driven by the continued support from the promoters and the improvement in the capital structure of the company. The rating also factors in the company's moderate coverage indicators and the established presence of the Malt group in the malt production business. ICRA also takes note of the limited competition in the industry due to the major capacities being vested with only two producers (MCIPL and Barmalt Maltings (India) Private Limited) and the favourable medium term demand growth prospects for the beer industry in the domestic market. The rating, however, continues to be constrained by the company's exposure to agro-climatic risk as the raw material (barley) is an agricultural produce. ICRA also takes note of the sector concentration risk faced by the company with 100% exposure to the beer industry; though this risk is largely mitigated by the over four decades old relationship of the group with its customers. Going forward, the ability of the company to ramp up its scale of operations in a profitable manner and manage its liquidity position will be the key rating sensitivities. Incorporated in 2008, PMV was a dormant company till the demerger of MCIPL with effect from April 2013. Under the demerger scheme, MCIPL transferred two of its units i.e. Pataudi (Haryana) and Kashipur (Uttarakhand) units to PMV, which were established in 2002 and 2010 respectively, while retaining the Khandsa (Haryana) based unit. PMV manufactures barley malt with an installed capacity of 30,000 MTPA and 130,000 MTPA at its Pataudi and Kashipur units. Recent Results In 2014-15, PMV reported a net profit of INR4.49 crore on an operating income of INR97.39 crore, as against a net profit of INR4.83 crore on an operating income of INR93.96 crore in 2013-14. The Malt Company (India) Private Limited was established in 1970 by Mr. P.K. Jain to produce barley malt and malt extract. Malt extract is sold in two forms- liquid extract and malt extract powder. The company commenced operations with the facility located at Khandsa and subsequently established two more units at Pataudi and Kashipur in 2002 and 2010 respectively. With effect from April 2013, the company was demerged with the transfer of Pataudi and Kashipur units to the newly formed company PMV, while MCIPL retained the Khandsa unit with an installed capacity of 25,000 metric tonnes per annum (MTPA) of Malt and 25,000 MTPA of liquid malt extract and 500 MTPA of Malt extract powder. In 2014-15, MCIPL incurred a net loss of INR4.11 crore on an operating income of INR76.26 crore, as against a net profit of INR0.73 crore on an operating income of INR85.41 crore in 2013-14. PRASADHINI ENTERPRISES: CARE Rates INR12cr Term Loan at B+ ---------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Prasadhini Enterprises Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term-Bank Facilities Term Loan-Lease Rental Discounting 12 CARE B+ Assigned Long-term-Bank Facilities Cash Credit 3 CARE B+ Assigned Rating Rationale The rating assigned to Prasadhini Enterprises Pvt. Ltd. is constrained by its small scale of operations with past losses completely eroding its networth, modest occupancy levels of its hotel operations, high concentration risk of its retail property with entire area leased out to single tenant and cyclical nature of the hotel industry. These weaknesses are partially offset by long track record of operations and promoters experience, monetization of its loss making premium hotel property (Hotel Jade garden) in FY15 (refers to the period April 1 to March 31) and consequent reduction in debt, improved occupancy and ARR of its budget hotel (Hotel Airlines), favourable location of hotel, and 100% occupancy at its retail mall ensuring regular cash flows with lease agreement valid till the tenure of the loan. The ability of the company to improve its hotel operational performance and occurrence of rental escalations as projected would be the key rating sensitivity. Prasadhini Enterprises Pvt. Ltd. (PEPL), incorporated in the year 2000, is operating a budget Hotel- Airlines in Mysuru, Karnataka. Company also has a retail property situated at Mysuru, Karnataka with total built up area of 55,000 sft, which it has leased to Trinethra Superretail P Ltd. for running More Hypermarket for period upto 2024. PEPL also started luxury hotel-Jade Garden in the year 2009, however, due to loss making proposition of the hotel, company sold it in Q4FY15. The company is promoted by Mr M H Abhishek Hegde and Ms. Jayapadma Hegde, who are directors of the company. The directors have adequate knowledge and experience in the field of banking, law and business activities. During FY15, PEPL registered a total operating income of INR4.76 crore (PY: INR4.61 crore) with a PAT of INR0.84 crore (PY: Net loss of INR0.70 crore). During H1FY16, it earned total income of INR1.54 crore and PBDIT of INR1.27 crore. PRERNA SERVICES: CARE Assigns B+ Rating to INR5.5cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Prerna Services Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.50 CARE B+ Assigned Short-term Bank Facilities 2.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Prerna Service Private Limited (PSP) are primarily constrained by its short track record and small scale of operations with leveraged capital structure. The ratings are further constrained by its dependence on overseas vendors, its exposure to foreign exchange fluctuation risk coupled with intense competition in the industry. The ratings, however, draw comfort from the experienced management of PSP. Going forward, the ability of the company to achieve the envisaged scale of operations and profitability margins coupled with improvement in its capital structure and managing foreign exchange fluctuation risk shall be the key rating sensitivities. PSP was incorporated in February 2013. The commercial operations of the company have started in February 2015. The company is currently being managed by Mr Manoj Kumar Tyagi, Mr Vijender Singh and Ms Pinki Hudda. The company is engaged in manufacturing as well as trading of Information Technology (IT) products such as personal computers, smart phones, chargers, tablets, etc. The company imports its entire raw material requirement from China & Hong Kong and assembles the parts at its plant, located at Roorkee, Uttarakhand. The company has an installed capacity to assemble 87,000 pieces of tablets as on September 30, 2015. The product is sold under the brand name "PENTA" (brand name acquired by PTP) to traders located in Delhi and near regions. Pantel Technologies Private Limited (rated 'CARE B+/CARE A4') is an associate concern of PSP engaged in similar business. During FY15 (refers to the period February 01 to March 31, 2015), PSP has achieved a total operating income (TOI) of INR2.31 crore with PBILDT and PAT of INR0.20 crore and INR0.12 crore, respectively. Moreover, the company has achieved total TOI of INR25.82 crore till 7MFY16 (refers to the period April 01 to October 31) (as per the unaudited results). RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to B+ -------------------------------------------------------- ICRA has revised its long term rating on the INR20 crore fund based facilities of Rajasthan Tube Manufacturing Company Limited to [ICRA]B+ from [ICRA]BB-. ICRA has reaffirmed its [ICRA]A4 rating on the INR12.25 crore non-fund based facilities of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based facilities 20.00 [ICRA]B+; revised from [ICRA]BB- Non-fund based facilities 12.25 [ICRA]A4; reaffirmed ICRA's rating action factors in the decline in RTMCL's sales over the last three years and the losses incurred by the company in FY15 and the first half of FY16. ICRA notes that to the company's capacity utilization has remained low (at ~31% in FY15) due to intense competition from numerous organized and unorganized players. The decline in global steel prices due to a slowdown in Chinese steel demand, has resulted in inventory losses for company, which coupled with sharp decline in the realisations of Electric Resistance