/raid1/www/Hosts/bankrupt/TCRAP_Public/240604.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, June 4, 2024, Vol. 27, No. 112
Headlines
A U S T R A L I A
BEYOND AG: Bardee Goes Into Liquidation
BH DEVELOPMENTS: Goes Into Liquidation
BOOKS ETC: First Creditors' Meeting Set for June 10
CROSS LAMINATED: First Creditors' Meeting Set for June 6
DANIEL CHRISP: First Creditors' Meeting Set for June 11
OUR PLACE: First Creditors' Meeting Set for June 7
STEVENS CONSTRUCTION: First Creditors' Meeting Set for June 6
C H I N A
FINGERMOTION INC: Centurion ZD CPA & Co. Raises Going Concern Doubt
SUNING HOLDINGS: Citic Financial Grants Cloud Services Unit USD66MM
I N D I A
AAKASH POLYFILMS: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
BALA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
BALAVIGNA WEAVING: Ind-Ra Hikes Bank Loan Rating to BB+
BHARANI HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
BRFM INDIA: Ind-Ra Withdraws B+ Bank Loan Rating
BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
GBR HATCHERIES: Ind-Ra Withdraws BB+ Bank Loan Rating
GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
GURU RAGHAVENDRA: Ind-Ra Moves B+ Rating to NonCooperating
H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating
HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL SWOSTI: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating
IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KHOSLA GRAINS: Ind-Ra Moves BB- Rating to Non-Cooperating
KUMAR SINEW: Ind-Ra Corrects April 10, 2023 Rating Release
KUMAR SPINTEX: Ind-Ra Affirms BB- Bank Loan Rating
MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
N.T. RAHAMATHULLA: CRISIL Moves D Debt Ratings to Not Cooperating
NEEV INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
NITINSAI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating
RREDIFICE PRIVATE: CRISIL Moves D Debt Ratings to Not Cooperating
SARAL HOME: Ind-Ra Withdraws BB+ Bank Loan Rating
SARVALOKA TEXTILES: Ind-Ra Places BB Loan on Watch Rating
SHRI AGRAWAL: Ind-Ra Cuts Bank loan Rating to D, Outlook Stable
STAR AQUA: CRISIL Keeps D Debt Ratings in Not Cooperating
THANDEKKATTU VARKEY: CRISIL Keeps D Ratings in Not Cooperating
TRIVENI WIRES: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
UDIT TOLLHIGHWAYS: Ind-Ra Affirms BB Rating, Outlook Stable
UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating
V.R.N. ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
VALLABH TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
VALLI MURUGAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VARIDHI COTSPIN: Ind-Ra Moves BB- Rating to NonCooperating
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
VENGADALAKSHMI SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
VENUS DENIM: Ind-Ra Affirms B- Bank Loan Rating, Outlook Stable
VISHAL SPINTEX: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
[*] INDIA: IBC Rescued 3,171 Distressed Companies in 8 Years
N E W Z E A L A N D
BILLYGOATGRUFF LIMITED: Creditors' Proofs of Debt Due on June 12
HEI JONESY: Court to Hear Wind-Up Petition on July 30
OUTLAW REINFORCING: Creditors' Proofs of Debt Due on July 10
SERTYN ENTERPRISES: Court to Hear Wind-Up Petition on June 11
SYNLAIT MILK: Bright Dairy Bails Out Co Amid Further Debt Warnings
SYNLAIT MILK: More Than Half of Suppliers Want to Quit
WAIMA LOGGING: Court to Hear Wind-Up Petition on July 12
P A K I S T A N
PAKISTAN: Inflation Slows to 11.8% in May, Lowest in 30 Months
S I N G A P O R E
CREATIVE CONCEPT: Court to Hear Wind-Up Petition on June 21
HAVE FUN: Commences Wind-Up Proceedings
MAXEON SOLAR: Ernst & Young Raises Going Concern Doubt
RAFFLES INFRA: SGX Reprimands Ex-Chair, CEO for Breaching Rules
SOCIETE INTERNATIONALE: Creditors' Proofs of Debt Due on July 1
ZINC AFRICA: Creditors' Meeting Set for June 20
X X X X X X X X
[*] BOND PRICING: For the Week May 27, 2024 to May 31, 2024
- - - - -
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A U S T R A L I A
=================
BEYOND AG: Bardee Goes Into Liquidation
---------------------------------------
News.com.au reports that an Australian start-up that landed its
products on Bunnings' shelves has collapsed after a worker was
crushed to death last year.
The company Bardee launched five years ago and had raised AUD8
million from investors to develop technology that turned food waste
into fertiliser and pet food by using billions of black soldier
flies.
In May, it was ordered into liquidation by the Supreme Court of
Victoria after a Melbourne storage company and the Victorian State
Revenue Office petitioned the court to wind it up over unpaid
bills, news.com.au discloses.
The business had outstanding debt worth AUD500,000 owed to 24
creditors, the liquidator Anthony Lane from Beacon Advisory told
news.com.au.
In June last year, a Bardee employee was crushed to death by the
garbage collection truck he was driving in the Melbourne CBD,
news.com.au discloses.
WorkSafe Victoria said at the time that it was investigating the
death of a 26-year-old, who got out of the truck before it rolled
forward and pinned him against a post and building wall.
News.com.au understands that the investigation is continuing.
According to news.com.au, Mr. Lane said the demise of Bardee was
"just a sad story all around".
"At least on its face it seems that we have young entrepreneurs out
there trying to make a difference in the world and it hasn't worked
for a range of reasons," he added.
"I think just generally that is a sad outcome and the fact it
impacts not only the directors but others is a reflection of just
how difficult times are at the moment.
"Unfortunately the way insolvency works in this country is those
people are often pilloried rather than being lauded and respected
for work done. We don't have a society that is particularly
tolerant for failure, it's sad for everyone."
News.com.au says the company had previously raised AUD8 million
from some high profile names including and Who Gives A Crap
co-founder Simon Griffiths, Culture Amp co-founder Didier Elzinga
and his wife Greta Bradman.
Now unpaid money is outstanding mainly to suppliers and trade
creditors, Mr. Lane said, with the landlord and the Victorian State
Revenue Office owed the most significant debts.
Bunnings is showing as being owed AUD700, added Mr. Lane.
He said the position of the investors and how they might rank in
the winding up was still being investigated, news.com.au relays.
News.com.au adds that the liquidator was also aware that Beyond AG
had sold the Bardee brand and its recycling technology to a
manufacturer in 2023.
"Obviously we are looking into the nature of the sale of the
company's business which happened prior to my appointment and we
are working with the directors to get a complete picture of the
financial positions and the exposure to creditors and usual process
of investigations and preparing a report to creditors in due
course," Mr. Lane, as cited by news.com.au, noted.
Last year, Beyond AG had secured funds that enabled the payment of
staff entitlements and supplier debts, Ms. Gardner told the
Australian Financial Review.
"Subsequently, delays with third-party insect rendering services
created unsustainable operational costs. We are now working closely
with the appointed liquidator to secure the most favourable
outcomes for remaining creditors," she said.
It's been a sharp fall from fortune to failure. Just a year ago Ms
Gardner announced their fertiliser called Superfly had hit Bunnings
stores and "after one week they have quadrupled the order", she
said on LinkedIn, news.com.au relays.
"Never before has the food waste circular economy been so available
and visible to everyone across Australia. Food waste tipped at
Bardee facilities is transformed in seven days into fertiliser and
protein products, instead of going to landfills. now, you can grow
your garden and indoor plants with sustainable Superfly fertiliser
from your local Bunnings store," she wrote at the time.
Beyond AG Pty Ltd, trading as Bardee, operated a food waste
upcycling platform intended to reduce food waste and create
sustainable products. The company collected food scraps from
businesses and households and then uses black soldier fly larvae to
convert the food scraps into protein and fertilizer which are used
to make pet food and fish bait and grow plants, enabling customers
to reduce food waste and feed commercial livestock.
BH DEVELOPMENTS: Goes Into Liquidation
--------------------------------------
ABC News reports that a AUD250 million marina development on the
edge of the Great Barrier Reef has gone into liquidation, owing
millions of dollars to creditors and leaving buyers in limbo.
ABC News says Gateway Marina was expected to transform Bundaberg's
coastal suburb of Burnett Heads, four and a half hours north of
Brisbane, into a Whitsundays lookalike.
There had been mixed reactions in the community about the project,
which has council approvals for a 318-berth marina, luxury
waterfront apartments, a yacht club and retail spaces.
Dredging began in 2022 and construction on the apartments was due
to start in late 2023, but all work had ceased due to a dispute
between the company directors over the funding.
A wind-up order was issued by the New South Wales Supreme Court in
February for the entities BH Developments Qld Pty Ltd and BH
Holdings Qld Pty Ltd, with liquidators and receivers appointed to
sell the project, according to ABC News.
In a report to creditors last month, the liquidators identified the
companies owed AUD7.9 million, ABC News discloses.
One of the directors, Simon Harvey, said he had become the major
funder despite an equal funding agreement between both companies.
"We hope the community will bear with this process, which is
ultimately necessary to give the development the opportunity to get
underway again as soon as possible," the report quotes Mr. Harvey
as saying.
Mr. Harvey said most of that money was related to party loans.
"Of the AUD7.9M owed to creditors, seven million is owed to my
company and major funder, Beauwave Pty Ltd, and AUD200,000 owed to
the director of the other project entities, Mr. Ian Sroczynski."
It's understood more than 10 apartments had been sold off the plan
and deposits were being held pending the outcome of the
receivership sale.
"I am thankful to all of those stakeholders who have offered their
unwavering understanding and support," Mr. Harvey said.
The Bundaberg property market is among the strongest in the country
with home values skyrocketing 79.1 per cent in five years.
The rise has been mostly attributed to regional migration.
Bundaberg Mayor Helen Blackburn said the failed project was
"disappointing" for the community.
"It's pretty concerning to have them go into liquidation, but that
does happen from time to time with developers," she said.
Mr. Harvey said that, despite the liquidation and receivership
process, he hoped the project would progress under new ownership.
"Burnett Heads is a rare gem," he said.
"It is my strongest desire to see The Gateway developed into a
vibrant community hub that enhances the lifestyle of residents and
the community while contributing positively to the region's
economy."
BOOKS ETC: First Creditors' Meeting Set for June 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Books Etc
Pty Ltd will be held on June 10, 2024 at 2:30 p.m. at the offices
of Worrells at Level 15, 300 Queen Street in Brisbane and via
Microsoft Teams.
Christopher Richard Cook of Worrells was appointed as administrator
of the company on May 29, 2024.
CROSS LAMINATED: First Creditors' Meeting Set for June 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cross
Laminated Offsite Solutions Pty Ltd will be held on June 6, 2024 at
11:00 a.m. via Microsoft Teams video teleconferencing.
Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on May 27, 2024.
DANIEL CHRISP: First Creditors' Meeting Set for June 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Daniel
Chrisp Pty Ltd will be held on June 11, 2024 at 3:00 p.m. via
videoconference.
Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners
were appointed as administrators of the company on May 29, 2024.
OUR PLACE: First Creditors' Meeting Set for June 7
--------------------------------------------------
A first meeting of the creditors in the proceedings of Our Place
Educational Services Googong Pty Ltd will be held on June 7, 2024
at 9:00 a.m. at the offices of RSM at Equinox Building 4, Level 2/
70 Kent Street in Deakin and via virtual meeting technology.
Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on May 28, 2024.
STEVENS CONSTRUCTION: First Creditors' Meeting Set for June 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Stevens
Construction (NSW) Pty Limited will be held on June 6, 2024 at
11:00 a.m. at Erina Leagues Club, 18 Ilya Ave in Erina and via Zoom
meeting.
Jonathon Keenan, Peter Krejci and Andrew Cummins of BRI Ferrier
were appointed as administrators of the company on May 27, 2024.
=========
C H I N A
=========
FINGERMOTION INC: Centurion ZD CPA & Co. Raises Going Concern Doubt
-------------------------------------------------------------------
FingerMotion, Inc. disclosed in a Form 10-K Report filed with the
U.S. Securities and Exchange Commission for the fiscal year ended
February 29, 2024, that its auditor expressed substantial doubt
about the Company's ability to continue as a going concern.
Hong Kong-based Centurion ZD CPA & Co., the Company's auditor since
2017, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.
The Company had an accumulated deficit of $28,448,833 and
$24,691,314 as at February 29, 2024 and February 28, 2023
respectively, and had a net loss of $3,812,017 and $7,538,837 for
the years ended February 29, 2024 and February 28, 2023,
respectively.
The Company's continuation as a going concern depends on its
ability to obtain additional financing to fund operations,
implement its business model, and ultimately, attain profitable
operations. The Company will need to secure additional funds
through various means, including equity and debt financing or any
similar financing. There can be no assurance that the Company can
obtain additional equity or debt financing, if and when needed, on
terms acceptable to the Company, or at all. Any additional equity
or debt financing may involve substantial dilution to the Company's
stockholders, restrictive covenants, or high interest costs. The
Company's long-term liquidity also depends upon its ability to
generate revenues and achieve profitability.
A full-text copy of the Company's Form 10-K is available at
https://bit.ly/3yCmoJJ
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core
competency in mobile payment and recharge platform solutions in
China.
As of February 29, 2024, the Company had $18,814,814 in total
assets, $6,753,915 in total liabilities, and total shareholders'
equity of $12,060,899.
