/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/160322.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, March 22, 2016, Vol. 19, No. 57 Headlines A U S T R A L I A GOLDPLAY HOLDINGS: First Creditors' Meeting Set For April 1 MINING AND CONSTRUCTION: First Meeting Set For March 30 S & D TRANSPORT: First Creditors' Meeting Set For March 31 SANDHILLS FOUNDATION: Placed Into Liquidation THERMOPATCH (AUSTRALIA): First Meeting Set For March 31 C H I N A CHINA: Bank Governor Warns Over Corporate Debt CHINA XD: Fitch Says Leverage to Rise in 2016 Before Falling GENERAL STEEL: Unit Closes $1MM Purchase Deal with Victory Energy SUNRISE REAL ESTATE: Incurs $1.4M Net Loss in 2nd Qtr. 2014 SUNRISE REAL ESTATE: Incurs $656,000 Net Loss in Q3 2014 I N D I A AL-SAMI AGRO: CARE Revises Rating on INR22.50cr LT Loan to BB- ARIHANT FIBRES: CARE Ups Rating on INR8.06cr Loan to BB- ARSHIYA INDUSTRIAL: CARE Reaffirms 'D' Rating on INR413.26cr Loan ARSHIYA LTD: CARE Reaffirms D Rating on INR1465cr LT Loan ARSHIYA NORTHERN: CARE Reaffirms D Rating on INR258.85cr LT Loan ASIAN FOOTWEARS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating BASANTH WIND: CRISIL Suspends B Rating on INR150MM LT Loan BATRA EXPORTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan CHAMUNDI DISTILLERIES: CRISIL Suspends D Rating on INR120MM Loan CHANDRAMMA EDUCATIONAL: CRISIL Suspends C Rating on INR150MM Loan CINEOLA DIGITAL: CRISIL Suspends B- Rating on INR50MM Cash Loan CLEANTEC INFRA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating DALSON MOTORS: CRISIL Suspends B+ Rating on INR60MM Cash Loan DC EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan DHROOV RESORTS: CARE Revises Rating on INR11cr LT Loan to 'D' ESSAR AGROTECH: CARE Assigns 'B' Rating to INR22.03cr LT Loan ESSAR STEEL: Talks to Banks For Restructuring of Debt FREEZE EXIM: CRISIL Reaffirms 'B' Rating on INR6MM LT Loan FRIENDS TIMBER: CARE Assigns B+ Rating to INR6cr LT Loan GAUTAM CEMENT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR1450.45cr Loan H. N. AGRI: CRISIL Assigns B- Rating to INR150MM Cash Loan HARSHNA NATURALS: CRISIL Assigns B- Rating to INR100MM Cash Loan INDUS PALMS: CRISIL Suspends 'D' Rating on INR50MM LT Loan JAGDAMBA FIBRES: CARE Assigns 'B+' Rating to INR6cr LT Loan JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan JINDAL STEEL: CARE Revises Rating on INR22,988.75cr Loan to 'D' KANSAL OVERSEAS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan KANUPAT HIMGHAR: CARE Assigns 'B+' Rating to INR11.09cr LT Loan KOHINOOR RECLAMATIONS: CARE Assigns B+ Rating to INR7.76cr Loan MAHADIK SUGAR: CRISIL Suspends 'D' Rating on INR500MM Term Loan MARUTHI TUBES: CARE Reaffirms 'D' Rating on INR7.00cr ST Loan NILE OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR24.3MM Loan P.G. SETTY: CARE Reaffirms B+ Rating on INR10.80cr LT Loan PARENTERAL DRUGS: CARE Reaffirms 'D' Rating on INR416.91cr Loan PARENTERAL SURGICALS: CARE Cuts Rating on INR5.70cr LT Loan to D PARS RAM: Company Folds, Owner Declared Bankrupt PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Loan to B- PEGMA RESOURCES: CARE Reaffirms 'B' Rating on INR19.05cr LT Loan PRADEEP TRANSCORE: CRISIL Suspends B+ Rating on INR50.3MM Loan PRAKASH INDUSTRIAL: Ind-Ra Assigns IND B Long-Term Issuer Rating PRAKASH FERROUS: CRISIL Suspends B+ Rating on INR450MM Cash Loan PRECISE SEAMLESS: CRISIL Suspends B Rating on INR180.5MM Loan PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan PREETI BUILDCON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating R D ENGINEERS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan RAJENDER PRASAD: CRISIL Assigns B Rating to INR77.5MM Loan RAJIVA EXPORTS: CARE Reaffirms B+ Rating on INR4cr LT Loan RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5MM B+ Loan Rating ROLTA INDIA: S&P Lowers LT CCR to 'B+'; Outlook Stable S.R. MOTEL: CRISIL Suspends B+ Rating on INR50MM Term Loan SAAB ENGINEERING: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR7.39cr LT Loan SHREEJI AGRO: CARE Assigns B+ Rating to INR4.74cr LT Loan SOLENZO CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR77MM Cash Loan SUPREME VASAI: Ind-Ra Cuts INR1,540MM Loan Rating to 'IND D' SURYAGOLD AGROFOOD: CRISIL Assigns B Rating to INR60MM Cash Loan TEE VENTURES: CARE Assigns B+ Rating to INR8cr LT Loan UNIMECH INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating VIJAY AUTOMOBILES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating VIORICA HOTELS: CRISIL Suspends 'D' Rating on INR750MM Term Loan J A P A N SHARP CORP: Foxconn to Reduce Offer by JPY100BB, Jiji Says TOSHIBA CORP: Eyes JPY200 Billion in Asset Sales M A L A Y S I A PRIME GLOBAL: Incurs US$149,000 Net Loss in First Quarter M O N G O L I A CAPITAL BANK: Moody's Assigns First-Time B3 Deposit Ratings N E W Z E A L A N D UCI HOLDINGS: Gets Reprieve After Missing Payments URBAN CONSTRUCTION: 150 Creditors Unlikely to Get Repayment X X X X X X X X * BOND PRICING: For the Week March 14 to March 18, 2016 - - - - - ================= A U S T R A L I A ================= GOLDPLAY HOLDINGS: First Creditors' Meeting Set For April 1 ----------------------------------------------------------- Geoffrey Davis & John Morgan of BCR Advisory were appointed as administrators of Goldplay Holdings Pty Ltd on March 19, 2016. A first meeting of the creditors of the Company will be held at Business Centre Pilbara, 2/24 De Grey Place, in Karratha, on April 1, 2016, at 10:30 a.m. MINING AND CONSTRUCTION: First Meeting Set For March 30 ------------------------------------------------------- Christopher John Baskerville and Trent Andrew Devine of Jirsch Sutherland Brisbane were appointed as administrators of Mining and Construction Jobs Online Pty Ltd on March 17, 2016. A first meeting of the creditors of the Company will be held at Jirsch Sutherland Brisbane, Level 7, 320 Adelaide Street, in Brisbane, on March 30, 2016, at 10:00 a.m. S & D TRANSPORT: First Creditors' Meeting Set For March 31 ---------------------------------------------------------- Brent Kijurina and Richard Albarran of Hall Chadwick Chartered Accountants were appointed as administrators of S & D Transport Pty Ltd on March 17, 2016. A first meeting of the creditors of the Company will be held at Hall Chadwick Chartered Accountants, Level 19, 144 Edwards Street, in Brisbane, on March 31, 2016, at 11:00 a.m. SANDHILLS FOUNDATION: Placed Into Liquidation --------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that Sandhills Foundation for Aboriginal Affairs has been placed into liquidation. Robyn Duggan -- robyn.duggan@fh.com.au -- of Ferrier Hodgson was appointed liquidator of the company on Feb. 26, 2016. Sandhills Foundation for Aboriginal Affairs offered the aboriginal community Centrelink and accommodation services. The company reportedly owns eleven residential properties in Narranera. It is no longer trading, the report says. THERMOPATCH (AUSTRALIA): First Meeting Set For March 31 ------------------------------------------------------- Steven Gladman and David Ross of Hall Chadwick were appointed as administrators of Thermopatch (Australia) Pty Ltd on March 17, 2016. A first meeting of the creditors of the Company will be held at Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on March 31, 2016, at 10:30 a.m. ========= C H I N A ========= CHINA: Bank Governor Warns Over Corporate Debt ---------------------------------------------- The Financial Times reports that China's central bank governor has warned that the country's corporate debt levels are too high and are stoking risks for the economy, just as highly-leveraged Chinese companies have gone on an overseas takeover binge. Adding his voice to a recent chorus of concern by senior Chinese officials, Zhou Xiaochuan, governor of the People's Bank of China (PBoC), told global business leaders meeting in Beijing that the ratio of lending to gross domestic product was becoming excessive, according to the FT. "Lending and other debt as a share of GDP, especially corporate lending and other debt as a share of GDP, is on the high side," he said, adding that a highly leveraged economy was more prone to macroeconomic risk, the FT relays. Corporate debt in China has risen to about 160 per cent of GDP, while total debt is about 230 per cent, according to Financial Times estimates. According to the report, the Bank for International Settlements warned this month that a steep rise in private and corporate debt in emerging market economies -- "including the largest" -- was "eerily reminiscent" of the pre- crisis financial boom in advanced economies. The FT relates that Mr Zhou's comments came at the end of a week of extraordinary deal making by Chinese companies overseas, with Anbang, the Chinese insurance company, bidding nearly $20bn for Starwood Hotels & Resorts and Strategic Hotels & Resorts. Total outbound Chinese merger and acquisitions spending since January is over $100bn, the FT reports citing figures from Dealogic. Data from 54 Chinese companies that did overseas deals last year show that many are "highly leveraged", according to S&P Global Market Intelligence, the report relays. According to the FT, Chinese officials are concerned that the stability of China's financial system could be threatened if Chinese companies are unable to repay a large amount of debt, which in turn can threaten economic growth. And as recent months have shown, instability in Chinese financial markets and risks to mainland economic growth rapidly feed through into global markets. Earlier this month, Moody's warned it may downgrade China's sovereign rating, a sign of increasing investor concern about the country's rising debt and falling foreign exchange reserves, the FT recalls. The FT says Mr Zhou told the China Development Forum, attended by top government officials as well as foreign business chiefs including Facebook's Mark Zuckerberg, that one way to tackle high leverage was to develop "robust capital markets" so that companies can increase equity financing and reduce reliance on debt. The report relates that China's chief banking regulator last week announced a move to try to tackle the country's bad debt problem by opening the way for the country's lenders to use debt-for- equity swaps to rid themselves of some of the $200bn of bad bank loans on their balance sheets. Shang Fulin, chairman of the China Banking Regulatory Commission, raised the idea at the closing session of the annual meeting of parliament in Beijing, the report relates. The FT says the plan has been put forward as a way of tackling the trillions of renminbi of debt that have built up in the Chinese economy as a result of decades of debt-fuelled stimulus and easy credit. Chinese banks' bad debts stand at Rmb1.27tn, according to official figures, although some analysts believe the real number is many times higher, the FT discloses. About one-third of listed Chinese companies owe at least three times as much in debt as they own in assets, the FT discloses citing figures from Wind. The FT relates that also speaking at Sunday's [March 20] conference, Christine Lagarde, IMF managing director, said China was in the middle of a historic transition that was "good for China and good for the world." "The world will be watching closely to learn from China as it deftly manages the delicate balance between economic transformation and deeper global integration," she said. CHINA XD: Fitch Says Leverage to Rise in 2016 Before Falling ------------------------------------------------------------ Fitch Ratings says China XD Plastics Co Ltd's (B+/Stable) leverage will rise in 2016 due to continued weakness in operating EBITDA margin and sustained high capex. However, we expect the maker of modified plastics to start deleveraging in 2017. XD Plastics' 2015 year-end FFO-adjusted net leverage of 1.5x was better than we expected in early November 2015, when we downgraded the company's rating. The better-than-expected results were primarily driven by margin recovery in 4Q15 and significant extension of accounts payable days, which resulted in higher cash inflow for 2015. The company's rating reflects Fitch's expectation that its leverage will rise in 2016 to around 2.5x-2.8x before falling in 2017 once its new Sichuan and Dubai plants become fully operational and increase output, which will result in significant sales growth. "We expect XD Plastics' operating EBITDA margin to remain at 15%- 16% (2015: 16.3%) given our subdued outlook for the operating environment for the company. The company's single largest end- user, China FAW Group (FAW), which accounted for about 40% of XD Plastics' revenue in 2015, saw a 10% fall in vehicle output and 8% drop in auto sales volume. This compares with growth in production and sales at other major auto makers in China. Fitch expects auto sales in China to rise in the mid- to high-single digits in 2016, but FAW's growth could be lower due to its uncompetitive products and internal restructuring." In addition, the majority of XD Plastics' capacity and revenue sources are in northeastern China, where output growth has slowed over the past few years. This was because auto makers have moved their capacities to central and western China to meet strong demand and take advantage of attractive local-government investment policies. As a result, XD Plastics plans to offset the slower growth in northeastern China by diversifying into other regions and building production capacity in growth regions. XD Plastics' capex is likely to remain high in 2016 at $US160m- 180m due for investments in its Sichuan and Dubai production sites and an R&D centre in China. The new plants will increase XD Plastics' capacity for automotive plastics by 50%-60% from its current capacity of current 395,000 tons. GENERAL STEEL: Unit Closes $1MM Purchase Deal with Victory Energy ----------------------------------------------------------------- In its Current Report on Form 8-K filed on Jan. 5, 2016, with the Securities and Exchange Commission, General Steel Holdings, Inc. disclosed that its Board of Directors has approved the entry by its 100% owned subsidiary, General Steel Investment Co., Ltd., into a Sales and Purchase Agreement with Victory Energy Resource Limited, a Hong Kong registered company indirectly owned by the Company's Chairman, Henry Yu, pursuant to which BVI sold its 100% equity ownership in General Steel (China) Co., Ltd. to Victory Energy for $1 million. At the time the Initial Form 8-K was filed, the purchase price had not yet been paid and the share transfer had not been registered with the State Administration for Industry and Commerce. As of March 15, 2016, the purchase price has been paid in full and the share transfer has been approved and registered with the SAIC. As a result, the transaction has now been completed. About General Steel Holdings General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel -- http://www.gshi-steel.com/-- has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. General Steel reported a net loss of $78.3 million on $1.9 billion of sales for the year ended Dec. 31, 2014, compared with a net loss of $42.6 million on $2 billion of sales for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $2.5 billion in total assets, $3.14 billion in total liabilities and a $637 million total deficiency. Friedman LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has an accumulated deficit, has incurred a gross loss from operations, and has a working capital deficiency at Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SUNRISE REAL ESTATE: Incurs $1.4M Net Loss in 2nd Qtr. 2014 ----------------------------------------------------------- Sunrise Real Estate Group, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.36 million on $1.48 million of net revenues for the three months ended June 30, 2014, compared to net income of $1.27 million on $4.48 million of net revenues for the same period in 2013. For the six months ended June 30, 2014, the Company reported a net loss of $2.08 million on $4.20 million of net revenues compared to a net loss of $57,219 on $6.60 million of net revenues for the six months ended June 30, 2013. As of June 30, 2014, Sunrise Real had $73.06 million in total assets, $72.22 million in total liabilities and $836,582 in total shareholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Qbltb3 About Sunrise Real Estate Headquartered in Shanghai, the People's Republic of China, Sunrise Real Estate Group, Inc. was initially incorporated in Texas on Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On Dec. 12, 2003, Parallax changed its name to Sunrise Real Estate Development Group, Inc. On April 25, 2006, Sunrise Estate Development Group, Inc., filed Articles of Amendment with the Texas Secretary of State, changing the name of Sunrise Real Estate Development Group, Inc. to Sunrise Real Estate Group, Inc., effective from May 23, 2006. The Company and its subsidiaries are engaged in the property brokerage services, real estate marketing services, property leasing services and property management services in China. Sunrise Real Estate reported a net loss of $1.93 million in 2013 following a net loss of $3.47 million in 2012. Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These conditions raise substantial doubt about its ability to continue as a going concern. SUNRISE REAL ESTATE: Incurs $656,000 Net Loss in Q3 2014 -------------------------------------------------------- Sunrise Real Estate Group, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $656,030 on $2.56 million of net revenues for the three months ended Sept. 30, 2014, compared to a net loss of $966,428 on $2.67 million of net revenues for the three months ended Sept. 30, 2013. For the nine months ended Sept. 30, 2014, the Company reported a net loss of $2.73 million on $6.77 million of net revenues compared to a net loss of $1.02 million on $9.27 million of net revenues for the same period in 2013. As of Sept. 30, 2014, Sunrise Real had $89.05 million in total assets, $87.18 million in total liabilities and $1.87 million in total shareholders' equity. As of Sept. 30, 2014, the Company's principal sources of cash were revenues from its agency sales and property management business, new bank loan and promissory notes, and advances from directors. Most of the Company's cash resources were used to fund its property development investment and revenue related expenses, such as salaries and commissions paid to the sales force, daily administrative expenses and the maintenance of regional offices, and the repayments of its bank loans, promissory notes and advances from directors. The Company ended the period with a cash position of $5,572,332. A full-text copy of the Form 10-Q is available for free at: http://is.gd/PFPhe7 About Sunrise Real Estate Headquartered in Shanghai, the People's Republic of China, Sunrise Real Estate Group, Inc. was initially incorporated in Texas on Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On Dec. 12, 2003, Parallax changed its name to Sunrise Real Estate Development Group, Inc. On April 25, 2006, Sunrise Estate Development Group, Inc., filed Articles of Amendment with the Texas Secretary of State, changing the name of Sunrise Real Estate Development Group, Inc. to Sunrise Real Estate Group, Inc., effective from May 23, 2006. The Company and its subsidiaries are engaged in the property brokerage services, real estate marketing services, property leasing services and property management services in China. Sunrise Real Estate reported a net loss of $1.93 million in 2013 following a net loss of $3.47 million in 2012. Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These conditions raise substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= AL-SAMI AGRO: CARE Revises Rating on INR22.50cr LT Loan to BB- -------------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Al-Sami Agro Products Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 22.50 CARE BB- Revised from CARE B+ Rating Rationale The revision in the rating of Al-Sami Agro Products Private Limited (AAPPL) takes into account successful completion of project and commencement of commercial operation of the plant, modest overall financial risk profile of the company with moderate revenue and PBILDT reported during 9MFY16 (Provisional) (refers to the period April 1 to March 31) and improved liquidity position. The rating continues to factor in the long-standing industry experience of its promoters. The rating is, however, constrained by limited track record of operation, nascent stage of business, intense competition in the industry and high dependence on government regulations. The ability of the company to continue to expand the scale of operations along with an improvement in profitability in a highly competitive scenario and effectively manage the working capital requirements are the key rating sensitivities. Incorporated in 2009, AAPPL belongs to the Al-Sami group of companies promoted by Mr Abdul Salam and family. The company has set up a slaughterhouse along with meat processing plant and a rendering plant at Sankhavaram Mandal in East Godavari district of Andhra Pradesh. The plant was expected to start commercial operation from first week of April 2015, but commenced its operations in July 2015. AAPPL is engaged in processing and exporting of buffalo meat and is based in East Godavari District, Andhra Pradesh. During FY15, AAPPL reported a PBILDT of INR0.92 crore (FY14: INR0.05 crore) and a PAT of INR0.42 crore (FY14: net loss of INR0.90 crore) on a total operating income of INR1.98 crore (FY14: INR0.98 crore). As per the unaudited results for 9MFY16, AAPPL has reported a PBILDT of INR17.38 crore and a PBT of INR11.14 crore on a total operating income of INR64.98 crore. ARIHANT FIBRES: CARE Ups Rating on INR8.06cr Loan to BB- -------------------------------------------------------- CARE revises the LT rating and reaffirms the ST rating assigned to the bank facilities of Arihant Fibres. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 8.06 CARE BB- Revised from CARE B+ Short term Bank Facilities 0.08 CARE A4 Reaffirmed Rating Rationale The revision in the ratings assigned to the long-term bank facilities of Arihant Fibres (AF) takes into account improvement in the financial risk profile of the firm marked by increase in the scale of operations, improvement in the capital structure along with improvement in the working capital cycle in FY15 (refers to the period April 1 to March 31). The ratings continue to remain constrained by moderately weak debt coverage indicators, susceptibility of operating margins to raw material price fluctuations coupled with seasonal nature of raw material availability, presence of the firm in highly regulated and fragmented cotton ginning industry with limited value addition along with partnership nature of the constitution. The ratings continue to draw strength from long experience of the partners in cotton ginning and pressing business along with locational advantage emanating from proximity to the raw material sources. The ability of the firm to establish itself in the highly competitive industry along with improvement in its profitability margins and solvency position are the key rating sensitivities the key rating sensitivities. Established in the year 2012, AF started its commercial production from November 2013. The firm is managed by the Goyal and Saria families of Parbhani, Maharashtra. The firm is engaged in the business of cotton ginning and pressing at its manufacturing facility located at Parbhani, Maharashtra. AF has an installed capacity to manufacture 45,000 bales (1 bale = 170 kg) per annum. It procures raw cotton from local farmers and sells its final product, ie, cotton bales to its customers located in and around Parbhani. The top five customers of the firm were Neelkanth Yarn, GPI Textile Limited, Jhamb Trading Co., Shree Balaji Enterprises and Sai Baba Oil Industries, etc, which together contributed around 45% of the total revenue during FY15. During FY15, firm registered a total operating income of INR85.77 crore as against a Profit After Tax (PAT) of INR0.46 crore as compared with a PAT of INR0.01 crore and total operating income of INR33.01 crore in FY14. ARSHIYA INDUSTRIAL: CARE Reaffirms 'D' Rating on INR413.26cr Loan ----------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Arshiya Industrial And Distribution Hub Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities (Term Loan) 413.26 CARE D Reaffirmed Rating Rationale The above rating is based on unconditional and irrevocable corporate guarantee extended by Arshiya Limited (AL, rated 'CARE D') for the bank facilities of Arshiya Industrial and Distribution Hub Ltd (AIDHL). On invocation of the guarantee, the guarantor, AL, will pay on demand the amount due by AIDHL to the lenders. Rating Rationale of Guarantor (AL) The reaffirmation of the rating assigned to the bank facilities of Arshiya Limited (AL) takes into account ongoing delays in the servicing of its debt obligations in FY15 (refers to the period April 1 to March 31) as well as 9MFY16 (refers to the period April 1 to December 31) due to severe deterioration in the liquidity and high debt service obligations due to significant time and cost overrun on projects undertaken by the company and its subsidiaries, which was funded through additional debt. The liquidity profile of the company (on a consolidated basis) worsened due to lower-than-estimated revenue generation from the warehousing and logistics business, owing to the regulatory issues and sub-optimal capacity utilization of Khurja Free Trade and Warehousing Zones (FTWZ) being executed under Arshiya Northern FTWZ Limited(ANFL). Consequent to the reaffirmation in the ratings of the above- mentioned facilities of AL, the ratings of the following companies were also reaffirmed, as all the facilities of these companies are backed by the unconditional and irrevocable corporate guarantees extended by AL. Arshiya Industrial and Distribution Hub Ltd (formerly Arshiya Northern Domestic Distripark Limited) is a wholly-owned subsidiary of Arshiya Domestic Distripark Ltd. which in turn is wholly-owned subsidiary of Arshiya Ltd. (AL). Project Details AIDHL was primarily formed to set up to a Distripark at Khurja on a total area of 65 acres. AIDHL plans to build hubs for warehousing & domestic rail consolidation across India. The first of AL's five planned Domestic Distriparks is strategically located at Khurja (near Delhi) alongside its FTWZ and rail terminal. During FY15, AIDHL posted a net loss of INR73.74 crore on the total operating income of INR0.36 crore as against a loss of INR64.51 crore on the total income of INR0.28 crore during FY14. On consolidated basis, AL posted a net loss of INR474.01 crore on the total income of INR331.50 crore during FY15, as against a loss of INR854.14 crore on the total income of INR531.16 crore during FY14. ARSHIYA LTD: CARE Reaffirms D Rating on INR1465cr LT Loan --------------------------------------------------------- CARE reaffirms rating assigned to bank facilities of Arshiya Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 1,465 CARE D Reaffirmed Rating Rationale Reaffirmation of the rating assigned to the bank facilities of Arshiya Limited (AL) takes into account ongoing delays in the servicing of its debt obligations in FY15 (refers to period April 1 to March 31) as well as 9MFY16 (refers to period April 1 to December 31) due to severe deterioration in the liquidity and high debt service obligations due to significant time and cost overrun on projects undertaken by the company and its subsidiaries, which was funded through additional debt. The liquidity profile of the company (on a consolidated basis) worsened due to lower-than-estimated revenue generation from the warehousing and logistics business, owing to the regulatory issues and sub-optimal capacity utilization of Khurja Free Trade andWarehousing Zones (FTWZ) being executed under Arshiya Northern FTWZ Limited (ANFL). Consequent to the reaffirmation in the ratings of the above- mentioned facilities of AL, the ratings of the following companies were also reaffirmed, as all the facilities of these companies are backed by the unconditional and irrevocable corporate guarantees extended by AL. Arshiya International Limited (AIL) incorporated in 1981, is one of the leading supply chain and integrated logistics infrastructure Solutions Company in India. AIL has presence in FTWZs, Rail Infrastructure, Industrial & Domestic Hub, Logistics and Supply Chain Management and Information Technology, enabling operational expertise and solutions capability across the entire supply chain. AIL has multinational operations in logistics and supply chain management space (in India on standalone basis and outside India through subsidiaries) and has also incurred phased investment towards creating logistics infrastructure in India. As per the standalone financials, during FY15 (refers to the period April 01 to March 31), AL posted a net loss of INR 244.00 crore on the total operating income of INR50.73 crore as against a loss of INR297.68 crore on the total income of INR313.93 crore during FY14. As per the consolidated financials, AL posted a net loss of INR474.01 crore on the total income of INR331.50 crore during FY15, as against a loss of INR854.14 crore on the total income of INR531.16 crore during FY14. ARSHIYA NORTHERN: CARE Reaffirms D Rating on INR258.85cr LT Loan ---------------------------------------------------------------- CARE reaffirms rating assigned to bank facilities of Arshiya Northern FTWZ Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank facilities (Term Loan) 258.85 CARE D Reaffirmed Rating Rationale The above rating is based on the unconditional and irrevocable corporate guarantee extended by Arshiya Limited (AL, rated CARE D) for the bank facilities of Arshiya Northern FTWZ Limited (ANFL). On invocation of the guarantee, the guarantor, AL, will pay on demand the amount due by ANFL to the lenders. Rating Rationale of Guarantor (AL) Reaffirmation of the rating assigned to the bank facilities of Arshiya Limited (AL) takes into account ongoing delays in the servicing of its debt obligations in FY15 (refers to period April 1 to March 31) as well as 9MFY16 (refers to period April 1 to December 31) due to severe deterioration in the liquidity and high debt service obligations due to significant time and cost overrun on projects undertaken by the company and its subsidiaries, which was funded through additional debt. The liquidity profile of the company (on a consolidated basis) worsened due to lower-than- estimated revenue generation from the warehousing and logistics business, owing to the regulatory issues and sub-optimal capacity utilization of Khurja Free Trade andWarehousing Zones (FTWZ) being executed under Arshiya Northern FTWZ Limited (ANFL). Consequent to the reaffirmation in the ratings of the above- mentioned facilities of AL, the ratings of the following companies were also reaffirmed, as all the facilities of these companies are backed by the unconditional and irrevocable corporate guarantees extended by AL. Arshiya Northern FTWZ Ltd. (ANFL) is a wholly owned subsidiary of Arshiya FTWZ Limited which in turn is wholly owned subsidiary of Arshiya Ltd. (AL). AL, through its various subsidiaries, is in the process of setting up Free Trade Warehousing Zones (FTWZ) across the country. Project Details ANFL was primarily formed to set up to an FTWZ on a total area of 127 acres near Khurja, Uttar Pradesh. Khurja FTWZ became operational from January 2012 and at present it has three operational warehouses. Due to continuous regulatory issues related to absence of Inland Container Depots (ICDs), Electronic Data Interchange (EDI) connectivity for customs etc., the movement of imported goods is restricted at Khurja FTWZ. Non availability of EDI link system at FTWZ has resulted in delays in imports and exports procedures at FTWZ. However, AL has installed all the required data exchange facilities and IT connectivity for implementing EDI and have requested concerned authority for allowing EDI link at FTWZ. There was significant cost and time overrun of in commencement of its operations. The delays were mainly pertaining to change in the design & scope based on the AL's learning from the Phase I of the Mumbai FTWZ. During FY15 (refers to the period April 01 to March 31), ANFL posted a net loss of INR58.68 crore on the total operating income of INR5.27 crore as against a loss of INR48.37 crore on the total income of INR8.39 crore during FY14. On Consolidated basis, AL posted a net loss of INR474.01 crore on the total income of INR331.50 crore during FY15, as against a loss of INR854.14 crore on the total income of INR531.16 crore during FY14. ASIAN FOOTWEARS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Asian Footwears Private Limited (AFPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS The ratings reflect AFPL's small scale of operations, moderate profitability and weak credit metrics. FY15 financials indicate revenue of INR201.72 million, EBITDA margins of 9.27%, net leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of 5.88x and gross interest cover (operating EBITDA/gross interest expense) of 1.97x. The ratings factor in the risks associated with volatility in raw material procurement cost. The ratings also factor in the company's comfortable liquidity with its use of the working capital facilities being around 92.91% during the seven months ended January 2016. The ratings, however, are supported by over 10 years of experience of AFPL's promoters in the footwear manufacturing industry. The ratings are further supported by the entity's strong relationships with its customers and suppliers. RATING SENSITIVITIES Negative: Any deterioration in the EBITDA margins leading to sustained deterioration in the credit metrics could be negative for the ratings. Positive: Substantial top line growth with an improvement in the EBITDA margins leading to a sustained improvement in the credit metrics could be positive for the ratings. COMPANY PROFILE AFPL was incorporated in 2008, and manufactures footwear. The company sells its products under the brand name Wilto, Alaxia and PU Gold. The company's manufacturing units are located in Bahadurgarh (Haryana). AFPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable -- INR102.50 million term loans: assigned 'IND BB-'/Stable -- INR47.50 million fund-based limit: assigned 'IND BB- '/Stable/'IND A4+' BASANTH WIND: CRISIL Suspends B Rating on INR150MM LT Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Basanth Wind Farm (BWF; part of the Basanth group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Drop Line Overdraft Facility 80 CRISIL B/Stable Long Term Loan 150 CRISIL B/Stable The suspension of rating is on account of non-cooperation by BWF with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BWF is yet to provide adequate information to enable CRISIL to assess BWF's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability - a key risk factor in credit ratings'. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of BWF, Kshema Builders & Developers (KBD), Kairaly Securities (KS), Kshema Windfarm Services (KWS), and Mayoori Towers (MT). This is because all the entities, together referred to as the Basanth group, are in a similar line of business and are managed by the same proprietor. Furthermore, there is fungible cash flow among these entities, and the management has indicated that the entities will support one another financially as and when required. The Basanth group, which comprises Tamil Nadu-based entities BWF, KBD, KS, MT and KWS, is in the windmill power project business. The group is promoted and managed by Mr. Satish Basant. BATRA EXPORTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Batra Exports (BE). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL D The suspension of rating is on account of non-cooperation by BE with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BE is yet to provide adequate information to enable CRISIL to assess BE'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'. BE was set up in 2010 as a partnership firm by Mr. Surinder Kumar and Mr. Sahil Batra for milling and selling of parboiled, steamed, and raw basmati and non-basmati rice. CHAMUNDI DISTILLERIES: CRISIL Suspends D Rating on INR120MM Loan ---------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Chamundi Distilleries Private Limited (CDPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL D The suspension of rating is on account of non-cooperation by CDPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CDPL is yet to provide adequate information to enable CRISIL to assess CDPL'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'. CDPL was incorporated as a private limited company in 1979, and is being promoted by Mr. Thimme Gowda and Mr Suresh Gowda. The company undertakes manufacturing of extra neutral alcohol and is based out of Bangalore, Karnataka. CHANDRAMMA EDUCATIONAL: CRISIL Suspends C Rating on INR150MM Loan ----------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Chandramma Educational Society (CES). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 150 CRISIL C The suspension of rating is on account of non-cooperation by CES with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CES is yet to provide adequate information to enable CRISIL to assess CES'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 2001, CES operates various educational institutes in Hyderabad. The society runs two medical colleges, two dental colleges, two engineering colleges and one pharmacy college. The society is promoted by Mr.Ch.Malla Reddy and his family. CINEOLA DIGITAL: CRISIL Suspends B- Rating on INR50MM Cash Loan --------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Cineola Digital Cinema Private Limited (Cineola). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable The suspension of rating is on account of non-cooperation by Cineola with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Cineola is yet to provide adequate information to enable CRISIL to assess Cineola'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'. Cineola was set up in 2009 and is engaged in digital cinema exhibition. Its operations are managed by Mr. Antony John. CLEANTEC INFRA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Cleantec Infra Private Limited (CIPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS The ratings reflect CIPL's small scale of operations and moderate order book. In FY15, revenue was INR116.4m (FY14: INR69.2m). On 31 January 2016, it had an unexecuted order book of INR352.9m providing revenue visibility for the next one year based on 9MFY16 annualised revenue figure. Around 90% of the order book is for the supply of machinery and 10% is for the comprehensive operation & maintenance of the machinery. However, the ratings are supported by CIPL's strong profitability and credit metrics. EBITDA margins were 20.6% in FY15 (FY14: 13.7%). The EBITDA margins have been improving since inception due to revenue growth and stabilisation of operations leading to achieving economies of scale. Net leverage (Ind-Ra total adjusted debt net of cash/EBITDA) was 0.4x in FY15 (FY14: 1.1x) and interest coverage was 8.3x (4.0x). The ratings are also supported by CIPL's comfortable liquidity with use of its working capital utilisation being around 68% during 12 months ended January 2016, and its promoter's experience of around two decades in selling machinery and mechanised cleaning systems. RATING SENSITIVITIES Positive: Substantial revenue growth while maintaining or improving profitability leading to a sustained improvement in the credit metrics will lead to a positive rating action. Negative: A decline in the profitability resulting in a sustained deterioration in the credit profile and liquidity will lead to a negative rating action. COMPANY PROFILE Incorporated in 2010, CIPL is into the trading of mechanised cleaning machines and spare parts. It also provides services of mechanised cleaning of roads, lakes & waterways, aerators, desilting, sand washing & waste management. FY12 was the first full year of operations for the company. According to the provisional results up to 3QFY16, revenue was INR238.9 million, EBITDA was INR53.2 million and interest coverage was 7.9x. CIPL's ratings are follows: -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable -- INR20.0 million fund-based working capital limit: assigned Long term 'IND BB+'/Stable and Short-term 'IND A4+' -- INR40.0 million non-fund-based working capital limit: assigned Short-term 'IND A4+' -- Proposed INR20.0 million fund-based working capital limit: assigned Long-term 'Provisional IND BB+'/Stable and Short- term 'Provisional IND A4+' -- Proposed INR120.0 million non-fund-based working capital limit: assigned Short-term 'Provisional IND A4+' DALSON MOTORS: CRISIL Suspends B+ Rating on INR60MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Dalson Motors. The suspension of rating is on account of non-cooperation by Dalson Motors with CRISIL's efforts to undertake a review of the ratings outstanding. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 30 CRISIL B+/Stable Despite repeated requests by CRISIL, Dalson Motors is yet to provide adequate information to enable CRISIL to assess Dalson Motors'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'. Dalson Motors, set up in 2007, is an authorised dealer for AMW's commercial vehicles. The firm operates three workshops in Bahadurgarh, Sonipat and Gurgaon (all in Haryana). The firm is promoted by Mr Gurvinder Singh, Mr Jasbir Singh and Mr Lakhvinder Singh. DC EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan --------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank loan facilities of DC Exports (DCE). