/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240423.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, April 23, 2024, Vol. 27, No. 82 Headlines A U S T R A L I A AZURITE CORP: Second Creditors' Meeting Set for April 26 BERNWEN PTY: First Creditors' Meeting Set for April 30 ELENBERG FRASER: Founder Blames Lacrosse Fire for Liquidation JB MARKETS: ASIC Cancels Australian Financial Services Licence PEPPER SPARKZ 8: Fitch Assigns 'BB-sf' Rating on Class F Notes RACELAB PTY: Second Creditors' Meeting Set for April 26 THEATRE AT HOME: First Creditors' Meeting Set for April 26 TRITIUM DCFC: McGrathNicol Appointed as Receivers and Managers WINPLEX AUSTRALIA: First Creditors' Meeting Set for April 26 I N D I A ADVANTAGE ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating B. S. INNOVATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating CIRCLE INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating LAVASA CORP: Creditors Invoke DPIL's Guarantee MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating MUTHOOT FINANCE: Fitch Gives BB(EXP) Rating on USD Secured Bonds MUTHOOT FINANCE: S&P Assigns 'BB' Rating on USD Secured Notes P. RAJAGOPAL: CRISIL Keeps D Debt Rating in Not Cooperating PEYUSH TRADERS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating PRG BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating R L AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category R. P. MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating RANGANATHA SWAMY: CRISIL Lowers Rating on INR40cr Loan to D RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category SATYESHWAR HEEMGHAR: ICRA Keeps D Ratings in Not Cooperating SPORTA TECH: Gets Relief From Insolvency Resolution Process UNITED MASTERBATCHES: CRISIL Lowers Long/Short Term Rating to D V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating I N D O N E S I A PT INDIKA ENERGY: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable N E W Z E A L A N D AANYA PARUSOMULA: Court to Hear Wind-Up Petition on May 17 CLUBS OF MARLBOROUGH: Liquidator Not Ready to 'Close The File' HWJC TRADING: Creditors' Proofs of Debt Due on May 16 K J MCIVOR: Creditors' Proofs of Debt Due on May 15 LARSEN & BEST: Creditors' Proofs of Debt Due on May 23 PETER PAWAN: Court to Hear Wind-Up Petition on May 17 S I N G A P O R E 1 STEP ENGINEERING: Creditors' Meetings Set for May 3 CORDLIFE GROUP: Directors Seek to Cancel Private Placement INDOCHINA SERVICES: Commences Wind-Up Proceedings JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 26 NO SIGNBOARD: Gazelle Ventures Makes Cash Offer for Shares PETUUM PTE: Creditors' Proofs of Debt Due on May 20 X X X X X X X X [*] BOND PRICING: For the Week April 15, 2024 to April 19, 2024 - - - - - ================= A U S T R A L I A ================= AZURITE CORP: Second Creditors' Meeting Set for April 26 -------------------------------------------------------- A second meeting of creditors in the proceedings of Azurite Corporation Limited has been set for April 26, 2024 at 11:00 a.m. at Level 11, 12 The Esplanade in Perth 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 April 24, 2024 at 4:00 p.m. Daniel Bredenkamp and Christopher Pattinson of Pitcher Partners were appointed as administrators of the company on March 19, 2024. BERNWEN PTY: First Creditors' Meeting Set for April 30 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Bernwen Pty Ltd will be held on April 30, 2024 at 10:00 a.m. at Level 4, 673 Murray Street in West Perth. Shaun William Boyle of BRI Ferrier WA was appointed as administrator of the company on April 17, 2024. ELENBERG FRASER: Founder Blames Lacrosse Fire for Liquidation ------------------------------------------------------------- The Age reports that one of Melbourne's top architecture firms is in liquidation, with its founder claiming work dried up after it was hit with legal demands relating to the cladding-driven fire at the Lacrosse building in Docklands more than nine years ago. According to The Age, liquidators to Elenberg Fraser are testing this version of events after a review of the group's books and records showed it was recording millions of dollars in revenue until 2023, while still facing solvency issues. Earlier this month, the firm's founder, Callum Fraser, filed a personal insolvency agreement, which will allow him to make a proposal to personal creditors owed AUD19 million to resolve his financial difficulties and clear out his debts without formally entering bankruptcy, The Age says. Elenberg Fraser was once the architectural firm of choice for some of the country's largest residential and commercial developers, The Age notes. Along with the Lacrosse building, the firm was behind dozens of designs for some of Melbourne's most prominent newer buildings including the curvaceous, Beyoncé-inspired Premier Tower in Spencer Street, the colourful A'Beckett Tower near RMIT University, the original fitout for Vue De Monde and a range of projects in Perth, Brisbane and Victoria's alpine country. Co-founder Zahava Elenberg, Mr. Fraser's ex-wife and a successful architect in her own right, left the business several years ago. Elenberg Fraser was placed into liquidation late last year after court action by the Australian Taxation Office, which was chasing AUD1.5 million in allegedly unpaid taxes by the group. The total amount owed by the firm to its creditors currently exceeds AUD5.1 million. JB MARKETS: ASIC Cancels Australian Financial Services Licence -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of JB Markets Pty Ltd effective from April 12, 2024, for failing to: -- comply with the financial requirements of its AFS licence; and -- have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements. Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under section 912A including financial requirements and adequate resourcing. ASIC considers that cancelling JB Markets AFS licence will protect the interests of potential consumers, promote confidence in the financial services industry, and encourage professionalism by those who provide financial services. The cancellation follows the suspension of JB Markets' AFS licence on Nov. 8, 2023 until April 30, 2024. JB Markets may apply to the Administrative Appeals Tribunal for a review of ASIC's decision. ASIC imposes financial requirements upon AFS licensees to help ensure that they have sufficient financial resources to conduct their business in compliance with financial services laws. The requirements provide important consumer protections in seeking to reduce the risk of a disorderly wind-up, in the event the business fails. JB Markets held AFS licence number 323182 from July 8, 2008. The licence authorised JB Markets to provide financial product advice, deal in financial products, make a market in financial products and operate custodial or depository services for retail and wholesale clients. The licence was suspended as JB Markets: * had a net deficiency of assets over liabilities for the 2019 to 2022 financial years; * failed to meet financial holding requirements for the 2019 to 2022 financial years; and * did not have adequate financial resources to provide the financial services under its AFS licence. Further, ASIC considered that it was reasonable to believe that JB Markets was likely to breach financial services laws. PEPPER SPARKZ 8: Fitch Assigns 'BB-sf' Rating on Class F Notes -------------------------------------------------------------- Fitch Ratings has assigned final ratings to Pepper SPARKZ Trust No.8's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive and equipment lease and loan receivables originated by Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper). The notes were issued by BNY Trust Company of Australia Limited as trustee for Pepper SPARKZ Trust No.8. The final ratings on the class C, D and E notes are one notch higher than the expected rating, while the class F notes are two notches higher. This was due to the reduction in the transaction's weighted-average (WA) margin from the indicative WA margin previously modelled, which increases the excess spread available, and a reduction in the portfolio WA default rate as a result of an increase in the proportion of novated leases in the updated portfolio. Entity/Debt Rating Prior ----------- ------ ----- Pepper SPARKZ Trust No.8 A1-a AU3FN0085213 LT AAAsf New Rating AAA(EXP)sf A1-x AU3FN0085221 LT AAAsf New Rating AAA(EXP)sf B AU3FN0085239 LT AAsf New Rating AA(EXP)sf C AU3FN0085247 LT A+sf New Rating A(EXP)sf D AU3FN0085254 LT BBB+sf New Rating BBB(EXP)sf E AU3FN0085262 LT BB+sf New Rating BB(EXP)sf F AU3FN0085270 LT BB-sf New Rating B(EXP)sf G LT NRsf New Rating NR(EXP)sf TRANSACTION SUMMARY The total collateral pool at the 29 February 2024 pool cut-off date was AUD650 million and consisted of 14,869 receivables with a WA remaining maturity of 57.2 months and an average contract balance of AUD43,715. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples as follows: Novated: 1.10% (7.75x) Non-Novated Risk Tier A: 2.25% (6.0x) Non-Novated Risk Tier B: 8.25% (4.25x) Non-Novated Risk Tier C: 19.25% (3.00x) The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of 50.0% across all risk grades. The WA base-case default assumption was 4.4% and the 'AAAsf' default multiple was 4.5x. Portfolio performance is supported by Australia's continued economic growth and tight labour market, despite rapid interest-rate hikes during 2022-2023. GDP growth in 2023 was 1.5% and unemployment was 3.7% in February 2024. Fitch expects economic conditions to stabilise in 2024, with GDP growth slowing slightly to 1.4% and unemployment rising 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. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A1-x note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. However, the rated subordinated notes still pass at their respective stress rating levels. Class A to F notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. The percentage of credit enhancement (CE) provided by the G note will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The transaction includes interest-rate swaps with a fixed schedule, which allows for future over- or under-hedging, depending on the level of prepayments and defaults. Fitch conducted additional sensitivity analysis for these hedging scenarios. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which demonstrated adequate capability as originator, underwriter and servicer. Pepper is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 48.9% of the portfolio by loan value has balloon amounts payable at maturity. 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 CE available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables 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 the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - 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: A1-a / A1-x / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / A+sf / BBB+sf / BB+sf / BB-sf 10% defaults increase: AAAsf / AAAsf / AA-sf / Asf / BBB+sf / BB+sf / B+sf 25% defaults increase: AA+sf / AAAsf / A+sf / A-sf / BBBsf / BBsf / less than Bsf 50% defaults increase: AA-sf / AA+sf / Asf / BBBsf / BB+sf / B+sf / less than Bsf 10% recoveries decrease: AAAsf / AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf 25% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BB+sf / B+sf 50% recoveries decrease: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BBsf / Bsf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BBsf / Bsf 25% defaults increase/25% recoveries decrease: AA+sf / AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf / less than Bsf 50% defaults increase/50% recoveries decrease: A+sf / AAsf / BBB+sf / BBB-sf / BBsf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade 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 A1-a and A1-x notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivities are not relevant. Notes: B / C / D / E / F Rating: AAsf / A+sf / BBB+sf / BB+sf / BB-sf 10% defaults decrease/10% recoveries increase: AA+sf / AA-sf / Asf / BBB-sf / 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 Pepper Asset Finance's origination files and found the information contained in the files 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. Overall, Fitch's assessment of the asset pool 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. RACELAB PTY: Second Creditors' Meeting Set for April 26 ------------------------------------------------------- A second meeting of creditors in the proceedings of Racelab Pty Ltd has been set for April 26, 2024 at 11:00 a.m. via virtual meeting. 