/raid1/www/Hosts/bankrupt/TCRAP_Public/240611.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 11, 2024, Vol. 27, No. 117
Headlines
A U S T R A L I A
ART MONEY: On Brink of Collapse After it Pauses Operations
AUSTRALIAN CLADDING: First Creditors' Meeting Set for June 14
EI SERVICES: First Creditors' Meeting Set for June 13
JARL ENTERPRISES: Second Creditors' Meeting Set for June 14
JOHNNY'S FURNITURE: In Administration
LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba1
LM STRUCTURES: First Creditors' Meeting Set for June 14
PRECIOUS CARGO: Goes Into Voluntary Administration
RL CAPITAL: First Creditors' Meeting Set for June 13
ROXY'S BOOTCAMP: Court Enters Provisional Liquidation Order
C H I N A
ZHONGSHAN TORCH: Moody's Withdraws 'B1' Corporate Family Rating
I N D I A
AB AGROTECH: Insolvency Resolution Process Case Summary
ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating
ANDHRA CEMENTS: CARE Keeps D Debt Rating in Not Cooperating
APEX CONSUMER: Insolvency Resolution Process Case Summary
ARAMBAGH HATCHERIES: Liquidation Process Case Summary
ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
BEST IT WORLD: Insolvency Resolution Process Case Summary
BIG VIKING: Voluntary Liquidation Process Case Summary
CHANDRABHAGA REALTORS: Insolvency Resolution Process Case Summary
CHEEMA SPINTEX: Insolvency Resolution Process Case Summary
CMJ BREWERIES: CARE Keeps D Debt Rating in Not Cooperating
COLOSSUS TRADE: CARE Keeps B Debt Rating in Not Cooperating
CONCEPT BIOSCIENCES: Liquidation Process Case Summary
CREAATIVE POWERTECH: Liquidation Process Case Summary
DEKSON CASTINGS: CARE Lowers Rating on INR12.62cr LT Loan to D
DMG AGRO: CRISIL Reaffirms C Rating on INR4.80cr Cash Loan
GOLDENLINE INFRASTRUCTURES: Insolvency Resolution Case Summary
HARRIN POULTRY: CARE Keeps D Debt Rating in Not Cooperating
HIMALAYAN MINERAL: NCLT Initiates Insolvency Process, Names IRP
INDO ALUSYS: Insolvency Resolution Process Case Summary
INFINITI METAL: Insolvency Resolution Process Case Summary
INTERTEK APPLIANCES: Liquidation Process Case Summary
J. P. STEEL: CRISIL Moves B+ Debt Rating to Not Cooperating
JAIPRAKASH ASSOCIATES: Suspended Board Challenges Insolvency Order
JAYPEE INFRA: Suraksha to Pay 1st Tranche to YEIDA Before Aug. 24
K P BIOFUELS: CARE Reaffirms B+ Rating on INR64cr LT Loan
KESHREE METALURGIES: CRISIL Cuts Rating on INR5cr Loan to B+
KOHINOOR GINNING: Liquidation Process Case Summary
KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating
KUNDAN SUPPLIERS: Voluntary Liquidation Process Case Summary
LAKSHMI TRANSCON: Liquidation Process Case Summary
LARK LOGISTICS: Liquidation Process Case Summary
LATHA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
MADHYA BHARAT: Insolvency Resolution Process Case Summary
MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating
MANAV GREYS: Insolvency Resolution Process Case Summary
MARSHALL BREEDERS: Insolvency Resolution Process Case Summary
MEENA JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
NUPOWER WIND: CARE Lowers Rating on INR56.51cr LT Loan to D
OASIS MARINE: Insolvency Resolution Process Case Summary
RAI FERTILIZER: CRISIL Assigns B+ Rating to INR25cr Cash Loan
REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
SANJIVANI PARANTERAL: CRISIL Hikes Rating on INR32cr Loan to B+
SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
SAVALIYA COTTON: Liquidation Process Case Summary
SRUSTI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
SUNBEAM LIGHTWEIGHTING: CRISIL Cuts Rating on INR50cr Loan to D
TAU AGRO: CARE Keeps B Debt Rating in Not Cooperating Category
TIMEKEEPERS THE WATCH: Insolvency Resolution Process Case Summary
TRANSTREASURE SERVICES: Liquidation Process Case Summary
VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating
WOODVILLE PALACE: CARE Keeps D Debt Rating in Not Cooperating
XRBIA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
GARUDA INDONESIA: Wins Argument for Foreign State Immunity
N E W Z E A L A N D
APPLIANCE STAR: Court to Hear Wind-Up Petition on June 14
BEAUTIFUL APPEARANCE: Creditors' Proofs of Debt Due on June 30
FZ GROUP: Court to Hear Wind-Up Petition on June 14
HIGHGATE RESIDENTIAL: Creditors' Proofs of Debt Due on July 3
NEW ZEALAND VACUUM: Creditors' Proofs of Debt Due on July 10
S I N G A P O R E
AQUARIUS INVESTMENTS: Court Enters Wind-Up Order
HUE CONCEPT: Court to Hear Wind-Up Petition on June 28
JCUBE ENGINEERING: Court to Hear Wind-Up Petition on June 28
MCCI ASIA: Commences Wind-Up Proceedings
SSB CONSULTANTS: Court to Hear Wind-Up Petition on June 21
X X X X X X X X
[*] BOND PRICING: For the Week June 3, 2024 to June 7, 2024
- - - - -
=================
A U S T R A L I A
=================
ART MONEY: On Brink of Collapse After it Pauses Operations
----------------------------------------------------------
News.com.au reports that an Australian art fintech which was used
in more than 50 countries and had secured AUD100 million in debt
finance has suspended its operations indefinitely as it desperately
scrambles to survive.
Over the weekend, Art Money announced to customers in an email
titled 'The Hardest News' that the business made the "difficult
decision" to "pause business operations," news.com.au relates.
According to the report, the company's founder and CEO, Sydney-born
Paul Becker, said he was looking to "recapitalise" the fintech and
that he needed another US$5 million (AUD7.6 million) to start
making a profit.
"The business I founded, Art Money, has run out of operating
capital and I've let down a lot of people who believed in it, and
in me," he wrote.
Art Money worked similarly to a buy now pay later application but
specifically for the art world, where its customers could use the
lending facility to help them buy an artwork ranging anywhere from
AUD500 up to AUD1 million.
News.com.au relates that Mr. Becker said that the indefinite shut
down will mean new clients can't apply for finance, and existing
clients can't make any more purchases.
"At least, for now," he added.
He also said that, all galleries, artists and art sellers have been
paid, or will be shortly, news.com.au relays.
Similar to Afterpay, Art Money customers paid for artworks in 10
monthly instalments, with no interest.
And like other buy now pay later services, part of its business
model saw Art Money pay sellers before they themselves received any
money from the customer.
Art Money launched a decade ago and since then has managed to
partner with more than 2000 art galleries around the world.
Its website claims that more than 20,000 artworks have been
purchased thanks to its existence.
Art Money has an Australian credit licence and had secured AUD100
million in debt finance.
AUSTRALIAN CLADDING: First Creditors' Meeting Set for June 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Cladding Specialists Pty Ltd will be held on June 14, 2024 at 11:00
a.m. via Microsoft Teams.
Christopher J MacDonnell of Restructuring Solutions was appointed
as administrators of the company on June 4, 2024.
EI SERVICES: First Creditors' Meeting Set for June 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of EI Services
Pty Ltd will be held on June 13, 2024 at 3:00 p.m. at Level 12, 20
Bridge Street in Sydney.
Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of the company on June 3, 2024.
JARL ENTERPRISES: Second Creditors' Meeting Set for June 14
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Jarl
Enterprises Pty Ltd has been set for June 14, 2024 at 1:00 p.m. via
video conference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 13, 2024 at 5:00 p.m.
Rachel Burdett and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on May 9, 2024.
JOHNNY'S FURNITURE: In Administration
-------------------------------------
News.com.au reports that a national retail chain with stores across
Australia has collapsed with customers left anxiously waiting to
see what will happen to lay-by purchases and store credit or gift
vouchers.
Retailer Johnny's Furniture, which three stores in NSW, four across
QLD and one in Victoria, were sent into administration due to a
"significant decline in revenue," according to news.com.au.
Shumit Banerjee from insolvency firm Westburn Advisory has been
appointed to handle the administration.
News.com.au says some customers arrived at Johnny's Furniture
stores only to discover the business had gone under.
They were handed a letter on behalf of administrators announcing an
"urgent assessment of the business was being undertaken" and a sale
or recapitalisation of the company was being considered.
"The director of the company has indicated his desire to honour
store credits and lay-bys, and we are currently working with the
director regarding same," the letter read.
"I am currently continuing to trade the business in a limited
capacity. We sympathise with customers with unfulfilled orders and
ask for patience while we undertake our urgent assessment."
Creditors owed money include lenders, staff, customers, the ATO,
related parties and other government revenue offices, according to
Mr. Banerjee.
One customer was Gold Coast woman Alana Boland, who paid AUD950
towards an AUD1800 new lounge in November last year.
She turned up to the store last week only to discover the company
had been put into administration.
The new homeowner said she had requested a refund back in April but
never received it.
"I've just bought my first home for myself at 27, I've got a
mortgage and I was looking forward to getting a new lounge - it
kind of opens your eyes to the bad things in the world," she told
the Gold Coast Bulletin, news.com.au relays.
Mr. Banerjee said he anticipated providing customers with a further
update in two to three weeks.
"Whilst my appointment is in its infancy, my preliminary
investigations indicate that the company had a significant decline
in revenue during the 2024 financial year, which likely contributed
to the director's decision to place the company into voluntary
administration," news.com.au quotes Mr. Banerjee as saying.
LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on eight classes of notes
issued by two Liberty Series SME.
The affected ratings are as follows:
Issuer: Liberty Series 2021-1 SME
Class B Notes, Upgraded to Aaa (sf); previously on Sep 15, 2022
Upgraded to Aa1 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to A1 (sf); previously on Sep 15, 2022
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Jul 28, 2023
Upgraded to Baa3 (sf)
Issuer: Liberty Series 2022-1 SME
Class C Notes, Upgraded to Aa3 (sf); previously on Jul 28, 2023
Upgraded to A1 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Nov 7, 2022
Definitive Rating Assigned Baa1 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Nov 7, 2022
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on Nov 7, 2022
Definitive Rating Assigned Ba3 (sf)
A comprehensive review of all credit ratings for the transactions
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and collateral performance to
date.
No actions were taken on the remaining rated classes in this
transaction as credit enhancement remains commensurate with the
current rating for the respective notes.
Liberty Series 2021-1 SME
Following the April 2024 payment date, credit enhancement available
for the Class C and Class E Notes has increased to 9.4% and 2.0%
respectively, from 8.5% and 1.8% as at the last rating action date
for these notes in July 2023. Credit enhancement available for the
Class B and Class D Notes has increased to 13.8% and 6.9%
respectively, from 10.7% and 5.3% as at the last rating action date
for these notes in September 2022. Principal collections have been
allocated on a pro-rata basis among the rated notes since the
November 2023 payment date. Current total outstanding notes as a
percentage of the total closing balance is 62.4%.
As of end-April 2024, 0.4% of the outstanding pool was 30-plus days
delinquent and 0.1% was 90-plus days delinquent. The deal has
incurred no losses to date.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.6% of the
outstanding pool balance (equivalent to 1.0% of the original pool
balance) from 1.7% (equivalent to 1.2% of the original pool
balance) at the time of the last rating action in July 2023.
Moody's has also updated the Aaa portfolio credit enhancement to
10.2% from 13.1%.
Liberty Series 2022-1 SME
Following the April 2024 payment date, credit enhancement available
for the Class C Notes has increased to 9.4% from 8.0% as at the
last rating action date for these notes in July 2023. Credit
enhancement available for the Class D, Class E and Class F Notes
has increased to 7.1%, 4.5% and 3.6% respectively, from 5.4%, 3.4%
and 2.8% at closing. Principal collections have been allocated on a
sequential basis since closing. Current total outstanding notes as
a percentage of the total closing balance is 77.0%.
As of end-April 2024, 0.8% of the outstanding pool was 30-plus days
delinquent and 0.1% was 90-plus days delinquent. The deal has
incurred no losses to date.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.6% of the
outstanding pool balance (equivalent to 1.3% of the original pool
balance) from 1.8% (equivalent to 1.6% of the original pool
balance) at the time of the last rating action in July 2023.
