/raid1/www/Hosts/bankrupt/TCRAP_Public/160802.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, August 2, 2016, Vol. 19, No. 151
Headlines
A U S T R A L I A
GUVERA AUSTRALIA: Two Subsidiaries Returned to Guvera Management
INDEPENDENCE PTY: First Creditors' Meeting Set For Aug. 10
WARATAH ENGINEERING: First Creditors' Meeting Set For Aug. 10
C A M B O D I A
* CAMBODIA: Insolvency Looms in Rice Sector
H O N G K O N G
HENGDELI HOLDINGS: Profit Warning No Impact on Moody's Ba3 CFR
I N D I A
70 REALTY: CARE Assigns 'D' Rating to INR8.73cr LT Loan
AAKAF STEEL: CARE Reaffirms B+/A4 Rating on INR18cr Bank Loan
AANCHAL CEMENT: Ind-Ra Assigns B+ Long-Term Issuer Rating
AMBA FOODS: Ind-Ra Suspends B Long-Term Issuer Rating
ANNANYA INTERFACE: CRISIL Assigns 'B' Rating to INR19.1MM Loan
APT PACKAGING: CRISIL Ups Rating on INR76.3MM Loan to B-
ARJUN TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to 'D'
ASHA STONE: Ind-Ra Suspends B Long-Term Issuer Rating
CYBERABAD EXPRESSWAYS: CRISIL Suspends D Rating on INR3.76BB Loan
D. JAMNADAS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
DHAWAN TRADING: CARE Assigns 'B' Rating to INR22.50cr LT Loan
EMCO TECH: CRISIL Assigns B+ Rating to INR15MM Cash Loan
GAGAN POLYCOT: Ind-Ra Assigns BB Long-Term Issuer Rating
GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR180MM Loan
GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR60MM Loan
HI-STYLE PRODUCTS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
HYDERABAD EXPRESSWAYS: CRISIL Suspends C Rating on INR2.9BB Loan
INDO LAMINATES: CRISIL Assigns B+ Rating to INR140MM Term Loan
INDO SHELL: Ind-Ra Assigns BB+ Long-Term Issuer Rating
J.R.R CONSTRUCTION: CARE Assigns 'B' Rating to INR5.60cr LT Loan
JAIPRAKASH POWER: CARE Reaffirms D Rating on INR12,241.53cr Loan
JAYVEER ENTERPRISE: Ind-Ra Assigns B Long-Term Issuer Rating
KAPTON ALLOYS: CARE Assigns 'B' Rating to INR4.22cr LT Loan
KSHEERAABD CONSTRUCTIONS: Ind-Ra Suspends BB- LT Issuer Rating
KUNDLAS LOH: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
LS RICE: Ind-Ra Suspends B Long-Term Issuer Rating
M.G. INFRAESTATES: CRISIL Lowers Rating on INR140MM Loan to B+
MADHYA BHARAT: Ind-Ra Assigns BB- Long-Term Issuer Rating
MAHAAN PROTEINS: CARE Lowers Rating on INR28cr LT Loan to 'D'
MAHESHWARI RICE: CARE Assigns 'B+' Rating to INR6.23cr LT Loan
MALAR SOLVENT: Ind-Ra Suspends BB- Long-Term Issuer Rating
MEGHA AGROTECH: Ind-Ra Assigns BB Long-Term Issuer Rating
MEHADIA AND SONS: CARE Assigns B+ Rating to INR6.30cr LT Loan
MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR961.9MM LT Loan
MITTAL HOSPITALS: Ind-Ra Suspends BB- Long-Term Issuer Rating
MODI SALTS: CARE Assigns B+ Rating to INR7.79cr LT Loan
MONAD EDUKASIONAL: Ind-Ra Affirms BB Rating on Loan Facilities
MY CAR: Ind-Ra Suspends B Long-Term Issuer Rating
NAVDURGA PULP: Ind-Ra Assigns BB- Long-Term Issuer Rating
PAL PRATEEK: CRISIL Reaffirms B+ Rating on INR50MM Loan
PARSVNATH HOTELS: Ind-Ra Raises Long-Term Issuer Rating to B-
PG ELECTROPLAST: CRISIL Ups Rating on INR215MM Term Loan to BB-
PHOROTECH SURFIN: Ind-Ra Suspends BB+ Long-Term Issuer Rating
RAGHUVEER METAL: Ind-Ra Assigns BB Long-Term Issuer Rating
RAINBOW TRACTORS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
RLJ INFRACEMENT: CARE Assigns B+ Rating to INR12cr LT Loan
SARA CREATION: Ind-Ra Assigns BB- Long-Term Issuer Rating
SHIVALIK VYAPAAR: CRISIL Reaffirms 'D' Rating on INR189.6MM Loan
SHREE RAJ: CARE Assigns B+ Rating to INR5.0cr LT Loan
SHRID METAL: CRISIL Reaffirms B- Rating on INR45MM Cash Loan
SHYAM PLASTIC: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
SONEX TV: CRISIL Raises Rating on INR110MM Cash Loan to B+
SREEDEVI PLASTI: Ind-Ra Suspends D Long-Term Issuer Rating
SUNRISE INTEGRATED: CRISIL Assigns B+ Rating to INR60MM LT Loan
TM MOTORS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
VIBHAV FARMS: Ind-Ra Assigns D Long-Term Issuer Rating
VORTEX RUBBER: CRISIL Cuts Rating on INR80MM Cash Loan to B
M A L A Y S I A
1MALAYSIA: Singapore Probe Goldman Unit Over 1MDB Bond Deals
N E W Z E A L A N D
INFRACON LIMITED: Liquidation Ends With All Debts Paid
PRIMROSE & FINCH: Bridal Shop Goes Into Liquidation
P H I L I P P I N E S
RURAL BANK OF ALABAT: MB Prohibits Operations of Bank
S I N G A P O R E
SWIBER HOLDINGS: Seeks Judicial Management Instead of Liquidation
SWIBER HOLDINGS: DBS Expects to Recoup Half of SGD700MM Exposure
X X X X X X X X
* Cheap Oil Squeezes South Asia's Cash Lifeline, WSJ Reports
* BOND PRICING: For the Week July 25 to July 29, 2016
- - - - -
=================
A U S T R A L I A
=================
GUVERA AUSTRALIA: Two Subsidiaries Returned to Guvera Management
----------------------------------------------------------------
David Swan and Ben Butler at The Australian report that two
subsidiaries of Guvera have been returned to Guvera management
after creditor meetings on July 31.
"At today's creditor meetings for Guvera Australia Pty Ltd and
Guv Services Pty Ltd, the creditors accepted a deed of company
arrangement (DOCA) for each company," the report quotes joint
voluntary administrator Ezio Senatore as saying in a statement.
"These DOCAs will provide greater certainty of a return to
priority creditors, such as employees, than liquidation of the
companies would have done."
The terms of the arrangement were not disclosed and Guvera did
not respond for comment before deadline, says The Australian.
According to The Australian, documents filed with the corporate
regulator show Guvera Australia owed about AUD2 million and Guv
Services owed more than AUD10.5 million, when the two companies
were put into administration in June.
The Tax Office was the single biggest creditor, owed more than
AUD10 million by Guv Services, which employed the group's
workers.
Music copyright collection societies APRA and AMCOS, which are
run as a single organisation, were together owed more than
AUD900,000 by Guvera Australia, which controlled the licenses
needed to run the streaming service, The Australian discloses.
The Australian says phone app developer NextFaze was hard hit,
owed more than AUD462,000, while Melbourne media agency Media
Partners was owed AUD235,000.
Two organisations Guvera sponsored as part of its PR blitz,
Tennis Australia and the Melbourne Cup venue Victoria Racing
Club, were left owed AUD285,000 and AUD297,000 respectively.
Other creditors included Guvera's former PR firm Edelman, owed
almost AUD34,000, The Australian notes.
Last month administrator Neil Cussen of Deloitte told The
Australian about 60 employees of Guv Services had been let go but
about 20 have been re-employed elsewhere within Guvera.
About Guvera
Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.
According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.
The company -- which recently lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian notes.
A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian adds.
INDEPENDENCE PTY: First Creditors' Meeting Set For Aug. 10
----------------------------------------------------------
David Clout and Patricia Talty of David Clout & Associates were
appointed as administrators of Independence Pty. Limited on July
29, 2016.
A first meeting of the creditors of the Company will be held at
Christie, Level 12, Room 1, 3 Spring Street, in Sydney, on
Aug. 10, 2016, at 11:00 a.m.
WARATAH ENGINEERING: First Creditors' Meeting Set For Aug. 10
-------------------------------------------------------------
Chad Rapsey and Mitchell Griffiths of Rapsey Griffiths Insolvency
+ Advisory were appointed as administrators of Waratah
Engineering Pty Limited, trading as Kopex Waratah, on July 29,
2016.
A first meeting of the creditors of the Company will be held at
The Harbourview Function Centre, Seaview Room, 2nd Floor, 150
Wharf Road, in Newcastle, on Aug. 10, 2016, at 3:00 p.m.
===============
C A M B O D I A
===============
* CAMBODIA: Insolvency Looms in Rice Sector
-------------------------------------------
Khmer Times reports that the specter of insolvency looms large
over the businesses of rice millers in the Kingdom of Cambodia as
the government drags its foot in providing emergency loans to
bail out the sector, currently reeling from the aftereffects of a
severe drought and facing stiff competition from low-grade rice
flowing into the country from Vietnam.
To further add salt to their wounds, two visiting European
Commission delegations hinted last week that the European Union
(EU) could limit rice imports from Cambodia as it moves from a
low-income country to a lower-middle-income nation, Khmer Times
relates.
Khmer Times recalls that late last month, the Cambodia Rice
Federation (CRF) announced that the government agreed to make out
loans of between $20 million and $30 million to help rice millers
purchase rice from farmers after the harvest this November to
store in warehouses and process them for export.
According to Khmer Times, the loans were to be made to CRF, with
the foundation acting as guarantor. The CRF in turn will screen
all applicants and hand out the money to deserving rice millers
and exporters, said Hun Lak, CRF's vice president.
But close to a month later none of the loans have been made and
rice millers are becoming very anxious, says Khmer Times.
Khmer Times relates that many millers, exporters and farmers are
in financial doldrums due to a severe drought early this year
that saw rice production fall drastically.
Chray Son, a rice miller and director of the newly established
Capital Food in Battambang, told Khmer Times that close to 90% of
rice millers in the province are facing severe shortage of funds
to buy harvested rice from farmers to be milled for export.
"In the next three months if we still cannot afford to buy rice
from farmers our businesses will go under and we would have to
declare bankruptcy," Khmer Times quotes Mr. Son as saying.
He added that rice millers found it very difficult to get loans
from banks and he was disappointed with the limited assistance
offered by the government, Khmer Times relays.
Though Mr. Son welcomed the emergency loans of $20 million to $30
million offered by the government, he said the repayment period
was too short, according to Khmer Times.
"The period of disbursement and payback don't make sense. The
loans need to be repaid by the end of the year to the government
but the bulk of the money is needed for the peak of the
harvesting season between November and early January," he said,
notes the report.
Khmer Times adds that Mr. Son also said he was worried by remarks
made by two visiting European Commission Directorate-General
delegations last week that hinted Cambodia would have to share
its rice export quotas to the EU with Myanmar.
A EU source told Khmer Times that Cambodia could have its quota
slashed under the tariff-free entry of rice exports to the EU in
the "Everything but Arms" trade concessions to about 300,000 to
350,000 tons a year, and would have to share it with Myanmar. The
source said calls were made to cut Cambodia's EU tariff-free
quotas as the World Bank reclassifies the country's status from a
low-income country to a lower-middle-income nation.
Last year Cambodia exported 538,396 tons of rice, according to
the CRF, 43 percent of which were for the EU markets.
"These remarks made by the EU are just worrying and it just adds
on to our problems. They seem to be coming one after another,"
Mr. Son, as cited by Khmer Times, said.
On July 19, an alarming Facebook post was made by Kao Thach, the
director general of the Rural Development Bank, who said rice
millers nationwide could be facing bankruptcy unless the
government stepped in fast to save them, Khmer Times reports.
In his post, he said, 50 rice millers from four provinces --
Banteay Meanchey, Battambang, Siem Reap and Pursat -- had come
together in an emergency to discuss the future of the rice
milling industry in the country, Khmer Times relates.
Mr. Thach, however, could not be reached for further comments,
notes Khmer Times.
===============
H O N G K O N G
===============
HENGDELI HOLDINGS: Profit Warning No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says Hengdeli Holdings Limited's
(Hengdeli) announced profit warning for the first half of 2016 is
credit negative, and reflects the company's challenging operating
environment.
However, the profit warning does not immediately affect
Hengdeli's Ba3 corporate family and senior unsecured debt
ratings, because the adverse impact of the difficult environment
and the resultant weak profitability have already been captured
by the negative outlook on the ratings.
On 26 July 2016, Hengdeli announced that its 1H 2016 net profit
will decline approximately 65% from 1H 2015, driven by (1)
decreases in the turnover and gross margin for Hong Kong, and (2)
net losses due to the repurchase of its senior notes.
Moody's points out that Hengdeli's first half net profit is not
substantially below Moody's expectation. The company reported
RMB255 million in net profit for 1H 2015. Thus a decline of 65%
suggests a net profit of RMB89 million in 1H 2016, which is
better than the net profit of RMB17 million (excluding unusual
and non-recurring items) in 2H 2015.
Weakness in revenues and profitability will likely continue over
the next 12-18 months. Against such challenges Hengdeli will
likely maintain its low dividends payouts, as well as continue
downsizing stores, limiting capital expenditures, and lowering
inventory levels.
Furthermore, Hengdeli is expected to maintain its financial
prudence, such that its debt leverage, as measured by adjusted
debt/EBITDA, will be maintained below 5.0x-5.5x, and adjusted
retained cash flow (RCF)/net debt above 12%-15%.
Hengdeli's liquidity remained sufficient at end-2015, supported
by sizeable cash holdings of RMB1.9 billion and a moderate level
of short-term debt of around RMB700 million. Moody's expects that
the partial redemption of its offshore bonds would not materially
worsen the company's liquidity position.
However, if the company's operating performance, liquidity
position and/or financial profile are weaker than expectations,
then its ratings could come under pressure.
Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005 and its market capitalization was HKD4.2 billion as of 26
July 2016. As of 31 December 2015, the Zhang family was the
largest shareholder, with a 33.06% stake, followed by the Swatch
Group (unrated) (9.16%) and LVMH Group (unrated) (6.40%).
=========
I N D I A
=========
70 REALTY: CARE Assigns 'D' Rating to INR8.73cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of 70 Realty.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.73 CARE D Assigned
Rating Rationale
The rating assigned to the bank facility of 70 Realty is
primarily constrained on account of its delay in debt servicing
and reschedulement of term loan along with delay in project
implementation. The rating is further constrained on account of
risk related to timely receipt of advances, partnership nature of
constitution and its presence in a cyclical and highly
fragmented real estate industry.
The above constraint far offset the benefits derived from the
vast experience of the promoters.
The ability of 70 Realty to regularize its debt servicing along
with successfully complete its on-going real estate project
and timely receipt of booking advances would remain the key
rating sensitivities.
Surat-based (Gujarat), 70 Realty was established as a partnership
firm in 2011 by five partners. However, during March, 2015, due
to some conflicts between partners related to operations of the
entity, partnership firm was liquidated and as per new
partnership deed dated March 31, 2015, 70 Realty is promoted by
two partners. 70 Realty is currently executing a residential
project with flats at Surat named 'Manidhari Luxuria' which
comprises of 92 flats of 3 BHK and 4 BHK involving a total
saleable area of 160897 Square Feet area.
The project implementation commenced in March 2013, however, due
to conflict in partnership the project was put on hold for one
year (from September 2014 to August 2015) which resulted into
delay in completion of project. Till May 31, 2016, 70 Realty had
incurred a total cost of INR22.20 crore (69% of the total project
cost) out of the total cost of INR32.30 crore and rest is
expected to be incurred by the end of December, 2016. 70 Realty
has received approvals for land and other relevant clearances for
the project.
AAKAF STEEL: CARE Reaffirms B+/A4 Rating on INR18cr Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Aakaf Steel Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short-term Bank 18 CARE B+/CARE A4
Facilities Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Aakaf Steel
Private Limited (ASPL) continue to remain constrained on account
of its thin profit margins due to low value addition nature of
business, leveraged capital structure, weak debt coverage
indicators and moderate liquidity. The ratings are further
constrained by risk associated with volatility in steel prices
and intense competition in the steel trading business. The
ratings also factor in marginal decline in total operating income
during FY16 (refers to the period April 1 to March 31).
The ratings, however, continue to derive strength from the
experience of the promoters in the trading of steel products
and ASPL's established relationship with its customers and
suppliers.
ASPL's ability to increase its scale of operations and improve
its profitability in a highly competitive steel trading business
along with an improvement in its capital structure and debt
coverage indicators are the key rating sensitivities.
Incorporated in June 2000 post merger of Aakaf Industrial
Corporation and its associate company, Aakar Steel, M/s Aakaf
Steel Private Limited (ASPL) is promoted by Mr Abdul Kadir H
Memon and Mr Siraj Nagani. The company is engaged in trading of
iron and steel products mainly steel plates, beams, channels,
angel Plate, Cold Twisted Deformed Bars, Round Bars, square bars,
etc. ASPL belongs to Myco group where other group entity Myco
Infra Pvt. Ltd. (MIPL rated CARE B+) is engaged into real estate
development.
As per the provisional results of FY16, ASPL reported profit
after tax (PAT) of INR0.37 crore on a total operating income
(TOI) of INR97.38 crore as against net profit of INR0.37 crore on
a TOI of INR106.77 crore during FY15.
AANCHAL CEMENT: Ind-Ra Assigns B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aanchal Cement
Limited (ACL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.
KEY RATING DRIVERS
The ratings reflect ACL's small scale of operations and weak
credit metrics as the provisional FY16 financials indicate
revenue of INR916 mil. (FY15:INR887 mil.), interest coverage
(operating EBITDA/gross interest expense) of 1.17x (0.99x) and
net leverage (total adjusted net debt/operating EBITDAR) of 7.59x
(9.2x). The ratings are constrained due to tight liquidity
profile of ACL as reflected by its near to full working capital
utilisation on an average during the 12 months ended June 2016.
The ratings, however, are supported by around a decade of
operating experience of the company's promoter in the cement
industry.
RATING SENSITIVITIES
Positive: A sustained improvement in the liquidity and credit
metrics could lead to a positive rating action.
Negative: Any deterioration in the overall credit profile could
lead to a negative rating action.
