/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240625.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 25, 2024, Vol. 27, No. 127 Headlines A U S T R A L I A ACCESS PRINT: Up for Sale After Entering Voluntary Administration ARMAGUARD GROUP: Banks to the Rescue With AUD50 Million Lifeline AUSTRALIAN PLANT: First Creditors' Meeting Set for July 3 CROOKED COFFEE: First Creditors' Meeting Set for June 28 DION LEE: Seeks 45-Day Postponement of Creditors' Meeting GET MY REFUND: First Creditors' Meeting Set for June 28 GOLDEN ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable MUCHO AS: First Creditors' Meeting Set for July 1 PROJECT SEA: Seafarms Sells Two Farms to MainStream for AUD13.5MM REDZ ZOO: First Creditors' Meeting Set for June 28 C H I N A KAISA GROUP: HK Court Pushes Liquidation Case Hearing to August 12 ZHUZHOU CITY: Moody's Withdraws 'Ba1' Corporate Family Rating H O N G K O N G ORIENT OVERSEAS: Egan-Jones Retains BB+ Senior Unsecured Ratings I N D I A A V INFRATECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating AI CHAMPDANY: CARE Reaffirms D Rating on INR27.38cr LT Loan ALLOY TECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating ALTRADE MINERALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating AMAR JYOTI: CRISIL Keeps B- Debt Ratings in Not Cooperating AMISAL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category ASAN STEELS: CRISIL Keeps B- Debt Ratings in Not Cooperating AVIS INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating BEST IT: CARE Keeps D Debt Rating in Not Cooperating Category ESSEL AHMEDABAD: CARE Keeps D Debt Rating in Not Cooperating GHATGE PATIL: CARE Keeps D Debt Ratings in Not Cooperating JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating Category JAI SHANKER: CRISIL Keeps B+ Debt Ratings in Not Cooperating JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating JMK ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating KARTHIKEYA TRADING: CRISIL Keeps B Ratings in Not Cooperating KESHAV PULSES: CRISIL Keeps B+ Debt Ratings in Not Cooperating KESHO PACKAGING: CRISIL Keeps B+ Debt Ratings in Not Cooperating L'ECOLE CHEMPAKA: CRISIL Keeps B+ Debt Ratings in Not Cooperating MENTHA OVERSEAS: CRISIL Keeps B Debt Ratings in Not Cooperating METRO PLYWOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating MOOKAMBIKA EDIBLES: CRISIL Keeps B Ratings in Not Cooperating MUSTANG SERVICES: CRISIL Keeps B+ Debt Ratings in Not Cooperating OMAR COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating PR. M. MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating PREM HENNA: CRISIL Keeps B Debt Ratings in Not Cooperating RAJARSHI CARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating Category SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating Category SONU MARKETING: CRISIL Assigns B Rating to INR50.0cr NCD J A P A N AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings EAST JAPAN: Egan-Jones Withdraws BB Senior Unsecured Ratings MITSUI E&S: Egan-Jones Hikes Senior Unsecured Ratings to CCC+ MITSUI E&S: Egan-Jones Retains CCC Senior Unsecured Ratings NORINCHUKIN BANK: Warns Losses May Reach to JPY1.5TT This Year RICOH COMPANY: Egan-Jones Retains BB+ Senior Unsecured Ratings N E W Z E A L A N D ALPINE DRINKS: Court to Hear Wind-Up Petition on July 2 E.T. SCREEN: Creditors' Proofs of Debt Due on July 19 KWEKU INVESTMENTS: Creditors' Proofs of Debt Due on July 18 QS CAFE: Creditors' Proofs of Debt Due on July 19 SS (HOT): Court to Hear Wind-Up Petition on July 19 P H I L I P P I N E S CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings S I N G A P O R E CUBE 2: Court to Hear Wind-Up Petition on July 5 SCSC SINGAPORE: Court to Hear Wind-Up Petition on July 5 SPEECH INC: Commences Wind-Up Proceedings TERAS SINGAPORE: Commences Wind-Up Proceedings TRANSCORP HOLDINGS: Creditors' Final Meeting Scheduled for July 24 S O U T H K O R E A SK GROUP: SK On Unit Dismisses CCO Amid Restructuring S R I L A N K A SRI LANKA: To End Bankruptcy This Week as Debt Relief Deal Reached V I E T N A M VIETNAM: S&P Affirms 'BB+/B' Sovereign Credit Ratings X X X X X X X X [*] BOND PRICING: For the Week June 17, 2024 to June 21, 2024 - - - - - ================= A U S T R A L I A ================= ACCESS PRINT: Up for Sale After Entering Voluntary Administration ----------------------------------------------------------------- Sprinter reports that Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected. Sprinter relates that Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business. Mr. Arnautovic is a chartered accountant, registered liquidator and partner of Salea Advisory. "The directors of the companies have initially advised that the reasons for the administration of the companies can be attributable to poor economic and trading conditions, significant cost expenditure with respect to various premises leases and outstanding statutory taxation obligations," Mr. Arnautovic told Sprinter. "I am presently continuing to trade the companies' business during the administration period with a view to restructuring the companies via a Deed of Company Arrangement (DOCA) and/or implementing a going concern sale of business. "At this time, I hereby advise that the companies will continue their business operations in the ordinary course of business. "Should any interested parties be interested in purchasing the business of the companies, please contact my office urgently," Arnautovic said. An initial online meeting of creditors of the Companies is due to be held at 10:30 a.m. on Friday, June 28, 2024, Sprinter discloses. Sprinter says the future of the companies will likely be decided at a major meeting of creditors to be held in approximately four to six weeks. All written queries from creditors of the companies should be directed to the offices of Salea Advisory via email at admin@salea.com.au. "At this stage, it is too early to advise if there will be any dividend or distribution paid to ordinary unsecured creditors of the companies as we are still assessing the available assets and liabilities of the companies. We will report to creditors in due course in this regard," Mr. Arnautovic said. In 2015, Access Print Solutions doubled the size of its business with the acquisition of Adelaide-based Graphic Print Group. Sprinter understands Access Print Solutions operated A1 presses in Sydney and web presses in Adelaide and had a reputation for highly competitive pricing. The collapse of Access Print Solutions follows the other recent voluntary administrations in the printing industry including Mesh Direct in April 2024, Starleaton in January 2024, and All Flags in 2023, Sprinter notes. ARMAGUARD GROUP: Banks to the Rescue With AUD50 Million Lifeline ---------------------------------------------------------------- ABC News reports that Armaguard's biggest customers will pour up to AUD50 million into the troubled cash transporter to keep it afloat for the next 12 months. According to the report, the deal removes the risk of the nation's only distributor of banknotes and coins defaulting for at least a year, giving the industry time to find a more sustainable way to move money around the country. Armaguard rejected a bail-out offer in March from major banks and retailers, concerned it required them to reveal too much commercial information, ABC News says. Armaguard has blamed the rapidly declining use of cash for its financial woes, with cash purchases falling from more than 60 per cent in 2010 to just 13 per cent in 2022. The decline makes it more expensive for Armaguard to continue to deliver smaller amounts of money to all parts of Australia. ABC News relates that the deal will see Armaguard's eight biggest customers - Commonwealth Bank, ANZ, Westpac, NAB, Coles, Woolworths, Bunnings and Australia Post - offer monthly payments in return for Armaguard meeting efficiency and restructuring requirements, starting July 1. A forensic accountant will scrutinise Armaguard's books, ensuring the targets are met and that the funding remains with Armaguard and not its parent company, Linfox, ABC News relays. Armaguard has also agreed to have an independent pricing arrangement come into force in the future, a requirement insisted upon by the eight customers, who are worried about Armaguard's monopoly of cash transport. ABC News says Armaguard has been in financial strife for some time. It received approval last year from the competition watchdog to merge with its biggest rival, the Spanish-owned Prosegur, after both firms said their businesses were not sustainable. It left Armaguard with control of more than 90 per cent of the market in moving cash to banks and retailers across the country. But just months after the merger, Armaguard flagged it was struggling to continue operating the same level of service, at the same price, while cash use continued to decline, ABC News states. It has prompted months of emergency talks between Armaguard, its customers, the Reserve Bank and the federal treasury department. The Australian Competition and Consumer Commission has been monitoring Armaguard's conduct, whilst also monitoring its actions to ensure it abides by the conditions of its merger with Prosegur. Negotiations for the bailout were led by the Australian Banking Association (ABA), which represents the four major banks and 16 other banks around the country, and the agreement has been submitted to the ACCC for approval, according to the report. "This deal will keep cash moving around the country and ensure it remains available to Australians wherever they live," the report quotes ABA CEO Anna Bligh as saying.  "[It] also gives Armaguard the necessary time to restructure the business and realise the benefits from their merger with Prosegur. It also allows all parties to work through possible long-term solutions for sustainable cash access into the future." ABC News adds Linfox Armaguard Executive Chairman Peter Fox welcomed the agreement as a collaboration that delivered "no winners and losers." "No other nation has major banks, retailers and key distribution companies working together to achieve a more efficient cash-in-transit industry," said Mr. Fox. The federal government had been keeping a close eye on the developments to ensure it did not escalate into a crisis of people being unable to access cash. "This is a good outcome, it's a good thing for Australia while we work out some of these important structural issues in the market," Treasurer Jim Chalmers told parliament. The COVID pandemic accelerated Australia's transition to a cashless economy, as has the growth in mobile wallets. Over four years to 2022, the value of transactions using mobile wallets rose from AUD750 million to AUD93 billion. But almost all Australians still use cash occasionally, and those who use cash a lot are more likely to be older and have lower incomes. Armaguard Group -- https://armaguard.com.au/ -- provides secure currency supply chain and technology solutions across Australia, New Zealand and Southeast Asia. AUSTRALIAN PLANT: First Creditors' Meeting Set for July 3 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Plant Proteins Pty Ltd will be held on July 3, 2024 at 12:00 p.m. at the offices of Romanis Cant at Level 2, 106 Hardware Street in Melbourne. Manuel Hanna of Romanis Cant was appointed as administrator of the company on June 21, 2024. CROOKED COFFEE: First Creditors' Meeting Set for June 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Crooked Coffee Pty Ltd will be held on June 28, 2024 at 10:00 a.m. at the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in Perth and via a telephone call. Mathieu Tribut and Domenico Alessandro Calabretta of Mackay Goodwin were appointed as administrators of the company on June 18, 2024. DION LEE: Seeks 45-Day Postponement of Creditors' Meeting --------------------------------------------------------- Business News Australia reports that the administrators of Sydney-based global fashion brand Dion Lee have called for a 45-day postponement of a second creditors' meeting that was due to take place this