/raid1/www/Hosts/bankrupt/TCRAP_Public/240326.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, March 26, 2024, Vol. 27, No. 62
Headlines
A U S T R A L I A
ARMAGUARD: Banks, Retailers Offer Last-Minute Lifeline
CONQUEST 2023-3: Fitch Assigns Final 'Bsf' Rating on Class F Notes
K-TIG LIMITED: Second Creditors' Meeting Set for March 28
LABOURFORCE IMPEX: First Creditors' Meeting Set for March 28
MOSSMAN SUGAR: Goes Into Liquidation After Sale Falls Through
NATIONAL AGRICULTURAL: Second Creditors' Meeting Set for March 28
PACQUOLA CORP: Second Creditors' Meeting Set for March 28
PEPPER I-PRIME 2021-1: S&P Affirms BB(sf) Rating on Class F Notes
PLUTORA PTY: First Creditors' Meeting Set for March 28
REDZED TRUST 2023-1: Fitch Affirms 'Bsf' Rating on Class F Notes
C H I N A
CENTRAL CHINA REAL: Expects Net Loss of Up to CNY3.8BB for 2023
CHINA EVERGRANDE: China Scrutinizes PwC Role in $78BB Fraud Case
CHINA EVERGRANDE: Withdraw US Bankruptcy Protection Application
COUNTRY GARDEN: Finds Partner to Fund Completion of Skyscraper
KWG GROUP: Expects Not More Than CNY19 Billion Net Loss for 2023
I N D I A
APRAJITA MICROFINANCE: ICRA Reaffirms B Rating on INR3r Loan
ATANZANITE SILICON: Voluntary Liquidation Process Case Summary
BALAJI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
CHAMBER CONSTRUCTIONS: Liquidation Process Case Summary
CONCORD GLOBAL: Voluntary Liquidation Process Case Summary
ENRICH RD: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
INDIABULLS HOUSING: S&P Rates Proposed USD Sr. Secured Notes 'B'
IRB INFRASTRUCTURE: Fitch Rates USD540MM Notes Due 2032 'BB+'
JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating
JOHN ENERGY: Allowed to Deposit INR254cr Settlement Amount
KAANHA SHIPPING: Liquidation Process Case Summary
LANGLEY APPAREL: Liquidation Process Case Summary
MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating
MAHESHWARY ISPAT: Liquidation Process Case Summary
NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating
R R GOLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
SAHAKAR SHIROMANI: ICRA Keeps D Debt Rating in Not Cooperating
SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating
SHRI ANIRUDDHA: Insolvency Resolution Process Case Summary
SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SS INNOVATIONS: BF Borgers CPA Raises Going Concern Doubt
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
SVSVS PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category
WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating
N E W Z E A L A N D
AMERIBUILD LIMITED: Creditors' Proofs of Debt Due on April 19
AUTO INSIDERS: Court to Hear Wind-Up Petition on April 12
BUILTWELL BUILDING: Creditors' Proofs of Debt Due on April 26
CAPITAL LI: Creditors' Proofs of Debt Due on April 14
INDUSTRIAL PARK: Creditors' Proofs of Debt Due on April 15
S I N G A P O R E
BUILDERS HUB: Court to Hear Wind-Up Petition on April 2
BULLION HARVEST: Placed in Interim Judicial Management
GOLDEN MAPLE: Creditors' Proofs of Debt Due on April 22
INDUSTRY MONKS: Commences Wind-Up Proceedings
NW FOODS: Court Enters Wind-Up Order
V I E T N A M
EVNNPT: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
X X X X X X X X
[*] BOND PRICING: For the Week March 18 to March 22, 2024
- - - - -
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A U S T R A L I A
=================
ARMAGUARD: Banks, Retailers Offer Last-Minute Lifeline
------------------------------------------------------
The Australian Financial Review reports that the major banks and
some of the country's largest retailers have extended a last-minute
lifeline to Armaguard in a bid to keep the Lindsay Fox-owned cash
transport firm alive.
Lobbed last week, the emergency funding package, if accepted by
Armaguard, would give the monopoly provider of large-scale cash
delivery services financial support in the tens of millions of
dollars to allow it to deliver cash until the second half of the
year, AFR relates.
The banks, alongside Coles, Woolworths, Wesfarmers and Australia
Post have been pushing to have a deal agreed before Easter, The
Australian Financial Review can reveal. They were expecting a
response by the weekend. But as of March 25, Armaguard, owned by
Mr. Fox's Linfox Group, had not responded, sources said.
Armaguard acquired its main competitor, Prosegur, last year in a
deal waved through by the competition regulator. Months after that
transaction, the company admitted that it was sustaining
heavier-than-expected losses as the use of cash to make payments
continued to plunge, reducing demand for cash deliveries, AFR
says.
Since its precarious financial was disclosed last November, the
banks and regulators have been concerned that if Armaguard decided
to stop delivering banknotes, and cash was not available, it could
cause some customers to erroneously question the safety of their
deposits, impacting on trust in the broader financial system,
according to AFR.
According to the report, the banks and retailers have been working
collectively, in discussions led by the Australian Banking
Association, under an authorisation granted by the Australian
Competition and Consumer Commission in December.
The offer is understood to involve undertakings to ensure Armaguard
continues to maintain cash deliveries and pick-ups over the coming
months under existing agreements, as discussions continue over a
sustainable model for the longer term.
This could involve the formation of an industry co-operative
involving the major banks, regional banks, large retailers
including Bunnings, the big supermarkets and Australia Post, which
provides cash services in its branches under contracts with banks,
AFR relays.
AFR says the Reserve Bank, which regulates the payments industry
and prints cash, has been forced to get involved in the discussions
as it seeks to avoid a horror scenario, under which Armaguard's
losses might cause Linfox to stop providing investment and support.
AFR relates that the banks have been keen for a deal before Easter,
due to the looming expiry during the first week of April of a cross
guarantee between Armaguard and Linfox. The end of the guarantee
would allow Armaguard to enter voluntary administration without
triggering contractual obligations on the rest of the Linfox, a
major transportation group.
The banks and the RBA are due to meet on March 27 to consider a
report from investigatory accountant FTI Consulting, commissioned
by the RBA, which provides detail on Armguard's finances and will
help inform the next phase of discussions, AFR says.
The ACCC will examine the proposed funding deal under the
authorisation before funds are provided. The regulator was shocked
that Armaguard's financial position deteriorated so rapidly, with
its plea for industry support coming just 4-1/2 months after the
ACCC approved a merger with Prosegur, the second-largest player.
AFR notes that the short-term funding line offered last week is
lower than the AUD190 million over three years that Armaguard told
the industry in late October it would require to ensure it can
operate profitably.
Leading up to the deal, the banks agreed not to enforce obligations
under existing contracts, which has allowed Armaguard to cut
operating costs by reducing the number of deliveries, and the
amount of money it needs to count each day, which have helped to
reduce the cash flow crunch on the business, the report says.
CONQUEST 2023-3: Fitch Assigns Final 'Bsf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to ConQuest 2023-3
Warehouse Trust's mortgage-backed floating-rate notes. The
warehouse transaction consists of notes backed by a pool of
first-ranking Australian residential full-documentation conforming
mortgage loans originated by MyState Bank Limited (MyState,
BBB+/Stable). The notes were issued by Perpetual Trustee Company
Limited in its capacity as trustee of ConQuest 2023-3. This is a
separate and distinct series created under a master trust deed.
Entity/Debt Rating
----------- ------
ConQuest 2023-3
Warehouse Trust
A LT AAAsf New Rating
B LT AAsf New Rating
C LT Asf New Rating
D LT BBBsf New Rating
E LT BB-sf New Rating
F LT Bsf New Rating
G LT NRsf New Rating
KEY RATING DRIVERS
Credit Enhancement Buffers Expected 'AAAsf' Losses: The transaction
has a one-year availability period that may be extended by a
further year. Principal receipts can be used to purchase new
receivables during this period, subject to eligibility criteria and
pool parameters. The transaction includes performance triggers to
mitigate portfolio deterioration.
Fitch's analysis is based on a stressed pool adjusted to different
stress levels based on pool parameters, historical data and Fitch's
forward-looking view. Stresses were applied to a number of
portfolio characteristics to reflect the historical and Fitch's
expected portfolio composition.
The stressed pool's 'AAAsf' weighted-average (WA) foreclosure
frequency (WAFF) of 15.7% is driven by the WA unindexed current
loan/value ratio (LVR) of 64.5%, interest-only loans of 10.4%,
self-employed borrowers of 14.9% and, under Fitch's methodology,
investment loans of 25.3%. The 'AAAsf' lenders' mortgage insurance
(LMI) dependent WA recovery rate (WARR) of 60.4% is driven by the
WA indexed scheduled LVR of 62.1% and LMI coverage of 14.6%.
Classes A, B, C, D, E and F benefit from credit enhancement of
8.0%, 4.0 %, 2.8%, 1.6%, 1.0% and 0.4%, respectively.
Low Operational and Servicing Risk: MyState is an authorised
deposit-taking institution headquartered in Hobart, Tasmania. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with market standards
and that there were no material changes that may affect MyState's
ongoing ability to undertake administration and collection
activities.
Limited Liquidity Risk: Structural features include a liquidity
facility sized at the lesser of 1.0% of the invested note balance
(other than the class G notes) and the aggregate outstanding
principal amount of performing loans, subject to a floor of
AUD324,750 and a cap of AUD3,247,500; this is sufficient to
mitigate payment interruption risk. The eligibility criteria and
pool parameters ensure portfolio characteristics are maintained
during the availability period. The transaction requires that
credit support levels and a minimum dollar amount of subordination
be maintained for each rated note after each subsequent note
issuance or redemption.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite interest rates rising from May 2022 to November
2023. GDP growth in 2023 was 1.5% and unemployment was 4.1% in
January 2024. Fitch expects steady GDP growth in 2024, with
unemployment rising to 4.2%. This reflects Fitch's expectation of
the impact of China's property downturn and the lagged effect of
tighter monetary policy on consumption.
ConQuest 2023-3 is geographically concentrated in Tasmania,
reflecting MyState's operational focus in the region. The Tasmanian
state government forecasts gross state product growth of 2.25% in
2024-2025.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Downgrade Sensitivities
Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.
The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.
