/raid1/www/Hosts/bankrupt/TCRAP_Public/240507.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, May 7, 2024, Vol. 27, No. 92
Headlines
A U S T R A L I A
BELAADI PTY: First Creditors' Meeting Set for May 10
BRUCE HARTWIG: First Creditors' Meeting Set for May 9
CATHERINE HENRY: First Creditors' Meeting Set for May 9
EZSTEEL PTY: First Creditors' Meeting Set for May 10
LIBERTY SERIES 2023-1: Moody's Ups Rating on Class F Notes to Ba2
NIQUE PTY: Directors Lodge Revised Deed After Collapse
SCAF-SERV: First Creditors' Meeting Set for May 9
TNT FAMILY: Enters Liquidation After Failed Battle to Keep License
I N D I A
AIRVISION INDIA: CRISIL Hikes Rating on INR17.25cr Loan to B+
BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
DUNCAN INDUSTRIES: Tea Gardens Facing Hurdles in CIRP
GOVERDHAN TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating
HARSH CONSTRUCTIONS: ICRA Lowers Rating on INR65cr LT Loan to B+
J MATADEE: ICRA Withdraws B+ Rating on INR16cr Term Loan
J R TANTIA: CRISIL Withdraws B Rating on INR23cr LT Loan
KARANJA TERMINAL: ICRA Reaffirms D Rating on INR406.48cr Loan
KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
KIRATPUR NER: ICRA Keeps D Rating in Not Cooperating Category
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
LANDMARK SIZING: CARE Lowers Rating on INR17.70cr LT Loan to D
MHETRE PACKAGING: CRISIL Reaffirms B+ Rating on INR5.5cr Loan
NOBLE MOULDS: CRISIL Hikes Rating on INR22cr Cash Loan to B+
PRASAD AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
RADIUS INFRA: NCLT Approves Naman Developers' Takeover Plan
REHBER FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
SAFEFLEX INTERNATIONAL: ICRA Keeps B+ Ratings in Not Category
SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
UMIYA COTSPIN: ICRA Keeps B+ Debt Ratings in Not Cooperating
VENKATESWARA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
VERSATILE ENGINEERS: ICRA Reaffirms B+ Rating on INR11cr Loan
[*] INDIA: IBBI Reports Highest Number of Resolutions in FY24
N E W Z E A L A N D
ANGUS (LOWER HUTT): Khov Jones Appointed as Receivers
AOTEAROA CHARITABLE: Ecovis KGA Appointed as Receiver
CARDEN CO: Creditors' Proofs of Debt Due on May 20
CROWNLINE ASIA: Creditors' Proofs of Debt Due on June 10
HAURAKI CIVIL: Steven Khov and Kieran Jones Appointed as Receivers
[*] NEW ZEALAND: More Northland Companies Collapse Amid Recession
P H I L I P P I N E S
MFT GROUP: SEC Accuses Isla Lipana-PwC's of Colluding with Tan
S I N G A P O R E
FINNOV PRIVATE: Creditors' Proofs of Debt Due on May 31
HCZ CONSTRUCTION: Court Enters Wind-Up Order
MILLER PTE: Creditors Meeting Scheduled for June 6
TAY PAPER: Set to Close After 34 Years in Business
TKS I: Commences Wind-Up Proceedings
YOURS SKINLABS: Commences Wind-Up Proceedings
X X X X X X X X
[*] BOND PRICING: For the Week April 29, 2024 to May 2, 2024
- - - - -
=================
A U S T R A L I A
=================
BELAADI PTY: First Creditors' Meeting Set for May 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Belaadi Pty
Ltd will be held on May 10, 2024 at 11:00 a.m. via teleconference
only.
Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrators of the company on April 30, 2024.
BRUCE HARTWIG: First Creditors' Meeting Set for May 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bruce
Hartwig Flying School Pty Ltd will be held on May 9, 2024 at 10:30
a.m. via Microsoft Teams.
Mark Lieberenz and Victoria Young of Heard Phillips Lieberenz were
appointed as administrators of the company on April 29, 2024.
CATHERINE HENRY: First Creditors' Meeting Set for May 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Catherine
Henry Lawyers will be held on May 9, 2024 at 10:00 a.m. via Zoom
Videoconferencing at Level 1, 14 Watt Street in Newcastle.
Hayden Gregory Asper and Bradd William Morelli of Jirsch Sutherland
were appointed as administrators of the company on April 29, 2024.
EZSTEEL PTY: First Creditors' Meeting Set for May 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ezsteel Pty
Ltd will be held on May 10, 2024 at 10:00 a.m. via virtual meeting
only.
David Raj Vasudevan and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on May 1, 2024.
LIBERTY SERIES 2023-1: Moody's Ups Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on ten classes of notes issued
by three Liberty Series RMBS.
The affected ratings are as follows:
Issuer: Liberty Series 2023-1
Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa2 (sf)
Class D Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Jul 28, 2023
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Jul 28, 2023
Upgraded to B1 (sf)
Issuer: Liberty Series 2023-2
Class B Notes, Upgraded to Aaa (sf); previously on Jul 28, 2023
Upgraded to Aa1 (sf)
Issuer: Liberty Series 2023-3
Class B Notes, Upgraded to Aaa (sf); previously on Jun 13, 2023
Definitive Rating Assigned Aa1 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on Jul 28, 2023
Upgraded to A1 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Jul 28, 2023
Upgraded to Baa1 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Jun 13, 2023
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Jul 28, 2023
Upgraded to B1 (sf)
A comprehensive review of all credit ratings for the three
transactions has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
(note subordination and the Guarantee Fee Reserve) available to the
affected notes and the collateral performance to date.
The fully-funded and non-amortising Guarantee Fee Reserve Account
provides credit support of 0.3% of the original note balance to the
deals. The account can be used to cover charge-offs against the
notes and liquidity shortfalls that remain uncovered after drawing
on the liquidity facility and principal.
No actions were taken on the remaining rated classes in these
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.
Liberty Series 2023-1
Following the March 2024 payment date, note subordination available
for the Class C, Class D, Class E and Class F Notes has increased
to 7%, 4.6%, 3.3% and 2.1% respectively, from 4.9%, 3.2%, 2.3% and
1.5% at the time of the last rating action for these notes in July
2023. Principal collections have been distributed on a sequential
basis starting from the Class A1b Notes. Current total outstanding
notes as a percentage of the total closing balance is 61.4%.
As of March 2024, 3.4% of the outstanding pool was 30-plus days
delinquent and 1.6% was 90-plus days delinquent. The deal has not
incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.7% of the
outstanding pool balance (equivalent to 1% of the original pool
balance) from 1.2% at the time of the last rating action in July
2023. Moody's has also increased its MILAN CE assumption to 6% from
5.2%.
Liberty Series 2023-2
The transaction's one-year substitution period just ended in March
2024. As such, there has been no principal repayments or increase
in note subordination since closing.
As of March 2024, 3.3% of the outstanding pool was 30-plus days
delinquent and 1.1% was 90-plus days delinquent. The deal has not
incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 1% of the
outstanding pool balance (equivalent to 1% of the original pool
balance) as at the last rating action in July 2023. Moody's has
also maintained its MILAN CE assumption at 5%.
Liberty Series 2023-3
Following the March 2024 payment date, note subordination available
for the Class B Class C, Class D , Class E and Class F Notes has
increased to 6.6%, 5.6%, 3.4%, 2.6% and 1.7% respectively, from 5%,
4.2%, 2.6%, 2% and 1.3% at closing. Principal collections have been
distributed on a sequential basis starting from the Class A Notes.
Current total outstanding notes as a percentage of the total
closing balance is 75.6%.
As of March 2024, 2.8% of the outstanding pool was 30-plus days
delinquent and 0.8% was 90-plus days delinquent. The deal has not
incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.3% of the
outstanding pool balance (equivalent to 1% of the original pool
balance) from 1% at the time of the last rating action in July
2023. Moody's has also updated its MILAN CE assumption to 5.5% from
5.7%.
The transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolios consists of loans extended to borrowers
with impaired credit histories or loans made on a limited
documentation basis.
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
NIQUE PTY: Directors Lodge Revised Deed After Collapse
------------------------------------------------------
Christopher Kelly at Ragtrader reports that the directors of
collapsed fashion brand Nique have put forward a proposal for a
revised Deed of Company Arrangement (DOCA) since the administrator
issued the creditors report in mid-March this year.
The proposal was made at a second creditors meeting in late March,
attended by 14 creditors, and a further observer from a local
logistics franchise firm, Ragtrader says.
According to the Australian Securities and Investments Commission
(ASIC), a DOCA is a binding arrangement between a company and its
creditors governing how the company's affairs will be dealt with.
The DOCA aims to maximise the chances of the company, or as much as
possible of its business, continuing, and/or provide a better
return for creditors than an immediate winding up of the company.
Ragtrader has reached out to SMB Advisory, which is looking after
Nique's voluntary administration process, for a further update.
Nique fell into voluntary administration earlier this year, after
facing net losses since FY2016. The business hit a peak of AUD2.5
million in net losses in the 2019 financial year, which eventually
culminated in the brand's collapse this year.
The company's estimated total liabilities were at AUD9.04 million -
including non-current liabilities.
Documents obtained by Ragtrader indicate that Nique's total net
losses were AUD6,838,528 between FY2019 to FY2023.
The company's largest yearly expense was salary payments, which
were slashed from AUD2.01 million in 2019 to AUD1.08 million in
2023. Rent made up the second-largest expense - halved from AUD1.12
million to AUD555,586.05 in the same period, Ragtrader discloses.