COMPANY PROFILE
Incorporated in 1995, ACL is engaged in trading and manufacturing
of cement. ACL trades in clinker and cement. The company also
operates a cement grinding unit in Asansol, West Bengal.
ACL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR100 mil. fund-based facilities: assigned 'IND B+';
Outlook Stable
-- INR132.19 mil. non-fund-based facilities: assigned 'IND A4'
AMBA FOODS: Ind-Ra Suspends B Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amba Foods'
'IND B' Long-Term Issuer Rating to the suspended category. The
Outlook was Stable. The rating will now appear as
'IND B(suspended)' on the agency's website. The agency has also
migrated Amba's INR90 mil. fund-based limits to
'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/'IND A4'.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Amba.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
ANNANYA INTERFACE: CRISIL Assigns 'B' Rating to INR19.1MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Annanya Interface and Controls Private
Limited (AICPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 19.1 CRISIL B/Stable
Bank Guarantee 14 CRISIL A4
Cash Credit 17.5 CRISIL B/Stable
The ratings reflect the company's small scale of operations,
large working capital requirement, subdued financial risk profile
because of weak debt protection metrics, and exposure to intense
competition and inherent risks in its tender-driven business.
These weaknesses are partially offset by the extensive experience
of its promoters in the automation industry, and its healthy
order book providing near-term revenue visibility.
Outlook: Stable
CRISIL believes AICPL will continue to benefit from the extensive
industry experience of its promoters and its established customer
relationships. The outlook may be revised to 'Positive' if
substantial cash accrual or equity infusion results in a better
capital structure. The outlook may be revised to 'Negative' if
low cash accrual, stretch in working capital cycle, or large
debt-funded capital expenditure leads to deterioration in the
financial risk profile.
AICPL was set up by Mr P S Pendharkar and Mr S P Pendharkar as a
partnership firm in 1989, and was reconstituted as a private
limited company in 2004. The company primarily provides real time
monitoring and control systems, and automation solutions for
water supply schemes and electrical sub-stations. It installs,
tests, erects, and commissions control systems for water
treatment plants, water pumping stations, power stations, and
sub-stations/switching stations.
APT PACKAGING: CRISIL Ups Rating on INR76.3MM Loan to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Apt Packaging Limited (APL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 14 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 32.5 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Foreign Bill Purchase 11.0 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Funded Interest 27.2 CRISIL B-/Stable (Upgraded
Term Loan from 'CRISIL D')
Long Term Loan 76.3 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Packing Credit 6.0 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 0.4 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Working Capital 32.6 CRISIL B-/Stable (Upgraded
Term Loan from 'CRISIL D')
The rating upgrade reflects a track record of meeting interest
and principal obligations in time over the 15 months ended May
31, 2016. This was mainly on account of improvement in cash
accrual driven by a higher operating margin and increase in
volume sales. Furthermore, a reduction in interest rates by
around 450 basis points is expected to lead to better debt
protection metrics over the medium term.
Capacity utilisation of APL has increased to around 85% currently
from 65-70% in the previous year. Furthermore, there have been
additional customers in both domestic and global markets as
against a single customer earlier. This is expected to lead to
additional sales of 2 million tubes in the fiscal 2017. Over the
medium term, net cash accruals is expected at INR30-35 million,
which would be sufficient to meet maturing debt obligations over
this period. This, coupled with rescheduling of term debt and
reduction of interest rate to 10.5% from 15.1%, is expected to
reduce the interest burden and yearly principal repayment,
thereby leading to higher cash flows. The lower interest and
principal outgo will ease pressure on liquidity and lead to
improvement in debt protection metrics.
The ratings reflect a weak financial risk profile because of a
small net worth and high gearing, and a modest scale of
operations. These rating weaknesses are partially offset by
established customer relationship and the extensive experience of
the company's promoters in the plastic tubes industry.
Outlook: Stable
CRISIL believes APL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
growth in revenue, while profitability is maintained, along with
efficient working capital management, leading to higher-than-
expected net cash accrual, and hence, to improvement in the
financial risk profile. The outlook may be revised to 'Negative'
in case of larger-than-expected, debt-funded capital expenditure,
or a stretched working capital cycle, resulting in pressure on
liquidity.
APL was originally established in 1979 as Anil Chemicals Pvt Ltd;
the company was listed on the Bombay Stock Exchange in 1985 as
Anil Chemicals and Industries Ltd. Its name was changed to the
current one in 2008. APL manufactures co-extruded plastic tubes
for pharmaceutical and fast-moving consumer goods companies.
ARJUN TECHNOLOGIES: CRISIL Cuts Rating on INR100MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arjun
Technologies India Limited (ATIL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 60 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 100 CRISIL D (Downgraded from
'CRISIL B/Stable')
Letter of Credit 30 CRISIL D (Downgraded from
'CRISIL A4')
Long Term Loan 22.8 CRISIL D (Downgraded from
'CRISIL B/Stable')
Proposed Long Term 54.2 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Standby Line of 20.0 CRISIL D (Downgraded from
Credit 'CRISIL B/Stable')
The rating downgrade reflects delay in repayment of the term loan
on account of weak liquidity.
The ratings also reflect working capital-intensive operations,
exposure to cyclicality in demand from end-user industries, and
below-average financial risk profile because of small networth
and weak debt protection metrics. These rating weaknesses are
mitigated by an established market position in the paper-
manufacturing equipment segment.
Incorporated in 1998, and promoted by Mr P Chandrasekhar, ATIL is
an engineering and equipment turnkey system supplier for the pulp
and paper industry.
ASHA STONE: Ind-Ra Suspends B Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Asha Stone
Crusher's (ASC) 'IND B' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for ASC.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
ASC' ratings:
-- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
from 'IND B'/Stable
-- INR30 mil. fund-based limits: migrated to
'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
from 'IND A4'
-- INR20 mil. term loan limits: migrated to 'IND B(suspended)'
from 'IND B'
CYBERABAD EXPRESSWAYS: CRISIL Suspends D Rating on INR3.76BB Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Cyberabad
Expressways Limited (CEL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3760 CRISIL D
The suspension of rating is on account of non-cooperation by CEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CEL is yet to
provide adequate information to enable CRISIL to assess CEL'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'
CEL is a special-purpose vehicle (SPV), set up to design,
construct, develop, and maintain an 11.7-kilometre stretch of the
Kollur-Patancheru section of the eight-lane Hyderabad (Andhra
Pradesh) Outer Ring Road. The company has received provisional
completion certificate on March 2012. As per the concession
agreement, CEL will receive a semi-annual annuity of Rs.395
million from Hyderabad Growth Corridor Ltd until December 2022.
Gayatri Projects Ltd holds a 50 per cent equity stake in CEL,
while IL&FS Engineering & Construction Company and Terra Projects
Ltd hold 18 and 32 per cent, respectively.
D. JAMNADAS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of D. Jamnadas and Co. (DJC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 40 CRISIL A4
Bank Guarantee 5 CRISIL A4
Cash Credit 10 CRISIL B+/Stable
The rating factors in DJC's modest scale of operations and below
average financial risk profile marked by modest net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits DJC derives from its's promoter
extensive experience in the chemical trading business and its
established customer relationships.
Outlook: Stable
CRISIL believes that DJC will maintain its business risk profile
over the medium term from its promoter's industry experience. The
outlook may be revised to 'Positive' in case the company
registers more than expected increase in scale of operations and
profitability resulting in higher than expected cash accruals and
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the company reports lower than
expected accruals due to decline in revenues or profitability
level or faces any working capital stretch leading to
deterioration in liquidity.
Setup in 1940, DJC is a sole proprietorship concern of Mr.
Dhirajlal Jamnadas Sanghavi. The firm is engaged in trading of
chemicals, solvents, dyes and intermediaries. The firm mainly
caters to the pharmaceutical industry. DJC is based out of
Mumbai, Maharashtra.
DHAWAN TRADING: CARE Assigns 'B' Rating to INR22.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Dhawan
Trading Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 22.50 CARE B Assigned
Rating Rationale
The rating assigned to Dhawan Trading Company is primarily
constrained by weak financial risk profile as marked by small
and fluctuating scale of operations, extremely thin profitability
margins, highly leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations.
The ratings are further constrained by proprietorship nature of
its constitution and competitive nature of the industry.
The rating, however, draws comfort from experience of the
proprietor.
Going forward, the ability of the firm to profitably scale up its
operations while improving its capital structure, and effective
management of working capital requirements shall be the key
rating sensitivities.
Delhi-based, Dhawan Trading Company (DTC) is a proprietorship
concern established in 1996 by Mr Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy. The firm procures
these items from the "Narela Mandi" based in New Delhi. The firm
mainly sells its products to millers located in Delhi and nearby
regions.
The firm has two associate concerns namely Rama Krishna Trading
Company and S.K.Agro Sales engaged in trading of rice and paddy.
In FY15 (refers to the period April 1 to March 31), the firm
achieved a total operating income (TOI) of INR17.06 crore with
PBILDT and PAT of INR0.15 crore and INR0.05 crore respectively,
as against TOI of INR30.14 crore with PBILDT and PAT of INR0.07
crore and INR0.05 crore respectively in FY14. Furthermore, in
FY16, the firm achieved total sales of INR77.82 crore (as per the
unaudited results).
EMCO TECH: CRISIL Assigns B+ Rating to INR15MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Emco Tech Equipments Private Limited
(ETEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 10 CRISIL B+/Stable
Proposed Bank
Guarantee 40 CRISIL A4
Bank Guarantee 60 CRISIL A4
Cash Credit 15 CRISIL B+/Stable
The ratings reflect ETEPL's modest scale and working capital
intensity in operations, and average financial risk profile,
because of weak capital structure and moderate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoters in the medical equipment
distribution business and healthy relationships with suppliers
Outlook: Stable
CRISIL believes ETEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
profitability strengthens cash accrual. Conversely, the outlook
may be revised to 'Negative' if stretch in working capital cycle,
or adverse risk management policies weaken financial risk
profile, particularly liquidity.
ETEPL, promoted in 2005 by Mr. Pradeep Kumar Sharma and his wife
Ms. Alka Sharma, is an authorised distributor of the products of
Alcon Laboratories (USA), and Carl Zeiss. The products, including
equipment's majorly for eye surgery, are sold mainly to
government and army hospitals.
GAGAN POLYCOT: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gagan Polycot
India Limited (GPIL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect GPIL's moderate scale of operations and
credit metrics. GPIL's revenue increased at CAGR of 26.82% over
FY12-FY16. According to the company's FY16 provisional numbers
its revenue was INR1,230 mil. (FY15: INR1,113 mil.). The
company's net leverage (net debt/EBITDA) was 2.9x in FY16 (FY15:
18.5x), EBITDA interest cover (EBITDA/gross interest) improved to
2.4x (1.9x) and EBITDA margin was 1.4% (0.8%). The profitability
has been volatile on account of fluctuating prices of cotton and
crude which are the main raw materials for GPIL's business.
GPIL's liquidity is moderate as indicated by the average
utilization of its fund-based facilities being around 95% during
the 12 months ended June 2016.
GPIL derives 80% of its revenue from trading of textiles. GPIL
also manufactures customized plastic molding/disposable surgical
products, rehabilitation and orthopedic aids which it sells under
the brand name of 'GPCURE'. Going forward, the management
intends to focus more on its manufacturing operations.
The ratings, however, are supported by more than two decades of
operating experience of the company's promoters in cotton trading
and plastic manufacturing business.
RATING SENSITIVITIES
Positive: A substantial increase in the scale of operations and
profitability, leading to sustained improvement in the credit
metrics, could be positive for the ratings
Negative: Any further deterioration in the operating
profitability leading to deterioration in the overall credit
metrics could be negative for the ratings.
COMPANY PROFILE
GPIL, incorporated in 1988 as a private limited company and later
converted to a public limited company in 1995, has a
manufacturing unit in Vasai, Maharashtra.
GPIL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR0.6 Long-term loan: assigned 'IND BB'/Stable
-- INR50 mil. fund-based facilities: assigned
'IND BB'/Stable/'IND A4+'
-- INR5 mil. non-fund-based facilities: assigned 'IND A4+'
GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR180MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ganpati Foods
(GF) continues to reflect firm's weak financial risk profile
because of weak capital structure and weak debt protection
metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 180 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 15 CRISIL B+/Stable (Reaffirmed)
Warehouse Receipts 110 CRISIL B+/Stable (Reaffirmed)
The ratings also factors in the firm's small scale of operations
in the highly fragmented rice industry, working capital intensive
operations, exposure to risks related to vagaries of monsoon and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the partners in
the basmati rice industry and their funding support.
Outlook: Stable
CRISIL believes GF will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of ramp-up in scale
of operations and efficient management of working capital
requirement along with significant capital infusion leading to
better key credit metrics. The outlook may be revised to
'Negative' if the financial risk profile weakens, particularly
liquidity most likely due to low cash accruals and substantial
increase in its working capital requirements or sizeable debt-
funded capital expenditure.
GF was set up in 2008 as a partnership firm by Mr Kewal Krishna
Bansal and his family members. The firm undertakes rice milling
and shelling at its plant at Patran, Punjab.
GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------
CRISIL's rating on long-term bank facilities of Gargo Motors
(Gargo) continues to reflect the average financial risk profile,
constrained by small networth and modest debt-protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable (Reaffirmed)
Electronic Dealer
Financing Scheme(e-DFS) 60 CRISIL B+/Stable (Reaffirmed)
Term Loan 50 CRISIL B+/Stable (Reaffirmed)
The rating also reflects moderate revenue visibility, supported
by long-term hire-purchase contracts with reputed clients for
cranes and excavators. These weaknesses are mitigated by the
strong market position and benefits from established relationship
with the principal supplier, Tata Motors Ltd (TML; rated CRISIL
AA/Stable/CRISIL A1+).
Outlook: Stable
CRISIL believes Gargo will continue to benefit from its healthy
market position in eastern India. The outlook may be revised to
'Positive' if significant cash accrual or large equity infusion
by promoters, strengthens the capital structure. The outlook may
be revised to 'Negative' if pressure on topline and profitability
or a large, debt-funded capital expenditure programme, weakens
the financial risk profile.
Gargo, established as a proprietorship firm in 1996 by Mr.
Kamakhya Borthakur, is an authorised dealer of TML's commercial
vehicles in Assam. The firm has six showrooms and two stockyards,
along with three workshops in Assam.
Mr. Borthakur has also promoted Gargo Motors Ltd (rated 'CRISIL
B+/Stable'), which is an authorised dealer of TML's passenger
vehicles.
HI-STYLE PRODUCTS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hi-Style Products (HISP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 15 CRISIL B+/Stable
Foreign Letter of
Credit 7.5 CRISIL A4
Bill Discounting 7.5 CRISIL A4
Cash Credit 40.0 CRISIL B+/Stable
The ratings reflect the firm's modest scale of operations and
high working capital requirements. These weaknesses are partially
offset by the extensive experience of its promoter in the wooden
furniture industry, established relationships with customers and
moderate financial risk profile.
Outlook: Stable
CRISIL believes HISP will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' if there is growth in revenue and net cash
accrual and the capital structure is maintained. The outlook may
be revised to 'Negative' if low revenue or large debt-funded
capital expenditure weakens the debt protection metrics.
HISP, a Dindigul based proprietorship firm formed in 2005,
manufactures wooden furniture for home and office. Started by Mr.
T Mahendran, the firm's manufacturing facility is located in
Dindigul, Tamil Nadu.
For fiscal 2015, HISP reported a profit after tax of INR1.8
million on revenue of INR84.3 million against INR1.7 million and
INR67.3 million in fiscal 2014. For fiscal 2016, revenue is
estimated at INR121.5 million.
HYDERABAD EXPRESSWAYS: CRISIL Suspends C Rating on INR2.9BB Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Hyderabad
Expressways Limited (HEL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 2900 CRISIL C
The suspension of rating is on account of non-cooperation by HEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HEL is yet to
provide adequate information to enable CRISIL to assess HEL'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'
HEL, a special-purpose vehicle, was promoted to build and
maintain the 13-kilometre Bongulur to Tukkuguda section of the
eight-lane outer ring road in Hyderabad on a BOT basis. HEL
completed the project in August 2010. Gayatri Projects Ltd holds
a 50.0 per cent stake in HEL, IL&FS Engineering & Construction
Company Ltd owns 42.7 per cent, and Terra Projects Pvt Ltd owns
7.3 per cent stake.
INDO LAMINATES: CRISIL Assigns B+ Rating to INR140MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indo Laminates Private Limited (ILPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 140 CRISIL B+/Stable
Cash Credit 100 CRISIL B+/Stable
Letter of Credit 50 CRISIL A4
The rating reflects ILPL's modest scale and working capital
intensive operations in the highly fragmented laminates industry.
The rating also factors in the company's below-average financial
risk profile, marked by low net worth, high gearing and moderate
debt protection metrics. These rating weaknesses are partially
offset by the benefits that ILPL derives from its promoters'
extensive experience in the laminates industry and financial
support from its promoters.
Outlook: Stable
CRISIL believes that ILPL will continue to benefit from the
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if ILPL substantially
improves its scale of operations while maintaining profitability
leading to substantial accruals while its capital structure
improves marked by reduction in working capital requirements or
equity infusions. The outlook may be revised to 'Negative' if the
financial risk profile weakens due to decline in profitability or
stretch in working capital requirements, or large debt-funded
capital expenditure.
Established in 1985, Indo Laminates Private Limited (ILPL) is
engaged in the manufacturing of laminates. It is a Delhi based
company with its plant located in Bahadurgarh, Haryana.
INDO SHELL: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indo Shell
Automotive Systems India Private Limited (ISAS) a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable. The agency
has also assigned the company's INR197 mil. long-term loans an
'IND BB+' rating with a Stable Outlook.
KEY RATING DRIVERS
The ratings reflect ISAS's small scale of operations and moderate
credit metrics. The company's FY16 provisional financials
indicate revenue of INR879 mil. (FY15: INR660 mil.), gross
interest coverage (operating EBITDA/gross interest expense) of
3.6x (10.5x) and net leverage (total adjusted net debt/operating
EBITDAR) of 5.2x (negative 0.4x). The revenue growth in FY16 was
driven by the growth in automobile industry. The EBITDA margins
were volatile and ranged between 1.5% and 4.0% over FY11-FY16 on
account of raw material price fluctuations. The company has
received new orders worth INR1,200 mil. in FY17 which provides
revenue visibility for the medium-term.
All sales of ISAS are routed through a group company called Indo
Shell Mould Limited (ISML), which pays advance against all
orders. This has resulted in a short cash conversion cycle of
around 40 days in FY16 (FY15: 42 days) for ISAS. The company has
been functioning without any working capital debt.