SUNING HOLDINGS: Citic Financial Grants Cloud Services Unit USD66MM
-------------------------------------------------------------------
Yicai Global reports that China Citic Financial Asset Management,
one of the country's big four bad debt managers, has granted to the
unit providing cloud services to retail merchants of struggling
Chinese online retailer Suning.Com CNY480 million (USD66.2
million).
Through a Citic Trust's trust scheme, the Jiangsu province branch
of Citic Financial will give Nanjing Suningjia E-Commerce the funds
to accelerate its development in Chinese rural and township areas,
optimize its existing supply chains, upgrade its retail empowerment
platforms, support its daily operation, enhance franchisees'
operating efficiency, and repay existing debts, Suning.Com
announced May 29, Yicai relays.
In the future, Citic Financial will consider converting some of its
creditor's rights into equities, depending on the development
progress of Suningjia, Nanjing-based Suning.Com added.
Founded in 2017, Suningjia mostly provides cloud services to small-
and medium-sized retailers in rural and township areas through the
franchising mode. As of March 31, it had a total of 10,756
franchise outlets, according to Suning.Com's latest earnings
report.
Yicai says Suning.Com has been in the red since 2020. Its net loss
narrowed 4 percent to CNY96.9 million (USD13.4 million) in the
first quarter of the year from a year earlier, but its revenue fell
21 percent to CNY12.6 billion (USD1.7 billion), Yicai discloses.
Last October, Citic Trust announced it would implement a
difficulty-relieving project targeting Suning.Com with China
Huarong Asset Management, Yicai recalls. The two state-owned firms
would provide up to CNY5 billion (USD689.8 million) funds to
Suning.Com in the following 10 years to help the company complete
the restructuring of its liability and assets. Huarong later became
Citic Financial.
Suning Holdings Group Co. Ltd. provides business services. The
Company offers retail services, real estate services, investment
services, financial services, and more. Suning Holdings Group
serves customers worldwide.
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I N D I A
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AAKASH POLYFILMS: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aakash Polyfilms
Ltd.'s (APL) bank facilities to 'IND BB+' from 'IND BBB-(ISSUER NOT
COOPERATING)' with a Stable Outlook.
The detailed rating actions are:
-- INR556 mil. Fund-based limits downgraded with IND BB+/Stable/
IND A4+ rating;
-- INR70 mil. Non-fund-based limits downgraded with IND A4+
rating; and
-- INR728.6 mil. Term loan due on March 2032 downgraded with IND
BB+/Stable rating.
Detailed Rationale of the Rating Action
The downgrade reflects a material deviation in APL's actual
financial numbers of FY23 from its provisional numbers and modest
credit metrics in FY24. Furthermore, its realizations deteriorated
significantly in FY24, due to the ongoing oversupply situation in
the biaxially oriented polypropylene (BOPP) and biaxially oriented
polyethylene terephthalate (BOPET) industry.
Detailed Description of Key Rating Drivers
Modest EBITDA Margins: APL's EBITDA margins stood at 3.90% in FY23,
much lower than its provisional number of 7.22% (FY22:8.21%). In
FY24, its margins remained almost flat at 3.92%, due to an increase
in the raw material prices which led to pricing pressure from the
end-user markets. Its FY24 number are provisional in nature. Ind-Ra
expects the margins to remain under pressure in the near to medium
terms, due to the unstable raw material prices along with intense
competition and unstable geopolitical situations across the globe.
Moderate Credit Metrics: APL's net leverage (total adjusted net
debt/operating EBITDAR) stood at 33.36x in FY23 as against its
provisional number of 18.37x (FY22: 1.65x), due to an increase in
the total debt to INR2,535 million (FY22: INR599.92 million) for
funding the capex for its BOPET plant. However, the leverage
reduced to 11.3x in FY24, on account of an increase in its EBITDA
and the scheduled repayment of debt obligations. APL took unsecured
loans of INR368.7 million from directors and their family members
in FY23. Its EBIDTA increased to 146.36 in FY24 (FY23: INR55.86
million; FY22: INR136.89 million). Its gross interest coverage
(operating EBITDA/gross interest expense) reduced to 1.48x in FY24
(FY23: 4.68x; FY22: 2.17x), due to the increase in interest costs
on account of addition of new debt. The increase in the coverage in
FY23 was on account a fall in interest cost net of interest subsidy
to INR11.94 million (FY22: INR63.18 million). For FY24, the
interest coverage further deteriorated, Ind-Ra expects the debt
service coverage ratio to be below 1x in FY24, given the
demand-supply disparity leading to frequent price fluctuations in
the packaging film business.
Profitability Susceptible to Demand-Supply Scenario; Volatility in
Raw Material Prices: APL's business is cyclical. The players in the
industry tend to add capacities when realizations are favorable,
leading to higher capacities in the industry, exerting pressure on
realizations. This demand-supply disparity leads to frequent price
fluctuations in the packaging film business, affecting the
profitability. The industry is witnessing there is an oversupply
situation especially for BOPP and BOPET films, the major
contributors to their revenue. The profitability remains
susceptible to adverse movements in raw material prices, one of the
main components of the cost structure. Raw material prices are
vulnerable to volatility in crude oil prices as well as its
demand-supply scenario. The demand-supply dynamics remain the
primary driver of APL's profitability, as the company's ability to
pass on fluctuations in the input prices to customers remains
limited.
Intense Competition: APL faces stiff competition from large reputed
international and domestic players, which limits its pricing
flexibility and bargaining power with its customers, leading to
pressure on its revenue and margins. Ind-Ra believes the company's
ability to manage competition while maintaining its EBITDA margin
will be a key monitorable in the medium term.
Forex Risks: Adverse movements in forex rates could negatively
impact APL's profitability, given that it has foreign
currency-denominated loan worth INR1,558 million for setting up the
BOPET plant. However, the company has a natural hedge in the form
of export revenue (exports in FY23: INR122.45 million; FY22:
INR346.99 million), mitigating the risk to some extent. The company
does not have any hedging policy until date.
Sharp Increase in Revenue for FY24 despite Decline in Realizations:
APL's revenue stood at INR1,433 million in FY23, much lower than
its provisional number of INR1,507.07 million (FY22: INR1,667.95
million). However, its revenue more than doubled to INR3,720
million in FY24, owing to the commissioning of the new plant in the
BOPET segment and an increase in the volume in the BOPP segment to
8,883 million tons (MT; 7,089 MT). The BOPP and BOPET industries
are facing oversupply, resulting in pressure on its realizations.
The realization per metric ton of BOPP reduced to 110,019/MT in
FY24 (FY23: 149,471/MT; FY22: 226,306/MT) while the realizations of
cast polypropylene (CPP) fell to 120,352/MT (151,085/MT). Ind-Ra
anticipates the realization for BOPET and BOPP to be flat in the
near to medium term. The improvement in the realizations, leading
to an increase in revenue, would be a key rating monitorable.
Long Track Record, Experienced Promoters: APL and its promoters
have more than two decades of experience in the packaging industry,
catering to a diversified customer base. The company manufactures
metalized cast polypropylene films and BOPP films and BOPET films.
APL manufactures products for food and yarn-grade material
packaging industries.
Adequate Liquidity: The average maximum utilization of the
fund-based and non-fund-based limits was 38% and 40.13%,
respectively, for the 12 months ended March 2024. The cash flow
from operations turned positive to INR397 million in FY23 (FY22:
negative INR35 million), owing to favorable changes to the working
capital. However, the free cash flow deteriorated and remained
negative INR1,815 million in FY23 (FY22: negative INR35.9 million)
on account of the debt-funded capex of INR2,213 incurred. APL's
cash and cash equivalent including fixed deposit were at INR540.02
million at FYE23 (FYE22: INR374.39 million). The net cash
conversion cycle improved to negative 25 days in FY23 (FY22: 0
days), due to an increase in the creditor period to 90 days (44
days). The company receives an average credit period from suppliers
of 90-120 days.
Low Customer Concentration: The top five customers contributed over
13% to the total revenue in FY23 (FY22: 11%). APL maintains strong
relationships with its customers, which enables the company to
secure repeat orders. Furthermore, the management de-risks customer
concentration by adding new customers, indicating that any
volatility in orders will have a minimal impact on the earnings.
Liquidity
ADEQUATE: The company has repayment obligations of INR267 million
and INR274 million for FY25 and FY26, respectively, which is
expected to be met through internal liquidity, unutilized working
capital limits, unsecured loans and free cash and equivalents
balance available.
Rating Sensitivities
Positive: A substantial increase in the scale of operations and the
profitability with an improvement in the internal control along
with maintaining the liquidity position, leading to the net
leverage reducing below 4x on a sustained basis, could lead to a
positive rating action.
Negative: Any stress on the liquidity position and/or a substantial
decline in the scale of operations and the profitability, resulting
in the net leverage remaining above 5x, on a sustained basis, could
lead to a negative rating action.
About the Company
Incorporated in 1994, APL is a closely held limited company engaged
in the manufacturing of CPP, BOPET and BOPP films. The company is
promoted and managed by Pavan Tulsiani and family. The company has
two units situated at Bharuch and Surat, Gujarat with a total
manufacturing capacity of 22,800 tons per annum. APL has also set
up a BOPET film-manufacturing unit with an installed capacity of
42,000 tons per annum at Jhagadia, Bharuch, Gujarat.
BALA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bala Venkata
Narasimha Cold Storage Private Limited (BVNCSPL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BVNCSPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BVNCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BVNCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BVNCSPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in September 2016, BVNCSPL, promoted and managed by
Mr. K Srinivas, N Sreelatha, T Vanitha and P Narashimhulu, is
currently setting up a cold storage unit at Hyderabad, Telangana.
BALAVIGNA WEAVING: Ind-Ra Hikes Bank Loan Rating to BB+
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Balavigna Weaving Mills Private Limited's (BWMPL) debt
facilities:
-- INR300 mil. Fund-based working capital limit Long-term rating
upgraded; short-term rating affirmed with IND BB+/Stable/IND
A4+ rating;
-- INR40 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating; and
-- INR179.75 mil. (reduced from INR184.4 mil.) Term loan due on
March 30, 2030 upgraded with IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The upgrade reflects an improvement in BWMPL's EBITDA margin to
7.84% in FY24 (FY23: 7.67%) with a return on capital employed of
14.1% (12.1%) and a rise in the revenue to INR1,831.48 million
(INR1,549.33 million). The growth in margins and revenue is
attributed to increased marketing initiatives and capacity
utilization. However, the scale of operations remains medium.
Detailed Description of Key Rating Drivers
Continued Modest Credit Metrics: BWMPL's interest coverage
(operating EBITDA/gross interest expenses) increased to 1.79x in
FY24 (FY23: 1.66x) and the net leverage (total adjusted net
debt/operating EBITDAR) reduced to 4.31x (5.09x) on account of an
increase in the absolute EBITDA to INR143.61 million (INR118.91
million). Ind-Ra expects the credit metrics to improve in the
medium term as well, due to scheduled repayments of term loans and
a likely increase in absolute EBITDA.
Continued Medium Scale of Operations: BWMPL's revenue grew to
INR1,831.48 million in FY24 (FY23: INR1,549.33 million) due to an
improvement in the quality of end-product and increased marketing
initiatives. The scale of operations continues to be medium. Ind-Ra
expects the revenue to improve in the medium term as well, on the
back of increased customer focus and marketing exercise.
Liquidity - Stretched: BWMPL's average maximum utilization of the
fund-based limits was 96.95% during the 12 months ended March 2024.
The company's net working capital cycle remained elongated at 118
days in FY24 (FY23: 118 days), owing to an increase in the debtors
and creditors days to 54 days (45 days) and to 50 days (41 days),
respectively. It had low cash and cash equivalents of INR0.91
million at FYE24 (FYE23: INR0.63 million). Furthermore, BWMPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.
Continued Average EBITDA Margin: The EBITDA margin improved to
7.84% in FY24 (FY23: 7.67%) with a return on capital employed of
14.1% (12.1%). The EBITDA margin improved slightly in FY24 because
of favorable changes in raw material prices. Ind-Ra expects the
EBITDA margin to remain at similar levels in the medium term due to
a similar operating environment.
Experienced Promoters: The ratings are supported by the promoters'
more than two decades of experience in the textile industry,
leading to established relationships with its customers as well as
suppliers.
Liquidity
Stretched: The cash flow from operations remained negative and
deteriorated further to INR43.02 million in FY23 (FY22: negative
INR14 million) due to unfavorable changes in working capital. This
coupled with maintenance capex of INR24.01 million in FY23 (FY22:
INR12.57 million) caused the free cash flow to deteriorate further
to negative INR67.03 million (FY22: negative INR12.7 million). The
company has scheduled debt repayments of INR79.7 million and
INR51.1 million in FY25 and FY26, respectively.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the net leverage
remaining above 4.5x, and/or further pressure on the liquidity
position, could lead to a Negative Outlook.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 3.5x, and the liquidity profile, all on a sustained
basis, could lead to a positive rating action.
About the Company
Incorporated in 1995, BWMPL manufactures cotton, polyester, modal,
excel, slub, organic cotton, and lycra cotton fabrics. It has a
manufacturing facility located in Dindigul, Tamil Nadu. S.
Krishnamoorthy, V. Ravikumar, M. Prabhu, S. Jeyaram and T.K.
Subramanian are the promoters of the company.
BHARANI HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharani
Hi-tech Agro Industries (BHPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Auto Loans 0.22 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.65 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.35 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 0.80 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BHPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BHPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
BHPL is a proprietorship concern of Mr Anand Lagu established in
2007 is production and sale of consumable eggs and since fiscal
2018 the firm also started selling of hatchable eggs to the poultry
firms.
BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharuch Jilla
Kaival Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.74 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BJKKM for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BJKKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJKKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJKKM continues to be 'CRISIL D Issuer Not Cooperating'.
BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named 'My Shannen School' and is promoted by Mr.
Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh
Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai
Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen
Patel with the capacity of approximately 3138 students in both
English and Gujarati Medium in the general and science stream from
K.G. to Std. 12.
BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhilai
Institute of Technology Trust (BITT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BITT for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BITT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BITT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BITT continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and
post-graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR offers
graduate courses in engineering.
BRFM INDIA: Ind-Ra Withdraws B+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ratings of BRFM
India Private Limited's bank facilities as follows:
-- The IND B+ (ISSUER NOT COOPERATING) rating on the INR49.58
mil. Term loan issued on November 2021 is withdrawn;
-- The IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating on the INR57.5 mil. Fund-based limits is
withdrawn; and
-- The IND A4 (ISSUER NOT COOPERATING) rating on the INR10.5 mil.
Non-fund-based working limit is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-dues certificate from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.
About the Company
BRFM India manufactures wheat flour, semolina, flour and bran and
whole wheat flour.
BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Buland
Construction (Buland) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.75 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Buland for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Buland, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Buland is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Buland continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Setup in 2011, Buland is a partnership firm, started by Mr. Rakesh
Sharma and Mr. Sandeep Sharma. Buland is engaged in civil
construction industry and caters to private as well as Government
customers.
GBR HATCHERIES: Ind-Ra Withdraws BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GBR Hatcheries
Private Limited's bank loan rating as follows:
-- The IND BB+ (ISSUER NOT COOPERATING) rating on the INR11.1
mil. Term loan is withdrawn; and
-- The IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating on the INR60 mil. Fund-based working
capital limits is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the lender and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
About the Company
Established in 2005, GBR Hatcheries runs a poultry business in
Vijayawada, Andhra Pradesh.
GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gopinath
Dairy Products Private Limited (GDPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.9 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 0.1 CRISIL D (Issuer Not
Credit Limit Cooperating)
Rupee Term Loan 30.0 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GDPPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GDPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GDPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GDPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1994 as Glaze Polycoat Pvt Ltd, it was renamed
Gopinath Dairy Products Pvt Ltd. The company is promoted by Mr
Rajesh Chitalia, Mr Lallubhai Chitalia and Ms Sonal Chitalia. It
has set up a plant for processing milk and milk products at Turbhe,
Navi Mumbai.
GURU RAGHAVENDRA: Ind-Ra Moves B+ Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Guru Raghavendra
Infrastructures' (GRI) bank facility ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the ratings are based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
The detailed rating actions are:
-- INR100 mil. Fund-based limits migrated to non-cooperating
category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4
(ISSUER NOT COOPERATING) rating; and
-- INR250 mil. Non-fund based limits migrated to non-cooperating
Category with IND A4 (ISSUER NOT COOPERATING) rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on what Constitutes
Non-Cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GRI while reviewing the
ratings. Ind-Ra had consistently followed up with GRI over emails
starting from December 26, 2023, apart from phone calls. Although,
the issuer has been submitting their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of GRI on the basis of best
available information and is unable to provide a forward-looking
credit view. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
About the Company
GRI was established as a partnership concern in Hyderabad,
Telangana on June 25, 2006. The firm is promoted by Venkata Krishna
Reddy Daggumati along with his wife, Sreelatha Daggumati. GRI
produces gravel using stone crushers and also supplies ready-mix
concrete. The firm entered into civil work in 2017 and provides
services in irrigation works, hydro power, construction of bridges
and road works on sub-contract basis.
H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H.S. Ramesh
(HSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with HSR for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HSR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HSR, set up as a proprietorship firm in 2010 by Mr H S Ramesh. Is
engaged in construction and maintenance of roads. The firm is based
in Mysuru, Karnataka, and execute orders in the state, where it is
registered as a first class contractor.
HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haji Sheik
Ismail Educational and Charitable Trust (HSIET) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 10.58 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.42 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with HSIET for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HSIET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HSIET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HSIET continues to be 'CRISIL D Issuer Not Cooperating'.
HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the
trust set up Haji Sheik Ismail Polytechnic College, which offers
polytechnic courses. In 2013, Haji Sheik Ismail Engineering College
was established to provide engineering courses. Both these colleges
are located in Nagapattinam, Tamil Nadu.
HOTEL SWOSTI: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel Swosti Pvt
Ltd.'s (HSPL) bank facilities' ratings as follows:
-- INR7.5 mil. Fund-based working capital limit affirmed with IND
BB+/Stable rating; and
-- INR12.1 mil. (reduced from INR20 mil.) Term loan due on August
2028 affirmed with IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect HSPL's continued small scale of operations and
modest EBITDA margins in FY24. However, Ind-Ra expects the revenue
and margins to improve in FY25, led by better occupancy rate and
average room rate. The ratings are supported by the company's
comfortable credit metrics and the promoters' nearly three decades
of experience in the hotel and tourism industry.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: HSPL's revenue was almost
stable at INR134.08 million in FY24 (FY23: INR133 million). As per
FY24 provisional financials, the company booked revenue of
INR134.08 million, of which INR77.64 million was hotel bookings and
INR56.44 million was from banquet, food and beverages. HSPL had an
occupancy rate of 75.5% in FY24 (FY23: 73%). Ind-Ra expects the
revenue to improve in FY25, led by improved occupancy rate and
average room rate.
Modest EBITDA Margin: Despite stable revenue, the EBITDA decreased
to INR20.44 million in FY24 (FY23: INR27.46 million) due to
commission payment to the managing director for investing in new
projects of the group. Consequently, the EBITDA margin declined to
15.24% in FY24 (FY23: 20.65%). The return on capital employed was
7.4% in FY24 (FY23: 10.9%). In the medium term, Ind-Ra expects the
EBITDA margin to improve due to a likely increase in the revenue.
Comfortable Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expenses) improved to 12.7x in FY24 (FY23:
11.54x) on account of a decrease in the interest expense to INR1.61
million (INR2.38 million), resulting from a decline in the total
adjusted net debt to INR12.19 million (INR21.7 million). The
company was net cash positive in FY23 and FY24. In medium term,
Ind-Ra expects the credit metrics to improve further due to a
likely increase in its revenue.
Experienced Promoters: The ratings remain supported by the
promoters' nearly three decades of experience in the hotel and
tourism industry.
Liquidity
Stretched: HSPL's net working capital cycle improved to 41 days in
FY24 (FY23: 56 days), due to a reduction in the debtor days to 36
(44) and inventory days to 16 (26). HSPL has started procuring
inventory from within Bhubaneshwar, as against other states
earlier, leading to the decrease in the inventory holding period.
The company's average maximum utilization of the fund-based limits
was 11.24% during the 12 months ended April 2024. The cash flow
from operations deteriorated to INR18.3 million in FY24 (FY23:
INR24.91 million), due to a decrease in the fund flow from
operations to INR15.72 million (INR19.92 million). Consequently,
the free cash flow decreased to INR16.94 million in FY24 (FY23:
INR24.03 million). The cash and cash equivalents stood at INR52.85
million at FYE24 (FYE23: INR46.15 million). Furthermore, HSPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The
company has scheduled debt repayments of INR5.9 million and INR1.6
million for FY25 and FY26, respectively.
Rating Sensitivities
Negative: A decline in the scale of operations or any debt-led
capex leading to deterioration in the credit metrics or
deterioration in the liquidity, on a sustained basis, will be
negative for the ratings.
Positive: A significant rise in the revenue, along with an
improvement in liquidity and credit metrics with the net leverage
exceeding 5.0x on a sustained basis, could lead to a positive
rating action.
About the Company
Incorporated in 1981, HSPL operates Swosti Grand, a luxury business
four-star hotel in Bhubaneswar, Odisha. The hotel has 56 rooms,
four banquet halls and boardrooms, and restaurants. Jitendra Kumar
Mohanty, Bijendra Kumar Mohanty, Chiranjiv Mohanty, Bipasa Mohanty
and Sasmita Mohanty are the promoters.
HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hyderabad
Handloom Centre (HHC) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HHC for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HHC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HHC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HHC continues to be 'CRISIL C Issuer Not Cooperating'.
Set up in 1984 as a partnership firm HHC runs five retail textile
show rooms in Bengaluru. The firm is promoted by Ms. Jamunabhai and
family.
IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IMPS
Educational Trust (IET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.01 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IET for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IET continues to be 'CRISIL D Issuer Not Cooperating'.
IET, founded by West Bengal based Mr Bablu Bhattacharjee in 2000,
currently operates three college viz. IMPS Polytechnic College in
Jalpaiguri, IMPS College of Engineering and Technology in Malda and
Trinity B. Ed College in Siliguri. The trust also operates Delhi
Public World School in Malda.
KHOSLA GRAINS: Ind-Ra Moves BB- Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Khosla Grains
Private Limited's (KGPL) bank facilities' ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise and has also not submitted the no default statement
despite continuous requests and follow-ups by the agency through
phone calls and emails. Thus, the ratings are based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
-- INR290 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB-/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR6.4 mil. Term loan due on February 2026 migrated to non-
cooperating category with IND BB-/Stable (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with KGPL while reviewing the
ratings. Ind-Ra had consistently followed up with KGPL over emails
starting from March 2024, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of KGPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 2018, KGPL is engaged in the business of rice
milling in Batala, Punjab . The company sells basmati rice under
the brand name Fateh and Seven Star Gold. The company has installed
capacity to produce 60 metric tons of rice per day.
KUMAR SINEW: Ind-Ra Corrects April 10, 2023 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Kumar Sinew
Developers Private Limited's(KSDPL) rating published on April 10,
2023 to include the liquidity indicator, details on the corporate
guarantee and the Status of Non-cooperation with Previous Rating
Agency section, along with the removal of the Distressed Debt
Exchange Criteria from applicable criteria.
India Ratings and Research (Ind-Ra) has assigned Kumar Sinew
Developers Private Limited (KSDPL) a Long-Term Issuer Rating of
'IND D'.
The instrument-wise rating action is:
-- INR1,794.00 bil. Non-convertible debentures INE994K07038
issued on March 17, 2016 coupon rate 14.80% due on April 30,
2023 assigned with IND D rating.
Key Rating Drivers
KSDPL has issued the rated, listed NCDs. These were originally
scheduled as per the debenture trust deed dated March 17, 2016 to
commence redemption of principal from June 2018 in the form of
eight equal instalments by March 2020. However, due to default in
regular interest payments on account of the gestation period of
Slum Rehabilitation Authority project which was not originally
envisaged, NCDs were restructured basis a debenture trust deed
dated April 16, 2018 under the instruction of the sole debenture
holder by a registered document. Under an arrangement entered into
between the debenture holder, the debenture trustee, KSDPL and
immediate parent company (nominee of KUL UDPL) KUL Urban
Development Bengaluru Private Limited (KUL UDBPL), KUL UDBPL agreed
to acquire the entire NCDs held by the original debenture holder
prior to December 27, 2022.
Until December 27, 2022, KUL UDBPL has acquired only 955
debentures, while the remaining 839 debentures could not be
acquired since the above-mentioned ISIN was suspended for trading
due to procedural reasons by BSE Ltd on December 22, 2022. However,
the entire amount to transfer the remaining 839 debentures has been
deposited by KUL UDBPL in an escrow account.
Since KSDPL could not repay the remaining 839 debentures by March
24, 2023, the original debenture holder further extended until
April 30, 2023 on March 24, 2023. The rating assigned is on account
of the curing period not covered since the last extension date.
KSDPL's NCDs are backed by a corporate guarantee by Kumar Urban
Development Private Limited (KUDPL). Since Ind-Ra has not been able
to ascertain the credit profile of the guarantors, it has not been
factored in while assigning the ratings.
Liquidity Indicator - Poor: The company could not redeem debentures
by due date.
Rating Sensitivities
Positive: Timely debt servicing for three consecutive months as per
the restructuring and settlement agreement will result in a rating
upgrade.
Company Profile
KSDPL is a real estate development special purpose entity with a
focus on residential, retail and commercial development in Pune and
Mumbai.
KUMAR SPINTEX: Ind-Ra Affirms BB- Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Kumar Spintex Private Limited's (KSPL) bank facilities:
-- INR140.00 mil. Fund-based working capital limit affirmed with
IND BB-/ Stable/ IND A4+ rating;
-- INR28.00 mil. Non-fund-based working capital limit affirmed
with IND A4+ rating;
-- INR164.70 mil. Term loan due on September 2031 affirmed with
IND BB-/ Stable rating;
-- INR83.80 mil. Term loan due on September 2031 assigned with
IND BB-/ Stable rating; and
-- INR16.20 mil. Proposed term loan assigned with IND BB-/ Stable
rating.
Detailed Rationale of the Rating Action
The affirmation reflects the poor liquidity position of the group
entity, Venus Denim (VD; debt rated at IND B-/Stable) from which
KSPL derives the majority of its revenue.
Detailed Description of Key Rating Drivers
Small Scale of Operations: KSPL's scale of operations remained
small with its revenue declining to INR1,691.10 million in FY24
(FY23: INR1,902.21 million; FY22: INR1,768.34 million; FY21:
INR893.61 million), mainly due to a decrease in sales realization.
In FY23, KSPL derived 93.69% of its revenue from the sale of goods
to related entities such as VD (77.57%), Pinaz Texfab Pvt Ltd
(9.97%) and Vishal Spintex ('IND BB'/Stable; 6.15%). Ind-Ra expects
the revenue to marginally increase in the near to medium term on
account of an increase in the sales volume. Its FY24 figures are
provisional in nature.
