text: TCRAP_Public/141024.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, October 24, 2014, Vol. 17, No. 211 HeadlinesA U S T R A L I AARISTOCRAT LEISURE: Moody's Assigns Ba2 Corporate Family RatingBOART LONGYEAR: Inks Debt Rescue Deal with CenterbridgeCONRAD LININGS: First Creditors' Meeting Slated For Oct. 31EXPANDING CRUST: In Liquidation; First Meeting Set for Oct. 31KOSTEN PTY: In Liquidation; 1st Creditors' Meeting Set for Nov. 4LOCK BOX: In Administration; First Meeting Set For Oct. 31PATINACK FARM: Horse Stud Farms Fail to SellSOUTHERN PEARL: First Creditors' Meeting Slated For Oct. 30VICTORIA HOTEL: Closes Doors Due to Financial IssuesVIRGIN AUSTRALIA: Moody's Affirms B3 Rating on Class D NotesC H I N AHIDILI INDUSTRY: Faces Challenges After Debt RepurchaseHIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'SD'I N D I AAMEET METAPLAST: CRISIL Reaffirms B Rating on INR52.8MM Bank LoanANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR7.06cr Bank LoanAPNA COLD: ICRA Suspends 'D' Rating on INR6.90cr LT FB FacilitiesASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR130MM Cash LoanAUGUSTAN TEXTILE: CRISIL Reaffirms D Rating on INR80MM Term LoanBHAGWATI COLD: ICRA Suspends B- Rating on INR6.35cr LT FB LoanBHOLENATH COLD: ICRA Suspends B- Rating on INR6.31cr LT FB LoanBIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM LoanCTS INDUSTRIES: CARE Lowers Rating on INR38.49cr Bank Loan to 'D'D.D. AGGARWAL: ICRA Suspends B+ Rating on INR1.10cr FB LimitsDAROGA PRADHAN: CRISIL Raises Rating on INR60MM Bank Loan to 'B'DHAIRYA INTERNATIONAL: CARE Rates INR11cr Bank Loan at B+/A4DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Credit to BIDBI BANK: S&P Assigns 'BB+' Rating on US$ Sr. Unsecured NotesJINDAL WOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank LoanKAMSRI PRINTING: CRISIL Suspends B Rating on INR45MM Cash CreditMAHAKALI MOTORS: ICRA Suspends B+ Rating on INR10cr Cash CreditMAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash CreditMSV LABORATORIES: CARE Assigns B Rating to INR9.52cr Bank LoanPAGHADI ASSOCIATES: CRISIL Cuts Rating on INR100M Term Loan to B+PAPPU COUNTRY: CARE Assigns B+ Rating to INR4.22cr Bank LoanPREM INFRACITY: CRISIL Cuts Rating on INR280MM Term Loan to 'B-'PUNJAB METAL: CARE Reaffirms B/A4 Rating on INR3cr Bank LoanRAMNANDI AUTOMOBILES: ICRA Cuts Rating on INR38cr FB Loan to 'D'RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Project Loan at 'B'SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1cr Cash CreditSHREE RAMKRISHNA: CARE Reaffirms B+ Rating on INR10.36cr LoanSHREE VISHNU: CRISIL Assigns 'D' Rating to INR139MM Term LoanSIDDHIVINAYAK COTTON: CARE Puts B+ Rating on INR9.5cr Bank LoanSOLAS FIRE: CRISIL Upgrades Rating on INR45MM Cash Credit to B+SYMTRONICS AUTOMATION: CRISIL Reaffirms B- Rating on INR25MM LoanUJJWAL AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR80M Cash LoanVAIDYANATH SAHAKARI: CRISIL Reaffirms D Rating on INR819.6MM LoanVINAYKUMAR & CO: CARE Assigns B+/A4 Rating to INR11cr Bank LoanYOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR5cr Bank LoanN E W Z E A L A N DPYNE GOULD: Sells Entire Shares in EPIC for NZD25.4 MillionT A I W A NTAIWAN HIGH: Plans to Restructure Finances, Cut DebtsX X X X X X X X* Large Companies with Insolvent Balance Sheets - - - - -=================A U S T R A L I A=================ARISTOCRAT LEISURE: Moody's Assigns Ba2 Corporate Family Rating---------------------------------------------------------------Moody's Investors Service has assigned a definitive Ba2 corporatefamily rating to Aristocrat Leisure Ltd ("Aristocrat"). At thesame time, Moody's has assigned definitive Ba2 senior securedratings to the USD1.3 billion Term Loan Facility and AUD100million Senior Secured Revolving Credit Facility issued byAristocrat International Pty Limited.The rating outlook is stable.Ratings RationaleMoody's definitive ratings on these facilities confirms theprovisional ratings assigned on 5 September 2014 followingcompletion of the acquisition of Video Gaming Technologies Inc.("VGT") and successful debt issuance."The Ba2 corporate family rating primarily reflects Aristocrat'sstrong market presence and large distribution footprint across arange of geographies, as well as its history of developingproducts that continue to prove popular amongst consumers", saysArnon Musiker, a Moody's Vice President and Senior Credit Officer,adding, "The acquisition of VGT will increase the proportion ofAristocrat's revenue from gaming operations, thereby reducing itsreliance on higher volatility product sales, and should materiallyincrease its EBITDA margins.""Given the need for continual investment in new gaming products tomaintain player interest, the ratings benefit from Aristocrat'strack record of maintaining its market share and selling prices,as these underpin its free cash flow generation which provide themeans for such investment", says Musiker.The ratings also recognise Aristocrat's track record in managingother risks inherent in its operating environment. These includestringent regulatory requirements and consumer tastes, which areevolving and moving away from traditional casinos and into onlinegaming.The diversified nature of Aristocrat's end-markets should alsoprovide the company with some protection against downturnsaffecting specific sectors, as well as regional changes inregulation and/or consumer trends.The ratings consider the company's moderate financial leverage,which Moody's expects to decline to around 3x as measured by theratio of gross debt to EBITDA over the next 12 to 18 months."The ratings recognize that the company has in the pastdemonstrated its ability to reduce its cost base -- in the eventof a downturn -- to protect its credit profile", says Musiker.The ratings also factor in the possibility of further acquisitionson an opportunistic basis. Moody's expectation is that managementwill maintain debt at or below the stated leverage target of 3xnet debt to EBITDA.The stable outlook reflects Moody's view that Aristocrat hassufficient financial flexibility at its rating level to withstanda moderate deterioration in the operating environment,particularly due to its diversity and control over operatingexpenses.Upward rating movement is possible if the company is able tosuccessfully transition VGT over to new ownership, whilstmaintaining both positive free cash flow and financial leverage,as measured by gross adjusted debt/EBITDA, below 2.5x on asustained basis.The ratings could be lowered if gross adjusted debt/EBITDAincreases above 3.5x on a sustained basis. This could arise fromsetbacks in integrating VGT as well as a failure to execute thecompany's strategy.The principal methodology used in this rating was Global Business& Consumer Service Industry Rating Methodology published inOctober 2010.BOART LONGYEAR: Inks Debt Rescue Deal with Centerbridge-------------------------------------------------------Benjamin Purvis and Brett Foley at Bloomberg News report thatBoart Longyear Ltd., a struggling Australian-listed provider ofmining services, agreed with its biggest shareholder CenterbridgePartners LP on a US$352 million plan to cut debt and bolster itsfinances.Bloomberg relates that Boart Longyear said the New York-basedprivate equity firm will provide as much as US$225 million inloans with looser restrictions and back an equity raising of asmuch as US$127 million. The package will boost liquidity to aboutUS$240 million and cut net debt by about US$120 million, excludingtransaction costs. Boart shares surged as much as53 percent to AUD0.23, the biggest gain in three months, thereport notes.According to the report, Boart Longyear has been hurt by a scalingback of mineral exploration and capital expenditure as globalcommodity prices tumbled. Third-quarter revenue fell14 percent to US$239 million from a year earlier and the SouthJordan, Utah-headquarted group expects flat utilization rates forthe rest of 2014. The agreement stems from a review the companyhas been undertaking since February amid default concerns,Bloomberg notes."Our going concern status was under review and if the marketdidn't improve, we could have been in default in June of nextyear," the report quotes Boart Longyear Chief Executive OfficerRichard O'Brien as saying in a conference call with reporters onOct. 23.Boart had already negotiated five amendments with its banks in thepast 24 months and lenders' "patience was wearing out," Mr.O'Brien, as cited by Bloomberg, said.Bloomberg says Centerbridge, which was involved in a refinancingplan for Australian surfwear company Billabong International Ltd.last year, is providing an initial equity injection ofUS$5.6 million and a US$120 million loan with less strictconditions than Boart's existing bank debt. It will provide asmuch as US$105 million of similar loans to fund a buyback ofbonds, the report relates.According to Bloomberg, the private equity firm is alsounderwriting a rights offer of as much as US$84 million and plansturning US$16 million of Boart Longyear bonds it holds intoequity, subject to shareholder consent. It will pay a furtherUS$21 million of equity should the deal be approved at a meetingexpected to be held in late December. A share buyback of as muchas US$20 million is also planned, the report adds."The recapitalization will provide the company with significantliquidity to better weather the challenges of the currentdepressed markets for our drilling services and products and thefinancial strength to allow more time for those markets torecover," Mr. O'Brien said in the statement, Bloomberg relays.Boart Longyear's shares had fallen 61 percent this year beforeOct. 23's announcement and were at AUD0.225 as of 2:58 p.m. inSydney. The yield on the company's US$300 million of February 2021notes climbed as high as 13.93 percent in July from 7 percent whenthey were issued in March 2011, data compiled by Bloomberg show.Headquartered in South Jordan, Utah, Boart Longyear Limited isincorporated in Australia and listed on the Australian SecuritiesExchange Limited. The company provides drilling services andcomplimentary drilling products and equipment, principally for themining and metals industries.As reported in the Troubled Company Reporter-Asia Pacific onJuly 22, 2014, Standard & Poor's Ratings Services lowered itscorporate credit rating on South Jordan, Utah-based Boart LongyearLtd. to 'CCC' from 'CCC+'. The outlook is negative.At the same time, S&P lowered its issue level rating on subsidiaryBoart Longyear Management Pty Ltd.'s secured notes to 'B-' from'B' and its senior unsecured notes to 'CCC' from 'CCC+'. S&Pmaintained the '1' recovery rating on the secured notes, whichindicates its expectation for very high (90% to 100%) recovery andthe '4' recovery rating on the unsecured notes, which indicatesS&P's expectation for average (30% to 50%) recovery in the eventof a payment default.The TCR-AP also reported on June 20, 2014, Moody's InvestorsService downgraded Boart Longyear Limited's corporate family andprobability of default ratings to Caa1 and Caa1-PD respectivelyfrom B3 and B3-PD respectively. The speculative grade liquidityrating was lowered to SGL-4 from SGL-3. At the same time Moody'sdowngraded Boart Longyear Management Pty Limited's guaranteedsecured notes to B3 from B2 and affirmed the Caa2 senior unsecurednotes rating. The outlook is negative.CONRAD LININGS: First Creditors' Meeting Slated For Oct. 31-----------------------------------------------------------Daniel Ivan Cvitanovic of DCW Insolvency Management was appointedas administrator of Conrad Linings Pty Ltd on Oct. 21, 2014.A first meeting of the creditors of the Company will be held atDCW Insolvency Management, Suite 1, 151 Tongarra Road, in AlbionPark, New South Wales, on Oct. 31, 2014, at 10:00 a.m.EXPANDING CRUST: In Liquidation; First Meeting Set for Oct. 31--------------------------------------------------------------Timothy Clifton and Daniel Lopresti of Clifton Hall were appointedas Joint and Several Liquidators of Expanding Crust Pty Ltd onOct. 20, 2014.A meeting of creditors will be held at 11:30 a.m. on Oct. 31,2014, at Clifton Hall, Level 3, 431 King William Street, inAdelaide.KOSTEN PTY: In Liquidation; 1st Creditors' Meeting Set for Nov. 4-----------------------------------------------------------------Mark Hall and Simon Miller of Clifton Hall were appointed Jointand Several Administrators of Kosten Pty Ltd on Oct. 23, 2014.A first meeting of creditors will be held at 10:30 a.m. onNov. 