The ratings, however, are supported by more than four decades of
experience of ISAS's promoter in the foundry business which in
turn has led to well-established relationships with customers and
suppliers.
RATING SENSITIVITIES
Positive: A substantial growth in the company's top-line and
profitability improvement leading to a sustained improvement in
the overall credit metrics could be positive rating action.
Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could lead to a negative rating action.
COMPANY PROFILE
Established in 2006, Coimbatore-based ISAS is engaged in the
foundry business, manufacturing precision castings for
automobiles (majorly two-wheeler engines) for the global market.
The company has a manufacturing unit with an annual installed
capacity of 10,000 metric tonnes with 55% capacity utilization.
The day to day operations of the company are run by Mr. Balaji
Jagadeesan and Mr.Rajesh Jageedesan.
ISML holds 37.50% stake in ISAS and 49% in the US-based Indo
Shell Precision Technologies. ISAS holds 18% stake in in ISML.
All the group companies manufacture automobile precision
castings.
J.R.R CONSTRUCTION: CARE Assigns 'B' Rating to INR5.60cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of J.R.R
Construction Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.60 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of J.R.R. Construction
Private Limited (JRR) is constrained by its weak financial risk
profile marked by small scale of operations, low profitability
margins and high reliance of operations on external working
capital borrowings. The rating is also constrained by the
geographically concentrated revenue stream, limited order book
position and fragmented nature of the construction sector. The
rating, however, derives support from the experienced promoters
with an established track record of operations of the company.
Going forward, the ability of the company to profitably scale-up
its operations, improve the solvency position and manage the
working capital requirements efficiently will remain the key
rating sensitivities.
JRR Constructions Private Limited (JRR) was incorporated as a
private limited company in Dec-2004. The company is currently
being managed by Mr Rakesh Malik and Mr Bijender Nandal. JRR is
engaged in civil construction work in Haryana which mainly
includes road work involving construction, upgradation,
resurfacing and widening of roads, bridges and minor engineering
work. The company is registered as a class 'A' contractor with
Public Works Department (PWD) of Haryana and Haryana State Road &
Bridge Development Corporation.
In FY16 (Provisional, refers to the period April 01 to March 31),
JRR reported a total operating income of INR12.06 crore with PAT
of INR0.28 crore, as against a total operating income of INR16.29
crore with PAT of INR0.42 crore in FY15.
JAIPRAKASH POWER: CARE Reaffirms D Rating on INR12,241.53cr Loan
----------------------------------------------------------------
CARE revises and reaffirms the ratings assigned to the long-term
bank facilities of Jaiprakash Power Ventures Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12,241.53 CARE D Reaffirmed
Long-term Bank Facilities 656.50 CARE D Revised from
CARE B
Long-term Bank Facilities 2,272.46 CARE D Revised from
CARE B Removed from
Credit Watch
Rating Rationale
The revision in the ratings of the bank facilities of Jaiprakash
Power Ventures Ltd (JPVL) factors in delays in debt servicing by
the company due to its weak liquidity.
JPVL, a 60.69% subsidiary of Jaiprakash Associates Ltd (JAL,
rated 'CARE D') is engaged in power generation business and
currently has one operational hydro power project of 400 MW
(Vishnuprayag in Uttarakhand), and two thermal power projects of
having 1,820 MW capacity (500 MW Bina and 1,320 MW Nigrie, Madhya
Pradesh). JPVL has a presence in the power transmission business
through its 74% subsidiary Jaypee Powergrid Ltd (JPL, rated 'CARE
A-'), which has set up a 214-km transmission line. The company,
through its subsidiary Prayagraj Power Generation Ltd (PPGCL),
has 1,980-MW thermal power project in Bara, Uttar Pradesh, of
which 660-MW capacity is operational and rest is under
implementation. JPVL has also commissioned 2 MTPA cement grinding
unit at Nigrie in
June 2015.
As per the brief audited results for FY16 (refers to the period
April 1 to March 31), JPVL reported a net loss of INR294.5 crore
on operating income of INR3,883.68 crore as against PAT of
INR137.21 crore on operating income of INR3,944.13 crore in FY15.
JAYVEER ENTERPRISE: Ind-Ra Assigns B Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jayveer
Enterprise Private Limited a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable. The agency has also assigned Jayveer's
INR290.0 mil. long-term loan an 'IND B' rating with a Stable
Outlook.
KEY RATING DRIVERS
The ratings reflect the salability and execution risks associated
with Jayveer's ongoing project - Weekend Address which the
company expects to complete in FY18. Moreover, since this is not
a usual residential project, the salability risks are further
exacerbated. Weekend Address has 464 units of luxury holiday
suites inside the premises. This is a new segment and the target
clientele and consequently, the demand will be different from
normal residential projects. The ratings also factor in the
substantial dependence on customer advances to fund further
construction and the substantial sales risk as 84% of the project
is yet to be booked, amplifying the risks of cash flow
mismatches.
The ratings benefit from the promoters' track record of eight
completed projects in Surat and their experience in the real
estate segment.
RATING SENSITIVITIES
Positive: Sales of flats as planned, leading to strong cash flow
visibility may lead to a positive rating action.
Negative: Any delay in the completion of the project from the
plan leading to cash flow mismatches may be negative for the
ratings.
COMPANY PROFILE
Surat-based Jayveer was incorporated in 2006. The promoters have
experience of more than two decades in the real estate segment
and five ongoing projects.
The current project Weekend Address, consists of one tower, which
has 464 units covering a total saleable area of 251,471 sq. ft.
The construction has already started and the whole project is
proposed to be completed by September 2017, 74 flats had been
sold as on March 31, 2016.
KAPTON ALLOYS: CARE Assigns 'B' Rating to INR4.22cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Kapton Alloys Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.22 CARE B Assigned
Short-term Bank Facilities 1.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Kapton Alloys
Private Limited (KAPL) are constrained on account of its
fluctuating scale of operations, thin profit margins, leveraged
capital structure, weak debt coverage indicators and weak
liquidity position during last three years ended FY16 (refers to
the period April 1 to March 31). The ratings are further
constrained on account of risk associated with raw material price
volatility and presence in highly fragmented industry with a high
degree of competition.
The ratings, however, derive benefit from experience of the
promoters.
The ability of KAPL to increase its scale of operations and
profit margins along with improving capital structure amidst
competitive nature of industry and working capital intensive
operations are the key rating sensitivities.
Kapton Alloys Private Limited [KAPL] is a private limited
company, incorporated on August 11, 2012 and promoted by Mr
Bharatbhai J Patel, Mr Ashokbhai Amrutbhai Patel, Mr Hareshkumar
Bhikhabhai Patel andMr Ashokkumar Kantibhai Patel. Its main
product is mild steel billets which uses steel scrap and sponge
iron as its raw material. The installed capacity for
manufacturing billets is 18,250 MTPA as on March 31, 2016. KAPL
has set up its unit at Himmatnagar which is spread across 32000
square yards. The products manufactured by KAPL find application
in steel re-rolling mills. KAPL has three group entities namely
Sanzen Granito (India) Limited, Adison Granito (India) Limited
and Costa International which are engaged in the manufacturing of
ceramic tiles.
As per provisional results for FY16, the company reported a net
loss of INR0.38 crore on a total operating income (TOI) of
INR20.20 crore as against a net profit of INR0.01 crore on a TOI
of INR33.13 crore during FY15.
KSHEERAABD CONSTRUCTIONS: Ind-Ra Suspends BB- LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ksheeraabd
Constructions Private Limited's (KCPL) 'IND BB-' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. This
rating will now appear as 'IND BB-(suspended)' on the agency's
website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for KCPL. The ratings will remain
in the suspended category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during the six-month period,
the ratings could be reinstated and will be communicated through
a rating action commentary
KCPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
from 'IND BB-'
-- INR30 mil. fund-based working capital limits: migrated to
long-term 'IND BB-(suspended)' from 'IND BB-' and short-
term 'IND A4+(suspended)' from 'IND A4+'
-- INR500 mil. non-fund-based working capital limits: migrated
to long-term 'IND A4+(suspended)' from 'IND A4+'
-- Proposed INR300 mil. non-fund-based limits: migrated to
'provisional IND A4+(suspended)' from 'provisional IND A4+'
KUNDLAS LOH: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kundlas Loh
Udyog (KLU) continues to reflect weak liquidity marked by nearly
fully utilized bank limits, a small scale of operations in the
fragmented steel industry, and vulnerability of operating margin
to fluctuations in input prices. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes KLU will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile, particularly liquidity
most likely driven by a considerable increase in cash accrual due
to better profitability and/or scale of operations. The outlook
may be revised to 'Negative' if a stretch in working capital
cycle or any large debt-funded capital expenditure, or any
significant withdrawal from the business leads to low cash
accrual thereby weakening liquidity.
KLU was set up in 2006 by the Dhillon family. In fiscal 2016,
however, there was a change in the partnership structure with Mr
Rajiv Singhla and Mr Manish Singhla admitted as new partners. The
firm manufactures steel structural products such as angles and
channels, which it sells under the brand Kaptan. It has a semi-
integrated plant for manufacturing angles (which contribute
around 80% of revenue), channels (around 20%), and ingots, which
are used for captive consumption; it has an installed annual
capacity of 33,000 tonne in the Nalagarh district of Himachal
Pradesh.
LS RICE: Ind-Ra Suspends B Long-Term Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated LS Rice Exports
Pvt Ltd's (LSR) 'IND B' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for LSR.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
LSR's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
from 'IND B'/Stable
-- INR40 mil. fund-based limits: migrated to
'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
from 'IND A4'
-- INR13.1 mil. term loan limits: migrated to
'IND B(suspended)' from 'IND B'
M.G. INFRAESTATES: CRISIL Lowers Rating on INR140MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of M.G. Infraestates Private Limited (MGIPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 140 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgraded reflects high demand risk related to the
company's ongoing project due to low saleability and delay in
customer advances because of a slowdown in the real estate
sector. Till fiscal 2016, total customer advances were low at
about INR59.4 million out of total sales consideration of about
INR450 million. CRISIL believes demand will remain constrained on
account of delay in customer advances and low saleability.
However, funding for the project is comfortable due to infusion
of equity and extension of unsecured loans by promoters.
Promoters are expected to continue providing funding support for
the project over the medium term.
CRISIL rating reflects low booking status and exposure to risks
related to implementation of its ongoing project; and below-
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by promoters' extensive
experience in the real estate industry.
Outlook: Stable
CRISIL believes MGIPL will continue to benefit over the medium
term from the extensive industry experience its promoters. The
outlook may be revised to 'Positive' in case of timely progress
in the project within the budgeted cost, along with substantial
customer bookings leading to healthy cash inflows. The outlook
may be revised to 'Negative' in case of time or cost overrun in
the project, lower-than-expected advances from customers, or
simultaneous execution of multiple projects, leading to
constrained liquidity.
MGIPL, incorporated in 2012, is a real estate developer, promoted
by Mr D N Mehrotra and his son Mr Arpan Mehrotra; it is a part of
the Gulmohar group. The company is presently executing a
residential real estate project, Gulmohar Greens, in Kanpur. The
saleable area under construction is 435,945 square foot.
MADHYA BHARAT: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Madhya Bharat
Telecom Infrastructures (MBTI) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect MBTI's small scale of operations as indicated
by its revenue base of INR125 mil. during FY16 according to
provisional numbers (FY15:INR57 mil.). The ratings are
constrained by the company's moderate credit metrics, with
interest coverage (operating EBITDA/ gross interest expense) of
3.8x in FY16 (FY15: 3x) and net financial leverage (total
adjusted net debt/ operating EBITDAR) of 5.3x (6.6x). The
ratings also reflect its tight liquidity situation as reflected
by its average maximum fund-based utilization of close to 91.23%
during the six months ended June 2016. The ratings factor in the
partnership structure of the organization.
The ratings, however, are supported by around a decade of
operating experience of its founders in the construction
industry. The ratings are further supported by the company's
strong EBITDA margin of 18.3% during FY16 (FY15: 10.8%). MBTI
has present work order of INR453.91m (3.63x the FY16 revenue).
RATING SENSITIVITIES
Positive: An improvement in the scale of operations along with
the improvement in the credit metrics could lead to positive
rating action.
Negative: Any deterioration in the profitability leading to
deterioration in the credit metrics from the present level could
lead to a negative rating action.
COMPANY PROFILE
MBTI was formed in 2005 as an infrastructure company in the
telecom infrastructure industry. The company undertook turnkey
projects for setting up telecom infrastructure in Madhya Pradesh
and Chattisgarh for almost all telecom and telecom infrastructure
companies.
Nishant Malaiya and Jaideep Wadia are the partners of the
company.
MBTI's Ratings
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR34 mil. fund-based working capital limit: assigned
'IND BB-'/Stable
-- INR2.18 mil. non-fund-based working capital limit: assigned
'IND A4+'
-- Proposed INR20 mil. fund-based working capital limit:
assigned 'Provisional IND BB-'/Stable
-- Proposed INR64 mil. long-term loan: assigned 'Provisional
IND BB-'/ Stable
-- Proposed INR23 mil. non-fund-based working capital limit:
assigned 'Provisional IND A4+'
MAHAAN PROTEINS: CARE Lowers Rating on INR28cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facility of Mahaan
Proteins Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank facilities 28 CARE D Revised from
CARE BB
Short-term bank facilities 12 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Mahan Proteins Limited (MPL) takes into consideration the on-
going delays in debt servicing on account of liquidity
mismatches.
MPL was established in June 1992 started its commercial
operations in 1996. The ownership of the company is currently
held by Mr Rajiv Goyal who took over charge in 2009 from his
brother Mr Sanjeev Goyal as part of the family settlement. The
company is engaged in the processing of various dairy products
like ghee, casein protein, powdered milk and whey milk powder,
etc. The company, as on March 31, 2015, has an installed milk
processing capacity of 6.5 lakh litre per day (LLPD) at its
manufacturing facility located at Kosi, Kalan, Uttar Pradesh.
The company sells its products under brand name 'Super Mahaan' to
wholesalers and institutional clients all over India. The
products of the company are ISO 9001:2008, Hazard Analysis and
Critical Control Points (HACCP) Certification and Export
Inspection Council (EIC) approved.
In FY15 (refers to the period April 1 to March 31), the company
reported total operating income of INR249.74 crore and PAT of
INR1.75 crore as against a total operating income of INR161.43
crore and PAT of INR1.46 crore in FY14.
MAHESHWARI RICE: CARE Assigns 'B+' Rating to INR6.23cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Maheshwari Rice Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.23 CARE B+ Assigned
Rating Rationale
The rating assigned to Maheshwari Rice Mills is primarily
constrained by weak financial risk profile as marked by small
scale of operations with low partners' capital, low and declining
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by
partnership nature of its constitution, business susceptible to
the vagaries of nature, and fragmented and competitive nature of
the industry.
The rating, however, draws comfort from experience of the partner
in processing of rice, growing scale of operations and favourable
manufacturing location.
Going forward, the ability of the firm to profitably scale up its
operations while improving its profitability margins, capital
structure and effective management of its working capital
requirements shall be the key rating sensitivities.
Lakhimpur Kheri (U.P.) based Maheshwari Rice Mills (MRM) was
established in 1984 as a partnership concern by three partners
namely Mr Sanjay Maheshwari, Mr Vijay Maheshwari and Mrs Revti
Devi. Later on, they reconstituted their business as a
proprietorship firm which was being managed by Mr Sanjay
Maheshwari as a proprietor. On October 21, 2015, the
proprietorship was again reconstituted as a partnership firm with
Mr Sanjay Maheshwari and Mrs Usha Maheshwari as partners. MRM is
engaged in milling, processing and trading of non-basmati rice
with an installed capacity of processing paddy at the rate of
10.50 Metric Tonne per Hour (MTPH) at its manufacturing unit
located in Lakhimpur Kheri (U.P.). The firm procures the raw
material i.e. paddy from the local grain markets and farmers.
The firm sells its product to private players and government
entities located in Haryana, Punjab, Uttrakhand and Uttar
Pradesh.
In FY15 (refers to the period April 1 to March 31), the firm
achieved a total operating income (TOI) of INR20.33 crore with
PBILDT and PAT of INR0.45 crore and INR0.03 crore respectively,
as against TOI of INR10.99 crore with PBILDT and PAT of INR0.52
crore and INR0.03 crore respectively in FY14. Furthermore, in
10MFY16 (refers to the period April 1 to January 31), the firm
achieved total sales of INR14 crore (as per the unaudited
results).
MALAR SOLVENT: Ind-Ra Suspends BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Malar Solvent
Extraction Private Limited's 'IND BB-' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. This rating
will now appear as 'IND BB-(suspended)' on the agency's website.
Ind-Ra has also migrated the ratings on Malar's INR50 mil. fund-
based working capital limits to Long-term 'IND BB-(suspended)'
from 'IND BB-' and Short-term 'IND A4+(suspended)' from 'IND
A4+'.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Malar. The ratings will
remain in the suspended category for a period of six months and
be withdrawn at the end of that period. However, in the event
the issuer starts furnishing information during the six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.
MEGHA AGROTECH: Ind-Ra Assigns BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Megha Agrotech
Private Limited (MAPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The agency has also assigned MAPL's INR50
mil. fund-based working capital limits an 'IND BB' rating with a
Stable Outlook.
KEY RATING DRIVERS
The ratings reflect MAPL's declining trend of operating profit
margins and its small scale of operations. According to FY16
provisional financials MAPL's EBITDA margins declined to 4.97% in
FY16 (FY15: 5.2%; FY14: 6%) from 9.5% in FY12. Its revenue was
INR423.03 mil. in FY16 (FY15: INR416 mil.; FY14: INR553 mil.).
The revenue de-growth in FY15 was mainly due to a decline in the
company's sales volume.
The ratings, however, are supported by the company's comfortable
credit metrics. In FY16, its gross interest coverage (operating
EBITDA/gross interest expense) was 16.13x (FY15: 2.54x; FY14:
3.50x) while net financial leverage (total adjusted
debt/operating EBITDAR) was 1.99x (FY15:1.27x; FY14: 1.31x).
Improvement in the company's net working capital cycle to 7 days
in FY15 (FY14: 29) from 62 days in FY12 led to improvement in the
credit metrics.
The company's liquidity was also comfortable with the average
maximum utilization of its fund based working capital limit being
84.19% during the 12 months ended June 2016.
The ratings are further supported by the long track record and
around two decades of operating experience of the company's
managing director in the field of irrigation industry.
RATING SENSITIVITIES
Positive: A sustained improvement in the scale of operations
along with the maintenance of the current credit profile could be
positive for the ratings.