Despite the heavy cost-cutting across the business over the last
few years, headwinds continued to ramp up - including international
freight costs and Australian Tax Office interest.
Other costly operating expenses included advertising and marketing
- at AUD143,796 in 2023 - and superannuation which crept up to
AUD111,000 in 2023, despite dropping to AUD89,000 in 2021 from a
AUD189,000 peak in 2019.
These overheads were matched by an ongoing revenue slump since 2019
- dropping from AUD5.5 million to AUD2.3 million in 2021, and
lifting to just AUD2.7 million in 2023, adds Ragtrader.
About Nique
Founded in Melbourne, the label boasted eight bricks-and-mortar
outlets across its hometown and Sydney in 2019. However, the label
consolidated its retail footprint through the COVID-19 pandemic and
operated three stores at the time of its administration: Fitzroy,
Melbourne, and Newtown and Paddington, Sydney. Nique also operates
an e-commerce site, giving consumers nationwide the chance to wear
its forward-thinking designs.
Justin Howlett of SMB Advisory was appointed as administrator of
the company on Feb. 14, 2024.
SCAF-SERV: First Creditors' Meeting Set for May 9
-------------------------------------------------
A first meeting of the creditors in the proceedings of Scaf-Serv
Pty Ltd will be held on May 9, 2024 at 11:00 a.m. via electronic
facilities.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on April 30, 2024.
TNT FAMILY: Enters Liquidation After Failed Battle to Keep License
------------------------------------------------------------------
SmartCompany reports that a Newcastle licensed post office that
fought to keep its doors open has entered liquidation, as Australia
Post champions reforms it said will make its services more
efficient and financially sustainable.
TNT Family Pty Ltd, which traded as Lambton Post Office and Lambton
Nextra Newsagency, entered liquidation on May 3, according to the
Australian Securities and Investments Commission (ASIC).
SmartCompany says the business' closure caps off a campaign from
owner-operator Trish Firth, who argued the licensed post office
(LPO) should remain operational after Australia Post decided not to
renew its fixed-term contract.
According to SmartCompany, Ms. Firth said Australia Post's
decision, which came earlier this year, came as a surprise to
herself and customers of the Elder Street facility.
To show the business case for continued LPO services in the
district, Ms. Firth and supporters led a petition that gained 4,000
signatures.
In February, that petition was championed in Federal Parliament by
Member for Newcastle, Sharon Claydon MP.
But efforts to extend its operations did not succeed, with Lambton
Post Office formally announcing plans to close late last month,
SmartCompany relays.
"While we must bid farewell, please know that this decision comes
not from any fault of our own," the business told customers on
Facebook.
"Circumstances beyond our control have led us to this point.
"However, our memories of serving our community will always hold a
special place in our hearts."
According to SmartCompany, the saga is one of the highest-profile
examples of community opposition to LPO closures, which Australia
Post itself argues are necessary to effectively meet the needs of
today's postal customers.
While the end of everyday letter delivery has dominated headlines,
Australia Post is also pursuing the closure of excess LPOs to
curtail what it sees as the costly oversupply of postal services,
SmartCompany relates.
There are currently 4,271 Australia Post outlets, of which roughly
2,900 are LPOs, which operate in conjunction with small businesses
like news agencies and convenience stores.
=========
I N D I A
=========
AIRVISION INDIA: CRISIL Hikes Rating on INR17.25cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Airvision India Private Limited (AIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirmed the short-term
rating at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 10.9 CRISIL A4 (Reaffirmed)
Open Cash Credit 16 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 17.25 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Working Capital 4.85 CRISIL B+/Stable (Upgraded
Term Loan from 'CRISIL B/Stable')
The upgrade reflects an improvement in the liquidity risk profile.
The bank limit utilisation reduced from over 96% previously to
about 73% over the 12 months through March 31, 2024. The cushion
between the net cash accrual to debt obligation continues to remain
moderate. Furthermore, the company has tied up with Voltas for
orders worth INR70 crore in fiscal 2025, which is likely to result
in improvement of the business risk profile in the near term.
The rating reflects AIPL's large working capital requirement and
exposure to intense competition leading to volatility in operating
margin. These weaknesses are partially offset by the extensive
experience of the promoters in the consumer durables industry.
Analytical Approach
The unsecured loans from the promoters, of INR0.17 crore as on
March 31, 2023, have been treated as neither debt nor equity (NDNE)
as it is expected to continue in the business over the medium
term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital cycle: Gross current assets (GCAs) are
estimated at 180 days as on March 31, 2024 (161 days as on March
31, 2023) and ranged between 161 days to 205 days over the three
fiscals through 2024. The company extends long credit periods to
its customers. Receivables are estimated to be about 150 days as on
March 31, 2024 (149 days as on March 31, 2023).
* Exposure to intense competition leading to fluctuation in
operating margin: The Indian consumer electronics market is
intensely competitive. The entry of several large players has led
to significant price competition over the past few years, which has
adversely affected the operating margin of most players.
Fluctuations in raw material prices exert further pressure on
profitability as players do not have much scope to pass on such a
hike in cost to their customers. However, with better price orders,
the operating margin was around 8.0% in fiscal 2024. Sustenance of
margins at similar levels will remain a key monitorable.
Strengths:
* Extensive experience of the promoters: The three-decade-long
experience of the promoters in the consumer electronics and
durables industry, their strong understanding of market dynamics
and healthy relationships with suppliers and customers will
continue to support the business risk profile.
* Moderate financial risk profile: Networth and gearing are
estimated to be INR18.82 crore and 1.36 times, respectively, as on
March 31, 2024 (INR17.07 crore and 1.46 times, respectively, as on
March 31, 2023). The debt protection metrics of the company are
also moderate, as reflected in interest coverage and net cash
accrual to total debt (NCATD) ratios of 2.05 times and 0.1 time,
respectively, in fiscal 2024.
Liquidity: Stretched
Bank limit utilisation was moderate at 72.92% on average for the 12
months through March 2024. Cash accrual is expected to be
INR3.1-4.3 crore which will be sufficient against term debt
obligation of INR1.31-2.21 crore over the medium term, and the
surplus will cushion the liquidity of the company. The current
ratio was moderate at 1.1 times as on March 31, 2023.
Outlook: Stable
CRISIL Ratings believes AIPL will continue to benefit from the
extensive experience of its promoter in the consumer electronics
and durables industry, and established relationships with clients.
Rating Sensitivity Factors
Upward factors
* Sustained growth in revenue and steady operating margin over
7.5-8%, leading to higher cash accruals
* Improvement in the working capital cycle
Downward factors
* Decline in profitability to below 6% or decline in revenue by
over 20%, leading to lower cash accruals
* Substantial increase in working capital requirement or large debt
funded capital expenditure (capex) weakening the financial risk
profile and liquidity
AIPL was incorporated in 1995. The company manufactures printed
circuit boards used in LED televisions and compact fluorescent
light bulbs. Further, it is also engaged in the assembly of
coolers. Operations are managed by the promoter, Mr Sarbjit Singh
Kalra and his family members.
BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Bhagyalaxmi Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [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 Shree Bhagyalaxmi Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in April 2013 as a partnership firm, Shree Bhagyalaxmi
Industries is involved in ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. Its manufacturing facility,
located in Rajkot (Gujarat), is equipped with 36 ginning machines
and a pressing machine with a capacity of 34 metric tonne of raw
cotton per day. At present, the firm is managed by nine partners,
who have extensive experience in the cotton industry.
CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cucku
Enterprises Private Limited (CEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 6.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of CEPL under the 'issuer
non-cooperating' category as CEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2024, January 18, 2024, January 28,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi-based CEPL was incorporated in 2008 and is currently being
managed by Mr Chirag Goel and Mr Chaman Goel. The company is
engaged in processing of spices such as whole, grounded and blended
spices at its processing unit in Delhi. Besides this, the company
is also engaged in trading of rice. The company procures the raw
material such as turmeric, coriander, chillies, black pepper,
ginger powder and mustard powder from suppliers located in Delhi
region and nearby areas and traded good i.e. rice is procured from
brokers in Haryana and Punjab. The company sells its products
domestically and also exports the products to UK, Australia,
Canada, USA and South Africa.
DUNCAN INDUSTRIES: Tea Gardens Facing Hurdles in CIRP
-----------------------------------------------------
The Times of India reports that the corporate insolvency resolution
process (CIRP) of tea gardens in Bengal, including big companies
like Duncan Industries, was in limbo owing to several
complications, an official of National Company Law Tribunal has
revealed.
However, the Insolvency Bankruptcy Board of India (IBBI) declared
2023-24 as a landmark year with National Company Law Tribunal
achieving a significant 43% increase in resolutions, jumping from
189 cases last year to 270 this year.
The official was talking to reporters on the sidelines of
CII-organised 7th Insolvency and Bankruptcy Code conclave.
According to the official, there was too much litigation involving
tea gardens, TOI relays. These included leasehold land, problems
related to workers and unions. The land of tea gardens belongs to
the state government while tea gardens are the lessee. When a lease
expires, the state usually extends the lease period. Sometimes, tea
gardens owners were giving the land in sub-lease and the state was
not getting anything.
"In case of Duncan, the CIRP process is pending in NCLAT for almost
two years now. A resolution applicant has been finalised but due to
several complications nothing has happened," TOI quotes the
official as saying.
Earlier, Sudhaker Shukla, an IBBI whole-time member, said the board
was expected to submit a report to government over the next 2-3
months for including "mediation" in the Insolvency and Bankruptcy
Code (IBC), the report adds.