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 250 CRISIL A4 Cash Credit 50 CRISIL B+/Stable The ratings reflect DCE's moderate scale of operations, susceptibility of operating margin to volatility in gold prices and fluctuations in foreign exchange rates, and a high total outside liabilities to tangible networth ratio. These weaknesses are partially offset by the promoter's extensive experience in the gold jewellery segment and healthy relations with customers. Outlook: Stable CRISIL believes that DCE will benefit over the medium term from the promoter's extensive experience in the gold jewellery segment. The outlook may be revised to 'Positive' in case of significant improvement in the sales and profitability leading to improvement in the financial risk profile or if working capital management improves significantly. Conversely, the outlook may be revised to 'Negative' if revenue declines or the financial risk profile weakens due to a stretch in the working capital cycle or large debt-funded capital expenditure. Set up in 1997, DCE manufactures and exports gold jewellery. The manufacturing facility is in Thrissur, Kerala, and the operations are managed by its promoter, Mr. Denny Joseph. DCE reported profit after tax (PAT) of INR4.8 million on total revenue of INR1.04 billion for 2014-15 (refers to financial year, April 1 to March 31) against PAT of INR3.6 million on total revenue of INR1.03 billion for 2013-14. DHROOV RESORTS: CARE Revises Rating on INR11cr LT Loan to 'D' ------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Dhroov Resorts. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 11 CARE D Revised from CARE B Rating Rationale The revision in the rating assigned to the bank facilities of Dhroov Resorts (DR) factors in the ongoing delays in the servicing of the debt obligations mainly on account of delays in the start of commercial operations of the proposed hotel. M/s Dhroov Resorts, a sole proprietary concern of Mr Balbir Singh Verma, is constructing a 4- star hotel project by the name of "Dhroov Resorts" in Shimla, H.P. Mr Verma is a MLA (Member of Legislative Assembly) from the Chopal area (in Shimla district) and is also a certified builder and civil contractor in the region. There has been both time & cost overrun from the last year estimates. The project is expected to be completed at a total cost of INR23.57 crore (revised from INR18.8 crore earlier) and is expected to start commercial operations from April 2016 onwards (extended from April 2015 planned earlier). As on December 31, 2015, the firm had incurred a total cost of INR20.87 crore on the project. The project location provides connectivity and accessibility to major tourist destinations in Shimla. The project site is located at Cart Road, Shimla, which is at a distance of about 300 mtrs from the Mall Road, which is one of the most popular tourist destinations. The project is also very close to major tourist attractions like Jakho Temple, Naldehra and Kufri. ESSAR AGROTECH: CARE Assigns 'B' Rating to INR22.03cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE B' ratings to the bank facilities of Essar Agrotech Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 22.03 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of Essar Agrotech Limited (EATL) is constrained by financial risk profile marked by continuous net loss over the last 3 years, small scale of operation, working capital intensive nature of operations and agri-commodity nature of business making EATL's performance susceptible to the vagaries of climatic conditions. However, the rating derives strength from experience of the promoters and the management team in the agri products business, diversified product portfolio, geographical presence and moderate overall gearing. The ability of EATL to increase its scale of operations, improvement in profitability along with effective management of working capital requirement are the key rating sensitivities. EATL was incorporated in April 1993 and is engaged in farming of flowers, plants & and vegetable and trading of milk. EATL has established the brand name of 'Indus Fresh Brand' for Dutch roses (13 different types) and exotic vegetables. Currently EATL is producing roses, vegetables, mango, plants and plugs in five sites which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar. EATL primarily sells flowers, plants and vegetables in international markets including Europe, Australia, New Zealand and Middle East while in domestics market EATL sells vegetables in Maharashtra regions which caters to brands like McDonalds, Domino's, YUM and KFC brands. EATL has also set up a dairy farm in Lonavala which has more than 120 cows producing more than 500 litres per day and supplies milk to areas in and around Lonavala. Moreover, EATL also provides the management and maintenance where in EATL develops and maintains the plantation of mango trees (currently, EATL maintains the plantation of more than 1 lakh mango trees in Jamnagar and Bhuj. Essar Group Essar is a multinational corporation with annual revenues of US$35 billion and investments in Steel, Energy, Infrastructure and Services. Operations are spread over more than 29 countries and it employs over 60,000 people during FY15 (refers to the period April 1 to March 31). Essar group began as a construction company in 1969 and has diversified into manufacturing, services and retail over the years since then. Over the last decade, it has grown through strategic global acquisitions and partnerships, or through greenfield and brownfield development projects, capturing new markets and discovering new raw material sources. During FY15 (Audited), EATL reported a total operating income of INR33.43 crore, PBILDT of INR4.11 crore and Net loss of INR10.11 crore as against a total operating income of INR39.15 crore, PBILDT of INR8.94 crore and Net loss of INR1.01 crore in FY14 (Audited). ESSAR STEEL: Talks to Banks For Restructuring of Debt ----------------------------------------------------- The Times of India reports that Essar Steel is in talks with lenders to restructure its huge debt under the Reserve Bank of India's 5/25 scheme that allows loans to be extended to 25 years and terms to be reset every five years. TOI relates that the company has a debt of INR38,000 crore, of which about INR15,000 crore has already been covered under the 5/25 scheme. It now wants the balance (excluding INR8,000 crore of working capital loan) to be also covered under the scheme, which will bring temporary relief to the troubled steel maker that is on a turnaround path, the report says. TOI notes that Essar Steel's gross profit margins have improved to 20%, emboldening the company to seek loan recast under the 5/25 scheme. Also, lenders, in the wake of the Kingfisher Airlines debt fiasco, have warned corporate borrowers, especially those who have got easier repayment terms, to improve operational efficiencies if they want more flexibility. The report relates that Essar Steel's gross profit margins have improved following 70% capacity utilization at its plants, higher demand for its steel products after the government set a minimum import price to deter foreign players from undercutting local steel mills and lower input costs. Dilip Oomen, MD & CEO, Essar Steel, feels that bad days are behind it and that the company is better placed now than it was earlier, the report relays. With raw material (gas) prices halving to $6 per unit and better sale price realization, the company will be able to achieve full production, Mr. Oomen, as cited by TOI, said. Even as Essar Steel negotiates the loan restructuring package with banks, the promoters -- the Ruia family -- are simultaneously exploring a stake-sale in the closely held company, according to the report. But the financial woes of the steel sector has impacted valuations. Gross profit margins of steel companies have dropped over 40% as cheap steel imports flooded the market, impairing domestic manufacturers' debt-servicing capacity, the report notes. Incorporated in 1976, Essar Steel India Ltd. (ESIL) is a part of the Essar Group and is having 10 MTPA integrated steel manufacturing facilities at Hazira, Gujarat and iron ore beneficiation and pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns and operates two iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore slurry from the beneficiation plant (located near the iron ore mines in Dabuna and Kirandul) to the pellet plant (located near the Paradip and Vizag ports). A large portion of the iron ore pellets produced are intended for captive consumption by ESIL's steel plant at Hazira for cost optimization. FREEZE EXIM: CRISIL Reaffirms 'B' Rating on INR6MM LT Loan ---------------------------------------------------------- CRISIL's ratings on the bank facilities of Freeze Exim (FE) continue to reflect the firm's modest scale of operations in the intensely competitive seafood industry and modest financial risk profile because of small networth. These weaknesses are partially offset by the extensive experience of the partners in the seafood industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3.1 CRISIL A4 (Reaffirmed) Bill Discounting 20 CRISIL A4 (Reaffirmed) Long Term Loan 6 CRISIL B/Stable (Reaffirmed) Packing Credit 45 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 5.9 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes FE will continue to benefit over the medium term from the extensive industry experience of the partners. The outlook may be revised to 'Positive' if a significant increase in revenue and profitability leads to improvement in the financial risk profile. Conversely, the outlook may be revised to 'Negative' if the financial risk profile weakens most likely because of a decline in cash accrual, large, debt-funded capital expenditure, or sizeable capital withdrawal by the partners. Set up in Kerala in 2000, FE processes and exports seafood such as squid, tuna, and cuttlefish. The operations are managed by four partners, Mr. K Aboobacker, Mr. Usman Koya, Mr. Abdul Kader, and Mr. Faisal Sulaiman. FRIENDS TIMBER: CARE Assigns B+ Rating to INR6cr LT Loan -------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Friends Timber Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 6 CARE B+ Assigned Short term Bank Facilities 16.25 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Friends Timber Private Limited (FTPL) are constrained by weak financial risk profile marked by thin profitability levels on the back of trading nature of business and weak capital structure along with weak debt coverage indicators, exposure to fluctuations in raw material prices along with foreign exchange fluctuation risk, competitive nature of the industry, working capital intensive nature of business and high dependence on imports for procurement of timber along with exposure to change in government policies. However, the rating factors in the adequate experience and qualification of the promoters and long track record of the entity with geographically diversified revenue stream along with diversified customer base. The ability of company to improve its solvency position and improve its profitability margins through increased volume of orders along with efficient management of working capital requirements are the key rating sensitivities. FTPL is based out of Nagpur and was established as a partnership concern named 'Friends Timber' in the year 1974 by Mr Anand Kohli, Mr Satish Jaiswal and Mr Santosh Jaiswal. The partnership concern was later reconstituted into a private limited company named Friends Timber Private Limited in 1999 with Mr Anand Kohli as its Managing Director (MD). Mr Anand Kohli has experience of around four decades with this entity and is handling all the activities in the entity with special focus on processing of timber logs. The firm has a saw mill in Nagpur which is spread over an area of 2.5 acres and has thirteen machines with total installed capacity of 5,500 cubic metric tonnes (CMT) per annum. FTPL imports majority of its timber (teak round log) requirement from Yangon, (Myanmar). The imported timber is then cut into different sizes in the saw mills and supplied to wholesalers of timber mainly in the state of Maharashtra and also exported majorly to countries such as Belgium, United States of America and Netherlands, etc. The company also undertakes trading of timber logs. FTPL earns majority of its business from the processing segment whereas trading contributes around 5% of total operating income. In FY15 (refers to the period April 01 andMarch 31), FTPL earned PAT of INR0.31 crore as against total operating income of INR53.72 crore. In FY15, FTPL earned PAT of INR0.31 crore as against total operating income of INR53.72 crore. GAUTAM CEMENT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Gautam Cement Works (GCW) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS GCW's ratings reflect the partnership nature of its business along with its small scale of operations, reflected in its revenue of INR348.4 million during FY15. Also, the credit profile of the entity is weak, with interest coverage (operating EBITDA/gross interest expenses) of 1.2x and net financial leverage (adjusted net debt/operating EBITDAR) of 3.9x during FY15. The company has a moderate liquidity profile reflected in 81.39% utilisation of the working capital facility for the 12 months ended January 2016. However, the ratings are supported by over three decades of experience of GCW's promoters in manufacturing prestressed concrete poles. The EBITDA margin of the entity is also satisfactory (FY15: 15.0%; FY14: 12.9%). RATING SENSITIVITIES Positive: An improvement in the revenue and credit metrics will be positive for ratings. Negative: Deterioration in the operating profitability and credit metrics will be negative for ratings. COMPANY PROFILE GCW was established as a partnership firm in 1972. It manufactures highly durable and heavy duty prestressed concrete poles. These poles are used extensively in the electrical industry. It has manufacturing units in Tamil Nadu and a head office in Rajasthan. GCW's ratings: -- Long-Term Issuer Rating: assigned 'IND B+'/Stable -- INR13.3 million long-term loans: assigned 'IND B+'/Stable -- INR50.0 million fund-based working capital limit: assigned 'IND B+'/Stable -- INR60.0 million non-fund-based working capital limit: assigned 'IND A4' GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR1450.45cr Loan --------------------------------------------------------------- CARE reaffirms ratings assigned to bank facilities of Ghaziabad Aligarh Expressway Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank facilities 1450.45 CARE D Reaffirmed Rating Rationale The rating reflects the ongoing delays in debt servicing by the company due to stressed liquidity position resulting from delayed commercial operation of partial project stretch and generation of insufficient toll collection. Ability of the company to improve its liquidity and regularize its debt servicing will remain the key rating sensitivities. Ghaziabad Aligarh Expressway Private Limited (GAEPL), incorporated in December 2009, was promoted by SREI Infrastructure Finance Ltd. (SREI; rated CARE A+/CARE A/CARE A1+), PNC Infratech Ltd. (PNC; rated CARE A+/CARE A1+) and Galfar Engineering and Contracting India Pvt. Ltd. (GEC) as a Special Purpose Vehicle (SPV) to undertake the four laning of Ghaziabad to Aligarh section of NH-91 spanning 126.0 km (from 23.60 km to 149.60 km), under NHDP Phase III on Build, Operate and Transfer (BOT) Toll Basis. The total cost of the project has undergone a revision from INR2120.06 crore as earlier projected to INR2191.0 crore which is expected to be funded at a debt:equity of 2.24:1 (considering NHAI grant as equity). Out of the project cost, INR2110.20 crore has already been expended as on Dec.31, 2015. The Concession Agreement (CA) was executed between GAEPL (Concessionaire) and National Highways Authority of India (NHAI) on May 20, 2010 for a concession period of 24 years from the appointed date (i.e. February 25, 2011). The project has already commenced partial tolling whereby 102.89 k.m. of stretch out of total project stretch of 126 k.m. has become operational from Jun.24, 2015 onwards vis-a-vis the scheduled COD of end of March 2015. Such scheduled COD of the project has been further extended to Apr.26, 2016 by NHAI. Despite, work on major portion of the balance 23 k.m. of project stretch being completed, work on the balance stretch is pending due to Right of Way (RoW) issues. Collection of inadequate toll vis-a-vis the repayment obligations of the company has resulted in a stretched liquidity position of the company, thus resulting into delays. The promoters of the company have been continuously infusing funds in GAEPL in the form of unsecured loans to fund the debt repayments of the company. The unsecured loan from promoters stood at INR80.32 crore as on Mar.31, 2015. The promoters have further infused around INR46.06 crore in GAEPL during M9FY16. H. N. AGRI: CRISIL Assigns B- Rating to INR150MM Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term bank loan facilities of H. N. Agri Serve Private Limited (HNAS; part of the Harshna group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL B-/Stable Term Loan 100 CRISIL B-/Stable The rating reflects the Harshna group's large working capital requirement, small scale of operations, and weak financial risk profile because of high gearing and subdued debt protection metrics. These weaknesses are partially offset by its promoters' extensive experience in the cold storage industry and benefits derived from favourable government policies. For arriving at its rating, CRISIL has combined the business and financial risk profiles of HNAS and Harshna Natural (HN). This is because the two entities, together referred to as the Harshna group, are in the same line of business and under the same management. Outlook: Stable CRISIL believes the Harshna group will benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group scales up operations and improves profitability, leading to larger-than-expected cash accrual and better liquidity. Conversely, the outlook may be revised to 'Negative' if liquidity weakens because of larger-than-expected receivables or less-than expected cash accrual. The Harshna group is based in Jammu & Kashmir and promoted by Mr. Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was established in 2007, while HNAS was incorporated in 2011 and started operations in October 2013. Both entities have a controlled-atmosphere cold storage facility in Kashmir with capacity of 5000 tonne each, and packing and grading lines for apples. HARSHNA NATURALS: CRISIL Assigns B- Rating to INR100MM Cash Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term bank loan facilities of Harshna Naturals (HN; part of the Harshna group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B-/Stable Term Loan 50 CRISIL B-/Stable The rating reflects the Harshna group's large working capital requirement, small scale of operations, and weak financial risk profile because of high gearing and subdued debt protection metrics. These weaknesses are partially offset by its promoters' extensive experience in the cold storage industry and benefits derived from favourable government policies. For arriving at its rating, CRISIL has combined the business and financial risk profiles of HN and HN Agri Serve Pvt Ltd (HNAS). This is because the two entities, together referred to as the Harshna group, are in the same line of business and under the same management. Outlook: Stable CRISIL believes the Harshna group will benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the group scales up operations and improves profitability, leading to larger-than-expected cash accrual and better liquidity. Conversely, the outlook may be revised to 'Negative' if liquidity weakens because of larger-than-expected receivables or less-than expected cash accrual. The Harshna group is based in Jammu & Kashmir and promoted by Mr. Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was established in 2007, while HNAS was incorporated in 2011 and started operations in October 2013. Both entities have a controlled-atmosphere cold storage facility in Kashmir with capacity of 5000 tonne each, and packing and grading lines for apples. INDUS PALMS: CRISIL Suspends 'D' Rating on INR50MM LT Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Indus Palms Hotels and Resorts Limited (IPHRL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 50 CRISIL D The suspension of rating is on account of non-cooperation by IPHRL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IPHRL is yet to provide adequate information to enable CRISIL to assess IPHRL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability - a key risk factor in credit ratings'. Incorporated in 2007 and promoted by Mr. E Sunil Reddy and associates, IPHRL owns and operates Ella Hotels, a 5-star hotel in Hyderabad. JAGDAMBA FIBRES: CARE Assigns 'B+' Rating to INR6cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Jagdamba Fibres Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.00 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Jagdamba Fibres Private Limited (JFPL) is constrained by its relatively small scale of operations, high leverage and weak debt coverage indicators. The rating is further constrained on account of JFPL's working capital intensive nature of operations, susceptibility of its profitability to fluctuation in raw material prices; being derivative of crude oil and its presence in a competitive and cyclical textile (man-made fiber (MMF)) industry. The rating, however draws strength from the vast experience of JFPL's promoters in the textile industry as well as location advantage available to JFPL; being present in the textile hub of Surat (Gujarat). JFPL's ability to increase its scale of operations along with improvement in its profitability and capital structure as well as efficient management of its working capital requirement would be the key rating sensitivities. Incorporated in May 1987, JFPL is a Surat-based (Gujarat) company promoted by Mr Ved Prakash Goel and Mr Sajjankumar Agrawal. The company is engaged in processing of synthetic yarns (also known as man-made fiber (MMF)) as well as trading of grey fabrics. Its product basket includes texturised yarn, draw winder yarn, air texturised yarn etc. which find end-use application in preparation of fabric for sarees, dress materials and curtains & drapes. JFPL's sole manufacturing facility is located in Surat with an installed capacity of 2,700 metric tons per annum (MTPA) as on March 31, 2015. Based on FY15 (refers to the period April 1 to March 31) audited results, JFPL reported a total operating income (TOI) of INR33.23 crore INR30.18 crore in FY14) with a net loss of INR0.32 crore (net profit of INR0.06 crore in FY14). Furthermore, as per 8MFY16 provisional results, JFPL reported a TOI of INR18.54 crore. JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan ---------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Jaypee Cement Corporation Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 2312.94 CARE D Reaffirmed Short-term Bank Facilities 50.00 CARE D Reaffirmed Rating Rationale The ratings of the bank facilities of Jaypee Cement Corporation Ltd (JCCL) continue to take into account delay in servicing of debt obligations by the company due to its weak liquidity position. JCCL, a wholly-owned subsidiary of Jaiprakash Associates Ltd (JAL, rated CARE D), has a 5 million tonne per annum (MTPA) cement plant located at Krishna District in Andhra Pradesh (Balaji cement plant) and a 3 MTPA cement plant at Shahabad, Karnataka (1.14 MTPA capacity of Shahabad is operational as on March 31, 2015). Balaji Cement plant, along with asbestos sheet, heavy engineering work shop and hi-tech casting centre businesses were transferred from JAL to the company pursuant to the demerger scheme approved by the high court with effect from April 1, 2011. The company's 1.14 MTPA cement capacity at Shahabad, Karnataka became operational in March 2015. Recently, JAL has entered into an MOU with Ultratech Cement Ltd (rated CARE AAA) to sell a significant part of its cement capacity and JCCL's plants are a part of the said MOU. During FY15 (refers to the period April 1, 2015 to June 30, 2015), JCCL reported operating income of INR1291.15 crore and net loss of INR324.25 crore from continuing operations. JINDAL STEEL: CARE Revises Rating on INR22,988.75cr Loan to 'D' --------------------------------------------------------------- CARE revises the ratings assigned to the various bank facilities and instruments of Jindal Steel & Power Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 22,988.75 CARE D Revised from CARE BB+ Short-term Bank Facilities 9,649.25 CARE D Revised from CARE A4+ Non-Convertible Debentures 500.00 CARE D Revised from Programme-I CARE BB+ Non-Convertible Debentures 1,000.00 CARE D Revised from Programme-II CARE BB+ Non-Convertible Debentures 862.00 CARE D Revised from Programme-III CARE BB+ Proposed Non-Convertible 100.00 CARE D Revised from Debentures Programme-IV CARE BB+ Non-Convertible Debentures 750.00 CARE D Revised from Programme-V CARE BB+ Commercial Paper Programme 4,150.00 CARE D Revised from CARE A4+ Rating Rationale The revision in the ratings of Jindal Steel & Power Ltd (JSPL) takes into account the delays in the debt servicing by the company. The delays were largely attributable to stretched liquidity position of the company following the delays in its debt refinancing plans and materialization of its divestment/asset monetization plans with weak cash flows from operations. JSPL's operational cash flows have deteriorated sharply following the steep fall in realisations which coupled with continued high debt servicing obligation has affected the liquidity position of the company. The ratings continue to remain constrained by the cyclicality inherent in the steel industry and regulatory risks related to the mining sector. However, JSPL has integrated nature of operations backed by captive iron ore mine as well as power, diversified product mix and established promoter group with diversified operations. Going forward, the company's ability to service its debt obligations in a timely manner and improve its capital structure shall be the key rating sensitivities. JSPL, part of the O P Jindal group, was formed in April 1998 by hiving off the Raigarh and Raipur manufacturing facilities of Jindal Strips Ltd. (JSL) into a separate company. JSPL is amongst the leading Integrated Steel Producers (ISP) in the country. The company's key business activities include manufacturing of sponge iron, steel products and power generation with its operations spread across Chhattisgarh (Raigarh and Raipur), Orissa (Barbil and Angul) and Jharkhand (Patratu) in India. JSPL has an installed steel manufacturing capacity of 4.75 MTPA (million tonnes per annum) with sponge iron capacity of 3.17 MTPA and hot metal capacity of 1.67 MTPA. The company also has power generation capacity of 1,661 MW (including captive) as on March 31, 2015, the surplus power from which is sold on merchant basis. It also has a presence outside India with major operations in Oman, South Africa, Indonesia, Mozambique and Australia through its various subsidiaries. During 9MFY16, the company reported a PBILDT and net loss of INR1,789 crore and INR873 crore, respectively on a total operating income of INR9,273 crore as against a PBILDT and net loss of INR3,376 crore and INR76 crore, respectively, on a total operating income of INR10,117 crore during 9MFY15. KANSAL OVERSEAS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Kansal Overseas (KO). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable Proposed Long Term Bank Loan Facility 4.5 CRISIL B/Stable Term Loan 0.5 CRISIL B/Stable The suspension of rating is on account of non-cooperation by KO with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KO is yet to provide adequate information to enable CRISIL to assess KO'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 1998 and based in Karnal (Haryana), KO is a proprietorship firm engaged in the processing basmati rice. The firm is owned and managed by Mr. Kansal. KANUPAT HIMGHAR: CARE Assigns 'B+' Rating to INR11.09cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Kanupat Himghar Private Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 11.09 CARE B+ Assigned Short term Bank Facilities 0.09 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Kanupat Himghar Private Ltd (KHPL) are constrained by its short track record with small scale of operations, regulated nature of the business, seasonality of business with susceptibility to the vagaries of nature, risk of delinquency in loans extended to the farmers and traders, competition from other local players, working capital intensive nature of business and high leverage ratios. The ratings constraints are partially offset by the experience of the promoters and its proximity to the potato-growing areas. The ability to increase its scale of operations with an improvement in profit margins and effective management of the working capital would be the key rating sensitivities. KHPL was incorporated in May 1997 by Mr Nemai Charan Ghosh, Mr Sanjay Kumar Ghosh and MrDhananjoy Ghosh. After remaining dormant for around one and half decade, it has commenced operations of cold storage services and trading of potatoes in May 2013. The cold storage facility of KHPL is located at Udaynarayanpur, Howrah (West Bengal), with aggregated storage capacity of 16,789 metric ton. KHPL earned revenue of around 62% (69% in FY14 [refers to the period April 1 toMarch 31]) from trading activities and rest from rental business in FY15. During FY15, KHPL has reported a total operating income of INR6.02 crore (FY14: INR5.24 crore) with PAT of INR0.01 crore (FY14: INR0.07 crore). Furthermore, in 9MFY16, the KHPL has earned revenue of INR6.14 crore. KOHINOOR RECLAMATIONS: CARE Assigns B+ Rating to INR7.76cr Loan --------------------------------------------------------------- CARE assigns CARE B+/CARE A4 ratings to the bank facilities of Kohinoor Reclamations. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7.76 CARE B+ Assigned Short term Bank Facilities 3.54 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Kohinoor Reclamations (KR) are constrained by its short track record of operations with small scale of operations and weak solvency position. The ratings are further constrained by the working capital intensive nature of operations, susceptibility of profitability margins to raw material prices & foreign exchange fluctuations and constitution of the entity as a partnership firm. The ratings, however, derive strength from the experienced promoters, association with reputed client base and increasing scale of operations. Going forward, the ability of the entity to profitably scale up its operations, improve the overall solvency position and manage the working capital requirements efficiently will remain the key rating sensitivities. Established in 2011, Kohinoor Reclamations (KR) is a Kathua-based, Jammu and Kashmir (J &K) partnership firm currently being managed by Mr S P Jain and Mrs Rajni Jain sharing profit and loss in the ratio 60:40. The firm started its commercial operations in Jan-13. KR has an annual installed capacity to manufacture 24,000 tonnes of reclaimed rubber and rubber compounds (rubber tyres and tubes) of various types and sizes. The main raw material of the firm includes used rubber and various chemicals such as carbon, tyre cord, etc. The entity imports nearly 60% of the total raw material from United States of America (U.S.A), Europe, Pakistan etc. and remaining raw material is procured domestically. KR sells, its finished products (reclaimed rubber) to reputed clients including Hero Cycles Limited, Metro Tyres Limited and Hindustan Tyres Company, etc. The associate concerns of KR include Eastman Reclamations (ER; established in 2012) and Kohinoor India Private Limited (KIPL; established in 1970) engaged in the similar line of business. KR registered a total operating income of INR17.19 crore during FY15 (refers to the period of April 1 to March 31) with PAT of INR0.48 crore as against total operating income of INR3.07crore with net loss of INR2.46 crore in FY14. MAHADIK SUGAR: CRISIL Suspends 'D' Rating on INR500MM Term Loan --------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Mahadik Sugar and Agro Products Limited (MSAPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 500 CRISIL D The suspension of rating is on account of non-cooperation by MSAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MSAPL is yet to provide adequate information to enable CRISIL to assess MSAPL'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'. MSAPL was incorporated in 1999. The company was originally promoted by Mr. Shankar Rao Mahadik and his family members. The present promoters'Mr. Nrupal Patil, Mr. Sunil Kekal, and Mr. Praviin Kekal'acquired MSAPL through Reliable Sugar and Allied Industries Pvt Ltd (RSAIPL) in February 2013. RSAIPL is MSAPL's majority shareholder with a 94 per cent stake. Under Phase I, MSAPL set up an integrated sugar plant with capacity of 2500 tonnes crushed per day (tcd) and a 9-megawatt (MW) co-generation (co-gen) power plant in Farale in Kolhapur (Maharashtra) at a cost of INR833.3 million. The plant was commissioned and began commercial operations in December 2013. In Phase II, MSAPL intends to expand capacity of its sugar plant to 3500 tcd and of the co-gen plant to 17 MW. MARUTHI TUBES: CARE Reaffirms 'D' Rating on INR7.00cr ST Loan ------------------------------------------------------------- CARE reaffirms ratings assigned to the bank facilities of Maruthi Tubes Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.65 CARE D Reaffirmed Short term Bank Facilities 7.00 CARE D Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Maruthi Tubes Private Limited (MTPL) continue to remain constrained by continued overdrawals due to the stressed liquidity position of the company. MTPL was incorporated in March 1995 by Mr M. Raaghavendra, Mr M. Nagesh Kumar and Mr M. Chandraiah. The directors have four decades of experience in pipe, borewell and civil construction industry. MTPL is engaged in civil construction works and manufacturing of HDPE pipes. The company has started manufacturing HDPE Pipes under the brand name "SUPER FLOW" with an initial capacity of 430 tons per annum. MTPL undertakes water supply projects including construction of pipelines, civil structures such as overhead tanks, sumps, staff quarters and installation of pumps, etc, including supply of HDPE pipes for the projects. The company undertakes project on tender basis from public sector, private sector and government department. MTPL registered a total operating income of INR23.20 crore and net profit of INR0.42 crore for FY15 (refers to the period April 1 to March 31) vis-a-vis total operating income of INR22.07 crore with a net profit of INR0.40 crore in FY14. NILE OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan -------------------------------------------------------- CARE assigns 'CARE B+' ratings to the bank facilities of Nile Overseas. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 15 CARE B+ Assigned Rating Rationale The rating assigned to Nile Overseas (NLO) is primarily constrained by its small scale of operations, leveraged capital structure and working capital intensive nature of operations. The rating is further constrained by its presence in the fragmented and competitive nature of industry, seasonality associated with woolen products, exposure to raw material price volatility and partnership nature of its constitution. The ratings, however, draw comfort from experience of the partners in varied business and favorable manufacturing location. Going forward, the ability of the firm to increase its scale of operations and maintained its profitability margins while improving its capital structure and effective working capital management shall be the key rating sensitivities. Panipat-based (Haryana) NLO was established in 2014 as partnership concern by Mr Rajvir Sing Jaglan, Ms Jyoti Jaglan and Mr Siddharth Jaglan sharing profit and losses in the ratio 25:50:25 respectively. They collectively look after the overall operations of the firm. NLO was established with an objective to manufacture mink blankets. The firm has set up a manufacturing unit at Panipat (Haryana) with an installed capacity of 14 ton blankets per day as on January 31, 2016. NLO manufactures wide range of blankets like double bed, single bed and baby blankets. NLO has commenced its commercial operations from October, 2014. The main raw material required for production is polyester yarn which is procured mainly from traders based in Gujarat. The firm procures the remaining raw materials like satin silk and dyeing colors from Ludhiana, Jalandhar, Amritsar (Punjab) and New Delhi and sells the same to dealers located in Panipat and nearby regions under its various own brand namely "Nile Pride, Night Star, Angel Platinum, Snow Panther" etc. During FY15 (refers to the period October 01 to March 31), NLO has achieved a total operating income (TOI) of INR15.69 crore with PBILDT and net loss of INR2.11 crore and INR0.27 crore respectively. In 10MFY16, NLO has achieved a total operating income of INR29.18 crore. OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR24.3MM Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Overseas Leather Goods Company Private Limited (OLG) continue to reflect the company's modest scale of operations in the intensely competitive leather industry, and geographic concentration in its revenue profile. The ratings also factor in an average financial risk profile because of a small networth, average gearing, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of OLG's promoter in manufacturing leather fashion accessories, and its established relationship with customers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Foreign Bill Purchase 24.3 CRISIL B/Stable (Reaffirmed) Packing Credit 89.6 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes OLG will continue to benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' in case of a significant increase in scale of operations and profitability, leading to much higher cash accrual, or better working capital management, resulting in improvement in liquidity. Conversely, the outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, deteriorates, most likely because of lower-than- expected profitability or substantial debt-funded working capital requirement or capital expenditure. OLG was set up by Mr. Anup Chattopadhyaya in 1986. It mainly manufactures and exports leather fashion accessories at its unit in Kolkata. The company also manufactures industrial safety products. P.G. SETTY: CARE Reaffirms B+ Rating on INR10.80cr LT Loan ---------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of P.G. Setty Construction Technology Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 10.80 CARE B+ Reaffirmed Short term Bank Facilities 12.00 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of P. G. Setty Construction Technology Pvt Ltd (PCTPL) continue to be constrained by drop in profit margins, weakening of capital structure during FY15 (refers to April 1 to March 31), volatility in raw material prices and stretched operating cycle. The ratings, however, derive strength from experience of the promoters with established track record of operations, moderate order book position and growth in income during FY15. The ability of the company to win new orders and deleverage its capital structure remains the key rating sensitivities. PCTPL was established by Mr. P Gopala Setty as a proprietorship concern as M/s. P G Setty in 1964. During 1970s, the family business was converted to a partnership firm. Subsequently in 1999, the firm was reconstituted as a private limited company. PCTPL is registered as class I contractor for the Government of Karnataka and is engaged in the business of civil construction for execution of low cost houses and layout construction services. It also undertakes government projects under Mass Housing Schemes and slum development projects of the government for economically weaker sections. PCTPL provides services of traditional and modern architecture, Reinforced Cement Concrete (RCC) structure, structural steel and composite structures, moderately high rise structures, large span RCC and structural steel domes, structural steel space frames, heritage - structures restoration and green-buildings. PCTPL registered total operating income of INR24.80 crore and PAT of INR0.71 crore in FY15 as against operating income of INR12.15 crore and PAT of INR0.48 crore in FY14. PARENTERAL DRUGS: CARE Reaffirms 'D' Rating on INR416.91cr Loan --------------------------------------------------------------- CARE reaffirms ratings assigned to bank facilities of Parenteral Drugs (India) Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 416.91 CARE D Reaffirmed Long term/Short term 35.00 CARE D/CARE D Bank Facilities Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Parenteral Drugs (India) Limited (PDIL) continue to take into account the ongoing delays in debt servicing of its bank facilities on account of its weak liquidity arising out of lower capacity utilization and high debt levels resulting into cash losses. Incorporated in 1983, PDIL is a manufacturer of Intravenous Fluid (IVF), one of the basic pharmaceutical compounds. The manufacturing facilities of PDIL are located at Indore in Madhya Pradesh and Baddi in Himachal Pradesh. PDIL sold the manufacturing unit of one of its wholly owned subsidiaries, Infutec Healthcare Limited (IHL, rated CARE B+/CARE A4, Erstwhile Goa Formulations Ltd), to Fresenius Kabi India Private Limited for a consideration of INR200 crore in March 2013. Subsequently, one of its subsidiaries, Punjab Formulations Ltd has been merged with IHL with effect from January 