/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240227.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, February 27, 2024, Vol. 27, No. 42 Headlines A U S T R A L I A BLUE PIE: Spared From Going Into Liquidation BLUESKY GREENSLOPES: First Creditors' Meeting Set for March 4 EDAPT EDUCATION: First Creditors' Meeting Set for March 4 K-TIG LIMITED: First Creditors' Meeting Set for March 5 REGISTRATION HOLDINGS: First Creditors' Meeting Set for March 1 SKYFIELD HOMES: First Creditors' Meeting Set for Feb. 29 TRITON BOND 2022-1: S&P Raises Class F Notes Rating to BB- (sf) C H I N A CENTRAL CHINA REAL: Moody's Withdraws 'Ca' Corporate Family Rating CHINA GREAT: Moody's Withdraws (P)Ba1 Sr. Unsec. MTN Program Rating CHINA SCE: Moody's Withdraws 'Ca' Corporate Family Rating CHINA SOUTH: Creditors Plan to Sue State-Owned Shareholder for Dues CIFI HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating HUMAN HORIZONS: Troubled Chinese EV Startup Halts Some Services JIANGSU ZHONGNAN: Moody's Withdraws 'Ca' Corporate Family Rating LOGAN GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating POWERLONG REAL: Moody's Withdraws 'Caa2' Corporate Family Rating REDSUN PROPERTIES: Moody's Withdraws 'Ca' Corporate Family Rating RONSHINE CHINA: Moody's Withdraws 'Ca' Corporate Family Rating TIMES CHINA: Moody's Withdraws 'Ca' Corporate Family Rating ZHENRO PROPERTIES: Moody's Withdraws 'Ca' Corporate Family Rating [*] CHINA: Property Foreclosures Surge as Growth Slows I N D I A AL-NASIR EXPORTS: ICRA Lowers Rating on INR20cr LT/ST Loans to D BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating BRUHAT BENGALURU: ICRA Lowers Rating on INR1,257cr Loan to B+ CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating CLASSIC COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating CONSTRUCTIONS & LEISURE: CARE Keeps C Rating in Not Cooperating DEV AUTOMATES: CARE Lowers Rating on INR6.50cr LT Loan to C EDWEENA REAL: Insolvency Resolution Process Case Summary ELEGANT INFRACON: Insolvency Resolution Process Case Summary ESHAN YARNS: CARE Lowers Rating on INR12.00cr LT Loan to D FOUR CARE: Insolvency Resolution Process Case Summary GANGADHAR JENA: CARE Keeps D Debt Ratings in Not Cooperating GO FIRST: Lenders May Ask Bidders for Better Offers GREEN VALLEY: Insolvency Resolution Process Case Summary GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating INDUSTRIAL METALS: Ind-Ra Keeps B+ Rating in NonCooperating ISWARYA TEXTILE: Ind-Ra Keeps BB- Rating in NonCooperating JAI GANESH: Ind-Ra Keeps BB Rating in NonCooperating JAIN SARVODAYA: Ind-Ra Keeps D Rating in NonCooperating JALANDHAR AMRITSAR: Ind-Ra Keeps D Rating in NonCooperating JTL INFRA: Ind-Ra Moves BB Bank Loan Rating to Non-Cooperating K7 COMPUTING: Ind-Ra Cuts Loan Rating to BB, Outlook Stable KAIRALI STEELS: Ind-Ra Moves BB+ Rating to Non-Cooperating KALKA HOME: Insolvency Resolution Process Case Summary KOHINOOR SPECIALITY: ICRA Lowers Rating on INR225cr LT Loan to B+ LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating LEBEN LIFE: Ind-Ra Keeps BB- Rating in NonCooperating LUXON MOTORS: Ind-Ra Corrects February 5, 2024 Rating Release LUXON MOTORS: Ind-Ra Places B+ Rating on Negative Implications M.G. FINVEST: Insolvency Resolution Process Case Summary M/S ANKIT: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable MAHANTH MOTORS: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating NIMBUS MOTORS: CARE Keeps C Debt Rating in Not Cooperating NIRVANA FASHION: Ind-Ra Keeps BB- Rating in NonCooperating OJAS INTERIO: Ind-Ra Assigns NCDs BB+ Debt Rating, Outlook Stable OM GRAM: Ind-Ra Keeps D Rating in NonCooperating ONEUP MOTORS: Ind-Ra Cuts Bank Loan Rating to D PANSURIYA IMPEX: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable R.J. AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating RAJ ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating RAJ REGENCY: CARE Keeps D Debt Rating in Not Cooperating Category SPECTRA AUTO: ICRA Keeps B+ Debt Ratings in Not Cooperating SUN PSYLLIUM: ICRA Keeps B+ Debt Rating in Not Cooperating TRANSMISSION CORP: ICRA Withdraws D Rating on INR589.70cr Bond UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category VERMA TRACTORS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating [*] INDIA: Insolvency Cases Rise 18% in Q3 Ended December 2023 J A P A N SUMITOMO MITSUI: S&P Assigns 'BB+' Rating to New Sub AT1 Notes L A O S LAOS: Moody's Affirms 'Caa3' Issuer Ratings, Outlook Stable M A L A Y S I A SINO GREEN: Losses Raise Going Concern Doubt N E W Z E A L A N D ACCLAIM ACCOUNTING: Court to Hear Wind-Up Petition on March 15 BUILDHUB LIMITED: Creditors' Proofs of Debt Due on March 18 HELI MAINTENANCE: Creditors' Proofs of Debt Due on March 20 HOME&WE! LIMITED: Court to Hear Wind-Up Petition on March 14 KOUDA CONSTRUCTION: Court to Hear Wind-Up Petition on April 19 P H I L I P P I N E S ABS-CBN: PLDT Called off SkyCable deal Over Massive Debt S I N G A P O R E AMPHORA SOFTWARE: Creditors' Meeting Set for March 7 BEYOND BOUNDARIES: Commences Wind-Up Proceedings DASIN RETAIL: Taps Wang Peng as Acting CEO of Trustee-Manager KTBS BUSINESS: Court to Hear Wind-Up Petition on March 8 PAUL IMMIGRATIONS: Court to Hear Wind-Up Petition on March 1 ZHONGSEN TRADING: Court to Hear Wind-Up Petition on March 15 X X X X X X X X [*] BOND PRICING: For the Week Feb. 19, 2024 to Feb. 23, 2024 - - - - - ================= A U S T R A L I A ================= BLUE PIE: Spared From Going Into Liquidation -------------------------------------------- News.com.au reports that an Australian music company led by a director with a criminal conviction has been spared from going into liquidation, for now. News.com.au previously reported that NSW-based music company, Blue Pie Records, with offices in Australia and the US, had landed itself in hot water over claims from musicians that the record label had used their music without their knowledge or permission. Blue Pie Records denied this, saying in some cases mistakes had been made while in others they still had the rights to the music. A subsidiary of the business, called Blue Zebra Digital and which traded under the names Blue Pie Records, Blue Pie Productions, Planet Blue Pictures and Ordior, appeared in the Federal Court on Feb. 23 over an unpaid tax debt of more than AUD200,000, according to news.com.au. The company's sole director, Damien Reilly, has previously told news.com.au he plans to pay back the Australian Taxation Office in full and is negotiating a payment plan, while also hiring lawyers to fight the case. News.com.au relates that Mr. Reilly said that no staff had been impacted by the company's debt and that all superannuation is up to date. "Importantly, the ATO is the sole creditor, as all other creditors have been paid out in full," he said. The Federal Court adjourned the Blue Zebra Digital winding up application matter for a second time until April 12. But the government has been left with egg on its face, as it's emerged that Blue Pie Records has been the recipient of a number of taxpayer funded grants despite its current tax deficit, news.com.au says. Now, a government department responsible for handing over a hefty amount of grant money has indicated it is a creditor in the winding up proceeding. On Feb. 23, a representative of Regional NSW appeared in Blue Zebra Digital's court case and indicated they were a creditor in the matter. News.com.au relates that the solicitor, who was representing the crown in the right of the state of NSW, acting through Regional NSW, said they had been trying to obtain court documents about Blue Zebra Digital but were having trouble doing so. Registrar Tim Luxton ordered that they be given access to these documents. News.com.au previously revealed that Blue Zebra Digital had received AUD300,000 from Regional NSW in 2021 under a round of the Regional Job Creation Fund. Ironically, that's more than the sum total of its current tax debt. A more recent revelation into the decision making process behind giving Blue Zebra Digital the grant adds to the embarrassment for the government. News.com.au understands that lawyers representing the Bon Scott estate raised concerns about the grant to Regional NSW, after Blue Pie Records claimed they had the rights to all Bon Scott's music. But just months later, Blue Pie was awarded the grant, even though Regional NSW was made aware of the allegations. On the Blue Pie Records website, the company claimed in 2021 "Bon Scott is an exclusive Head Office Records & Blue Pie Records USA artist. Bon Scott is published by Blue Pie Publishing USA and Blue Pie Records". But the company that manages the Bon Scott estate, Sonic Rights Management, wholeheartedly rejected this claim. "Blue Pie has never had any relationship, association or affiliation with either Bon Scott personally or his Estate," Sonic Rights said in a statement to news.com.au. Blue Pie Records said the exclusive rights claim was a mistake as the Blue Pie website was going through an update and it has since been corrected. In March 2021, Sonic Rights learned Blue Pie was applying for a grant and alerted Regional NSW to the fact the company was claiming to represent Bon Scott when this was not true. Regional NSW confirmed to news.com.au they decided to provide Blue Pie Records with AUD300,000 in taxpayer money in December that year, months after the complaint was made. Blue Pie Records is currently being considered for the Export Market Development Grants Program funding from the Australian Trade and Investment Commission (Austrade), news.com.au notes. Mr Reilly said they had already "successfully secured" this grant. "We appreciate the support provided by government initiatives, which enables us to further contribute to the growth and success of our export endeavours and creating jobs for Australians in the media and arts sector," he said. BLUESKY GREENSLOPES: First Creditors' Meeting Set for March 4 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Bluesky Greenslopes Pty Ltd, Rybash Pty Ltd, and Fingy No. 2 Pty Ltd will be held on March 4, 2024 at 1:00 p.m. and 2:00 p.pm. respectively, at the offices of Rodgers Reidy at Level 2A, 181 Elizabeth St in Brisbane. David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were appointed as administrators of the company on Feb. 21, 2024. EDAPT EDUCATION: First Creditors' Meeting Set for March 4 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Edapt Education Pty Ltd will be held on March 4, 2024 at 3:00 p.m. virtual by Zoom. Nathan Deppeler and Matthew Kucianski of Worrells were appointed as administrators of the company on Feb. 21, 2024. K-TIG LIMITED: First Creditors' Meeting Set for March 5 ------------------------------------------------------- A first meeting of the creditors in the proceedings of K-TIG Limited will be held on March 5, 2024 at 1:00 p.m. at the offices of KordaMentha at Level 44, 108 St Georges Terrace in Perth and via virtual meeting facilities. Richard Tucker and John Bumbak of KordaMentha were appointed as administrators of the company on Feb. 21, 2024. REGISTRATION HOLDINGS: First Creditors' Meeting Set for March 1 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Registration Holdings Nominees Pty Ltd will be held on March 1, 2024 at 10:30 a.m. via virtual meeting only. Ian Niccol and Andrew McEvoy of Aston Chace Group were appointed as administrators of the company on Feb. 20, 2024. SKYFIELD HOMES: First Creditors' Meeting Set for Feb. 29 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Skyfield Homes Pty Ltd will be held on Feb. 29, 2024 at 10:00 a.m. at RSL Southport - Social Room 3, 36 Scarborough Street in Southport. Michael Caspaney of Menzies Advisory was appointed as administrator of the company on Feb. 19, 2024. TRITON BOND 2022-1: S&P Raises Class F Notes Rating to BB- (sf) --------------------------------------------------------------- S&P Global Ratings raised its ratings on five classes of notes issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2022-1 Series 1. At the same time, S&P affirmed its ratings on four classes of notes. The transaction is a securitization of prime residential mortgages originated by Columbus Capital Pty Ltd. The rating actions reflect S&P's view of the credit risk of the pool, which has been amortizing in line with its expectations. Credit support provided in percentage terms has increased as the pool paid down. This credit support comprises note subordination for all rated notes as well as mortgage insurance covering about 8.31% of the loans in the portfolio. Current loan-to-value ratios across the pool have been declining, lowering our expectation of loss for the pool. As of Jan. 31, 2024, the pool has a balance of about A$914 million and a pool factor of about 61%. The pool's weighted-average loan-to-value ratio is 61.6% and weighted-average seasoning is 29.1 months. Since close, the pool's arrears performance has been favorable compared with the Standard & Poor's Performance Index (SPIN) for prime mortgage loans. As of Jan. 31, 2024, loans more than 30 days in arrears make up 0.03% of the pool. There have been no losses to date. The transaction is currently paying down on a sequential basis, which means that credit support provided in percentage terms will continue to build for all rated notes. However, S&P expects that the pro-rata paydown triggers will soon be met, after which there will be no further buildup of credit support in percentage terms for most notes. Additionally, under the pro-rata payment structure, any principal allocated to the class G notes will be first allocated to the class F notes until repaid in full, followed by the class E, class D, class C, class B, class AB, class A2, class A1-AU, then class A1-5Y notes. Therefore, the class F notes continue to benefit from an increase in the percentage of credit support provided as the pool amortizes under the pro rata structure. S&P's expectation is that the various mechanisms to support liquidity within the transactions, including an amortizing liquidity facility, principal draws, and a loss reserve that builds up from excess spread, are sufficient under its cash-flow stress assumptions to ensure timely payment of interest. A fixed- to floating-rate interest-rate swap is provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate notes. A constraining factor on our ratings on the class D, class E, and class F notes is the likely effect of higher interest rates and the cost-of-living pressures on the arrears of borrowers within the pool. These qualitative factors constrain the ratings beyond quantitative factors alone. Ratings Raised Triton Bond Trust 2022-1 Series 1 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A (sf) Class D: to A (sf) from BBB (sf) Class E: to BBB- (sf) from BB (sf) Class F: to BB- (sf) from B (sf) Ratings Affirmed Triton Bond Trust 2022-1 Series 1 Class A1-AU: AAA (sf) Class A1-5Y: AAA (sf) Class A2: AAA (sf) Class AB: AAA (sf) ========= C H I N A ========= CENTRAL CHINA REAL: Moody's Withdraws 'Ca' Corporate Family Rating ------------------------------------------------------------------ Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured rating of Central China Real Estate Limited (CCRE). Prior to the withdrawal, the outlook on CCRE was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Central China Real Estate Limited (CCRE) is a property developer based in China's Henan province. It was founded in 1992. The group is listed on the Hong Kong Stock Exchange (stock code: 832). CHINA GREAT: Moody's Withdraws (P)Ba1 Sr. Unsec. MTN Program Rating ------------------------------------------------------------------- Moody's Investors Service has withdrawn China Great Wall Asset Management Co., Ltd.'s (Great Wall AMC) Baa3/P-3 local currency and foreign currency long-term and short-term issuer ratings. Moody's has also withdrawn China Great Wall International Holdings III Limited's (P)Ba1/(P)NP long-term and short-term backed senior unsecured medium-term note (MTN) program ratings, as well as its Ba1 long-term backed senior unsecured debt rating. Prior to the withdrawal, Great Wall AMC's Baa3/P-3 issuer ratings and China Great Wall International Holdings III Limited's (P)Ba1 long-term senior unsecured MTN program rating and Ba1 long-term senior unsecured debt rating were under review for downgrade. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. Great Wall AMC, headquartered in Beijing, is a state-owned asset management company that helps financial institutions and corporates dispose distressed assets. The company reported consolidated assets of RMB647.2 billion as of September 30, 2022. CHINA SCE: Moody's Withdraws 'Ca' Corporate Family Rating --------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured ratings of China SCE Group Holdings Limited. Prior to the withdrawal, the outlook on China SCE was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE China SCE Group is a property developer with a countrywide presence in mass-market and high-end residential properties across China. It was founded in 1996 and is headquartered in Shanghai. The group is listed on the Hong Kong Stock Exchange (stock code: 1966). CHINA SOUTH: Creditors Plan to Sue State-Owned Shareholder for Dues ------------------------------------------------------------------- Reuters reports that a group of offshore creditors of China South City is set to file a lawsuit against the debt-laden developer's biggest state-owned shareholder for dues, four sources said, in what would be the first such case in the crisis-hit property sector. China South City earlier this month missed a principal payment of $11.25 million on a dollar bond due on Feb. 9, and is deemed by creditors to be in default on offshore debts worth $1.3 billion, two bondholder sources said, Reuters relates. The group of creditors, who have formed a so-called ad-hoc group, is preparing to file the lawsuit in a Hong Kong court against state-owned Shenzhen SEZ Construction and Development Group Co., which owns 29% of the company, the four sources, as cited by Reuters, said. The sources declined to be named due to the sensitivity of the matter, Reuters notes. Shenzhen SEZ, China South City and Kirkland & Ellis, the law firm representing the ad-hoc group of creditors, did not respond to Reuters' requests for comment. According to Reuters, the lawsuit will be filed using a keepwell provision, which the state-owned shareholder had provided to China South City's dollar bonds, said the sources, who have knowledge of the matter. If filed, it would be the first lawsuit against a state-backed developer in the property sector for recovery of payments owed to creditors under the keepwell provision since the industry tipped into a crisis in 2021, Reuters says. A keepwell provision, while not an outright guarantee, is a credit enhancement mechanism that has been used by Chinese companies in recent years for issuance of offshore bonds, according to lawyers. Under a typical keepwell deed, a parent company undertakes to ensure that its offshore issuer unit will remain solvent and that it will have sufficient liquidity in order to meet payment obligations, law firm Latham & Watkins said in a customer note issued last July. The lawsuit will add to a handful of cases filed in the Hong Kong court against Chinese developers by offshore creditors, almost all of them seeking their liquidation after they failed to meet repayment obligations, according to Reuters. The property sector, a key pillar of the world's second-largest economy, has lurched from one crisis to another since 2021 after a regulatory crackdown on a debt-fueled construction boom triggered an unprecedented liquidity squeeze. It is not immediately clear how many of the defaulted Chinese developers have the keepwell clause in their bond offerings. The four sources said China South City's keepwell provision was a rare case in the property sector. According to Reuters, Shenzhen-based China South City, a developer of integrated logistics and trade centres, was one of the first property firms that received government support when it faced financial stress in 2022. At that time, Shenzhen SEZ, which is controlled by the state asset regulator, bought a 29% stake in the developer, and provided keepwell clauses to its five tranches of dollar bonds. "People like myself got in because of the keepwell clause," said a bondholder, who also asked to remain anonymous, adding the introduction of that provision and a state-owned company provided confidence in the deal. Reuters says China South City managed to extend maturities of those five dollar bonds, originally due in 2022 and 2023, to 2024, with the consent of bondholders. However, the developer's financial situation has not improved since then. In December, China South City proposed to delay payments again, but failed to win enough support. In a statement on Feb. 9, the developer said it would not be able to make redemption and interest payment this month. It also stated its sales had been below expectations and cash flow had only been sufficient to fund daily operations. Reuters adds that one source said offshore creditors of China South City were also considering a lawsuit in Hong Kong seeking its liquidation. "Creditors are happy to have conversations with China South City for a consensual restructuring but would appreciate the SOE keepwell provider contribute to the process as well," Reuters quotes Lance Jiang, partner at law firm Ashurst, which is representing some of the developer's bondholders, as saying. About China South City China South City Holdings Limited is principally engaged in property development. The Company operates its business through five segments. The Property Development segment is engaged in the development of integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Investment segment is engaged in the investment in integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Management segment is engaged in the management of the Company's developed properties. The E-commerce segment is engaged in the development, operations and maintenance of an E-commerce platform. The Others segment is engaged in the provision of advertising, exhibition, logistics and warehousing services, outlet operations and other services. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 24, 2022, Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR) of China South City Holdings Limited (CSC) at 'B-'. The Outlook remains Negative. Fitch has also affirmed its senior unsecured ratings at 'B-', with a Recovery Rating of 'RR4'. The affirmations reflect Fitch's view that CSC has sufficient liquidity to address its US dollar bonds due February 2022, despite its consent solicitation announcement to extend the bonds' maturity. Fitch also believes an equity transaction agreement with Shenzhen SEZ Construction and Development Group Co Ltd (SZCDG), an enterprise wholly owned by the state under Shenzhen province's State-owned Assets Supervision and Administration Commission, is likely to improve its onshore funding access and funding cost. The Negative Outlook is due to the company's continued tight liquidity, with execution risks in terms of the timing of planned asset sales. CIFI HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured rating of CIFI Holdings (Group) Co. Ltd. Prior to the withdrawal, the outlook on CIFI was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE CIFI Holdings (Group) Co. Ltd. was founded in 2000 and incorporated in the Cayman Islands in May 2011. The company develops residential and commercial properties in the Yangtze River Delta region, the Pan Bohai Rim region, the central and western regions of China and the South China region. The group is listed on the Hong Kong Stock Exchange (stock code: 884). HUMAN HORIZONS: Troubled Chinese EV Startup Halts Some Services --------------------------------------------------------------- Yicai Global reports that HiPhi said it suspended some services at the start of last week as a result of the pressures and challenges it is facing. Media reports last weekend said the luxury electric car company had halted production for up to six months. Yicai relates that the services temporarily affected include vehicle charging facilities and free charging via HiPhi's app, the Shanghai-based company said in a statement on Feb. 22, adding that it is actively taking steps to alleviate the situation. According to the announcement, HiPhi is working hard to ensure the normal operation of after-sales services, maintenance of the Internet of Vehicles, the car control function of its app, and its online community, Yicai relays. Yueda Zhichuang New Energy Vehicle, a unit of carmaker Yueda Group, will work with HiPhi to ensure its after-sales services, it noted. Media reports broke the news on Feb. 18 that HiPhi was suspending auto production for six months, with immediate effect. A labor supplier to the firm laid off more than 100 staff who worked at its Yancheng plant, Yicai subsequently learned. Earlier rumors said HiPhi had defaulted on supplier payments and stopped production. On Jan. 2, the company rebutted a rumor that it had ceased all work and shipments, and new project development had stopped. HiPhi said it was operating normally, while development, production, marketing, and deliveries were also progressing as usual. Poor sales lie behind HiPhi's difficulties, Yicai notes. It sold only 4,237 units in 2021 and 4,349 a year later. After launching a lower-priced model, the HiPhi Y, sales increased to 8,681 last year, but that was not enough to support the company's sustainable operation. Human Horizons Technology, which owns the HiPhi brand, was set up in 2017. HiPhi has three models priced between CNY339,000 and CNY800,000 (USD47,150 and USD111,200) apiece. JIANGSU ZHONGNAN: Moody's Withdraws 'Ca' Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating of Jiangsu Zhongnan Construction Grp Co., Ltd. and C senior unsecured rating on the bond issued by Haimen Zhongnan Investment Dev (Intl) Co Ltd and guaranteed by Jiangsu Zhongnan. Prior to the withdrawal, the outlook on Jiangsu Zhongnan and Haimen Zhongnan Investment was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Jiangsu Zhongnan is based in China's Jiangsu province and principally engages in property development and construction services. It was established in 1988. The group is listed on the Shenzhen Stock Exchange (stock code: 000961). LOGAN GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn the Caa2 corporate family rating and Caa3 senior unsecured rating of Logan Group Company Limited. Prior to the withdrawal, the outlook on Logan was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Logan Group Company Limited is a property developer based in Shenzhen that was established in 1996. The company focuses mainly on residential projects in Shenzhen, Shantou, Nanning and Huizhou. The group is listed on the Hong Kong Stock Exchange (stock code: 3380). POWERLONG REAL: Moody's Withdraws 'Caa2' Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the Caa2 corporate family rating and Caa3 senior unsecured ratings of Powerlong Real Estate Holdings Limited. Prior to the withdrawal, the outlook on Powerlong was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Powerlong Real Estate Holdings Limited is a Chinese property developer that focuses on building large-scale integrated residential and commercial properties in China. It was established in 1990 and is headquartered in Shanghai. The group is listed on the Hong Kong Stock Exchange (stock code: 1238). REDSUN PROPERTIES: Moody's Withdraws 'Ca' Corporate Family Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured ratings of Redsun Properties Group Limited. Prior to the withdrawal, the outlook on Redsun was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Redsun Properties Group Limited was founded in 1996 and listed on the Hong Kong Stock Exchange (stock code: 1996) in July 2018. Its headquarters are in Shanghai and Nanjing. The company engages in real estate development, commercial properties and hotel operations in China. RONSHINE CHINA: Moody's Withdraws 'Ca' Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured rating of Ronshine China Holdings Limited. Prior to the withdrawal, the outlook on Ronshine was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Ronshine China Holdings Limited was incorporated in the Cayman Islands in 2014 and listed on the Hong Kong Stock Exchange (stock code: 3301) in January 2016. The property developer focuses on mid- to high-end residential projects in Fujian province, the Yangtze River Delta region, the Pearl River Delta region, Central China and the Bohai Sea region. TIMES CHINA: Moody's Withdraws 'Ca' Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured rating of Times China Holdings Limited. Prior to the withdrawal, the outlook on Times China was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Times China Holdings Limited is a property developer based in Guangdong province that focuses on mass-market housing. It was established in 1999. The group is listed on the Hong Kong Stock Exchange (stock code: 1233). ZHENRO PROPERTIES: Moody's Withdraws 'Ca' Corporate Family Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn the Ca corporate family rating and C senior unsecured ratings of Zhenro Properties Group Limited. Prior to the withdrawal, the outlook on Zhenro was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Zhenro Properties Group Limited was incorporated in the Cayman Islands in 2014 and listed on the Hong Kong Stock Exchange (stock code: 6158) in January 2018. [*] CHINA: Property Foreclosures Surge as Growth Slows ------------------------------------------------------ Bloomberg News reports that the number of foreclosed properties for sale in China rose at a faster pace in January, in a sign of the country's continued economic slowdown. New listings of foreclosed properties nationwide rose 48% in January from a year earlier, compared with 37% in 2023, Bloomberg discloses citing a report by real estate agency China Index Holdings published on Feb. 22. The 100,400 properties listed for sale last month include residential, commercial and industrial real estate. Transactions in January also rose about 18% on-year. Bloomberg notes that China's economic downturn has resulted in a growing number of debt-saddled property owners who are forced to sell, especially as real estate loans account for a large majority of the country's non-performing debt. For the past two years, distressed pricing has allowed homebuyers and companies to snag cheap residences, warehouses and land. Foreclosed residential properties were sold at an average discount of 23% in January, China Index Holdings data showed. "We forecast the enthusiasm for distressed properties to heat up after Lunar New Year as the overall real estate market is forecast to be on a downward trend and discounts are expected to widen," the agency said in the report, Bloomberg relays. ========= I N D I A ========= AL-NASIR EXPORTS: ICRA Lowers Rating on INR20cr LT/ST Loans to D ---------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Al-Nasir Exports Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 20.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating downgraded Fund Based- from [ICRA]B+ (Stable)/[ICRA]A4 Cash Credit and continues to remain under 'Issuer Not Cooperating' Category Long-term– 10.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B+ (Stable) and continues to remain under 'Issuer Not Cooperating' category Long Term/ 19.30 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating downgraded Unallocated from [ICRA]B+ (Stable)/[ICRA]A4 and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects Delay in Debt Repayment as mentioned in the publicly available sources. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in November 2023. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2001, Al-Nasir Exports Private Limited is involved in the processing and export of frozen hallal buffalo meat to Middle East, and Western African countries. The company is promoted by Qureshi family. The company's promoters, Mohd Saalim Qureshi and Shakir Husain Qureshi have more than two decades of experience in the meat processing industry. The company's fully integrated processing plant is located in Uttar Pradesh, with an installed capacity of 52,650 MTPA. The plant is approved by the Agriculture and Processed Foods Export Development Authority (APFEDA). It is also certified by Jamiat Ulama-i-Hind Halal Trust. BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Brijnandan Industries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Brijnandan Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. BIPL was an authorised dealer of Renault for the sale of passenger cars, servicing and sale of spares in Bihar. However, its automobile dealership business has been discontinued. BRUHAT BENGALURU: ICRA Lowers Rating on INR1,257cr Loan to B+ ------------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Bruhat Bengaluru Mahanagara Palike (BBMP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1,257 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Term loan from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term- 843 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding BBMP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Bruhat Bengaluru Mahanagara Palike, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bruhat Bengaluru Mahanagara Palike (BBMP), established under the Karnataka Municipal Corporations Act 1976 (now replaced with the BBMP Act 2020), is an urban local body (ULB), which serves a population of 84.25 lakh (Census 2011) in Bengaluru, one of the largest cities in the country. Bengaluru, apart from being the state capital, is a major information technology (IT)/IT-enabled Services (ITeS) sector hub. The ULB is divided into 198 administrative wards and extends over an area of 813.62 sq. km. The obligatory functions of the BBMP include solid waste management, maintenance of roads, bridges, drains, street lights, parks, playgrounds etc. The BBMP Council comprises 198 Ward Councillors and is headed by a Mayor, who is elected by the Councillors. Its executive wing is headed by a Municipal Commissioner, who is appointed by the GoK and is supported by the heads of various departments. The last election of the council was held in August 2015 and the next election is overdue since July 2020. CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of CGR Collateral Management Limited (CCML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2023, placed the rating(s) of CCML under the 'issuer non-cooperating' category as CCML had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CCML continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 25, 2023, December 5, 2023, December 15, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). CGR Collateral Management Limited (CCML) was incorporated by Mr Aman Deep in December 2012. CCML offers modern, scientific, IT enabled storage services for all types of agro commodities covering more than 57 locations spread across 6 states. The company had 175 storage facilities having a capacity of over 2.98 Lakh MT as on June 30, 2018. CCML also provides commodity assaying services as it is an NCDEX and NCDEX e Markets Ltd (NeML) appointed Assayer. The company also provides the advisory and collateral management services in partnership with the associate banks and Non-Banking Financial Companies (NBFCs). CCML has tie-up with 8 nationalized banks for providing collateral management services. CLASSIC COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term and short-term ratings for the bank facilities of Classic Cotton Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 22.