Notes: A / B / C / D / E / F
Rating: AAAsf \ AAsf \ Asf \ BBBsf \ BB-sf \ Bsf
Increase defaults by 15%: AA+sf \ AA-sf \ Asf \ BBsf \ BB-sf \ Bsf
Increase defaults by 30%: AA+sf \ A+sf \ A-sf \ BB+sf \ B+sf \ Bsf
Reduce recoveries by 15%: AAAsf \ AAsf \ Asf \ BBBsf \ BB-sf \ Bsf
Reduce recoveries by 30%: AAAsf \ AAsf \ Asf \ BBBsf \ BB-sf \ Bsf
Increase defaults by 15% and reduce recoveries by 15%: AA+sf \
AA-sf \ Asf \ BBsf \ BB-sf \ Bsf
Increase defaults by 30% and reduce recoveries by 30%: AA+sf \ A+sf
\ A-sf \ BB+sf \ B+sf \ Bsf
The transaction structure supports an LMI-independent rating for
the class A, B, C, E and F notes as LMI is not required to support
the rating due to the level of credit support provided by the lower
notes. The class D notes are able to withstand a four-notch
downgrade of the LMI providers.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. As such, upgrade sensitivity scenarios are not
relevant.
The ratings on the class B, C, D and F notes are constrained by the
revolving pool and large obligor concentration tests that limit
ratings at their current levels.
Upgrade Sensitivities
Notes: E
Rating: BB-sf
Decrease defaults by 15% and increase recoveries by 15%: BBsf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MyState Bank's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
K-TIG LIMITED: Second Creditors' Meeting Set for March 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of K-TIG Limited
has been set for March 28, 2024 at 1:00 p.m. virtually via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 27, 2024 at 1:00 p.m.
John Bumbak and Richard Tucker of KordaMentha were appointed as
administrators of the company on Feb. 21, 2024.
LABOURFORCE IMPEX: First Creditors' Meeting Set for March 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Labourforce
Impex Personnel Pty Limited will be held on March 28, 2024 at 3:00
p.m. via teleconference facilities.
Ian James Purchas and Hugh Armenis of SV Partners were appointed as
administrators of the company on March 18, 2024.
MOSSMAN SUGAR: Goes Into Liquidation After Sale Falls Through
-------------------------------------------------------------
ABC News reports that one of Australia's oldest sugar mills is
shutting down, leaving scores of workers without a job after a
potential last-minute buyer fell through.
According to the report, the Mossman Sugar Mill in Far North
Queensland had been hanging by a thread since November 2023 when it
was placed into voluntary administration.
Administrator John Goggin announced on March 22 that the
127-year-old mill was being liquidated and assets sold because no
viable takeover bids could secure the necessary investment in
time.
"At this point, there isn't a viable alternative and we had engaged
with multiple parties and worked tirelessly to try and get the
correct investment," the report quotes Mr. Goggin as saying.
The ABC relates that Mr. Goggin said old age, high maintenance
costs and a dwindling supply of cane were hurdles to it being an
appealing investment.
"The amount of supply isn't likely to increase given the
difficulties that growers have been facing . . . weather events and
rising input costs haven't helped".
Mr. Goggin said the mill's assets would be sold and creditors
paid.
Sugar is a major industry for Mossman, north-west of Cairns.
About 80 canegrowers supplied the grower-owned mill, and it
directly employed about 150 people in the town of almost 2,000.
Drew Watson, an intergenerational cane farmer and the previous
chair of Canegrowers in Mossman, said the mill's liquidation was
"absolutely devastating".
"We've got a huge crop sitting out here," the report quotes Mr.
Watson as saying. "The sugar price is quite high at the moment and
here we are looking at this town sort of dying on the vine at the
moment."
The mill is one of four cane grower-operated companies of the
Daintree Bio Precinct Group, which will all be part of the
liquidation.
Queensland Premier Steven Miles offered a AUD12.1 million funding
package to attract a viable buyer after Mossman residents
confronted him in late February with a protest before a town hall
meeting, the ABC recalls.
A spokeswoman for the Queensland government said in a statement the
government would stand with the Mossman community during the
difficult period, the ABC relays.
"It's obviously disappointing that the Mossman Mill wasn't able to
secure an investor but we're committed to supporting the people of
the region," the statement read.
It also said immediate actions under the AUD12.1 million program
would include an information session assisting workers, formation
of the Mossman Region Stakeholder Advisory Committee and the start
of a regional transition opportunities study, the ABC adds.
About Mossman Sugar
John Goggin of Worrells (Cairns office) on Nov. 20, 2023, was
appointed administrator of the following companies that comprise
the "Daintree Bio Precinct Group":
- Daintree Bio Precinct Ltd
- Far Northern Milling Pty Ltd t/as Mossman Mill
- Far Northern Infrastructure Pty Ltd
- Daintree Bio Enterprises Pty Ltd
Daintree Bio Precinct Ltd (DBP) is a cane grower owned company
located in Mossman, Far North Queensland. DBP's subsidiary - Far
Northern Milling Pty Ltd - acquired the Mossman Mill from Mackay
Sugar Limited in July 2019. DBP's other subsidiaries own land
adjacent Mossman Mill and operate environmentally sustainable
bio-projects and products.
The companies are continuing to trade during the voluntary
administration period in order to complete the 2023 cane crush
season. At the date of administration appointment, the group had
approximately 130 full time and casual employees.
The Mossman Sugar Mill was built in 1894.
NATIONAL AGRICULTURAL: Second Creditors' Meeting Set for March 28
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of National
Agricultural Services Pty Ltd has been set for March 28, 2024 at
11:00 a.m. at Level 11, 385 Bourke Street in Melbourne and via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2024 at 5:00 p.m.
Brent Leigh Morgan and Shane Cremin of Rodgers Reidy were appointed
as administrators of the company on Feb. 21, 2024.
PACQUOLA CORP: Second Creditors' Meeting Set for March 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Pacquola Corp
Pty Ltd has been set for March 28, 2024 at 10:00 a.m. at the
offices of Kennedy Ryan Advisory at Level 4, 15 Queen Street in
Melbourne.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 27, 2024 at 4:00 p.m.
Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Feb. 21, 2024.
PEPPER I-PRIME 2021-1: S&P Affirms BB(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Permanent Custodians Ltd. as trustee of Pepper I-Prime
2021-1 Trust. 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 Pepper Homeloans Pty Ltd.
S&P said, "The rating actions reflect our view of the credit risk
of the pool, which has been amortizing in line with our
expectation. Credit support provided in percentage terms has
increased as the pool paid down. This credit support comprises note
subordination for all rated notes and excess spread to the extent
available. Current loan-to-value ratios across the pool have been
declining, lowering our expectation of loss for the pool.
"We believe the various mechanisms to support liquidity within the
transaction, including an amortizing liquidity facility and
principal draws, are sufficient under our cash flow stress
assumptions to ensure timely payment of interest."
As of Jan. 31, 2024, the pool has a balance of about A$179 million
and a pool factor of about 23.83%. The pool's weighted-average
loan-to-value ratio is 64.4% and weighted-average seasoning is
53.16 months.
S&P has factored the prepayment rates and arrears performance of
the transaction into its analysis. As of Jan. 31, 2024, the
prepayment rate was 36.12%, which is much higher than the Standard
& Poor's Prepayment Index (SPPI) for prime loans. Over the past 12
months, the arrears performance generally has also been higher
relative to the Standard & Poor's Performance Index (SPIN) for
prime loans. As of Jan. 31, 2024, loans greater than 30 days in
arrears make up 2.00% of the pool, of which those more than 90 days
in arrears represent 0.70%. There have been no losses to date and
no charge-offs to any of the notes.
Among the constraining factors considered in our rating analysis
are the higher level of delinquency relative to the prime SPIN;
high prepayment rates, which may constrain the buildup of excess
spread in the deal; and the various characteristics of the
portfolio. These characteristics include loans to the
self-employed, low-documentation loans, investment loans,
relatively higher loan-to-value ratios, and a proportion of
higher-than-average loan sizes that are susceptible to volatility
and may be more sensitive to changes in the economic environment.
Ratings Raised
Pepper I-Prime 2021-1 Trust
Class B: to AAA (sf) from AA+ (sf)
Class C: to AAA (sf) from AA (sf)
Class D: to AA (sf) from A (sf)
Ratings Affirmed
Pepper I-Prime 2021-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class E: BBB (sf)
Class F: BB (sf)
PLUTORA PTY: First Creditors' Meeting Set for March 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Plutora Pty
Ltd will be held on March 28, 2024 at 10:30 a.m. via Microsoft
Teams.
Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on March 19, 2024.
REDZED TRUST 2023-1: Fitch Affirms 'Bsf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed six note classes from RedZed Trust STC
Series 2023-1. The transaction is backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans and small ticket commercial (STC)
loans originated by RedZed Lending Solutions Pty Limited.
The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed Trust STC Series 2023-1. This is a
separate and distinct series created under a master trust deed.
Entity/Debt Rating Prior
----------- ------ -----
RedZed Trust STC
Series 2023-1
A AU3FN0076642 LT AAAsf Affirmed AAAsf
B AU3FN0076659 LT AAsf Affirmed AAsf
C AU3FN0076667 LT Asf Affirmed Asf
D AU3FN0076675 LT BBBsf Affirmed BBBsf
E AU3FN0076683 LT BBsf Affirmed BBsf
F AU3FN0076691 LT Bsf Affirmed Bsf
TRANSACTION SUMMARY
The collateral pool totalled AUD260.7 million and consisted of 402
obligors with a weighted-average (WA) unindexed current loan/value
ratio (LVR) of 65% at the 29 February 2024 pool cut date.
KEY RATING DRIVERS
Credit Enhancement (CE) Build-Up Supports Ratings: The transaction
has experienced a higher-than-expected cumulative prepayment rate
of 36.5% since closing. Due to the sequential payment in the first
two years, the CE inclusive of the overcollateralisation provided
by the retention amount of class A, B, C, D, E, and F notes has
increased to 24.6%, 16.6%, 10.2%, 6.8%, 4.0%, and 2.0%,
respectively, from their initial values of 16.0%, 10.8%, 6.6%,
4.4%, 2.6%, and 1.2% at closing. CE build-up has supported the
ratings, despite elevated arrears and an increase in the proportion
of STC loans to 24.3% at end-February 2024, from 20.6% at closing.
Elevated Arrears Leading to Higher Portfolio Defaults: The actual
30+ day and 90+ day arrears were 4.4% and 1.8%, respectively, at
end-February 2024, compared to 3.45% and 1.37% for Fitch's 3Q23
Non-Conforming RMBS Index. There have been no losses since
closing.
For the residential portfolio, improvements in pool composition
included a lower WA current LVR, less loans with an LVR greater
than or equal to 80%, and a lower proportion of low documentation
loans. Nevertheless, the 'AAAsf' default probability increased to
19.4% from 18.6% at closing predominantly due to the increase of
loans in 30+ and 90+ day arrears.