4, 2014 at Clifton Hall, Level 3, 431 King William Street, inAdelaide.LOCK BOX: In Administration; First Meeting Set For Oct. 31----------------------------------------------------------Richard J Cauchi and Michael Carrafa of SV Partners were appointedas administrators of Lock Box Pty Ltd, formerly trading as"ARKPX", on October 21, 2014.A first meeting of the creditors of the Company will be held atthe offices of SV Partners, Level 17, 200 Queen Street, inMelbourne, Victoria, on Oct. 31, 2014, at 11:00 a.m.PATINACK FARM: Horse Stud Farms Fail to Sell--------------------------------------------Scott Parker at The Sydney Morning Herald reports that the firstauction of former coal billionaire Nathan Tinkler's Patinack Farmproperties could be declared a "non-starter" after all were passedin at auction on Oct. 23.The sale was a complicated and at times disjointed process thatincluded slow starts, pass-ins and an unusual schedule of events,the report says.SMH relates that LJ Hooker auctioneer Mark MacCabe presided overthe event that included a first round of bidding for allproperties (complete with separate negotiations following eachauction), and then a second round of bidding on each property,finally resulting in each property being passed in.Final bids passed in were AUD4,500,000 for Wadham Park,AUD1,800,000 for Elysian Fields, AUD3,500,000 for Benobble andAUD1,800,000 on Sarahvale, totalling AUD11,600,000, relays SMH.According to the report, LJ Hooker managing agent Cameron McPhiesaid prior to the auction there were 15 registered bidders and itwas expected the properties would sell for a total of betweenAUD17 million and AUD23 million.SMH notes that notable horse racing identities who attended theauction included Gerhard 'Hoss' Heinrich, husband of well knownQueensland trainer Gillian Heinrich, and Sky Racing's RichardFreedman, brother of Hall of Fame trainer Lee Freedman.Both men attended in an official capacity, with Mr Heinrichinvolved in the bidding and final under bid for both Wadham Parkand Elysian fields and Mr Freedman as official representative atthe sale for Mr Nathan Tinkler, SMH relates.Also in attendance was former BRW rich lister and ex-MFS Ltd chiefexecutive officer Michael King, the report says.SMH adds and Mr. MacCabe concluded the auction by saying LJ Hookerexpected to have all the properties sold within seven days andwere entertaining a number of conditional and unconditionalparties, but were working for the vendor on getting the "bestamalgamation possible".Earlier in the year, Mr Tinkler had claimed that he had soldPatinack Farm, including its more than 500 racing horses, tooverseas interests for AUD130 million, which didn't eventuate, SMHrecalls. He was going to use the proceeds to pay back debts owedto retail billionaire Gerry Harvey, putting the remainder towardsa planned resurrection deal with Peabody Coal and the mothballedWilkie Creek mine in Queensland, according to SMH. In August,Peabody ended any hopes of a business comeback forMr. Tinkler by pulling the plug on the deal.The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,reported on May 10, 2013, that Nathan Tinkler's Mulsanne ResourcesPty was ordered liquidated by a New South Wales state judicialofficer on Nov. 20, 2012, after the company failed to pay AUD28.4million for shares in coal developer Blackwood Corp. His PatinackFarm Administration Pty was put in liquidation a day later by afederal judge in Adelaide over a debt to Workcover Corp. of SouthAustralia. Mr. Tinkler also lost ownership of his personal jetand helicopter after a financing company pushed TGHA Aviation Ptyinto receivership on Nov. 23, 2012. He has avoided other of hiscompanies being pushed into bankruptcywith settlements at the last minute, including an agreement withMirvac Group (MGR) over a failed property deal.SOUTHERN PEARL: First Creditors' Meeting Slated For Oct. 30-----------------------------------------------------------Michael Gregory Jones -- email@example.com -- of JonesPartners Insolvency & Business Recovery was appointed asadministrator of Southern Pearl Trading Pty Ltd on October 20,2014.A first meeting of the creditors of the Company will be held atJones Partners Insolvency & Business Recovery, Level 13, 189 KentStreet, in Sydney, New South Wales, on Oct. 30, 2014, at11:00 a.m.VICTORIA HOTEL: Closes Doors Due to Financial Issues----------------------------------------------------Cliff Sanderson at Dissolve.com.au reports that Darwin's VictoriaHotel has shut its doors due to financial issues. The closuretook place just three years after it opened again due to toughtrading conditions it experienced in 2011, the report says.According to the report, the hotel said in a statement thebusiness struggled to obtain market share since the re-openingbecause of its geographic position and the lack of a downstairssmoking area. The hotel was reported first opened in 1890 to serveindividuals going to Darwin as part of the late 19th century goldrush, the report relates.Dissolve.com.au relates that administrator Stephen Duncan fromKordaMentha said the hotel owed around 50 creditors more thanAUD750,000. The administrator added that it is possible for thehotel to open again, the report says. Mr. Duncan is currently intalks with the management to evaluate the potential of the hotelto be restructured, sold or recapitalised, the report adds.VIRGIN AUSTRALIA: Moody's Affirms B3 Rating on Class D Notes------------------------------------------------------------Moody's Investors Service upgraded its ratings assigned to theClass A, Class B and Class C Enhanced Equipment Notes, Series2013-1 ("EENs") of Virgin Australia Holdings Limited ("VA", notrated): A-tranche to Baa1 from Baa2, B-tranche to Ba2 from Ba3 andC-tranche to B1 from B2. Moody's also affirmed the B3 ratingassigned to the Class D EEN of this series. The EENS are issued byseparate Australian law trusts ("EEN Trusts"). The solebeneficiary of each EEN Trust is an orphan special purpose,Australian bankruptcy-remote vehicle. The transaction structure isbased on that of the Enhanced Equipment Trust Certificates("EETCs") that have been issued by U.S. airlines and morerecently, non-U.S. airlines, with one key exception. In thistransaction, the EEN Trusts issue debt instruments, the EENs,rather than the certificates issued in a traditional EETC, whichrepresent fractional undivided interests in those trusts. Theoutlook assigned to the EENs is stable.The EENs finance 24 aircraft currently owned and operated bywholly-owned indirect subsidiaries of VA. The aircraft werepreviously delivered new between August 2003 and August 2011.Payment Events of Default under the EEN indentures are the same asfor certificates in an EETC transaction. Specifically, the non-payment of principal on a scheduled payment date prior to thefinal legal maturity date of each tranche will not be an EEN Eventof Default, preserving a key attribute of EETC financings thathelps to meaningfully reduce the probability of default of theseinstruments relative to direct obligations of the underlyingairline issuer.Moody's Pre-Sale Report available to subscribers on www.moodys.comprovides a detailed summary of the Virgin Australia EENs.Twenty-one Boeing B737-800s with delivery dates between 2003 and2011, two Boeing B737-700s delivered in 2005 and one Boeing B777-300ER delivered in 2010 comprise the collateral pool.Ratings RationaleThe upgrades of the EEN ratings reflect Moody's view that theunderlying credit quality of Virgin Australia has improved sincethe EENs were issued in October 2013. Liquidity has been bolsteredwith significant contributions of new equity from its majorowners, Singapore Airlines, Etihad Airways and Air New Zealand andthe sale of a stake in its frequent flyer program. Moody's alsoanticipates improving operating results as Virgin Australia andQantas Airways execute on their recent shifts to limit capacitygrowth, effectively curtailing the debilitating market sharebattle each has waged over the past year, in pursuit of strongeryields.The EEN ratings consider i) the credit quality of VA, ii) thesimilar features to those typically found in the traditional EETCsincluding cross-default and cross-collateralization, iii) theimportance to VA's network of the aircraft that serve ascollateral, iv) Moody's estimates of the equity cushions based onmarket values, v) the faster than typical improvement in theaggregate loan-to-value because of faster amortization and vi) thecreditor-friendly insolvency regimes in Australia and in NewZealand in assigning ratings to this transaction. Moody's believesthat the combination of these factors and the assumption that VAwould reorganize rather than liquidate in an insolvency scenariowould cause an administrator to elect to continue to use theaircraft within five days of commencement of an administration.The ratings of the A-tranche, B-tranche and C-tranches alsoconsider Moody's estimates of current loans-to-value of about 60%,76% and 93%, respectively, modestly weaker than projected when thetransaction came to market. Nevertheless, the faster than typicalamortization of the principal of the equipment notes will helpimprove the equity cushion for these tranches. Moody's believesthat the number of aircraft serving as collateral in thistransaction, including one of its longest-haul aircraft,strengthens the probability of affirmation should anadministration of VA or its airline operating subsidiariesoccur, which reduces the probability of an EEN Event of Defaultsince rent payments under the leases would continue.The A-tranche and B-tranche ratings also consider thesubordination provisions of the Intercreditor Agreement thatdirect all cash receipts following a default to the A trancheEENs. The affirmation of the rating on the D-tranche considers theloan-to-value in excess of 100% and the most junior position inthe transaction waterfall.Any combination of future changes in the underlying credit qualityor ratings of VA, unexpected material changes in the market valueof the aircraft and/or changes in the status or terms of theliquidity facilities or the credit quality of the liquidityprovider could cause Moody's to change its ratings of the EENs.Virgin Australia Holdings Limited, headquartered in Brisbane,Australia, is Australia's second largest airline. The companygenerated about $4.3 billion of revenue while carrying 20 millionpassengers in its most recent fiscal year that ended 30 June 2014.The methodologies used in this rating were Global PassengerAirlines published in May 2012 and Enhanced Equipment Trust AndEquipment Trust Certificates published in December 2010.=========C H I N A=========HIDILI INDUSTRY: Faces Challenges After Debt Repurchase-------------------------------------------------------Stephanie Gleason, writing for Daily Bankruptcy Review, reportedthat Chinese coal company Hidili Industry InternationalDevelopment Ltd. has completed a distressed debt repurchase ofmore than half of its senior unsecured bonds, but the company isstill facing significant challenges. According to the report,earlier this month, Hidili announced the completion of a tenderoffer during which it repurchased $197.2 million in seniorunsecured bonds due 2015, or 51.9% of the outstanding bonds. Theexecution of this deal removed all restrictive covenants andevents of default on the bonds, Hidili said, but it left $187.2million outstanding and set to mature next year, the reportrelated. About Hidili IndustryHidili is a vertically-integrated coal mining enterprise insouthwestern China that supplies coking coal products to thedomestic steel industry. Hidili was listed on the Hong Kong StockExchange in September 2007. * * *The Troubled Company Reporter, on Sep. 22, 2014, reported thatStandard & Poor's Ratings Services lowered its long-term corporatecredit rating on Hidili Industry International Development Ltd. to'CC' from 'CCC'. At the same time, S&P lowered the rating on thecompany's senior unsecured notes to 'CC' from 'CCC-'. S&P alsolowered its long-term Greater China regional scale rating onHidili to 'cnCC' from 'cnCCC' and that on the notes to 'cnCC' from'cnCCC-'.On the same date, Moody's Investors Service has downgraded to Caa3from Caa2 the rating for the US$400 million 8.625% seniorunsecured notes due November 2015 ("2015 Notes") issued by HidiliIndustry and downgraded Hidili's corporate family rating to Caa2from Caa1.The downgrade was in view of Hidili's offer to buy back its seniorunsecured notes as a "distressed exchange," which, according toS&P, was tantamount to an immediate default." The proposed offerrepresents a 30%-35% discount to the notes' par value.Hidili offered to buy back its outstanding US$400 million seniorunsecured notes for US$680 plus a consent payment of US$20 perUS$1,000 principal amount if bondholders accept the offer beforean early tender deadline. Bondholders who accept after thatdeadline but before the expiration date will receive US$650 perUS$1,000. Hidili was also seeking consent from bondholders toamend restrictive covenants; the amendments would allow thecompany to significantly increase its debt.HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'SD'-----------------------------------------------------------Standard & Poor's Ratings Services said that it had lowered itslong-term corporate credit rating on Hidili Industry InternationalDevelopment Ltd. to 'SD' from 'CC'. At the same time, S&P loweredthe rating on the company's US$400 million 8.625% senior unsecurednotes due 2015 to 'D' from 'CC'. S&P also lowered its long-termGreater China regional scale rating on Hidili to 'SD' from 'cnCC'and the notes to 'D' from 'cnCC'."We downgraded Hidili after the company completed the buyback ofUS$197.2 million of its outstanding 8.625% senior unsecured notesdue 2015 at a substantial discount to the par value. We view thetransaction as a distressed exchange tantamount to an immediatedefault," said Standard & Poor's credit analyst Jian Cheng.Hidili's financial performance in the first half of 2014 was worsethan S&P's base-case expectation, and S&P considers prospects of arecovery to be weak for the next 12 months. Continued low coalprices and market conditions may weaken Hidili's operatingperformance. Consequently, S&P believes the company's highlyleveraged capital structure is unlikely to improve over theperiod. S&P expects that Hidili may seek asset sales if operatingconditions deteriorate."We will reassess Hidili's credit profile, particularly thecompany's liquidity position, once the buyback is completed," saidMr. Cheng. "We believe that Hidili's access to bank credit mayworsen owing to the company's distressed financial situation."S&P expects to assign new ratings to Hidili and its outstandingnotes in the coming week. S&P currently do not expect the newcorporate credit rating to be higher than 'CCC'.