Negative: Any deterioration in the overall credit profile could
be negative for the ratings.
COMPANY PROFILE
Incorporated in 1997, MAPL is a Bengaluru-based company engaged
in manufacturing and trading of drip irrigation and sprinkler
irrigation equipment.
MEHADIA AND SONS: CARE Assigns B+ Rating to INR6.30cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Mehadia And Sons C and F Division.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.30 CARE B+ Assigned
Short-term Bank Facilities 0.20 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Mehadia and Sons C
and F Division (MCF) are constrained by weak financial risk
profile of the entity marked by declining profit margins, weak
debt coverage indicators and leveraged capital structure. The
ratings are further constrained by the highly competitive and
fragmented nature of industry and working capital intensive
nature of operations of MCF.
The ratings derive strength from experience of the promoters,
long track record of operations of the entity, strong support of
the entity from other group concerns and expected business
opportunity in trading segment.
The ability of the entity to increase its scale of operations and
profitability margins along with efficient management of its
working capital are the key rating sensitivities.
MCF is based in Nagpur (Maharashtra) and was established in 1981.
The firm belongs to the Mehadia group and is engaged in trading
business of pharmaceuticals and fabrics. The firm also acts as
carrying and forwarding agent for 'Peter England' brand of
clothing from Aditya Birla Nuvo. The entity procures fabric
(cotton and polyester) and pharmaceutical product (medicines)
from wholesalers based in Maharashtra. The firm belongs to the
Mehadia group which has three entities including MCF namely
Mehadia and Sons, MS (established in 1997) and R.J Tradelinks,
RJT (established in 1999), which are engaged in trading of
Pharmaceuticals medicines, fabrics and are distributors for
Madura Garments.
In FY16 (provisional), (refers to the period April 1 to
March 31), MCF achieved an operating income of INR24.08 crore
with PAT amounting to INR0.19 crore, as compared with total
operating income of INR20.65 crore with PAT of INR0.16 crore in
FY15. Furthermore, RJT has registered an income of INR4.50 crore
till May 31, 2016.
MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR961.9MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of MFAR Hotels and
Resorts Private Limited (MFAR, formerly MFAR Hotels & Resorts
Ltd) continue to reflect delays in servicing debt due to weak
liquidity, arising from low occupancy rates.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 31.5 CRISIL D (Reaffirmed)
Cash Credit 30.0 CRISIL D (Reaffirmed)
Foreign Currency
Term Loan 467.6 CRISIL D (Reaffirmed)
Letter of Credit 1.5 CRISIL D (Reaffirmed)
Long Term Loan 836.7 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 961.9 CRISIL D (Reaffirmed)
The company also has a below-average financial risk profile
because of weak debt protection metrics. However, MFAR benefits
from stable operations at its hotel in Kochi and promoter's
extensive experience.
Set up in 1997 by Dr. P Mohamad Ali, MFAR owns a five-star deluxe
hotel, Le Meridian, and a convention centre in Kochi. It also
operates a five-star hotel, The Westin, in Chennai.
MITTAL HOSPITALS: Ind-Ra Suspends BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mittal Hospitals
Limited's (MHL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for MHL. The ratings will remain
in the suspended category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during the six-month period,
the ratings could be reinstated and will be communicated through
a rating action commentary.
MHL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
from 'IND BB-'/Stable
-- INR184.6 mil. term loan: migrated to 'IND BB-(suspended)'
from 'IND BB-'
-- INR35 mil. cash credit limits: migrated to
'IND BB-(suspended)' from 'IND BB-'
-- INR50 mil. non-fund-based working capital limits: migrated
to 'IND A4+(suspended)' from 'IND A4+'
MODI SALTS: CARE Assigns B+ Rating to INR7.79cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Modi
Salts Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7.79 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Modi Salts Private
Limited (MSPL) is primarily constrained on account of its modest
scale of operations in the highly competitive and fragmented salt
industry and its weak financial risk profile marked by thin
profitability margins, leveraged capital structure as well as
moderately stressed liquidity position.
The rating, however, favourably takes into account the vast
experience of the promoters in the salt industry with established
track record of operations and location advantage with ease of
availability of raw material and labour.
The ability of the company to increase its scale of operations
along with improvement in profitability as well as solvency
position and better management of working capital would be the
key rating sensitivities.
Nawa-based (Rajasthan) MSPL was originally formed as a
proprietorship concern in 1987 by Mr Gopal Modi in the name
of Modi Salt Industries (MSI). Later in 2007, constitution of MSI
change to a private limited company and assumed its current name.
MSPL is engaged in refining of raw salt and manufacturing of
iodised salts as well as industrial salt. The plant of the firm
has processing capacity of 129600 Metric Tonnes Per Annum (MTPA)
of salt. Furthermore, MSPL is certified with food Safety
Standards Authority of India (FSSAI). MSPL markets its product
through 5-7 dealers spread across Uttar Pradesh (UP), Madhya
Pradesh (MP), Bihar and Madhya Pradesh under the brand name of
"Mr. White", "Aamarpali", "Bawarchi", "Modi Lite" and "Toyta".
During FY15 (refers to the period April 1 to March 31), MSPL
reported a total operating income (TOI) of INR25.91 crore
(FY14: INR16.16 crore) with net loss of INR0.001 crore (FY14: PAT
of INR0.04 crore). As per the provisional results of FY16, MSPL
has reported PAT of INR0.10 crore on TOI of INR24.55 crore.
MONAD EDUKASIONAL: Ind-Ra Affirms BB Rating on Loan Facilities
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Monad Edukasional Society's (MES) INR74.43 mil. (reduced from
INR170 mil.) term loans facility and INR110 mil. fund-based
working capital facility to Negative from Stable while affirming
them at Long-term 'IND BB'.
KEY RATING DRIVERS
The Outlook revision reflects the shrinkage in MES' total income
and persistent tight liquidity situation. Tuition fee income,
which on average contributed 93.6% to the total income over FY13-
FY16, declined 4.9% yoy and 19.4% yoy in FY15 and FY16,
respectively. FY16 financials are provisional in nature. The
decline in tuition fee income was on account of a decline in
student strength (FY13-FY16 CAGR: negative 18%). The
university's fee receivables under different welfare schemes for
the backward strata of the society are on cash basis instead of
accrual basis. Hence, the receivables are not booked in the total
income.
The total student strength at the university grew at a CAGR of
87.4% over FY11-FY15; however, it declined 39% yoy in FY16. MES'
student strength is mainly driven by the number of students in
diploma courses and both drop-out rate and enrolment rate
declined in FY16 due to the cessation of tuition fee rebates to
reserved category students under the state-run Samaj Kalyan
Scheme.
However, the decline in student strength at the university
bottomed out in FY16 as the student strength of 6,407 at the end
of the academic year of FY16 consisted of only non-reserved
students.
The society's strained liquidity profile is reflected by almost
fully utilization of the working capital limit of INR110 mil. in
the 12 months ended June 2016. Also, available funds (cash and
unrestricted investments) stood at a meagre amount of INR1.6 mil.
in FY16, declining from INR2.3 mil. in FY15. Moreover, its cover
to operating expenditure (FY16: 1.8%; FY15: 2.2%) and debt (0.7%;
0.8%) is limited. The society also availed a temporary overdraft
facility of INR20 mil. in December 2015 and June 2016.
The rating, however, is supported by the society's strong
operating margins of above 57% (FY16: 58.6%; FY15: 58.9%) over
FY13-FY16, despite the declining total income (FY13-FY16 CAGR:
negative 1.2%). MES has achieved so by restricting the growth of
other operating expenses (FY13-FY16 CAGR: negative18.1%)
considerably.
Moreover, the society's debt burden (debt/current balance before
interest and depreciation (CBBID)) reduced to 2.8x in FY16 from
3.4x in FY13 on the back of declining debt levels and debt
service coverage ratio remained above 1x over FY13-FY16.
The society has completed most of its capital expenditure. It
plans to incur INR40 mil. capex during FY17-FY21 for replacement
of existing infrastructure which shall be funded through a
combination of debt and internal accruals/equity. However, this
will not increase the debt burden.
RATING SENSITIVITIES
Positive: A positive rating action could result from a sustained
improvement in the operating margins and liquidity position
driven by significant growth in the revenue base.
Negative: Any unexpected fall in student demand in conjunction
with a disproportionate increase in debt resulting in
deterioration in the leverage ratios and further straining the
liquidity profile could trigger a negative rating action.
COMPANY PROFILE
MES, established in April 2007, was incorporated under the
Societies Act, 1860. The society set up a private university
under the name of Monad University which became operational in
2010-2011. Monad University, an autonomous body, has been
established through an Act 23 of 2010 of the government of Uttar
Pradesh and is duly recognized by University Grants Commission.
The university is located in Hapur, Uttar Pradesh and spread
across an area of 61 acres. It offers diploma, post-graduation,
graduation, Ph.D. and other courses over a wide range of
subjects.
MY CAR: Ind-Ra Suspends B Long-Term Issuer Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended My Car Private
Limited's (MCPL) Long-Term Issuer Rating of 'IND B' with a Stable
Outlook. The rating will now appear as 'IND B(suspended)' on the
agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for MCPL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
MCPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
from 'IND B'/Stable
-- INR245.00 mil. fund-based working capital limit: migrated
to 'IND B(suspended)' from 'IND B'
-- INR6.21 mil. long term loans: migrated to
'IND B(suspended)' from 'IND B'
NAVDURGA PULP: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Navdurga Pulp
and Paper Mills (I) Pvt Ltd (NPPM) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect NPPM's small scale of operations and moderate
credit profile. In FY16 the company reported revenue of
INR120 mil. (FY15: INR71 mil.), EBITDA interest coverage
(EBITDA/interest) of 2.3x (1.8x) and net financial leverage (net
debt/EBITDA) of 4.4x (7.4x). The EBITDA margins were 15.3% in
FY16. The liquidity position has remained moderate with the
average of maximum utilization of working capital limits being
around 96% over the 12 months ended May 2016.
The ratings are further constrained by the company's short track
record as it completed its first full year of commercial
operations in FY15.
The ratings however benefit from the promoters' more than a
decade of experience in the Kraft paper manufacturing business.
RATING SENSITIVITIES
Positive: A substantial improvement in the company's scale of
operations along with an improvement in the credit metrics could
result in a positive rating action.
Negative: A decline in the scale of operations and deterioration
in the credit metrics could result in a negative rating action.
COMPANY PROFILE
NPPM was incorporated in 2010 by Mr. Rajesh Agarwal and is
engaged in the manufacturing of Kraft paper from recycled waste
paper. The company's manufacturing facility is located in
Bemetara, Chattisgarh. The unit has an installed capacity of
12000MTPA.
NPPM's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR35.00 mil. fund-based working capital limits: assigned
'IND BB-'/Stable
-- INR50.68 mil. long-term loans: assigned 'IND BB-'/Stable
PAL PRATEEK: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------
CRISIL's rating on the bank facilities of Pal Prateek Auto Sales
Private Limited (PASL) continues to reflect PASL's weak financial
risk profile marked by high TOL/TNW and weak debt protection
metrics and its modest scale of operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
Electronic Dealer
Financing Scheme(e-DFS) 50 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of PASL's promoters in the automobile dealership
business and their funding support to the company if needed.
Outlook: Stable
CRISIL believes that PASL will continue to benefit over the
medium term from its promoters' extensive experience and their
funding support. The outlook may be revised to 'Positive' if the
company improves its financial risk profile, most likely because
of ramp-up in operations and improvement in operating margin, or
witnesses equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if PASL's financial risk
profile deteriorates, most likely because of low cash accruals,
large working capital requirements, or debt-funded capital
expenditure.
PASL, established in 2012, is an authorised dealer for NMPL's
passenger cars in the Kumaon region (Uttarakhand). It has one
showroom and authorised service station at Haldwani in Nainital
(Uttarakhand). The company is promoted by Mr. Suresh Pal and his
wife, Mrs. Meera Pal. PASL commenced operations in August 2012.
PARSVNATH HOTELS: Ind-Ra Raises Long-Term Issuer Rating to B-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Parsvnath Hotels
Limited's (PHL) Long-Term Issuer Rating to 'IND B-' from 'IND D'.
The Outlook is Stable. The agency has also upgraded PHL's
INR122.43 mil. long term loans (reduced from INR126.8 mil. ) to
Long-term 'IND B-' with a Stable Outlook from 'IND D'.
KEY RATING DRIVERS
The upgrade reflects PHL's timely debt servicing for the six
months ended June 2016, supported by continuous tangible
financial support from its parent Parsvnath Developers Limited
(PDL) through interest-free unsecured loans. Since the inception
of PHL, PDL has infused about INR45.8 mil. through unsecured
loans.
The ratings continue to be constrained by the delays in the
commencement of commercial operations at PHL's hotel in Shirdi,
Maharashtra, and related cost overruns.
The hotel was initially scheduled to start commercial operations
from September 2014. The company has since revised the date of
commencement of commercial operations to July 31, 2015, and
further to September 2017. The delay in the project execution
was mainly due to the delays in the completion of interior work
because of a shortage of funds. The company had failed to avail
an additional INR60.8 mil. term loan to complete the project
cost. It now aims to complete the hotel by end-September 2017,
supported by the additional funds of INR99.6 mil. from promoters.
According to the current revised estimates shared by the
management, the cost of project has increased to INR324.7 mil.
from INR295.06 mil., which the company has planned to fund
through a mix of debt and equity in the ratio of 0.6:1. As of
June 2016, the owners have already infused capital of INR99.8
mil. into PHL as share capital and unsecured loan, and INR126
mil. came in as a term loan from a bank.
RATING SENSITIVITIES
Positive: Timely completion of the hotel project with no further
cost overruns along with stabilization of operations could result
in a positive rating action.
Negative: Further delays in project completion leading to cost
and time overruns and/or tightening of liquidity would be
negative for the ratings.
COMPANY PROFILE
Incorporated in November 2007, PHL is implementing a three-star
hotel in Shirdi, Maharashtra. The company is a 100% subsidiary
of Parsvnath Developers. The hotel once completed has been
proposed to be promoted by ITC Welcome group under its 'Fortune
Hotels' brand and would comprise 52 room keys with facilities
such as a conference room, a restaurant, and a travel desk.
PG ELECTROPLAST: CRISIL Ups Rating on INR215MM Term Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
PG Electroplast Limited (PGEL) to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 210 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
Letter of credit & 180 CRISIL A4+ (Upgraded from
Bank Guarantee 'CRISIL A4')
Term Loan 38 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
Working Capital 215 CRISIL BB-/Stable (Upgraded
Term Loan from 'CRISIL B+/Stable')
The upgrade reflects CRISIL's belief that PGEL will sustain its
improved business and financial risk profiles over the medium
term. The company's operating margin rose to 7.8% in fiscal 2016
from 5.5% in fiscal 2015, while revenue grew 9%, mainly due to
better raw material prices and economies of scale. The revenue
growth and operating margin will sustain over the medium term
because of the company's improved bargaining power backed by
diversification in product portfolio and addition of customers
from industries such as automotive components, mobile handsets,
and sanitary ware. Its financial risk profile has improved marked
by sufficient cushion between cash accrual and term debt
obligation of INR80 million in fiscal 2017. The surplus cash
accrual will support working capital management in the absence of
any major debt-funded capital expenditure (capex) plan in the
near term. CRISIL believes PGEL's financial risk profile will
remain above average over the medium term driven by low total
outside liabilities to tangible networth ratio and improving debt
protection metrics.
The ratings reflect PGEL's above-average financial risk profile
because of healthy networth and low gearing, the extensive
industry experience of its promoter in the electronic
manufacturing services (EMS) segment, and its established
relationships with customers. These strengths are partially
offset by the company's large working capital requirement and
limited financial flexibility indicated by high dependence on
bank limits.
Outlook: Stable
CRISIL believes PGEL will continue to benefit from its
established presence in the EMS segment. The outlook may be
revised to 'Positive' in case of more-than-expected cash accruals
largely driven by the ramp up in new customer segments, and
improvement in working capital cycle. The outlook may be revised
to 'Negative' if cash accrual is lower than expected, or if the
working capital cycle lengthens, or if the company undertakes
sizeable debt-funded capex, weakening its financial risk profile,
especially liquidity.
PGEL, set up in 2003 by Mr. Promod Gupta, manufactures printed
circuit board assemblies, colour fluorescent lamps, electrical
home and kitchen appliances, and plastic injection mouldings for
major consumer durables. Company also caters to other industries
such as automotive components, mobile handsets and sanitary ware.
It has facilities in Roorkee, Uttarakhand; Greater Noida, Uttar
Pradesh; and Pune, Maharashtra. PGEL's shares are listed at
Bombay stock exchange (BSE) and National stock exchange (NSE).
PHOROTECH SURFIN: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Phorotech Surfin
India Pvt Ltd's (PSIPL) 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will
now appear as 'IND BB+(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for PSIPL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
PSIPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
from 'IND BB+'/Stable
-- INR30 mil. fund-based working capital limits: migrated to
long-term 'IND BB+(suspended)' from 'IND BB+' and short-
term 'IND A4+(suspended)' from 'IND A4+'
-- INR52.3 mil. long-term bank loans: migrated to long-term
'IND BB+((suspended)' from 'IND BB+'
-- Proposed INR24.7 mil. long-term loans: migrated to long-
term 'provisional IND BB+(suspended)' from 'provisional
IND BB+'
RAGHUVEER METAL: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raghuveer Metal
Industries Limited (RMIL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect RMIL's moderate scale of operations and weak
credit profile. According to the provisional financials for
FY16, RMIL's revenue was INR1,207.40 mil. (FY15: INR1,298.84
mil.), net leverage (total adjusted net debt/operating EBITDA)
was 2.7x (2.9x), interest coverage (operating EBITDA/gross
interest expense) was 1.6x (1.8x). The ratings also factor in
the company's weak operating margins of 2.45% in FY16 (FY15:
2.38%).
The ratings are constrained by RMIL's discontinued association
with the brand Kamdhenu Ispat Limited (KIL) as KIL has a ready
market for its products. The termination of the agreement with
KIL is likely to negatively hamper the overall top line and
operating margins of RMIL. The ratings also factors in RMIL's
stressed liquidity position with almost full utilization of its
fund-based limits during the 12 months ended June 2016.
The ratings, however, draw support from RMIL's directors'
extensive experience of over three decades in the iron & steel
industry.
RATING SENSITIVITIES
Positive: An improvement in the operating profit and credit
metrics could be positive for the ratings.
Negative: A decline in the operating profit leading to
deterioration in the credit metrics could be negative for the
ratings.
