/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/181214.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, December 14, 2018, Vol. 21, No. 248 Headlines A U S T R A L I A A J BUCHHORN: Second Creditors' Meeting Set for Dec. 21 BIG UN: Second Creditors' Meeting Set for Dec. 20 DUBBO RAILWAY: Second Creditors' Meeting Set for Dec. 20 GREATCELL SOLAR: First Creditors' Meeting Set for Dec. 20 HALLS STAR: Second Creditors' Meeting Set for Dec. 21 STELLA DESIGN: First Creditors' Meeting Set for Dec. 21 UNITY GROUP: First Creditors' Meeting Set for Dec. 21 UPFRONT SECURITY: First Creditors' Meeting Set for Dec. 21 C H I N A ANBANG INSURANCE: Selling 35% Stake in Chengdu RBC for US$2.4BB HUAWEI TECH: Freezes Orders From Japan Supplier After CFO Arrest XINHU ZHONGBAO: S&P Rates Guaranteed US$-Denom. Unsec. Notes B- I N D I A AKR HOLDINGS: Insolvency Resolution Process Case Summary AKSHAJ ISPAT: CRISIL Assigns B+ Rating to INR8.5cr Cash Loan ANUSHKA MOULDS: Insolvency Resolution Process Case Summary ARIISTO DEVELOPERS: Insolvency Resolution Process Case Summary ASSOCIATE DECOR: Insolvency Resolution Process Case Summary ASSOCIATED ENGINEERING: Ind-Ra Affirms B+ Rating, Outlook Stable ASTONFIELD SOLAR: Insolvency Resolution Process Case Summary BALAJI AGRITRADE: CRISIL Lowers Rating on INR12cr Term Loan to D BIRLA COTSYN: Insolvency Resolution Process Case Summary DELTA SUGARS: CRISIL Migrates 'B-' Rating to Not Cooperating DESIGNMATE INDIA: CRISIL Hikes Rating on INR11cr Loan to B- GLOBAL STEEL: CRISIL Migrates 'D' Rating to Not Cooperating GRAND MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating GUPTA ENTERTAINMENTS: CRISIL Moves B+ Rating to Not Cooperating HILLS TRADE: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating IL&FS EDUCATION: Ind-Ra Cuts NCD 2014 Rating to B, Still on RWN JANTA SNACK: Insolvency Resolution Process Case Summary KOHINOOR DIAMONDS: Insolvency Resolution Process Case Summary KUMAR'S METALLURGICAL: Insolvency Resolution Process Case Summary LAKSHMI INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR1cr Loan LANCO KONDAPALLI: CRISIL Migrates 'D' Rating to Not Cooperating MAHAVEER COTTS: CRISIL Migrates 'B' Rating to Not Cooperating MARKETING TIMES: Insolvency Resolution Process Case Summary MOHANA HARSHA: CRISIL Assigns 'B' Rating to INR6.75cr Loan MRUNMAHA AGRO: Insolvency Resolution Process Case Summary NEWGEN SPECIALTY: Insolvency Resolution Process Case Summary PAWAN ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating PRASANNA EDUCATION: CRISIL Migrates D Rating to Not Cooperating RADHESH PLASTICS: CRISIL Migrates B+ Rating to Not Cooperating RAM KUMAR: CRISIL Assigns B Rating to INR6.37cr Cash Loan RAMA KRISHNA: CRISIL Lowers Rating on INR37.3cr Loan to 'D' SADAHARI SHAKTI: Ind-Ra Migrates B+ LT Rating to Non-Cooperating SALONAH TEA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable SHELAR AUTOMOTIVE: CRISIL Maintains B Rating in Not Cooperating SIVANTHI JOE: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating SN JYOTI: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating SRI VIJAYA: CRISIL Migrates B+ Rating to Not Cooperating Category TANISA DENIM: Insolvency Resolution Process Case Summary TEMPLE CITY: CRISIL Maintains 'D' Rating in Not Cooperating VAJRAKALPA COTTON: CRISIL Migrates B+ Rating to Not Cooperating VARAD FORGE: Insolvency Resolution Process Case Summary VENKETESWAR EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating VIVA SERVITRADE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating VIVID IT: Insolvency Resolution Process Case Summary YADAV RICE: CRISIL Migrates B+ Rating to Not Cooperating Category YAK GRANITE: CRISIL Migrates 'C' Rating to Not Cooperating * INDIA: MFs Allowed to Separate Bad Assets in Portfolios M A L A Y S I A PETROL ONE: Appeal Dismissed, Set to be Delisted on Dec. 17 N E W Z E A L A N D CBL INSURANCE: Orr Denies CB Influenced Creditors re Liquidation - - - - - ================= A U S T R A L I A ================= A J BUCHHORN: Second Creditors' Meeting Set for Dec. 21 ------------------------------------------------------- A second meeting of creditors in the proceedings of A J Buchhorn Pty Ltd, trading as MPH Contracting, has been set for Dec. 21, 2018, at 10:30 a.m., at the offices of Paul Cook & Associates, at 105 Macquarie Street, in Hobart, Tasmania. The purpose of the meeting is (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 Dec. 20, 2018, at 4:00 p.m. Paul John Cook of Paul Cook & Associates was appointed as administrator of A J Buchhorn on Nov. 22, 2018. BIG UN: Second Creditors' Meeting Set for Dec. 20 ------------------------------------------------- A second meeting of creditors in the proceedings of Big Un Limited has been set for Dec. 20, 2018, at 10:00 a.m. at Eclipse Tower, Level 19, 60 Station Street, in Parramatta, NSW. The purpose of the meeting is (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 Dec. 19, 2018, at 4:00 p.m. Neil Robert Cussen and Matthew James Donnelly of Deloitte Financial were appointed as administrators of Big Un on Aug. 24, 2018. DUBBO RAILWAY: Second Creditors' Meeting Set for Dec. 20 -------------------------------------------------------- A second meeting of creditors in the proceedings of Dubbo Railway Bowling Club Ltd, trading as Sporties Dubbo, has been set for Dec. 20, 2018, at 12:30 p.m. at Dubbo Railway Bowling Club, at 101 Erskine Street, in Dubbo, NSW. The purpose of the meeting is (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 Dec. 19, 2018, at 5:00 p.m. Aaron Kevin Lucan and Graeme Beattie of Worrells Solvency were appointed as administrators of Dubbo Railway on Nov. 15, 2018. GREATCELL SOLAR: First Creditors' Meeting Set for Dec. 20 --------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Greatcell Solar Ltd - Greatcell Solar Australia Pty Ltd - Greatcell Solar Industries Pty Ltd will be held at the offices of Vibe Hotel Canberra Airport, at Room CBR1, 1 Rogan Street, in Canberra Airport, ACT, on Dec. 20, 2018, at 3:00 p.m. Peter Paul Krejci of BRI Ferrier was appointed as administrator of Greatcell Solar on Dec. 10, 2018. HALLS STAR: Second Creditors' Meeting Set for Dec. 21 ----------------------------------------------------- A second meeting of creditors in the proceedings of Halls Star Pty Ltd has been set for Dec. 21, 2018, at 10:00 a.m. at the offices of The Executive Centre, Level 25, 108 St Georges Terrace, in Perth, WA. The purpose of the meeting is (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 Dec. 20, 2018, at 4:00 p.m. Stephen Robert Dixon of Hamilton Murphy was appointed as administrator of Halls Star on Nov. 20, 2018. STELLA DESIGN: First Creditors' Meeting Set for Dec. 21 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Stella Design and Construction will be held at the offices of BRI Ferrier Western Australia, at Unit 3, 99-101 Francis Street, in Northbridge, WA, on Dec. 21, 2018, at 10:00 a.m. Giovanni Maurizio Carrello of BRI Ferrier Western Australia of was appointed as administrator of Stella Design on Dec. 11, 2018. UNITY GROUP: First Creditors' Meeting Set for Dec. 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Unity Group of Companies (2009) Pty Ltd will be held at the offices of Clifton Hall, at Level 3, 431 King William Street, in Adelaide, South Australia, on Dec. 21, 2018, at 10:00 a.m. Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed as administrators of Unity Group on Dec. 13, 2018. UPFRONT SECURITY: First Creditors' Meeting Set for Dec. 21 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Upfront Security Solutions Pty Ltd will be held at the offices of Hall Chadwick, at Level 14, 440 Collins Street, in Melbourne, Victoria, on Dec. 21, 2018, at 9:30 a.m. Blair Pleash and Joanne Keating of Hall Chadwick were appointed as administrators of Upfront Security on Dec. 11, 2018. ========= C H I N A ========= ANBANG INSURANCE: Selling 35% Stake in Chengdu RBC for US$2.4BB --------------------------------------------------------------- South China Morning Post reports that Anbang Insurance Group is asking CNY16.8 billion (US$2.4 billion) for its controlling stake in a commercial bank as the dismantling of one of China's biggest private conglomerates continues. Anbang is opening up an auction to sell the 35 per cent stake it owns in Chengdu Rural Commercial Bank, SCMP relates citing a filing to the Beijing Financial Assets Exchange on Dec. 12. The buyer will have to make sure half the agreed deal value is paid into a designated bank account within 10 working days of any deal, according to the filing. "The strict payment requirements show Anbang is desperate for cash, to make up for low cash flow or to strengthen the capital ratio for solvency requirements," the report quotes Sun Wujun, a professor at the School of Business of Nanjing University, as saying. "Only some sizable state-owned firms, or a handful of private giants would have the ability to take over the assets, based on the payment requirements." According to the report, the sale of the bank stake is the third major asset disposal by Anbang, after a working group dispatched by China's financial regulators took over the company in February. Anbang's founder and former chairman Wu Xiaohui was arrested before that, and was sentenced to 18 years in prison in May for fraud and embezzlement worth more than US$12 billion, the report notes. According to SCMP, the move comes amid a broad selling spree by a group of Chinese conglomerates including HNA Group, CEFC China Energy, and the Tomorrow Holding Group, which have come under government scrutiny for their aggressive purchases at home and abroad in the past. The insurance regulator injected CNY61 billion into Anbang in April, as it worked to resolve its debt problems and make sure millions of insurance policy holders did not suffer losses as the company sank, the report recalls. SCMP relates that China Insurance Regulatory Commission, the watchdog, said the capital injection would be temporary and that it would sell the stake once the immediate risks were resolved, and that it would keep ensure Anbang remained privately owned. However, the recent asset disposals have seen the company spinning off its most valuable business units and financial licences, the report states. About Anbang Insurance Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers property insurance, life insurance, health insurance, asset management, insurance sales agency, and insurance brokerage services. The company provides car insurance, accident insurance, cargo transportation insurance, credit insurance, life-long insurance, and medical insurance services. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 26, 2018, The Strait Times related the Chinese government had seized control of Anbang Insurance, the troubled Chinese company that owns the Waldorf Astoria hotel in New York and other marquee properties around the world, and charged its former chairman with economic crimes. The Strait Times noted that the move is Beijing's biggest effort yet to rein in a new kind of Chinese company, in this case, one that spent billions of dollars around the world over the past three years buying up hotels and other high-profile properties. The rise of these companies illustrates China's growing economic might, but Chinese officials have grown increasingly concerned that they were piling up debt to make frivolous purchases. In a statement posted on its website on Feb. 23, the China Insurance Regulatory Commission said the government was taking over to ensure the "normal and stable operation" of the company. "Illegal operations at Anbang may have seriously endangered the company's solvency, prompting the government to take control," the statement read. The Strait Times noted the move also caps the downfall of Anbang leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng Xiaoping, China's paramount leader in the 1980s and a towering figure in Chinese politics, and was widely considered politically connected. HUAWEI TECH: Freezes Orders From Japan Supplier After CFO Arrest ---------------------------------------------------------------- Bloomberg News reports that the surprise arrest of Huawei Technologies' Chief Financial Officer Meng Wanzhou is about to impact one of the Chinese company's suppliers in Japan. Yaskawa Electric, which supplies industrial robots for Huawei's smartphone and telecom gear factories, saw all orders for its machines put on hold after the arrest, President Hiroshi Ogasawara said in an interview on Dec. 12, the report relates. Of Yaskawa's JPY448.5 billion (US$4 billion) in revenue for the fiscal year that ended in February, 23 per cent came from China. "My people on the ground in China say that Huawei is turned upside down internally," the report quotes Mr. Ogasawara as saying. "All kinds of capital expenditure deals are temporarily on hold as they figure things out." Yaskawa's stock erased earlier gains in Tokyo trading, falling as much as 4 per cent. Shares of other factory automation companies Fanuc, SMC and Nabtesco have also paired gains, the report says. According to the report, Ms. Meng was arrested in Vancouver at the request of US authorities for allegedly violating sanctions related to selling technology to Iran. While her detention has become an international incident, this is the first indication that it is beginning to affect Huawei's operations. The report relates that the arrest has further undermined the international standing of the company, which was already under suspicion in the West because of its ties to the Chinese government. Separately, the Japanese media reported earlier this week that the country's top three carriers -- NTT Docomo, SoftBank Group and KDDI -- will ban telecommunications equipment by Huawei and ZTE, Bloomberg relays. France's Orange said it does not plan to work with Huawei to build its fifth-generation mobile network. Bloomberg adds that Mr. Ogasawara said the order freeze is making Yaskawa reconsider its outlook on the timing of demand for 5G phones and communications equipment, because Huawei was at the forefront of the technology's roll-out. Yaskawa said in October it expects memory chip manufacturers to start making capital investments related to 5G in the spring and see a boost in its own machinery orders by early next year. That outlook is now uncertain because of the events at Huawei, Mr. Ogasawara said, the report relays. The Huawei incident and trade tensions with the US are not likely to derail 5G's roll-out in China, he said, Bloomberg reports. The deployment is driven by China's national policy and orders for internal demand will make up for any losses due to trade barriers, he said. Yaskawa has three factories in China, all of which make machines for domestic customers, Bloomberg discloses. Global smartphone output is not likely to decline, but capital investment is likely to remain flat until 5G demand kicks in second half of 2019, Mr. Ogasawara, as cited by Bloomberg, said. Huawei Technologies Co. Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services. XINHU ZHONGBAO: S&P Rates Guaranteed US$-Denom. Unsec. Notes B- --------------------------------------------------------------- S&P Global Rating assigned its 'B-' long-term issue rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by Xinhu (BVI) 2018 Holding Co. Ltd., a subsidiary of Xinhu Zhongbao Co. Ltd. (Xinhu Zhongbao: B/Stable/--). The parent Xinhu Zhongbao unconditionally and irrevocably guarantees the notes. The company plans to use the proceeds for refinancing existing debt and replenishing working capital. The issue rating is subject to S&P's review of the final issuance documentation. S&P said, "We rate Xinhu Zhongbao's senior unsecured notes one notch lower than the issuer credit rating because the debt is significantly subordinated relative to other debt in the company's capital structure. As of June 30, 2018, Xinhu Zhongbao's capital structure consists of Chinese renminbi (RMB) 42.5 billion of secured debt and RMB22.6 billion of unsecured debt issued or guaranteed by the company at the parent level. As such, the secured debt ratio is above our threshold of 50%. "We forecast Xinhu Zhongbao to maintain high leverage due to its long development cycle and slow execution of urban development projects in Shanghai. In our estimation, its leverage will moderately increase to 13x-15x in the next 12-24 months, mainly driven by these projects' large capital expenditure. At the same time, we believe the company is less likely to make aggressive land acquisitions and to remain prudent in growing its financial investments. "The stable outlook reflects our view that Xinhu Zhongbao Co. Ltd. will continue to operate under high leverage while steadily increasing contracted sales in the coming 12 months. We expect the company to maintain sizable financial investments but to limit the expansion of its other sectors outside of property development. We also anticipate that Xinhu Zhongbao could rely on its cash on hand, growing contracted sales, liquid investments, and other borrowings to fulfill its high short-term borrowings." ========= I N D I A ========= AKR HOLDINGS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s AKR Holdings Private Limited 59, MKN Road Guindy Chennai 600032 Insolvency Commencement Date: November 15, 2018 Court: National Company Law Tribunal, Madurai Bench Estimated date of closure of insolvency resolution process: May 14, 2019 (180 days from commencement) Insolvency professional: Muthuiah Thevar Rajapandian Interim Resolution Professional: Muthuiah Thevar Rajapandian 3/158, Bharathiyar Street Indian Bank Colony Narayanapuram Madurai 625014 E-mail: rajapandianm1955@gmail.com Last date for submission of claims: December 3, 2018 AKSHAJ ISPAT: CRISIL Assigns B+ Rating to INR8.5cr Cash Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Akshaj Ispat Llp (AIL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B+/Stable (Assigned) Proposed Cash Credit Limit 8.5 CRISIL B+/Stable (Assigned) The rating reflects the modest scale of operations, weak financial risk profile. The rating also takes into consideration extensive experience of AIL's partners in the stainless steel industry and & efficient working capital management. Analytical Approach Unsecured loan (outstanding at INR0.44 crore as on March 31, 2018) from the partners has been treated as neither debt nor equity because the loan is likely to be retained in the business over the medium term. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations: Its scale is moderate reflected by its moderate revenue of INR61.16 crore in fiscal 2018, however, the same has expected to improve in medium term due to expansion in product variety, expansion of business from trading to fabrication and geographical diversification. * Weak financial risk profile: Net worth was low and gearing high at INR0.98 crore and 4.57 times, respectively, as on March 31, 2018, on account of high dependence on bank limit to meet working capital requirement. Net worth and gearing are expected to improve over the medium term due to higher cash accrual, backed by ramp up in scale of operations. Strengths: * Partner's extensive experience in the steel industry: Partners' experience of over 30 years has helped develop a deep understanding of the dynamics of local market; this helps anticipate price trends and calibrate purchasing and stocking decisions. Furthermore, nee-based financial support may be expected from the partners whenever necessary, as in the past. * Efficient working capital management: Working capital is efficiently managed, with gross current assets and inventory of 49 and 18 days, respectively, as on March 31, 2018. Outlook: Stable CRISIL believes AIL will continue to benefit from its partners' extensive experience and funding support. The outlook may be revised to 'Positive' if higher growth in revenue, and stable profitability strengthen cash accrual. The outlook may be revised to 'Negative' if lower-than-expected sales, modest profitability, or stretch in working capital cycle weakens financial risk profile, particularly capital structure and liquidity. AIL was incorporated on July 17, 2017, as a limited liability partnership firm between Mr Raghubir Garg and Mr Anoop Garg. It trades in and fabricates stainless steel products, such as pipes, coils, and tubes. ANUSHKA MOULDS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s. Anushka Moulds & Dies Private Limited Gurukripa Ind. Complex, Bldg No. 1 Ground Floor, Survey No. 36 Hissa, No. 12 Opp Jivadhani Ind. Estate No. 2 Dhumal Nagar, Village Waliv, Vasai (E), Thane Maharashtra 4012018 Insolvency Commencement Date: November 16, 2018 Court: National Company Law Tribunal, Pune Bench Estimated date of closure of insolvency resolution process: May 14, 2019 (180 days from commencement) Insolvency professional: Laxman Digambar Pawar Interim Resolution Professional: Laxman Digambar Pawar Flat No. 16, First Floor Bhakti Complex Behind Dr. Ambedkar Statue Pimri, Pune 411018 Mobile No.: 9921516368 9422327957 E-mail: cmapawar1@gmail.com Last date for submission of claims: December 13, 2018 ARIISTO DEVELOPERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Ariisto Developers Private Limited 8th Floor, Ariisto House N.S Phadke Road Near East-West Flyover, Andheri (East) Mumbai 400069 Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 18, 2019 Insolvency professional: S. Gopalakrishnan Interim Resolution Professional: S. Gopalakrishnan R-2 / 202, Moraj Riverside Park Takka, Panvel 410206 RaigadZilla, Maharashtra E-mail: gopi63.ip@gmail.com - and - KANCHANSOBHA DEBT RESOLUTION ADVISORS LLP 1507-B Wing, One BKC Plot No. C-66, G Block BandraKurla Complex, Bandra East Mumbai 400051 E-mail: aristo.ip@gmail.com Classes of creditors: Allottees under a Real Project under Sec. 5 (8) (f) of the Insolvency and Bankruptcy Code, 2016 Insolvency Professionals Representative of Creditors in a class: ShriSubodhBalkrishnaGokhale Samruddhi, A/48 Gokuldham, Goregaon (East) Mumbai 400063 E-mail: ipsubodhgokhale@gmail.com ShriRohitVora A-1103, Raj Sunflower Royal Complex Eksar Road, Borivali Mumbai 400092 E-mail: contact@rohitvora.com ShriFanendraHarakchandMunot "Joshi Kale Munot & Associates 6th Floor Regus, Mafatlal House Building H T Parekh Marg, Backbay Reclamation Mumbai 400020 E-mail: fhmmunot@gmail.com Last date for submission of claims: December 7, 2018 ASSOCIATE DECOR: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Associate Decor Limited Plot No. 1, Phase IV KIADB Industrial Area, Malur Kolar 563160 Karnataka Insolvency Commencement Date: October 26, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: April 23, 2019 Insolvency professional: Mr. Alok Kailash Saksena Interim Resolution Professional: Mr. Alok Kailash Saksena Plot No. 104, Mysore Colony Mahul Road, Chembur Mumbai 400074 E-mail: aks@dsaca.co.in - and - C/o Desai Saksena and Associates Chartered Accountants, Laxmi Building First Floor, Sir P.M. Road, Fort Mumbai 400001 Mobile: 9820136693 Tel.: 022 66261600/11 E-mail: cirpadl@dsaca.co.in Last date for submission of claims: December 10, 2018 ASSOCIATED ENGINEERING: Ind-Ra Affirms B+ Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Associated Engineering Enterprises' (AEE) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR45.0 mil. Fund-based working capital limits affirmed with IND B+/Stable/IND A4 rating; -- INR95.0 mil. Non-fund-based working capital limits affirmed with IND A4 rating; -- The IND B+ rating on the INR20.0 Proposed fund-based working capital limit are withdrawn (the company did not proceed with the instrument as envisaged); and -- INR20.0 mil. Proposed fund-based working capital limit* assigned with Provisional IND B+/Stable/Provisional IND A4 rating. * The ratings are provisional and shall be confirmed upon the sanction and execution of loan documents for the above facilities by AEE to the satisfaction of Ind-Ra. KEY RATING DRIVERS The affirmation reflects an improvement in AEE's credit profile in FY18, in line with Ind-Ra's expectation. The credit metrics improved, despite an increase in the total debt and interest expenses, due to a proportionately higher increase in the absolute EBITDA resulting from a revenue improvement. Net leverage (net adjusted debt/operating EBITDAR) was 4.3x in FY18 (FY17: negative 22.3x, FY16: 9.4x), interest coverage (operating EBITDA/gross interest expense) was 1.7x (negative 0.4x, 1.3x), revenue was INR168.8 million (INR10.0 million, INR69.7 million) and EBITDA margin was 12.6% (negative 42%, 11.2%). However, the credit metrics remain weak, the scale of operations continues to be small and margins are modest. The firm's RoCE was 11% in FY18. Revenue improved in FY18 on account of an increase in additional orders and timely execution of existing orders. Ind-Ra expects the revenue to improve further in FY19, driven by an increase in the number of orders executed. As of 2QFY19, the company booked revenue of INR157.3 million and had an unexecuted order book of around INR397 million as of October 2018 beginning, to be executed by FY20. The ratings also factor in the partnership structure of the organization. Moreover, the liquidity position of the firm is tight, with negative cash flow from operations over FY16-FY18. Cash & equivalent was INR5.6 million in FY18 (FY17: INR5.5 million). The average maximum utilization of the fund-based working capital limit was around 87% over the 12 months ended November 2018. The utilization is likely to rise with increase in the revenue. However, the ratings are supported by AEE's partners' experience of over three decades in the engineering, procurement and construction business. RATING SENSITIVITIES Negative: Any decline in the revenue or the EBITDA margin leading to substantial deterioration in the credit metrics or the liquidity, all on a sustained basis, could lead to a negative rating action. Positive: A substantial improvement in the revenue and profitability margin, leading to an improvement in the credit metrics, all on a sustained basis, could lead to a positive rating action. COMPANY PROFILE Established in 1985 and located in Hyderabad, AEE is an engineering, procurement and construction firm. The firm is registered with roads and buildings department as a special Class Civil Contractors in Andhra Pradesh and Telangana. ASTONFIELD SOLAR: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Astonfield Solar (Gujarat) Private Limited 311 B/C/D, South Court Saket New Delhi 110017 Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 19, 2019 (180 days from commencement) Insolvency professional: Mr. Gurpreet Singh Interim Resolution Professional: Mr. Gurpreet Singh 2nd Floor, 2921 A, C/1 Sushant Lok-1, Gurgaon Haryana 122002 E-mail: gsingh2800@gmail.com Last date for submission of claims: December 6, 2018 BALAJI AGRITRADE: CRISIL Lowers Rating on INR12cr Term Loan to D ---------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Balaji Agritrade Private Limited (BAPL) to 'CRISIL D' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 12 CRISIL D (Downgraded from 'CRISIL B/Stable') The downgrade reflects recent instances of delay in interest and principal repayments due on term loan. The last installment due on November 7, 2018, has not been paid yet. The rating reflects BAPL's weak financial risk profile and working capital intensive operations. These weaknesses are partially offset by experience of promoters. Key Rating Drivers & Detailed Description Weaknesses * Weak financial risk profile: Modest networth and moderate leverage (INR6.44 crore and 2.14 times as on March 2018) represent weak financial risk profile. * Working capital intensive operations: Operations are working capital-intensive as reflected from gross current asset of 624 days as on March 31, 2018 on account of high inventory (512 days as on March 31, 2018) Strength: * Experience of promoters: The customers of BAPL are commission agents. The promoters' have experience in agro-commodity trading and hence, has established relationship with commission agents in the district over the years, which will help BAPL in selling the shops. BAPL's primary business is trading of agro commodities. It deals in the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL undertook a project to build a private mandi, Balaji Agritrade. The purpose of establishing mandi is to support the farmers to sell their crop. BIRLA COTSYN: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Birla Cotsyn (India) Ltd Dalamal House, 1st Floor J.B Marg, Nariman Point Mumbai 400021 Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 19, 2019 (180 days from commencement) Insolvency professional: Sujata Chattopadhyay Interim Resolution Professional: Sujata Chattopadhyay 404, Mayuresh Cosmos Sector 11, CBD Belapur Navi Mumbai 400614 E-mail: sujata@scassociates.co.in birlacotsyncirp@almondz.com Classes of creditors: Fixed deposit holders Insolvency Professionals Representative of Creditors in a class: Mr. Anjan Bhattacharya Flat No. 603, Palm Island-2 Royal Palm Estate, Aarey Milk Colony Goregaon East, Mumbai Maharashtra 400065 E-mail: anjanani10@yahoo.com Mr. Srinivasan Manoharan 504 A, Poonam Enclaves Film City Road, Goregaon East Mumbai, Maharashtra 400063 E-mail: kvsmano@gmail.com Mr. Sanjoy Gupta Flat 1002 & 1003, Lily Building Regency Garden, Plot 10. Sector 6 Kharghar, Navi Mumbai Maharashtra 410210 Last date for submission of claims: December 4, 2018 DELTA SUGARS: CRISIL Migrates 'B-' Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Delta Sugars Limited (DSL) to 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 60 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 3 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with DSL for obtaining information through letters and emails dated October 16, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 