/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/160419.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, April 19, 2016, Vol. 19, No. 76 Headlines A U S T R A L I A BIKURRA INVESTMENT: Placed Into Liquidation ELITE PACKAGING: First Creditors' Meeting Set For April 28 EYRE TUNA: In Liquidation; First Creditors' Meeting Set April 28 FACE TO FACE: Training Firm Placed in Liquidation FLEXI ABS 2015-1: Fitch Affirms 'BBsf' Rating on Cl. E Notes KOOKAROO KINDY: ASIC Winds Up 9 Abandoned Companies KRISH ORIENT: First Creditors' Meeting Slated For April 27 LINC ENERGY: First Creditors' Meeting Set For April 27 PA'S PORT: First Creditors' Meeting Scheduled For April 27 PACIFIC HOLIDAY: First Creditors' Meeting Set For April 27 WINE COTTAGE: Court Appoints Clifton Hall as Liquidator C H I N A CEETOP INC: MJF& Associates Raises Going Concern Doubt KU6 MEDIA: Nasdaq Grants Temporary Exception to Listing Rules TONGJI HEALTHCARE: Anton & Chia Expresses Going Concern Doubt WINSWAY: Hearing on Recognition of Foreign NonMain Proc. on May 9 I N D I A AARTI INFRA: CARE Reaffirms 'D' Rating on INR26.23cr Loan AEZ INFRATECH: CRISIL Suspends 'D' Rating on INR100MM Loan AGRAWAL SPONGE: CRISIL Suspends B Rating on INR150MM Cash Loan ALEPH ENTERPRISES: CARE Assigns B+ Rating to INR1.0cr Loan ANR INTERNATIONAL: CRISIL Suspends B+ Rating on INR21MM LT Loan ARASHU CLOTHING: CARE Assigns B+ Rating to INR5.29cr LT Loan ARUMUGHA MUDALIAR: CARE Reaffirms D Rating on INR5.09cr Loan ASHOK CONSTRUCTIONS: CARE Assigns B+ Rating to INR5.0cr LT Loan B. M. RAJ: CRISIL Suspends B+ Rating on INR35MM Cash Loan BAWA APPLIANCES: CRISIL Reaffirms B+ Rating on INR50MM Loan BHATIA COLOUR: CRISIL Reaffirms B Rating on INR110MM Cash Loan BOULDER REALCON: CRISIL Assigns B Rating to INR95MM Term Loan EXPAT ENGINEERING: CARE Revises Rating on INR11cr Loan to B+ FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR60MM Loan GOPISH PHARMA: CRISIL Suspends 'C' Rating on INR76MM Cash Loan HARESH CHEMICALS: CRISIL Suspends B- Rating on INR45MM LT Loan INCOM WIRES: CRISIL Suspends B Rating on INR60MM Cash Loan J.B GOLD: CARE Reaffirms 'B' Rating on INR9c LT Loan JAHANVI ISPAT: CRISIL Assigns 'D' Rating to INR110MM LT Loan JAIRAM MARUTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan K AND M SHELTORS: CRISIL Assigns 'B' Rating to INR75MM Term Loan KANDARP CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan KOVAI KALAIMAGAL: CARE Lowers Rating on INR5.66cr LT Loan to D LAKSH NATURAL: CRISIL Suspends B- Rating on INR50MM Cash Loan LEATHER TECH: CRISIL Suspends B+ Rating on INR10MM LT Loan MURLI ELECTRODES: CARE Reaffirms B+ Rating on INR4cr LT Loan NARMADESHWAR RICE: CRISIL Suspends B+ Rating on INR32.3MM Loan NIROS ISPAT: CARE Lowers Rating on INR65.92cr Loan to B+ ORCHID PHARMA: CARE Reaffirms B- Rating on INR2687.49cr Loan POOJYA EXPORTS: CRISIL Suspends 'B' Rating on INR329.7MM Loan POULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Loan RADHA-RUKMAN PACKAGES: CARE Reaffirms B+ INR21.72cr Loan Rating RICHA PETRO: CARE Reaffirms 'D' Rating on INR12.58cr LT Loan ROYAL LATEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating SAI HARI: CRISIL Suspends B Rating on INR100MM Term Loan SATYA INFRA: CRISIL Suspends B+ Rating on INR112.5MM Loan SGS JEWELLERY: CARE Reaffirms 'B' Rating on INR6.0cr LT Loan SHARTHI COTTGIN: CRISIL Reaffirms B+ Rating on INR142.5MM Loan SHREE GURU: CARE Reaffirms B Rating on INR5.25cr LT Loan SHRI DURGA: CRISIL Suspends B+ Rating on INR100MM Cash Loan SHRI JAGANNATH: CARE Lowers Rating on INR14.29cr LT Loan to D SHRI RAMALINGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating STRESCON INDUSTRIES: CRISIL Reaffirms B+ Rating on INR72.4MM Loan SUBH SANKET: CRISIL Assigns B+ Rating to INR80MM Cash Loan SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.15cr LT Loan SUKHMANI HOLIDAYS: CARE Assigns B+ Rating to INR15cr LT Loan SUPREME SUYOG: Ind-Ra Assigns IND D Rating on Prop. INR100M Loan TGB BANQUETS: CARE Reaffirms B+ Rating on INR92.64cr LT Loan ULTRA HOME: CARE Lowers Rating on INR204.56cr LT Loan to 'D' UTTAM SUGAR: CARE Lowers Rating on INR610.24cr LT Loan to 'D' J A P A N TOSHIBA CORP: To Cut 14,000-plus Jobs Worldwide X X X X X X X X * BOND PRICING: For the Week April 11 to April 15, 2016 - - - - - ================= A U S T R A L I A ================= BIKURRA INVESTMENT: Placed Into Liquidation ------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that Bikurra Investment Ltd and Foscari Holdings Pty Ltd have been placed into liquidation. PPB Advisory has been appointed liquidator of the companies, the report says. The Australian Securities and Investments Commission made the liquidation based upon the companies' insolvency. The two companies have reportedly raised around AUD24 million from investors, according to Dissolve.com.au. ELITE PACKAGING: First Creditors' Meeting Set For April 28 ---------------------------------------------------------- Paul William Gidley and James Alexander Shaw of Shaw Gidley were appointed as administrators of Elite Packaging Solutions Pty Ltd on April 15, 2016. A first meeting of the creditors of the Company will be held at Shaw Gidley, Level 6, 384 Hunter Street, in Newcastle, New South Wales, on April 28, 2016, at 10:00 a.m. EYRE TUNA: In Liquidation; First Creditors' Meeting Set April 28 ---------------------------------------------------------------- Timothy Clifton and Mark Hall of Clifton Hall were appointed as Joint and Several Liquidators of Eyre Tuna Pty Ltd on April 14, 2016. A meeting of creditors will be held at 10:30 a.m. on April 28, 2016, at Clifton Hall, Level 3, 431 King William Street, in Adelaide. FACE TO FACE: Training Firm Placed in Liquidation ------------------------------------------------- Broede Carmody at SmartCompany reports that a training company that hosted workshops by the man dubbed the "Wolf of Wall Street" has collapsed into liquidation. Citing notices from the Australian Securities and Investments Commission, SmartCompany relates that Face to Face Training Services called in external managers on March 1, with Anne Marie Barley from WRA Insolvency acting as voluntary administrator. On April 14, a special resolution was passed to wind up the Queensland-based company, meaning it is now in liquidation, says SmartCompany. SmartCompany relates that the appointment comes after the Queensland government previously withheld millions of dollars in funding from Face to Face Training Services. According to the report, the state government withheld the funds after a report from 60 Minutes in October 2015 broadcasted allegations the company used high-pressure sales tactics to sign- up students and took a "tick and flick" approach to qualifications. Back in February, Face to Face Training Services owner Paul Conquest wrote on Facebook that the Queensland government had "disregarded" the Brisbane-based company's rights, SmartCompany recalls. "Not only did they cease us from trading, they also withheld our payments to the value of AUD4.8 million," Mr. Conquest wrote, SmartCompany relays. "Be mindful this money doesn't represent company profit but was necessary to pay the hundreds of people forced out of work on the lead up to Christmas, a knee-jerk reaction from a 60 Minute hatchet job with no real regard to the actual truth." Face to Face Training Services owes more than AUD5 million to almost 100 creditors, along with an additional AUD380,000 to employees for their outstanding entitlements, SmartCompany discloses citing The Courier Mail. Last year, The Courier Mail revealed how Face to Face Training had hosted two workshops by Jordan Belfort. Mr. Belfort is known as the "Wolf of Wall Street" and was sent to jail in 2003 for securities fraud and money laundering, SmartCompany notes. FLEXI ABS 2015-1: Fitch Affirms 'BBsf' Rating on Cl. E Notes ------------------------------------------------------------ Fitch Ratings has placed one tranche of Flexi ABS Trust 2013-1 (Flexi 2013-1) on Rating Watch Negative (RWN) and at the same time affirmed four tranches of that transaction. Fitch has also affirmed five tranches of Flexi ABS Trust 2015-1 (Flexi 2015-1). The action was taken following a review of the transactions' exposure to a commercial dispute between Flexirent Capital Pty Ltd (Flexi) and one of the vendors in both transactions who acts as an introducer of receivables. The transactions are backed by unsecured commercial lease receivables originated by Flexi. The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of the two transactions. The rating actions are as listed below: Flexi ABS Trust 2013-1 -- AUD10.8 million Class A notes (ISIN AU3FN0019444) affirmed at 'AAAsf'; Outlook Stable -- AUD2.7 million Class B notes (ISIN AU3FN0019451) affirmed at 'AA+sf'; Outlook Stable -- AUD4.0 million Class C notes (ISIN AU3FN0019469) affirmed at 'AAsf'; Outlook Stable -- AUD2.0 million Class D notes (ISIN AU3FN0019477) affirmed at 'Asf'; Outlook Stable -- AUD1.5 million Class E notes (ISIN AU3FN0019485) 'BBBsf' placed on Rating Watch Negative. Flexi ABS Trust 2015-1 -- AUD87.3 million Class A notes (ISIN AU3FN0027256) affirmed at 'AAAsf'; Outlook Stable -- AUD9.4 million Class B notes (ISIN AU3FN0027264) affirmed at 'AAsf'; Outlook Stable -- AUD9.4 million Class C notes (ISIN AU3FN0027272) affirmed at 'Asf'; Outlook Stable -- AUD4.7 million Class D notes (ISIN AU3FN0027280) affirmed at 'BBBsf'; Outlook Stable -- AUD6.3 million Class E notes (ISIN AU3FN0027298) affirmed at 'BBsf'; Outlook Stable. KEY RATING DRIVERS Since the transactions were last reviewed in April 2015, a commercial dispute has arisen between Flexi and one of the main vendors in both transactions. The dispute relates to the calculations of obligor payments due. The vendor continues to make payments to the trust; however, a substantial portion of the pools are in arrears due to the disputed calculations. Flexi 2013-1, at its small size, is the most exposed to the vendor, which accounts for 20% of remaining assets. At 31 March 2016, its 30+ day arrears are 15.7% and 90+ day arrears are 8%. Flexi 2015- 1 has 30+ arrears at 5.3% and 90+ arrears at 1.9%. Removing the impact of these loans on arrears, 30+ arrears are low, at 1.5% and 0.4% for Flexi 2013-1 and Flexi 2015-1 respectively. Losses remain below base cases, at 3.5% for Flexi 2013-1 and 1.4% for Flexi 2015-1. There are currently no charge offs to any of the notes. Flexi has informed Fitch both parties have undertaken to perform a reconciliation of the disputed calculations and are working collaboratively to resolve the issue. Once the reconciliation is completed, the relevant party will make the required payment to the trust. This reconciliation and resolution is expected to be completed by 30 June 2016. Fitch expects to resolve the RWN at the end of this period. RATING SENSITIVITIES Flexi 2013-1 is currently paying sequentially due to the arrears trigger being breached. This is resulting in a significant build- up of subordination. Negative rating action on the Class E Flexi 2013-1 notes will be taken if the dispute is not resolved in the expected time period or if the resolution results in a significant loss to the transaction. In this event, the Class E notes may be downgraded by up to one category. A full loss of the disputed receivables will not impact the ratings of the Class A to D notes, hence they have been affirmed. Flexi 2015-1 is paying pro-rata to all classes except Class F, resulting in a build-up of credit enhancement. If the arrears trigger is breached the transaction will revert to sequential pay. Exposure to the assets is 5% and there is sufficient subordination to protect the notes in the event of total non- payment. As a result, Fitch has affirmed all rate notes for Flexi 2015-1. DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action DATA ADEQUACY Fitch conducted a file review of 10 sample loan files, focusing on the underwriting procedures conducted by Flexi compared to its credit policy at the time of underwriting. Fitch checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis. A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links given under Related Research below. KOOKAROO KINDY: ASIC Winds Up 9 Abandoned Companies --------------------------------------------------- Australian Securities and Investment Commission winds up nine abandoned companies owing more than AUD890,000 in employee entitlements ASIC has exercised its wind up powers appointing liquidators to nine abandoned companies to assist employees gain access to the Fair Entitlements Guarantee scheme (FEG). The companies were wound up between October 2015 and March 2016 The appointment of liquidators also facilitates a full and proper investigation into the reasons why the companies failed and allows recovery of any voidable or unreasonable director-related transactions. The nine abandoned companies owe at least 28 employees a total in excess of AUD890,000 in employee entitlements. The companies are: Company Liquidator ------- ---------- Kookaroo Kindy Pty Ltd David Pratt and Ian England of PwC Perth Steel Pty Ltd Mark Englebert of FTI Consulting Range Harvester Australia Pty Ltd Derrick Vickers and Darryl Kirk of PwC Sabre Industrial Pty Ltd Jason Tracy of Deloitte Fraser Investment Group Pty Ltd Richard Hughes of Deloitte Australian Bespoke Pty Ltd Jason Tracy of Deloitte Workshop Management Pty Ltd Anne Meagher of SV Partners Global Training Systems Pty Ltd Nick Carter of PA Lucas Appleyard Corporate Pty Ltd Tracy Knight of Bentleys The FEG is a legislative safety net scheme funded by the Australian Government. It is designed to assist employees owed unpaid employee entitlements because of their employer company's liquidation or the company directors' bankruptcy. In addition, the Department of Employment operates the 'Fair Entitlements Guarantee Recovery Programme', a programme designed to strengthen recovery activity of amounts advanced under the FEG Scheme. Some employees owed entitlements cannot access FEG because the companies' directors are either unable to discharge their duties or abandoned their insolvent companies without putting them into liquidation. ASIC's appointment of liquidators facilitates access to FEG for these employees. ASIC first used its powers in 2013 (refer: 13-233MR) and to date has wound up 71 companies that owed a total of 231 employees more than AUD3.9 million in entitlements. Between June and September 2014, ASIC also wound up the following two companies (which did not appear in the previously issued media release): Company Liquidator ------- ---------- ACN 009 471 416 Pty Ltd Gary Doran of Deloitte All Plumbing & Gas Pty Ltd Anne Meagher of SV Partners KRISH ORIENT: First Creditors' Meeting Slated For April 27 ---------------------------------------------------------- William James Hamilton of WJ Hamilton was appointed as administrator of Krish Orient Trading Company Pty Ltd, trading as Daawat Spices, on April 14, 2016. A first meeting of the creditors of the Company will be held at Suites 508-509, 147 King Street, in Sydney, on April 27, 2016, at 10:00 a.m. LINC ENERGY: First Creditors' Meeting Set For April 27 ------------------------------------------------------ Grant Dene Sparks, Stephen Longley and Martin Ford of PPB Advisory were appointed as administrators of Linc Energy Limited on April 15, 2016. A first meeting of the creditors of the Company will be held at PPB Advisory, Central Plaza One, Level 27, 345 Queen Street, in Brisbane, Queensland, on April 27, 2016, at 11:00 a.m. PA'S PORT: First Creditors' Meeting Scheduled For April 27 ---------------------------------------------------------- Mathew Gollant and Gary Fettes of Rodgers Reidy were