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 3.40 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Classic Cotton Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2008 as a private limited company, Classic Cotton Private Limited (CCPL) is engaged in the business of ginning and pressing of raw cotton and crushing of cottonseeds. The company mainly produces cotton bales, cottonseeds, cottonseed oil, cottonseed oil cake and agro waste powder. The company is also involved in bleaching of grey fabric on job work basis and manufacturing of White coal (bio coal) by pressing ground nut shells over fire since April 2016. The manufacturing facility of the company is equipped with 36 ginning machines and one pressing machine with an installed capacity to produce 13,600 MT of cotton bales per annum. CCPL has also installed nine expellers, having capacity of crushing 10 metric tonne (MT) of cottonseeds per day. Further, the company has also installed 3 bio coal machines since April 2016. The company also trades in cotton bales and cottonseeds. CONSTRUCTIONS & LEISURE: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Constructions & Leisure Private Limited (SCLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.30 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2023, placed the rating(s) of SCLPL under the 'issuer non-cooperating' category as SCLPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SCLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 25, 2023, December 5, 2023, December 15, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shree Construction and Leisure Pvt Ltd (SCLPL) incorporated in September 2010 by Mr. Ranjeet Singh and Mrs. Kiranjeet Kaur. SCLPL operates a hotel under the brand name of 'Rajnes's Hotel' at Lucknow, Uttar Pradesh. The hotel has 61 rooms, banquet hall (400 person capacity), mini banquet hall (100 person capacity), conference room and restaurant. The hotel commenced its commercial operations in May, 2015. SCL has many corporate tie ups with companies like Vodafone, Uninor, Allahabad Bank etc. DEV AUTOMATES: CARE Lowers Rating on INR6.50cr LT Loan to C ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Dev Automates Private Limited (DAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 16, 2023, placed the rating(s) of DAPL under the 'issuer non-cooperating' category as DAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 2, 2023, December 12, 2023, December 22, 2023, February 16, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The revision further considers the admission of the company for corporate insolvency resolution process as recognized from publicly available information i.e., NCLT order. Haryana based, Dev Automates Private Limited (DAPL) was incorporated on July 25, 2006 and is currently being managed by Jaivir Dhankar. The company is engaged in manufacturing of auto-components for two wheelers which DAPL sells to original equipment manufacturers. EDWEENA REAL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Edweena Real Estate Private Limited Office No. 612, B2B, Centre Cabin B, 6th Floor, Bhd. Malad Industrial Estate, Kachpada, Malad West Mumbai - 400064 Maharashtra, India Insolvency Commencement Date: January 22, 2024 Estimated date of closure of insolvency resolution process: July 20, 2024 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Jayesh Natvarlal Sanghrajka 405-407, Hind Rajasthan Building, Dadar East, Mumbai - 400014 Email: Jayesh.sanghrajka@incorpadvisory.in Email: cirp.erpl@gmail.com Last date for submission of claims: February 8, 2024 ELEGANT INFRACON: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Elegant Infracon Private Limited Registered Address: H. No. 225 F/F, Durga Mandir Gali, Village Kondli, Delhi 110096 Project At: 'Elegant Splendour', Plot No. GH-05C, Tech Zone IV, Noida Extension, Greater Noida, U.P. 201318 Insolvency Commencement Date: January 23, 2024 Estimated date of closure of insolvency resolution process: July 21, 2024 Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Rajeev Ranjan Singh Flat No. 14049, 16 Avenue, Gaur City-2, Greater Noida West, Gautam Buddha Nagar, Uttar Pradesh-201318 Email: ip.rajeevsingh@gmail.com 532, 5th Floor, Somdatt Chamber-II, Bhikaji Cama Place, New Delhi-110066 Email: elegantinfracon.ibc@gmail.com Last date for submission of claims: February 6, 2024 ESHAN YARNS: CARE Lowers Rating on INR12.00cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Eshan Yarns Private Limited (EYPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 19, 2022, placed the rating(s) of EYPL under the 'issuer non-cooperating' category as EYPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. EYPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 4, 2023, November 14, 2023, November 24, 2023 and February 16, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of EYPL has been revised on account of ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL flings. Eshan Yarns Private Limited (EYPL) is promoted by Mr. Sanjeev Makkar and Mrs. Shweta Makkar with the operations of the company starting in April-2017 only. The company was earlier engaged in the trading of yarns & knitted fabrics till March, 2019. However, in April 2019, the company had changed its nature of operations to manufacturing of polyester fabrics. FOUR CARE: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Four Care Hospital Private Limited 602, Parshwa Kunj, 6th Floor, Malvia Road, Vile Parle (East), Mumbai, Maharashtra, India, 400057 Insolvency Commencement Date: January 22, 2024 Estimated date of closure of insolvency resolution process: July 20, 2024 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Rajan Garg Flat No. 202, Wing B, 2nd Floor, Safal Twins Block Punjabwadi, Sion Trombay Road, Deonar, Mumbai Suburban, Maharashtra, 4000888 Email: fcarajangarg@gmail.com Suite No. 05, 8th Floor, 207, Embassy Centre, Jamnalal Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India Email: fourcare.sipl@gmail.com Last date for submission of claims: February 8, 2024 GANGADHAR JENA: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Gangadhar Jena (GJ) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 20, 2023, placed the rating(s) of GJ under the 'issuer non-cooperating' category as GJ had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GJ continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 6, 2023, December 26, 2023, February 13, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gangadhar Jena was established in April 2002 with an objective to enter into undertaking infrastructure and civil construction business. Since its inception, the entity has been engaged in civil construction business in the segment like roads, bridges etc. projects. Further, the entity is also classified as Super Class Contractor under the department of Public Works Department, Government of Odisha. Super Class Contractor can bid for all types and higher value of contracts of Public Works Department (PWD) in Odisha. Mr. Gangadhar Jena (proprietor), who has experienced around 31 years in the construction industry, looks after the day to day operation of the entity. He is further supported by a team of experienced professionals. The benefit derived from the experience proprietor and healthy relation with customers and suppliers are continuing to support the entity. GO FIRST: Lenders May Ask Bidders for Better Offers --------------------------------------------------- Business Today reports that SpiceJet's CMD Ajay Singh and Busy Bee Airways consortium on Feb. 23 unveiled the INR1,600 crore rescue plan in a bid to take over the embattled Go First airlines. The consortium has tabled a proposal that involves the acquisition of Go First for INR1,000 crore, backed by collateral and a corporate guarantee. Besides, Singh and EaseMyTrip CEO Nishant Pitti have proposed to infuse an additional INR600 crore into Go First, specifically for restarting the airline's operations, Business Today relates. Lenders now may ask bidders in the resolution process for the airline to improve their offers in order to maximise recoveries, The Economic Times reported on Feb. 24, Business Today relays. The lenders may opt for liquidation if the bids aren't good enough, sources quoted in the report said. According to the report, the two bids for the airline were opened Feb. 23 and resolution professional (RP) Shailendra Ajmera will check if they are compliant with the Insolvency and Bankruptcy Code (IBC). Central Bank of India and Bank of Baroda are the main lenders to the grounded carrier. Go First owes banks around Rs 6,521 crore, of which Rs 1,300 has been drawn under the government's emergency credit line guarantee scheme (ECLGS). The total dues of the carrier after adding up the claims of vendors and lessors goes up to around Rs 11,463 crore. The RP has admitted claims of Rs 7,040 crore, of which Rs 4,257 crore is from financial creditors led by Central Bank of India. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. GREEN VALLEY: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Green Valley Energy Ventures Private Limited 19, A/B, Muktaram Babu Street, 3rd Floor, Kolkata, West Bengal, 700007 Insolvency Commencement Date: January 25, 2024 Estimated date of closure of insolvency resolution process: July 22, 2024 (180 Days) Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Niraj Agrawal Matrix Tower, DN-24, 4th Floor, Room No. 407, Sector V, Salt Lake, Kolkata-700091 Email: niraj@execonservices.com Email: greenvalley.cirp@gamil.com Last date for submission of claims: February 10, 2024 GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of GSR Textiles Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 5.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term/ 4.22 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 1.35 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based- Continues to remain under the Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with GSR Textiles Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in December 2005, GSR Textiles Private Limited is primarily engaged in production of cotton yarn. The company has a spinning mill located in Nandimpalem village in Guntur district with an installed capacity of 15,072 spindles per annum. The company's production facility can produce cotton and bended yarn in counts ranging from 30s to 60s. The company commenced its production in December 2006. INDUSTRIAL METALS: Ind-Ra Keeps B+ Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Industrial Metals' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR40 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR210 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1979, Mumbai-based Industrial Metals is a partnership firm engaged in the importing and trading of boiler quality plates, high tensile steel plates/coils, mild steel products, hot-rolled and galvanized coils/sheets, and construction and structural items. ISWARYA TEXTILE: Ind-Ra Keeps BB- Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sree Iswarya Textile Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR30 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR150 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR270 mil. Term loan due on October 31, 2024 maintained in non-cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile SITPL, established in 1996, manufactures cotton yarn and generates electricity. Its day-to-day operations are managed by Sethurama Murugan. JAI GANESH: Ind-Ra Keeps BB Rating in NonCooperating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Jai Ganesh Ispat and Ferro Alloys Pvt Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR270 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND BB/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Jai Ganesh Ispat and Ferro Alloys was established in 2004 by its promoter-directors, Siddharth Goyal and Sonia Goyal, in Goa. The company is an authorized distributor of JSW Steel Limited's (IND AA/Stable) products in Goa. The core products comprise galvalume roofing sheets, hot rolled plates, cold rolled close annealed sheets, galvanized sheets, thermo-mechanically treated bars, and structural steels among others. It also trades in steel products of other suppliers on a small scale. JAIN SARVODAYA: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Jain Sarvodaya Vidhya Gyanpith Samiti's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1.041 bil. Term loan due on June 30, 2026 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Registered under Madhya Pradesh Societies Registration Adhiniyam, 1973, Jain Sarvodaya Vidhya Gyanpith Samiti manages and operates a 300-bed hospital in Bhopal, Madhya Pradesh. JALANDHAR AMRITSAR: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Jalandhar Amritsar Tollways Limited's bank loan rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR1.417 bil. Bank loan (Long-term) maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the rating. Company Profile JATL is a special purpose vehicle that was set up to widen, operate, and maintain a 49km road stretch on the National Highway 1 between Jalandhar and Amritsar in Punjab. National Highway Authority of India ('IND AAA'/Stable) has awarded the project to JATL under a 20-year concession. JATL is wholly owned by IVRCL Limited 'IND D (ISSUER NOTCOOPERATING)'. The project stretch is maintained by IVRCL, which has over two decades of experience in operating toll roads. JTL INFRA: Ind-Ra Moves BB Bank Loan Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained JTL Infra Limited's (JTL) bank loan rating of 'IND BB' in the non-cooperating category and has simultaneously withdrawn it as follows: -- INR250 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR18.5 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on the best available information. *Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about sanctioned bank facilities and utilization, business plans and projections for the next three years, information on corporate governance, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection certificates from the lender of bank facilities. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile JTL is a public limited listed company with a registered office at Chandigarh. It produces black and galvanized ERW steel pipes and tubes, hollow sections and structural steel that are extensively used in major engineering and construction projects. The company caters to the domestic markets as well as the overseas export markets. JTL has been recognized as Star Export House by the government of India with presence in Europe, Middle East, the United Kingdom, Australia and Latin America. K7 COMPUTING: Ind-Ra Cuts Loan Rating to BB, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded K7 Computing Private Limited's (KCPL) bank facility rating to 'IND BB (ISSUER NOT COOPERATING)' with a Stable Outlook from 'IND BBB- (ISSUER NOT COOPERATING)'. The detailed rating actions is: -- INR180 mil. Fund-based working capital limit downgraded with IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Key Rating Drivers The downgrade is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' might not reflect KCPL's credit strength as the company has been non-cooperative with the agency since August 16, 2023. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Company Profile Incorporated in 1998, KCPL develops antivirus software and cyber security products. KAIRALI STEELS: Ind-Ra Moves BB+ Rating to Non-Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Kairali Steels and Alloys Private Limited's bank facilities ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB+'/Stable (ISSUER NOT COOPERATING)/'IND A4+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR103 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR350 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR20.8 mil. Proposed fund-based working capital limits migrated to non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The issuer did not co-operate; based on the best available information. The ratings were last reviewed on December 16, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Kairali Steels and Alloys, incorporated in 1995 in Kozhikode, Kerala, manufactures thermo mechanical treatment (TMT) bars with a roll milling capacity of 1,20,000 MT per annum. The entity has its own brand named Kairali TMT. It has an existing network of more than 300 dealers in Kerala. The company is promoted by Kalliyath Abdul Khadar, the founder of Kalliyath group which has been in the steel business in Kerala since 1927. KALKA HOME: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: M/s Kalka Home Developers Private Limited RZ-174B, GALI NO 16 TUGLAKABAD EXTN., NEW DELHI, Delhi, India, 110019 Insolvency Commencement Date: January 23, 2024 Estimated date of closure of insolvency resolution process: July 20, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mukesh Gupta F-1, Milap Nagar, Uttam Nagar, New Delhi - 110059 Email: camukeship@rediffmail.com Email: cirp.kalka@gmail.com Representative of creditors in a class: (1) Mr. Pankaj Kumar Tiwari Plot No WZ-D-9, Gali No-5, Mahavir Enclave, Palam Colony, Near Sulabh International Complex, New Delhi-110045 Email: ar.kalkahome@gmail.com (2) Mr. Arvind Mittal 1900, JJ Colony, Madanpur Khaddar, Phase-3, Sarita Vihar, New Delhi 110076 Email: ar.kalkahomedevelopers@gmail.com (3) Ms. Ashu Gupta 204A, 2nd Floor, 23 SBI Building, Shivaji Marg, Najafgarh Indl Area, Opp. DLF Tower, West, National Capital Territory of Delhi, 110015 Email: ashugupta.cs@gmail.com Last date for submission of claims: February 12, 2024 KOHINOOR SPECIALITY: ICRA Lowers Rating on INR225cr LT Loan to B+ ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kohinoor Speciality Foods India Private Limited (KSF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 225.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding KSF's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Kohinoor Speciality Foods India Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. KSF was in the business of selling basmati rice under the Kohinoor brand in India and had also launched spice range products (including pieces, frozen foods, ready-to-eat products and sauces) in northern India. On May 3, 2022, Adani Wilmar Limited (AWL) announced signing an IP Assignment Agreement with McCormick Switzerland GmbH, for acquiring various domestic intellectual property rights, title and claims under the trademark, Kohinoor, and various other trademarks together with goodwill, subject to mutually agreed terms and conditions. With the acquisition the exclusive rights over the brand, Kohinoor basmati rice, along with other spice range products portfolio under the Kohinoor brand umbrella in India, which were being used by Kohinoor Speciality Foods India Private Limited (KSF), were transferred to Adani Wilmar Limited. As of May 26, 2022, KSF continued operating its IT and business support services segment wherein it provides services to its parent entity and other Group companies across the globe. LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Lakshmivenkateshwara Rice Mill (SLRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.84 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.65 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 9, 2023, placed the rating(s) of SLRM under the 'issuer non-cooperating' category as SLRM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SLRM continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 26, 2023, January 5, 2024, January 15, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sri Lakshmivenkateshwara Rice Mill (SLRM) is a proprietary concern owned by Mr. A. Raghunath Babu. SLV started its business operations from January 2009. The firm is engaged in milling of paddy with total installed capacity of 6 tons of rice per hour at its manufacturing plant located at Tumkur district in Karnataka. SLRM sells its products (rice, broken rice and bran) to the final customer mostly through brokers in the states of Karnataka, Tamilnadu and Kerala. The firm has a total of around 45 employees which includes about 25 contract labours. LEBEN LIFE: Ind-Ra Keeps BB- Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Leben Life Sciences Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR60 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating; and -- INR296.39 mil. Term loan due on September 30, 2027 maintained in non-cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Leben Life Sciences was incorporated in July 2016 by Haresh Shah. The company is selling around 80 pharmaceutical products including tablets, capsules, ointments, and injectables, among others. Since November 2020, the company has been manufacturing its products at its plant in Akola, Maharashtra. LUXON MOTORS: Ind-Ra Corrects February 5, 2024 Rating Release ------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Luxon Motors Private Limited's (LMPL) rating published on February 5, 2024 to include the analytical approach used for the rating purpose. The amended version is: India Ratings and Research (Ind-Ra) has placed Luxon Motors Private Limited's (LMPL) bank facilities on Rating Watch with Negative Implications as follows: -- INR400 mil. Term loans due on FY25 placed on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications; and -- INR780 mil. Fund-based limits on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications/IND A4/Rating Watch with Negative Implications. ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of LMPL. Key Rating Drivers Ind-Ra has placed the ratings on Rating Watch with Negative Implications, in view of LMPL's deteriorated liquidity position as evidenced by delays in servicing its working capital instruments, though the delays were not beyond the 30-day period as per the SEBI guidelines for default recognition. Ind-Ra will continue to monitor the debt servicing and resolve the Rating Watch latest by July 31, 2024. Ind-Ra has not received LMPL's audited FY23 financials statements. Rating Sensitivities The Rating Watch with Negative Implications indicates that the ratings may be either downgraded or affirmed. The Rating Watch would be resolved, once Ind-Ra receives adequate information from the management to assess LMPL's liquidity and the company makes timely repayments of dues to the bank. Company Profile LMPL (formerly known as Geeyem Motors Private Limited) is an authorized dealer of Tata Motors Ltd and is engaged in the sale of motor vehicle parts and accessories. The company had been an authorized dealer of Chevrolet during 2000-2017. Post the winding up of Chevrolet's operations in India, the company continued to have service agreements with its existing customers until mid-2022. At end-2022, the company entered into a dealership agreement with Tata Motors, but the business is not yet operational and is likely to start generating revenue from FY24. LUXON MOTORS: Ind-Ra Places B+ Rating on Negative Implications -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has placed Luxon Motors Private Limited's (LMPL) bank facilities on Rating Watch with Negative Implications as follows: -- INR400 mil. Term loans due on FY25 Placed on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications; and -- INR780 mil. Fund-based limits Placed on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications/IND A4/Rating Watch with Negative Implications; Key Rating Drivers Ind-Ra has placed the ratings on Rating Watch with Negative Implications, in view of LMPL's deteriorated liquidity position as evidenced by delays in servicing its working capital instruments. Ind-Ra will continue to monitor the debt servicing and resolve the Rating Watch latest by July 31, 2024. Ind-Ra has not received LMPL's audited FY23 financials statements. Rating Sensitivities The Rating Watch with Negative Implications indicates that the ratings may be either downgraded or affirmed. The Rating Watch would be resolved, once Ind-Ra receives adequate information from the management to assess LMPL's liquidity and the company makes timely repayments of dues to the bank. Company Profile LMPL (formerly known as Geeyem Motors Private Limited) is an authorized dealer of Tata Motors Ltd and is engaged in the sale of motor vehicle parts and accessories. The company had been an authorized dealer of Chevrolet during 2000-2017. Post the winding up of Chevrolet's operations in India, the company continued to have service agreements with its existing customers until mid-2022. At end-2022, the company entered into a dealership agreement with Tata Motors, but the business is not yet operational and is likely to start generating revenue from FY24. M.G. FINVEST: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M.G. Finvest Pvt. Ltd 98, Shahzada Bagh, Industrial Area, Old Rohtak Road, Delhi-110035 Insolvency Commencement Date: January 24, 2024 Estimated date of closure of insolvency resolution process: July 22, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Shiv Nandan Sharma 129, Navjeevan Vihar, Gr. Floor Near Aurobindo College, New Delhi-110017 Email: sharmasn@gmail.com Email: cirp.mgfin@gmail.com Last date for submission of claims: February 7, 2024 M/S ANKIT: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on M/S Ankit International's (AI) bank facilities: -- INR450 mil. Fund-based working capital limits upgraded with IND BB-/Stable/IND A4+ rating; and -- INR5 mil. Proposed fund-based working capital limits is withdrawn*. *The company did not proceed with the instrument as envisaged ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of AI to arrive at the ratings. The upgrade reflects an improvement in AI's scale of operations in FY23. Ind-Ra expects the company to sustain the improvement in the medium term. Key Rating Drivers AI's revenue improved to INR976.93 million in FY23 (FY22: INR622.77 million), due to an increase in orders from new and existing customers and demand for its products. The scale of operations remained small. Till 9MFY24, AI booked revenue of INR1,263.8 million. In the medium term, Ind-Ra expects the revenue to improve further. AI had comfortable credit metrics with the gross interest coverage (operating EBITDA/gross interest expenses) improving to 2.62x in FY23 (FY22: 2.50x), owing to a reduction in its interest expenses to INR6.07 million (FY22: INR7.63 million), while the net leverage (total adjusted net debt/operating EBITDAR) reduced to 0.80x in FY23 (FY22: 12.28x), due to a decrease in the total debt to INR14.36 million in FY23 (FY22: INR235.48 million). In the medium term, although the company does not plan any debt-funded capex, Ind-Ra expects the credits to deteriorate, due to the infusion of working capital facility. AI's EBITDA margins remained modest and deteriorated to 1.63% in FY23 (FY22: 3.07%), due to an increase in the cost of goods sold. The return on capital employed remained stable at 3.10% in FY23. During 9MFY24, AI booked an EBITDA margin of 1.67%. In the medium term, Ind-Ra expects the margin to remain modest as the company is sacrificing margins to increase its sales coupled with fragmented nature of the industry and fluctuation in steel prices. Liquidity Indicator - Stretched: AI does not have any capital market exposure and relies on a single bank to meet its funding requirements. AI's average maximum utilization of the fund-based limits was 27.66% and the non-fund-based limits was overutilized at 134.80% during the 12 months ended December 2023. The net working capital cycle reduced to 65 days in FY23 (FY22: 148 days), due to a decrease in the inventory holding period to 52 days (106). The cash flow from operations turned positive to INR219.01 million in FY23 (FY22: negative INR6.79 million), due to a decline in its other current assets. Consequently, the free cash flow turned positive to INR218.85 million in FY23 (FY22: negative INR7.68 million). The cash and cash equivalents stood at INR1.63 million at FYE23 (FYE22: INR0.90 million). However, the ratings are supported by the proprietor's more than a decade experience in importing and trading of steel pipes, leading to established relationships with its customers and suppliers. Rating Sensitivities Positive: An improvement in the scale of operations, leading to an improvement in the credit metrics, along with an increase in the overall liquidity, all on a sustained basis, would be positive for the ratings. Negative: A further decline in the scale of operations, leading to deterioration in the credit metrics with the interest coverage reducing below 1.6x and a further stretch in the overall liquidity, all on a sustained basis, would be negative for the ratings. Company Profile AI was established in 2010 as a proprietorship firm by Pranav Jain. The firm is engaged in import and trading of ferrous and non-ferrous scrap including machinery, stainless steel pipes, carbon pipes, hot rolled coils among others at its plant in Taloja, Navi Mumbai. MAHANTH MOTORS: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Mahanth Motors' (MM) bank facilities as follows: -- INR210 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR25.2 mil. Term loan due on March 2029 assigned with IND BB/ Stable rating. Analytical Approach: Ind-Ra has taken a standalone view of MM to arrive at the ratings. Key Rating Drivers The ratings reflect MM's moderate credit metrics with the gross interest coverage (operating EBITDAR/gross interest expense + rents) increasing to 1.8x in FY23 (FY22: 1.63x) and the net leverage (total adjusted net debt/operating EBITDAR) reducing to 6.01x (6.64x), due to an improvement in its absolute EBITDA to INR42.86 million (INR25.53 million). In FY24, Ind-Ra expects the credit metrics to slightly improve, due to no major debt-funded capex. Liquidity Indicator - Stretched: MM's average maximum utilization of the fund-based limits was 93.86% during the 12 months ended December 2023. The firm has repayment obligations of INR17 million in FY24 and INR13.6 million in FY25. The cash flow from operations improved but remained at negative INR24.09 million in FY23 (FY22: negative INR60.17 million), due to the increase in the absolute EBITDA. The net working capital cycle slightly increased to 44 days in FY23 (FY21: 37), while the inventory days increased to 48 (30), due to the stocking of multiple newly launched vehicle models and slow-moving spare parts of old models. The cash and cash equivalents stood at INR3.33 million at FYE23 (FYE22: INR5.85 million). Furthermore, MM does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. MM has a medium scale of operations with its revenue increasing to INR1,741.18 million in FY23 (FY22: INR1,116.77 million; FY21: INR757.53), due to the launches of new vehicles and greater demand for the personal vehicle segment. Till 9MFY24, MM booked revenue of INR1,573.5 million. In FY24, Ind-Ra expects the revenue to improve, supported by an upcoming lineup of new vehicles from Mahindra and Mahindra Limited ('IND AAA'/Stable) including electric vehicles and sports utility vehicles. MM EBITDA margins slightly improved and remained average at 2.46% in FY23 (FY22: 2.29%), due to an improvement in passenger vehicle prices. The return on capital employed increased to 13% in FY23 (FY22: 9.5%). In FY24, Ind-Ra expects the EBITDA margin to remain at the similar level, due to the similar level of operations and pricing strategy. However, the ratings are supported by the partners' more than two decades of experience in the automobile industry, leading to established relationships with suppliers. Rating Sensitivities Positive: An increase in the scale of operations, along with an improvement in the overall credit metrics and the liquidity profile, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage falling below 1.5x and/or further pressure on the liquidity position, could lead to a negative rating action. Company Profile MM, an authorized dealer for personal and commercial vehicle segment of Mahindra & Mahindra, was established in 2003 as a partnership firm. The firm has two showrooms at Davanagere and Shivamogga and four sales outlets and service centers at Sagara, Thirtahalli, Channagiri and Honnali, Karnataka. The firm provides sales, spares, and service facilities to its customers. MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating is for the bank facilities of Malwa Automobiles Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.60 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Rating Continues Working Capital to remain under issuer not Facilities cooperating category As part of its process and in accordance with its rating agreement with Malwa Automobiles Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1997, Malwa Automobiles Pvt. Ltd. (MAPL(T)) operates as an authorized Tata Motors dealership with showroom at Rohini (Delhi) and a workshop facility at Jahangirpuri (Delhi). In addition to the automobile dealership business, the company also has a HPCL fuel pump located in Kundli, Haryana. Incorporated in 2012, Malwa Automotives Private Limited (MAPL(J)) has been operating as a Jaguar and Land Rovers dealership. The showroom has started operations in October 2014. The showroom is in Karnal, based on 3S facility i.e. Sales of Vehicles, Spare Parts and Services. The promoters of the company are highly experienced in the field of automobiles and have been engaged in automobiles related business for the past 50 years. MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mehta & Associates Fire Protection Systems Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 2.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Mehta & Associates Fire Protection Systems Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mehta & Associates Fire Protection System Private Limited (MAFPS) is an Ahmedabad based contractor for fire protection services. Its core business incorporates procurement and installation of fire protection system for various clients. It undertakes numerous turnkey projects to procure, supply and erect the entire fire protection system for various clients, particularly power and power grid projects. Incorporated in 1984, MAFPS was founded by Mr Jayant Mehta - the first-generation entrepreneur. Prior to establishing Mehta & Associates, he worked with The Grinnell Fire Protection Systems Co Inc., in Dallas, Texas (TYCO Group) for 7 years in different capacities from Design Engineer to Manager (Eng.) of Special Hazards department. Since 2009, after Mr Jayant Mehta's demise, the company is being managed by his sons -Kaushal Mehta and Kunal Mehta. MAFPS has two operating divisions –Systems and Products. The systems division undertakes turnkey projects for supply and installation of fire protection system on site. In products division, it undertakes local distribution of internationally procured cables and detectors from Protectowire and Detectomat. NIMBUS MOTORS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nimbus Motors Private Limited (NMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2023, placed the rating(s) of NMPL under the 'issuer non-cooperating' category as NMPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NMPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 25, 2023, December 5, 2023, December 15, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Nimbus Motors Pvt Ltd. (NMPL) is an authorized dealership of Hyundai Motors India Ltd at Noida, incorporated in April, 1998 by Mr. Sunil Dewan. Currently, the company operates showroom in Noida and four workshops selling premium Hyundai cars (Creta, Grand I20 and Verna, Santro, Eon, i10). The company derives revenue from vehicle sales, servicing, sale of spare parts and sale of oil and lubricants. The company was incorporated as a Public Ltd company; however, it was converted into a Private Ltd company on July 6, 2016. NIRVANA FASHION: Ind-Ra Keeps BB- Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Nirvana Fashion Clothing's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other er users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR90 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable(ISSUER NOT COOPERATING) rating; and -- INR30 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Nirvana Fashion manufactures readymade garments on contract basis and supplies them to reputed retail chains such as Future Group, Myntra and First Cry. OJAS INTERIO: Ind-Ra Assigns NCDs BB+ Debt Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Ojas Interio Private Limited's (OIPL) proposed non-convertible debentures (NCDs) as follows: -- INR100 mil. Proposed non-convertible debentures due on 36 months* assigned with IND BB+/Stable rating. *From the date of allotment ANALYTICAL APPROACH : Ind-Ra has taken a standalone view of OIPL to arrive at the rating. Key Rating Drivers The rating reflects OIPL's small scale of operation as evident by the project having a total saleable area of 0.34 million square feet (msf; area per unit: 315.35sf). OIPL is a special purpose vehicle, which has only one project in the pipeline - Ojas Avaas Vikas with no plans to launch any other project. The project is being carried out under the Pradhan Mantri Awas Yojana (PMAY). The price per unit is already fixed by the government at INR0.6 million, out of which INR0.15 million will be contributed by the Central Government and INR0.1 million will be contributed by the State Government. Accordingly, a beneficiary needs to contribute only INR0.35 million. The rating further reflects the risk of timely receipt of payment as significant funding will be met from the pending receivables. Due to this, OIPL continues to be vulnerable to project delay, although the project's progress is in line with the execution schedule. The total cost of the ongoing project Ojas Interio-PMAY is estimated to be INR520 million, which is to be funded by the promoters' contribution of INR120 million (23%), customer advances of INR30 million (6%), government subsidy of INR270 million (52%) and NCD of INR100 million (19%). As on 12 January 2024, the OIPL's total cost incurred was INR189.14 million (promoter's contribution: INR120 million; government subsidy: INR65.28 million; customer advances: INR3.86 million). The remaining project will be funded by the committed receivable from beneficiaries of INR214.6 million and assured subsidy from the government of INR206.7 million, which will be received after the completion of milestones in a phased manner. OIPL will utilize the NCDs for bridging cash flow mismatches, as and when required. The ratings also factor in the nascent stage of OIPL's operations as, until 12 January 12, 2024, only 624 units (57.35%) out of 1,088 units were allotted by the government through a lottery system. The next lottery is likely to be completed by end-February 2024 for allocating the rest of the 464 units. 