Thursday [June 27], noting active negotiations with an interested buyer will likely lead to a sale. BNA relates that the news is promising for the renowned group, which is sold in more than 80 of the world's most exclusive retailers including Net-A-Porter, Selfridges and Lane Crawford, and whose clothing, a corset, was sported by Taylor Swift at the Super Bowl this year. According to BNA, the second report to creditors attributes the fashion house's difficulties to ongoing capital funding reliance for its unprofitable operations, with more than AUD22 million in capital investments since late 2021 by Cue Clothing Co's Levis family, which acquired a stake in Dion Lee via their brand in 2013. Administrators Antony Resnick and Henry Kwok of dVT Solvency Solutions explain that after their appointment on May 22, it soon became clear that Dion Lee's business was "significantly more valuable as a going concern than the alternative of immediately being wound up", and trading resumed the following day, BNA relates. This meant that its seven stores in Australia, one store in Miami, Florida, and online stores could continue to sell product while the administrators set up arrangements with landlords and suppliers to ensure operations could function as per normal. There were 67 staff members in total at the time of the appointment, of which 26 were full-time. According to BNA, seven employees were stood down, although some were re-employed around three weeks later to "accommodate the anticipated increase in sales from the rollout of an aggressive markdown stock sale campaign that went live on Wednesday, June 5 ". BNA says the employment of a further four staff has been terminated since appointment as well, of whom two had resigned and given notice before the administrators came on the scene. The administrators claim that the ongoing trading of the businesses has assisted in preserving the Dion Lee brand globally, as well as business operations and jobs while maximising the recovery of pre-appointment debtors, BNA notes. Between May 22 and June 14 the group recorded revenue of more than AUD286,000 and expenses just shy of AUD165,000. But with adjustments for liabilities such as superannuation, pay as you go (PAYG) tax and rent, the estimated surplus for the period is just AUD9,178, BNA discloses. The company's unpaid superannuation, annual leave and long service leave balances are worth approximately AUD368,727, and this remains a priority unsecured claim against the group. Administrators add that ongoing trading has enabled an orderly expressions of interest (EOI) campaign that will likely lead to the completion of a sale, BNA reports. Following the EOI call-out on May 27, nine non-disclosure agreements were issued to interested parties, of which seven were executed. The first cab off the rank on June 3 was an interested party that had been in discussions with Dion Lee's CEO James Miller, but the administrators found the first offer was "not acceptable to us in its form and value". The next day, another party put forward an expression of interest (EOI), and following due diligence this resulted in a non-binding expression of intent to buy at an indicative price on 12 June, BNA relates. Active negotiations continue with this party, hence the recommendation to adjourn the creditors' meeting by more than six weeks. According to BNA, the administrators argue that because the form of the sale transaction is yet to be determined, in the absence of a Deed of Company Arrangement (DOCA) there would be no option at a creditors' meeting but to liquidate assets, which they claim would not be in the interests of creditors. Preliminary estimates of claims from secured creditors are currently at more than AUD29 million, of which entities affiliated with the Levis family comprise the largest share, and the Commonwealth Bank of Australia has an estimated claim amount of more than AUD7 million. Of the AUD5.3 million in estimated debts to unsecured creditors, for whom a dividend has been deemed unlikely, the largest for an unrelated party is a Milan-based global network of showrooms called TwentyFourSeven SRL with an outstanding debt of approximately AUD707,000, BNA discloses. The Australian Tax Office (ATO) is estimated to be owed around AUD533,000, while the stock at the Sydney Warehouse is subject to a warehousemen's lien worth around AUD1.4 million. "It is our understanding that 95 per cent of the stock is subject to this encumbrance for a debt owed to the landlord," the administrators said. "We are currently in discussions with the landlord to reach a commercial settlement with the landlord with respect to this stock, for the benefit of the creditors of the administration." In a statement given to Business News Australia, Mr. Resnick said the focus from day one has been to retain the value in the brand and business through a sale process. "We are making very good progress on that front and we are fully focused on having it proceed for the benefit of all parties. Stores continue to trade as part of keeping continuity and goodwill around the brand," he said. Antony Resnick and Henry Kwok of dVT Solvency Solutions were appointed as administrators of Dion Lee on May 22, 2024. The appointment came after the Australian retail chain Cue announced it had withdrawn its investment in the designer apparel. GET MY REFUND: First Creditors' Meeting Set for June 28 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Get My Refund Pty Ltd will be held on June 28, 2024 at 11:00 a.m. at the offices of SV Partners at Level 1, 1 Market Street in Newcastle and via Microsoft Teams. Daniel Jon Quinn and Matthew John Bookless of SV Partners were appointed as administrators of the company on June 18, 2024. GOLDEN ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Golden Energy and Resources Pte.Ltd.'s (GEAR) Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. The rating on GEAR's senior unsecured US dollar bonds has been affirmed at 'BB-' with a Recovery Rating of 'RR3'. The rating on the bonds is one notch above the IDR, reflecting above-average recovery prospects from operations in Australia. GEAR is on track to complete a mostly debt-funded USD1.65 billion acquisition of Illawarra Metallurgical Coal (IMC) from South32 Limited. The rating affirmation follows Fitch's assessment that the transaction would weaken GEAR's leverage profile, which however will remain below its negative sensitivity. The acquisition of IMC will improve GEAR's business profile as it will boost GEAR's scale, the average cost profile, and reserve life of its assets. GEAR's IDR incorporates risks of private shareholdings; large debt at the standalone level which is structurally subordinated to the debt at the subsidiaries level; and its reliance on dividends from its metallurgical coal mining subsidiary Stanmore, which has a limited record on paying dividends; and its acquisitive nature. KEY RATING DRIVERS Low Ratings Headroom: Fitch forecasts GEAR's holdco standalone (dividends-operating cost)/interest cover to worsen to 1.7x in 2025 (2024F: 2.8x), with minimal headroom relative to its negative sensitivity of 1.5x. The proposed additional USD200 million loan at the GEAR holding company (holdco) level will raise interest costs by around USD20 million. Fitch forecasts EBITDA net leverage, based on proportional consolidation of Stanmore (59% stake) and full consolidation of IMC, to increase to 2.7x by 2025 (2023: 0.2x) on higher debt to fund the IMC acquisition. Fitch also expects EBITDA to decline due to lower coal prices in FY25. However, Fitch expects leverage to improve by 2027, supported by EBITDA growth led by cost savings and debt repayments. Mostly Debt-Funded: GEAR's planned acquisition of a 70% stake in IMC requires an upfront payment of around USD1.05 billion, contingent price-linked payments of up to USD350 million payable over the next five years, and USD250 million payable in 2030. The transaction is subject to standard regulatory approvals, and is likely to complete within the next few months. Fitch expects GEAR to take on additional debt of USD200 million and about USD600 million at an intermediary holding company of IMC, to fund the transaction. The balance will be funded by the 30%-owner in the consortium, M Resources Pty Ltd. Fitch believes that GEAR will proceed with the IMC transaction even in the event where the consent solicitation, launched on 14 June 2024, is not achieved. GEAR can incur the additional debt facilities under the existing financial covenants, but alternatives in the form of selling its stake of approximately 7% in Indonesia's PT Golden Energy Mines Tbk (GEMS, BB-/Stable) and/or an equity injection from GEAR's shareholders may be considered. Improving Business Profile: The acquisition would improve GEAR's scale and will increase the average cost profile and reserve life of its coking coal assets. IMC's assets produce metallurgical and thermal coals, and generated revenues and EBITDA of USD520 million and USD171 million, respectively, in 2H23, according to disclosures by the seller, South32 Limited. Better Cost Position: The assets have a weighted-average cost position in the first half of the global metallurgical coal business cost curve, compared with the average position in the third quartile for GEAR's existing assets, according to CRU. The average reserve life, based on proved and probable marketable coal reserves of IMC's assets is around 20 years, compared with less than 15 years for GEAR. GEAR's existing coking coal assets are also in Australia, held by subsidiary Stanmore Resources Limited. Structural Subordination: GEAR's credit profile is affected by substantial debt at the holdco level, which relies on dividends upstreamed from Stanmore to service its debt. Fitch expects standalone debt, which stood at USD375 million as of end-2023, to rise by around USD200 million to fund the IMC transaction. Fitch thinks dividends from Stanmore could be volatile, which presents a risk to its forecast for standalone interest cover (including dividend inflows) to remain above 1.5x over 2024-2027. Private Shareholding, Risk of Dividends: GEAR delisted from the Singapore Exchange in December 2023 and is held privately by the Widjaja family, which is associated with the Sinar Mas Group. Fitch thinks the private shareholding increases corporate governance risks, changes to GEAR's financial and business strategies and limited disclosures. However, Fitch does not incorporate large dividends or other forms of cash outflow for the benefit of shareholders in its forecast. These, and further large acquisitions, are risks to GEAR's rating. DERIVATION SUMMARY GEAR's rating can be compared with Indonesian thermal coal miner PT Indika Energy (Indika, BB-/Stable). Fitch assesses GEAR's structural subordination risks to be higher than Indika, due to significant debt and minority shareholding at the subsidiary level, in addition to large holdco debt. By comparison, Indika has minimal debt and minority shareholding at its key subsidiaries. This, and risks associated with GEAR's private ownership, drive the one-notch rating difference between GEAR and Indika. GEAR is also rated one-notch below GEMS, another thermal coal miner in Indonesia. GEAR benefits from better asset diversification, but GEMS' financial profile is assessed to be stronger due to a net cash position. In addition, GEMS is publicly listed in Indonesia and does not face structural subordination risk. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Metallurgical coal prices in line with Fitch's price deck for Australia premium hard coking coal - USD240/tonne (t) in 2024, USD190/t in 2025 and USD170/t in 2026 and 2027; - Total metallurgical coal sales, including IMC, of around 16 million tonnes (mt) in 2024, rising to around 20mt from 2025; - Total capex of around USD700 million over 2024-2027; - Net acquisition-related outflows, including contingent payments and excluding the upfront payment for IMC, of around USD200 million over 2024-2027; - Average annual dividend inflow at the standalone level of around USD115 million over 2024-2027; - Average annual dividend payments by GEAR to its shareholders of around 10 million over 2024-2027. RECOVERY ANALYSIS - The recovery analysis assumes that Stanmore would be reorganised as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim at both levels, i.e. Stanmore and GEAR. - An enterprise value/EBITDA multiple of 3.5x is applied to the going-concern EBITDA to calculate a post-reorganisation enterprise value for Stanmore. - Stanmore's going-concern EBITDA is based on the average EBITDA Fitch expects in 2026 and 2027, derived using Fitch's mid-cycle coal price assumptions. - In the distribution waterfall Fitch has assumed all debt at Stanmore as prior ranking debt and 59% of the remaining enterprise value of Stanmore would be available to GEAR. - Using these assumptions in the recovery calculation, as specified in Fitch's Corporates Notching and Recovery Ratings Criteria, Fitch determines the term loan's recovery rating to be 'RR3', which implies good recovery. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - GEAR's standalone EBITDA interest coverage [(dividends - operating costs)/interest paid] sustained above 3.0x (2024F: 2.8x); - EBITDA net leverage, based on proportionate consolidation of Stanmore, remains below 2.5x (2024F: 2.3x); - Record of prudent governance and transparency, following delisting in December 2023. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Aggressive financial policies or governance practices; - Standalone EBITDA interest coverage below 1.5x; - EBITDA net leverage sustains above 3.5x; - Fitch's view of any signs of deterioration to GEAR's financing access; - The rating on GEAR's US dollar notes could also be downgraded in the case of weaker recovery prospects, due potentially to an increase in subsidiary-level debt. LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Fitch expects GEAR's standalone liquidity to remain adequate, given its expectations that GEAR will draw down additional loans to partially finance its equity portion of the IMC acquisition. As of end-December 2023, GEAR had a cash balance of USD178 million which is insufficient to fully finance the acquisition alone. GEAR has no significant repayments over the next 12-18 months on a standalone basis and the bulk of its standalone maturities is in November 2027, when its USD346 million of bonds comes due. Fitch believes that GEAR has sufficient banking access in the local market. Fitch believes that the group's consolidated liquidity will remain sufficient over the next 12-18 months, given Stanmore's strong cash balance of USD446 million at end-December. Cash at Stanmore is sufficient to address its contingent consideration of USD150 million to BHP Minerals Pty Ltd and repay the amortisation and cash sweep portion of its acquisition loan, totaling around USD138 million in 2024. ISSUER PROFILE GEAR is a private entity owned by Frontier Resources Pte Ltd (formerly Duchess Avenue Pte Ltd), an indirect holding company of controlling shareholders, the Widjaja family. GEAR owns 59% of Australia-based metallurgical coal-mining company Stanmore and 70% of Australia-based metallurgical coal-mining company GEAR M Illawarra Met Coal Pty Ltd. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG CONSIDERATIONS GEAR has an ESG Relevance Score of '4' for Governance Structure. The company is privately held, raising the risk of weak corporate governance and large shareholder payments, which in Fitch's opinion has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The absence of governance lapses and large outflows to shareholders over the next two to three years could lead to a lower ESG Relevance Score. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Golden Energy and Resources Pte.Ltd. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- MUCHO AS: First Creditors' Meeting Set for July 1 ------------------------------------------------- A first meeting of the creditors in the proceedings of Mucho As Pty Ltd will be held on July 1, 2024 at 10:30 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via Zoom videoconferencing. Daniel Frisken and Liam Bailey of O'Brien Palmer were appointed as administrators of the company on June 19, 2024. PROJECT SEA: Seafarms Sells Two Farms to MainStream for AUD13.5MM ----------------------------------------------------------------- Business News Australia reports that Darwin-headquartered prawn producer Seafarms Group Ltd is selling off two north Queensland aquaculture sites under a lease-back arrangement for AUD13.5 million to help fund the development of its mammoth Project Sea Dragon (PSD), whose fate still hangs in the balance of a court case to be heard in August. In February, a court overturned a Deed of Company Arrangement (DOCA) for the mega project that comprises multiple locations spread across the NT and northern WA - a deal that would have alleviated Seafarms of its liability to pay an estimated AUD13.9 million owed to contractor Canstruct for works at the Legune Station, NT prawn facility, BNA recalls. According to BNA, Seafarms successfully sought a stay order for the judgment so it could lodge an appeal, which is due to be heard by the court on August 12-13. In the group's half-yearly report released in February, Seafarms revealed its ability to continue as a going concern depended on "one or more" of several outcomes, including its ability to successfully defend the court case, reduce discretionary cash outflow, raise project finance through equity and debt, and generate cash through asset sales, BNA says. On June 21, the company has ticked off one of those boxes with its subsidiary Seafarm Queensland entering into binding transaction documents with regional Victoria-based MainStream Aquaculture to sell its 'Farm 1' and 'Farm 2' assets in Cardwell on the Cassowary Coast between Townsville and Cairns, according to BNA. BNA relates that the sale is due for completion on April 30, 2025 with conditions precedent including a new 20-year lease, the removal of lease renewal restrictions, and MainStream being able to raise AUD15 million in buyer finance. MainStream, which is known for the Infinity Blue brand with exports to 32 countries and operations in Australia and the USA, will advance AUD7.56 million as an interest-free secured loan, offset against the purchase price at completion. After the transaction, Seafarms' Queensland subsidiary will continue to own and operate Farm 3 in Ingham, the hatchery near Flying Fish Point and the processing plant on the site of Farm 1 in Cardwell, BNA says. "Farm 3, the processing plant, and the hatchery will continue to be fully utilised, with a particular focus on export," BNA quotes CEO Peter Fraser, who was appointed to the role in March to replace retiring former CEO Rod Dyer, as saying. "Farms 1 and 2 have been important in our journey towards Project Sea Dragon (PSD) but have been focused on the production of Banana prawns for the domestic market which is not a part of our strategy going forward. "Now is an opportune time to sell Farms 1 and 2, streamline our operations and focus on the key contributing elements of PSD - breeding, farming, processing, and exporting world-class Black Tiger prawns." BNA notes that Mr. Fraser, a seasoned seafood executive, was promoted to the top role after being hired as commercial director earlier in the year, having consulted with the group as an international business advisor since 2015. Since joining he has asserted the viability of Project Sea Dragon, claiming it will provide significant benefits to local and indigenous communities, Northern Australia and the company. "We remain confident of the ultimate [legal] outcome being a favourable decision to Seafarms and Project Sea Dragon," he said last month, also noting the company was engaging with international stakeholders, as well as debt and equity investors, to develop the project, BNA relays. The last budget estimate for the construction of Project Sea Dragon itself stood at AUD1.87 billion, BNA states. By mid-2020 Seafarms had raised AUD110 million for the project with the Northern Territory Government committing to spend an additional AUD56 million on roads. Seafarms raised a further AUD92.5 million for the project before construction began in June 2021, AUD20 million of which came from its largest shareholder Ian Trahar, who successfully ousted a former CEO who had instigated a review of the project which found it to be infeasible, the report adds. Shaun McKinnon and Andrew Fielding of BDO were appointed as administrators of Project Sea Dragon Pty Ltd on Feb. 14, 2023. REDZ ZOO: First Creditors' Meeting Set for June 28 -------------------------------------------------- A first meeting of the creditors in the proceedings of Redz Zoo Pty Ltd will be held on June 28, 2024 at 11:30 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland at Suite 6.02, Level 6, 109 St Georges Terrace in Perth. Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on June 18, 2024. ========= C H I N A ========= KAISA GROUP: HK Court Pushes Liquidation Case Hearing to August 12 ------------------------------------------------------------------ South China Morning Post reports that indebted Chinese developer Kaisa Group Holdings was granted another reprieve after a Hong Kong court on June 24 adjourned a hearing, allowing the company more time to restructure its debts. According to the Post, the next hearing will be on August 12, Justice Peter Ng Kar-fai announced, giving the Shenzhen-based developer more time to convince its debt holders and stave off liquidation. The Hong Kong court had adjourned the hearing several times, and the initial petitioner Broad Peak Investment dropped out from the case on March 8. There is "no excuse" for another adjournment next time if no proposal is put forward between now and then, the judge said. Citicorp International, as the trustee of an ad hoc group of bondholders, has replaced of the Singapore-based hedge fund company to become the latest petitioner, the Post relays. It filed a petition after the developer failed to repay US$750 million in notes, according to Kaisa's company filings to the Hong Kong stock exchange. Kaisa had CNY226.4 billion of total liabilities and CNY232.8 billion of total assets as of the end of December 2023, the Post discloses citing the company's 2023 annual results. The Post says the Shenzhen-based company had tried to restructure its debt for more than two years since it defaulted US$12 billion of offshore debts late 2021. It was the second-largest issuers of offshore bond among Chinese developers after China Evergrande Group, and the first among peers that defaulted on offshore bonds in 2015. Kaisa's Chairman Kwok Ying-shing returned to southern China's Shenzhen, where Kaisa is based, to hold talks with local officials, according to separate reports by Reuters and the Chinese media outlet Caixin, the Post relays. He later inspected several of Kaisa's projects in Beijing, Guangzhou, and Huizhou in late February and early March, according to the reports. It was the first time that Kwok had returned to the mainland since the developer's first dollar-bond default in 2015. It restructured its debt in 2016 before missing another payment in late 2021 as China's property industry sank deeper into a US$160 billion crisis brought on by the central bank's so-called "three red lines" deleveraging campaign. According to the Post, DaFa Properties Group, a Shanghai-based developer, also faces Hong Kong judges on June 24, following by Shimao Group Holdings, which faces a court hearing this Wednesday [June 26] on a winding-up suit filed by China Construction Bank. Giant developer Country Garden Holdings faces a court hearing dated July 29 on a liquidation petition. Real estate sector had led bond defaults in China over the past five years, with 59 issuers of the sector defaulting on 319 offshore bonds and 49 issuers defaulting on 194 onshore bonds since 2020, when Beijing's "three red lines" was introduced, according to a S&P analysis, the Post adds. About Kaisa Group Kaisa