/raid1/www/Hosts/bankrupt/TCRAP_Public/170102.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
Monday, January 2, 2017, Vol. 20, No. 1
Headlines
A U S T R A L I A
BARMINCO HOLDINGS: S&P Affirms B+ Sr. Sec. Local Currency Rating
CAMPAIGN MONITOR: S&P Affirms 'B-' Sr. Sec. Local Currency Rating
* AUSTRALIA: ASIC Reports on Corporate Insolvencies for 2015-16
C H I N A
LEECO: In Talks to Secure US$1.4 Billion from Strategic Investor
MODERN LAND: $350MM Notes Offering No Impact on Moody's B2 CFR
YANLORD LAND: Nanjing Land Deal No Impact on Moody's Ba3 CFR
I N D I A
ABC INC: CRISIL Suspends B+ Rating on INR90MM Cash Loan
ABC TRANSCARRIERS: CRISIL Suspends B+ Rating on INR200MM LT Loan
ACG HOSPITALITY: CRISIL Suspends B- Rating on INR200MM Term Loan
ACTION BATTERIES: CRISIL Suspends B+ Rating on INR200MM Cash Loan
ALSHIZA FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
AMRITESH AGRO: CRISIL Suspends B+ Rating on INR65MM Cash Loan
ARINITS SALES: CRISIL Lowers Rating on INR115MM Cash Loan to B+
BALAJI POLYTEX: CRISIL Suspends B+ Rating on INR70MM Cash Loan
BHADANE'S HI-TECH: CRISIL Lowers Rating on INR100MM Loan to D
C. K. VELU: CRISIL Assigns 'B+' Rating to INR50MM Loan
CHINTELS EDUCATION: CRISIL Suspends B+ Rating on INR80MM LT Loan
DASS RICE: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
DEEPAK AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan
DEEPAK POLYESTER: CRISIL Lowers Rating on INR100MM Loan to B+
EDIZ CERAMIC: CRISIL Lowers Rating on INR27.5MM Cash Loan to C
EMC SUPER: CRISIL Suspends B+ Rating on INR100MM Cash Loan
EQUIPLUS INDIA: CRISIL Suspends 'B' Rating on INR32.5MM Loan
FLAVOUR GRANITO: CRISIL Assigns B+ Rating to INR255MM Term Loan
GUPTA ENTERTAINMENT: CRISIL Suspends 'B' LT Rating on INR95M Loan
GURU NANAK: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
HALCO ALUMINIUM: CRISIL Suspends B+ Rating on INR59.5MM LT Loan
HOTEL SHAKTI: CRISIL Suspends 'D' Rating on INR100MM Term Loan
INTERNATIONAL MEGA: CRISIL Reaffirms 'D' Rating on INR749MM Loan
JOHAR PETRO: CRISIL Suspends B+ Rating on INR85MM Overdraft Loan
JS BEDI: CRISIL Suspends 'B' Rating on INR129.7MM LT Loan
LAKSHMI SUGAR: CRISIL Assigns 'D' Rating to INR600MM LT Loan
LAXMI POLYTEX: CRISIL Assigns B+ Rating to INR70MM Cash Loan
LEKH RAJ: CRISIL Assigns B+ Rating to INR450MM Cash Loan
MAHALAXMI COTTON: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
MAHALAXMI INVESTMENT: CRISIL Rates INR100MM Cash Credit at B+
MGG INFRA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
MITS MEGA: CRISIL Suspends B+ Rating on INR200MM LT Loan
NANDNANDAN SILK: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
NANO MINPRO: CRISIL Reaffirms 'D' Rating on INR90MM Cash Loan
NEELKAMAL HOTEL: CRISIL Suspends B+ Rating on INR149.5MM Loan
NELLUKKARAN'S FOODS: CRISIL Rates INR65MM Term Loan at B+
OMR MALL: CRISIL Reaffirms 'D' Rating on INR950MM Term Loan
PARCOS TILES: CRISIL Assigns B+ Rating to INR180MM Term Loan
PATWARI STEELS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
PAWANSUT ENTERPRISES: CRISIL Suspends 'B' Rating on INR20MM Loan
R.A. KNITWEAR: CRISIL Assigns B+ Rating to INR75MM Cash Loan
RABIR RICE: CRISIL Assigns 'B' Rating to INR50MM Whse. Financing
RAILTRACK CONCRETE: CRISIL Assigns B- Rating to INR35MM Cash Loan
RAJAT INFRA: CRISIL Suspends 'B' Rating on INR100MM LT Loan
RASHMI REALTY: CRISIL Cuts Rating on INR320MM Term Loan to 'D'
RATANPUR COLD: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
RDC AUTOMOBILE: CRISIL Assigns 'B' Rating to INR150MM e-DFS
RL CONSTRUCTION: CRISIL Suspends B+ Rating on INR50MM Cash Loan
SACHDEV STEEL: CRISIL Assigns 'C' Rating to INR64MM Cash Loan
SRINIVASA MURUGAN: CRISIL Assigns B+ Rating to INR120MM Loan
J A P A N
SHOWA SHELL: Egan-Jones Hikes Sr. Unsecured Debt Rating to B+
S I N G A P O R E
ASL MARINE: Seeks to Delay Payment on SGD150MM Debts
RICKMERS MARITIME: Completes Vessel Sale to Partly Settle Loan
SWIBER HOLDINGS: 3 Vessels of Norwegian Ship Lessor Seized
SWIBER HOLDINGS: Claims Against Shipper Reaches US$288.8MM
UOB-KAY HIAN: Egan-Jones Withdraws BB+ Sr. Unsecured Ratings
S O U T H K O R E A
HANJIN SHIPPING: Ex-Chairwoman Charged Over Illegal Stock Trading
- - - - -
=================
A U S T R A L I A
=================
BARMINCO HOLDINGS: S&P Affirms B+ Sr. Sec. Local Currency Rating
----------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Barminco Holdings Pty Ltd. (debt issuer
Barminco Finance Pty Ltd.) that were labeled as "under criteria
observation" (UCO) after publishing its revised recovery ratings
criteria on Dec. 7, 2016. With S&P's criteria review complete,
it is removing the UCO designation from these ratings and are
revising the recovery rating from '4' to '3' on the senior
unsecured notes. At the same time, S&P is affirming the recovery
rating of '1' on the revolving credit facility.
These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.
Ratings List
Ratings Affirmed; Revised
Barminco Finance Pty Ltd.
Senior Secured
Local Currency B+ B+
Recovery Rating 1
Senior Unsecured
Local Currency B- B-
Recovery Rating 3L 4H
CAMPAIGN MONITOR: S&P Affirms 'B-' Sr. Sec. Local Currency Rating
-----------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Campaign Monitor Finance Pty Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised recovery ratings criteria on Dec. 7, 2016.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and affirming the issue rating at
'B-'. At the same time, S&P has revised the recovery rating to
'3' from '4'.
These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.
Ratings List
Ratings Affirmed; Revised
Campaign Monitor Finance Pty Ltd.
Senior Secured
Local Currency B- B-
Recovery Rating 3L 4H
* AUSTRALIA: ASIC Reports on Corporate Insolvencies for 2015-16
---------------------------------------------------------------
The Australian Securities and Investments Commission on Dec. 14,
2016, published its annual overview of corporate insolvencies
based on statutory reports lodged by external administrators for
the 2015-16 financial year.
Report 507 Insolvency statistics: External administrators'
reports (July 2015 to June 2016) (REP 507) is ASIC's eighth
report and provides information on the nature of corporate
insolvencies, supplementing the monthly statistics that ASIC
publishes on its website.
The report summarises information from 9,465 reports that ASIC
received from external administrators during the 2015-16
financial year and includes ASIC's response to their reports of
alleged misconduct.
An external administrator's role includes investigating company
failure and reporting both to creditors and ASIC.
ASIC uses external administrator reports in its work including in
reporting to the market on corporate insolvency.
Profile of insolvent companies
REP 507 includes information about the profile of companies
placed into external administration, including:
-- industry types
-- employee numbers
-- causes of company failure
-- estimated number and value of a company's unsecured creditor
debts, and
-- estimated dividends to unsecured creditors.
REP 507 shows small to medium size corporate insolvencies again
dominated external administrators' reports. Of note, 86 per cent
had assets of AUD100,000 or less; 79 per cent had less than 20
employees; and 46 per cent had liabilities of AUD250,000 or less.
ASIC says 97% of creditors in this group received between
0-11 cents in the dollar, reflecting the asset/liability profile
of small to medium size corporate insolvencies.