=========I N D I A=========AMEET METAPLAST: CRISIL Reaffirms B Rating on INR52.8MM Bank Loan-----------------------------------------------------------------CRISIL's rating on the long-term bank facilities of AmeetMetaplast Pvt Ltd continue to reflect AMPL's modest scale ofoperations, and its weak financial risk profile, marked by highgearing and weak debt protection metrics. These rating weaknessesare partially offset by the extensive experience of the company'spromoters in the soft and hard luggage and polyvinyl chloride(PVC) film industries. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B/Stable (Reaffirmed) Proposed Long Term 52.8 CRISIL B/Stable (Reaffirmed) Bank Loan Facility Term Loan 34.7 CRISIL B/Stable (Reaffirmed)Outlook: StableCRISIL believes that AMPL will continue to benefit over the mediumterm from the extensive industry experience of its promoters. Theoutlook may be revised to 'Positive' if AMPL reports a substantialincrease in its revenue, while maintaining its margins andimproving its capital structure and debt protection metrics.Conversely, the outlook may be revised to 'Negative' if thecompany's liquidity deteriorates, most likely due to lower cashaccruals or unprecedented delays in collection of receivables, orif it undertakes an unanticipated large debt-funded capitalexpenditure programme, leading to deterioration in its capitalstructure.AMPL was incorporated in 2008 by Mr. K M Ahire, a Nasik-basedfirst generation entrepreneur. The company manufactures plain andprinted PVC heat-shrinkable films used in the packaging industry.It has also commenced manufacturing soft and hard luggage for VIPIndustries Ltd in 2013-14 (refers to financial year, April 1 toMarch 31).AMPL reported a net profit of INR5.6 million on net sales ofINR126 million for 2013-14, as against a net profit of INR8million on net sales of INR60 million for 2011-12.ANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR7.06cr Bank Loan-----------------------------------------------------------------CARE reaffirms the rating assigned to the bank facilities ofAnnapurna Cotton Impex. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7.06 CARE B+ ReaffirmedRating RationaleThe rating assigned to the bank facilities of Annapurna CottonImpex continue to remain constrained on account of its financialrisk profile marked by its modest scale of operations, modestprofitability, moderately leveraged capital structure, weak debtcoverage indicators and weak liquidity position. The rating isfurther constrained on account of exposure of its profitability tothe volatility associated with the raw material prices,susceptibility to the change in the government policies, itspresence in the fragmented and seasonal cotton industry andpartnership nature of constitution with inherent risk of capitalwithdrawal by the partners.The rating, however, continues to derive benefit from the vastexperience of the promoters and location advantage in terms ofproximity to the cotton-growing region in Madhya Pradesh and alsofactors in stabilization of operations and improvement inprofitability during FY14 (refers to the period April 1 toMarch 31).The ability of ACI to increase its scale of operations andimprovement in margins along with better working capitalmanagement are the key rating sensitivities.Incorporated in May 2012, ACI is established as a partnership firmby the members of Goyal family. ACI is engaged in cotton ginningand pressing activities. The manufacturing facilities of the firmis in Sendhwa (Madhya Pradesh) with installed capacity for cottonbales of 76,500 MTPA and cotton seeds of 15,000 MTPA as onMarch31, 2014. ACI had commenced its commercial operations fromDecember 2012. The other associate concerns of ACI are AnnapurnaCotton Industries, Tirupati Fibers and Annapurna Cotex PrivateLimited which are also in cotton industry.During FY14, ACI reported a TOI of INR22.31 crore and PAT ofINR0.13 crore as against a TOI of INR14.36 crore and PAT ofINR0.07 crore during FY13. As per the provisional results forH1FY15, ACI registered a TOI of INR7.00 crore.APNA COLD: ICRA Suspends 'D' Rating on INR6.90cr LT FB Facilities-----------------------------------------------------------------ICRA has suspended the [ICRA]D rating assigned to the INR6.90crore long term fund based facilities of Apna Cold Storage. Thesuspension follows ICRA's inability to carry out a ratingsurveillance in the absence of the requisite information from thecompany.Incorporated in April 2012, Apna Cold Storage (ACS) is engaged inproviding cold storage facility to potato farmers and traders on arental basis and commenced commercial operations from February2013. The facility of the firm is located at Deesa, Gujarat havingstorage capacity of 160000 bags each weighing 50 Kg (around 8000MT of potatoes). The firm has been promoted by Gelot family whohas long experience in potato farming and trading business.ASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR130MM Cash Loan-----------------------------------------------------------------CRISIL's ratings on the bank facilities of Astra Chemtech Pvt Ltdcontinue to reflect instances of delay by Astra in servicing itsdebt; the delays have been caused by the company's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 130 CRISIL D (Reaffirmed) Cheque Discounting 2.5 CRISIL D (Reaffirmed) Inland/Import Letter 30 CRISIL D (Reaffirmed) of Credit Term Loan 10 CRISIL D(Reaffirmed)Astra's weak liquidity is mainly driven by pressure on itsoperating margin, following increase in prices of imported rawmaterial, and the lengthening of its working capital cycle becauseof delays in collection of receivables. CRISIL believes that thecompany will continue to face liquidity pressures over the nearterm, with continued pressure on its margins and large incrementalworking capital requirements.Astra also has a weak financial risk profile, marked by highgearing, a small net worth, and weak debt protection metrics, anda modest scale of operations. However, the company benefits fromits promoters' extensive experience in the adhesives industry.UpdateFor 2013-14 (refers to financial year, April 1 to March 31), Astraachieved revenue of INR572.7 million. The revenue growth was lowat around 7.0 per cent compared with the previous year mainlybecause of intense competition. It had an operating margin of 5.3per cent in 2013-14. The margin continues to be lower thanhistorical levels of 8.0 to 9.0 per cent mainly because ofincreasing competition and high volatility in raw material prices.The company's sales growth is also expected to remain subdued overthe medium term on account of high competition.Astra has large working capital requirements as reflected in itshigh gross current assets of 204 days as on March 31, 2014, mainlybecause of delayed payments by customers. With low cash accruals,the company's working capital requirements are funded primarilythrough bank debt, leading to high gearing of around 3.5 times ason March 31, 2014. With large debt and low profitability, itsinterest coverage ratio has remained weak at around 1.5 times in2013-14.The company's financial risk profile is expected to remain weakover the medium term, impacted by the dependence on outside debtto support its incremental working capital requirements. Astra hasweak liquidity, marked by low accruals that are tightly matchedwith repayment obligations, and high bank limit utilisation. Itscurrent ratio was weak at below 1.0 time as on March 31, 2014.Astra, established in 2000 by Mr. Rashid Ibrahim Sorathiya,manufactures water- and solvent-based synthetic adhesives. It alsomanufactures, on a small scale, construction chemicals, textilespecialty chemicals, specialty resins, specialty coating, andspecialty esters. The company's manufacturing facilities are inBoisar (Maharashtra).AUGUSTAN TEXTILE: CRISIL Reaffirms D Rating on INR80MM Term Loan----------------------------------------------------------------CRISIL's ratings on the bank facilities of Augustan TextileColours Ltd continue to reflect instances of delay by ATCL inservicing its debt; the delays are because of weak liquidity,marked by fully utilised bank limits and cash accruals that areinadequate to meet working capital requirements and debtobligations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 13.4 CRISIL D (Reaffirmed) Cash Credit 60 CRISIL D (Reaffirmed) Long Term Loan 80 CRISIL D (Reaffirmed) Proposed Long Term Bank Loan Facility 15.8 CRISIL D (Reaffirmed)ATCL's financial risk profile remains below average, with low networth; its scale of operations continues to be small, with limitedrevenue diversity, while its operating profitability remainssusceptible to competitive pressures in the textile industry.However, ATCL benefits from its promoter's industry experience.Set up in 2005 in Coimbatore (Tamil Nadu), ATCL undertakesprinting, bleaching, and dyeing of fabric and yarn.During 2013-14, on a provisional basis ATCL reported profit aftertax (PAT) of INR15.4 million on net sales of INR362.0 million,against a net profit of INR7.7 million on net sales of INR325.2million in 2012-13.BHAGWATI COLD: ICRA Suspends B- Rating on INR6.35cr LT FB Loan--------------------------------------------------------------ICRA has suspended the [ICRA]B- rating assigned to the INR6.35crore long term fund based facilities of Bhagwati Cold Storage.The suspension follows ICRA's inability to carry out a ratingsurveillance in the absence of the requisite information from thecompany.Incorporated in the year 2011, Bhagwati Cold Storage is engaged inproviding cold storage facility to potato farmers and traders on arental basis and commenced commercial operations from February2012. The facility of the firm is located at Deesa, Gujarat havingstorage capacity of 150000 bags each weighing 50 Kg (around 7500MT of potatoes). The partners of the firm have more than a decadeof experience by virtue of their association with other coldstorage units.BHOLENATH COLD: ICRA Suspends B- Rating on INR6.31cr LT FB Loan---------------------------------------------------------------ICRA has suspended the [ICRA]B- rating assigned to the INR6.31crore long term fund based facilities of Bholenath Cold Storage.The suspension follows ICRA's inability to carry out a ratingsurveillance in the absence of the requisite information from thecompany.Incorporated in the April 2012, Bholenath Cold Storage (BCS) isengaged in providing cold storage facility to potato farmers andtraders on a rental basis and commenced commercial operations fromFebruary 2013. The facility of the firm is located at Deesa,Gujarat having storage capacity of 140000 bags each weighing 50 Kg(around 7000 MT of potatoes). The firm has been promoted by Gelotfamily who has long experience in potato farming and tradingbusiness.BIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM Loan--------------------------------------------------------------CRISIL's rating on the long-term bank facilities of BiramaneHostel (BH) continues to reflect instances of delay by BH inservicing its term loan obligations; the delays have been causedby BH's weak liquidity resulting from depressed accruals alongwith cash flow mismatches. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Term Loan 34.9 CRISIL D (Reaffirmed) Term Loan 65.1 CRISIL D (Reaffirmed)BH also has weak debt protection metrics and modest scale ofoperations. The Association of Persons (AOP), however, benefitsfrom its promoters' extensive experience in the education sector.BH is an AOP of the Biramane family based in Maharashtra. The AOPprovides hostel services to boarding students of Vidya NiketanHigh School & Junior College and Vidya Niketan High School atPanchgani (Maharashtra), which is run by Biramane EducationFoundation (a group trust).CTS INDUSTRIES: CARE Lowers Rating on INR38.49cr Bank Loan to 'D'-----------------------------------------------------------------CARE revises the rating assigned to the bank facilities ofCTS Industries Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 38.49 CARE D Revised from CARE CRating RationaleThe rating revision factors in the on-going delays in debtservicing on account of stretched liquidity position of thecompany.CTS Industries Ltd incorporated in May, 2003 was promoted bybrothers Mr Ashok Kumar Tulsyan and Mr Purushottam Kumar Tulsyanalong with their friend Mr Sanjay Choudhury, all from Kolkata,West Bengal. CTS commenced its operation in 2006 and was initiallyengaged only in the trading of petrochemical products such asparafin wax, slack wax and pesidue wax. In 2006, Annapurna GlobalLtd, an associate company of CTS which was involved in themanufacturing of wax was merged into it. At present, the companyoperates in three segments i e trading of petrochemical products,manufacturing of pre-stressed concrete (PSC) pole and supplyingcrushed stone/ aggregates to the construction segment. The companyhas six plants for stone crushing (aggregates, dust and boulders)located at various places in Jharkhand and Bihar. Furthermore, ithas manufacturing facility for PSC poles at Begusarai (Bihar) withavailable capacity of 360 poles per day.During FY14 [refers to the period April 1 to March 31], thecompany reported a total operating income of INR56.8 crore(FY13: INR41.3 crore) and a PAT of INR0.2 crore (FY13: INR0.2crore).D.D. AGGARWAL: ICRA Suspends B+ Rating on INR1.10cr FB Limits-------------------------------------------------------------ICRA has suspended the long term rating of [ICRA]B+ assigned tothe INR1.10 crore fund based bank facilities of D.D. AggarwalTimber Private Limited. ICRA also suspends the short term ratingof [ICRA]A4 assigned to the INR4.40 