Moody's has also updated the Aaa portfolio credit enhancement to
10.5% from 13.0%.
The transactions are securitisations of loans to self-managed
superfunds, small-to-medium enterprises and individuals, originated
by Liberty Financial Pty Ltd, an Australian non-bank lender. The
loans are secured by residential or commercial properties, or a mix
of both. A portion of the portfolios consists of loans extended to
borrowers with impaired credit histories or made on a limited
documentation basis, or no documentation basis.
Due to the mixed nature of the pools, Moody's has categorised the
portfolios into separate residential loan and SME sub-pools in its
analysis.
The methodologies used in these ratings were "Residential
Mortgage-Backed Securitizations" published in May 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
LM STRUCTURES: First Creditors' Meeting Set for June 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of LM
Structures Pty Ltd will be held on June 14, 2024 at 10:00 a.m. via
virtual meeting only.
Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of the company on June 3, 2024.
PRECIOUS CARGO: Goes Into Voluntary Administration
--------------------------------------------------
9news.com.au reports that seven childcare centres in Adelaide are
in danger of shutting down after the company behind them went into
voluntary administration.
Precious Cargo Education called in administrators on June 4, with
founder and director Cheryl Shigrov saying difficulties facing the
entire industry were behind the company's struggles, according to
9news.com.au.
"In recent years there have been some challenges that the company
has not been able to overcome that have been experienced
sector-wide," the report quotes Ms. Shigrov as saying.
"In my role, I as director take responsibility for not being able
to navigate these challenges.
"To our children, families and staff I apologise that my journey
has come to a close, but ask that you work together with the
administrators and I to find a way forward to preserve Precious
Cargo and bring it back to a thriving entity."
Founded in 2006, Precious Cargo operates seven childcare centres
across Adelaide and employs more than 400 staff, according to the
company's website.
It is not known whether staff have been stood down and whether the
centres are still open during the administration process, the
report says.
9news.com.au has contacted administrators Heard Phillips Lieberenz
for comment.
When announcing her company had gone into administration, Ms.
Shigrov said she was proud of Precious Cargo's growth, 9news.com.au
relays.
"In SA, Precious Cargo stood apart with its exterior branding and
contemporary interiors and was the first to offer food from
commercial kitchens, to provide dinners for the children, embedded
music rooms that offered extended curriculum and incorporated
chickens and veggie patches to the outdoor areas," she said.
"It was a far cry from the centres I toured in 2005.
"I relish the part that Precious Cargo played in altering the
trajectory of childcare centres, and ultimately the learning
outcomes for children in Australia.
"Today, I continue to have our children, their families and our
staff at the forefront as I work through the administration process
to a positive outcome."
RL CAPITAL: First Creditors' Meeting Set for June 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of RL Capital
Pty Ltd will be held on June 13, 2024 at 11:30 a.m. via Zoom
meeting.
Matthew Jess and Matthew Kucianski of Worrells were appointed as
administrators of the company on June 1, 2024.
ROXY'S BOOTCAMP: Court Enters Provisional Liquidation Order
-----------------------------------------------------------
News.com.au reports that a bitter dispute that emerged after a
widely publicised PR stunt involving Roxy Jacenko has taken another
turn as the company involved was plunged into liquidation.
On June 5, the Supreme Court of NSW ordered that provisional
liquidators take over Roxy's Bootcamp Pty Ltd, news.com.au
disclsoses.
Then late on June 6, an ASIC notice revealed that Andrew Blundell
and Simon Cathro of restructuring firm Cathro Partners had taken
over the business and that it is now in liquidation.
According to the report, Roxy's Bootcamp was involved in an already
controversial and sensational AUD10 million competition, of which
the eponymous Jacenko, a well-known PR maven, was the figurehead.
News.com.au relates that Ms. Jacenko, alongside her then business
partners Kassim Alaouie and Youssef Tleis, encouraged punters to
sign up for the company's online business workshops through
offering a generous giveaway prize.
The Roxy's Bootcamp winner would receive a luxurious
multimillion-dollar waterfront home at Sydney's Cronulla valued at
AUD10 million, which featured heavily on the Roxy's Bootcamp
website and is described as having an "opulent Mediterranean
aesthetic," with a pool and double garage.
Other prizes included a Rolex watch and Hermes Birkin bag, both
valued at AUD20,000, and also AUD250,000 cash, the competition's
terms and conditions stated, news.com.au relates.
The winners were meant to be drawn June 7, with the announcement
slated for June 8. But before that could happen, the business
entered liquidation, the report notes.
Mr. Blundell, one of the provisional liquidators, told news.com.au
on June 7 "It's not a full blown liquidation".
"(It's where) an independent person (has) come in to maintain the
status quo."
Even though the business is not technically shut down, Mr. Blundell
said the AUD10 million giveaway "is not going to occur today".
"My investigations are ongoing," he added.
Ms. Jacenko's lawyer, Gregory George, told news.com.au his client
had made the application for the provisional liquidation.
In a statement to news.com.au, Ms. Jacenko said she had personally
been left out of pocket over the debacle and would pay back refunds
to customers.
"I stand by my offer to refund customers and as a result of this,
AUD684K of my own, personal funds remain in my solicitor's trust
account," she said.
According to news.com.au, Ms. Jacenko wanted to put a stop to the
promotion due to a subclause which stated the prize would only be
delivered if the competition achieved more than AUD11.5 million in
revenue.
"In the event that the promotion revenue is less than the minimum
revenue amount the parties agree that the property will not be made
available and the company will not be required to acquire the
property," the clause stated.
"I suggested to Mr. Tleis and Mr. Alaouie that we halt the
promotion, we issue refunds and I was willing to wear the costs I
had incurred on behalf of the company - this was rejected and I was
persuaded to keep going," Ms. Jacenko, as cited by news.com.au,
claimed.
"I loaned the company in excess of AUD100,000 in order to ensure
that sufficient funds were available to the company."
However, Mr. Tleis denies any wrongdoing and says he has also been
left out of pocket over the ordeal, the report adds.
=========
C H I N A
=========
ZHONGSHAN TORCH: Moody's Withdraws 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Ratings has withdrawn Zhongshan Torch Public Assets Mgmt Gp
Co Ltd's B1 corporate family rating and b2 Baseline Credit
Assessment.
Prior to the withdrawal, the outlook on Zhongshan Torch's rating
was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
COMPANY PROFILE
Zhongshan Torch is 100% indirectly owned by the Zhongshan municipal
government via the Administration Committee of the Torch
Development Zone. It is the sole operator in the Torch Development
Zone to promote business in the area; develop, operate and manage
different types of properties and ancillary facilities; and
consolidate state-owned enterprises in the development zone.
=========
I N D I A
=========
AB AGROTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: AB AGROTECH INDIA PVT. LTD.
919, Maker Chamber V, Nariman Point, Mumbai,
Mumbai City, Maharashtra-400021, India
Insolvency Commencement Date: May 15, 2024
Estimated date of closure of
insolvency resolution process: November 11, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: MR. MUKESH KUMAR JAIN
C-203, Edge Opposite Manuti Suzuki Arena,
Vidhansabha Road, Mova, Raipur-492007 (C.G.)
E-mail: mkj2822@gmail.com
E-mail: cirp.abaipl@gmail.com
Last date for
submission of claims: May 29, 2024
ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alcob
India Private Limited (AIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 16.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of AIPL under the 'issuer non-cooperating'
category as AIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 26, 2024, March 7, 2024, March 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Alcob India Private Limited (AIPL), formerly known as Alcob System
Private Limited was incorporated on July 26, 2004 based in Pune
promoted by Mr. Badrinarayan Rajagopalan. AIPL is engaged into
aluminum façade engineering includes designing, engineering,
manufacturing and installation of all types of facade systems, the
advanced curtain-wall and cladding systems which is offered
globally. AIPL's client base includes ITC, Hindustan Unilever,
Sahayadri Hospitals, Ruby Hall Clinic etc. The company operates
from headquarter at Pune however has office in Mumbai, Noida and
Ahmedabad as well.
ANDHRA CEMENTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Andhra
Cements Limited (ACL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 910.79 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 28.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2023,
placed the rating(s) of ACL under the 'issuer non-cooperating'
category as ACL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 30, 2024, February 9, 2024, February 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Cements Limited (ACL) (ISIN: INE666E01020) has cement
manufacturing facilities at Dachepalli, Guntur District (Durga
Cement Works) with a split grinding unit at Visakhapatnam, Andhra
Pradesh (Visakha Cement Works). The Resolution Applicant, Sagar
Cements Limited upon successful implementation of the Resolution
Plan took over the control of the management and ownership of the
Company and by virtue of which the company has become subsidiary of
Sagar Cements Limited with effect from March 23, 2023.
APEX CONSUMER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Apex Consumer Appliances Private Limited
Registered Address:
Plot No. 29-P
Off Kanjur Village Road
Opp. Crescent Industrial Estate
KanjurMarg East, Mumbai,
Maharashtra, India 400042
Insolvency Commencement Date: May 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 16, 2024
Insolvency professional: Rajendra Dattatray Aphale
Interim Resolution
Professional: Rajendra Dattatray Aphale
C 203, Sarovar Darshan Tower
Almeida Road, Pachpakhadi
Near TMC, Thane
Maharashtra, 400601
E-mail: rajaphale.ip@gmail.com
-- and --
Orion Resolution and Turnaround Private Limited
811, Meadows Sahar Plaza Sub Plot A
Bldg No, 6 AKRoad
Next to Kohinoor Continental
Mumbai -400069
E-mail: cirp.apexconsumerappliances@gmail.com
Last date for
submission of claims: June 4, 2024
ARAMBAGH HATCHERIES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Arambagh Hatcheries Limited
Registered Office:
P O Arambagh
Dist Hooghly WB 71260 India
Corporate Office:
59 B Chowringhee Road,
Kolkata 700020
West Bengal
Liquidation Commencement Date: May 1, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Decode Resolvency International Private Limited
1101, Floor-11, Plot-211, Dalamal Tower,
Free Press Journal Marg, Nariman Point,
Mumbai-400021, Maharashtra
E-mail: ip@decoderesolvency.com
E-mail: liquidator.ahl@decoderesolvency.com
Last date for
submission of claims: June 16, 2024
ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Arihant
Sugar Industries Limited (ASIL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.27 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2023,
placed the rating(s) of ASIL under the 'issuer non-cooperating'
category as ASIL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ASIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 30, 2024, February 9, 2024, February 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated on August 2009 as a Private Limited company, Arihant
Sugar Industries Limited (ASIL) was later reconstituted as a Public
Limited company on February 11, 2010. ASIL is engaged in production
of white crystal sugar & molasses from sugarcane. The plant is
located at Chikkodi Taluka in Belgaum District of Karnataka. The
company's name has been changed from Om Sugars Limited to Arihant
Sugar Industries Limited with effect from June 4, 2020.
ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashvi
Developers Private Limited (ADPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2500.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2023,
placed the rating(s) of ADPL under the 'issuer non-cooperating'
category as ADPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ADPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 30, 2024, February 9, 2024, February 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along with
another company Atithi Builders and Constructors Pvt. Ltd. (ABCPL)
of Ariisto Realtors group is developing a real estate project
"Ariisto Sommet" (erstwhile named as Ariisto Solitaire) at
Goregaon, Mumbai. The group has developed an area of 68.12 lakh
square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious retail
spaces and TDR generating rehab projects in and around Mumbai.
BEST IT WORLD: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Best IT World (India) Private Limited
Registered Address:
87, Mistry Industrial Complex MIDC Cross Road 'A'
Andheri Mumbai-400093, Maharashtra
www.iball.co.in
Insolvency Commencement Date: May 22, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 18, 2024
Insolvency professional: Rakesh Kumar Tulsyan
Interim Resolution
Professional: Rakesh Kumar Tulsyan
B-4, Vinay Tower, Kranti Nagar
Lokhandwala, Kandivali East
Mumbai - 400101
E-mail: tulsyanrk@gmail.com
E-mail: CIRP.BESTIT@GMAIL.COM
Last date for
submission of claims: June 5, 2024
BIG VIKING: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Big Viking Games Private Limited
Obeya Pulse 7, 1 Ulsoor Road,
Yellappa Chetty Layout Sivanchetti Gard,
Eris, Bangalore, Karnataka-560042, India
Liquidation Commencement Date: September 5, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Rajeev Lochan
243, 1st floor, Agcr Enclave
New Delhi-110092
E-mail: bigviking.vl@gmail.com
E-mail: csrajeevvlochan@gmail.com
Mobile No: 9818034467
Last date for
submission of claims: June 8, 2024
CHANDRABHAGA REALTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Chandrabhaga Realtors Pvt. Ltd
S.No. 70/1 New Sangavi, Ganesh Nagar, Pune,
Pune, Maharashtra India, 411061
Insolvency Commencement Date: May 7, 2024
Estimated date of closure of
insolvency resolution process: November 3, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: MR. MUKESH KUMAR JAIN
C-203, Edge Opposite Manuti Suzuki Arena,
Vidhansabha Road, Mova, Raipur-492007 (C.G.)