For the STC portion of the pool, Fitch used its proprietary
Portfolio Credit Model (PCM), which considers key factors such as
one-year probability of default (PD), large obligor concentration
and industry distribution. The one-year PD assumption was based on
the annual average historical 90 days past due, as well as Fitch's
forward-looking view. Fitch increased the one-year PD to 1.3% from
1.1% at closing to account for the recent uptick in arrears. In
addition, the pool was paid down by about 35% in one year due to a
high prepayment rate, leading to increased obligor and industry
concentration. Fitch believes that more concentrated portfolios
result in more volatile portfolio default rates.
Empirical data show that not all loans that become 90 days past due
will end up in foreclosure. Fitch has analysed RedZed's STC
portfolio's cure rate for loans that had entered 90 days past due
and concluded that around 50% of these loans had cured. In line
with the SME Balance Sheet Securitisation Rating Criteria, Fitch
has capped the base expected cure rate assumption at 40% and is
tiered for higher rating scenarios. The cure rates are then applied
to the PD from PCM.
After the application of the cure rate, the 'AAAsf' default
probability for the STC portfolio increased to 59.8% from 51.2% at
closing.
Increased Exposure to Obligor Concentration: Its PCM modelling,
which stresses default probability, correlation and recovery
assumptions for large groups of obligors, found that the pool's
largest obligor and the top-10 obligors account for 4.8% and 29.3%,
respectively, of the STC asset balance. This has increased from
3.6% and 24.1% at closing.
Moderately Improved Recovery Rates: For residential portfolio,
'AAAsf' recovery rate has improved to 56.3% from 55.1% as a result
of deleveraging.
For the STC portion of the pool, Fitch applied collateral and
unsecured haircuts in line with the SME Balance Sheet
Securitisation Rating Criteria. The 'AAAsf' WA recovery rate for
the STC portion has also improved slightly to 42.1% from 41.7% at
closing.
Limited Liquidity Risk: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.5% of the invested
note balance, excluding class G, with a floor of AUD600,000. Other
structural features include retention amounts that redirect excess
available income to repay note principal in reverse sequential
order (excluding class G) which has now met the limit of
AUD500,000, and post-call amortisation amounts that redirect
after-tax excess income to repay note principal through the
principal priority of payments waterfall.
Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with that
of the market.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.5% in 2023 and unemployment was 4.1% in January 2024. Fitch
expects economic conditions to stabilise in 2024, with a slight
deceleration of the GDP growth rate to 1.4% and a marginal increase
in unemployment to 4.2%. This reflects Fitch's anticipated effects
of China's property downturn and the ongoing impact of recent
monetary tightening on consumer spending.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade could stem from portfolio composition migrating towards
STC loans, as the STC loans attract a higher portfolio loss than
residential loans. Portfolio migration may occur if residential
loans were to have a higher prepayment rate, increasing the
concentration of STC loans. Transaction performance may also be
affected by changes in market conditions and the economic
environment.
Downgrade Sensitivities
Unanticipated deterioration in the frequency of defaults and
recoveries could produce loss levels higher than Fitch's base case
and are likely to result in a decline in CE and remaining
loss-coverage levels available to the notes. Decreased CE may make
certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.
Note: A / B / C / D / E / F
Current Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Increase defaults by 15%: AA+sf / A+sf / BBB+sf / BBBsf / BBsf /
Bsf
Increase defaults by 30%: AA+sf / AAsf / A-sf / BBBsf / BBsf / Bsf
Reduce recoveries by 15%: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Reduce recoveries by 30%: AAAsf / AAsf / BBB+sf / BB+sf / B+sf /
less than Bsf
Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAsf
/ A-sf / BBB-sf / Bsf / less than Bsf
Increase defaults by 30% and reduce recoveries by 30%: AA+sf / A+sf
/ BBB-sf / BBsf / Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of CE that would fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.
Upgrade Sensitivities
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. As such, upgrade sensitivity scenarios are not
relevant.
Sensitivity stress results for the remaining rated notes are as
follows.
Note: B / C / D / E / F
Final Rating: AAsf / Asf / BBBsf / BBsf / Bsf
Reduce defaults by 15% and increase recoveries by 15%: AA+sf /
AA-sf / A-sf / BBB-sf / BB+sf
CRITERIA VARIATION
The transaction features a threshold rate mechanism. This is a
common feature in Australian RMBS and is therefore contemplated
under the APAC Residential Mortgage Rating Criteria. However, 24.3%
of the pool consisted of STC loans that were analysed under the SME
Balance Sheet Securitisation Rating Criteria, which do not
contemplate the concept of a threshold rate and, instead, WA margin
compression is generally modelled.
Fitch has applied the threshold rate for both the residential and
STC portions of the pool, given the similar characteristics between
both loan types and Fitch's view that the servicer will have the
legal ability to increase interest rates to meet required payments.
The similarities include: variable rate loan products, pricing of
loans based on the applicable standard variable rate constructed by
RedZed, which is not linked to any particular index, and RedZed's
contractually documented ability to reprice loans at its
discretion. Fitch has cash flow modelled the threshold rate with a
maximum increase to asset margins of 2.0%, consistent with the APAC
Residential Mortgage Rating Criteria.
The impact of the variation was a one-notch higher in the rating
for class C, D and E notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Prior to the transaction closing, Fitch sought to receive a
third-party assessment of the asset portfolio information, but none
was available for this transaction.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=========
C H I N A
=========
CENTRAL CHINA REAL: Expects Net Loss of Up to CNY3.8BB for 2023
---------------------------------------------------------------
Nikkei Asia reports that Central China Real Estate on March 24 said
it is expecting its net loss for 2023 to range from CNY2.8 billion
to CNY3.8 billion, which compares to a loss of CNY7.5 billion the
year before.
In the developer's filing, Chairman Wu Po Sum, formerly known as
Hua Jianming, blamed the continued losses on "the macroeconomic
situation and the downturn in the property market," Nikkei Asia
relays. This led to decreasing sales revenue, which fell far short
of costs and expenses, while the impairment of inventories and
receivables piled up.
Central China in June failed to repay interest on its offshore debt
obligations after a grace period, the report notes.
About Central China Real Estate
Central China Real Estate Limited is a Hong Kong-based investment
holding company principally engaged in property businesses. The
Company's main businesses include the development of properties
projects for sales and rental, as well as hotel operation. Its
properties include Zhengzhou Tianzhu, Zhengzhou Triumph Plaza,
Pingdingshan Eighteen Cities and Jiaozuo Xiuwu Forest Peninsula,
among others. Its hotels include Le Meridien Zhengzhou, Aloft
Zhengzhou Shangjie and Holiday Inn Nanyang, among others. The
Company is also involved in the businesses of cultural tourism
projects and light-asset model projects. The Company mainly
operates businesses in Henan, China.
As reported in the Troubled Company Reporter-Asia Pacific in June
2023, Moody's Investors Service has downgraded Central China Real
Estate Limited's (CCRE) corporate family rating to Ca from Caa2,
and the company's senior unsecured rating to C from Caa3.
The rating outlook remains negative.
"The downgrade and negative outlook reflects Moody's expectation of
weak recovery prospects for CCRE, following the company's interest
payment default on its USD bond," says Daniel Zhou, a Moody's
Analyst.
CHINA EVERGRANDE: China Scrutinizes PwC Role in $78BB Fraud Case
----------------------------------------------------------------
Bloomberg News reports that the Chinese authorities are examining
the role of PricewaterhouseCoopers (PwC) in China Evergrande
Group's accounting practices after the developer was accused of a
US$78 billion fraud, ramping up pressure on the global accounting
giant that audited a slew of developers before the sector's
meltdown.
Bloomberg relates that the country's securities regulator this week
accused Evergrande's main onshore subsidiary Hengda Real Estate
Group of recognising sales in advance and massively overstating its
revenue in the two years to end-2020, prior to Evergrande's
default.
Chinese officials are now looking into PwC as they continue their
probes of the developer's founder Hui Ka Yan, according to people
familiar with the matter, Bloomberg relays. They are in contact
with some former PwC accountants who handled Evergrande's audit,
one of the people said.
No decision has been made on whether to penalise the auditor, said
the people, adding that officials are still investigating other
suspected crimes of Hui, who was detained in 2023. PwC declined to
comment.
According to Bloomberg, Beijing's fresh revelations of Evergrande's
fraud come at a difficult time for PwC, which is dealing with the
fallout of scandals in other parts of its global network, and has
cut jobs from Britain to Canada. The firm's practice in Australia -
which is also slashing jobs - came under fire for leaking
confidential government tax plans to clients. PwC's British arm was
hit with a GBP5.6 million fine in 2023 for failures in its work on
Babcock International Group's books.
"There are serious questions about PwC's role in the Evergrande
fraud, specifically what it knew about the improper revenue
recognition," Bloomberg quotes Mr. Nigel Stevenson, an analyst at
accounting research firm GMT Research in Hong Kong, as saying.
Bloomberg says GMT has previously questioned the accuracy of
Evergrande's financial reporting, and alleged in December 2023 that
the developer may have never been profitable. In response,
Evergrande said the research firm's recent report was "without
basis".
By inflating revenue, Hengda also overstated a total of CNY91.9
billion in profit, or more than three-quarters of its reported
income between 2019 and 2020, according to the China Securities
Regulatory Commission. That is about 20 times the inflated profit
at Enron's 2001 scandal, which ultimately brought down its auditor
Arthur Andersen.
Prior to 2021, Evergrande recorded revenue from contracted sales of
many projects before completing and delivering the homes to buyers,
Bloomberg says. Its aggressive revenue-recognition tactics enabled
the developer to report lower liabilities and leverage ratios
during those years, which facilitated its sales of domestic and
international bonds. The world's most indebted developer began
having cash flow problems in 2021 and spiralled into default,
imperilling millions of apartment units that it had pre-sold to
buyers but had not completed.
While Chinese regulators laid much of the blame on Evergrande's
Hui, their allegation could create legal trouble for PwC, Bloomberg
relates. Evergrande is currently going through liquidation
proceedings in Hong Kong, and liquidators that are trying to
recover money for the company's creditors may go after
deep-pocketed PwC for compensation, according to several lawyers
and insolvency practitioners, who asked not to be identified
discussing a sensitive matter.
According to Bloomberg, the regulator's fine of CNY4.18 billion on
Hengda also means Evergrande will have even less money to pay off
its creditors. The Chinese developer was saddled with about US$332
billion in liabilities as at June 2023.