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 April 24, 2024 at 4:00 p.m. Ross Andrew Blakeley and Paul Stuart Harlond of FTI Consulting were appointed as administrators of the company on March 12, 2024. THEATRE AT HOME: First Creditors' Meeting Set for April 26 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Theatre at Home (Australia) Pty Ltd will be held on April 26, 2024 at 11:00 a.m. via virtual Meeting to be held by Zoom conference. Steven Nicols of Nicols + Brien was appointed as administrator of the company on April 15, 2024. TRITIUM DCFC: McGrathNicol Appointed as Receivers and Managers -------------------------------------------------------------- McGrathNicol Restructuring on April 19 announced the appointment of Partners Shaun Fraser, Katherine Sozou, Matthew Hutton and Jamie Harris as Receivers and Managers of Tritium DCFC Limited. This followed the appointment of Peter Gothard, James Dampney and William Colwell of KPMG as Voluntary Administrators by Tritium's Directors. Tritium designs and manufactures proprietary hardware and software to create advanced and reliable fast chargers for electric vehicles. The business was founded and remains headquartered in Brisbane, Queensland, Australia. Tritium has developed a strong market position with a world leading product. Tritium has a market leading product development and engineering team based largely in Brisbane, Australia, together with one of the largest fast charger manufacturing factories in the world, located in Tennessee, USA. Tritium chargers are sold throughout the USA, Europe and Asia Pacific region across a premium-grade client base and the company is well-positioned to capitalise on the global demand for direct current fast chargers. McGrathNicol Partner and Receiver, Shaun Fraser said: "Our immediate focus is to stabilise operations and work closely with Tritium's employees, customers and suppliers as we attempt to secure the best possible outcome for all parties. A sale process for Tritium's business and assets was underway prior to our appointment - we will be re-engaging as a matter of urgency with interested parties and the broader market to seek to find a long-term capital and/or ownership solution for Tritium." Further information will be made available throughout the process. WINPLEX AUSTRALIA: First Creditors' Meeting Set for April 26 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Winplex Australia Pty Ltd will be held on April 26, 2024 at 9:30 a.m. at the offices of PKF Melbourne at Level 15, 500 Bourke Street in Melbourne. Paul Anthony Allen and Glenn Jeffrey Franklin of PKF Melbourne were appointed as administrators of the company on April 16, 2024. ========= I N D I A ========= ADVANTAGE ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Advantage Organic Naturals Technologies Private Limited (AONTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AONTPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AONTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AONTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AONTPL continues to be 'CRISIL D Issuer Not Cooperating'. AONTPL was incorporated in 2007 as a private limited company by New Delhi based Sachdev family. AONTPL is engaged in setting up of unit to manufacture organic readymade garments. Mr. Rajiv Rai Sachdev is the key promoters and is actively engaged in managing day-to-day operations of the company. ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anand Rice Mills (ARM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Export Packing 9 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 9.58 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.42 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ARM for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ARM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ARM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ARM continues to be 'CRISIL D Issuer Not Cooperating'. ARM was set up in 2001 as a proprietorship and was reconstituted as a partnership on April 1, 2014 by Mr. Surender Kumar, Mr. Sunil Kumar and Mr. Pankaj Singla. It mills and sorts rice, and its unit has capacity of 12 tph. B. S. INNOVATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B. S. Innovations (BSI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Export Packing 3 CRISIL D (Issuer Not Credit Cooperating) Proposed Working 0.5 CRISIL D (Issuer Not Capital Facility Cooperating) Standby Line 1 CRISIL D (Issuer Not of Credit Cooperating) CRISIL Ratings has been consistently following up with BSI for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BSI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BSI continues to be 'CRISIL D Issuer Not Cooperating'. BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu, manufactures and exports ready-made garments. The operations are managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their families. BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhadanes Hi-Tech Technology Computers Private Limited (BHTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with BHTCPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BHTCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BHTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BHTCPL continues to be 'CRISIL D Issuer Not Cooperating'. BHTCPL was incorporated by Mr Nivrutti Bhadane and his wife Ms Rajani Bhadane in 2009. The Nashik, Maharashtra-based Company distributes computers and computer-related hardware, mainly to government departments and public sector undertakings. BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bharat Heart and Super Speciality Hospitals (BHSSH) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 27.67 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BHSSH for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BHSSH, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BHSSH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BHSSH continues to be 'CRISIL D Issuer Not Cooperating'. Set up in fiscal 2017 as a partnership firm, BHSSH is managed and promoted by Dr Chetan Swaroop Sharma. The firm runs a hospital, Velmed Hospital, in Dehradun. Operations commenced in October 2018. BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Boss Computers Private Limited (Boss) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Boss for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Boss, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Boss is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Boss continues to be 'CRISIL D Issuer Not Cooperating'. Boss incorporated in 2008 is a Chandigarh based company promoted by Mr. Narinder Pal Singh. It is engaged in trading of computer hardware. The company has dealerships of Dell, Asus, HP, Lenovo and Acer. CIRCLE INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Circle Infotech Private Limited (CIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CIPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CIPL, incorporated in 2008, is a Mumbai-based company that imports computer peripherals from manufacturers in China and sells them in India under the in-house brand, Circle. The products range from desktop cabinet, switched-mode power supply (power systems), key boards, mouse, card readers, speakers, head phones, earplugs and other high-end gaming products. Mr Sanjeev Kumar and Ms Sneha Kumar are the promoters. GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term ratings for the bank facilities of Ganga Dairy Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.35 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.25 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Ganga Dairy 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. Ganga Dairy Limited (GDL) was incorporated in 1997 by the Singh family based out of Begusarai, Bihar. The company operates a milk-processing unit with a capacity of five lakh litres per day (llpd). GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Global Tanning Industries (GTI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Foreign Bill 4.5 CRISIL D (Issuer Not Purchase Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.19 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.56 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GTI for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GTI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Established in 2003, Kolkata-based GTI tans raw hide and manufactures leather gloves. Mr Dilshad Elahi is the promoter. HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hansraj Agrofresh Private Limited (HAFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.01 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.46 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HAFPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HAFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HAFPL continues to be 'CRISIL D Issuer Not Cooperating'. HAFPL, a private limited company incorporated in August 2014, manufactures fruit juices under its Hansraj brand. Registered office is in Varanasi, Uttar Pradesh, and manufacturing unit in Jalpaiguri, West Bengal. HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Herodex Power Systems Private Limited (HPSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14.5 CRISIL D (Issuer Not Cooperating) Cash Credit 19 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.42 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with HPSPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HPSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HPSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HPSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. HPSPL, established in August 1995 is promoted by Mr Shashank Kalkar and Mr Prashant Desai. The company provides products and services for the electricity transmission and distribution sector. It manufactures automatic power factor controller panels and offers various power systems-based EPC turnkey project solutions to the sector. Its manufacturing facility is at Nashik, Maharashtra. HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Himalay Cold Storage (HCS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HCS for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HCS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HCS continues to be 'CRISIL D Issuer Not Cooperating'. HCS is a partnership firm set up in 2007 by Padhiyar Family, the firm is based at Deesa, Banaskantha (Gujarat). JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term and Short-Term rating of Jay Formulations Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- (8.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 13.