E-mail: mkj2822@gmail.com
E-mail: cirp.chandrabhaga@gmail.com
Last date for
submission of claims: May 31, 2024
CHEEMA SPINTEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Cheema Spintex Limited
House No.176/2, Sector-41A,
Chandigarh-160036
Insolvency Commencement Date: May 17, 2024
Estimated date of closure of
insolvency resolution process: November 13, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Nipan Bansal
10-B Udham Singh Nagar, Ludhiana, Punjab-141001
Email: irp@parshotamandassociates.com
Email: cirp.cheemaspintex@gmail.com
Last date for
submission of claims: May 31, 2024
CMJ BREWERIES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of CMJ
Breweries Private Limited (CBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 176.93 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 23, 2023,
placed the rating(s) of CBPL under the 'issuer non-cooperating'
category as CBPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2024, February 16, 2024, February 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
CMJ Breweries Pvt Ltd, incorporated in November 2007, is promoted
by the Meghalaya-based Jain family. For the Brewery segment -The
annual installed capacity was increased from 2,00,000 HLPA in 2013
and to 700,000 HLPA in 2020. The distillery commenced operations in
October 2014. The company has set up a 100 KLPD state of art grain
based Extra Neutral Alcohol (ENA) Plant at Byrnihat, Meghalaya. The
grain based ENA caters to the Eastern and North Eastern region
where the demand is high. A Captive power plant of 4.20 MW has been
set up alongside the distillery.
COLOSSUS TRADE: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Colossus
Trade Links Limited (CTLL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 14, 2023,
placed the rating(s) of CTLL under the 'issuer non-cooperating'
category as CTLL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CTLL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 28, 2024, March 9, 2024, March 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of CTLL have been revised
on account of non-availability of requisite information. The
revision also considers increase in overall debt as well as
moderate debt coverage indicators during FY23.
Delhi based Colossus Trade Links Limited (CTLL) was incorporated as
a public limited company (unlisted) in April 2004 by Mr. Deepak
Gulati, Mr. Namit Gulati and Mr. Tarun Gulati, who all are
currently managing the overall operations of the company. The
company is engaged in trading of scrap metal procured from various
automobile OEMs like JBM Group, TATA Motors, Maruti Suzuki, Honda
Motors, Mahindra etc. which is segregated into reusable metal which
is bundled and sent for sale directly and the actual scrap is
processed further and converted into small parts (i.e., blanking)
as per customers' requirements. The goods are sold to major metal
and steel companies like Jindal Steel, TATA Steel, AIA Group, Jai
Bharat Steel, TVS Group etc. The company has 7 godowns /warehouses
located in Ahmedabad, Delhi, Gurugram, Noida etc. where hubs of
automobile companies are located.
CONCEPT BIOSCIENCES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Concept Biosciences India Private Limited
24/25 Dobson Road
Howrah 711101
West Bengal, India
Liquidation Commencement Date: May 14, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Sanjay Kumar Poddar
Todi Chamber 2
Lal Bazar Street
2nd Floor Room 201-203
Kolkata 700001
West Bengal
E-mail: poddar.sanjay@gmail.com
Last date for
submission of claims: June 13, 2024
CREAATIVE POWERTECH: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Creaative Powertech Private Limited
W-132A, MIDC, Ambad, Nashik
Maharashtra, India, 422010
Liquidation Commencement Date: May 16, 2024
Court: National Company Law Tribunal, Mumbai Bench-IV
Liquidator: Arun Kapoor
G-601, Army Co-operative Housing Society
Sector-09, Nerul (East), Navi Mumbai
Maharashtra 400706
-- and --
Arun Kapor c/o Ancoraa Resolution-1412
14th Floor, Real Tech Park
Sector 30 A, Vashi
Navi Mumbai 400703
E-mail: creaativepowertech.ibc@gmail.com
Last date for
submission of claims: June 17, 2024
DEKSON CASTINGS: CARE Lowers Rating on INR12.62cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dekson Castings Limited (DCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.62 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 10, 2024,
placed the rating(s) of DCL under the 'issuer non-cooperating'
category as DCL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 31, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of DCL have been
revised on account of delays in debt servicing as recognized from
publicly available information i.e. FY24 abridged audit report
available from stock exchange filings.
Analytical approach: Standalone
Outlook: Not Applicable
Dekson Castings Limited (DCL) was established in the year 1993 as a
proprietorship concern and was later reconstituted as a private
limited company in the year 2005 and later as a public limited
company in February, 2014. DCL is engaged in the
manufacturing of aluminium sand castings and gravity die castings
(GDC) components and caters mainly to the two- wheeler segment in
the auto industry as well as non-auto applications, viz, electrical
energy. The manufacturing unit of the company is
located in Aurangabad.
DMG AGRO: CRISIL Reaffirms C Rating on INR4.80cr Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL C' rating on the
long-term bank facilities of DMG Agro Products Pvt Ltd (DAPPL; part
of the Mantri group).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.8 CRISIL C (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4.31 CRISIL C (Reaffirmed)
Working Capital
Term Loan 0.44 CRISIL C (Reaffirmed)
Working Capital
Term Loan 0.45 CRISIL C (Reaffirmed)
The rating continues to reflect the group's exposure to seasonality
in tea production, high operating leverage, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the tea industry.
Analytical approach
CRISIL Ratings has combined the business and financial risk
profiles of DAPPL with Mantri Tea Company Pvt Ltd, Ruttonpore
Plantations Pvt Ltd and Derby Plantations Pvt Ltd. This is because
all these entities, collectively referred to as the Mantri group,
have common management and operational and financial linkages, and
are in the same business.
Unsecured loans of over INR30 crore from the promoters as on March
31, 2024, have been treated as neither debt nor equity.
Key rating drivers & detailed description
Weaknesses:
* Exposure to seasonality in tea production and high operating
leverage: Being a seasonal product, tea cultivation depends on
monsoon and remains susceptible to adverse weather conditions. Tea
plantations also incur fixed costs, with labour alone accounting
for nearly 40% of total expenditure. Limited pricing power further
constrains the operating margins of small players such as the
Mantri group.
* Weak financial risk profile: Debt protection metrics were subdued
in fiscal 2024, as seen in interest coverage and net cash accrual
to total debt ratios of around (1.00) time and (0.30) time,
respectively, against (1.07) times and (0.34) time, respectively,
for fiscal 2023. This was due to small networth owing to losses
incurred, and low cash accrual from operations. Gearing is expected
to remain weak over the medium term on account of negative
networth.
Strength:
* Longstanding presence: Presence of over five decades in the tea
plantation business has helped the group to sustain its market
position despite regular volatility in prices, and report stable
revenue of INR60-66 crore over the four fiscals through 2024. The
promoters have also continued to extend unsecured loans to support
liquidity.
Liquidity: Poor
Net cash accrual is expected to remain negative against the annual
debt obligation of INR1.2-1.6 crore over the next three fiscals.
Unsecured loans from the promoters are expected to help repay debt
and meet working capital requirement. Bank limit was highly
utilised by about 96% in the 12 months through April 2024. Current
ratio was weak at 0.55 time as on March 31, 2023, and is expected
to remain subdued at 0.4-0.5 time over the medium term.
Rating sensitivity factors
Upward factors:
* Sustained increase in revenue and improvement in operating margin
over 1% leading to higher cash accrual
* Better networth with capital infusion or steady accretion to
reserves
Downward factors:
* Continuation of weak business risk profile leading to net cash
accrual below INR2 crore
* Lack of financial support from the promoters
* Stretch in working capital cycle putting further pressure on
liquidity
About the group
The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
Manipur Tea Estate, located in Assam, was the first acquisition of
the group in 1954. Subsequently, the group acquired three more tea
gardens in Assam: Ruttonpore Tea Estate (1986), Derby Tea Estate
(2005) and Pathini Tea Estate (2006). Operations are managed by Mr.
Devendra Kumar Mantri, Mr. Shashankdhar Mantri and Ms Tanuja
Mantri.
GOLDENLINE INFRASTRUCTURES: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: Goldenline Infrastructures Pvt. Ltd
Plot No. 1, Local Shopping Centre Sharda Niketan,
Pitampura, North West, New Delhi, Delhi India, 11034
Insolvency Commencement Date: May 17, 2024
Estimated date of closure of
insolvency resolution process: November 13, 2024
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Satyendra Prasad Khorania
402, 4th floor, OK Plus,
D P Metro, Opp Pillar No. 94,
New Sanger Road, Jaipur,
Rajasthan, 302019
E-mail: skhorania@live.com
E-mail: cirpgoldenline@gmail.com
Last date for
submission of claims: May 31, 2024
HARRIN POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Harrin
Poultry Farm (HPF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.32 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of HPF under the 'issuer non-cooperating'
category as HPF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2024, March 12, 2024, March 22, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined. For the purpose of analysis, CARE
has combined the financials of Harrin Poultry Farm (HPF) and Harrin
Feeds (HF); proprietary concern. The firm engaged in similar line
of business, have common proprietor along with
having significant operational linkages.
Outlook: Not Applicable
Harrin Poultry Farm (HPF) is promoted by Mr. Senthil Kumar as a
Proprietorship firm. HPF is engaged in poultry farming for the
production of eggs. HPF's chick shed construction was completed in
March 2017 after which the first batch of 50,000 birds were
purchased and housed in the chick shed for 10 weeks (chicks up to
10 weeks), grower shed for another 10 weeks (chicks upto 20 weeks
old chicks) after which they were ready for laying eggs (chicks
above 20 weeks upto 80 weeks). After 80 weeks, the birds are sent
for culling. The birds are purchased through brokers in Namakal,
Tamil Nadu and then sold to wholesalers. HPF supplies 90% of egg to
the associate concern namely; Harrin Feeds and remaining 10% are
supplied to their customers located at Tamil Nadu and Kerala
through brokerage. The poultry farm is located at Kattuputtur,
Namakal, Tamil Nadu. HPF procures feeds (100%) from Harrin Feeds
(HF), for which eggs are transferred as consideration. Harrin feeds
engaged in manufacturing of feeds by using raw materials such as
maize, broken rice, soya cake, groundnut cake, etc. The
manufacturing unit is located at Kathapally, Namakkal, Tamil Nadu.
HIMALAYAN MINERAL: NCLT Initiates Insolvency Process, Names IRP
---------------------------------------------------------------
Deccan Herald reports that the National Company Law Tribunal (NCLT)
has directed initiating insolvency proceedings against Himalayan
Mineral Waters, allowing Jammu & Kashmir Bank's plea for default of
a corporate guarantee given for LeeL Electricals.
The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as
the interim resolution professional (IRP) for this Dehradun-based
firm's Corporate Insolvency Resolution Process (CIRP), Deccan
Herald disclsoes.
"We are satisfied that the Applicant/Financial Creditor (J&K Bank)
has proved the debt and the default, which is more than the
threshold limit . . . the application u/s 7 is found to be fit for
initiation of the CIRP against the Corporate Debtor (Himalayan
Mineral Waters," said a two-member bench in the order passed on
June 3.
According to Deccan Herald, Jammu & Kashmir Bank had claimed a
default of INR50 crore against Himalayan Mineral Waters, engaged in
the business of manufacturing of beverages, being the corporate
guarantor for the credit facilities availed by the Leel
Electricals.
LeeL Electricals had in May 2017 sold its consumer durable business
to Havells India for a consideration of INR1,550 crore, the report
notes.
Insolvency proceedings were initiated against LeeL Electricals by
NCLT in April 2020 over a plea by one of its operational creditors.
Later, NCLT passed a liquidation order in December 2021 after it
failed to get a buyer.