DSL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on DSL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of DSL to 'CRISIL B-/Stable Issuer not cooperating'. DSL is a part of the Laila group of companies and is promoted by Mr. G Ganga Raju. Based in Vijayawada, Andhra Pradesh, the company manufactures sugar and also generates by-products such as bagasse and molasses. DESIGNMATE INDIA: CRISIL Hikes Rating on INR11cr Loan to B- ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Designmate India Private Limited (DIPL) to 'CRISIL B-/Stable' from 'CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 11 CRISIL B-/Stable (Upgraded from 'CRISIL D') The upgrade reflects CRISIL belief that the company would be benefitted from the orderflow revival leading to improving operating margins and cash accruals thereby improving its cash flow adequacy. The company has not overdrawn its overdraft limits since July 2018, though the average bank lines utilization remains high at 99% for the trailing 12 months ended as on September 2018. The sustained improvement in cash accruals and the cash flow adequacy in terms of bank limits utilization would be key monitorable over the medium term. The rating continues to be constrained by the company's weak financial risk profile. The company's liquidity is further stretched by its weak financial risk profile with negative networth and weaker debt protection metrics. The company's operation continues to be modest along with being working capital-intensive. Theses weaknesses are offset by its established market position in niche product segment. Key Rating Drivers & Detailed Description Weakness: * Weak financial risk profile: The company's gearing has remained high and the company's net worth continues to be negative as of March 2018 due to accumulated losses. DIPL has weak debt protection metrics as reflected in the negative interest coverage and net cash accruals to total debt as on March 31, 2018. Significant de-leveraging in terms of capital infusion or significant accruals would lead some improvement in its financial risk profile over the medium term. * Working-capital-intensive operations: DIPL's gross current assets were 380-740 days over the three years ended March 31, 2018, driven by book debts 280-560 days respectively. CRISIL believes that DIPL's operations will remain working capital intensive over the medium term. * Modest scale of operations: The company's operations continue to be modest with its presence in the niche segment. The company sales in the year 2017-18 are estimated around Rs.26.25 Cr. CRISIL believes that the scale of operations of DIPL would continue to be modest over the medium term. Strengths: * Established market position in niche product segment: DIPL has been in the business of developing e-content and animations for more than 20 years. However, for the past 10 years, it has been focusing on education segment and that too specifically on K12 education. The company sells its products (software) under the brand, Eureka, in a 3D animated content catering to K12 curriculum of physics, chemistry, biology, and mathematics. This focus has helped DIPL to develop the product which has been well received by the market. CRISIL believes the company would continue to benefit due to its established name in the niche product segment. Outlook: Stable CRISIL believes that DIPL will continue to benefit over the medium term from its promoter's extensive experience in the education sector. The outlook may be revised to 'Positive' in case the company significantly scales up its operations and improves its profitability along with substantial capital infusion leading to better financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of stretch in its working capital cycle, decline in profitability, or any large, debt-funded capital expenditure which can impact the liquidity of the company. DIPL, founded in 1988 and incorporated in 2002, is promoted by Capt Kamaljeet Singh Brar and his wife, Mrs Ragini Brar. It is a 3D production house, developing creative eLearning content for the K12 segment. DIPL started as a production facility specialising in 3D animation for films, television, and video games. However, the company now exclusively develops digital learning (eLearning) content, mainly for the K12 segment. GLOBAL STEEL: CRISIL Migrates 'D' Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Global Steel Company (GSC) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 3 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft 10 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with GSC for obtaining information through letters and emails dated August 23, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 GSC. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on GSC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of GSC to 'CRISIL D/CRISIL D Issuer not cooperating'. GSC, set up as a proprietorship firm in 2009 by Mr. Rishi Agarwal, manufactures pre-engineered structures for the infrastructure industry. It is based in Hyderabad. GRAND MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Grand Motors Sales and Services Private Limited (GMSPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Inventory Funding 2 CRISIL B+/Stable (ISSUER NOT Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with GMSPL for obtaining information through letters and emails dated September 28, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 GMSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on GMSPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of GMSPL to 'CRISIL B+/Stable Issuer not cooperating'. GMSPL, based in Thiruvananthapuram, was incorporated in 2009, by Mr V Ashok. It is an authorised dealer of VE Commercial Vehicles Ltd in Kerala. Prior to incorporating GMSPL, Mr Ashok was dealing in Eicher vehicles, under entity Grand Motor Sales Corporation (GMSC) since 1979; this entity was wound up in 2009, when GMSSPL was incorporated. It has one showroom-cum-workshop and two workshops in Thiruvananthapuram, one showroom and one workshop in Kollam, and two showrooms and one workshop in Tiruvalla. GUPTA ENTERTAINMENTS: CRISIL Moves B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Gupta Entertainments Private Limited (GEPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with GEPL for obtaining information through letters and emails dated September 28, 2018, October 26, 2018 and October 31, 2018, apart from telephonic communication. However, the issuer has remained non cooperative. 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 GEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on GEPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of GEPL to 'CRISIL B+/Stable Issuer not cooperating'. GEPL, incorporated in 2011 by Barnala-based Gupta family, has built a commercial complex, which includes a multiplex, kid's zone, and restaurants. HILLS TRADE: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Hills Trade Agencies' Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based limit migrated to Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating; and -- INR180 mil. Non-fund-based limit migrated to Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 14, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Hills Trade Agencies was founded by the Gandhi family in Guwahati, Assam, as a partnership firm on 1 April 1995. The firm executes road construction projects in Jharkhand. IL&FS EDUCATION: Ind-Ra Cuts NCD 2014 Rating to B, Still on RWN --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded the rating on IL&FS Education & Technology Services Limited's (IETSL) non- convertible debentures (NCDs) 2014 and maintained it on Rating Watch Negative (RWN) as follows: -- INR1.288 bil. Series C NCDs issued on November 12, 2014 INE896F07068 coupon rate 11% due on April 10, 2020 downgraded; RWN maintained with IND B (SO) / RWN rating. The downgrade follows a similar action on IETSL ('IND D'), given that the NCD rating is derived from IETSL's rating. Ind-Ra downgraded IETSL's rating on November 26, 2018 following IETS's liquidity tightness which has constrained its ability to timely service its immediate debt liabilities. This has led to the company committing a default on a commercial paper debt, not rated by Ind-Ra. KEY RATING DRIVERS IETSL's NCDs are rated at a higher level than its bank loans, in view of its seasoned information communication technology (ICT) contracts with six states, staggered payment mechanism supporting liquidity and debt service reserve account (DSRA). The presence of a DSRA equivalent to INR360 million as of date provides some comfort to the uplifted rating. The DSRA cover on the outstanding NCDs of INR1,288 million is 28.0%, which has significantly improved from 9% of the initially issued NCDs at transaction closing due to the total amortization of the NCDs by approximately 68% as on date. The DSRA to the extent of INR260 million is provided in the form of an unconditional and irrevocable bank guarantee with Axis Bank Ltd ('IND AAA'/Stable/'IND A1+'), while the remaining INR100 million is provided in the form of fixed deposits also with Axis Bank. The maturity date of the fixed deposits and the bank guarantee is in line with the NCDs maturity date. The debenture trustee has the first and exclusive charge on the funded debt service reserve amount lying in this account. The agency has continued to link the rating of the NCDs to IETSL's credit profile, despite the satisfactory performance of the ICT receivables during the 12 months ended September 2018, with a cumulative collection efficiency of around 90.2% as of 30 September 2018. RATING SENSITIVITIES The RWN indicates that the rating may be downgraded or affirmed. The RWN may be resolved upon IETSL's ability to service the scheduled payouts to the NCD holders on the respective payout dates. Future developments that could, individually and collectively, result in a negative rating action include: - non-payment of scheduled payouts to the NCD holders on the respective payout dates. - utilization of DSRA due to continuous non-collection of Odisha ICT's over dues and associated future receivables or from significant delay in collections of any other ICT project receivables. TRANSACTION STRUCTURE The transaction had a remaining door-to-door maturity of 1.3 years as of November 30, 2018. The NCDs have one outstanding series, namely Series C, with sequential payment structure of scheduled maturity on April 10, 2020. The debentures would be repaid from IETSL's income arising out of identified receivables under nine ICT contract agreements with six different states (Bihar, Gujarat, Maharashtra, Odisha, Rajasthan and West Bengal). The NCDs are secured by way of the first charge of the debenture trustee on identified receivables. In the current structure, the debt programme also has the benefit of the DSRA. The total credit support available in the form of DSRA is 28.0% of the outstanding NCDs. COMPANY PROFILE IETSL is the education technology and training arm of IL&FS group, a pioneer in the development of physical and social infrastructure projects in the public private partnership formats. Started in 1997, IETSL has a well-diversified business model and offers comprehensive solutions in the fields of pre- primary, elementary, secondary and higher education using ICT tools. JANTA SNACK: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Janta Snack Foods Pvt Ltd 1 Ganesh Bhuvan Daftary Road Malad (E), Mumbai 400097 Insolvency Commencement Date: November 19, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 17, 2019 (180 days from commencement) Insolvency professional: Uday Shreeram Sakrikar Interim Resolution Professional: Uday Shreeram Sakrikar 303 Rahul Vihar A, Lane nos 8 Dahanukar Colony, Kothrud Pune 411038 E-mail: ipudaysakrikar@gmail.com Last date for submission of claims: December 11, 2018 KOHINOOR DIAMONDS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Kohinoor Diamonds Private Limited Ashoka Tower, Kesharba Market-2 Gotalawadi, Katargam. Surat Ahmedabad GJ 395004 IN Liquidation Commencement Date: November 13, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 12, 2019 Insolvency professional: Mr. Amit Gupta Interim Resolution Professional: Mr. Amit Gupta 309, The Crescent Business Park Sakinaka Telephone Exchange Lane Sakinaka, Andheri East Mumbai 400072 E-mail: caamith.gupta@gmail.com liquidator.kohinoor@gmail.com Contact No.: 9320561852 Last date for submission of claims: December 15, 2018 KUMAR'S METALLURGICAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Kumar's Metallurgical Corporation Limited Factory Site, Vattimarthi Village Chitya (M) Chityal Mandal Nalgonda District AP 508254 IN Insolvency Commencement Date: November 28, 2018 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: May 26, 2019 Insolvency professional: Raghu Babu Gunturu Interim Resolution Professional: Raghu Babu Gunturu EzResolve LLP, 402B 4th Floor, Technopolis Chikoti Gardens, Begumpet Hyderabad 500016 E-mail: Raghu@EzResolve.in RaghuRP@EzResolve.in Last date for submission of claims: December 11, 2018 LAKSHMI INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR1cr Loan ----------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Lakshmi Infrastructure and Developers India Private Limited (LIDPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9 CRISIL A4 (Reaffirmed) Cash Credit 1 CRISIL B+/Stable (Reaffirmed) The ratings reflect a modest scale of operations in the fragmented civil construction industry, susceptibility to risks related to the tender-based nature of the business, and a below- average financial risk profile. These weaknesses are partially offset by the extensive industry experience of the promoter, and a healthy order book providing revenue visibility over the medium term. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations in a fragmented industry with susceptibility to risks related to the tender-based nature of the business: Turnover was modest at INR54 crore in fiscal 2018. Moreover, the tender-based nature of operations limits pricing flexibility in an intensely competitive industry. * Below-average financial risk profile: Large debt funded capital expenditure (capex) in fiscal 2018 resulted in a leveraged capital structure with gearing of about 2 times on March 31, 2018. This has also resulted in large upcoming repayment obligation, constraining liquidity and financial flexibility. Strengths * Extensive industry experience of the promoter: A presence of about two decades in the civil construction segment has enabled the key promoter, Mr V Ravi Kiran, to establish a strong relationship with customers and suppliers. * Healthy order book: An order book of over INR171 crore, to be executed over the medium term. Outlook: Stable CRISIL believes LIDPL will continue to benefit from the extensive industry experience of its promoter. The outlook may be revised to 'Positive' if the financial risk profile, particularly liquidity, improves because of significant increase in net cash accrual. The outlook may be revised to 'Negative' if time or cost overrun in the ongoing projects, delays in realisation of receivables, or any large, debt-funded capex impacts liquidity. Mr V Ravi Kiran had established a proprietary concern, Lakshmi Constructions, in 2004; LIDPL was incorporated in November 2014 to take over the business of Lakshmi Constructions. The company undertakes construction of roads and bridges. LANCO KONDAPALLI: CRISIL Migrates 'D' Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the ratings on the bank facilities of Lanco Kondapalli Power Limited (LKPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 105.55 CRISIL D (Issuer Not Cooperating; Rating Migrated) Letter of credit & Bank Guarantee 424.0 CRISIL D (Issuer Not Cooperating; Rating Migrated) Long Term Loan 3,015.0 CRISIL D (Issuer Not Cooperating; Rating Migrated) CRISIL has been consistently following up with LKPL for obtaining information through letters and emails dated September 5, 2018, and October 11, 2018, apart from telephonic communication. However, the issuer has remained non-cooperative. 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 LKPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on LKPL, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Therefore, due to inadequate information and lack of management cooperation, CRISIL has migrated the ratings on the bank facilities of LKPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'. LKPL is an independent power producer based at Kondapalli Industrial Development Area near Vijayawada (Andhra Pradesh). The company has installed capacity of 1,476.14 megawatt. LKPL was promoted by the Lanco group; Eastern Generation Ltd, UK; Commonwealth Development Corporation; and Doosan Heavy Engineering, Korea. Phase I of the project was commissioned in October 2000 at INR11,000 crore, Phase II in August 2010 at INR11,880 crore, and Phase III in January 2016. MAHAVEER COTTS: CRISIL Migrates 'B' Rating to Not Cooperating ------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Mahaveer Cotts Strings Private Limited (MCSPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with MCSPL for obtaining information through letters and emails dated September 28, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 MCSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MCSPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of MCSPL to 'CRISIL B/Stable Issuer not cooperating'. MCSPL was set up in 2008 by Mr. Kamalchand Jain and his family. The company, based in Bhikangaon district (Madhya Pradesh), produces cotton bales by ginning and pressing raw cotton (kapas). MARKETING TIMES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s Marketing Times Automobiles Private Limited 103, First Floor, 16-A Uday Park-230 E Masjid Moth, New Delhi 110049 E-mail: deepakmanorite@gmail.com Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 18, 2019 (180 days from commencement) Insolvency professional: Mr. Ashwani Kumar Interim Resolution Professional: Mr. Ashwani Kumar #26, Todarmal Road Near Benagli Market New Delhi 110001 E-mail: ashwanikumarsaxena1207@gmail.com marketingtimesirp@gmail.com Last date for submission of claims: December 3, 2018 MOHANA HARSHA: CRISIL Assigns 'B' Rating to INR6.75cr Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Mohana Harsha Logistics (MHL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Loan Against Property 6.75 CRISIL B/Stable (Assigned) Proposed Long Term Bank Loan Facility 5.25 CRISIL B/Stable (Assigned) The rating reflects the firm's modest scale of operations in the fragmented road transport industry, large working capital requirement, and weak financial risk profile. These weaknesses are partially offset by the extensive industry experience of the promoter. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations in fragmented industry: Revenue was modest at INR3.3 crore in fiscal 2018, and is derived primarily from single customer-Berger Paints India Ltd. * Large working capital requirement: Gross current assets were at 455 days as on March 31, 2018, driven by substantial receivables and advances to workers and truck drivers. The firm has to offer long credit period, and receivables are sometimes stretched beyond 60 days. Working capital requirement is further augmented by sizable advances extended. * Weak financial risk profile: Networth was small at INR0.39 crore as on March 31, 2018, rendering the financial risk profile susceptible to external business shocks. The gearing increased to 12.8 times as on March 31, 2018, from 11.5 times a year earlier due to term debt contracted to fund capital expenditure. However, due to better operating profitability, interest coverage ratio remained at 1.7 times for fiscal 2018. Strength: * Extensive industry experience of the promoter: The promoter has established a strong track record of around three decades in the road transportation business. Outlook: Stable CRISIL believes MHL will continue to benefit from the extensive industry experience of its promoter and his established relationships with customers. The outlook may be revised to 'Positive' if there is a substantial and sustained increase in revenue and profitability, or significant improvement in capital structure and liquidity backed by sizeable equity infusion. The outlook may be revised to 'Negative' if profitability falls steeply or there is further stretch in working capital cycle leading to weakened financial risk profile especially liquidity. Promoted by Mr Naga Kanajam and based in Andhra Pradesh, MHL provides logistics services. MRUNMAHA AGRO: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mrunmaha Agro Foods Private Limited GAT No. 987 AT Perne Phata Taluka Haveli Pune 412216 Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 19, 2019 Insolvency professional: Mr. Sandeep Dar Interim Resolution Professional: Mr. Sandeep Dar 208, Plot no. 1A, Jalaram Market Sector 19, Vashi Navi Mumbai 400705 E-mail: cs.sandeepdar@gmail.com Last date for submission of claims: December 4, 2018 NEWGEN SPECIALTY: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Newgen Specialty Plastics Limited Registered office as per MCA: A-47, Aruna Park Shakarpur, Near Sanjay Park New Delhi 110092 Insolvency Commencement Date: November 19, 2018 Court: National Company Law Tribunal, New Delhi Bench-III Estimated date of closure of insolvency resolution process: May 18, 2019 Insolvency professional: Rajesh Kumar Parakh Interim Resolution Professional: Rajesh Kumar Parakh 5/51, Second Floor, W.E.A Karol Bagh New Delhi 110005 E-mail: parakh.rajesh@gmail.com irp.newgen@gmail.com Last date for submission of claims: December 3, 2018 PAWAN ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Pawan Enterprises - Bikaner (PEB) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 8.5 CRISIL B+/Stable (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) CRISIL has been consistently following up with PEB for obtaining information through letters and emails dated August 28, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 PEB. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PEB is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of PEB to 'CRISIL B+/Stable Issuer not cooperating'. Established in 1999 in Bikaner, Rajasthan as a partnership between Mr Vinod Kumar Sipani, Mr Shikhar Chand Sipani, Ms Poonam Devi Sipani, and Mr Prem Chand Agarwal, PEB trades in cattle feed, grains, and pulses. PRASANNA EDUCATION: CRISIL Migrates D Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Prasanna Education Trust (PET) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with PET for obtaining information through letters and emails dated August 23, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 PET, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PET is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of PET to 'CRISIL D Issuer not cooperating'. Set up in 2003, the PET has been running 10 institutions that imparts education from primary to higher standards. The trust is managed by Mr. K. Gangadhara Gowda, former Minister, Government of Karnataka and his family. The trust also runs the Prasanna Ayurvedic College and Hospital. RADHESH PLASTICS: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Radhesh Plastics India Private Limited (RPIPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 0.32 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 1.76 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with RPIPL for obtaining information through letters and emails dated September 7, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 RPIPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RPIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of RPIPL to 'CRISIL B+/Stable Issuer not cooperating'. Incorporated in 2010 and headquartered in Koteshwara, Karnataka, RPIPL trades in PVC resins and anufactures PVC pipes. The company has a manufacturing capacity of 1750 tonnes of pipes per annum. RAM KUMAR: CRISIL Assigns B Rating to INR6.37cr Cash Loan --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Ram Kumar Rice Mill (RKRM). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.37 CRISIL B/Stable (Assigned) Proposed Cash Credit Limit 3.63 CRISIL B/Stable (Assigned) The rating reflects modest scale of operations in highly fragmented industry, weak financial risk profile and large working capital requirement. These rating weaknesses are partially offset by the extensive experience of the proprietor in the rice industry and no long-term debt obligation. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations in a highly fragmented industry: Scale of operations is modest as reflected in turnover of INR10.10 crore in fiscal 2018 and its modest capacity compared to other large players. The rice industry is highly fragmented due to low capital intensity and limited value addition, resulting in low entry barriers. * Weak financial risk profile: The gearing was high at 7.46 times as on March 31, 2018. The debt protection metrics were low, with interest coverage and net cash accrual to total debt ratios at 1.3 times and 0.01 time, respectively, for fiscal 2018. * Working capital-intensive operations: Operations are working capital intensive, with gross current assets of 323 days as on March 31, 2018. Large working capital was mainly due to considerable inventory. This is because paddy, the major raw material for rice processors, is available in crop season only from October to January-February. Strengths * Extensive industry experience of the proprietor: The proprietor have an experience of more than three decades in the rice industry. This has helped them in establishing relationships with both customers and local suppliers and has given them a sound understanding of market dynamics. * No long-term debt obligation: In the absence of term debt obligation, financial flexibility is enhanced and cash accrual is likely to be used solely to meet working capital requirement. Outlook: Stable CRISIL believes RKRM will continue to benefit from the extensive industry experience of its proprietor. The outlook may be revised to 'Positive' in case of substantial improvement in the financial risk profile, driven by higher-than-expected growth in revenue that would lead to an increase in cash accrual, or capital infusion, along with efficient working capital management. The outlook may be revised to 'Negative' in case of lower-than- anticipated cash accrual, larger-than-expected working capital requirement, or substantial, debt funded capital expenditure, impacting liquidity. RKRM was established in 1982 by Mr Ram Kumar & family. The firm is engaged into milling & sorting of basmati rice and non-basmati rice. The manufacturing facility is situated in Saharanpur, Uttar Pradesh with a sorting capacity of around 3 tonnes per hour. RAMA KRISHNA: CRISIL Lowers Rating on INR37.3cr Loan to 'D' ----------------------------------------------------------- CRISIL has downgraded its ratings on bank facilities of Rama Krishna Spintex Private Limited (RKSPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. The downgrade reflects ongoing delays in the servicing of the interest and principle repayments for the term loans availed. The cash credit limit has also remained overdrawn for more than 30 days. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.7 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4+ ISSUER NOT COOPERATING') Cash Credit 33.0 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Term Loan 37.3 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with RKSPL for obtaining information through letters and emails dated April 30, 2018, and October 30, 2018, apart from telephonic communication. However, the issuer has remained non cooperative. 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 RKSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RKSPL, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Based on the last available information and banker feedback, CRISIL has downgraded its ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. The downgrade reflects ongoing delays in the servicing of the interest and principle repayments for the term loans availed. The cash credit limit has also remained overdrawn for more than 30 days. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. RKSPL, incorporated in February 2007 at Bathinda (Punjab), spins yarn, including grey cotton yarn, stubbed cotton yarn, and waxed cotton yarn, which are used to manufacture denim fabric. Mr Makhan Lal Mangla is the promoter. SADAHARI SHAKTI: Ind-Ra Migrates B+ LT Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sadahari Shakti Private Limited's (SSPL) Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR99 mil. Fund-based facilities migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 4, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Sadahari Shakti, which was incorporated in 2015, is engaged in the trading of TMT bars and scrap. Its registered office is in Noida, Uttar Pradesh. SALONAH TEA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Salonah Tea Private Limited (STPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR210.00 mil. Term loan due on March 2025 assigned with IND B+/Stable rating; and -- INR80.00 mil. Fund-based working capital limits assigned with IND B+/Stable rating. KEY RATING DRIVERS The ratings reflect STPL's medium scale of operations. Revenue increased to INR382.98 million during FY18 (FY17: INR321.18 million), primarily driven by an increase in sales volume. The company is involved in the business of the plantation and processing of tea where yields are susceptible to changes in climatic conditions. The ratings also reflect STPL's modest margin and credit metrics. ROCE was 7% in FY18 (FY17: 3%) and EBITDA margin rose to 13.87% (11.45%), on account of