COMPANY PROFILE
Incorporated in 1997, RMIL manufactures steel ingots, thermo-
mechanically treated (TMT) and cold twisted bars in Ajmer
(Rajasthan) with an annual installed capacity of 46,800 tonnes of
steel ingots and 60,000 tonnes of TMT bars. RMIL had been a
franchisee of Kamdhenu Ispat Ltd in Rajasthan since 2005. RMIL
sells around 80%-90% of its products to Rajasthan Steels and
Rajasthan Commercial House, which are owned by the same promoters
and are also involved in the trading of steel and iron products.
RMIL's ratings:
-- Long Term Issuer Rating: assigned 'IND BB'/Stable
-- INR90 mil. fund-based limits: assigned 'IND BB'/Stable/ and
'IND A4+'
-- INR40 mil. non-fund-based limits: assigned 'IND A4+'
RAINBOW TRACTORS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Rainbow Tractors (RT).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B+/Stable
The rating reflects a modest scale of operation and geographical
concentration in revenue profile. These weakness are partially
offset by an established regional market position in the
automobile dealership business and the extensive industry
experience of the firm's partners.
Outlook: Stable
CRISIL believes RT will maintain its established market position
as a dealer of tractors of Mahindra & Mahindra Ltd (M&M) in the
Nanded district of Maharashtra, over the medium term. The outlook
may be revised to 'Positive' if there is substantial and
sustained improvement in revenue and profitability, or
considerable increase in networth on the back of capital
infusion. The outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant
deterioration in the capital structure of the firm, most likely
because of larger-than-expected working capital requirement,
RT was set up in 1998 in Nanded as a partnership firm; it is an
authorised dealer of M&M tractors and spare parts. It is managed
by its partner, Mr. Abdul Waheed.
RLJ INFRACEMENT: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of RLJ
Infracement Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12 CARE B+ Assigned
Rating Rationale
The rating assigned to RLJ Infracement Private Limited (RLJ) is
primarily constrained by limited experience of management, small
scale and short track record of operations, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by intense competition in the industry and dependence on real
estate sector.
The rating, however, draws comfort from moderate profitability
margins and strategic location of the plant. Going forward, the
ability of the company to profitably scale up its operations,
improve its capital structure and effectively manage the working
capital requirements shall be the key rating sensitivities.
West Bengal-based RLJ was originally incorporated in March 2008
as RLJ Steel Plant Private Limited. Thereafter, it changed its
name to RLJ Infracement Private Limited in November 2013. Its
commercial operations commenced in September 2014. It is
currently being managed by Mr Manmohan Agarwal, Mr Rameshwar
Singh and Mr Sneh Jain. They collectively look after the overall
operations of the company.
The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh.
The company has two cement grinding mills having total installed
capacity of 90,000 TPA each. The company majorly procures raw
material, ie, clinker, from the company based in Satna, Madhya
Pradesh. The other raw materials i.e. gypsum and fly ash are
procured from Rajasthan and Uttar Pradesh. The company procures
packaging material from its group company "RLJ Woven Sacks
Private Limited" based in Kolkata. The company mainly sells its
products in the regions of Bihar and Uttar Pradesh under the
brand 'RLJ Captain King Cement'.
The company's associate concerns, namely, RLJ Woven Sacks Private
Limited, RLJ Multigrain Private Limited, S A Iron & Alloys
Private Limited, Shree Salasarhanumanji Grains Private Limited,
Sudarshan Beopar Company Limited, RLJ Concast Private Limited,
RLJ Sarees Private Limited and Aadyakirti Fashions Private
Limited engaged in different types of business as manufacturing
of HDPE Bags, sponge iron, atta, sooji, maida and embroidery of
sarees.
In FY15 (refers to the period September 1 to March 31), the
company achieved a total operating income (TOI) of INR9.77
crore with PBILDT and PAT of INR1.09 crore and INR0.10 crore,
respectively. Furthermore, in FY16, the company achieved
total sales of INR19.73 crore (as per the unaudited results).
SARA CREATION: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sara Creation
Inc. (SCI) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.
KEY RATING DRIVERS
The ratings reflect SCI's small scale of operations. According
the company's FY16 provisional financials, its revenue declined
by around 21% to INR276.63 mil. (FY15: INR351.77 mil.). The
ratings also factor in the partnership form of the organization
and very high customer concentration risk as only one customer
contributes around 80% to the total top-line.
The ratings, however, are supported by SCI's comfortable credit
metrics, with net leverage (total adjusted net debt/operating
EBITDA) of 2.26x in FY16 (FY15: 1.71x), gross interest coverage
(operating EBITDA/gross interest expense) of 4.31x (5.44x) and
comfortable EBITDA margins of 9.13% (4.81%).
The ratings reflect SCI's comfortable liquidity position, as
evident from around 60.28% average utilization of its fund-based
working capital limits during the 12 months ended June 2016. The
ratings are further supported by over three decades of extensive
experience of the company's directors in the textile industry.
RATING SENSITIVITIES
Positive: The ability of the firm to expand its clientele and a
substantial growth in its top-line while maintaining the current
credit metrics could lead to a positive rating action.
Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could be negative for the
ratings.
COMPANY PROFILE
SCI is a garments manufacturer and exporter with a registered
office and a factory in Noida. The company procures raw material
from domestic market and exports 100% of its products to the US,
Germany, the UK and Belgium.
SCI's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR50 mil. term loan: assigned 'IND BB-'/Stable
-- INR60 mil. fund-based limit: assigned 'IND BB-'/Stable/
'IND A4+'
SHIVALIK VYAPAAR: CRISIL Reaffirms 'D' Rating on INR189.6MM Loan
----------------------------------------------------------------
CRISIL rating continue to reflect instances of delays by Shivalik
Vyapaar Private Limited (SVPL) in servicing its term debt; the
delays have been caused by the company's weak liquidity. The weak
liquidity has been on account of its stretched working capital
cycle.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 189.6 CRISIL D (Reaffirmed)
Term Loan 6.7 CRISIL D (Reaffirmed)
SVPL also has a modest scale of operations, and a weak financial
risk profile, marked by low net worth, and weak capital structure
and debt protection metrics. SVPL, however, benefits from its
promoters' extensive industry experience and its established
customer relationships.
Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures
automotive and industrial batteries and valve-regulated lead-acid
(VRLA) batteries. The company has a battery manufacturing
facility in Sanwar (Madhya Pradesh).
SHREE RAJ: CARE Assigns B+ Rating to INR5.0cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Raj Metalloys Pvt. Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.00 CARE B+ Assigned
Short-term Bank Facilities 1.50 CARE A4 Assigned
Rating Rationale
The rating assigned to the bank facilities of Shree Raj Metalloys
Pvt. Limited (SMPL) is constrained by its relatively small scale
of operations, volatility in prices of trading materials and
forex rates, stiff competition due to fragmented nature of the
industry with presence of many unorganized players, working
capital intensive nature of business and leveraged capital
structure. The aforesaid constraints are partially offset by
experienced promoter with long track record of operations and
strategic location of the unit.
Ability to increase its scale of operations with improvement in
profit margins and ability to manage working capital effectively
are the key rating sensitivities.
Shree Raj Metalloys Pvt. Limited (SMPL) incorporated in the year
July 1991, was promoted by Mr Navin Bansal and Ms Navita Bansal
of Kolkata, West Bengal with Mr Navin Bansal being the main
promoter. SMPL is engaged in trading of iron and steel related
products like iron and steel scrap, iron and steel waste and H.R.
coils at its facility in Kolkata (West Bengal). Mr Navin Bansal,
the Managing Director, looks after the day to day operations of
the entity.
As per the provisional results of FY16 (refers to the period
April 1 to March 31), SMPL reported a PBILDT of INR0.90 crore
(PBILDT of INR0.99 crore in FY15) and PAT of INR0.09 crore (PAT
of INR 0.09 crore in FY15), on a total operating income of
INR19.80 crore (Total operating income of INR 38.55 crore in
FY15).
SHRID METAL: CRISIL Reaffirms B- Rating on INR45MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shrid Metal
Technologies Private Limited (SMTPL) continue to reflect its weak
financial risk profile and constrained liquidity driven by debt-
funded capital expenditure, limited ramp-up in operations, and
depressed profitability. The ratings also factor in small scale
of operations and large working capital requirement. These rating
weaknesses are partially offset by the extensive experience of
promoters in the engineering industry and their continued funding
support.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 45 CRISIL B-/Stable (Reaffirmed)
Term Loan 15.8 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes SMTPL will continue to benefit over the medium
term from the extensive industry experience and continued funding
support. The outlook may be revised to 'Positive' in case of
improvement in the financial risk profile, especially liquidity,
driven by higher cash accrual, or infusion of large funds by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on liquidity on account of lower cash
accrual or a stretch in its working capital cycle impacting its
ability to service debt.
Update
Turnover is estimated at INR144 million in Fiscal 2016, with a
year-on-year growth of 56%. However, SMTPL is yet to ramp up its
operations. It operates at 30% capacity utilisation. Due to low
capacity utilisation, it is operating below its breakeven point,
leading to cash losses of over INR25 million in Fiscal 2016.
However the company is in ramp up mode with incremental orders
from its new customers. CRISIL expects, the company would be able
to ramp up its operations and will be able to operate above its
breakeven point. However, it is likely to incur profit after tax
(PAT) loss in Fiscal 2017.
Working capital cycle remained large, with gross current assets
estimated at 180 days as on March 31, 2016, driven by sizeable
inventory and moderate receivables. However, working capital
management is supported by credit from suppliers and advance
payments by customers. To support the working capital, it almost
fully utilises its bank lines.
Promoters have been continuously infusing funds to support
operations. During Fiscal 2016 and 2017, there was an infusion of
INR70 million till May 2016. These have been used to fund the
losses incurred in the past and to support its working capital
requirements. Despite infusion of funds, the networth shall
remain negative due to high accumulated losses.
SMTPL, incorporated in 2012, manufactures machined and forged
components, which find application in the defence, food-
processing, pharmaceuticals, and automobile industries. The
manufacturing facility is located in Pune, Maharashtra, with
installed capacity of 700 tonne per month. The company has been
promoted by Mr. Shriyash Kulkarni and his family.
SHYAM PLASTIC: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Shyam Plastic Industries (SPI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 25 CRISIL B/Stable
Cash Credit 45 CRISIL B/Stable
Letter of Credit 30 CRISIL A4
The ratings reflect small scale of operations in the highly
fragmented footwear industry, moderate customer concentration in
revenue profile, and below-average financial risk profile driven
by highly working capital intensive operations. These weaknesses
are mitigated by the extensive experience of the management in
the footwear industry and their established relationships with
key customers.
Outlook: Stable
CRISIL believes SPI will benefit over the medium term from the
promoters' extensive industry experience and association with
reputed customers. The outlook may be revised to 'Positive' if
the firm increases its scale of operations significantly and
sustainably while maintaining moderate profitability, leading to
higher cash accrual. Conversely, the outlook may be revised to
'Negative', if low revenue and cash accrual, stretch in working
capital cycle, or any unanticipated capital expenditure weakens
financial metrics.
SPI is a Haryana based partnership firm manufacturing footwear,
including gents' shoes, sports shoes, and chappals. SPI was
formed by Mr. Radheshyam Singhal in 2009; the firm has a
manufacturing capacity of around 2 lakh pairs per month in
Bahadurgarh, Haryana.
SONEX TV: CRISIL Raises Rating on INR110MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Sonex TV Appliances Private Limited (STAPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'. The rating on the company's
short-term facilities has been reaffirmed at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 110 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Letter of Credit 35 CRISIL A4 (Reaffirmed)
Proposed Long Term 25 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating upgrade reflects improvement in business risk profile,
backed by track record of consistent growth in revenue level. The
revenue level has improved by 19% y-o-y and the same is estimated
to remain at Rs.82.11 crore in 2015-16 compared to Rs.69.58 crore
in 2014-15. This was mainly due to diversification of its
business by acquiring distributorship of new brands like LG
Electronics and Hitachi Limited in 2015-16 and improvement in its
dealer base which has increased to over 300 from 200 in West
Bengal. CRISIL believes STAPL's business risk profile is expected
to improve further over the medium term backed by better market
penetration and incremental revenues being generated from
distributorship of the new brands bagged by the company during
2015-16.
The ratings continue to reflect STAPL's below-average financial
risk profile, marked by small networth, high total outside
liabilities to tangible networth ratio, and weak debt protection
metrics. The ratings also factor in STAPL's modest scale of
operations and exposure to intense competition in the consumer
electronics industry, resulting in low profitability margins.
These rating weaknesses are partially offset by the extensive
experience of STAPL's promoters in the consumer electronics
distributorship business.
Outlook: Stable
CRISIL believes STAPL will continue to benefit over the medium
term from the extensive experience of the promoters, and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of increase in the company's scale
of operations and profitability, along with improvement in its
capital structure, resulting in significantly better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accrual, stretch in working capital cycle,
or any debt-funded capital expenditure weakens financial risk
profile, particularly liquidity.
STAPL was established as a partnership firm in 1992 in Kolkata;
the firm was reconstituted as a private limited company in 2000.
STAPL distributes various consumer electronic products in West
Bengal. Its promoters, Mr. Arun Poddar and Mr. Chandra Lal
Chowdhury, manage its day-to-day operations.
SREEDEVI PLASTI: Ind-Ra Suspends D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sreedevi Plasti
Tech Pvt Ltd's (SPTPL) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as
'IND D(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SPTPL. The ratings will
remain in the suspended category for a period of six months and
be withdrawn at the end of that period. However, in the event
the issuer starts furnishing information during the six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.
SPTPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
from 'IND D'
-- INR50.5 mil. term loan: migrated to Long-term
'IND D(suspended)' from 'IND D'
-- INR8 mil. fund-based working capital limits: migrated to
Long-term/Short-term 'IND D(suspended)' from 'IND D'
SUNRISE INTEGRATED: CRISIL Assigns B+ Rating to INR60MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sunrise Integrated Facility Private
Limited (SIFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 60 CRISIL B+/Stable
Bank Guarantee 5 CRISIL A4
Cash Credit 35 CRISIL B+/Stable
The ratings reflects below average financial risk profile, marked
by small networth and high total outside liabilities to networth
ratio, modest scale of operations, and large working capital
requirements. These rating strengths are partially offset by
established customer base and extensive experience of the
promoters in facility management services, and stable operating
profitability.
Outlook: Stable
CRISIL believes SIFPL will benefit over the medium term from its
promoter's extensive experience in facility management services
y. The outlook may be revised to 'Positive' if there is
improvement in financial risk profile on the back of higher than
expected cash accruals or sizeable equity infusion from the
promoters. Conversely, the outlook may be revised to 'Negative'
if decline in profitability, any large, debt-funded capital
expenditure, or stretch in working capital cycle weakens key
credit metrics.
SIFPL was set up in 2008 as a proprietorship firm, Sunrise
Facility Sons, by Mr. Vishal Goel and his wife, Mrs Chahvi Goel
and was incorporated in 2012. The company provides complete
facility management services including housekeeping, cleaning,
pantry services, electromechanical services and pest control etc.
The company is based in Panchkula (Haryana) and provides services
across India.
TM MOTORS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned TM Motors
Private Limited (TMMPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The agency has also assigned the
company's INR120 mil. fund-based facility Long-term 'IND
BB+'/Stable and Short-term 'IND A4+' ratings.
KEY RATING DRIVERS
The ratings reflect TMMPL's moderate to small scale of operations
with revenue of INR646.26 mil. according to FY16 provisional
financials (FY15: INR609.60 mil.). The ratings also factor in
the weak EBITDA margin of 3.04% in FY16 (FY15: 3.58%) due to the
inherent trading-based nature of business.
The ratings, however, are supported by comfortable liquidity
position of the company as evident from the average cash credit
utilization of 85.43% during the 12 months ended June 2016. The
ratings factor in TMMPL's moderate to strong credit metrics with
satisfactory interest coverage (operating EBITDA/gross interest
expense) of 2.30x in FY16 (FY15: 2.48x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 2.74x
(FY15: 1.70x).
The ratings are further supported by around three decades of
experience of the company's promoters in trading of four-wheelers
and its authorized 3S dealership of Maruti Suzuki India Limited.
RATING SENSITIVITIES
Negative: Any further decline in the company's EBITDA margins
leading to deterioration in the credit metrics could lead to a
negative rating action.
Positive: A sustained revenue growth along with improved credit
metrics could lead to a positive rating action.
COMPANY PROFILE
TMMPL, incorporated in 2008, is into four-wheelers trading. The
authorised 3S dealership is located in Bharatpur (Rajasthan).
VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vardhman Rice
Exports Private Limited (VREPL) continues to reflect a weak
financial risk profile because of a high total outside
liabilities to tangible networth (TOLTNW) ratio and weak debt
protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Term Loan 28.3 CRISIL B+/Stable (Reaffirmed)
Warehouse Receipts 21.7 CRISIL B+/Stable (Reaffirmed)
The rating also factors in working capital-intensive and a small
scale of, operations with customer concentration in revenue.
These weaknesses are partially offset by the extensive experience
of the company's promoters in the rice milling industry and their
funding support.
Outlook: Stable
CRISIL believes VREPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of capital infusion,
prudent working capital management, and significant increase in
sales and cash accrual, resulting in improvement in liquidity and
capital structure. The outlook may be revised to 'Negative' in
case of low cash accrual, increase in working capital
requirement, or sizeable debt-funded capital expenditure (capex),
leading to deterioration in the financial risk profile,
particularly liquidity.
Update
Operating income decreased by around 15% year-on-year to an
estimated INR441 million in fiscal 2016, owing to adverse market
conditions and decrease in price of rice. The operating income
is, however, expected to grow at 15-20% annually over the medium
term largely driven by improvement in realisations. Scale of
operations, though, will continue to be constrained by customer
concentration. The company does not sell basmati full-grain rice
under its own brand in the domestic market, and therefore has
high dependence on existing customers.
Net profitability is expected to remain weak at around 0.2% owing
to weak bargaining power in a highly fragmented industry.
Operations are working capital intensive, with gross current
assets and inventory estimated at 205 and 180 days, respectively,
as on March 31, 2016. Large working capital requirement along
with low net cash accrual leads to high dependency on bank
borrowing.
Consequently, the financial risk profile remains weak, with high
TOLTNW ratio, estimated of 5.4 times as on March 31, 2016.
Interest coverage and net cash accrual to total debt ratios were
low estimated at 1.3 times and 0.02 time, respectively, in fiscal
2016. Net cash accrual is expected to be just about adequate to
service maturing debt over the medium term. There are no major
capex plans.