In 2015, a consortium arrangement led by the State Bank of Bikaner
& Jaipur (now State Bank of India) sanctioned credit facilities to
LeeL Electricals for working capital facilities of INR35 crore
(fund-based) and INR15 crore (non-fund based), recalls Deccan
Herald.
This was later extended to INR70 crore in 2017 and Himalayan
Mineral Waters stood as surety for both agreements.
Deccan Herald relates that after receiving no payment from the
borrowers, the financial creditor declared the credit facilities
account of the borrower to be non-performing assets (NPS) as of
January 31, 2019 as per the prudential norms issued by the Reserve
Bank of India.
The borrower offered a one-time settlement (OTS), which was
rejected by the creditor.
Since the borrower did not settle the remaining dues, the financial
creditor sent a guarantee invocation notice on Feb. 12, 2020 to all
the guarantors, including Himalayan Mineral Waters, requesting
payment of the liability, Deccan Herald notes.
Deccan Herald says the matter was referred to NCLT, where Himalayan
Mineral Waters contended that the working capital, consortium
agreement and the deed of guarantee were executed with 12 banks
forming a consortium of banks and no individual bank has any right
to call the outstanding amount of the credit facility.
It contended that the consortium banks will form opinions and act
collectively.
Rejecting it, NCLT said these arguments are not 'tenable' and there
is a clear-cut default on the part of the corporate debtor to pay
the outstanding amount.
Allowing the plea, NCLT said, "We are satisfied that the present
application under Section 7, has been found fit to be admitted . .
. against the Corporate Debtor, M/s, Himalaya Minerals Water
Private Ltd and accordingly, a moratorium is declared in terms of
Section 14 of the I&B, Code 2016," the report adds.
INDO ALUSYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Indo Alusys Industries Limited
Registered Address:
B-292, office No. 303
Chandra Kanta Complex
New Ashok Nagar
New Delhi 110096
Insolvency Commencement Date: May 17, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 13, 2024
Insolvency professional: Satish Kumar Chugh
Interim Resolution
Professional: Satish Kumar Chugh
111-B, Pocket-F
Mayur Vihar Phase II
Delhi 110091
E-mail: skchugh111@gmail.com
-- and --
116-A, Pocket-F
Mayur Vihar Phase II
Delhi 110091
E-mail: cirp.indoalusys@gmail.com
Last date for
submission of claims: May 31, 2024
INFINITI METAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Infiniti Metal Products India Limited
Registered Address:
No. 3, GNT Road
Opp: Sivanesan Company
Gummidipoondi, Thiruvallur
TN 601201 IN
Insolvency Commencement Date: May 3, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 30, 2024
Insolvency professional: Mummaneni Vazra Laxmi
Interim Resolution
Professional: Mummaneni Vazra Laxmi
Flat No.107
V.V.Vintage Residency
Somajiguda, Hyderabad-500082
E-mail: emailtolak@gmail.com
E-mail: cirpinfinitimetal@gmail.com
Last date for
submission of claims: May 20, 2024
INTERTEK APPLIANCES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Interek Appliances Private Limited
Plot No. 18, Sector 2, Parwanoo Solan,
Himachal Pradesh-173 220
Liquidation Commencement Date: May 7, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Dhamendra Kumar Bhasin
191, Mamta Enclave
Behind Nimantran Banquet Hall, Dhakoli,
Zirakpur, Sahibzada
Ajit Singh Nagar, Punjab-140603
E-mail: ipdkbhasin@gmail.com
E-mail: liquidator.interek@gmail.com
Last date for
submission of claims: June 6, 2024
J. P. STEEL: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of J. P.
Steel Udyog (JPSU) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 6.2 CRISIL A4 (ISSUER NOT
under Letter COOPERATING; Rating Migrated)
of Credit
Cash Credit 3.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JPSU for
obtaining information through letter and email dated May 22, 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 JPSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPSU
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 JPSU to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
JPSU, set up in 1991, trades in heavy melting steel scrap and cold
rolled coil bundled scrap; it is based in Kolkata. Mr. Jagannath
Shaw, Mr. Manish Jaiswal, Mr. Bandana Jaiswal, Mr. Binod Jaiswal
and Mr. Ashok Jaiswal are the partners.
JAIPRAKASH ASSOCIATES: Suspended Board Challenges Insolvency Order
------------------------------------------------------------------
The Economic Times reports that the suspended board of debt-ridden
Jaiprakash Associates Ltd (JAL) or Jaypee has moved appellate
tribunal NCLAT challenging last week's NCLT order which directed
initiation of insolvency proceedings against the firm. The petition
was listed before a vacation bench of the National Company Law
Appellate Tribunal (NCLAT), which declined to grant an interim stay
on the NCLT order.
On June 3, the Allahabad bench of National Company Law Tribunal
(NCLT) admitted the insolvency plea filed by ICICI Bank, ET says.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.
In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC.
ET relates that the NCLT rejected JAL's contention that it faced a
liquidity crunch and defaulted on debt repayments mainly due to
delays in government approvals and prolonged litigation concerning
land acquisition for Yamuna Expressway and changes in government
policies.
It has been held by the Supreme Court that if there is a debt and
default in repayment of debt and application filed by a financial
creditor under Section 7 of Insolvency & Bankruptcy Code, then the
insolvency plea is to be admitted, the NCLT had said.
According to ET, the insolvency tribunal also rejected the
submissions of JAL pleading not to initiate insolvency on grounds
such as the feasibility of initiating CIRP, overall financial
health and viability of the company and receivables which may go to
meet the outstanding debts.
JAL had submitted that it is an "asset-rich company", even after
sale of cement plants to resolve the loans under Bucket 1 and
Bucket 2A.
Rejecting its contention, the Allahabad bench of NCLT had said, "If
the Corporate Debtor (JAL) feels about its viability, feasibility
and financial health, it would be more beneficial for it after its
resolution under IBC is done expeditiously before its assets get
depleted," ET relays.
ET says ICICI Bank had submitted that sale proceeds shown on
account of sale of the cement plant by JAL to pare its debts of
Bucket 2A and such sale proceed will not help in settling the debt
of Bucket 2B.
Under Bucket 2A, JAL had an overall debt of INR6,367 crore, which
included INR5,072 crore owed to the lenders, ET discloses.
The Master Restructuring Agreement (MRA) for JAL's sustainable debt
was signed by all 32 relevant lenders before December 13, 2017.
Under Bucket 2B, transfer of assets and liabilities pertaining to a
debt of INR11,833.55 crore was to be completed through a Scheme of
Arrangement.
This involved transferring the remaining debt and land of JAL to a
100 per cent real estate Special Purpose Vehicle (SPV), namely
Jaypee Infrastructure Development Ltd, ET notes.
However, ICICI Bank had submitted that receivable shown on account
of arbitration was not finally determined and it was not certain as
to when it would be received.
Moreover, 75 per cent of the amount which was claimed to be
received as per the scheme of Niti Aayog, was also subject to
giving bank guarantee, adds ET.
About Jaiprakash Associates
Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.
JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.
JAYPEE INFRA: Suraksha to Pay 1st Tranche to YEIDA Before Aug. 24
-----------------------------------------------------------------
Business Standard reports that Mumbai-based Suraksha Group, which
has recently taken control of debt-ridden realty firm Jaypee
Infratech through an insolvency process, will pay the first
instalment of around INR133 crore to Yamuna Expressway Industrial
Development Authority within three months as additional
compensation to farmers.
On May 24, the National Company Law Appellate Tribunal (NCLAT)
upheld Suraksha Realty's bid to acquire Jaypee Infratech Ltd (JIL)
while directing it to pay INR1,334 crore to Yamuna Expressway
Industrial Development Authority (YEIDA) as compensation to the
farmers.
While upholding the National Company Law Tribunal's (NCLT) decision
of March 2023, the NCLAT had said the decision was made to avoid
any further delay in the implementation of the resolution plan and
also to take care of the interests of all stakeholders, including
homebuyers and claim of YEIDA for additional compensation of the
farmers, Business Standard relays.
On March 7 last year, the NCLT approved the bid of Suraksha Group
to buy JIL, the report recalls. However, many parties, including
YEIDA, filed a petition in the NCLAT challenging the NCLT order.
YEIDA had claimed nearly INR1,700 crore as farmers' compensation.
Last week, Suraksha Group took control of the JIL by constituting a
three-member board in a big relief to around 20,000 homebuyers who
are stuck in different stalled projects across Noida and Greater
Noida, according to Business Standard.
Suraksha Group informed that the date of the NCLAT order should be
treated as the 'Approval Date' as defined in the approved
resolution plan.
According to sources, Suraksha Group will soon infuse INR125 crore
equity fund to start construction of stalled housing projects
across Delhi-NCR, Business Standard relays.
Business Standard relates that the group will also pay the first
instalment of INR133.43 crore to YEIDA within 90 days from the
approval date, they added.
Suraksha will pay INR200.15 crore to YEIDA at the end of the first
year from the approval date. The group will pay INR333.8 crore each
at the end of the second, third and fourth year from the approval
date, the sources said.
On the board of the JIL, Sudhir V Valia, who is promoter of
Suraksha Group, has been appointed as a Non-Executive Director,
Aalok Champak Dave as Executive Director and Usha Anil Kadam as
independent director, Business Standard discloses. Dave has also
been appointed as Managing Director and Chief Executive Officer of
Jaypee Infratech Ltd.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis. The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway. The Healthcare business segment includes
hospitals. The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.
On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
In June 2021, the Committee of Creditors (CoC), which is made up of
banks and homebuyers, gave the Suraksha group authorization to
acquire JIL.
In March 2023, the National Company Law Tribunal (NCLT) authorised
the group's bid to acquire JIL and complete construction about
20,000 flats across various projects in the national capital
region.
K P BIOFUELS: CARE Reaffirms B+ Rating on INR64cr LT Loan
---------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of K
P Biofuels Private Limited (KPBPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 64.00 CARE B+; Stable; Rating removed
Facilities from ISSUER NOT COOPERATING
category and Reaffirmed
Rationale and key rating drivers
The rating assigned to the bank facilities of KPBPL continues to be
constrained by project execution and subsequent stabilization risk
as commencement of operation has been delayed by more than a year
with subsequent escalation in cost of project. The rating continues
to be constrained by susceptibility of profitability due to
volatility in raw material prices, presence in highly competitive
and fragmented industry and stretched liquidity position.
The rating derives strength from reasonable experience of promoters
and qualified and experienced management team, longterm revenue
visibility due to presence of offtake agreement with Indian Oil
Company Limited, Bharat Petroleum Company Limited
and Hindustan Petroleum Company Limited for the period of 10 years,
and favourable prospects for ethanol market in India.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely completion of the project and subsequent stabilization of
the same as per revised timelines
* Achievement of projected revenue and profitability
Negative factors
* Any delays in the completion and stabilization of the project
which led to underachievement of the envisaged revenues and
profitability.
Analytical approach: Standalone
Outlook: Stable
The stable outlook on the long-term rating of KPBPL is based on the
expected completion of the project and stabilisation of operation
without time and cost overrun, continued financial support from
promoters, support of the government for ethanol manufacturing
units and favourable demand outlook for Ethanol.
Detailed description of the key rating drivers
Key weaknesses
* Project execution and stabilization risk with delay in the
project completion: The company is setting up a manufacturing plant
of fuel ethanol/Extra Neutral Alcohol (ENA)/pharma grade ethanol
and its byproducts like CO2, DDGS at Bareli, Madhya Pradesh with
installed capacity of 60 Kilo litter per day (KLPD). Project was
initially started in October 2022 and was expected to commence its
operation by May 2023 however it got delayed and is now expected to
be operational by end of June 2024. The delay in commencement of
operation is mainly due to delays in the supply of material,
shortage of labour led by cascading effect post Covid disruption.
Also, the heavy rainfall in the project vicinity led to delay in
the completion of the project. The initial cost of the project was
estimated at INR75.05 crore which got escalated to INR 97.48 crore
as on May 15, 2024, on account of price escalation in civil work
and pre-operative expenses (including interest payments). Revised
cost is proposed to be funded through term loan from bank of INR64
crore, equity of INR4 crore and rest through unsecured loan from
promoters and related parties of INR 29.48 crore (increased from
INR 7.05 crore). Till May 15, 2024, the company has already
incurred INR 96.02 crore (98.50%) of the total cost wherein the
term loan availed from bank worth INR64 crore, equity of INR 4
crore and unsecured loan from promoters of INR 28.02 crore. Hence,
timely completion and subsequent stabilization of the project with
optimum capacity utilization thereby achieve the envisaged revenue
and accruals remains critical from the credit prospects of the
company. Further, as informed by management, all the required
approval to set up ethanol plant are in place.