Bloomberg says the Chinese authorities have previously come down
hard on accounting firms for lapses in their audits of domestic
companies. In 2023, the Ministry of Finance slapped a record CNY212
million fine on Deloitte's China unit and suspended the operations
of its Beijing office for three months for "serious audit
deficiencies" in its work on state-owned China Huarong Asset
Management between 2014 and 2019, Bloomberg recalls. The bad-debt
manager received a US$6.6 billion bailout in 2021 after reporting
massive losses.
PricewaterhouseCoopers Zhong Tian, a Shanghai-registered firm that
is part of PwC's global network, was Hengda's auditor during the
period in question, Bloomberg states. PwC was Evergrande's auditor
for more than a decade until the global accounting firm resigned in
January 2023, due to what the developer said were audit-related
disagreements.
PwC's onshore arm, with more than 1,600 certified accountants,
reported revenue of CNY7.9 billion in 2022, making it the top
earner among more than 9,000 local rivals, Bloomberg discloses
citing official data. Still, that is a fraction of its global
revenue of US$50.3 billion during the year.
Among the Big Four accounting firms, PwC was one of the most
commonly used by Chinese real estate firms listed in Hong Kong,
according to data compiled by Bloomberg. It audited the books of
some of the nation's largest developers, including Country Garden
Holdings and Sunac China Holdings, before they also defaulted on
their debt.
Over the past two years, however, PwC has resigned from at least 10
Chinese property companies including Sunac and Shimao Group
Holdings, data compiled by Bloomberg showed.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
CHINA EVERGRANDE: Withdraw US Bankruptcy Protection Application
---------------------------------------------------------------
Yicai Global reports that China Evergrande Group has filed
documents to a court in the United States to withdraw its
bankruptcy protection application.
Evergrande and its subsidiaries Scenery Journey and Tianji Holding
are not expected to proceed with their previously planned offshore
debt restructuring scheme, so they applied to withdraw their
applications for Chapter 15 bankruptcy protection on March 22, the
Shenzhen-based parent company said in a filing to the Hong Kong
Stock Exchange on March 24.
Last August, Evergrande filed for protection from creditors in a US
bankruptcy court in Manhattan. Chapter 15 bankruptcy protection
allows foreign companies to file for bankruptcy in the US if they
have assets in multiple countries.
"At this stage, all options remain open for consideration, and the
joint and several liquidators will make fresh applications under
Chapter 15 of Title 11 of the US Code in support of these options
as they consider necessary or appropriate," Evergrande, as cited by
Yicai, noted.
China's securities watchdog imposed a CNY4.2 billion (USD580
million) fine against Hengda Real Estate Group, Evergrande's
flagship unit announced on March 18, Yicai reports.
Yicai relates that Hengda, its founder Xu Jiayin, and other senior
executives have been penalized for falsifying revenues by CNY560
billion (USD78 billion) in the two years preceding the builder's
default.
In 2019 and 2020, Hengda inflated its annual revenues by about
CNY214 billion and CNY350.2 billion, respectively, net profits by
CNY40.7 billion and CNY51.3 billion (USD5.7 billion and USD7.1
billion), and costs by CNY173.3 billion and CNY298.9 billion,
according to the results of an investigation by the China
Securities Regulatory Commission.
The falsified revenue and profit in 2019 accounted for about 50
percent and over 63 percent, respectively, of Hengda's totals that
year, per the CSRC, while the figures were nearly 79 percent and 87
percent in 2020.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
COUNTRY GARDEN: Finds Partner to Fund Completion of Skyscraper
--------------------------------------------------------------
South China Morning Post reports that debt stricken property
developer Country Garden has roped in a new partner to inject
capital into its partially-finished, 64-storey commercial tower in
Guangzhou's Baietan business district, as the company overcame
struggles to finish construction on a land parcel acquired in
2017.
The announcement lifted the developer's shares, which rose as much
as 4 per cent on March 25, outperforming the market benchmark's 0.7
per cent gain, although analysts were less than impressed, saying
challenges abounded for the embattled company.
According to the Post, the partnership between Country Garden's
unit Guangzhou Xingchengsi and Guangdong Zhongwei, which is engaged
in the business of supply chain, science and technology promotion
and application services, will bridge the financing gap by
providing CNY2.8 billion (US$384 million) for the project located
in what is billed as Guangzhou's second business district.
Guangdong Zhongwei's cash injection will entitle it to 47.46 per
cent of the completed units of the building.
"The introduction of Guangdong Zhongwei as a partner for the joint
development of the Guangzhou property will be a timely and
much-needed solution to the difficulties faced by the Group in
realising the Guangzhou property," the Foshan-based Country Garden,
once China's largest home builder by sales, said in a stock
exchange filing on March 24, the Post relays.
Country Garden acquired the site area, whose gross floor area
measures 13,968 square metres (150,350 sq ft), in 2017 via an open
market tender. The site was recently valued at CNY3.12 billion.
The project is hindered by various complexities, according to the
developer's filing, the report relays. The property is mortgaged as
security for notes due next year worth CNY1.7 billion while one of
the unit's shareholders is also faced with a freeze order,
resulting in difficulties raising funds.
"Given such complexities and the substantial funds that will be
required for the project it is very difficult for the group to
resume construction or dispose of the Guangzhou property," the
statement said.
But analysts said much more was needed as the company struggles
under CNY257.9 billion of debt with about CNY109 billion of
borrowings coming due in June 2024, according to the Post.
"One swallow does not a summer make," the Post quotes Louis Tse
Ming-kwong, independent stock analyst, as saying. "Country Garden
will still need to find money to meet its interest payments this
year.
"Even if they say Country Garden is on the White List, what does
that mean?" he said referring to the so-called whitelist mechanism
for private developers to guarantee presales delivery and prevent
further defaults, the Post relays.
The Post notes that Country Garden has been working on a debt
restructuring proposal after it defaulted on US$11 billion bonds
issued to offshore investors. On January 16, the company appointed
KPMG China as its principal financial adviser to help with the
restructuring of its offshore liabilities.
About Country Garden
Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
KWG GROUP: Expects Not More Than CNY19 Billion Net Loss for 2023
----------------------------------------------------------------
Nikkei Asia reports that KWG Group Holdings, a Guangzhou-based
developer, on March 24 said it is expecting a net loss not
exceeding CNY19 billion (US$2.6 billion) for 2023, more than double
the amount of red ink recorded the year before.
According to Nikkei Asia, the company attributed the poor
performance to "continual unfavorable market conditions in the real
estate market." This has pushed KWG's gross margin into negative
territory, increased the impairment of various projects, sent fair
value losses on investment properties skidding, swelled financing
costs and forced the writing off of deferred tax assets recognized
in previous years with respect to unutilized tax losses.
"Due to the adverse macroeconomic factors, the waves of negative
credit events and the limited financing channels of the industry,
the liquidity pressure faced by privately-owned developers,
including the group, has increased," the report quotes Chairman
Kong Jianmin as saying in the filing to the Hong Kong exchange.
He called the sector's challenges "unprecedented" and said the
"industrywide difficulties weakened homebuyers' confidence in
future economic growth and affected the overall real estate sales
in China."
Nikkei Asia adds that the company vowed to work toward ensuring
delivery of properties to its clients, while it "has been in the
process to explore a holistic solution to its current offshore
debts situation to secure the sustainable operations of the group
for the benefit of all of its stakeholders."
KWG defaulted on its offshore bonds last year.
About KWG Group
KWG Group Holdings Limited, formerly KWG Property Holding Limited,
-- https://www.kwggroupholdings.com/ -- is an investment holding
company principally engaged in the property development. The
Company operates its business through four segments. The Property
Development segment is engaged in the sale of properties. The
Property Investment segment is engaged in the leasing of
properties. The Hotel Operation segment is engaged in the operation
of hotels. The Property Management segment is engaged in the
provision of property management services. The Company's
subsidiaries include Guangzhou Hejing Real Estate Development
Limited, Guangzhou Hejing Meifu Real Estate Development Limited and
Guangzhou Hejing Yingfu Real Estate Development Limited.
As reported in the Troubled Company Reporter-Asia Pacific on May
17, 2023, KWG Group, which sold a state-guaranteed onshore note in
January, has defaulted on its dollar bonds, raising doubts about
the efficiency of state help for the troubled real estate sector.
KWG Group said it didn't pay US$119 million of principal due on May
14 on a note, constituting a default, according to Bloomberg News.
An event of default has also occurred under the company's eight
other dollar bonds, according to an exchange filing.
=========
I N D I A
=========
APRAJITA MICROFINANCE: ICRA Reaffirms B Rating on INR3r Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Aprajita
Microfinance Association (Aprajita), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Unallocated 3.00 [ICRA]B (Stable); reaffirmed
Rationale
The rating factors in Aprajita's modest scale and geographically
concentrated operations. The company was incorporated in November
2015 and reported assets under management (AUM) of INR1.01 crore as
on December 31, 2023. Aprajita's operations are geographically
concentrated with a presence in only one district of Bihar. In
addition, it remains exposed to the volatility of its asset quality
indicators as it primarily lends to the low-income segment
borrowers, who are more prone to income shocks. ICRA notes that
Aprajita's growth has been driven by fund infusions from
shareholders and limited debt fund raising so far. Its ability to
raise additional funds and diversify its lender base is yet to be
established.
The rating, however, takes into consideration the experience of the
promoter team in the relevant area of operations. Further, Aprajita
has been able to maintain comfortable asset quality indicators with
nil gross non-performing assets (GNPAs) and nil net NPAs (NNPAs) as
on December 31, 2023.
Going forward, Aprajita would need to raise funds (both debt and
equity) to grow and expand its presence geographically. The
company's ability to improve its scale of operations, while
maintaining control on its asset quality, would be a key
monitorable.
Key rating drivers and their description
Credit strengths
* Track record and experience of management team in microfinance
lending: Aprajita was incorporated in 2015 and has been involved in
the microfinance business in Bihar for the past eight years. It
offers loans at an average interest rate of 22% to its borrowers
with an average ticket size of INR40,000. The company was managing
a portfolio of INR1.01 crore as on December 31, 2023 (Rs. 1.13
crore as on March 31, 2023).
Credit challenges
* Modest scale and geographically concentrated operations: The
company's scale of operations remains modest with its AUM at
INR1.01 crore as on December 31, 2023 (Rs. 1.13 crore as on March
31, 2023). Further, its operations are concentrated in only one
district of Bihar. ICRA expects the operations to remain
concentrated in Bihar over the near term. Any meaningful increase
in scale and diversification would take time.