Summary of key data from REP 507:
2015-16 2014-15 2013-14
------- ------- -------
Profile of
companies
No. of 79% of reports 79% of reports 81% of reports
employees concerned concerned concerned
affected companies with companies with companies with
less than 20 less than 20 less than 20
employees employees employees
Industries Other (business Other (business Other (business
with most and personal) and personal) and personal)
lodgements services (2,889 services (2,351 services (2,482
reports or 31%) reports or 28%) reports or 26%)
Construction Construction Construction
(1,964 reports (1,771 reports (2,153 reports
or 21%) or 21%) or 23%)
Accommodation Accommodation Accommodation
and food and food and food
services (928 services (870 services (916
reports or 10%) reports or 10%) reports or 10%)
Assets and 86% of failed 85% of failed 86% of failed
liabilities companies had companies had companies had
estimated estimated estimated
assets of assets of assets of
AUD100,000 AUD100,000 AUD100,000
or less or less or less
Deficiency 65% of failed 64% of failed 64% of failed
companies had companies had companies had
an estimated an estimated an estimated
deficiency of deficiency of deficiency of
AUD500,000 AUD500,000 or AUD500,000
or less or less or less
Top 3 Inadequate Inadequate Inadequate
nominated cash flow cash flow cash flow
causes of or high cash or high cash or high cash
failure use (4,318 or use ((3,647 or use (4,031 or
46% of reports) 44% of reports) 41% of reports)
Poor strategic Poor strategic Poor strategic
management of management of management of
business (4,315 business (3,518 business (3,975
or 46% of or 42% of or 37% of
reports) reports) reports)
Poor financial Trading losses Trading losses
control including (2,836 or 34% (3,078 or 33%
lack of records of reports) of reports)
(3,183 or 34%
of reports)
Top 3 s588G(1)-(2) s588G(1)-(2) s588G(1)-(2)
alleged Insolvent Insolvent Insolvent
possible trading (5,425 trading (4,856 trading (5,425
misconduct or 57% of or 58% of or 57% of
reports) reports) reports)
s286 and s286 and s286 and
344(1) 344(1) 344(1)
Obligation to Obligation to Obligation to
keep financial keep financial keep financial
records (4,856 records (3,209 records (3,466
or 58% of or 38% of or 37% of
reports) reports) reports)
s180 Care and s180 Care and s180 Care and
diligence diligence diligence
- Directors' - Directors' - Directors'
and officers' and officers' and officers'
(2,739 or 33% (2,739 or 33% (2,542 or 27%
of reports) of reports) of reports)
Dividends In 97% of cases In 97% of cases In 97% of cases
to the dividend the dividend the dividend
unsecured estimate was estimate was estimate was
creditors less than less than less than
11 cents in 11 cents in 11 cents in
the dollar the dollar the dollar
=========
C H I N A
=========
LEECO: In Talks to Secure US$1.4 Billion from Strategic Investor
----------------------------------------------------------------
Reuters reports that cash-strapped LeEco said it is in talks to
secure CNY10 billion ($1.4 billion) from an unidentified
strategic investor, but the announcement was seen as insufficient
to dispel concern over the high-tech conglomerate's financial
health.
Led by tycoon Jia Yueting, LeEco expanded aggressively into
electric and driverless cars and smartphones after making its
name in video streaming, but in November last year warned staff
it was facing 'a big company disease' after growing too fast and
in too many directions left it short of funds, according to
Reuters.
LeEco is still finalising details of the investment, Reuters
relates citing a filing by LeEco's Shenzhen-listed unit Leshi
Internet Information and Technology. Leshi said it would extend
a trading halt on its stock but the halt would not exceed 10
days, relays Reuters.
China Business News cited a source familiar with the situation as
saying that the strategic investor was an insurance company,
reports Reuters.
"They aren't saying clearly where their money is coming from or
how it will be allocated," Reuters quotes Alex Ng, an analyst at
China Merchants Securities, as saying.
Mr. Ng added that the company needed to explain its expansion
plans further as so far there had been no discussion of any major
change in direction, the report relays.
Reuters notes that following LeEco's admission of a cash crunch,
the company said soon after that it had secured commitments for
$600 million to support its automotive unit and other high-tech
businesses.
The firm's sports broadcasting unit, LeSports, also said it would
cut 10 percent of its staff and restructure its business, Reuters
relays.
According to Reuters, the unit still owes as much as $30 million
in payments to the Beijing-based Super Sports Media Group, which
holds exclusive rights to broadcast English Premier League games
in China but has reached a compromise with rights holders to
broadcast games over the New Year.
China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.
MODERN LAND: $350MM Notes Offering No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Modern Land (China) Co.,
Limited's B2 corporate family rating and senior unsecured rating
are unaffected by the company's announcement of a tap bond
offering on its existing USD350 million senior notes due
Oct. 20, 2019.
The rating outlook remains stable.
"The tap issuance will lengthen Modern Land's debt maturity
profile and improve its liquidity position," says Anthony Lee, a
Moody's Analyst and also the International Lead Analyst for
Modern Land.
"The issuance will have a limited impact on the company's credit
metrics, as the proceeds will be used mainly to refinance
existing debt," says Cindy Yang, a Moody's Analyst and also the
Local Market Analyst for Modern Land.
Moody's expects that following the tap bond issuance, Modern
Land's revenue/debt will stay around 75%-80%, and its
EBIT/interest coverage around 2.3x-2.8x over the next 1-2 years.
Such credit metrics are well positioned relative to its B2-rated
peers.
Modern Land recorded a robust sales performance during January-
November 2016, with contracted sales growing 45% year-on-year to
RMB14.5 billion, close to its annual sales target of RMB15
billion for 2016.
The company's increasing level of revenue recognition --
underpinned by strong contracted sales -- and lower funding costs
should help mitigate its contracting margins and rising debt to
fund land purchases.
Modern Land's liquidity profile remains adequate. Its cash
balance of RMB5.7 billion at end-June 2016 and strong contracted
sales are sufficient to meet its short-term debt of RMB3.5
billion and committed land payments in the next 12 months.
The company had completed the redemption of its senior notes due
2017 and 2018 in early December, using the proceeds from its
USD350 million bond issuance in October.
Modern Land's B2 corporate family rating continues to reflect its
track record of marketing its concept of green and eco-friendly
homes -- a niche market -- to generate stable sales and adequate
liquidity, tempered by its relatively small scale and the
execution risks associated with its fast pace of expansion.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Modern Land (China) Co., Limited was founded in 2000 in Beijing
by Mr. Zhang Lei, now its chairman, who is a real estate
developer in China. The company specializes in developing green
housing units, and is one of the few early leaders in China's
green and eco-friendly lifestyle market.
The company listed on the Hong Kong Stock Exchange in July 2013.
At end-June 2016, it had a total land bank of around 4.8 million
square meters (excluding investment properties and properties
held for own use) in gross floor area (GFA) located in cities
including Beijing, Shanghai, Nanjing, Suzhou, Hefei, Taiyuan,
Xi'an, Changsha, Wuhan, Nanchang, Dongdaihe, Jiujiang, Xiantao
and Foshan.
YANLORD LAND: Nanjing Land Deal No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says Yanlord Land Group Limited's
acquisition of a development site in Nanjing for RMB7.84 billion
has no immediate impact on its Ba3 corporate family and senior
unsecured ratings, or on the positive rating outlook.
On Dec. 27, 2016, Yanlord announced that it had acquired an
integrated development site in Sino -- Singapore Nanjing Eco Hi-
Tech Island for RMB7.84 billion.
The site with a total gross floor area (GFA) of approximately
541,000 square meters (sqm) will be used for residential
development (268,000 sqm GFA) and for commercial, hotel, office
and tourism space (273,000 sqm GFA).
"Yanlord's large cash position and strong credit metrics can
absorb the financial impact from the sizable land acquisition in
Nanjing," says Anthony Lee, a Moody's Analyst and the Lead
Analyst for Yanlord.
Yanlord's liquidity position is very strong. Its cash balance of
RMB16.9 billion at end-September 2016 could cover its cash needs
over the next 12 months, including the RMB7.84 billion land
premium payment and RMB5.8 billion of short-term debt maturities.
"Moreover, the acquisition is in line with Yanlord's focus on the
Yangtze River Delta and carries low execution risk, as the
company has already developed a project adjacent to the new
Nanjing project," adds Lee.
In addition, the new project will support the healthy 28%-30%
gross profit margins of Yanlord's residential development segment
in the long run. The average purchase land cost of RMB14,486/sqm
of the new project represents around one third of the selling
price of around RMB42,000-RMB45,000/sqm recorded in the existing
secondary market for Yanlord's Oasis New Island Gardens project,
which is located in the same area.