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 0.07 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Jay Formulations 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. Jay Formulations Limited (JFL) incorporated in 1988, is a professionally managed public limited pharmaceutical company and is engaged in contract manufacturing of a wide range of pharmaceutical formulations. The company was set up by Mr. Ashwin J Patel and operates out of the WHO approved and ISO, cGMP certified manufacturing facility located in GIDC Bavla, Gujarat which has installed capacity of manufacturing ~68 crores of tablets/capsules per annum. The company's product portfolio consists of generic drug formulations such as Ibuprofen, Ampicillin, Azythromycin, Diclofenac and Amoxyllin etc. in tablet, capsules and dry syrup forms. The company is currently managed by Mr. Rakshit Patel who has taken over the company from his father Mr. Ashwin Patel. The current management has shifted focus from institutional sales (Government bodies) to contract manufacturing for MNCs and export market players to ensure growth and stability of operations. LAVASA CORP: Creditors Invoke DPIL's Guarantee ---------------------------------------------- The Economic Times reports that creditors to Lavasa Corp invoked the INR25-crore performance bank guarantee (PGB) by Darwin Platform Infrastructure (DPIL) earlier this month, citing non-compliance of the corporate insolvency resolution process (CIRP) timeline. This came nine months after the National Company Law Tribunal had approved the transaction, ET says. The invocation of the guarantee means that the monitoring committee to implement the plan has now been dissolved and the CIRP process has been halted, putting the decision on the future of the private hill town project back before the NCLT. "Lenders took a decision to invoke the guarantee because there was no movement on completion of the deal from Darwin. The upfront payment of INR100 crore had to come within 90 days from NCLT order, which came in July, which is long overdue. Lead lender Union Bank has expressed its no confidence in the resolution applicant, so this was a logical move," ET quotes a person familiar with the process as saying. Lead lender Union Bank of India had sought withdrawal of NCLT approval alleging connivance between the resolution professional (RP) Shailesh Verma and DPIL to undervalue the real estate assets of Lavasa, resulting in a loss to creditors of the company, ET had reported in October. Though petition by Union Bank was dismissed by the NCLT, a subsequent petition by State Bank of India (SBI) in the National Company Law Appellate Tribunal (NCLAT) was allowed and is still pending in court. A DPIL spokesperson said the company "would not comment as the matter is in court". Union Bank and RP Shailesh Verma did not reply to an email seeking comment, ET notes. According to ET, Darwin Platform's final plan submitted in December 2021 had envisaged a total payout of INR1,814 crore over eight years to lenders and also included delivery of fully constructed houses to 837 home buyers, at a haircut of about 79% to financial creditors. Lenders and DPIL have been engaged in a legal battle since the NCLT order, ET states. DPIL has cited legal issues and sought more time to complete the transaction. "The maintenance of the Lavasa city is being borne by lenders as part of the CIRP costs. In fact, out of the INR100-crore upfront payment, INR80 crore was set aside for the CIRP costs according to the plan. The expenses are much higher than that number. Invocation of the bank guarantee is an indication that lenders do not expect the plan to be implemented. The decision is now with the court," said a second person aware of the process. Besides Union Bank and SBI, Axis Bank, Bank of India, L&T Finance and Arcil are financial creditors to the company. ET has learnt that DPIL has filed an interlocutory plea against this invocation of guarantees and sought more time to complete the CIRP citing litigations around the project. ET could not ascertain the contents of this application. About Lavasa Corp Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. Lavasa is a subsidiary of construction major Hindustan Construction Company (HCC) and entered insolvency proceedings at the National Company Law Tribunal, Mumbai, in August 2018. As reported in the Troubled Company Reporter-Asia Pacific in late July 2023, the National Company Law Tribunal has approved a INR1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd. (DPIL) has emerged as the winning bidder for Lavasa Corp., which is primarily into the business of the development of the private hill station by the same name in Pune, according to BQ Prime. MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term and Short-Term rating of Mandalia Overseas Corporation in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 1.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- (4.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term/ 0.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Mandalia Overseas Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1971, as a partnership firm, Mandalia Overseas Corporation trades in variety of packed food and agricultural commodities such as mango pulp, spices, pulses, wheat and bajra. The firm has its office located in Mumbai and has two rented warehouses in Navi Mumbai-one in Vashi and the other one in Mahape. Mahape warehouse is to stock export orders. MUTHOOT FINANCE: Fitch Gives BB(EXP) Rating on USD Secured Bonds ---------------------------------------------------------------- Fitch Ratings has assigned India-based Muthoot Finance Ltd's (MFL, BB/Stable) proposed US dollar-denominated senior secured bonds an expected rating of 'BB(EXP)'. The final rating is subject to the receipt of final documentation conforming to information already received. The proposed bonds will carry a fixed-rate coupon payable semi-annually and will be secured by collateral that includes specified assets and receivables of the issuer. The proposed notes are also subject to maintenance covenants that require MFL to meet regulatory capital requirements, and ensure its security coverage ratio is equal to or greater than 1x at all times. MFL will issue the proposed bonds in the international market under the Reserve Bank of India's external commercial borrowings framework. They will be issued under MFL's USD2 billion global medium term-note programme, which was updated on 18 April 2024. The update does not affect the programme rating of 'BB'. KEY RATING DRIVERS MFL's proposed bonds are rated at the same level as its Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance with Fitch's rating criteria. Most of MFL's debt is secured and Fitch believes that non-payment of the company's senior secured debt would best reflect uncured failure of the entity. MFL can issue unsecured debt in the overseas market, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. For more information on Muthoot's key rating drivers and rating sensitivities, please see Correction: Fitch Affirms Muthoot Finance at 'BB'; Outlook Stable, published on 20 September 2023. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on MFL's Long-Term Foreign-Currency IDR would drive similar action on the expected rating on the proposed bonds. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of MFL's Long-Term Foreign-Currency IDR would result in corresponding action on the expected rating. Date of Relevant Committee 01 September 2023 ESG CONSIDERATIONS MFL has an ESG Relevance Score of '3' for Customer Welfare, compared with the standard score of '2' for the finance company sector. This reflects its retail-focused operations, which expose it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, whereby aggressive practices in these areas may subject the company to legal or regulatory and reputational risk that may damage its credit profile. The score of '3' for this factor reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. 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 ----------- ------ Muthoot Finance Ltd senior secured LT BB(EXP) Expected Rating MUTHOOT FINANCE: S&P Assigns 'BB' Rating on USD Secured Notes ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term issue rating to proposed U.S. dollar-denominated senior secured notes by Muthoot Finance Ltd. The issuance is a drawdown from Muthoot's US$2 billion global medium-term notes program, which we had rated 'BB'. The rating is subject to our review of the final issuance documentation. The rating on the notes is equalized with the long-term issuer credit rating on Muthoot (BB/Stable/B), an India-based finance company. The proposed notes will constitute direct, unconditional, secured, and unsubordinated obligations of Muthoot, and shall at all times rank equally with all other secured obligations of the finance company. The notes are secured by a first ranking pari passu charge over all current assets, book-debts, loans and advances, and receivables (including gold loan receivables), both present and future, and all benefits, rights, titles, interest, claims, and demands of Muthoot. Muthoot must maintain a minimum security coverage ratio of at least 1.0x (excluding nonperforming assets), and regulatory capital ratios above the regulatory minimum. P. RAJAGOPAL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of P. Rajagopal and R. Saravanan (PRRS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 12 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PRRS for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PRRS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PRRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRRS continues to be 'CRISIL D Issuer Not Cooperating'. PRRS is a proprietorship firm set up by Mr P Rajagopal in December 2016. The project, Hotel Chendur Murugan, based in Tiruchendur, began operations in.June 2019. PEYUSH TRADERS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term and Short-Term rating of Peyush Traders in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Peyush Traders, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1991, Peyush Traders is a proprietorship firm started by Mr. Rakesh Bhatnagar. PT commenced its operations as a supplier of electric items and hardware to Indian Railways. Since 2001, the firm is mainly engaged in supplying manpower to perform duties of air-conditioned (AC) coach attendants with Indian Railways. It is currently operating in three business segments all catering to Indian Railways only: 1. Provision of manpower as AC coach attendant for distributing bedrolls/bed linen. 2. Mechanized laundry operations for washing of linen used in trains. 