* Ability to raise funds yet to be established: The borrowing
profile comprised loans from directors and cash credit limit and
Guaranteed Emergency Credit Line (GECL) from Punjab National Bank
(PNB). Going forward, the growth in the portfolio would be driven
by the availability of additional funding, for which the company is
in discussions with banks. ICRA notes that the promoters infused
~Rs. 0.20 crore equity into the company to support its growth
plans. Nevertheless, Aprajita's ability to further raise funds to
meet its growth plans would be critical.
* Vulnerable borrower profile: Even though the GNPAs and NNPAs are
nil, and Aprajita has been able to maintain good collection
efficiency, it remains exposed to asset quality fluctuations. The
low-income segment borrowers remain vulnerable to income shocks,
which could impact their debt repayment capacity. This poses asset
quality risks for the company.
Liquidity position: Stretched
The company's liquidity is stretched with a free cash and bank
balance of ~Rs. 0.6 lakh and fixed deposit of INR5.5 lakh as of
September 2023 against total debt of ~Rs. 76 lakh as on September
30, 2023. The debt comprises ~Rs. 12 lakh of the GECL limit, INR15
lakh loan from directors and a line of INR50 lakh cash credit.
Rating sensitivities
Positive factors – A healthy growth in the scale of operations
while maintaining good asset quality, improved profitability and a
prudent capitalisation structure on a sustained basis could
positively impact the rating.
Negative factors – A deterioration in the asset quality
indicators, resulting in pressure on the profitability indicators,
or inability to maintain a prudent capitalisation profile could
negatively impact the rating.
Aprajita Microfinance Association (Aparajita) is an unlisted
private company incorporated in November 2015. The company was
started by Mr. Nand Kishor Paswan along with his brother Mr. Vivek
Kumar. At present, Aprajita operates out of Aurangabad district of
Bihar and is involved in the microfinance business.
ATANZANITE SILICON: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Tanzanite Silicon Solutions Private Limited
Roc- Bangalore, Ministry of Corporate Affairs
Liquidation Commencement Date: February 26, 2024
Court: National Company Law Tribunal Bangalore Bench
Liquidator: C.S THIRUPAL Gorige
# 87, 2nd Floor, 21st Cross ,
7th Main, N.S Palya, BTM 2nd Stage,
Bangalore-560076, Karnataka,India
Cell #: +91 94483 84064
Email:gthirupal@gmail.com
Last date for
submission of claims: March 27, 2024
BALAJI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Shri Balaji Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [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 Shri Balaji 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.
Incorporated in 1980, Shri Balaji Industries is a proprietorship
concern of Mr. Bal Kishan Nyati, engaged inmilling, processing and
sorting of basmati rice. The firm primarily caters to customers
domestically withmarginal exports to countries such as Dubai and
UAE through merchant exporters. The firm has a dealernetwork of 40
to 50 dealers in Rajasthan, Gujarat and Maharashtra and sells its
produce under the brand name'Tansen'.
CHAMBER CONSTRUCTIONS: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Chambers Construction Private Limited
RNA Corporate Park, Next To Collectors Office,
Kalanagar Bandra (East), Mumbai
Maharashtra-400051, India
Liquidation Commencement Date: February 21, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Debashis Nanda
CS-14, C Floor, Ansal Plaza Mall,
Vaishali, Ghaziabad, U.P
Email: dnanda.cma@gmail.com
Email: liq.ccpl@gmail.com
Last date for
submission of claims: March 22, 2024
CONCORD GLOBAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Concord Global Tech Services Private Limited
Paras Twin Tower, Tower A,
Sector-54 Golf Course Road, Near Sun City,
Gurgaon, Haryana-122011
Liquidation Commencement Date: February 26, 2024
Court: National Company Law Tribunal Delhi Bench
Liquidator: Arun Gupta
S-34, LGF, Greater Kailash-II, New Delhi-110048
Email:arungupta2211@gmail.com
Email: concord1.vol.liq@gmail.com
Telephone: 011-41066313
Last date for
submission of claims: March 27, 2024
ENRICH RD: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Enrich RD Infraprojects
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 15.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 5.00 [ICRA]C+/[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 Enrich RD Infraprojects 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.
Enrich RD Infraprojects Private Limited (ERDIPL) was initially
established as a proprietorship firm -R D Electricals by Mr.
Dashrath Redekarin 1986 and converted to a private limited company
in 2007. The operations of the company are collectively managed by
the directors of the company-Mr. Sunil Agrawal and Mr. Deepak
Redekar. ERDIPL is engaged in executing turnkey projects involving
designing, supply, erection, testing and commissioning of the
overhead electrification1 for railways. The company is also engaged
in the trading of steel items such as MS Angles, plates, channels
and electrical fittings like GPRS modules and others.
HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long -Term and Short-Term rating for the Bank
facilities of Harshita Polypack in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.37 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.09 [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 Harshita Polypack, 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 1978, Harshita Polypack (HP) is a part of the
Damani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while
the affairs of the group are collectively managed by Mr. Neelesh
Damani and Mr. Nitin Damani.
INDIABULLS HOUSING: S&P Rates Proposed USD Sr. Secured Notes 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue credit rating
to U.S. dollar-denominated senior secured notes that Indiabulls
Housing Finance Ltd. (IBHFL) proposes to issue. The rating on the
proposed notes is subject to our review of the final terms and
conditions.
S&P equalizes the rating on the notes with the long-term issuer
credit rating on IBHFL (B/Positive/B). The notes are the direct and
unconditional obligation of the India-based finance company. They
are secured and will rank equally, without any preference, with all
other outstanding secured and unsubordinated obligations of the
issuer.
The notes have performance-related covenants. A breach of those
covenants can result in a default and early redemption of the
notes. These covenants are IBHFL's net nonperforming assets (NPA)
should be less than 5.0% of gross advances and total secured loans
should not be less than 85% of the total loan book.
As of end-Dec. 31, 2023, IBHFL had a net NPA ratio of 2.0%, with
secured loans forming 96% of the company's total loans.
IRB INFRASTRUCTURE: Fitch Rates USD540MM Notes Due 2032 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned IRB Infrastructure Developers Ltd's
(BB+/Stable) USD540 million senior secured partially amortising
notes due 2032 a final rating of 'BB+'. The Outlook is Stable.
RATING RATIONALE
The US dollar notes are issued by IRB directly and used largely to
refinance existing Indian rupee non-convertible debentures (NCDs),
including the NCDs subscribed to by India Toll Toads, and term
loans at the holding-company level. A small portion (around USD90
million) of the proceeds was used to repay some of its
inter-company loans, an incremental debt on the IRB standalone.
India Toll Roads had issued USD300 million senior secured notes due
2024 (BB/Stable) that were used to subscribe to rupee NCDs issued
by IRB. India Toll Roads is an orphan financing vehicle with no
equity or guarantee linkage to IRB.
The noteholders benefit from the standard security package and
restrictive financial indebtedness. The refinancing risk at the
notes' maturity in the financial year ending March 2032 (FY32) is
mitigated by 52% partial amortisation of the bonds, the long
remaining tenor of the assets' concession period and the group's
access to banks.
The notes' rating reflects Fitch's expectation of robust traffic
performance by IRB's diverse, strategically located portfolio of
assets, helped by its anticipation of strong Indian GDP growth. The
ratings also take into consideration IRB's record in operating and
maintaining the group's assets to a high standard, with expertise
provided by the in-house engineering, procurement and construction
(EPC) business.
The financial profile is assessed by a consolidated debt-service
coverage ratio (DSCR) over the period of the notes. The DSCR under
the Fitch rating case averages 1.49x between FY24 and FY32, with a
profile DSCR of 1.52x between FY24 and FY27.
The US dollar notes have a structural subordination due to project
loans at the subsidiary level, as IRB partly relies on dividends
from these subsidiaries to service debt. However, its review
reflects an adequate standalone EBITDA coverage ratio at the
holding company over the near term, underpinned by revenue from EPC
and operation and maintenance (O&M) business, and dividends and
surplus from subsidiaries, IRB Infrastructure Trust (Trust) and IRB
InvIT Fund. As a result, Fitch does not expect the structural
subordination to affect the credit assessment of the notes
KEY RATING DRIVERS
Diversified Portfolio, Robust Fundamentals - Revenue Risk (Volume):
High Midrange
IRB wholly owns five projects, with a build-operate-transfer (BOT)
project and toll-operate-transfer project in operation, while the
rest are under construction. It owns 51% of another
under-construction project. The roads under IRB extend nearly 500km
in Maharashtra, Gujarat, Uttar Pradesh, Himachal Pradesh and Tamil
Nadu. They are on or adjacent to key corridors in India's national
highway network.
Local and long-distance traffic fundamentals are reasonably robust,
with a mix of users. However, commercial vehicles make up a larger
share of traffic on IRB's roads than at peers, and the roads face
some competition. Fitch assesses the toll rates as low and the
wider portfolio has limited price elasticity.
IRB is also exposed to traffic risk on 18 BOT projects through its
ownership of the Trust and IRB InvIT Fund (collectively the
InvITs). Fitch regards the risk profile of these projects as
consistent with IRB's fully owned assets. Most concessions under
the two InvIT funds consist of corridors that form part of the
"golden quadrilateral", the national highway network that connects
India's major industrial, agricultural and cultural centres. The
projects are geographically diversified and cater to a mix of car
and commercial traffic, but are subject to competition from free
alternative routes.
Formula-Linked Tariff Increases - Revenue Risk (Price): Midrange
IRB's wholly owned concessions permit pre-defined toll-rate
increases that are regulated by the National Highways Authority of
India (NHAI) or Maharashtra State Road Development Corporation. The
concession for the Mumbai-Pune Expressway (MPE) in Maharashtra
provides for a toll increase of 18% every third year until FY24 and
that for National Highway (NH) 48 in the state provides for a 16%
rise every third year until the concession ends in 2031.
Tolls under NHAI concessions comprise base fees and an increase of
3% a year plus 40% of the rise in India's wholesale price index
(WPI). Fitch expects tolls for roads under both authorities to
track its WPI expectations in the long run.
The central government suspended all tolls on national highways for
25 days in 2020 due to the Covid-19 pandemic. The NHAI extended
concession periods by 90 days to compensate toll-road operators.
There have been no other instances of legislative or political
interference in rate adjustments. NHAI's concession agreements with
IRB allow the maturity dates to be extended or shortened based on
thresholds linked to revenue, mitigating the risks of price
escalation and traffic underperformance.