Welded (ERW) tubes over the last one year, has impacted profitability. Moreover, the company's financial profile continues to remain weak with high gearing, weak coverage indicators and moderate net worth position. The ratings are also constrained by the vulnerability of the company's profitability to fluctuations in raw material prices, as the company is unable to fully pass on price hikes in its key raw material (H.R coils) to its customers. The ratings however, favorably take into account the long standing experience of the promoters in the ERW pipes industry and the company's distribution network across various states. Going forward, the ability of the company to improve its scale of operations and bring about a sustained improvement in its profitability will be the key rating sensitivity. RTMCL was incorporated in 1985 and became a public limited company in 1995. The main products of the company include ERW steel pipes with size ranging from 15 mm to 250 mm. The company's manufacturing facility is located at Jaipur (Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per Annum (MTPA). The pipes manufactured by the company have varied applications like water, gas and sewage pipes, structural purposes, idlers / conveyors, water wells (casing pipes) etc. Recent Results In FY2015 the company incurred a net loss of INR2.46 crore on an operating income of INR92.22 crore, as against a profit after tax of INR0.23 crore on an operating income of INR103.71 crore in the previous year. In the first six months of FY2016, the company reported an operating income of INR38.52 crore and a net loss of INR0.64 crore. RAJASTHAN VIKAS: ICRA Reaffirms B Rating on INR25cr Loan -------------------------------------------------------- ICRA has reaffirmed its long term rating on the INR25.00 crore (earlier rated INR11.00 crore) fund-based bank facilities of Rajasthan Vikas Sansthan at [ICRA]B. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based bank facilities- Term loans 25.0 [ICRA]B; reaffirmed ICRA's rating takes into account the healthy occupancy of 87% witnessed in the second year of operations of RVS school. The rating continues to draw comfort from the school's association with Delhi Public School (DPS) society, which apart from lending the school an established brand name, also provides operational expertise. The rating also continues to factor in the extensive experience of the promoters in operating educational institutions. The rating however remains constrained by the limited operational track record of the company, as the school commenced operations in AY15 and the consequent modest scale of operations. Given the typical time period required for ramp up in student strength, the revenue generation ability of the company will remained constrained till students across all standards are admitted. The company's debt coverage indicators also remain modest, with interest coverage at 1.56x and DSCR at 1.57x as on March 31, 2015. Further, the school will have to incur continuous capital expenditure to meet the requirements of the increased student base. Given the scheduled debt repayments, the scale of capital expenditure, and adequacy and timeliness of debt funding availed to fund the same will be the key determinants of the credit profile and liquidity position, and will thus remain the key rating sensitivities. This apart, the ability of the company to maintain high enrolments and generate adequate surpluses going forward, will be the key rating monitorables. Incorporated in 2012, RVS Company is a single asset company, incorporated u/s of the Companies Act 1956, which runs and operates the Delhi Public School (DPS) in Jodhpur, Rajasthan. The school is located on a land parcel of 6.6 acres. The land for the same has been taken on lease from Rajasthan Vikas Sansthan Society -- a group entity, which is also engaged in the education sector. The school commenced operations in AY15 and presently caters to students from pre-primary to standard VIII. As of now, largely 3 sections per standard are operational; this is an increase from 2 sections per standard last year. The management has commenced classes for Standard IX from AY16. The school has received the CBSE affiliation for the same in December 2014. Recent Results RVS reported a net surplus of INR0.22 crore on revenue receipts of INR4.03 crore in FY15. For the six months ended September 30, 2015, RVS, on a provisional basis, reported revenue receipts of INR3.16 crore. REVIVE CONSTRUCTION: CRISIL Suspends 'B' Rating on INR100M Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Revive Construction Company India Pvt Ltd (Revive). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 100 CRISIL A4 Overdraft Facility 100 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by Revive with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Revive is yet to provide adequate information to enable CRISIL to assess Revive's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability -- a key risk factor in credit ratings' Revive was set up by Mr.A R Nasarudeen and his family in Trivandrum (Kerala) in 2009. The company undertakes civil construction works related to the construction of roads. SAKA EMBROIDERY: CRISIL Suspends B Rating on INR50MM Term Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Saka Embroidery Pvt Ltd (SEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 27.5 CRISIL B/Stable Proposed Long Term Bank Loan Facility 12.5 CRISIL B/Stable Term Loan 50.0 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by SEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SEPL is yet to provide adequate information to enable CRISIL to assess SEPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability -- a key risk factor in credit ratings' Established in 1999 by Mr. Satish Rathod and his family members, SEPL is a distributor and retailer of sarees and dress materials. The Pune (Maharashtra)-based company is an authorised distributor for sarees and dress materials of Garden Silk Mills Ltd. SEPL operates two retail stores in Pune under the brands SK Silks and Pushpa Arts. These are operated under two sole proprietorships of the same name which are owned and managed by SEPL. SEPCON SYSTEMS: CRISIL Assigns B+ Rating to INR31MM Cash Loan ------------------------------------------------------------- CRISIL has assigned the ratings at 'CRISIL B+/Stable/CRISIL A4' to the bank facilities of Sepcon Systems Private Limited (SSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 5 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 11.5 CRISIL B+/Stable Bank Guarantee 22.5 CRISIL A4 Cash Credit 31 CRISIL B+/Stable The ratings reflect SSPL's working capital-intensive and small scale of operations with exposure to intense competition in the industry. These weaknesses are partially offset by the promoter's extensive experience in the water treatment industry and SSPL's moderate financial risk profile because of healthy gearing and debt protection metrics. Outlook: Stable CRISIL believes SSPL will benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' in case of significant and sustained improvement in scale of operations along with improved working capital cycle. Conversely, the outlook may be revised to 'Negative' if financial risk profile, especially liquidity, weakens because of a substantial increase in the working capital requirement or large, debt-funded capital expenditure plans. SSPL, incorporated in 1995, in Bengaluru, provides solutions and process systems for the treatment of water. The company was incorporated by Mr. Jai Manjunath, a civil and environmental engineer. SSPL reported a profit after tax of around INR3.8 million on net sales of around INR51.3 million in 2014-15 (refers to April 1st to March 31st) against a PAT of INR2.6 million on net sales of INR32.7 million in 2013-14. SHIV CARRIERS: CRISIL Assigns 'B' Rating to INR125MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Shiv Carriers Roadways Pvt Ltd (SCRPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 125 CRISIL B/Stable The rating