Duncans Industries Limited (DIL), belonging to the Kolkata-based
Duncan Goenka group, was incorporated by taking over the tea
business of Duncans Agro Industries Ltd (over 150 years old). DIL
is currently engaged in tea cultivation and processing. It has 14
tea gardens and 12 tea processing facilities spread across the
Dooars, Terai and Darjeeling regions of North Bengal, with annual
processing capacity of around 170 lakh kg. The aggregate area
available for cultivation is 9,000 hectares; of which, the area
under cultivation is around 7,000 hectares.
The Duncan Goenka group, which has interest in sectors like tea,
paper, chemical and engineering, is spearheaded by Mr. G. P. Goenka
duly supported by his son Mr. S. V. Goenka.
GOVERDHAN TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Goverdhan Transport Company
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 67.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Goverdhan Transport Company 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.
Goverdhan Transport Company Private Limited (GTC), incorporated in
2007, has entered into an agreement with Department of Transport
(DoT), Govt of Delhi to run public buses in Delhi. The management
of GTC comprises of 9 directors with a prior experience in the
operating blueline buses. Some directors have an experience of over
two decades in the transportation business.
HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Shri Haridarshan Jewellers (SHJ) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SHJ, 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.
Shri Haridarshan Jewellers (SHJ) was established in 1990 by Mr.
Kaushik Patadia. The firm is engaged in manufacturing and wholesale
of gold jewellery with operations based in Ahmedabad. The firm
currently operates out of its wholesale unit based in C.G. Road.
SHJ also owns three workshops situated in Manekchowk which employs
about 100 artisans who manufacture gold jewellery for SHJ on job
work basis.
HARSH CONSTRUCTIONS: ICRA Lowers Rating on INR65cr LT Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Harsh
Constructions Pvt. Ltd (HCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 65.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable); ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 159.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating downgraded from
[ICRA]BB (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING and
continues to remain under
'Issuer Not Cooperating'
category
Long Term/ 11.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Rationale
The rating downgrade is because of lack of adequate information
regarding HCPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Harsh Constructions Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
Incorporated in 1990 by Mr. Vilas K. Birari, HCPL is a construction
company based at Nashik, Maharashtra. It constructs buildings such
as housing projects, commercial complexes, airport buildings
healthcare facilities, and educational institutions for government,
semi-government agencies as well as private parties. It is
registered as a Class1A contractor with PWD Maharashtra.
J MATADEE: ICRA Withdraws B+ Rating on INR16cr Term Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities and
not reviewed due to lack of information of J Matadee Free Trade
Zone Private Limited at the request of the company and based on the
No Dues Certificate (NDC) received from its bankers. The Key Rating
Drivers and their description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
J Matadee Free Trade Zone Private Limited, incorporated in 2005 by
Mr. Sunil Rallan, is primarily engaged in developing a Free Trade
Warehouse Zone (FTWZ) near Chennai. It holds 232 acres of
contiguous land, of which 210.0 acres of land is notified as an
FTWZ by the Government of India. Mr. Sunil Rallan has been
primarily dealing in leather exports over the last 25 years and has
carried out trading in leather goods from an FTWZ in China. After
experiencing the free trade zone as an occupant, the promoter
decided to develop a similar FTWZ in Chennai (Tamil Nadu).
J R TANTIA: CRISIL Withdraws B Rating on INR23cr LT Loan
--------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of J
R Tantia Charitable Trust (JRTCT) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 23 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
Long Term Loan 4.95 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
Overdraft Facility 9 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with JRTCT for
obtaining information through letter and email dated June 15, 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
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 JRTCT. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JRTCT is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of JRTCT to 'CRISIL
B/Stable Issuer not cooperating'.
JRTCT was established in 2013 by Dr Shyam Sunder Tantia to run
educational institutions catering to degree, postgraduate and other
certification/diploma courses. The trust currently runs TU, which
includes 13 colleges that provide 21 courses, such as bachelor's
degrees in technology, nursing, and science and master's degrees in
commerce, business administration, nursing, and science.
KARANJA TERMINAL: ICRA Reaffirms D Rating on INR406.48cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the rating of Karanja Terminal & Logistics
Private Limited (KTPL). The rating action factors in the continued
irregularities in debt servicing by KTPL on account of poor
liquidity. A subdued financial performance on the back of
slower-than-expected customer addition and ramp-up in volumes has
eroded the company's liquidity position.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-
Long term-
Term loan 406.48 [ICRA]D; reaffirmed
Fund based-
Long term–FITL 49.30 [ICRA]D; reaffirmed
Fund based-
Long term–GECL 7.71 [ICRA]D; reaffirmed
Fund based-
Long term-
Term loan 0.76 [ICRA]D; reaffirmed
Unallocated limits-
Long term 6.22 [ICRA]D; reaffirmed
Issuer rating - [ICRA]D; reaffirmed
ICRA, however, takes into account the strategic location of the
terminal with good connectivity to the state and national highways
along with several infrastructure projects planned in the vicinity.
Nonetheless, the ramp up in volumes and cash generation from the
operational activity will remain a key monitorable.
Key rating drivers and their description
Credit strengths
* Strategic location of terminal with good connectivity KTLPL's
port and logistics facility is strategically located at Karanja
Creek in Navi Mumbai, in proximity to the industrial hinterland and
two major ports – JNPT and Mumbai Port. Further, the facility
comes under the Jawaharlal Nehru Customs House (JNCH), which does
the clearing for JNPT. This, coupled with good connectivity to the
state and national highways, no evacuation restrictions and less
congestion, should help attract bulk and container cargo. Further,
there are several infrastructure projects which are going
on/planned in the vicinity, which will provide opportunity for bulk
cargo for these projects. The facility has currently leased around
25 acres of the 100 acres of reclaimed land developed for phase 1
of the project for 40 months, which provides a stable rental
income. KTLPL has approvals in place to develop 200 acres of
reclaimed land and the lease with Maharashtra Maritime Board (MMB)
is till 2059. At present, the company is in the process of getting
approvals for additional land reclamation, which should aid future
expansion of the project.
* Tariff flexibility from being a non-major port: The company is a
non-major port and has the flexibility to set the tariff based on
market conditions and competition. The tariff charged will depend
on the services provided and may include any discounts for
committed volumes with specific customers.
Credit challenges
* Delay in debt servicing: The company continues to delay in
meeting its debt servicing obligations owing to subdued volume
ramp-up and thus weak cash generation from operations.
* Risk of stabilisation of operations; ability to attract cargo
volumes: Post the commencement of operations, the ramp-up in cargo
volumes has been subdued, partly on account of the impact of
Covid-19 pandemic. It is crucial for the company to achieve a
healthy ramp-up in cargo volumes and service contracts to improve
its financial profile and meet its debt servicing obligations.
However, while the company is in talks with several customers, it
now has only a few contracted customers with committed volumes. Its
ability to attract new customers and the quantum of volume and
profitability from such contracts remain the key monitorables.
Liquidity position: Poor
The company's liquidity position remains poor due to inadequate
ramp-up in cargo traffic at the port, which has resulted in
significantly lower-than-required cash generation to meet the debt
servicing obligations. The company has been delaying its debt
servicing obligations since February 2023.
Rating Sensitivities
Positive factors – The ability of the company to regularly meet
its debt servicing obligations on an ongoing basis may lead to an
upgrade.
Negative factors – Not Applicable
Karanja Terminal & Logistics Private Limited (KTLPL, the company)
is an SPV formed by Mercantile Ports and Logistics Limited (MERCPL;
erstwhile SKIL Ports and Logistics Limited) to develop an
all-weather port and a logistics facility at Karanja Creek, Chanje
village, Raigad district, Maharashtra. A concession agreement (CA)
was entered into between KTLPL and Maharashtra Maritime Board (MMB)
on August 31, 2009, granting KTLPL the right to develop the Karanja
port on a built-own-operate- transfer (BOOT) basis for a total
lease period of 30 years (including two years construction period).
Subsequently, in May 2018, MMB gave an in-principle approval to
extend the concession to 50 years. The approvals are for 200 acres
of reclaimed land and 1,000m waterfront. However, at present, 100
acres of land have been reclaimed and developed, with 800m of
berthing space. The port has a draft of 6m and can accommodate
vessels of up to 5,000 DWT at the port and 60,000 DWT at
anchorage.
KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Khodiyar Oil Industries (SKOI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKOI, 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.
Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it has
augmented its operating sphere by backward integration into cotton
ginning. The manufacturing facility of the firm is currently
equipped with 24 ginning machines and 8 expellers with an installed
capacity of 8,000 TPA and 1,950 TPA of ginned cotton and wash oil
respectively. From November 2013, the firm has diversified in
groundnut seed crushing also. The firm is currently headed by Mr.
Sanjay J Lakkad along with other six partners, having an experience
of more than three decades in cotton and ginning activities.
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kiran
Global Chems Limited (KGCL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 93.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 108.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 6,
2023, placed the rating(s) of KGCL under the 'issuer
non-cooperating' category as KGCL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KGCL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 23, 2023, January 2, 2024, January 12,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1989, Chennai based KGCL is one of India's leading
manufacturer of sodium silicate. KGCL is the flagship company of
the MS Jain group which is engaged in various businesses such as
manufacturing and trading of chemicals, food processing and
shipping and logistics.
KIRATPUR NER: ICRA Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Kiratpur Ner Chowk Expressway
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1,474.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Kiratpur Ner Chowk Expressway 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.