3. Onboard housekeeping services. PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pluton Trading Private Limited (PTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 44 CRISIL D (Issuer Not Financing Scheme Cooperating) (e-DFS) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PTPL for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PTPL continues to be 'CRISIL D Issuer Not Cooperating'. PTPL was set up as a partnership firm, Pluton Trading Co, in 2013, and was reconstituted as a private-limited company with the current name in April 2017. It is an authorised and sole distributor of TCL for Morbi, Gujarat, and trades sodium tripolyphosphate, soda ash, sodium meta silicate, sodium bicarbonate and other related chemicals which is majorly used into ceramic and sanitary ware manufacturing. Mr Mayur Likhiya and Mr Keyur Likhiya are the promoters. PRG BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of PRG Buildcon India Private Limited (PRG) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 19 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PRG for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PRG, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PRG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRG continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Established in 2012 as Naya Infrastructure Pvt Ltd (NIPL) and later renamed a PRG Buildcon India Pvt Ltd (PRG), it primarily undertakes execution of irrigation projects in Hyderabad (Telangana). The day to day operations of the company are managed by Mr. Sunil Kumar Bontha. R L AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R L Agro Foods Private Limited (RLF) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 29 CRISIL D (Issuer Not Cooperating) Line of Credit 1 CRISIL D (Issuer Not Cooperating) Packing Credit 15 CRISIL D (Issuer Not Cooperating) Warehouse Financing 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RLF for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RLF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RLF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RLF continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. RLF was set up in 1998 as a proprietorship firm by Mr. Subhash Chand and was reconstituted as a partnership firm, on September 1, 2014, with Mr Sunil Kumar coming onboard. It mills and sorts rice and its unit has a capacity of 12 tonne per hour (tph). R. P. MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the long-term rating of R. P. Motors in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.86 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.80 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.30 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with R. P. Motors, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in December 2013 as a proprietorship concern, R. P. Motors (RPM) is an automobile dealer and has a showroomcum-service workshop with 3S facilities (Sales-Services-Spares) in Shillong, Meghalaya. The entity is at present the sole authorised dealer of Ford India Private Limited (FIPL) in Meghalaya, and also sells and services vehicles. The entity also sells spare parts and accessories and trades in secondhand cars of any make. RPM is managed by the proprietor, Mr. Renikton Lyngdoh. RANGANATHA SWAMY: CRISIL Lowers Rating on INR40cr Loan to D ----------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long-term bank loan facilities of Sri Ranganatha Swamy Traders (SRST) to 'CRISIL D' from 'CRISIL B-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 CRISIL D (Downgraded from 'CRISIL B-/Stable') Long Term Loan 5 CRISIL D (Downgraded from 'CRISIL B-/Stable') Long Term Loan 5 CRISIL D (Downgraded from 'CRISIL B-/Stable') Proposed Long Term 40 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B-/Stable') The downgrade reflects delays in debt servicing on account of weak liquidity. The rating reflects the firm's susceptibility to tender-based operations, large working capital requirement and highly leveraged capital structure. These weaknesses are partially offset by the extensive experience of the proprietor in the civil construction industry. Key Rating Drivers & Detailed Description Weaknesses: * Susceptibility to tender-based operations: Revenue and profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, requiring them to bid aggressively to get contracts, which restricts the operating margin to a modest level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability margin through operating efficiency becomes critical. * Large working capital requirement: Gross current assets (GCAs) were 305 days as on March 31, 2022. Large working capital requirement arises from high debtor and inventory levels. The firm is required to extend long credit period. Overall debtors of the firm are expected to be higher considering the nature of the industry. * Highly leveraged capital structure: The financial risk profile remains highly leveraged since the networth remains modest at Rs 3.46 crore as on March 31, 2022. The total outside liabilities to tangible networth (TOLTNW) ratio and gearing were very high at 28.11 times and 6.38 times, respectively, as on March 31, 2022, due to increased dependence on external debt and creditors. With increase in debt, the financial risk profile is expected to be impacted over the medium term. Strength: * Extensive industry experience of the proprietor: The proprietor has extensive experience of more than a decade in the civil construction industry. This has given him a strong understanding of the market dynamics and enabled him to establish healthy relationships with suppliers and customers. Liquidity: Poor Liquidity is likely to remain constrained by leveraged capital structure. The term debt obligation has remained unpaid for the past 6-7 months. Rating Sensitivity Factors Upward factors: * Track record of timely servicing of debt for at least three months * Significant improvement in liquidity Located in Tumkur, Karnataka, SRST is owned and managed by Mr. Banasandra Mudligiraiah Ramesh. The firm undertakes civil construction works, mainly construction of roads, road levelling, allied work and trading in construction materials and furniture. RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of RG Royal Hotel & Convention (RGHC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RGHC for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RGHC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RGHC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RGHC continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2013 in Bengaluru as a proprietorship firm by Mr Ravish Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3 restaurants-cum-bar. The hotel, which became operational from April 2016, operates under the RG Royal brand. SATYESHWAR HEEMGHAR: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term and short-term rating of Satyeshwar Heemghar Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.42 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 4.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 0.18 [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 Satyeshwar Heemghar 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 September 2014, Satyeshwar Heemghar Private Limited (SHPL) is promoted by the West Bengalbased Ghosh family. The company provides cold storage facility to potato farmers and traders on a rental basis and has a storage capacity of 22,790 metric tonnes (MT). The cold storage unit is located at Mohaboni, Paschim Midnapore, West Bengal. SPORTA TECH: Gets Relief From Insolvency Resolution Process ----------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal on April 18 granted relief to Sporta Technologies, the parent company of Dream11, freeing it from the corporate insolvency resolution process (CIRP) rejecting a petition by Reward Solutions. Section 10 A prohibits the initiation of CIRP for default occurring between March 25, 2020 and March 25 2021 as the legislature intended to protect the firms hit by Covid, ET says. NCLAT said, "NCLT had committed an error in admitting Section 9 CIRP application by the impugned order dated February 9, 2024," and set aside the February order. Reward Solutions had filed an initiation of CIRP petition before NCLT, Mumbai, claiming a default of INR7.61 crore by Dream11 regarding a lease and licence agreement executed between Reward Solutions and Sporta Technologies, according to ET. Dream11 was admitted into insolvency by NCLT in February, prompting Bhavit Sheth, co-founder and COO of Dream11, to approach NCLAT. Sporta Technologies Private Limited, doing business as Dream11, operates as a sports technology company. The Company provides multiple fan engagement avenues like fantasy sports, content, commerce, experiences, merchandising and events. Dream11 serves customers in India. UNITED MASTERBATCHES: CRISIL Lowers Long/Short Term Rating to D --------------------------------------------------------------- CRISIL Ratings has downgraded the ratings on United Masterbatches Private Limited (UMPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with UMPL for obtaining information through letters and emails dated September 11, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of UMPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on UMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has downgraded its ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. As per information shared by the banker there have been instances of irregularities for the last six months and the account is classified as NPA as on date. Established in 2006, UMPL, based in Kolkata, is promoted by Mr Debdip Ghosh, Mr Gopal Khadelwal, and Mr Vijay Kumar Tewary. The company has set up a facility for manufacturing of colour and speciality masterbatch items for the domestic as well as export market. V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of V. T. Adaskar and Company (VTAC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VTAC for obtaining information through letter and email dated March 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VTAC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VTAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VTAC continues to be 'CRISIL D Issuer Not Cooperating'. Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged in civil construction for real estate players. The promoters have also ventured into real estate development. VTAC is currently, undertaking a residential project, Shantai Greens, in Ravel (Pune). ================= I N D O N E S I A ================= PT INDIKA ENERGY: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed PT Indika Energy Tbk's (Indika) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlook is Stable. Fitch also assigned a 'BB-' rating to Indika's proposed notes and affirmed the 'BB-' rating on the existing bonds maturing in 2024 and 2025. This affirmation reflects Fitch's expectation that Indika's financial profile will remain adequate over the rating horizon of 2024-2027 despite lower coal price assumptions, increased diversification spending, and a conservative estimate of earnings (EBITDA) from new projects starting in 2026. A recent USD300 million loan signed in December 2023 and stable cash flow from coal operations position Indika well to manage liquidity in the next 12-18 months. The proposed bond issuance, if successful, will also enhance financial flexibility. Fitch views Indika's execution of its diversification strategy as prudent and largely on track. Its target of generating 50% of revenue from non-coal sources is more likely be achieved closer to 2028, based on management's coal price assumptions and Fitch's expectations on some modest delays in earnings contribution, mainly from the Awak Mas gold mine. KEY RATING DRIVERS Temporary EBITDA Dip: Fitch forecasts a temporary decline in Indika's EBITDA to USD270 million-300 million in 2024-2025 (2023: USD330 million), mainly because Fitch assumes falling coal prices despite sustained production levels of 30 million-31 million tonnes (MT). However, Fitch believes Indika can manage operating costs effectively in a lower coal price environment. The recent adjustments to royalty calculations should reduce main coal mining subsidiary Kideco's cash costs, which increased in 2023 due to a new royalty regime and some lags in applicable coal prices when calculating royalties. Kideco Remains Key: Kideco remains the cornerstone of the company's credit profile over the medium term. Fitch expects Kideco to generate the majority of the group's cash flow for the next two years, contributing roughly 90% of EBITDA in 2024 and declining to 80% in 2025. This dominance will gradually reduce to 60% by 2026, under its coal price assumptions, as Indika's diversification efforts gain traction. Kideco has a long track record of stable production volumes, effective cost management, and the proven ability to maintain profitability through commodity cycles. Measured Diversification Strategy: Indika's business profile will evolve over the next two to three years as it works to diversify its revenue base beyond thermal coal. Fitch expects Indika manage its greenfield investments effectively, with a prudent and measured approach. Indika has demonstrated a preference for forming alliances with strategic investors who bring expertise in relevant sectors, particularly when navigating entry into nascent industries. The company forecasts it will allocate about USD620 million towards new ventures in the next four years. Earnings Contribution from New Projects: Fitch expects EBITDA to recover from 2026, driven by contributions from new businesses, particularly