* Susceptibility of profitability due to volatility in raw material
prices: KPBPL is proposed to use raw material as maize and broken
rice, which form the major component of total raw materials. Also,
it is notable that grains are seasonal products, and its production
also depends on vagaries of nature. On the other side, Government
tries to support price of broken rice and grains by setting minimum
selling price (MSP) which may affect input price. In order to
mitigate the fluctuation in price, KPBPL will procure grains during
harvest season. Moreover, the company does not employ any long-term
contracts with raw material suppliers and is susceptible to
fluctuations in raw material prices. However, plant is set up near
rice producing area, raw material will be procured from local
farmers which could provide some cushion in terms of the
procurement prices.
* Presence in highly competitive and fragmented industry: The
company operates in a highly competitive and fragmented market
which consists of large and small and large sized players.
Moreover, low entry barriers in the industry further intensifies
the already prevailing competition in the market. This competitive
and fragmented nature of the industry can have an impact on the
profit margin of the company and also led company to adopt liberal
credit policy in the market.
Key strengths
* Reasonable experience of promoters and qualified and experienced
management team: KPBPL is promoted and managed by Mr. Vivek Sarang
and Mr. Harshit Sarang, who have reasonable experience in industry.
Promoters are supported by qualified management team. Company is
also planning to employ suitably qualified and experienced key
technical staff. Long-term revenue visibility due to presence of
offtake agreement with Indian Oil Corporation Limited, Bharat
Petroleum Corporation Limited and Hindustan Petroleum Corporation
Limited for the period of 10 years KPBPL has signed an offtake
agreement signed on January 15, 2021 with oil manufacturing
companies (OMCs) namely Indian Oil Corporation Limited, Bharat
Petroleum Corporation Limited and Hindustan Petroleum Corporation
Limited for the period of 10 years for minimum purchase of 1.32
crore litter of ethanol yearly. Owing to delay in commencement of
operation, KPBPL has already applied for extension for postponement
of supply and expects these contracts to continue due to overall
deficit in ethanol supply to OMCs. Further, as informed by
management, no penalty has been charged to the company due to
delays in the ethanol supply. The continuation of the said
contracts likely to support the cash flows and liquidity of the
company. Thus, the company will benefit due to an assured revenue
stream on account of the offtake agreement signed with a reputed
customer having a strong credit profile leading to minimal
counter-party risk as well. Nevertheless, the approval for supply
of ethanol from OMCs as per the revised terms remains key
monitorable.
* Favourable prospects for Ethanol market in India: The Indian
Ethanol market has seen significant growth. In FY2023, it reached
around 3200 million litters and is projected to expand at a CAGR of
5.67% until FY2035. The ethanol production capacity in the country
is about 1380 crore litres out of which about 875 crore litres is
molasses based and about 505 crore litres is grain based as on
November 30, 2023. The Government of India has been implementing
Ethanol Blended with Petrol (EBP) Programme throughout the country
wherein Oil Marketing Companies (OMCs) sell petrol blended with
ethanol. Under EBP Programme, Government has fixed the target of
20% blending of ethanol with petrol by 2025. In its endeavour to
achieve 20% blending by 2025, India attained a blending record of
11.6% in Q1 of ESY 2023 – a 13% increase compared to 2022. Also,
government has provided interest subvention @ 6% per annum or 50%
of rate of interest charged by banks/financial institutions,
whichever is lower, on the loans to be extended by banks/financial
institutions is being borne by the Central Government for five
years including one-year moratorium along with PLI scheme.
Liquidity analysis: Stretched
The liquidity position of the company remained stretched due to
delay in commencement of operation. Therefore, generation of
sufficient cash accruals to repay principal debt obligation
starting from December 2024 needs to be seen. Further company also
has to pay interest cost during construction and stabilization
phase hence timely receipt of promoter's contribution is key
monitorable going forward. However, company has maintained funds in
Debt Service Reserve Account (DSRA) of INR3.60 crore with the
lender which likely mitigate the repayment risk to an extent.
K P Biofuels Private Limited (KPBPL) was incorporated in June 2021
by Mr. Vivek Sarang and Mr. Harshit Sarang to setup manufacturing
plant of fuel ethanol/Extra Neutral Alcohol (ENA)/pharma grade
ethanol and its by-products like CO2, Dried distillers' grains with
soluble (DDGS) at Bareli, Madhya Pradesh with installed capacity of
60 Kilo litter per day (KLPD). The said plant is expected to be
operational by end of June 2024. The raw material required viz.
broken rice, maize, sorghum, millets will be procured
domestically.
KESHREE METALURGIES: CRISIL Cuts Rating on INR5cr Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Keshree Metalurgies Pvt Ltd (KMPL) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 5 CRISIL B+/Stable (Downgraded
Based Bank Limits from 'CRISIL BB/Stable')
The rating downgrade factors significant weakening of operating
performance due to losses worth INR12.6 crore and INR1.5 crore
incurred during fiscals 2023 and 2024, respectively. This also
strained the financial risk profile. However, unsecured loans
extended by the promoters partially aid liquidity. Improvement in
the operating margin will remain a key monitorable.
The rating factors in the exposure to volatility in raw material
prices and cyclicality in the infrastructure and real estate
sectors, modest scale of operations and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the steel – thermo-mechanically
treated (TMT) structural products industry, prudent working capital
management, established clientele and comfortable financial risk
profile.
Key rating drivers and detailed description
Weaknesses:
* Exposure to volatility in raw material prices and cyclicality in
infrastructure and real estate sectors: Cost of production and
profit margin are heavily dependent on the cost of raw materials,
sponge iron and mild steel scrap; even a slight variation in price
can drastically impact the operating margin. Further, profitability
is linked to the fortunes of the inherently cyclical steel
industry, which has strong correlation with overall growth in gross
domestic product.
* Modest-yet-increasing scale of operations: The steel-TMT
structural products industry is highly fragmented; the consequent
intense competition may continue to constrain scalability, pricing
power and profitability. Revenue stood at around INR190 crore in
fiscal 2024 and may increase to about INR200 crore in fiscal 2025
owing to rising demand in the domestic market.
* Weak financial risk profile: Financial risk profile remains
constrained by cash losses incurred in fiscals 2023 and 2024. Debt
protection metrics were also subdued, with interest coverage ratio
and net cash accrual to total debt ratios remaining negative due to
losses incurred. . However, promoters & related parties have
infused sizeable funds of around INR30 cr to support the
liquidity.
Strengths:
* Extensive experience of the promoters: The promoters have three
decades of experience in the steel-TMT structural products
industry; their strong understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business.
* Prudent working capital management: Gross current assets have
been 67-77 days over the past three fiscals and were estimated at
68 days as on March 31, 2024, driven by inventory of 15 days and
debtors of 30 days.
* Established clientele: KMPL has longstanding relationships with
customers and suppliers. Clients include well-established players
in various industries, such as Andhra Pradesh State Housing
Corporation, GAIL (India) Ltd, Nagarjuna Construction Company Ltd,
Lodha and Poulomi Infra Pvt Ltd.
Liquidity: Poor
Cash losses incurred in fiscals 2023 and 2024 have strained the
liquidity profile of the company. However, promoters have infused
funds to support the liquidity. The company has not availed any
fund based working capital limits. Hence its dependence on timely
fund support from the promoters to support operations will continue
to remain high.
Outlook: Stable
KMPL will continue to benefit from the extensive experience of the
promoters and their healthy relationship with clients.
Rating sensitivity factors
Upward factors
* Steady revenue growth and operating margin above 1%, leading to
higher-than-expected cash accrual
* Significant improvement in financial and liquidity risk profiles
Downward factors
* Steep decline in revenue, resulting in cash accrual less than
INR0.5 crore
* Large, debt-funded capital expenditure or a sizeable stretch in
the working capital cycle
KMPL, incorporated in 1989, manufactures TMT bars, mild steel
rounds, billets and rods at its facility in Hyderabad, Telangana.
Mr. Nemichand Jain, Mr. Harsh Choradia and Mr. Rajender Kumar Jain
are the promoters.
KOHINOOR GINNING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Kohinoor Ginning and Pressing Private Limited
Regd Address:
Office No. 108-112, City Pride Building,
1st Floor Near Mondha Naka Signal, Jalna Road,
Aurangabad, Maharashtra, India-431001
Factory Address:
Gat No. 37/2, at Post Ghogargaon,
Taluka Shrigonda,
Dist. Ahmednagar Maharashtra,
India, 414001
Liquidation Commencement Date: May 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Manoj Kumar Mishra
Room 1406, Building 4B,
New Hind Mill Mhada
Sankul, Ram Bhau Bhogle Marg,
Ghodapdev, Mumbai City Maharashtra, 400033
E-mail: manojmishra95@gmail.com
E-mail: cirp.kohinoorgppl@gmail.com
Last date for
submission of claims: June 10, 2024
KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Krishna
Reddy Rural Godown (KRRG) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of KRRG under the 'issuer non-cooperating'
category as KRRG had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KRRG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2024, March 12, 2024, March 22, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Telangana based, Krishna Reddy Rural Godown (KRRG) was established
as a proprietorship firm in the year 2017 and promoted by Mr. P.
Krishna Reddy. The firm is engaged in providing ware house on lease
rental to Avenue Supercar's Limited ((D- Mart). The property is
built on total land area of 165000 square feet and comprises of 4
godowns, with an aggregate storage capacity of around 24406 MT
(Metric Tons), for agricultural products, fertilizers, consumer
goods etc.
KUNDAN SUPPLIERS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Kundan Suppliers Private Limited
Hindusthan Park, Ground Floor,
Kolkata, 700029
Liquidation Commencement Date: May 8, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Mr. Pankaj Kumar Keida
R.N Mukherjee Road, 5th floor,
Kolkata-700001
E-mail: pkkedia2@rediffmail.com
E-mail: cirp.kundansuppliers@gmail.com
Last date for
submission of claims: June 6, 2024
LAKSHMI TRANSCON: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Lakshmi Transcon Private Limited
2nd Floor, Meenakshi House
Road No. 7, Banjara Hills
Hyderabad
Telengana, India 500034
Liquidation Commencement Date: March 28, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: PV Narayana Rao
1-9-279, Beside Satabdi Apartments
Ramnagar Gundu, New Nallakunta P.O.
Telangana 500044
E-mail: rao_ca60@rediffmail.com
-- and --
717, journalist Colony
Road No. 2, Banjara Hills
Hyderabad 500034
Telangana, India
Cell: 99493-51122
E-mail: rao_ca60@rediffmail.com
Last date for
submission of claims: April 27, 2024
LARK LOGISTICS: Liquidation Process Case Summary
------------------------------------------------
Debtor: LARK LOGISTICS PRIVATE LIMITED
519, 5th Floor, 12 Osian Building
Nehru Place, South Delhi-110019
Liquidation Commencement Date: May 14, 2024
Court: National Company Law Tribunal, New Delhi-Bench IV
Liquidator: Vikas Garg
809, 8th Floor, Arunachal Building, 19,
Barakhamba Road, Delhi,110001
Email: vikas@vamindia.in
Immaculate Resolution Professionals
Private Limited,
Unit No. 112, First Floor, Tower-A,
Spazedge Commercial Complex,
Sector-47, Sohna Road, Gurgaon-122018
Email: cirp.larklogistics@gmail.com
Last date for
submission of claims: June 13, 2024
LATHA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Latha
Educational Society (LES) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LES 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 LES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LES continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
LES, based in Tamil Nadu, manages Sakthi Matric Higher Secondary
School and ECR International School at Chinnasalem in Tamil Nadu.
Established in 1993, the society is managed by Mr. E C Ravikumar.
MADHYA BHARAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Madhya Bharat Papers Limited
Reg. Office:
Village Birgahni Rly. & P.O. Champa,
Janjgir Champa - 495671, (CG)
Corporate Office:
113, Park Street,
4th Floor, North Block,
Kolkata-700 016 (WB)
Insolvency Commencement Date: May 30, 2024
Estimated date of closure of
insolvency resolution process: October 27, 2024
Court: National Company Law Tribunal, Cuttack Bench
Insolvency
Professional: Mr. Nilesh Mishra
House No. 209, (NP), Ward No. 7,
Purana Bazar Chowk, Kurud,
Dist- Dhamtari, (CG)
E-mail: nileshmishraca@yahoo.co.in
-- and --
ADB & Co. Chartered Accountants,
01st Floor, Mahavir Gaushala Complex,
K.K. Road, Moudhapara, Raipur - 492001 (CG)
Email: irp.mbpl@gmail.com
Last date for
submission of claims: May 14, 2024
MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahalaxmi
Agro Mills (Prop. D.M. Agro Products Private Limited) (MAM)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.77 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of MAM under the 'issuer non-cooperating'
category as MAM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement.