Kiratpur Ner Chowk Expressway Limited (KNCEL), promoted by IL&FS
Transportation Networks Limited (ITNL), was incorporated on 12th
February 2012 to implement the project for widening from existing
two lanes to four lanes of Kiratpur to Ner-Chowk Section of NH-21
from Km 73.200 to Km 186.500 in the State of Himachal Pradesh. The
project has been awarded by NHAI as BOT (Toll) on Design Build
Finance Operate & Transfer (DBFOT) basis under National Highway
Development Programme (NHDP) Phase –III with a concession period
of 28 years commencing from the appointment date of November 14,
2013 to November 14, 2041 including a construction period of three
years. The total length of the project stretch is 84.38 km and the
project road is a critical stretch connecting Northern Himachal to
Southern Himachal and passes through Rupnagar district of Punjab
and Bilaspur& Mandi districts of Himachal Pradesh with key places
and settlements like Kiratpur Sahib, Swarghat, Nauni, Bilaspur,
Ghagas, Barmana, Sunder Nagar and Ner Chowk along the stretch.
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings of Kissan Poultry (India)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.61 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Kissan Poultry (India) Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
It is engaged in manufacturing of poultry feed and trading of day
old chicks and Eggs. The unit is in Jind District of Haryana. The
company started its commercial production in 2010 and has
production capacity of 210 tons per day. The day-to-day operations
of the company are managed by Mr. Tejbir Singh.
LANDMARK SIZING: CARE Lowers Rating on INR17.70cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Landmark Sizing (LS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.70 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Long Term/ 0.01 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-;
Stable/CARE A4
Short Term Bank 1.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 16, 2023,
placed the rating(s) of LS under the 'issuer non-cooperating'
category as LS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of LS have been revised
on account of delays in debt servicing recognized from
lender's feedback.
Coimbatore based, Landmark Sizing (LS) was established on February
8, 2005 as a partnership concern by Mr. S. Aruchamy and Mr. S.
Sethuramasamy. Later due to death of Mr. S. Aruchamy, his son Mr.
A. Selvakumar inherited the interest in the partnership firm with
recon. LS is engaged in weaving and sizing of yarn.
MHETRE PACKAGING: CRISIL Reaffirms B+ Rating on INR5.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Mhetre Packaging Pvt Ltd (MPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (Reaffirmed)
Proposed Term Loan 3.47 CRISIL B+/Stable (Reaffirmed)
Term Loan 3.03 CRISIL B+/Stable (Reaffirmed)
Working Capital
Term Loan 3 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the below-average financial risk
profile of the company, its modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the promoters in the packaging
industry and the established customer base.
Key rating drivers & detailed description
Weaknesses:
* Average financial risk profile: Networth was modest at INR6.26
crore as on March 31, 2023, while gearing was weak at 1.97 times.
Debt protection metrics were muted, with interest coverage and net
cash accrual to total debt ratios at 1.60 times and 0.09 time,
respectively, for fiscal 2023. The metrics are expected to improve
marginally over the medium term but will remain weak due to low
accretion to reserves and large working capital requirement.
* Modest scale of operations: Revenue is estimated at INR33 crore
for fiscal 2024 (vis-a-vis INR23.42 crore in fiscal 2023).
Sustained improvement in the scale of operations remains a key
monitorable.
* Large working capital requirement: Working capital cycle will
remain stretched over the medium term, and its efficient management
will be closely monitored. Gross current assets were high at 162
days as on March 31, 2023, due to sizeable inventory. Bank limit
and credit from suppliers partially support working capital
requirement.
Strength:
* Extensive experience of the promoters and reputed clientele:
Presence of over two decades in the packaging industry has enabled
the promoters to develop a strong understanding of local market
dynamics and maintain healthy relationships with suppliers and
reputed customers such as ITC Ltd, Asian Paints and Fleetguard
Filters Ltd.
Liquidity: Stretched
Liquidity remains constrained as the bank limit remained fully
utilised for the 12 months ending January 31, 2024. However,
expected cash accrual of INR1.7-3 crore should suffice to cover the
term debt obligation of INR1.6-2.7 crore over the medium term.
Infusion of funds from promoters supports liquidity. Current ratio
was low at 0.82 time as on March 31, 2023.
Outlook: Stable
MPPL will continue to benefit from the extensive experience of its
promoters in the packaging industry.
Rating sensitivity factors
Upward factors:
* Substantial and sustained growth in revenue and steady operating
margin, leading to cash accrual of over INR2 crore
* Prudent working capital management and improved liquidity,
resulting in bank limit utilisation of less than 80% on an average
Downward factors:
* Steep decline in revenue and profitability, resulting in accrual
less than INR1 crore
* Large, debt-funded capital expenditure or further stretch in
working capital cycle, exerting pressure on the financial risk
profile.
Set up as a proprietorship firm in 1994, and reconstituted as a
private limited company in 2000, Pune-based MPPL manufactures
corrugated boxes using kraft paper. Mr Dilip Mhetre and his family
members are the promoters.
NOBLE MOULDS: CRISIL Hikes Rating on INR22cr Cash Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank loan
facilities of Noble Moulds Pvt Ltd (NMPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed its 'CRISIL A4' rating on the
short-term bank facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 5 CRISIL A4 (Reaffirmed)
Open Cash Credit 22 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Fund- 1.5 CRISIL B+/Stable (Upgraded
Based Bank Limits from 'CRISIL B/Stable')
Term Loan 7.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects the improvement in the company's liquidity
profile. The bank limit utilisation declined to about 85.39% over
the 12 months ended March 31, 2024, from over 99% earlier. The
cushion between net cash accrual and debt obligation remains
moderate.
The ratings reflect the company's leveraged capital structure,
large working capital requirement and exposure to intense
competition leading to volatility in operating margin. These
weaknesses are partially offset by the extensive experience of the
promoters in the consumer durables industry and the company's
moderate debt protection metrics.
Key Rating Drivers & Detailed Description
Weaknesses:
* Leveraged capital structure: The financial risk profile is
constrained by estimated high total outside liabilities to adjusted
networth (TOLANW) ratio of 2.7 times as on March 31, 2024 (3.21
times as on March 31, 2023).
* Exposure to intense competition leading to fluctuation in the
operating margin: The Indian consumer electronics market is
intensely competitive. The entry of several large players has led
to significant price competition over the past few years and has
adversely affected the operating margin of most players.
Fluctuation in raw material prices exerts further pressure on
profitability as players do not have much scope to pass on input
price increases to customers. However, with better priced orders,
the operating margin of NMPL was around 6% in fiscal 2024.
Sustenance of the margin remains a key monitorable.
* Large working capital cycle: Gross current assets (GCAs) are
estimated at 145 days as on March 31, 2024 (123 days as on March
31, 2023) and ranged from 123 to 194 days over the three years
through fiscal 2024. The company has large inventory, including raw
material, work in process and finished goods. The inventory is
estimated at 90 days as on March 31, 2024 (86 days as on March 31,
2023).
Strengths:
* Extensive industry experience of the promoters: The promoters
have experience of over 30 years in the consumer durables industry.
This has given them an understanding of the market dynamics and
helped establish relationships with suppliers and customers.
* Moderate debt protection metrics: The debt protection metrics are
moderate as reflected in estimated interest coverage and net cash
accrual to total debt ratio of 2.29 times and 0.14 time,
respectively, in fiscal 2024 (2.19 times and 0.12 times,
respectively, in fiscal 2023).
Liquidity: Stretched
Bank limit utilisation was moderate at 85.39% on average for the 12
months through January 2024. Cash accrual is expected at
INR5.15-6.4 crore per annum against yearly term debt obligation of
INR3.5 crore over the medium term and will cushion liquidity.
The current ratio was moderate at 1.13 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet working capital requirement and debt
obligation.
Outlook Stable
CRISIL Ratings believes NMPL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.
Rating Sensitivity factors
Upward factor
* Sustained improvement in scale of operation and operating margin
sustained above 6%, leading to higher cash accruals
* Improvement in working capital cycle and financial risk profile
Downward factor
* Decline in revenue by over 20% or dip in profitability margin
below 5%, leading to lower net cash accruals
* Large debt-funded capital expenditure weakening the capital
structure or further stretch in the working capital cycle
constraining the liquidity profile
NMPL, incorporated in 1992, manufactures mouldings and other
plastic products used in electronic goods such as televisions,
washing machines and refrigerators. Its facilities are in Noida
(Uttar Pradesh).
PRASAD AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prasad
Agro Industries (PAI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2023, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2024, January 12, 2024, January 22,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Prasad Agro Industries (PAI) was established in November 2013 and
is based out of Latur, (Maharashtra). The firm is engaged in the
business of processing of Toor dal at its processing facility
located at Latur.
RADIUS INFRA: NCLT Approves Naman Developers' Takeover Plan
-----------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) approved Shree Naman Developers' acquisition of
real estate developer Radius Infra Holdings with a resolution plan
that will help settle 81% of secured financial debt of the company.
ET relates that the financially distressed Radius Infra Holdings
was admitted into the corporate insolvency resolution process
(CIRP) in May 2022.
The defunct builder had admitted liabilities of about INR1,050
crore, while the successful resolution applicant agreed to pay
INR180 crore to acquire the company, ET says. The transaction
settles 17% of the total debt. Radius Infra Holdings has a prime
land parcel of nearly half an acre with development potential in
Mumbai's Andheri area. The land parcel is set to be developed
within 36 months under the NCLT approved resolution plan.