Well-Developed Capital Plan - Infrastructure Development and
Renewal: Stronger
IRB has a well-developed capital and maintenance plan for each
road. It undertakes in-house operation and maintenance (O&M) works
for each SPV. All EPC and O&M contracts are executed on a
fixed-price, date-certain basis. IRB has not been responsible for
any significant delays or cost overruns to date. The concession
agreements provide for periodic inspections to monitor performance
against objectives, with all assets evaluated at least "very good"
under NHAI's criteria.
Capacity is above the medium-term traffic forecasts of IRB's
technical consultant and capex requirements are met through
internal accruals for all projects. The concession agreements do
not specifically provide for the recovery of maintenance costs
through higher rates, but incorporate toll increases that provide
some protection against rising costs. The risk is also
contractually mitigated, as many O&M agreements cover the entire
concession life.
Construction Business's Large Contribution - In-House EPC and O&M
Fitch expects IRB's contracting activity to contribute around 20%
of the group's consolidated EBITDA in FY24-FY32. Contractual income
from IRB's SPVs typically reflects income from the more cyclical
highway construction and O&M segments, including routine and
periodic maintenance.
The captive EPC business has a record of executing over 18,500 lane
km of projects over three decades and can construct over 500km a
year. IRB's strategy is to use its EPC capability for in-house
projects, and it does not bid for third-party contracts. All EPC
and O&M contracts are executed on a fixed-price, date-certain
basis. There have been no significant delays or cost overruns
attributable to the concessionaire. IRB intends to continue to
expand its order book in the next few years. Visibility around
projected construction revenue is high, since the EPC contracts
relate only to in-house developments.
Partially Amortising Debt - Debt Structure: Midrange
The US dollar notes have an eight-year 52% partially amortising
structure and a fixed coupon. The covenant package is adequate,
with restricted payment conditions and tighter limits on additional
debt through leverage and coverage ratios, the scope of which would
also include the InvITs.
The US dollar notes also benefit from a six-month debt-service
reserve account and a dedicated escrow account at the IRB level.
The notes are secured through collateral, including, but not
limited to, a pledge of partial shares of a subsidiary and charge
over the escrow account. The refinancing risk of the balance 48% of
the notes at the maturity in FY32 is mitigated by the long
remaining tenor of the assets' concession period and the group's
access to banks.
The US dollar notes have a structural subordination because of
project loans at the subsidiary level as the holding company partly
relies on dividends from subsidiaries to service the debt. However,
the domestic financing at the subsidiary level generally has
lenient restrictive covenants for distributions. The subsidiaries'
domestic debt can also be refinanced easily, if required.
Moreover, IRB's FY24-FY25 standalone EBITDA coverage ratio,
including EPC and O&M revenue and distributions from the InvITs, is
comfortable at about 3.8x in its rating case in the near term. As a
result, the structural subordination does not affect the credit
assessment of the notes. However, Fitch expect this ratio to dip
below 2.0x in some years in the medium term.
Financial Profile
Fitch's base case is aligned with the sponsor's case, which
assumes, among other things, average traffic growth of 7.2% for the
MPE route and 4.3% for the NH4 route on the Mumbai-Pune project for
FY25-FY31, the consultant's "most likely" case for the Private
InvIT and Ahmedabad-Vadodara projects, and the sponsor's case for
future EPC revenue with a 23% EBITDA margin. The group's
consolidated DSCR under the Fitch base case averages 1.82x between
FY24 and FY32, with a profile DSCR of 1.76x between FY24 and FY27.
Fitch's base-case leverage declines from a peak of 3.7x in FY24 to
below 1.0x in FY30.
Fitch's rating case incorporates further stress, including a lower
EPC order book at a narrower EBITDA margin of 17%, and slower
traffic growth for the Mumbai-Pune, Ahmedabad-Vadodara and Private
InvIT projects. The group's consolidated DSCR under the Fitch
rating case averages 1.49x between FY24 and FY32, with a profile
DSCR of 1.52x between FY24 and FY27. Fitch's rating-case leverage
declines from a peak of 4.0x in FY24 to around 1.1x in FY31
PEER GROUP
IRB can be compared with Yuexiu Transport Infrastructure Limited
(YXT, BBB/Stable), a China-based concession group with a large
portfolio of expressways, including a diverse network in Guangdong
province and central China, with few roads facing competition. IRB
has a stronger price risk assessment. YXT's price risk is weaker
due to a lack of transparency and predictability in the regulatory
framework compared with IRB.
IRB's financial profile is also slightly better than that of YXT.
YXT's net leverage under the Fitch rating case is projected to
remain below 4.5x over the medium term, while IRB's net leverage is
expected to remain below 4.0x between FY24 and FY31. IRB is rated
two notches below YXT, as the Indian company is exposed to the more
volatile EPC contracting business.
IRB can also be compared with Vinci S.A. (A-/Stable), a French
concession and contracting group. Vinci has a global footprint and
a more diversified portfolio of toll roads and airports with high
liquidity. These factors, combined with Vinci's demonstrated
superior access to loan and bond markets, account for the higher
rating than IRB's despite Vinci's higher leverage. The Fitch rating
case for Vinci projects net leverage to average 2.6x between 2023
and 2027, while IRB's consolidated average net leverage is forecast
at 2.5x between FY24 and FY31.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Sustained deterioration in the consolidated rating-case DSCR
profile to below 1.25x due to an increase in costs, traffic
underperformance and/or a material change in IRB's financials and
dividend policy.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Consolidated rating-case DSCR profile forecast to be in excess of
1.5x and standalone EBITDA coverage ratio above 2.0x on a
sustainable basis.
CREDIT UPDATE
Cintra has entered into definitive documents to acquire 24% from
GIC affiliates in the Trust as well as MMK Toll Road Private
Limited, which is the investment manager of the Trust.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
IRB Infrastructure
Developers Ltd
IRB Infrastructure
Developers Ltd/Traffic
Revenues - Senior
Secured Notes/1 LT LT BB+ New Rating BB+(EXP)
JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sree Jeyasoundharam Textile Mills Private Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 17.00 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 6.07 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.33 [ICRA]C ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating'
Category
Long Term- (1.00) [ICRA]C ISSUER NOT COOPERATING;
Interchangeable Rating continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 3.25 [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 Sree Jeyasoundharam Textile Mills 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.
Sree Jeyasoundharam Textile Mills Private Limited was established
by Mr. J Rajesh and Mrs. J Gnanamani as a partnership Sree
Jeyasoundharam Textile Mills Private Limited was incorporated as a
private limited company in September 1989 in Sivagangai, Tamil
Nadu. In 1997, it was taken over by Mr. T R Dhinakaran, the
promoter of Ramalinga Group of Companies. The company is primarily
engaged in manufacturing of cotton yarn of medium to fine counts.
Over the years, the company has increased the spindle capacity from
3,000 spindles to its current level of 41,760 spindles and 672
rotors. The company is a part of Ramalinga Group of Companies based
out of Aruppukottai, Tamil Nadu. The major companies in the
Ramalinga group include (a) Shri Ramalinga Mills Limited (SRML)
(ii) Aruppukottai Shri Ramalinga Spinners Private Limited and (iii)
Tamilnadu Jaibharath Mills Limited.
JOHN ENERGY: Allowed to Deposit INR254cr Settlement Amount
----------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has permitted John Energy, a debt-ridden firm
facing insolvency proceedings before the NCLT, to deposit INR254
crore along with 12 per cent interest as per the One Time
Settlement (OTS) with its lenders ICICI Bank and Axis Bank.
ET relates that the tribunal also said that the bank's plea to
initiate insolvency proceedings is still pending before NCLT, it
would be for the lower court to take a call on the submissions and
offer made by John Energy.
"If the said deposit is made or not made, the Adjudicating
Authority (NCLT) shall take appropriate decision on Section 7
application after hearing both the parties," said a three-member
NCLAT bench.
John Energy, which works towards project execution in the oil and
gas industry, had approached the appellate tribunal seeking its
direction to pay the entire amount of INR167 crore for ICICI Bank
and INR86 crore for Axis Bank along with interest as per the OTS
arrived with the financial creditors in 2023, ET recalls.
ET relates that the banks have filed pleas before the Ahmedabad
bench of the National Company Law Tribunal (NCLT) to initiate the
insolvency process against the firm over non-payment of dues after
the OTS deadline.
However, during the pendency of the hearing John Energy has got an
investor who is ready to pay the entire amount which was earlier
arrived as per OTS dated November 19, 2023, for ICICI Bank and
September 30, 2023, for Axis Bank, ET relays.
It had sent e-mails to both - ICICI Bank and Axis Bank -requesting
them to accept the OTS amount along with 12 per cent interest.
However, ICICI Bank did not respond whereas Axis Bank vide its
e-mail dated March 11, 2024, communicated that OTS has come to an
end and there is no question of permitting any deposit, submitted
John Energy before NCLAT.
According to ET, counsel representing John Energy submitted that
the company is ready to deposit the entire OTS amount which was
earlier arrived along with 12 per cent interest in the court to
show his bonafide.
It further submitted that the contract of thousands of crore which
are with the company shall automatically be terminated due to the
clause in the contract if insolvency commences.
This was opposed by the counsel for the ICICI Bank and Axis Bank
said the offer was not acceptable, ET relays.
The OTS which earlier arrived has come to an end since John Energy
failed to deposit the amount and the amount which was claimed by
them in their section 7 application (for insolvency) is much more
than that, ET relates.
On this NCLAT said:"We are of the view that since the Section 7
application is pending before the Adjudicating Authority, it is for
the Adjudicating Authority to take a call on the submissions and
offer made by the Appellant.
"However, in the ends of justice, we are of the view that the
Appellant and the investors as submitted before the Court may
deposit the amount of INR167 crore along with 12 per cent interest
and INR87 crore plus 12 per cent interest before the NCLT within 10
days as prayed by way of FDR in favour of Registrar, NCLT," the
NCLAT, as cited by ET, order said.
KAANHA SHIPPING: Liquidation Process Case Summary
-------------------------------------------------
Debtor: M/s Kaanhia Shipping Private Limited
Door No. 15-14-4/2, Budhavarapu Gardens, Krishna Nagar,
Maharanipet, Visakhapatnam-530 002, Andhra Pradesh
Liquidation Commencement Date: February 22, 2024
Court: National Company Law Tribunal Amaravati Bench
Liquidator: Kantipudi Venkata Raju
D No: 4-198,Manikya Nagar, Valasapakala,
Kakinada-533 005, East Godavari District Andhra
Pradesh.