reflects the early stage, and expected modest scale, of operations in the inland container depot (ICD) segment through the Indian Railways. The rating also factors in the large capital expenditure requirements for purchase of land as per the nature of operations in the ICD facility. These rating weaknesses are partially offset by the extensive industry experience of promoters through group concern and low presence of private ICD in the surroundings. Outlook: Stable CRISIL believes SCRPL will benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' if stabilisation of operations on time leads to substantial cash accrual. Conversely, the outlook may be revised to 'Negative' in case of modest accrual because of low order flow or profitability, or weakening of the financial risk profile because of substantial working capital requirement or debt-funded capital expenditure. Set up in 1995, SCRPL promoted by Mr. Avdhesh Chaudhary, is setting up ICD for railways at Sukhpur Village between Dhangadhara and Halvad. SHIVAM ENTERPRISE: CRISIL Reaffirms B+ Rating on INR80MM Loan ------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Shivam Enterprise -- Morbi (SE) continues to reflect the firm's modest scale of operations and low profitability owing to the trading nature of its business, and large working capital requirement. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 45 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by its promoters' extensive experience in the ceramic and coal trading industry, leading to a healthy relationship with customers and suppliers. Outlook: Stable CRISIL believes SE will continue to benefit over the medium term from its promoters' industry and trading experience. The outlook may be revised to 'Positive' in case of a substantial increase in scale of operations and profitability, resulting in large cash accrual. Conversely, the outlook may be revised to 'Negative' if SE's liquidity weakens because of decline in profitability, or stretch in working capital cycle, or any large debt-funded capital expenditure. Update In 2014-15 (refers to financial year, April 1 to March 31) sales increased by around 150 percent year-on-year to around INR227 million, as this was the firm's first full year of operation. Over the medium term, sales are expected to be grow at a modest pace of 5 to 10 per cent. In 2014-15, operating profitability was 6.40 percent and is expected to be in range of 6.0-6.50 percent over the medium term because of improved operating efficiency. In 2014- 15, working capital requirement was high with gross current assets (GCAs) of 228 days as on March 31, 2015, because of high debtors of 147 days and moderate inventory of 48 days. Over the medium term, GCAs are expected at 220-240 days as working capital requirement will rise with the expected increase in scale of operation. As on March 31, 2015, the firm's total outside liabilities to tangible networth (TOLTNW) ratio was high at 4.79 times due to higher working capital debt and a modest net worth. Over the medium term, the TOLTNW ratio is expected at 3.5 to 4.5 times on account of high reliance on bank limits to fund incremental working capital requirement. Over the medium term, debt protection metrics are expected to remain weak with interest coverage ratio at 1.60 to 1.80 times due to modest profitability compared with debt levels. Liquidity continues to be stretched due to high working capital requirement and limited financial flexibility; however it is supported by a comfortable cushion between net cash accrual and term debt repayment obligations and by funding support from the partners. In 2014-15, on provisional basis, SE reported profit after tax (PAT) ofRs.4.40 million on sales of INR227 million, against a PAT of INR0.5 million on sales of INR90 million in 2013-14. SE, based in Morbi, Gujarat, was established in 2012. The firm trades in coal, wall tiles, ink, Abrasive, and oil lubricants used in the ceramic machinery. It started commercial operations in December 2013. SHREE BHAWANI: CARE Assigns B+/A4 Rating to INR13.50cr Loan ----------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Shree Bhawani Lumbers. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Short-term Bank Facilities 13.50 CARE B+/CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Shree Bhawani Lumbers (SBL) are primarily constrained on account of fluctuating trend of the total operating income (TOI), low profit margins, moderate capital structure, weak debt coverage indicators and moderate liquidity position. The ratings are also constrained on account of SBL's presence in highly fragmented and competitive wood processing industry with limited value addition, susceptibility of its profit margins to volatility in raw material prices and foreign exchange fluctuations risk along with partnership nature of constitution restricting its financial flexibility. The ratings, however, take comfort from the experience of the promoters into the wood processing business along with established operations track record. The ability of SBL to increase its scale of operations, improvement in profit margins, capital structure along with better working capital management are the key rating sensitivities. Gandhidham-based (Gujarat) SBL is a partnership firm established in 2003 by Mr Satish Goyal. The firm imports round timber logs from New Zealand and Malaysia which is subsequently sawn and sized at its saw mill into various commercial sizes as per the requirement of its customers. The facility is located at Gandhidham in Kutch district of Gujarat with a total sawing capacity of 3,800 cubic feet per day. The timber processed by SBL finds its application in packaging of various products apart from use in infrastructure, building construction, interior designing, woodwork, transportation and furniture. During FY15 (refers to the period April 1 to March 31), SBL reported PAT of INR0.01 crore on a TOI of INR28.34 crore as against PAT of INR0.01 crore on a TOI of INR26.11 crore during FY14. During 8MFY16 (Provisional), SBL has achieved a turnover of INR20 crore. SHREE MAHAVIR: CRISIL Assigns 'B+' Rating to INR120MM Cash Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facility of Shree Mahavir Oil Mills (SMOM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B+/Stable The rating reflects the firm's modest scale of operations and low operating profitability because of volatility in raw material prices. The rating also factors in its weak financial risk profile, with high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the firm's established track record and the promoters' extensive experience in the industry. Outlook: Stable CRISIL believes SMOM will continue to benefit over the medium term from its established brand in eastern India, especially West Bengal, and from moderate debt protection metrics and healthy liquidity. The outlook may be revised to 'Positive' if expansion in geographic reach supports improvement in scale of operations and profitability. Conversely, the outlook may be revised to 'Negative' if revenue and margin decline sharply, or if any large, debt-funded capex or unrelated diversification weakens financial risk profile. SMOM, incorporated in 1973 by Mr. Daya Chand Jain as a proprietorship firm, is currently owned and managed by his son, Mr. Rajendra Kumar Jain. The firm manufactures and sells mustard oil and oiled cake under brand, Sunehri Kiran. The processing facilities at Jagraon, Punjab and Sri Ganganagar, Rajasthan, have a combined capacity of around 150 tonne per day (Tpd). SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.50cr LT Loan ------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Siddhi Vinayak Cottsin. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 6.50 CARE B+ Reaffirmed Rating Rationale The rating assigned to the bank facilities of Siddhi Vinayak Cottsin (SVC) continues to remain constrained on account of its financial risk profile marked by thin profit margins, moderate capital structure, moderate debt coverage indicators and liquidity position. Furthermore, the rating continues to remain constrained on account of its partnership nature of constitution, presence in highly fragmented and seasonal cotton ginning industry with limited value addition and susceptibility of operating margins to fluctuation in the cotton prices. The rating also takes into consideration decline in total operating income (TOI) along with marginal improvement in profit margins and capital structure during FY15 (refers to the period April 1 to March 31). The rating, however, continues to derive comfort from the long experience of the partners in the cotton industry and location advantage in terms of proximity to the cotton growing region of Maharashtra. The ability of SVC to improve its overall financial risk profile by moving up in the value chain and thereby improving profit margins and overall financial risk profile are the key rating sensitivities. Established in July 2010, SVC is a partnership firm formed by two partners named Mr Kishanlal Padamdas Swami and Mr Sanjay Trilokchand Goyal. SVC is engaged into cotton ginning and pressing activity and it operates from its sole manufacturing facility located at Ralegaon (Maharashtra) with an installed capacity to process 475 cotton bales per day as on March 31, 2015. In addition to SVC, the Agrawal family also operates two other cotton processing units under Riddhi Siddhi Cotex Private Limited (RSCPL; rated 'CARE BB-') and Rishi Fiber Pvt. Ltd. (RFPL rated 'CARE BB-') in Ahmednagar district and Yavatmal district of Maharashtra, respectively. Furthermore, a partnership firm named "Ramanuj Cotton Corporation" which is engaged into business of cotton ginning and pressing and two proprietorship firms, namely, Riddhi Siddhi Enterprises and Riddhi Siddhi Cotton Corporation in Sendhawa District of Madhya Pradesh, which are engaged in trading of cotton bales and cotton seeds, are also promoted by the Agrawal family. The family has presence in the real estate business via Rishi Realcon Private Limited. During FY15 (A), SVC reported a TOI of INR48.45 crore and PAT of INR0.11 as against TOI of INR73.75 crore and PAT of INR0.16 crore during FY14 (A). During 8MFY16 (Provisional), SVC has achieved TOI of around INR35 crore. SILVERLINE ELECTRICALS: CRISIL Reaffirms B+ Rating on INR30M Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Silverline Electricals Private Limited (SEPL) continue to reflect the company's working capital-intensive, and modest scale of, operations, and below- average financial risk profile because of modest networth and a high total outside liabilities to tangible networth ratio. These weaknesses are partially offset by the extensive experience of SEPL's promoters in the transformers industry and moderate debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Reaffirmed) Cash Credit 30 CRISIL B+/Stable (Reaffirmed) Letter of Credit 9 CRISIL A4 (Reaffirmed) Term Loan 1 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes SEPL's scale of operations will remain average over the medium term despite expected healthy revenue growth. Financial flexibility and ability to ramp up operations will remain constrained because of small networth. The outlook may be revised to 'Positive' if the company reports a significant and sustained improvement in scale of operations coupled with sustained margin and prudently managed working capital, or if there is substantial infusion of funds by the promoters to improve liquidity. Conversely, the outlook may be revised to 'Negative' if liquidity deteriorates because of stretched working capital cycle. Update SEPL's revenue was INR244 million in 2014-15 (refers to financial year, April 1 to March 31), as expected. Revenue growth is driven by improving capacity utilisation and adequate order book. Operating margin has been stable at 5 percent over the past two years. However, significant increase in interest on debt resulted in net losses in 2014-15. Debt level shot up due to high working requirements, with gross current assets of 233 days as on March 31, 2015, due to large inventory and letter of credit-backed receivables of 129 days and 89 days, respectively. Financial risk profile remained below average, with modest networth of INR47 million and gearing of 1.21 times. The company had average debt protection metrics with interest coverage and net cash accrual to total debt ratios of 1.5 times and 0.07 time, respectively, for 2014-15. Average bank limit utilisation was in excess of 90 percent, thereby constraining liquidity. Based in Maharashtra, SEPL was incorporated in January 2012. The company is promoted by Mr. Milind Mahajan, Mr. Santosh Vishwakarma, and Mr. Sachin Hivarkar. SEPL had, in March 2012, acquired Haphen Transformers India Pvt Ltd for about INR40 million. SEPL manufactures transformers, feeder pillars, and distribution boxes and also undertakes servicing, installing, and commissioning of these products. The company manufactures transformers in the 25-5000 kilovolt amperes (kVA) range at its unit in Maharashtra, which has capacity of 20,000 kVA of transformers per month. SITARAM HISSARIA: CRISIL Assigns 'B' Rating to INR60MM Loan ----------------------------------------------------------- CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank loan facilities of Sitaram Hissaria Guwar Gum Industries (SRHGGI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 8 CRISIL B/Stable Cash Credit 60 CRISIL B/Stable Proposed Long Term Bank Loan Facility 32 CRISIL B/Stable The rating reflects modest scale of operations in the highly fragmented guar gum industry, below-average financial risk profile with high gearing and vulnerability to government regulations. These rating weaknesses are mitigated by the partners' extensive experience in the guar gum industry, established clientele with moderate working capital requirements. Outlook: Stable CRISIL believes SRHGGI will continue to benefit over the medium term from the partners' extensive industry experience and its established clientele. The outlook may be revised to 'Positive' if increase in revenue and profitability and prudent working capital management lead to considerably strong net cash accruals. Conversely, the outlook may be revised to 'Negative' if the financial risk profile, particularly, liquidity weakens due to decline in revenue and profitability, or due to any large, debt- funded capital expenditure programme, or with increase in working capital requirements. SRHGGI was established in 2012 by Rajasthan-based Hissaria family. The firm manufactures guar gum and its by-product. Its manufacturing facility has an installed capacity of 600 quintal per day and is managed by Mr. Ravinder Kumar Hissaria, Mr. Arvind Hissaria and Mr. Rajesh Hissaria. SRHGGI had reported a PAT of INR0.3 million on net sales of INR406.3 million in 2014-15 (refers to financial year, April 1 to March 31), as compared to the PAT of INR1.4 million on net sales of INR468 million in 2013-14. SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr Loan ---------------------------------------------------------- CARE reaffirms the ratings assigned to SKS Power Generation (Chhattisgarh) Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 4301.89 CARE D Reaffirmed Long term/Short term Bank Facilities (NFB- LC/BG) 301.00 CARE D Reaffirmed Non-Convertible Debenture 31.00 CARE D Reaffirmed Proposed Non-Convertible Debenture 227.74 CARE D Rating Rationale The ratings reflect the on-going delays in servicing of debt obligations by the company on account of delays in project completion along with cost over-runs. SKS Power Generation (Chhattisgarh) Limited (SPGCL) promoted by the SKS group is a 51% subsidiary of SKS Ispat and Power Limited (SIPL). SPGCL is setting up the thermal power plant with capacity of 1,200 MW (4x300 MW) in the State of Chhattisgarh based on domestic coal in two phases of 600 MW each. SPGCL is currently executing Phase I (600 MW) of project. Phase II of SPGL has been currently delayed because of nonavailability of PPA and pending tie-up of equity funding. Status of project Total