On the other hand, Moody's expects the company's deleveraging
efforts will slow due to the transaction, as the commercial
property component of the project could drag its capital for a
long period compared to residential properties, which have better
liquidity through presales.
As a result, Moody's expects adjusted revenue/debt and
EBIT/interest will be around 90%-100% and above 3.5x,
respectively, in the next 12 months, compared to 114% and 4.3x
for the 12 months to June 2016.
These metrics nevertheless remain stronger than the average for
its Ba3-rated peers, as reflected in the positive outlook.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.
Yanlord Land Group Limited is a major property developer in
China. It operates in the major cities of Shanghai, Nanjing,
Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu, Tangshan,
Zhongshan and Sanya. Yanlord was established in 1993 and Yanlord
Land Group Limited was listed on the Singapore Stock Exchange in
2006. Its land bank totaled 5.9 million square meters at end-
September 2016.
=========
I N D I A
=========
ABC INC: CRISIL Suspends B+ Rating on INR90MM Cash Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ABC
Inc.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B+/Stable
Term Loan 10 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by ABC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABC is yet to
provide adequate information to enable CRISIL to assess ABC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 2009 and based in Ludhiana (Punjab), ABC trades and
manufactures readymade garments. The firm was established as a
proprietorship firm by Mr. Girish Kapoor and was reconstituted as
a partnership firm in 2014. The firm is owned and managed by Mr.
Girish Kapoor and his son Mr. Arjun Kapoor.
ABC TRANSCARRIERS: CRISIL Suspends B+ Rating on INR200MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ABC Transcarriers Pvt Ltd (ABC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 200 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by ABC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABC is yet to
provide adequate information to enable CRISIL to assess ABC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in 2010, ABC provides heavy earth-moving equipment
on lease to mining contractors and stevedoring operators. The
company also provides logistics services for mining companies and
is a distributor for tyres in Odisha. The company's day-to-day
operations are managed by Mr. Tanmaya Mishra.
ACG HOSPITALITY: CRISIL Suspends B- Rating on INR200MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ACG Hospitality Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 200 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by ACG
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACG is yet to
provide adequate information to enable CRISIL to assess ACG's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
ACG, incorporated in 2007, has set up a three-star hotel,
Signature Grand, at Hari Nagar in New Delhi. The 8-floor, 32-room
hotel has a restaurant and 2 banquet halls, and was built at a
cost of INR405 million. The hotel commenced operations in August
2010.
ACTION BATTERIES: CRISIL Suspends B+ Rating on INR200MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Action
Batteries Private Limited (ABPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
ABPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABPL is yet to
provide adequate information to enable CRISIL to assess ABPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
ABPL manufactures lead-acid-based batteries used in automobiles,
inverters and electrical and solar systems. The company is based
in Jalandhar (Punjab). It has capacity to manufacture 25,000
batteries (180 to 200 AH) per month.
ALSHIZA FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Alshiza Foods.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Letter of
Credit & Bank
Guarantee 8 CRISIL A4
Cash Credit 42 CRISIL B/Stable
Proposed Cash
Credit Limit 50 CRISIL B/Stable
The ratings reflect AF's below-average financial risk profile
marked by small networth and high total outside liability to
tangible net worth ratio and modest scale of operations in the
intensely competitive and fragmented industry along with customer
concentration. These weaknesses are partially offset by the
extensive experience of promoter in trading in poultry feeds.
Outlook: Stable
CRISIL believes AF will maintain its business risk profile backed
by its promoter's extensive experience. The outlook may be
revised to 'Positive' in case of material improvement in
profitability or working capital management or capital structure,
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of low cash
accrual, stretch in the working capital cycle, or if any large,
debt-funded capital expenditure, leading to deterioration in the
financial risk profile, particularly liquidity.
Established in 2004 by Mr. Arshad Ali as a proprietorship firm.
AF, based in Hapur (Haryana), trades in feeds for all livestock
animals.
AMRITESH AGRO: CRISIL Suspends B+ Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Amritesh Agro Products Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B+/Stable
Term Loan 60 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
AAPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AAPPL is yet to
provide adequate information to enable CRISIL to assess AAPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in 2014, AAPPL is setting up a nine tonnes-per-hour
dal mill with a besan plant unit at Chandramandih (Bihar).
AAPPL's operations are managed by its promoter-director, Mr.
Amritesh Singh, and Mr. Anil Prasad Singh.
ARINITS SALES: CRISIL Lowers Rating on INR115MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Arinits
Sales Private Limited (ASPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 115 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 290 CRISIL A4 (Downgraded from
'CRISIL A4+')
Proposed Long Term 50 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The downgrade reflects weakening in financial risk profile,
especially debt protection metrics in fiscal 2016. Interest
coverage and net cash accrual to debt ratios reduced to 1.17
times and 0.09 time respectively, in fiscal 2016, from 1.72 times
and 0.10 time in fiscal 2015. However, total outside liabilities
to tangible networth ratio remained moderate at 2.94 times.
Liquidity is stretched, marked by high bank limit utilisation and
increased working capital requirement. Higher debtors and
inventory resulted in gross current assets increasing to 147 days
as on March 31, 2016, from 121 days a year earlier. Revenue at
INR1672.7 million in fiscal 2016, was lower than CRISIL's
expectation, but should rebound in fiscal 2017, with INR1157.2
million registered in the 6 months through September 2016.
The ratings continue to reflect ASPL's below-average financial
risk profile, and large working capital requirement, leading to
stretch in liquidity. These rating strengths are partially offset
by the extensive experience of ASPL's promoters in the chemical
trading business, and the company's moderate scale of operations.
Outlook: Stable
CRISIL believes ASPL will continue to benefit over the medium
term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if liquidity
improves, most likely because of substantially higher operating
profitability and cash accrual, or material improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the liquidity weakens due to considerable stretch
in working capital cycle or decline in revenue or profitability.
Set up as a partnership concern, Arinits Sales Corporation, in
1997, by Mr. Ashish Chopra and his wife Mrs. Anusha Chopra, ASPL
was reconstituted as a private limited company under the current
name in 2003. ASPL trades in chemicals such as phenol, PVC
resins, melamine, linear low-density polyethylene, and ethylene
vinyl acetate. Sales of phenol and PVC resins contribute about
75% to the revenue.
BALAJI POLYTEX: CRISIL Suspends B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Polytex Industry Pvt Ltd (BPIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4
Cash Credit 70 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 20 CRISIL B+/Stable
Term Loan 70 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
BPIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BPIPL is yet to
provide adequate information to enable CRISIL to assess BPIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in August 2011, BPIPL is promoted by Mr. Vinay
Agarwal and Mr. Aditya Lahotia, and is based in Baddi (Himachal
Pradesh). The company manufactures non-woven polypropylene
sheets.
BHADANE'S HI-TECH: CRISIL Lowers Rating on INR100MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bhadane's Hi-Tech Technology Computers Private Limited to
'CRISIL D' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term 100 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
The downgrade reflects BHTCPL's continuously overdrawn working
capital limit for more than 30 days, on account of weak
liquidity.
The company has modest scale of operations and large working
capital requirement, and faces risks inherent in tender-based
business. However, it benefits from its promoters' experience in
the computer hardware distribution business.
BHTCPL was incorporated by Mr. Nivrutti Bhadane and his wife Ms
Rajani Bhadane in 2009. The Nashik, Maharashtra-based company
distributes computers and computer-related hardware, mainly to
government departments and public sector undertakings.
C. K. VELU: CRISIL Assigns 'B+' Rating to INR50MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of C. K. Velu. The rating reflects CKV's small scale of
operations, exposure to intense competition in the civil
construction business, and subdued financial risk profile. These
weaknesses are partially offset by extensive experience of the
proprietor.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 50 CRISIL B+/Stable
Outlook: Stable
CRISIL expects CKV will benefit from the proprietor's extensive
experience in the civil construction works over the medium term.
The outlook may be revised to 'Positive' if significant
improvement in scale of operations, profitability or working
capital management leads to a stronger financial risk profile.
Conversely, the outlook may be revised to 'Negative' if increase
in working capital requirement, or any large capital expenditure
weakens the financial metrics.
Set up as a proprietorship firm in 1996, CKV is engaged in
executing civil construction works for government entities. Mr. C
K Velu is the proprietor.