Email: kantipudiven@gmail.com
Email: kaanha.cirp@gmail.com
Last date for
submission of claims: March 23, 2024
LANGLEY APPAREL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Langley Apparel India Private Limited
B-31 Green Field Colony, Faridabad, Haryana121003
Liquidation Commencement Date: February 21, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Madan Mohan Dhupar
Flat No 301, Gracious Tower, S P R Imperial Estate ,
Sector 82 ,Faridabad, Haryana ,
Email: 121004 dhuparmm@gmail.com
8/28, 3rd Floor, WEA Abdul Aziz road,
Karol Bagh, New Delhi-110005
Email: iplangleyapparel@gmail.com
Last date for
submission of claims: March 23, 2024
MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Mahesh Mercandise Private Limited in the 'Issuer Not
Cooperating' category.The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 19.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Mahesh Mercandise 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.
Mahesh Merchandise Private Limited (MMPL) was incorporated in the
year 2006 by Mr. Shish Pal Mittal. The company is involved in
trading and processing of timber logs. The company has its offices
located at Karnal, Gandhidham and Delhi.Mr. Shish pal has long
experience of around four decades of working in the timber
business. Prior to incorporating MMPL, he had been running the
timber trading business under proprietorship concern and had been
involved in various entities as partner/director.
MAHESHWARY ISPAT: Liquidation Process Case Summary
--------------------------------------------------
Debtor: MAHESHWARY ISPAT LIMITED
P-5, Kalakar Street, Kolkata - 700007 West Bengal
Liquidation Commencement Date: December 19, 2023
Court: National Company Law Tribunal Kolkata Bench
Liquidator: CA Santanu Brahma
AH – 276, Salt Lake, Sector – II,
Kolkata – 700091 IBBI Regd
Email: ip.santanubrahma@gmail.com
Email ID: ld.milibc@gmail.com
Last date for
submission of claims: January 18, 2024
NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Narula Tools International 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 Narula Tools International, 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.
NTI was established in 1995 as a proprietorship firm, to be later
converted into a partnership firm in 2012. The firm is engaged in
manufacturing scaffolding products. NTI's facility is located at
Jalandhar, Punjab, with an installed manufacturing capacity of
3,143 Tonnes Per Annum (TPA).
R R GOLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of R R
Gold Palace Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 62.00 [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 R R Gold Palace Pvt 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.
Incorporated in 2011 by Mr. R. Ramesh and Ms. G.S Prabhalatha, the
company is engaged in retailing of gold, silver, diamond and
platinum jewellery in Bangalore. While the company has been
operational since 2006, the constitution was changed to private
limited company in 2011. The promoters initially ventured into
retailing of gold jewellery by setting up a showroom – RR Gold
Palace in Malleswaram, Bangalore, under partnership model. With
increasing demand for gold jewellery, the promoters expanded the
company's presence by setting up more showrooms in Jayanagar and
Yelahanka.
RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long -Term and Short-Term rating for the Bank
facilities of Radhika Packaging Private Limited in the 'Issuer Not
Cooperating' category.The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.09 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.12 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Radhika Packaging 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 1978, Radhika Packaging Private Limited (RPPL) is
part of the Damani Group, engaged in manufacturing polypropylene
disposable cups. Mr. Neelesh Damani, the Managing Director of the
company, oversees group operations.
RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Ramapriya Solar Energy 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- 10.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Ramapriya Solar Energy 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.
Ramapriya Solar Energy Private Limited (RSEPL) was incorporated in
May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW Solar
Power Project in Chitradurga District, Karnataka under the Farmer's
Scheme allotted to Mr. T R Bheemaneedi. The solar power plant is
expected to be commissioned in October 2016 and a Power Purchase
Agreement (PPA) has been signed by SPD with BESCOM for a period of
25 years.
SAHAKAR SHIROMANI: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Sahakar Shiromani Vasantrao Kale Sahakari Sakhar Karkhana Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 17.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sahakar Shiromani Vasantrao Kale Sahakari Sakhar Karkhana
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 1999, Pandharpur, Dist. Solapur (Maharashtra) based
Sahakar Shiromani Vasantrao Kale Sahakari Sakhar Karkhana Limited
is involved in manufacture of sugar. The 2500 TCD crushing facility
is fully integrated with 30 KLPD distillery facility and 18 MW co
gen unit. The company till date has completed 17 seasons.
SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term rating of Shantai Exim
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 23.00 [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 Shantai Exim 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 2004, Shantai Exim Limited manufactures and exports
children's wear and women's wear like sarees and dress materials.
The company procures greige fabric from Surat and gets the fabric
processed by third parties on job work basis. The activities
outsourced on job work include dyeing, printing, embroidery,
pleating, crushing, stamping, foiling, coding, taping and flocking.
Stitching, garmenting, hand-work and final packaging of the
products are done at the company's facility in Surat. At times, SEL
also buys finished fabrics and gets them processed further. The
company has its registered office in Mumbai and its manufacturing
facility is in Surat (Gujarat).
SHRI ANIRUDDHA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shri Aniruddha Wood Private Limited
Parvati Niwas Top Floor, Room No. 17,
Above Prabhu Niketan Hotel,
Daftary Road, Malad €, Mumbai-400097
Insolvency Commencement Date: February 21, 2024
Estimated date of closure of
insolvency resolution process: August 19, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Pramod Dattaram Rasam
Room No. 5, Shri Niwas Chawl, JB Nagar,
Andheri € Mumbai-400059
Email: pdrasam@gmail.com
Email: cirp.shriannirudhawood@gmail.com
Last date for
submission of claims: March10, 2024
SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of SS Indus Solar Energy 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- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SS Indus Solar Energy 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.
SS Indus Solar Energy Pvt Ltd was originally incorporated as SS
Indus Valley Private Limited on 18.07.2006, the name of the company
was changed to SS Indus Solar Energy Private Limited on 14.08.14.
The solar PV power plant consists of several solar PV arrays
totalling to 2.40 MW. The plant generates DC power which is fed
into the power conditioning units to convert DC power to AC power
at 3 Ph, 320 V, 50 Hz. The output of the PCUs is stepped upto 33KV
and then evacuated to Kattangur Substation at 33 KV. At the
substation, the power is interconnected to the grid. Metering of
the power shall take place at the substation.
SS INNOVATIONS: BF Borgers CPA Raises Going Concern Doubt
---------------------------------------------------------
SS Innovations International, Inc. disclosed in a Form 10-K Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2023, that BF Borgers CPA PC, the
Company's auditor since 2022, expressed that there is substantial
doubt about the Company's ability to continue as a going concern.
In the Report of Independent Registered Public Accounting Firm
dated March 22, 2024, Lakewood, CO-based BF Borgers CPA PC said,
"The Company has suffered recurring losses from operations that
raises substantial doubt about its ability to continue as a going
concern."
The Company has a working capital surplus of $9.11 million and an
accumulated deficit of $35.33 million as of December 31, 2023. The
Company also had a net loss of $20.94 million for the year ended
December 31, 2023, which was mainly on account of non-cash items
like Stock Compensation expense of $13,425,319 and Depreciation of
$162,623. The net loss for the year ended December 31, 2023, was
also higher as revenue to the extent of $1.67 million stands
transferred to unrealized deferred revenue on account of
application of ASC606.
The Company launched the commercial sale of its "SSi Mantra"
surgical robotic system in India in the last quarter of 2022, which
has been well received by hospitals and healthcare institutions
there and in the year ended December 31, 2023, the Company recorded
its first export sale to Dubai, UAE. As of December 31, 2023, the
Company has sold fifteen surgical robotic systems overall and is
now generating regular revenues as additional purchase orders are
also being received. In addition to these fifteen surgical robotic
systems sold, Company has also installed four systems for
evaluation purposes at four hospitals belonging to large hospital
groups in India for a predefined number of procedures post which
the Company expects to receive regular purchase orders for its
surgical robotic system from these hospital groups. In addition to
this, it also installed three systems on a pay-per-use basis. These
systems were installed in December 2023 and accordingly had not
generated any revenues as of December 31, 2023. During the year
ended December 31, 2023, it also installed one system at the Johns
Hopkins Hospital, in Baltimore, Maryland at no cost, for the
purposes of conducting medical education training programs with
human cadavers and/or animal anatomical tissue specimens. As such,
at the end of December 2023, the Company had twenty-three installed
systems of which twenty were installed during the year ended
December 31, 2023.
The Company has been able to augment its financial resources to
further supplement its operations. On April 15, 2023, the Company
executed a Convertible Promissory Note (the "Line of Credit Note")
with Sushruta Pvt Ltd. ("SPL"), the Bahamian holding company owned
by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and
principal shareholder. Pursuant to the Line of Credit Note, SPL, in
its discretion could make multiple advances to the Company through
December 31, 2023 (the "Maturity Date"), in an aggregate amount of
up to $20 million for working capital purposes and the advances
under the Line of Credit Note do not bear interest and are due and
payable on or before the Maturity Date. SPL, at its option, could
also convert the principal amount of any advance into shares of our
common stock, at a conversion price of $0.74 per share. During the
year ended December 31, 2023, SPL had advanced a total of $16.98
million under the Line of Credit Note upon SPL exercising its
option to convert, the outstanding balance of $16.98 million of the
Line of Credit Note was converted in full into 22.95 million shares
of our common stock at a conversion price of $0.74 per share.
This conversion of funds advanced under the Line of Credit Note and
subsequently converted into equity has resulted in a significant
improvement in the Company's stockholders' equity and working
capital position. As of December 31, 2023, the Company had
stockholders' equity of $14.3 million and a working capital surplus
of $9.11 million as compared to stockholders' deficit of $2.46
million and a working capital deficit of $4.42 million as of
December 31, 2022.
As of December 31, 2023, the Company had $25.48 million in total
assets, $11.18 million in total liabilities, and $14.3 million in
total stockholders' equity.
The management of the Company is making efforts to raise further
funding to scale up operations and meet its longer-term capital
needs. While management of the Company believes that it will be
successful in its capital formation and planned expansion of its
operating activities, there can be no assurance that the Company
will be able to raise additional equity capital or be successful in
generating additional revenues and ultimately achieving
profitability.
A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/3c8me459
About SS Innovations International
Gurugram, Haryana, India-based SS Innovations International, Inc.
(OTC: SSII) is a developer of innovative surgical robotic
technologies with a vision to make the benefits of robotic surgery
affordable and accessible to a larger part of the global
population. SSII's product range includes its proprietary "SSi
Mantra" surgical robotic system, and "SSi Mudra", its wide range of
surgical instruments capable of supporting a variety of surgical
procedures including robotic cardiac surgery. SSII's business
operations are headquartered in India and SSII has plans to expand
the presence of its technologically advanced, user-friendly, and
cost-effective surgical robotic solutions, globally.
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long -Term and Short-Term rating for the Bank
facilities of Suyash Polymer in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.13 [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 Suyash Polymer, 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 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufacture polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.
