/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/170623.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 Friday, June 23, 2017, Vol. 20, No. 124 Headlines A U S T R A L I A ALERTFORCE PTY: First Creditors' Meeting Set for June 30 BLACKWATER QUARRIES: Second Creditors' Meeting Set for June 29 ELEFTERIA PTY: First Creditors' Meeting Set for June 28 ISLAMIC COLLEGE: Placed Into Liquidation LOCK FORWARD: Second Creditors' Meeting Set for June 30 NOVO IT: Second Creditors' Meeting Set for June 28 SOUTH TOWNSVILLE: Second Creditors' Meeting Set for June 28 C H I N A CHINA COMMERCIAL: Amends Prospectus for $30 Million Offering HUACHEN ENERGY: Moody's Assigns B1 Corporate Family Rating I N D I A AATHEES HARD: CRISIL Assigns B+ Rating to INR2.45MM Term Loan AFTAB STEELS: CRISIL Reaffirms B Rating on INR2.75MM Loan AIR INDIA: Civil Aviation Ministry Concerned Over Privatization ALOK INDUSTRIES: Lenders to Start Insolvency Proceedings ALUPAN COMPOSITE: CRISIL Cuts Rating on INR16MM Cash Loan to D AMBICA ALLOYS: CRISIL Cuts Rating on INR10MM Cash Loan to 'B' ASHOKA KRAFT: CRISIL Lowers Rating on INR16MM Term Loan to 'B' BINJRAJKA INDUSTRIES: CRISIL Lowers Rating on INR6MM Loan to B BLACK HORSE: CRISIL Assigns B- Rating to INR28MM Long Term Loan DREAMFOLKS SERVICES: CRISIL Cuts Rating on INR4MM Loan to 'B' EAK AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan ERAM MOTORS: CRISIL Raises Rating on INR15MM Cash Loan to B+ ESS GEE: CRISIL Downgrades Rating on INR8MM Cash Loan to 'B' ESSPEE CONSTRUCTION: CRISIL Lowers Rating on INR7MM Loan to 'B' GANESH RAM: CRISIL Raises Rating on INR40MM Cash Loan to BB- HANUMAN TIMBER: CRISIL Reaffirms B Rating on INR0.1MM Cash Loan HARICHANDANA COTTONS: CRISIL Reaffirms Rating on INR3MM Loan IVALUE INFOSOLUTIONS: CRISIL Lowers Rating on INR8MM Loan to B+ JANAA INDUSTRIES: CRISIL Reaffirms Rating on INR3.6MM Cash Loan KRISHNA COIL: CRISIL Downgrades Rating on INR20MM Loan to B KUNDAN JEWELLERS: CRISIL Lowers Rating on INR23MM Loan to 'B' MAIYAS BEVERAGES: CRISIL Reaffirms B Rating on INR20MM Loan NEELKANTH TOWN: CRISIL Lowers Rating on INR18MM Term Loan to B NISCHINT FOODS: CRISIL Cuts Rating on INR8MM Cash Loan to 'B' POLYPLASTICS AUTO: CRISIL Cuts Rating on INR8.3MM Loan to 'B' PREMIUM FERRO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan PURVI BHARAT: CRISIL Lowers Rating on INR10MM Cash Loan to B QUADRANT CABLES: CRISIL Reaffirms 'B' Rating on INR8MM Loan R. N. KAPOOR: CRISIL Lowers Rating on INR5MM Cash Loan to 'B' RAJ BORAX: CRISIL Cuts Rating on INR4.5MM Cash Loan to B RATHI SPECIAL: CRISIL Cuts Rating on INR28MM Cash Loan to B SEPCON SYSTEMS: CRISIL Lowers Rating on INR3.10MM Loan to 'B' SHREE SHAKAMBARI: CRISIL Lowers Rating on INR20MM Cash Loan to B SOMOCHEM INDIA: CRISIL Lowers Rating on INR1MM Cash Loan to B SPECIAL LIME: CRISIL Lowers Rating on INR6MM Cash Loan to 'B' SORKHI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.95MM Loan SREE SANNIDHI: CRISIL Lowers Rating on INR11MM Term Loan to B SRI ADITYA: CRISIL Cuts Rating on INR14MM Cash Loan to 'B' SRI MEENAXI: CRISIL Assigns 'B' Rating to INR3MM Loan SRI VENKATESHWARA: CRISIL Assigns B Rating to INR3.5MM Cash Loan SSR CREST: CRISIL Downgrades Rating on INR5MM Loan to B SSVM CONSTRUCTION: CRISIL Lowers Rating on INR2MM Cash Loan to B+ SUPER SHOES: CRISIL Downgrades Rating on INR4.5MM Loan to 'B' WHITE GOLD: CRISIL Lowers Rating on INR14MM Cash Loan to 'B' J A P A N TAKATA CORP: To File for Bankruptcy as Early as June 26 TOSHIBA CORP: WD's Suit Now Seen as Biggest Hurdle for Unit Sale TOSHIBA CORP: Broadcom Backs Away From $20BB Bid for Chip Unit N E W Z E A L A N D FP IGNITION 2017-B: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes P H I L I P P I N E S ARMEL PLASTIC: Faces Tax Evasion Charges X X X X X X X X FIJI: B1 Rating Reflects Continuing Improvements, Moody's Says - - - - - ================= A U S T R A L I A ================= ALERTFORCE PTY: First Creditors' Meeting Set for June 30 -------------------------------------------------------- A first meeting of the creditors in the proceedings of AlertForce Pty Ltd will be held at the offices of Woodgate & Co., Level 8, 6- 10 O'Connell Street, in Sydney, NSW, on June 30, 2017, at 10:00 a.m. Richard James Rowley of Woodgate & Co was appointed as administrator of AlertForce Pty Ltd on June 20, 2017. BLACKWATER QUARRIES: Second Creditors' Meeting Set for June 29 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Blackwater Quarries & Concrete Pty Ltd and Nationwide Quarries Pty Ltd has been set for June 29, 2017, at 11:00 a.m., at United Services Club Queensland, 183 Wickham Terrace, in Spring Hill, Queensland. The purpose of the meeting are (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 28, 2017, at 4:00 p.m. Geoffrey Trent Hancock and Bradley Tonks of PKF were appointed as administrators of Blackwater Quarries on March 21, 2017. ELEFTERIA PTY: First Creditors' Meeting Set for June 28 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Elefteria Pty Limited will be held at Suite 1, Level 15, 9 Castlereagh Street, in Sydney, NSW, on June 28, 2017, at 3:00 p.m. Christopher Darin of Worrells Solvency was appointed as administrator of Elefteria Pty on June 16, 2017. ISLAMIC COLLEGE: Placed Into Liquidation ---------------------------------------- Meredith Booth at The Australian reports that the insolvent Islamic College of South Australia has been placed into liquidation with the 400-student school to reopen under new management as the Australian Islamic College (Adelaide). Australian Islamic College chief executive officer Abdullah Khan said registration would be fast-tracked with the South Australian education department and reinstatement of federal funds was expected, The Australian relates. According to The Australian, Perth-based AIC, which has been negotiating since May with the school board, federal and state departments to take over the beleaguered Adelaide school, hopes to reinstate principal Kadir Emniyet, reported to have been sacked by rogue board members via a text message last week, when emotions boiled over between school management and parents. Police were called, and remained for several hours, at the College in Adelaide's inner western suburbs last week to break up tensions between parents, Mr. Emniyet and liquidator Hugh Martin following an announcement by education minister Simon Birmingham that federal funding would not be reinstated, The Australian says. The Australian relates that Mr. Khan said the new owners would cut some jobs from the current 60-strong staff under a restructure because funding would fall in line with a dramatic drop in student numbers from 550 to 400 in the past few months. AIC's board was independent with no links to Muslims Australia, the landlord of its three campuses in Perth, and had the "full trust" of the Western Australian and federal governments, Mr. Khan said, The Australian relays. "I would like to ask parents to be optimistic because things are operating quite well and we are a very stable and financially viable school," the report quotes Mr. Khan as saying. The Australian relates that Mr. Khan said AIC had negotiated a drop in its annual rent payments to Adelaide campus landlord Muslims Australia to AUD220,000, for the site, in thinner western suburbs. An increase in rent charged at the site from AUD94,000 to AUD300,000, and links to Muslims Australia on the school board were one of a number of federal government concerns related to it revoking funding for the Adelaide school earlier this year, the report states. The Australian adds that a South Australian education department spokesman said a deregistration of the Islamic College of SA with the Education Standards Board and then successfully apply to register the new entity was required before students could return to the school. It comes as Australia's largest Islamic school, Malek Fahd in Sydney, may have to close in two weeks if AUD19 million in annual federal funding is not reinstated, the report relays. Malek Fahd chairman John Bennett said the board had written to education authorities last week about the school's possible closure, adds The Australian. LOCK FORWARD: Second Creditors' Meeting Set for June 30 ------------------------------------------------------- A second meeting of creditors in the proceedings of Lock Forward Investments Pty Ltd has been set for June 30, 2017, at 9:00 a.m., at the offices of SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland. The purpose of the meeting are (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 29, 2017, at 4:00 p.m. David Michael Stimpson and Terrence John Rose of SV Partners were appointed as administrators of Lock Forward on May 26, 2017. NOVO IT: Second Creditors' Meeting Set for June 28 -------------------------------------------------- A second meeting of creditors in the proceedings of Novo IT Pty Ltd has been set for June 28, 2017, at 10:30 a.m., at Level 19 Eclipse Tower 60 Station Street, in Parramatta, NSW. The purpose of the meeting are (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 27, 2017, at 4:00 p.m. David Ian Mansfield and Neil Robert Cussen of Deloitte Financial Advisory were appointed as administrators of Novo IT on May 23, 2017. SOUTH TOWNSVILLE: Second Creditors' Meeting Set for June 28 ----------------------------------------------------------- A second meeting of creditors in the proceedings of South Townsville Investments Pty Ltd has been set for June 28, 2017, at 11:00 a.m., at Level 3, 65 York Street, in Sydney, NSW. The purpose of the meeting are (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 27, 2017, at 4:00 p.m. David Anthony Hurst of HoskingHurst was appointed as administrator of South Townsville Investments on May 23, 2017. ========= C H I N A ========= CHINA COMMERCIAL: Amends Prospectus for $30 Million Offering ------------------------------------------------------------ China Commercial Credit, Inc., filed with the Securities and Exchange Commission an amended Form S-3 registration statement in connection with an offering of common stock, preferred stock, warrants, or a combination of these securities, or units, for an aggregate offering price of up to $30 million. The Company's common stock is listed on the NASDAQ Capital Market under the symbol "CCCR." On June 14, 2017, the last reported sales price of the Company's common stock was $3.12. The Company will apply to list any shares of common stock sold by it under this prospectus and any prospectus supplement on the NASDAQ Capital Market. The prospectus supplement will contain information, where applicable, as to any other listing of the securities on the NASDAQ Capital Market or any other securities market or exchange covered by the prospectus supplement. As of June 14, 2017, the aggregate market value of the Company's outstanding common stock held by non-affiliates is $54,236,298.50, based on 17,383,429 shares of outstanding common stock, of which approximately 14,073,654 shares are held by non-affiliates, and a per share price of $3.12 based on the closing sale price of our common stock on June 14, 2017. During the 12 calendar month period ended June 7, 2017, 2,499,025 shares of the common stock of the Company have been offered. A full-text copy of the Form S-3/A is available for free at: https://is.gd/xWdph7 About China Commercial Credit China Commercial Credit, Inc., offers financial services in China. It provides direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses, farmers and individuals in the city of Wujiang, Jiangsu Province. China Commercial reported a net loss of US$1.98 million on US$1.29 million of total interest and fee income for the year ended Dec. 31, 2016, compared with a net loss of US$61.26 million on US$2.98 million of total interest income for the year ended Dec. 31, 2015. As of March 31, 2017, China Commercial had $20.27 million in total assets, $19.13 million in total liabilities and $1.13 million in total shareholders' equity. Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has accumulated deficit that raises substantial doubt about its ability to continue as a going concern. HUACHEN ENERGY: Moody's Assigns B1 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service has assigned a definitive B1 corporate family rating to Huachen Energy Co., Ltd. and a definitive B2 rating to its USD500 million, 6.625%, 3-year senior unsecured bond, due May 18, 2020. The ratings outlook is stable. RATINGS RATIONALE Moody's definitive corporate family rating on Huachen Energy Co., Ltd. and rating on its debt obligation follows the company's completion of its USD bond issuance, the final terms and conditions of which are consistent with Moody's expectations. The provisional ratings were assigned on May 5, 2017, and Moody's rating rationale was set out in a press release published on the same day. The proceeds from the bond will be used for investment in overseas nuclear power projects and general corporate purposes. The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in December 2013. Huachen Energy Co., Ltd. is a privately-owned power generating company headquartered in Beijing, with its core thermal power operation in Jiangsu and Henan provinces. At end-2016, it had total installed capacity of about 5GW, of which 83% were coal fired; 16% gas fired and 1% solar power. At end-2016, Huachen was indirectly wholly-owned by Wintime Energy Co., Ltd. (unrated), which is listed on the Shanghai Stock Exchange. Wintime Energy is a listed A-share coal-mining and trading company in China, and is owned as to 32.41% by Wintime Holding Group Co., Ltd, which is ultimately controlled by Mr. Wang Guangxi. ========= I N D I A ========= AATHEES HARD: CRISIL Assigns B+ Rating to INR2.45MM Term Loan ------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Aathees Hard Flooring (AHF). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 2.45 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 2.15 CRISIL B+/Stable Bank Guarantee 1 CRISIL A4 Overdraft 1.4 CRISIL A4 The ratings reflect a modest scale of and working capital intensive operations. These weaknesses are partially offset by the extensive industry experience of the proprietor, and a moderate financial risk profile because of comfortable gearing and debt protection metrics. Key Rating Drivers & Detailed Description Weakness * Extensive industry experience of the proprietor: The proprietor, Mr. N Athimuthan, an architect, has an experience of 20 years in the paver tile block industry. This has resulted in a healthy relationship with key stakeholders, thereby ensuring a steady order flows. * Moderate financial risk profile: The networth is moderate, estimated at INR7.45 crore as on March 31, 2017, and comfortable gearing, estimated at 0.75 time as on the same date. Debt protection metrics too are also comfortable as reflected in an interest coverage ratio of 2.68 times and net cash accrual to total debt ratio of 0.19 time, estimated for fiscal 2017. Strengths * Modest scale of operations: The revenue of the firm is modest, estimated at INR 5 crore in fiscal 2017, declined from from INR7 crore in fiscal 2016. The decline was due to reduction in the number of orders received from various government agencies. * Working Capital Intensive nature of operations: The firms operations are working capital intensive in nature as reflected in gross current asset (GCA) days of 304 days as on March 31, 2016. The high GCA days was primarily owing to high credit period of around 150 to 180 days offered to customers, primarily governmental entities. Moreover, the firm maintains an inventory of around 140 days. Outlook: Stable CRISIL believes AHF will continue to benefit from the extensive industry experience of its proprietor. The outlook may be revised to 'Positive' in case of sustained growth in revenue and profitability, while the capital structure is maintained and the business risk profile strengthened through greater customer diversity. The outlook may be revised to 'Negative' in case of a sharp decline in profitability, a stretched working capital cycle, or larger-than-expected, debt-funded capital expenditure, weakening the financial risk profile. AHF was established in 2004 as a proprietorship firm by Mr. Athimuthan. The firm, based in Madurai, Tamil Nadu, manufactures and lays paver tile blocks. Net profit was INR0.22 crore on revenue of INR7.01 crore in fiscal 2016, against a net profit of INR0.47 crore on revenue of INR8.99 crore in fiscal 2015. AFTAB STEELS: CRISIL Reaffirms B Rating on INR2.75MM Loan --------------------------------------------------------- CRISIL's ratings on the bank facilities of Aftab Steels Private Limited continue to reflect the company's modest scale of operations and vulnerability to fluctuations in raw material prices. These weaknesses are mitigated by the extensive experience of its promoters in the steel industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.34 CRISIL A4 (Reaffirmed) Cash Credit 2.75 CRISIL B/Stable (Reaffirmed) Term Loan 2.70 CRISIL B/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations in fragmented industry: Intense competition in the steel industry constrains scalability in operations; turnover was small at INR21 crore in fiscal 2016. * Low operating profitability and working capital-intensive operations: Operating margin was 5.7% in fiscal 2016 and will remain subdued due to limited value addition in an intensely competitive segment. Gross current assets were high at 98 days as on March 31, 2016. Working capital requirement will remain large over the medium term. * Average financial risk profile: Gearing was moderate at 1.7 times as on March 31, 2016, while interest coverage ratio of 2.1 times for fiscal 2016. Financial risk profile will remain subdued over the medium term. Strength: * Experience of promoters: Presence of more than two decades in the steel industry has enabled the promoters to establish strong customer relationship. The company also benefits from its presence in Gujarat, which ensures a large clientele. Outlook: Stable CRISIL believes ASPL will benefit over the medium term from its promoters' experience. The outlook may be revised to 'Positive' if significant improvement in scale of operations and profitability leads to better-than-expected cash accrual, while maintaining capital structure. The outlook may be revised to 'Negative' in case of larger-than-expected capital expenditure or further weakening of financial risk profile, particularly liquidity. Incorporated in 2013 and promoted by Gujarat-based Mr. Firoz Bloch and his brother, Mr. Imtiaz Bloch, ASPL manufactures stainless steel billets/ingots and rounds in Jamnagar, Gujarat. Profit after tax (PAT) was INR0.17 crore on an operating income of INR21 crore in fiscal 2016, against a PAT of INR0.12 crore on an operating income of INR27.4 crore in fiscal 2015. AIR INDIA: Civil Aviation Ministry Concerned Over Privatization --------------------------------------------------------------- The Times of India reports that a final decision on the revival plan for debt-laden Air India is likely to take some more time as the civil aviation ministry has voiced concerns over the proposal to privatise the national carrier, an official said. According to the report, a senior finance ministry official said the plan for revival would be taken up by the Cabinet only after various issues, including the concerns raised by the parent ministry, are resolved. Surviving on taxpayers' money, Air India has been in the red for long and various proposals, including government think tank Niti Aayog's suggestion for complete privatisation, have been made, TOI says. The civil aviation ministry has however voiced concerns over privatising the airline citing issues such as those related to debt burden, proposed voluntary retirement scheme for employees and fleet, he said, the report notes. While discussions are still going on, at least two different views have emerged within the government with respect to stake sale in the airline, according to TOI. One view is that the government should offload majority stake in the airline and retain the minority stake as well as the Air India logo, the official, as cited by TOI, said. This could be done after taking over a portion of its debt, he added. Another idea being floated is for minority stake sale by the government and then work on ways to address the debt woes, including by way of selling the airline's assets, TOI relays. TOI says the aviation ministry is in favor of reviving the airline, which has debt of more than INR52,000 crore, but not keen on majority stake sale, the official noted. It is surviving on a INR30,000-crore bailout package extended by the previous UPA government in 2012. As part of efforts to reduce its debt, the government might also nudge LIC and other public sector enterprises to buy certain non- core assets of Air India, the report says. The larger question before the government is whether there is a need for a state-owned carrier and if it is to be there, whether the current operational structure should be revamped or not, the official said, TOI relays. Besides, he said, there would be problems in attracting buyers for the airline as there are not too many deep-pocketed domestic entities and stake sale to a foreign investors could trigger a lot of opposition, according to TOI. TOI relates that the official said the matter relating to Air India is now at the level of Prime Minister's Office (PMO) and once the issues are resolved between the ministries, the final proposal would be taken to the Cabinet. It would take a few more weeks before the plan is finalised, he added, TOI reports. About Air India Air India Ltd -- http://www.airindia.com/-- is the flag carrier airline of India owned by Air India Limited (AIL), a Government of India enterprise. The airline operates a fleet of Airbus and Boeing aircraft serving various domestic and international airports. It is headquartered at the Indian Airlines House in New Delhi. As reported in the Troubled Company Reporter-Asia Pacific on March 28, 2014, The Times of India said Air India got a breather in the form of INR1,000-crore equity infusion from the government on March 26, 2014. According to the report, the airline's unending financial stress had got worse as the Centre had so far given INR6,000 crore instead of the promised INR8,500 crore for the fiscal. As a result, AI had to bridge this gap by borrowing money from banks at 11%-12%, which increased its debt servicing burden, the report said. Before the infusion, the government had injected INR12,200 crore into AI and there was a shortfall in equity to the tune of INR3,574 crore -- despite the airline meeting most of the milestone-linked equity targets -- leading to a liquidity crunch, the report related. TOI said the airline's aircraft and working capital debt was INR26,033 crore and INR21,125 crore respectively on December 31, 2013. The airline is expected to lose INR3,990 crore this fiscal. Air India has posted continuous losses since 2007, according to The Economic Times. ALOK INDUSTRIES: Lenders to Start Insolvency Proceedings -------------------------------------------------------- Business Standard reports that lenders to Alok Industries on June 21 decided to start insolvency proceedings for the textile firm, by moving an application before the National Company Law Tribunal (NCLT). Business Standard relates that the joint lenders forum approved a move of the State Bank of India (SBI) to file the application under the Insolvency and Bankruptcy Code. This follows the Reserve Bank of India's directive to lenders to initiate corporate insolvency resolution process (CIRP) against the company, a senior executive with a financial institution said. According to the report, the textile company reported a consolidated loss of INR3,071 crore on an income of INR8,919 crore in 2016-17. It had booked a loss of INR4,367 crore on revenue of INR12,929 crore in 2015-16. Business Standard says the company created large capacities through debt funding to cater to global demand, but with slowdown in international markets, it was hit badly. This capacity creation was accompanied by a large accumulation of debt. Now, it faces a mismatch in timing of cash inflows and outflows, creating severe financial stress, the report states. The company, in its 2015-16 annual report, listed factors such as demand slump, investment calls going wrong and fluctuations in foreign exchange as key reasons for its poor performance, says Business