Project cost stands at INR5240 crore (Rs 8.73 crore/MW) as on 30th November, 2015 which is funded by senior debt of INR3751 crore, sub debt of Rs551 crore and balance equity. Original project cost was INR3787.2 crore. The cost overrun of ~ INR1450 crores is entirely being funded by Debt. The project is expected to be completed by June 2016 as against the original scheduled completion date of June 2014. SRI SAI: CRISIL Cuts Rating on INR100MM LT Loan to 'B-' ------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Sri Sai Pavan Industries Pvt Ltd (SSP) to 'CRISIL B-/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 100 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') Proposed Cash 100 CRISIL B-/Stable (Downgraded Credit Limit from 'CRISIL B/Stable') The downgrade reflects the deterioration in SSP's liquidity, given its depressed cash accrual'Rs.21 million in 2014-15 (refers to financial year, April 1 to March 31). Although the cash accrual is expected to increase in 2015-16, supported by a modest improvement in profit margins, it is likely to be barely sufficient to meet debt obligation of INR27 million. CRISIL believes the promoters will need to infuse capital, or substantially increase profitability levels, to alleviate the pressure on SSP's liquidity. The rating continues to reflect SSP's modest scale of operations in the intensely competitive rice milling industry, the susceptibility to volatility in paddy prices, the vulnerability of its operations to unfavourable regulatory changes, and its small networth limiting the financial flexibility. These rating weaknesses are partially offset by the extensive experience of promoters in the rice industry. Outlook: Stable CRISIL believes SSP will continue to benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' in case of a substantial and sustained increase in profitability or an improvement in liquidity backed by equity infusion from its promoters. Conversely, the outlook may be revised to 'Negative' if profitability margins decline steeply, or liquidity further weakens most likely because of a stretch in the working capital cycle. SSP was set up in 2009 by Mr. Soma Venkateshwarlu and his family members. The company was acquired by Mr. Gouru Venkateswarulu and Mr. Ranga Sridhar in 2010. The company mills and processes paddy into rice; it also generates by-products such as broken rice, bran, and husk. Its rice mill is located in Nalgonda, Andhra Pradesh. SRI MUTHUMARI: CRISIL Assigns 'D' Rating to INR70MM Term Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' on the long term bank facility of Sri Muthumari Charitable and Educational Trust (SMCET). The rating reflects instances of delay by SMCET in servicing its term debt obligations; the delays have been caused by weak liquidity, arising from the mismatch in the trust's cash flows. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 70 CRISIL D SMCET has a modest scale of operations in an intensely competitive educational sector, geographical concentration in revenue profile and is susceptible to adverse regulatory changes. The trust, however, benefits from the healthy demand prospects for education offerings in India and the extensive experience of its promoter in the education industry. SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a trust registered under the Indian Trust Act, 1881.The trust offers undergraduate courses in engineering and teacher education courses and also runs a school. The operations of the trust are managed by Mr.Periyasamy. SURGICION MEDEQUIP: CARE Assigns 'D' Rating to INR5cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Surgicion Medequip Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5 CARE D Assigned Short term Bank Facilities 2 CARE D Assigned Rating Rationale The ratings assigned to the bank facilities of Surgicoin Medequip Private Limited (SMPL) takes into account ongoing delays in servicing of the interest of working capital borrowings due to stressed liquidity position. Rai, Sonipat-based (Haryana) Surgicoin Medequip Private Limited (SMPL) was promoted by Mr Naresh Grover. Initially the company was incorporated under the name of Super Cardiac Breaths Private Limited in 1986. Later in February 2006, the name of the entity was changed to Surgicoin Medequip Private Limited. The company is primarily managed by Mr Naresh Grover. The firm is engaged in manufacturing and trading of medical equipment like Operation Theatre Equipment, Respiratory Apparatus, Electro Medical Equipment, Patients ward Equipment and other medical products. The company has its manufacturing facility located at Rai, Sonipat and it is an ISO 9001:2000 and ISO 13485:2003 certified. The company also has WHO GMP Certification. SMPL supplies equipment and other products to government hospitals on a Pan India basis. The company source orders on tender basis. The company procures the required raw materials i.e. steel, fabric etc. domestically. During FY15 (refers to the period April 1 to March 31) (as per unaudited results), SMPL has achieved a total operating income (TOI) of INR6.18 crore with PBILDT and net loss of INR0.39 crore and INR2.21 crore respectively, as against TOI of INR13.68 crore with PBILDT and PAT of INR2.92 crore and INR0.32 crore respectively, in FY14. TAN SINGH: CRISIL Assigns 'B' Rating to INR120MM Overdraft Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Tan Singh Chouhan (TSC). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 175 CRISIL A4 Overdraft Facility 120 CRISIL B/Stable The ratings reflect TSC's below-average financial risk profile because of weak debt protection metrics, and working capital- intensive operations. These weaknesses are partially offset by TSC's moderate scale of operations in the construction industry, and promoter's extensive industry experience. Outlook: Stable CRISIL believes TSC will continue to benefit from its promoter's extensive industry experience over the medium term. The outlook may be revised to 'Positive' in case of improvement in business profile driven by geographical diversification and significant increase in scale of operations, better profitability, and higher cash accrual. Conversely, the outlook may be revised to 'Negative' in case TSC's financial risk profile, particularly liquidity, weakens most likely caused by large working capital requirements, delays in project execution, low cash accrual, or a large debt- funded capital expenditure. TSC was set up as a partnership firm in 2002 by Mr. Tansingh Chouhan and his family members. In 2006, it was reconstituted as a proprietorship firm, by Mr. Tansingh Chouhan. The firm undertakes civil construction of roads, buildings and bridges, primarily in Barmer, Rajasthan. TSC had book profit of INR26.08 million on net sales of INR546.34 million in 2014-15 (refers to financial year, April 1 to March 31), as compared to book profit of INR67.37 million on net sales of INR1.18 billion in 2013-14. THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR189.4MM Loan ----------------------------------------------------------------- CRISIL's rating on the long-term bank continues to reflect instances of delays by Thousu Periyakkal Educational Health and Charitable Trust (TPHCT) in servicing its term debt obligations; the delays have been caused by weak liquidity, arising from the mismatch in the trust's cash flows. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 16 CRISIL D (Reaffirmed) Long Term Loan 189.4 CRISIL D (Reaffirmed) Overdraft Facility 27 CRISIL D (Reaffirmed) TPHCT also has a below-average financial risk profile, marked by high gearing, and is susceptible to adverse regulatory changes and intense competition in the educational sector. The trust, however, benefits from the healthy demand prospects for education offerings in India and the extensive experience of its promoter in the education industry. TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B Selvaraj as a trust registered under the Indian Trust Act, 1881.The trust offers undergraduate, post-graduate, and diploma courses in engineering and teacher education courses. TULSI DEVI: CARE Assigns B+ Rating to INR1.86cr LT Loan ------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Tulsi Devi Educational Society. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1.86 CARE B+ Assigned Short term Bank Facilities 3.70 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Tulsi Devi Educational Society (TDES) are constrained by its small scale of operations and moderate debt coverage indicators. The ratings are further constrained by the geographical concentration risk with all institutes in the same city, high regulations in the education sector in India with increasing competition. The ratings, however, favourably take into account the experienced management, moderate profitability margins & capital structure and buoyant prospects of the K-12 segment in India. Going forward, the ability of the society to profitably scale-up the operations in a highly competitive scenario and to improve its overall solvency position shall be the key rating sensitivities. TDES was formed in April 1998 by Mr Har Bhagwan Munjal (Chairman), Mrs Rita Munjal (Secretary) and Ms Kirti (Member) as the society members. The society was formed with an objective to provide higher education in the field of engineering, technology, science and management. The society is running two schools and a college by the name Tulsi Public School and Tulsi College of Education. All the institutes are located in Ambala, Haryana. Tulsi College of Education is offering full time B. Ed (Bachelor of Education) & D. Ed (Diploma in Education) with affiliation from Kurukshetra University and is also approved from National Council of Teacher Education (NCTE), Jaipur whereas Tulsi Public Schools are Central Board of Secondary Education (CBSE) affiliated schools, currently offering classes from Pre-nursery to 12th standard. For FY15 (refers to the period of April 1 to March 31), TDES reported a total operating income of INR5.60 crore with Surplus of INR0.67 crore, respectively, as against the total income of INR5.92 crore with Surplus of INR0.61 crore in FY14. VASUNDHARA DEVELOPERS: ICRA Assigns B Rating to INR10cr Loan ------------------------------------------------------------ ICRA has assigned a long-term rating of [ICRA]B to INR10.00 crore term loan facilities of Vasundhara Developers. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 10.00 [ICRA]B assigned The assigned rating is constrained by the exposure to execution risk with 60% of the construction yet to be completed, significant market risk with only 15% booking (out of 55 flats of the firm's share) as on 15th November,2015 and premium pricing. The rating also continues to be constrained by VD's concentration in the Gollapudi residential market and exposure to cyclicality inherent to the real estate sector. The assigned rating however positively factors in the attractive location of the ongoing project, 'Vasundhara Orchids' owing to the proximity of the project to capital region of bifurcated Andhra Pradesh and long standing experience of more than 20 years of VD's promoters in the real estate industry. Going forward, timely execution of the project without time and cost overruns and the ability of the firm to achieve sufficient sales for the term loan repayments and maintain healthy collection efficiency will remain the key rating sensitivities from credit perspective. Vasundhara Developers (VD) is a partnership firm founded in 2014 and is engaged in the construction of residential apartments with its head office is located in Guntur District of Andhra Pradesh. The firm is developing a residential project -- Vasundhara Orchids in Vijayawada on a land area of 4360 sq Yards at an estimated cost of INR22.00 crore to be funded by Rs.10.00 crore from bank loan, Rs.8.00 crore of equity and unsecured loans from promoters and remaining from customer advances. The firm has completed 40% of the construction as on November 15, 2015 and the project is expected to be completed by October, 2016. VATSHAL INDUSTRIES: ICRA Suspends 'B' Rating on INR5.11cr Loan -------------------------------------------------------------- ICRA has suspended the [ICRA]B rating assigned to the INR5.11 crore long term fund based facilities of Vatshal Industries. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Established in 1995, Vatshal Industries is a sole proprietorship firm promoted by Mr. Harsukhbhai Govinbhai Patodia. The firm is engaged in trading of ground nut oil and dehulling of raw groundnut into groundnut seeds and husks. The firm also undertakes trading of other agricultural products namely soya oil, palm oil and castor seeds. The firm carries out its operations from its plant situated at Junagadh district, Gujarat having an installed capacity 100 tonnes/day. VIKAS COTTON: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan -------------------------------------------------------------- CRISIL's rating on bank loan facilities of Vikas Cotton Industries Private Limited (VCIPL) reflects its modest scale of operations in the highly fragmented cotton industry, and its weak financial risk profile, marked by a modest net worth, high gearing, and weak debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 85 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 3 CRISIL B/Stable (Reaffirmed) Term Loan 12 CRISIL B/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of the company's promoters in the cotton industry, and the proximity of its production facility to the cotton-growing belt of Gujarat. Outlook: Stable CRISIL believes that VCIPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company significantly improves its scale of operations and profitability, or if there is sizeable capital infusion by its promoters, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if VCIPL's accruals are lower than expected, or if it undertakes a substantial debt-funded expansion programme, or if its working capital management weakens, resulting in significant deterioration in its financial risk profile. Update For 2014-15 (refers to financial year, April 1 to March 31), VCIPL reported an operating income of INR526.9 million against INR924.4 million during a year earlier. The decline in operating income was majorly due to moderation cotton prices and subdued demand during the same year. CRISIL believes the company will register flattish growth in turnover for 2015-16, due to moderation in cotton prices throughout the year. For 2014-15, VCIPL reported an operating margin of around 1.9 per cent and going forward; CRISIL believes that the fragmented nature of the cotton industry will continue to restrict VCIPL's bargaining power, thus leading to low margins over the medium term. The company's operations are expected to remain moderately working capital intensive with gross current assets (GCA) at 50 to 55 days days over the medium term. VCIPL's financial risk profile continues to be constrained by modest net worth, a high gearing, and weak debt protection metrics over the medium term. The liquidity profile is supported by sufficient cushion between cash accruals v/s debt repayments, sufficient cushion in BLU and no plans of major capex over the medium term. VCIPL, based in Kadi (Gujarat), was incorporated in 2005 and promoted by the Patel family. The company is engaged in ginning and pressing of raw cotton. It has its facility at Kadi, with a capacity of more than 350 bales of cotton per day. VCIPL reported a profit after tax (PAT) of INR0.9 million on net sales of INR 526 million for 2014-15; the company reported a PAT of INR1.0 million on net sales of INR 924.4 million for 2013-14. ========= J A P A N ========= SHARP CORP: Hon Hai Willing to Buy Firm Provided Top Mgt Revamped ----------------------------------------------------------------- Kyodo News reports that Taiwan's Hon Hai Precision Industry Co. has proposed buying Sharp Corp. for around JPY300 billion on the condition that the struggling Japanese electronics maker's top management be revamped, sources close to the matter said Dec. 23. Under the proposal, Hon