SVSVS PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of SVSVS Projects 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– 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 48.00 [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 SVSVS Projects 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.
SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in executing construction of roads,
bridges, dams, building sand irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar and Andhra
Pradesh.
THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Rating for Non-Convertible Debenture rating of
Three C Green Developers Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 225.00 [ICRA]D; ISSUER NOT
Debenture Program COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Three C Green Developers 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.
TCGDPL, which was incorporated in December 2010, is involved in
real-estate development. At present, Xanadu Estates Pvt. Ltd. holds
75% of the company's shares, while the remaining 25% is held by
Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted
development project, Lotus Yardscape, with a saleable area of 90489
square yards, in Sports City, Noida. The other project, Lotus Arena
II, is being developed by its wholly owned subsidiary, Piyush IT
Solutions Private Limited.
WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Wires and Cables (India) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [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 Wires and Cables (India), 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.
Wires and Cables (India) (WAC) mainly trades in low-tension (LT)
wires, high-tension (HT) wires and wireconnectors. Promoted by Mr.
Bhawarlal, WAC had started operations in 1989. It also has a retail
shop in Chikpet area of Bangalore. It distributes HT wires of
Universal Cables Limited to various projects of KPTCL, BESCOM,
MESCOM, NHAI, and BDA etc.
=====================
N E W Z E A L A N D
=====================
AMERIBUILD LIMITED: Creditors' Proofs of Debt Due on April 19
-------------------------------------------------------------
Creditors of Ameribuild Limited are required to file their proofs
of debt by April 19, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 14, 2024.
The company's liquidator is:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana
Porirua 5247
AUTO INSIDERS: Court to Hear Wind-Up Petition on April 12
---------------------------------------------------------
A petition to wind up the operations of Auto Insiders New Zealand
Limited will be heard before the High Court at Auckland on April
12, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 11, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BUILTWELL BUILDING: Creditors' Proofs of Debt Due on April 26
-------------------------------------------------------------
Creditors of Builtwell Building Limited are required to file their
proofs of debt by April 26, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 14, 2024.
The company's liquidator is:
Thomas Lee Rodewald
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
CAPITAL LI: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------
Creditors of Capital Li Limited are required to file their proofs
of debt by April 14, 2024, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on March 14, 2024.
INDUSTRIAL PARK: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------
Creditors of Industrial Park Holdings Ltd are required to file
their proofs of debt by April 15, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 13, 2024.
The company's liquidator is:
Jared Booth
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
=================
S I N G A P O R E
=================
BUILDERS HUB: Court to Hear Wind-Up Petition on April 2
-------------------------------------------------------
A petition to wind up the operations of Builders Hub Pte. Ltd. will
be heard before the High Court of Singapore on April 2, 2024, at
10:00 a.m.
JP Nelson Equipment Pte Ltd filed the petition against the
company.
The Petitioner's solicitors are:
Christopher Chuah Law Chambers LLC
190 Middle Road
#11-04A Fortune Centre
Singapore 188979
BULLION HARVEST: Placed in Interim Judicial Management
------------------------------------------------------
Mr. Farooq Ahmad Mann of Mann & Associates PAC on March 20, 2024,
were appointed as interim judicial manager of Bullion Harvest Pte
Ltd.
The interim judicial manager may be reached at:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C, Shenton House
Singapore 068805
GOLDEN MAPLE: Creditors' Proofs of Debt Due on April 22
-------------------------------------------------------
Creditors of Golden Maple Holdings Pte. Ltd. are required to file
their proofs of debt by April 22, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 19, 2024.
The companies' liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
INDUSTRY MONKS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Industry Monks Pte Ltd on March 15, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lim Han Yeong
Ellyn Tan Huixian
Mazars LLP
135 Cecil Street, #10-01
Singapore 0695
NW FOODS: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 15, 2024, to
wind up the operations of NW Foods Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=============
V I E T N A M
=============
EVNNPT: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based National Power
Transmission Corporation's (EVNNPT) Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable. Fitch
has also affirmed EVNNPT's senior unsecured rating at 'BB+'.
The rating, which is based on EVNNPT's Standalone Credit Profile
(SCP) assessment of 'bb+', is on a par with the IDR of its 100%
parent, Vietnam Electricity (EVN, BB+/Stable). EVNNPT's SCP is
driven by its monopoly in Vietnam's electricity transmission
sector, pooled counterparty risk and low receivables. Fitch
believes its financial profile is stronger than that commensurate
for its rating.
EVNNPT will rated at the same level as its parent if its SCP is
assessed better than its parent. This is based on its assessment of
'Open' legal ring-fencing and 'Open' access and control between EVN
and EVNNPT, under Fitch's Parent and Subsidiary Linkage (PSL)
Rating Criteria, given the parent's full ownership, control and
influence over the subsidiary.
EVNNPT's ratings will be equalised with EVN's rating if its SCP is
weaker than its parent's rating. This is based on its assessment of
'High' Strategic Incentives and Operational Incentives for EVN to
support EVNNPT in line with the PSL rating criteria.
KEY RATING DRIVERS
Strong Market Position: EVNNPT's monopoly position, limited price
and volume risk under the regulatory framework enhance visibility
over revenue and profit, supporting its business profile. EVNNPT's
receivables benefit from no direct single-counterparty risk as
transmission charges from the five distribution companies are
collected by a pooling mechanism.
Cost-Plus Transmission Tariff; Limited History: The regulator fixes
the electricity transmission tariff annually, ensuring EVNNPT
recovers appropriate expenses and earns permissible profit that
allows it to maintain operations and meet investment plans.
However, the final tariff is subject to regulatory approval in
consultation with EVN. The regulator and EVN target a pretax return
on equity (ROE) of 3% for EVNNPT. However, ROE, calculated as per
local accounting standards, has been volatile with significant
deviations to as high as 10% in 2019 and as low as 0.16% in 2022
(2023E: 1.5%).
The short record of the regulated tariff framework since its
introduction in 2017, interrupted by two years of Covid-19 pandemic
when timely pass-through of costs was affected, caps EVNNPT's SCP.
A consistent implementation of the tariff framework will be key for
any upward revision to EVNNPT's SCP assessment.
Recovery in Demand: Fitch expects EVNNPT's transmission volume to
rise by 6% to 236 billion units in 2024 (2023E: 5.3% growth) and
another 7% annually over the next few years. The company expects a
stronger growth in demand with the inflow of foreign direct
investments and robust demand from the manufacturing sector,
accompanied by Vietnam's favourable economic growth.
Tariff Revision to Improve Profitability: Fitch expects the
transmission tariff to increase by around 5% in 2024 (2023:
VND86.5/kWh), which should support EVNNPT's profitability through
cost recovery and achieve ROE of around 2%-3%. The average
transmission tariff increased by 9.4% in 2023 (2022: VND79.1/kwh)
after two tariff revisions in May and November. Fitch expects
tariffs to increase by 5% in 2025 and remain flat thereafter.
Low Price Risk: Transmission tariffs account for only about 4%-6%
of the average retail tariff, which means an increase in the
transmission tariff would have only a limited impact on the final
retail electricity tariff. Hence, Fitch believes EVNNPT's price
risk is lower than that of EVN. EVN can increase the electricity
retail tariff every six months, in line with rising production
costs, but has to seek approval from the ministry for increases
above 5% and automatic tariff adjustments under 5% have only a
limited record.
Rising Capex; Strong Financial Profile: Fitch estimates EVNNPT's
average annual capex to remain high at around VND20 trillion from
2024 to 2026 (2023 estimate: VND16 trillion, 2022: VND12 trillion).
EVNNPT's capex initiatives are focused on smart grid development,
improving grid quality and reliability, and strengthening regional
connections. Fitch expects EVNNPT's EBITDA net leverage to average
at around 4.0x over the medium term (2022: 3.6x) due to rising
capex. However, Fitch expects EVNNPT's financial profile to remain
stronger than that commensurate for its SCP.
EVN's Strong Control Over EVNNPT: EVN owns 100% of EVNNPT,
controlling key management and approving business and investment
plans, resulting in strong access and control over EVNNPT. EVN
approves EVNNPT's financing plans, including borrowings above
certain thresholds, organisational structure, and key executives
and their compensation. EVN also supervises EVNNPT's regulatory
compliance. There is no centralised treasury, but about 8% of
EVNNPT's total borrowings go through EVN. The flow of dividends
from EVNNPT to EVN is not restricted.
DERIVATION SUMMARY
EVNNPT's rating reflects its 'bb+' SCP, which is at the same level
as that of its parent, state-owned EVN, which owns 100% of EVNNPT.
EVNNPT has lower operating risk as a pure transmission player with
better geographical diversification compared with Northern Power
Corporation (EVNNPC, BB+/Stable) - a power distribution company
within the EVN group. Furthermore, EVNNPT's ROE is determined by
the regulator, albeit in consultation with EVN. This compares with
EVN's more significant influence on EVNNPC, including determining
the profitability, which explains why EVNNPC's SCP is a notch lower
than that of EVNNPT.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Transmission volume increases by 5.3% in 2023, 6% in 2024 and
around 7% in 2025 (2022: 5.3%)
- Transmission tariffs increase by 9.4% in 2023, around 5% in 2024
and 2025, and flat thereafter (2022: increase by 1% to VND79/kWh).
- Average annual capex of VND16 trillion-20 trillion from 2023 to
2025 (2022: VND12.3 trillion)
- Average interest rate around 6% in 2023 and 2024, before reducing
to around 5% in 2025 (2022: 3.6%)
- No dividend payout
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade
- Positive rating action on EVN
Factors that could, individually or collectively, lead to negative
rating action/downgrade
- Negative rating action on EVN
LIQUIDITY AND DEBT STRUCTURE
Supported Liquidity: EVNNPT's cash and cash equivalents were around
VND3.7 trillion at end-2022, against the current debt maturity of
VND5.5 trillion. Fitch expects the company to generate around VND10
trillion-15 trillion in operational cash flow annually over the
next three years, which will be sufficient to manage annual debt
maturities, but it will require external funds to manage annual
capex targets. EVNNPT's liquidity benefits from its strong access
to domestic markets and overseas development assistance due to its
linkages with EVN and the state.
ISSUER PROFILE
EVNNPT is wholly owned by EVN, and has a monopoly position in
electricity transmission in Vietnam. It is responsible for the
development, operation and control the national electricity
transmission system.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
EVNNPT's ratings are directly linked to the credit quality of its
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in the rating
on EVNNPT.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
National Power
Transmission
Corporation LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 18 to March 22, 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.
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