900 applications have already been received for the next lottery. Liquidity Indicator – Stretched: OIPL's ratings are constrained by the likely cash flow-mismatch risk, if there is any delay in the receipt of government subsidies and a sanction of loans for customers. Of the estimated projected cost of INR520 million, the promoters have infused the entire committed equity, which was utilized for acquiring the land, obtaining the required plan approval charges and completing the construction work. The disbursement of NCDs will be completed by FYE24. OIPL has to maintain a debt service reserve account of three months in the form of fixed deposits with India Housing for All (IHFA). The entire debt will mature within 36 months from the allotment, including a moratorium of 12 months from the date of disbursement. The debt is backed by a personal guarantee of Ajay Mangal (Director and Rachit Bawa (65% shareholding). The ratings are constrained by the company's lack of access to the capital market. The company does not have any debt repayments due in FY24 and FY25. The ratings are supported by OIPL's promoters' more than a decade of experience in the building construction segment. Rating Sensitivities Positive: A negative rating action could, individually or collectively, result from: - a substantial increase in the size & scale of operations - the timely and improved offtake of the project with a timely receipt of government subsidy and/or approval of loans for beneficiaries, could lead to a positive rating action Negative: A negative rating action could, individually or collectively, result from: - any delay in the receipt of government subsidy and/or approval of loans for beneficiaries - time or cost overruns in the project, and delayed offtake, resulting in deterioration of the debt service coverage ratio Company Profile OIPL was incorporated in December 1984 and its registered office is in Delhi. OIPL is promoted by Ajay Mangal and Bawa Family. The company is engaged in the development of economically weaker section (EWS) housing in Uttarakhand. OM GRAM: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Om Gram Udyog Samiti's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR15 mil. Fund/Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR9.74 mil. Term loan due on July 31, 2021 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Om Gram Udyog Samiti was registered under the Registrar of Societies in May 2001. The promoters are looking to set up a par boiled rice unit of two ton capacity at Village Ramgarh Sanduan, Punjab. ONEUP MOTORS: Ind-Ra Cuts Bank Loan Rating to D ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Oneup Motors India Pvt Ltd.'s (Oneup Motors) debt facilities to 'IND D (ISSUER NOT COOPERATING)' from IND BB (ISSUER NOT COOPERATING)'. The detailed rating actions are: -- INR195 mil. Fund-based working capital limit (Long-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; and -- INR40.3 mil. Term loan (Long-term) due on March 2023 downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of Oneup Motors. The downgrade reflects Oneup Motors' delays in debt servicing. Key Rating Drivers The downgrade of the bank facility ratings reflects the company's delays in debt servicing, based on the information available from public sources. Ind-Ra has not been able to ascertain the reason for the delays, as the issuer has been non-cooperative. Rating Sensitivities Positive: Timely debt servicing for at least three consecutive months will be positive for the ratings. Company Profile Incorporated in 2006, Oneup Motors has an automobile dealership of Maruti Suzuki India in Lucknow, Uttar Pradesh. PANSURIYA IMPEX: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Pansuriya Impex LLP's (PSI) bank facilities as follows: -- INR215 mil. Term loan due on FY27 affirmed with IND BB+/Stable rating; and -- INR1,276.6 bil. Fund-based working capital limits affirmed with IND BB+/Stable/IND A4+ rating. Analytical Approach: Ind-Ra continues to take a standalone view while arriving at PSI's ratings. Key Rating Drivers The affirmation reflects PSI's medium scale of operations as indicated by revenue of INR6,081 million in FY23 (FY22: INR5,439.10 million). The increase in revenue in FY23 was due to strong demand from the domestic market and tie-ups with large-sized diamond exporters, who have direct sales offices in the US. The export of cut and polished diamonds contributed around 38% to the revenue in FY23, while domestic sales contributed 62%. The ratings continue to reflect the firm's modest EBITDA margins of 3.07% in FY23 (FY22: 2.65%) owing to susceptibility to volatility in price of rough and polished diamonds, and foreign exchange fluctuation risk. The return on capital employed was 6.1% in FY23 (FY22: 4.6%). Since sales to Hong Kong accounted for around 31% of its total revenue, any country-specific risk will significantly impact the firm's revenue. However, this is in line with industry standards as Hong Kong is the largest importer of cut and polished diamonds. The ratings also factor in PSI's continued average credit metrics with a net financial leverage (Ind-Ra-adjusted debt/operating EBITDAR) of 7.4x in FY23 (FY22: 10.26x) and an interest coverage of 2.01x (2.46x). The net financial leverage improved due to an increase in the EBITDA to INR186.70 million in FY23 (FY22: INR144.07 million), however, the interest coverage deteriorated marginally due to an increase in interest expenses. Ind-Ra expects the credit metrics to remain at similar levels in FY24. The ratings remain constrained by the partnership structure of the firm, which restricts its overall financial flexibility in terms of limited access to external funds for any expansion plans, unless otherwise provided in the partnership deed. Furthermore, there is an inherent risk of a possible withdrawal of capital and the dissolution of the firm in case of death/insolvency/separation of its partners. Liquidity Indicator - Stretched: PSI's had unencumbered cash and cash equivalents of INR104.14 million at FYE23 (FYE22: INR47.60 million). The average maximum utilization of the fund-based working capital limits was around 86.08% for the 12 months ended January 2024. The cash flow from operations increased to INR250.70 million in FY23 (FY22: INR200.13 million) owing to favorable changes in working capital. Consequently, the free cash flow turned positive to INR238.10 million (FY22: negative INR233.05 million), despite incurring a capex of INR12.6 million (INR32.92 million). The working capital cycle, remained elongated, although shortened to 140 days in FY23 (FY22: 167 days) owing to a decline in the receivable period to 72 days (133 days). The firm has debt repayment obligations of INR54.4 million and INR54.4 million in FY24 and FY25, respectively. However, the ratings remain supported by PSI's long track record of operations with the partners having nearly four decades of experience in the diamond manufacturing and export business. Rating Sensitivities Positive: An increase in the scale of operations, along with an improvement in the credit metrics with the interest coverage increasing above 3.0x, leading to an overall improvement in the liquidity position will be positive for the ratings. Negative: Any decrease in the scale of operations, deterioration in the credit metrics and liquidity will be negative for the ratings. Company Profile PSI was established in 1972 as a proprietorship concern by Ravjibhai V. Pansuriya and was converted to a partnership firm in May 2001 with the Pansuriya family members inducted as partners. The firm is engaged in the manufacturing and export of cut and polished diamonds. The firm was reconstituted as a limited liability partnership in April 2018. Its manufacturing facility is located in Surat, Gujarat. R.J. AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of R.J. Agro Industries (RJAI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RJAI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1995, M/S R. J. Agro Industries (RJAI) is a partnership firm and is engaged in the milling of Basmati and Non-Basmati paddy. The firm is promoted by Mr. Brij Lal Garg and his family members. The processing facility of firm is in Cheeka (Kaithal). The plant capacity stands at 2 MTPH (~12000 MT per Annum). RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Raghavendra Industries (RI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 4.20 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 9.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 9, 2023, placed the rating(s) of RI under the 'issuer non-cooperating' category as RI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 26, 2023, January 5, 2024, January 15, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kadapa–based (Andhra Pradesh), RI was established as proprietorship firm in 1998 promoted by Mr. Srinivasulu Penagaluri. RI is engaged in manufacturing of power & distribution transformers and special purpose transformers used as stabilizers in different electrical appliances and electrical circuits. The manufacturing unit situated at Kadapa, Andhra Pradesh which is spread over 5 acres area. RI has associate concerns operating in similar line of business viz. M/s. Raghavendra Electricals. RAJ ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term and short-term rating of Raj Engineering Co. (REC) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 18.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with REC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in the year 1973, Raj Engineering Co. (REC) is a partnership firm between Mr. Rajinder Singh Saini, Mr. Pritpal Singh Saini and Raghvinder Singh Saini. The firm is an ISO 9001:2008 and ASME 'U' Stamp certified entity that is mainly engaged in the business of manufacturing and fabrication of critical process equipments like pressure vessels, heat exchangers, columns and towers, etc., for refineries, petrochemicals, fertiliser complexes and steel plants. The firm's manufacturing plants arelocated at Turbhe, Navi Mumbai, and Murbad, Thane. RAJ REGENCY: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Raj Regency (RR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 23, 2023, placed the rating(s) of RR under the 'issuer non-cooperating' category as RR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 9, 2023, December 19, 2023, December 29, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Raj Regency was established in September, 2013, as a partnership entity, however started operation from June 2016 by three partners namely Smt. Surindar Kaur Bhatia, Mr. Harjeet Singh Bhatia and Mr. Jasvinder Singh Bhatia. The entity started commercial operation from April 1, 2016. The entity is currently operating with 50 rooms which include 46 deluxe rooms, 03 presidential rooms and one honeymoon suits. The hotel also has banquet hall, an air conditioned multi cuisine restaurant, bar, private dining, swimming pool and spa. The room rent of the Raj Regency on normal season is INR3000 per day and INR3500 per day on peak season. SPECTRA AUTO: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term rating of Spectra Auto (Spectra) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Spectra, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Spectra Auto (Spectra) is an authorized dealer for Hero MotoCorp Limited (HMCL; rated [ICRA]AAA(Stable)/A1+). The company started dealership business 2003. Currently, the company has two show rooms in Nerul and Chembur and two workshops in Turbhe and Chembur. SUN PSYLLIUM: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-term rating for the Bank facilities of Sun Psyllium Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Sun Psyllium Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established as a partnership firm in 1989, Sun Psyllium Industries is promoted by members of the Patel family, who have extensive experience in the Agro-commodity business. The firm manufactures psyllium husk from psyllium seeds (Isabgol), and also trades in fennel seeds, cumin seeds and other Agro commodities. The partners are also associated with Sun Enterprise, which is also involved in the similar business. TRANSMISSION CORP: ICRA Withdraws D Rating on INR589.70cr Bond -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the Bond Programme of Transmission Corporation of Andhra Pradesh Limited (AP TRANSCO) at the request of the company and based on the document received on fully redemption of rated Bond programme. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Bond Programme 589.70 [ICRA]D; ISSUER NOT COOPERATING; Withdrawn AP Transco was incorporated in 1998, subsequent to the first transfer scheme of the State Electricity Reform Act for unbundling of erstwhile Andhra Pradesh State Electricity Board into two entities, Andhra Pradesh Power Transmission Corporation Limited and Andhra Pradesh Power Generation Corporation Limited (APGENCO). As per the Electricity Act, 2003, transmission companies are not allowed to trade in power, thus necessitating the separation of the trading and transmission functions. At present, AP Transco is involved in the transmission and state load dispatch-centre activities. Post the bifurcation of Andhra Pradesh in June 2014, the entity has been split into two entities, namely TS Transco and AP Transco (for residual Andhra Pradesh). UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of United Infraventures Limited (UIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 10, 2023, placed the rating(s) of UIL under the 'issuer non-cooperating' category as UIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. UIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 26, 2023, December 6, 2023, February 14, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). United Infraventures Limited (UIL) was incorporated on August 18, 2012 to take over the business of United Construction Company (UCC) which is, since 1963, engaged in civil construction works mainly involved in sewage pipeline laying & repairs, repairs of structures, road construction & repairs etc. The company carters to Municipal Corporation of Greater Mumbai (MCGM), with major operations in Mumbai, Maharashtra. VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Venky Hi Tech Ispat Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 24.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 4.50 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short Term- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating continues to remain under Based-Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Venky Hi Tech Ispat Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Venky Hi Tech Ispat Ltd was incorporated in December 2003 and currently has 36,000 tons per annum (tpa) ingot and 84,000 tpa thermo-mechanically treated manufacturing facility at Durgapur, West Bengal. The company also started manufacturing billets from February 2015. VERMA TRACTORS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Verma Tractors (VT) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating Continues to remain Cash Credit under issuer not cooperating category As part of its process and in accordance with its rating agreement with VT, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Verma Tractors (VT) established in 2004 is an authorized dealer of Escorts Tractors in the city of Barabanki, U.P. The firm operates in the city through its four outlets. The outlets are in Barabanki city and blocks of Kaiserganj, Fatehpur and Ramnagar. The operation of the firm is being managed by three partners Mrs Daya Rani Verma, Mrs Archana Verma and Mr Suresh Chandra Verma. [*] INDIA: Insolvency Cases Rise 18% in Q3 Ended December 2023 -------------------------------------------------------------- Financial Express reports that the number of cases admitted for the corporate insolvency resolution process (CIRP) has risen 18% year-on-year to 7,325 as of December 2023, from 6,199 cases as of December 2022, according to the latest data from the Insolvency and Bankruptcy Board of India (IBBI). However, there has been a sequential decline in new admissions for the CIRP, with 244 cases being admitted in the third quarter of the current fiscal year, down from 250 cases in the second quarter. "The number of ongoing CIRPs has declined, indicating that cases have been disposed at a faster pace compared to their admission," FE quotes Sanjay Agarwal, senior director, Care Ratings, as saying. "IBC has continued to gain in popularity, with over 7,300 companies being admitted and a significant number of these cases on a cumulative basis being filed by financial creditors (3,300 cases) and operational creditors (3,586 cases)." FE relates that the share of the various sectors has largely remained constant in the third quarter compared with the previous quarter. The manufacturing sector accounts for the highest share at 38% of the overall cases, followed by the real estate (21%), construction (12%) and trade (wholesale & retail) (10%) sectors. In the first quarter of the current fiscal, 251 cases were admitted for the CIRP, taking the total cases admitted to 745 in the first nine months. Total ongoing insolvency cases reached 1,899 as of December, while 5,426 cases were closed. According to FE, the average time taken for resolution or liquidation continues to increase for operational and financial creditors during the December quarter. Meanwhile, the overall recovery rate till the third quarter was 31.86%, implying a haircut of approximately 68%. "The cumulative recovery rate has been on a downtrend, decreasing from 43% in the first quarter of FY20 and 32.9% in the fourth quarter of FY22, as larger resolutions have already been executed and a significant number of liquidated cases were either BIFR (Board for Industrial and Financial Reconstruction) cases or defunct with high-resolution time," noted a recent report by Care Ratings, FE relays. FE adds that the number of cases admitted for the insolvency resolution process has seen a consistent rise since the launch of the Insolvency and Bankruptcy Code (IBC) in 2016, highlighting the rising acceptance of the IBC as an effective debt-resolution mechanism. The number of cases admitted for the insolvency process increased to 1,263 in 2022-23, from 888 in the previous financial year. Experts believe that the number of cases admitted for the insolvency process in 2023-24 is expected to be less than the previous financial year. ========= J A P A N ========= SUMITOMO MITSUI: S&P Assigns 'BB+' Rating to New Sub AT1 Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issue credit rating to the proposed perpetual, subordinated additional tier 1 (AT1) notes to be issued by Sumitomo Mitsui Financial Group Inc. (SMFG; A-/Stable/--). S&P understands the issuance will qualify as Basel III-compliant AT1 notes under Japanese regulations. The issue ratings are subject to its review of the notes' final documentation. S&P said, "The issue rating on the AT1 notes to be issued by the non-operating holding company (NOHC) of one of the largest banking groups in Japan is five notches lower than our assessment of SMFG's group stand-alone credit profile (SACP) of 'a'. We believe that extraordinary support from the government would unlikely be available for these AT1 notes. We use the issuer credit rating we assign SMFG as our starting point. This rating is one notch below the group SACP, because of structural subordination." Overall, the five-notch downward revision from S&P's group SACP reflects the following: -- One notch for contractual subordination; -- Two notches for the risk of nonpayment of coupons as regulatory Tier 1 capital; -- One notch for the risk of principal write-down if the bank is facing distress or nonviability; and -- One notch for the issuer being a