Modest Credit Metrics: KSPL's gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.77x in FY24 (FY23:
3.09x; FY22: 4.52x) and the net leverage (total adjusted net
debt/operating EBITDAR) increased to 2.32x (1.85x; 2.25x) owing to
an increase in total debt to INR271.70 million (INR233.28 million;
INR269.64 million) and the consequent increase in interest expense
and an decrease in the absolute EBITDA to INR116.50 million
(INR125.34 million; INR118.98 million). Ind-Ra expects the credit
metrics to deteriorate in the near term on account of its proposed
debt-funded capex for the installation of solar panels in FY25 and
would improve in the medium term on account of a likely timely
repayment of its term debt.
Stretched Liquidity: KSPL's cash and cash equivalents reduced to
INR1.22 million at FYE23 (FYE22: INR1.67 million; FYE21: INR0.91
million; FYE20: INR6.13 million). The average maximum utilization
of the fund-based working capital limits was 90.77% over the 12
months ended March 2024. The cash flow from operations plunged to
INR41.22 million in FY23 (FY22: INR102.93 million; FY21: negative
INR30.85 million) due to unfavorable changes in the working
capital. However, the free cash flow was almost stable at INR36.04
million in FY23 (FY22: INR34.50 million; FY21: negative INR38.75
million) due to the absence of any major capex. Ind-Ra expects the
cash flow from operation to have turned negative on account of
unfavorable change in the working capital in FY24 and to gradually
improve in the medium term. Further, the agency expects the free
cash flow to further deteriorate on account of capex of INR300
million. The company would avail a term loan of INR240 million to
fund the capex.
Highly Fragmented and Competitive Industry: KSPL operates in a
highly competitive and fragmented industry characterized by a large
number of organized and unorganized players due to low entry
barriers. The company's ability to compete, and constantly innovate
and evolve with precise marketing strategies would remain crucial
to tackle the stiff competition. The profitability depends largely
on the prices of cotton and cotton yarn which are governed by
various factors such as area under cultivation, monsoon,
international demand-supply situation, among others. During the
past years, the market has seen volatility in cotton yarn
production due to the unstable cotton prices and inconsistent
cotton yarn export policy. However, the firm's strong, longstanding
relationships with its suppliers always ensures smooth supply of
raw materials.
Improving EBITDA Margins: The EBITDA margin slightly increased to
6.89% in FY24 (FY23: 6.59%; FY22: 6.73%; FY21: 10.22%) owing to a
decrease in operating expenses. The firm's return on capital
employed stood at 19.4% in FY23 (FY22: 19.4%; FY21: 14.6%).
However, Ind-Ra expects the EBITDA margin to remain slightly lower
in the near term owing to the discontinuation of subsidy income
FY24 onwards and thereafter improve on account of a reduction in
its power costs following the installation of its solar plant for
captive consumption.
Liquidity
Stretched: KSPL's cash and cash equivalents reduced to INR1.22
million at FYE23 (FYE22: INR1.67 million; FYE21: INR0.91 million;
FYE20: INR6.13 million). The average maximum utilization of the
fund-based working capital limits was 90.77% over the 12 months
ended March 2024. The cash flow from operations plunged to INR41.22
million in FY23 (FY22: INR102.93 million; FY21: negative INR30.85
million) due to unfavorable changes in the working capital.
However, the free cash flow was almost stable at INR36.04 million
in FY23 (FY22: INR34.50 million; FY21: negative INR38.75 million)
due to the absence of any major capex.
Ind-Ra expects the cash flow from operation to turn negative on
account of unfavorable change in the working capital in FY24 and
gradually improve in the medium term. Further, the agency expects
the free cash flow to further deteriorate on account of capex of
INR300 million. The company would avail a term loan of INR240
million to fund the capex. The net working capital cycle increased
to 37 days in FY23 (FY22: 30 days; FY21: 62 days) due to an
increase in the inventory holding period to 32 days (19 days; 32
days). KSPL has repaid INR42.38 million debt obligation pertaining
to FY24 and has repayment obligations of INR10.90 million and
INR43.64 million in FY25 and FY26, respectively. KSPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Rating Sensitivities
Negative: Deterioration in liquidity and the credit metrics of the
group companies, or deterioration in the company's scale of
operations or the profitability or the liquidity profile, all on a
sustained basis, could be negative for the ratings.
Positive: An improvement in liquidity and the credit metrics of all
group companies, on a sustained basis, could be positive for the
ratings.
About the Company
Incorporated in June 2002, Ahmedabad-based KSPL manufactures cotton
yarn of various count and cotton with capacity of 30,000 spindles
at its facility in Ahmedabad, Gujarat. The company is promoted by
Balvantrai Agarwal and his family. KSPL is a part of Kumar Group,
which has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.
MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Muthumari
Charitable and Educational Trust (SMCET) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMCET for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMCET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMCET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMCET continues to be 'CRISIL D Issuer Not Cooperating'.
SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881.The trust offers
undergraduate courses in engineering and teacher education courses
and also runs a school. The operations of the trust are managed by
Mr.Periyasamy.
N.T. RAHAMATHULLA: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of N.T.
Rahamathulla Khan Associates (NTR) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working 4 CRISIL D (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with NTR for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NTR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NTR
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of NTR to 'CRISIL D Issuer not cooperating'.
NTR set up in 1989 as partnership firm, NTR provides transportation
services to corporates and schools in Bengaluru and Hyderabad.
NEEV INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neev
Infrastructure Private Limited (NIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 35 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 45 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Founded in 1978 as a partnership firm named Chandu Constructions by
Mr Chandulal V Jain, Jitendra C Jain, Monali J Jain, Savita C
Jainthe firm was reconstituted as a private limited company and
named Chandu Constructions Pvt Ltd in 2001. It got its present name
in 2003. The company undertakes civil infrastructure projects,
including construction of roads and installation of sewage and
water supply lines.
NITINSAI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nitinsai
Constructions Private Limited (NCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit/ 1.5 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Inland/Import 2 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with NCPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NCPL was set up in 2010 by Mr. Y Krishna Murali and his family. The
company is in the civil construction business, and undertakes
irrigation works and construction of roads and railway bridges.
NCPL is based in Hyderabad.
ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rojer Mathew
and Company (RMC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RMC for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in Kochi (Kerala), RMC executes civil
contracts for Kerala Public Works Department. Operations of the
firm are managed by key partner, Mr. Rojer Mathew.
ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Romega Foam
Private Limited (RFPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RFPL, incorporated in 1994 by Mr. Ninan Verghese and Ms. Sheeba
Ninan, manufactures polyurethane foam, convoluted sheets,
polyurethane foam rolls, bonded foam, contour sheets, antistatic
foam etc. in its manufacturing facilities in Puducherry (Tamil
Nadu). All the products manufactured are customised for customers.
RREDIFICE PRIVATE: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Rredifice Private Limited (RRE) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.25 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 4.75 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RRE for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RRE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRE
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RRE to 'CRISIL D/CRISIL D Issuer not
cooperating'.
RRE established in 2015 is promoted by Mr. B Mallikarjuna Reddy and
Mr Sravan Kumar Reddy, undertakes civil construction work for
canals, tunnels and roads in Andhra Pradesh.
SARAL HOME: Ind-Ra Withdraws BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Saral Home
Finance Limited's (SHFL) bank loans' rating as follows:
-- The IND BB+ (ISSUER NOT COOPERATING) rating on the INR43.45
mil. Bank loans is withdrawn*.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-dues certificate from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.
About the Company
SHFL (formerly Vishwakriya Housing Finance Ltd.) is a housing
finance company registered and regulated by the National Housing
Bank ('IND AAA'/Stable), a wholly-owned subsidiary of the Reserve
Bank of India.
SARVALOKA TEXTILES: Ind-Ra Places BB Loan on Watch Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Shree Sarvaloka
Textiles Private Limited's (SSTPL) bank facilities' ratings on
Rating Watch with Developing Implications as follows:
-- INR190 mil. Fund-based working capital limit placed on Rating
Watch with Developing Implications; IND BB/Rating Watch with
Developing Implications/IND A4+/Rating Watch with Developing
Implications; and
-- INR400 mil. (reduced from INR570 mil.) Term loan due on May
2030 placed on Rating Watch with Developing Implications; IND
BB/Rating Watch with Developing Implications.
Detailed Rationale of the Rating Action
Ind-Ra has placed the ratings on Rating Watch with Developing
Implications owing to the company cooperating for its credit
analysis just prior to the approaching regulatory deadline for a
mandatory rating in the surveillance process.
The company shared the operational data immediately after the
agency moved to take rating action in line with the regulatory
guidelines for non-submission of information. Given the nearing
timeline of publication, the agency has not been able to analyze
the impact of FY23 and FY24 financials and other operational
information on the entity's credit profile. Ind-Ra will complete
the review and publish an update not later than 15 days. However,
if the agency is unable to complete the review on time, it will
take a suitable rating action as per the Securities and Exchange
Board of India's guidelines and information available with the
agency.
Rating Sensitivities
The Rating Watch with Developing Implications indicates that the
ratings might be upgraded, downgraded or affirmed upon resolution.
The Rating Watch with Developing Implications will be resolved as
and when Ind-Ra completes its analysis.
About the Company
SSTPL was incorporated in 2019 in Madurai as a commission agent for
its associate concern and also involved in job work such as
stitching and sale of indigenous cloths. SSTPL has set up a new
spinning mill unit in Madurai with a capacity of 25,500 spindles.
SHRI AGRAWAL: Ind-Ra Cuts Bank loan Rating to D, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Agrawal
Educational Public Trust's (SAEPT) bank facilities' ratings to 'IND
D' from 'IND BB-' and has simultaneously withdrawn the same. The
Outlook was Stable.
The detailed rating actions are:
-- INR502.45 mil. (reduced from INR563.47 mil.) Bank loans*
downgraded and withdrawn; and
-- INR36.53 mil. Fund-based working capital limits* downgraded
and withdrawn.
* Downgraded to 'IND D' from 'IND BB-'/Stable before being
withdrawn
Analytical Approach
Ind-Ra continues to consider SAEPT's standalone financials for the
rating purpose.
Detailed Rationale of the Rating Action
The downgrade reflects SAEPT's delay in debt servicing in the month
of April 2024.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificate from existing lenders and
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for SAEPT.
Detailed Description of Key Rating Drivers
Delay in Debt Servicing: The downgrade reflects SAEPT's delay in
debt servicing on the term loan in the month of April 2024. This is
consistent with Ind-Ra's Default Recognition and Post-Default
Curing Period Policy.
Stretched Liquidity: SAEPT's unencumbered cash balance remained low
but increased to INR10.54 million in 11MFY24 (FY23: INR1.66
million). The monthly utilization of the fund-based working capital
limit (dropline overdraft) was more than 96% during February-April
2024.
Liquidity
Stretched: SAEPT's cash flow from operations increased to INR141.12
million for 11MFY24 (FY23: INR0.43 million), led by increased
surplus and realization of receivables. The collection period had
been very high above 170 days during FY21-FY23, but it improved to
63 days for 11MFY24 due to an improvement in fee collection.
About the Company
SAEPT was established as a public charitable trust registered under
Madhya Pradesh Public Trust Act, 1951 (No. 30 of 1951) in 2020 by
Sanjeev Agrawal, chairman and managing director of the SAGE group.
SAEPT manages a private university, SAGE University - Bhopal in
Madhya Pradesh. The university offers various diploma,
undergraduate, post-graduate and doctoral programs in the academic
disciplines of business, engineering and technology, arts and
science, nursing, pharmacy, and law among others.
STAR AQUA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Aqua
International Private Limited (SAIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 8.27 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAIPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2006 by Mr.Shaik Abdul Aziz, involved in end-to-end
activities for shrimp exports from Nellore (Andhra Pradesh).
THANDEKKATTU VARKEY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thandekkattu
Varkey Kunhu Benoy (TSSS) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2.25 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with TSSS for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSSS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Thandekkattu Varkey Kunhu Benoy is a Wayanad (Kerala) based civil
construction firm involved in construction of roads and bridges for
Kerala Public Works Department (PWD). The day to day operations of
the firm are managed by the proprietor Mr. TV Benoy.
TRIVENI WIRES: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Triveni Wires
Private Limited's (TWPL) bank facilities as follows:
-- INR58.15 mil. (reduced from INR220 mil.) Term loan due on
September 31, 2026 affirmed with IND BB+/Stable rating;
-- INR86.55 mil. Proposed term loan assigned with IND BB+/Stable
rating; and
-- INR170 mil. (reduced from INR200 mil.) Fund-based working
capital limit affirmed with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings are constrained by TWPL's stretched liquidity and
moderate scale of operations. The ratings however are supported by
the company's healthy EBITDA margins, which Ind-Ra expects to
improve slightly FY25 onwards due to a decrease in the power
expenses as the company is planning to install a solar electricity
generation plant. The ratings are also supported by TWPL's
comfortable credit metrics.
Detailed Description of Key Rating Drivers
Stretched Liquidity: TWPL's average maximum utilization of the
fund-based limits was 87.26% and that of the non-fund-based limits
was 94.60% during the 12 months ended April 2024. The cash flow
from operations decreased to INR69.48 million in FY23 (FY22:
INR96.92 million), due to changes in working capital; the free cash
flow decreased to INR27.02 million (negative INR78.40 million) due
to significant capex. TWPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Volatile Steel Prices: TWPL is exposed to fluctuations in the
prices of raw materials as well as finished goods, which could
affect its margins and credit metrics.