the Awak Mas gold project. Fitch conservatively estimates Indika's new projects to generate USD158 million and USD195 million in EBITDA net of losses from its other ventures in 2026 and 2027, respectively. Management expects Awak Mas's cost position to be competitive (in the third quartile), supporting cash flows. Adequate Financial Profile: Fitch projects Indika's net leverage to remain at 1.7x-1.8x over 2024-2025 (2023: 1.6x), within Fitch's negative sensitivity of 2.5x, due to robust earnings from its coal-mining activities and management's prudent investment approach. While Fitch has raised its net leverage forecasts due to the divestment of PT Multi Tambangjaya Utama and changes to Kideco's cost assumptions in light of 2023 performance, Fitch maintains its expectation that management's will effectively rein in operating costs during lower coal price environments. DERIVATION SUMMARY Indika's closest peer is PT Golden Energy Mines Tbk (GEMS, BB-/Stable). Fitch thinks both companies have competitive cost positions with demonstrated ability to manage costs in line with coal price movements and adequate reserve life for key mines. GEMS' moderately larger scale, with plans to expand production levels further, offsets Indika's stable and well-established operations with a much longer record. Indika's diversification beyond thermal coal should help it mitigate challenges arising from tightening funding access for thermal coal companies amid increasing environmental, social and governance considerations. However, Fitch thinks this difference is offset by GEMS' more conservative financial profile, with a net cash position and limited dependence on external funding. This justifies the same ratings for both peers. Indika is rated one-notch above PT ABM Investama (B+/Stable) due to its stronger business profile with more established operational track record and demonstrated ability to manage operating costs through the commodity cycle. ABM, however, benefits from diversification across business segments, including mining services and coal mining operations. Nevertheless, Fitch expects ABM's coal mining business to contract over time as its coal reserves deplete, justifying a one-notch difference in their credit assessments. Both entities have conservative credit profiles relative to their rating levels. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Kideco's average coal selling prices in line with Fitch's coal price deck as follows for the Newcastle 6000 index: USD100/tonne in 2024, USD90/tonne in 2025, USD80/tonne in 2026 and USD75/tonne in 2027. - Kideco's coal mining volume to be 29MT in 2024 (2023: 31MT), and then remain at 30MT thereafter in line with management guidance. - Kideco's cash production costs (excluding royalty) of around USD27/tonne to USD30/tonne and an EBITDA per tonne of USD7-8.5 per tonne. - New investment spending of USD304 million in 2024, USD184 million in 2025, USD80 million in 2026 and USD54 million in 2027; - EBITDA from new investments at USD20 million in 2024, USD54 million in 2025, USD158 million in 2026 and USD195 million in 2027. Its EBITDA assumptions are 20%-30% lower than management guidance. - Capex for existing operations of USD15 million-20 million a year. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch does not expect an upgrade in the foreseeable future, as the company's business profile is still evolving as it transitions towards a more diversified earnings base; - An upgrade may be considered if Indika demonstrates a record of successful execution of non-coal investments, resulting in improvement of the overall business profile while maintaining a prudent financial structure. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Net debt/EBITDA of above 2.5x; - Material increase in the execution risk for the company's strategy to diversify into non-coal businesses - Evidence of weakened external funding access. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Indika's cash balance of USD583 million at end-2023 and its recent syndicated term loan of USD300 million provide comfortable liquidity against short-term debt of USD421 million, which includes the bonds maturing in November 2024. The company has only one other bond maturing in October 2025 with outstanding amount of USD529 million. Fitch expects Indika's existing cash balance and its operating cash flow over the next year to be adequate to repay the bond. However, issuance of the new proposed bond would further support Indika's liquidity position and extend the debt maturity profile. ISSUER PROFILE Indika is an Indonesia-based conglomerate, whose main asset is Indonesia's fifth-largest thermal coal mine, Kideco, in which it owns a 91% stake. Indika also has direct and indirect ownership of 100% in Awak Mas (gold mine), 100% in EMI (electric vehicles), 100% in Interport (port terminal), 51% in EMITS (roof-top solar), 46% in Natura (essential oil) and 100% in Mekko (bauxite mine). ESG CONSIDERATIONS Indika has an ESG Relevance Score of '4' for Greenhouse Gas Emissions and Air Quality due to the company's revenue concentration in thermal coal, which faces the risk of declining demand in the medium term because of its high carbon footprint. Funding access for thermal coal companies has tightened progressively, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. 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 ----------- ------ ----- PT Indika Energy Tbk LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- New Rating Indika Energy Capital III Pte. Ltd. senior unsecured LT BB- Affirmed BB- Indika Energy Capital IV Pte. Ltd. senior unsecured LT BB- Affirmed BB- ===================== N E W Z E A L A N D ===================== AANYA PARUSOMULA: Court to Hear Wind-Up Petition on May 17 ---------------------------------------------------------- A petition to wind up the operations of Aanya Parusomula Limited will be heard before the High Court at Auckland on May 17, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 25, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CLUBS OF MARLBOROUGH: Liquidator Not Ready to 'Close The File' -------------------------------------------------------------- Marlborough Express reports that the liquidator has not ruled out looking into the "historic operations" of the Clubs of Marlborough before "closing the file" on the defunct social club. Malcolm Hollis, of PricewaterhouseCoopers, released his latest report on the Clubs of Marlborough on April 11. According to Marlborough Express, the report showed the new owner, Chris Thornley, paid NZD4.2 million for the premises. The Information Memorandum from Bayleys, which had the listing, said it was worth NZD22 million. However, Mr. Hollis has reiterated that Thornley's bid was the highest by a "significant margin". Rangitāne o Wairau explored the sale, but did not proceed with the purchase. Marlborough Express relates that Mr. Hollis said at the time of the sale people had described the property as a "white elephant" that needed a lot of money spent on it. Thornley, shortly after getting the keys, said it was "too big of a beast" for the clubs. He had not long sold Springlands Lifestyle Village to Metlifecare when he bought the clubs. Mr. Hollis' report, his second six-monthly report, showed ANZ Bank got NZD3.79 million back after the clubs sale, and it was still owed about NZD700,000, but it had "written that off." The report showed the bridge club was paid NZD100,000 to cancel its "purported" 99-year lease. The bridge club claimed it was owed NZD340,000, Marlborough Express relays. The NZD100,000 cost meant Mr. Hollis could sell the building "free of hindrance", which could have decreased its value, he said. Meanwhile, former employees claimed they were owed NZD136,000, Marlborough Express reports. "If we had a surplus after the bank got its money we would have confirmed all those [claims] . . . but that fact is we didn't have to ... so there's no point pontificating on that stuff. "That's not to say [the claims] weren't valid, they probably were." Mr. Hollis added that his "IT guy in Blenheim" had taken all the Clubs records from the Cloud and put them on a hard drive. His report said the liquidators would "review the files, looking into the actions of the management and investigate if any economical claims can be made in respect of the historic operations and decisions of the Club," according to Marlborough Express. But speaking two weeks ago, he said legal action was "unlikely". His plan was to "let the dust settle on the sale . . . [and] see if anything else sort of appears". "We've got the records stored away." "It's probably unlikely we will take further legal action against people, but that said we have not closed the file yet." The Clubs of Marlborough, built in 2007, closed its doors at the end of 2022 due to multimillion-dollar debt and declining revenue. At the time of closing, it had about 4,000 members and employed 50 staff. The Marlborough Returned and Services Association vacated the building at the same time. HWJC TRADING: Creditors' Proofs of Debt Due on May 16 ----------------------------------------------------- Creditors of HWJC Trading Limited are required to file their proofs of debt by May 16, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 13, 2024. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 K J MCIVOR: Creditors' Proofs of Debt Due on May 15 --------------------------------------------------- Creditors of K J Mcivor Building Limited and KJMB 2022 Limited are required to file their proofs of debt by May 15, 2024, to be included in the company's dividend distribution. The High Court at Timaru appointed Elizabeth Helen Keene and Luke Norman of KPMG as liquidators on April 15, 2024. LARSEN & BEST: Creditors' Proofs of Debt Due on May 23 ------------------------------------------------------ Creditors of Larsen & Best NZ Limited are required to file their proofs of debt by May 23, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Craig Sanson and Stephen White of PwC as liquidators on April 11, 2024. PETER PAWAN: Court to Hear Wind-Up Petition on May 17 ----------------------------------------------------- A petition to wind up the operations of Peter Pawan Limited will be heard before the High Court at Auckland on May 17, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 25, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= 1 STEP ENGINEERING: Creditors' Meetings Set for May 3 ----------------------------------------------------- 1 Step Engineering Pte Ltd will hold a meeting for its creditors on May 3, 2024, at 3:00 p.m. at 133 New Bridge Road #08-01 Chinatown Point, in Singapore and using audio visual conference tool. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. Any other business. CORDLIFE GROUP: Directors Seek to Cancel Private Placement ---------------------------------------------------------- The Business Times reports that a group of Cordlife Group's directors has filed an injunction application before the High Court of Singapore to restrain the company from issuing new shares. Pending hearing this application, an interim injunction was granted by the High Court on April 19, said the company on April 22, BT relates. BT says the claimants comprise a controlling shareholder Nanjing Xinjiekou Department Store, as well as non-independent non-executive directors Zhai Lingyun and Chen Xiaoling. According to BT, the application is against the company, its acting chairman Ho Choon Hou, independent directors Yeo Hwee Tiong and Titus Cheong, non-independent non-executive directors Yiu Ming Yiu and Chow Wai Leong, as well as group chief executive officer Ivan Yiu (Yiu Pang Fai), from engaging in conduction that constitute a contravention of Section 157 of the Companies Act 1967. The section outlines duty and liability of company officers. Both Zhai and Chen, based overseas, expressed reservations about Ivan Yiu's appointment as new group CEO and abstained from the vote in February. Amid investigations by the Commercial Affairs Department (CAD), the duo postponed interviews with CAD to May 21, while director Yiu Ming Yiu was arrested and released on bail after getting called for a CAD interview in early April, BT says. This was after four directors and former group CEO Tan Poh Lan were arrested by CAD and released on bail in March. BT notes that the troubled cord-blood bank announced on April 17 its proposal to raise SGD8.2 million by issuing some 51.2 million new ordinary shares at SGD0.16 apiece. Based on the April 17 announcement, it has entered into two separate subscription agreements with Charming Global Enterprises (CGE) and Darren Ng, a high-net-worth individual based in Singapore, according to BT. Through respective private placements, CGE will subscribe for 44.5 million of the new shares for SGD7.1 million, while Ng will purchase 6.7 million shares for SGD1.1 million. Both will collectively hold about 16.6 per cent of Cordlife's enlarged capital post the new share placement, which will result in the company's share base increasing to 307.5 million from 256.3 million currently pursuant to the private placement. Headquartered in Singapore, Cordlife Group Limited, an investment holding company, provides cord blood banking services in Singapore, Hong Kong, India, Malaysia, the Philippines, and internationally. The company operates through two segments, Banking and Diagnostics. It offers cord blood, cord lining, and cord tissue banking services, including processing and storage of stem cells; and various diagnostics services, such as newborn genetic screening, pediatric vision and ear screening, pediatric allergen test, genetic talent test, preimplantation genetic screening, endometrial receptivity test, non-invasive prenatal testing, and newborn metabolic screening. The company also provides Moms Up, a mobile app for pregnancy and parenting resources for moms and moms-to-be. In addition, it provides medical laboratory, marketing, and property investment services. INDOCHINA SERVICES: Commences Wind-Up Proceedings ------------------------------------------------- Members of Indochina Services (S) Pte Ltd, on April 11, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Chee Fung Mei Chee FM & Associates 110 Middle Road #05-03 Singapore 188968 JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 26 --------------------------------------------------------------- A petition to wind up the operations of Jakubstadt Holdings Pte Ltd will be heard before the High Court of Singapore on April 26, 2024, at 10:00 a.m. TG (Balmoral) Pte Ltd filed the petition against the company on April 4, 2024. The Petitioner's solicitors are: AM Legal LLC 10 Anson Road #14-10 International Plaza Singapore 079903 NO SIGNBOARD: Gazelle Ventures Makes Cash Offer for Shares ---------------------------------------------------------- The Business Times reports that No Signboard's investor Gazelle Ventures has made a mandatory unconditional cash offer to acquire all the issued and paid-up ordinary shares of the Catalist-listed restaurant operator, excluding those already owned by the investor and its allies. The offer price of SGD0.0021 per share is at a 97.5 per cent discount over the last transacted price preceding the offer announcement on March 28, BT discloses. According to BT, Gazelle Ventures released the electronic offer document on April 19, noting that no printed copies of the offer document will be dispatched to shareholders. The investor is required to make the offer as a result of the offeror concert party group acquiring and holding 75 per cent of the total number of shares in No Signboard, after the allotment and issue of about 231.2 million shares at SGD0.0021 per subscription share and 145 million convertible redeemable preference shares (CRPS) at SGD0.031 apiece to the offeror concert party group. Under the Singapore Code on Take-overs and Mergers, the offeror is required to make an offer for the offer shares at not less than the highest price at which the offeror concert party group acquired shares during the offer period, and in the six months immediately preceding the date of the offer announcement. As at April 17, No Signboard's issued and paid-up share capital was about SGD31.2 million, comprising 308.3 million shares and 145 million CRPS. The CRPS have no voting rights. "The offeror concert party group's intention is for the company to continue carrying on its business in the food and beverage industry, and to maintain its listing status on the SGX-ST," said the offer document. BT says Gazelle Ventures also noted that the investment by the offeror concert party group aims to provide sufficient funds for the company's working capital to settle its liabilities and operate as a going concern. Accordingly, the offeror does not intend to exercise its right of compulsory acquisition or voluntarily seek to delist the company from the Singapore Exchange. The offer will close at 5:30 p.m. on May 16, BT adds. About No Signboard No Signboard Holdings Ltd., an investment holding company, manages and operates food and beverage outlets in Singapore. The company operates a chain of seafood restaurants under the No Signboard Seafood brand that serve various seafood cuisine prepared in Chinese and Singapore styles. It owns and operates three restaurants, as well as operates one restaurant under a franchise agreement. The company also produces, promotes, and distributes beer under the Draft Denmark brand; and distributes various third party brands of beer, as well as operates as an OEM beer supplier for third party brands. In addition, it produces and distributes ready meals through a network of vending machines. Further, the company engages in leasing financial intangible assets, such as patents, trademarks, brand names, etc. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 23, 2024, No Signboard said in its annual report release on Jan. 19 that the company's auditor, PKF-CAP, flagged uncertainty over the company's ability to continue as a going concern. According to The Business Times, the auditor noted that the company posted a net loss of SGD4.7 million for the financial year ended Sept. 30, 2022, with net cash outflow from operating activities of SGD982,000. In addition, it noted that the company's current liabilities exceeded current assets by SGD6.6 million, while total liabilities exceeded total assets by SGD7.1 million as at Sept. 30, 2022. The net current liabilities included bank borrowings of SGD2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds. PETUUM PTE: Creditors' Proofs of Debt Due on May 20 --------------------------------------------------- Creditors of Petuum Pte. Ltd. are required to file their proofs of debt by May 20, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 12, 2024. The company's liquidators are: Victor Goh Khor Boon Hong Marie Lee C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 15, 2024 to April 19, 2024 --------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.20 ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.20 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.91 VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.05 VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 0.15 VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.25 VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 0.38 VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 0.58 VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.72 VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.72 CHINA ----- AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 20.19 AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 20.20 ALETAI CITY JUJIN URB 7.73 10/26/24 CNY 25.67 ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 60.00 ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 62.75 ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 60.00 ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 64.63 ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 39.00 ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 40.00 ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 42.10 ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 42.22 ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 60.30 ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 62.79 ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 41.45 ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 42.16 ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 42.60 ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 20.30 ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 20.52 ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.72 ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.72 ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 62.10 ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 62.77 BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 42.14 BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 42.46 BIJIE 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62.66 CHONGQING SHUANGFU CO 7.50 09/09/26 CNY 63.10 CHONGQING THREE GORGE 7.80 03/01/26 CNY 40.00 CHONGQING THREE GORGE 7.80 03/01/26 CNY 42.70 CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 60.00 CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 63.72 CHONGQING WANSHENG EC 7.50 03/27/25 CNY 40.73 CHONGQING WANSHENG EC 7.50 03/27/25 CNY 40.86 CHONGQING YUDIAN STAT 8.00 11/30/25 CNY 42.25 CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 20.00 DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 41.40 DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 42.37 DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.34 DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.34 DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 38.80 DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 42.42 DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 60.00 DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 62.94 DING NAN CITY CONSTRU 7.80 04/08/26 CNY 60.00 DING NAN CITY CONSTRU 7.80 04/08/26 CNY 62.81 DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 40.00 DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 41.09 DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.60 DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.89 DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 63.89 FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 40.00 FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 40.00 FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 42.17 FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 42.25 FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53 FANTASIA GROUP CHINA 7.50 12/17/23 CNY 73.70 FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00 FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99 FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 42.74 GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 40.00 GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 40.00 GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 40.00 GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 41.65 GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 42.07 GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 42.52 GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 42.01 GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 42.68 GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.46 GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.47 GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00 GUANGAN XINHONG INVES 7.50 06/03/26 CNY 63.04 GUANGAN XINHONG INVES 7.50 06/03/26 CNY 63.09 GUANGDONG PEARL RIVER 7.50 10/26/26 CNY 74.23 GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 39.39 GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 40.00 GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 42.11 GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 