Prior to the approvals, Bhrugesh Amin, the resolution professional
backed by the insolvency professional entity BDO Restructuring
Advisory LLP, informed the tribunal through his lawyer that the
revival plan submitted by Shree Naman Developers was approved with
a 100% vote by the secured lenders, according to ET. As per the
tribunal's order, JC Flowers ARC holds 81.12% voting power in the
committee of creditors (CoC) while the remaining 18.88% is held by
Suraksha ARC. The CoC comprising financial lenders had backed the
resolution plan.
ET adds that Naman Group is set to infuse working capital of INR50
crore to complete the project on a need basis over and above INR180
crore under the resolution plan. Radius Infra Holdings, as the
corporate guarantor for loans raised by its group companies, owed
nearly INR700 crore to Yes Bank. It had guaranteed the due
repayment of loans sanctioned to E-Commerce Magnum Solution and
Raghuleela Builders by creating a pledge over shares.
The lender had sanctioned a term loan of INR500 crore in favour of
E-Commerce Magnum Solution and, of this, had disbursed INR283
crore.
Radius Infra Holdings Private Limited operates as a construction
company. The Company, through its subsidiaries, provides
construction of commercial and residential properties. Radius Infra
Holdings serves customers in India.
REHBER FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of Rehber Food Industries
Private Limited (RFIPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 9.64 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with RFIPL, 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 2013, RFIPL processes and sells buffalo meat in the
domestic as well as export markets. Initially incorporated as Marya
Frozen Agro Foods Private Limited, the company was renamed as
Rehber Food Industries Private Limited (RFIPL) in FY2018. It is
owned and managed by Mr. Firoz Ahmed Shaikh, Mr. Kaukab Ghulam
Mohamed Qureshi and Mr. Chand Miyajan Qureshi, who have extensive
experience in the meat-processing business. Further, Rustam Foods
Private Limited, an established player in the export of buffalo
meat, acquired a 40% stake in RFIPL in FY2020. RFIPL's integrated
meat-processing plant, comprising a slaughterhouse, is located at
Bareilly, Uttar Pradesh. The facility has a processing capacity of
202 metric tonnes per day (MTPD), a freezing plant to store raw and
finished meat, and a rendering plant to process offals (the
entrails and internal organs). Further, RFIPL's promoters have
another Group company named Yusra Agro Foods Private Limited
(YAFPL), which is also involved in buffalo meat trading. However,
there were no business operations in Yusra Agro since FY2020.
ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rockdude
Impex Private Limited (RIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 13,
2023, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2023, January 9, 2024, January 19,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2009, Rockdude Impex Private Limited (RIPL) is
engaged into manufacturing and trading of aluminium foil,
reprocessed plastic granules and steel. RIPL generates more than
90% of its total operating income from aluminium foil business and
rest through trading of reprocessed plastic granules. RIPL sells
aluminium foils by resizing it as per customer's requirements and
has also exported aluminium foils and containers. Further, company
also imports aluminium foils from China.
SAFEFLEX INTERNATIONAL: ICRA Keeps B+ Ratings in Not Category
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Safeflex
International Limited 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- 35.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 31.25 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain
Cash Credit under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Safeflex International 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.
Safeflex International Limited has been set up by MrJitesh Agarwal
in 2006 who has long experience in thepoly woven sacks/FIBC
industry. Mr Jitesh Agarwal is a B.Tech (Textiles) from IIT Delhi
(1984 batch) and is a firstgeneration technocrat promoter. Mr
Agarwal was working as Head of production at Flexituff
International since 1995, India's leading FIBC manufacturer, where
he was instrumental in establishing all FIBC plantsof the company
and alsoassumed marketing responsibilities for exports. Prior to
Flexituff, Mr Agarwal wasworking with erstwhile Paharpur Plastics,
once one of the leading poly woven sack manufacturers in
thecountry.
SIL has a 100% export-oriented unit in Pithampur (MP) SEZ, near
Indore to manufacture 4800 MTPA of FIBC.The company initially set
up capacity of 2400 MTPA, which became operational in Aug 2008,
which was laterexpanded to 4800 MTPA in Oct 2009. Subsequently the
company has set up another manufacturing facility atPithampur
(M.P.) with a capacity of8700 MTPA which started commercial
production from Oct 2012. The capacity expansion took place in
threephases with the completion of the final phase in FY16 with an
installed capacity of 4800 MTPA. Hence, the totalcapacity of all
the three plants stands at 25,450 MTPA. The company's plants are
ISO 9001:2000 certified.
SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Susheel
Engineers (SE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 14,
2023, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 31, 2023, January 10, 2024, January 20, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SE was established in 1994 by Mr. Sidram. G. Sidrure and is engaged
in manufacturing and servicing of boiler components, steel casing,
industrial chimney, collector columns, industrial duct etc. The
manufacturing facility of SE is located at Bhosari, Pune
(Maharashtra).
UMIYA COTSPIN: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Shree Umiya
Cotspin Pvt. Ltd. (SUCPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 25.80 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term (1.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Short Term- 1.50 [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 SUCPL, 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.
Shree Umiya Cotspin Private Limited (SUCPL) was incorporated in
July 2012 and is engaged in cotton ginning and pressing, crushing
and spinning of cotton yarn in the range of 30s-40s ring spun
cotton yarn. It is presently managed by Mr. Yogesh Patel and Mr.
Bipin Patel. It has an installed capacity of producing 240 bales a
day in ginning operations and 6800 kg/day spinning activity. With
present diversification in crushing, it can intake cotton seeds of
40 MT/day. Manufacturing facility is spread across 6 acres of land
with 2350 KVA of power load. Ginning operations of the company
remains functional for 4-5 months of the year whereas the spinning
operations are functional throughout the year. The company has
started crushing operations from November2016.
VENKATESWARA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Sri Venkateswara Warehousing
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.73 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.27 [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 Sri Venkateswara Warehousing, 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.
Sri Venkateswara Warehousing a partnership concern was established
on October 10, 2015 and is mainly engaged in the activity of
construction of go-downs and leasing out to FCI/CCI. The firm has
availed a term loan from Corporation Bank to build and lease grain
storage godowns which is being built at Gajalpuram village,
Thripuraram Mandal of Nalgonda district. The present capacity of
the godowns being constructed by the firm is 24,000 MT.
VERSATILE ENGINEERS: ICRA Reaffirms B+ Rating on INR11cr Loan
-------------------------------------------------------------
ICRA has reaffirmed rating to the bank facilities of Versatile
Engineers (VE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 1.50 [ICRA]B+ (Stable); reaffirmed
Fund-based–
Term loan
Long-term 11.00 [ICRA]B+ (Stable); reaffirmed
Fund-based–
Cash credit
Rationale
The rating reaffirmation for Versatile Engineers (VE) factors in
its established operational track record of over four decades in
the auto component manufacturing business along with the extensive
experience of its promoters in this segment. Consequently, the firm
has a strong client base comprising reputed players like Mahindra &
Mahindra, CNH Industrial, among others. While the firm's top line
is likely to moderate in FY2024, its margins are expected to be
maintained at the FY2023 levels. Going forward, VE's capital
structure is expected to improve with repayment of existing debt
and some improvement in internal accrual generation in the coming
years.
The rating is, however, constrained by the raw material price
fluctuations and input cost pressures, which are expected to keep
its credit metrics under pressure. Also, VE remains exposed to
stiff competition in the auto component machining industry as well
as the cyclicality in the end-user industries, particularly
tractors. Moreover, given VE's constitution as a partnership firm,
its capital structure is exposed to discrete risks.
The Stable outlook reflects ICRA's expectation that the firm will
continue to benefit from the experience of the promoters in the
auto component industry and its established relationship with
reputed original equipment manufacturers (OEMs).
Key rating drivers and their description
Credit strengths
* Established track record of partners in auto components industry:
Constituted in 1969, VE is a part of the Kolhapur-based Versatile
Group that provides machining services for automotive components to
OEMs and tier-I suppliers. The firm has an established track record
in the auto components industry for more than four decades.
Benefiting from the same, it has been able to establish a reputed
client base.
* Reputed client profile: The firm has reputed domestic as well as
international OEMs as clients along with Tier I suppliers for over
a decade. Its client base consists of reputed names like Mahindra &
Mahindra, the Carraro Group and CNH Industrial, among others. Also,
the firm's revenues are diversified with more than 20% revenues
coming from export clients.
Credit challenges
* Average financial risk profile: The company's top line is
expected to moderate in FY2024 as it is focusing on margin
accretive products. Nonetheless, its internal accrual generation is
likely to remain largely stable with sustenance of more than 3%
margin for the year. Going forward, its capital structure and
coverage metrics are expected to improve with repayment of its
long-term debt. This, along with its overall financial profile is
likely to remain average with stable accrual generation and
moderate debt levels.
* Highly fragmented and competitive industry limit pricing
flexibility: The company operates in a highly fragmented and
competitive component machining industry in India. This, coupled
with modest scale of operations, limits the pricing flexibility of
the firm.
* Exposed to high client concentration risk: VE's top five
customers contributed 67% to its total revenues in FY2023, exposing
it to high client concentration risk. However, the risk is
mitigated by the healthy client profile and strong relationships
that the company has built with them over the years.
* Exposed to inherent cyclicality in agriculture and automotive
industries: The firm derives close to 50% of its revenues from
tractor components, thus exposing it to the inherent cyclicality in
the agriculture (tractor segment) and automotive industries.
Risks associated with partnership constitution— Given VE's
constitution as a partnership firm, it is exposed to discrete
risks, including the possibility of capital withdrawal by the
partners and the risk of dissolution of the firm upon death,
retirement or insolvency of the partners.