Standard. Its investments in retail, both in India and the UK, did not pan out as expected, Business Standard relates. While it closed operations in India, the UK business is still burning cash. The diversification into real estate, although intrinsically value creating, failed to give any asset appreciation and essentially locked up large capital. According to Business Standard, lenders began meetings on June 19 to initiate proceedings against 12 stressed accounts identified by the central bank. Besides Alok Industries, the accounts identified by the RBI include Amtek Auto, Bhushan Steel, Essar Steel and Bhushan Power and Steel. The list also includes Monnet Ispat, Electrosteel Steels, Era Infra, Jaypee Infratech, Lanco Infratech, ABG Shipyard and Jyoti Structures as defaulting borrowers, Business Standard discloses. These 12 accounts referred to by the RBI have debt of more than INR5,000 crore each, with 60% or more classified as bad loans by banks as of March 2016, the report notes. Bankers are also working on short-listing resolution professionals whose names would be proposed to the NCLT at the time of filing cases, adds Business Standard. Alok Industries Limited (BOM:521070) -- http://www.alokind.com/ -- is a textile company with a presence in the cotton and polyester segments. The Company is engaged in manufacturing of textile, including mending and packing activities; leather and other apparel products. Its geographic segments include Domestic, which includes sales to customers located in India and International, which includes sales to customers located outside India. Its divisions include Spinning, such as cotton yarn; Home Textiles, such as sheeting fabric, equivalent sheet sets and terry towels; Apparel Fabrics, such as woven fabric (includes embroidery) and knits; Garments, and Polyester, such as continuous polymerization, partially oriented yarn (POY)/chip, draw texturized yarn (DTY), fully drawn yarn (FDY), polyester staple fiber/cationic yarn and master batch. Its products include accessories, corrugated pallets, cotton and blended yarn. It exports its products to over 90 countries across the United States, Europe, Latin America, Asia and Africa. ALUPAN COMPOSITE: CRISIL Cuts Rating on INR16MM Cash Loan to D -------------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Alupan Composite Panels Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 16 CRISIL D (Downgraded from 'CRISIL B-/Stable') Letter of Credit 8 CRISIL D (Downgraded from 'CRISIL A4') Proposed Long Term 1 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B-/Stable') The downgrade reflects instances of delay in servicing debt due to stretched liquidity. Key Rating Drivers & Detailed Description Weakness * Weak financial risk profile: The total outside liabilities to tangible networth ratio is high and debt protection metrics are below-average on account of low profitability. The financial risk profile will remain weak over the medium term owing to large working capital borrowing. * Large working capital requirement: That's primarily because of a long receivables collection cycle and high stocking requirement owing to the variety of products offered. Though part of the requirement is met by negotiating with suppliers for longer credit periods, working capital requirement will remain dependent on external debt over the medium term. * Small scale of operations: The company is a small player in the highly fragmented domestic aluminium composite panels industry in which there are several such players and a few organised ones. This limits its ability to exploit benefits associated with economies of scale. This also exposes it to competitive pressures, and hence to low pricing power with customers, thus not only impacting profitability but also stretching receivables. Strengths * Extensive industry experience of the promoters: ACPPL, which commenced operations in 2006, sells aluminium composite panels in the domestic market. Over the years, the company has enhanced its marketing network and currently sells its products through dealer network and has five depots across India. Operations will benefit over the medium term from the experience of the promoters, and healthy growth prospects for the industry. ACPPL was established in 2003, promoted by Mr. Vinod Kumar Garg. The company manufactures aluminium composite panels at its facility in Haridwar, Uttarakhand. AMBICA ALLOYS: CRISIL Cuts Rating on INR10MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Ambica Alloys for obtaining information through letters and emails dated January 24, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Co-operating; Downgraded from 'CRISIL BB+/Stable') Letter of Credit 2.5 CRISIL A4 (Issuer Not Co-operating; Downgraded from 'CRISIL A4+') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Ambica Alloys. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Ambica Alloys is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. For arriving at the rating, CRISIL has combined the business and financial risk profiles of Ambica and JB Rolling Mills Ltd (JBRML). This is because the two entities, together referred to as the JB group, are in the same business, and have common management and significant business and financial synergies. Ambica was incorporated in 2004 and is in the same line of business as JBRML. The firm also trades in MS bars, angels, channels, and girders. Promoted by members of the Jain family and incorporated in 1992, JBRML started operations in 2002-03 (refers to financial year, April 1 to March 31). The company manufactures mild steel (MS) ingots, bars, channels, angles, girders, and thermo-mechanically treated bars at its facility in Kala Amb, Himachal Pradesh. Operations are managed by Mr. Surinder Jain and Mr. Sanjay Jain. ASHOKA KRAFT: CRISIL Lowers Rating on INR16MM Term Loan to 'B' -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Ashoka Kraft Paper Mills L.L.P for obtaining information through letters and emails dated November 9, 2016, and December 14, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Term Loan 16 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Ashoka Kraft Paper Mills L.L.P. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Ashoka Kraft Paper Mills L.L.P is consistent with 'Scenario 3' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BBB rating category or Lower'. Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. Ashoka Kraft, a limited liability partnership firm, was established on May 3, 2013. The firm manufactures kraft paper; it has an installed capacity of 30,000 tonnes per annum at its facility in Assam. The firm's product is mainly used for manufacturing of corrugated boxes used for packaging. BINJRAJKA INDUSTRIES: CRISIL Lowers Rating on INR6MM Loan to B -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Binjrajka Industries Private Limited for obtaining information through letters and emails dated January 27, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Long Term Loan 3.13 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Binjrajka Industries Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Binjrajka Industries Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. BIPL, based at Hyderabad and incorporated in 2014, manufactures pre-galvanised steel tubes. It is also setting up a manufacturing unit for high-frequency induction-welded carbon steel tubes. Its operations are managed by Mr. Rakesh Binjrajka and Mr. Ramesh Chandra Agarwal. BLACK HORSE: CRISIL Assigns B- Rating to INR28MM Long Term Loan --------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the bank facility of Black Horse Tyres Limited (BHTL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 28 CRISIL B-/Stable The rating reflects BHTL's exposure to risks related to project implementation and stabilization of operations. These rating weaknesses are partially offset by the extensive industry experience of its promoters. Key Rating Drivers & Detailed Description Weakness * Exposure to risks related to project implementation and stabilization of ongoing project: BHTL is expected to risks related to project implementation and stabilisation of the on- going project. Strengths * Extensive industry experience of the promoters: BHTL is aided by the extensive experience of its promoters who are in manufacturing and trading of rubber products for past 2 decades. Outlook: Stable CRISIL believes that BHTL will benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if earlier-than-expected stabilisation of the project results in higher revenues and profitability, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if there is significant delay in stabilisation of its operations leading to time and cost overruns in its ongoing project resulting in weakening of its financial risk profile. BHTL was incorporated in 2015 at Hyderabad. The company is promoted by Raman Wahi and Srikanth Sarda. BHTL is currently setting-up a 2000 tyres per day (TPD) manufacturing unit at Medchal, Hyderabad. The facility is expected to commence operations from June 2018. DREAMFOLKS SERVICES: CRISIL Cuts Rating on INR4MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Dreamfolks Services Private Limited for obtaining information through letters and emails dated February 6, 2017, and March 22, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft 2 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Proposed Fund- 4 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Dreamfolks Services Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Dreamfolks Services Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. DSPL is a Gurgaon based company, established and promoted in 2010 by Mr. Mukesh Yadav, Mr. Dinesh Nagpal and Ms. Liberatha Kallat. DSPL acts as a facilitator between the lounge service providers on the Airports and the credit card partners like Master, Visa, Diners club and American express. The company is serving lounges at airports within domestic geographies. EAK AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Eak Automobiles Private Limited for obtaining information through letters and emails dated January 25, 2017, and February 14, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Inventory Funding 3 CRISIL B/Stable (Issuer Not Facility Cooperating; Rating Reaffirmed) Long Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term 4.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Eak Automobiles Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Eak Automobiles Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. Incorporated in 2014, EAPL is setting up an automotive dealership business for Hyundai Motor India Ltd (rated 'CRISIL A1+') at Panvel in Navi Mumbai (Maharashtra). The company is promoted by Mr. Vishal Tyagi, who has experience of over two decades in the automotive dealership business. ERAM MOTORS: CRISIL Raises Rating on INR15MM Cash Loan to B+ ------------------------------------------------------------ CRISIL Ratings has upgraded its rating on the long-term bank facilities of Eram Motors Private Limited (Eram) to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and reaffirmed the short-term rating at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 9 CRISIL A4 (Reaffirmed) Cash Credit 15 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Inventory Funding 15 CRISIL B+/Stable (Upgraded Facility from 'CRISIL B/Stable') Long Term Loan 9 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The upgrade reflects improvement in Eram's liquidity, because of steady revenue growth and better-than-expected profitability. Operating income was at INR422 crore in fiscal 2017, manifested a steady year-on-year growth of 28% over the two years ending fiscal 2015 driven by improving off-take for Mahindra & Mahindra's utility vehicles and the addition of new showrooms; Operating profitability at 1.3% estimated in fiscal 2017 was better than CRISIL's earlier estimates primarily supported by higher contribution from services division. The net cash accrual hence is expected to have improved to INR2.5-2.6 crore in fiscal 2017 from that of INR 1.7 crore in fiscal 2016. The upgrade also factors in the improvement in liquidity, with growing cushion between cash accrual and debt obligation, better