42.20 GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 41.94 GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 42.05 GUANGXI NINGMING HUIN 8.50 12/07/25 CNY 41.82 GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 63.12 GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 64.94 GUANGXI TIANDONG COUN 7.50 06/04/27 CNY 45.00 GUANGYUAN CITY DEVELO 7.50 10/25/27 CNY 37.44 GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 60.00 GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 60.00 GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 62.62 GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 64.35 GUANGZHOU FINELAND RE 13.60 07/27/23 USD 15.63 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 40.00 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 41.07 GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.42 GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.70 GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.00 GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 21.00 GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 41.40 GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 42.42 GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 40.59 GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 41.98 GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 61.55 GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 62.67 GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 62.93 GUIYANG GUANSHANHU IN 8.20 04/30/24 CNY 40.16 GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 60.27 GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 62.68 GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 40.00 GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 43.10 GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 41.11 GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 42.23 GUIZHOU GUIAN DEVELOP 7.60 04/26/25 CNY 6.92 GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 10.50 GUIZHOU HONGGUO ECONO 7.80 02/08/25 CNY 20.20 GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 20.61 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.57 GUIZHOU RAILWAY INVES 7.50 04/23/24 CNY 15.04 GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 41.84 GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 41.75 GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 42.04 GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 19.95 GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 20.26 GUIZHOU ZHONGSHAN DEV 8.00 03/18/29 CNY 70.00 HAIAN URBAN DEMOLITIO 7.74 05/02/25 CNY 40.96 HAIAN URBAN DEMOLITIO 8.00 12/21/25 CNY 42.07 HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.43 HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.44 HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.67 HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.67 HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.00 HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.60 HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 60.00 HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 62.95 HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.00 HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.88 HUAINAN URBAN CONSTRU 7.58 02/12/26 CNY 42.51 HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 62.00 HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 62.12 HUBEI JIAKANG CONSTRU 7.80 12/19/25 CNY 41.84 HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 60.00 HUBEI YILING ECONOMIC 7.50 12/02/26 CNY 62.05 HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 62.60 HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 60.00 HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 62.65 HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 40.00 HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 42.89 HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 41.44 HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 41.70 HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 42.03 HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 40.00 HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 42.34 HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 42.34 HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.00 HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.60 HUZHOU WUXING NANTAIH 7.90 09/20/25 CNY 41.86 JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 58.00 JIA COUNTY 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COUNTY URBAN CO 7.50 09/26/24 CNY 20.33 JUNAN COUNTY URBAN CO 7.50 09/26/24 CNY 20.44 KAIDI ECOLOGICAL AND 8.50 11/21/18 CNY 72.46 LAOHEKOU CITY CONSTRU 7.50 06/09/24 CNY 70.38 LETING INVESTMENT GRO 7.50 04/11/26 CNY 59.80 LETING INVESTMENT GRO 7.50 04/11/26 CNY 62.66 LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 40.00 LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 42.11 LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 60.00 LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 62.80 LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 41.73 LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.00 LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.95 LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 41.97 LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 42.03 LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 73.97 LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 14.95 LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 15.06 LONGNAN ECO&TECH DEVE 7.50 07/26/26 CNY 63.12 LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 40.00 LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 42.54 LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 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03/25/26 CNY 42.79 MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 40.00 MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 42.84 MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 60.00 MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 64.17 MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 40.00 MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 41.15 MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 41.18 MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 41.87 MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 60.00 MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 64.59 MIANYANG HUIDONG INVE 8.10 02/10/25 CNY 20.90 MIANYANG HUIDONG INVE 8.10 04/28/25 CNY 41.16 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.94 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 42.26 MILE AGRICULTURAL INV 8.00 10/25/25 CNY 41.60 MILE AGRICULTURAL INV 8.00 10/25/25 CNY 42.02 MILE AGRICULTURAL INV 7.60 02/27/26 CNY 42.44 MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.68 NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.67 NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.67 NANCHONG JIALING DEVE 7.98 05/23/25 CNY 40.00 NANCHONG JIALING DEVE 7.98 05/23/25 CNY 41.24 NANJING JIANGNING ECO 7.94 04/14/24 CNY 15.02 NEOGLORY HOLDING GROU 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GROU 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROU 8.10 11/23/18 CNY 72.00 NINGXIA SHENG YAN IND 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.64 PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.64 PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.73 PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.74 PANJIN LIAODONGWAN ZH 7.50 12/28/26 CNY 64.37 PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 60.00 PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 64.15 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.19 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.59 PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.54 PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.58 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.35 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.72 PUDING YELANG STATE-O 7.79 11/13/24 CNY 20.31 PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.44 PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.70 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.00 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 42.51 QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 65.05 QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 65.05 QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 41.40 QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 42.38 QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 1.39 QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.49 QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.49 QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 64.41 QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.71 QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.71 QUJING CITY QILIN DIS 8.50 01/21/26 CNY 40.00 QUJING CITY QILIN DIS 8.50 01/21/26 CNY 42.73 RENHUAI WATER INVESTM 7.98 02/24/25 CNY 20.72 RENHUAI WATER INVESTM 8.00 12/26/25 CNY 38.85 RENHUAI WATER INVESTM 7.98 07/26/25 CNY 41.53 RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 40.00 RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 42.22 RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 60.00 RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 64.28 RUILI RENLONG INVESTM 8.00 09/20/26 CNY 62.89 SHAANXI XIYUE HUASHAN 7.50 12/27/26 CNY 61.80 SHAANXI XIYUE HUASHAN 7.50 12/27/26 CNY 62.76 SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 41.80 SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 41.99 SHANDONG OCEAN CULTUR 7.50 03/28/26 CNY 61.95 SHANDONG OCEAN CULTUR 7.50 04/25/26 CNY 62.09 SHANDONG RENCHENG RON 7.50 01/23/26 CNY 41.77 SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10 SHANDONG SANXING GROU 7.90 08/30/24 CNY 58.00 SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 60.00 SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 62.67 SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 40.49 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 40.96 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 41.15 SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 42.23 SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 41.54 SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 41.54 SHANXI JINZHONG STATE 7.50 05/05/26 CNY 62.73 SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 40.00 SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 42.22 SHEHONG STATE OWNED A 7.60 10/22/25 CNY 21.41 SHEHONG STATE OWNED A 7.60 10/22/25 CNY 40.00 SHEHONG STATE OWNED A 7.50 08/22/25 CNY 40.00 SHEHONG STATE OWNED A 7.60 10/25/25 CNY 40.00 SHEHONG STATE OWNED A 7.50 08/22/25 CNY 41.60 SHEHONG STATE OWNED A 7.60 10/25/25 CNY 41.95 SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.56 SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.61 SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 40.00 SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 42.26 SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.95 SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 63.40 SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 63.41 SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 64.37 SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 64.37 SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 65.29 SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 65.29 SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.60 SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.86 SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 42.20 SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 42.24 SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.00 SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.00 SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.49 SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.57 SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63 SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00 SIYANG