Liquidity position: Stretched
VE's liquidity position continues to be stretched with modest cash
and bank balances and limited buffer in undrawn working capital
limit as of March 2024. The average CC utilisation level for the
last 12-month period ending in January 2024 stood at ~90% of the
sanctioned limits. Moreover, the firm has debt repayments of over
INR3 crore in FY2025 and FY2026.
Rating sensitivities
Positive factors – ICRA could upgrade the rating if VE's revenue
and profitability improves along with a sustained improvement in
its liquidity profile and coverage metrics. Specific credit metric
would include Debt/OPBDITA of less than 5.0 times on a sustained
basis.
Negative factors – Downward pressure on the rating could arise if
there is a sustained decline in earnings or a significant capital
withdrawal, materially affecting VE's liquidity profile, debt
coverage and leverage.
VE is a partnership firm that provides machining services for
ferrous casting. The firm was constituted in 1969 in Kolhapur,
Maharashtra, with two partners, Mr. Vitthal Janwadkar and his son,
Late Prabhakar Janwadkar. It was later reconstituted in April 2004
with the retirement of Mr. Vitthal Janwadkar and the admission of
Mr. Yatin Janwadkar (son of Late Prabhakar Janwadkar). Later, Smt.
Beena Janwadkar (wife of Late Prabhakar Janwadkar) and Mrs. Amruta
Janwadkar (wife of Yatin Janwadkar) have been admitted as Partners
on May 15, 2021. VE provides machining services for automotive
components to OEMs and Tier-I suppliers. It primarily caters to the
tractor industry, although it has some exposure to other auto
segments as well.
[*] INDIA: IBBI Reports Highest Number of Resolutions in FY24
-------------------------------------------------------------
The Telegraph reports that India witnessed the highest number of
resolutions of insolvency cases in FY24, making it a 'watershed
year' in the seven-year history of insolvency and bankruptcy law in
the country.
The Telegraph, citing data shared by Sudhaker Shukla, whole time
member of the Insolvency and Bankruptcy Board of India (IBBI),
discloses that resolutions were found in 270 cases in FY24, up from
189 in FY23.
"The year 2023-24 was a watershed year for insolvency law in the
country. For the first time, output is exceeding input in a normal
year. With the same infrastructure, the pendency at the macro level
is going down," Shukla said in Calcutta on May 4 at the 7th
Insolvency & Bankruptcy Conclave organised by the CII, The
Telegraph relays.
He said 270 resolutions were found, surpassing the previous best of
189 in FY23 and the trend is likely to continue. The recovery in
the resolved cases for financial creditors is about 33 per cent.
Since the inception of the Insolvency & Bankruptcy Code (IBC),
creditors have recovered INR3.5 lakh crore from resolutions.
Moreover, 27,000 cases were withdrawn before the admission stage
involving INR10 lakh crore. "The credible threat of IBC has brought
about a behavioural change in the mindset of creditors," Shukla, as
cited by The Telegraph, observed.
The Telegraph says the regulator was working on ensuring faster
resolutions with the help of artificial intelligence in the
judicial system. An integrated case management system is being
contemplated to help judicial members to take advantage of data.
The Conclave was attended by two judicial members of the Calcutta
bench of the National Company Law Tribunal, Rohit Kapur and Bidisha
Banerjee and Balraj Joshi, member technical, apart from P.
Santhosh, managing director of NARCL. Several legal stalwarts in
the field of IBC were also present.
=====================
N E W Z E A L A N D
=====================
ANGUS (LOWER HUTT): Khov Jones Appointed as Receivers
-----------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on May 1, 2024, were
appointed as receivers and managers of The Angus (Lower Hutt)
Limited.
The receivers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
AOTEAROA CHARITABLE: Ecovis KGA Appointed as Receiver
-----------------------------------------------------
Jeffrey Philip Meltzer and Clive Robert Bish of Ecovis KGA on April
10, 2024, were appointed as receivers and managers of Aotearoa
Charitable Foundation Trust.
The receivers may be reached at:
Ecovis KGA Limited
PO Box 37223
Parnell
Auckland
CARDEN CO: Creditors' Proofs of Debt Due on May 20
--------------------------------------------------
Creditors of Carden Co Limited and M C M Cartage Limited are
required to file their proofs of debt by May 20, 2024, to be
included in the company's dividend distribution.
Carden Co Limited commenced wind-up proceedings on April 19, 2024.
M C M Cartage Limited commenced wind-up proceedings on April 20,
2024.
The company's liquidator is:
Liquidation Management Limited
PO Box 50683
Porirua 5240
CROWNLINE ASIA: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------------
Creditors of Crownline Asia Pacific Distributors Limited are
required to file their proofs of debt by June 10, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 29, 2024.
The company's liquidators are:
Tony Leonard Maginness
Jared Waiata Booth
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
HAURAKI CIVIL: Steven Khov and Kieran Jones Appointed as Receivers
------------------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on May 2, 2024, were
appointed as receivers and managers of Hauraki Civil Solutions
Limited, Jasmine Barrett, and Todd Gate.
The receivers and managers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
[*] NEW ZEALAND: More Northland Companies Collapse Amid Recession
-----------------------------------------------------------------
NZ Herald reports that the number of company insolvencies in
Northland jumped almost eightfold in March from the same time the
previous year, leaving businesses calling for administrators to
step in.
It comes as the recession and cost continues to hit home for an
increasing number of struggling Northland businesses, NZ Herald
says.
=====================
P H I L I P P I N E S
=====================
MFT GROUP: SEC Accuses Isla Lipana-PwC's of Colluding with Tan
--------------------------------------------------------------
Bilyonaryo.com reports that the Securities and Exchange Commission
has accused Isla Lipana & Co., the Philippine unit of the world's
second-largest accounting giant PwC, of colluding with self-styled
trading wizard Mica Francesca Tan in luring investors into her
multi-billion peso Ponzi-style investment scam.
The complaint filed by the SEC with the Department of Justice, a
copy of which was obtained by Bilyonaryo.com, highlighted that Isla
Lipana's questionable audit reports for Ms. Tan's MFT Group of
Companies from 2018 to 2021 played a pivotal role in supporting Ms.
Tan's fraudulent scheme to drain funds from the investing public.
According to Bilyonaryo.com, Ms. Tan attracted investors with
assurances of annual returns between 12 percent and 18 percent,
which included monthly payments of 1 percent to 1.5 percent
throughout the year, culminating in the final month with the return
of the principal amount.
She used the audited financial statements (AFS) certified by Isla
Lipana to "perpetrate the unauthorized offer or sale of
unregistered securities," according to the SEC.
"The MFT investors relied on the AFS in making investment
decisions. The information in the AFS was essential in convincing
investors to part with their hard-earned money, and entrust the
same to the MFT Group, because they presented the MFT Group as
financially healthy and viable," the SEC said, Bilyonaryo.com
relays.
From 2018 to 2021 (MFT's 2022 AFS has yet to be submitted), MFT
reported a total income of PHP890.998 million, sourced entirely
from dividends received from its subsidiaries, namely 32nd Street
Prime Diner, Asianinvest Consultants, Meihao Corp., Saladstop
Spain, Mr. Angel Credit, Mondial Medical Technologies, Water Woods
Group, and Accentik Inc. (owned by Mica's husband Carlos Cancio).
But a review conducted by the SEC's General Accountant revealed
that these reported incomes have no basis as MFT's subsidiaries had
not declared any dividend income or possessed adequate retained
earnings to support such dividend declarations. This means MFT's
dividend income "did not exist at all," the SEC, as cited by
Bilyonaryo.com, said.
Bilyonaryo.com relates that the SEC pointed out that Isla Lipana
and its auditors - Ruth F. Blasco for 2018, 2019, and 2020, and
Geraldine Hammond-Apostol for 2021 - "rendered their opinion as if
such irregularities did not exist," the SEC said.
Isla Lipana specifically provided an unqualified opinion in the
2020 and 2021 AFS, deeming them as fairly represented in all
material respects and in accordance with the identified financial
reporting framework.
It issued qualified opinions on MFT's 2018 and 2019 AFS; however,
its concerns did not pertain to the fake dividend incomes reported
by the Group.
"As one of the 'best in the fields of auditing in the country," the
SEC said Isla Lipana should have followed procedures in line with
the Philippine Standards on Auditing.
"Considering that this discrepancy happened over the years and
given its significant impact on the financial position of the MFT
Group the same cannot be considered an isolated event. The fact
that respondent auditors repeatedly engaged themselves in this kind
of irregularity is a clear indication of its intention to conceal
the actual financial status of the MFT Group to the prejudice of
its investors," the SEC said.
In a statement, Isla Lipana confirmed that MFT Group was its client
but clarified that it was only auditing the firm "as a standalone
entity and not any other company within the group, or the group in
general," Bilyonaryo.com reports.
Aside from cooking the books, Ms. Tan also misled investors into
thinking they were dealing directly with MFT Group but the
company's financial records show otherwise.
"No such amount reflected in the AFS corresponds to the monies
invested by investors to either equity or liabilities in the said
companies. This clearly indicated that the monies received through
the representations of the MFT Group were not recognized in the
books of MFT Group," the SEC said.
Bilyonaryo.com relates that the SEC pointed out that the promissory
notes (PNs) issued to investors were not issued by the MFT
subsidiaries but under the names of Ms. Tan, Roxanne G. Agbayani
(Foundry incorporator and treasurer) and Noel M. Olan (Foundry
representative agent and director).
The 2018 to 2021 AFS of MFT Group do not show any obligation to
investors. Even if the amounts were received through a loan
agreement, the AFS doesn't recognize any obligation to creditors,
the SEC said.