appointed as administrators of PA's Port Melbourne Pty Ltd on April 15, 2016. A first meeting of the creditors of the Company will be held at Rodgers Reidy, 3/326 William Street, in Melbourne, on April 27, 2016, at 11:00 a.m. PACIFIC HOLIDAY: First Creditors' Meeting Set For April 27 ---------------------------------------------------------- Andrew William Poulter of Abbott Welsh was appointed as administrator of Pacific Holiday Village Pty Ltd, trading as Stonelea Country Estate Aus, on April 14, 2016. A first meeting of the creditors of the Company will be held at Abbott Welsh, Suite 6, 560 Lonsdale Street, in Melbourne, on April 27, 2016, at 11:00 a.m. WINE COTTAGE: Court Appoints Clifton Hall as Liquidator ------------------------------------------------------- Timothy Clifton of Clifton Hall was appointed Official Liquidator of The Wine Cottage Pty Ltd on April 13, 2016, by Order of the Federal Court of Australia. ========= C H I N A ========= CEETOP INC: MJF& Associates Raises Going Concern Doubt ------------------------------------------------------ Ceetop, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $599,847 on $0 of sales for the year ended Dec. 31, 2015, compared to a net loss of $1.41 million on $361,887 of sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Ceetop Inc. had $3.22 million in total assets, $1.16 million in total liabilities, all current, and $2.05 million in total stockholders' equity. The Company's auditors MJF& Associates, APC, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company incurred recurring losses from operations, has a net loss of $599,847 and $1,415,949 for the years ended December 31, 2015 and 2014, respectively, and has accumulated deficit of $10,621,441 at December 31, 2015. These matters raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/Qkwvrk About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. KU6 MEDIA: Nasdaq Grants Temporary Exception to Listing Rules ------------------------------------------------------------- Ku6 Media Co., Ltd. was notified by The NASDAQ Stock Market LLC that the hearings panel of NASDAQ had granted the Company's request for a temporary exception to the listing rules, and the Company will continue its listing on the NASDAQ Global Market, subject to the condition that on or before July 13, 2016, the Company must have completed the previously announced "going private" transaction with its controlling shareholder, and taken steps to delist the Company's American depositary shares from the NASDAQ Global Market. The Company is required to promptly inform the Hearing Panel of any material event that may delay the closing of the going private transaction, and the Hearing Panel may reconsider the terms of the exception based on any event, condition or circumstance that exists or develops. There can be no assurance that the Company will be able to comply with the conditions of the exception. As previously announced, in February 2016, NASDAQ notified the Company of its determination to delist the ADSs based on the Company's non-compliance with the US$1 minimum bid price requirement, the US$50,000,000 minimum market value requirement and the US$15,000,000 minimum market value of publicly held securities requirement. The Company appealed such determination and was granted a hearing before the Hearing Panel, which was held on March 31, 2016. As previously announced on April 5, 2016, the Company entered into a definitive Agreement and Plan of Merger with Shanda Investment Holdings Limited and Ku6 Acquisition Company Limited, a wholly-owned subsidiary of Parent. Pursuant to the Agreement, Parent will acquire the Company for cash consideration equal to US$0.0108 per ordinary share of the Company or US$1.08 per ADS. If completed, the transactions contemplated by the Agreement will result in the Company becoming a privately-held company and the ADSs will no longer be listed on the NASDAQ Global Market. About Ku6 Media Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video company in China focused on User-Generated Content. Through its premier online brand and online video Web site -- http://www.ku6.com/-- Ku6 Media provides online video uploading and sharing service, video reports, information and entertainment in China. As of Dec. 31, 2015, the Company had $9.01 million in total assets, $14.31 million in total liabilities and a $5.29 million total shareholders' deficit. PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's Republic of China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative working capital, net cash outflows, and uncertainties associated with significant changes made, or planned to be made, in respect of the Company's business model, raise substantial doubt about the Company's ability to continue as a going concern. TONGJI HEALTHCARE: Anton & Chia Expresses Going Concern Doubt ------------------------------------------------------------- Tongji Healthcare Group, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $589,000 on $2.37 million of total operating revenue for the year ended Dec. 31, 2015, compared to a net loss of $462,000 on $2.52 million of total operating revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Tongji Healthcare had $16.9 million in total assets, $19.8 million in total liabilities and a total stockholders' deficit of $2.87 million. The Company had net working capital deficit of $17.8 million on Dec. 31, 2015, which is an increase of $313,000 over a net working capital deficit of $17.5 million on Dec. 31, 2014. Anton & Chia, LLP, in Newport Beach, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015. A full-text copy of the Form 10-K is available for free at: http://is.gd/gSiiVa About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. WINSWAY: Hearing on Recognition of Foreign NonMain Proc. on May 9 ----------------------------------------------------------------- On April 6, 2016, Cao Xinyi, in her capacity as the foreign representative in respect of a voluntary restructuring proceeding (the "Hong Kong Proceeding") concerning Winsway Enterprises Holdings Limited currently pending before the High Court of the Hong Kong Special Administrative Region, filed the Verified Petition for Recognition of Foreign Nonmain Proceeding Supplementing the Voluntary Petition [ECF No. 1] and Motion for Related Relief pursuant to chapter 15 of title 11 of the United States Code, 11 U.S.C. Section 101-1532, with the United States Bankruptcy Court for the Southern District of New York in re: WINSWAY ENTERPRISES HOLDINGS LIMITED, f/k/a Winsway Coking Coal Holdings Limited, Debtor in a foreign proceeding, Chapter 15 Case No. 16-10833-mg. The Petition seeks the entry of an order: (i) recognizing the Hong Kong Proceeding as a foreign nonmain proceeding pursuant to sections 1515 and 1517 of the Bankruptcy Code; and (ii) granting related relief pursuant to sections 105(a), 1507(a), 1509(b)(2)-(3), 1521(a) and 1525(a) of the Bankruptcy Code giving full force and effect to a scheme of arrangement and related agreements concerning the Debtor. The Bankruptcy Court has scheduled a hearing to consider the relief requested in the Petition for 10:00 a.m. (New York time) on May 9, 2016 in Room 523 of the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, in New York. Winsway Enterprises Holdings Limited, together with its subsidiaries, processes and trades in coking coal and other products in the People's Republic of China and internationally. The company manages and operates coal processing plants. It also provides logistics services. The company was formerly known as Winsway Coking Coal Holdings Limited and changed its name to Winsway Enterprises Holdings Limited in June 2014. Winsway Enterprises Holdings Limited was incorporated in 2007 and is headquartered in Beijing, the People's Republic of China Winsway Enterprises Holdings Limited has initiated a case under Chapter 15 of the Bankruptcy Code, seeking recognition in the United States of a proceeding currently pending in Hong Kong. The petition was filed by Cao Xinyi as Winsway's foreign representative, with authorization from the Board of Directors. The Chapter 15 case, filed in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 16-10833) on April 6, 2016, is assigned to Judge Martin Glenn. ========= I N D I A ========= AARTI INFRA: CARE Reaffirms 'D' Rating on INR26.23cr Loan --------------------------------------------------------- CARE reaffirms ratings of the bank facilities of Aarti Infra Projects Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 26.23 CARE D Reaffirmed Short term Bank Facilities 15.00 CARE D Reaffirmed Rating Rationale The reaffirmation in the ratings assigned to the bank facilities of Aarti Infra Projects Private Limited (AIPL) factors in the ongoing delays in servicing of interest payments on the term loan account with invocation of Bank Guarantee (BG). Nagpur-based, Aarti Infra-Projects Private Limited (AIPL) was incorporated in May 2006 and is a part of the Mandhana Group of Industries. AIPL is promoted by Mr Kanhaiyalal S Mandhana, and its entire shares are held by the Mandhana family. AIPL operates in three verticals viz irrigation projects (barrage/dam radial gates and others), thermal power projects (fabrication and erection of heavy structures for power station and others) and hydro power projects (automatic tilting gates, high radial gates, etc). The company is involved in designing, fabrication, erection, testing and commissioning of hydro mechanical equipment, penstocks, large diameter high pressure/low pressure pipeline and heavy structural works required for power plants and irrigation projects in the private and government sector. Since 2010, the company has also ventured into laying of power transmission lines. AIPL is registered as a Class 1A contractor in 15 states, including Maharashtra, Madhya Pradesh, Chattisgarh, Karnataka and Andhra Pradesh. The company is ISO 9001 certified and is based in Nagpur, Maharashtra, with projects executed all over India. Clients of AIPL include Vidarbha Irrigation Development Corporation, BHEL, Patel Engineering Ltd, Larsen & Toubro Ltd, SMS Infrastructure Ltd, Konkan Irrigation Development Corporation and others. AEZ INFRATECH: CRISIL Suspends 'D' Rating on INR100MM Loan ---------------------------------------------------------- CRISIL has suspended its rating on the bank facility of AEZ Infratech Private Limited (AEZIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 100 CRISIL D The suspension of rating is on account of non-cooperation by AEZIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AEZIPL is yet to provide adequate information to enable CRISIL to assess AEZIPL'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' AEZIPL is the real estate arm of the AEZ group, promoted by Mr. Sanjeev J Aeren. The promoter has experience of more than two decades in the real estate sector. AEZIPL is a real estate developer with operations in the National Capital Region. The company develops residential, commercial, institutional, and recreational properties. It has ongoing residential projects in Rishikesh (Uttarakhand) and Gurgaon (Haryana), and commercial projects in Ghaziabad (Uttar Pradesh) and Faridabad (Haryana). AGRAWAL SPONGE: CRISIL Suspends B Rating on INR150MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Agrawal Sponge Limited (ASL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 Cash Credit 150 CRISIL B/Stable Letter of Credit 50 CRISIL A4 Proposed Long Term Bank Loan Facility 5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by ASL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ASL is yet to provide adequate information to enable CRISIL to assess ASL'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 2003, ASL was acquired by Mr. R D Gupta in 2006- 07. In 2012-13, however, the company was acquired by Mr. Manoj Agarwal and Mr. Kailash Agarwal. ASL, based in Raipur (Chhattisgarh), manufactures steel ingots and sponge iron. ALEPH ENTERPRISES: CARE Assigns B+ Rating to INR1.0cr Loan ---------------------------------------------------------- CARE reaffirms the rating assigned to bank facilities of Aleph Enterprises. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 1.00 CARE B+ Assigned Long-term/Short-term Bank 8.00 CARE B+/CARE A4 Facilities Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Aleph Enterprises (APE) are constrained by the firm's small scale & working capital intensive nature of operations, the firm's thin profitability margins, leveraged capital structure and weak debt protection metrics. The ratings are further constrained by the susceptibility of profit margin to fluctuation in the prices of raw cashew nuts with raw material availability being tied to the vagaries of the monsoon, exposure to forex fluctuations, presence in highly fragmented and competitive industry and its constitution as a proprietorship concern. The ratings do factor in the long experience of the promoter's family in cashew processing, the established relationship with customers and suppliers as well as the moderate growth in income over the last three years albeit fluctuating profitability. Going forward, the ability of the firm to improve profitability amidst fluctuation in raw cashew nut prices in international market and prudently manage working capital borrowings while scaling up operations with mechanizing its units would be the key rating sensitivities. Aleph Enterprises (APE) was established in 1996 as a proprietorship concern for processing and exports of cashew. MrsLeelama John is the proprietrix. The operations are also supported by her husband Mr John. M. George. The firm owns three processing units located in Mampuzha, Puthensagatm and Villur in Kerala with a combined installed capacity of 2000 MT (80 kg per bag). All the three processing units are semi-automated. APE also purchases and sells cashew kernel from other processing units in Kerala when the particular variety ordered by customers is not available with APE and to fulfil the demand of customers in a timely manner. Some of the cashew varieties processed is white wholes (W180, W210, W240, W280, W320, and W450), butts, splits, pieces, small pieces, baby bits etc. The products are packed in 25 and 50 pounds packs and then into cartons and exported depending upon the requirement of customers. As per the audited results, APE has achieved a PAT of INR0.06 crore on a total operating income of INR40.28 crore in FY15 as compared with a PAT of INR0.07 crore on a total operating income of INR32.30 crore in FY14. The firm has achieved sales of INR38.00 crore during 10MFY16 (refers to the period from April 01 to January 31) with an annualized growth of 13% for FY16. ANR INTERNATIONAL: CRISIL Suspends B+ Rating on INR21MM LT Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of ANR International Private Limited (ANR). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 160 CRISIL A4 Overdraft Facility 19 CRISIL A4 Proposed Long Term Bank Loan Facility 21 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by ANR with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ANR is yet to provide adequate information to enable CRISIL to assess ANR'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' ANR was incorporated in 1988 as Single Agencies Pvt Ltd; it was given the current name in 2011. The company is primarily engaged in the trading of polyvinyl chloride (PVC) resin and other chemicals such as plasticiser chemicals, pthalic anhydride, maleic anhydride, ethylene vinyl acetate, calcium carbonate, and polyethylene resin, which primarily find application in manufacturing of PVC pipes, footwear, and the plastic industry. The company is based in New Delhi and is promoted by Mr. Anoop Kumar Chhawchharia and his family members. ARASHU CLOTHING: CARE Assigns B+ Rating to INR5.29cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE B+' rating to the bank facilities of Arashu Clothing Company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.29 CARE B+ Assigned Rating Rationale The ratings assigned to the bank facilities of Arashu Clothing Company (ACC) are primarily constrained by its small size of operations with client concentration risk with 90% of its revenues derived from top two clients, weak capital structure and debt protection indicators, working capital and labour intensive nature of operations, intense competition in a highly fragmented industry structure and constitution being a partnership firm with risks of continuity of business, withdrawal of capital and limited resources of partners. However, the ratings factor in the long experience of the promoters in the textile industry, healthy growth in revenues and established relationship with its customers and suppliers. Going forward, The firm's ability to scale up the operations and to improve the profit margins of the firm would be its key rating sensitivities. Arashu Clothing Company (ACC) is a partnership firm, based in Tirupur, established by four partners namely MrKPalanisamy, MrPTamilarasuArulprasanna (S/o of MrKPalanisamy), MrRDhandapani and MsDDeepa (W/o of MrRDhandapani) in 2011 with an installed capacity of 50 sewing machines undertaking job orders. In 2012, ACC stepped into direct manufacturing of knitted garments and exporting the same to foreign countries. The key materials are purchased from BannariAmman Spinning MillsLtd. (rated CARE A- /CARE A2+). The firm employs 150 people, including 100 employees in the stitching section. 80% of manufacturing is Kids and children's wear, i.e., from infants up to the age of 16 years and remaining 20% pertains to men and women's wear. ACC operates in a single shift and manufactures about 1,00,000 pieces per month. Apart from in-house production, ACC also undertakes job work for the local customers located in and around Tirupur. The firm's stake is closely held by the promoter and his family. ACC also has one group company in the name of 'Mercury Process', which is engaged in the dyeing of Garments, where MrKPalanisamy is an active partner. ACC enjoys locational advantage, since it is present in Tirupur, which is an important textile cluster. ACC has achieved PAT of INR0.20 crore on total operating income of INR12.40 crore in FY15 (refers to the period April 1 to March 31) as compared to PAT of INR0.19 crore on total operating income of INR6.95 crore in FY14. In 10MFY16 (Provisional), the firm has achieved total operating income of INR13crore. ARUMUGHA MUDALIAR: CARE Reaffirms D Rating on INR5.09cr Loan ------------------------------------------------------------ CARE reaffirms the ratings assigned to bank facilities of Arumugha Mudaliar Sornam Educational Trust. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.09 CARE D Reaffirmed Rating Rationale The reaffirmation in the ratings of ArumughaMudaliarSornam Educational Trust (AMT) takes into account the continued delays in debt servicing due to the tight position. AMT was established in March 1992 by Mr A. Krishnaswamy and registered under Indian Trust Act. The main objective of the trust is to provide education services and engage in social welfare activities like eye camp and blood donation camp to the rural population. Presently, the trust runs 8 institutions consisting of an engineering college (both UG and PG courses), arts and science college, a polytechnic college, one teacher training college (B.Ed. course), two teacher training institutes (Diploma in Elementary Education), matriculation higher secondary school and a nursery school. The institutions are located in Cuddalore district, Tamil Nadu. The above institutions are managed by experienced professionals in their respective fields. ASHOK CONSTRUCTIONS: CARE Assigns B+ Rating to INR5.0cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of Ashok Constructions. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5 CARE B+ Assigned Short term Bank Facilities 2 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Ashok Constructions (ASC) factors in the small sized operations, fluctuating revenues, declining PAT margins, weak capital structure and debt protection metrics. The ratings are further constrained by the geographical concentration of operations in Chennai, Tamil Nadu. The ratings do factor in the long experience of the promoter, long operational track record of the firm and the healthy albeit concentrated order book. Going forward, ability of the firm at bagging and executing bigger orders, within budgeted timelines and its ability to manage its working capital cycle prudently will be the key rating sensitivities. ASC was originally established as a proprietorship by MrSundaramoorthy in 1979. Subsequently, the business was converted into a partnership firm and the firm started execution of civil construction contracts. The partnership underwent reconstitution, the latest one in January 2015. Presently, there are five partners, all being MrSundaramoorthy's family members. Profits or losses are shared equally. The firm is registered as a Class I PWD contractor. Being engaged in construction contract business for more than two decades, MrSundaramoorthy has executed more than 900 projects, primarily in Chennai, Tamil Nadu. Presently, the civil contracts are primarily awarded by the Indira Gandhi Centre for Atomic Research, wherein the firm executes residential and industrial civil construction. As per audited results, ASC has achieved PAT of INR0.16 crore on total operating income of INR9.23 crore in FY15 as compared to PAT of INR0.51 crore on INR15.36 crore in FY14. The firm has achieved nearly INR19 crore of revenues for the 11MFY16 (provisional, refers to the period April to February). B. M. RAJ: CRISIL Suspends B+ Rating on INR35MM Cash Loan --------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of B. M. Raj Industries (BMRI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 35 CRISIL B+/Stable Inland/Import Letter of Credit 10 CRISIL A4 Long Term Loan 2.5 CRISIL B+/Stable Proposed Cash Credit Limit 5 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 7.5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by BMRI with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BMRI is yet to provide adequate information to enable CRISIL to assess BMRI'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' BMRI was set up as partnership firm in the year 1999 by Mrs Dipika Surma and is being managed by Mr H.D Surma. The firm is into manufacturing of industrial plastic packaging material and is based out of Silvassa, Dadra and Nagar Haveli. BAWA APPLIANCES: CRISIL Reaffirms B+ Rating on INR50MM Loan ----------------------------------------------------------- CRISIL's ratings on the bank facilities of Bawa Appliances Private Limited (BAPL) continue to reflect the company's small scale of operations in an intensely competitive industry and below-average financial risk profile because of high gearing. These weaknesses are partially offset by the extensive experience of BAPL's promoter in the consumer durables industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable (Reaffirmed) Letter of Credit 35.9 CRISIL A4 (Reaffirmed) Term Loan 14.1 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes BAPL will continue to benefit over the medium term from promoter's extensive experience. The outlook may be revised to 'Positive' if capital structure improves either through equity infusion or substantial cash accrual, backed by ramp-up in operations and operating profitability; and if working capital management is efficient. Conversely, the outlook may be revised to 'Negative' if financial risk profile deteriorates because of further decline in revenue and profitability, large, debt-funded capital expenditure, or if liquidity weakens significantly due to increase in working capital requirement. Update Revenue is expected to increase to INR580-600 million in 2015-16 (refers to financial year, April 1 to March 31) from INR525 million in 2014-15, backed by increasing manufacturing capacity and established relationship with suppliers and customers; these will ensure revenue visibility over the medium term as well. However, low bargaining power with clients has led to constrained operating profitability of 3-4 percent over the four years ended 2014-15, which will remain in a similar range over the medium term. Limited credit from suppliers has led to high reliance on bank borrowing to meet moderate working capital requirement (expected gross current assets of 70-75 days as on March 31, 2016, up from 64 days in the previous year). Bank limit was utilised at 101 percent for the 12 months ended on October 2015. Hence, gearing is expected at 4.78 times as on March 31, 2016. However, better accretion to reserves and equity infusion of INR5 million are likely to keep networth at a moderate INR20.6 million. Low profitability level is expected to result in muted debt protection metrics, with net cash accrual to total debt and interest coverage ratios at 0.05 time and 1.67 times, respectively, for 2015-16. Liquidity is supported by enhanced fund-based limit to INR 82.5 million from INR50.0 million and cash accrual of INR5.40-6.30 million against debt obligation of INR3.10 million during the FY 2016-17. Incorporated in 2012 and promoted by the New Delhi-based Mr. Sanjeev Kapoor, BAPL manufactures LPG stoves and related components, and other kitchen utensils. It also trades in steel sheets. Operations are managed by the promoter. BHATIA COLOUR: CRISIL Reaffirms B Rating on INR110MM Cash Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Bhatia Colour Company (BCC) continue to reflect weak financial risk profile because of high gearing and average debt protection metrics, and working capital-intensive operations. These rating weaknesses are mitigated by the partners' extensive experience in the textile dyes and chemicals manufacturing and trading industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 110 CRISIL B/Stable (Reaffirmed) Letter of Credit 50 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 100 CRISIL B/Stable (Reaffirmed) CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Bhatia Colour Company (BCC) on Nov. 18, 2016. Outlook: Stable CRISIL believes BCC 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 improvement in financial risk profile, most likely because of infusion of capital or a significant and sustained increase in revenue and margins. Conversely, the outlook may be revised to 'Negative' in case of a stretched working capital cycle or larger-than-expected debt-funded capital expenditure, resulting in weak financial risk profile. Update For 2014-15 (refers to financial year, April 1 to March 31), BCC reported a topline of INR726 million, a year-on-year growth of 7 percent, on account of stable demand and INR980 million is expected for the full year led by healthy demand of textile and chemicals and improved demand of imported yarn. Moderate growth of 20 percent is expected over medium term. Operating margin of 4 percent in 2014-15 was in line with the past trend, and is expected to remain at current levels over the medium term, though remain susceptible to volatility in raw material prices. Working capital management is intensive, reflected in gross current assets of 242 days as on March 31, 2015, broadly in line with the past trends, and is expected to remain at 220-230 days over the medium term. Financial risk profile has been weak because of modest networth of INR30 million and high total outside liabilities to tangible networth of 15.40 times as on March 31, 2015. Debt protection metrics also remained below-average with net cash accrual to total debt and interest coverage ratios of 0.03 time and 1.2 times, respectively, for 2014-15. With high reliance on bank borrowing for working capital requirement, financial risk profile will remain below-average over the medium term. Liquidity too is stretched because of low cash accrual expected at INR10-19 million over the medium term against which there is no debt obligation. Bank limit utilisation has been high at 88 percent for the 12 months through February 2016. Liquidity should remain constrained over the medium term on account of low cash accrual. BCC was established in 1994 as a partnership firm by the Surat- based Bhatia and family. It trades in textile dyes and chemicals. BOULDER REALCON: CRISIL Assigns B Rating to INR95MM Term Loan ------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the bank facility of Boulder Realcon Private Limited (BRPL) and has assigned its 'CRISIL B/Stable' rating to its long-term bank facility. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 95 CRISIL B/Stable (Assigned; Suspension Revoked) The ratings were suspended by CRISIL on March 09, 2016, on account of non-cooperation by BRPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, BRPL is yet to provide adequate information to enable CRISIL to assess BRPL's ability to service its debt. The rating reflects BRPL's small scale of operations, high geographical concentration in revenue, and below-average financial risk profile, marked by weak capital structure and modest cushion between lease rentals and debt obligation. These rating weaknesses are partially offset by the benefits that BRPL derives from the assured revenue on the back of long-term lease contracts. Outlook: Stable CRISIL believes that BRPL will continue to benefit from the assured lease rentals on back of the long term lease contract. The outlook may be revised to 'Positive' if higher-than-expected cash accruals or substantial equity infusions lead to a stronger financial risk profile. Conversely the outlook may be revised to 'Negative' if any unexpected termination of lease contracts or delays in rental receipts constrain cash flows, or any large debt-funded investments in properties weaken the liquidity for BRPL. Set up in 2011, BRPL is based out of Delhi and derives its revenues from leasing out properties in Rishikesh, Uttarakhand. EXPAT ENGINEERING: CARE Revises Rating on INR11cr Loan to B+ ------------------------------------------------------------ CARE revises the lt rating and reaffirms the st rating assigned to the bank facilities of Expat Engineering India Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 11 CARE B+ Revised from CARE B Short term Bank Facilities 7 CARE A4 Reaffirmed Rating Rationale The revision in the ratings assigned to Expat Engineering India Limited (EEIL) takes into account company's improved performance in FY15 (refers to the period April 1 to March 31) and continuing strong order book position. The ratings continue to be constrained by its moderate financial risk profile marked by high gearing and TDGCA, working capital intensive nature of operations and concentration of order book on few projects. The ratings, however, derive strength from vast experience of the promoters in the construction industry. Timely execution of its ongoing projects with stability in profitability margins and improvement in capital structure are the key rating sensitivities. EEIL was originally a division of Expat Properties India Limited, established in 1999 and part of the Expat group. Later in 2007, this division demerged into a separate entity, EEIL. This restructuring was done in order to expand the operations for construction of residential buildings other than the group projects. EEIL, promoted by Mr Santosh Balakrishna Shetty and several others, is engaged in executing contracts for land & infrastructure development and construction of residential & commercial buildings for projects primarily belonging to the Expat group. Currently, the company has an order book of INR857.7 crore, of which INR850.4 crore constitute orders from group companies. During FY15, EEIL reported a PAT of INR2.2 crore on a total operating income of INR65.7 crore as compared with a PAT of INR1.1 crore on a total operating income of INR46.7 crore in FY14. FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR60MM Loan ------------------------------------------------------------ CRISIL's ratings on the bank facilities of Food and Biotech Engineers India Private Limited (FBEIPL) continue to reflect the company's weak financial risk profile, particularly liquidity, marked by a highly leveraged capital structure. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 180 CRISIL A4 (Reaffirmed) Cash Credit 60 CRISIL B-/Stable (Reaffirmed) Long Term Loan 10 CRISIL B-/Stable (Reaffirmed) The ratings also underscore FBEIPL's large working capital requirements driven by stretched receivables and a modest scale of operations with high dependence on demand from certain end- user industries. These weaknesses are partially offset by the benefits that FBEIPL derives from the promoters' extensive experience and long track record in designing and manufacturing machines for the dairy/food processing industry and its established relations with customers. Outlook: Stable CRISIL believes FBEIPL will continue to benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company significantly improves its scale of operations and profitability, leading to higher cash accrual, while improving its working capital management, thereby improving liquidity. Conversely, the outlook may be revised to 'Negative' in case of further weakening in the financial risk profile, particularly liquidity, most likely because of delayed receivables, low cash accrual, or a decline in operating profitability or if it undertakes any large, debt- funded capital expenditure. Update: Operating revenue was INR639.8 million in 2014-15 (refers to financial year, April 1 to March 31), reflecting healthy year-on- year growth of around 26 percent. This was because there was an increase in orders from government organisations such has Bihar State Milk Co-operative Federation Ltd (Sudha Dairy) and Karnataka Milk Federation (Nandini), and from other dairy players leading to healthy demand. Operating margin was 4.47 percent in 2014-15, reflecting sustained profitability. Operating margin is expected to remain at a similar level over the medium term. Revenue is expected to grow to INR900-950 million over the medium term on the back of longstanding relations with existing customers along with strong outstanding order book of over INR1.5 billion to be executed over the medium term. The working capital requirements are large as reflected by gross current assets of over 340 days owing to stretched receivables of 139 days as on March 31, 2015, as a result of stretched payments from government organizations. The financial risk profile is expected to remain weak owing to high reliance on external short- term debt leading to high total outside liabilities to tangible net worth of above 6 times over the medium term. Liquidity is stretched because of a fully utilised cash credit limit of INR60 million over the 13 months through November 2015. Liquidity is however, supported by cash accrual levels of INR18-20 million over the medium term as against low term debt repayments and absence of significant capex plans over the medium term. The company has undertaken a term loan of Rs 10 million in January 2016 towards purchase of machinery of around Rs 13.5 million for the purpose of modernization. CRISIL believes the financial risk profile and liquidity will remain at similar levels owing to working capital-intensive operations. FBEIPL (an ISO 9001:2000 company) was established in 1999 by Mr. R. P. Singh in association with the other directors, Mr. Munendra Kumar Singh and Mr. Anil Kumar Sinha, and is based in Palwal (Haryana). FBEIPL designs, manufactures, installs, and commissions dairy processing, food processing, Chemical, Distillation and Allied Industries plants on a turnkey basis. The company specialises in evaporators and dryers used for industries such as dairy, fruits, distilleries, and chemicals. FBEIPL reported profit after tax (PAT) of INR6.8 million on operating income of INR639.8 million for 2014-15 against PAT of INR5.6 million on operating income of INR508.1 million for 2014- 15. GOPISH PHARMA: CRISIL Suspends 'C' Rating on INR76MM Cash Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Gopish Pharma Ltd (GPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 76 CRISIL C Proposed Long Term Bank Loan Facility 33 CRISIL C Term Loan 14.7 CRISIL C The suspension of rating is on account of non-cooperation by GPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GPL is yet to provide adequate information to enable CRISIL to assess GPL'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' GPL, promoted by Mr. Ravi Goyal and his son Mr. Ratish Goyal, manufactures and markets a wide variety of generic drugs. Its plant in Baddi (Himachal Pradesh) commenced commercial operations in 2008-09. GPL's promoters also operate two other entities, which are in the business of injectable manufacturing and specialised printing and packaging. HARESH CHEMICALS: CRISIL Suspends B- Rating on INR45MM LT Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Haresh Chemicals (HC). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL B-/Stable Letter of Credit 145 CRISIL A4 Proposed Long Term Bank Loan Facility 45 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by HC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, HC is yet to provide adequate information to enable CRISIL to assess HC'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' Mr. Bharat Kasat set up HC in 1984. The firm trades in more than 150 bulk drugs. It has a client base of over 200 generic drug manufacturers. Its offices are in Mumbai. INCOM WIRES: CRISIL Suspends B Rating on INR60MM Cash Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Incom Wires and Cables Limited (IWCL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 Cash Credit 60 CRISIL B/Stable Letter of Credit 10 CRISIL A4 Proposed Term Loan 60 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by IWCL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IWCL is yet to provide adequate information to enable CRISIL to assess IWCL'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' IWCL was incorporated in 1995, promoted by Mr. Raghav Sharma. The company manufactures telecommunication, signalling, and power cables. Its product portfolio includes different types of electric wires, power cables, control cables, railway signalling cables, railway quad cables, and telephone cables. It has its manufacturing unit in Mayapuri Industrial Estate, Delhi. IWCL is approved by the Research Design and Standards Organisation as a Part 1 supplier of signalling cables and Part 2 supplier of telecommunication cables to the Indian Railways. It is also an approved vendor for other government entities such as National Thermal Power Corporation Ltd; State Electricity Boards of Punjab, Haryana, and Rajasthan; and private companies such as L&T Ltd and Ansaldo STS India. J.B GOLD: CARE Reaffirms 'B' Rating on INR9c LT Loan ---------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of J.B Gold Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9 CARE B Reaffirmed Rating Rationale The rating assigned to the bank facilities of J.B Gold Private Limited (JBG) continue to remain constrained by small scale of operations, weak financial risk profile characterized by low profitability margins, leveraged capital structure, weak debt coverage indicators and elongated operating cycle. The rating is further constrained by the competition from organized and unorganized sector and risk associated with fluctuating gold prices. The rating, however, draws comfort from experienced promoters. Going forward, the ability of JBG to increase its scale of operations while improving its profitability margins and capital structure along with efficient working capital management shall be the key rating sensitivities. Delhi-based JBG was incorporated in 2011 as a private limited company by Mr Rajnish Gupta and his wife, Ms Nisha Gupta. JBG is engaged in the wholesale trading of gold jewellery, diamond jewellery and loose cut & polished diamonds and has its office located in Karol Bagh, Delhi. The company procures jewellery, cut & polished diamond from wholesalers and jewellery manufacturers and then sells it to various retail jewellers in Delhi. The company has also started in-house manufacturing of gold & diamond jewellery in FY14 (refers to the period April 1 to March 31) and sells the same under its own brand name 'Kiyan'. JBG sells hallmark certified gold and diamond jewellery. Roshni Jewellers Private Limited (rated 'CARE B') is a group associate of JBG and is engaged in the same line of business. JBG reported a PAT and PBILDT of INR0.18 crore and INR1.70 crore, respectively, on a total income of INR64.71 crore in FY15 as against PAT and PBILDT of INR0.31 crore and INR1.41 crore, respectively, on a total income of INR63.27 crore in FY14. JBG has achieved a total operating income of INR55 crore in 11MFY16 (refers to the period April 01 to February 29) (as per the unaudited results). JAHANVI ISPAT: CRISIL Assigns 'D' Rating to INR110MM LT Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of Jahanvi Ispat Pvt Ltd (JIPL). The rating reflects instances of delay by the company in meeting its debt obligations; the delays were primarily due to weak liquidity on account of its working capital intensive operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL D Long Term Loan 110 CRISIL D The rating also factors in JIPL's modest scale of operations and vulnerability to industry downturns. These rating weaknesses are partially offset by the extensive industry experience of its promoters. JIPL, incorporated in 2009, is promoted by Mr. Pramod Gupta. The company manufactures thermo-mechanically-treated steel bars from mild-steel billets and ingots. The company's manufacturing facility is at Mandideep, Madhya Pradesh. JIPL had profit after tax (PAT) of INR2.0 million on operating income of INR446.6 million in 2014-15 (refers to financial year, April 1 to March 31) as against PAT of INR3.6 million on operating income of INR488.9 million in 2013-14. JAIRAM MARUTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Jairam Maruti Mills (JMM) continue to reflect JMM's below-average financial risk profile, marked by a high gearing, and the firm's modest scale of operations and exposure to risks related to volatility in raw material prices. These rating weaknesses are partially offset by the extensive experience of JMM's promoters in the textile industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 7.8 CRISIL D (Reaffirmed) Cash Credit 60 CRISIL D (Reaffirmed) Long Term Loan 60 CRISIL D (Reaffirmed) Proposed Long Term Bank Loan Facility 26.9 CRISIL D (Reaffirmed) CRISIL had downgraded the ratings on the bank facilities of JMM to CRISIL D/CRISIL D from CRISIL B+/Stable/CRISIL A4 on March 3rd, 2016. The ratings downgrade reflects instances of delays by JMM in servicing its term debt due to weak liquidity. JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It manufactures cotton yarn and converts it into fabric .The firm is based in Coimbatore (Tamil Nadu). K AND M SHELTORS: CRISIL Assigns 'B' Rating to INR75MM Term Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of K and M Sheltors Private Limited (KMSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Rupee Term Loan 75 CRISIL B/Stable The rating reflects KMSPL's exposure to offtake and implementation related risks associated with its ongoing real estate redevelopment project and cyclicality in the real estate industry. These weaknesses are partially offset by extensive experience of KMSPL's promoters in the real estate business Outlook: Stable CRISIL believes that K and M Sheltors Private Limited will continue to benefit over the medium term from the extensive experience of the promoters in the real estate sector. The outlook may be revised to 'Positive' if the customer response to its projects is significantly better than expected leading to higher cash flow generation and improvement in financial risk profile. The outlook shall be revised to 'Negative' if cash flows are significantly below expectations, either due to subdued response to the project or lower than envisaged flow of advances, significantly affecting its debt servicing ability. Incorporated in 2001, KMSPL is engaged in real estate development. The company is promoted by Mr. Khalid Omar and his wife Mrs. Maria Omar. The company is based out of Mumbai, Maharashtra. KANDARP CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Kandarp Construction India Private Limited (KCIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 135 CRISIL A4 Cash Credit 60 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by KCIPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KCIPL is yet to provide adequate information to enable CRISIL to assess KCIPL'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' KCIPL was incorporated in 2001 by Mr. Markandeya Shukla (promoter-director) at Lucknow (Uttar Pradesh). The company undertakes all kinds of civil construction contracts (roads, bridges, buildings, and industrial sheds) for the state and central government departments. The company currently undertakes civil construction contracts for the railways, central government departments, and state government departments of Uttar Pradesh and Madhya Pradesh. KOVAI KALAIMAGAL: CARE Lowers Rating on INR5.66cr LT Loan to D -------------------------------------------------------------- CARE revises ratings assigned to bank facilities of Kovai Kalaimagal Educational Trust. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.66 CARE D Revised from CARE BB Short term Bank Facilities 0.14 CARE D Revised from CARE A4 Rating Rationale The revision in the ratings assigned to the bank facilities of KovaiKalaimagal Educational Trust (KKET) factors in the ongoing delays in servicing the debt obligations of the trust owing to the tight liquidity position arising out of delays in fees collections. KKET was set up as a charitable trust under section 12A of Income Tax Act by Mr K A Chinnaraju and Mrs P Shanmugadevi of Coimbatore, Tamil Nadu in the year 1992. The trust currently operates four educational institutes. As per unaudited FY15 (refers to the period April 1 to March 31) financials, the trust has achieved surplus of INR4.40 crore on total operating income of INR22.59 crore as compared to surplus of INR3 crore on total operating income of INR21.66 crore. LAKSH NATURAL: CRISIL Suspends B- Rating on INR50MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Laksh Natural Stones Private Limited (LNPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable Letter of Credit 30 CRISIL A4 Proposed Long Term Bank Loan Facility 5.7 CRISIL B-/Stable Standby Line of Credit 5 CRISIL B-/Stable Term Loan 10.3 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by LNPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, LNPL is yet to provide adequate information to enable CRISIL to assess LNPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability - a key risk factor in credit ratings' Set up in 2006 by Mr. Lalit Agarwal and his family members, LNPL manufactures ingots at its facilities in Jaipur. The company commenced commercial production of ingots in January 2010. The plant's manufacturing capacity is 18,000 tonnes per annum, of which 80 per cent is utilised. LNPL also trades in marbles, but the turnover from this activity is miniscule, at around 1 per cent. LEATHER TECH: CRISIL Suspends B+ Rating on INR10MM LT Loan ---------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Leather Tech (LT). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Line of Credit 4.7 CRISIL B+/Stable Bill Discounting 19 CRISIL A4 Foreign Letter of Credit 10 CRISIL B-/Stable Overdraft Facility 1 CRISIL B-/Stable Packing Credit 70 CRISIL A4 Proposed Long Term Bank Loan Facility 10 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by LT with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, LT is yet to provide adequate information to enable CRISIL to assess LT's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key factor in its rating process as outlined in its criteria 'Information Availability - a key risk factor in credit ratings' Set up in 1991, LT is a partnership firm between three brothers: Mr. Jasbir Singh Kapoor, Mr. Surbir Singh Kapoor, and Mr. Amarjeet Singh Kapoor. It manufactures leather garments such as jackets, coats, and shirts. It mainly exports to Europe to various importers, who sell to large retail and fashion houses in Europe. LT's unit is in Okhla Industrial Area in New Delhi, and has capacity to manufacture about 8000 garments per month. MURLI ELECTRODES: CARE Reaffirms B+ Rating on INR4cr LT Loan ------------------------------------------------------------ CARE reaffirms the ratings assigned to the bank facilities of Murli Electrodes Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 4 CARE B+ Reaffirmed Short term Bank Facilities 1 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Murli Electrodes Private Limited (MEPL) continue to be constrained by presence in highly fragmented industry leading to intense competition, declining turnover with thin profit margins, moderate capital structure, elongated working capital cycle and weak debt coverage indicators. The ratings are further constrained by the susceptibility of operating margins to raw material price fluctuation risk and cyclicality in the industry and susceptibility to slowdown in the end user industry. The ratings derive strength from experienced promoters and established dealer distribution network. The ability of the company to increase its scale of operations along with improvement in profitability margins and solvency position is the key rating sensitivity. Nagpur based, MEPL was incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh Maloo, Mr. Dinesh Maloo and Mr. Harish Maloo. MEPL is engaged in the manufacturing of various types of welding electrodes, welding consumables and wires. The product portfolio of the company includes High Frequency (HF) Electrode, High Tensile Steel and Low Hydrogen Electrode, Mild Steel Electrode, Stainless Steel Electrode and Metal Inert Gas (MIG) wires. The company sells its products under the brand names of Wonder Weld, Fast Weld, Super Weld and Murli 6013 in Maharashtra, Madhya Pradesh, Goa, Gujarat and is further diversifying its presence in 10 more states. MEPL operates from its manufacturing facilities located in Nagpur (Maharashtra) with an installed capacity of 14,400 MTPA as on March 31, 2015 for welding electrodes and 360 MT for MIG wires. The manufacturing facility is well equipped with modern amenities and also has ISO 9001:2008 certification. Further, MEPL belongs to the Murli Group and is a sister concern of Murli Industries Limited (Nagpur) which has an established position in the field of production of cement, paper, solvent extractions and power generation. In FY15 (refers to the period April 01 to March 31), the company registered an income from operations of INR16.77 crore and PAT of INR0.19 crore as compared to the income from operations and PAT of INR11.93 crore and INR0.11 crore respectively in FY14. NARMADESHWAR RICE: CRISIL Suspends B+ Rating on INR32.3MM Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Narmadeshwar Rice Mills Private Limited (NRM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL B+/Stable Proposed Term Loan 6.9 CRISIL B+/Stable Term Loan 32.3 CRISIL B+/Stable The suspension of rating is on account of non-cooperation by NRM with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NRM is yet to provide adequate information to enable CRISIL to assess NRM'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' NRM was founded by the Bihar-based Kedia family in February 2011. The company set up a non-basmati rice processing mill with a capacity of 8 tonnes per hour, in Aurangabad (Bihar), at an estimated cost of INR110 million (including the working capital margin). NRM commenced commercial production in October 2012. NIROS ISPAT: CARE Lowers Rating on INR65.92cr Loan to B+ -------------------------------------------------------- CARE revises ratings assigned to bank facilities of Niros Ispat Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 65.92 CARE B+ Revised from CARE BB Short term Bank Facilities 11.00 CARE A4 Reaffirmed Rating Rationale The revision in rating assigned to the long-term bank facilities of NirosIspat Private Ltd (NIPL) takes into account moderation in operating performance in audited FY15 (refers to the period April 1 to March 31) and deterioration in financial risk profile marked by weakening of debt protection metrics along with tight liquidity position. The ratings continues to be constrained by intense competition in the iron & steel industry, profitability susceptible to volatility in raw-material prices, working capital intensive nature of operations and cyclicality in the steel industry. The ratings, however, draw strength from experienced promoters and strategic location of the plant. Ability of the company to increase the scale of operation, improve profitability margin and efficient management of working capital remains the key rating sensitivities. NIPL, incorporated in 2001, is engaged in manufacturing of sponge iron (with an installed capacity of 97,500 MTPA), billets (30,000 MTPA) along with a waste heat recovery based (WHRB) power plant of 8MW at Bhilai, Chhattisgarh. NIPL was initially promoted by Mr. Sunil Agarwal and Mr. Anil Mittal. In FY09, Mr. Mittal sold his entire stake and Mr. Siddheswar Agrawal & Mr. Ashish Goyal were inducted as new promoters with equal share of 33.3% in the company. During FY15 (Audited), NIPL reported net loss of INR4.83 crore (as against net profit of INR0.65 crore in Provisional FY15) on a total operating income of INR259.19 crore (as against INR258.01 crore in Provisional FY15). ORCHID PHARMA: CARE Reaffirms B- Rating on INR2687.49cr Loan ------------------------------------------------------------ CARE reaffirms the ratings assigned to the bank facilities of Orchid Pharma Limited (erstwhile Orchid Chemicals and Pharmaceuticals Limited). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 2687.49 CARE B- Reaffirmed Short-term Bank Facilities 498.50 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Orchid Pharma Limited (Orchid) continue to be constrained by moderate financial performance characterised by losses in FY15 (refers to the period April 1 to March 31) and 9MFY16, weak debt protection metrics and highly leveraged capital structure. The ratings however take into account Orchid's long track record of operations and its established presence as a bulk drug manufacturer. The ratings also take note of approval received for launch of a new product recently. The ability of the company to improve revenue from existing & new product launches, improve profit margins and its leveraged capital structure would be the key rating sensitivities. Orchid Pharma Limited (Orchid), established in 1992, is an integrated pharmaceutical company with presence in bulk drug manufacturing, formulations and drug discovery. Orchid commenced its operations as a cephalosporin Active Pharmaceutical Ingredient (API) manufacturer and largely remained so till 2004 before moving to formulations. During FY10, Orchid sold its sterile injectable formulations business to Hospira Inc. The business transfer was completed in March 2010.Orchid also sold its API business of penicillin and penem, the API facility located in Aurangabad (Maharashtra) together with an associated R&D Infrastructure located in Chennai to Hospira Inc in July 2014. Orchid presently operates in API business (of Cephalosporin based antibiotics) and formulation business (Oral Cephalosporin and Non Penicillin Non Cephalosporin). POOJYA EXPORTS: CRISIL Suspends 'B' Rating on INR329.7MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Poojya Exports Private Limited (PEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 120.3 CRISIL A4 Cash Credit 29.7 CRISIL B/Stable Bill Discounting 329.7 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by PEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, PEPL is yet to provide adequate information to enable CRISIL to assess PEPL'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, PEPL is promoted by Mr. Bhavin Fadia and Ms. Urvi Fadia. The company trades in cotton bales. POULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Loan ------------------------------------------------------------ CRISIL's rating on the long-term bank facilities of Poulomi Estates Private Limited (PEPL) continues to reflect the company's exposure to the risks and cyclicality inherent in the real estate industry. The rating also reflects implementation-related risks associated with the company's ongoing real estate project, which can affect the project saleability, and, therefore, its operating cash flows. These weaknesses are partially offset by the extensive experience of PEPL's management in the real estate industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 50 CRISIL B+/Stable (Reaffirmed) Term Loan 150 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that PEPL will continue to benefit over the medium term from the promoters' extensive experience in the real estate industry. The outlook may be revised to 'Positive' in case of significant booking of units and receipt of customer advances for the company's ongoing project, leading to better-than- expected cash flows and liquidity. Conversely, the outlook may be revised to 'Negative' in case of deterioration in PEPL's liquidity, either because of lower-than-expected customer advances or significant cost overrun in its ongoing project. Incorporated in 2005, PEPL is promoted by Mr. J Madan Mohan Rao; it undertakes residential real estate projects in Hyderabad. The company is currently constructing a villa and a high-rise residential project in Kokapet, Hyderabad. RADHA-RUKMAN PACKAGES: CARE Reaffirms B+ INR21.72cr Loan Rating --------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Radha-Rukman Packages Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 21.72 CARE B+ Reaffirmed Short-term Bank Facilities 0.50 CARE A4 Reaffirmed Rating Rationale The ratings of Radha-Rukman Packages Pvt. Ltd. (RPL) continue to be constrained by short track record with small scale of operation, volatility in raw material prices, working capital intensive nature of operation and presence in fragmented and competitive industry. The ratings, however, continue to draw comfort from the experience of the promoter in the printing & packaging industry. Going forward, the ability of the entity to improve its scale of operations along with profit margins and effective working capital management would be the key rating consideration. RPL was incorporated in August 2008 and was promoted by Mr GovardhanLal Sikaria and his family members based out of Kolkata. The company, after remaining dormant for 3 years, commenced operation from January 2012. RPL is engaged in the manufacturing of corrugated & duplex boxes and providing offset printing services. The facilities of the company are located at Howrah, West Bengal, with an installed capacity to manufacture 8,400 tonnes per annum (TPA) of corrugated & duplex boxes. RPL carries out manufacturing & printing as per the designs and specification provided by the customers and its products are used for packaging in different industries like pharmaceuticals, textiles, automobile, engineering, consumer goods industry, etc. In FY15 (A) (refers to the period April 01 to March 31), the company has reported a total operating income of INR26.96 crore (as against INR22.23 crore in FY14) and net loss of INR2.49 crore (as against net loss of INR0.26 crore in FY14). Till February 2016, the company has maintained to have achieved revenue of INR32.75 crore. RICHA PETRO: CARE Reaffirms 'D' Rating on INR12.58cr LT Loan ------------------------------------------------------------ CARE reaffirms the rating assigned to the bank facilities of Richa Petro Products Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 12.58 CARE D Reaffirmed Rating Rationale The rating of Richa Petro Products Ltd. (RPPL) continues to be constrained by the ongoing delay in the servicing of the bank debt obligations on account of the stretch liquidity position of the company. RPPL (erstwhile, Richa Pipes & Fittings Private Limited, name changed in 2011) was incorporated in the year 2010 by Mr Ramesh Chandra Parida of Bhubaneswar, Odisha. The company has been engaged in the manufacturing of pipes, pipe fittings, furniture, and water tanks of PVC (Polyvinyl Chloride). The main raw materials used in the production activity are Linear low-density polyethylene (LDPE), Highdensity polyethylene (HDPE), Polypropylene (PP) and PVC resin. The raw materials are procured mainly from Haldia Petrochemicals Limited and Reliance Industries Limited. The manufacturing plant of the company is located at Bhubaneshwar, Odisha, and it is well equipped with modern amenities along with ISO 9001:2008 certification. RPPL sells its products under the brand name of "Richa" (unregistered) through its established dealer network covering the state of Odisha only. ROYAL LATEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Royal Latex Private Limited (RLPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings factor in RLPL's moderate scale of operations and weak credit metrics. Revenue was INR864 million in FY15 (FY14: INR733 million), EBITDA interest coverage (operating EBITDA/gross interest expense) was 1.4x (1.5x) and net financial leverage (total adjusted net debt/operating EBITDA) was 4.5x (7.6x). The ratings reflect the risks associated with the company's commodity processing business as reflected in its volatile profitability in the range of 0.4% and 1.5% during FY12-FY15. The ratings are supported by RLPL's comfortable liquidity with average peak utilisation of the fund-based working capital facilities being 74.4% over the 12 months ended March 2016. The ratings are also supported by the over 10 years of experience of the company's promoter in the rubber industry. RATING SENSITIVITIES Positive: Substantial growth in the top line and profitability leading to a sustained improvement in the overall credit metrics will lead to a positive rating action. Negative: Deterioration in the operating profitability leading to deterioration in the overall credit metrics will be negative for the ratings. COMPANY PROFILE Incorporated in 2006 by Mr Rijo Mathew, RLPL manufactures and trades centrifuged latex and skim rubber. RLPL's ratings: -- Long-Term Issuer Rating: assigned 'IND BB-', Outlook Stable -- INR2.477 million long-term loan: assigned 'IND BB-'/Stable -- INR90 million fund-based facilities: assigned 'IND BB- '/Stable/'IND A4+' -- INR27.5 million non-fund based facilities assigned 'IND A4+' SAI HARI: CRISIL Suspends B Rating on INR100MM Term Loan -------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Sai Hari Krupa Developers (SHKD). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL B/Stable The suspension of rating is on account of non-cooperation by SHKD with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SHKD is yet to provide adequate information to enable CRISIL to assess SHKD'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' SHKD is a partnership firm engaged in real estate development in Pune. The firm was set up by the promoters of the Pune-based real estate developer, Goel Ganga Developments, and their business associate, Mr. Raju Thakwani. SHKD's ongoing Sai Ganga project in Pune has three buildings and 218 saleable flats. SATYA INFRA: CRISIL Suspends B+ Rating on INR112.5MM Loan --------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Satya Infrastructures Limited (SIL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 112.5 CRISIL B+/Stable The suspension of rating is on account of non-cooperation by SIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIL is yet to provide adequate information to enable CRISIL to assess SIL'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 2005, SIL is a part of the Satya group promoted by Mr. Nawal Kishore Agarwal and his son, Mr. Manish Agarwal. The company develops real estate in northern India. SGS JEWELLERY: CARE Reaffirms 'B' Rating on INR6.0cr LT Loan ------------------------------------------------------------ CARE revokes suspension and reaffirms the rating assigned to the bank facilities of SGS Jewellery Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 6.00 CARE B Suspension revoked and Rating Reaffirmed Rating Rationale The rating assigned to the bank facilities of SGS Jewellery Private Limited (SJPL) continues to remain constrained on account of its financial risk profile marked by relatively small scale of operations, thin profitability and weak debt coverage indicators. The rating, further, continues to remain constrained on account of SJPL's presence in the highly competitive Gems &Jewellery (G&J) industry, susceptibility of operating profitability to volatile gold prices and working capital intensive nature of operations. The rating, however, continues to favourably take into account experience of the promoters along with wide product offerings by the company. SJPL's ability to increase its scale of operations along with better management of working capital and improvement in overall financial risk profile of the company would be the key rating sensitivity. SJPL was incorporated in 2009 by Mr Ajay Jain, MsUrmilaBairathi and their relatives. SJPL is engaged in retailing of gold, diamond and precious stones studded jewellery through its showroom located in Jaipur. The company is also engaged in manufacturing of gold jewellery. However, its contribution to the total operating income (TOI) is very small. The company offers wide range of products that include rings, earrings, pendants, necklaces, bracelets, bangles, colour stones and medallions. SJPL manufactures its own designs based on demand of the customers. During FY15 (refers to the period April 1 to March 31), the company also started wholesale trading of gold and silver jewellery. During FY15, SJPL reported a total operating income of INR18.40 crore (FY14: INR18.68 crore) with a PAT of INR0.01 crore (FY14: INR0.02 crore). As per the provisional results for 9MFY16, SJPL has reported TOI of INR13.66 crore. SHARTHI COTTGIN: CRISIL Reaffirms B+ Rating on INR142.5MM Loan -------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Sharthi Cottgin Corporation (SCC) continues to reflect the firm's small scale of operations in the highly competitive cotton industry, working capital-intensive operations, and average financial risk profile because of modest networth, high gearing, and subdued debt protection metrics. These weaknesses are partially offset by the extensive experience of SCC's promoters in the cotton industry and proximity of unit to cotton-growing belt in Gujarat. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 35 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 142.5 CRISIL B+/Stable (Reaffirmed) Term Loan 22.5 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes SCC will continue to benefit over the medium term from promoters' extensive experience. The outlook may be revised to 'Positive' in case of higher-than-expected revenue, while improving profitability and capital structure. Conversely, the outlook may be revised to 'Negative' if decline in revenue or profitability, stretch in working capital cycle, or any large, debt-funded capital expenditure (capex) further weakens financial risk profile. Update Topline increased to INR242.2 million in 2014-15 (refers to financial year, April 1 to March 31) from INR77.9 million in the previous year due to stabilisation of operations. Revenue is expected to grow by 10 percent over the medium term, backed by steady demand. Operating margin (4.4 percent in 2014-15), likely to be stable over the medium term, will remain susceptible to volatility in raw material prices. Working capital requirement is large, with gross current assets of 84 days as on March 31, 2015 (80-85 days over the medium term). Also, the firm incurred capex of INR34.2 million, which was funded with term loan of INR22.5 million. Hence, gearing was high at 2.90 times. Networth was also modest at INR20.3 million and debt protection metrics weak, with net cash accrual to total debt and interest coverage ratios of 0.03 time and 1.8 times, respectively, for 2014-15. In the absence of any significant improvement in scale of operations or profitability, financial risk profile will remain below average over the medium term. Liquidity is stretched due to low cash accrual, expected at INR4- 6 million over the medium term against debt obligation of INR3 million. Bank limit utilisation has been moderate at 75-80 percent. Incorporated in 2013, SCC is a partnership firm located near Bhavnagar (Gujarat). Its promoters have more than three years of experience in the cotton industry. SHREE GURU: CARE Reaffirms B Rating on INR5.25cr LT Loan -------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Shree Guru Raghavendra Cotton Ginning And Pressing. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.25 CARE B Suspension Revoked and Rating Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Shree Guru Raghavendra Cotton Ginning and Pressing (SGRGP) continues to be constrained by susceptibility of operating margins to cotton price fluctuation and seasonality associated with cotton industry, presence in highly fragmented industry with limited value addition, working capital intensive nature of operations, thin profitability margins, moderate solvency position and partnership nature of its constitution. The rating derives strength from experienced partners and location advantage emanating from proximity to raw material. The ability of the company to increase its scale of operations along with improvement in profitability margins and solvency position is the key rating sensitivity. Beed (Maharashtra) based Shree Guru Raghvendra Ginning and Pressing (SGRGP) started with its commercial production in the year 2013 as a partnership firm. The firm was set up to undertake the business of cotton ginning and cotton oil extraction. The manufacturing unit is located at Beed, Maharashtra with an installed capacity of 81,000 bales per annum as on March 31, 2015. The firm procures cotton from Agricultural Produce Market Committee (APMC) and local farmers, while the finished product i.e. cotton bales is sold to various distributors located in and around Beed. The firm is also engaged in the trading of cotton bales, cotton oil, cotton seeds, and cotton seed cake. In FY15 (refers to the period April 01 to March 31), the company registered an income from operations of INR38.73 crore and PAT of INR0.42 crore as compared to the income from operations and PAT of INR25.46 crore and INR0.41 crore respectively in FY14. SHRI DURGA: CRISIL Suspends B+ Rating on INR100MM Cash Loan ----------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Shri Durga Loha Bhandar Private Limited (SDLBPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable The suspension of rating is on account of non-cooperation by SDLBPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SDLBPL is yet to provide adequate information to enable CRISIL to assess SDLBPL'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' SDLBPL was established in Dehradun (Uttarakhand) in September 2009 and commenced operations in April 2011. The company trades in iron and steel products, including mild bars, hot-rolled and cold-rolled sheets, mild steel pipes and angles, and thermo- mechanically treated bars. SHRI JAGANNATH: CARE Lowers Rating on INR14.29cr LT Loan to D ------------------------------------------------------------- CARE revises ratings assigned to bank facilities of Shri Jagannath Educational, Health And Charitable Trust. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 14.29 CARE D Revised from CARE BB+ Rating Rationale The revision in the rating factors in the delays in meeting the debt servicing by ShriJagannath Educational, Health and Charitable Trust (SJCET). SJCET is a non-minority, charitable trust registered under Section 12A of the Income Tax Act. SJCET was established in 2008 by Mr S. A. Subramanian, along with Mr O. M. Manivelu and Mr S. SatheeshKrishnaraj. However, MrSatheeshKrishnaraj resigned from the Trusteeship and was replaced by MrDurgashankar (a BE graduate, son-in-law of Mr Subramanian), in AY 2011-12. Mr Arul Selvan, (MrDurga Shankar's brother) is the Vice Chairman and Joint Managing Trustee (BE, MBA). The day-to-day activities of SJCET are managed by the executive committee, headed by Mr S. A. Subramanian (Managing trustee). The trust operates an engineering college under the name of JCT College of Engineering & Technology (JCTET) at Coimbatore, Tamil Nadu, established in AY11-12. JCTET, in its fifth year of operation, had student strength of 3,800 in AY15-16 (including ME). In AY14-15, SJCET commenced JCT College of Polytechnic (JCTP) with a sanctioned intake of 300 students offering Mechanical (120), Petrochemical (60), Civil (60) and Electrical and Electronic Engineering (60) courses. During FY15 (refers to the period April 1 to March 31), SJCET has registered a surplus of INR3.01 crore on a total income of INR19.44 crore, as compared with surplus of INR1.52 crore on a total income INR16.31 crore in FY14. SHRI RAMALINGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Shri Ramalinga Textiles (RT) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The agency has also assigned RT's INR194.0 million fund-based facilities a Long-term 'IND BB' rating with a Stable Outlook and a Short-term 'IND A4+' rating. KEY RATING DRIVERS The ratings reflect RT's moderate scale of operations and weak credit metrics. 9MFY16 financials indicate revenue of INR784 million (FY15: INR1,046 million). At FYE16, leverage is likely to be 4.7x (FY15: 3.4x) and EBITDA interest cover 2.5x (2.1x). The ratings also factor in RT's partnership structure and the risks associated with the agricultural commodity-based manufacturing business. Also, the company's liquidity position is moderate with its average maximum utilisation of the fund-based facilities being 95.4% over the six months ended March 2016. The firm started using these working capital facilities in October 2015. The ratings are supported by the firm's promoter's two-decade- long experience in the yarn manufacturing business. RATING SENSITIVITIES Positive: Substantial growth in top line along with an improvement in the EBITDA margin leading to a sustained improvement in the credit metrics could be positive for the ratings. Negative: Any deterioration in the EBITDA margin leading to sustained deterioration in the credit metrics could be negative for the ratings. COMPANY PROFILE RT was established in October 2014 after being carved out of another group entity Shri Govindaraja Textiles Private Limited. RT manufactures cotton yarn, polyester yarn, polyester cotton and polyester viscose blended yarn and has an installed capacity of 37,092 spindles. STRESCON INDUSTRIES: CRISIL Reaffirms B+ Rating on INR72.4MM Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Strescon Industries Limited (SIL) continues to reflect its modest scale, and working- capital-intensive nature, of operations. The rating also reflects customer concentration in its revenue profile. These rating weaknesses are partially offset by the extensive industry experience of SIL's promoters, and the company's comfortable financial risk profile, marked by low gearing and moderate debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4(Reaffirmed) Cash Credit 45 CRISIL B+/Stable (Reaffirmed) Letter of Credit 20 CRISIL A4 (Reaffirmed) Term Loan 72.4 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes SIL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company reports substantial and sustained increase in its scale of operations and accruals along with improved working capital management thereby improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of low operating income or accruals or stretch in the working capital cycle, or if SIL undertakes any large, debt-funded capital expenditure leading to deterioration in its financial risk profile, particularly liquidity. Incorporated in 1978 in Kolkata, SIL manufactures railway sleepers. The company ventured into manufacturing of sleepers from 1991. SIL primarily caters to the Indian Railways and its day-to-day operations are managed by its promoter-director, Mr. Sabyasachi Munshi. SUBH SANKET: CRISIL Assigns B+ Rating to INR80MM Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facility of Subh Sanket Traders Private Limited (SSTPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable The rating reflects the company's subdued financial risk profile, modest scale of operations, large working capital requirement, and susceptibility of profitability to volatility in raw material prices. These weaknesses are partially offset by its promoters' extensive experience in the coal trading business. Outlook: Stable CRISIL believes SSTPL 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 and sustained improvement in the company's revenue and profitability, leading to increase in cash accrual. Conversely, the outlook may be revised to 'Negative' if financial risk profile, particularly liquidity, weakens because of low cash accrual or stretch in working capital cycle. SSTPL, incorporated in 2005, trades in domestic coal. Its registered office is in Kolkata. SSTPL's net profit was INR6.2 million on net sales of INR422 million in 2014-15 (refers to financial year, April 1 to March 31), against net profit of INR2.4 million on net sales of INR399 million in 2013-14. SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.15cr LT Loan --------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Sukh Sagar Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.15 CARE B+ Reaffirmed Rating Rationale The rating assigned to the bank facilities of Sukh Sagar Industries (SSI) continues to remain constrained on account of its moderate scale of operations with low profitability, moderate capital structure and weak debt coverage indicators. The rating further continues to remain constrained on account of its working capital intensive operations, presence in the highly competitive and fragmented agro