crore non fund based limits ofDDATPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 1.10 [ICRA]B+ Suspended Based Limits Non-Fund Based 4.40 [ICRA]A4 Suspended Limits-Short TermThe rating was suspended due to lack of cooperation by the clientto provide any further information.DDATPL is a privately owned company that was incorporated in 2011.Directors of the company are Mr Naresh Kumar Aggarwal & Mr. SureshKumar Aggarwal. Both the directors are actively engaged in theworking of the business. The company imports timber from Malaysia.The variety of timber that the company deals in is mainly used infurniture making and light construction work. The company's Headoffice located at Karnal (Haryana) and branch office located atGandhidham (Gujarat) is engaged in cleaning and sawing of logs tomake clean squared timber blocks. All the sawn timber produced atits Gandhidham (Gujarat) factory is sold from its office in Karnalin Haryana, and Gandhidham in Gujarat.DAROGA PRADHAN: CRISIL Raises Rating on INR60MM Bank Loan to 'B'----------------------------------------------------------------CRISIL has upgraded its rating on the long-term bank facilities ofM/s Daroga Pradhan to 'CRISIL B/Stable' from 'CRISIL B-/Stable',and has reaffirmed its rating on the firm's short-term bankfacilities at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 170 CRISIL A4 (Reaffirmed) Cash Credit 50 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Proposed Long Term 60 CRISIL B/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') Term Loan 30 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable')The rating upgrade reflects the improvement in DP's business riskprofile, driven by substantial increase in its scale of operationswhile maintaining its operating margins. The upgrade also factorsin the expected increase in the firm's net worth, which willenhance its financial flexibility, and the consequent improvementin its capital structure.DP's revenue, which registered a year-on-year growth of 30 percent in 2013-14 (refers to financial year, April 1 to March 31),is likely to grow by 15 per cent in 2014-15. The revenue growthwill be driven by timely execution of its healthy order book ofaround INR600 million as on July 31, 2014. The firm's operatingprofit margin is expected to remain stable at around 11.0 per centover the medium term, as it will continue to prudently bid forbuilding its order book.The ratings reflect DP's the high degree of geographic andcustomer concentration in its order-book, modest net worth baseand its large working capital requirements which limit itsfinancial flexibility. These rating weaknesses are partiallyoffset by the extensive experience of the firm's promoters in thecivil construction segment, and its low gearing levels; increasingcushion between cash accruals and maturing repayment obligations.Outlook: StableCRISIL believes that DP will continue to benefit over the mediumterm from its promoters' extensive industry experience and itsmoderate order book. The outlook may be revised to 'Positive' ifthe firm strengthens its business risk profile by increasing itsscale of operations, or improves its liquidity through better-than-expected accruals or efficient working capital management.Conversely, the outlook may be revised to 'Negative' if DPgenerates lower-than-expected accruals, or its working capitalcycle is significantly stretched, or it undertakes a large debt-funded capital expenditure programme, leading to deterioration inits liquidity.DP was set up as a proprietorship concern by the late Mr. DarogaPradhan and was reconstituted as a partnership firm in 2000. Thefirm is currently managed by brothers Mr. Dinesh Pradhan and Mr.Mahesh Pradhan from Dhanbad (Jharkhand).DP undertakes civil construction work for government and publicsector undertakings in Jharkhand, Bihar, Odisha, and West Bengal.Its projects mainly involve construction of buildings, renovationof quarters and roads, and water supply.DHAIRYA INTERNATIONAL: CARE Rates INR11cr Bank Loan at B+/A4------------------------------------------------------------CARE assigns 'CARE B+' and 'CARE A4' ratings to the bankfacilities of Dhairya International. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term/ Short term 11 CARE B+/CARE A4 Assigned Bank FacilitiesRating RationaleThe ratings assigned to the bank facilities of DhairyaInternational (DHI) are primarily constrained due to its modestscale of operations, constitution as a proprietorship firm, lowprofit margins, leveraged capital structure and weak debtcoverage indicators. The ratings are further constrained due toDHI's presence in the highly competitive agro processingindustry and susceptibility of profitability to raw material pricefluctuation.The aforementioned constraints far outweigh the benefits derivedfrom the rich experience of the management personnel and longtrack record of the group in sesame seeds processing coupled withgeographical diversification.Increase in the scale of operations through leveraging theexisting marketing network, improvement in profit margins andcapital structure while managing raw material price volatility arethe key rating sensitivities.DHI was incorporated in 2009 as a proprietorship concern by MrVinay Kumar Patel. It is engaged in the processing and trading ofvarious types of sesame seeds at its processing facility locatedat Unjha, Gujarat wherein it has sorting plant for grading of agrocommodities. It also undertakes trading of other agro commoditieslike Jeera seeds, Kalonji Seeds etc. DHI caters to the exportmarket with presence in over 30 countries.It is a part of Unjha-based Vinay Kumar group which was started byMr Prahladbhai Patel (Father of Mr Vinay Kumar Patel) by setting-up a proprietorship concern Vinay Kumar & Co (VKC; rated CAREB+/CARE A4) in 1992. Both these entities are engaged in processingand trading of sesame seeds.As per the provisional result for FY14 (refers to the periodApril 1 to March 31), DHI reported a total operating income(TOI) of INR100.23 crore (FY13 Audited: INR132.46 crore) with PATof INR0.34 crore (FY13 Audited: INR0.36 crore).DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Credit to B--------------------------------------------------------------CRISIL has upgraded its rating on the long-term bank facilities ofDirco Polymers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-/Stable', and has reaffirmed its rating on the company's short-term bank facilities at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Letter of Credit 65.4 CRISIL A4 (Reaffirmed) Proposed Long Term 100 CRISIL B/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable')The rating upgrade reflects expected improvement in DPPL'sbusiness risk profile and its expected comfortable liquidity overthe medium term. The company's business risk profile is likely toimprove on account of increased orders from its clients, includingSamsung Electronics India Private Limited resulting in higherrevenue. DPPL's operating margin was comfortable, at 8.0 to 8.5per cent, over the past three years and is expected to remain at asimilar level over the medium term.Higher revenue and comfortable profitability are expected toresult in improved liquidity with estimated cash accruals of overINR16 million in 2014-15 (refers to financial year, April 1 toMarch 31) against scheduled debt obligations of around INR4.7million during the year. The company's liquidity is underpinned bypromoters' support, as reflected in unsecured loans of INR14.4million extended by them to the company in 2013-14.The ratings reflect DPPL's small scale of operations in the highlyfragmented dyes and pigments industry, and its weak financial riskprofile, marked by a small net worth and weak debt protectionmetrics. These rating weaknesses are partially offset by theextensive industry experience of DPPL's promoters.Outlook: StableCRISIL believes that DPPL will continue to benefit over the mediumterm from its promoters' extensive industry experience. Theoutlook may be revised to 'Positive' in case of substantialimprovement in the company's financial risk profile, most likelydriven by fresh equity infusion and reduction in incrementalworking capital requirements. Conversely, the outlook may berevised to 'Negative' in case of decline in DPPL's revenue orprofitability, leading to lower cash accruals, or any large debt-funded capital expenditure, weakening its capital structure.DPPL was incorporated in 1996, promoted by Mr. Naresh Goyal andMr. Surender Goel. The company manufactures masterbatches andcompounds that are primarily used to manufacture a variety ofplastic products for the automobile, electronic, furniture, andpackaging industries. DPPL has three manufacturing units atManesar and Gurgaon (both in Haryana), with capacity utilisationof 80 per cent on an average.IDBI BANK: S&P Assigns 'BB+' Rating on US$ Sr. Unsecured Notes--------------------------------------------------------------Standard & Poor's Ratings Services assigned its 'BB+' long-termissue rating to a proposed issue of U.S.-dollar-denominated seniorunsecured notes by IDBI Bank Ltd. (foreign currency BB+/Stable/B).The bank will issue the notes under its US$5 billion medium-termnotes program. The rating on the notes reflects the long-termcounterparty credit rating on IDBI.The proposed notes will constitute direct, unconditional,unsecured, and unsubordinated obligations of IDBI. They shall atall times rank at par among themselves and with all otherunsecured obligations of the bank.The rating on the notes is subject to S&P's review of the finalissuance documentation.JINDAL WOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan------------------------------------------------------------CARE reaffirms the ratings assigned to the bank facilities ofJindal Wood Products Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 1 CARE B+ Reaffirmed Long-term/ Short-term Bank 20 CARE B+/CARE A4 Facilities ReaffirmedRating RationaleThe ratings assigned to the bank facilities of JWPL continue toremain constrained by its weak financial risk profilecharacterized by the small scale of operations, thin profitabilitymargins, leveraged capital structure, weak debt protection metricsand elongated operating cycle. The ratings are also constrained bygeographical and customer concentration risk, foreign exchangefluctuation risk and intense competition and dependence on thereal estate sector.The ratings, however, draw comfort from the experienced promotersof JWPL coupled with the long track record of operations.Going forward, the ability of the company to scale up itsoperations while diversifying its customer base, along improvementin the capital structure while managing its working capital wouldbe the key rating sensitivities.Jindal Wood Products Private Limited incorporated in 1990 and ispromoted by Mr Atul Jindal, Ms Sharda Jindal and Mr Amit Jindal,having an experience of more than two decades in the processingand trading of timber logs. JWPL is engaged in the business ofprocessing and trading of timber (Hardwood) logs and production ofveneer, plywood, solid wood doors and frames, decking andfloorings, solid core flush and moulded doors and other woodproducts. Punjab Metal Works Private Limited ('CARE B/CARE A4')and AK Lumbers Limited (AKL) are the group associates and engagedin the similar business.JWPL has reported a net profit of INR0.31 crore on a totaloperating income of INR35.39 crore during FY14 (refers to theperiod April 1 to March 31) based on unaudited results.KAMSRI PRINTING: CRISIL Suspends B Rating on INR45MM Cash Credit----------------------------------------------------------------CRISIL has suspended its ratings on the bank facilities of KamsriPrinting & Packaging Pvt Ltd (Kamsri). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 (Suspended) Cash Credit 45 CRISIL B/Stable (Suspended) Letter of Credit 2.5 CRISIL A4 (Suspended) Line of Credit 5 CRISIL A4 (Suspended) Long Term Loan 36.3 CRISIL B/Stable (Suspended)The suspension of ratings is on account of non-cooperation byKamsri with CRISIL's efforts to undertake a review of the ratingsoutstanding. Despite repeated requests by CRISIL, Kamsri is yet toprovide adequate information to enable CRISIL to assess Kamsri'sability to service its debt. The suspension reflects CRISIL'sinability to maintain a valid rating in the absence of adequateinformation. CRISIL considers information availability risk as akey credit factor in its rating process and non-sharing ofinformation as a first signal of possible credit distress, asoutlined in its criteria 'Information Availability Risk in CreditRatings'Set up in 1991 by Mr. S Suresh, Kamsri manufactures cartons forduplex board and paper. It supplies packaging products mainly tothe pharmaceuticals, health care and textile industries.MAHAKALI MOTORS: ICRA Suspends B+ Rating on INR10cr Cash Credit---------------------------------------------------------------ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00crore cash credit limits of Mahakali Motors Private Limited. Thesuspension follows ICRA's inability to carry out a ratingsurveillance in the absence of the requisite information from thecompany.Established in 2009 by the Choudhury family, MMPL is TML's (TataMotors Limited) authorized dealer for the sale of commercialvehicles as well as for services and sale of spares in the stateof Bihar. The company operates out of two showrooms in the stateof Bihar.MAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash Credit---------------------------------------------------------------CRISIL ratings reflect Mawana Foods Ltd's weak financial riskprofile and constrained financial flexibility, marked by weak debtprotection metrics, continuous erosion of net worth on account oflosses incurred in the past couple of years leading to highgearing and small scale of operation in the highly fragmentedindustry. These rating weaknesses are partially offset by MFL'sestablished customer base. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 35 CRISIL B-/Stable (Reaffirmed) Letter of credit 35 CRISIL A4 (Reaffirmed) & Bank GuaranteeOutlook: StableCRISIL believes that MFL will maintain its credit risk profile,backed by its established distribution network. The outlook may berevised to 'Positive' in case of substantial improvement in itsscale of operations and profitability or an improvement in itscapital structure, most likely driven by equity infusion by theparent company. Conversely, the outlook may be revised to'Negative' in case of a sharp decline in scale of operations andprofitability leading to low cash accruals or delay in equityinfusion by the parent company.UpdateThe company's revenue registered a subdued 3 per cent year-on-yeargrowth to around INR1.02 billion in 2013-14 (refers to financialyear, April 1 to March 31); this was mainly driven by lowrealisation. The company's operating margin in past three yearsended 2014 have decreased to round -7.23 per cent from around 1per cent on account of significantly low realisation and itsinability to pass on the same along with considerable increase inemployee cost on account of increased spending on brand building,leading to negative operating margins. The topline is expected togrow at a moderate rate on account of increase in distributionnetwork coupled with diversified product portfolio, which willlead to slight improvement in EBIDTA margins; however, theoperating losses will remain over the medium term on account ofits high fixed cost.The company has efficient inventory management policies as itenters only into order-backed transactions and maintains lowinventory levels of 10 to 20 days. Furthermore, it does not extendmuch credit to its customers as reflected in low debtors of 15 to20 days over the past three years. However, the overall financialflexibility is constrained on account of continues erosion of networth on account of losses incurred in the past couple of years.Backed by infusion of funds by Usha International Ltd of INR43.5million in 2012-13, its net worth improved to around INR 45.8million; however, the same has been completely eroded due tolosses of around INR80 million incurred in 2013-14 which lead tosignificant deterioration in capital structure reflected in hightotal outside liabilities to tangible net worth ratio of around3.93 times as on March 31, 2014.MFL, a closely held public limited company, trades in edible oiland sugar. Earlier, MFL was a 100 per cent subsidiary of MawanaSugars Ltd. However, in September 2012, the group's parent companyUsha International Ltd had invested INR43.5 million in MFL for 33per cent shares thereby diluting stake of Mawana Sugars Ltd to 67per cent. Furthermore, on June 29, 2013, Usha International Ltdhas acquired the Mawana Sugars Ltd share at book value as on dateand now it becomes fully owned subsidiary of Usha International.MSV LABORATORIES: CARE Assigns B Rating to INR9.52cr Bank Loan--------------------------------------------------------------CARE assigns 'CARE B' rating to the bank facilities of MSVLaboratories Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9.52 CARE B AssignedRating RationaleThe ratings assigned to the bank facilities of MSV LaboratoriesPvt Ltd are primarily constrained by its small scale of operationin a highly competitive industry, project stabilization risk,cyclical nature of the end-user agricultural industry andelongated operating cycle. The above constraints outweigh thecomforts derived from the experience of the promoters with longand satisfactory track record and adequate R&D department.The ability of the company to increase its scale of operationsalong with improvement in profitability and the ability to manageits working capital effectively would be the key ratingsensitivities.Purba Medinipur-based (West Bengal) MSV Laboratories Pvt Ltd,incorporated in November 1991, was promoted by Mr Asok Maiti alongwith his family members. Since inception, it has been involved inmanufacturing of bio-fertilizer, bio-pesticides, organicfertilizer and organic pesticides. The sole manufacturing facilityof the company is located at Medinipur, West Bengal with aninstalled capacity of 600 tonnes of bio fertilizer, 6,000 tonnesof organic fertilizer, 20 tonnes of bio-pesticides and 20 KL oforganic pesticides. MSV sells its products through distributorsand markets its products under the brand name of "Kiran" and"Carbo" and has wide presence in the state of West Bengal.During FY14 (provisional) [refers to the period April 1 toMarch 31], the company reported a total operating income ofINR4.79 crore (FY13: INR3.36 crore) and a net loss of INR0.11crore (FY13: PAT of INR0.08 crore).PAGHADI ASSOCIATES: CRISIL Cuts Rating on INR100M Term Loan to B+-----------------------------------------------------------------CRISIL has downgraded its rating on the long-term bank facilitiesof Paghadi Associates to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 47.5 CRISIL B+/Stable (Downgraded Bank Loan Facility from 'CRISIL BB-/Stable') Term Loan 100 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable')The downgrade reflects CRISIL's belief that PA's order bookposition will remain under pressure, owing to lower-than-expectedbookings. The firm received bookings of INR68.7 million tillAugust 2014, which was lower than CRISIL's expectations. Bookingswere lower than expected because of reduced order flow fromcustomers due to pending approvals and a decline in demand giventhe general slowdown in the industry. Although bookings areexpected to improve once the approvals are received, they arelikely to remain low, leading to stretched liquidity.CRISIL's rating on the bank facilities of PA reflects thepromoters' extensive experience of PA's promoters in the realestate sector, and moderate funding risk for its ongoing project.These rating strengths are partially offset by the firm's exposureto implementation- and offtake-related risks associated with itsongoing project, and its susceptibility to the inherent risks andcyclicality in the real estate sector in India.Outlook: StableCRISIL believes that PA will continue to benefit over the mediumterm from the extensive experience of its promoters in the realestate sector. The outlook may be revised to 'Positive' if thereis a significant improvement in the firm's business and financialrisk profiles, backed by timely implementation of and high saleslevels for its ongoing project, leading to healthy cash accrualson a sustained basis. Conversely, the outlook may be revised to'Negative' if PA faces a time or cost overrun in its ongoingproject, or significant pressure on its liquidity, or delays inreceiving customer advances, leading to pressure on its revenuesand profitability, and consequently to deterioration in its debtservicing ability.PA is promoted by the Ahmedabad-based Patel and Prajapatifamilies. The firm is developing a residential project atAhmedabad (Gujarat), at a total cost of INR489 million, funded byterm-debt of INR147.5 million and rest through promoter'scontribution. The project is expected to be completed by October2013.For 2013-14 (refers to financial year, April 1 to March 31), PAreported a net loss of INR78 million.PAPPU COUNTRY: CARE Assigns B+ Rating to INR4.22cr Bank Loan------------------------------------------------------------CARE assigns 'CARE B+' rating to the bank facilities of PappuCountry Spirit Bottling Plant Cum Warehouse. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.22 CARE B+ AssignedThe rating assigned by CARE is based on the capital deployed bythe proprietor and the financial strength of the entity atpresent. The rating may undergo change in case of withdrawal ofthe capital or the unsecured loans brought in by the proprietor inaddition to the financial performance and other relevant factors.Rating RationaleThe rating assigned to the bank facilities of Pappu Country SpiritBottling Plant cum Warehouse (PCS) is primarily constrained by itsshort track record & small scale of operations coupled withsusceptibility of the profitability to volatile raw materialprices, leveraged capital structure and sensitivity of business togovernment regulations.The aforesaid constraints are partially offset by the experienceof the proprietor, albeit limited in the alcohol & distilleryindustry and high entry barriers.Going forward, PCS's ability to grow its scale of operations withsimultaneous improvement in profitability margins and capitalstructure would be the key rating sensitivities.Pappu Country Spirit Bottling Plant cum Warehouse (PCS) wasestablished as a proprietorship entity in March 2012 by MrPrasanta Das based out of Medinipur (East), West Bengal for thepurpose of setting up a liquor manufacturing unit. The entity isengaged in the manufacturing of India Made Indian Liquor (IMIL).The entity commenced commercial production at its plant in Jan.2013. The entity sells its product in West Bengal under the brands'Power', 'Piyas' and 'Palash'. The manufacturing facility of PCSis located at Khanjanchak, Haldia (West Bengal) with an installedcapacity to manufacture 11,400 KLPA.In FY13 (refers to the period January 1 to March 31), the entityachieved a total operating income of INR1.70 crore and PAT ofINR0.02 crore. In FY14 (Provisional), the entity reported a totalincome of INR22.48 crore and PAT of INR0.61 crore.PREM INFRACITY: CRISIL Cuts Rating on INR280MM Term Loan to 'B-'----------------------------------------------------------------CRISIL has downgraded its rating on the long-term bank facilitiesof Prem Infracity Pvt Ltd to 'CRISIL B-/Stable' from 'CRISILB/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 280 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable')The rating downgrade reflects the increased demand risk for PIPL'songoing project driven by lower-than-expected bookings. Thedowngrade also factors in the high funding risk for the projectbecause of the company's reliance on customer advances for fundingincremental construction cost and the ensuing debt obligations.Also, CRISIL believes that PIPL's expected large cash outflowstowards construction over the near term will lead to weakening ofthe company's liquidity, thereby adversely affecting its debtservicing ability.The rating continues to reflect PIPL's exposure to high funding,implementation and off-take risks for its ongoing residentialproject. The rating also factors the susceptibility of the projectto risks related to cyclicality inherent in the Indian real estateindustry. These rating weaknesses are partially offset by theextensive experience of PIPL's promoters in real estatedevelopment.Outlook: StableCRISIL believes that PIPL will benefit over the medium term fromits promoters' extensive industry experience. The outlook may berevised to 'Positive' if the company exhibits significant progressin bookings and flow of advances for its ongoing project, leadingto improvement in its liquidity and debt servicing ability.Conversely, the outlook may be revised to 'Negative' in case ofslow bookings or customer advances, impacting the company'sfinancial risk profile, particularly its liquidity.PIPL was set up in 2010 by Mr. Kamal Keswani, Mr. JitendraKeswani, Mr. Upendra Chhabra, and Mr. Ashish Mangal. The companydevelops residential real estate in and around Agra (UttarPradesh). The promoters have experience of over 13 years in thereal estate sector.PUNJAB METAL: CARE Reaffirms B/A4 Rating on INR3cr Bank Loan------------------------------------------------------------CARE reaffirms the ratings assigned to the bank facilities ofPunjab Metal Works Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ Short-term 3 CARE B/CARE A4 Bank Facilities Reaffirmed Short-term Bank Facilities 5 CARE A4 ReaffirmedRating RationaleThe ratings assigned to the bank facilities of PMW continue toremain constrained by its weak financial risk profilecharacterized by the small scale of operations, thin profitabilitymargins, leveraged capital structure, weak debt protection metricsand elongated operating cycle. The ratings are also constrained bygeographical and customer concentration risk, foreign exchangefluctuation risk, intense competition and dependence on the realestate sector. The ratings, however, draw comfort from theexperienced promoters of PMW coupled with the long track record ofoperations.Going forward, the ability of the company to scale up itsoperations while diversifying its customer base, alongimprovement in the capital structure while managing its workingcapital would be the key rating sensitivities.Punjab Metal Works Private Limited incorporated in 1975 and ispromoted by Mr Amar Chand Jindal, Mr Atul Jindal and Mr AmitJindal, having an experience of more than two decades in theprocessing and trading of timber logs. PMW is engaged in thebusiness of processing and trading of timber (Hardwood) logs andproduction of veneer, plywood, solid wood doors and frames,decking and floorings, solid core flush and moulded doors andother wood products. Jindal Wood Products Private Limited ('CAREB+/CARE A4') and AK Lumbers Limited are the group associates andengaged in the similar business.PMW has reported a net profit of INR0.08 crore on a totaloperating income of INR11.62 crore during FY14 (refers to theperiod April 1 to March 31) based on the unaudited results.RAMNANDI AUTOMOBILES: ICRA Cuts Rating on INR38cr FB Loan to 'D'-----------------------------------------------------------------ICRA has revised downwards the long term rating assigned to theINR2 crore term loan and INR38 crore fund based bank limits ofRamnandi Automobiles Pvt Ltd from [ICRA]BB- rating to [ICRA]D. Therating suspension done in August 2014 has been revoked. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 2 Downgraded to [ICRA]D Fund Based Limits 38 Downgraded to [ICRA]DThe revision in the rating takes into account the delays by thecompany in meeting its debt servicing obligations. The delays havebeen on account of stretched liquidity position arising from highworking capital intensity and ongoing weakness in the commercialvehicle industry. The rating also takes into account RAPL'slimited geographical presence with operations limited in Bihar,its exposure to the cyclical nature of the automobile industry,and limited financial flexibility due to the leveraged capitalstructure and weak debt coverage indicators. The rating takes noteof the experience of RAPL's promoters in commercial vehicledealership and healthy revenue mix from goods carriers andpassenger transportation, which protects RAPL, to an extent, fromthe susceptibility of slowdown in any particular sub-segment ofcommercial vehicle sector. In ICRA's opinion the ability of thecompany to service its debt obligations in a timely manner andefficiently manage its inventory requirement would be a criticaldeterminant of its credit profile going forward.Incorporated in 1999, RAPL is an authorised commercial vehicledealer of Tata Motors Limited. The company has authorised salescum service centre in Gaya, Bihar and two showrooms at Sasaram andNawada. The company has also opened customer contact points atAurangabad, Jahanabad and at 25 other locations, all in the Stateof Bihar.Recent ResultsDuring FY14, RAPL reported a profit after tax (PAT) of INR1.56crore on the back of an operating income (OI) of INR204.73 croreas against a PAT of INR1.90 crore on the back of an OI ofINR203.53 crore during FY13.RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Project Loan at 'B'---------------------------------------------------------------CRISIL has assigned its 'CRISIL B/Stable' rating to the long-termbank facilities of Renuka Constructions - Pune (RC). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Project Loan 100 CRISIL B/StableThe rating reflects RC's exposure to risks associated withimplementation of its ongoing projects given their initial stageof execution and low customer bookings. The rating also factors inthe firm's susceptibility to risks and cyclicality inherent in theIndian real estate industry. These rating weaknesses are partiallyoffset by the extensive experience and established track record ofRC's promoter in the real estate sector and his funding support tothe firm.Outlook: StableCRISIL believes that RC will benefit over the medium term from itspromoter's extensive industry experience and funding support. Theoutlook may be revised to 'Positive' if the firm improves its cashinflows with timely project completion and enhanced customerbookings. Conversely, the outlook may be revised to 'Negative' ifRC's liquidity is constrained by project time or cost overruns, orsignificantly low customer advances resulting in lower cashinflows, or if the firm simultaneously undertakes large debt-funded projects.RC is a proprietorship firm set up by Mr. Babu Mhehtre in 1993-94(refers to financial year, April 1 to March 31). The firm isengaged in real estate development in Pune. Currently the firm isundertaking three projects: Renuka Gulmarg Phase II, Renuka Tulsi,and Sai Moulsi. It is likely to launch a new project in April2015.SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1cr Cash Credit-------------------------------------------------------------ICRA has reaffirmed the long-term rating of [ICRA]B assigned tothe INR1.00 crore fund-based bank facilities of Shree NakodaGlobal Ltd. Also, ICRA has reaffirmed the short-term rating of[ICRA]A4 assigned to the INR14.00 crore non-fund based bankfacilities of SNGL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based Limits 1.00 [ICRA]B (reaffirmed) (Cash Credit) Non-Fund Based 14.00 [ICRA]A4 (reaffirmed) LimitsThe ratings take into consideration the long track record ofSNGL's promoters in the steel sector, which helps secure businessfor the company. However, the ratings are constrained by SNGL'sweak financial risk profile as reflected by a high gearing anddepressed levels of debt coverage indicators, SNGL's relativelysmall size of operations at present and the cyclicality associatedwith the steel industry, which is likely to keep its profitabilityand cash flows volatile in future.The company was incorporated in January 1993 by the Raipur,Chattisgarh based Shree Nakoda Group, promoted by Mr. VirendraGoel. The operations of the company are being managed by hisyounger brother, Mr. Surendra Goel and Mr. R. K. Agarwal. Thecompany is involved in trading of various steel products such asplates, sheets etc. and minerals.Recent ResultsIn 2013-14, as per the provisional financial statements, SNGLreported an operating income of INR127.46 crore and net profits ofINR0.25 crore, as against an operating income of INR111.42 croreand a net profit of INR0.22 crore in 2012-13.SHREE RAMKRISHNA: CARE Reaffirms B+ Rating on INR10.36cr Loan-------------------------------------------------------------CARE reaffirms the ratings assigned to the bank facilities ofShree Ramkrishna Oil Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 10.36 CARE B+ ReaffirmedRating RationaleThe rating assigned to the bank facilities of Shree Ramkrishna OilIndustries continues to remain constrained on account of itsstagnant turnover with low profitability, modest liquidityposition, leveraged capital structure and moderate debt coverageindicators which has further deteriorated as on March 31, 2014.The rating is further constrained on account of volatilityassociated with the raw material prices, susceptibility to thechange in the government policies, seasonal and fragmented natureof the cotton industry and partnership nature of constitution withinherent risk of capital withdrawal by the partners.The rating, however, continues to derive benefit from completionof the project, vast experience of the promoters and locationaladvantage in terms of proximity to the cotton-growing region inGujarat.The ability of SROI to improve its capital structure, increase itsscale of operations and margins along with overall improvement infinancial risk profile are the key rating sensitivities.SROI was established in the year 1986 as a partnership firm by 11partners with Mr Bharatbhai Bhudarbhai Patel, Mr ManjibhaiNarshibhai Patel, Mr Bhudarbhai Shankarbhai Patel and Mr LaljibhaiChaturdas Patel being the key partners who are actively involvedin business operations. SROI is engaged in cotton ginning &pressing and seed crushing with a manufacturing facility locatedat Kadi, Gujarat. SROI has installed capacity to manufacture 52.48MT of cotton bales per day, 49.5 MT of oil cake per day and 7.00MT of cotton seed wash oil per day. The firm sells the productsunder the registered brand name 'Shree Rama'.During FY14 (refers to the period April 1 to March 31), SROIreported a TOI of INR71.09 crore and PAT of INR0.12 crore asagainst a TOI of INR71.65 crore and PAT of INR0.12 crore duringFY13. As per the provisional results for H1FY15, SROIregistered a TOI of INR26.06 crore.SHREE VISHNU: CRISIL Assigns 'D' Rating to INR139MM Term Loan-------------------------------------------------------------CRISIL has assigned its 'CRISIL D' rating to the long-term bankfacilities of Shree Vishnu Vishal Paper Mills Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 139 CRISIL D Cash Credit 26 CRISIL D Proposed Long Term Bank Loan Facility 30 CRISIL DThe rating reflects delay by SVVPMPL in repaying its term loanobligations on account of weak liquidity.The company has small scale of operations in fragmented kraftpaper manufacturing business, and is also exposed to risk relatedto fluctuation in raw material prices. These rating weaknesses arepartially offset by the company's improving business profilethrough gradual stabilisation of operations.SVVPMPL is engaged in manufacturing of Kraft paper and alsooperates a captive husk based power plant. The paper mill alongwith captive power plant was established by its erstwhilepromoter-director, Bihar based Modi and Bagaria family. The millcommenced commercial operations in Sep 2012. However, within twomonths the mill was closed down owing to several issues. Later,the company was acquired by its current owner-director Mr. AmitPrakash Kejriwal and Mr. Ashok Goenka in March 2013. The papermill along with captive power plant recommenced operations in May2013. The mill is located at Aara district of state of Bihar.SIDDHIVINAYAK COTTON: CARE Puts B+ Rating on INR9.5cr Bank Loan---------------------------------------------------------------CARE assigns 'CARE B+' rating to the bank facilities ofSiddhivinayak Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9.50 CARE B+ AssignedRating RationaleThe rating assigned to the bank facilities of Siddhivinayak CottonIndustries is primarily constrained due to its modest scale ofoperation, high working capital intensity, seasonality associatedwith raw material availability and exposure to adverse changes ingovernment regulations. The rating is further constrained onaccount of its weak financial risk profile marked by thinprofitability owing to limited value addition nature of business,modest liquidity position and moderate solvency position.The aforementioned constraints far outweigh the benefits derivedfrom the vast experience of the partners in the cotton ginning &pressing business and SVCI's presence in the cotton-producing beltof Gujarat.Increase in the scale of operations, improvement in the overallfinancial risk profile with better working capital management arethe key rating sensitivities.Amreli-based Siddhi Vinayak Cotton Industries is a partnershipfirm engaged in the business of cotton ginning & pressing andcotton seed crushing. Established in the year 2007, by sixpartners led by Mr Jitendra Patel SVCI is operating from its plantlocated at Amreli-Gujarat. SVCI has an installed capacity of 9,612metric ton of cotton and 12,096 metric ton of cotton seed as onMarch 31, 2014.As per the provisional results for FY14 (refers to the periodApril 1 to March 31), SVCI registered the profit after tax (PAT)of INR0.16 crore on a total operating income (TOI) of INR84.91crore as against the PAT of INR0.19 crore on a TOI of INR95crore. As per the provisional results of 6MFY15, SVCI registered aTOI of INR40 crore.SOLAS FIRE: CRISIL Upgrades Rating on INR45MM Cash Credit to B+---------------------------------------------------------------CRISIL has upgraded its rating on the long-term bank facilities ofSolas Fire Safety Equipment Pvt Ltd to 'CRISIL B+/Stable' from'CRISIL B/Stable', and reaffirmed the rating on the company'sshort-term bank facilities at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL A4 (Reaffirmed) Cash Credit 45 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable')The rating upgrade reflects sustained improvement in SFSEPL'sliquidity backed by enhanced cash accruals and improved workingcapital cycle. Though the company's operations remain workingcapital intensive, its working capital management is improving, asindicated by decline in its gross current assets (GCAs) to around270 days as on March 31, 2014, from around 300 days as on March31, 2013a year ago. Consequently, SFSEPL has been able to generatepositive cash flows from operations. Backed by Steady sales andprofitability, the company is expected to generate cash accrualsof close to INR15 million in 2014-15 (refers to financial year,April 1 to March 31), adequately covering its repaymentobligations of INR2.1 million during the year. CRISIL believesthat timely and commensurate enhancement in its bank lines andadequate financial support from promoter amid increasing scale ofoperations will continue to remain a key rating sensitiveparameter over the medium termThe ratings reflect SFSEPL's small scale and tender-basedoperations, and its large working capital requirements. Theserating weaknesses are partially offset by the company'sestablished regional market position in the supply andinstallation of fire protection and security systems. The ratingsalso factor in SFSEPL's healthy relationship with key customersand suppliers, and its moderate financial risk profile, marked bymoderate gearing and adequate debt protection metrics, thoughconstrained by modest net worth.Outlook: StableCRISIL believes that SFSEPL will continue to benefit over themedium term from its promoter's extensive industry experience. Theoutlook may be revised to 'Positive' in case of sizeable cashaccruals with increase in scale of operations or profitability.Conversely, the outlook may be revised to 'Negative' if SFSEPL'sfinancial risk profile weakens because of stretched workingcapital cycle or large debt-funded capital expenditure, or declinein profitability or revenue.Set up in 1999, SFSEPL supplies and installs fire hydrant systems,automatic fire sprinklers, and access control systems, primarilyin South India. The promoter, Mr. Shenoy, manages the company'sdaily operations.SFSEPL reported a profit after tax (PAT) of INR8 million on netsales of INR257 million for 2013-14, compared with a PAT of INR4million on net sales of INR188 million for 2012-13.SYMTRONICS AUTOMATION: CRISIL Reaffirms B- Rating on INR25MM Loan-----------------------------------------------------------------CRISIL's