Bilyonaryo.com adds that the SEC said Ms. Tan was able to
"manipulate the financial reports of the MFT Group and its related
companies being the beneficial owner and president and CEO of these
companies."
Ms. Tan's relatives were also well entrenched in MFT and its
subsidiaries: Eduardo F. Tan (vice president or treasurer and
Mica's eldest brother), Charles Edward F. Tan (corporate secretary
or treasurer), Enrique, and Florita Tan (corporate secretary or
treasurer).
MFT Group operates as a private equity firm with strategic
investments in robust industries including healthcare, financial
services, food and beverage, and real estate.
=================
S I N G A P O R E
=================
FINNOV PRIVATE: Creditors' Proofs of Debt Due on May 31
-------------------------------------------------------
Creditors of Finnov Private Limited are required to file their
proofs of debt by May 31, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 30, 2024.
The company's liquidators are:
Luke Anthony Furler
c/o Quantuma (Singapore)
137 Amoy Street
#02-03 Far East Square
Singapore 049965
HCZ CONSTRUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 26, 2024, to
wind up the operations of HCZ Construction (Private) Limited.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MILLER PTE: Creditors Meeting Scheduled for June 6
--------------------------------------------------
Members and creditors of Miller Pte. Ltd. will hold a meeting on
June 6, 2024, at 10:00 a.m. via Zoom.
At the meeting, Leow Quek Shiong and Gary Loh Weng Fatt, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
TAY PAPER: Set to Close After 34 Years in Business
--------------------------------------------------
Eco-Business reports that Singapore paper recycling firm Tay Paper
Recycling is set to close after 34 years in business.
The company was originally an informal scrap dealer in the late
1980s and had grown into one of Singapore's biggest paper
recyclers. It collects, sorts, pulps and bails waste office paper,
newspapers, and corrugated cardboard for export to paper mills to
make new recycled products.
Tay Paper Recycling is currently under judicial management, which
is when a third party is appointed to restructure a struggling
company's debt. On a visit to the company's premises on May 3,
Eco-Business found large volumes of paper awaiting processing but
no activity. The company employs around 20 staff.
According to Eco-Business, Tay Paper has made headlines in recent
years for recycling millions of red packets sold during Chinese New
Year in partnership with Singapore banks DBS and OCBC.
Though the company, known for its high-quality, well-sorted paper,
had cornered a large share of Singapore's used paper market, it ran
into financial difficulties earlier this year, according to sources
familiar with the company, Eco-Business relays. Staff at the plant
confirmed that the company is under judicial management.
Its website has been suspended and reviews on Google point to
disgruntled employees who left with unpaid CPF, a mandatory savings
scheme for Singaporeans citizens and permanent residents, according
to Eco-Business.
Much of the cost of running the firm goes into procuring used paper
- Singapore has no producer responsibility law that requires
producers to pay for the paper they use to be collected. Manually
sorting used paper is another costly part of the business, an
executive explained in a past interview.
Tay Paper Recycling was previously owned by Sembcorp, but the
industrial conglomerate divested its stake in the company for SGD6
million (US$4.4 million) in 2018.
Paper has a relatively high recycling rate in Singapore - 37 per
cent - compared to just 6 per cent for plastics. But the paper
recycling rate has dropped in recent years, down from 44 per cent
in 2019, Eco-Business notes.
The High Court of Singapore entered an order on Dec. 27, 2023, to
place the operations of Tay Paper Recycling Pte. Ltd. under
judicial management.
The company's Judicial Manager is Hubert Jen Wei Chang of AP
Transaction Services.
TKS I: Commences Wind-Up Proceedings
------------------------------------
Members of TKS I Pte Ltd, on May 1, 2024, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidator is Ms. Valerie Lim Lee Huang.
YOURS SKINLABS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Yours Skinlabs Pte Ltd, on April 29, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 29, 2024 to May 2, 2024
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20
MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.91
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.25
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.25
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.23
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.23
VIRGIN AUSTRALIA HO 8.08 03/05/24 AUD 0.20
VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.20
VIRGIN AUSTRALIA HO 8.00 11/26/24 AUD 0.15
CHINA
-----
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.11
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.11
ALETAI CITY JUJIN U 7.73 10/26/24 CNY 25.58
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 62.92
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 60.00
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 64.55
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 42.16
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.97
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 40.00
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 42.61
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.50
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 42.52
ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 42.06
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 41.40
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.46
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.32
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 42.23
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 42.00
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.68
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.67
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 42.17
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.28
BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 40.90
BIJIE QIXINGGUAN DI 7.60 09/08/24 CNY 20.32
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 42.17
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.62
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.34
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.32
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.33
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.26
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.18
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.17
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.74
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.73
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 41.04
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.00
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.31
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.29
CHINA SOUTH CITY HO 9.00 10/09/24 USD 29.00
CHINA SOUTH CITY HO 9.00 04/12/24 USD 20.00
CHINA SOUTH CITY HO 9.00 12/11/24 USD 19.36
CHINA SOUTH CITY HO 9.00 06/26/24 USD 19.05
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 42.00
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.71
CHONGQING HONGYE IN 7.50 12/24/26 CNY 64.27
CHONGQING JIANGLAI 7.50 10/26/25 CNY 41.85
CHONGQING JIANGLAI 7.50 10/26/25 CNY 40.00
CHONGQING NANCHUAN 7.80 08/06/26 CNY 62.96
CHONGQING SHUANGFU 7.50 09/09/26 CNY 63.37
CHONGQING THREE GOR 7.80 03/01/26 CNY 42.63
CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI A 7.50 09/18/26 CNY 63.57
CHONGQING TONGRUI A 7.50 09/18/26 CNY 60.00
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.78
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73
CHONGQING YUDIAN ST 8.00 11/30/25 CNY 42.20
CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 19.40
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 42.22
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.40
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.26
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.26
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 42.40
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 63.61
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 60.00
DING NAN CITY CONST 7.80 04/08/26 CNY 42.65
DING NAN CITY CONST 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.90
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 21.01
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 63.96
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 42.44
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 41.85
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 40.00
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 40.00
FANTASIA GROUP CHIN 7.50 12/17/23 CNY 73.70
FANTASIA GROUP CHIN 7.80 06/30/28 CNY 44.53
FUJIAN FUSHENG GROU 7.90 12/17/21 CNY 70.99
FUJIAN FUSHENG GROU 7.90 11/19/21 CNY 60.00
FUZHOU LINCHUAN URB 8.00 02/26/26 CNY 42.59
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 42.37
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 41.91
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 41.51
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 40.00
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 42.68
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 41.72
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.39
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.30
GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INV 7.50 06/03/26 CNY 63.09
GUANGAN XINHONG INV 7.50 06/03/26 CNY 62.84
GUANGDONG PEARL RIV 7.50 10/26/26 CNY 66.23
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 42.18
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 42.08
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.89
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.81
GUANGXI NINGMING HU 8.50 11/05/26 CNY 64.92
GUANGXI NINGMING HU 8.50 11/05/26 CNY 63.67
GUANGXI NINGMING HU 8.50 12/07/25 CNY 41.95
GUANGXI TIANDONG CO 7.50 06/04/27 CNY 45.00
GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 37.46
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 64.43
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 62.64
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 60.00
GUANGZHOU FINELAND 13.60 07/27/23 USD 15.63
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.96
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.00
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.69
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 42.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 41.40
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.86
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.00
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.94
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.52
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.88
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.65
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 63.36
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 42.94
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 42.17
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.45
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.55
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.37
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 63.54
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 62.00
GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 41.77
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.31
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.31
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.25
GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 42.26
HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.88
HAINAN AIRLINES HON 12.00 10/29/21 USD 3.80
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.58
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.58
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.35
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.35
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.53
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00
HONGKONG IDEAL INVE 14.75 10/08/22 USD 1.57
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 42.89
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONST 7.58 02/12/26 CNY 42.42
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.83
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 42.30
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.50
HUBEI JIAKANG CONST 7.80 12/19/25 CNY 41.79
HUBEI YILING ECONOM 7.50 03/28/26 CNY 42.65
HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 42.65
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 42.82
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.90
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.90
HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 41.55
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 42.31
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 42.08
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.53
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTA 7.90 09/20/25 CNY 41.69
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 63.49
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.80
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.00
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 42.50
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 41.52
JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 42.52
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.90
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.47
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.78
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.00
JIANGXI TONGGU CITY 7.50 04/21/27 CNY 64.49
JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.85
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 42.12
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 63.65
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 54.12
JINGDEZHEN CERAMIC 7.50 08/27/25 CNY 41.46
JINGDEZHEN CERAMIC 7.50 08/27/25 CNY 41.43
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.65
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 41.99
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 40.92
JINZHOU CIHANG GROU 9.00 04/05/20 CNY 33.63
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.36
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.25
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.44
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.43
KUNMING AIRPORT INV 7.50 01/28/26 CNY 41.70
LAOHEKOU CITY CONST 7.50 06/09/24 CNY 70.38
LAOTING INVESTMENT 7.50 04/11/26 CNY 42.67
LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 42.62
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.99
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRI 7.50 09/19/25 CNY 41.66
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.91
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.89
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.84
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.45
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.30
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.60
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.68
LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 63.18
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 42.56
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 42.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 42.00
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.65
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.39
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.30
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.00
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 42.44
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 42.05
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.88
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.31
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.57
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00
MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 52.42
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.99
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.64