Continued Moderate Scale of Operations: TWPL's revenue grew 4.11%
yoy to INR2,030.47 million in FY24 (FY23: INR1,950.21 million;
FY22: INR1,641.35 million), due to an increase in the number of
orders executed and a higher demand for its products. Also, the
capacity utilization for galvanized wires increased to at 76% in
FY24 (FY23: 69.1%;) and that for electro-galvanized wires to 50.83%
(31.22%).
Experienced Promoter and Patented Technology: TWPL uses niche
patented technology for its manufacturing process. Also, the
company has presence in various states of India. The company's
promoter has an experience of over two decades in the business of
metal coating and manufacturing of wires.
Healthy EBITDA Margins: TWPL had EBITDA margin of 7.94% in FY24
(FY23: 5.23%) with a return on capital employed of 20.8% (11.9%).
The margins improved due to a decline in the raw material prices
primarily. In FY25, Ind-Ra expects the company's profitability to
increase marginally, backed by a decrease in power and fuel
expenses as the company is planning to install a 3.2MW solar
electricity generation power plant. The power and fuel expenses
constituted only 2.44% in FY24 (FY23: 2.45%). Therefore, the
sustainability of the FY24 EBITDA margins in the medium term would
be a key monitorable.
Comfortable Credit Metrics; Expected Improvement in the Medium
term: TWPL's credit metrics improved in FY24 owing to an
improvement in the EBITDA to INR161.22 million in FY24 (FY23:
INR101.91 million) and a reduction in the total debt to INR190.22
million (INR312.13 million). The gross interest coverage (operating
EBITDA/ gross interest expense) improved to 8.06x in FY24 (FY23:
3.78x) and the net leverage (total adjusted net debt/ operating
EBITDA) to 1.15x in FY24 (FY23: 3.06x). Ind-Ra expects the credit
metrics to improve over the medium term as well, backed by growth
in the absolute EBITDA along with a reduction in the total debt.
Liquidity
Stretched: The cash and cash equivalent balance stood at INR0.31
million in FY23 (FY22: INR0.14 million) and INR3 million in FY24.
TWPL's average maximum utilization of the fund-based limits was
87.26% and that of the non-fund-based limits was 94.60% during the
12 months ended April 2024. The cash flow from operations decreased
to INR69.48 million in FY23 (FY22: INR96.92 million), due to
changes in working capital; the free cash flow decreased to
INR27.02 million (negative INR78.40 million) due to significant
capex. The net working capital cycle elongated to 51 days in FY23
(FY22: 49 days), mainly due to an increase in debtor days to 33
days (31 days). TWPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.
Rating Sensitivities
Negative: A significant decline in the scale of operations leading
to deterioration in the credit metrics with the net leverage
exceeding 3.5x or further deterioration in the liquidity position
could lead to a negative rating action.
Positive: An improvement in the scale of operations, while
maintaining the overall credit metrics, along with an improvement
in the liquidity position, will be positive for ratings.
About the Company
Incorporated on December 8, 1981, TWPL is in the business of wire
galvanizing since 1982. It has a 3,600MTPA galvanizing unit located
in Butibori, Nagpur. Premkumar Tekriwal, Ramakant Tekriwal, and
Arunkumar Tekriwal and other members of the Tekriwal family are the
promoters of the company.
UDIT TOLLHIGHWAYS: Ind-Ra Affirms BB Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Udit Tollhighways
Private Limited's (UTPL) term loan rating as follows:
-- INR421 mil. Term loan due on September 2031 affirmed with IND
BB/Stable rating.
Analytical Approach
The rating is based on the standalone credit profile of the project
while deriving comfort from the moderate credit profile of the
sponsor, Udit Infraworld Private Limited (UIPL). The unsecured
loans brought in by UIPL are sub-ordinated to the bank debt as per
the financing document, and accordingly, have not been considered
as additional debt in Ind-Ra's analysis. Any deviation from this
arrangement will be negative for the rating.
Detailed Rationale of the Rating Action
The affirmation reflects the moderate average debt service coverage
ratio, the weak debt structure, the possibility of revenue leakage
due to cash-based toll collection, inherent traffic and toll
related risks and operation and maintenance risks. However, the
rating derive strength from the moderate traffic potential and the
corporate guarantee from a sponsor with moderate credit profile.
Detailed Description of Key Rating Drivers
Weak Debt Structure: The rated debt comprises a rupee term loan,
amortized over 120 months (including one-month moratorium period).
The debt structure is weak, considering the company has not created
major maintenance reserve (MMR), and the absence of restricted
payment conditions and covenant testing to upstream the surplus
from the company. The terms also include a cross default clause
stating that a default by any associate or sister concern of UTPL,
if not cured within 30 days, will result in event of default in
UTPL. While the rating is on standalone basis, any adverse
development with respect to the cross default will be a key
monitorable. The RTL would be maturing in FY32, leaving a healthy
tail period of about four years.
Possibility of Revenue Leakage due to FASTag Service Not Being
Operational: The toll collection in the project stretch has been
taking place through cash as the FASTag service is not operational
due to technical issues. UTPL had made a written representation to
Madhya Pradesh Road Development Corporation (MPRDC) during November
2021 to instruct the telecom service provider to resolve the
technical issue at the earliest to start toll collection through
FASTag. While the toll collection is being deposited into the
current account every two-to-three days, the toll collection
happening through cash could result in revenue leakage.
Medium O&M Risk: The agency finds the risk to be medium, given that
the management has not provided for any expense towards MM. The
agency, in its base case, has considered MM expense of about
INR1.25 million per lane km and MM activity being undertaken for
about 6km every year. Any increase in the maintenance expense would
have an adverse impact on the debt service coverage ratio (DSCR).
The concession agreement stipulates that the periodic renewal shall
be carried out in the project stretch so that the roughness shall
not exceed 3,000millimetre/km during the service life of the
payment at any time. The management, during a discussion with the
agency, represented that they would be undertaking a road quality
test every year, and based on its report, the management would
undertake relaying or patch work activity in the portions where the
roughness index is above the threshold. Any shortfall in cashflows
for undertaking routine or periodic maintenance shall be funded by
the sponsor. The routine O&M costs considered by UTPL are largely
comparable to the average cost of Ind-Ra-rated peers. The
satisfactory maintenance of project stretches and the timely
support from sponsor to meet shortfalls routine and periodic
maintenance, if any, would be the key rating monitorable.
Inherent Risks of Toll-Road Project: As in the case of any toll
road project, UTPL is exposed to risks such as toll leakage,
absence of timely hikes in rates, seasonal variations in vehicular
traffic, and susceptibility to economic downturns, which could
adversely impact its cash flows.
Increased Toll Collection; Moderate Average Debt Service Coverage:
In FY24 (provisional numbers), despite a slight reduction of 1.5%
yoy in passenger car units (PCU), the revenue from toll collection
increased by 9% yoy to INR255 million in FY24 due to increase in
the toll rate. The toll rate increase revision of 14% and 9%
consecutively on 1 September 2022 and 1 September 2023 helped the
project to report higher toll income for FY24. Traffic in the
project stood at 11,864 PCU in FY24 (FY23: 12,050 PCU), remaining
higher than the levels of around 10,000 PCU witnessed during 4QFY21
prior to the change in concessionaire to UTPL.
While the toll revenue is better than Ind-Ra's estimates, the O&M
expenses in FY24 were higher than the base case estimates of the
management as well as Ind-Ra. The management has revised its
estimates for expenses for the future, and Ind-Ra has considered
similar O&M expenses as the management along with major maintenance
expense. The revised Ind-Ra's base case has average DSCR of 1.1x,
which is moderate to absorb any stress in the toll or traffic
decrease.
Key State highway with Moderate Traffic Potential: The project road
is a part of State Highway-31 connecting Lebad to National Highway
-3 near Manpur and lies entirely in Madhya Pradesh, with a total
length of 34km. UTPL operates one toll plaza along the project
stretch near Durjanpura and started toll collection from November
2021. The PCU in the project stretch is mainly contributed by the
commercial traffic with 91% from multi-axle vehicles and trucks.
The toll rates are subject to annual escalations during September
every year, linked 100% to the wholesale price index.
Guarantee Provided by Moderate Sponsor: UIPL has provided corporate
guarantee to the rated debt facility. UIPL was incorporated in 2003
by Abhay Mishra as a construction and infrastructure development
company based in Rewa, Madhya Pradesh. UIPL has executed more than
30 infrastructure projects, including road engineering procurement
and construction projects for National Highways Authority of India
(IND AAA/Stable), Madhya Pradesh State Public Works Department and
MPRDC. UIPL's revenue in FY22 had included income from liquor
distribution; however, the company did not receive the liquor
license for FY23, and it has subsequently been focusing only on
road construction. UIPL reported a revenue of INR3,112 million in
FY24 (FY23: INR3,052 million; FY22: INR6,128.3 million). The
leverage ratio (total debt/EBITDA) was 1.41x at FYE23 (FYE22:
0.63x).
Liquidity
Adequate: The project has debt service reserve of INR43 million,
which is equivalent to six months of debt servicing of the rated
term-debt. While there is no stipulation to create the MMR in the
sanction terms, Ind-Ra in its base case has factored in yearly
major maintenance expense as explained the O&M section; the average
DSCR is 1.1x is during the rated term-loan tenor as per Ind-Ra's
base case estimates.
Rating Sensitivities
Negative: Future developments that could, individually or
collectively, lead to a rating downgrade include:
significant underperformance in the traffic, higher O&M and MM
expenses than envisaged in Ind-Ra's base case estimates, leading to
a weakening of the DSCR.
the absence of timely support from the sponsor or deterioration in
the credit profile of the sponsor
Positive: The financial performance being better than Ind-Ra's
base-case estimates on a sustained basis, with a forward-looking
average DSCR of over 1.10x, could lead to an upgrade.
About the Company
UTPL is a special purpose vehicle set up by UIPL to acquire the
concession rights and plant and machinery for four lane alignment
connecting State Highway -31 at Lebad (ch. 1+282) to NH – 3 near
Manpur (ch 38.178) on a build, operate and transfer basis through
the National Company Law Tribunal process.
UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Exports (UE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase- 15 CRISIL D (Issuer Not
Discounting Facility Cooperating)
Cash Credit 35 CRISIL D (Issuer Not
Cooperating)
Packing Credit 33 CRISIL D (Issuer Not
Cooperating)
Packing Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 17 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with UE for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
United Exports was set up as a partnership firm in 1983. Its
current partners are Mr Harish Narang and Mr Sudhanshu Narang. It
mills and processes basmati and non-basmati rice for sale in the
domestic and international markets.
V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V. M. Star
(VM) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase- 15 CRISIL D (Issuer Not
Discounting Facility Cooperating)
CRISIL Ratings has been consistently following up with VM for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VM
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1993 in Mumbai by Mr. Mahesh Adani
and Mr. Vasant Doshi, VM trades in diamonds.
V.R.N. ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V.R.N.
Enterprises Private Limited (VRN) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VRN for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VRN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRN continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010, in Bengaluru Mr. Hemanth Kumar and Mr. Lalith
Kumar, - V.R.N trades in silk yarn and fabric.
VALLABH TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vallabh
Textiles Company Limited (VTCL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 80 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.97 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 64.69 CRISIL D (Issuer Not
Cooperating)
Term Loan 14.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.78 CRISIL D (Issuer Not
Cooperating)
Term Loan 18.45 CRISIL D (Issuer Not
Cooperating)
Term Loan 18.20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VTCL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VTCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VTCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VTCL, incorporated in June 2002, manufactures terry towels and bath
robes. The company is part of the Vallabh group, founded by Mr
Kapil Jain in 1981.
VALLI MURUGAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Valli Murugan
Tile Works & Chamber Bricks (VMTCB) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VMTCB for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VMTCB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMTCB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMTCB continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2002, VMTCB is engaged in the manufacture of clay
bricks. The firm's operations are based in Surandai, Tamilnadu. The
day-to-day operations of the firm are managed by Mr. S Palani
Nadar.
VARIDHI COTSPIN: Ind-Ra Moves BB- Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Varidhi Cotspin
Private Limited's (VCPL) bank facilities' ratings to the
non-cooperating category and has simultaneously withdrawn the
same.
The detailed rating actions are:
-- INR35 mil. Non-fund-based working capital limit* migrated to
non-cooperating category and withdrawn;
-- INR399 mil. Term loan** due on March 31, 2028 migrated to non-
cooperating category and withdrawn; and
-- INR125 mil. Fund-based working capital limit*** migrated to
non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
*Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
**Migrated to 'IND BB-/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
***Migrated to 'IND BB-/Stable (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about the
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificate from lender and a request for
withdrawal of ratings from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with VCPL while reviewing the
ratings. Ind-Ra had consistently followed up with VCPL over emails
starting from March 21, 2024, apart from phone calls. The issuer
has submitted the monthly no default statement until April 2024.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of VCPL on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect VCPL's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
VCPL was incorporated in 2014 and started operations in 2017. VCPL
is engaged in manufacturing of cotton yarn with its manufacturing
facility at Koth village in Ahmedabad, Gujarat.
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedsiddha
Products Private Limited (VPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 13.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VPPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VPPL continues to be 'CRISIL D Issuer Not Cooperating'.
VPPL is promoted by Nagpur (Maharashtra)-based Mr Prabhudas Vyas
and Mr Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.