Established in 2013 by Mr Prem Chand, Mr Sunil Kumar, Mr Hans
Raj, and Mr Raj Kumar, VREPL mills basmati rice. Its
manufacturing unit in Patran, Punjab, has milling and sorting
capacities of 4 tonne per annum each.
VIBHAV FARMS: Ind-Ra Assigns D Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vibhav Farms
(VF) a Long-Term Issuer Rating of 'IND D'.
KEY RATING DRIVERS
The ratings reflect VF's continuous delays in term debt servicing
for the 12 months ended June 2016. Also, the company fully used
the working capital facility over the 12 months ended May 2016,
indicating its stressed liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for a period of at least three
consecutive months could result in positive rating action.
COMPANY PROFILE
VF is a Telangana-based partnership firm involved in the poultry
business. FY15 was its first full year of operations. According
to the provisional results for FY16, revenue was INR86.1 mil.
(FY15: INR55.1 mil.), EBITDA margin was 19.8% (8.7%) net
financial leverage (Ind-Ra adjusted net debt/operating EBITDAR)
was 3.9x (9.3x) and EBITDA interest coverage (EBITDA/gross
interest expense) of 1.8x (3.7x).
VF's ratings:
-- Long-Term Issuer Rating: assigned 'IND D'
-- INR15.0 mil. fund-based working capital limits: assigned
Long-term 'IND D'
-- INR10.6 mil. working capital term loan limits: assigned
Long-term 'IND D'
-- INR33.8 mil. term loan limits: assigned Long-term 'IND D'
-- Proposed INR10.0 mil. fund-based working capital limits:
assigned Long-term 'Provisional IND D'
VORTEX RUBBER: CRISIL Cuts Rating on INR80MM Cash Loan to B
-----------------------------------------------------------
CRISIL has downgraded the rating of Vortex Rubber Industries
Private Limited (VRIPL) on the long term bank facility to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects significant deterioration in
liquidity profile; marked by continuous overutilisation in bank
lines with instances of adhoc limits availed by the company
during fiscal 2016. The account was continuously overdrawn for
more than 30 days during the period of Nov'2015-Feb'2016.
However, the same was permitted by the bank. The high utilisation
was resulted from significant increase in topline to Rs.499.4
million during fiscal 2016 from Rs.281.2 million during fiscal
2015 leading to high working capital requirements. Currently, the
banker has confirmed that the account is regular over the past
three months ended June' 2016 and temporary overdrawals of
Rs.10.0 million has been availed by the company. CRISIL believes
that liquidity is expected to remain stretched over the medium
term due to high scale of operations and high working capital
requirements.
The rating reflects VRIPL's modest scale of operations in a
highly fragmented business and its average risk management
policies. These rating weaknesses are partially offset by
extensive experience of VRIPL's promoters in the tyre trading
industry.
Outlook: Stable
CRISIL believes that VRIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of improvement
in liquidity resulted from improvement in working capital
management or in case of significant increase in scale of
operations and profitability leading to high cash accruals
leading to optimum utilisation of bank lines. The outlook may be
revised to 'Negative' if VRIPL's financial risk profile,
particularly its liquidity, weakens on account of decline in
revenue and profitability or increase in working capital
requirements.
VRIPL was incorporated in 2013 by Delhi-based Chadha family.
VRIPL trades in truck and bus tyres. Mr. Harminder Singh Chadha,
one of the company's directors, is actively engaged in managing
its day-to-day operations.
===============
M A L A Y S I A
===============
1MALAYSIA: Singapore Probe Goldman Unit Over 1MDB Bond Deals
------------------------------------------------------------
Reuters reports that Singapore's central bank has said it is
examining the extent of involvement by Goldman Sachs' local unit
in bond deals for Malaysian state investor 1Malaysia Development
Berhad (1MDB).
According to Reuters, the Monetary Authority of Singapore (MAS)
has been questioning banks and financial institutions since last
year as part of investigations into possible money laundering in
the city-state linked to 1MDB.
"MAS supervisory examination into the extent of Goldman Sachs
(Singapore) Pte's involvement in the 1MDB bond deals is still
ongoing," an MAS spokesman said in an e-mail statement to Reuters
on July 30.
"MAS will take decisive regulatory actions against any financial
institution or individual in Singapore that has breached
regulations or failed to meet the expected anti-money laundering
standards," it said, the report adds.
A Goldman Sachs spokesman in Hong Kong declined to comment on the
Singapore inquiry, Reuters notes.
Reuters recalls that the United States government alleged last
month that billions of dollars were diverted from bond deals
arranged by Goldman, for the personal use of officials and some
people associated with the state fund.
Goldman Sachs, which earned close to US$600 million (SGD804
million) to arrange and underwrite the 1MDB bonds, has not been
accused of wrongdoing by the US authorities, Reuters says.
The Wall Street Journal, which earlier reported the MAS inquiry,
also said the US authorities had issued subpoenas to Goldman
Sachs for documents related to the bank's dealings with 1MDB,
adds Reuters.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.
Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015. The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.
====================
N E W Z E A L A N D
====================
INFRACON LIMITED: Liquidation Ends With All Debts Paid
------------------------------------------------------
Jono Galuszka at Stuff.co.nz reports that the liquidation of
council-owned roading construction company Infracon has ended,
with the millions of dollars of debts the business left on its
collapse all paid.
Infracon was placed into liquidation in August 2014 by its two
owners, Tararua and Hawke's Bay district councils, then quickly
purchased by Manawatu roading firm Higgins -- which has since
been sold to Australian company Fletcher Building -- for
NZ$7 million, according to Stuff.co.nz.
There were 220 staff made redundant in the liquidation of
Infracon, with Tararua mayor Roly Ellis previously telling Stuff
the majority of them either retired or found other employment,
the report relates.
According to Stuff.co.nz, liquidator Tony Pattison of
PricewaterhouseCoopers released his final report into the
Infracon's affairs in July, which showed the liquidation went
well on a financial basis.
Stuff.co.nz says the report went over the history of Infracon --
one which operated for more than 20 years doing civil
construction, roading maintenance and quarry maintenance in and
around Tararua -- before discussing the liquidation.
Liquidators assessed the business, and closed down the parts
found not viable.
The remaining three parts -- the Central Hawkes Bay division, and
the aggregates and energy divisions -- continued to trade before
being sold to Higgins, says Stuff.co.nz.
The sale was completed in late-2014, but the accounts receivable
was not passed on to Higgins as part of the deal, the report, as
cited by Stuff.co.nz, said.
Most of that money was passed on to Infracon's owners prior to
the end of the liquidation, Stuff.co.nz notes.
Stuff.co.nz adds that the report said all debts had been paid,
with employees paid NZ$3 million, Inland Revenue NZ$489,000, and
unsecured creditors paid NZ$1.2 million plus interest.
The NZ$1.15 million in leftover cash was paid to the two
councils, the report said, Stuff.co.nz relays.
Infracon Limited provided civil engineering and construction
services.
PRIMROSE & FINCH: Bridal Shop Goes Into Liquidation
---------------------------------------------------
Corazon Miller at NZ Herald reports that at least 45 women
preparing to get married have been left in the lurch by a bridal
boutique going bust.
The Herald relates that Primrose & Finch, which operated stores
in Auckland and Melbourne, has gone into liquidation, as its
owners left for Britain -- seemingly without so much as a word of
warning to its clientele.
According to the Herald, Bryan Williams, of BWA Insolvency, said
he'd been flooded with calls from brides-to-be.
He said "at least 45" would-be brides had paid a deposit and were
without a dress, the report relates.
Mr. Williams, appointed liquidator on the failed company on
July 27, said women in Australia were affected by the boutique's
closure as well.
"I am surprised," the report quotes Mr. Williams as saying. "It's
far more complex than the directors had led me to believe."
The Herald relates that Mr. Williams said directors Kerry and
Matthew Smith indicated the liquidation had come about as a
result of problems with its Melbourne business.
However, a former contractor who worked as a seamstress for the
Australian store, Jayne Coney, told the Herald that as far as she
knew business had been going strong.
"He told me it hadn't been a good season, which is rubbish
because we'd been selling dresses like crazy, making a lot of
money," the Herald quotes Ms. Coney as saying. "But apparently in
New Zealand it had been a bad season."
Email correspondence given to the Weekend Herald indicated
financial troubles were used as an explanation to staff for their
unpaid wages.
"This has been the hardest wedding season by far, and we have
learned a lot of valuable lessons," one email said. The firm was
trying to "juggle cash," the Herald relays.
Ms. Coney stopped working for the company in Easter, the report
notes.
The Herald, citing the Australian Securities and Investment
Commission site, says Primrose & Finch Limited was registered in
the country on June 11, 2015, and despite the store's closure,
less than a year after it opened, the company remains on the
register.
According to the Herald, Mr. Williams initially thought the
Melbourne store had closed in May, but has since heard another
employee might have been hired in June.
"It's concerning, if they knowingly took transactions and knew
they weren't going to be able to deliver."
Mr. Williams said the liquidation process was a complicated
matter that could take weeks, adds the Herald.
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF ALABAT: MB Prohibits Operations of Bank
-----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
approved to prohibit Rural Bank of Alabat (Quezon), Inc. from
doing business in the Philippines by virtue of MB Resolution No.
1316 dated July 28, 2016. It directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
July 29, 2016.
Rural Bank of Alabat is a three-unit rural bank with head office
located at Caliwara cor. Rizal Sts., Brgy. 2, Alabat, Quezon. Its
two branches are located in Atimonan and Mauban, both in the
province of Quezon. Based on the Bank Information Sheet filed by
the bank with the PDIC as of December 31, 2015, Rural Bank of
Alabat is owned by Dionisio V. Llamas (30.09%), Alicia C. Llamas
(14.53%), Donaciano V. Llamas (9.35%), Nadina G. Paclibon
(6.29%), Rolando L. Llamas (5.77%), Filomena L. Naranjilla
(3.75%), Analinda L. Sunga (3.51%), Sergio L. Naranjilla (3.46%),
Jerry A. Llamas (2.75%), Marian Therese Franc S. Lagasca (2.16%),
and Mariano Velarde (2.12%). The Bank's President is Emil Karlo
L. Joven and its Chairman is Alicia C. Llamas.
Latest available records show that as of March 31, 2016, Rural
Bank of Alabat had 15,359 accounts with total deposit liabilities
of PHP121.0 million. Total insured deposits amounted to PHP111.5
million involving 99.8% of total deposit accounts.
PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.
Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Rural Bank of Alabat or acted as co-makers of
these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to concerned depositors at their addresses
recorded in the bank by the third week of August 2016.
Depositors may update their addresses until August 9, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.
For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts not later than the third week of August 2016.
Depositors are advised to be ready to present the original copy
of their evidence of deposit such as savings passbook,
certificate of time deposit, unused checks or latest bank
statement; and two (2) original valid photo-bearing
identification documents (IDs) which are basic requirements in
filing deposit insurance claims. PDIC may require additional
documents in the course of claims processing.
The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on August 11-12, 2016. All depositors, borrowers
and creditors of the bank are enjoined to attend the Forum to
verify with PDIC representatives if they are eligible for early
payment and the manner of paying their loan obligations with the
bank. Those not eligible will be informed of the requirements and
procedures for filing deposit insurance claims. The time and
venue of the Forum will be posted in the bank's premises and
announced in the PDIC website, www.pdic.gov.ph. Likewise, the
schedule of the claims settlement operations, as well as the
requirements and procedures for filing claims will be announced
through notices to be posted in the bank premises, other public
places and the PDIC website.
Rural Bank of Alabat is the third bank to be ordered closed by
the MB following the effectivity on June 11, 2016 of Republic Act
No. 10846 that amended the PDIC Charter.
For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph.
=================
S I N G A P O R E
=================
SWIBER HOLDINGS: Seeks Judicial Management Instead of Liquidation
-----------------------------------------------------------------
Reuters reports that Singapore oilfield services company Swiber
Holdings Ltd said on July 29 it has applied to place itself under
judicial management instead of liquidation.
According to the report, Swiber shocked markets earlier last week
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.
Judicial management allows a financially-distressed company the
room to return to financial health under the supervision of the
Singapore Court rather than a more disruptive process of
liquidation that reduces the chances of recouping the full value
of debt for creditors, Reuters notes.
"Today, the company and its subsidiary, Swiber Offshore
Construction Pte Ltd (SOC), have taken out applications to place
the Company and SOC under judicial management and interim
judicial management," Reuters quotes Swiber as saying in a filing
to the Singapore Exchange. "As a consequence, the company has
applied to discharge the provisional liquidation order and to
withdraw the winding up application."
Reuters adds that Swiber also said there was an error in its
earlier announcement that its Chief Finance Officer and three
directors had resigned.
SWIBER HOLDINGS: DBS Expects to Recoup Half of SGD700MM Exposure
----------------------------------------------------------------
Reuters reports that DBS Group Holdings, Singapore's biggest
lender, said it expects to recover about half of its total
exposure of SGD700 million ($517.4 million) to Swiber Holdings
Ltd (SWBR.SI).
Reuters relates that DBS said on July 28 it would tap into its
reserves to provide fully for the anticipated shortfall and that
it expects the net allowance charge to be lower, at about
SGD150 million.
DBS's exposure to Swiber was through loans, bonds and off-balance
sheet items and that it expected a minimal impact on its capital
adequacy ratio due to the exposure, the company said in a
statement, Reuters relays.
United Overseas Bank said it had some exposure to Swiber, but
added that it was "something manageable," Reuters reports.
According to Reuters, Singapore lenders' profits are under
pressure due to slowing Asian economies, and weak commodity
prices that have forced them to set aside more money to cover
loans to the energy sector.
DBS is scheduled to report second-quarter results on Aug. 8, says
Reuters.
===============
X X X X X X X X
===============
* Cheap Oil Squeezes South Asia's Cash Lifeline, WSJ Reports
------------------------------------------------------------
Gabriele Parussini at The Wall Street Journal reports that
chronically low oil prices are disrupting a critical financial
lifeline across Asia and depriving economies of much-needed hard
currency.
The Journal says the flow of cash, or remittances, from Asian
citizens working in the Gulf soared when the price of oil was
high, boosting growth across the board. The billions of dollars
in annual inflows paid for necessities such as schooling and
health care and helped propel families into the middle class for
the first time.
Now that money is disappearing, perhaps permanently, as laborers
lose work in oil-driven Mideast countries. That's adding a new
threat to growth in some Asian nations and depriving them of
currency inflows they need to balance their national accounts and
keep their currencies from depreciating too quickly, according to
the Journal.
A barrel of Nymex crude is now trading at around $41, up from
below $30 earlier this year, the Journal discloses. But prices
are a long way from the peak of the boom and aren't expected to
return to previous highs soon. In February 2014, a barrel of
crude cost more than $100.
Demonstrating the pressures of sustained low prices, thousands of
Indian workers protested in Saudi Arabia on July 30 at being left
without jobs, pay and food after they were laid off. The Indian
government stepped in over the weekend to hand out food to hungry
workers, the Journal says.
A drop-off in funds from migrant workers contributed to a crisis
in Sri Lanka that forced the government to take a $1.5 billion
emergency loan from the International Monetary Fund earlier this
year, the Journal reports. Falling inflows to Nepal, where
transfers from overseas workers are equivalent to about 28% of
annual national economic output, are undercutting the
impoverished Himalayan country's ability to rebuild from
earthquakes last year, according to the Journal.
The Journal notes that weaker remittances are also making it
tougher for India to provide jobs for the millions of youngsters
that join the workforce each year.
"This is a new normal" for countries that relied on riches
transferred from the Gulf, said Dilip Ratha, a World Bank
economist who studies migrant labor, the Journal relays.
Such funds totaled $64.7 billion in South Asia in 2015, in what
appears to be the high-water mark, up from $36.6 billion five
years earlier, the Journal discloses citing the World Bank.
Although World Bank data for the first part of 2016 isn't
available for all countries, initial figures from elsewhere show
sharp declines, the Journal notes.
Remittances from the Gulf to Bangladesh, where funds from workers
abroad add up to more than 15% of gross domestic product, dropped
4.1% in the 12 months ending in May compared with the same period
a year earlier, according to the country's central bank, the
report discloses.
According to the Journal, Philippine authorities said money flows
from Saudi Arabia and the United Arab Emirates are down 6% in
recent months. Sri Lanka, India and Nepal have also reported
declines from the Gulf in recent months or in 2015, the Journal
states.