Group Holdings Limited is an integrated real estate company. The Group focuses on urban development and operation. Kaisa Group's real estate business covers the planning, development and operation of large-scale residential properties and integrated commercial properties. As reported in the Troubled Company Reporter-Asia Pacific in July 2023, Kaisa Group said on July 10 a winding-up petition has been filed against it in a Hong Kong court in relation to CNY170 million (US$23.50 million) non-payments on onshore bonds. According to Reuters, Kaisa said the petition was filed by Broad Peak Investment Pte Advisers Ltd at the Hong Kong High Court on July 6, and the issuer of the yuan bonds is its wholly-owned subsidiary, Kaisa Group (Shenzhen) Co Ltd. Kaisa has been working on a debt restructuring for two years after defaulting its $12 billion of offshore debt in late 2021, Reuters said. ZHUZHOU CITY: Moody's Withdraws 'Ba1' Corporate Family Rating ------------------------------------------------------------- Moody's Ratings has withdrawn Zhuzhou City Construction Development Group Co., Ltd.'s (ZCCD) Ba1 corporate family rating and the Ba1 senior unsecured rating on the USD bonds issued by ZCCD. The outlook prior to the withdrawal was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. COMPANY PROFILE Established in 2003, ZCCD is 90% owned by Zhuzhou City Development Group Co., Ltd. and 10% owned by Hunan Provincial State-owned Investment Co., Ltd, which are ultimately owned by the Zhuzhou State-owned Assets Supervision and Administration Commission (SASAC) and Hunan provincial government, respectively. ZCCD is the Zhuzhou city government's largest and dominant platform for providing various public-policy services, including urban construction projects, water supply and sewage treatment, gas distribution and public buses. The company also engages in primary land development, and its commercial businesses mainly include property development and manufacturing and sales of railway parts. It reported total assets of RMB141.2 billion as of December 2023 and a revenue of RMB6.5 billion in 2023. ================= H O N G K O N G ================= ORIENT OVERSEAS: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on May 7, 2024, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Orient Overseas International Ltd. Headquartered in Hong Kong, Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services. ========= I N D I A ========= A V INFRATECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A V Infratech (AVI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 3 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AVI for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AVI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AVI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AVI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. AVI was established in 2015 as partnership firm. It undertakes residential real estate projects. The firm is currently executing residential project namely ' Ananta Lifestyle Zirakpur, Punjab. AI CHAMPDANY: CARE Reaffirms D Rating on INR27.38cr LT Loan ----------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of AI Champdany Industries Limited (AICIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.38 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Short Term Bank 7.77 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Rationale and key rating drivers In the absence of minimum information required for the purpose of rating, CARE Ratings Limited (CARE) was unable to express an opinion on the rating of AICIL and in line with the extant SEBI guidelines, CARE had moved the rating of the bank facilities of the company to 'CARE D; Issuer Not Cooperating'. However, the company has now submitted the requisite information to CARE. Accordingly, CARE has carried out a full review of the rating and the rating has been removed from Issuer not cooperating category and reaffirmed at 'CARE D'. The rating assigned to the bank facilities of AICIL is constrained by delay in debt servicing of its GECL loans. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Default track free record of more than 90 days. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers Key weaknesses * Delay in debt servicing: There have been several instances of delay in debt servicing in its GECL loans in recent past. Liquidity: Poor Liquidity profile of the company is poor marked by several instances of delay in debt servicing of GECL loan. AICIL, incorporated in 1873, was taken over by Kolkata-based Wadhwa group from James Finlay & Co., U.K in 1967. The company is engaged in manufacturing and selling of jute products (sacking bags, hessian cloth, furnishing items, etc) used in packaging of food grains, carpet industry, furniture, etc., at its units in West Bengal. The company exports a wide range of value-added products (geo textile, webbing, yarn and flax fibre) which commands premium in the international market. At present, the company has three operational mills i.e., Wellington Jute mill, Jagaddal mill and Rishra Mill. Wellington Jute Mill has resumed operation from March 12, 2024, after 3 years, as it had to be closed due to labour unrest. It has a production capacity of 100 tonnes per day. Jagaddal and Rishra mills have a production capacity of 20 tonnes per day each. ALLOY TECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alloy Tech (AT) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Term Loan 5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AT for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AT continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. AT was set up in 1996 by Mr. G Shiva Kumar and Mr. M Gopal in Bengaluru. It manufactures aluminium alloys using imported aluminium scrap. Bosch India Ltd is one of the key customers of the firm. ALTRADE MINERALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Altrade Minerals Private Limited (AMPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Export Packing 20.0 CRISIL B+/Stable (Issuer Not Credit Cooperating) Proposed Long Term 27.5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AMPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Odisha-based AMPL, incorporated in 2006, exports iron-ore fines. Its operations are looked after by the directors - Mr Anurag Pattnaik and Mr Anshuman Pattnaik. The company has also installed three wind energy units - one in Tamil Nadu and two in Rajasthan. AMAR JYOTI: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amar Jyoti Industries Private Limited (AJIPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 10.4 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AJIPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AJIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AJIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AJIPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Incorporated in 2013, AJIPL is promoted by Mr. Amar Nath Pandey and Mrs. Vinita Joy. The company is engaged in processing of paddy into par-boiled rice with total capacity of 8 tonnes per hour (TPH). The processing unit is located at Muzaffarpur (Bihar). AMISAL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Amisal continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6.5 CRISIL B+/Stable (Issuer Not Credit Cooperating) CRISIL Ratings has been consistently following up with Amisal for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Amisal, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Amisal is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Amisal continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 2006 as a proprietorship firm by Mr. K S Saluja, Amisal manufactures and exports leather fashion accessories (especially wallets) to the US and Mexico. The business was earlier carried out under Saluja Carpets, set up in the 1980s. ASAN STEELS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Asan Steels Private Limited (ASPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 2.5 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ASPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ASPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ASPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Incorporated in 2009, ASPL has been manufacturing mild-steel ingots since November 2012. The company has also established a forging unit, where the commercial production commenced in June-July 2013. It was acquired by its current promoter, Mr. Ram Dular Gupta, in September 2012 from its founder promoters, Mr. Suresh Agarwal and his family. ASPL is headquartered in Kolkata (West Bengal) and its facilities are in Khasar (Chhattisgarh). AVIS INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Avis India (AVIS) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AVIS for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AVIS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AVIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AVIS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Avis, based in Pune (Maharashtra), was established as a proprietorship concern in 1997 by Mr. Vijay Kulkarni. It undertakes civil construction works such as setting up of sugar factories, power projects for sugar factories, and water treatment plants largely in Maharashtra,. Its day-to-day operations are managed by Mr. Vijay Kulkarni. BEST IT: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Best IT World (India) Private Limited (BIWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 117.00 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 28, 2023, placed the rating(s) of BIWPL under the 'issuer non-cooperating' category as BIWPL 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. BIWPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 13, 2024, March 23, 2024, April 2, 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). Promoted by Mr. Sandeep Parasrampuria in 1996, Best IT World (India) Private Limited (BIWPL) is engaged in the distribution and marketing of computer hardware and peripherals and tablets. The company started marketing its products under the brand 'iBall' from 2001 and continued its dominance in the "Plug and Play Device" segment which constitutes of desk set (keyboard and mouse), speakers, headsets, webcam, microphones, Bluetooth wireless products, MP3 players, pen drives, pen tablets, USB products and various assembled products such as CPU, monitors, laptops; and mobile handsets as well as tablets. During FY11, the company entered into the mobile handset segment and subsequently diversified into tablet segment during FY12. Later in August 2016, the company announced its exit from mobile business due to competitive challenges faced by it which resulted in losses in this segment. The company operates in mainly 5 product segments – Computer peripherals, Networking, Audio, Tablets and Security devices. ESSEL AHMEDABAD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Essel Ahmedabad Godhra Toll Roads Limited (EAGTRL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 772.64 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 27, 2023, placed the rating(s) of EAGTRL under the 'issuer non-cooperating' category as EAGTRL 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. EAGTRL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 12, 2024, March 22, 2024, April 1, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2009-10, EAGTRL is a Special Purpose Vehicle (SPV) promoted by Essel Infra projects Ltd (EIL), which has a 74 per cent stake in the SPV; the rest is held by the China Railway 18th Bureau Group Corporation Ltd. EAGTL was set up to construct, design, engineer, operate, and maintain the Ahmedabad-Godhra (Gujarat) stretch on National Highway (NH) 59, which spans 117.6 kilometres, on a build-operate transfer (BOT) basis. GHATGE PATIL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ghatge Patil Transports Private Limited (GPTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.06 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 May 2, 