processing industry, vulnerability of its profit margins to agro commodity price fluctuations and proprietorship nature of constitution. The rating however, continues to draw strength from the experience of the proprietor. The ability of SSI to increase its scale of operations, improve profitability and capital structure along with efficient management of the working capital are the key rating sensitivities. SSI was established in the year 2006 by Mr Virendra Kumar Tirthani as a proprietorship firm. The firm is engaged in processing of Arhar Dal (Toor dal) and trading of Arhar chuni bhusi (used as cattle feed) and sells its product under the brand name Nagarseth, Rajdhani and Cow Bashra. Mr Virendra Kumar Tirthani has been carrying on the processing of arhar daal since 2002 through a partnership firm which was later converted into SSI. The entity's plant is located at Katni, Madhya Pradesh with an installed capacity of 18,000 Metric Tonnes Per Annum (MTPA) as on March 31, 2015 and it carries on cleaning, splitting and grading operations. SSI procures raw material from the local market and sells it inMaharashtra, Madhya Pradesh, Uttar Pradesh and Bihar through a network of dealers. During FY15 (refers to the period April 1 to March 31), SSI reported PAT of INR0.11 crore (FY14: INR0.10 crore) on a total operating income (TOI) of INR28.24 crore (FY14: INR29.14 crore). During 8MFY16 (Provisional), SSI has reported TOI of Rs.22.47 crore and PBT of INR0.08 crore. SUKHMANI HOLIDAYS: CARE Assigns B+ Rating to INR15cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE B+' rating to the bank facilities of Sukhmani Holidays Inn Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 15.00 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Sukhmani Holidays Inn Private Limited (SHI) is primarily constrained by the lack of experience of the new promoters in the Indian hotel industry, and revenue concentration risk due to single hotel property. The rating is further constrained by high competition from the existing and proposed hotels in the vicinity. The rating, however, derives strength from the positive outlook for the hotel industry in India. Going forward, the ability of the company to stabilize the hotel operations and achieve the projected ARR (Average Room Rental) and occupancy levels would remain the key rating sensitivities. Sukhmani Holidays Inn Private Limited Private Limited (SHI) was incorporated in June 2015 with an aim to acquire a running Chandigarh based, Hotel Pearl, which was established in 2006 by MrYash Pal Mahajan. Currently, the hotel is owned by the promoters of SHI which include MrJagjeet Singh and Mrs. HarbhajanKaur, as its directors. SHI is engaged in running the hotel under the name "Pearl" in Chandigarh having 31 rooms (Deluxe- 19 and Executive-11), 4 banquet halls and restaurant facilities. The company has entered into marketing arrangements with various online tours and travels portals like Go Ibibo, Make My Trip, Thomas Cook, Clear Trip to attract the potential customers. The total project cost of INR24.98 crore for acquisition and renovation of the hotel has been funded through promoters' contribution of INR9.98 crore (Rs.6.48 cr in the form of capital and INR3.5 cr in the form of unsecured loans) and term loan of INR15 crore. The company incurred full cost on the aforesaid project by June 30, 2015 and also started booking income from August, 2015 onwards. In 10MFY16 (Provisional), the company has achieved total operating income of INR3.60 cr. SUPREME SUYOG: Ind-Ra Assigns IND D Rating on Prop. INR100M Loan ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Supreme Suyog Funicular Ropeways Private Ltd's (SSFRPL) proposed bank loan of INR100 million a Long-term 'IND D' rating. The agency has also affirmed its existing long-term senior project bank loan of INR500m at Long-term 'IND D'. KEY RATING DRIVERS The rating reflects SSFRPL's continuous delays in debt servicing for its existing bank loans, as confirmed by the company. Its audited annual report for FY15 also reported delays in debt servicing for a period of more than 31 days during the year. This delay was mainly on account of severe delays in project progress (actual 76% vs. planned 100% as at end-January 2015) as well as the deteriorating credit profile of its ultimate sponsor, Supreme Infrastructure India Limited (SIIL; 'IND D'). RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months could result in a positive rating action. COMPANY PROFILE SSFRPL is an SPV, incorporated to construct a funicular railway at Haji Malang Gad, Ambernath (Maharashtra) on a build operate and transfer basis under a 24-year and five month concession agreement with the government of Maharashtra. SSFRPL is sponsored by Supreme Infra BOT Private Limited (98%), a 100% subsidiary of SIIL, Suyog Telematics Private Ltd (1%) and Yashita Automotive Engineering Private Ltd (1%). TGB BANQUETS: CARE Reaffirms B+ Rating on INR92.64cr LT Loan ------------------------------------------------------------ CARE reaffirms ratings assigned to bank facilities of TGB Banquets And Hotels Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 92.64 CARE B+ Reaffirmed Rating Rationale The rating assigned to TGB Banquets and Hotels Limited (TGB) continues to remain constrained on account of subdued operating performance marked by decline in scale of operations dueto moderation in room revenue and income from the Food and Beverages (F&B) segment during FY15 (refers to the period April 1 to March 31). The rating further continue to remain constrained due to declining profitability owing to higher interest and depreciation charges, elongated operating cycle coupled with high amount of loans and advances extended by TGB leading to stressed liquidity position of the company, geographical concentration of its operations along with presence in a competitive and inherently cyclical hospitality industry which is passing through a challenging environment. The ratings, however, continue to derive strength from TGB's established track record of operations with strong presence in F&B and banqueting business segments in Gujarat. TGB's ability to increase its scale of operations along with improvement in its profitability with increase in its free cash flows and recovery of loans and advances extended by it would be the key rating sensitivities. Ahmedabad-based TGB (renamed on April 19, 2013) was incorporated in 1999 as Bhagwati Banquets & Hotels Ltd by Mr Narendra Somani. TGB commenced its operations in June 2002 with a three star hotel property located in Ahmedabad, Gujarat. Presently, TGB owns and operates two hotel properties: A three star hotel property at Ahmedabad and a five star hotel property at Surat. TGB provides outside catering service and operates restaurants & food courts at Ahmedabad and Surat. TGB also has restaurants at Vadodara and Surat under franchisee agreement. Based on FY15 audited results, TGB reported a total operating income (TOI) of INR140.66 crore with net loss of INR11.21 crore as compared to TOI of INR157.27 crore and PAT of INR1.85 crore in FY14. Furthermore, as per 9MFY16 unaudited results, TGB reported a TOI of INR103.26 crore with a PAT of INR3.90 crore. ULTRA HOME: CARE Lowers Rating on INR204.56cr LT Loan to 'D' ------------------------------------------------------------ CARE revises the rating assigned to the bank facilities of Ultra Home Construction Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 204.56 CARE D Revised from CARE B Rating Rationale The revision in the ratings assigned to the bank facilities of Ultra Home Construction Private Limited (UHC) takes into consideration the on-going delays in debt servicing. M/s Ultra Home Construction Private Limited (UHC) was incorporated in April 2004 as a private limited company to carry out real estate development in both residential and commercial segment. UHC founded by Mr. Anil Kumar Sharma is the flagship company of Amrapali group; the group has more than 16 years of experience with completed projects (both residential and commercial) spread over 100 acres in Delhi-NCR and Greater Noida market UHC had undertaken a commercial project Amrapali Tech-Park in April 2010 and had completed the said project in FY14 at a total cost of INR722cr. For FY15, UHC registered a total income of INR292.36 crore with PAT of INR4.69 crore against total income of INR250.43 crore with a PAT of INR6.59 crore in FY14. UTTAM SUGAR: CARE Lowers Rating on INR610.24cr LT Loan to 'D' ------------------------------------------------------------- CARE revises ratings assigned to bank facilities of Uttam Sugar Mills Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 610.24 CARE D Revised from CARE C Short term Bank Facilities 40.85 CARE D Revised from CARE C Rating Rationale The revision in the ratings assigned to the bank facilities of Uttam Sugar Mills Limited (USML) takes into consideration delays in servicing of company's debt obligations in FY15 (refers to the period July 01 to June 30) due to stressed liquidity position of the company on account of challenging business environment for the sugar industry. The ratings further factor in weak financial risk profile of the company, cyclical nature of operations of the sugar industry and regulated nature of sugar business. Going forward, the ability of the company to increase its profitability margins as well as improve its liquidity position would remain the key rating sensitivities. The erstwhile promoters of the company, Mr M K Swarup along with his family members incorporated Associated Sugar Mills Limited on October 4, 1993. Mr Raj Kumar Adlakha along with his family members and associates acquired the company in October 1998. Later, the name of the company was also changed to Uttam Sugar Mills Limited (USML). The company is engaged in the manufacturing of sugar, ethanol and cogenerated power. The company has four sugar plants, out of which one is located in the state of Uttarakhand and other three in Uttar Pradesh. The company has aggregate sugarcane crushing capacity of 23,750 TCD (tonnes of cane per day), cogeneration capacity of 103 MW and ethanol production capacity of 75 KLPD (kilo litre per day) as on June 30, 2015. In July 2012, USML has started manufacturing of ethanol at its Barkatpur unit in UP. The company has also obtained a certificate of accreditation from Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) for Renewable Energy Certificates (RECs) benefits of 21 MW. During FY15 (refers to the period July 1 to June 30), USML reported total operating income of INR754.54 crore and net loss of INR88.19 crore as against total operating income of INR877.05 crore and net loss of INR55.30 crore. Furthermore, during 6MFY16 (refers to the period July 01 to December 31), USML reported total operating income of INR397.71 crore and net loss of INR52.04 crore. ========= J A P A N ========= TOSHIBA CORP: To Cut 14,000-plus Jobs Worldwide ----------------------------------------------- Nikkei Asian Review reports that Toshiba Corp. said on April 15 that it has cut 14,450 jobs worldwide, roughly 30% more than planned, as it struggles to get back on its feet following a damaging book-cooking scandal. Nikkei says the initial target was to reduce the number of workers worldwide by 10,840 from the level at the end of March 2015. Cuts in Japan totaled 8,430. Most of the 6,020 jobs slashed outside Japan were layoffs. According to Nikkei, the number includes 3,449 people who accepted early retirement packages, which targeted 40 and older full-time employees with 10 years or more of service. The offer was put forward to workers in the consumer electronics, PC, semiconductor, health care and administrative divisions in Japan. This was the first time the company offered early retirement since the year ended March 2002. Nikkei relates that the so-called lifestyle division, which handles consumer electronics and PCs, saw the biggest job reduction at 7,610. Some operations within the semiconductor division were also hit hard, losing 4,590 employees. The report says Toshiba sold the image sensor production facilities at a plant in Oita Prefecture to Sony. This reduced the number of workers by 1,100. Nikkei adds that Toshiba estimates a roughly JPY42 billion ($386 million) hit from the job cuts, including retirement packages and costs of helping workers find new jobs. But the company said it has already reflected the expense in its group earnings projection for the year ended last month, the report notes. About Toshiba 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 March 28, 2016, Moody's Japan K.K. has downgraded Toshiba Corporation's corporate family rating and senior unsecured debt rating to B3 from B2, and its subordinated debt rating to Caa3 from Caa2. The rating outlook is negative. At the same time, Moody's has affirmed Toshiba's commercial paper rating of Not Prime. This rating action concludes the review for downgrade initiated on Dec. 22, 2015. 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. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 11 to April 15, 2016 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- BARMINCO FINANCE PTY 9.00 6/1/2018 USD 73.75 BARMINCO FINANCE PTY 9.00 6/1/2018 USD 76.83 BARMINCO FINANCE PTY 9.00 6/1/2018 USD 71.00 BOART LONGYEAR MANAG 7.00 4/1/2021 USD 36.75 BOART LONGYEAR MANAG 7.00 4/1/2021 USD 36.75 CBL CORP LTD 8.25 4/17/2019 AUD 70.00 CML GROUP LTD 9.00 1/29/2020 AUD 1.00 CML GROUP LTD 7.49 5/18/2021 AUD 70.90 CRATER GOLD MINING L 10.00 8/18/2017 AUD 35.00 CROWN RESORTS LTD 6.33 4/23/2075 AUD 69.89 EMECO PTY LTD 9.88 3/15/2019 USD 48.50 EMECO PTY LTD 9.88 3/15/2019 USD 47.75 IMF BENTHAM LTD 6.48 6/30/2019 AUD 62.25 KBL MINING LTD 12.00 2/16/2017 AUD 0.25 KEYBRIDGE CAPITAL LT 7.00 7/31/2020 AUD 0.70 MCPHERSON'S LTD 7.10 3/31/2021 AUD 74.00 MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 6.50 MIDWEST VANADIUM PTY 11.50 2/15/2018 USD 6.00 STOKES LTD 10.00 6/30/2017 AUD 0.35 TREASURY CORP OF VIC 0.50 11/12/2030 AUD 68.84 CHINA ----- ANSHAN CITY CONSTRUC 8.25 3/5/2019 CNY 64.50 ANSHAN CITY CONSTRUC 8.25 3/5/2019 CNY 64.82 ANYANG INVESTMENT GR 8.00 4/17/2019 CNY 64.86 BAICHENG ZHONGXING U 7.00 12/18/2019 CNY 72.75 BANGBU CITY INVESTME 5.78 8/10/2017 CNY 55.92 BEIJING ECONOMIC TEC 5.29 3/6/2018 CNY 72.00 CHANGSHA COUNTY XING 8.35 4/6/2019 CNY 85.46 CHANGSHA COUNTY XING 8.35 4/6/2019 CNY 64.16 CHANGSHA HIGH TECHNO 7.30 11/22/2017 CNY 74.60 CHANGSHU CITY OPERAT 8.00 1/16/2019 CNY 64.78 CHANGSHU CITY OPERAT 8.00 1/16/2019 CNY 64.37 CHANGZHOU INVESTMENT 5.80 7/1/2016 CNY 40.18 CHANGZHOU INVESTMENT 5.80 7/1/2016 CNY 40.16 CHANGZHOU WUJIN CITY 5.42 6/9/2016 CNY 49.70 CHANGZHOU WUJIN CITY 5.42 6/9/2016 CNY 50.13 CHENGDU XINCHENG XIC 8.35 3/19/2019 CNY 65.55 CHENGDU XINCHENG XIC 8.35 3/19/2019 CNY 66.82 CHONGQING HECHUAN RU 8.28 4/10/2018 CNY 52.40 CHONGQING HECHUAN RU 8.28 4/10/2018 CNY 51.01 CHONGQING HECHUAN UR 6.95 1/6/2018 CNY 73.15 CHONGQING HECHUAN UR 6.95 1/6/2018 CNY 72.70 CHONGQING JIANGJIN H 6.95 1/6/2018 CNY 72.16 CHONGQING JIANGJIN H 6.95 1/6/2018 CNY 72.55 CHONGQING NAN'AN DIS 8.20 4/9/2019 CNY 64.95 CHONGQING NAN'AN DIS 6.29 12/24/2017 CNY 61.88 CHONGQING NAN'AN DIS 6.29 12/24/2017 CNY 62.00 CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 73.41 CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 73.58 CHONGQING YUXING CON 7.29 12/8/2017 CNY 72.63 DANDONG CITY DEVELOP 6.21 9/6/2017 CNY 70.61 DANYANG INVESTMENT G 8.10 3/6/2019 CNY 85.38 DANYANG INVESTMENT G 8.10 3/6/2019 CNY 64.47 DANYANG INVESTMENT G 6.30 6/3/2016 CNY 40.11 DATONG ECONOMIC CONS 6.50 6/1/2017 CNY 71.43 DATONG ECONOMIC CONS 6.50 6/1/2017 CNY 71.20 DONGBEI SPECIAL STEE 5.88 5/5/2016 CNY 33.23 DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 60.00 DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 60.38 ERDOS DONGSHENG CITY 8.40 2/28/2018 CNY 47.82 ERDOS DONGSHENG CITY 8.40 2/28/2018 CNY 50.11 GRANDBLUE ENVIRONMEN 6.40 7/7/2016 CNY 70.41 GUIYANG ECO&TECH DEV 8.42 3/27/2019 CNY 64.72 GUOAO INVESTMENT DEV 6.89 10/29/2018 CNY 68.11 HAIAN COUNTY CITY CO 8.35 3/28/2018 CNY 53.45 HAIAN COUNTY CITY CO 8.35 3/28/2018 CNY 52.97 HAIMEN CITY DEVELOPM 8.35 3/20/2019 CNY 65.25 HAIMEN CITY DEVELOPM 8.35 3/20/2019 CNY 64.63 HANGZHOU XIAOSHAN ST 6.90 11/22/2016 CNY 39.00 HANGZHOU XIAOSHAN ST 6.90 11/22/2016 CNY 40.93 HANGZHOU YUHANG CITY 7.55 3/29/2019 CNY 65.50 HANGZHOU YUHANG CITY 7.55 3/29/2019 CNY 64.16 HANZHONG CITY CONSTR 7.48 3/14/2018 CNY 73.76 HEFEI TAOHUA INDUSTR 8.79 3/27/2019 CNY 65.76 HEFEI TAOHUA INDUSTR 8.79 3/27/2019 CNY 64.64 HEILONGJIANG HECHENG 7.78 11/17/2016 CNY 40.95 HEILONGJIANG HECHENG 7.78 11/17/2016 CNY 40.67 HUAIAN CITY URBAN AS 7.15 12/21/2016 CNY 40.80 HUAIAN CITY WATER AS 8.25 3/8/2019 CNY 65.13 HUAIAN CITY WATER AS 8.25 3/8/2019 CNY 64.70 HUAIAN DEVELOPMENT H 6.80 3/24/2017 CNY 42.93 HUAIAN QINGHE NEW AR 6.79 4/29/2017 CNY 72.03 HUAIHUA CITY CONSTRU 8.00 3/22/2018 CNY 52.21 HUAIHUA CITY CONSTRU 8.00 3/22/2018 CNY 52.76 HUZHOU MUNICIPAL CON 7.02 12/21/2017 CNY 72.95 HUZHOU NANXUN STATE- 8.15 3/31/2019 CNY 64.44 HUZHOU WUXING NANTAI 7.71 2/17/2018 CNY 73.57 JIAMUSI NEW ERA INFR 8.25 3/22/2019 CNY 62.71 JIAMUSI NEW ERA INFR 8.25 3/22/2019 CNY 63.78 JIANGDONG HOLDING GR 6.90 3/27/2019 CNY 62.53 JIANGDU XINYUAN INDU 8.10 3/23/2019 CNY 63.80 JIANGDU XINYUAN INDU 8.10 3/23/2019 CNY 64.33 JIANGSU HUAJING ASSE 5.68 9/28/2017 CNY 50.78 JIANGSU HUAJING ASSE 5.68 9/28/2017 CNY 50.50 JIAXING CULTURE FAMO 8.16 3/8/2019 CNY 66.16 JINAN CITY CONSTRUCT 6.98 3/26/2018 CNY 52.00 JINAN CITY CONSTRUCT 6.98 3/26/2018 CNY 52.44 JINGJIANG BINJIANG X 6.80 10/23/2018 CNY 66.03 JINING CITY CONSTRUC 8.30 12/31/2018 CNY 64.99 JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 65.00 JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 65.34 JIUJIANG CITY CONSTR 8.49 2/23/2019 CNY 65.22 JIUJIANG CITY CONSTR 8.49 2/23/2019 CNY 61.01 KUNMING CITY CONSTRU 7.60 4/13/2018 CNY 52.00 KUNMING CITY CONSTRU 7.60 4/13/2018 CNY 52.58 KUNMING WUHUA DISTRI 8.60 3/15/2018 CNY 53.41 KUNMING WUHUA DISTRI 8.60 3/15/2018 CNY 53.32 LAIWU CITY ECONOMIC 6.50 3/1/2018 CNY 62.64 LESHAN STATE-OWNED A 6.99 3/18/2018 CNY 73.76 LESHAN STATE-OWNED A 6.99 3/18/2018 CNY 73.74 LIAOYUAN STATE-OWNED 7.80 1/26/2017 CNY 41.00 LIAOYUAN STATE-OWNED 8.17 3/13/2019 CNY 63.00 LIAOYUAN STATE-OWNED 7.80 1/26/2017 CNY 41.02 LIAOYUAN STATE-OWNED 8.17 3/13/2019 CNY 64.01 LINAN CITY CONSTRUCT 8.15 3/9/2018 CNY 48.00 LINAN CITY CONSTRUCT 8.15 3/9/2018 CNY 53.27 LINHAI CITY INFRASTR 7.98 11/6/2016 CNY 51.12 LINHAI CITY INFRASTR 7.98 11/6/2016 CNY 51.40 LINYI INVESTMENT DEV 8.10 3/27/2018 CNY 52.69 LIUZHOU DONGCHENG IN 8.30 2/15/2019 CNY 60.00 LIUZHOU DONGCHENG IN 8.30 2/15/2019 CNY 65.09 LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 73.32 LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 73.20 LUOHE CITY CONSTRUCT 6.81 3/30/2017 CNY 30.98 LUOHE CITY CONSTRUCT 6.81 3/30/2017 CNY 30.77 NANJING HEXI NEW TOW 6.40 2/3/2017 CNY 61.58 NANTONG STATE-OWNED 6.72 11/13/2016 CNY 33.36 NANTONG STATE-OWNED 6.72 11/13/2016 CNY 40.86 NEIMENGGU XINLINGOL 7.62 2/25/2018 CNY 72.86 NINGBO CITY ZHENHAI 6.48 4/12/2017 CNY 41.03 NINGBO URBAN CONSTRU 7.39 3/1/2018 CNY 51.08 NINGBO URBAN CONSTRU 7.39 3/1/2018 CNY 52.73 NINGDE CITY STATE-OW 6.25 10/21/2017 CNY 40.94 NINGHAI COUNTY CITY 8.60 12/31/2017 CNY 74.00 NINGHAI COUNTY CITY 8.60 12/31/2017 CNY 74.30 NONGGONGSHANG REAL E 6.29 10/11/2017 CNY 72.00 PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 41.04 PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 40.80 PUTIAN STATE-OWNED A 8.10 3/21/2019 CNY 60.00 PUTIAN STATE-OWNED A 8.10 3/21/2019 CNY 64.80 QINGDAO CITY CONSTRU 6.89 2/16/2019 CNY 63.45 QINGDAO CITY CONSTRU 6.19 2/16/2017 CNY 40.89 QINGDAO CITY CONSTRU 6.19 2/16/2017 CNY 40.32 QINGDAO CITY CONSTRU 6.89 2/16/2019 CNY 62.97 QINGDAO HUATONG STAT 7.30 4/18/2019 CNY 84.44 QINGZHOU HONGYUAN PU 6.50 5/22/2019 CNY 41.08 QINGZHOU HONGYUAN PU 6.50 5/22/2019 CNY 40.10 QUANZHOU QUANGANG PE 8.40 4/16/2019 CNY 83.11 QUNSHAN HUAQIAO INTE 7.98 12/30/2018 CNY 64.25 SHANDONG SHANSHUI CE 6.10 2/27/2017 CNY 35.01 SHANDONG TAIFENG MIN 5.80 3/12/2020 CNY 73.25 SHANDONG TAIFENG MIN 5.80 3/12/2020 CNY 72.49 SHANGHAI REAL ESTATE 6.12 5/17/2017 CNY 71.24 SICHUAN DEVELOPMENT 5.40 11/10/2017 CNY 71.69 SUQIAN ECONOMIC DEVE 7.50 3/26/2019 CNY 64.71 SUQIAN ECONOMIC DEVE 7.50 3/26/2019 CNY 60.10 SUZHOU CONSTRUCTION 7.45 3/12/2019 CNY 64.51 TAIAN CITY TAISHAN I 5.79 3/2/2018 CNY 72.29 TAIXING ZHONGXING ST 8.29 3/27/2018 CNY 53.02 TAIXING ZHONGXING ST 8.29 3/27/2018 CNY 53.15 TAIZHOU CITY CONSTRU 6.90 1/25/2017 CNY 41.00 TAIZHOU HAILING ASSE 8.52 3/21/2019 CNY 64.60 TAIZHOU HAILING ASSE 8.52 3/21/2019 CNY 64.76 TIANJIN BINHAI NEW A 5.00 3/13/2018 CNY 92.20 TIANJIN BINHAI NEW A 5.00 3/13/2018 CNY 71.89 TIANJIN ECONOMIC TEC 6.20 12/3/2019 CNY 73.93 TIANJIN HI-TECH INDU 7.80 3/27/2019 CNY 64.37 TIANJIN HI-TECH INDU 7.80 3/27/2019 CNY 64.27 TIANJING HANBIN INVE 8.39 3/22/2019 CNY 64.91 TIGER FOREST & PAPER 5.38 6/14/2017 CNY 73.38 TONGLIAO CITY INVEST 5.98 9/1/2017 CNY 72.02 TONGLIAO CITY INVEST 5.98 9/1/2017 CNY 68.00 TRI-CONTROL AUTOMATI 8.75 12/11/2018 USD 53.50 VANZIP INVESTMENT GR 7.92 2/4/2019 CNY 67.14 WUHAI CITY CONSTRUCT 8.20 3/31/2019 CNY 64.75 WUHAI CITY CONSTRUCT 8.20 3/31/2019 CNY 64.00 WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 50.05 WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 50.18 XIANGTAN CITY CONSTR 8.00 3/16/2019 CNY 64.50 XIANGTAN CITY CONSTR 8.00 3/16/2019 CNY 64.61 XIANGTAN JIUHUA ECON 6.93 12/16/2016 CNY 40.99 XIANGTAN JIUHUA ECON 6.93 12/16/2016 CNY 41.05 XIANGYANG CITY CONST 8.12 1/12/2019 CNY 64.36 XIANGYANG CITY CONST 8.12 1/12/2019 CNY 63.93 XIAOGAN URBAN CONSTR 8.12 3/26/2019 CNY 65.39 XINXIANG INVESTMENT 6.80 1/18/2018 CNY 73.16 XUZHOU ECONOMIC TECH 8.20 3/7/2019 CNY 64.70 XUZHOU ECONOMIC TECH 8.20 3/7/2019 CNY 64.60 YANGZHONG URBAN CONS 7.10 3/26/2018 CNY 73.07 YANGZHOU ECONOMIC DE 6.10 7/7/2016 CNY 50.29 YANGZHOU ECONOMIC DE 5.80 5/12/2016 CNY 50.04 YANGZHOU ECONOMIC DE 6.10 7/7/2016 CNY 50.13 YANGZHOU URBAN CONST 5.94 7/23/2016 CNY 40.12 YANGZHOU URBAN CONST 5.94 7/23/2016 CNY 40.25 YANZHOU HUIMIN URBAN 8.50 12/28/2017 CNY 53.15 YIJINHUOLUOQI HONGTA 8.35 3/19/2019 CNY 56.30 YIJINHUOLUOQI HONGTA 8.35 3/19/2019 CNY 60.01 YINCHUAN URBAN CONST 6.28 3/9/2017 CNY 25.54 YINGTAN INVESTMENT F 8.15 2/23/2017 CNY 52.65 YIYANG CITY CONSTRUC 8.20 11/19/2016 CNY 41.01 YUNNAN PROVINCIAL IN 5.25 8/24/2017 CNY 70.60 YUNNAN PROVINCIAL IN 5.25 8/24/2017 CNY 71.10 ZHANGJIAGANG JINCHEN 6.23 1/6/2018 CNY 61.90 ZHEJIANG PROVINCE DE 6.90 4/12/2018 CNY 72.96 ZHENJIANG NEW AREA E 8.16 3/1/2019 CNY 60.00 ZHENJIANG NEW AREA E 8.16 3/1/2019 CNY 63.82 ZHUCHENG ECONOMIC DE 6.40 4/26/2018 CNY 62.03 ZHUCHENG ECONOMIC DE 7.50 8/25/2018 CNY 42.14 ZHUCHENG ECONOMIC DE 6.40 4/26/2018 CNY 63.25 ZHUHAI HUAFA GROUP C 8.43 2/16/2018 CNY 53.50 ZHUHAI HUAFA GROUP C 8.43 2/16/2018 CNY 53.03 ZIBO CITY PROPERTY C 5.45 4/27/2019 CNY 49.05 ZOUCHENG CITY ASSET 7.02 1/12/2018 CNY 41.85 ZUNYI CITY INVESTMEN 8.53 3/13/2019 CNY 63.13 ZUNYI CITY INVESTMEN 8.53 3/13/2019 CNY 66.50 INDIA ----- 3I INFOTECH LTD 5.00 4/26/2017 USD 11.00 BLUE DART EXPRESS LT 9.30 11/20/2017 INR 10.17 BLUE DART EXPRESS LT 9.40 11/20/2018 INR 10.26 BLUE DART EXPRESS LT 9.50 11/20/2019 INR 10.33 COROMANDEL INTERNATI 9.00 7/23/2016 INR 16.03 GTL INFRASTRUCTURE L 4.03 11/9/2017 USD 30.88 JAIPRAKASH ASSOCIATE 5.75 9/8/2017 USD 65.19 JAIPRAKASH POWER VEN 7.00 5/26/2016 USD 71.50 JCT LTD 2.50 4/8/2011 USD 22.50 PRAKASH INDUSTRIES L 5.25 4/30/2015 USD 20.38 PYRAMID SAIMIRA THEA 1.75 7/4/2012 USD 1.00 REI AGRO LTD 5.50 11/13/2014 USD 1.69 REI AGRO LTD 5.50 11/13/2014 USD 1.69 SVOGL OIL GAS & ENER 5.00 8/17/2015 USD 19.88 INDONESIA --------- BERAU COAL ENERGY TB 7.25 3/13/2017 USD 20.00 BERAU COAL ENERGY TB 7.25 3/13/2017 USD 20.24 PERUSAHAAN PENERBIT 6.75 4/15/2043 IDR 73.40 PERUSAHAAN PENERBIT 6.10 2/15/2037 IDR 73.00 JAPAN ----- AVANSTRATE INC 5.55 10/31/2017 JPY 33.25 AVANSTRATE INC 5.55 10/31/2017 JPY 37.00 ELPIDA MEMORY INC 0.70 8/1/2016 JPY 8.63 ELPIDA MEMORY INC 0.50 10/26/2015 JPY 8.75 ELPIDA MEMORY INC 2.03 3/22/2012 JPY 8.63 ELPIDA MEMORY INC 2.29 12/7/2012 JPY 8.63 ELPIDA MEMORY INC 2.10 11/29/2012 JPY 8.63 TAKATA CORP 0.58 3/26/2021 JPY 72.75 KOREA ----- 2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.79 2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.79 DOOSAN CAPITAL SECUR 20.00 4/22/2019 KRW 42.48 HYUNDAI MERCHANT MAR 5.80 7/7/2016 KRW 84.49 HYUNDAI MERCHANT MAR 6.20 3/28/2017 KRW 68.51 HYUNDAI MERCHANT MAR 5.30 7/3/2017 KRW 66.56 KIBO ABS SPECIALTY C 5.00 1/31/2017 KRW 33.43 KIBO ABS SPECIALTY C 5.00 3/29/2018 KRW 30.70 KIBO ABS SPECIALTY C 10.00 2/19/2017 KRW 38.54 KIBO ABS SPECIALTY C 5.00 12/25/2017 KRW 30.41 KIBO ABS SPECIALTY C 10.00 8/22/2017 KRW 26.03 KIBO ABS SPECIALTY C 10.00 9/4/2016 KRW 44.97 LSMTRON DONGBANGSEON 4.53 11/22/2017 KRW 31.31 PULMUONE CO LTD 2.50 8/6/2045 KRW 57.03 PULMUONE CO LTD 2.50 8/6/2045 KRW 56.99 SINBO SECURITIZATION 5.00 6/25/2019 KRW 26.53 SINBO SECURITIZATION 5.00 6/25/2018 KRW 28.67 SINBO SECURITIZATION 5.00 5/27/2016 KRW 58.49 SINBO SECURITIZATION 5.00 6/29/2016 KRW 49.34 SINBO SECURITIZATION 5.00 12/13/2016 KRW 35.12 SINBO SECURITIZATION 5.00 6/7/2017 KRW 21.06 SINBO SECURITIZATION 5.00 6/7/2017 KRW 21.06 SINBO SECURITIZATION 5.00 5/27/2016 KRW 58.49 SINBO SECURITIZATION 5.00 1/29/2017 KRW 34.60 SINBO SECURITIZATION 5.00 1/30/2019 KRW 27.92 SINBO SECURITIZATION 5.00 1/30/2019 KRW 27.92 SINBO SECURITIZATION 5.00 10/30/2019 KRW 19.55 SINBO SECURITIZATION 5.00 7/26/2016 KRW 44.46 SINBO SECURITIZATION 5.00 7/26/2016 KRW 44.46 SINBO SECURITIZATION 5.00 7/8/2017 KRW 33.27 SINBO SECURITIZATION 5.00 7/8/2017 KRW 33.27 SINBO SECURITIZATION 5.00 2/11/2018 KRW 31.09 SINBO SECURITIZATION 5.00 2/11/2018 KRW 31.09 SINBO SECURITIZATION 5.00 3/12/2018 KRW 30.85 SINBO SECURITIZATION 5.00 3/12/2018 KRW 30.85 SINBO SECURITIZATION 5.00 12/25/2016 KRW 33.89 SINBO SECURITIZATION 5.00 9/26/2018 KRW 29.22 SINBO SECURITIZATION 5.00 9/26/2018 KRW 29.22 SINBO SECURITIZATION 5.00 9/26/2018 KRW 29.22 SINBO SECURITIZATION 5.00 10/1/2017 KRW 32.31 SINBO SECURITIZATION 5.00 10/1/2017 KRW 32.31 SINBO SECURITIZATION 5.00 3/13/2017 KRW 34.11 SINBO SECURITIZATION 5.00 3/13/2017 KRW 34.11 SINBO SECURITIZATION 5.00 2/21/2017 KRW 34.34 SINBO SECURITIZATION 5.00 2/21/2017 KRW 34.34 SINBO SECURITIZATION 5.00 1/15/2018 KRW 31.59 SINBO SECURITIZATION 5.00 1/15/2018 KRW 31.59 SINBO SECURITIZATION 5.00 12/23/2018 KRW 28.26 SINBO SECURITIZATION 5.00 12/23/2018 KRW 28.26 SINBO SECURITIZATION 5.00 12/23/2017 KRW 30.43 SINBO SECURITIZATION 5.00 5/26/2018 KRW 28.94 SINBO SECURITIZATION 5.00 2/27/2019 KRW 27.72 SINBO SECURITIZATION 5.00 2/27/2019 KRW 27.72 SINBO SECURITIZATION 5.00 8/29/2018 KRW 29.45 SINBO SECURITIZATION 5.00 8/29/2018 KRW 29.45 SINBO SECURITIZATION 5.00 10/1/2017 KRW 32.31 SINBO SECURITIZATION 5.00 3/18/2019 KRW 27.49 SINBO SECURITIZATION 5.00 3/18/2019 KRW 27.49 SINBO SECURITIZATION 5.00 6/27/2018 KRW 30.18 SINBO SECURITIZATION 5.00 6/27/2018 KRW 30.18 SINBO SECURITIZATION 5.00 8/16/2016 KRW 39.80 SINBO SECURITIZATION 5.00 8/16/2017 KRW 32.85 SINBO SECURITIZATION 5.00 8/16/2017 KRW 32.85 SINBO SECURITIZATION 5.00 10/5/2016 KRW 36.64 SINBO SECURITIZATION 5.00 10/5/2016 KRW 36.64 SINBO SECURITIZATION 5.00 8/31/2016 KRW 39.87 SINBO SECURITIZATION 5.00 8/31/2016 KRW 39.87 SINBO SECURITIZATION 5.00 7/24/2017 KRW 32.00 SINBO SECURITIZATION 5.00 7/24/2018 KRW 29.96 SINBO SECURITIZATION 5.00 7/24/2018 KRW 29.96 TONGYANG CEMENT & EN 7.50 4/20/2014 KRW 70.00 TONGYANG CEMENT & EN 7.50 7/20/2014 KRW 70.00 TONGYANG CEMENT & EN 7.30 6/26/2015 KRW 70.00 TONGYANG CEMENT & EN 7.30 4/12/2015 KRW 70.00 TONGYANG CEMENT & EN 7.50 9/10/2014 KRW 70.00 U-BEST SECURITIZATIO 5.50 11/16/2017 KRW 32.61 WOONGJIN ENERGY CO L 3.00 12/19/2019 KRW 72.89 WOORI BANK 5.21 12/12/2044 KRW 67.37 SRI LANKA --------- SRI LANKA GOVERNMENT 5.35 3/1/2026 LKR 58.07 SRI LANKA GOVERNMENT 9.00 6/1/2043 LKR 68.64 SRI LANKA GOVERNMENT 9.00 10/1/2032 LKR 71.58 SRI LANKA GOVERNMENT 6.00 12/1/2024 LKR 64.96 SRI LANKA GOVERNMENT 7.00 10/1/2023 LKR 73.00 SRI LANKA GOVERNMENT 9.00 11/1/2033 LKR 70.58 SRI LANKA GOVERNMENT 8.00 1/1/2032 LKR 65.62 SRI LANKA GOVERNMENT 9.00 6/1/2033 LKR 71.06 MALAYSIA -------- BANDAR MALAYSIA SDN 0.35 2/20/2024 MYR 72.74 BANDAR MALAYSIA SDN 0.35 12/29/2023 MYR 73.21 BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 72.28 BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 72.89 BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 69.60 LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.22 SENAI-DESARU EXPRESS 0.50 12/31/2038 MYR 66.99 SENAI-DESARU EXPRESS 0.50 12/31/2040 MYR 69.95 SENAI-DESARU EXPRESS 0.50 12/30/2039 MYR 68.71 SENAI-DESARU EXPRESS 0.50 12/31/2041 MYR 71.09 SENAI-DESARU EXPRESS 0.50 12/31/2042 MYR 72.41 SENAI-DESARU EXPRESS 0.50 12/31/2043 MYR 73.56 SENAI-DESARU EXPRESS 0.50 12/30/2044 MYR 74.45 SENAI-DESARU EXPRESS 1.35 6/30/2028 MYR 59.77 SENAI-DESARU EXPRESS 1.35 12/31/2026 MYR 63.47 SENAI-DESARU EXPRESS 1.35 12/29/2028 MYR 58.54 SENAI-DESARU EXPRESS 1.15 12/29/2023 MYR 70.66 SENAI-DESARU EXPRESS 1.35 6/30/2027 MYR 62.21 SENAI-DESARU EXPRESS 1.15 12/30/2022 MYR 73.80 SENAI-DESARU EXPRESS 1.35 12/31/2029 MYR 56.21 SENAI-DESARU EXPRESS 1.35 6/30/2031 MYR 52.91 SENAI-DESARU EXPRESS 1.15 12/31/2024 MYR 67.60 SENAI-DESARU EXPRESS 1.35 12/31/2025 MYR 66.09 SENAI-DESARU EXPRESS 1.35 12/31/2030 MYR 54.01 SENAI-DESARU EXPRESS 1.15 6/28/2024 MYR 69.14 SENAI-DESARU EXPRESS 1.35 12/31/2027 MYR 60.99 SENAI-DESARU EXPRESS 1.35 6/28/2030 MYR 55.11 SENAI-DESARU EXPRESS 1.35 6/30/2026 MYR 64.73 SENAI-DESARU EXPRESS 1.35 6/29/2029 MYR 57.36 SENAI-DESARU EXPRESS 1.15 6/30/2023 MYR 72.21 SENAI-DESARU EXPRESS 1.15 6/30/2025 MYR 66.11 UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.12 PHILIPPINES ----------- BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75 BAYAN TELECOMMUNICAT 13.50 7/15/2006 USD 22.75 SINGAPORE --------- AXIS OFFSHORE PTE LT 7.89 5/18/2018 USD 60.86 BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 3.02 BAKRIE TELECOM PTE L 11.50 5/7/2015 USD 1.00 BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 20.40 BERAU CAPITAL RESOUR 12.50 7/8/2015 USD 20.50 BLD INVESTMENTS PTE 8.63 3/23/2015 USD 8.25 BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 17.38 BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 16.61 BUMI INVESTMENT PTE 10.75 10/6/2017 USD 15.90 BUMI INVESTMENT PTE 10.75 10/6/2017 USD 16.36 ENERCOAL RESOURCES P 6.00 4/7/2018 USD 10.13 GOLIATH OFFSHORE HOL 12.00 6/11/2017 USD 5.04 INDO INFRASTRUCTURE 2.00 7/30/2010 USD 1.88 NEPTUNE ORIENT LINES 4.40 6/22/2021 SGD 71.05 ORO NEGRO DRILLING P 7.50 1/24/2019 USD 45.00 OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00 OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 70.00 OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 48.00 PACIFIC RADIANCE LTD 4.30 8/29/2018 SGD 72.88 SWIBER CAPITAL PTE L 6.50 8/2/2018 SGD 45.25 SWIBER CAPITAL PTE L 6.25 10/30/2017 SGD 58.00 SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 64.33 TRIKOMSEL PTE LTD 5.25 5/10/2016 SGD 20.00 TRIKOMSEL PTE LTD 7.88 6/5/2017 SGD 20.00 THAILAND -------- G STEEL PCL 3.00 10/4/2015 USD 3.74 MDX PCL 4.75 9/17/2003 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADI 1.00 10/10/2025 USD 50.50 DEBT AND ASSET TRADI 1.00 10/10/2025 USD 50.50 ********* 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 ***