MAM continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 26, 2024, March 7, 2024, March 17,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based Mahalaxmi Agro Mills (MAM) was established in
the year January 1996 under the company D.M. Agro Products Private
Limited as a private limited and is currently managed by Mr.
Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr.
Anurag Maheshwari. MAM is engaged in the milling, processing and
trading of paddy with an at its manufacturing facility located in
Mainpuri, Uttar Pradesh. The firm is also engaged in processing of
groundnuts at the same manufacturing facility.
MANAV GREYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Manav Greys Exim Private Limited
A-2/348/49 Shah & Nahar Indestate,
Dhanraj Mill Compound,
N M Joshi Marg, Lower Parel, Mumbai - 400013
Insolvency Commencement Date: May 17, 2024
Estimated date of closure of
insolvency resolution process: November 13, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ashok Kumar Golechha
Flat No. B 703/704, Seventh Floor,
River Park CHS Ltd.,
Dattani Park Road, Thakur Village,
Kandivali (East), Mumbai - 400101
E-mail: akgolecha9@gmail.com
Mobile: +91 9674117201
Unit # 207, 2nd Floor, Kshitij CHS Ltd,
Near Azad Nagar Metro Station,
Veera Desai Road,
Andheri West, Mumbai - 400053
E-mail: cirp@mgepl.com
Last date for
submission of claims: May 31, 2024
MARSHALL BREEDERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Marshall Breeders Private Limited
C & M House N D Patel Road,
Nashik 422001, Maharashtra
Insolvency Commencement Date: May 15, 2024
Estimated date of closure of
insolvency resolution process: November 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Kamal Rajkumar Sharma
Office No. 40, 1st Floor,
9/15, Morarji Velji Building,
Dr M B Velkar Street,
Marine Lines (E)
Mumbai Maharashtra, 400002
E-mail: kamal.sharma@ajallp.in
E-mail: cirp.marshallbreeders@gmail.com
Last date for
submission of claims: May 29, 2024
MEENA JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Meena
Jewellers Extension Private Limited (MJEPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 17, 2023,
placed the rating(s) of MJEPL under the 'issuer non-cooperating'
category as MJEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MJEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2024, February 10, 2024, February 20, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Meena Jewellers Extension Private Limited, incorporated in 2012,
belongs to the Meena Jewellers group (MJG) which is the jewellery
arm of the Meena Bazar group which has over 75 years of presence in
the twin cities of Hyderabad/Secunderabad. Meena Bazar group has
varied business interests consisting of retailing in sarees,
textiles, garments and jewellery, exhibition of films,
construction, etc.
NUPOWER WIND: CARE Lowers Rating on INR56.51cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
NuPower Wind Farms Limited (NWFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 56.51 CARE D; Revised from
Facilities CARE B-; Stable
Rationale and key rating drivers
While revising the rating, CARE Ratings notes the delay in
servicing of debt obligations by NWFL in May 2024. CARE Ratings
became aware of delays in interest servicing through the No Default
Statement (NDS) submitted by the company on June 3, 2024 which
stated default in payment of interest of INR0.42 crore for the
month of April 2024 due on May 1, 2024. CARE Ratings understands
that the default continues on interest due for the month of May
2024 due on June 1, 2024, as confirmed by its banker. Accordingly,
the ratings are being revised to CARE D.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely servicing of debt obligations (i.e., principal and
interest) for minimum continuous 3 months
* Improvement in operational performance on a sustained basis.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Ongoing Delay in Debt Servicing: NWFL has reported delay in
serving of interest payments due since May 1, 2024, which continues
till date, as confirmed by the banker. The default is on account of
temporary cash flow mismatch attributable to the late start of wind
season during FY25.
Liquidity: Poor
The company has defaulted in its repayment obligations as on May 1,
2024 and the delays continue to remain till date.
Incorporated on July 24, 2013 NWFL is promoted by NuPower Renewable
Private Limited (NRPL) which holds 70.18% equity share in NWFL on
Mar 31, 2023) and balance equity shares are held by group captive
consumers as per Group captive Scheme (GCS). Further, NRPL also
holds 100% of the 0.1% Non-Convertible, Non-Cumulative fully
redeemable Participating Preference Shares (CCCPS) in the company.
The company has operational wind power generation capacity of 34.25
MW located in Tamil Nadu.
OASIS MARINE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Oasis Marine Private Limited
320, Luxuria Business Hub, Nr. Dumas Resort,
Dumas Resort, Dumas Road Surat-395007
Insolvency Commencement Date: March 19, 2024
Estimated date of closure of
insolvency resolution process: September 24, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Arpan Maheshkumar Shah
Arpan Shah & Associates,
301, Shoppers Plaza-4,
Opp. BSNL, C.G. Road,
Navrangpura, Ahmedabad-380006
E-mail: arpan@caarpanshah.com
E-mail: cirpoasis1@gmail.com
Last date for
submission of claims: April 24, 2024
RAI FERTILIZER: CRISIL Assigns B+ Rating to INR25cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of Rai Fertilizer Center Private Limited
(RFCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B+/Stable (Assigned)
Term Loan 10 CRISIL B+/Stable (Assigned)
The rating reflects RFCPL's modest scale of operations and weak
financial profile. These weaknesses are partially offset by the
extensive industry experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Despite the growth in the business,
the business risk profile is constrained by the firm's limited
scale of operations in the competitive market. "Rai Fertilizer
Center Private Limited is confined to the geographical limitations
of the "Gorakhpur Region" and engages in the trading of ACC Cement
only whereas historically the company's revenue arises from
dealership of lubricants of Gulf Petrochem FZC and Continental
Tyers which has been stopped in fiscal 2022. Going forward growth
in scale of operations will be monitored.
* Weak financial profile: RFCPL has an average financial risk
profile marked by gearing of around 5 times for year ending on 31st
March 2024. Net worth has reduced to INR6 crore against INR25 crore
in fiscal 2023 due to change in constitution of entity from
proprietorship to limited entity in fiscal 2023. Going forward
gearing is expected to improve with infusion of fresh equity and
repayment of term loans resulting expected gearing of around 3-4
times. RFCPL's debt protection matrix is marked by interest
coverage and net cash accrual to total debt (NCATD) ratio at 2
times and 0.09 times respectively for fiscal 2024.
Strength:
* Extensive industry experience of the promoters: The promoters
have experience of around three decades in the trading industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers. Same is reflected in the growing topline with CAGR of
18% with recorded sales of INR144 crore in fiscal 2024 and expected
to grow by 20-25% resulting expected sales of INR175-180 crore from
fiscal 2025 onwards which will remain key monitorable over the
medium term.
Liquidity: Poor
Bank limit utilization is high at around 95 percent for the past
twelve months ended April-24. Cash accruals are expected to be over
INR3-3.5 crore crores which are sufficient against term debt
obligation of INR2.4-2.5 crores over the medium term. The current
ratio is expected to remain moderate at 1.19 times on March 31,
2024.
Outlook: Stable
CRISIL Ratings believes RFCPL will continue to benefit from the
extensive industry experience of the promoters over the medium
term.
Rating Sensitivity factors
Upward factors
* Steady growth in scale of operation with improvement in operating
margin by more than 50-100 basis points leading to
higher-than-expected net cash accrual.
* Efficient management of working capital with low reliance on
external debt thus improving the overall liquidity and financial
risk profile, especially gearing at 2.5 to 3 times.
Downward factors
* Decline in revenue or operating margins to below 3%, leading to
lower-than-expected net cash accruals.
* Any large, debt-funded capital expenditure or significant
reliance on working capital limits resulting in further
deterioration of the financial risk profile, especially liquidity.
RFCPL was set as a proprietorship firm in 1995 as Rai Fertilizer
Center and was later reconstituted as private limited in 2022. The
Gorakhpur-based company is an authorized dealer for cement (ACC).
RFCPL is owned & managed by Mr. Laxmi Kant Rai.
REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reena
Tinaaz Private limited (RTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 175.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 14, 2023,
placed the rating(s) of RTPL under the 'issuer non-cooperating'
category as RTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2024, February 7, 2024, February 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Reena Tinaaz Private Limited (RTPL) is a Mumbai based company which
was established in 2012. The company is engaged in trading of FMCG
products such as soaps, shampoos, biscuits, detergents and
cigarettes (of various brands) belonging to reputed brands such as
ITC, Godfrey Philips, Parle, Hindustan Unilever Ltd (HUL),
Britannia etc. RTPL procures the products in bulk quantity from
authorized distributors of these brands and then sells them to the
wholesalers and retailers. The promoter of company, Mr Uday
Kantilal Desai was earlier carrying out FMCG trading business under
his proprietorship firm "Reena Agency" upto January 2015, after
which the entire business was transferred to RTPL. The area of
business of RTPL is concentrated in and around Mumbai city and its
suburbs. The company has its designated warehouses at Vikhroli and
Bhandup in Mumbai.
SANJIVANI PARANTERAL: CRISIL Hikes Rating on INR32cr Loan to B+
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sanjivani Paranteral Limited
(SPL; Part of Sanjivani Group) to CRISIL D/CRISIL D Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Rating is
migrating the ratings on bank facilities of SPL to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 32 CRISIL B+/Stable (Migrated from
Based Bank Limits 'CRISIL D ISSUER NOT
COOPERATING')
Proposed Non Fund 33.5 CRISIL A4 (Migrated from
based limits 'CRISIL D ISSUER NOT
COOPERATING')
The rating reflects modest scale of operations and vulnerability of
profitability to adverse changes in government regulations. These
weaknesses are offset by extensive industry experience of the
promoters and moderate financial risk profile.
Analytical Approach
For arriving at the ratings, CRISIL Ratings have consolidated the
business and financial risk profile of SPL and SPL Infusion Private
Limited (SPLIPL) collectively referred to as the sanjivani group as
they are in the similar line of business and have significant
operational and financial linkages.
Key Rating Drivers & Detailed Description
Weaknesses:
* Vulnerability of profitability to adverse changes in government
regulations: The pharmaceutical industry is highly regulated by
state governments and various government agencies such as Central
Drugs Standard Control Organization and National Pharmaceutical
Pricing Authority. These agencies approve new drugs and clinical
trials, control the quality of imported drugs, and set prices for
many critical drugs; while state authorities regulate manufacture,
sales, and distribution.
* Modest scale of operation: Group has a modest scale of operations
of INR54 crores for fiscal 2024. The group is expanding into newer
geographies and expanding its product profile which will support
scale going forward. Further Group has started a JV with Hindustan
Antibiotics Limited which would further support the improvement in
revenue. Going forward the scale of operations is expected to
improve and will remain key monitorable.
Strengths:
* Extensive industry experience of the promoters: The promoters
have experience of over 30 years in the Pharmaceuticals -
Formulation industry. This has given them an understanding of the
dynamics of the market and enabled them to establish relationships
with suppliers and customers.
* Moderate financial risk profile: Group's Financial risk profile
is comfortable marked by lower reliance on external debt. Group has
moderate networth of INR27.89 crores as on March 31,2024. Capital
structure is strong marked by gearing of 0.03 times and comfortable
debt protection metrics marked by interest coverage of more than 36
times as on March 31, 2024. With steady accretion to reserves and
lower reliance on external debt and no major plans of debt funded
capex, financial risk profile is expected to remain comfortable
over the medium term and will remain key monitorable.
Liquidity: Stretched
Company was classified as NPA by banks due to delay in repayment.
The group did one time settlement with bank and all the dues were
cleared in April 2023. The group currently has no outstanding debt.
Net cash accruals for fiscal 2024 were INR7.1 Crores. Going forward
accruals are expected to be over INR10 crores. Support in the form
of equity or unsecured loan will be infused by the promoters
whenever required.
Outlook: Stable
CRISIL Ratings believe SPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity factors
Upward factors:
* Sustained improvement in scale of operation by over 20% and
sustenance of operating margin, leading to higher cash accruals.
* Improvement in working capital cycle.