CHINTELS EDUCATION: CRISIL Suspends B+ Rating on INR80MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chintels Education Society.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 80 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by CES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CES is yet to
provide adequate information to enable CRISIL to assess CES's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
CES was set up in 1992 and is based in Kanpur, Uttar Pradesh. The
society, currently, runs one school by the name of The Chintels
School and is located in Ratan Lal area of Kanpur. The school is
affiliated to the Indian Certificate of Secondary Education and
currently has 1900 students in its school. The society is setting
up a new school in Kalyanpur area of Kanpur which is expected to
commence its operations for the academic year 2016-17. CES is
promoted by Mr. Bharat Vij and his family members.
DASS RICE: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dass
Rice & Oil Mills (DROM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B/Stable
Export Packing Credit 10 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
DROM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DROM is yet to
provide adequate information to enable CRISIL to assess DROM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
DROM, established in 1976, mills and sorts rice, both basmati and
non-basmati. The firm has a milling and sorting capacity of 2
tonnes per hour. Its manufacturing facility is in Tarn Taran
(Punjab).
DEEPAK AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Deepak
Agro Pvt. Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 55 CRISIL B+/Stable
Term Loan 15 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
DAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DAPL is yet to
provide adequate information to enable CRISIL to assess DAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in 1994 and promoted by Mr. Mahesh Chand Agnihotri,
Mr. Ram Naresh Agnihotri, and their family members, DAPL mills
and processes paddy into basmati and non-basmati rice. Its
milling unit is in Mainpuri (Uttar Pradesh).
DEEPAK POLYESTER: CRISIL Lowers Rating on INR100MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Deepak Polyester Private Limited to 'CRISIL B+/Stable' from
'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Downgraded
from 'CRISIL BB/Stable')
Term Loan 25 CRISIL B+/Stable (Downgraded
from 'CRISIL BB/Stable')
The downgrade reflects deterioration in DPPL's business and
financial risk profiles on account of decline in revenue and
profitability. While revenue declined 21% in fiscal 2016 to
INR1.38 billion, operating margin fell to 3.6% in fiscal 2016
from 5.1% in fiscal 2015. The deterioration was because of
intense competition and subdued demand. As a result, DPPL
reported loss of INR39.7 million in fiscal 2016, leading to a
decline in networth to INR22 million as on March 31, 2016, from
INR60 million a year ago. Consequently, gearing also increased to
4.8 times from 1.8 times over this period. Although margins are
expected to gradually improve, it will take time for it to
recover the accumulated losses.
The rating reflects susceptibility to volatility in polyester
yarn prices, and exposure to supplier concentration risk. The
rating also factors in a weak financial risk profile, with a
small networth, high gearing, and modest debt protection metrics.
These weaknesses are partially offset by the extensive experience
of promoters in the textile industry and their funding support,
and efficient working capital management.
Outlook: Stable
CRISIL believes DPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly, leading to improved cash accrual, and hence,
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a decline in revenue or profitability,
or any large, debt-funded capital expenditure weakens the
financial risk profile.
DPPL was incorporated in 2012 to take over the business of
partnership firm Deepak Polyester, which was set up in 2002. DPPL
manufactures texturised and twisted polyester yarn and knitted
fabric. Its registered office is in Mumbai and manufacturing
facility is in Silvassa (Union Territory of Dadra & Nagar
Haveli). The company is owned and managed by Mr. Bajranglal Joshi
and Mr. Sanjeev Kapoor.
EDIZ CERAMIC: CRISIL Lowers Rating on INR27.5MM Cash Loan to C
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ediz Ceramic Private Limited (ECPL) to 'CRISIL C' from 'CRISIL
B/Stable', and reaffirmed the short-term rating at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10.6 CRISIL A4 (Reaffirmed)
Cash Credit 27.5 CRISIL C (Downgraded from
'CRISIL B/Stable')
Proposed Long Term 7.5 CRISIL C (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Term Loan 44.4 CRISIL C (Downgraded from
'CRISIL B/Stable')
The downgrade reflects deterioration in financial risk profile,
particularly liquidity, due to low cash accrual against term debt
obligation, which was met through working capital facility.
However, delays in interest payment and overutilisation of
working capital limit led to weak liquidity. Large working
capital requirement also led to almost full bank limit
utilisation (96%) over the 12 months ended October 2016.
The ratings reflect ECPL's start-up phase and modest scale of
operations in the competitive ceramic industry, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of its promoter and proximity of
manufacturing facilities to raw material and labour sources.
Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based
Kalaria family and renamed ECPL following a management change in
December 2014 (acquired by Mr. Bishan), the company manufactures
ceramic wall tiles (in sizes of 12X24, 12X18, and 12X12).
EMC SUPER: CRISIL Suspends B+ Rating on INR100MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
EMC Super Speciality Hospitals Private Limited (EMC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 25 CRISIL B+/Stable
Term Loan 75 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by EMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EMC is yet to
provide adequate information to enable CRISIL to assess EMC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
EMC was established as a partnership firm in 2003 by Mr. Pawan
Arora, Mrs. Meenu Arora and Mr. Chaman Lal Arora in the name of
Emergency Medical Care Hospitals. The partnership firm was
reconstituted as a private limited company named EMC Super
Speciality Hospitals Pvt Ltd in 2010. The company has established
multi-specialty hospitals in Amritsar (Punjab).
EQUIPLUS INDIA: CRISIL Suspends 'B' Rating on INR32.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Equiplus India Export Private Limited (Equiplus).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit-Stock 32.5 CRISIL B/Stable
Export Packing Credit 45 CRISIL A4
Foreign Bill Purchase 15 CRISIL A4
Inland/Import Letter
of Credit 50 CRISIL A4
Proposed Bank Guarantee 2.5 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
Equiplus with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Equiplus is yet to provide adequate information to enable CRISIL
to assess Equiplus's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL views information
availability risk as a key factor in its assessment of credit
risk.
Equiplus was established in 2001 by Mr. Upendra Singh in Kanpur,
Uttar Pradesh. The company designs and manufactures horse riding
accessories, caps, and bags and briefcases. Equiplus's
manufacturing unit is based in Panki Industrial area in Kanpur
and has been granted the status of an export oriented unit by the
Noida Special Economic Zone. Mr. Kashi Nath Singh, father of Mr.
Upendra Singh, serves as the company's director.
FLAVOUR GRANITO: CRISIL Assigns B+ Rating to INR255MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Flavour Granito LLP (FGL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 255 CRISIL B+/Stable
Bank Guarantee 32 CRISIL A4
Cash Credit 100 CRISIL B+/Stable
The ratings reflect the nascent stage of operations, average
financial risk profile because of high gearing following large,
debt-funded capital expenditure (capex) for project and large
working capital requirements and exposure to intense competition
in the ceramic tiles industry. These weaknesses are partially
offset by the extensive industry experience of the promoters and
favorable location of the manufacturing facility at Morbi
(Gujarat).
Outlook: Stable
CRISIL believes that FGL will benefit from the extensive
experience of its promoters, over the medium term. The outlook
may be revised to 'Positive' if timely stabilisation of
operations, leads to substantial ramp up in sales and cash
accrual during the initial phase. The outlook may be revised to
'Negative,' if lower than expected ramp up in sales or
profitability leads to low cash accrual, or if substantial
working capital requirement weakens the financial risk profile
and liquidity.
FGL was set up in May 2016, by promoters, Mr. Anil Detroja, Mr.
Tejas Rupala, Mr. Dharmendra Rupala and their family members. The
firm, which has capacity of 87000 MT per annum, is expected to
start manufacturing vitrified tiles from January 2017.
GUPTA ENTERTAINMENT: CRISIL Suspends 'B' LT Rating on INR95M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gupta
Entertainment Pvt Ltd (GEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 95 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
GEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GEPL is yet to
provide adequate information to enable CRISIL to assess GEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
GEPL, incorporated in 2011, is promoted by the Gupta family based
out of Barnala (Punjab). GEPL has built a mall consisting of a
multiplex with three screens, banquet hall, fun zone for kids,
restaurants and bar. The multiplex commenced operations in second
half of 2014-15 (refers to financial year, April 1 to March 31)
and the remaining facilities are expected to commence operations
by September 2015.
GURU NANAK: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Guru
Nanak Rice & Gen. Mills.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100.0 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 22.5 CRISIL B/Stable
Term Loan 10.0 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
GNRGM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GNRGM is yet to
provide adequate information to enable CRISIL to assess GNRGM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 1981 as a proprietorship concern by Mr. Bihari Lal
Garg, GNRGM was reconstituted as a partnership firm in 2011, and
is currently managed by Mr. Pradeep Kumar and Mr. Purshottam
Dass. GNRGM mainly mills and sells basmati and non-basmati rice
in the domestic open market to exporters.