VENGADALAKSHMI SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sre
Vengadalakshmi Spinners (SVS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 2.2 CRISIL D (Issuer Not
Cooperating)
Working Capital 8.8 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with SVS for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVS continues to be 'CRISIL D Issuer Not Cooperating'.
SVS was established in 1999 by Ms R Pushpa as a proprietorship
concern. It manufactures cotton yarn of 30-40 counts at its unit
near Coimbatore, Tamil Nadu, with an installed capacity of 25,000
spindles. The firm sells its cotton yarn in domestic market alone.
VENUS DENIM: Ind-Ra Affirms B- Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Venus Denim's (VD)
bank facilities' ratings as follows:
-- INR350 mil. Fund-based working capital limit affirmed with IND
B-/Stable/IND A4 rating;
-- INR29.96 mil. Non-fund-based working capital limit affirmed
with IND A4 rating;
-- INR557.10 mil. Term loan* due on April 2028 affirmed with IND
B-/Stable rating; and
-- INR21.84 mil. Proposed term loan* affirmed with IND B-/Stable
rating.
*Proposed term loan amounting to INR238.80 million has been
sanctioned and transferred to term loan
Detailed Rationale of the Rating Action
The ratings continue to be constrained by poor liquidity and the
intense competition in the industry. However, the ratings are
supported by the company's comfortable credit metrics and timely
repayment of debt obligations for three consecutive months.
Detailed Description of Key Rating Drivers
Poor Liquidity: The average maximum utilization of the fund-based
working capital limits was 99.82% over the 12 months ended March
2024. The cash flow from operations improved to INR599.67 million
in FY23 (FY22: INR44.31 million, FY21: INR351.24 million) due to an
increase in absolute EBITDA and favorable changes in working
capital. Consequently, the free cash flow turned positive to
INR451.39 million in FY23 (FY22: negative INR430.75 million, FY21:
INR393.83 million) despite capex of INR148.28 million incurred for
the installation of a solar plant and maintenance purposes. Ind-Ra
expects the cash flow from operations to have decreased in FY24 due
to unfavorable changes in working capital, but the agency believes
it would gradually improve in the near-to-medium term due to higher
profitability.
Highly Fragmented and Competitive Industry; Volatility in Input
Prices: VS operates in a highly competitive and fragmented
industry, characterized by a large number of organized and
unorganized players due to low entry barriers. The company's
ability to maintain a competitive edge and constantly innovate and
evolve with precise marketing strategies would remain crucial to
tackle the stiff competition. The profitability depends largely on
the prices of cotton and cotton yarn, which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, among others. During the past years, the
market has seen volatility in cotton yarn production due to
unstable cotton prices and inconsistent cotton yarn export policy.
However, the firm's strong, longstanding relationships with its
suppliers ensures smooth supply of raw materials at all times.
Large Scale of Operations; Although Revenue Declined in FY24: As
per FY24 provisional financials, the revenue fell to INR8,436.20
million (FY23: INR9,860.19 million, FY22: INR8,185.40 million,
FY21: INR3,855.84 million) because of a decline in sales
realizations. However, Ind-Ra expects the revenue to increase
marginally in FY25 owing to a likely improvement in sales volumes.
Modest EBITDA Margin; Improvement in Profitability during
FY23-FY24: The EBITDA margin improved further to 3.74% in FY24
(FY23: 3.61%, FY22: 3.25%, FY21: 7.43%) due to a continued decline
in operating costs. Ind-Ra expects the EBITDA margin to continue
to improve in the near-to-medium term on account of a likely
reduction in power cost, backed by the firm's investments in solar
and windmill plants.
Comfortable Credit Metrics: VD's credit metrics improved in FY24
because of a decline in the total debt to INR609.70 million (FY23:
INR775.37 million, FY22: INR1,156.71 million) and the consequent
decrease in interest expenses. The interest coverage (operating
EBITDA/gross interest expense) improved to 5.50x in FY24 (FY23:
4.62x; FY22:4.20x) and net leverage (total adjusted net
debt/operating EBITDAR) to 1.92x (2.03x, 4.18x).However, Ind-Ra
expects the net leverage to deteriorate slightly in the near term
on account of planned debt-led capex but improve in the medium term
owing to a likely improvement in the absolute EBITDA and timely
repayment of debt.
Liquidity
Poor: The average maximum utilization of the fund-based working
capital limits was 99.82% over the 12 months ended March 2024. The
cash flow from operations improved to INR599.67million in FY23
(FY22: INR44.31 million, FY21: INR351.24 million) due to the
increase in absolute EBITDA and favorable changes in working
capital. As a result, the free cash flow turned positive at
INR451.39 million in FY23 (FY22: negative INR430.75 million, FY21:
INR393.83 million) despite capex of INR148.28 million incurred
during the year for the installation of the solar plant and
maintenance purposes. Ind-Ra expects the cash flow from operations
to have decreased in FY24 due to unfavorable change in working
capital; however, the cash flow is likely to gradually improve in
the near-to-medium term on account of improvement in profitability.
VD's cash and cash equivalents stood at INR50.52 million at FYE23
(FYE22: INR45.34 million, FYE21: INR295.99 million). The net
working capital cycle reduced to 2 days in FY23 (FY22: 19 days,
FY21: 34 days) due to a reduction in the receivable period to 44
days (62 days, 115 days). VD has repayment obligations of INR117.86
million and INR118.69 million in FY25 and FY26, respectively. VD
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.
Rating Sensitivities
Negative: Substantial deterioration in liquidity on a continued
basis could lead to a negative rating action.
Positive: An improvement in the liquidity while maintaining the
scale of operations and operating profitability, on a sustained
basis, could be positive for the ratings.
About the Company
Incorporated in March 2015, VD is promoted by Balvantrai Agarwal
and his family members. VD manufactures denim fabrics with a
capacity of 30 million meters per annum, including 312 weaving
looms. It also has two dyeing units with a total capacity of 45
million meters per annum. The company is a part of the Kumar group,
which has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.
VISHAL SPINTEX: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Vishal Spintex's (VS) bank facilities:
-- INR310 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating;
-- INR36.7 mil. Non-fund-based working capital limit affirmed
with IND A4+ rating;
-- INR343.6 mil. Term loan due on May 2030 affirmed with IND BB/
Stable rating;
-- INR150 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating;
-- INR233.4 mil. Term loan due on May 2030 assigned with IND BB/
Stable rating; and
-- INR16.6 mil. Proposed term loan assigned with IND BB/Stable
rating.
Detailed Rationale of the Rating Action
The affirmation reflects the poor liquidity position of VS's group
entity, Venus Denim ('IND B-'/Stable), from which VS derives
majority of its revenue.
Detailed Description of Key Rating Drivers
Modest Credit Metrics; Deterioration to Continue in FY25: In FY24
(provisional numbers), despite an increase in the absolute EBITDA
to INR398.90 million (FY23: INR285.87 million; FY22: INR228.55
million), VS's credit metrics deteriorated owing to an increase in
debt to fund capex, and the consequent increase in interest
expenses. The interest coverage (operating EBITDA/gross interest
expense) fell to 2.30x in FY24 (FY23: 2.77x; FY22: 4.35x) and the
net leverage (total adjusted net debt/operating EBITDAR) increased
to 3.51x (3.29, 2.48x). Ind-Ra expects the credit metrics to
deteriorate further in FY25 due to its planned debt-led capex, but
the metrics are likely improve in the medium term on account of a
likely increase in profitability and timely repayment of term
debt.
Stretched Liquidity: The average maximum utilization of the
fund-based working capital limits was 93.66% over the 12 months
ended March 2024. The cash flow from operations declined to
INR28.06 million in FY23 (FY22: INR168.94 million, FY21: INR248.95
million, FY20: INR99.76 million) due to unfavorable changes in
working capital. Furthermore, the free cash flow turned negative at
INR527.27 million in FY23 (FY22: INR52.49 million, FY21: INR94.15
million) as the firm incurred capex of INR555.33 million for
expanding spindle capacity and installing a windmill. Ind-Ra
expects the cash flow from operations to have turned negative in
FY24 on account of unfavorable changes in working capital; however,
the cash flow is likely to gradually improve in the medium term.
Highly Fragmented and Competitive Industry; Margins Susceptible to
Input Prices: VS operates in a highly competitive and fragmented
industry, which is characterized by a large number of organized and
unorganized players due to low entry barriers. The firm's ability
to compete, and constantly innovate and evolve with precise
marketing strategies would remain crucial to tackle the stiff
competition. The profitability depends largely on the prices of
cotton and cotton yarn, which are governed by various factors such
as area under cultivation, monsoon, international demand-supply
situation, among others. During the past years, the market has seen
volatility in cotton yarn production due to unstable cotton prices
and inconsistent cotton yarn export policy. However, the firm's
strong, longstanding relationships with its suppliers ensures
smooth supply of raw materials at all times.
Continued Medium Scale of Operations; Revenue Growth to Continue in
Near-to-Medium Term: During FY24, the revenue grew to INR4,664.20
million (FY23: INR4,456.23 million, FY22: INR4,192 million, FY21:
INR1,966.91 million) on account of an increase in sales volumes. In
FY23, VS derived 89.16% of its revenue from the sale of goods to
related entities - Venus Denims (79.70%) and Pinaz Texfab Pvt Ltd
(9.46%). Ind-Ra expects the revenue to marginally increase in the
near-to-medium term on account of a likely increase in sales volume
due to capacity additions undertaken during FY23.
Modest EBITDA Margin; Steady Rise in Profitability: The EBITDA
margin continued to increase in FY24, rising to 8.55% (FY23: 6.42%,
FY22: 5.45%, FY21: 8.73%), owing to a reduction in power costs,
resulting from the installation of wind power plants for captive
consumption. Ind-Ra expects the EBITDA margin to remain at FY24
levels in the near-to-medium term, though it would remain
susceptible to volatility in raw material prices.
Successful Completion of Debt-led Capex: In FY23, VS incurred capex
of INR555.33 million for increasing its spindle capacity by 20,000
spindles to 40,000 spindles and installing a 2.1MW windmill. Of the
total capex, INR439.125 million was funded through term loans and
the remaining through internal accruals. Furthermore, VS installed
an additional 2.1MW windmill costing INR180 million, for which it
had taken a term loan of INR100.875 million. It installed another
2.1MW windmill in FY24 and is installing a solar power plant in
FY25. For this, it will incur capex of INR190 million, of which
INR172.50 million will be funded from the new term loan (already
sanctioned).
Liquidity
Stretched: VS's cash and cash equivalents stood at INR45.42 million
at FYE23 (FYE22: INR37.53 million, FYE21: INR9.90 million). The
average maximum utilization of the fund-based working capital
limits was 93.66% over the 12 months ended March 2024. The cash
flow from operations declined to INR28.06 million in FY23 (FY22:
INR168.94 million, FY21: INR248.95 million, FY20: INR99.76 million)
due to unfavorable changes in working capital. Furthermore, the
free cash flow turned negative at INR527.27 million in FY23 (FY22:
INR52.49 million, FY21: INR94.15 million) owing to the incurring of
capex of INR555.33 million for expanding spindle capacity and
installing a windmill. Ind-Ra expects the cash flow from operation
to have turned negative in FY24 on account of unfavorable changes
in working capital. However, the cash flow from operations is
likely to gradually improve in the medium term. The net working
capital cycle stretched to 15 days in FY23 (FY22: 12 days, FY21: 42
days) due to an increase in the inventory period to 64 days (46
days, 66 days). VS has repayment obligations of INR176.04 million
and INR168.77 million in FY25 and FY26, respectively. VS does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Rating Sensitivities
Negative: Deterioration in the liquidity and credit metrics of the
group companies, or deterioration in the firm's scale of operations
or profitability or liquidity profile, all on a sustained basis,
could be negative for the ratings.
Positive: An improvement in the liquidity and credit metrics of all
group companies, on a sustained basis, could be positive for the
ratings.
About the Company
Incorporated in April 2014, Ahmedabad-based, VS is a partnership
firm promoted by Balvantrai Agarwal and his family with equal
profit-sharing ratio. The firm manufactures open and ring spun
cotton yarn of various counts with an installed capacity of 40,000
spindles at its three manufacturing units located in Gujarat. VS is
a part of Kumar Group. The group has a direct presence in weaving,
dyeing and manufacturing of yarn in the textile value chain.
[*] INDIA: IBC Rescued 3,171 Distressed Companies in 8 Years
------------------------------------------------------------
The Economic Times reports that finance minister Nirmala Sitharaman
on May 30 said the Insolvency and Bankruptcy Code (IBC) has rescued
3,171 distressed companies and assisted in the shutdown of unviable
firms since its introduction eight years ago.
This is a marked improvement from the resolution of stress in less
than 3,500 firms under the erstwhile Board of Industrial and
Financial Reconstruction (BIFR) regime in 30 years, she said,
pitching the IBC as a landmark piece of legislation, ET relates.
In a post on X (formerly Twitter), the minister said the IBC
framework is continually evolving to ensure it can meet the
changing needs of a rapidly-growing economy. "Our government has
taken numerous steps to strengthen the insolvency framework and
ensure resolutions happen in a timely manner. We remain committed
to strengthening capacities of NCLT (National Company Law Tribunal)
and NCLAT (National Company Law Appellate Tribunal) across the
nation by expeditiously filling vacancies."
According to ET, Sitharaman said the IBC has brought about a
"paradigm shift in the debtor-creditor relationship and provides a
streamlined, one-stop solution for resolving insolvencies". About
40% of the companies rescued were previously inactive, she said,
highlighting the IBC for its "ability to revive stagnant
businesses".