2023, placed the rating(s) of GPTPL under the 'issuer non-cooperating' category as GPTPL 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. GPTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 17, 2024, March 27, 2024, April 6, 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). GPTL is the flagship company of the Ghatge group and has been operational since 1958 in the name of Ghatge & Patil (Transports) Private Limited. During September 2002, the company was converted into public limited (closely held) and as the name was changed to 'Ghatge Patil Transports Limited'. GPTL is engaged in logistics; owning fleet of over 360 vehicles with over 300 branches pan India (as on March 31, 2015). Furthermore, under the name of Chetan Motors (Division of GPTL) the company operates as an authorized auto dealer of Tata Motors Limited (TML). JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Jabalpur MSW Private Limited (JMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 117.36 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 May 2, 2023, placed the rating(s) of JMPL under the 'issuer non-cooperating' category as JMPL 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. JMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 17, 2024, March 27, 2024, April 6, 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). Jabalpur MSW Private Limited (JMPL) is a special purpose vehicle (SPV) promoted by Essel Infraprojects Limited (EIL) and Arrow Ecology & Engineering Overseas (1999) Ltd. JMPL was incorporated on January 23, 2013 for development of a processing plant for conversion of municipal solid waste (MSW) into energy. The company is a direct subsidiary of EIL which holds 90% stake in the company. JMPL has set up a waste-to-energy plant of 580 TPD capacity, using incineration-based technology of Hitachi Zosen Group at village Kathonda, Jabalpur on Design, Build, Own, Operate and Transfer (DBOOT) basis. JAI SHANKER: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Jai Shanker Rice and General Mills (JSRGM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 3 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JSRGM for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JSRGM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JSRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JSRGM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 1996, JSRGM, a partnership firm of Ms Vidya Devi and her sons Mr Ram Swarup, Mr Ramesh Kumar, Mr Hind Sarover, and Mr Prince Pal, has a rice milling and sorting unit with capacity of 2 tonne per day in Cheeka, (Haryana). In 2016, the firm set up a unit for rice bran oil extraction, which commenced operations in November that year. JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jiva Plywoods Private Limited (JPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 28, 2023, placed the rating(s) of JPPL under the 'issuer non-cooperating' category as JPPL 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. JPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 13, 2024, March 23, 2024, April 2, 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). Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) was incorporated in December 2015 by Mr. Moolji Patel and his sons Mr. Govind Patel but started its commercial operations from September, 2016. The company is currently being managed by Mr. Jagdish Patel, Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged into trading and processing of wooden log into Plywood, doors and boards. JPS imports the raw material mainly wooden logs like Teak, Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and Myanmar which are subsequently sized at its saw mill unit in Gandhidham into various commercial sizes as per the requirement of its customers. Plywoods are sold in domestic market to traders, wholesalers, civil engineering and construction companies to PAN India. JMK ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JMK Enterprises Private Limited (JEPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 9 CRISIL B+/Stable (Issuer Not Cooperating) Drop Line 1.3 CRISIL B+/Stable (Issuer Not Overdraft Facility Cooperating) Long Term Loan 3.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 4.3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with JEPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. JEPL was incorporated in 2007. It operates a dealership for Tanishq Jewellery (a brand of Titan Company Ltd) in Jhansi. Mr Rakesh Singh Baghel and Ms Pratibha Singh Baghel are directors in the company. Mr Baghel manages its operations. KARTHIKEYA TRADING: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Karthikeya Trading Private Limited (KTPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Letter 11.5 CRISIL B/Stable (Issuer Not of Credit Cooperating) Working Capital 0.5 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with KTPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KTPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in February 2016, KTPL was engaged high sea sales for aluminum ingots, mineral and metals for Novita Trading Ltd (Hong Kong) and Apies Ventures Pte Ltd (Malaysia). Further, the contract was for 2 years, which ended in April 2018 hence the company traded cashew nuts and shrimps in fiscal 2019. KESHAV PULSES: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Keshav Pulses (KESPUL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.50 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.31 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.19 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KESPUL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KESPUL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KESPUL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KESPUL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KESPUL was set up as a partnership firm, at Indore, Madhya Pradesh in 2009. The firm mills, polishes, and sort's pulses, mainly masoor dal, and has three partners, Mr Manish Bansal, Ms Megha Bansal, and Ms Bhagwati Bansal. KESHO PACKAGING: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kesho Packaging Private Limited (KPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 10 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KPPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KPPL, based in Greater Noida, Uttar Pradesh and established in 2010, manufactures corrugated boxes and sheets. The company is promoted by Mr Vikas Goyal and Ms Preeti Goyal. L'ECOLE CHEMPAKA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of L'ecole Chempaka Society for Educare (L'ecole; part of the L'ecole group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.4 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 2 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with L'ecole for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of L'ecole, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on L'ecole is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of L'ecole continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of L'ecole and Chempaka Kindergarten. This is because these entities, together referred to as the L'ecole group, have the same business, common management, and fungible cash flow. The Thiruvananthapuram-based L'ecole runs a school, Lecole Chempaka, which provides education till Class 12 under the Indian Certificate of Secondary Education. The also own Chempaka Kindergarten. Operations are managed by Dr. Daphne Gomez and Mr. Vernon Gomez. MENTHA OVERSEAS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mentha Overseas Private Limited (MOPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 10 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Proposed Fund- 2.05 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Proposed Long Term 12.95 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MOPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MOPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MOPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. MOPL, incorporated in July 2020, is currently setting up a plant to manufacture menthol crystal and dementholised oil in Hisar (Haryana); the unit has installed capacity of 1,200 tonne per annum. The plant is expected to be commissioned in January 2021. MOPL is owned and managed by Mr Pradeep Kumar Nehra and Ms Sumitra Devi. METRO PLYWOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Metro Plywoods (MP) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MP for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 1978 in Chennai as a partnership firm by Mr. Ashraf, MP trades in plywood and timber. Operations are managed by Mr. Ashraf and his son Mr. Mishad Ashraf. MOOKAMBIKA EDIBLES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mookambika Edibles Private Limited (MEPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 2.5 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 3.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MEPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in 2009, MEPL is in the process of setting a an Integrated Coconut Processing & Value addition Unit such as Copra Dryer, Coconut Oil Extraction and Packing, virgin oil, other coconut based value addition products at Palakkad District, Kerala. MUSTANG SERVICES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mustang Services (MS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MS for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 1998 as a proprietorship firm, MS retails in jewellery through one showroom in Secunderabad, Telangana. It is managed by Mr. Anil Kumar Dundoo. OMAR COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Omar Cold Storage Private Limited (OCSPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 2 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Term Loan 1 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OCSPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of OCSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OCSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. OCSPL, established in 1998 and based in Shahjahanpur, Uttar Pradesh, provides cold storage facility for potatoes to farmers. It also manufactures wheat products such as maida, atta, bran, suji, choker, daliya and besan, under its Navratna brand in its unit, Vinayak Roller Flour Mill under this company. OCSPL is promoted by Mr Gyan Dev Gupta, his wife Ms Neelam Gupta, and son Mr Shikhar Gupta. PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pentagon Aluminium Company Private Limited (PACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.08 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 May 2, 2023, placed the rating(s) of PACPL under the 'issuer non-cooperating' category as PACPL 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. PACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 17, 2024, March 27, 2024, April 6, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Delhi-based, Pentagon Aluminium Company Private Limited (PAPL) was incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala Kaushik. PAPL is setting up a manufacturing (Hot rolling mill) unit at Una, Himachal Pradesh with the objective to manufacture aluminium products such as aluminium sheets, plates and coils of various shapes and sizes with proposed installed capacity of 3600 tonnes per annum. The company commenced its operations in September 2018. PR. M. MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PR. M. Modern Rice Mill (PRM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Working Capital 1 CRISIL B+/Stable (Issuer Not Demand Loan Cooperating) CRISIL Ratings has been consistently following up with PRM for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 1980 by Mr Murugan as a proprietary concern, PRM processes rice at its manufacturing facilities in Puduvayal (Tamil Nadu). PREM HENNA: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prem Henna Private Limited (PHPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 40 