Hai, the world's largest contract supplier of electronics products, known for the Foxconn brand, is calling for the Sharp management team, including President Kozo Takahashi, to step down, and for Sharp's new leader to be someone from its group, the sources said, Kyodo relates. According to the report, the proposed amount represents an approximately 50% premium to Sharp's current market value. Hon Hai is seen as willing to shoulder Sharp's interest-bearing debt of around JPY760 billion as of the end of September, according to the sources. Kyodo says the Innovation Network Corp. of Japan, a public-private fund, is also considering investing in the Osaka-based electronics company, but it will likely take until early next year to finish drawing up its own proposal. Sources familiar with the matter have said the fund, which is financed in part by the Japanese government, is studying a plan to spin off Sharp's unprofitable liquid crystal display business and integrate it with Japan Display Inc., according to Kyodo. The fund has a stake in Japan Display, which makes small and medium-sized LCDs, the report discloses. Kyodo adds that Sharp has been exploring ways to get back on its feet, taking a series of restructuring steps that include job cuts and the sale of its head office building in Osaka. Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- http://sharp-world.com/-- manufactures and sells electronic telecommunication devices, electronic machines and components. As reported in Troubled Company Reporter-Asia Pacific on Nov. 6, 2015, Standard & Poor's Ratings Services said that it has lowered its long-term corporate credit and debt ratings on Japan- based electronics company Sharp Corp. to 'CCC+' from 'B-' and its short-term corporate credit and commercial paper program ratings on the company to 'C' from 'B'. S&P has also lowered its long- term corporate credit rating on overseas subsidiary Sharp International Finance (U.K.) PLC to 'CCC+' and the rating on its commercial paper program to 'C'. The outlook on the long-term corporate credit ratings on both companies is negative. ==================== N E W Z E A L A N D ==================== HONEYPOT CAFE: In Administration, Owes NZ$250,000 ------------------------------------------------- Sam Sherwood at stuff.co.nz reports that Christchurch's Honeypot Cafe has gone into liquidation for a second time, owing at least NZ$250,000. Owners Brendan and Sophie Alcock took over the Colombo St cafe on August 7, 2013, after the previous company, running it went into liquidation, according to stuff.co.nz. The report notes that the couple, who were new to the hospitality industry, were now trying to sell the business after their company, Sanders Ltd, also went into liquidation. An initial liquidators report said the company owed at least NZ$250,000, the report relays. Liquidators were appointed on November 2, after all of the cafe's staff were let go, the report says. A list of eight secured creditors included ANZ, which was owed $238,000, the report notes. The report said the liquidators were yet to receive a claim from Inland Revenue for any outstanding tax obligations, the report relays. The liquidators estimated there would be no funds available for unsecured creditors, with nearly $13,000 owed, the report discloses. The Honeypot Cafe's original building in Lichfield St was demolished after the February 2011 earthquake. The report discloses that former owner Rob Gould said at the time he made a "significant investment" to move it to Sydenham, but the "gamble" did not pay off. His company, Honeypot Cafe Ltd, was placed into liquidation in July 2013, with debts of more than NZ$600,000, the report notes. At the time the cafe reopened, new owner Brendan Alcock said he did not want to see it disappear from the city, the report relays. TE AUPOURI: Inquiry Confirms Board Was Insolvent ------------------------------------------------ Radio New Zealand News reports that a ministerial investigation into the affairs of Te Aupouri Maori Trust Board has found no evidence of fraud or mismanagement. However, the report confirmed the board was insolvent. In September, Maori Development Minister Te Ururoa Flavell appointed Ernst and Young partner Grant Taylor to conduct an investigation and piece together how the board reached its financial situation, the report recalls. "The investigation found no evidence of fraud or mismanagement. I am pleased to hear that this is the case," the report quotes Mr Flavell as saying. Radio NZ relates that Mr Flavell directed the board to comply with its financial reporting requirements under the Maori Trust Board's Act 1955. He also encouraged the board to continue working closely with Te Runanga Nui o Te Aupouri to address liabilities and risks identified in the report, the report relates. Te Hiku Claims Settlement Bill, which included the settlement for Te Aupouri, had its final reading on September 9, Radio NZ says. As a consequence of this legislation, the Aupouri Maori Trust Board was dissolved and Te Runanga o Te Aupouri will receive the tribe's settlement, the report adds. =============== X X X X X X X X =============== * BOND PRICING: For the Week Dec. 21 to Dec. 25, 2015 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- AUSDRILL FINANCE PTY 6.88 11/1/2019 USD 71.00 AUSDRILL FINANCE PTY 6.88 11/1/2019 USD 70.43 BOART LONGYEAR MANAG 7.00 4/1/2021 USD 41.25 BOART LONGYEAR MANAG 7.00 4/1/2021 USD 41.25 CML GROUP LTD 9.00 1/29/2020 AUD 0.98 CRATER GOLD MINING L 10.00 8/18/2017 AUD 35.00 EMECO PTY LTD 9.88 3/15/2019 USD 55.50 EMECO PTY LTD 9.88 3/15/2019 USD 55.50 FMG RESOURCES AUGUST 6.88 4/1/2022 USD 62.00 FMG RESOURCES AUGUST 6.88 4/1/2022 USD 62.07 IMF BENTHAM LTD 6.38 6/30/2019 AUD 71.75 KBL MINING LTD 12.00 2/16/2017 AUD 0.32 KEYBRIDGE CAPITAL LT 7.00 7/31/2020 AUD 0.69 LAKES OIL NL 10.00 3/31/2017 AUD 6.50 MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 5.38 MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 4.56 STOKES LTD 10.00 6/30/2017 AUD 0.40 TREASURY CORP OF VIC 0.50 11/12/2030 AUD 62.69 CHINA ----- CHANGCHUN CITY DEVEL 6.08 3/9/2016 CNY 40.12 CHANGSHA HIGH TECHNO 7.30 11/22/2017 CNY 71.00 CHANGZHOU INVESTMENT 5.80 7/1/2016 CNY 40.36 CHANGZHOU WUJIN CITY 5.42 6/9/2016 CNY 50.08 CHINA GOVERNMENT BON 1.64 12/15/2033 CNY 74.80 DANDONG CITY DEVELOP 6.21 9/6/2017 CNY 70.32 DATONG ECONOMIC CONS 6.50 6/1/2017 CNY 71.50 DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 68.25 DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 69.80 ERDOS DONGSHENG CITY 8.40 2/28/2018 CNY 66.70 GRANDBLUE ENVIRONMEN 6.40 7/7/2016 CNY 70.41 GUOAO INVESTMENT DEV 6.89 10/29/2018 CNY 67.42 HANGZHOU XIAOSHAN ST 6.90 11/22/2016 CNY 41.03 HEBEI RONG TOU HOLDI 6.76 7/8/2021 CNY 74.34 HEILONGJIANG HECHENG 7.78 11/17/2016 CNY 41.25 HUAIAN CITY URBAN AS 7.15 12/21/2016 CNY 70.46 JIANGSU HUAJING ASSE 5.68 9/28/2017 CNY 50.90 JINAN CITY CONSTRUCT 6.98 3/26/2018 CNY 74.20 KUNSHAN ENTREPRENEUR 4.70 3/30/2016 CNY 40.06 LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 73.00 NANJING NANGANG IRON 6.13 2/27/2016 CNY 50.10 OCEAN RIG UDW INC 7.25 4/1/2019 USD 49.00 OCEAN RIG UDW INC 7.25 4/1/2019 USD 42.31 PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 71.02 QINGZHOU HONGYUAN PU 6.50 5/22/2019 CNY 40.35 SHANGHAI REAL ESTATE 6.12 5/17/2017 CNY 71.77 SHENGZHOU HOTEL CO L 9.20 2/26/2016 CNY 100.00 TAIZHOU CITY CONSTRU 6.90 1/25/2017 CNY 70.45 TONGLIAO CITY INVEST 5.98 9/1/2017 CNY 71.50 WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 50.10 XIANGTAN JIUHUA ECON 6.93 12/16/2016 CNY 71.16 YANGZHOU ECONOMIC DE 6.10 7/7/2016 CNY 50.30 YANGZHOU URBAN CONST 5.94 7/23/2016 CNY 40.50 YIJINHUOLUOQI HONGTA 8.35 3/19/2019 CNY 71.50 YULIN CITY INVESTMEN 6.81 12/4/2018 CNY 103.50 YUNNAN INVESTMENT GR 5.25 8/24/2017 CNY 70.50 ZHENJIANG CULTURE AN 5.86 5/6/2017 CNY 74.01 ZHUCHENG ECONOMIC DE 7.50 8/25/2018 CNY 41.03 INDONESIA --------- BERAU COAL ENERGY TB 7.25 3/13/2017 USD 27.75 BERAU COAL ENERGY TB 7.25 3/13/2017 USD 29.79 GAJAH TUNGGAL TBK PT 7.75 2/6/2018 USD 60.50 GAJAH TUNGGAL TBK PT 7.75 