Since the IBC roll-out, a total of 3.36 lakh crore has been
recovered by creditors from defaulting firms that saw resolution,
ET notes. This represents around 32% of the creditors' claims and
162% of the liquidation value of the stressed firms, she said. On
an average, the resolution plans are yielding about 85% of the fair
value of the distressed companies when they were admitted for
insolvency. "This recovery has helped creditors provide additional
credit, thereby promoting economic development," she said.
Sitharaman cited a study by IIM Ahmedabad on the effectiveness of
the IBC resolution process, ET says. Three years after the
resolution of stress, the average sales of the companies rose 76%;
employee count recovered to nearly pre-bankruptcy levels; average
total assets jumped 50%, and their capital spending climbed 130%
indicating a build-up of tangible assets, she said.
ET adds prior to the IBC roll-out in 2016, corporate distress
proceedings were "governed by a patchwork of legislations, which
worsened rather than resolving issues", she said.
=====================
N E W Z E A L A N D
=====================
BILLYGOATGRUFF LIMITED: Creditors' Proofs of Debt Due on June 12
----------------------------------------------------------------
Creditors of Billygoatgruff Limited are required to file their
proofs of debt by June 12, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 29, 2024.
The company's liquidators are:
Wendy Somerville
Malcolm Hollis
C/o PwC, PwC Waikato
PO Box 191
Hamilton 3240
HEI JONESY: Court to Hear Wind-Up Petition on July 30
-----------------------------------------------------
A petition to wind up the operations of Hei Jonesy Haulage Limited
will be heard before the High Court at Rotorua on July 30, 2024, at
10:00 a.m.
Waitomo Petroleum Limited filed the petition against the company on
May 20, 2024.
The Petitioner's solicitor is:
Daniel Wein
Ellice Tanner Hart Solicitors
Level 3, 19 Knox St
Hamilton
OUTLAW REINFORCING: Creditors' Proofs of Debt Due on July 10
------------------------------------------------------------
Creditors of Outlaw Reinforcing Limited are required to file their
proofs of debt by July 10, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 29, 2024.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
SERTYN ENTERPRISES: Court to Hear Wind-Up Petition on June 11
-------------------------------------------------------------
A petition to wind up the operations of Sertyn Enterprises Limited
will be heard before the High Court at Rotorua on June 11, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 17, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
SYNLAIT MILK: Bright Dairy Bails Out Co Amid Further Debt Warnings
------------------------------------------------------------------
Just Food reports that Synlait Milk's largest shareholder has
bailed out the New Zealand dairy business by providing funds to
meet debt repayment obligations.
While China's Bright Dairy, which holds 39% of Synlait, will
provide a NZD130 million loan, the company said it was also talking
with creditors over further debt waivers as it struggles to meet
deleverage commitments, Just Food relates.
Meanwhile, Synlait's farmer suppliers have threatened to withdraw
from service agreements unless the Christchurch-headquartered
company reduces its debt as a multi-faceted stock-exchange
announcement came with another profit warning.
Synlait's shares fell on both the New Zealand and Australia stock
exchanges June 3 as the announcement was accompanied by the news
that the sale of the Dairyworks cheese business has been put on
ice.
The Bright Dairy loan would cover a missed debt repayment that
Synlait revealed in March before getting an extension in April with
creditors to July 15, as the New Zealand business also said it
would seek an equity raise, according Just Food.
Just Food adds that Chairman George Adams said in the filing: "We
are grateful for the support from Bright Dairy. We are actively
working with Bright Dairy on the remaining work relating to this
shareholder loan and a future equity raise. The shareholder loan,
and the future equity raise, will enable Synlait to reduce its debt
to a sustainable level."
Synlait Milk Limited -- https://www.synlait.com/ -- together with
its subsidiaries, manufactures and sells dairy products in China,
rest of Asia, the Middle East, Africa, New Zealand, Australia, and
internationally. It operates through Synlait and Dairyworks
segments. The company is also involved in the processing,
packaging, and marketing of dairy products.
SYNLAIT MILK: More Than Half of Suppliers Want to Quit
------------------------------------------------------
Radio New Zealand reports that embattled dairy company Synlait
Milk's financial woes have deepened with a confirmation that more
than half of its suppliers want to quit, its earnings outlook has
been downgraded, and it's scrapped the sale of an asset.
The dual-listed company made the announcement on the Australian
stock exchange, with the local market closed for the public
holiday.
It has nearly 300 suppliers of special A2 milk and any supplier
exits would take effect in 2026, according to RNZ.
RNZ relates that Synlait said the cessation to supply notices from
a "significant majority" were not a surprise given its current
performance.
"Farmer suppliers have signalled they want to see Synlait's balance
sheet deleveraged, so advanced rates can be lifted further, and
submitting a cessation notice provides an option, rather than a
clear intention to sign with other processors," it said in a
statement.
It reported a NZD96 million half year loss as it struggled to repay
a NZD130 million loan and finalise a strategy to turn around the
company, RNZ discloses.
It's signalled full year earnings will be at the lower end of its
NZD45 million-NZD60 million range, before expected one-off
charges.
According to RNZ, Synlait has been hit by high costs, falling
sales, the need to repay debt, and a row with its major customer A2
Milk, as well as being unable to sell its consumer dairy products
business Dairyworks, which it has valued at NZD120 million.
In April, the Canterbury-based company, put forward various options
to rescue its financial position, including possibly selling its
North Island plants and selling new shares, RNZ recalls.
At the half year result its net debt level was NZD559 million, and
its bankers agreed that the NZD130 million loan repayment due late
March could be delayed to mid-July.
Synlait Milk Limited -- https://www.synlait.com/ -- together with
its subsidiaries, manufactures and sells dairy products in China,
rest of Asia, the Middle East, Africa, New Zealand, Australia, and
internationally. It operates through Synlait and Dairyworks
segments. The company is also involved in the processing,
packaging, and marketing of dairy products.
WAIMA LOGGING: Court to Hear Wind-Up Petition on July 12
--------------------------------------------------------
A petition to wind up the operations of Waima Logging Limited will
be heard before the High Court at Gisborne on July 12, 2024, at
9:30 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 15, 2024.
The Petitioner's solicitor is:
Charles David Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
===============
P A K I S T A N
===============
PAKISTAN: Inflation Slows to 11.8% in May, Lowest in 30 Months
--------------------------------------------------------------
Reuters reports that Pakistan's consumer price index (CPI) in May
rose 11.8% from a year earlier, data from the Pakistan Bureau of
Statistics showed on June 3, the lowest reading in 30 months and
below the finance ministry's projections.
Reuters says the lowest reading comes a week before the central
bank meets to review the key rate which has remained at a historic
high of 22% for seven straight policy meetings.
According to Reuters, Pakistan has been beset by inflation above
20% since May 2022. Last year in May, inflation jumped as high as
38% as the country navigated reforms as part of an International
Monetary Fund bailout programme. However, inflation has since
slowed down.
Month-on-month consumer prices fell 3.2%, the biggest such drop in
more than two years.
In its monthly economic report released last week, Pakistan's
finance ministry said it expected inflation to hover between 13.5%
and 14.5% in May and ease to 12.5% to 13.5% by June 2024, Reuters
discloses.
"The inflation outlook for May 2024 continues on a downward
trajectory, attributed to elevated inflation levels (in the)
previous year and improvements in (the) domestic supply chain of
perishable items, staple food like wheat and (a) reduction in
transportation costs," the report said.
The actual readings have come in even lower due to a sharper dip in
food prices, said Amreen Soorani, head of research at JS Global
Capital, adds Reuters.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.
=================
S I N G A P O R E
=================
CREATIVE CONCEPT: Court to Hear Wind-Up Petition on June 21
-----------------------------------------------------------
A petition to wind up the operations of Creative Concept Interior
Pte Ltd will be heard before the High Court of Singapore on June
21, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
May 23, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
HAVE FUN: Commences Wind-Up Proceedings
---------------------------------------
Members of Have Fun Serangoon Pte Ltd on May 21, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ms. Ellyn Tan Huixian
Mazars Consulting
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
MAXEON SOLAR: Ernst & Young Raises Going Concern Doubt
------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 20-F Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2023, that its auditor expressed
substantial doubt about the Company's ability to continue as a
going concern.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
The Company has suffered recurring losses from operations and had
an accumulated deficit of $796.1 million as of December 31, 2023.
Further, since the third quarter of 2023, the worldwide solar
industry has suffered from oversupply and intense competition, as
well as lower demand in the Company's key markets driven by
regulatory changes and a higher global interest-rate environment.
All these factors have contributed to a steep fall in average
selling prices that has negatively impacted the Company's revenue,
profitability and cash flows. Furthermore, several large customers
in the United States have cancelled or deferred their off-take
commitments, further contributing to the deterioration of the
Company's financial condition. The Company's unrestricted cash and
cash equivalent balance as at December 31, 2023 was $190.2 million
and this has deteriorated to $98 million as at March 31, 2024. If
the current market conditions persist and the Company is not
successful in raising additional capital, the Company will not have
sufficient liquidity to meet its financial obligations as and when
they come due, and may be required to delay, limit, and/or reduce
its operational activities. As such, there is substantial doubt
about the Company's ability to continue as a going concern.
As part of the efforts to raise additional financing to alleviate
the substantial doubt on going concern, management has received a
funding commitment from its largest shareholder. TZE has agreed to
provide long-term funding of up to $197.5 million in debt,
equity-linked and/or equity financing, subject to certain
conditions and regulatory approvals. These conditions include but
are not limited to the restructuring of the Company's Green
Convertible Notes on terms mutually acceptable to the Company and
the noteholders, as well as certain regulatory approvals in China
and the United States. These financing plans have obtained the
approvals of the board of directors for both TZE and the Company.
In addition, the Company has taken steps to enhance its ability to
fund its operational expenses by reducing various costs and, is
prepared to take additional steps as and when necessary to further
reduce its operating costs. In aggregate, while there can be no
assurances that the Company will be able to obtain the needed
financing which is subjected to regulatory approvals, management
believes that the funding plans, when implemented, will mitigate
the relevant conditions or events that raise substantial doubt
about the Company's ability to continue as a going concern within
the next 12 months.
A full-text copy of the Company's Form 20-F is available at
https://bit.ly/4bZJusc
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.
RAFFLES INFRA: SGX Reprimands Ex-Chair, CEO for Breaching Rules
---------------------------------------------------------------
The Business Times reports that the Listings Disciplinary Committee
(LDC) of the Singapore Exchange (SGX) publicly reprimanded Wu
Xinhua, former executive chairman and chief executive officer of
Raffles Infrastructure Holdings, for breaking listing rules.
This concerns the company's non-factual and misleading
announcements on SGXNet between 2015 and 2018, including inflated
cash balances in its financial statements, BT relates.
According to BT, the LDC also imposed an order prohibiting any
issuer from appointing or reappointing Wu as a director or
executive officer, or both, for three years starting from last
Friday (May 31), the date when the regulatory committee's grounds
of decision were published.
"The sanctions are the maximum sanctions that the LDC is empowered
to impose against a director and/or executive officer pursuant to
Mainboard Rule 1417(2)," said the committee.
The LDC noted that the decisions were based on the severity of the
non-disclosures and misrepresentations, which amounted to
"deliberate fraud on the market". This is on top of Wu's lack of
cooperation during investigations.
The committee noted that Wu violated Mainboard Rule 703(4) by
causing the company to make false statements, BT relays.
In Raffles Infrastructure's announcements and annual reports
between November 2015 and November 2017, Wu caused the company to
disclose inflated figures of cash balances.
Additionally, between November 2015 and November 2017, the company
said that it had received claims related to products processed by
Shishi Sinwa, its only operating subsidiary then. It also said that
it had paid compensation to settle the claims. Investigations later
on found out that such claims did not exist, and the purported
compensation was not made.
BT relates that Wu also caused the company to disclose a
non-existing fixed deposit account held with Agricultural Bank of
China in SGXNet announcements between April 2015 and August 2018.
By causing the company to "fail to have a robust and effective
system of internal controls" that address financial, operational
and compliance risks, Wu breached Mainboard Rule 719(1).
He also breached Mainboard Rule 720(1) by failing to demonstrate
the character and integrity expected of a director of a listed
issuer.
The LDC added that all the documents pertaining to the proceedings
had been served on Wu, which he had confirmed, BT relays. The
regulatory body added that it was satisfied that Wu had chosen not
to respond, as opposed to being unaware of the charges against
him.
Wu was the company's executive chairman and CEO from July 2007 to
October 2017, BT notes. He then served as a non-independent,
non-executive director of the company from October 2017 to March
2019.
Raffles Infrastructure Holdings, formerly known as China Fibretech,
was founded by Wu in 2007. It was listed on the SGX's mainboard in
June 2008 and changed its name months after the listing.
It is now an investment holding company principally engaged in the
investment and management of infrastructure projects in Asia, based
on the LDC's grounds of decision.
Trading of Raffles Infrastructure shares has been suspended since
last July, BT notes.
Singapore-based Raffles Infrastructure Holdings Limited is
principally engaged in the business of infrastructure investment
and operating projects in Asia. The Company is engaged in operating
roadway and railway projects that include the Deng Feng City
Railway project and Xingwen County project, which is a 220
kilometers (km) rural road construction project.
SOCIETE INTERNATIONALE: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------------------
Creditors of Societe Internationale De Telecommunications
Aeronautiques Greater China Holdings Pte. Ltd. are required to file
their proofs of debt by July 1, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 23, 2024.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
ZINC AFRICA: Creditors' Meeting Set for June 20
-----------------------------------------------
Zinc Africa Hospitality Ventures Pte Ltd will hold a meeting for
its creditors on June 20, 2024, at 10:00 a.m. at 8 Marina View,
#40-04/05, Asia Square Tower 1, in Singapore.