a decline in the cost of raw materials consumed. Gross interest coverage (operating EBITDA/gross interest expenses) was 1.18x in FY18 (FY17: 0.79x) and net leverage (adjusted net debt/ operating EBITDA) was 6.86x (10.30x). The credit metrics improved due to a decline of interest expenses and an improvement in absolute EBITDA. The ratings factor in the company's moderate liquidity position, with cash flow from operations of INR34.67 million in FY18 (FY17: negative INR20.51 million) and cash and cash equivalents of INR0.81 million (INR0.67 million). Also, its average use of the fund-based working capital limit was around 71.89% during the 12 months ended October 2018. However, the ratings are supported by STPL's promoter's experience of more than four decades in manufacturing tea. RATING SENSITIVITIES Negative: A sustained decline in the revenue and overall credit profile will be negative for the ratings. Positive: A substantial, sustained improvement in the revenue and credit metrics will be positive for the ratings. COMPANY PROFILE STPL is listed under the 'Non Co-operation by the issuer' category by Acuite Rating & Research Limited due to inadequate information provided by the company. STPL was incorporated in 2012, in Kolkata, West Bengal by the Bhuwalka Family. The company is engaged in the plantation and processing of tea both CTC and Orthodox, with a total annual production capacity of 2,500,000kg. The company's tea garden is located in Nagaon, Assam. SHELAR AUTOMOTIVE: CRISIL Maintains B Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the rating on bank facilities of The Shelar Automotive (TSA) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 8.5 CRISIL B/Stable (ISSUER NOT Funding Facility COOPERATING) Proposed Long Term 1.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with TSA for obtaining information through letters and emails dated April 30, 2018 and October 30, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 TSA, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on TSA, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Based on the last available information, the rating on bank facilities of TSA, continues to be 'CRISIL B/Stable Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. TSA, a proprietorship firm of Mr. Samir Shelar, was established in 1998 as Mauli Automobiles and got its present name in 2009. The firm was initially a sub-dealer for TVS, and in 2009, became an authorised dealer of TVS in Pune. It operates two 3S (sales- service-spares) and two 2S (sales-spares) showrooms, all in Pune. SIVANTHI JOE: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sivanthi Joe Coirs' Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR25.2 mil. Long-term loan due on March 2022 migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating; -- INR60.0 mil. Fund-based working capital limits migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR2.5 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 20, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1993, Sivanthi Joe Coirs manufactures coir products such as coco peats, coco fiber and coco chips. It has an installed capacity of 40,000 metric tons per annum. SN JYOTI: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated SN Jyoti Associates Private Limited's Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR120 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 8, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2012, SN Jyoti Associates executes civil construction work contracts for both private and government departments. SRI VIJAYA: CRISIL Migrates B+ Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sri Vijaya Lakshmi Raw and Boiled Rice Mill (SVRB) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SVRB for obtaining information through letters and emails dated August 27, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 SVRB. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SVRB is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SVRB to 'CRISIL B+/Stable Issuer not cooperating'. Established in 1983, SVRB processes rice and is a partnership firm set-up by Mr B Purna Chandra Rao and family.Its manufacturing facility is based in Maddipadu, in Prakasam district (Andhra Pradesh). TANISA DENIM: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Tanisa Denim Pvt. Ltd. U-18, Jeevandeep Complex Nr. Nirmal Hospital, Ring Road Surat 395002, Gujarat Insolvency Commencement Date: November 15, 2018 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: May 14, 2019 (180 days from commencement) Insolvency professional: Tejas Shah Interim Resolution Professional: Tejas Shah B 201, Narayan Krupa Avenue Opp. Prernatirth Derasar, Jodhpur Satellite, Ahmedabad Gujarat 380015 E-mail: tejasshah44@yahoo.com - and - 9/B, Vardan Complex Nr. Vimal House Lakhudi Circle, Navrangpura Ahmedabad 380014 E-mail: tanisa.cirp@gmail.com Last date for submission of claims: December 10, 2018 TEMPLE CITY: CRISIL Maintains 'D' Rating in Not Cooperating ----------------------------------------------------------- CRISIL said the rating on bank facilities of Temple City Developers Private Limited (TCDPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with TCDPL for obtaining information through letters and emails dated April 30, 2018 and October 30, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 TCDPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on TCDPL, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Based on the last available information, the rating on bank facilities of TCDPL, continues to be 'CRISIL D Issuer not cooperating'. TCDPL, based in Odisha, was established in 1995 and was taken over by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial year, April 1 to March 31) from its earlier promoters. The company commenced operations in April 2013. TCDPL trades in iron ore fines and construction materials; its operations are managed by Mr. Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan. VAJRAKALPA COTTON: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Vajrakalpa Cotton (VC) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with VC for obtaining information through letters and emails dated August 27, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 VC. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on VC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of VC to 'CRISIL B+/Stable Issuer not cooperating'. Vajrakalpa Cotton (VC) is a partnership firm established in 1999 and is engaged in the ginning & pressing of raw cotton, oil extraction and trading of cotton lint in Telangana. VARAD FORGE: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Varad Forge Private Limited E 503, Daffodils Magarpatta City Pune MH 411013 IN Insolvency Commencement Date: November 20, 2018 Court: National Company Law Tribunal, Ghaziabad Bench Estimated date of closure of insolvency resolution process: May 19, 2019 Insolvency professional: Mr. Manoj Kulshrestha Interim Resolution Professional: Mr. Manoj Kulshrestha 4th Floor, CS-14, Ansal Plaza Opp. Dabur, Vaishali Ghaziabad, U.P. 201010 E-mail: costadviser@hotmail.com Tel.: 0120-4226157 Mobile: 09811220157 Last date for submission of claims: December 4, 2018 VENKETESWAR EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the rating on bank facilities of Venketeswar Educational Trust (VET) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 4.11 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 1.38 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with VET for obtaining information through letters and emails dated April 30, 2018 and October 30, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 VET, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on VET, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Based on the last available information, the rating on bank facilities of VET, continues to be 'CRISIL B/Stable Issuer not cooperating'. VET, set up in 2009 in Bhubaneswar, runs an engineering college named Gandhi Institute of Excellent Technocrats. The college offers four-year degree courses in six engineering streams: computer science and engineering, mechanical engineering, electronics and electrical engineering, electronics and communication engineering, electrical engineering, and civil engineering. Dr. Satya Prakash Panda and his family are the trustees. VIVA SERVITRADE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Viva Servitrade Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limits migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR150 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 14, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in February 2012, Viva Servitrade is a Mumbai-based private limited company engaged in the trading of electronics and FMCG products. VIVID IT: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: Vivid IT Solutions Private Limited Registered office as per ROC Company Master Data: SFS Flats BF 130 East Shalimar Bagh Delhi 110088 Other office: 43, 4th Floor, Deepak Building 13 Nehru Place New Delhi 110019 Insolvency Commencement Date: October 17, 2018 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: April 15, 2019 (180 days from commencement) Insolvency professional: Akash Shinghal Interim Resolution Professional: Akash Shinghal Khandelwal Jain & Co. Chartered Accountants G-8 & 9, Hans Bhawan BSZ Marg, ITO New Delhi 110002 E-mail: akash@kjco.net vivid.cirp@gmail.com Last date for submission of claims: December 3, 2018 YADAV RICE: CRISIL Migrates B+ Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Yadav Rice Mills (YRM) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with YRM for obtaining information through letters and emails dated September 28, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 YRM. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on YRM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of YRM to ' CRISIL B+/Stable Issuer not cooperating'. YRM was set up by Mr Pankaj Yadav and family of Muktsar (Punjab) in 1997 as a partnership firm. It mills and processes paddy into basmati rice, rice bran, broken rice and husk. Mr Om Prakash Yadav, the key partner, manages the business. YAK GRANITE: CRISIL Migrates 'C' Rating to Not Cooperating ---------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Yak Granite Industries Private Limited (YGIPL) to 'CRISIL C/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 6.00 CRISIL C (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 0.25 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 1.50 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with YGIPL for obtaining information through letters and emails dated September 28, 2018, October 26, 2018 and October 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 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 YGIPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on YGIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of YGIPL to 'CRISIL C/CRISIL A4 Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Set up in 1982 by Mr Badri Narayan, YGIPL processes rough granite blocks, monuments, and granite slabs. Operations are managed by Mr Narayan. * INDIA: MFs Allowed to Separate Bad Assets in Portfolios --------------------------------------------------------- Reuters reports that mutual funds in India can separate distressed and illiquid assets in their portfolios to deal with any potential credit crisis, the market regulator said on Dec. 11. According to Reuters, the Securities and Exchange Board of India (SEBI) was in talks with the industry to allay fears of contagion effect on mutual funds due to a liquidity crisis faced by the country's non-banking finance companies (NBFCs), its chief had said last week. Reuters says NBFCs were hit by a credit crunch in September and October after Infrastructure Leasing and Financial Services (IL&FS) defaulted on a series of debt obligations spreading panic among other NBFCs. "With a segregated portfolio, investors who may take the hit when the credit event happens shall get the upside of future recovery, if any," the regulator said in a statement, Reuters relays. Mutual funds are heavily invested in papers issued by the so- called shadow banks, and, analysts said, a potential default at these banks could cripple many of these funds, the report notes. "It will help MFs (mutual funds) deal with the problem of defaults and help schemes function better, especially when one paper defaults," Reuters quotes the fixed-income head of a mid- sized mutual fund house, who declined to be named as it is a regulatory issue, as saying. "It also gives clarity to investors who are at a loss during event such as IL&FS, and will boost their confidence in debt funds". Reuters reports that the regulator also approved a proposal to allow clubbing of investment limit for foreign portfolio investment on the basis of common ownership of more than 50 percent or common control. However, in the case of properly regulated public retail funds, investment limits will not be clubbed on the basis of common control, SEBI said, notes the report. The regulator also widened the scope of the existing offer-for- sale mechanism by making the offer available for shareholders of companies with market value of INR10 billion ($139.08 million) and above, adds Reuters. =============== M A L A Y S I A =============== PETROL ONE: Appeal Dismissed, Set to be Delisted on Dec. 17 ----------------------------------------------------------- Tan Xue Ying at theedgemarkets.com reports that Petrol One Resources Bhd is set to be delisted from the local bourse on Dec. 17, as the stock exchange regulator has dismissed the company's appeal for more time to submit its regularisation plan. theedgemarkets.com relates that in an exchange filing on Dec. 12, the company guided that its securities will officially be removed from the stock exchange, but said it will still be able to continue its operations. "Upon the de-listing of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company's performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities," Petrol One, as cited by theedgemarkets.com, said. On Nov. 19, the company submitted an application to Bursa Securities, seeking its approval for a further extension of 90 days till Feb. 20, 2019 for the company to submit the proposed regularisation plan, theedgemarkets.com relays. This came after Bursa Securities arrived at the decision to delist Petrol One's securities based on the company's failure to implement its regularisation plan by Aug. 11, despite being granted numerous extensions, theedgemarkets.com notes. About Petrol One Petrol One Resources Berhad is engaged in investment holding and provision of management services to the subsidiaries. The Company's main commercial activities are centered on storage of crude oil and its derivative products such as fuel oil and petrochemicals both in onshore facilities, as well in floating storage units; oil terminal support services; leasing and operating standby safety vessels for rig support; ship-to-ship transfer operations. The company slipped into Practice Note 17 (PN17) status on Aug. 30, 2012, after the shareholders' equity of the group on a consolidated basis was less than 25% of its issued and paid-up capital, which was also less than MYR40 million. ==================== N E W Z E A L A N D ==================== CBL INSURANCE: Orr Denies CB Influenced Creditors re Liquidation ---------------------------------------------------------------- BusinessDesk reports that Reserve Bank governor Adrian Orr batted away accusations that the central bank had exerted influence over CBL Insurance's creditors to support them in its bid for liquidation. "I have almost lost count of the allegations that have been thrown around," Mr. Orr told the parliamentary Finance and Expenditure Committee at the 2017-18 annual review of the RBNZ, BusinessDesk relays. According to BusinessDesk, Mr. Orr denied the bank had put pressure on foreign regulators and made inducements to creditors and said the central bank had been "100 percent appropriate throughout the process." CBL Insurance, a subsidiary of CBL Corp, was placed in liquidation by the Auckland High Court in November when the directors withdrew their opposition to the RBNZ's application, BusinessDesk relays. At the time, CBL directors Peter Harris and Alistair Hutchinson said they decided to withdraw their opposition to the liquidation when two major creditors agreed to support it. The two creditors Gibraltar-based Elite Insurance and Alpha Insurance had initially been opposed to the liquidation. BusinessDesk relates that the directors made significant efforts to guarantee a "fully solvent outcome from CBLI and full payment to its New Zealand creditors and policyholders," Messrs. Harris and Hutchinson said, notes the report. Those efforts, however, were "scuttled" by the Reserve Bank, which "managed to woo both creditors to support its liquidation application in the High Court," they said. Mr. Orr said he was "incredibly proud" of the team and how they managed the crisis and said the Auckland High Court judgment "speaks for itself. Very loud and clear," relates the report. The central bank had applied for the interim liquidation of CBL Insurance in February based on the insurer's failure to meet solvency conditions, breaches of direction and ongoing misreporting to the Reserve Bank, BusinessDesk notes. According to information on the central bank's website, the RBNZ sought an explanation from CBLI insurance in mid-2017 when European insurers that were heavily reliant on reinsurance from CBLI started running into difficulties with European insurance regulators, due to not having enough money in reserves, BusinessDesk relays. It followed that CBLI's reserves might also be inadequate. CBLI's response was to criticise the analysis relied on by the European insurance regulators, it said. In July 2017, the Reserve Bank directed CBLI to maintain solvency of at least 170 percent of the standard minimum. In August 2017 the Reserve Bank appointed investigators to look into CBLI's European business and whether its reserves were adequate. CBLI was not able comply with the solvency direction and in late 2017, to avoid deterioration of CBLI's situation, the Reserve Bank directed CBLI to not make payments of more than $5 million without consulting the Reserve Bank. In February 2018, the Reserve Bank became aware that CBLI had made payments to offshore counterparties, in breach of the regulatory directions. At the same time, its appointed actuary confirmed that CBLI's solvency ratio was below 100 percent. BusinessDesk adds that Mr. Orr reiterated to the committee that the central bank has commissioned a thorough independent review of the CBL Insurance case to identify lessons for itself and the insurance regulatory regime. About CBL Insurance CBL Insurance Limited provides building and construction related credit and financial surety insurance, bonding, and reinsurance products. CBL Insurance is a subsidiary of NZX-listed CBL Corporation. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 26, 2018, The New Zealand Herald said the High Court has ordered CBL Insurance be placed into interim liquidation on an application by the Reserve Bank as the insurer's prudential supervisor. In the High Court in Auckland on Feb. 23, Justice Patricia Courtney ordered the appointment of McGrathNicol's Kare Johnstone and Andrew Grenfell as interim liquidators of CBL Insurance, the Herald discloses. The application was made without notice and determined on Feb. 23, the judgment said. On Nov. 12, 2018, Ms. Johnstone and Mr. Grenfell were appointed as permanent liquidators of CBL Insurance. ********* 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. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2018. 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. *** End of Transmission ***