HALCO ALUMINIUM: CRISIL Suspends B+ Rating on INR59.5MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Halco
Aluminium Extrusions (HAE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 28.5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 59.5 CRISIL B+/Stable
Term Loan 7.0 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by HAE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HAE is yet to
provide adequate information to enable CRISIL to assess HAE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.
Established in 2012, HAE manufactures aluminium extrusions. It
stared commercial production in January 2014. HAE's product
portfolio includes aluminium profiles used in various sectors
such as construction, electrical equipment, electronics, and
automobile components. Its manufacturing facility at Sarutari in
Kamrup (Assam) has an installed capacity of 2100 tonnes per
annum.
HOTEL SHAKTI: CRISIL Suspends 'D' Rating on INR100MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hotel
Shakti Continental (HSC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 100 CRISIL D
The suspension of ratings is on account of non-cooperation by HSC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HSC is yet to
provide adequate information to enable CRISIL to assess HSC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
HSC was set up in 2008 as partnership firm by the Odisha-based
brothers Mr. Ramesh Sahoo, Mr. Vijay Sahoo and Mr. Bikram Sahoo.
The firm plans to set up a 3-star hotel in Angul (Odisha).
INTERNATIONAL MEGA: CRISIL Reaffirms 'D' Rating on INR749MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of International
Mega Food Park Limited (IMFPL) continues to reflect delays in
servicing term debt due to insufficient cash accrual on account
of lower-than-expected ramp-up in operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 749 CRISIL D (Reaffirmed)
Term Loan 140.3 CRISIL D (Reaffirmed)
IMFPL also has a weak financial risk profile because of muted
debt protection metrics, and working capital-intensive, and small
scale of, operations. However, the company benefits from the
extensive experience of its promoters in the food processing
industry and diverse revenue profile.
CRISIL has downgraded its rating to 'CRISIL D' from 'CRISIL
B+/Stable' on the long-term bank facilities of IMFPL on Dec. 6,
2016.
Incorporated in 2010 as a closely held public limited company and
special-purpose vehicle, IMFPL has set up a mega food park under
the ministry of food processing industries' Mega Food Parks'
scheme at village Dabwala Kalan in Punjab. Total project cost of
INR1364 million is being funded with term debt of INR564 million,
promoters' contribution of INR300 million, and Government of
India grant of INR500 million. Key promoters include
International Fresh Farm Products Pvt Ltd, Narain Exim
Corporation, and Citrus Estates. The project is expected to
provide adequate infrastructure facilities for food processing
along the entire value chain. Major revenue streams will be
retailing and wholesaling of dairy and agricultural products,
rentals from food processing and cold storage facilities, and
selling power to Punjab State Electricity Board from its biomass
power plant. Operations of the dairy, cold storage, and
warehousing segments commenced in February 2014, while the
biomass plant is expected to start operating in April 2015.
JOHAR PETRO: CRISIL Suspends B+ Rating on INR85MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Johar
Petro (JP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 85 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by JP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JP is yet to
provide adequate information to enable CRISIL to assess JP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
JP, based in Haryana and established in 2012, runs a petrol pump.
The firm has a tie-up with Indian Oil Corporation Ltd. It is
promoted by Mr. Charanpreet Singh Johar.
JS BEDI: CRISIL Suspends 'B' Rating on INR129.7MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of JS
Bedi Agro Industries (JBAI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 129.7 CRISIL B/Stable
Term Loan 20.3 CRISIL B/Stable
Warehouse Financing 80 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
JBAI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JBAI is yet to
provide adequate information to enable CRISIL to assess JBAI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
JBAI is a partnership firm set up in 2009 by Mr. Ajay Bedi and
his wife. The firm processes non-basmati rice for sale in the
domestic market. Its plant is in Gurdaspur (Punjab).
LAKSHMI SUGAR: CRISIL Assigns 'D' Rating to INR600MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Lakshmi sugar mills company private limited (LSML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 600 CRISIL D
Letter of Credit 17 CRISIL D
Bank Guarantee 10 CRISIL D
Cash Credit 600 CRISIL D
The ratings reflect instances of delay by LSML in servicing its
term debt obligations because of stretched liquidity due to
operational losses and large working capital requirement.
The company also has a weak financial risk profile and working
capital intensive operations. However, it benefits from its
promoters' extensive experience in the sugar industry, and its
established customer relationships.
LSML (formerly known as The Mahalakshmi Sugar Mills Co Ltd),
incorporated in September 1940 by the Sawhney family, is one of
the oldest sugar manufacturing companies in Uttarakhand. It has a
sugar factory at Iqbalpur in Haridwar.
LAXMI POLYTEX: CRISIL Assigns B+ Rating to INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of Laxmi Polytex Private Limited (LPPL; part of
Laxmi group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B+/Stable
The rating reflects modest scale of operations in the highly
fragmented industry, large working capital requirement driven by
high receivables and below-average financial risk profile marked
by average capital structure and weak debt protection metrics.
These weakness are partially offset by the extensive experience
of promoters in the textile industry and their fund support.
For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of LPPL and Nandnandan Silk Mills Pvt
Ltd (NSMPL). Both companies together referred to as Laxmi group
are under common management, in similar businesses with
operational linkages.
Outlook: Stable
CRISIL believes Laxmi group (LG) will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' if increase in scale of
operations and profitability, leads to high cash accrual and
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile,
especially liquidity deteriorates, most likely on account of low
cash accrual or stretch in working capital cycle or unanticipated
large debt funded capital expenditure plans.
NSMPL and LPPL were incorporated in 1990 and 1992, respectively.
Both companies manufacture grey fabrics by weaving and processing
polyester, viscose and cotton yarn. Laxmi group has two
manufacturing units in Boisar, Thane (Maharashtra). The group is
promoted by Mr. C R Agarwal, Mr. Manoj Agarwal, Mrs Madhu Agarwal
and Mr. Pratik Agarwal.
LEKH RAJ: CRISIL Assigns B+ Rating to INR450MM Cash Loan
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Lekh Raj and Sons (LRS) and assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had suspended the
rating on April 26, 2016, as LRS had not provided the necessary
information for a rating view. The company has now shared the
requisite information, enabling CRISIL to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 450 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Cash 50 CRISIL B+/Stable (Assigned;
Credit Limit Suspension Revoked)
The rating reflects the firm's subdued financial risk profile
because of high gearing and total outside liabilities to net
worth ratio and low interest coverage ratio and modest scale and
large working capital requirement in the fragmented rice
industry. These weaknesses are partially offset by its partners'
extensive industry experience and the benefits the firm is likely
to derive from the healthy growth prospects for the rice industry
over the medium term.
Outlook: Stable
CRISIL believes that LRS will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
its financial risk profile will remain constrained over the
medium term due to its weak capital structure and working-
capital-intensive operations. The outlook may be revised to
'Positive' if the firm records substantial improvement in revenue
while maintaining profitability leading to improvement of debt
protection indicators, or capital infusion by partners results in
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if LRS's revenue is low or
if its working capital cycle lengthens significantly, or if the
firm undertakes a large debt-funded capital expenditure
programme, weakening its financial risk profile, particularly its
liquidity.
LRS was set up in 1984 as a partnership firm by the members of
the Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, export and selling of basmati and non-
basmati rice in the domestic market.
MAHALAXMI COTTON: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mahalaxmi Cotton - Karimnagar (MC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 67.5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 32.5 CRISIL B+/Stable
The rating reflects the initial stage and modest scale of
operations, and average financial risk profile, because of modest
networth andmoderately high gearing. The rating also factors
inthe large working capital requirement and susceptibility to
change in government policy for the cotton industry and
volatility in cotton prices. These weaknesses are partially
offset by extensive experience of the promoters in the cotton
ginning industry, their established track record and their
funding support.
Outlook: Stable
CRISIL believes that MC will continue to benefit from the
extensive experience of its promoters and their funding support.
The outlook may be revised to 'Positive,' if the firm reports
anticipated growth in revenue and cash accrual during initial
phase, or a major capital infusion strengthening overall
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual, stretch in the working
capital cycle or an unanticipateddebt funded capital expenditure,
weakens the financial risk profile, especially liquidity.
MC, established as a partnership firm in 2016, gins and presses
cotton. The manufacturing unit is located in Peddapalli, in the
Karimnagar district of Telangana. Promoters, Mr. D Sathishkumar
and Mr. K Malla Reddy and their family members, have been engaged
in cotton ginning for over two decades. The firm started
commercial production in November 2016.