Agenda of the meeting includes:
a. to receive the Liquidators' update on the progress of the
liquidation;
b. to consider and by resolution determine whether a Committee
of Inspection ("COI") should be formed and the persons to be
members of the COI if so formed;
c. to consider and by resolution approve the fees and expenses
of the Liquidators for the period from September 18, 2020 to
the conclusion of the liquidation; and
d. to consider any other matters to be brought before the
meeting.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 27, 2024 to May 31, 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 0.92
VIRGIN AUSTRALIA HO 8.00 11/26/24 AUD 0.16
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 8.08 03/05/24 AUD 0.50
VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.30
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.37
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.37
CHINA
-----
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.04
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.04
ALETAI CITY JUJIN U 7.73 10/26/24 CNY 25.49
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 62.73
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 60.00
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 64.48
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 21.52
ANNING DEVELOPMENT 8.00 12/04/25 CNY 21.45
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.80
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 42.59
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.80
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 42.47
ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 42.00
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.39
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.30
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 41.79
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.62
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.62
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 42.07
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.40
BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 41.43
BIJIE QIXINGGUAN DI 7.60 09/08/24 CNY 20.25
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 42.04
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.63
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.34
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.25
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.29
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 63.69
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.05
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.05
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.65
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.62
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.99
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.00
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.26
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.25
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.68
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.66
CHONGQING HONGYE IN 7.50 12/24/26 CNY 64.26
CHONGQING JIANGLAI 7.50 10/26/25 CNY 41.71
CHONGQING JIANGLAI 7.50 10/26/25 CNY 40.00
CHONGQING NANCHUAN 7.80 08/06/26 CNY 62.94
CHONGQING SHUANGFU 7.50 09/09/26 CNY 62.71
CHONGQING THREE GOR 7.80 03/01/26 CNY 42.59
CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI A 7.50 09/18/26 CNY 63.53
CHONGQING TONGRUI A 7.50 09/18/26 CNY 60.00
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.85
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73
CHONGQING YUDIAN ST 8.00 11/30/25 CNY 42.02
CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 19.40
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 42.15
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.87
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.19
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.19
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 42.28
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 63.59
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 60.00
DING NAN CITY CONST 7.80 04/08/26 CNY 42.61
DING NAN CITY CONST 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.67
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.41
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.91
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 63.99
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 42.22
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 40.00
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 41.75
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 40.00
FANTASIA GROUP CHIN 7.50 06/30/28 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 42.52
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 42.31
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 41.83
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 41.49
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 41.62
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.32
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.32
GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INV 7.50 06/03/26 CNY 43.09
GUANGAN XINHONG INV 7.50 06/03/26 CNY 42.75
GUANGDONG PEARL RIV 7.50 10/26/26 CNY 42.23
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 42.07
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 41.73
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.80
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.73
GUANGXI NINGMING HU 8.50 11/05/26 CNY 64.71
GUANGXI NINGMING HU 8.50 11/05/26 CNY 63.76
GUANGXI NINGMING HU 8.50 12/07/25 CNY 41.91
GUANGXI TIANDONG CO 7.50 06/04/27 CNY 45.00
GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 37.50
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 64.29
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 63.17
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 60.00
GUANGZHOU FINELAND 13.60 07/27/23 USD 5.00
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 63.54
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 42.32
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.74
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.00
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 42.40
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.41
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.76
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.59
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 63.49
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 42.88
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 42.04
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.28
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.40
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.48
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 63.37
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 62.61
GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 41.65
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.22
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.21
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.19
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.15
GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 42.13
HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.80
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.53
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.53
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.29
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.29
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.42
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 42.75
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONST 7.58 02/12/26 CNY 42.32
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.67
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 42.43
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.50
HUBEI JIAKANG CONST 7.80 12/19/25 CNY 41.39
HUBEI YILING ECONOM 7.50 03/28/26 CNY 42.46
HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 42.50
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 42.78
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.84
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.83
HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 41.48
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 42.05
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 42.21
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.50
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTA 7.90 09/20/25 CNY 41.70
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 63.55
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.72
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 41.38
JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 42.36
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.75
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.50
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.81
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 7.50 05/07/26 CNY 52.21
JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.91
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 42.06
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 63.83
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 54.12
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.58
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 42.40
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 20.30
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.24
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.43
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 60.98
KUNMING AIRPORT INV 7.50 01/28/26 CNY 41.70
LAOHEKOU CITY CONST 7.50 06/09/24 CNY 70.08
LAOTING INVESTMENT 7.50 04/11/26 CNY 42.54
LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 42.59
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.94
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRI 7.50 09/19/25 CNY 41.52
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.83
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.83
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.60
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.78
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.35
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.62
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.03
LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 63.05
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 42.45
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.88
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.88
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.30
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.10
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.00
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 40.76
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 17.00
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.92
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.88
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.18
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.42
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00
MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 52.36
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.85
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.50
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.65
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.06
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.30
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.26
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 64.09
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 42.64
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 64.34
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.95
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.97
MIANYANG HUIDONG IN 8.10 04/28/25 CNY 20.98
MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.76
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 42.04
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.94
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 41.81
MILE AGRICULTURAL I 8.00 10/25/25 CNY 41.50
MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 41.50
NANCHONG JIALING DE 7.98 05/23/25 CNY 21.01
NANCHONG JIALING DE 7.98 05/23/25 CNY 20.00
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.53
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.53
NEOGLORY HOLDING GR 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GR 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GR 8.10 11/23/18 CNY 72.00
NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.54
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.54
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.41
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.41
PANJIN LIAODONGWAN 7.50 12/28/26 CNY 64.32
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 64.05
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 20.98
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.38
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.37
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.58
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.58
PUDING YELANG STATE 8.00 03/13/25 CNY 20.81
PUDING YELANG STATE 8.00 03/13/25 CNY 20.70
PUDING YELANG STATE 7.79 11/13/24 CNY 20.30
PUDING YELANG STATE 7.79 11/13/24 CNY 20.08
PUER CITY SI MAO GU 7.50 03/14/26 CNY 42.32
PUER CITY SI MAO GU 7.50 03/14/26 CNY 40.00
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 64.94
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 64.94
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 42.20
QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.89
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.34
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.33
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 64.27
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 63.02
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.45
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.45
QUJING CITY QILIN D 8.50 01/21/26 CNY 42.53
QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVES 8.00 12/26/25 CNY 39.54
RENHUAI WATER INVES 7.98 07/26/25 CNY 41.28
RENHUAI WATER INVES 7.98 02/24/25 CNY 20.68
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 42.11
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 64.25
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVES 8.00 09/20/26 CNY 63.31
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 64.15
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 61.80
SHANDONG HONGHE HOL 7.50 01/29/26 CNY 42.10
SHANDONG OCEAN CULT 7.50 04/25/26 CNY 42.33
SHANDONG OCEAN CULT 7.50 03/28/26 CNY 42.05
SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.30
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 42.01
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00
SHANGLI INVESTMENT 7.80 01/22/26 CNY 42.15
SHANGLI INVESTMENT 7.80 01/22/26 CNY 40.49
SHANGLI INVESTMENT 7.50 06/01/25 CNY 20.93
SHANGLI INVESTMENT 7.50 06/01/25 CNY 20.79
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.29
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.22
SHANXI JINZHONG STA 7.50 05/05/26 CNY 42.56
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 41.97
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.74
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 21.35
SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.37
SHEHONG STATE OWNED 7.50 08/22/25 CNY 40.00
SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.45
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.43
SHIFANG CITY NATION 8.00 12/05/25 CNY 42.03
SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 45.79
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.11
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.11
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.11
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.11
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.14
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.14
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.11
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.05
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.73
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.45
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.37
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 10/26/22 CNY 12.63
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 41.98
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.84
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.84
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 5.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 2.80
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 1.68
TAIXING CITY CHENGX 7.60 04/24/26 CNY 42.79
TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGX 7.60 04/04/26 CNY 42.58
TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGX 7.80 03/05/26 CNY 42.61
TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00
TAIXING XINGHUANG I 8.50 11/15/25 CNY 42.13
TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.60
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 42.48
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 42.49
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.98
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.89
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 64.04
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 63.47
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.66
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 52.27
TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONS 7.50 07/23/25 CNY 41.25
TONGCHENG CITY CONS 7.50 07/23/25 CNY 40.00
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.75
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.93
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 42.11
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00
TONGREN WATER GROUP 8.00 11/29/28 CNY 71.98
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 42.07
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 41.35
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 40.87
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.62
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.50
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 42.20
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 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROU 7.90 12/22/20 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
WUSU CITY XINGRONG 7.50 10/25/25 CNY 41.74
WUSU CITY XINGRONG 7.50 10/25/25 CNY 40.00
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 42.51
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00
WUZHOU CANGHAI CONS 8.00 05/31/28 CNY 66.57
WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN 7.69 04/22/26 CNY 42.65
XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.28
XINFENG COUNTY URBA 7.80 04/16/26 CNY 42.87
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBA 7.80 12/05/25 CNY 42.00
XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBA 8.00 11/21/25 CNY 41.84
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.53
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.91
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.71
XINYU CITY YUSHUI D 7.50 09/24/26 CNY 63.46
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.53
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.50
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.50
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 42.59
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 42.05
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58
YANCHENG URBANIZATI 7.50 03/04/27 CNY 65.12
YANGLING URBAN RURA 7.80 06/19/26 CNY 63.06
YANGLING URBAN RURA 7.80 06/19/26 CNY 60.00
YANGLING URBAN RURA 7.80 02/20/26 CNY 42.12
YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.19
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.11
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.88
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00
YICHANG CHUANGYUAN 7.80 11/06/25 CNY 41.79
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.67
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.67
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 43.03
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY 7.90 11/05/25 CNY 41.89
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.98
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 42.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 41.33
YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.81
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 41.33
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.83
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.51
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.20
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.08
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.07
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.85
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 64.95
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 42.76
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 64.44
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 65.18
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 60.00
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.62
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.38
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.38
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 63.79
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 60.00
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 42.57
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.60
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 41.94
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 42.15
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.14
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 41.41
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 62.60
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.00
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 59.59
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 51.72
ZHUZHOU RAILWAY IND 7.50 09/25/24 CNY 20.28
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 66.12
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVEST 8.00 02/14/26 CNY 42.17
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.33
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.29
ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 71.89
ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 70.00
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 64.62
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 63.93
HONG KONG
---------
CHINA SOUTH CITY HO 9.00 12/11/24 USD 21.28
CHINA SOUTH CITY HO 9.00 10/09/24 USD 22.34
CHINA SOUTH CITY HO 9.00 06/26/24 USD 21.15
CHINA SOUTH CITY HO 9.00 04/12/24 USD 20.00
HAINAN AIRLINES HON 12.00 10/29/21 USD 2.21
HONGKONG IDEAL INVE 14.75 10/08/22 USD 1.57
YANGO JUSTICE INTER 7.50 02/17/25 USD 0.24
YANGO JUSTICE INTER 7.88 09/04/24 USD 0.50
YANGO JUSTICE INTER 7.50 04/15/24 USD 0.13
YANGO JUSTICE INTER 8.25 11/25/23 USD 0.27
YANGO JUSTICE INTER 9.25 04/15/23 USD 0.47
YANGO JUSTICE INTER 10.00 02/12/23 USD 0.14
YANGO JUSTICE INTER 10.25 09/15/22 USD 0.11
YANGO JUSTICE INTER 10.25 03/18/22 USD 0.12
ZENSUN ENTERPRISES 12.50 04/23/24 USD 3.56
ZENSUN ENTERPRISES 12.50 09/13/23 USD 4.69
INDONESIA
---------
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 63.68
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 63.68
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 55.80
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 55.69
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 58.52
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 58.42
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 60.60
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 60.28
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 60.08
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 59.47
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 62.65
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 62.65
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 59.66
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 58.99
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.60
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.09
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.62
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.07
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.31
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.18
WIJAYA KARYA PERSER 8.60 12/18/25 IDR 33.24
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 72.86
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 72.86
INDIA
-----
AXIS FINANCE LTD 8.10 11/17/28 INR 73.64
HELLA INFRA MARKET 11.00 07/05/25 INR 70.81
IIFL SAMASTA FINANC 10.75 02/24/25 INR 37.68
IKF FINANCE LTD 10.60 03/27/25 INR 49.85
MAHANAGAR TELEPHONE 7.51 03/06/34 INR 53.46
PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25
SHRIRAM FINANCE LTD 8.55 04/28/28 INR 19.52
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.84
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 0.24
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.24
BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.22
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.22
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.21
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.21
ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 17.78
MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.87
NOMURA INTERNATIONA 7.65 10/04/37 AUD 64.87
NOMURA INTERNATIONA 19.50 08/28/28 TRY 69.19
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
SOUTH KOREA
-----------
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 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 61.40
SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 62.33
SRI LANKA GOVERNMEN 12.40 04/15/36 LKR 63.47
SRI LANKA GOVERNMEN 12.40 03/15/35 LKR 64.84
SRI LANKA GOVERNMEN 12.40 02/15/34 LKR 66.49
SRI LANKA GOVERNMEN 12.40 01/15/33 LKR 68.44
SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 72.68
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 57.84
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 57.80
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 58.59
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 58.58
*********
S U B S C R I P T I O N I N F O R M A T I O N
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