ratings on the bank facilities of Symtronics AutomationPrivate Limited continue to reflect SAPL's average financial riskprofile, marked by a modest net worth and subdued debt protectionmetrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL A4 (Reaffirmed) Cash Credit 20 CRISIL B-/Stable (Reaffirmed) Term Loan 25 CRISIL B-/Stable (Reaffirmed)The ratings also factor in SAPL's modest scale and working capitalintensive operations. These rating weaknesses are partially offsetby the extensive experience of SAPL's promoters in the controlpanel manufacturing industry, and the established presence in theniche segment of control systems for defense applications.Outlook: StableCRISIL believes that SAPL will continue to benefit over the mediumterm from its promoters extensive industry experience. The outlookmay be revised to 'Positive' if SAPL reports higher-than-expectedcash accruals, driven by improvement in scale of operations, orthere is improvement in SAPL's working capital cycle. Conversely,the outlook may be revised to 'Negative' in case of deteriorationin the company's financial risk profile, particularly itsliquidity, driven by lower-than-expected cash accruals, or furtherelongation in the working capital cycle, caused by stretch inreceivables.UpdateSAPL's liquidity is weak, primarily emanating from its largeworking capital requirements and its depressed cash accruals. Itslarge working capital requirements are primarily driven by stretchin its receivables, reflected in debtors of 182 days as on March31, 2014. The stretch in receivables, coupled with large inventoryholding for its projects, has led to large working capitalrequirements, depicted in its gross current assets of 531 days ason March 31, 2014. These working capital requirements are fundedthrough high reliance on external borrowings, resulting in near-full utilisation of the bank lines. This coupled with depressedcash accruals, driven by its modest scale of operations, furtherimpinges the liquidity of SAPL. Furthermore, SAPL has an upcomingrepayment obligation in March 2015, and with depressed cashaccruals and working-capital-intensive operations, its liquidityis expected to remain weak over the medium term.The large working capital requirements have led to high relianceon external borrowings, leading to its moderate gearing of 1.3times as on March 31, 2014. With modest net worth and subdued debtprotection metrics, marked by its depressed cash accruals, SAPL'sfinancial risk profile is expected to remain average over themedium term.SAPL, on a provisional basis, reported net sales of INR48.2million during 2013-14 (refers to financial year, April 1 to March31), which is in line with CRISIL's expectations. However, thecompany's operating profitability improved to around 28 per centduring 2013-14, backed by increase in the annual maintenancecontracts undertaken by SAPL. With present order book of aroundINR45 million, SAPL is expected to register a moderate growth overthe medium term, further supported by its moderate operatingprofitability.SAPL, initially established as a partnership concern, wasreconstituted as a private limited company in1986. The company,promoted by Mr. Ravindra Bhagwat, designs and manufactureselectronic control systems and caters to naval applications. SAPLis registered with the Directorate General of Quality Assurance(DGQA) of the Ministry of Defence of the Government of India alongwith other relevant departments of the Indian Navy with a statusPAC (Proprietary Article Certification).UJJWAL AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR80M Cash Loan-----------------------------------------------------------------CRISIL's rating on long-term bank facility of Ujjwal AutowheelsPvt Ltd continues to reflect UAPL's exposure to intensecompetition in the automobile dealership industry, lowprofitability margins, and moderate financial risk profile, markedby a modest net worth and a highly geared capital structure. Theserating weaknesses are partially offset by the extensive experienceof the company's promoters in the automobile dealership industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable (Reaffirmed)Outlook: StableCRISIL believes that UAPL will continue to benefit over the mediumterm from its promoters' extensive industry experience. Theoutlook may be revised to 'Positive' if the company's cashgeneration from the business increases significantly while itmaintains its working capital cycle, resulting in a substantialimprovement in its capital structure. Conversely, the outlook maybe revised to 'Negative' in case of a decline in UAPL's revenue orfurther deterioration in its capital structure, leading toweakening of its financial risk profile.UAPL, established in 2006 by the Nashik-based Choudhary family, isan authorised dealer of Hyundai Motor India Ltd (rated 'CRISILA1+'). The company also deals in spare parts and car accessories,and provides car-servicing facilities.UAPL reported a profit after tax (PAT) of INR2 million on netsales of INR744 million for 2013-14 (refers to financial year,April 1 to March 31), as against a PAT of INR2 million on netsales of INR663 million for 2012-13.VAIDYANATH SAHAKARI: CRISIL Reaffirms D Rating on INR819.6MM Loan-----------------------------------------------------------------CRISIL's ratings on the bank facilities of Vaidyanath SahakariSakhar Karkhana Ltd continue to reflect instances of delay byVSSKL in servicing its term debt. The delays have been caused bythe society's weak liquidity, driven by large incremental workingcapital requirements, mainly due to increased inventory levels,and sizeable capital expenditure (capex) over the past few years. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 17.3 CRISIL D (Reaffirmed) Cash Credit 819.6 CRISIL D (Reaffirmed) Short Term Loan 283.7 CRISIL D (Reaffirmed) Term Loan 336 CRISIL D (Reaffirmed)VSSKL also has a below-average financial risk profile, marked byhigh gearing and weak debt protection metrics, and is exposed torisks relating to changes in regulations in the sugar industry.However, the society has a healthy operating efficiency, reflectedin high operating margins achieved by the company,UpdateFor 2013-14 (refers to financial year, April 1 to March 31), VSSKLregistered revenue of around INR2.0 billion, a year-on-yeardecline of 17 per cent on account of lower sugar prices and adecline in recovery rates. The society has started operations of anew distillery and co-generation facilities from 2013-14, whichled to an improvement in its operating surplus margin to around16.4 per cent in the year. The revenue growth is expected toincrease while its profitability is expected to remain stable overthe medium term with the expected increase in utilisation of thedistillery and co-generation plant.VSSKL continues to have large working capital requirements asreflected in its high gross current assets of 432 days as on March31, 2014, mainly on account of large inventory. Its workingcapital requirements are funded mainly through bank debt,impacting its financial risk profile. The society had a highgearing of around 5.5 times as on March 31, 2014, and below-average debt protection metrics with interest coverage and netcash accruals to total debt ratios of 1.5 times and 0.04 times,respectively, for 2013-14. Its liquidity is stretched, marked bylarge repayment obligations and high utilisation on its workingcapital limits. It had a weak current ratio of less than 1.0 timeas on March 31, 2014.VSSKL reported a net surplus of INR30.1 million on net sales ofINR2.0 billion for 2013-14, as against a net surplus of INR51.9million on net sales of INR2.4 billion for 2012-13.VSSKL, set up as a co-operative society in 1996, undertakescrushing of sugarcane. It functions as a non-profit organisationand distributes most of its surplus to the members (sugarcanefarmers) after meeting its maturing debt obligations. Thesociety's plant is at Beed (Maharashtra). VSSKL also has adistillery and co-generation facilities.VINAYKUMAR & CO: CARE Assigns B+/A4 Rating to INR11cr Bank Loan---------------------------------------------------------------CARE assigns 'CARE B+' and 'CARE A4' ratings to the bankfacilities of Vinaykumar & Co. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term/ Short term 11 CARE B+/CARE A4 Assigned Bank FacilitiesRating RationaleThe ratings assigned to the bank facilities of Vinaykumar & Co.are primarily constrained due to its modest scale of operations,constitution as a proprietorship firm, low profit margins, highlyleveraged capital structure and weak debt coverage indicators. Theratings are further constrained due to VKC's presence in thehighly competitive agro processing industry and susceptibility ofprofitability to raw material price fluctuation.The aforementioned constraints far outweigh the benefits derivedfrom the rich experience of the promoters and long track record ofVKC in sesame seeds processing coupled with geographicaldiversification.Increase in the scale of operations through leveraging theexisting marketing network, improvement in profit margins andcapital structure while managing raw material price volatility arethe key rating sensitivities.VKC was incorporated in 1992 as a proprietorship concern by MrPrahladbhai Patel. It is engaged in processing and trading ofvarious types of sesame seeds at its processing facility locatedat Unjha, Gujarat wherein it has sorting plant for grading of agrocommodities. It also undertakes trading of other agro commoditieslike Jeera seeds, Kalonji Seeds etc. VKC caters to both export aswell as domestic markets.It is a part of Unjha-based Vinay Kumar group which also includesanother proprietorship entity namely Dhairya International (DHI;rated CARE B+/CARE A4) which was set-up by MrVinay Kumar Patel(Son of Mr Prahladbhai Patel). Both these entities are engaged inprocessing and trading of sesame seeds.As per the provisional result for FY14 (refers to the periodApril 1 to March 31), VKC reported a total operating income(TOI) of INR121.15 crore (FY13 Audited: INR34.41 crore) with PATof INR0.39 crore (FY13 Audited: INR0.35 crore).YOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR5cr Bank Loan--------------------------------------------------------------CARE reaffirms the rating assigned to the bank facilities ofYogeshwar Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5 CARE B+ Re-affirmedRating RationaleThe rating continues to remain constrained on account of the weakfinancial risk profile of Yogeshwar Cotton Industries (YCI) markedby a decline in the total operating income and cash accrualsduring FY14 (refers to the period April 1 to March 31), thinprofit margin, moderately leveraged capital structure and weakdebt coverage indicators and stressed liquidity position. Therating further continues to be constrained by its presence in thelowest segment of textile value chain with limited value additionin the cotton ginning business and seasonality associated with theprocurement of raw material resulting into working-capitalintensive nature of operations.The rating, however, continues to draw strength from the wideexperience of the partners in the cotton industry andlocation advantage in terms of proximity to the cotton seedgrowing regions in Gujarat.The ability of YCI to increase its scale of operations, improvingits profit margins, capital structure and better workingcapital management in light of the competitive nature of theindustry remain the key rating sensitivities.Vijapur (Gujarat) based Yogeswar Cotton Industries (YCI) is apartnership firm formed in April 2006. YCI currently has 11partners with an unequal profit and loss sharing agreement amongthem. The firm is engaged in cotton ginning, pressing& oil extraction activity with an installed capacity of 6,000Metric Tonnes Per Annum (MTPA) for cotton bales and 12,775MTPA of cotton seeds as on March 31, 2014 at its solemanufacturing facility located at Vijapur in Mehsana district(Gujarat).During FY14, YCI reported a TOI of INR34.78 crore and PAT ofINR0.14 crore as against TOI of INR44.82 crore and profit ofINR0.12 crore during FY13. Furthermore during H1FY15, YCI hasreported a TOI of INR14.92 crore.====================N E W Z E A L A N D====================PYNE GOULD: Sells Entire Shares in EPIC for NZD25.4 Million------------------------------------------------------------Pyne Gould Corporation Limited announced on Oct. 22, 2014, it hassold its entire 41.89 million shares in Equity PartnersInfrastructure Company No.1 Limited for GBP0.30 per share orGBP12.6 million. This is approximately equivalent to 60 cents ashare or NZD25.4 million.The price of 60 cents is ahead of PGC's carrying value and thegain on sale will be reflected in the results to June 30 2014.PGC Managing Director George Kerr said that following the recenttakeover of EPIC by United Kingdom interests, PGC no longer hasthe opportunity to control EPIC and, therefore, made a pragmaticdecision to would sell its stake to those interests associatedwith EPIC Investor LLP.PGC has also agreed a settlement deed with EPIC to create a cleanbreak between the companies and put to an end the litigationbetween the two firms. The key terms of the Deed are that PGC hasbeen repaid the GBP525,000 advance previously made to EPIC, andEPIC has waived its claim for NZD2.6m. In addition, PGC has paidNZD380,000 to EPIC, which is the amount PGC had previously accruedfor legal costs in litigation. These terms are consistent withprovisions made in PGC's preliminary annual accounts.PGC plans to update the market regarding its audited annualresults by the end of this week.As reported in the Troubled Company Reporter-Asia Pacific onOct. 