working capital management, and no substantial long-term debt obligation or major debt-funded capital expenditure (capex) over the medium term. The ratings reflect Eram's average financial risk profile because of high gearing, weak debt protection metrics, and susceptibility to economic slowdown and to intense competition in the automobile (auto) dealership segment. These weaknesses are partially offset by the extensive experience of its promoter. Key Rating Drivers & Detailed Description Weakness * Average financial risk profile: Capital structure is leveraged and debt protection metrics muted. Gearing is expected to be more than 2.5 times over the medium term. Since operating margin remains constrained on account of trading nature of business and high overhead costs, debt protection metrics were weak, with estimated interest coverage ratio of 1.8 times for fiscal 2017. Financial risk profile will remain average over the medium term. * Susceptibility to economic slowdown and intense competition: The auto dealership business is vulnerable to changes in economic cycles. Any economic uncertainty or monetary tightening measures (such as increase in interest rates) can affect demand for vehicles. Furthermore, due to trading nature of business, auto dealers have limited bargaining power with principals. This is compounded by intense competition in the segment from dealers of other established players. Strengths * Extensive experience of promoter: The company's promoter has around 25 years' experience in segments such as industrial contracting, project management solutions, automotive, healthcare, travel, information technology, manufacturing and other service sectors. Outlook: Stable CRISIL believes Eram will continue to benefit over the medium term from the extensive experience of its promoter. The outlook may be revised to 'Positive' if increase in cash accrual due to ramp-up in operations or improvement in operating profitability leads to better liquidity and financial risk profile. The outlook may be revised to 'Negative' if decline in revenue or operating profitability, larger-than-expected debt-funded capex, or delays in receipt of funding from promoter further weakens financial risk profile particularly liquidity. Incorporated in 2009 and promoted by Dr. Sideek Ahmed, Eram is an authorised dealer for passenger vehicles of M&M in Kerala, where it operates 17 showrooms. The company is a part of the Eram group. Profit after tax was negative INR2.34 crore on operating income of INR413.88 crore in fiscal 2016, against negative INR8.31 crore and INR324.21 crore, respectively, in fiscal 2015. ESS GEE: CRISIL Downgrades Rating on INR8MM Cash Loan to 'B' ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Ess Gee Trendz Private Limited for obtaining information through letters and emails dated January 27, 2017, and March 22, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Ess Gee Trendz Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Ess Gee Trendz Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the long term rating to CRISIL B/Stable and reaffirmed short term rating at CRISIL A4. EGT was originally established in 2003 as a proprietorship firm, Ess Gee Footwear; the firm was reconstituted as a company with the current name in 2009. It is a distributor for brands such as Adidas, Reebok, UCB, Pepe, and Red Chief, mainly in North India. It also has five retail outlets. The company is promoted by Mr. Gaurav Chawla and Mr. Sanjay Chawla. ESSPEE CONSTRUCTION: CRISIL Lowers Rating on INR7MM Loan to 'B' --------------------------------------------------------------- CRISIL Ratings has been consistently following up with Esspee Construction for obtaining information through letters and emails dated January 20, 2017 and February 10, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Radiant Textiles Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Radiant Textiles Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable/CRISIL A4'. EC is a partnership firm promoted by Mr. N L Pareek and his sons. The firm undertakes construction of buildings and other civil structures in Rajasthan. GANESH RAM: CRISIL Raises Rating on INR40MM Cash Loan to BB- ------------------------------------------------------------ CRISIL Ratings has upgraded its rating on the long-term bank facilities of M/s Ganesh Ram Dokania to 'CRISIL BB-/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40 CRISIL BB-/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 1 CRISIL BB-/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') The rating reflects the extensive experience of partners as civil works contractors for public sector organisations and a healthy networth. This strength is partially offset by geographical and segmental concentration in revenue profile, and its working capital-intensive operations. Key Rating Drivers & Detailed Description Strengths * Extensive experience of partners as civil works contractors: The partners' experience of over five decades and established position have helped GRD win tenders and thereby have a healthy order book. Moreover, its clientele includes large government entities which will continue to support the business risk profile. * Healthy networth: The financial risk profile is supported by above-average networth, estimated at INR23 crore as on March 31, 2017. This enables GRD to bid for large-value tenders and provide financial flexibility and ability to scale up its operations and meet incremental working capital requirement. Weaknesses * Exposure to geographical and segmental concentration: Operations are restricted mainly to Bihar and parts of Jharkhand, which account for the entire revenue. It is registered with the Government of Bihar under the Class IA category. This makes GRD a regional player susceptible to changes in the state government's policies and financial condition of the state's treasury. * Working capital-intensive operations: Working capital requirement is large, as reflected in gross current assets estimated at 318 days as of March 2017, primarily driven by traditionally high inventory or work-in-progress levels. Furthermore, a portion of the contract value is withheld by the customer as retention money, which is released 6-18 months after project completion. This exerts further pressure on liquidity and constrains the financial flexibility. Outlook: Stable CRISIL believes GRD will continue to benefit over the medium term from its partners' extensive experience. The outlook may be revised to 'Positive' in case of sustained growth in scale and profitability, while improving its liquidity, driven by lower debtor and inventory days. Conversely, the outlook may be revised to 'Negative' in case of a sharp decline in profitability, or a further stretch in working capital cycle, or substantial debt- funded capital expenditure, weakening the financial risk profile. GRD was originally established as a proprietorship concern in 1958 by Mr. Ganesh Ram Dokania. Subsequently, the concern was reconstituted as a partnership entity in 1996 with the induction of the second generation and other family friends. Since inception, the firm has been undertaking civil construction projects such as construction of roads, bridges, and certain irrigation works. It is registered as a Class IA contractor with the Government of Bihar. GRD reported a profit after tax of INR0.47 crore on net sales of INR67.95 crore in fiscal 2016 against INR0.10 crore and INR55.37 crore, respectively, in fiscal 2015. HANUMAN TIMBER: CRISIL Reaffirms B Rating on INR0.1MM Cash Loan --------------------------------------------------------------- CRISIL Ratings has been consistently following up with Hanuman Timber Co. for obtaining information through letters and emails dated January 27, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 0.1 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Letter of Credit 5.0 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Hanuman Timber Co. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Hanuman Timber Co is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'. Set up in 1990 as a partnership firm, HTC trades in timber and timber logs. The firm, promoted by Mr. Murari Badruka and Mr. Ambrish Daga, is based in Visakhapatnam (Andhra Pradesh). HARICHANDANA COTTONS: CRISIL Reaffirms Rating on INR3MM Loan ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Harichandana Cottons Private Limited for obtaining information through letters and emails dated January 30, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Long Term Loan 2.5 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Proposed Cash 1.75 CRISIL B/Stable (Issuer Not Credit Limit Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Harichandana Cottons Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Harichandana Cottons Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. Established in 2015, HCPL is engaged in ginning and pressing of raw cotton and sells cotton lint and cotton seeds. Based out of Warangal in Telangana, HCPL is promoted by Mr. M.Gopal Reddy and his associates. The company started commercial operations during January 2016. IVALUE INFOSOLUTIONS: CRISIL Lowers Rating on INR8MM Loan to B+ --------------------------------------------------------------- CRISIL Ratings has been consistently following up with Ivalue Infosolutions Private Limited for obtaining information through letters and emails dated January 24, 2017, and February 14, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 8 CRISIL B+/Stable (Issuer Not Co-operating; Downgraded from 'CRISIL BBB-/Stable') Letter of Credit 11 CRISIL A4 (Issuer Not Co-operating; Downgraded from 'CRISIL A3') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Ivalue Infosolutions Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Ivalue Infosolutions Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B+/Stable/CRISIL A4'. Ivalue was set up in 2008 by a group of professionals, which comprises Mr. Sunil Pillai, Mr. Krishna Sharma, Mr. Sriram S, Mr. Subodh Anchan, Mr. Venkatesh R, Mr. Brijesh Srivastava, Mr. Abraham Yohannan, and others. The company provides consulting solutions and associated services in data, network, and application protection and management, along with digital asset protection. The company partners more than 22 original equipment manufacturers and more than 600 system integrators. It has offices in Bengaluru, Kolkata, Kerala, New Delhi, Ahmedabad, Mumbai, Chennai, Pune, and Secunderabad, and in Kenya and Singapore. JANAA INDUSTRIES: CRISIL Reaffirms Rating on INR3.6MM Cash Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Janaa Industries (JI) continue to reflect the firm's small scale of operations in the highly fragmented cotton yarn industry, and its moderate financial risk profile marked by small networth limiting financial flexibility. These weaknesses are partially offset by extensive industry experience of its partners. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.2 CRISIL A4 (Reaffirmed) Cash Credit 3.6 CRISIL B+/Stable (Reaffirmed) Long Term Loan 1.12 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility .78 CRISIL B+/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weakness * Small scale of operations in highly fragmented cotton yarn industry: JIT's business risk profile is marked by its small scale of operations in the highly fragmented cotton yarn industry; despite being in the industry for more than a decade, JIT's scale of operations is small as indicated by its estimated revenue of about INR14.5 crore during fiscal 2017. * Small networth limiting financial flexibility: The firm's net worth is estimated to remain low at around INR3.3 crore as on March 31, 2017. The net worth has remained low due to low initial partners' capital and limited accretion to reserves; the latter is a result of small scale of operations and modest profitability margins. Strengths * Partner's extensive industry experience: JI benefits from the industry experience of its partners who have been part of a family that has been in the textile industry for more than five decades. The firm derives its entire revenue through supply of cotton yarn and has established relations with its customers, leading to repeat orders from them. The extensive experience of the promoter, his understanding of the dynamics of the local market, and established relationship with suppliers and customers have resulted in stable growth of JIT despite downturn in the industry. Outlook: Stable CRISIL believes JI will continue to benefit over the medium term from the extensive industry experience of its partners. The outlook may be revised to 'Positive' if revenue and profitability increase significantly, while improving its capital structure. Conversely, the outlook may be revised to 'Negative' if considerable decline in yarn realisations leads to fall in accrual, or if working capital management weakens, resulting in stretched liquidity. Set up in 1996 and promoted by Mr. Janagaraj, Rajapalayam (Tamil Nadu)-based JIT manufactures cotton yarn. Profit after tax (PAT) was INR0.22 crore on operating income of INR16.17 crore for fiscal 2016, against a PAT of INR0.2 crore on operating income of INR16.84 crore for fiscal 2015. KRISHNA COIL: CRISIL Downgrades Rating on INR20MM Loan to B ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Krishna Coil Cutters Private Limited for obtaining information through letters and emails dated January 24, 2017, and February 14, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 1 CRISIL A4 (Issuer Not Co-operating; Downgraded from 'CRISIL A4+') Cash Credit 20 CRISIL B/Stable (Issuer Not Co-operating; Downgraded from 'CRISIL BB+/Stable') Letter of Credit 40 CRISIL A4 (Issuer Not Co-operating; Downgraded from 'CRISIL A4+') Letter of credit & 5 CRISIL A4 (Issuer Not Bank Guarantee Co-operating; Downgraded from 'CRISIL A4+') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Krishna Coil Cutters Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Krishna Coil Cutters Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. KSPPL, set up in April 1995, trades in and processes hot-rolled and cold-rolled steel coils and galvanised steel. The company's head office is in Mumbai and its processing plant is in Taloja (Maharashtra). KCCL, incorporated in 2007, is in the same line of business, and caters to the Gujarat market. KUNDAN JEWELLERS: CRISIL Lowers Rating on INR23MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Kundan Jewellers Private Limited for obtaining information through letters and emails dated February 7, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 23 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Kundan Jewellers Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Kundan Jewellers Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. KJPL was incorporated on March 27, 2000, promoted by Mr. R K Jain. The company is primarily engaged in manufacturing and retailing gold and diamond-studded jewellery. MAIYAS BEVERAGES: CRISIL Reaffirms B Rating on INR20MM Loan ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Maiyas Beverages and Foods Private Limited for obtaining information through letters and emails dated January 27, 2017, and February 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Working 20 CRISIL B/Stable (Issuer Not Capital Facility Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Maiyas Beverages and Foods Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Maiyas Beverages and Foods Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. MBFPL is a private limited company incorporated in 2008 and promoted by Mr. P Sadananda Maiya. Based in Bengaluru, the company manufactures and processes various ready-to-eat food products, pickles, beverages, spices, instant mixes, and savories; and sells under the brand, Maiyas. NEELKANTH TOWN: CRISIL Lowers Rating on INR18MM Term Loan to B -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Neelkanth Town Planners Private Limited for obtaining information through letters and emails dated November 21, 2016, and December 22, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Term Loan 18 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Neelkanth Town Planners Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Neelkanth Town Planners Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable'. NTPL was set up in 1995 by Mr. Ravinder Taneja and Mr. N D Taneja, of the TDI group. In 2005, the company was taken over by the current promoters, Mr. Parveen Arora and Mr. Shubham Sogani. The company is undertaking a premium residential project, Ourania, at Golf Course Road, Gurgaon. The project is nearing completion and the company is expected to hand over possession by December 2015. Construction of the school and clubhouse in the project is expected to be completed by March 2016 and December 2015, respectively. NISCHINT FOODS: CRISIL Cuts Rating on INR8MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Nischint Foods Private Limited for obtaining information through letters and emails dated November 21, 2016, and December 22, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Proposed Long Term 4.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Nischint Foods Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Nischint Foods Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of NFPL and its associate entity Nischint Traders Private Limited (NTPL), together referred to as the Nischint Group. This is because both entities are in the same line of business, have a common management and have operational and financial linkages with each other. NFPL was established in 2000 by Delhi based Kanodia family. It is engaged in the trading of agro food commodities like broken rice, barley, bajra, pulses, edible oil and seeds. The company is promoted mainly by Mr. Anil Kanodia. NTPL was incorporated in 1995 by Mr. Anil Kanodia and is engaged in the trading of agro based commodities which include Barley, Bajra, Chana, and Rice among others in the domestic market. POLYPLASTICS AUTO: CRISIL Cuts Rating on INR8.3MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Polyplastics Auto Components Private Limited for obtaining information through letters and emails dated November 9, 2016, and December 14, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Proposed Long Term .7 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Term Loan 8.3 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Polyplastics Auto Components Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Polyplastics Auto Components Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or Lower'.' Based on the last available information, CRISIL has downgraded the rating at CRISIL B/Stable. For arriving at its rating, CRISIL has combined the business and financial risk profiles of PACL with Polyplastics Industries (India) Pvt Ltd (PIPL; 'Rating Suspended'), Polyplastics Uttar Bharat Pvt Ltd (PUPL; 'CRISIL B/Stable/CRISIL A4'), United Precision Engineering Company (UPEC), and Euro American Plastic Products Pvt Ltd (EAPL). This is because all these entities, together referred to as the Polyplastic group, have significant inter-group operational linkages and are under a common management. Incorporated in 2010, PACL is a 100 per cent subsidiary of PPI. The company has set up a facility at Chennai to manufacture various automotive components such as grills, garnishes, covers, hubcaps, and emblems. The Polyplastic group has plants in Yamuna Nagar, Bawal (both in Haryana), Bhiwadi (Rajasthan), Chennai (Tamilnadu), and Pune (Maharashtra). The group's main company, PIPL, supplies auto components to original equipment manufacturers. PUPL and EAPL supply plastic auto components to PIPL. UPEC makes dies and moulds for supply to group companies only. PACL, based in Chennai, supplies its products exclusively to Renault Nissan Automotive India Pvt Ltd. PREMIUM FERRO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Premium Ferro Alloys Limited for obtaining information through letters and emails dated January 27, 2017, and March 06, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating; Rating Reaffirmed) Letter of Credit 4 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Standby Line of 0.5 CRISIL B+/Stable (Issuer Not Credit Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Premium Ferro Alloys Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Premium Ferro Alloys Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL B+/Stable/CRISIL A4. Incorporated in 1992, PFAL commenced operations from 1995. The company, promoted by Mr. Shyam Sunder Agarwal, manufactures steel ingots and thermo-mechanically treated (TMT) bars. Its plants in Kerala have an installed capacity of 15,000 tonnes per annum each for ingots and TMT bars. PURVI BHARAT: CRISIL Lowers Rating on INR10MM Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Purvi Bharat Steels Limited for obtaining information through letters and emails dated January 20, 2017 and February 10, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Purvi Bharat Steels Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Purvi Bharat Steels Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. Set up in 1995, PBSL manufactures and trades in thermo- mechanically treated (TMT) bars. The company is currently managed by Mr. Ganesh Prasad Kandoi, Mr. Navin Kumar Kandoi, and their family members. QUADRANT CABLES: CRISIL Reaffirms 'B' Rating on INR8MM Loan ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Quadrant Cables Private Limited for obtaining information through letters and emails dated January 30, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Cash 5 CRISIL B/Stable (Issuer Not Credit Limit Cooperating; Rating Reaffirmed) Term Loan 8 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Quadrant Cables Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Quadrant Cables Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. QCPL was incorporated in September 2015 by Mr. A S Randhawa, Mr. Mohit Vohra, Mr. Rajbir Singh Randhawa, Mr. E S Sandhu, Mr. R S Sandhu, Mr. Vivek Abrol, Mr. Vishesh Abrol, and Mr. Amit Dhawan. It is setting up a manufacturing unit for electron beam cables (copper cable) in Mohali (Punjab). R. N. KAPOOR: CRISIL Lowers Rating on INR5MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with R. N. Kapoor Textiles Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Letter of Credit 4 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Mortgage Loan Facility 0.7 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Term Loan 2.3 CRISIL B/Stable (Issuer Not Cooperating) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of R. N. Kapoor Textiles Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for R. N. Kapoor Textiles Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. RKTPL was set up in 1997 by Mr. Satish Kumar and his three brothers, Mr. Suresh Kumar, Mr. Sanjeev Kumar, and Mr. Sushil Kumar, in Ludhiana, Punjab. The company manufactures synthetic yarn and hosiery garments. It has a total installed capacity of around 5 tonnes per day, which is utilised at 70 percent. RAJ BORAX: CRISIL Cuts Rating on INR4.5MM Cash Loan to B -------------------------------------------------------- CRISIL Ratings has been consistently following up with Raj Borax Private Limited for obtaining information through letters and emails dated February 7, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.5 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Bill Discounting 1.0 CRISIL A4 (Issuer Not under Letter of Cooperating; Downgraded Credit from 'CRISIL A4+') Cash Credit 4.