MAHALAXMI INVESTMENT: CRISIL Rates INR100MM Cash Credit at B+
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Mahalaxmi Investment and Trading Private Limited
(MITPL) and has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings
to the facilities. CRISIL had, on September 29, 2016, suspended
the ratings as MITPL had not provided information required to
maintain a valid rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 100 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Cash Credit/
Overdraft facility 36.4 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Letter of Credit 50.0 CRISIL A4 (Assigned;
Suspension Revoked)
Proposed Long Term 12.3 CRISIL B+/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
Term Loan 11.3 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The ratings reflect its modest scale of operations in a
competitive industry and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
promoters in the transformers industry.
Outlook: Stable
CRISIL believes MITPL will increase its scaleof operations and
profitability over the medium term, backed by promoters'
extensive experience. The outlook may be revised to 'Positive' if
more-than-expected growth in revenue and profitability leads to
higher-than-expected cash accrual. The outlook may be revisedto
'Negative' in case of significant decline in scale of operations
due to lower-than-expectedsuccess rate in bidding for tenders, or
if the company undertakes a sizeable, debt-funded capital
expenditure programme.
Incorporated in 1986 and promoted by Ratlam-based Jhalani family,
MITPL manufactures components used in electrical items such as
distribution transformers, switchgears, metre boxes, feeder
pillars, distribution boxes, and junction boxes.
For fiscal 2016, net profit was INR2.62 million on net sales of
INR169.77 million, against a net profit of INR2.09 million on net
sales of INR284.2 million.
MGG INFRA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MGG Infra Projects Pvt Ltd (MIPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4
Cash Credit 40 CRISIL B+/Stable
The ratings reflect MIPPL's small scale of operations and
susceptibility to risks related to fragmentation and intense
competition in the civil construction industry. These weaknesses
are partially offset by the extensive experience of promoters in
the road construction industry.
Outlook: Stable
CRISIL believes MIPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if gearing improves mostly likely by
capital infusion. The outlook may be revised to 'Negative' in
case of deterioration in the financial risk profile because of
reduced revenue and margins, or large, debt-funded capital
expenditure, or delays in receipt of bills from principal
contractors.
Incorporated in 2012, by the Goyal family of Ajmer, MIPPL
undertakes road construction projects in Rajasthan. The company
is a Class AA civil contractor in Rajasthan. Operations are
managed by Mr. Suresh Goyal.
MITS MEGA: CRISIL Suspends B+ Rating on INR200MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MITS
Mega Food Park Ltd (MITS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 200 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
MITS with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MITS is yet to
provide adequate information to enable CRISIL to assess MITS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
MITS, incorporated in 2011, is a special-purpose vehicle formed
to set up an integrated food processing park in Rayagada
(Odisha). The park is being set up under the Mega Food Park
Scheme of the Ministry of Food Processing Industries, Government
of India. The ministry provides operational and financial support
to private players for setting up such facilities. MITS is
promoted by a group of entities; the primary stakeholder being
Basantdevi Charitable Trust. MITS's day-to day operations are
managed by Mr. Sriram Panda.
NANDNANDAN SILK: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of Nandnandan Silk Mills Private Limited (NSMPL;
part of Laxmi group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 67.5 CRISIL B+/Stable
The rating reflects modest scale of operations in the highly
fragmented industry, large working capital requirement driven by
high receivables and below-average financial risk profile marked
by average capital structure and weak debt protection metrics.
These weakness are partially offset by the extensive experience
of promoters in the textile industry and their fund support.
For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of Laxmi Polytex Pvt Ltd (LPPL) and
NSMPL. Both companies together referred to as Laxmi group are
under common management, in similar businesses with operational
linkages.
Outlook: Stable
CRISIL believes Laxmi group (LG) will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' if increase in scale of
operations and profitability, leads to high cash accrual and
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile,
especially liquidity deteriorates, most likely on account of low
cash accrual or stretch in working capital cycle or unanticipated
large debt funded capital expenditure plans.
NSMPL and LPPL were incorporated in 1990 and 1992, respectively.
Both companies manufacture grey fabrics by weaving and processing
polyester, viscose and cotton yarn. Laxmi group has two
manufacturing units in Boisar, Thane (Maharashtra). The group is
promoted by Mr. C R Agarwal, Mr. Manoj Agarwal, Mrs Madhu Agarwal
and Mr. Pratik Agarwal.
NANO MINPRO: CRISIL Reaffirms 'D' Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nano Minpro Private
Limited (NMPL) continue to reflect the company's delays of over
30 days in meeting obligation on working capital debt, because of
weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL D (Reaffirmed)
Letter of Credit 10 CRISIL D (Reaffirmed)
NMPL has a below-average financial risk profile driven by weak
capital structure and debt protection metrics, and has large
working capital requirement. However, it benefits from its
promoters' extensive experience in the textile industry.
NMPL, promoted by Mr. Pranay Nerurkar and Mr. Shivam Tandan, was
incorporated in 2006. It trades in grey fabric.
NEELKAMAL HOTEL: CRISIL Suspends B+ Rating on INR149.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Neelkamal Hotel & Resort Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 149.5 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
NHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NHPL is yet to
provide adequate information to enable CRISIL to assess NHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
NHPL, set up in 2001, runs two hotels, Hotel Clarion Inn
(Chandigarh) and Hotel Snow Park (Manali). The company is
promoted by Mr. Yoshant Thakur.
NELLUKKARAN'S FOODS: CRISIL Rates INR65MM Term Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Nellukkaran's Foods And Feeds Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 27.5 CRISIL B+/Stable
Term Loan 65.0 CRISIL B+/Stable
The rating reflects the company's exposure to risks related to
timely ramp-up in scale of operations and to risks inherent in
the poultry industry. The rating also factors its modest scale of
operations due to start-up phase, and subdued financial risk
profile because of leveraged capital structure and weak debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in the poultry feed industry and
their funding support.
Outlook: Stable
CRISIL believes NFAFPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company ramps up operations,
reporting healthy profitability and higher accrual, or if there
is a substantial capital infusion, improving the financial risk
profile. The outlook may be revised to 'Negative' if ramp-up in
operations is slower than expected, or if the financial risk
profile deteriorates due to low accrual or stretch in working
capital cycle, weakening the liquidity.
NFAFPL, incorporated in 2011, manufactures poultry feed. It
commenced commercial operations in January 2016. Its
manufacturing facility in Mangaluru, Karnataka, has capacity to
process 10 tonne per hour of feed on a single-shift basis.
OMR MALL: CRISIL Reaffirms 'D' Rating on INR950MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long term bank facility of OMR Mall
Developers Private Limited (OMR) continue to reflect the
company's delays in meeting interest obligation due to stretched
liquidity on account of time overrun in its project.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 950 CRISIL D (Reaffirmed)
OMR is exposed to risks related to implementation of its project
for setting up a shopping mall. However, it benefits from the
extensive experience of its promoters in the construction
industry.
OMR was incorporated in 2007 for constructing a shopping mall in
Chennai. The company is promoted by Allied Investments & Housing
Pvt Ltd, Majestic Realtors Pvt Ltd, Mr. Syed M Salahuddin, and
Mr. H S Saeed Aslam.
PARCOS TILES: CRISIL Assigns B+ Rating to INR180MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Parcos Tiles LLP.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 180 CRISIL B+/Stable
Bank Guarantee 40 CRISIL A4
Cash Credit 80 CRISIL B+/Stable
The ratings reflect the nascent stage of operations, average
financial risk profile because of high gearing following large,
debt-funded capital expenditure (capex) for project and large
working capital requirements and exposure to intense competition
in the ceramic tiles industry. These weaknesses are partially
offset by the extensive industry experience of the promoters and
favorable location of the manufacturing facility at Morbi
(Gujarat).
Outlook: Stable
CRISIL believes that PTL will benefit from the extensive
experience of its promoters, over the medium term. The outlook
may be revised to 'Positive' if timely stabilisation of
operations, leads to substantial ramp up in sales and cash
accrual during the initial phase. The outlook may be revised to
'Negative,' if lower than expected ramp up in sales or
profitability leads to low cash accrual, or if substantial
working capital requirement weakens the financial risk profile
and liquidity.
PTL was set up in April 2016, by promoters, Mr. Sanjay Bhatiya,
Mr. Kalpesh Bhatiya, Mr. Satish Kalariya, Mr. Kirtikumar Ughreja
and their family members. The company, which has capacity of
90000 MT per annum, is expected to start manufacturing vitrified
tiles from January 2017.