* BOND PRICING: For the Week July 25 to July 29, 2016
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
BOART LONGYEAR MANAGEM 10.00 10/1/2018 USD 52.50
BOART LONGYEAR MANAGEM 7.00 4/1/2021 USD 19.00
BOART LONGYEAR MANAGEM 10.00 10/1/2018 USD 61.50
BOART LONGYEAR MANAGEM 7.00 4/1/2021 USD 19.30
CRATER GOLD MINING LTD 10.00 8/18/2017 AUD 23.00
CROWN RESORTS LTD 6.02 4/23/2075 AUD 64.50
DBCT FINANCE PTY LTD 2.40 6/9/2026 AUD 62.08
EMECO PTY LTD 9.88 3/15/2019 USD 53.50
EMECO PTY LTD 9.88 3/15/2019 USD 52.00
IMF BENTHAM LTD 6.16 6/30/2019 AUD 57.50
KBL MINING LTD 12.00 2/16/2017 AUD 0.06
KEYBRIDGE CAPITAL LTD 7.00 7/31/2020 AUD 0.67
LAKES OIL NL 10.00 3/31/2017 AUD 1.70
MIDWEST VANADIUM PTY L 11.50 2/15/2018 USD 7.00
MIDWEST VANADIUM PTY L 11.50 2/15/2018 USD 4.82
RELIANCE RAIL FINANCE 2.28 9/26/2023 AUD 62.40
RELIANCE RAIL FINANCE 2.28 9/26/2023 AUD 62.40
STOKES LTD 10.00 6/30/2017 AUD 0.35
CHINA
-----
ANSHAN CITY CONSTRUCTI 8.25 3/5/2019 CNY 63.00
ANSHAN CITY CONSTRUCTI 8.25 3/5/2019 CNY 64.06
ANYANG INVESTMENT GROU 8.00 4/17/2019 CNY 64.39
BANGBU CITY INVESTMENT 5.78 8/10/2017 CNY 55.74
BEIJING CAPITAL DEVELO 5.95 5/29/2019 CNY 62.14
BEIJING CONSTRUCTION E 5.95 7/5/2019 CNY 82.55
BEIJING CONSTRUCTION E 5.95 7/5/2019 CNY 62.59
BEIJING ECONOMIC TECHN 5.29 3/6/2018 CNY 71.53
BINZHOU BINCHENG DISTR 6.50 7/5/2019 CNY 63.03
CHANGSHA CITY CONSTRUC 6.95 4/24/2019 CNY 63.23
CHANGSHA CITY CONSTRUC 6.95 4/24/2019 CNY 63.24
CHANGSHA COUNTY XINGCH 8.35 4/6/2019 CNY 64.68
CHANGSHU BINJIANG URBA 6.85 4/27/2019 CNY 62.93
CHANGSHU BINJIANG URBA 6.85 4/27/2019 CNY 62.81
CHANGSHU CITY OPERATIO 8.00 1/16/2019 CNY 63.90
CHANGSHU CITY OPERATIO 8.00 1/16/2019 CNY 62.20
CHANGZHOU WUJIN CITY C 6.22 6/8/2018 CNY 51.79
CHANGZHOU WUJIN CITY C 6.22 6/8/2018 CNY 50.00
CHAOYANG CONSTRUCTION 7.30 5/25/2019 CNY 63.56
CHENGDU XINCHENG XICHE 8.35 3/19/2019 CNY 65.60
CHENGDU XINCHENG XICHE 8.35 3/19/2019 CNY 64.50
CHIFENG CITY INFRASTRU 6.18 5/18/2017 CNY 50.01
CHIFENG CITY INFRASTRU 6.18 5/18/2017 CNY 51.67
CHONGQING HECHUAN RURA 8.28 4/10/2018 CNY 52.55
CHONGQING HECHUAN RURA 8.28 4/10/2018 CNY 52.70
CHONGQING HECHUAN URBA 6.95 1/6/2018 CNY 72.43
CHONGQING HECHUAN URBA 6.95 1/6/2018 CNY 71.50
CHONGQING JIANGJIN HUA 6.95 1/6/2018 CNY 71.59
CHONGQING JIANGJIN HUA 6.95 1/6/2018 CNY 70.00
CHONGQING JINYUN ASSET 6.75 6/18/2019 CNY 63.02
CHONGQING JINYUN ASSET 6.75 6/18/2019 CNY 83.20
CHONGQING LAND PROPERT 7.35 4/25/2019 CNY 64.17
CHONGQING NAN'AN URBAN 8.20 4/9/2019 CNY 64.48
CHONGQING NAN'AN URBAN 6.29 12/24/2017 CNY 61.47
CHONGQING XINGRONG HOL 8.35 4/19/2019 CNY 64.25
CHONGQING YONGCHUAN HU 7.49 3/14/2018 CNY 72.30
CHONGQING YONGCHUAN HU 7.49 3/14/2018 CNY 73.40
CHONGQING YULONG ASSET 6.87 5/31/2019 CNY 63.38
CHONGQING YUXING CONST 7.29 12/8/2017 CNY 72.06
DALI ECONOMIC DEVELOPM 8.80 4/24/2019 CNY 64.69
DALIAN LVSHUN CONSTRUC 6.78 7/2/2019 CNY 63.40
DALIAN LVSHUN CONSTRUC 6.78 7/2/2019 CNY 62.81
DANDONG CITY DEVELOPME 6.21 9/6/2017 CNY 70.53
DANYANG INVESTMENT GRO 8.10 3/6/2019 CNY 63.81
DANYANG INVESTMENT GRO 8.10 3/6/2019 CNY 63.97
DATONG ECONOMIC CONSTR 6.50 6/1/2017 CNY 40.73
DONGBEI SPECIAL STEEL 6.10 1/15/2018 CNY 40.00
DONGBEI SPECIAL STEEL 6.50 3/27/2016 CNY 40.00
DONGBEI SPECIAL STEEL 8.20 6/6/2016 CNY 40.00
DONGBEI SPECIAL STEEL 5.63 4/12/2018 CNY 40.00
DONGBEI SPECIAL STEEL 5.88 5/5/2016 CNY 40.00
DONGBEI SPECIAL STEEL 8.30 9/6/2016 CNY 40.00
DONGBEI SPECIAL STEEL 7.00 7/10/2016 CNY 40.00
DONGBEI SPECIAL STEEL 6.30 9/24/2016 CNY 98.58
DONGBEI SPECIAL STEEL 7.40 7/17/2017 CNY 40.00
DONGTAI COMMUNICATION 7.39 7/5/2018 CNY 52.33
DONGTAI COMMUNICATION 7.39 7/5/2018 CNY 52.40
DRILL RIGS HOLDINGS IN 6.50 10/1/2017 USD 47.75
DRILL RIGS HOLDINGS IN 6.50 10/1/2017 USD 47.25
ERDOS DONGSHENG CITY D 8.40 2/28/2018 CNY 48.68
ERDOS DONGSHENG CITY D 8.40 2/28/2018 CNY 49.44
EZHOU CITY CONSTRUCTIO 7.08 6/19/2019 CNY 63.55
FUSHUN URBAN INVESTMEN 5.95 5/11/2018 CNY 72.07
GANZHOU CITY DEVELOPME 6.40 7/10/2018 CNY 51.93
GUANGAN INVESTMENT HOL 8.18 4/25/2019 CNY 64.29
GUANGAN INVESTMENT HOL 8.18 4/25/2019 CNY 62.91
GUANGXI BAISE DEVELOPM 6.50 7/4/2019 CNY 62.48
GUANGXI BAISE DEVELOPM 6.50 7/4/2019 CNY 63.40
GUILIN ECONOMIC CONSTR 6.90 5/9/2018 CNY 52.16
GUILIN ECONOMIC CONSTR 6.90 5/9/2018 CNY 76.50
GUIYANG ECO&TECH DEVEL 8.42 3/27/2019 CNY 64.56
GUOAO INVESTMENT DEVEL 6.89 10/29/2018 CNY 68.94
HAIAN COUNTY CITY CONS 8.35 3/28/2018 CNY 52.81
HAIAN COUNTY CITY CONS 8.35 3/28/2018 CNY 52.56
HAIMEN CITY DEVELOPMEN 8.35 3/20/2019 CNY 62.20
HAIMEN CITY DEVELOPMEN 8.35 3/20/2019 CNY 64.39
HANGZHOU MUNICIPAL CON 5.90 4/25/2018 CNY 51.73
HANGZHOU XIAOSHAN STAT 6.90 11/22/2016 CNY 40.05
HANGZHOU XIAOSHAN STAT 6.90 11/22/2016 CNY 40.59
HANGZHOU YUHANG CITY C 7.55 3/29/2019 CNY 63.50
HANGZHOU YUHANG CITY C 7.55 3/29/2019 CNY 64.10
HANZHONG CITY CONSTRUC 7.48 3/14/2018 CNY 73.13
HEFEI HAIHENG INVESTME 7.30 6/12/2019 CNY 63.66
HEFEI HAIHENG INVESTME 7.30 6/12/2019 CNY 60.00
HEFEI TAOHUA INDUSTRIA 8.79 3/27/2019 CNY 63.59
HEFEI XINCHENG STATE-O 7.88 4/23/2019 CNY 63.12
HEILONGJIANG HECHENG C 7.78 11/17/2016 CNY 40.42
HUAIAN CITY URBAN ASSE 7.15 12/21/2016 CNY 40.49
HUAIAN CITY WATER ASSE 8.25 3/8/2019 CNY 64.02
HUAI'AN DEVELOPMENT HO 6.80 3/24/2017 CNY 42.45
HUAIAN QINGHE NEW AREA 6.79 4/29/2017 CNY 40.86
HUAIHUA CITY CONSTRUCT 8.00 3/22/2018 CNY 51.73
HUAIHUA CITY CONSTRUCT 8.00 3/22/2018 CNY 52.30
HUZHOU MUNICIPAL CONST 7.02 12/21/2017 CNY 72.43
HUZHOU NANXUN STATE-OW 8.15 3/31/2019 CNY 63.41
HUZHOU WUXING NANTAIHU 7.71 2/17/2018 CNY 72.78
JIAMUSI NEW ERA INFRAS 8.25 3/22/2019 CNY 61.31
JIAMUSI NEW ERA INFRAS 8.25 3/22/2019 CNY 63.15
JIAN CITY CONSTRUCTION 7.80 4/20/2019 CNY 64.00
JIAN CITY CONSTRUCTION 7.80 4/20/2019 CNY 64.07
JIANGDONG HOLDING GROU 6.90 3/27/2019 CNY 62.54
JIANGDU XINYUAN INDUST 8.10 3/23/2019 CNY 63.56
JIANGDU XINYUAN INDUST 8.10 3/23/2019 CNY 63.00
JIANGSU HUAJING ASSET 5.68 9/28/2017 CNY 50.54
JIANGSU HUAJING ASSET 5.68 9/28/2017 CNY 50.60
JIANGSU LIANYUN DEVELO 6.10 6/19/2019 CNY 61.45
JIANGSU LIANYUN DEVELO 6.10 6/19/2019 CNY 62.01
JIANGSU TAICANG PORT D 7.66 5/16/2019 CNY 64.19
JIANGYIN CITY CONSTRUC 7.20 6/11/2019 CNY 63.94
JIANGYIN CITY CONSTRUC 7.20 6/11/2019 CNY 64.20
JIASHAN STATE-OWNED AS 6.80 6/6/2019 CNY 63.36
JIAXING CULTURE FAMOUS 8.16 3/8/2019 CNY 64.22
JIAXING ECONOMIC&TECHN 6.78 6/14/2019 CNY 62.91
JIAXING ECONOMIC&TECHN 6.78 6/14/2019 CNY 62.91
JILIN PROVINCIAL COAL 6.00 11/11/2016 CNY 50.00
JINAN CITY CONSTRUCTIO 6.98 3/26/2018 CNY 52.21
JINAN CITY CONSTRUCTIO 6.98 3/26/2018 CNY 52.22
JINGZHOU URBAN CONSTRU 7.98 4/24/2019 CNY 64.78
JINING CITY CONSTRUCTI 8.30 12/31/2018 CNY 64.12
JINTAN CONSTRUCTION IN 8.30 3/14/2019 CNY 64.42
JINZHOU CITY INVESTMEN 7.08 6/13/2019 CNY 63.06
JINZHOU CITY INVESTMEN 7.08 6/13/2019 CNY 62.72
JIUJIANG CITY CONSTRUC 8.49 2/23/2019 CNY 61.13
JIUJIANG CITY CONSTRUC 8.49 2/23/2019 CNY 64.61
KUNMING CITY CONSTRUCT 7.60 4/13/2018 CNY 52.01
KUNMING CITY CONSTRUCT 7.60 4/13/2018 CNY 52.46
KUNMING WUHUA DISTRICT 8.60 3/15/2018 CNY 52.70
KUNMING WUHUA DISTRICT 8.60 3/15/2018 CNY 53.00
LAIWU CITY ECONOMIC DE 6.50 3/1/2018 CNY 62.07
LEQING CITY STATE OWNE 6.50 6/29/2019 CNY 63.28
LEQING CITY STATE OWNE 6.50 6/29/2019 CNY 79.00
LESHAN STATE-OWNED ASS 6.99 3/18/2018 CNY 73.15
LESHAN STATE-OWNED ASS 6.99 3/18/2018 CNY 72.96
LIAOYANG CITY ASSETS O 6.88 6/13/2018 CNY 67.60
LIAOYUAN STATE-OWNED A 7.80 1/26/2017 CNY 40.39
LIAOYUAN STATE-OWNED A 8.17 3/13/2019 CNY 62.52
LINAN CITY CONSTRUCTIO 8.15 3/9/2018 CNY 52.61
LINAN CITY CONSTRUCTIO 8.15 3/9/2018 CNY 52.18
LINHAI CITY INFRASTRUC 7.98 11/6/2016 CNY 50.65
LINHAI CITY INFRASTRUC 7.98 11/6/2016 CNY 50.51
LINYI INVESTMENT DEVEL 8.10 3/27/2018 CNY 51.36
LIUZHOU DONGCHENG INVE 8.30 2/15/2019 CNY 63.39
LIUZHOU DONGCHENG INVE 8.30 2/15/2019 CNY 63.14
LONGHAI STATE-OWNED AS 8.25 12/2/2017 CNY 72.35
LUOHE CITY CONSTRUCTIO 6.81 3/30/2017 CNY 30.72
LUOHE CITY CONSTRUCTIO 6.81 3/30/2017 CNY 30.56
MIANYANG SCIENCE & TEC 7.16 5/15/2019 CNY 63.25
NANAN CITY TRADE INDUS 8.50 4/25/2019 CNY 64.89
NANCHONG CHEMICAL INDU 8.16 4/26/2019 CNY 63.93
NANJING HEXI NEW TOWN 6.40 2/3/2017 CNY 61.13
NANJING JIANGNING SCIE 7.29 4/28/2019 CNY 63.16
NANJING JIANGNING SCIE 7.29 4/28/2019 CNY 63.38
NANTONG CITY TONGZHOU 6.80 5/28/2019 CNY 63.33
NANTONG CITY TONGZHOU 6.80 5/28/2019 CNY 81.00
NANTONG STATE-OWNED AS 6.72 11/13/2016 CNY 40.46
NEIMENGGU XINLINGOL XI 7.62 2/25/2018 CNY 72.78
NINGBO CITY ZHENHAI IN 6.48 4/12/2017 CNY 40.95
NINGBO URBAN CONSTRUCT 7.39 3/1/2018 CNY 52.03
NINGBO URBAN CONSTRUCT 7.39 3/1/2018 CNY 52.27
NINGDE CITY STATE-OWNE 6.25 10/21/2017 CNY 40.59
NONGGONGSHANG REAL EST 6.29 10/11/2017 CNY 71.51
PANJIN CONSTRUCTION IN 7.70 12/16/2016 CNY 40.75
PANJIN CONSTRUCTION IN 7.70 12/16/2016 CNY 40.51
PANJIN CONSTRUCTION IN 7.50 5/17/2019 CNY 63.78
PINGDINGSHAN CITY DEVE 7.86 5/8/2019 CNY 85.00
PINGDINGSHAN CITY DEVE 7.86 5/8/2019 CNY 64.38
PUER CITY STATE OWNED 7.38 6/20/2019 CNY 62.84
PUTIAN STATE-OWNED ASS 8.10 3/21/2019 CNY 63.44
PUTIAN STATE-OWNED ASS 8.10 3/21/2019 CNY 64.28
QIANAN XINGYUAN WATER 6.45 7/11/2018 CNY 52.11
QIANDONG NANZHOU DEVEL 8.80 4/27/2019 CNY 63.58
QINGDAO CITY CONSTRUCT 6.19 2/16/2017 CNY 40.74
QINGDAO CITY CONSTRUCT 6.89 2/16/2019 CNY 63.19
QINGDAO CITY CONSTRUCT 6.19 2/16/2017 CNY 40.62
QINGDAO CITY CONSTRUCT 6.89 2/16/2019 CNY 62.86
QINGDAO HUATONG STATE- 7.30 4/18/2019 CNY 63.79
QINGDAO HUATONG STATE- 7.30 4/18/2019 CNY 63.06
QINGZHOU HONGYUAN PUBL 6.50 5/22/2019 CNY 30.83
QINZHOU CITY DEVELOPME 6.72 4/30/2017 CNY 50.97
QUANZHOU QUANGANG PETR 8.40 4/16/2019 CNY 65.06
QUANZHOU QUANGANG PETR 8.40 4/16/2019 CNY 63.66
QUNSHAN HUAQIAO INTERN 7.98 12/30/2018 CNY 63.65
SANMING STATE-OWNED AS 6.99 6/14/2018 CNY 73.77
SANMING STATE-OWNED AS 6.99 6/14/2018 CNY 70.16
SHANGHAI REAL ESTATE G 6.12 5/17/2017 CNY 40.85
SHAOXING CHENGBEI XINC 6.21 6/11/2018 CNY 51.30
SHAOXING CHENGBEI XINC 6.21 6/11/2018 CNY 76.75
SHIYAN CITY INFRASTRUC 7.98 4/20/2019 CNY 64.21
SICHUAN COAL INDUSTRY 5.94 5/15/2017 CNY 35.00
SICHUAN COAL INDUSTRY 7.80 9/27/2017 CNY 35.00
SICHUAN COAL INDUSTRY 7.45 12/25/2016 CNY 35.00
SICHUAN COAL INDUSTRY 7.70 1/9/2018 CNY 35.00
SICHUAN DEVELOPMENT HO 5.40 11/10/2017 CNY 70.97
SUQIAN ECONOMIC DEVELO 7.50 3/26/2019 CNY 84.60
SUQIAN ECONOMIC DEVELO 7.50 3/26/2019 CNY 63.93
SUZHOU CONSTRUCTION IN 7.45 3/12/2019 CNY 63.62
SUZHOU INDUSTRIAL PARK 5.79 5/30/2019 CNY 62.75
TAIXING ZHONGXING STAT 8.29 3/27/2018 CNY 52.86
TAIXING ZHONGXING STAT 8.29 3/27/2018 CNY 53.92
TAIZHOU CITY CONSTRUCT 6.90 1/25/2017 CNY 40.82
TAIZHOU HAILING ASSETS 8.52 3/21/2019 CNY 64.20
TAIZHOU HAILING ASSETS 8.52 3/21/2019 CNY 64.29
TIANJIN BINHAI NEW ARE 5.00 3/13/2018 CNY 71.52
TIANJIN BINHAI NEW ARE 5.00 3/13/2018 CNY 71.78
TIANJIN HANBIN INVESTM 8.39 3/22/2019 CNY 64.27
TIANJIN HI-TECH INDUST 7.80 3/27/2019 CNY 63.61
TIANJIN HI-TECH INDUST 7.80 3/27/2019 CNY 63.61
TIANJIN JINNAN CITY CO 6.95 6/18/2019 CNY 62.81
TIANJIN JINNAN CITY CO 6.95 6/18/2019 CNY 63.33
TIELING PUBLIC ASSETS 7.34 5/29/2018 CNY 52.12
TIELING PUBLIC ASSETS 7.34 5/29/2018 CNY 51.80
TIGER FOREST & PAPER G 5.38 6/14/2017 CNY 58.52
TONGLIAO CITY INVESTME 5.98 9/1/2017 CNY 70.94
URUMQI CITY CONSTRUCTI 6.35 7/9/2019 CNY 63.35
URUMQI STATE-OWNED ASS 6.48 4/28/2018 CNY 51.42