10, 2014, Stuff.co.nz said the stock exchange hassuspended trading in the shares of investment company Pyne GouldCorporation (PGC) after the company failed to file its annualreport. The company's audited accounts for the year to June 30were required to be filed by September 30 under NZX listing rules,the report said.Pyne Gould Corporation Limited, together with its subsidiaries,provides financial, trustee, and asset management servicesprimarily in New Zealand.===========T A I W A N===========TAIWAN HIGH: Plans to Restructure Finances, Cut Debts-----------------------------------------------------The China Post reports that Taiwan High Speed Rail Corp. plans torestructure its finances and reduce its debt burden built up fromyears of losses, the company said on Oct. 21.Under the financial restructuring plan, THSRC will first undertakea capital reduction of NT$39 billion by retiring60 percent of its NT$65.13 billion in common shares outstanding,and then raise NT$30 billion in new capital, the report relates.At the end of 2013, THSRC had accumulated losses of NT$52.2billion (US$1.72 billion) even though the company has reportedannual profits since 2011, according to The China Post.The report notes that restructuring the company's finances was acondition set by the Ministry of Transportation and Communicationsfor an extension of THSRC's concession period to 40 years from thecurrent 35 years.The current concession period will end in 2033, the report says.According to the financial restructuring plan, after the capitalreduction, THSRC will reserve NT$6 billion of the plannedNT$30 billion capital increase for subscription by existingshareholders and NT$1 billion for subscription by employees, thereport says.The China Post adds that the company will reserve an additionalNT$13 billion to holders of the company's preferred stock.If the NT$20 billion in new shares are not fully subscribed to bythe designated buyers, the high speed rail operator will considerthe possibility of selling the shares to life insurance companies,The China Post reports. About THSRCTaiwan High Speed Rail Corporation is principally engaged in theconstruction, development and operation of the high-speed railwaysystem in Taiwan. The Company is also involved in other high-speed railway transportation-related businesses and thedevelopment and usage of train station sites. The Company's high-speed railway transportation-related businesses include shoppingmalls, special stores located in travel agencies, car leasing andparking lots, among others. The Company developed train stationsites for hotel, restaurant, entertainment, department store,financial service, tourism service, communication service andother uses.===============X X X X X X X X===============* Large Companies with Insolvent Balance Sheets----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------AUSTRALIA360 CAPITAL OFFI TOF 88.94 -33.19AAT CORP LTD AAT 32.50 -13.46AAT CORP LTD AAT 32.50 -13.46ATLANTIC LTD ATI 64.03 -517.87AUSTRALIAN ZI-PP AZCCA 14.89 -65.04AUSTRALIAN ZIRC AZC 14.89 -65.04BESRA GOLD -CDI BEZ 67.38 -22.27BIRON APPAREL LT BIC 19.71 -2.22BLUESTONE GLOBAL BUE 46.32 -2.40CLARITY OSS LTD CYO 13.99 -15.57KASBAH RESOURCES KAS 18.24 -0.85KASBAH RESOUR-NS KASN 18.24 -0.85LEGEND MINING LEG 20.24 -0.66MACQUARIE ATLAS MQA 1,643.30 -1,018.14MIRABELA NICKEL MBN 158.54 -375.82NATURAL FUEL LTD NFL 19.38 -121.51QUICKFLIX LTD QFX 12.12 -4.38QUICKFLIX LTD-N QFXN 12.12 -4.38RIVERCITY MOTORW RCY 386.88 -809.13SAVCOR GRP LTD SAV 25.90 -10.32STERLING PLANTAT SBI 55.20 -11.32STONE RESOURCES SHK 21.01 -5.58STRAITS RESOURCE SRQ 185.04 -65.47TZ LTD TZL 12.45 -10.10VDM GROUP LTD VMG 17.70 -2.10CHINAANHUI GUOTONG-A 600444 75.69 -6.25BAIOO 2100 88.34 -3.21CHANG JIANG-A 520 85.63 -803.28HUNAN TIANYI-A 908 56.58 -1.61JIANGXI CHANG-A 600228 110.07 -9.15LUOYANG GLASS-A 600876 203.45 -2.05LUOYANG GLASS-H 1108 203.45 -2.05NANNING CHEMIC-A 600301 344.15 -9.59SHAANXI QINLIN-A 600217 349.25 -14.52SHANG BROAD-A 600608 35.87 -0.22SHANGHAI CHAOR-A 2506 577.79 -465.36TIANGE 1980 139.51 -13.82WUHAN BOILER-B 200770 203.68 -218.32HONG KONGBEIJINGWEST INDU 2339 28.39 -57.06BIRMINGHAM INTER 2309 59.86 -21.91C FOOD&BEV GP 8272 50.10 -4.36CHINA E-LEARNING 8055 13.33 -4.07CHINA HEALTHCARE 673 27.19 -12.96CHINA OCEAN SHIP 651 315.16 -76.51CNC HOLDINGS 8356 42.92 -52.59CROWN INTERNATIO 727 64.61 -5.12EFORCE HLDGS LTD 943 55.72 -17.55GR PROPERTIES LT 108 17.83 -52.36GRANDE HLDG 186 205.00 -295.25HARMONIC STR 33 32.93 -2.03MASCOTTE HLDGS 136 18.90 -12.88MEGA EXPO HOLDIN 1360 17.00 -0.53PALADIN LTD 495 148.01 -14.35PROVIEW INTL HLD 334 314.87 -294.85SINO DISTILLERY 39 72.30 -7.54SINO RESOURCES G 223 30.65 -17.93SURFACE MOUNT SMT 41.44 -9.21TITAN PETROCHEMI 1192 422.49 -1,073.54INDONESIAAPAC CITRA CENT MYTX 172.86 -12.52ARPENI PRATAMA APOL 182.55 -333.91ASIA PACIFIC POLY 330.86 -853.09BAKRIE & BROTHER BNBR 956.98 -156.77BAKRIE TELECOM BTEL 748.76 -111.71BERLIAN LAJU TAN BLTA 1,074.01 -1,177.97BERLIAN LAJU TAN BLTA 1,074.01 -1,177.97BUMI RESOURCES BUMI 6,764.90 -242.51ICTSI JASA PRIMA KARW 54.93 -6.88JAKARTA KYOEI ST JKSW 23.75 -35.86MATAHARI DEPT LPPF 282.58 -74.21ONIX CAPITAL TBK OCAP 11.39 -1.66PRIMARINDO ASIA BIMA 11.89 -16.86RENUKA COALINDO SQMI 17.04 -0.33SUMALINDO LESTAR SULI 77.74 -33.80UNITEX TBK UNTX 18.83 -18.53INDIAABHISHEK CORPORA ABSC 53.66 -25.51AGRO DUTCH INDUS ADF 85.09 -22.81ALPS INDUS LTD ALPI 201.29 -41.70AMIT SPINNING AMSP 12.85 -7.68ARTSON ENGR ART 11.64 -10.64ASHAPURA MINECHE ASMN 162.39 -16.64ASHIMA LTD ASHM 63.23 -48.94ATV PROJECTS ATV 48.47 -43.93BELLARY STEELS BSAL 451.68 -108.50BENZO PETRO INTL BPI 26.77 -1.05BHAGHEERATHA ENG BGEL 22.65 -28.20BINANI INDUS LTD BZL 1,163.38 -38.79BLUE BIRD INDIA BIRD 122.02 -59.13CELEBRITY FASHIO CFLI 24.96 -8.26CHESLIND TEXTILE CTX 20.51 -0.03CLASSIC DIAMONDS CLD 66.26 -6.84COMPUTERSKILL CPS 14.90 -7.56DCM FINANCIAL SE DCMFS 18.46 -9.46DFL INFRASTRUCTU DLFI 42.74 -6.49DIGJAM LTD DGJM 99.41 -22.59DISH TV INDIA DITV 462.53 -52.19DISH TV INDI-SLB DITV/S 462.53 -52.19DUNCANS INDUS DAI 122.76 -227.05ENSO SECUTRACK ENSO 15.57 -0.46EURO CERAMICS EUCL 110.62 -6.83EURO MULTIVISION EURO 36.94 -9.95FERT & CHEM TRAV FCT 314.24 -76.26GANESH BENZOPLST GBP 44.05 -15.48GANGOTRI TEXTILE GNTX 54.67 -14.22GOKAK TEXTILES L GTEX 46.36 -0.29GOLDEN TOBACCO GTO 97.40 -18.24GSL INDIA LTD GSL 29.86 -42.42GSL NOVA PETROCH GSLN 16.53 -1.31GUJARAT STATE FI GSF 15.26 -304.68GUPTA SYNTHETICS GUSYN 44.18 -6.34HARYANA STEEL HYSA 10.83 -5.91HEALTHFORE TECHN HTEC 14.74 -46.64HINDUSTAN ORGAN HOC 57.24 -51.76HINDUSTAN PHOTO HPHT 49.58 -1,832.65HIRAN ORGOCHEM HO 14.56 -4.59HMT LTD HMT 106.62 -454.42ICDS ICDS 13.30 -6.17INDAGE RESTAURAN IRL 15.11 -2.35INDOSOLAR LTD ISLR 193.78 -6.91INTEGRAT FINANCE IFC 49.83 -51.32JCT ELECTRONICS JCTE 80.08 -76.70JENSON & NIC LTD JN 16.49 -71.70JET AIRWAYS IND JETIN 2,856.84 -697.07JET AIRWAYS -SLB JETIN/S 2,856.84 -697.07JOG ENGINEERING VMJ 45.90 -5.28KALYANPUR CEMENT KCEM 23.39 -42.66KERALA AYURVEDA KERL 13.97 -1.69KIDUJA INDIA KDJ 11.16 -3.43KINGFISHER AIR KAIR 515.93 -2,371.26KINGFISHER A-SLB KAIR/S 515.93 -2,371.26KITPLY INDS LTD KIT 14.77 -58.78KLG SYSTEL LTD KLGS 40.64 -27.37KM SUGAR MILLS KMSM 19.14 -0.47KSL AND INDUSTRI KSLRI 269.42 -14.19LML LTD LML 43.95 -78.18MADHUCON PROJECT MDHPJ 1,226.74 -21.90MADRAS FERTILIZE MDF 289.78 -34.43MAHA RASHTRA APE MHAC 14.49 -12.96MALWA COTTON MCSM 44.14 -24.79MAWANA SUGAR MWNS 142.07 -32.88MILTON PLASTICS MILT 17.67 -51.22MODERN DAIRIES MRD 38.61 -3.81MOSER BAER INDIA MBI 727.13 -165.63MOSER BAER -SLB MBI/S 727.13 -165.63MTZ POLYFILMS LT TBE 31.94 -2.57MURLI INDUSTRIES MRLI 262.39 -38.30MYSORE PAPER MSPM 87.99 -8.12NATL STAND INDI NTSD 22.09 -0.73NAVCOM INDUS LTD NOP 10.19 -3.53NICCO CORP LTD NICC 71.84 -4.91NICCO UCO ALLIAN NICU 23.25 -83.90NK INDUS LTD NKI 141.35 -7.71NRC LTD NTRY 63.70 -53.01NUCHEM LTD NUC 24.72 -1.60PANCHMAHAL STEEL PMS 51.02 -0.33PARAMOUNT COMM PRMC 124.96 -0.52PARASRAMPUR SYN PPS 99.06 -307.14PAREKH PLATINUM PKPL 61.08 -88.85PIONEER DISTILLE PND 53.74 -5.62PREMIER INDS LTD PRMI 11.61 -6.09PRIYADARSHINI SP PYSM 20.80 -2.28QUADRANT TELEVEN QDTV 127.72 -153.54QUINTEGRA SOLUTI QSL 16.76 -17.45RAMSARUP INDUSTR RAMI 433.89 -89.28RATHI ISPAT LTD RTIS 44.56 -3.93RELIANCE MED-SLB RMW/S 276.99 -88.49RENOWNED AUTO PR RAP 14.12 -1.25RMG ALLOY STEEL RMG 66.61 -12.99ROYAL CUSHION RCVP 14.70 -75.18SAAG RR INFRA LT SAAG 12.54 -4.93SADHANA NITRO SNC 16.74 -0.58SANATHNAGAR ENTE SNEL 49.23 -6.78SANCIA GLOBAL IN SGIL 53.12 -30.47SBEC SUGAR LTD SBECS 92.44 -5.61SERVALAK PAP LTD SLPL 61.57 -7.63SHAH ALLOYS LTD SA 168.13 -81.60SHALIMAR WIRES SWRI 21.39 -24.28SHAMKEN COTSYN SHC 23.13 -6.17SHAMKEN MULTIFAB SHM 60.55 -13.26SHAMKEN SPINNERS SSP 42.18 -16.76SHREE GANESH FOR SGFO 44.50 -2.89SHREE KRISHNA SHKP 14.62 -0.92SHREE RAMA MULTI SRMT 38.90 -4.49SHREE RENUKA SUG SHRS 2,162.34 -82.52SHREE RENUKA-SLB SHRS/S 2,162.34 -82.52SIDDHARTHA TUBES SDT 44.95 -15.37SIMBHAOLI SUGAR SBSM 268.76 -54.47SPICEJET LTD SJET 489.96 -170.22SQL STAR INTL SQL 10.58 -3.28STATE TRADING CO STC 556.35 -392.74STELCO STRIPS STLS 14.90 -5.27STI INDIA LTD STIB 21.69 -2.13STL GLOBAL LTD SHGL 30.73 -5.62STORE ONE RETAIL SORI 15.48 -59.09SUPER FORGINGS SFS 14.62 -7.00SURYA PHARMA SUPH 370.28 -9.97SUZLON ENERG-SLB SUEL/S 5,061.62 -53.02SUZLON ENERGY SUEL 5,061.62 -53.02TAMILNADU JAI TNJB 17.07 -1.00TATA METALIKS TML 122.76 -3.30TATA TELESERVICE TTLS 1,311.30 -138.25TATA TELE-SLB TTLS/S 1,311.30 -138.25TODAYS WRITING TWPL 18.58 -25.67TRIUMPH INTL OXIF 58.46 -14.18TRIVENI GLASS TRSG 19.71 -10.45TUTICORIN ALKALI TACF 19.86 -19.58UDAIPUR CEMENT W UCW 11.38 -10.53UNIFLEX CABLES UFCZ 47.46 -7.49UNIWORTH LTD WW 149.50 -151.14UNIWORTH TEXTILE FBW 22.54 -35.03USHA INDIA LTD USHA 12.06 -54.51VANASTHALI TEXT VTI 14.59 -5.80VENUS SUGAR LTD VS 11.06 -1.08WANBURY LTD WANB 141.86 -3.91WEBSOL ENERGY SY WESL 105.10 -23.79JAPANGOYO FOODS INDUS 2230 11.93 -1.86LCA HOLDINGS COR 4798 19.37 -7.17OPTROM INC 7824 17.71 -2.66PIXELA CORP 6731 15.08 -1.63KOREAHYUNDAI CEMENT 6390 454.92 -262.92SHINIL ENG CO 14350 199.04 -2.53STX CORPORATION 11810 1,275.13 -484.08STX ENGINE CO LT 77970 1,170.67 -62.72TEC & CO 8900 139.98 -16.61TONGYANG INC 1520 1,068.15 -452.52TONGYANG INC-2PF 1527 1,068.15 -452.52TONGYANG INC-3RD 1529 1,068.15 -452.52TONGYANG INC-PFD 1525 1,068.15 -452.52VERITAS INVESTME 19660 16.04 -0.09MALAYSIADING HE MINING 705 75.97 -26.38HAISAN RESOURCES HRB 39.97 -11.83HIGH-5 CONGLOMER HIGH 34.30 -46.85ML GLOBAL BHD MLG 17.74 -3.63PERWAJA HOLDINGS PERH 632.62 -7.46PETROL ONE RESOU PORB 51.39 -4.00PHILIPPINESCYBER BAY CORP CYBR 13.72 -23.36DFNN INC DFNN 13.15 -2.31FILSYN CORP A FYN 23.11 -11.69FILSYN CORP. B FYNB 23.11 -11.69GOTESCO LAND-A GO 21.76 -19.21GOTESCO LAND-B GOB 21.76 -19.21LIBERTY TELECOMS LIB 91.11 -40.80METRO GLOBAL HOL FC 40.90 -15.77PICOP RESOURCES PCP 105.66 -23.33STENIEL MFG STN 21.07 -11.96UNIWIDE HOLDINGS UW 50.36 -57.19SINGAPOREADVANCE SCT LTD ASCT 19.68 -22.46CHINA GREAT LAND CGL 16.52 -19.01HL GLOBAL ENTERP HLGE 83.11 -4.63OCEANUS GROUP LT OCNUS 85.03 -5.53QT VASCULAR LTD QTVC 10.21 -25.76SCIGEN LTD-CUFS SIE 46.71 -55.42SINGAPORE EDEVEL SGE 20.68 -9.36TERRATECH GROUP TEGP 13.55 -5.24TT INTERNATIONAL TTI 399.33 -11.36UNITED FIBER SYS UFS 51.61 -76.05THAILANDABICO HLDGS-F ABICO/F 15.28 -4.40ABICO HOLDINGS ABICO 15.28 -4.40ABICO HOLD-NVDR ABICO-R 15.28 -4.40ASCON CONSTR-NVD ASCON-R 59.78 -3.37ASCON CONSTRUCT ASCON 59.78 -3.37ASCON CONSTRU-FO ASCON/F 59.78 -3.37BANGKOK RUBBER BRC 77.91 -114.37BANGKOK RUBBER-F BRC/F 77.91 -114.37BANGKOK RUB-NVDR BRC-R 77.91 -114.37BIG CAMERA COP-F BIG/F 19.86 -13.03BIG CAMERA CORP BIG 19.86 -13.03BIG CAMERA -NVDR BIG-R 19.86 -13.03CIRCUIT ELEC PCL CIRKIT 16.79 -96.30CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30ITV PCL-NVDR ITV-R 36.02 -121.94K-TECH CONSTRUCT KTECH 38.87 -46.47K-TECH CONSTRUCT KTECH/F 38.87 -46.47K-TECH CONTRU-R KTECH-R 38.87 -46.47KUANG PEI SAN POMPUI 17.70 -12.74KUANG PEI SAN-F POMPUI/F 17.70 -12.74KUANG PEI-NVDR POMPUI-R 17.70 -12.74PATKOL PCL PATKL 52.89 -30.64PATKOL PCL-FORGN PATKL/F 52.89 -30.64PATKOL PCL-NVDR PATKL-R 52.89 -30.64PICNIC CORP-NVDR PICNI-R 101.18 -175.61PICNIC CORPORATI PICNI 101.18 -175.61PICNIC CORPORATI PICNI/F 101.18 -175.61SHUN THAI RUBBER STHAI 19.89 -0.59SHUN THAI RUBB-F STHAI/F 19.89 -0.59SHUN THAI RUBB-N STHAI-R 19.89 -0.59TONGKAH HARBOU-F THL/F 62.30 -1.84TONGKAH HARBOUR THL 62.30 -1.84TONGKAH HAR-NVDR THL-R 62.30 -1.84TRANG SEAFOOD TRS 15.18 -6.61TRANG SEAFOOD-F TRS/F 15.18 -6.61TRANG SFD-NVDR TRS-R 15.18 -6.61TT&T PCL TTNT 589.80 -223.22TT&T PCL-NVDR TTNT-R 589.80 -223.22TT&T PUBLIC CO-F TTNT/F 589.80 -223.22WORLD CORP -NVDR WORLD-R 15.72 -10.10WORLD CORP PCL WORLD 15.72 -10.10WORLD CORP PLC-F WORLD/F 15.72 -10.10TAIWANBEHAVIOR TECH CO 2341S 34.54 -2.57BEHAVIOR TECH-EC 2341O 34.54 -2.57HELIX TECH-EC 2479T 23.39 -24.12HELIX TECH-EC IS 2479U 23.39 -24.12HELIX TECHNOL-EC 2479S 23.39 -24.12POWERCHIP SEM-EC 5346S 1,761.34 -296.10TAIWAN KOL-E CRT 1606U 507.21 -147.14TAIWAN KOLIN-EN 1606V 507.21 -147.14TAIWAN KOLIN-ENT 1606W 507.21 -147.14 *********Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements email@example.com's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore 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 NTroubled Company Reporter-Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills,Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, RouselElaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,Editors.Copyright 2014. All rights reserved. ISSN: 1520-9482.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto 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 samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactPeter Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***