Downward factors:
* Decline in net cash accruals below INR5 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakens capital structure.
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.
Incorporated in 1994, Sanjivani group manufactures mainly
injectables in the antibiotics segment, and branded capsules,
tablets, and formulations. The company is promoted by Mr. Ashwin
Khemka.
SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Santosh
Warehousing Limited (SWL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of SWL under the 'issuer non-cooperating'
category as SWL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SWL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Santosh Warehousing Ltd (SWL) was established in the year 2012 by
Mr Sunil Mittal and Neena Mittal. The company is engaged in
providing warehouse services. It has one warehouse located at
Secunderabad (Uttar Pradesh).
SAVALIYA COTTON: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Savaliya Cotton Ginning and Pressing Pvt Ltd.
Survey No. 242, Opp. 266 KVP Poower Station, Veraval
Liquidation Commencement Date: May 15, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Rahul Nareshbhai Shah
20, Suderchan Society, Part 2,
Near Naranpura Busstop,
Naranpura, Ahmedabad-380013
E-mail: carahulnshah@gmail.com
E-mail: cirp.savaliacotton@gmail.com
Last date for
submission of claims: June 16, 2024
SRUSTI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Srusti
Agro Farms Private Limited (SAFPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.16 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 15, 2023,
placed the rating(s) of SAFPL under the 'issuer non-cooperating'
category as SAFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 29, 2024, February 8, 2024, February 18, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in July 2016, Srusti Agro Farms Private Limited
(SAFPL) was promoted by Mrs. Mamta Puhan and Mr. Nirakar Puhan
among others. The company was promoted to initiate the business of
poultry farming to sale eggs and birds. Currently, the company is
setting up a poultry farm which includes three shades; the first
shade will be used for farming of one day to 6-7 weeks chicks, the
second shade will be used for farming chicks which are up to 12-13
weeks, and third shade will be used for layer birds where they
fetch eggs. The total project cost is estimated to be INR8.98 crore
which will be funding through term loan of INR6.50 crore and
balance of INR2.48 crore from promoter's contribution. The
financial closure for the debt portion of the project is already
been tied-up and the company has already completed construction of
two shades and started commercial operations from April 2019 of
poultry farming operations. Till July 31, 2019, the company has
spent around INR8.66 crore funded through term loan of INR6.18
crore and balance through promoter's contribution of INR2.48 crore.
Since its inception, the company is earning revenue through
agricultural business (i.e. mango plantation and pulses). The
company has started partial commercial operation of its poultry
business (main business) from April 2019 and the full fledge
operation of the same is estimated to commence from September 2019.
Currently, the company has 66,000 layer birds in its poultry farm.
SUNBEAM LIGHTWEIGHTING: CRISIL Cuts Rating on INR50cr Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sunbeam Lightweighting Solutions Pvt Ltd (SLSPL) to
'CRISIL D' from 'CRISIL B-/Negative'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 50 CRISIL D (Downgraded from
'CRISIL B-/Negative')
Cash Credit 45 CRISIL D (Downgraded from
'CRISIL B-/Negative')
Cash Credit 25 CRISIL D (Downgraded from
'CRISIL B-/Negative')
Proposed Cash 30 CRISIL D (Downgraded from
Credit Limit 'CRISIL B-/Negative')
The downgrade reflects the delay in servicing of interest
obligations pertaining to Guaranteed Emergency Credit Line (GECL)
term loan facility availed from one of its bankers.
The rating reflects the delay in debt servicing by SLSPL, low net
cash accruals against debt repayment obligations and weak financial
profile coupled with customer concentration risk, sub-par operating
efficiency and vulnerability of performance to OEM offtake during
cyclical downturns. These weaknesses are partially offset by the
market position of SLSPL in the aluminium die casting component
(ADCC) market, its business linkages with Hero MotoCorp Ltd (HMIL,
rated 'CRISIL AAA/Stable/CRISIIL A1+') and Maruti Suzuki India Ltd
(MSIL, rated 'CRISIL AAA/Stable/CRISIIL A1+').
Analytical Approach
CRISIL Ratings amortised the goodwill of INR365 crore on
acquisition of Sunbeam Auto Pvt Ltd (SAPL), now SPSLPL, over a
period of five years starting June 2018.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in debt servicing: SLSPL had GECL loan outstanding of
~INR22 crore as of December 2023. While the company was servicing
its debt obligations pertaining to this facility till April 2024,
interest obligations for the month of May 2024, was not serviced by
SLSPL on account of weak liquidity position, inadequate net cash
accruals against debt obligations, partial unavailability of bank
lines and delay in expected equity infusion of INR350 crore
respectively.
* Sub-par operating profile: SLSPL has a huge workforce at its
Gurgaon facility with high employee cost, which, along with
low-margin orders, has been impacting operations in the last few
fiscals. In order to enhance its operating profitability, SLSPL is
targeting to increase share of high-margin exports in the next
fiscal and has shifted majority of domestic operations to low-cost
production centres in Halol and Bawal. from Gurgaon. The transit
costs, along with settlement payouts for employees at Gurgaon, are
expected to result in material one-time expense over the near
term.
* Weak financial risk profile: The last 4-5 consecutive years of
subdued performance and net losses have weakened debt protection
metrics, despite continued equity infusion by Kedaara. With
increase in cash losses, debt level increased to INR609 crore as on
December 31, 2023, from INR559 crore as on March 31, 2023, thereby
further weakening the debt metrics. The company also incurred capex
of ~INR43 crore in fiscal 2024 for new product development,
maintenance capex and expansion of its existing facilities at Bawal
and Halol, which was partly debt-funded. SLSPL also had capex plans
of INR70-80 crore annually over the next 2-3 fiscals, however
raising of funds will remain critical for implementation of capex
plans.
Net cash accruals continued to remain negative in fiscal 2024 on
account of losses arising out of operations and high interest
payouts. SLSPL was considering material equity raise before January
2024 to deleverage its balance sheet and also lower impact of high
interest payout on net profits. However, on account of delay in due
diligence process, fund infusion was expected to be completed in
tranches in April 2024 and September 2024. However, subsequent to
partial suspension of SLSPL's bank limits on May 4, 2024, the
potential external investor has withdrawn participating in the
fund-raising process.
Furthermore, the company also had realigned the second instalment
of its NCD repayment to time it with receipt of expected infusion
of equity, in agreement with the lender during March 2024. However,
the same is presently uncertain and company's ability to raise
funds immediately from its parent, Kedaara Capital Fund II LLP
(Kedaara) or any other external investors will be critical for debt
servicing and sustaining the operations. Besides, successful
monetisation of the Gurgaon facility will also help fund employee
Voluntary Settlement Programme (VSP) expenses and capex
requirements which can help alleviate near term liquidity
pressures.
* Customer and segment concentration risk in revenue: HMCL and MSIL
accounted for over ~70-75% of the company's domestic sales. Limited
segmental diversification and large dependence on key clientele
expose the company's performance highly dependent on to the
performance of OEMs. This is reflected in the fact that slowdown in
the production volumes of HMCL had affected demand for SLSPL during
the pandemic. In an attempt to diversify customer base, the company
has been actively adding clients and focusing on exports.
Nevertheless, it remains susceptible to any significant decline in
demand from key vehicle segments/customers as witnessed in the
recent past. Like SLSPL, its peers too have been impacted by weak
sale of motorcycles between fiscals 2021-23; though peers have
managed better due to more customer and segmental diversity, and
presence in export markets.
* Vulnerability to offtake from automotive OEMs, especially during
cyclical downturns: The automobile industry in India is intensely
competitive, leading to limited pricing power for automotive
component suppliers. SLSPL has the flexibility to pass on hike in
input cost (mainly aluminium) with a lag of 3-4 months, but not the
increases in other manufacturing overheads. In case of a prolonged
slowdown and decreasing automobile demand, it is not always
possible for OEMs to pass on any cost increases to the end user.
Input cost increases are, therefore, absorbed by both the component
manufacturers and OEMs. Profitability, thus, remains exposed to
pricing pressures from OEMs. Besides, during business downturns,
OEMs frequently change production schedules due to market
uncertainties, thereby impacting offtake of supplies and leading to
increased vulnerability of component suppliers, especially those
such as SLSPL.
Strengths:
* Established market position in the domestic ADCC market and
strong business linkages with leading OEMs: SLSPL is a prominent
ADCC manufacturer in India. It is the principal supplier of ADCC
and pistons to some of the leading OEMs in the two-wheeler and
four-wheeler segments. The manufacturing units in Gurgaon,
Tapukara, Bawal and Halol are largely in proximity to customer
locations, thereby enabling optimal inventory and freight costs.
Continued focus on diversifying customer base has led to share of
two-wheeler segment in overall sales declining to 60% in fiscal
2023 from 66% in fiscal 2021, while revenue share of the
four-wheeler segment went up to 36% from 30%. However, this revenue
mix has changed during the nine months of fiscal 2024, with the
two-wheeler segment contributing 63% and the four-wheeler
contribution dropping to 33%, which has been majorly on account of
better demand for two-wheeler OEMs during the period. However,
exports declined by ~20% during nine months fiscal 2024 after
witnessing healthy growth of 33% at INR184 crore in fiscal 2023 (Rs
138 crore in fiscal 2022), with major growth coming from North
America and France. SLSPL is planning to increase its share of
export revenue to 20% over the medium term from ~14% in fiscal
2023. Overall revenue growth could be driven by continued demand
from HMCL and MSIL, increased exports, and stable increase in
orders from other domestic players.
* Financial flexibility in the form of need-based support from
sponsor: The sponsor, Kedaara, is a private equity fund with an
established track record of investing in and successfully scaling
up companies across multiple sectors. Kedaara's team of advisors
includes senior professionals with decades of experience in
leadership positions across industries. This should help SLSPL ramp
up its operations in the ADCC business by diversifying in terms of
geography as well as clientele over the medium term. Additionally,
Kedaara has been continuously providing financial support to SLSPL
over the years. In fiscal 2020, considering the challenging
business environment and to support the company's balance sheet,
Kedaara had infused INR187 crore equity. It further infused INR46
crore in fiscal 2021 and INR140 crore in fiscal 2022 to support
operations and was expected to participate in the fund raising
process along with external investor, which is currently delayed.
Immediate support from Kedaara in form of equity or temporary loans
to fund the operations and ensure servicing of bank debts will
remain as key monitorable.
Liquidity: Poor
Liquidity is poor on account of unavailability of bank limits to
the extent of INR50 crore since May 4, 2024, leading to delay in
fund raising activity. Also, on account of partial unavailability
of bank limits, company has not yet settled outstanding of INR15-20
crore with respect to bills discounted from banks between May 6,
2024, and May 14, 2024. Besides, the repayment obligation of ~Rs 28
crore pertaining to the second tranche of NCD due in March 2024 was
realigned ahead of its scheduled repayment date. Also, the debt
obligations totalling INR170-180 crore due in fiscal 2025, was
expected to be serviced mainly from equity proceeds of INR350
crore. The process of identifying new investors is on but may take
some time. In the meantime, immediate support from Kedaara will be
critical to ensure debt servicing as well as sustenance of
operations. This will remain a key monitorable.
SLSPL had also planned to monetize its Gurgaon facility spanning
~16 acres to meet the VSP needs which is under initial stages.
Company is presently managing its operations through customer
advances and working capital from other banks. Working capital bank
limit of ~INR120 crore was utilised at ~87-88% over the 16 months
through February 2024, and is expected to be almost completely
utilised at present.
Rating Sensitivity factors
Upward factors:
* Track record of timely debt servicing for at least over 90 days
* Strong improvement in debt metrics and liquidity, including
through immediate material equity infusion
SLSPL was incorporated in December 2017 as Novy Mir Lightweighting
Solutions Pvt Ltd and was renamed on September 4, 2018, after the
complete acquisition of Sunbeam Auto Private Ltd. (SAPL).
Presently, it is a wholly owned subsidiary of Kedaara, a
Mumbai-based private equity fund. SLSPL was formed for the
acquisition of SAPL, which manufactured automotive and automotive
components. After the acquisition, SAPL and SLSPL were merged into
a single entity, SLSPL.
Presently, it is a wholly owned subsidiary of Kedaara Capital Fund
II LLP, a Mumbai-based private equity fund. SLSPL was formed for
the acquisition of SAPL, which manufactured automotive and
automotive components. After the acquisition, SAPL and SLSPL were
merged into a single entity, SLSPL.