nonoperating holding company, which means that the creditors of the issuer are structurally subordinated to the creditors of the operating companies. S&P also views the AT1s as having intermediate equity content. This adds further support to our expectation that SMFG's capitalization will remain stable over the next 12-24 months. In addition, S&P believes the instruments will support the bank's efforts to diversify its long-term foreign currency funding profile. S&P's view of these notes as having intermediate equity content reflects its understanding that the notes: -- Are perpetual, regulatory Tier 1 capital instruments; -- Contain no step-up features; and -- Can absorb losses on a going-concern basis through the nonpayment of coupons, at SMFG's full discretion. The one-notch deduction for the risk of principal write-down reflects our view that under Japanese regulations, which comply with the Basel III standards, AT1s may absorb losses via principal write-downs when a bank is facing distress or nonviability. S&P said, "This is notwithstanding our assessment that the Japanese government is highly supportive toward the senior creditors of the systemically important banks. Furthermore, under a relatively unique feature of the Japanese bank resolution framework, the government has a mechanism to preemptively support the banks without triggering a bail-in of AT1s. Consequently, we consider that there is a possibility that the government may provide extraordinary support for the AT1s issued by systemically important banks facing distress if it considers that absence of such support may bring about instability for the financial system. Nevertheless, the risk that AT1s will absorb losses via principal write-downs remains untested and significant, in our view." ======= L A O S ======= LAOS: Moody's Affirms 'Caa3' Issuer Ratings, Outlook Stable ----------------------------------------------------------- Moody's Investors Service has affirmed the Government of Laos's long-term local- and foreign-currency issuer ratings at Caa3. The outlook remains stable. The Caa3 rating reflects the view that Laos's persistently high financing needs, a lack of access to international capital markets and narrow sources of financing will keep liquidity risks at elevated levels, pointing to a high probability of default. Very weak governance and a high debt burden also contribute to a high risk of default. Debt obligations will remain high, even while foreign exchange reserves are lower than required to meet medium-term funding requirements. Given limited external sources of financing, Moody's expects that Laos will increasingly rely on the domestic market to meet its borrowing needs, placing an increasing onus on the banking system to fund borrowing needs. The stable outlook captures Moody's assumption that the probability of default will not materially increase or decrease beyond what is consistent with the Caa3 level. Moody's expects that Laos's fiscal and external imbalances as reflected in the budget deficit and current account deficit will remain contained, while growth will likely stabilize around current rates. Laos's long-term local-currency country ceiling remains unchanged at Caa1, reflecting a two-notch gap with the sovereign rating to reflect the low predictability of institutions and government policies, weak policy effectiveness, large and financially unsound public sector enterprises, and high external vulnerabilities. The foreign currency ceiling remains at Caa3, representing a two-notch gap to the local currency ceiling, based on an assessment of transfer and convertibility risks given Laos's weak external position. RATINGS RATIONALE RATIONALE FOR THE Caa3 RATING LIQUIDITY RISKS REMAIN ACUTE, WITH AN INCREASING ONUS ON THE DOMESTIC BANKING SYSTEM TO FUND THE GOVERNMENT Although Laos's fiscal position improved over 2023, debt obligations remain high. External debt service repayments due amount to $1.2 billion in 2024 and $1.5 billion in 2025. About half of this is owed to commercial lenders (bonds and loans). Domestic debt due on the issuance of bonds to clear arrears and recapitalize banks is also relatively high, ranging from LAK 6.6-9.0 trillion a year ($300-430mn on average). Taking into consideration the maturity schedule and the limited financing options available to Laos, Moody's expects that government liquidity risks will remain elevated, at least until 2027. Moody's calculates Laos's gross borrowing requirements at around 9-11% of GDP from 2024 to 2027. At the same time, financing sources remain limited and highly uncertain, particularly as Laos appears to have lost access to external capital markets, including both the US dollar and Thai Baht markets over the past year, which raises risks for repayment of around $400million of external commercial borrowings due on market bonds, between 2024 and 2025. In addition, debt to Chinese creditors accounts for more than half of total repayments, more than a third of which is on commercial terms. As such, the government will likely continue to rely predominantly on deferrals on servicing its loans to China, that have already been subject to increasing amounts of debt reprofiling over the past three years, as well as financing from the domestic debt markets. Risks of a credit event will increase substantially if Laos fails to negotiate further interest deferrals, at least until a stronger growth recovery and/or other sources of financing become available. Moody's expects Laos to continue relying on domestic market borrowings to meet external debt obligations which could preserve foreign reserves but present inflationary pressures and have implications for domestic credit conditions. Moreover, domestic financing costs will likely increase as a result, weighing on overall debt affordability. Aside from presenting interest rate risks to the government's debt profile, the onus on the domestic banking system to fund an increasing amount of government issuance could weigh on banks' profitability and asset quality, with circular, contingent liability risks for the sovereign's balance sheet. This is evident in the recent sharp climb in issuance of 'investment bonds' raised in part to recapitalize banks, which are absorbed domestically including by the banking system itself. DEBT AND EXTERNAL METRICS WILL CONTINUE TO CONSTRAIN CREDIT Despite lower fiscal deficits, the debt burden is likely to remain at elevated levels. Between 2020 to 2022, total government debt increased by nearly 40ppt of GDP to over a 102% of GDP in 2023, according to Moody's estimates. On-going borrowing requirements, including the clearance of arrears, will keep likely debt levels elevated, with Moody's forecasted debt ratio at around 100% in 2024 and 2025, significantly higher than the median for Caa-rated sovereigns of 69% in 2024. Outstanding domestic debt has increased rapidly since 2020, and now accounts for 12% of GDP, compared to 5% of GDP in 2020. In particular, the outstanding stock of investment bonds issued by the government spiked to 56% of total domestic debt in 2022, from 5% in 2020, likely owing to the recapitalization of some banks and the securitization of arrears owed by the state-owned enterprises to domestic contractors. As the government continues to tap into the domestic banking system, this component should continue to increase as a share of total debt, and would result in further pressures on interest payments. Moody's expects the debt servicing burden to remain elevated, at around 13% of revenues or 2% of GDP. Despite a small current account surplus recorded over the first 9 months of 2023, Moody's expects foreign reserves to remain largely unchanged from 2022, at $1.5 billion and $1.3 billion respectively in 2024 and 2025 from $1.4 billion estimated for the end of 2023, due to continued outflows on the financial account as Laos meets its debt servicing obligations. These levels would represent around 2.0 months of total imports, and lower than the total external debt amounts due every year. Foreign reserves will be lower if debt servicing due to China is not deferred or rolled over. Weak reserve adequacy is also reflected in Moody's External Vulnerability Indicator, which measures maturing long term and short term debt as a share of reserves, being particularly elevated, at 254% in 2024. GROWTH PROSPECTS DRIVEN BY INFRASTRUCTURE IMPROVEMENTS, ALTHOUGH INFLATION AND CURRENCY PRESSURES WILL DRAG ON DOMESTIC DEMAND Moody's expects that growth will moderate slightly in 2024 to 3.8% year-on-year given the lagged impact of inflation and currency depreciation on consumption. Despite sharp currency depreciation and a spike in inflation, official figures suggest that real GDP growth expanded by 4.4% year-on-year in 2023, from 3.5% in 2022. The growth uptick was predominantly backed by a rebound in service sector activity, as tourism posted a recovery and the inauguration of the Laos-China railway and the expansion of port capacity, which supported the transport and logistics sectors. Growth was also likely backed by an improvement in agricultural production and mining sector activity due to higher prices. Moody's expects growth will remain marginally stronger than rates implied by the median for Caa3-rated sovereigns. External trends will likely remain supported by enhancements to logistics and railway transport networks, coupled with stable demand from China. Large ongoing construction projects, including the Monsoon Wind project, which is a 600MW wind power project constructed with ADB support to produce and export electricity to Vietnam, should also back investment growth. Assumptions factor in steady growth in electricity and gas output, taking into consideration Laos's hydroelectric potential, although this sector would remain subject to conducive weather conditions. RATIONALE FOR THE STABLE OUTLOOK The stable outlook incorporates the view that risks to the rating at Caa3 are balanced. Moody's expects that the probability of default will remain high but contained at a level consistent with a Caa3 rating. A large portion of maturities are due on non-commercial debt, while upcoming maturities on market debt are limited, related mainly to borrowings in the Thai baht and US dollar bond market and bank loans, with large maturities in 2025. Generally stable prospects for growth also supports the rating outlook, although a firmer recovery would rest on a continued easing in inflation and currency pressures. In general, default risk will remain high related to a very high debt burden contributing to high liquidity risks despite limited financing requirements, compounded by weak governance indicating that debt management is not strong enough to anticipate changes in the financing environment. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Laos's CIS-5 credit impact score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The main driver is governance limitations, including poor administrative capacity and transparency and weak policy effectiveness. Environmental exposure stems from physical climate and water management risk that may lead to losses in key economic drivers, such as hydropower. Inadequate access to basic services and wide income gaps represent the key sources of social risk. Laos's overall E issuer profile score (IPS) is E-4, primarily driven by high exposure to physical climate risk. Natural disasters, including storms, floods, landslides and droughts, have damaged crops, lowered agricultural output and trimmed economic growth. Access to potable water is weak. Over time, if there were to be an increased frequency of droughts due to climate change, Laos's hydropower production potential would be impacted. This is balanced by low exposure across other categories, such as waste and pollution, carbon transition, and natural capital. Exposure to social risk is S-4, related to poor access to the healthcare and other basic services, low and unevenly distributed income, and unequal access to good quality education. Governance is G-5, driven by weak policy effectiveness. Weak transparency and accountability in government policymaking and poor rankings on control of corruption hamper the sovereign's capacity to respond to negative environmental or social pressures. GDP per capita (PPP basis, US$): 9,207 (2022) (also known as Per Capita Income) Real GDP growth (% change): 2.3% (2022) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 39.3% (2022) Gen. Gov. Financial Balance/GDP: -0.3% (2022) (also known as Fiscal Balance) Current Account Balance/GDP: -0.1% (2022) (also known as External Balance) External debt/GDP: [not available] Economic resiliency: b3 Default history: No default events (on bonds or loans) have been recorded since 1983. On February 20, 2024, a rating committee was called to discuss the rating of the Laos, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially decreased. The issuer's institutions and governance strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer has become increasingly susceptible to event risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE Over time, upward pressure on the rating could emerge if government liquidity pressures abate as a result of strengthening liquidity management capacities. An improvement in public finances, which in turn facilitated more reliable sources of financing at affordable rates would also create upward pressure on the rating. FACTORS THAT COULD LEAD TO A DOWNGRADE Downward rating pressures would arise in the event of a larger or more rapid fall in foreign exchange reserves, further increases in liquidity stress, including an increase in domestic funding rates, that would point to a greater probability of default by the government on its debt payments. The principal methodology used in these ratings was Sovereigns published in November 2022. =============== M A L A Y S I A =============== SINO GREEN: Losses Raise Going Concern Doubt -------------------------------------------- Sino Green Land Corp. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2023, that substantial doubt exists about its ability to continue as a going concern. According to the Company, for the six months ended December 31, 2023, Sino Green Land Corporation incurred a net loss of $658,585 and used cash in operating activities of $476,948. These factors raise substantial doubt about its ability to continue as a going concern within the next 12 months. In addition, Sino Green Land Corporation's independent registered public accounting firm, in their report on Sino Green Land Corporation's June 30, 2023, audited financial statements, raised substantial doubt about the Sino Green Land Corporation's ability to continue as a going concern. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. As of December 31, 2023, the Company had $4,495,457 in total assets, $4,878,821 in total liabilities, and $383,364 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1433551/000149315224007110/form10-q.htm#bs_004 About Sino Green Land Corp. Semenyih, Malaysia-based Sino Green Land Corporation was incorporated under the laws of the State of Nevada on March 6, 2008, under the name of Henry County Plywood Corporation, as a successor by merger to a Virginia corporation incorporated in May 1948 under the same name. On March 17, 2009, the Company changed its name from "Henry County Plywood Corporation" to "Sino Green Land Corporation". On January 7, 2020, it renamed from "Sino Green Land Corporation" to "Go Silver Toprich, Inc.". On August 31, 2020, it changed the name from "Go Silver Toprich, Inc." back to "Sino Green Land Corporation." ===================== N E W Z E A L A N D ===================== ACCLAIM ACCOUNTING: Court to Hear Wind-Up Petition on March 15 -------------------------------------------------------------- A petition to wind up the operations of Acclaim Accounting & Taxation Limited will be heard before the High Court at Auckland on March 15, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 20, 2023. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BUILDHUB LIMITED: Creditors' Proofs of Debt Due on March 18 ----------------------------------------------------------- Creditors of Buildhub Limited, Synergy Advisory (Immigration and Education Services) Limited, Chiwi Construction Group Holdings Limited and Synergy Advisory ICT & Digital (2022) Limited are required to file their proofs of debt by March 18, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 16, 2024. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited PO Box 37223 Parnell Auckland HELI MAINTENANCE: Creditors' Proofs of Debt Due on March 20 ----------------------------------------------------------- Creditors of Heli Maintenance Limited are required to file their proofs of debt by March 20, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 20, 2024. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 HOME&WE! LIMITED: Court to Hear Wind-Up Petition on March 14 ------------------------------------------------------------ A petition to wind up the operations of HOME&WE! Limited will be heard before the High Court at Christchurch on March 14, 2024, at 10:00 a.m. The Make Collective Limited filed the petition against the company on Jan. 23, 2024. The Petitioner's solicitor is: Gregory David Trainor c/- MacLean & Associates Lawyers Unit 4/31 Tyne Street Addington Christchurch KOUDA CONSTRUCTION: Court to Hear Wind-Up Petition on April 19 -------------------------------------------------------------- A petition to wind up the operations of Kouda Construction Limited will be heard before the High Court at Auckland on April 19, 2024, at 10:45 a.m. ACM Fabricators Limited filed the petition against the company on Jan. 24, 2024. The Petitioner's solicitor is: J.M. Skinner Skinners Law, B:Hive Level 1, 74 Taharoto Road Takapuna Auckland 0622 ===================== P H I L I P P I N E S ===================== ABS-CBN: PLDT Called off SkyCable deal Over Massive Debt --------------------------------------------------------- Bilyonaryo.com reports that the business community is still stunned why PLDT cancelled its PHP6.75 billion purchase of SkyCable, the cable and broadband arm of ABS-CBN Broadcasting - and it's no surprise why. Bilyonaryo.com says the deal, initially anticipated to be finalized after recent clearance from antitrust authorities and SkyCable's announcement of impending operations termination, was abruptly terminated on February 22. This sudden turn of events left both parties to mutually part ways without explanation. According to Bilyonaryo.com, a Babbler revealed that during the due diligence, PLDT discovered the extent of SkyCable's liabilities, estimated at PHP13 billion. Despite still being open to paying the agreed-upon price, PLDT balked at absorbing such significant debts given SkyCable's dire state. The Babbler said PLDT was also concerned about SkyCable's shrinking customer base, which had decreased to approximately 200,000 subscribers from 350,000 as of June 2022. This is just a fraction of the 4.5 million subscribers of Cignal. One of the most puzzling aspects of this saga is SkyCable's premature announcement of its cable business termination, as per PLDT's demand, without formalizing PLDT's concurrence. Rather than facilitating automatic subscriber migration, Cignal preferred that SkyCable clients apply for new subscriptions to its service, Bilyonaryo.com says. On the bright side for ABS-CBN, Converge ICT, led by bilyonaryo Dennis Uy, swiftly stepped in to fill the void left by PLDT as reported by Bilyonaryo.com. The company has shown keen interest in acquiring SkyCable, including the debts left behind by ABS-CBN. Bilyonaryo.com relates that Babbler said Mr. Uy was particularly interested in gaining SkyCable's 350,000 subscribers, as well as its other broadband subscribers who have yet to transition to fiber. Additionally, Mr. Uy plans to leverage the SkyCable brand and network, which includes over two dozen subsidiaries and affiliates nationwide, to expand into the pay-TV business. The Babbler said Mr. Uy is confident that Converge can enhance SkyCable's performance through synergies. With PHP8 billion in revenues in 2022, Mr. Uy recognizes that Sky Cable remains profitable despite the absence of its primary revenue source, direct-to-home services, which ceased as a result of ABS-CBN's franchise expiration in 2020. Sky Cable started operating in the Philippines in January 1992. It is the flagship brand of Sky which operates cable television ================= S I N G A P O R E ================= AMPHORA SOFTWARE: Creditors' Meeting Set for March 7 ---------------------------------------------------- Amphora Software Pte Ltd will hold a meeting for its creditors on March 7, 2024, at 2:30 p.m. via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as provisional liquidator of the Company on Feb. 21, 2024. BEYOND BOUNDARIES: Commences Wind-Up Proceedings ------------------------------------------------ Members of Beyond Boundaries Global Pte Ltd on Feb. 19, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Tam Chee Chong Kairos Corporate Advisory 4 Third Avenue Singapore 266576 DASIN RETAIL: Taps Wang Peng as Acting CEO of Trustee-Manager ------------------------------------------------------------- The Business Times reports that a former employee of Sino-Ocean Group has been appointed as the acting chief executive officer of the trustee-manager of Dasin Retail Trust. BT relates that the appointment of 36-year-old Wang Peng was announced by the trustee-manager on Feb. 23, a day after the appointment took effect. This follows the Feb. 17 announcement by the trustee-manager that it had given notice of termination to its then CEO, Wang Qiu. In its Feb. 23 filing, the Dasin Retail Trust Management (DRTM) said that its directors Cao Yong and Zhang Zhencheng (together with his alternate director Zhang Zhongming) disagreed with the other members of the board that Wang Peng should be appointed as acting CEO as they did not agree with the termination of Wang Qiu as CEO, according to BT. Wang Peng has held several posts at Sino-Ocean Group in the past decade. His most recent role, from March 2021 to June 2023, was director (investment centre) at Sino-Ocean Group Beijing Development Division, BT discloses. According to information that DRTM provided in its regulatory filing, Wang Peng holds a master's degree in construction management from Columbia University and a bachelor's degree in civil engineering from Tsinghua University. About Dasin Retail Dasin Retail Trust's principal investment mandate is to invest in, own or develop land, uncompleted developments and income-producing real estate in Greater China (comprising People's Republic of China, Hong Kong and Macau), used primarily for retail purposes, as well as real estate-related assets, with an initial focus on retail malls. The portfolio of Dasin Retail Trust comprises seven retail malls strategically located in Foshan, Zhuhai and Zhongshan Cities in PRC. Dasin Retail Trust is managed by Dasin Retail Trust Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key objectives are to provide Unitholders of Dasin Retail Trust with an attractive rate of return on their investment through regular and stable distributions to Unitholders and to achieve long-term sustainable growth in DPU and net asset value per Unit, while maintaining an appropriate capital structure for Dasin Retail Trust. As reported in the Troubled Company Reporter-Asia Pacific in early September 2023, Dasin Retail Trust has received a notice declaring that an event of default has occurred under its onshore syndicated term loan facility of up to CNY400 million. Issued by the Bank of China's Zhongshan branch as the facility and security agent of the onshore facility, the bank is claiming an outstanding sum of CNY355.2 million plus interest after the term loan matured on Dec. 31, 2022, according to BT. This interest shall go on accruing until full payment is made by Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial Property Management, noted the trustee-manager late on Sept. 4, BT related. Notices of these facilities were dated Aug. 31, 2023, and issued to the trust's subsidiaries, including Zhongshan Yuanxin. KTBS BUSINESS: Court to Hear Wind-Up Petition on March 8 -------------------------------------------------------- A petition to wind up the operations of KTBS Business Solutions Pte Ltd will be heard before the High Court of Singapore on March 8, 2024, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 15, 2024. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2 #17-01, 4 Shenton Way Singapore 068807 PAUL IMMIGRATIONS: Court to Hear Wind-Up Petition on March 1 ------------------------------------------------------------ A petition to wind up the operations of Paul Immigrations Pte Ltd will be heard before the High Court of Singapore on March 1, 2024, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on Jan. 30, 2024. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2 #17-01, 4 Shenton Way Singapore 068807 ZHONGSEN TRADING: Court to Hear Wind-Up Petition on March 15 ------------------------------------------------------------ A petition to wind up the operations of Zhongsen Trading Pte Ltd will be heard before the High Court of Singapore on March 15, 2024, at 10:00 a.m. Standard Chartered Bank (Singapore) Limited filed the petition against the company on Feb. 19, 2024. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Feb. 19, 2024 to Feb. 23, 2024 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20 ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20 COBURN RESOURCES PTY 12.00 03/20/26 USD 74.97 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.81 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.14 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.05 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.15 VIRGIN AUSTRALIA HOL 8.08 03/05/24 AUD 0.42 VIRGIN AUSTRALIA HOL 8.25 05/30/23 AUD 0.20 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.14 VIRGIN AUSTRALIA HOL 8.00 11/26/24 AUD 0.16 CHINA ----- AKESU TEXTILE CITY D 7.50 06/21/24 CNY 20.26 AKESU TEXTILE CITY D 7.50 06/21/24 CNY 20.27 ALETAI CITY JUJIN UR 7.73 10/26/24 CNY 25.78 ANAR PROPERTY GROUP 8.50 03/08/24 CNY 13.02 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 62.73 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 62.72 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 64.53 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 64.31 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 41.62 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 42.31 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 41.53 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 42.41 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 63.01 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 60.30 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 40.50 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 42.25 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 41.77 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 42.69 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.60 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.27 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.38 ANYUE XINGAN CITY DE 7.50 05/06/26 CNY 53.10 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.38 ANYUE XINGAN CITY DE 7.50 05/06/26 CNY 61.43 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.38 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 42.24 BIJIE QIXINGGUAN DIS 7.60 09/08/24 CNY 20.48 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 40.33 BIJIE QIXINGGUAN DIS 7.60 09/08/24 CNY 20.40 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 41.85 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.32 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 42.41 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.30 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.27 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 64.49 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.82 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 41.46 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 41.47 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.94 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.93 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 40.00 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 41.17 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.40 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.47 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.82 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.58 CHONGQING HONGYE IND 7.50 12/24/26 CNY 64.59 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 42.05 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 42.05 CHONGQING NANCHUAN C 7.80 08/06/26 CNY 62.54 CHONGQING SHUANGFU C 7.50 09/09/26 CNY 63.56 CHONGQING THREE GORG 7.80 03/01/26 CNY 62.79 CHONGQING THREE GORG 7.80 03/01/26 CNY 60.00 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 63.89 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 63.88 CHONGQING WANSHENG E 7.50 03/27/25 CNY 40.94 CHONGQING WANSHENG E 7.50 03/27/25 CNY 40.73 CHONGQING YUDIAN STA 8.00 11/30/25 CNY 42.41 CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 20.00 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 42.51 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 42.52 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.42 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.42 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 42.60 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 38.80 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 62.88 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 63.95 DING NAN CITY CONSTR 7.80 04/08/26 CNY 60.00 DING NAN CITY CONSTR 7.80 04/08/26 CNY 63.01 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 40.00 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 41.25 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 42.04 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 42.04 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 63.73 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 63.74 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 42.09 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 42.08 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 42.35 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 42.44 FANTASIA GROUP CHINA 7.80 11/29/24 CNY 44.53 FANTASIA GROUP CHINA 7.50 12/17/23 CNY 73.70 FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99 FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00 FUZHOU LINCHUAN URBA 8.00 02/26/26 CNY 62.96 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 42.04 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 42.20 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 42.20 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 41.74 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 42.65 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 40.00 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 41.83 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 42.07 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.54 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.53 GOME APPLIANCE CO LT 7.80 12/21/24 CNY 37.00 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 63.22 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 63.09 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 42.28 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 42.28 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 42.38 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 42.37 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 41.94 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 42.24 GUANGXI NINGMING HUI 8.50 12/07/25 CNY 41.77 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 65.26 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 62.97 GUANGXI TIANDONG COU 7.50 06/04/27 CNY 45.00 GUANGYUAN CITY DEVEL 7.50 10/25/27 CNY 37.60 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 64.60 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 64.61 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 62.35 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 64.23 GUANGZHOU FINELAND R 13.60 07/27/23 USD 15.63 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 41.23 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 40.00 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 63.95 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 63.94 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 60.00 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 62.60 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 41.15 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 40.00 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 60.83 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 40.19 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 51.70 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 42.16 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 63.18 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 63.05 GUIYANG GUANSHANHU I 8.20 04/30/24 CNY 40.24 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 62.31 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 64.83 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 63.33 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 60.00 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 40.84 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 42.41 GUIZHOU GUIAN DEVELO 7.60 04/26/25 CNY 6.92 GUIZHOU GUIAN DEVELO 7.50 01/14/25 CNY 15.50 GUIZHOU HONGGUO ECON 7.80 02/08/25 CNY 20.03 GUIZHOU HONGGUO ECON 7.80 02/08/25 CNY 20.00 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 20.40 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 20.69 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 62.32 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.79 GUIZHOU RAILWAY INVE 7.50 04/23/24 CNY 15.17 GUIZHOU RAILWAY INVE 7.50 04/23/24 CNY 15.12 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 41.09 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 41.98 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 42.16 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.19 GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.23 GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.26 HAIAN URBAN DEMOLITI 7.74 05/02/25 CNY 41.09 HAIAN URBAN DEMOLITI 8.00 12/21/25 CNY 42.21 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.51 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.74 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.50 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.75 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.68 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.65 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 63.25 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 60.00 HUAINAN URBAN CONSTR 7.58 02/12/26 CNY 42.59 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 40.00 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 41.03 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 62.00 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 61.80 HUBEI JIAKANG CONSTR 7.80 12/19/25 CNY 42.10 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 60.00 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 62.79 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 62.85 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 60.00 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 63.03 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 60.00 HUNAN TIANYI RONGTON 7.50 09/17/25 CNY 41.79 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 42.19 HUNAN TIANYI RONGTON 7.50 09/17/25 CNY 41.50 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.73 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 42.35 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 40.00 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 42.24 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.68 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.64 HUZHOU WUXING NANTAI 7.90 09/20/25 CNY 41.57 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 64.74 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 58.00 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 40.00 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 40.98 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 41.75 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 41.76 JIANGXI HUANGGANGSHA 7.90 01/25/26 CNY 42.71 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 42.06 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 42.14 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 40.00 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 41.06 JIANGYOU XINGYI PARK 7.80 12/17/25 CNY 51.20 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 42.33 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 42.34 JINGDEZHEN CERAMIC C 7.50 08/27/25 CNY 41.68 JINGDEZHEN CERAMIC C 7.50 08/27/25 CNY 41.66 JINING NEW CITY DEVE 7.60 03/23/25 CNY 40.93 JINING NEW CITY DEVE 7.60 03/23/25 CNY 40.00 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 62.74 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 60.92 JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63 JUNAN COUNTY URBAN C 7.50 09/26/24 CNY 20.52 JUNAN COUNTY URBAN C 7.50 09/26/24 CNY 20.52 KAIDI ECOLOGICAL AND 8.50 11/21/18 CNY 72.46 LAOHEKOU CITY CONSTR 7.50 06/09/24 CNY 70.92 LETING INVESTMENT GR 7.50 04/11/26 CNY 59.80 LETING INVESTMENT GR 7.50 04/11/26 CNY 62.37 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 42.24 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 42.24 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 