URUMQI STATE-OWNED ASS 6.48 4/28/2018 CNY 51.92
VANZIP INVESTMENT GROU 7.92 2/4/2019 CNY 67.40
WAFANGDIAN STATE-OWNED 8.55 4/19/2019 CNY 63.74
WENZHOU ANJUFANG CITY 7.65 4/24/2019 CNY 63.45
WUHAI CITY CONSTRUCTIO 8.20 3/31/2019 CNY 63.80
WUHAI CITY CONSTRUCTIO 8.20 3/31/2019 CNY 64.43
WUHU ECONOMIC TECHNOLO 6.70 6/8/2018 CNY 51.00
WUHU ECONOMIC TECHNOLO 6.70 6/8/2018 CNY 52.23
XIANGTAN CITY CONSTRUC 8.00 3/16/2019 CNY 64.07
XIANGTAN CITY CONSTRUC 8.00 3/16/2019 CNY 63.50
XIANGTAN JIUHUA ECONOM 6.93 12/16/2016 CNY 40.32
XIANGYANG CITY CONSTRU 8.12 1/12/2019 CNY 63.64
XIANGYANG CITY CONSTRU 8.12 1/12/2019 CNY 64.18
XIAOGAN URBAN CONSTRUC 8.12 3/26/2019 CNY 64.38
XINING CITY INVESTMENT 7.70 4/27/2019 CNY 63.99
XINJIANG SHIHEZI DEVEL 7.50 8/29/2018 CNY 73.03
XINXIANG INVESTMENT GR 6.80 1/18/2018 CNY 72.45
XINYANG HUAXIN INVESTM 6.95 6/14/2019 CNY 62.58
XINYANG HUAXIN INVESTM 6.95 6/14/2019 CNY 60.00
XUCHANG GENERAL INVEST 7.78 4/27/2019 CNY 64.28
XUZHOU ECONOMIC TECHNO 8.20 3/7/2019 CNY 64.54
XUZHOU ECONOMIC TECHNO 8.20 3/7/2019 CNY 64.49
XUZHOU XINSHENG CONSTR 7.48 5/8/2018 CNY 52.40
XUZHOU XINSHENG CONSTR 7.48 5/8/2018 CNY 52.84
YAAN STATE-OWNED ASSET 7.39 7/4/2019 CNY 62.97
YANCHENG ORIENTAL INVE 5.75 6/8/2017 CNY 51.00
YANGZHONG URBAN CONSTR 7.10 3/26/2018 CNY 72.78
YANGZHOU URBAN CONSTRU 5.94 7/23/2016 CNY 40.03
YANGZHOU URBAN CONSTRU 5.94 7/23/2016 CNY 40.02
YANZHOU HUIMIN URBAN C 8.50 12/28/2017 CNY 52.43
YIBIN STATE-OWNED ASSE 5.80 5/23/2018 CNY 72.21
YIJINHUOLUOQI HONGTAI 8.35 3/19/2019 CNY 59.06
YIJINHUOLUOQI HONGTAI 8.35 3/19/2019 CNY 57.51
YINCHUAN URBAN CONSTRU 6.28 3/9/2017 CNY 25.18
YIYANG CITY CONSTRUCTI 8.20 11/19/2016 CNY 40.44
YIZHENG CITY CONSTRUCT 7.78 6/14/2019 CNY 64.28
YUNNAN PROVINCIAL INVE 5.25 8/24/2017 CNY 70.49
ZHANGJIAGANG JINCHENG 6.23 1/6/2018 CNY 61.66
ZHANGJIAKOU TONGTAI HO 6.90 7/5/2018 CNY 104.73
ZHEJIANG PROVINCE DEQI 6.90 4/12/2018 CNY 72.60
ZHENJIANG CULTURE AND 5.86 5/6/2017 CNY 50.54
ZHENJIANG NEW AREA ECO 8.16 3/1/2019 CNY 63.00
ZHENJIANG NEW AREA ECO 8.16 3/1/2019 CNY 63.12
ZHENJIANG TRANSPORTATI 7.29 5/8/2019 CNY 63.14
ZHENJIANG TRANSPORTATI 7.29 5/8/2019 CNY 62.32
ZHUCHENG ECONOMIC DEVE 6.40 4/26/2018 CNY 39.00
ZHUCHENG ECONOMIC DEVE 7.50 8/25/2018 CNY 40.76
ZHUCHENG ECONOMIC DEVE 6.40 4/26/2018 CNY 41.17
ZHUHAI HUAFA GROUP CO 8.43 2/16/2018 CNY 52.70
ZHUHAI HUAFA GROUP CO 8.43 2/16/2018 CNY 52.78
ZHUHAI ZHONGFU ENTERPR 5.28 5/28/2015 CNY 54.25
ZHUHAI ZHONGFU ENTERPR 6.60 3/28/2017 CNY 54.25
ZHUJI CITY CONSTRUCTIO 6.92 7/5/2018 CNY 73.55
ZHUJI CITY CONSTRUCTIO 6.92 7/5/2018 CNY 103.70
ZIBO CITY PROPERTY CO 5.45 4/27/2019 CNY 37.11
ZIGONG STATE-OWNED ASS 6.86 6/17/2018 CNY 73.06
ZOUCHENG CITY ASSET OP 7.02 1/12/2018 CNY 41.28
ZOUPING COUNTY STATE-O 6.98 4/27/2018 CNY 72.89
ZUNYI CITY INVESTMENT 8.53 3/13/2019 CNY 64.50
ZUNYI CITY INVESTMENT 8.53 3/13/2019 CNY 64.79
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 11.63
BERAU COAL ENERGY TBK 7.25 3/13/2017 USD 19.65
BERAU COAL ENERGY TBK 7.25 3/13/2017 USD 20.02
BLUE DART EXPRESS LTD 9.30 11/20/2017 INR 10.15
BLUE DART EXPRESS LTD 9.40 11/20/2018 INR 10.24
BLUE DART EXPRESS LTD 9.50 11/20/2019 INR 10.33
COROMANDEL INTERNATION 9.00 7/23/2016 INR 16.31
GTL INFRASTRUCTURE LTD 4.53 11/9/2017 USD 24.75
JAIPRAKASH ASSOCIATES 5.75 9/8/2017 USD 40.00
JCT LTD 2.50 4/8/2011 USD 23.38
PRAKASH INDUSTRIES LTD 5.25 4/30/2015 USD 20.38
PYRAMID SAIMIRA THEATR 1.75 7/4/2012 USD 1.00
REI AGRO LTD 5.50 11/13/2014 USD 6.00
REI AGRO LTD 5.50 11/13/2014 USD 6.00
SVOGL OIL GAS & ENERGY 5.00 8/17/2015 USD 20.00
JAPAN
-----
AVANSTRATE INC 5.55 10/31/2017 JPY 33.25
AVANSTRATE INC 5.55 10/31/2017 JPY 37.00
MICRON MEMORY JAPAN IN 0.70 8/1/2016 JPY 4.93
MICRON MEMORY JAPAN IN 0.50 10/26/2015 JPY 4.93
MICRON MEMORY JAPAN IN 2.03 3/22/2012 JPY 4.93
MICRON MEMORY JAPAN IN 2.10 11/29/2012 JPY 4.93
MICRON MEMORY JAPAN IN 2.29 12/7/2012 JPY 4.93
TAKATA CORP 0.58 3/26/2021 JPY 68.63
KOREA
-----
2014 KODIT CREATIVE TH 5.00 12/25/2017 KRW 32.78
2014 KODIT CREATIVE TH 5.00 12/25/2017 KRW 32.78
2016 KIBO 1ST SECURITI 5.00 9/13/2018 KRW 28.80
DOOSAN CAPITAL SECURIT 20.00 4/22/2019 KRW 44.96
HANJIN SHIPPING CO LTD 5.90 6/7/2017 KRW 65.53
HYUNDAI MERCHANT MARIN 5.30 7/3/2017 KRW 48.63
HYUNDAI MERCHANT MARIN 6.20 3/28/2017 KRW 48.63
KIBO ABS SPECIALTY CO 5.00 3/29/2018 KRW 31.68
KIBO ABS SPECIALTY CO 10.00 9/4/2016 KRW 60.95
KIBO ABS SPECIALTY CO 10.00 8/22/2017 KRW 22.98
KIBO ABS SPECIALTY CO 5.00 1/31/2017 KRW 34.30
KIBO ABS SPECIALTY CO 10.00 2/19/2017 KRW 39.84
KIBO ABS SPECIALTY CO 5.00 12/25/2017 KRW 31.33
LSMTRON DONGBANGSEONGJ 4.53 11/22/2017 KRW 32.26
PULMUONE CO LTD 2.50 8/6/2045 KRW 50.13
PULMUONE CO LTD 2.50 8/6/2045 KRW 50.13
SINBO SECURITIZATION S 5.00 9/30/2019 KRW 26.54
SINBO SECURITIZATION S 5.00 5/26/2018 KRW 29.85
SINBO SECURITIZATION S 5.00 8/27/2019 KRW 26.93
SINBO SECURITIZATION S 5.00 6/27/2018 KRW 31.14
SINBO SECURITIZATION S 5.00 6/27/2018 KRW 31.14
SINBO SECURITIZATION S 5.00 3/18/2019 KRW 28.48
SINBO SECURITIZATION S 5.00 3/18/2019 KRW 28.48
SINBO SECURITIZATION S 5.00 10/30/2019 KRW 20.12
SINBO SECURITIZATION S 5.00 1/30/2019 KRW 28.92
SINBO SECURITIZATION S 5.00 1/30/2019 KRW 28.92
SINBO SECURITIZATION S 5.00 7/26/2016 KRW 70.14
SINBO SECURITIZATION S 5.00 7/26/2016 KRW 70.14
SINBO SECURITIZATION S 5.00 8/31/2016 KRW 54.60
SINBO SECURITIZATION S 5.00 8/29/2018 KRW 30.43
SINBO SECURITIZATION S 5.00 8/29/2018 KRW 30.43
SINBO SECURITIZATION S 5.00 8/31/2016 KRW 54.60
SINBO SECURITIZATION S 5.00 7/24/2017 KRW 32.95
SINBO SECURITIZATION S 5.00 7/24/2018 KRW 30.96
SINBO SECURITIZATION S 5.00 7/24/2018 KRW 30.96
SINBO SECURITIZATION S 5.00 10/5/2016 KRW 46.62
SINBO SECURITIZATION S 5.00 10/5/2016 KRW 46.62
SINBO SECURITIZATION S 5.00 9/26/2018 KRW 30.20
SINBO SECURITIZATION S 5.00 9/26/2018 KRW 30.20
SINBO SECURITIZATION S 5.00 9/26/2018 KRW 30.20
SINBO SECURITIZATION S 5.00 6/25/2019 KRW 27.48
SINBO SECURITIZATION S 5.00 6/25/2018 KRW 29.59
SINBO SECURITIZATION S 5.00 2/27/2019 KRW 28.71
SINBO SECURITIZATION S 5.00 2/27/2019 KRW 28.71
SINBO SECURITIZATION S 5.00 7/8/2017 KRW 34.17
SINBO SECURITIZATION S 5.00 8/16/2016 KRW 57.07
SINBO SECURITIZATION S 5.00 8/16/2017 KRW 33.86
SINBO SECURITIZATION S 5.00 8/16/2017 KRW 33.86
SINBO SECURITIZATION S 5.00 7/8/2017 KRW 34.17
SINBO SECURITIZATION S 5.00 2/11/2018 KRW 32.08
SINBO SECURITIZATION S 5.00 2/11/2018 KRW 32.08
SINBO SECURITIZATION S 5.00 12/25/2016 KRW 35.42
SINBO SECURITIZATION S 5.00 1/15/2018 KRW 32.59
SINBO SECURITIZATION S 5.00 1/15/2018 KRW 32.59
SINBO SECURITIZATION S 5.00 3/12/2018 KRW 31.84
SINBO SECURITIZATION S 5.00 3/12/2018 KRW 31.84
SINBO SECURITIZATION S 5.00 12/13/2016 KRW 37.93
SINBO SECURITIZATION S 5.00 10/1/2017 KRW 33.31
SINBO SECURITIZATION S 5.00 10/1/2017 KRW 33.31
SINBO SECURITIZATION S 5.00 12/23/2018 KRW 29.26
SINBO SECURITIZATION S 5.00 12/23/2018 KRW 29.26
SINBO SECURITIZATION S 5.00 12/23/2017 KRW 31.35
SINBO SECURITIZATION S 5.00 1/29/2017 KRW 35.61
SINBO SECURITIZATION S 5.00 7/29/2019 KRW 27.18
SINBO SECURITIZATION S 5.00 7/29/2018 KRW 29.28
SINBO SECURITIZATION S 5.00 6/7/2017 KRW 17.56
SINBO SECURITIZATION S 5.00 6/7/2017 KRW 17.56
SINBO SECURITIZATION S 5.00 10/1/2017 KRW 33.31
SINBO SECURITIZATION S 5.00 2/21/2017 KRW 35.35
SINBO SECURITIZATION S 5.00 2/21/2017 KRW 35.35
SINBO SECURITIZATION S 5.00 3/13/2017 KRW 35.12
SINBO SECURITIZATION S 5.00 3/13/2017 KRW 35.12
TONGYANG CEMENT & ENER 7.50 4/20/2014 KRW 70.00
TONGYANG CEMENT & ENER 7.30 4/12/2015 KRW 70.00
TONGYANG CEMENT & ENER 7.30 6/26/2015 KRW 70.00
TONGYANG CEMENT & ENER 7.50 7/20/2014 KRW 70.00
TONGYANG CEMENT & ENER 7.50 9/10/2014 KRW 70.00
U-BEST SECURITIZATION 5.50 11/16/2017 KRW 33.64
WOONGJIN ENERGY CO LTD 3.00 12/19/2019 KRW 72.60
SRI LANKA
---------
SRI LANKA GOVERNMENT B 6.00 12/1/2024 LKR 67.23
SRI LANKA GOVERNMENT B 9.00 10/1/2032 LKR 74.51
SRI LANKA GOVERNMENT B 7.00 10/1/2023 LKR 75.00
SRI LANKA GOVERNMENT B 5.35 3/1/2026 LKR 60.46
SRI LANKA GOVERNMENT B 8.00 1/1/2032 LKR 68.47
SRI LANKA GOVERNMENT B 9.00 11/1/2033 LKR 73.34
SRI LANKA GOVERNMENT B 9.00 6/1/2043 LKR 70.00
SRI LANKA GOVERNMENT B 9.00 6/1/2033 LKR 74.01
MALAYSIA
--------
BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 74.20
BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 72.52
BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 70.06
LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.25
SENAI-DESARU EXPRESSWA 0.50 12/30/2044 MYR 74.35
SENAI-DESARU EXPRESSWA 0.50 12/31/2040 MYR 69.97
SENAI-DESARU EXPRESSWA 0.50 12/31/2038 MYR 67.17
SENAI-DESARU EXPRESSWA 0.50 12/31/2042 MYR 72.39
SENAI-DESARU EXPRESSWA 0.50 12/31/2043 MYR 73.44
SENAI-DESARU EXPRESSWA 0.50 12/31/2041 MYR 71.14
SENAI-DESARU EXPRESSWA 0.50 12/30/2039 MYR 68.80
SENAI-DESARU EXPRESSWA 1.35 6/30/2028 MYR 60.33
SENAI-DESARU EXPRESSWA 1.35 6/30/2026 MYR 65.55
SENAI-DESARU EXPRESSWA 1.15 12/31/2024 MYR 68.51
SENAI-DESARU EXPRESSWA 1.35 12/31/2025 MYR 66.98
SENAI-DESARU EXPRESSWA 1.35 6/30/2031 MYR 52.72
SENAI-DESARU EXPRESSWA 1.15 6/28/2024 MYR 70.07
SENAI-DESARU EXPRESSWA 1.35 12/31/2029 MYR 56.42
SENAI-DESARU EXPRESSWA 1.35 6/28/2030 MYR 55.18
SENAI-DESARU EXPRESSWA 1.15 6/30/2023 MYR 73.14
SENAI-DESARU EXPRESSWA 1.35 12/31/2030 MYR 53.93
SENAI-DESARU EXPRESSWA 1.35 12/29/2028 MYR 59.00
SENAI-DESARU EXPRESSWA 1.35 6/29/2029 MYR 57.71
SENAI-DESARU EXPRESSWA 1.15 12/29/2023 MYR 71.59
SENAI-DESARU EXPRESSWA 1.35 12/31/2026 MYR 64.23
SENAI-DESARU EXPRESSWA 1.15 6/30/2025 MYR 67.03
SENAI-DESARU EXPRESSWA 1.35 12/31/2027 MYR 61.62
SENAI-DESARU EXPRESSWA 1.15 12/30/2022 MYR 74.69
SENAI-DESARU EXPRESSWA 1.35 6/30/2027 MYR 62.91
UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.02
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 13.50 7/15/2006 USD 22.75
BAYAN TELECOMMUNICATIO 13.50 7/15/2006 USD 22.75
SINGAPORE
---------
AUSGROUP LTD 7.45 10/20/2016 SGD 75.00
AXIS OFFSHORE PTE LTD 7.90 5/18/2018 USD 59.25
BAKRIE TELECOM PTE LTD 11.50 5/7/2015 USD 1.61
BAKRIE TELECOM PTE LTD 11.50 5/7/2015 USD 1.61
BERAU CAPITAL RESOURCE 12.50 7/8/2015 USD 19.34
BERAU CAPITAL RESOURCE 12.50 7/8/2015 USD 19.25
BLD INVESTMENTS PTE LT 8.63 3/23/2015 USD 7.75
BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 19.75
BUMI CAPITAL PTE LTD 12.00 11/10/2016 USD 20.25
BUMI INVESTMENT PTE LT 10.75 10/6/2017 USD 17.25
BUMI INVESTMENT PTE LT 10.75 10/6/2017 USD 16.96
ENERCOAL RESOURCES PTE 6.00 4/7/2018 USD 11.00
GOLIATH OFFSHORE HOLDI 12.00 6/11/2017 USD 5.05
INDO INFRASTRUCTURE GR 2.00 7/30/2010 USD 1.88
NEPTUNE ORIENT LINES L 4.65 9/9/2020 SGD 62.98
NEPTUNE ORIENT LINES L 4.40 6/22/2021 SGD 60.89
ORO NEGRO DRILLING PTE 7.50 1/24/2019 USD 43.00
OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00
OTTAWA HOLDINGS PTE LT 5.88 5/16/2018 USD 64.50
OTTAWA HOLDINGS PTE LT 5.88 5/16/2018 USD 69.17
PACIFIC RADIANCE LTD 4.30 8/29/2018 SGD 68.75
SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 60.75
TRIKOMSEL PTE LTD 5.25 5/10/2016 SGD 17.88
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
-------
NAVIOS SOUTH AMERICAN 7.25 5/1/2022 USD 71.00
NAVIOS SOUTH AMERICAN 7.25 5/1/2022 USD 63.75
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 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 ***