About the Group
SAPL was incorporated as a subsidiary of Highway Industries Ltd,
part of the erstwhile Hero group. Following the arrangement between
the Munjal families in May 2010, Mr. Ashok Munjal, representing the
Dayanand Munjal group, retained management control over SAPL. Mr.
Ashok Munjal and his wife, Ms Neelam Munjal, held stake in SAPL's
equity through Munjal Holdings, an investment company also owned by
Mr. Ashok Munjal. In June 2018, the promoters sold their entire
stake to SLSPL. SAPL also had an associate entity, Munjal Castings,
which was merged with SAPL in May 2018. Munjal Castings was
incorporated in 1980 to manufacture ADCCs. The firm supplied
aluminium as well as zinc die castings to the automotive and
non-automotive sectors, from its manufacturing facility in
Ludhiana.
TAU AGRO: CARE Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tau Agro
Sales Private Limited (TASPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 14, 2023,
placed the rating(s) of TASPL under the 'issuer non-cooperating'
category as TASPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TASPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 28, 2024, March 9, 2024, March 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tau Agro Sales Pvt. Ltd. was incorporated as a private limited
company in 1997 and it is currently being managed by Mr. Mangat Ram
Garg, Mr. Shyan Sunder, Mr. Rajinder Garg and Mr. Ravinder Garg. It
is engaged in processing of paddy at its manufacturing facility
located in Faridkot, Punjab. It is also engaged in trading of rice.
TASPL sells rice primarily to various rice wholesalers through
dealers based in Delhi, Uttar Pradesh, Haryana, Rajasthan, etc.
TIMEKEEPERS THE WATCH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: TIMEKEEPERS THE WATCH BOUTIQUE PRIVATE LIMITED
65 ORIENTAL BUILDING HUTATMA CHOWK MAHATMA GANDHI ROAD
FORT,
MUMBAI, Maharashtra, India, 400001
Insolvency Commencement Date: May 16, 2024
Estimated date of closure of
insolvency resolution process: November 12, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: CMA Vijender Sharma
VRSA Insolvency Professionals LLP Building No. 11,
3rd Floor, Hargovind Enclave, Vikas Marg,
Delhi-110092
E-mail: vijender@vsa.net.in
E-mail: timekeepers.cirp@gmail.com
Last date for
submission of claims: May 30, 2024
TRANSTREASURE SERVICES: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Transtreasure Services (India) Private Limited
Shop no. 43, Plot No. 92 To 95,
Sector-15, Maruti Paradise, Belapur
Navi Mumbai Thane MH 400611
Liquidation Commencement Date: May 21, 2024
Court: National Company Law Tribunal, Mumbai Bench-I
Liquidator: Rajiv Bajaj
B-269, Lower Ground Floor,
Chhatarpur Enclave, Phase-2,
New Delhi-110074
E-mail: rbajajip@gmail.com
E-mail: cirptrans@gmail.com
Last date for
submission of claims: June 20, 2024
VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vatika
Infracon Private Limited (VIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 128.90 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from VIPL to monitor
the ratings vide various e-mail communications dated May 11, 2024,
May 1, 2024, April 21, 2024 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings of Vatika
Infracon Private Limited's NCD's will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating).
The rating has been reaffirmed on account of ongoing delays in
servicing of its debt obligations due to stressed liquidity
position.
There have been instances of delays in interest servicing for NCDs
as reported in the audit report of FY23.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in liquidity position with timely repayment of debt
obligations
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* Decline in the income and increasing losses leading to delays:
The total income from operations of the company has reduced from
INR42.34 crores in FY22 (A) to INR4.74 crores in FY23 (A). Also,
the company has reported net losses of INR23.52 crores in FY23(A).
On account of the weak performance, the company has delayed the
repayment of interest to debenture holders, as per the audit report
for FY23.
Liquidity: Poor
Owing to weak performance and losses, the company has poor
liquidity profile
Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for
the purpose of real estate development. The company is a step-down
subsidiary of Vatika Ltd, Vatika Group's flagship company. VIPL is
developing 77 acres gated township 'Vatika City 2' as the final
phase of Vatika India Next (An integrated township with area
spanning over 77 acres having residential- floors, plots, villas,
group housing, gated towns and commercial projects) in Sector 89,
Gurgaon with saleable area of 68.02 lakh square feet (lsf). The
project will be developed in 4 phases and the land for the project
has already been acquired with licenses for phase 1 already
received.
WOODVILLE PALACE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Woodville
Palace Hotel (WPH) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.18 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 19, 2023,
placed the rating(s) of WPH under the 'issuer non-cooperating'
category as WPH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. WPH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 4, 2024, March 14, 2024, March 24, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Woodville Palace Hotel (WPH) was established in April, 1977 as a
proprietorship concern and is currently being managed by Mr. Kanwar
Uday Singh, as its proprietor. The firm is running a hotel with the
name of "Woodville Palace Hotel" on ~5 acres of land in Shimla,
Himachal Pradesh. The hotel comprises of total 27 rooms, along with
1 banquet hall, 1 bar, 1 restaurant, 1 lounge, 1 dining hall and
parking area for around 30 cars.
XRBIA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Xrbia
Developers Limited (XDL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 200.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2023,
placed the rating(s) of XDL under the 'issuer non-cooperating'
category as XDL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. XDL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 30, 2024, February 9, 2024, February 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in year 2004, XRBIA Developers Limited (XDL)
(erstwhile known as Eiffel Developers & Realtors Limited) is the
flagship entity of Pune based XRBIA Group, engaged in the business
of real estate development and sale of plotted projects. XRBIA
Group has undertaken a number of residential real estate and
plotting projects in Pune, Mumbai and Noida region.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Wins Argument for Foreign State Immunity
----------------------------------------------------------
The High Court has confirmed the decisions of the NSW Supreme Court
and Court of Appeal, that attempts in Australia to wind up the
national flag-carrier airline of the Republic of Indonesia, PT
Garuda Indonesia Limited (Garuda), cannot proceed. The airline is a
"separate entity" of the Indonesian government. As such, it
successfully relied on its arguments to assert foreign state
immunity in this case.
Baker McKenzie said: "Whilst similar provisions exist in other
legislation, including in the United Kingdom and Singapore, to date
courts in other countries have not been asked to consider the scope
of the exception. The decision therefore has the potential to set a
significant global precedent."
"Foreign state immunity is a long standing protection, recognised
by Courts in common law jurisdictions, that foreign governments and
their "separate entities" will not be subject to court processes of
foreign courts unless they choose to submit to those courts. The
principle sets boundaries between foreign states and domestic
judicial powers.
"That original principle evolved away from "absolute" immunity, to
one now limited by recognised exceptions ("restrictive immunity").
In Australia these exceptions are now set by the Foreign States
Immunities Act 1985 (Cth) (FSIA).
"An exception to that general protection for foreign governments
and their separate entities in the FSIA relating to "a proceeding
in so far as the proceeding concerns . . . bankruptcy, insolvency
or the winding up of a body corporate" has now been held not to
cover an application to wind a company up that is a separate entity
of a foreign State. Instead, the purpose of that exception is to
ensure when a winding up has been started all creditors or other
stakeholders in it are treated in a similar manner in any court
proceedings about the liquidation," Baker McKenzie said.
In the wake of financial difficulties during 2020 for airlines
during the COVID-19 pandemic, in 2021 Garuda underwent a
restructuring process under Indonesian law known as a Penundaan
Kewajiban Pembayaran Utang or PKPU. The resulting Composition Plan,
approved by creditors and the Indonesian courts in 2022, sought to
return the airline to good financial health.
Two Irish companies (Greylag Goose Leasing), lessors of aircraft to
Garuda, were creditors during the PKPU. Dissatisfied with the
result of the PKPU they sought in Australia to bring winding up
proceedings against Gardua through an application in the NSW
Supreme Court. Garuda responded by asserting the court lacked
jurisdiction, and it was entitled to assert foreign state immunity.
Garuda said, and Greylag Goose Leasing accepted, that Garuda was
relevantly a separate entity of the Republic of Indonesia.
Based primarily on a textual analysis of the FSIA provision, the
primary judge accepted Garuda's arguments, saying this exception to
foreign state immunity did not extend to allowing an Australian
court to appoint liquidators to a foreign state's separate entity.
The NSW Court of Appeal agreed, and added to that reasoning by
reference to the history and purpose of this exception in the
FSIA.
The High Court has now confirmed the decisions of the lower
courts.
The majority of the judges accepted arguments that emphasised the
context and purpose of the provision was to ensure that a court
could adjudicate on all claims brought before it in an insolvency
or winding up.
Baker McKenzie acted for Garuda in these proceedings.
About Garuda Indonesia
Garuda Indonesia is the flag carrier of Indonesia.
On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition
against Garuda to commence the PKPU Proceeding under Indonesian
Insolvency Law. PKPU is a court-enforced suspension of payments
process which is designed to provide a debtor a definite period of
time to restructure its debt and reorganize its affairs pursuant to
a composition plan with its creditors.
The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and
appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick
Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H.,
Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL
as administrators who, together with the Debtor, manage the
Debtor's assets during the PKPU Proceeding.
On June 17, 2022, Garuda proposed to creditors the PKPU Plan
developed in consultation with an ad hoc group of its aircraft
lessors, Sukuk Holders and a number of other creditors working to
facilitate the restructuring of Garuda's debts. The PKPU Plan
anticipates Garuda continuing to operate in the ordinary course.
PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022,
to seek U.S. recognition of its debt restructuring in Jakarta,
Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge
Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler of
Cleary Gottlieb Steen & Hamilton LLP in the U.S.
=====================
N E W Z E A L A N D
=====================
APPLIANCE STAR: Court to Hear Wind-Up Petition on June 14
---------------------------------------------------------
A petition to wind up the operations of Appliance Star NZ Limited
will be heard before the High Court at Auckland on June 14, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 20, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BEAUTIFUL APPEARANCE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------------
Creditors of Beautiful Appearance Limited are required to file
their proofs of debt by June 30, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
FZ GROUP: Court to Hear Wind-Up Petition on June 14
---------------------------------------------------
A petition to wind up the operations of FZ Group NZ Limited will be
heard before the High Court at Auckland on June 14, 2024, at 10:45
a.m.
Freedom Interiors Limited filed the petition against the company on
Feb. 22, 2024.
The Petitioner's solicitor is:
Christina Keil
c/- Merran Keil
Barrister, Regent Chambers
Level 4, 68 Shortland Street
Auckland
HIGHGATE RESIDENTIAL: Creditors' Proofs of Debt Due on July 3
-------------------------------------------------------------
Creditors of Highgate Residential Limited are required to file
their proofs of debt by July 3, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 4, 2024.
The company's liquidators are:
Gregory Victor Millar
Level 2, 142 Broadway
Newmarket
Auckland
NEW ZEALAND VACUUM: Creditors' Proofs of Debt Due on July 10
------------------------------------------------------------
Creditors of New Zealand Vacuum Cleaner Company 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 June 3, 2024.
The company's liquidators are:
Stephen Robert White
John Howard Ross Fisk
C/o PwC, PwC Auckland
Private Bag 92162
Victoria Street West
Auckland 1142
=================
S I N G A P O R E
=================
AQUARIUS INVESTMENTS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on May 23, 2024, to
wind up the operations of Aquarius Investments Pte Ltd.
GLAS Trust Corporation Limited filed the petition against the
company.
The company's liquidators are:
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
HUE CONCEPT: Court to Hear Wind-Up Petition on June 28
------------------------------------------------------
A petition to wind up the operations of Hue Concept Interior Design
Pte Ltd will be heard before the High Court of Singapore on June
28, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
June 4, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
JCUBE ENGINEERING: Court to Hear Wind-Up Petition on June 28
------------------------------------------------------------
A petition to wind up the operations of Jcube Engineering Services
Pte Ltd will be heard before the High Court of Singapore on June
28, 2024, at 10:00 a.m.
Teambuild Construction Pte. Ltd. filed the petition against the
company on June 3, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
MCCI ASIA: Commences Wind-Up Proceedings
----------------------------------------
Members of MCCI Asia Pte Ltd on May 30, 2024, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Teh Kwang Hwee
1 Commonwealth Lane #07-32
One Commonwealth
Singapore 149544
SSB CONSULTANTS: Court to Hear Wind-Up Petition on June 21
----------------------------------------------------------
A petition to wind up the operations of SSB Consultants (INT) 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 27, 2024.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 3, 2024 to June 7, 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
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***