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.78
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.06
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.37
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.30
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 64.22
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 42.70
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 64.39
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.99
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 21.15
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 21.01
MIANYANG HUIDONG IN 8.10 04/28/25 CNY 21.06
MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.84
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 42.10
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.93
MILE AGRICULTURAL I 7.60 02/27/26 CNY 42.32
MILE AGRICULTURAL I 7.60 02/27/26 CNY 42.00
MILE AGRICULTURAL I 8.00 10/25/25 CNY 41.87
MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 41.62
NANCHONG JIALING DE 7.98 05/23/25 CNY 41.06
NANCHONG JIALING DE 7.98 05/23/25 CNY 40.00
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.58
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.58
NEOGLORY HOLDING GR 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GR 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GR 8.00 10/22/20 CNY 56.00
NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.68
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.68
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.56
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.56
PANJIN LIAODONGWAN 7.50 12/28/26 CNY 64.46
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 63.50
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 60.00
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.59
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.06
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.51
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.49
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.71
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.75
PUDING YELANG STATE 8.00 03/13/25 CNY 20.85
PUDING YELANG STATE 8.00 03/13/25 CNY 20.70
PUDING YELANG STATE 7.79 11/13/24 CNY 20.37
PUDING YELANG STATE 7.79 11/13/24 CNY 20.25
PUER CITY SI MAO GU 7.50 03/14/26 CNY 42.37
PUER CITY SI MAO GU 7.50 03/14/26 CNY 40.00
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 65.11
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 65.11
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 42.33
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 41.00
QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.87
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.37
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.37
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 64.28
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 62.85
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.51
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.51
QUJING CITY QILIN D 8.50 01/21/26 CNY 42.67
QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVES 7.98 07/26/25 CNY 41.42
RENHUAI WATER INVES 8.00 12/26/25 CNY 38.95
RENHUAI WATER INVES 7.98 02/24/25 CNY 20.72
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 42.26
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 64.13
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVES 8.00 09/20/26 CNY 63.29
RUILI RENLONG INVES 8.00 09/20/26 CNY 62.70
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 64.27
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 61.80
SHANDONG HONGHE HOL 7.50 01/29/26 CNY 42.00
SHANDONG OCEAN CULT 7.50 04/25/26 CNY 62.19
SHANDONG OCEAN CULT 7.50 03/28/26 CNY 41.88
SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.63
SHANDONG RUYI TECHN 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GR 7.90 08/30/24 CNY 58.00
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 42.51
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00
SHANGLI INVESTMENT 7.80 01/22/26 CNY 42.15
SHANGLI INVESTMENT 7.50 06/01/25 CNY 40.99
SHANGLI INVESTMENT 7.50 06/01/25 CNY 40.86
SHANGLI INVESTMENT 7.80 01/22/26 CNY 40.49
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.43
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.34
SHANXI JINZHONG STA 7.50 05/05/26 CNY 42.57
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 42.02
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.88
SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.51
SHEHONG STATE OWNED 7.50 08/22/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/22/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/22/25 CNY 21.42
SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.55
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.51
SHIFANG CITY NATION 8.00 12/05/25 CNY 42.10
SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 45.82
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.29
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.29
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.31
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.31
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.27
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.27
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.24
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.17
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.72
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.52
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.43
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.00
SICHUAN COAL INDUST 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DE 7.50 07/23/22 CNY 42.00
SICHUAN LANGUANG DE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DE 7.50 07/11/21 CNY 12.63
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.94
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.87
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.87
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 6.20
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 4.00
TAIXING CITY CHENGX 7.60 04/24/26 CNY 42.81
TAIXING CITY CHENGX 7.60 04/04/26 CNY 42.66
TAIXING CITY CHENGX 7.80 03/05/26 CNY 42.65
TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00
TAIXING XINGHUANG I 8.50 11/15/25 CNY 42.27
TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.65
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 42.54
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 42.60
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 40.94
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 40.80
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 64.11
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 63.60
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.82
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.20
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 4.00
TENGCHONG SHIXINGBA 7.50 05/05/26 CNY 52.54
TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONS 7.50 07/23/25 CNY 41.30
TONGCHENG CITY CONS 7.50 07/23/25 CNY 40.00
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.87
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 42.24
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.00
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 42.23
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.70
TUNGHSU GROUP CO LT 8.18 10/25/21 CNY 22.00
TUNGHSU GROUP CO LT 7.85 03/23/21 CNY 0.00
URUMQI ECO TECH DEV 7.50 10/19/25 CNY 41.44
URUMQI ECO TECH DEV 7.50 10/19/25 CNY 40.00
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 41.21
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 40.73
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.73
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 42.19
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 40.00
WINTIME ENERGY GROU 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROU 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROU 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROU 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROU 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROU 7.90 12/22/20 CNY 43.63
WUSU CITY XINGRONG 7.50 10/25/25 CNY 41.79
WUSU CITY XINGRONG 7.50 10/25/25 CNY 40.00
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 42.61
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00
WUYANG CONSTRUCTION 7.80 09/11/20 CNY 32.48
WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN 7.69 04/22/26 CNY 42.76
XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.12
XINFENG COUNTY URBA 7.80 04/16/26 CNY 42.87
XINFENG COUNTY URBA 7.80 12/05/25 CNY 41.99
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBA 8.00 11/21/25 CNY 42.02
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.47
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.77
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.50
XINYU CITY YUSHUI D 7.50 09/24/26 CNY 63.53
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.60
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.56
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.56
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 62.14
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 41.79
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50
YANCHENG URBANIZATI 7.50 03/04/27 CNY 65.10
YANGLING URBAN RURA 7.80 06/19/26 CNY 63.14
YANGLING URBAN RURA 7.80 06/19/26 CNY 60.00
YANGLING URBAN RURA 7.80 02/20/26 CNY 42.39
YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00
YANGO JUSTICE INTER 7.88 09/04/24 USD 0.46
YANGO JUSTICE INTER 7.50 02/17/25 USD 0.34
YANGO JUSTICE INTER 8.25 11/25/23 USD 0.34
YANGO JUSTICE INTER 10.25 09/15/22 USD 0.15
YANGO JUSTICE INTER 9.25 04/15/23 USD 0.13
YANGO JUSTICE INTER 7.50 04/15/24 USD 0.12
YANGO JUSTICE INTER 10.25 03/18/22 USD 0.12
YANGO JUSTICE INTER 10.00 02/12/23 USD 0.04
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.28
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 40.93
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.69
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00
YICHANG CHUANGYUAN 7.80 11/06/25 CNY 41.89
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.71
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.71
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 43.07
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.02
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY 7.50 06/07/25 CNY 41.11
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 42.07
YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 41.46
YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.91
YONGAN STATE-OWNED 8.50 11/26/25 CNY 40.00
YONGCHENG COAL & EL 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 41.40
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.85
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.63
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.25
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.12
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.12
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.90
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 64.99
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 42.87
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 64.37
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.62
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.00
ZENSUN ENTERPRISES 12.50 09/13/23 USD 4.69
ZENSUN ENTERPRISES 12.50 04/23/24 USD 3.94
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.41
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.41
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 63.94
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 60.00
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 62.68
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 61.60
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 42.03
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 40.00
ZHEJIANG HUZHOU NAN 7.80 08/21/25 CNY 41.88
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.19
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.17
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 41.48
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 40.00
ZHONGHONG HOLDING C 8.00 07/04/19 CNY 2.75
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.95
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.00
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 59.94
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 51.93
ZHUZHOU RAILWAY IND 7.50 09/25/24 CNY 20.34
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 65.74
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVEST 8.00 02/14/26 CNY 42.27
ZOUCHENG CITY LONGC 7.50 01/16/29 CNY 59.71
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.37
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.31
ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 70.00
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 64.63
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 63.75
ZUNYI URBAN CONSTRU 7.50 05/20/24 CNY 40.05
INDONESIA
---------
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 73.00
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 73.00
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.47
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.33
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 69.01
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.41
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 66.03
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 66.03
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 64.37
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 64.27
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 64.27
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.81
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 62.27
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 61.92
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 61.71
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 61.02
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 60.71
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.30
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.20
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 59.97
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.65
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.54
WIJAYA KARYA PERSER 8.60 12/18/25 IDR 29.78
INDIA
-----
AXIS FINANCE LTD 8.10 11/17/28 INR 73.41
BHARAT SANCHAR NIGA 7.55 03/20/34 INR 99.61
IIFL SAMASTA FINANC 10.75 02/24/25 INR 50.23
IKF FINANCE LTD 10.60 03/27/25 INR 49.79
MAHANAGAR TELEPHONE 7.51 03/06/34 INR 53.26
PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25
SOUTH KOREA
-----------
KOSME SCALE-UP SECU 24.00 12/30/24 KRW 73.40
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 67.75
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 67.75
SAMPYO CEMENT CO LT 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LT 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LT 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LT 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMEN 12.40 05/15/31 LKR 73.63
SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 70.66
SRI LANKA GOVERNMEN 12.40 01/15/33 LKR 66.46
SRI LANKA GOVERNMEN 12.40 03/15/35 LKR 62.82
SRI LANKA GOVERNMEN 12.40 04/15/36 LKR 61.43
SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 60.27
SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 59.30
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 57.28
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 57.24
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 56.99
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 56.96
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.82
PHILIPPINES
-----------
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 14.88
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 14.88
SINGAPORE
---------
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.17
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.17
BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.27
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.27
ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 17.53
MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.86
NOMURA INTERNATIONA 7.65 10/04/37 AUD 63.14
ORO NEGRO DRILLING 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
*********
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