1, 2014. PDIL has also set up two marketing subsidiaries, Parenteral Surgicals Limited (PSL, rated: CARE D) and Parentech Healthcare Limited. Based on the standalone financials for audited FY15 (refers to the period April 1 to March 31), PDIL reported a total operating income of INR175.99 crore (P.Y: INR243.34 crore) and net loss of INR54.08 crore (P.Y: INR58.70 crore). Based on the provisional standalone results for 9MFY16 (refers to the period April 1 to December 31), PDIL reported TOI of INR131.57 crore (9MFY15: INR139.80 crore) and net loss of INR69.22 crore (9MFY15: INR36.59 crore). PARENTERAL SURGICALS: CARE Cuts Rating on INR5.70cr LT Loan to D ----------------------------------------------------------------- CARE revises ratings assigned to bank facilities of Parenteral Surgicals Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.70 CARE D Revised from CARE B Long term/Short term Bank 0.75 CARE D/CARE D Facilities Revised from CARE B/CARE A4 Rating Rationale The revision in the ratings assigned to the bank facilities of Parenteral Surgicals Limited (PSL) takes into account the delays in debt servicing of its bank facilities on account of its weak liquidity arising out of subdued performance of its parent company; Parenteral Drugs (India) Limited (PDIL, rated CARE D) to whom it has operational linkages. Parenteral Surgicals Limited (PSL) was originally incorporated as Sanjiwani Medications Pvt. Ltd. in 2006. Subsequently, in September 2008, the name of the company was changed to the present one. PSL is a wholly owned subsidiary of PDIL. PSL is a marketing arm of PDIL and is engaged in trading of Intravenous Fluids (IVF) manufactured by PDIL. The company markets its products through marketing and distribution network of PDIL reflecting strong operational linkages with it. Based on the audited financials for FY15 (refers to the period April 1 to March 31), PSL reported a total operating income of INR27.13 crore (P.Y: INR41.71 crore) and net loss of INR3.51 crore (P.Y: net loss of INR3.82 crore). PARS RAM: Company Folds, Owner Declared Bankrupt ------------------------------------------------ Andrea Soh at The Business Times reports that a prominent business leader within the local Indian community and his family have been declared bankrupt following the liquidation of their spice and nut trading business. BT relates that Kirpa Ram Sharma, 60, had provided personal guarantees to a number of banks for loans extended to his company, Pars Ram Brothers, which was placed under provisional liquidation in November 24 last year. Mr Sharma was a director and major shareholder of the firm. BT says Mr Sharma, having liabilities of more than US$130 million, had filed for his own bankruptcy and was issued the order on Jan 28. His wife Anju Sharma and son Kapil Dev Sharma were also declared bankrupt after applications were filed against them by an Indian bank, as they had acted as joint guarantors for the bank loans, according to BT. The company is said to owe money to between 10 and 17 banks, the report says. Accounting and advisory firm Moore Stephens' partners Mick Aw and Neo Keng Jin have been made the trustees for their estate, according to notices placed in BT on March 11. The firm is now in the process of contacting various parties who may be involved, BT understands. The report notes that the fall of Pars Ram Brothers -- once a promising small and medium enterprise -- has sent shockwaves through the Indian business community. According to the report, Mr. Sharma was formerly a vice-chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI). BT understands that he left SICCI a few months ago. Pars Ram Brothers has a long history, having been established in 1937 by Mr Sharma's father. The firm traded spices, such as cloves, cumin seeds and ginger, as well as cashew nuts, pulses, rice and other agricultural products, and had a turnover of about US$100 million in 2011, BT relates citing previous media reports. The company had also ventured into markets including Australia, Canada, Hong Kong, India, Latin America, the Middle East, North and South Africa, Romania, Russia, Reunion Islands, Spain and Turkey, its website showed. BT adds that the firm is said to have had problems collecting payment from customers in the Middle East. There is also speculation that the firm was involved in speculative foreign exchange trades and was hit by market fluctuations. Mr Sharma declined to comment when contacted by BT. PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Loan to B- ------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Pawar Patkar and D. S. Contractors Associates Private Limited to 'CRISIL B-/Stable' from 'CRISIL B/Stable'; the rating on the short-term facilities has been reaffirmed at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4 (Reaffirmed) Cash Credit 100 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') Proposed Long Term 30 CRISIL B-/Stable (Downgraded Bank Loan Facility from 'CRISIL B/Stable') The rating downgrade reflects deterioration in Pawar Patkar's liquidity on account of sustained high working capital requirement despite moderation in scale of operations. Amidst stay on the construction of higher floor space (FSI) project, Pawar Patkar's turnover has continuously declined while blockage of capital in inventory has constrained its liquidity resulting in fully drawn bank limits. The ratings reflect below-average financial risk profile because of modest networth, leveraged capital structure and weak debt protection measures. The ratings also factor in small scale of operations in highly competitive construction industry, and large working capital requirement. These rating weaknesses are mitigated by the promoter's extensive experience in the civil construction industry. Outlook: Stable CRISIL believes Pawar Patkar's financial risk profile, particularly liquidity, shall remain constrained by large working capital requirement and modest networth. The outlook may be revised to 'Positive' if liquidity improves because of equity infusion or if there is significant and sustainable correction in working capital cycle coupled with higher cash accrual. Conversely, the outlook may be revised to 'Negative' if working capital cycle is stretched by delay in project execution and realisation of receivables, resulting in weak liquidity. Pawar Patkar was established in 2010 by Mr. R D Pawar. The company undertakes government-funded civil construction projects in Nashik. PEGMA RESOURCES: CARE Reaffirms 'B' Rating on INR19.05cr LT Loan ---------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Pegma Resources Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 19.05 CARE B Reaffirmed Rating Rationale The rating assigned to the bank facilities of Pegma Resources Private Limited (PRPL) factors in net losses incurred during the last two financial years ended FY15 (refers to the period April 1 to March 31) leading to stressed liquidity position and weak solvency position. The rating continues to remain constrained on account of its relatively modest scale of operations in the highly competitive and fragmented industry and susceptibility of the company's profitability to fluctuations in the raw material prices. The rating, however, continues to draw strength from the long- standing experience of PRPL's promoters in the mineral industry with financial support provided by them along with significant growth in its scale of operations during FY15. PRPL's ability to increase its scale of operation while improving profitability in light of the volatile raw material prices and improvement in the solvency position as well as efficient management of working capital are the key rating sensitivities. Beawar-based (Rajasthan) PRPL, incorporated in April 2012, was promoted by Mr Sachin Nahar, Mr Nitin Nahar, Mr Ankur Sharma and Ms Ruchika Sharma. PRPL is engaged in the manufacturing of Flexible Intermediate Bulk Container (FIBC)/jumbo bag at its sole manufacturing facility located at Beawar (Rajasthan) having an installed capacity of 4,320 metric tonnes per annum (MTPA) as on March 31, 2015. It started commercial operations from May 2013 and FY15 was the first full year of operation for the company. FIBC/jumbo bags are manufactured from Polypropylene (PP) or Polyethylene (PE) and find their application in storing and transporting free flowing dry products like flour, salt, cotton, rice, seeds, potatoes, etc. PRPL caters to domestic market as well as exports mainly to European countries and procures raw material from Del Cadre Agents of Reliance Industries Limited. During FY15, PRPL has reported a total operating income of INR33.03 crore (FY14: INR13.91 crore), with net loss of INR0.84 crore (FY14: net loss of INR0.40 crore). As per provisional result of 9MFY16, PRPL has achieved TOI of around INR25.00 crore. PRADEEP TRANSCORE: CRISIL Suspends B+ Rating on INR50.3MM Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Pradeep Transcore Private Limited (PTPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 Cash Credit 55 CRISIL B+/Stable Letter of Credit 50 CRISIL A4 Proposed Long Term Bank Loan Facility 9.5 CRISIL B+/Stable Term Loan 50.3 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by PTPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PTPL is yet to provide adequate information to enable CRISIL to assess PTPL'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'. PTPL, set up as a proprietorship firm named Pradeep Machinery Tools in 2003, was reconstituted as a private limited company in 2005. The company primarily manufactures laminations from cold- rolled grain oriented steel and solid insulating components for power and distribution transformers. It is based in Allahabad (Uttar Pradesh). PRAKASH INDUSTRIAL: Ind-Ra Assigns IND B Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Prakash Industrial Infrastructure Private Limited (PIIPL) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable. A full list of rating actions is at the end of the commentary. KEY RATING DRIVERS The ratings reflect PIIPL's declining revenue and weak credit metrics. The revenue has been declining since FY14 in the absence of large projects on account of a general economic slowdown. In FY15, revenue was INR230.7 million (FY14: INR305.5 million; FY13: INR438.1 million), net leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 7.3x (3.6x), and EBITDA interest cover was 0.9x (1.8x). The company has a moderate liquidity profile. Its use of the working capital facilities was 93% during the 12 months ended February 2016. The ratings however are supported by the healthy revenue visibility in view PIIPL's unexecuted order book of around INR520.0m as of December 2015. The ratings are also supported by the promoter's experience of more than two decades in the industrial civil construction business. PIIPL's strong EBITDA margin being in the range of 16%- 22% between FY12-FY15 also benefits the ratings. RATING SENSITIVITIES Positive: Substantial revenue growth while maintaining the profitability leading to a sustained improvement in the credit metrics will lead to a positive rating action. Negative: Decline in the revenue and/or profitability leading to sustained deterioration in credit metrics will be negative for the ratings. COMPANY PROFILE Established in 1975, PIIPL is primarily engaged in industrial civil construction for the private sector. The company is promoted by Mr. Dinesh Agrawal. Provisional financials up to 3QFY16 indicate revenue of INR229.0 million, EBITDA margin of 23.6% and interest coverage of 2.0x. PIIPL's ratings: -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable -- INR100 million fund-based working capital limit: assigned Long-term 'IND B'/Stable; Short-term 'IND A4' -- INR93.7 million long-term loans: assigned Long-term 'IND B'/Stable PRAKASH FERROUS: CRISIL Suspends B+ Rating on INR450MM Cash Loan ---------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Prakash Ferrous Industries Pvt Ltd (PFIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 6 CRISIL A4 Cash Credit 450 CRISIL B+/Stable Letter Of Guarantee 4 CRISIL A4 Letter of Credit 90 CRISIL A4 Long Term Loan 372.4 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 227.6 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by PFIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PFIPL is yet to provide adequate information to enable CRISIL to assess PFIPL'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' PFIPL was incorporated in 2007 as Prakash Ferrous Industries (Bangalore) Pvt Ltd. The company was subsequently renamed as PFIPL. It manufactures thermo-mechanically treated bars with Tempcore technology at Srikalahasti in Chitoor (Andhra Pradesh). It is a joint venture between Chennai-based Agarwal family and Agra (Uttar Pradesh)-based Garg family. PRECISE SEAMLESS: CRISIL Suspends B Rating on INR180.5MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Precise Seamless Apparels Private Limited (PSAPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable Export Packing Credit 120 CRISIL A4 Letter of Credit 70 CRISIL A4 Term Loan 180.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by PSAPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PSAPL is yet to provide adequate information to enable CRISIL to assess PSAPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability - a key risk factor in credit ratings' Incorporated in 2004, PSAPL is engaged in manufacturing of garments, particularly ladies' garments and their exports. The company undertakes various operations such as knitting, dyeing, finishing, and packaging. The company has its manufacturing facilities in Delhi and is promoted by the Jindal family PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Precision Operations Systems India Private Limited (POSPL) continue to reflect the company's modest scale of operations, large working capital requirement, and exposure to intense competition in the security equipment trading business. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 60 CRISIL A4 (Reaffirmed) Cash Credit 30 CRISIL B+/Stable(Reaffirmed) Proposed Long Term Bank Loan Facility 30 CRISIL B+/Stable (Reaffirmed) The ratings also factor in a small networth, modest total outside liabilities to tangible net worth ratio, and average debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters. Outlook: Stable CRISIL believes POSPL will continue to benefit over the medium term from its promoters' extensive industry experience and established relationship with customers. The outlook may be revised to 'Positive' if there is a substantial and sustained increase in revenue and profitability margins, or a continued improvement in working capital management. Conversely, the outlook may be revised to 'Negative' in case of a steep decline in profitability margins, or significant deterioration in the company's capital structure caused most likely by a stretched working capital cycle. Set up in 1989 by Mr. Rajkumar Pandey and Mr. Kirit Manilal Nanani, POSPL trades in security equipment. The company has an approval from the Ministry of Defence (MOD) for selling security equipment to MOD, the Ministry of Home Affairs, police departments, and paramilitary forces. It buys a majority of its products from Russia, and is the sole distributor of some of its suppliers in India. The product range includes metal detectors, bomb detection systems, RDX detectors, bullet-proof equipment, and bomb suits. The company deals in around 250 items as per specifications required by the government. PREETI BUILDCON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Preeti Buildcon Private Limited (PBPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. A complete list of rating actions is at the end of this commentary. KEY RATING DRIVERS The ratings reflect PBPL's small scale of operations as evident from the top line of INR657.34 million in FY15 (FY14: INR210.67m), and low EBITDA margin of 3.22% (4.51%). The ratings are supported by around two decades of experience of PBPL's promoters in civil construction works. The ratings are further supported by PBPL's satisfactory credit metrics for FY15 due to low external borrowings with interest coverage (operating EBITDA/gross interest expense) of 3.89x (FY14: 2.74x) and financial leverage (adjusted net debt/operating EBITDAR) of negative 2.23x (nil). The ratings factor in the company's comfortable liquidity position as evident from its 89.82% average working capital utilisation during the 12 months ended February 2016. RATING SENSITIVITIES Negative: Decline in top line leading to deterioration in the credit metrics will be negative for the ratings. Positive: A significant improvement in the revenue while the credit profile being improved or maintaining will be positive for the ratings. COMPANY PROFILE PBPL was incorporated in 2009 and is engaged in the business of civil construction works. It has its head office in Delhi. PBPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable -- INR40 million fund based limits assigned 'IND BB+'/Stable/'IND A4+' -- INR24 million non-fund based limits assigned 'IND A4+' R D ENGINEERS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of R D Engineers India Private Limited (RDEPL) continue to reflect the company's working capital-intensive operations, weak financial risk profile because of high gearing and weak debt protection metrics, small scale of operations, and high end-user-industry concentration. These rating weaknesses are partially offset by the extensive experience of the company's promoters in the engineering goods industry, and established relationship with customers and suppliers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B-/Stable (Reaffirmed) Letter Of Guarantee 125 CRISIL A4 (Reaffirmed) Letter of Credit 0.8 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes RDEPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if there is an improvement in the company's working capital cycle and if it's net cash accruals increase significantly, leading to a sustainable improvement in its capital structure and liquidity. Conversely, the outlook may be revised to 'Negative' if RDEPL's working capital cycle deteriorates further, or its operating performance is weaker than expected, or if it undertakes an unanticipated debt-funded capital expenditure programme. Update Operating income is expected at INR200-220 million in 2015-16 (refers to financial year, April 1 to March 31) as against about INR184 million in the preceding year. Operating income was about INR110 million in the nine months through December 2015. Operating margin is likely to be 11-13 percent in 2015-16. However, on account of working capital-intensive nature of operations, gross current assets will remain at about over 400 days as on March 31, 2016. The financial risk profile remains below average. Networth is expected to be small at INR56-58 million and gearing high at 2.0- 2.2 times in the near term. The debt protection metrics will remains subdued with interest coverage and net cash accrual to total debt ratios of 1.6-1.8 times and 5-8 percent in 2015-16. Net cash accrual is expected to be low at INR7-9 million, but there are no term debt obligations, in the near term. Liquidity is also supported by unsecured loans of about INR100 million as on March 31, 2015; these loans are expected to remain in the business over the medium term. However, to support incremental working capital requirement, the company's bank line has remain highly utilised at an average of about 87 percent during the 12 months through January 2016. RDEPL, incorporated in 1984 and promoted by Mr. S R Dua, designs and fabricates critical process equipment such as pressure vessels, heat exchangers, columns, and towers for the refinery, petrochemical, and fertiliser industries. Its manufacturing facilities are in Mumbai and Nashik. RAJENDER PRASAD: CRISIL Assigns B Rating to INR77.5MM Loan ---------------------------------------------------------- CRISIL has revoked the suspension of its rating on the bank facility of Rajender Prasad Pramod Kumar Jain (RPK) and assigned its 'CRISIL B/Stable' ratings to the firm's facilities. CRISIL had suspended the ratings vide its Rating Rationale dated September 2, 2015, since RPK had not provided necessary information required for a rating review. RPK has now shared the requisite information, enabling CRISIL to assign its ratings to the bank facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Foreign Letter of 77.5 CRISIL B/Stable (Assigned; Credit Suspension Revoked) The ratings reflect RPK's weak financial risk profile, driven by large working capital requirements, small scale of operations, intense competition in the timber industry, and susceptibility to regulatory changes in the timber import business. These rating weaknesses are partially offset by the extensive experience of the firm's proprietor in the timber business and the financial support it receives from him. Outlook: Stable CRISIL believes that RPK will maintain its business risk profile over the medium term backed by its long-standing presence in the timber industry. The company's financial risk profile is expected to remain constrained due to working capital-intensive nature of operations. The outlook may be revised to 'Positive' if there is improvement in working capital management leading to better financial flexibility along with increase in networth. Conversely, the outlook may be revised to 'Negative' if its financial risk profile declines because of significant borrowings for capex or working capital requirements. RPK was incorporated as a proprietorship firm by Mr. Rajender Prasad Jain in 1960. Till December 2009, the firm was engaged in trading of timber logs. It started processing of timber logs from January 2010. It has manufacturing facilities in Gandhidham (Gujarat) and Delhi. The firm is currently managed by Mr. Rajender Prasad Jain's sons Mr. Nitin Jain and Mr. Mohit Jain. RPK recorded profit-after-tax (PAT) of Rs 2.0 million on operating income of Rs 376.4 million in 2014-15 (refers to financial year, April 1 to March 31) as against PAT of Rs 2.2 million on operating income of Rs 334.4 million in 2013-14. RAJIVA EXPORTS: CARE Reaffirms B+ Rating on INR4cr LT Loan ---------------------------------------------------------- CARE reaffirms the rating assigned to bank facilities of Rajiva Exports. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 4 CARE B+ Reaffirmed Short term Bank Facilities 4 CARE A4 Reaffirmed Rating Rationale The ratings assigned to Rajiva Exports (REX) continue to be constrained by its small and fluctuating scale of operations, working capital intensive nature of operations, leveraged capital structure and weak coverage indicators. The ratings are further constrained by foreign exchange fluctuation risk, its presence in the highly fragmented and competitive nature of trading industry and its constitution as a proprietorship firm. The ratings, however, continue to take comfort from the experienced management along with long track record of operations. Going forward, the ability of the firm to improve its profitability margins, manage its foreign exchange fluctuation risk along with effective working capital management shall be the key rating sensitivities. Delhi-based REX was established in 1993 as a proprietorship concern by Mr Rajiva Maheshwari. The firm is engaged in the trading of iron and steel scrap and pulses. REX imports metal scraps from Singapore, Tanzania and Ghana which are sold to steel manufacturers in Maharashtra. The firm also imports pulses from Tanzania and Myanmar and sells the same to milling units engaged in processing of pulses domestically. In FY13 (refers to period April 01 to March 31), the firm started trading of sunflower de-oiled cake and it imports the same from Tanzania and sells the same to solvent extractors in Karnataka and Maharashtra. During FY15 (refers to the period April 01 to March 31), REX has achieved a total operating income (TOI) of INR22.64 crore with PBILDT and Net Profit of INR0.71 crore and INR0.08 crore, respectively, as against TOI of INR44.06 crore with operating and net loss of INR0.20 crore and INR0.93 crore, respectively, in FY14. During 10MFY16 (unaudited), the firm has achieved a total operating income of INR18.60 crore. RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5MM B+ Loan Rating --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Reliance Fabrications Private Limited (RFPL) continue to reflect RFPL's working capital- intensive operations in the process-plant equipment industry, and the company's small net worth and scale of operations. These rating weaknesses are partially offset by the extensive industry experience of its promoters and its strong customer base. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Reaffirmed) Cash Credit 27.5 CRISIL B+/Stable (Reaffirmed) Letter of Credit 10 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 20.3 CRISIL B+/Stable (Reaffirmed) Term Loan 13.5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes RFPL will continue to benefit over the medium term from its established client relationship and promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company significantly improves its revenue and profitability, while maintaining its capital structure. Conversely, the outlook may be revised to 'Negative' in case of a decline in its operating margin or large debt-funded capital expenditure, resulting in deterioration in its financial risk profile. RFPL was established as a closely held company in 1966, promoted by the Jamshedpur-based Gutgutia family. The company manufactures process-plant equipment and maintenance spares for several industries, including petroleum, refining, chemical, fertiliser, steel, cement, and power. ROLTA INDIA: S&P Lowers LT CCR to 'B+'; Outlook Stable ------------------------------------------------------ Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on Rolta India Ltd. to 'B+' from 'BB-'. The outlook is stable. At the same time, S&P lowered its long-term issue rating on the senior unsecured notes that Rolta Americas LLC and Rolta LLC issued to 'B+' from 'BB-'. Rolta, an India-based information technology (IT) products and solutions provider, guarantees the notes. "We downgraded Rolta because we expect the company's leverage to rise and its free operating cash flows to be negative over the next 12 months," said Standard & Poor's credit analyst Ashutosh Sharma. In S&P's view, uncertainty is increasing over Rolta's rising uncollected government receivables and capital expenditure for India's defense and security related projects. S&P now expects Rolta to have negative free operating cash flows (FOCF) for fiscal 2016 (year ending March 31, 2016,) and a ratio of funds from operations (FFO) to debt below 20% until fiscal 2017. Although Rolta's management expects delays in payments from the Indian government agencies to be sorted out over the next six to 12 months, S&P believes the recovery is uncertain and will be gradual. S&P also believes that Rolta's capital spending will remain uncertain, particularly till the company submits the prototype under the Indian defense battlefield management systems contract. "The stable outlook reflects our expectation that Rolta's revenue will grow at a healthy rate of 10%-12% and its EBITDA margins will be 32%-35% over the next 12 months," said Mr. Sharma. "These factors should temper the impact of the higher leverage." S&P also anticipates that the company will contain its capital expenditure and improve its receivables cycle, such that its FOCF turns positive from fiscal 2017. S&P may lower the rating on Rolta if S&P expects the company's FFO-to-debt ratio to fall significantly below 15% over the next two years. This may happen if: (1) the company's uncollected receivables or unplanned capital expenditure are significantly higher than our base case; or (2) in an unlikely situation, EBITDA margins fall materially below 32%. S&P may also downgrade Rolta if the company's credit standing or banking relationships weaken unexpectedly, resulting in increased refinancing risks over the next 18-24 months. S&P may raise the rating if Rolta: (1) wins a significant share of India's defense battlefield management system contract; and (2) maintains its healthy revenue growth, steady receivable cycle with positive FOCF, and a FFO-to-debt ratio sustainably above 20% without significant refinancing risks. S.R. MOTEL: CRISIL Suspends B+ Rating on INR50MM Term Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of S.R. Motel and Resort (SRMR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 37 CRISIL B+/Stable Term Loan 50 CRISIL B+/Stable The suspension of rating is on account of non-cooperation by SRMR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SRMR is yet to provide adequate information to enable CRISIL to assess SRMR'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. SRMR is a partnership firm run by Mr. Shiv Kumar Gupta and Mr. Rajeev Gupta. The firm registered in 2005, trades in cloth and operates a motel by the name of 'Carnival Motel' on G.T. Karnal Road, Delhi. SAAB ENGINEERING: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed SAAB Engineering's (SAAB) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects SAAB's small scale of operations, volatile profitability and moderate credit metrics. Revenue was INR883 million in FY15 (FY14: INR731 million), EBITDA interest coverage (operating EBITDA/gross interest expense) was 3.8x (4.3x) and net financial leverage (total adjusted net debt/operating EBITDA) was 2.1x (2.1x). EBITDA margin fluctuated between 10% and 16.5% during FY12-FY15 on raw material price volatility. The company recorded revenue of INR850 million in 10MFY16 due to an increase in order inflow from existing customers. The ratings also factor in the partnership nature of the organisation. The ratings however are supported by the company's comfortable liquidity position with the fund-based facilities being utilised at an average of 90.5% over the 12 month period ended February 2016. The ratings are also supported by SAAB's longstanding customer relationships and its promoter's two-decade-long experience in automobile component manufacturing. RATING SENSITIVITIES Positive: A significant increase in the scale of operations while maintaining the profitability will be positive for the ratings. Negative: Significant deterioration in the profitability leading to sustained deterioration in the credit metrics will be negative for the ratings. COMPANY PROFILE Established in 1992, SAAB was founded by Ajay K Balagopal and Sanjiv K Balgopal in Bangalore. The firm manufactures automobile components, such as alternator pulleys, spark plug housings, sintered gears, synchroniser hubs, forged gears etc. SAAB's ratings are as follows: -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook Stable -- INR92.31 million fund-based working capital limits: affirmed at Long-term 'IND BB+'/Stable and Short-term 'IND A4+' -- INR10 million non-fund based working capital limits: affirmed at Short-term 'IND A4+' -- INR96.785 million term loans (reduced from INR107.69m): affirmed at Long-term 'IND BB+'/Stable SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR7.39cr LT Loan ---------------------------------------------------------------- CARE reaffirms ratings assigned to bank facilities of Senthur Textiles Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7.39 CARE B Reaffirmed Rating Rationale The rating assigned to the bank facilities of Senthur Textile Private Limited (STPL) continues to be constrained by its small scale of operations, low profitability, highly leveraged capital structure, weak debt coverage indicators and working capital intensive nature of operations. The rating is further constrained by susceptibility of margins to fluctuation in the prices of cotton and presence in the highly fragmented and competitive textile industry. The rating however, continues to derive comfort from the long experience of the promoters, proximity to the textile market and government incentive for the sector. The rating also factors in the marginal growth of STPL in the total operating income in FY15 (refers to the period April 1 to March 31). The ability of the company to scale up its operations, improve profitability amidst the increasing competition in the industry, rationalization of debt level and manage its working capital requirements efficiently are the key rating sensitivities. STPL was incorporated in the year 1994, promoted by Mr P J Ramkumar Rajha. STPL is completely owned and managed by his family members and is engaged in the cotton yarn manufacturing. The manufacturing unit is located at Rajapalyam, Tamil Nadu with an installed capacity is 9,240 spindles as of February 2016. During FY16, STPL sold 960 spindles (reducing the installed capacity from10, 200 to 9,240) since the existing capacity were underutilized.The day to day operations are managed by Mr P J Ramkumar Rajha, Managing Director (who has got wide experience of more than two decades in the business of yarn production) along with Mr P R Jagadeesh Chandar (S/o Mr Ramkumar Rajha, who joined the business in FY15 after completing his MBA in Human Resource and industry experience of 1 1/2years. As per the audited results, STPL incurred net loss of INR0.04 crore on a total operating income of INR22.46 crore in FY15 (refers to the period April 1 to March 31) as compared with PAT of INR0.06 crore on a total operating income of INR21.62 crore. For 10MFY16 (provisional; refers to the period April 1 to December 31), STPL has achieved total income of INR20.04 crore. SHREEJI AGRO: CARE Assigns B+ Rating to INR4.74cr LT Loan --------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of Shreeji Agro. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 4.74 CARE B+ Assigned Long-term/ Short-term Bank 3.50 CARE B+/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Shreeji Agro (SA) are primarily constrained on account of short track record of operations in fragmented agro industry with low entry barriers and its financial risk profile marked by weak profitability, leveraged capital structure, weak debt coverage indicators and stressed liquidity position. The ratings are also constrained on account of customer and supplier concentration risk. The above constraints far offset the benefits derived from the experience of the partners and group support along with favorable growth prospects in the agro industry. The ability to increase its scale of operations with improvement in profitability, capital structure and improvement in solvency position are the key rating sensitivities. Rajkot-based (Gujarat) SA was established as a partnership firm on June 15, 2012, to manufacture and sell gaur gum powder under the brand name 'Shreeji Agro'. Gaur gum finds application in the food, pharmaceutical, cosmetic and textile industry. Actively managed by Mr Vimal Bhut, the entity fully exports its produce to countries like Japan, Germany and Russia. It has its current manufacturing facilities in Rajkot with an installed capacity of 30 tonnes of powder per day. During FY15 (refers to the period April 1 to March 31), SA reported a net loss of INR0.85 crore on a TOI of INR4.12 crore. As per the provisional results for 10MFY16 (refers to the period April 1, 2015 to January 31, 2016), SA registered a TOI of INR6.59 crore. SOLENZO CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank loan facilities of Solenzo Ceramic Private Limited (SCPL). The ratings reflect the company's large working capital requirement, and small scale of operations in a fragmented ceramics industry. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 60 CRISIL B/Stable Bank Guarantee 12 CRISIL A4 Cash Credit 27.5 CRISIL B/Stable Outlook: Stable CRISIL believes SCPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' in case of an increase in scale of operations, leading to substantial cash accrual. Conversely, the outlook may be revised to 'Negative' in case of low cash accrual because of subdued order flow or profitability, or weakening of the company's financial risk profile because of substantial working capital requirement or debt-funded capital expenditure. SCPL, established in Morbi (Gujarat) in 2014, is promoted by Mr. Deepak Patel and his family members. The company manufactures ceramic wall tiles. It commenced operations in April 2015 and has a capacity of around 40,000 tonnes per annum. SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR77MM Cash Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank loan facilities of Somnath Cotton Private Limited (SCPL) continues to reflect the company's exposure to risks related to a fragmented and intensely competitive cotton industry, restricting its scale of operations, and susceptibility of its operating margin to volatility in raw material prices. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 77 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 8 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes SCPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' in case of significant improvement in scale of operations along with profitability, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of higher-than-expected debt contracted to fund incremental working capital requirement or capital expenditure, resulting in deterioration of the company's capital structure. Update For 2014-15 (refers to financial year, April 1 to March 31), sales were around INR323 million, a year-on-year decline of 24 percent on account of lower average realisation for cotton. Over the medium term, sales are expected to grow at a modest pace. In 2014- 15, operating profitability remained low at 3.3 per cent and is expected at 3.50 to 4.0 percent over the medium term because of low value addition and the fragmented nature of the industry. Working capital requirement was high; gross current assets (GCAs) were at 120 days, with inventory of 94 days and moderate book debt of 28 days, as on March 31, 2015. Over the medium term, GCAs are expected to be 100 to 120 days with a rise working capital requirements to rise with its scale of operations. As on March 31, 2015, gearing was high at 2.10 times due to higher working capital debt and a modest net worth. Over the medium term, the gearing is expected at 1.5 to 2.0 times on account of moderate to high reliance on bank debt to fund incremental working capital requirement coupled with modest net worth. Over this period, debt protection metrics are expected to remain weak with interest coverage ratio at 1.40 to 1.80 times and net cash accrual to total debt ratio at 0.06 to 0.08 time, due to modest profitability compared with debt levels. Liquidity remains stretched due to high working capital requirement and limited financial flexibility. However, liquidity is supported by absence of term debt repayment and funding by promoters. SCPL reported a profit after tax (PAT) of INR0.5 million on net sales of INR322.7 million in 2014-15 as compared to a PAT of INR1.9 million on net sales of INR426 million in 2013-14. Incorporated in 2006, SCPL is promoted by Talaja, Gujarat-based Mr. Kababhai Madhabhai and his family members and friends. The company mainly gins and presses cotton into bales, but also extracts oil from cotton seeds. SUPREME VASAI: Ind-Ra Cuts INR1,540MM Loan Rating to 'IND D' ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Supreme Vasai Bhiwandi Tollways Private Limited's (SVBTPL) INR1,540 million long-term senior project loans to 'IND D' from 'IND BB+'. The Outlook was Stable. KEY RATING DRIVERS The downgrade reflects SVBTPL's delays in debt servicing for a period of more than 30 days as on 31 March 2015, as reported in the audited financial statements shared with Ind-Ra for FY15. RATING SENSITIVITIES Timely debt servicing for three consecutive months could result in a positive rating action. COMPANY PROFILE SVBTPL is a special purpose vehicle, acquired by Supreme Infra BOT Private Limited in October 2013. Supreme Infra BOT is a 100% subsidiary of Supreme Infrastructure India Ltd ('IND D') and the holding company of the Supreme Group for its build-operate- transfer projects. SVBTPL has taken over the concession and toll collection rights of the 26.425km road in Maharashtra. This was through the execution of a concession agreement among the Public Works Department, the government of Maharashtra, lenders' consortium and the concessionaire, after the erstwhile concessionaire failed to meet the obligations under the agreements. The total project cost of INR2,140 million is being financed by debt of INR1,540 million debt and the remaining by equity. SURYAGOLD AGROFOOD: CRISIL Assigns B Rating to INR60MM Cash Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Suryagold Agrofood Private Limited (SAPL). The rating reflects SAPL's weak financial risk profile due to low accrual and small networth. These weaknesses are mitigated by the promoters' experience in the agricultural commodity industry and moderate scale of operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 7.5 CRISIL B/Stable Cash Credit 60 CRISIL B/Stable Proposed Cash Credit Limit 30 CRISIL B/Stable Outlook: Stable CRISIL believes SAPL will benefit over the medium term from its promoters' experience. The outlook may be revised to 'Positive' if significantly higher-than-expected cash accrual is reported, backed by improvement in scale of operations, while maintaining working capital cycle. Conversely, the outlook may be revised to 'Negative' if low cash accrual, a substantial debt-funded capital expenditure, or inefficient working capital management weakens financial risk profile. Incorporated in 2008, SAPL is managed by Mr. Subhash Chand Goyal and family, having over two decades of experience. It processes chana dal (split chickpeas) at the production facility in Sri Ganganagar, Rajasthan having an installed capacity of 150 metric tonne per day. Profit after tax was INR0.13 million with net sales