PATWARI STEELS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Patwari Steels Pvt Ltd (PSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL D
Cash Credit 90 CRISIL D
Proposed Long Term
Bank Loan Facility 6 CRISIL D
Standby Line of Credit 13.5 CRISIL D
Term Loan 16 CRISIL D
The suspension of ratings is on account of non-cooperation by
PSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSPL is yet to
provide adequate information to enable CRISIL to assess PSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 1983 in Patna by Mr. Subhash Patwari, PSPL started
commercial operations in 1993. The company manufactures mild
steel ingots and thermo-mechanically treated bars.
PAWANSUT ENTERPRISES: CRISIL Suspends 'B' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pawansut Enterprises (PE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4
Cash Credit 10 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 20 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by PE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PE is yet to
provide adequate information to enable CRISIL to assess PE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 1998 as a partnership firm, PE undertakes construction
of roads, bridges, and buildings. It is promoted by Mr. Bhajan
Lal Tayal, Mr. Gopal Tayal, Mr. Govind Tayal, and Mr. Krishan
Aggarwal.
R.A. KNITWEAR: CRISIL Assigns B+ Rating to INR75MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of R.A. Knitwear Private Limited (RAW) and assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities.
CRISIL had, in its rating rationale dated October 27, 2016,
announced suspension of the rating, since RAW had not provided
information necessary for a rating review. RAW has now shared the
requisite information, enabling CRISIL to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Letter of Credit 4 CRISIL A4 (Assigned;
Suspension Revoked)
The ratings reflect RAW's below-average financial risk profile,
marked by high leverage. The ratings also factor in small scale
of operations in the intensely competitive ready-made garments
industry and working capital intensity in operations. These
weaknesses are partially offset by the extensive industry
experience of the promoters in the textile industry.
Outlook: Stable
CRISIL believes RAW will continue to benefit from the extensive
experience of the promoters in the textile industry. The outlook
may be revised to Positive' if ramp-up in scale of operations and
operating profitability and improvement in capital structure help
strengthen financial metrics. Conversely, the outlook may be
revised to 'Negative' if revenue and operating profitability
decline, or if any higher-than-expected capital expenditure
weakens financial risk profile.
Set up in November 2011 by Mr. A Selvaraj, RAW is engaged in the
manufacture of readymade garments at its manufacturing facility
at Tirupur (Tamil Nadu).
RABIR RICE: CRISIL Assigns 'B' Rating to INR50MM Whse. Financing
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rabir Rice Mills (RRM). The rating reflects
limited track record of operations and an average financial risk
profile. These weaknesses are partially offset by proprietor's
extensive experience in the rice business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B/Stable
Warehouse Financing 50 CRISIL B/Stable
Outlook: Stable
CRISIL believes RRM will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
substantially, strengthening the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
aggressive, debt-funded expansions, or considerable decline in
revenue and profitability or capital withdrawals lead to
deterioration in the financial risk profile.
Established in 2009, RRM, a proprietorship firm, mills basmati
and non-basmati rice. Its facility at Devigarh, Patiala (Punjab)
has a milling capacity of 4 tonne per hour.
RAILTRACK CONCRETE: CRISIL Assigns B- Rating to INR35MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Railtrack Concrete Products Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 15 CRISIL B-/Stable
Inland/Import Letter
of Credit 20 CRISIL A4
Bank Guarantee 10 CRISIL A4
Cash Credit 35 CRISIL B-/Stable
The ratings reflect RCPPL's small scale and working capital
intensive operations and weak financial risk profile marked by
low networth and below average debt protection metrics. These
rating weaknesses are partially offset by the promoters'
extensive experience and funding support.
Outlook: Stable
CRISIL believes that RCPPL will continue to benefit from its
promoters' extensive experience in the concrete sleeper industry.
The outlook may be revised to 'Positive' if the company reports a
significant improvement in its scale of operation while
sustaining its profitability or in case of improvement in working
capital management leading to improvement in liquidity as well as
business risk profile. Conversely, significant stretch in working
capital, lower-than-expected accruals, or any larger-than-
expected debt-funded capital expenditure leading to deterioration
in the overall financial risk profile, especially liquidity, are
among the factors that can lead to revision in outlook to
'Negative'.
Incorporated in July 2014, in Kolkata West Bengal, RCPPL is
engaged in manufacturing of railway sleepers. RCPPL primarily
caters to Indian Railways which contributed around 100% of
company's revenues. The day-to-day operations of company are
managed by Mr. Sabyasachi Munshi and Mr. Nishant Mittal, who are
the promoters-directors of the company.
RAJAT INFRA: CRISIL Suspends 'B' Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rajat
Infra Developers Private Limited (RIDPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 70 CRISIL A4
Cash Credit 30 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 100 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
RIDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RIDPL is yet to
provide adequate information to enable CRISIL to assess RIDPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
RIDPL, incorporated in 2012, is promoted by Mr. Prabhakant Yadav
(managing director) and Mr. Chandrashekhar Yadav (director) who
manage its day-to-day operations. The company undertakes civil
construction work for Uttar Pradesh state government departments
such as Public Works Department, Barrage Construction Division,
and Bharat Sanchar Nigam Ltd.
RASHMI REALTY: CRISIL Cuts Rating on INR320MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Rashmi
Realty Builders Private Limited to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 320 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating downgrade reflects delays in debt servicing of debt
obligations by RRBPL because of weak liquidity.
RRBPL also has geographic concentration in revenue profile and
exposure to cyclicality in the real estate sector. However
company benefits from established position and brand name in the
Mira-Virar City (MVC) region of Mumbai.
RRBPL was promoted in 2010 by the Bosmiya family of Mumbai and
undertakes development of residential real estate properties. The
Bosmiya family has been undertaking residential and commercial
real estate development projects and broking and contractual
construction since 1993 through its various group companies,
collectively referred to as the Rashmi group. The management of
the group rests with four brothers of the Bosmiya family: Mr.
Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr.
Ashok Bosmiya.
RATANPUR COLD: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ratanpur Cold Storage Pvt Ltd (Ratanpur).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.8 CRISIL A4
Cash Credit 35.0 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 8.0 CRISIL B/Stable
Working Capital
Term Loan 12.0 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
Ratanpur with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Ratanpur is yet to provide adequate information to enable CRISIL
to assess Ratanpur's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL views information
availability risk as a key factor in its assessment of credit
risk.
Incorporated in 1987, Ratanpur provides cold storage facilities
to potato farmers and traders. Its cold storage facility is in
Singur (West Bengal). The company is promoted by Mr. Valji Patel.
RDC AUTOMOBILE: CRISIL Assigns 'B' Rating to INR150MM e-DFS
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of RDC Automobile Private Limited (RDC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line Overdraft
Facility 36 CRISIL B/Stable
Electronic Dealer
Financing Scheme(e-DFS) 150 CRISIL B/Stable
The ratings reflect a weak financial risk profile, nascent stage
of operations, and exposure to project demand-related risks.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the automobile industry and the
funding support from promoters.
Outlook: Stable
CRISIL believes RDC will continue to benefit from the extensive
experience of its promoters and their need-based fund support.
The outlook may be revised to 'Positive' in case of significant
improvement in liquidity due to a more-than-expected increase in
cash accrual, efficient working capital management, and funding
support from promoters. The outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile,
particularly liquidity, due to lower-than-anticipated cash
accrual, higher-than-expected working capital requirement, or any
significant debt-funded capital expenditure.
Set up in 2015, RDC is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also
promoted RDC Motors Private Limited (RDCMPL), an authorised
dealer for cars of Fiat India Automobiles Limited (FIAL) in
Chennai and Vellore.
RL CONSTRUCTION: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of RL
Construction.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 70 CRISIL A4
Cash Credit 50 CRISIL B+/Stable
Standby Line of Credit 5 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by RLC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RLC is yet to
provide adequate information to enable CRISIL to assess RLC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
RLC, based in Silchar (Assam), was set up as a partnership firm
by Mr. Gouranga Paul, Mr. Mukul Paul, and Mr. Nirmal Banik, in
1999. The firm undertakes earthwork, construction of side drains,
site development, strengthening of bridges, and construction of
minor bridges for the North-Eastern Railway.
SACHDEV STEEL: CRISIL Assigns 'C' Rating to INR64MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Sachdev Steel Works Private Limited (Union
Enterprises).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital Loan 31.1 CRISIL C
Cash Credit 64 CRISIL C
Long Term Loan 54.9 CRISIL C
The rating reflects continuous cash losses over the three fiscals
through fiscal 2016, constraining the financial risk profile. The
rating also factors in working capital-intensive operations,
highly stretched liquidity, and a track record of delays in debt
repayment. These rating weaknesses are partially offset by the
extensive experience of the promoters in the iron and steel
industry.