60.00 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 63.00 LINFEN YAODU DISTRIC 7.50 09/19/25 CNY 41.87 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 40.00 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 41.07 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 42.10 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 42.10 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 42.15 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 42.16 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 72.76 LIUZHOU LONGJIAN INV 8.28 04/30/24 CNY 15.11 LONGNAN ECO&TECH DEV 7.50 07/26/26 CNY 63.10 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 42.67 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 40.00 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 42.19 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 42.19 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.02 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.97 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.61 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.05 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.92 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 42.28 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 62.62 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 24.00 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.83 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.84 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.52 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.52 MEISHAN HONGSHUN PAR 7.50 12/10/25 CNY 52.67 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.91 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.91 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 42.24 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 42.24 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.34 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.52 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 61.50 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 63.05 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 64.45 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 63.08 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 60.00 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 64.45 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 64.82 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 41.15 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 41.34 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 42.41 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 42.03 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 64.81 MIANYANG HUIDONG INV 8.10 02/10/25 CNY 20.98 MIANYANG HUIDONG INV 8.10 04/28/25 CNY 41.29 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 42.08 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 42.39 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 60.00 MILE AGRICULTURAL IN 8.00 10/25/25 CNY 42.17 MILE AGRICULTURAL IN 8.00 10/25/25 CNY 41.84 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 62.58 MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.85 NANCHONG JIALING DEV 7.98 05/23/25 CNY 40.00 NANCHONG JIALING DEV 7.98 05/23/25 CNY 41.39 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.74 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.74 NANJING JIANGNING EC 7.94 04/14/24 CNY 15.09 NANJING JIANGNING EC 7.94 04/14/24 CNY 15.17 NEOGLORY HOLDING GRO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GRO 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GRO 8.10 11/23/18 CNY 72.00 NINGXIA SHENG YAN IN 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.85 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.94 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.84 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.93 PANJIN LIAODONGWAN Z 7.50 12/28/26 CNY 64.64 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 64.12 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 64.06 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.59 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.34 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.69 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.74 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.25 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.93 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.60 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.36 PUDING YELANG STATE- 8.00 03/13/25 CNY 40.73 PUDING YELANG STATE- 8.00 03/13/25 CNY 40.70 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 62.67 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 60.00 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 65.34 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 65.34 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 41.89 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 42.54 QINGHAI PROVINCIAL I 7.88 03/22/21 USD 2.52 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 62.66 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 62.65 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 62.05 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 64.57 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.90 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.91 QUJING CITY QILIN DI 8.50 01/21/26 CNY 42.94 QUJING CITY QILIN DI 8.50 01/21/26 CNY 40.00 RENHUAI WATER INVEST 7.98 07/26/25 CNY 41.70 RENHUAI WATER INVEST 8.00 12/26/25 CNY 40.15 RENHUAI WATER INVEST 7.98 02/24/25 CNY 40.48 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 42.32 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 42.32 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 64.48 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 64.44 RUILI RENLONG INVEST 8.00 09/20/26 CNY 62.69 RUILI RENLONG INVEST 8.00 09/20/26 CNY 62.68 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 64.29 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 64.61 SHANDONG HONGHE HOLD 7.50 01/29/26 CNY 41.88 SHANDONG HONGHE HOLD 7.50 01/29/26 CNY 41.00 SHANDONG OCEAN CULTU 7.50 03/28/26 CNY 62.34 SHANDONG OCEAN CULTU 7.50 04/25/26 CNY 61.81 SHANDONG RENCHENG RO 7.50 01/23/26 CNY 41.32 SHANDONG RUYI TECHNO 7.90 09/18/23 CNY 52.10 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 62.85 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 60.00 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 42.27 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 41.08 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 41.28 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 40.49 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 41.63 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 41.64 SHANTOU INVESTMENT H 7.99 03/04/24 CNY 15.06 SHANTOU INVESTMENT H 7.99 03/04/24 CNY 15.30 SHANXI JINZHONG STAT 7.50 05/05/26 CNY 62.84 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 42.37 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 42.37 SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.74 SHEHONG STATE OWNED 7.50 08/22/25 CNY 21.30 SHEHONG STATE OWNED 7.60 10/22/25 CNY 21.48 SHEHONG STATE OWNED 7.60 10/22/25 CNY 21.48 SHEHONG STATE OWNED 7.60 10/25/25 CNY 42.09 SHEHONG STATE OWNED 7.60 10/25/25 CNY 42.09 SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.73 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.66 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 42.40 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 42.40 SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 46.08 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 64.68 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 65.60 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 64.67 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 65.60 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 63.69 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 63.71 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.78 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.36 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.24 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.52 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.61 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.65 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.65 SICHUAN COAL INDUSTR 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DEV 7.50 07/11/21 CNY 12.63 SICHUAN LANGUANG DEV 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DEV 7.50 08/12/21 CNY 12.63 SIYANG JIADING INDUS 7.50 04/27/25 CNY 41.13 SIYANG JIADING INDUS 7.50 04/27/25 CNY 41.12 SIYANG JIADING INDUS 7.50 12/14/25 CNY 42.22 SIYANG JIADING INDUS 7.50 12/14/25 CNY 42.22 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 4.00 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 18.00 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 4.00 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 8.00 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 62.72 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 60.00 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 60.00 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 62.81 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 63.05 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 60.00 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 42.56 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 42.51 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.80 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.81 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 42.73 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 42.79 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 60.00 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 62.83 TANGSHAN HOLDING DEV 7.60 05/16/25 CNY 41.17 TANGSHAN HOLDING DEV 7.60 05/16/25 CNY 41.00 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 63.22 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 64.72 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 64.72 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 63.89 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 42.09 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 42.10 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 23.53 TENGCHONG SHIXINGBAN 7.50 05/05/26 CNY 71.57 TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONST 7.50 07/23/25 CNY 41.49 TONGCHENG CITY CONST 7.50 07/23/25 CNY 40.00 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 61.50 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 42.45 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 41.65 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 63.16 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 42.37 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 42.37 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 41.89 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 41.76 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 39.79 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 41.92 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 72.50 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 74.34 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 61.92 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 60.00 WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63 WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63 WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63 WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 42.04 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 42.05 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 62.86 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 60.00 WUYANG CONSTRUCTION 7.80 09/11/20 CNY 32.48 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 60.00 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 63.05 XIANGXIANG URBAN CON 7.50 10/27/24 CNY 20.50 XIANGXIANG URBAN CON 7.50 10/27/24 CNY 20.59 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 51.10 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 60.97 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 42.23 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 42.28 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 61.88 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 62.87 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.64 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.76 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.72 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00 XINPING URBAN DEVELO 7.70 01/24/26 CNY 40.98 XINPING URBAN DEVELO 7.70 01/24/26 CNY 42.53 XINYU CITY YUSHUI DI 7.50 09/24/26 CNY 63.64 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.73 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.73 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.84 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.83 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 41.16 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 60.50 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 62.61 YANGLING URBAN RURAL 7.80 06/19/26 CNY 60.00 YANGLING URBAN RURAL 7.80 06/19/26 CNY 63.55 YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.65 YANGLING URBAN RURAL 7.80 02/20/26 CNY 60.00 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 41.74 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.50 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.39 YICHANG CHUANGYUAN H 7.80 11/06/25 CNY 42.17 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.88 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.88 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 63.39 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 60.00 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 40.00 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 42.28 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 42.13 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 41.37 YIYANG LONGLING CONS 7.60 01/23/26 CNY 40.30 YIYANG LONGLING CONS 7.60 01/23/26 CNY 42.07 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 41.62 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 41.69 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 42.59 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 42.04 YONGCHENG COAL & ELE 7.50 02/02/21 CNY 39.88 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 41.05 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 40.00 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 41.58 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 41.80 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 41.85 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 41.85 YUANJIANG CITY CONST 7.50 01/18/26 CNY 42.37 YUANJIANG CITY CONST 7.50 01/18/26 CNY 42.37 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 40.49 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 41.17 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 60.00 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 63.12 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 63.81 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 64.61 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 62.01 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 62.83 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 62.72 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 62.70 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 64.16 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 64.17 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 42.25 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 42.19 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 62.36 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 60.00 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 41.78 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 41.78 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 42.47 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 42.43 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 60.00 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 62.68 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.86 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00 ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 52.28 ZHUZHOU RAILWAY INDU 7.50 09/25/24 CNY 20.44 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 70.00 ZIYANG KAILI INVESTM 8.00 02/14/26 CNY 41.92 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.23 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.37 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 64.22 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 62.50 ZUNYI URBAN CONSTRUC 7.50 05/20/24 CNY 40.13 HONG KONG --------- CHINA SOUTH CITY HOL 9.00 04/12/24 USD 31.10 CHINA SOUTH CITY HOL 9.00 10/09/24 USD 39.47 CHINA SOUTH CITY HOL 9.00 06/26/24 USD 26.84 CHINA SOUTH CITY HOL 9.00 12/11/24 USD 26.68 HAINAN AIRLINES HONG 12.00 10/29/21 USD 3.19 HONGKONG IDEAL INVES 14.75 10/08/22 USD 1.57 YANGO JUSTICE INTERN 10.25 09/15/22 USD 0.36 YANGO JUSTICE INTERN 7.50 04/15/24 USD 0.34 YANGO JUSTICE INTERN 7.88 09/04/24 USD 0.47 YANGO JUSTICE INTERN 8.25 11/25/23 USD 0.34 YANGO JUSTICE INTERN 9.25 04/15/23 USD 0.34 YANGO JUSTICE INTERN 7.50 02/17/25 USD 0.39 YANGO JUSTICE INTERN 10.00 02/12/23 USD 0.06 YANGO JUSTICE INTERN 10.25 03/18/22 USD 0.15 ZENSUN ENTERPRISES L 12.50 04/23/24 USD 3.95 ZENSUN ENTERPRISES L 12.50 09/13/23 USD 4.66 INDIA ----- AXIS FINANCE LTD 8.10 11/17/28 INR 72.07 IIFL SAMASTA FINANCE 10.75 02/24/25 INR 62.73 IKF FINANCE LTD 10.60 03/27/25 INR 62.14 KOTAK MAHINDRA BANK 7.60 02/14/31 INR 63.22 PIRAMAL CAPITAL & HO 8.50 04/18/23 INR 34.25 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.78 PHILIPPINES ----------- BAYAN TELECOMMUNICAT 15.00 07/15/06 USD 13.61 SINGAPORE --------- BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.60 BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.60 BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.25 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.25 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.21 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.21 ENERCOAL RESOURCES P 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE LT 7.50 01/18/21 CNY 18.25 MICLYN EXPRESS OFFSH 8.75 11/25/18 USD 0.82 NOMURA INTERNATIONAL 19.50 08/28/28 TRY 66.22 NOMURA INTERNATIONAL 7.65 10/04/37 AUD 64.29 ORO NEGRO DRILLING P 7.50 01/24/24 USD 0.70 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SOUTH KOREA ----------- SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SRI LANKA --------- SRI LANKA GOVERNMENT 8.00 01/01/32 LKR 71.73 SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 74.17 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 50.29 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 50.34 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 50.39 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 50.35 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***