of INR474.6 million in 2014-15 (refers to financial year, April 1 to March 31) against profit after tax of INR0.8 million with net sales of INR274.7 million in 2013-14. TEE VENTURES: CARE Assigns B+ Rating to INR8cr LT Loan ------------------------------------------------------ CARE assigns 'CARE B+' rating to the bank facilities of Tee Ventures India Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 8.00 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Tee Ventures India Private Limited (TVIPL) is constrained by the inherent execution and stabilization risk associated with the debt-funded project with debt yet to be tied up and susceptibility of profit to fluctuation in the raw material prices and presence in a competitive sports goods manufacturing industry. These factors far offset the benefits derived from experienced and resourceful management, location advantage of the project and favorable industry scenario. The ability of TVIPL to successfully complete and stabilize the project within the envisaged time and cost and thereafter achieving the envisaged sales and profitability are the key rating sensitivities. Incorporated in 2011 by Mr Dhiren Shah, Mr Shreyam Shah, Ms Moneshi Shah and Mr Gopinathan Krishna Kumar, Tee Ventures (India) Private Limited (TVIPL) is currently setting up unit to manufacture golf balls (Contract manufacturing) at Saykha GIDC in Gujarat. The manufacturing facility will be spread across 36,000 sq. feet and proposed to have a total installed capacity of 12,000 dozen of golf ball's per day (4.32 million dozen p.a.) The company proposes to import 85% of its required raw material from South Africa, USA and other countries China and other countries and 15% would be purchased from domestic market. Furthermore, TVIPL plans to export 100% of golf balls to countries like US, UK and others. UNIMECH INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Unimech Industries Pvt Limited's (UIPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. A full list of outstanding ratings is at the end of his commentary. KEY RATING DRIVERS The ratings continue to reflect UIPL's small scale of operations along with moderate credit metrics. In FY15, revenue was INR376 million (FY14: INR324 million) with interest coverage of 1.7x (1.8x) and net financial leverage of 5.2x (3.1x). The ratings are also constrained by the company's declining EBITDA margins since FY12 (FY15: 6.5%; FY14: 9.7%). However, the ratings are supported by UIPL's promoters' three decades of experience in manufacturing machine components for automobiles and tractors. RATING SENSITIVITIES Positive: An increase in the scale of operations and expansion of the EBITDA margins leading to a sustained improvement in the credit profile will be positive for the ratings. Negative: A further decline in the profitability leading to deterioration in the credit metrics will be negative for the ratings. COMPANY PROFILE Established in 1978, UIPL has its registered office and manufacturing facilities in Coimbatore, Tamil Nadu. The company manufactures machine components for automobiles and tractors. The company has been exporting to countries such as France and the US since 2007. UIPL's ratings: -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable -- INR97.5 million fund-based limits (increased from INR77.50m): affirmed at 'IND BB-'/Stable -- INR78 million non-fund-based limits (increased from INR12.50 million): affirmed at 'IND A4+' -- INR34.6 million term loan: assigned 'IND BB-'/Stable VIJAY AUTOMOBILES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Vijay Automobiles (VA) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The agency has also assigned the firm's INR100m fund-based working capital limit a Long-term 'IND B+' rating with Stable Outlook and a Short-term 'IND A4' rating. KEY RATING DRIVERS The ratings reflect VA's stressed liquidity position, as evident from two instances of over-utilisation of its fund-based working capital limits by over 15 days during the six months ended February 2016. Its working capital cycle deteriorated to 102 days in FY15 (FY14: 81days) due to a high inventory holding period of 57 days in FY15 (43 days) as well as high debtor days (FY15: 54; FY14: 51). The ratings however are supported by its moderate credit profile. In FY15, its revenue was INR1,007.05 million (FY14: INR928 million), net financial leverage (total adjusted net debt/operating EBITDA) was 5.05x (3.35x) and gross interest coverage (operating EBITDA/gross interest expense) was 3.23x (3.36x). Its margins dipped to 4.20% in FY15 (FY14: 4.36%) as the company sacrificed on margins to boost sales. The ratings also draw support from its promoters' experience of over four decades in the spare parts trading business. RATING SENSITIVITIES Positive: Improvement in its liquidity profile will lead to a positive rating action. Negative: A decline in operating profitability leading to deterioration in its credit metrics, and/or a further stretch on the liquidity, will be negative for the ratings. COMPANY PROFILE Incorporated in 1972, VA is an authorised distributor of spare parts for Tata Motors' commercial vehicles in Alwar, Rajasthan. It supplies spare parts to wholesalers and retailers as well as to commercial vehicle service centres across 30 districts in Rajasthan. It is managed by four partners: Nitin Jagdish Prasad Agarwal, Vijay Kumar Agarwal, Sunil Kumar Agarwal and Radha Devi Agarwal. VIORICA HOTELS: CRISIL Suspends 'D' Rating on INR750MM Term Loan ---------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Viorica Hotels Private Limited (VHPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 750 CRISIL D The suspension of rating is on account of non-cooperation by VHPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, VHPL is yet to provide adequate information to enable CRISIL to assess VHPL'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'. VHPL was incorporated in 2006. The company operates a hotel, Holiday Inn, in Pune (Maharashtra). Holiday Inn began commercial operations in April 2012. VHPL is promoted by Vascon Engineers Ltd, a real estate developer in Pune, in association with other real estate players such as Jasper Realtors Pvt Ltd, Jasper Developers Pvt Ltd, and Pristine Hospitalities Pvt Ltd. ========= J A P A N ========= SHARP CORP: Foxconn to Reduce Offer by JPY100BB, Jiji Says ---------------------------------------------------------- Thomson Reuters, citing Jiji News, reports that Foxconn is likely to reduce its capital injection into Sharp Corp by around JPY100 billion ($898 million), from an initial plan of JPY489 billion. Last month, Sharp said it would issue around $4.4 billion worth of new shares to give Foxconn a two-thirds stake, but the Taiwanese electronics company put its takeover bid on hold at the last minute due to what sources said was the discovery of previously undisclosed liabilities, Reuters relates. According to Reuters, Jiji reported that Foxconn is reviewing the bid given concerns about future losses as well as on deterioration in Sharp's earnings in the financial year to March 31. Jiji added that Foxconn, formally known as Hon Hai Precision Industry Co, will lower the purchase price of new share offers from Sharp from a planned 118 yen per share, while retaining the plan to own two-thirds stake in Sharp, Reuters relates. Sharp aims to hold a board meeting to decide on the new rescue deal by the end of month, the news wire said. Sharp was not immediately available for comment, Reuters notes. Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- http://sharp-world.com/-- manufactures and sells electronic telecommunication devices, electronic machines and components. The TCR-AP reported on Nov. 6, 2015, that 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. TOSHIBA CORP: Eyes JPY200 Billion in Asset Sales ------------------------------------------------ Nikkei Asian Review reports that Toshiba Corp. plans to unload sizable assets to shore up its financial footing weakened in the wake of an accounting scandal. Nikkei relates that the embattled diversified company said on March 18 that it is considering selling securities and other assets worth around JPY200 billion ($1.79 billion) in the year through March 2017. The Troubled Company Reporter-Asia Pacific, citing Reuters, reported on July 22, 2015, that an independent investigation said in a report dated July 21 that Toshiba Corp. overstated its operating profit by JPY151.8 billion ($1.22 billion) over several years in accounting irregularities involving top management. The investigating committee said in a report filed by Toshiba to the Tokyo Stock Exchange that Toshiba President and Chief Executive Hisao Tanaka and his predecessor, Vice Chairman Norio Sasaki, were aware of the overstatement of profits and delay in reporting losses in a corporate culture that "avoided going against superiors' wishes," according to Reuters. The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that Toshiba Corp. President Hisao Tanaka and two other executives quit to take responsibility for a $1.2 billion accounting scandal that caused the maker of nuclear reactors and household appliances to restate earnings for more than six years. Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former president who was serving as adviser, also resigned, the Tokyo- based company said July 21, more than two months after announcing it was investigating possible accounting irregularities, according to Bloomberg. On Feb. 12, 2016, Moody's Japan K.K. has downgraded Toshiba Corporation's corporate family rating (CFR) and senior unsecured rating by three notches to B2 from Ba2. Moody's has also downgraded Toshiba's subordinated debt rating by 4 notches to Caa2 from B1, and affirmed its short-term rating of Not Prime. At the same time, B2 CFR and long-term senior unsecured bond ratings, as well as its Caa2 subordinated debt rating remain under review for further downgrade. On Feb. 9, 2016, Standard & Poor's Ratings Services said that it has lowered its long-term corporate credit rating on Japan-based diversified electronics company Toshiba Corp. three notches to 'B+' from 'BB+' and its long-term senior unsecured debt rating two notches to 'BB' from 'BBB-'. The debt rating is two notches higher than the corporate credit rating, reflecting S&P's view that the probability of default in Toshiba's bonds is lower than that in its bank borrowings. S&P is keeping its long-term ratings on Toshiba on CreditWatch with negative implications, where S&P placed them Dec. 22, 2015, when it lowered the long-term corporate credit rating. S&P has affirmed its short-term corporate credit and commercial paper ratings on Toshiba. Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large-scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. =============== M A L A Y S I A =============== PRIME GLOBAL: Incurs US$149,000 Net Loss in First Quarter --------------------------------------------------------- Prime Global Capital Group Incorporated filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of US$148,646 on US$412,749 of net total revenues for the three months ended Jan. 31, 2016, compared to a net loss of US$519,274 on US$537,410 of net total revenues for the same period in 2015. As of Jan. 31, 2016, Prime Global had US$48.25 million in total assets, US$18.75 million in total liabilities and US$29.50 million in total equity. The Company said its continuation as a going concern is dependent upon improving the profitability and the continuing financial support from its stockholders or other capital sources. Management believes the existing shareholders or external debt financing will provide the additional cash to meet the Company's obligations as they become due. As of Jan. 31, 2016, the Company had cash and cash equivalents of $454,788, as compared to $934,392 as of Jan. 31, 2015. The Company's cash and cash equivalents decreased as a result of cash used in operation and repayment of bank loans and repayment to related parties. "We expect to incur significantly greater expenses in the near future, including the contractual obligations that we have assumed discussed below, to begin development activities. We also expect our general and administrative expenses to increase as we expand our finance and administrative staff, add infrastructure, and incur additional costs related to cope with our development activities, including directors' and officers' insurance and increased professional fees," the Company stated. A full-text copy of the Form 10-Q is available for free at: http://is.gd/rNK1lP About Prime Global Kuala Lumpur, Malaysia-based Prime Global Capital Group operated in the following three business segments during fiscal year 2014: (i) software business (the provision of IT consulting, programming and website development services); (ii) plantation business (including oilseeds and castor seeds business); and (iii) its real estate business. In the fourth quarter of fiscal 2014, the Company discontinued its castor seeds business in China, and in December 2014 it discontinued the software business (the provision of IT consulting, programming and website services) in Malaysia. As a result, the Company no longer conduct business operations in China and anticipate winding down or otherwise selling its interests in the following entities: Power Green Investments Limited; Max Trend International Limited and Shenzhen Max Trend Green Energy Co Ltd. Prime Global reported a net loss US$1.59 million for the year ended Oct. 31, 2015, compared to a net loss of US$1.33 million for the year ended Oct. 31, 2014. Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Oct. 31, 2015, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Oct. 31, 2015. All these factors raise substantial doubt about its ability to continue as a going concern. =============== M O N G O L I A =============== CAPITAL BANK: Moody's Assigns First-Time B3 Deposit Ratings ----------------------------------------------------------- Moody's Investors Service has assigned the following first-time ratings to Capital Bank LLC: local currency and foreign currency long-term deposit ratings of B3; local currency and foreign currency short-term deposit ratings of NP; as well as a baseline credit assessment (BCA) and adjusted BCA of caa1. In addition, Moody's has assigned Capital Bank a long-term counterparty risk assessment of B2(cr), and short-term counterparty risk assessment of NP(cr). The ratings outlook is stable. RATINGS RATIONALE Capital Bank's BCA reflects the bank's 25-year track record of a good level of solvency in the context of Mongolia's operating environment, which is sensitive to boom-bust cycles because of the undiversified nature of the economy and the large contribution to GDP from the mining sector. However, the bank's BCA is constrained by its modest customer deposit base, given that it is a medium-sized institution in Mongolia's banking system, as well as its deteriorating asset quality and profitability, owing in turn to the challenging nature of the operating environment. The key drivers of Capital Bank's ratings are: (1) its stabilizing capital position owing to the presence of supportive major shareholders; (2) its deteriorating asset quality owing to the challenging nature of the operating environment; (3) its moderate level of funding and liquidity because of the poor growth in customer deposits at its mid-sized franchise. Moody's also says that the high probability of support from the Government of Mongolia (B2 negative) is underpinned by the bank's important position as the seventh-largest bank in the country by assets. What Could Change the Rating -- Up Upward pressure on Capital Bank's local currency and foreign currency long-term deposit ratings and BCA is unlikely in the near term. However, Moody's would consider to upgrade Capital Bank's long- term deposit ratings if the bank improves its funding structure and establishes a track record of maintaining healthy capital, asset quality and profitability metrics through the economic cycle. What Could Change the Rating -- Down Moody's would downgrade Capital Bank's local currency and foreign currency long-term deposit ratings if its BCA was lowered. The bank's BCA could be lowered if: (1) its Tangible Common Equity capital ratio falls below 8.0%; (2) its annual net income to tangible assets ratio falls below 0.5% due to a sharp increase in credit losses; or (3) its asset quality deteriorates significantly; for example, its new nonperforming loans to gross loans ratio exceeds 4.0%. Capital Bank LLC is headquartered in Ulaanbaatar. It is the seventh largest bank in Mongolia in terms of assets, which totaled MNT745.6 billion (approximately USD373.6 million) at end-December 2015. The bank was established in 1990, which -- in the context of privately owned commercial banks in Mongolia -- translates into the longest operating history for the sector. ==================== N E W Z E A L A N D ==================== UCI HOLDINGS: Gets Reprieve After Missing Payments -------------------------------------------------- Paul McBeth at BusinessDesk reports that NBR Rich Lister Graeme Hart's UCI Holdings auto parts business has been given some breathing space by most of its bondholders after missing a US$17.3 million interest payment last week. BusinessDesk relates that UCI said on March 18, investors holding more than 80% of the US$400 million of February 2019 bonds agreed not to "seek to enforce any remedies against the company as a result of the event of default due to the failure to make the interest payment." The so-called forbearance arrangement can be ended at short notice. According to BusinessDesk, the auto parts business had already exercised a 30-day grace period to put off paying the half-yearly installment on the bond's 8.63% interest payment which expired last week. At the same time, UCI appointed restructuring specialist Alan Carr to its board and started negotiating with certain noteholders. "The company is engaged in discussions with representatives of these noteholders," UCI said. "The company believes it has sufficient liquidity to continue meeting all of its obligations to employees, customers, and suppliers while these forbearance arrangements remain in effect." BusinessDesk notes that the exercise of the grace period prompted Standard & Poor's to cut UCI's credit rating one notch to 'CCC', meaning the rating agency saw a 50/50 chance the auto parts firm would default on its debt, and lowered the outlook to credit watch negative, suggesting a 50% chance of a further downgrade within a 90-day period. According to BusinessDesk, the yield on the junk bonds jumped above 89% following the downgrade and was recently near 87%, having been near 16% before UCI last reported earnings in October. A soaring bond yield means the value of the debt has slumped and typically suggests that bond investors see less chance of getting interest payments or their money back, the report notes. BusinessDesk relates that UCI has yet to file its fourth-quarter and annual 2015 accounts with the US Securities and Exchange Commission since reporting a 68% slump in third-quarter adjusted earnings before interest, tax, depreciation and amortisation to US$6.3 million. According to the report, Mr Hart put UCI in strategic review in 2014 and amended the company's credit agreements to enable asset sales, before selling its Wells vehicle electronics business for US$251 million. BusinessDesk says the auto parts firm refinanced $US75 million bank debt with a new credit line with Credit Suisse in September last year, which left it with debt ofS$US477.1 million as at September 30, and a month later it repaid $US12 million of that facility. The bonds were sold during Mr Hart's 2011 leveraged buyouts of UCI for $US980 million and a separate auto parts firm, FRAM Group, for $US950 million. Holders of the debt include BlackRock, JP Morgan, Credit Suisse and Pimco, BusinessDesk discloses citing Reuters data. BusinessDesk says the New Zealand billionaire started building the auto parts business when he was most of the way through creating a much larger packaging empire, Reynolds Group Holdings, using junk bonds to fund both expansions when near-zero interest rates around the world left investors clamouring for real returns. According to BusinessDesk, junk bonds fell out of favour among investors through the tail end of last year when a New York high- income fund was frozen, slumping oil prices strained the ability of some energy companies to service their debt, and as the prospect of higher US interest rates increased the allure of government bonds. Investors have since recovered some confidence in the high- yielding notes as fears about stalling economic activity abate and as global interest look set to stay near zero, adds BusinessDesk. Auckland, New Zealand-based UCI Holdings Limited designs, develops, manufactures, and distributes vehicle replacement parts. The company offers various filtration products, including