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Letter of Credit 5.0 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Raj Borax Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Raj Borax Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. Established in 1995, the Company was converted into a closely held limited company in 2007 and a Private Limited Company in 2013 the company trades and repackages Boron based Chemicals & Fertilizers to agricultural fertilizers and chemical companies in India. RATHI SPECIAL: CRISIL Cuts Rating on INR28MM Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Rathi Special Steels Limited for obtaining information through letters and emails dated March 6, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 28 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Letter of Credit 1.25 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Proposed Long Term 3.15 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Term Loan 13.60 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Rathi Special Steels Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Rathi Special Steels Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. RSSL was set up by Mr. Kamlesh Kumar Rathi in 2004. The company manufactures steel long products such as cold twisted deformed bars and thermo-mechanically treated (TMT) steel bars of various dimensions. It markets its products under the Rathi and Rathi Thermex brands. It is managed by Mr. Rathi and his sons, Mr. Anupam Rathi and Mr. Anurag Rathi. RSSL's manufacturing facility at RIICO Industrial Area at Bhiwadi in Alwar, Rajasthan, has a rolling mill capacity of 150,000 tonnes per annum. SEPCON SYSTEMS: CRISIL Lowers Rating on INR3.10MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Sepcon Systems Private Limited for obtaining information through letters and emails dated February 7, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2.25 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Cash Credit 3.10 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Proposed Long Term 1.15 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL B+/Stable') Term Loan 0.50 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Sepcon Systems Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Sepcon Systems Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the long term rating to 'CRISIL B/Stable and reaffirmed short term rating at CRISIL A4'. SSPL, incorporated in 1995, in Bengaluru, provides solutions and process systems for the treatment of water. The company was incorporated by Mr. Jai Manjunath, a civil and environmental engineer. SHREE SHAKAMBARI: CRISIL Lowers Rating on INR20MM Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Shree Shakambari Rice Mill Private Limited for obtaining information through letters and emails dated November 11, 2016, and December 13, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL thus gave this rating: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Shree Shakambari Rice Mill Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Shree Shakambari Rice Mill Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or Lower'. Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. For arriving at the ratings, CRISIL has consolidated the financial and business risk profile of Aadhar Rice Mills Private Limited (ARMPL) with SSRMPL, together referred to as the Aadhar Group, on account high operational fungibility between the entities. Besides having common promoters, the two entities are engaged in the same line of business, with common products, customers and suppliers. ARMPL was incorporated in 2009 by Mr. Ram Prakash Agarwal, Mr. Rajnish Kumar and Mr. Satyadeo Roy. In 2013, the promoters acquired SSRMPL, which was incorporated in 2006. The group is engaged in manufacturing of parboiled rice. The group has its manufacturing facilities in Jharkhand. SOMOCHEM INDIA: CRISIL Lowers Rating on INR1MM Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Somochem India Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit/ 1 CRISIL B/Stable (Issuer Not Overdraft facility Cooperating; Downgraded from 'CRISIL B+/Stable') Export Packing Credit 2.5 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Foreign Bill Purchase 3.5 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Foreign Letter of 1.0 CRISIL A4 (Issuer Not Credit Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Somochem India Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Somochem India Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the long term rating to 'CRISIL B/Stable and reaffirmed short term rating at CRISIL A4'. Incorporated in 1996, SIPL is promoted by the Ghana Based Mohinani Family. The company is engaged in exports of electrical equipments, machinery arts, adhesives among others. SIPL is based out of Mumbai. The company is promoted by the Mr. Ramchand Mohinani and Mr. Sunil Mohinani and is managed by professionals. SPECIAL LIME: CRISIL Lowers Rating on INR6MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Special Lime Stone Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave this rating: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Special Lime Stone Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Special Lime Stone Private Limited is consistent with 'Scenario1' outlined in the 'Framework for Assessing Consistency of Information with Crisil B Rating category or Lower'.' Based on the last available information, CRISIL is Downgrading the rating at CRISIL B/Stable. SLSPL, based in Jodhpur (Rajasthan), was set up in 1996 as a partnership firm and was reconstituted as a private limited company in 2001. It is promoted by Mr. Vishnu Prakash Jaju and Mr. Nandkishore Jaju. It extracts limestone and manufactures hydrated and quick lime, which it supplies to local customers. SORKHI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.95MM Loan ------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Sorkhi Industries Private Limited (SIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Term Loan 6.95 CRISIL B+/Stable Cash Credit .35 CRISIL B+/Stable Proposed Cash Credit Limit 1.70 CRISIL B+/Stable The rating reflects a small scale of, and working capital- intensive operations in the highly fragmented pipes industry, and susceptibility to changes in raw material prices. These weaknesses are partially offset by moderate financial risk profile because of low gearing and above average debt protection metrics, the industry experience of the promoters, and an established relationship with customers. Key Rating Drivers & Detailed Description Weakness * Small scale of, and working capital-intensive operations in a highly fragmented industry: Revenue was small at INR6.56 crore in fiscal 2017. Gross current assets were at 83 days as on March 31, 2017, because of receivables of 41 days and inventory of 35 days, further the working capital requirements are estimated to increase in near future with starting of operations in new unit. Competition is intense because of limited capital investment required. * Vulnerability to increase in raw material prices: Profitability was healthy at 11.2-13.2% over the four fiscals ended March 31, 2017, but remains susceptible to continuous changes in raw material prices, which are linked to the prices of crude oil/clay. Strengths * Moderate financial risk profile: The gearing was low at 0.85 time as on March 31, 2017. The debt protection metrics were moderate: interest coverage and net cash accrual to total debt ratios were 5.8 times and 0.60 time, respectively, in fiscal 2017. * Experience of the promoters: The promoters have around a decade of experience, and have established a healthy relationship with reputed players, in the pipes industry. Outlook: Stable CRISIL believes SIPL will continue to benefit from the industry experience of its promotors and healthy relationship with customers. The outlook may be revised to 'Positive' in case of significant improvement in the scale of operations with stabilisation of operations in the planned unit, along with maintenance of profitability, leading to substantial cash accrual. The outlook may be revised to 'Negative' in case of weakening of the financial risk profile, especially liquidity, because of low cash accrual, a stretched working capital cycle, or time or cost overrun in the planned project. SIPL was incorporated in 2010, promoted by Mr. Rajender Singh and his family. SIPL manufactures glazed stoneware pipes (ceramic pipes) in the range of 150-500 millimetre mainly used in sewage treatment and irrigation systems. It is also planning to set up a new manufacturing facility for high-density polyethylene (HDPE) pipes for this segment. Its manufacturing unit is in Hisar, Haryana. In fiscal 2017, profit after tax was INR0.35 crore on net sales of INR6.56 crore, against INR0.08 crore and INR3.71 crore, respectively, in fiscal 2016. SREE SANNIDHI: CRISIL Lowers Rating on INR11MM Term Loan to B ------------------------------------------------------------- CRISIL Ratings has been consistently following up with of Sree Sannidhi Foods Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Proposed Long Term 9.95 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL B+/Stable') Term Loan 11.00 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Sree Sannidhi Foods Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Sree Sannidhi Foods Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable'. SSFPL, incorporated in 2010 in Chittoor, was taken over by the current management comprising Mr. Shivam Goyal and Ms. Shavya Goyal in January 2014. The company manufactures and exports processed fruit products; it commenced full-fledged commercial operations from June 2014. SRI ADITYA: CRISIL Cuts Rating on INR14MM Cash Loan to 'B' ---------------------------------------------------------- CRISIL Ratings has been consistently following up with Sri Aditya Homes Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 14 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Proposed Cash 4 CRISIL B/Stable (Issuer Not Credit Limit Cooperating; Downgraded from 'CRISIL BB-/Stable') Long Term Bank 12 CRISIL B/Stable (Issuer Not Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Sri Aditya Homes Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Sri Aditya Homes Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable'. Incorporated in the year 1994 and promoted by Mr. Kota Reddy, SAHPL is engaged primarily in residential real estate development in Hyderabad. SRI MEENAXI: CRISIL Assigns 'B' Rating to INR3MM Loan ----------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long term bank facilities of Sri Meenaxi Granites. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Export Packing Credit 3 CRISIL B/Stable Proposed Working Capital Facility 1 CRISIL B/Stable The rating reflects firm's modest scale of operations in an intensely competitive trading industry and below average financial risk profile marked by modest net worth. These rating weaknesses are partially offset by extensive experience of promoters and established relationship with customers and suppliers. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations in an intensely competitive trading industry: The scale of operations of the firm is modest as reflected in its estimated revenue of around INR 10 Cr in fiscal 2017. The construction materials trading industry is highly fragmented with presence of various small and large players. The scale of operations has remained small owing to the high competition and low value addition nature of operations. * Below average financial risk profile marked by modest net worth: The firm's net worth is modest at INR 1.1 Cr as on March 31, 2017. Low net worth and dependence on external debt for working capital requirements has resulted in a high total outside liabilities to tangible netwoth ratio, which has ranged between 4 to 5 times for the four years ended March 31, 2017. Strengths * Extensive experience of promoters and established relationship with customers and suppliers: The promoter of the firm Mr. N. Senthil has over 2 decades of experience in trading granite blocks. The promoter's extensive experience has enabled the firm to establish strong relationships with its customers and suppliers. Outlook: Stable CRISIL believes that SMG will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' in case of better than expected operating income and profitability or equity infusion by promoters leading to improvement in firm's financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company records lower than expected accruals, stretch in working capital leading to deterioration in overall financial risk profile. SMG was set up in 1999 and is engaged in export of rough granite blocks. The firm is based out of Chennai and its operations are managed by its promoter Mr. N Senthil. SMG reported profit after tax (PAT) of INR0.12 crore on net sales of INR9.67 crore for fiscal 2017 against PAT of INR0.09 crore on net sales of INR8.79 crore in the previous fiscal. SRI VENKATESHWARA: CRISIL Assigns B Rating to INR3.5MM Cash Loan ---------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Sri Venkateshwara Farms (SVF). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3.5 CRISIL B/Stable Proposed Long Term Bank Loan Facility 3.5 CRISIL B/Stable CRISIL's rating reflects the below-average financial risk profile, modest scale of operations, and exposure to intense competition, and risks inherent in the poultry industry. These weaknesses are partially offset by extensive experience of the promoters in the poultry industry. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations, and exposure to risks inherent in the poultry industry and intense competition: Exposure to intense competition and other risks inherent in the poultry industry will keep the scale of operations modest, as reflected in estimated revenue of INR21 crore in fiscal 2017. * Below-average financial risk profile: Financial risk profile will remain below average, as reflected in high gearing of 3.06 times and low networth of INR1.83 crore, estimated as on March 31, 2017, mainly led by high reliance on external working capital debt. Strengths * Extensive experience of the partners in the poultry industry: The firm is engaged in production of hatching eggs from layer birds. Extensive experience of the partners has helped the firm build healthy relationships with key customers, and thus, ensure a healthy offtake. Outlook: Stable CRISIL believes SVF will continue to benefit from the extensive experience of the partners in the poultry industry. The outlook may be revised to 'Positive' if substantial improvement in the scale of operations and profitability, leads to higher cash accrual. The outlook may be revised to 'Negative' if a stretch in the working capital cycle or large debt-funded capital expenditure, weakens the capital structure. SVF was incorporated in 2004, as a partnership firm by Mr. K Jeevan Reddy, Mr. K Mohan Reddy, Mr. K Ramachandra Reddy and Mr. K Satyanarayana Reddy. The firm runs the poultry business at Hyderabad, with an yearly capacity of 2,40,000 laying birds. For fiscal 2017, the firm reported estimated losses of INR0.08 crore on net sales of INR21 crore, against losses of INR0.20 crore on net sales of INR21.6 crore for fiscal 2016. SSR CREST: CRISIL Downgrades Rating on INR5MM Loan to B ------------------------------------------------------- CRISIL Ratings has been consistently following up with SSR Crest Engineers and Constructions Limited (SSR) for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave this rating: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 13 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Overdraft 5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SSR Crest Engineers and Constructions Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Radiant SSR Crest Engineers and Constructions Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the long term rating to 'CRISIL B/Stable and reaffirmed short term rating at CRISIL A4'. SSR was set up in 1999 by Mr. C H Pavan and his family members. The company constructs roads and bridges. It mainly caters to the Roads and Buildings Department of Andhra Pradesh and Andhra Pradesh Road Development Corporation. The company is based in Hyderabad. SSVM CONSTRUCTION: CRISIL Lowers Rating on INR2MM Cash Loan to B+ ----------------------------------------------------------------- CRISIL Ratings has been consistently following up with SSVM Construction Private Limited for obtaining information through letters and emails dated February 8, 2017, and March 22, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Proposed Long Term .23 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Term Loan .77 CRISIL B+/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SSVM Construction Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for SSVM Construction Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B+/Stable/CRISIL A4'. Established in October 2005 in Chhattisgarh, SSVM undertakes civil construction such as construction of roads, dams, buildings, and bridges. SUPER SHOES: CRISIL Downgrades Rating on INR4.5MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Super Shoes Limited for obtaining information through letters and emails dated February 6, 2017, and March 22, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave these ratings: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Letter of credit & 0.48 CRISIL A4 (Issuer Not Bank Guarantee Cooperating; Downgraded from 'CRISIL A4+') Proposed Cash 1.50 CRISIL B/Stable (Issuer Not Credit Limit Cooperating; Downgraded from 'CRISIL BB/Stable') Proposed Long Term 1.52 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Super Shoes Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Super Shoes Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. SSL, incorporated in 2008-09, is engaged in manufacturing of upper and leather shoes for both men and women. The company is promoted by Mr. Veqarul-Ul-Amin. The company is located in Unnao at Leather Technology Park, situated 8 kms from Kanpur (Uttar Pradesh). WHITE GOLD: CRISIL Lowers Rating on INR14MM Cash Loan to 'B' ------------------------------------------------------------ CRISIL Ratings has been consistently following up with White Gold Cotton Industries (WGCI) for obtaining information through letters and emails dated November 21, 2016, and December 22, 2016, among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL gave this rating: Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 14 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of White Gold Cotton Industries. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for White Gold Cotton Industries is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower'. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. WGCI was incorporated in October 2007 by Mr. Hitesh Gajera and his family members. The firm is engaged in the ginning and pressing of raw cotton to produce cotton bales and cotton seeds. Its manufacturing unit is based in Rajkot. ========= J A P A N ========= TAKATA CORP: To File for Bankruptcy as Early as June 26 ------------------------------------------------------- Nikkei Asian Review, citing certain sources, reports that Takata Corp. will file for bankruptcy protection under Japan's Civil Rehabilitation Act as early as June 26. The company's total liabilities are expected to exceed JPY1 trillion (US$9 billion) following a massive global recall of air bags linked to deadly explosions. In addition, Takata's U.S.-based subsidiary TK Holdings, based in the state of Michigan, will file for Chapter 11 bankruptcy, Nikkei relates. Nikkei says Takata will continue operations under a new entity. A new company will be created under American parts maker Key Safety Systems, which is owned by China's Ningbo Joyson Electronic. The new company is to purchase Takata's entire operation for about JPY180 billion, Nikkei reports. In addition to filing for bankruptcy protection, Takata plans to ask Sumitomo Mitsui Banking Corp. and other lenders for financial support worth as much as tens of billions of yen, to help its suppliers' financing and prevent them from slipping into bankruptcy, according to Nikkei. Takata's Chairman and President Shigehisa Takada, a member of the company's founding family, is likely to resign after prospects of the restructuring become clear, adds Nikkei. About Takata Corp Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. In May 1995, a voluntary recall in the U.S. affecting 8 million predominantly Japanese built vehicles made from 1986 to 1991 with seat belts manufactured by the Takata was conducted. Large recalls of vehicles due to faulty Takata-made airbags began in 2013. Takata is presently facing massive costs of recalling 100 million defective airbag inflators worldwide and lawsuits tied to at least 16 deaths and numerous injuries. As of May 19, 2015, Takata has already recalled 40 million vehicles across 12 vehicle brands for defective airbags. In November 2015, Takata was fined $200 million by U.S. federal regulators for mishandling the way it recalled its air bag inflators. The fine is the largest civil penalty in NHTSA history. TOSHIBA CORP: WD's Suit Now Seen as Biggest Hurdle for Unit Sale ---------------------------------------------------------------- The Japan Times reports that after Toshiba Corp. on June 21 picked a Japan-U.S.-South Korea consortium as a preferred bidder for its flash memory unit, a lawsuit filed by Western Digital Corp. of the United States, Toshiba's chip business partner, appears to be the biggest hurdle that needs to be cleared before the sale. Following the decision by the Toshiba board, Western Digital issued a statement criticizing Toshiba for ignoring its "consent rights" under their partnership, The Japan Times relates. According to The Japan Times, the hard disk drive maker vowed to continue its legal battle to block Toshiba's sale of the unit, Toshiba Memory Corp., to a third party, saying, "We remain confident in . . . our legal position." Western Digital filed the lawsuit with a California court last week. Depending on a provisional ruling by the U.S. court, expected to be issued as early as next month, Toshiba's negotiations on the unit sale could be stalled, informed sources said, The Japan Times relays. In the lawsuit, the court is set to hold a hearing on July 14, The Japan Times relates citing Western Digital's statement. Toshiba needs to complete the sale for resolving its negative net worth caused by huge losses from its U.S. nuclear energy business, the report notes. The Japan Times says the ailing Japanese electronics and machinery maker had a negative net worth of JPY540 billion at the fiscal 2016 end on March 31. The company would likely be delisted from the Tokyo Stock Exchange if it remains in a net debt status for two successive years. The Japan-U.S.-South Korea consortium, which has offered to buy Toshiba Memory for JPY2 trillion, was formed under the initiative of the Ministry of Economy, Trade and Industry, the report discloses. According to the report, government-backed investment fund Innovation Network Corp. of Japan, the state-affiliated Development Bank of Japan, and private-sector financial and nonfinancial firms are likely to shoulder more than 50 percent of the acquisition costs. U.S. private equity fund Bain Capital may put up about JPY850 billion, with nearly half of the amount possibly to be financed with loans from major South Korean chip maker SK Hynix Inc., informed sources said, The Japan Times relays. The Japan Times relates that the sources said SK Hynix is joining the consortium through the loans, instead of investment, to help make it easier for the group to pass antitrust authorities' screenings on its possible Toshiba Memory acquisition. Meanwhile, main creditor banks for Toshiba, including Mizuho Bank and Sumitomo Mitsui Banking Corp., are expected to shortly provide it with some JPY30 billion from a credit line of JPY680 billion set for the company to help it cover operating costs, following the Toshiba board's selection of the consortium as a preferred bidder, The Japan Times reports citing people familiar with the situation. Toshiba is calling on the creditor banks to increase the credit line. But the banks are expected to carefully examine the request while closely watching the situation as uncertainties linger, such as the course of the lawsuit filed by Western Digital, adds The Japan Times. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large- scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on June 19, 2017, S&P Global Ratings said it has kept its 'CCC-' long-term and 'C' short-term ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. on CreditWatch with negative implications. The long- and short-term ratings on Toshiba have remained on CreditWatch with negative implications since December 2016, when S&P also lowered the long-term ratings because of a likelihood that the company might recognize massive losses in its U.S. nuclear power business. S&P kept them on CreditWatch negative when it lowered the long- and short-term ratings in January 2017 and when S&P lowered the long-term ratings in March 2017. The ratings remain on CreditWatch, reflecting S&P's view that creditor banks' support for Toshiba together with the company's liquidity levels warrant continued close monitoring because its plan to sell its memory business has yet to materialize and additional losses or financial burdens might still arise in connection with its U.S. nuclear power business. S&P continues to hold the view that without unanticipated, significantly favorable changes in Toshiba's circumstances, the company might become unable to fulfill its financial obligations in a timely manner or might undertake a debt restructuring S&P classifies as distressed in the next six months. TOSHIBA CORP: Broadcom Backs Away From $20BB Bid for Chip Unit -------------------------------------------------------------- CNBC reports that Broadcom Limited has backed away from a $20 billion bid for Toshiba Corp.'s memory chip business, sources said. Toshiba announced on June 21 it had selected a consortium led by the public-private Innovation Network Corp. of Japan (INCJ) as a preferred bidder, CNBC says. Other members of the consortium include Bain Capital Private Equity and the Development Bank of Japan. CNBC relates that chipmaker rival Broadcom had lined up a fully financed bid, sources said, but backed away after Western Digital took legal action to block Toshiba's sale of the business, the sources said. Western Digital and Toshiba jointly operate a semiconductor plant in Japan. The sources said Broadcom would continue to monitor Western Digital's lawsuit, adds CNBC. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large- scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on June 19, 2017, S&P Global Ratings said it has kept its 'CCC-' long-term and 'C' short-term ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. on CreditWatch with negative implications. The long- and short-term ratings on Toshiba have remained on CreditWatch with negative implications since December 2016, when S&P also lowered the long-term ratings because of a likelihood that the company might recognize massive losses in its U.S. nuclear power business. S&P kept them on CreditWatch negative when it lowered the long- and short-term ratings in January 2017 and when S&P lowered the long-term ratings in March 2017. The ratings remain on CreditWatch, reflecting S&P's view that creditor banks' support for Toshiba together with the company's liquidity levels warrant continued close monitoring because its plan to sell its memory business has yet to materialize and additional losses or financial burdens might still arise in connection with its U.S. nuclear power business. S&P continues to hold the view that without unanticipated, significantly favorable changes in Toshiba's circumstances, the company might become unable to fulfill its financial obligations in a timely manner or might undertake a debt restructuring S&P classifies as distressed in the next six months. ==================== N E W Z E A L A N D ==================== FP IGNITION 2017-B: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes ----------------------------------------------------------------- Fitch Ratings has assigned expected ratings to FP Ignition 2017 - B Trust's automotive lease-backed floating-rate notes. The issuance consists of notes ultimately backed by New Zealand finance and operating vehicle leases originated by Fleet Holding (NZ) Limited (FleetPartners NZ), a subsidiary of FleetPartners Pty Limited (FleetPartners). The ratings are: NZD130.4 million Class A notes: 'AAA(EXP)sf'; Outlook Stable NZD10.2 million Class B notes: 'AA(EXP)sf'; Outlook Stable NZD17.4 million Class C notes: 'A(EXP)sf'; Outlook Stable NZD12.0 million Class D notes: 'BBB(EXP)sf'; Outlook Stable NZD14.0 million Class E notes: 'BB(EXP)sf'; Outlook Stable NZD4.0 million Class F notes: 'B+(EXP)sf'; Outlook Stable NZD2.0 million Class G notes: 'NR(EXP)sf' NZD10.0 million Originator notes: 'NR(EXP)sf' The notes will be issued by NZGT (FP) Trustee Limited in its capacity as trustee of FP Ignition 2017 - B Trust. The total underlying collateral pool consisted of 8,332 leases totalling NZD235.9 million at the April 30, 2017 cut-off date. FleetPartners NZ has indicated to Fitch that the final lease- receivable pool will be adjusted to match the final liability balance, with no significant changes to the portfolio stratifications expected. KEY RATING DRIVERS Residual Value Risk Present: This is the third term securitisation, and the first in New Zealand, by FleetPartners that includes operating leases within the lease portfolio. The lessees are a broad mix of small-to-medium entities (SMEs) through to large corporations and government entities. Residual value (RV) and vehicle-servicing risk are present within the transaction due to the inclusion of operating leases, along with credit risk. Fitch assumes 'AAAsf' RV losses of 15.1%. Large Lessee Concentration: The pool's 20-largest obligors account for about 26.4% of the asset balance. Fitch deems this concentration higher than usually observed in consumer ABS transactions and has therefore derived default assumptions while considering lessee concentrations and correlation risks, in line with its SME criteria. Sufficient Enhancement: The transaction incorporates a sequential pay/pro rata pay structure, consistent with other ABS transactions. Pro rata paydown will commence when hard credit enhancement (CE) reaches 45.0% for the class A notes, subject to transaction performance. Overall CE is sufficient to cover the Fitch-stressed cumulative net loss assumptions in all Fitch scenarios. The transaction also comprises a vehicle-servicing account to enable the issuer to fund operating lease vehicle- servicing obligations. Mixed Collateral Included: The collateral backing the transaction comprises of lease receivables backed by a mix of passenger vehicles as well as light and heavy commercial vehicles, with a weighted-average seasoning of 18.1 months and an average receivable size of NZD28,306. Operating leases comprise 93.8% of the portfolio and finance leases 6.2%. Historically, FleetPartners' 30+ day delinquencies for their New Zealand and Australian assets have generally tracked below Fitch's Dinkum ABS Index EXPECTED RATING SENSITIVITIES Unexpected decreases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, possibly resulting in negative rating action on the notes. Fitch has evaluated the sensitivity of the ratings to increased defaults and reduced recovery rates over the life of the transaction. Expected impact on note ratings from increased defaults: Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf Increase defaults by 10%: AAAsf/AAsf/BBB+sf/BBBsf/BBsf/B+sf Increase defaults by 25%: AA+sf/A+f/BBB+sf/BBB-sf/BB-sf/B+sf Increase defaults by 50%: AA-sf/Asf/BBB+sf/BB+sf/B+sf/B+sf Expected impact on note ratings from decreased recovery rates and RV sale proceeds: Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf Reduce recoveries and RV sale proceeds by 10%: AAAsf/AA- sf/Asf/BBBsf/BBsf/B+sf Reduce recoveries and RV sale proceeds by 25%: AAAsf/AA-sf/A- sf/BBB-sf/BB-sf/B+sf Reduce recoveries and RV sale proceeds by 50%: AAAsf/A+sf/BBB+sf/BBB-sf/B+sf/B+sf Expected impact on note ratings from multiple factors: Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf Increase defaults by 10%; reduce recoveries and RV sale proceeds by 10%: AAAsf/AA-sf/A-sf/BBB-sf/BB-sf/B+sf Increase defaults by 25%; reduce recoveries and RV sale proceeds by 25%: AAsf/A+sf/A-sf/BB+sf/B+sf/B+sf Increase defaults by 50%; reduce recoveries and RV sale proceeds by 50%: Asf/BBB+sf/BBB-sf/BBsf/B+sf/Bsf ===================== P H I L I P P I N E S ===================== ARMEL PLASTIC: Faces Tax Evasion Charges ---------------------------------------- Virgil Lopez at GMA News reports that two construction companies, a restaurant chain, and a plastics maker and trader were separately charged on June 22 by the Bureau of Internal Revenue (BIR) before the Department of Justice (DOJ) for allegedly evading payment of taxes totaling PHP275.2 million. According to GMA News, the BIR identified the respondents in the complaints for violations of the Tax Code as Armel Plastic Co., Inc.; Marina De Manila, Co. (Marina Seafoods); Ski Construction Group, Inc.; and GMC Construction and Development Corporation, and their respective corporate officers. GMA News relates that the BIR said Armel Plastic failed to pay taxes worth PHP45.64 million for 2010, while Marina Seafoods had a tax liability of PHP16.42 million for 2012. Makati City-based Armel Plastic is engaged in the business of buying and selling, fabricating and manufacturing, and importing and exporting of plastic products, materials, and supplies, while Marina Seafoods operates restaurants all over Metro Manila. The BIR, meanwhile, accused Ski Construction of evading taxes worth PHP21.94 million for 2004, while the two cases against Cabuyao, Laguna-based GMC amount to PHP191.19 million, covering taxable years 2008 and 2009, GMA News discloses. GMA News adds that the BIR said the respondents were served notices of the tax liabilities but failed to either protest or to submit additional documents to refute the assessments, making them "final, executory, and demandable." =============== X X X X X X X X =============== FIJI: B1 Rating Reflects Continuing Improvements, Moody's Says -------------------------------------------------------------- Moody's Investors Service says that Fiji's B1 rating and positive outlook reflect continuing improvements in the country's economic and institutional strength, as well as lower political risk. Moderately high government debt and wider fiscal deficits in recent years are balancing these strengths, along with heightened susceptibility to natural disasters. Moody's further notes that Tropical Cyclone Winston, which struck Fiji in 2016, has not derailed the country's economic momentum as real GDP grew for the seventh consecutive year in 2016 or an average of 3.3% over the period, faster than in the decade up to 2009. Moody's conclusions are contained in its just-released annual credit analysis of the sovereign, "Government of Fiji -- B1 Positive". The report is a regular update and does not constitute a rating action. Moody's determination of Fiji's government issuer rating is based on consideration of four rating factors: Economic Strength, Low (+); Institutional Strength, Low (+); Fiscal Strength, Moderate (- ); and Susceptibility to Event Risk, Moderate (-). Fiji's robust growth coincides with relatively stable inflation and broad external balance, while greater political stability since the elections in 2014 has boosted policy reform and business sentiment, improving funding conditions for the government. Moody's expects the lower political risk to continue to bolster Fiji's wider sovereign credit profile. Tourism continues to be the main driver of economic growth. At the same time, improved labour market conditions, stable household earnings and inward remittances have bolstered wholesale and retail sales. Furthermore, rebuilding from the effects of the cyclone is boosting construction activity. Credit challenges include the government's high debt burden compared with similarly rated sovereigns. However, reliable domestic financing from the Fiji National Provident Fund (FNPF) mitigates this source of credit risk. In addition, reconstruction after the cyclone and development spending are driving wider fiscal deficits. Fiji's sovereign credit profile will remain exposed to environmental risks. The country's small size, lack of economic diversification and relatively low level of development increase the potential impact of climate change-related natural disasters. As indicated, domestic political risk has improved significantly since elections in 2014. The government has leveraged its solid electoral mandate to pursue reform, while robust economic growth has further bolstered its legitimacy. However, there remains a risk that a re-emergence of political instability could hinder the effectiveness of fiscal and economic policies aimed at boosting growth and strengthening public finances. ********* 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, Ivy B. Magdadaro 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 to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268. *** End of Transmission ***