2/6/2018 USD 59.00 INDONESIA TREASURY B 6.38 4/15/2042 IDR 72.97 INDIA ----- 3I INFOTECH LTD 5.00 4/26/2017 USD 14.50 BLUE DART EXPRESS LT 9.30 11/20/2017 INR 10.12 BLUE DART EXPRESS LT 9.50 11/20/2019 INR 10.25 BLUE DART EXPRESS LT 9.40 11/20/2018 INR 10.18 COROMANDEL INTERNATI 9.00 7/23/2016 INR 15.60 GTL INFRASTRUCTURE L 4.03 11/9/2017 USD 27.00 INCLINE REALTY PVT L 10.85 8/21/2017 INR 7.74 JAIPRAKASH ASSOCIATE 5.75 9/8/2017 USD 71.16 JCT LTD 2.50 4/8/2011 USD 29.25 PRAKASH INDUSTRIES L 5.25 4/30/2015 USD 20.00 PYRAMID SAIMIRA THEA 1.75 7/4/2012 USD 1.00 REI AGRO LTD 5.50 11/13/2014 USD 4.25 REI AGRO LTD 5.50 11/13/2014 USD 4.25 SVOGL OIL GAS & ENER 5.00 8/17/2015 USD 21.13 JAPAN ----- AVANSTRATE INC 5.55 10/31/2017 JPY 31.00 AVANSTRATE INC 5.55 10/31/2017 JPY 37.00 ELPIDA MEMORY INC 0.70 8/1/2016 JPY 8.25 ELPIDA MEMORY INC 0.50 10/26/2015 JPY 8.38 ELPIDA MEMORY INC 2.29 12/7/2012 JPY 8.25 ELPIDA MEMORY INC 2.03 3/22/2012 JPY 8.25 ELPIDA MEMORY INC 2.10 11/29/2012 JPY 8.25 SHARP CORP/JAPAN 1.60 9/13/2019 JPY 69.00 TAKATA CORP 0.58 3/26/2021 JPY 65.75 KOREA ----- 2014 KODIT CREATIVE 5.00 12/25/2017 KRW 30.30 2014 KODIT CREATIVE 5.00 12/25/2017 KRW 30.30 DOOSAN CAPITAL SECUR 20.00 4/22/2019 KRW 38.96 HYUNDAI HEAVY INDUST 4.90 12/15/2044 KRW 54.78 HYUNDAI HEAVY INDUST 4.80 12/15/2044 KRW 55.70 HYUNDAI MERCHANT MAR 7.05 12/27/2042 KRW 30.96 KIBO ABS SPECIALTY C 10.00 8/22/2017 KRW 25.67 KIBO ABS SPECIALTY C 5.00 1/31/2017 KRW 32.14 KIBO ABS SPECIALTY C 5.00 3/29/2018 KRW 29.22 KIBO ABS SPECIALTY C 10.00 2/19/2017 KRW 36.58 KIBO ABS SPECIALTY C 10.00 9/4/2016 KRW 38.97 KIBO ABS SPECIALTY C 5.00 12/25/2017 KRW 29.04 LSMTRON DONGBANGSEON 4.53 11/22/2017 KRW 29.88 POSCO ENERGY CORP 4.72 8/29/2043 KRW 66.55 POSCO ENERGY CORP 4.72 8/29/2043 KRW 66.54 POSCO ENERGY CORP 4.66 8/29/2043 KRW 67.11 PULMUONE CO LTD 2.50 8/6/2045 KRW 59.91 SINBO SECURITIZATION 5.00 2/27/2019 KRW 26.31 SINBO SECURITIZATION 5.00 1/30/2019 KRW 26.48 SINBO SECURITIZATION 5.00 10/30/2019 KRW 19.46 SINBO SECURITIZATION 5.00 2/27/2019 KRW 26.31 SINBO SECURITIZATION 5.00 1/30/2019 KRW 26.48 SINBO SECURITIZATION 5.00 6/27/2018 KRW 28.67 SINBO SECURITIZATION 5.00 6/27/2018 KRW 28.67 SINBO SECURITIZATION 5.00 5/27/2016 KRW 36.46 SINBO SECURITIZATION 5.00 5/27/2016 KRW 36.46 SINBO SECURITIZATION 5.00 3/14/2016 KRW 44.60 SINBO SECURITIZATION 5.00 7/8/2017 KRW 31.76 SINBO SECURITIZATION 5.00 7/8/2017 KRW 31.76 SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.79 SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.79 SINBO SECURITIZATION 5.00 10/1/2017 KRW 30.79 SINBO SECURITIZATION 5.00 6/29/2016 KRW 35.46 SINBO SECURITIZATION 5.00 12/25/2016 KRW 32.64 SINBO SECURITIZATION 5.00 1/15/2018 KRW 30.10 SINBO SECURITIZATION 5.00 1/15/2018 KRW 30.10 SINBO SECURITIZATION 5.00 2/11/2018 KRW 29.61 SINBO SECURITIZATION 5.00 2/11/2018 KRW 29.61 SINBO SECURITIZATION 5.00 12/13/2016 KRW 33.71 SINBO SECURITIZATION 5.00 3/12/2018 KRW 29.37 SINBO SECURITIZATION 5.00 3/12/2018 KRW 29.37 SINBO SECURITIZATION 5.00 1/29/2017 KRW 33.11 SINBO SECURITIZATION 5.00 2/21/2017 KRW 32.82 SINBO SECURITIZATION 5.00 2/21/2017 KRW 32.82 SINBO SECURITIZATION 5.00 8/16/2016 KRW 33.73 SINBO SECURITIZATION 5.00 8/16/2017 KRW 31.34 SINBO SECURITIZATION 5.00 8/16/2017 KRW 31.34 SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.73 SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.73 SINBO SECURITIZATION 5.00 9/26/2018 KRW 27.73 SINBO SECURITIZATION 5.00 7/26/2016 KRW 35.13 SINBO SECURITIZATION 5.00 7/26/2016 KRW 35.13 SINBO SECURITIZATION 5.00 8/31/2016 KRW 34.72 SINBO SECURITIZATION 5.00 8/31/2016 KRW 34.72 SINBO SECURITIZATION 5.00 10/5/2016 KRW 34.35 SINBO SECURITIZATION 5.00 10/5/2016 KRW 32.72 SINBO SECURITIZATION 5.00 7/24/2017 KRW 30.61 SINBO SECURITIZATION 5.00 7/24/2018 KRW 28.45 SINBO SECURITIZATION 5.00 7/24/2018 KRW 28.45 SINBO SECURITIZATION 5.00 8/29/2018 KRW 27.96 SINBO SECURITIZATION 5.00 8/29/2018 KRW 27.96 SINBO SECURITIZATION 5.00 3/13/2017 KRW 32.58 SINBO SECURITIZATION 5.00 6/7/2017 KRW 22.95 SINBO SECURITIZATION 5.00 6/7/2017 KRW 22.95 SINBO SECURITIZATION 10.00 12/27/2015 KRW 76.38 SINBO SECURITIZATION 5.00 1/19/2016 KRW 57.07 SINBO SECURITIZATION 5.00 2/2/2016 KRW 53.30 SINBO SECURITIZATION 8.00 2/2/2016 KRW 58.41 SINBO SECURITIZATION 5.00 12/23/2018 KRW 26.81 SINBO SECURITIZATION 5.00 12/23/2017 KRW 29.06 SINBO SECURITIZATION 5.00 12/23/2018 KRW 26.81 SINBO SECURITIZATION 5.00 3/13/2017 KRW 32.58 SK TELECOM CO LTD 4.21 6/7/2073 KRW 65.89 TONGYANG CEMENT & EN 7.50 4/20/2014 KRW 70.00 TONGYANG CEMENT & EN 7.30 4/12/2015 KRW 70.00 TONGYANG CEMENT & EN 7.30 6/26/2015 KRW 70.00 TONGYANG CEMENT & EN 7.50 7/20/2014 KRW 70.00 TONGYANG CEMENT & EN 7.50 9/10/2014 KRW 70.00 U-BEST SECURITIZATIO 5.50 11/16/2017 KRW 31.03 SRI LANKA --------- SRI LANKA GOVERNMENT 5.35 3/1/2026 LKR 74.29 MALAYSIA -------- BANDAR MALAYSIA SDN 0.35 2/20/2024 MYR 70.26 BANDAR MALAYSIA SDN 0.35 12/29/2023 MYR 70.77 BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 71.43 BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 66.26 BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 68.61 LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.25 SENAI-DESARU EXPRESS 0.50 12/31/2040 MYR 68.81 SENAI-DESARU EXPRESS 0.50 12/29/2045 MYR 74.19 SENAI-DESARU EXPRESS 0.50 12/31/2047 MYR 76.14 SENAI-DESARU EXPRESS 0.50 12/31/2046 MYR 75.24 SENAI-DESARU EXPRESS 0.50 12/31/2043 MYR 72.39 SENAI-DESARU EXPRESS 0.50 12/31/2038 MYR 65.77 SENAI-DESARU EXPRESS 0.50 12/31/2041 MYR 69.98 SENAI-DESARU EXPRESS 0.50 12/31/2042 MYR 71.28 SENAI-DESARU EXPRESS 0.50 12/30/2044 MYR 73.31 SENAI-DESARU EXPRESS 0.50 12/30/2039 MYR 67.51 SENAI-DESARU EXPRESS 1.35 12/29/2028 MYR 57.22 SENAI-DESARU EXPRESS 1.15 12/29/2023 MYR 68.39 SENAI-DESARU EXPRESS 1.15 6/30/2023 MYR 69.98 SENAI-DESARU EXPRESS 1.15 12/30/2022 MYR 71.61 SENAI-DESARU EXPRESS 1.35 6/28/2030 MYR 53.96 SENAI-DESARU EXPRESS 1.35 12/31/2030 MYR 52.90 SENAI-DESARU EXPRESS 1.15 12/31/2024 MYR 65.36 SENAI-DESARU EXPRESS 1.10 6/30/2022 MYR 73.02 SENAI-DESARU EXPRESS 1.15 6/30/2025 MYR 63.91 SENAI-DESARU EXPRESS 1.10 12/31/2021 MYR 74.74 SENAI-DESARU EXPRESS 1.35 6/30/2026 MYR 62.84 SENAI-DESARU EXPRESS 1.15 6/28/2024 MYR 66.87 SENAI-DESARU EXPRESS 1.35 12/31/2029 MYR 55.01 SENAI-DESARU EXPRESS 1.35 6/30/2031 MYR 51.85 SENAI-DESARU EXPRESS 1.35 12/31/2025 MYR 64.02 SENAI-DESARU EXPRESS 1.35 6/30/2027 MYR 60.56 SENAI-DESARU EXPRESS 1.35 6/29/2029 MYR 56.10 SENAI-DESARU EXPRESS 1.35 6/30/2028 MYR 58.34 SENAI-DESARU EXPRESS 1.35 12/31/2026 MYR 61.71 SENAI-DESARU EXPRESS 1.35 12/31/2027 MYR 59.47 UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.18 PHILIPPINES ----------- BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75 BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75 SINGAPORE --------- AXIS OFFSHORE PTE LT 7.59 5/18/2018 USD 54.26 BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 3.00 BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 3.66 BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 30.00 BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 74.78 BLD INVESTMENTS PTE 8.63 3/23/2015 USD 8.38 BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 18.70 BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 18.18 BUMI INVESTMENT PTE 10.75 10/6/2017 USD 18.70 BUMI INVESTMENT PTE 10.75 10/6/2017 USD 18.14 ENERCOAL RESOURCES P 6.00 4/7/2018 USD 10.00 GOLIATH OFFSHORE HOL 12.00 6/11/2017 USD 17.05 INDO INFRASTRUCTURE 2.00 7/30/2010 USD 1.88 ORO NEGRO DRILLING P 7.50 1/24/2019 USD 67.00 OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00 OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 53.00 OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 50.92 SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 65.25 TRIKOMSEL PTE LTD 5.25 5/10/2016 SGD 20.00 TRIKOMSEL PTE LTD 7.88 6/5/2017 SGD 24.00 THAILAND -------- G STEEL PCL 3.00 10/4/2015 USD 3.74 MDX PCL 4.75 9/17/2003 USD 37.50 VIETNAM ------- DEBT AND ASSET TRADI 1.00 10/10/2025 USD 48.00 DEBT AND ASSET TRADI 1.00 10/10/2025 USD 48.12 ********* 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 ***