oil, air, fuel, transmission, cabin air, fuel dispensing, and hydraulic filters, as well as PCV valves and fuel/water separators. It also provides fuel delivery systems comprising fuel pump assemblies, electric and mechanical fuel pumps, and strainers and kits; cooling products, such as aluminum and cast iron cooling systems, and fan clutches; and vehicle electronics components, including distributor caps and rotors, ignition coils, electronic controls, sensors, emission components, solenoids, switches, voltage regulators, and wire sets. URBAN CONSTRUCTION: 150 Creditors Unlikely to Get Repayment ----------------------------------------------------------- Nick Truebridge at Stuff.co.nz reports that a Christchurch construction firm has gone bust owing about NZ$1.5 million and leaving nearly 150 unsecured creditors unlikely to see a cent. Urban Construction went into liquidation on February 9 with estimated debts of NZ$729,708 to unsecured creditors. It also owed NZ$498,922 to ASB Bank, an estimated NZ$82,762 to the Inland Revenue Department and an estimated NZ$58,653 of unpaid wages and holiday pay, Stuff.co.nz discloses. In its report, liquidator Rodgers Reidy attributed the company's demise to cashflow difficulties, loss of a significant contract, delays in workflow and loss of support from the company's financier, according to Stuff.co.nz. According to Stuff.co.nz, Nobull Gas and Plumbing owner Paul McGillivray is one of many Christchurch subcontractors left out of pocket following the collapse of Urban Construction. Some of the NZ$13,000 he lost would have gone into paying for tools. Stuff.co.nz relates that the company's director blamed "repeated delays" in the insurance company repair programme it was working for as a key reason for the collapse. Many of the 156 debtors are local subcontractors and unsecured creditors, Stuff.co.nz discloses. "We estimate there will be no funds available for [them]," Stuff.co.nz quotes joint liquidator Lynda Smart as saying. Subbies spoken to by Stuff.co.nz said they were resigned to writing off their debts and that it wasn't the first time they had lost money in a building company collapse. Skilled Electrical Ltd owner Dean Wilson said he was owed NZ$21,000 by Urban Construction and believed his chances of seeing a cent were "nil," adds Stuff.co.nz. According to Stuff.co.nz, joint liquidator Geoff Brown said Urban Construction, which is registered under the name Black Marlin Ltd and also traded as Dyck Decorators, was working on about 20 properties in Christchurch. The company did painting and decorating jobs as well as building work, he said. "We are working through each of these jobs/sites individually to ensure that all invoicing is undertaken for the work completed to the date of liquidation and also to determine if the jobs will be completed," Stuff.co.nz quotes Mr. Brown as saying. Stuff.co.nz relates that Urban Construction director Dietmar Dyck said his company restructured heavily and cut costs to try to stave off liquidation, but small businesses like his were beholden to bigger industry players. "In particular, our recent work within the IAG Hawkins repair programme, which was our core work, exacerbated our cashflow situation through the repeated delays in the variation process which at the end of the day delayed the home owner from getting back into their homes. "From my viewpoint the repair programme isn't designed to repair homes in a timely and efficient manner, however it is designed with the unintended consequence for the Project Management Offices to charge their six-minute increments to the insurance company and add unnecessary waste into the system." That led to project delays, which disrupted workflow and left tradesman idle, Mr. Dyck, as cited by Stuff.co.nz, said. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 14 to March 18, 2016 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 39.00 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 39.00 CML GROUP LTD 9.00 01/29/20 AUD 0.99 EMECO PTY LTD 9.88 03/15/19 USD 48.50 EMECO PTY LTD 9.88 03/15/19 USD 47.75 IMF BENTHAM LTD 6.52 06/30/19 AUD 73.25 KBL MINING LTD 12.00 02/16/17 AUD 0.23 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.69 LAKES OIL NL 10.00 03/31/17 AUD 6.30 MCPHERSON'S LTD 7.10 03/31/21 AUD 74.13 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 6.50 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 6.13 ORIGIN ENERGY FINANCE L 4.00 09/16/74 EUR 74.17 STOKES LTD 10.00 06/30/17 AUD 0.43 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 66.32 CHINA ----- ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 65.00 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 64.30 BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 55.64 BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 72.35 CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 73.78 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 64.55 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 63.95 CHANGZHOU INVESTMENT GR 5.80 07/01/16 CNY 40.27 CHANGZHOU INVESTMENT GR 5.80 07/01/16 CNY 37.84 CHANGZHOU WUJIN CITY CO 5.42 06/09/16 CNY 48.18 CHANGZHOU WUJIN CITY CO 5.42 06/09/16 CNY 50.00 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 74.00 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 72.73 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 72.51 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.66 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 70.55 CHONGQING NAN'AN DISTRI 6.29 12/24/17 CNY 68.30 CHONGQING NAN'AN DISTRI 6.29 12/24/17 CNY 61.54 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 74.20 CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 72.24 DANDONG CITY DEVELOPMEN 6.21 09/06/17 CNY 71.30 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 85.38 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 64.69 DANYANG INVESTMENT GROU 6.30 06/03/16 CNY 37.26 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 70.60 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 71.47 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 57.75 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 58.00 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 47.36 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.25 GRANDBLUE ENVIRONMENT C 6.40 07/07/16 CNY 70.25 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 68.29 HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 40.51 HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 40.45 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 74.46 HEBEI RONG TOU HOLDING 6.76 07/08/21 CNY 73.40 HEILONGJIANG HECHENG CO 7.78 11/17/16 CNY 41.20 HEILONGJIANG HECHENG CO 7.78 11/17/16 CNY 39.38 HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.92 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 67.10 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 63.00 HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 70.52 HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 73.12 HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 73.78 JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 49.82 JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 51.30 JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 85.34 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 68.88 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 64.77 JINTAN CONSTRUCTION INV 8.30 03/14/19 CNY 66.22 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 66.86 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 63.01 KUNSHAN ENTREPRENEUR HO 4.70 03/30/16 CNY 40.04 KUNSHAN ENTREPRENEUR HO 4.70 03/30/16 CNY 37.32 LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 62.20 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 63.83 LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 40.48 LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 70.69 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 55.14 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 52.87 LINHAI CITY INFRASTRUCT 7.98 11/06/16 CNY 50.07 LINHAI CITY INFRASTRUCT 7.98 11/06/16 CNY 51.00 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 66.09 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 65.00 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 73.33 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 73.60 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 61.15 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 60.84 NANJING HEXI NEW TOWN A 6.40 02/03/17 CNY 61.64 NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 40.01 NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 39.54 NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 73.06 NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 69.51 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 78.20 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.86 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 41.05 NINGHAI COUNTY CITY CON 8.60 12/31/17 CNY 73.50 NINGHAI COUNTY CITY CON 8.60 12/31/17 CNY 74.83 NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 72.35 OCEAN RIG UDW INC 7.25 04/01/19 USD 58.25 OCEAN RIG UDW INC 7.25 04/01/19 USD 58.00 PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 41.10 PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 40.18 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 64.04 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 41.20 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 63.64 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.11 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 40.40 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 37.77 QUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 64.63 SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 71.64 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 74.00 SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 71.60 SUZHOU CONSTRUCTION INV 7.45 03/12/19 CNY 64.58 TAIAN CITY TAISHAN INVE 5.79 03/02/18 CNY 71.70 TAIZHOU CITY CONSTRUCTI 6.90 01/25/17 CNY 41.13 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 72.50 TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 73.66 TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 68.50 TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 71.50 WUXI COMMUNICATIONS IND 5.58 07/08/16 CNY 49.95 WUXI COMMUNICATIONS IND 5.58 07/08/16 CNY 50.29 XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.61 XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.80 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 64.15 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 64.71 XIANYANG CITY CONSTRUCT 7.90 12/09/17 CNY 75.30 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 72.82 XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 73.26 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 66.73 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 59.50 YANGZHOU ECONOMIC DEVEL 6.10 07/07/16 CNY 50.35 YANGZHOU ECONOMIC DEVEL 6.10 07/07/16 CNY 48.41 YANGZHOU ECONOMIC DEVEL 5.80 05/12/16 CNY 47.65 YANGZHOU URBAN CONSTRUC 5.94 07/23/16 CNY 38.08 YANGZHOU URBAN CONSTRUC 5.94 07/23/16 CNY 40.23 YANZHOU HUIMIN URBAN CO 8.50 12/28/17 CNY 52.93 YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 73.87 YINCHUAN URBAN CONSTRUC 6.28 03/09/17 CNY 25.62 YINGTAN INVESTMENT FINA 8.15 02/23/17 CNY 51.30 YIYANG CITY CONSTRUCTIO 8.20 11/19/16 CNY 40.61 YUNNAN INVESTMENT GROUP 5.25 08/24/17 CNY 70.80 YUNNAN INVESTMENT GROUP 5.25 08/24/17 CNY 70.08 ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 61.97 ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 63.50 ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 63.31 ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 61.81 ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 40.17 ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 62.02 ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 53.81 ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 53.48 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 46.77 ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 41.88 ZUNYI CITY INVESTMENT G 8.53 03/13/19 CNY 66.91 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 24.82 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 24.25 GAJAH TUNGGAL TBK PT 7.75 02/06/18 USD 69.00 GAJAH TUNGGAL TBK PT 7.75 02/06/18 USD 59.66 PERUSAHAAN PENERBIT SBS 6.75 04/15/43 IDR 74.00 PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 72.95 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 11.50 BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.13 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.19 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.25 COROMANDEL INTERNATIONA 9.00 07/23/16 INR 15.89 GTL INFRASTRUCTURE LTD 4.03 11/09/17 USD 30.38 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 67.60 JAIPRAKASH POWER VENTUR 7.00 03/31/16 USD 71.50 JCT LTD 2.50 04/08/11 USD 24.13 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.00 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 1.68 REI AGRO LTD 5.50 11/13/14 USD 1.68 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 19.75 JAPAN ----- AVANSTRATE INC 5.55 10/31/17 JPY 33.25 AVANSTRATE INC 5.55 10/31/17 JPY 37.00 ELPIDA MEMORY INC 0.70 08/01/16 JPY 8.38 ELPIDA MEMORY INC 0.50 10/26/15 JPY 8.25 ELPIDA MEMORY INC 2.03 03/22/12 JPY 8.25 ELPIDA MEMORY INC 2.10 11/29/12 JPY 8.25 ELPIDA MEMORY INC 2.29 12/07/12 JPY 8.25 TAKATA CORP 0.58 03/26/21 JPY 73.00 KOREA ----- 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 31.37 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 31.37 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 41.53 HANA FINANCIAL GROUP IN 3.59 05/29/45 KRW 463.33 KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 25.51 KIBO ABS SPECIALTY CO L 10.00 02/19/17 KRW 37.96 KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 30.03 KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 30.30 KIBO ABS SPECIALTY CO L 10.00 09/04/16 KRW 41.33 KIBO ABS SPECIALTY CO L 5.00 01/31/17 KRW 33.02 LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 30.91 PULMUONE CO LTD 2.50 08/06/45 KRW 58.78 SINBO SECURITIZATION SP 5.00 08/16/16 KRW 36.21 SINBO SECURITIZATION SP 5.00 05/26/18 KRW 28.54 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 31.88 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 31.88 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 31.88 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 32.81 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 32.81 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 22.00 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 22.00 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 27.55 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 27.55 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 19.35 SINBO SECURITIZATION SP 5.00 03/13/17 KRW 33.66 SINBO SECURITIZATION SP 5.00 03/13/17 KRW 33.66 SINBO SECURITIZATION SP 5.00 02/21/17 KRW 33.88 SINBO SECURITIZATION SP 5.00 02/21/17 KRW 33.88 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 30.45 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 30.45 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 29.77 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 29.77 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 27.36 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 27.36 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 29.05 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 29.05 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 27.89 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 27.89 SINBO SECURITIZATION SP 5.00 12/23/17 KRW 30.05 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 28.83 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 28.83 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 28.83 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 32.41 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 32.41 SINBO SECURITIZATION SP 5.00 08/31/16 KRW 36.57 SINBO SECURITIZATION SP 5.00 08/31/16 KRW 36.57 SINBO SECURITIZATION SP 5.00 10/05/16 KRW 35.40 SINBO SECURITIZATION SP 5.00 10/05/16 KRW 34.10 SINBO SECURITIZATION SP 5.00 05/27/16 KRW 48.72 SINBO SECURITIZATION SP 5.00 05/27/16 KRW 48.72 SINBO SECURITIZATION SP 5.00 06/29/16 KRW 43.18 SINBO SECURITIZATION SP 5.00 07/26/16 KRW 39.88 SINBO SECURITIZATION SP 5.00 07/26/16 KRW 39.88 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 27.14 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 27.14 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 30.68 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 30.68 SINBO SECURITIZATION SP 5.00 12/25/16 KRW 33.47 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 31.18 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 31.18 SINBO SECURITIZATION SP 5.00 07/24/17 KRW 31.58 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 29.56 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 29.56 SINBO SECURITIZATION SP 5.00 01/29/17 KRW 34.14 SINBO SECURITIZATION SP 5.00 12/13/16 KRW 34.64 TONGYANG CEMENT & ENERG 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.50 07/20/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.30 06/26/15 KRW 70.00 TONGYANG CEMENT & ENERG 7.30 04/12/15 KRW 70.00 U-BEST SECURITIZATION S 5.50 11/16/17 KRW 32.17 WISE MOBILE SECURITIZAT 20.00 12/14/18 KRW 73.71 SRI LANKA --------- SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 69.56 SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 62.95 SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 74.24 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 71.95 MALAYSIA -------- BANDAR MALAYSIA SDN BHD 0.35 02/20/24 MYR 72.10 BANDAR MALAYSIA SDN BHD 0.35 12/29/23 MYR 72.60 BIMB HOLDINGS BHD 1.50 12/12/23 MYR 71.87 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 68.22 BRIGHT FOCUS BHD 2.50 01/24/30 MYR 71.10 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.21 SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 71.16 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.01 SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 72.44 SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.83 SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 75.04 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 69.83 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 64.13 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 68.20 SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 69.72 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 63.03 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 61.95 SENAI-DESARU EXPRESSWAY 1.15 12/30/22 MYR 72.88 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 65.34 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 60.93 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.03 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 58.75 SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 71.28 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 65.26 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 56.42 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 55.27 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 59.86 SENAI-DESARU EXPRESSWAY 1.10 06/30/22 MYR 74.27 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 66.69 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 57.61 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.13 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 SINGAPORE --------- AXIS OFFSHORE PTE LTD 7.78 05/18/18 USD 54.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 3.10 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 22.30 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 24.88 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 7.25 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 17.38 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 16.19 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 17.75 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 16.02 ENERCOAL RESOURCES PTE 6.00 04/07/18 USD 10.13 GOLIATH OFFSHORE HOLDIN 12.00 06/11/17 USD 5.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.88 NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 71.03 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.00 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.00 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 56.50 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 48.00 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 73.25 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 54.25 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 65.00 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 65.13 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 20.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 20.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.74 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 49.68 DEBT AND ASSET TRADING 1.00 10/10/25 USD 48.88 ********* 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 2016. 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 ***