JIADING INDUST 7.50 04/27/25 CNY 40.99 SIYANG JIADING INDUST 7.50 04/27/25 CNY 41.00 SIYANG JIADING INDUST 7.50 12/14/25 CNY 41.86 SIYANG JIADING INDUST 7.50 12/14/25 CNY 42.13 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 4.00 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 5.90 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00 TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 40.00 TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 42.71 TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 60.00 TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 60.00 TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 62.70 TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 63.01 TAIXING XINGHUANG INV 8.50 11/15/25 CNY 39.59 TAIXING XINGHUANG INV 8.50 11/15/25 CNY 42.35 TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.00 TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.73 TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 40.00 TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 42.65 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 60.00 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 62.59 TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 41.00 TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 41.20 TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 60.00 TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 60.00 TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 63.37 TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 64.49 TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 40.00 TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 41.94 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 23.53 TENGCHONG SHIXINGBANG 7.50 05/05/26 CNY 72.64 TIANJIN REAL ESTATE G 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 40.00 TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 41.46 TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 40.00 TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 42.29 TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 62.00 TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 62.93 TONGREN WATER GROUP C 8.00 11/29/28 CNY 74.86 TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 41.70 TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 42.23 TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 40.00 URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 41.64 WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 40.26 WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 41.20 WEIHAI WENDENG URBAN 7.50 03/04/29 CNY 70.00 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 74.30 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 74.93 WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 60.00 WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 61.99 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 WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63 WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 40.00 WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 42.00 WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 60.00 WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 62.61 WUYANG CONSTRUCTION G 7.80 09/11/20 CNY 32.48 WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 75.00 XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 60.00 XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 62.80 XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 20.00 XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 20.45 XIFENG COUNTY URBAN C 8.00 03/14/26 CNY 60.30 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 42.23 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 61.88 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 62.92 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.63 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.00 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.72 XINPING URBAN DEVELOP 7.70 01/24/26 CNY 41.87 XINYU CITY YUSHUI DIS 7.50 09/24/26 CNY 63.43 XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.00 XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.65 XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.71 XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.71 XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 40.58 XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 41.93 XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 60.50 XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 62.38 YANCHENG URBANIZATION 7.50 03/04/27 CNY 65.10 YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00 YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.52 YANGLING URBAN RURAL 7.80 06/19/26 CNY 60.00 YANGLING URBAN RURAL 7.80 06/19/26 CNY 63.36 YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 40.00 YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 40.79 YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 42.35 YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 42.60 YICHANG CHUANGYUAN HO 7.80 11/06/25 CNY 42.10 YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.80 YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.80 YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 60.00 YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 63.24 YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 40.00 YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 41.24 YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 42.01 YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 42.05 YIYANG LONGLING CONST 7.60 01/23/26 CNY 40.30 YIYANG LONGLING CONST 7.60 01/23/26 CNY 42.00 YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 41.53 YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 40.00 YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 41.95 YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88 YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 40.00 YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 40.00 YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 40.97 YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 41.48 YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 41.20 YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 41.69 YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 42.25 YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 42.25 YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 40.49 YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 41.07 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 60.00 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 62.90 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 64.64 YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 60.00 YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 64.79 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 62.70 ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 42.53 ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 62.52 ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 60.00 ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 63.91 ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 40.00 ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 42.04 ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 60.00 ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 62.34 ZHEJIANG HUZHOU NANXU 7.80 08/21/25 CNY 41.88 ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 40.00 ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 41.64 ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 42.30 ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 42.33 ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75 ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 60.00 ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 63.16 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.75 ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 52.06 ZHUZHOU RAILWAY INDUS 7.50 09/25/24 CNY 20.39 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 65.61 ZIYANG KAILI INVESTME 8.00 02/14/26 CNY 42.05 ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.28 ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.37 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 62.99 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 64.25 ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 70.00 ZUNYI URBAN CONSTRUCT 7.50 05/20/24 CNY 40.15 HONG KONG --------- YANGO JUSTICE INTERNA 10.25 03/18/22 USD 0.09 YANGO JUSTICE INTERNA 8.25 11/25/23 USD 0.18 YANGO JUSTICE INTERNA 7.50 02/17/25 USD 0.24 YANGO JUSTICE INTERNA 7.50 04/15/24 USD 0.27 YANGO JUSTICE INTERNA 10.25 09/15/22 USD 0.29 YANGO JUSTICE INTERNA 9.25 04/15/23 USD 0.34 YANGO JUSTICE INTERNA 7.88 09/04/24 USD 0.44 YANGO JUSTICE INTERNA 10.00 02/12/23 USD 1.00 HONGKONG IDEAL INVEST 14.75 10/08/22 USD 1.57 HAINAN AIRLINES HONG 12.00 10/29/21 USD 3.17 ZENSUN ENTERPRISES LT 12.50 04/23/24 USD 3.75 ZENSUN ENTERPRISES LT 12.50 09/13/23 USD 4.69 CHINA SOUTH CITY HOLD 9.00 12/11/24 USD 24.10 CHINA SOUTH CITY HOLD 9.00 06/26/24 USD 24.21 CHINA SOUTH CITY HOLD 9.00 04/12/24 USD 28.33 CHINA SOUTH CITY HOLD 9.00 10/09/24 USD 29.00 WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 24.55 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.08 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.22 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 59.80 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 60.70 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.77 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.89 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 61.36 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.21 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.43 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.86 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 63.48 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 64.16 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.76 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.76 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 66.90 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 66.90 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 67.73 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 68.48 WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 69.47 WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 69.65 WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 72.19 WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 72.19 INDIA ----- PIRAMAL CAPITAL & HOU 8.50 04/18/23 INR 34.25 ANDHRA PRADESH STATE 9.62 05/31/24 INR 50.13 IIFL SAMASTA FINANCE 10.75 02/24/25 INR 50.23 MAHANAGAR TELEPHONE N 7.51 03/06/34 INR 52.86 IKF FINANCE LTD 10.60 03/27/25 INR 61.90 BLU-SMART MOBILITY PV 12.50 10/30/24 INR 67.55 AXIS FINANCE LTD 8.10 11/17/28 INR 72.40 SOUTH KOREA ----------- SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SRI LANKA --------- SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.27 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.34 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 57.54 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 57.58 SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 73.74 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.77 PHILIPPINES ----------- BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.99 BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.99 SINGAPORE --------- BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.22 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.22 BLD INVESTMENTS PTE L 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.26 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.26 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.27 ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 16.75 MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 0.89 NOMURA INTERNATIONAL 7.65 10/04/37 AUD 66.03 ORO NEGRO DRILLING PT 7.50 01/24/24 USD 0.50 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***