SSWPL was established as a sole proprietorship firm by Mr. Raj
Sachdev in 1975; the firm was reconstituted as a private limited
company with the current name in 1986. Currently, SSWPL's
director, Mr. Bharat Bhushan Sachdev (son of Mr. Raj Sachdev), is
looking after business operations. The company manufactures mild-
steel bars and rods at its facility in the Adityapur Industrial
Area of Jamshedpur, Jharkhand.
SRINIVASA MURUGAN: CRISIL Assigns B+ Rating to INR120MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Srinivasa Murugan Industries (SMI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 120 CRISIL B+/Stable
Long Term Loan 50 CRISIL B+/Stable
The ratings reflect SMI's low operating margin and modest
financial risk profile constrained by weak capital structure.
These weaknesses are partially offset by moderate scale of
operations and extensive experience of promoters in the cotton
industry.
Outlook: Stable
CRISIL believes SMI will benefit from the extensive experience of
its promoters in the cotton ginning industry. The outlook may be
revised to 'Positive' if increase in operating profitability and
scale of operations lead to improved cash accruals and liquidity.
The outlook may be revised to 'Negative' if decrease in operating
margin or elongation of working capital cycle weakens liquidity.
SMI, a partnership firm established in 2015, is engaged in the
ginning and pressing of raw cotton.
=========
J A P A N
=========
SHOWA SHELL: Egan-Jones Hikes Sr. Unsecured Debt Rating to B+
-------------------------------------------------------------
Egan-Jones Ratings, on Dec. 21, 2016, raised the senior unsecured
rating on debt issued by Showa Shell Sekiyu KK to B+ from B.
Showa Shell Sekiyu Kabushiki Kaisha is the base of Royal Dutch
Shell group in Japan. It was formed by the merger of Showa Oil
Company and Shell Sekiyu which was begun around 1876 in Yokohama
by Samuel Samuel & Co, the predecessor of Shell Group today.
Showa Shell Sekiyu provides oil and energy solution business in
Japan and worldwide.
=================
S I N G A P O R E
=================
ASL MARINE: Seeks to Delay Payment on SGD150MM Debts
----------------------------------------------------
Jason Jiang at Splash24/7 reports that ASL Marine has issued a
consent solicitation statement to its noteholders to seek
approval to extend the maturity of the company's notes.
According to the report, the notes include a series of
SGD100 million notes due in March 2017, and a series of
SGD50 million notes due in October 2018, which were together
issued under a $500m multicurrency debt issuance programme.
Splash24/7 relates that under the consent solicitation, ASL
Marine is proposing to extend the maturity of the notes for three
years, introduce a call option and mandatory redemption event,
amend interest rates payable of the notes, allow for a form of
security to be taken and amend certain financial covenants.
ASL Marine is facing credit tightening by financial institutions,
subcontractors and suppliers, and difficult operating conditions
in the OSV market, Splash24/7 says. The company's fleet
utilisation rate has fallen to 57% as of Sept. 30, 2016, the
report discloses.
Headquartered in Singapore, ASL Marine Holdings Ltd. --
http://aslmarine.infinitesparks.com/-- provides marine services
primarily in the Asia Pacific, South Asia, Europe, Australia, and
the Middle East.
RICKMERS MARITIME: Completes Vessel Sale to Partly Settle Loan
--------------------------------------------------------------
Melissa Tan at The Business Times reports that Rickmers Maritime
Trust has completed the sale of a vessel in connection with the
settlement of senior loan facilities that German lender
Commerzbank's Singapore branch extended to a unit of the trust,
its manager said in a Singapore Exchange filing on Dec. 23, 2016.
It did not say how much it had sold the vessel, called India
Rickmers, for and how much it had gotten for it, the report
notes. The vessel had been used to secure the loan facilities.
According to the report, the trust had said on Dec. 9, 2016, that
the net proceeds from selling India Rickmers would go towards
partial prepayment of the Commerzbank loan facility, and that it
does not expect the sale to lead to material loss in the fourth
quarter of 2016 as a review for vessel impairment was carried out
and recognised in previous quarters.
Rickmers Maritime units were suspended after the market closed on
Nov. 15, 2016, and remained suspended on Dec. 23, 2016, adds BT.
Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.
SWIBER HOLDINGS: 3 Vessels of Norwegian Ship Lessor Seized
----------------------------------------------------------
The Business Times reports that a Norwegian ship lessor has been
caught in the debt web of Swiber Holdings, with three of its
vessels in Singapore arrested by a syndicate of banks.
Court documents obtained by BT show that the anchor handling tug
supply vessels Swiber Else-Marie, Swiber Mary-Ann and Swiber Ann-
Christine were arrested over an outstanding mortgage claim of
over US$43.4 million (SGD62.78 million).
BT relates that the plaintiff in the arrest is United Overseas
Bank (UOB), which is understood to be acting as security agent
for the syndicate of banks that had extended financing to the
vessel owner in relation to a sale and leaseback deal. All three
vessels were arrested at ASL Shipyard on Dec. 22, 2016, the
report says.
According to the report, sources also confirmed that the owner of
the three vessels is Bukit Timah Offshore AS, a vehicle set up by
INRPlatou Finans Shipping AS under the Norwegian KS system to
facilitate the sale and leaseback transaction with a wholly-owned
subsidiary of Swiber Holdings back in 2008.
BT says the deal called on Bukit Timah Offshore to buy the
vessels for the purpose of leasing them to Swiber under 10 years'
bareboat charters.
According to the report, M3 Marine managing director Mike Meade
said that a typical sale and leaseback deal through the Norwegian
KS system is backed by as much as 80% bank borrowings, with the
remaining 20% raised through equity.
Capt Meade also noted that bareboat charter payments pledged
under sale and leasebacks in 2008 would have been "well above the
current market rate".
The court-appointed judicial managers for Swiber and Swiber
Offshore Construction Pte Ltd (SOC) told BT that, as then-interim
judicial managers back in September, they had requested Bukit
Timah Offshore AS to take re-delivery of the three vessels
arrested by UOB.
A spokeswoman said that this request was put forth to the vessel
owner "because SOC was not in a position to continue with the
charter of the vessels," relays BT.
This suggests that since September, Bukit Timah Offshore may have
lost the bareboat charter income from Swiber that is supposed to
go towards servicing the bank financing on the three vessels.
Under such circumstances, seizing the vessels is just one of the
first steps creditors can take to mitigate an outright default.
In the event the owner throws in the towel, creditors may have to
bear the onus of selling or chartering out the vessels in order
to recover the outstanding debt.
The resale market for offshore supply vessels, however, has come
under pressure from vast overcapacity in the sub-sector.
About Swiber
Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 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.
Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.
Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.
SWIBER HOLDINGS: Claims Against Shipper Reaches US$288.8MM
----------------------------------------------------------
Melissa Tan at The Business Times reports that total claims
received by struggling offshore engineering group Swiber Holdings
stood at about US$288.8 million as at Dec. 29, 2016, the group
said in an update filed to the Singapore Exchange on Dec. 30,
2016.
It said that it was seeking legal advice on the claims, the
report relates.
Swiber had previously said on Oct. 7 that the value of claims was
about US$246.1 million as at Oct. 6, 2016, BT discloses.
About Swiber
Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 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.
Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.
Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.
UOB-KAY HIAN: Egan-Jones Withdraws BB+ Sr. Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings, on Dec. 22, 2016, withdrew the BB+ senior
unsecured ratings on debt issued by UOB-Kay Hian Holdings Ltd.
UOB-Kay Hian Holdings Limited is an investment holding company
whose subsidiaries provide management services. The Company
provides stock broking, futures broking, investment trading,
nominee services, margin financing, and research activities.
====================
S O U T H K O R E A
====================
HANJIN SHIPPING: Ex-Chairwoman Charged Over Illegal Stock Trading
-----------------------------------------------------------------
Yonhap News Agency reports that a former head of Hanjin Shipping
Co. was indicted Dec. 30, 2016, on charges that she illegally
sold company stocks using insider information to avoid losses.
Yonhap relates that the Seoul Southern District Prosecutors'
Office said Choi Eun-young is accused of selling stocks of the
financially troubled Hanjin Shipping in April after obtaining
information that the company will go through a creditor-led debt
restructuring.
According to the report, the stock sale was completed a few days
before Hanjin Shipping, long troubled by an industry slump and
ballooning losses, decided to apply for a creditor-led debt
revamp and a self-rescue program.
Choi currently heads Eusu Holdings Co. which separated from
Hanjin Group in May 2015. It has shipping-related units under its
wing, Yonhap discloses.
About Hanjin Shipping
Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.
The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year. It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world. The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.
Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.
As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets. The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.
The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.
Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.
*********
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 2017. 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
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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 ***