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 4.82 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.58 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 6.54 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PHPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PHPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. PHPL was set up in 2012, by Mr CR Gehlot and Mr JR Gehlot. The company manufactures personal and beauty care products sold under brands such as Nisha, Prem Dulhan, Elios and Kaveri. Daily operations are managed by Mr CR Gehlot and his four brothers, Mr Sukhdev Gehlot, Mr Jetharam Gehlot, Mr Hans Raj Gehlot and Mr Narpat Lal Gehlot. RAJARSHI CARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajarshi Cars Private Limited (RCPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 2 CRISIL B+/Stable (Issuer Not Overdraft Facility Cooperating) Drop Line 8.55 CRISIL B+/Stable (Issuer Not Overdraft Facility Cooperating) Electronic Dealer 8 CRISIL B+/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) CRISIL Ratings has been consistently following up with RCPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. RCPL, incorporated in 2011 and promoted by Ahmedabad-based Mr. Virendrasinh N Vagehla, is an authorised dealer of NMIPL's passenger cars in Ahmedabad. RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Riddhi Print And Pack Private Limited (RPPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.23 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 24, 2023, placed the rating(s) of RPPPL under the 'issuer non-cooperating' category as RPPPL 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. RPPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 9, 2024, March 19, 2024, March 29, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 1995, Riddhi Print & Pack Private Limited (RPPPL) is engaged in the business of manufacturing of printed corrugated cartoons and offset printers (viz. corrugated box, printed cartons, offset printers, and other packing box). It has its manufacturing facility located at Vasai and Valsad. SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Sai Poultry (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 May 23, 2023, placed the rating(s) of SSP under the 'issuer non-cooperating' category as SSP 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. SSP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 7, 2024, April 17, 2024, April 27, 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). Sri Sai Poultry (SSP) was established on December 13, 2018 by Mr. B. Sudhakar Rao (Managing Partner), Mr.B. Ram Prasad (Parnter) and Mr.B. Lakshman Prasad (Parnter). The firm plans to take up farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their manure. The firm plans to sells its products such as eggs and cull birds to retailers through own sales personnel as well as through dealers. SONU MARKETING: CRISIL Assigns B Rating to INR50.0cr NCD -------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to INR50 crore non-convertible debentures of Sonu Marketing Pvt Ltd (SMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 50.0 CRISIL B/Stable (Assigned) Debentures-LT The rating reflects SMPL's small scale of operations with short track record and lack of diversity in resource profile. These weaknesses are partially offset by its adequate capital position for its current scale of operation. Analytical Approach For arriving at the rating, CRISIL Ratings has assessed the business and financial risk profiles of SMPL on a standalone basis. Key Rating Drivers & Detailed Description Weaknesses: * Small scale of operations with short track record: Given the initial stage of operations, loan portfolio was modest at INR1.1 crore as on March 31, 2024 as against INR31 lakhs as on December 31, 2023. The company currently operates within 150 kms of Bangalore. SMPL commenced the disbursements during September 2023. The company provides unsecured personal loans. During fiscal 2024, the company disbursed INR1.2 crores. The management has plans to open up branch in Bangalore and Mysore by fiscal 2025 to support its growth. The ability of the company to grow from current level will be key monitorable. Furthermore, the portfolio lacks seasoning and the ability of the company to manage its asset quality as the portfolio scales up remains to be seen and would continue to be a key monitorable. * Lack of diversity in resource profile: The company is highly dependent on internal accruals and equity infusion by promoters. There are no external borrowings as on date. The company is in discussion with several corporate investors to raise funds in the form of NCDs. The company's ability to diversify its resource profile and raise funding from external sources will be critical to fund future growth and, hence, will remain a key rating monitorable. Strength: * Adequate capital position: Given the small scale of operations, the capital position is adequate for the current scale of operations. The networth and gearing of the company stood at INR5.53 crore and nim times as on March 31, 2024 as against INR5.07 crore and nil times as on March 31, 2023. The company has nil borrowings as on date. The entire portfolio is networth funded. The promoters plan to infuse an additional INR5 crore in the company by the end of this fiscal. The ability of the company to raise funds will be helpful to achieve its targeted growth, furthermore in order to support the growth of the company the ability of the company to infuse capital will be key monitorable. Liquidity: Stretched As on 31 March 2024, SMPL had cash and cash equivalents of INR73.5 lakh. SMPL had liquidity of INR31.7 lakhs in the form of cash and bank balance as on January 31, 2024 with liquidity cover of more than 10 times for next 3 months. Outlook: Stable CRISIL Ratings believes SMPL's scale of operation may remain small and geographically concentrated with healthy asset quality over the medium term. Rating Sensitivity factors Upward factors * Significant increase in scale of operations while maintaining its asset quality * Improvement in profitability with RoMA above 2% Downward factors * Deterioration in asset quality metrics with GNPA increasing beyond 5% * Impact on profitability due to increase in credit cost Sonu Marketing Pvt Ltd (SMPL), an RBI Registered NBFC, specializes in offering personal loans. In India, NBFCs constitute the fastest-growing sector within the financial and banking landscape. In response to the escalating demand for personal loans, the company has developed tailor-made solutions aimed at enhancing credit scores and providing swift access to funds for individuals in need. ========= J A P A N ========= AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company, on May 29, 2024, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by AEON CO., LTD. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Chiba, Chiba, Japan, AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. EAST JAPAN: Egan-Jones Withdraws BB Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on May 30, 2024, withdrew its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by East Japan Railway Company. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo. MITSUI E&S: Egan-Jones Hikes Senior Unsecured Ratings to CCC+ ------------------------------------------------------------- Egan-Jones Ratings Company, on May 10, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by MITSUI E&S Co., Ltd. to CCC+ from CCC. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Chuo City, Tokyo, Japan, MITSUI E&S Co., Ltd. offers shipbuilding services. MITSUI E&S: Egan-Jones Retains CCC Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on May 1, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by MITSUI E&S Co., Ltd. EJR also withdraws rating on commercial paper issued by the Company. Headquartered in Chuo City, Tokyo, Japan, MITSUI E&S Co., Ltd. offers shipbuilding services. NORINCHUKIN BANK: Warns Losses May Reach to JPY1.5TT This Year -------------------------------------------------------------- The Japan Times reports that for years, it was best known as Japan's Collateralized Loan Obligation (CLO) whale - a JPY56.4 trillion ($357 billion) investing giant with seemingly insatiable appetite for yield in an era of rock-bottom interest rates. Now Norinchukin Bank has become one of the biggest casualties of an entirely different financial world, where higher-for-longer borrowing costs are exacting a painful toll on the market's weakest hands, the report says. According to the Japan Times, the agricultural bank surprised the market this week by saying it would sell $63 billion of low-yielding U.S. and European government bonds that had become unprofitable to hold after the firm's shorter-term funding costs jumped. The unlisted firm warned that losses this fiscal year may swell to JPY1.5 trillion ($9.5 billion), triple an estimate made less than a month ago. While Norinchukin and the Japanese government have expressed confidence in the bank's ability to weather the losses, the episode is a reminder of the dangers still lurking in the financial system 15 months after the collapse of SVB Financial Group's Silicon Valley Bank, the Japan Times relates. Signals from the Federal Reserve and other central banks that they are in no rush to cut rates have caught out many investors who'd been betting on more aggressive moves. That's creating a tricky landscape for institutions like Norinchukin, which piled into U.S. and European sovereign bonds on the expectation that falling rates would spark a debt rally after two years of declines. The Japan Times says the bank is now overhauling its portfolio, selling off a third of its sovereign holdings and shifting to other types of assets, including CLOs and domestic and overseas bonds. "It is surprising that they didn't hedge interest-rate risk," the report quotes Philip McNicholas, Asia sovereign strategist at Robeco Group in Singapore, as saying. "It may have been that they had high conviction regarding Fed and ECB cuts and initially thought it was just a temporary delay." Norinchukin isn't the only bank suffering from wrong-way bets on rates, the report notes. SVB collapsed early last year after its massive portfolio of long-dated bonds lost value as interest rates soared. The losses sparked a run on deposits that eventually spread to other regional lenders, including Signature Bank and First Republic Bank. More recently, the higher-for-longer rates have led to paper losses at many banks and fund managers, according to the report. The Fed has yet to move this year, even though the market was pricing in 150 basis points of cuts as recently as December. U.S. banks had $516.5 billion of unrealized losses in their securities portfolios at the end of March, according to regulators. The flagship fund at Western Asset Management, a $385 billion bond giant in California, has been one of the worst performers in the market after its managers stuck to the view that longer-term bonds would rally as the Fed got closer to cutting rates. The firm's Core Plus fund has beaten just 3% of its peers both this year and over the past three, data shows. While Norinchukin has a much lower risk of a run on deposits given its stable farming co-operative clients, it's facing growing questions about how it mismanaged the debt portfolio, and why the projected losses ballooned so quickly, the report says. The bank's spreads widened on June 19 on the news of its deeper losses, while Japan's top government spokesperson said the bank's health was secure. "I was surprised, to be honest," by the size of the potential losses, Makiko Oouchi, head of finance and general affairs at Iwate Prefectural Credit Federation of Agricultural Co-operatives, a regional body that invests deposits for local co-operatives. Junichi Matsuda, a member of Kyoto's Forest Owner's Co-operative Association, said he hadn't been informed about recent events by Norinchukin. If the bank were to request more funds to match its deeper losses, "that would be a huge shock," Mr. Matsuda said, adding that he saw this as an unlikely possibility. Norinchukin said last month it will raise JPY1.2 trillion from the agricultural and other cooperatives that own it, the Japan Times relays. The century-old bank has rattled markets before, the report says. In 2009, it was forced to raise JPY1.9 trillion after racking up Asia's biggest realized and unrealized losses on investments in asset-backed securities during the global financial crisis. Norinchukin serves as a central financial institution for Japan's roughly 3,300 agricultural, forestry and fishery cooperatives. The bank takes deposits from cooperatives, rather than directly from farmers, and manages the money through medium- to long-term investments. The Japan Times adds that an official from the Ministry of Agriculture, Forestry and Fisheries said, "We will continue to closely monitor the business conditions" of the bank, with the Financial Services Agency. The bank's unrealized losses have been reflected in its capital ratio and won't affect the lender's soundness, a company spokesperson wrote in an email on June 19. The spokesperson also said the bank will build the most optimal portfolio by diversifying revenue sources among assets in Japan and overseas, depending on market conditions. Even if Nochu - as the firm is known in Japan - is able to shift into other assets, the issue of expensive dollar funding remains. In place of interest risk, the bank will be taking on credit risk if it adds CLOs or corporate bonds. The firm held JPY7.4 trillion in CLOs as of March, the Japan Times discloses. RICOH COMPANY: Egan-Jones Retains BB+ Senior Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company, on May 2, 2024, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Ricoh Company, Ltd. Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd. manufactures and markets office automation equipment, electronic devices, and photographic instruments. ===================== N E W Z E A L A N D ===================== ALPINE DRINKS: Court to Hear Wind-Up Petition on July 2 ------------------------------------------------------- A petition to wind up the operations of Alpine Drinks NZ Limited will be heard before the High Court at Auckland on July 2, 2024, at 10:00 a.m. Visypet (NZ) Limited filed the petition against the company on May 8, 2024. The Petitioner's solicitor is: T. Cooley Tower One, 9th Floor 205 Queen Street Auckland E.T. SCREEN: Creditors' Proofs of Debt Due on July 19 ----------------------------------------------------- Creditors of E.T. Screen Limited are required to file their proofs of debt by July 19, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 10, 2024. The company's liquidators are: Trevor Edwin Laing Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 KWEKU INVESTMENTS: Creditors' Proofs of Debt Due on July 18 ----------------------------------------------------------- Creditors of Kweku Investments Limited are required to file their proofs of debt by July 18, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2024. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 QS CAFE: Creditors' Proofs of Debt Due on July 19 ------------------------------------------------- Creditors of QS Cafe Limited are required to file their proofs of debt by July 19, 2024, to be included in the company's dividend distribution. The High Court at Auckland appointed Kristal Pihama and Leon Francis Bowker of KPMG as liquidators on June 19, 2024. SS (HOT): Court to Hear Wind-Up Petition on July 19 --------------------------------------------------- A petition to wind up the operations of SS (Hot) Limited will be heard before the High Court at Auckland on July 19, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 16, 2024. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on May 29, 2024, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Cebu Air Inc. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Cebu, Philippines, Cebu Air Inc. operates an airline which provides air transportation services. ================= S I N G A P O R E ================= CUBE 2: Court to Hear Wind-Up Petition on July 5 ------------------------------------------------ A petition to wind up the operations of Cube 2 Pte Ltd will be heard before the High Court of Singapore on July 5, 2024, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on June 10, 2024. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 SCSC SINGAPORE: Court to Hear Wind-Up Petition on July 5 -------------------------------------------------------- A petition to wind up the operations of SCSC Singapore Pte Ltd will be heard before the High Court of Singapore on July 5, 2024, at 10:00 a.m. Luther Corporate Services Pte. Ltd. filed the petition against the company on June 7, 2024. The Petitioner's solicitors are: I.N.C. Law LLC 4 Battery Road #26-01, Bank of China Building Singapore 049908 SPEECH INC: Commences Wind-Up Proceedings ----------------------------------------- Members of Speech Inc STG Pte Ltd on June 16, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Chua Kaw Kia @ Chua Soo Chiew 101 Upper Cross Street #06-11 People’s Park Centre Singapore 058357 TERAS SINGAPORE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Teras Singapore Pte Ltd on June 13, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ng Kian Kiat Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 TRANSCORP HOLDINGS: Creditors' Final Meeting Scheduled for July 24 ------------------------------------------------------------------ Members and creditors of Transcorp Holdings Limited will hold their final meeting on July 24, 2024, at 4:00 p.m. by way of video conference via Microsoft Teams meeting. At the meeting, Ng Hoe Kiat Keith, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ===================== S O U T H K O R E A ===================== SK GROUP: SK On Unit Dismisses CCO Amid Restructuring ----------------------------------------------------- Yonhap News Agency reports that SK On, the battery manufacturing unit of SK Group, has dismissed its chief commercial officer amid contracting global demand and the group's restructuring efforts, industry sources said June 19. According to Yonhap, the sources said Sung Min-suk was recently removed from his role as CCO, where he was in charge of marketing, sales, and project management. SK On created the CCO post last year and appointed Sung, who has worked in the automotive industry for nearly 30 years. He started his career as a product development engineer at U.S. company Ford Motor in the mid to late 1990s. Yonhap relates that the move comes as SK On is likely to streamline its organization to address the stalled global electric vehicle and battery markets, which are currently facing challenges. SK On reported an operating loss of KRW581.8 billion ($421 million) last year and remained in the red in the first quarter of 2024 with a loss of KRW331.5 billion, Yonhap discloses. This dismissal also follows the recent appointment of Chey Jae-won, the younger brother of SK Group Chairman Chey Tae-won, as head of SK Innovation, the group's key energy unit. Insiders have noted that SK Group is intensifying its efforts to tighten the Chey family's control and restructure the group's business portfolio, adds Yonhap. ================= S R I L A N K A ================= SRI LANKA: To End Bankruptcy This Week as Debt Relief Deal Reached ------------------------------------------------------------------ FT.LK reports that former Finance Minister Ravi Karunanayake on June 23 confirmed that history has been made with the end of bankruptcy in Sri Lanka consequent to striking a debt restructure deal with external creditors and sovereign bond holders this week. "The finalisation of the Memorandum of Understanding with the Official Creditor Committee and final agreements with the Export Import Bank of China along with Ad Hoc Private Bondholder's group external on debt treatments would be expected on June 26. "Sri Lanka will announce the freedom from bankruptcy status on June 27 after declaration of a pre-emptive default Aon April 12, 2022 suspending external debt repayment as it had $20 million as gross official reserves. "The restoration of fiscal sustainability, sustenance in revenue mobilisation efforts may have been prompted by external creditors finalising the debt restructuring in accordance with the IMF supported program targets and shielding social and capital spending," Karunanayake said. "President Ranil Wickremesinghe has implemented a reform program designed to stabilise the economy and country containing a combination of steps to restore fiscal and debt sustainability, improve governance, and reduce corruption risks. "The economy is now recovering, inflation remains low, revenue collection is improving, and reserves continue to accumulate. "The key to transitioning from debt stabilisation achieved at present to a full economic recovery is to strengthen the private sector as it is the engine of growth passing the benefits of reducing interest rates sternly directing banks to follow suite," he emphasized, FT.LK relates. Revolution needed in the country today is the public sector commercialisation he said adding that the private sector has to take up the challenge of increasing exports contributing their share to GDP growth. "The Government is taking measures towards further trade liberalisation to promote export and foreign direct investment. Real GDP expanded by 3% year-on-year in the second half of 2023. May 2024, inflation was 0.9%, and gross international reserves increased to $ 5.42 billion as at end of May this year. The primary balance improved to a surplus, with tax revenue increasing to 9.8% of GDP in 2023. Despite these positive developments, the economy is still vulnerable due to the impact of high interest rates maintained by the Central Bank for long period, revenue mobilisation, reserve accumulation and banks' ability to support the economic recovery continue to affect the recovery process," he claimed. "Sri Lanka's vast volatility in exchange and interest rates, which cannot be predicted for even in the short term and policy changes are key threats for the banking sector and economy," he pointed out. According to FT.LK, the Central Bank has raised borrowing costs to tackle record-high domestic inflation and to contain any buildup of underlying demand in 2022. The Standing Lending Facility rate was raised by a full percentage point (or 100 basis points) to15.5% while the Standing Deposit Facility Rate rose by the same amount to 14.5%, the highest in 21 years. Sri Lanka's small and medium businesses are in more trouble with the increase of bank interest to 36% from over 7% loans taken during a time when interest rates were kept down by authorities, than recent tax hikes, according to SME associations. The Government is now compelled to rescue small and medium-sized enterprises (SMEs) which make up a large part of Sri Lanka's economy, with over one million SMEs accounting for approximately 75% of all businesses. These are found in all sectors of the economy and are estimated to contribute to about 45% of total employment in Sri Lanka. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. As reported in the Troubled Company Reporter-Asia Pacific in early October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. The Long-Term Foreign-Currency IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'. The Short-Term Local-Currency IDR has been downgraded to 'RD' from 'C' following the exchange of treasury bills held by the central bank and subsequently upgraded to 'C' in line with the Sovereign Rating Criteria, as Fitch believes the local-currency debt exchange has now been completed. ============= V I E T N A M ============= VIETNAM: S&P Affirms 'BB+/B' Sovereign Credit Ratings ----------------------------------------------------- On June 20, 2024, S&P Global Ratings affirmed its 'BB+' long-term sovereign credit rating on Vietnam. At the same time, S&P affirmed the short-term rating at 'B'. The outlook on the long-term rating is stable. Outlook The stable outlook reflects S&P's expectation that Vietnam's economy will accelerate over the next 12 months as global demand picks up and the country gradually resolves its domestic challenges. This should keep the government's debt repayment burden stable. Downside scenario S&P may lower the ratings if economic conditions deteriorate rapidly or considerable stress in Vietnam's banking system emerges such that the government's fiscal position weakens. Increase in net general government debt by more than 5% of GDP per year, in addition to either interest payments on government debt exceeding 10% of revenues, or the government's net debt stock surpassing 30% of GDP, on a sustained basis, would indicate downward pressure on the ratings. Upside scenario S&P may raise its ratings if Vietnam's institutional settings improve considerably and augment policy predictability and transparency, including in external data provision and reliability. Such changes in the policy environment could further bolster investor confidence in the country's economic and financial stability. S&P could also raise the ratings if Vietnam becomes a net external creditor, which could potentially be driven by higher current account surpluses than we expect and a concomitant rise in external assets. Sustained accumulation of net general government debt of less than 3% of GDP per year, combined with a fall in the government's interest burden to below 5% of revenues, could also put upward pressure on the ratings. Rationale S&P's sovereign ratings on Vietnam reflect the country's strong economic growth outlook, moderate government debt levels, and generally sound external position. As multi-national conglomerates diversify their operations in the region, Vietnam will likely continue to attract substantial foreign direct investment (FDI) inflows to its export manufacturing sector over the next several years. Tempering these strengths are Vietnam's modest GDP per capita, banking sector vulnerabilities, and evolving institutional settings, exemplified by a centralized decision-making process and rigid bureaucracy. Institutional and economic profile: Vietnam's economy is beginning to accelerate as external demand conditions stabilize -- Vietnam's economy is accelerating, following a slowdown in 2023. S&P expects healthier global demand conditions to support real GDP growth of 5.8% in Vietnam during 2024. -- Bureaucratic rigidities and a slowdown in the country's property sector will continue to constrain domestic demand as these conditions are gradually resolved. -- Vietnam remains an attractive destination for foreign investment, particularly in the manufacturing sector, as firms continue to diversify their operations in the region. S&P said, "We forecast Vietnam's economic growth will pick up to 5.8% this year, after cooling to 5.0% in 2023. Its export-led economy relies on strong external demand, which is firming. We expect the upcycle in the semiconductor industry to also play a role in propelling Vietnam's growth this year, as exports from the industry increase." On the services side, cross-border travel is recovering, including a surge in Chinese tourists. Total tourist arrivals into Vietnam were up by 165% in the first five months of 2024 versus the same period in 2023, according to data from the National Authority of Tourism. Domestic demand is also recovering, though it remains slower than headline GDP growth. Challenges in the property sector, including financing difficulties for real estate companies, high mortgage rates, and delays in the supply of land and housing projects, continue to weigh on domestic investment. S&P said, "We expect public investment to gradually accelerate over the coming years, primarily from the state budget. That said, delays in the execution of capital projects have hampered Vietnam's public spending in the past and reduced support for growth. "Over the next three to four years, we expect Vietnam's real GDP growth rate to return to its long-term trend of 6.5%-7.0%. "We forecast Vietnam's GDP per capita at about US$4,500 at the end of 2024. Trend growth, as measured by the country's 10-year weighted-average increase in real GDP per capita, of about 5% is significantly higher than the median of peers at a similar income level." That said, there remain lingering risks to Vietnam's economic recovery, including vulnerabilities in its property sector and related banking sector conditions. The recent collapse of lender Saigon Commercial Bank (SCB) has driven a rise in system nonperforming loans (NPLs), and could spur additional caution in the extension of large-scale loans to the property and infrastructure sectors. Despite the immediate stresses, Vietnam's economic prospects remain healthy, in our view. The economy is increasingly diversified, with a booming manufacturing sector that is largely funded by FDI. The country's attractiveness as a destination for FDI in Southeast Asia with a young, increasingly educated, and competitive workforce should help to keep long-term development intact. Vietnam's macroeconomic stability and well-developed logistics network for exports have supported the manufacturing sector's attractiveness for global firms in the electronics, mobile phone, and textile industries. These FDI-oriented segments continue to fuel domestic activity, with better employment opportunities and higher wages powering private consumption growth. In June 2023, some multinational operators were hit by power blackouts related to a surge in consumption amid a heatwave, and the government has taken steps to avert similar events in the future. This underscores Vietnam's efforts to keep pace with the strong demand for investment into the country, especially through the continued upgrading of its physical infrastructure. S&P expects the government's capital expenditure execution to improve going forward. In recent years, it encountered challenges in the complete execution of its hefty capital expenditure programs. Frequently cited difficulties include land acquisition and collaboration between disparate local government entities. The government has fast-tracked the implementation of a new Land Law, potentially for the third quarter of 2024. Among other things, the law will introduce new mechanisms for more transparent land sales, and accelerated land acquisition practices. Vietnam's government has generally delivered strong development outcomes in the past decade. In S&P's opinion, checks and balances within the government are limited, but the social compact between the government and citizens remains strong. S&P said, "Nevertheless, decision-making in Vietnam remains highly centralized under the country's one-party system, and transparency is weak, in our opinion. This could introduce inefficiencies in policymaking and implementation and affect the success of counter-cyclical measures. We factor these considerations into our broader assessment of the country's institutional settings." Flexibility and performance profile: The government's net debt stock will average less than 30% of GDP, even as borrowing picks up over the next few years -- The government's net debt ratio is likely to average less than 30% of GDP over the next few years. -- S&P expects the pace of net debt accumulation to rise gradually as the government increases capital spending. -- Rapid goods export growth and a fast-recovering tourism sector will further support Vietnam's external position. Vietnam's accumulation of net debt has decreased over the past few years. Although the government plans to keep the deficit at an average of 3.7% of GDP in its five-year plan for 2021-2025, carryover spending has contributed to slower addition of net debt. S&P said, "The government's fiscal deficit was about 3.5% of GDP in 2023, and we expect its fiscal deficit to average 3.7% of GDP over the next few years. We assume the change in net general government debt will be slightly less, at 3.4% per year, with a rising trend." The government's gross debt stock is below its self-mandated cap of 60% of GDP, leaving headroom to increase spending if necessary. The government has also been curtailing growth in government guarantees, especially for non-financial companies. Outstanding guarantees were about 2.7% of GDP at end-2023. S&P estimates the general government's debt, net of liquid assets, will average 28% of GDP for 2024-2027. Vietnam's external metrics will continue to gradually strengthen, in S&P's view. Trade performance has improved markedly so far this year, following a higher current account surplus in 2023. A 9.2% contraction in goods imports fueled a surge in the current account surplus to 5.8% of GDP in 2023 from 0.3% in 2022. Both exports and imports will likely return to healthy growth rates in 2024. In S&P's view, the current account surplus will remain elevated, at about 5.5% of GDP this year, before moderating toward its long-term trend from 2025 onward. Vietnam's competitive unit labor costs, improving educational standards, and constructive demographics imply continued growth in FDI and goods exports. The country has also emerged as a top destination for diversification for global firms operating in the region. Vietnam has actively enhanced market access via bilateral and multilateral free trade initiatives, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, European Union-Vietnam Free Trade Agreement, and Regional Comprehensive Economic Partnership. Vietnam's external debt stock position--as measured by narrow net external debt (ratio of gross external debt less official reserves and financial sector external assets) to current account receipts--continues to improve. S&P said, "We expect the ratio to average about 12% over 2024-2027, compared with 19.8% in 2023. We project external liquidity needs (the ratio of gross external financing needs to current account receipts and usable reserves) at about 88% over the period." Vietnam's proportion of government debt denominated in foreign currency has been falling steadily over the past decade, to 29% in 2023. This has tracked the government's shift toward domestic funding. The drop will help to reduce foreign-exchange risk. Despite these strengths, Vietnam's external data lacks some consistency. Errors and omissions in the country's balance of payments are consistently elevated. Vietnam releases foreign exchange reserves after a lag. A lack of an official International Investment Position series also prevents a more comprehensive assessment of the external position. Vietnam's domestic banks benefit from their external net asset position, with still-limited linkages to global markets. However, thin capital buffers, elevated indebtedness in the economy, cross-ownerships, connected lending, and the current downturn in the property market--including the wider impact on upstream construction and downstream services--could affect banks' asset quality. Connected lending and property market developments are two likely factors that contributed to the recent collapse of SCB. The State Bank of Vietnam (SBV, the central bank) took action in a timely manner to stem broader fallout across the financial sector. This included the provision of the equivalent of approximately US$24 billion in special loans (about 5.2% of forecasted 2024 GDP) from the central bank to SCB, according to Reuters. The central bank also placed SCB under its supervision, and assigned senior officials from state-owned banks to manage operations. Though special loans represent an especially large quantum of liquidity provision from the central bank, S&P does not anticipate that any related liabilities will accrue to the government's balance sheet. Vietnam's total banking system is large relative to GDP for a sovereign at this development level. S&P said, "We classify Vietnam's banking sector in group '9' under our Banking Industry Country Risk Assessment (with '1' being the highest assessment and '10' being the lowest). This assessment incorporates regulatory weaknesses, in addition to weak transparency and disclosure standards. For these reasons, we expect the sovereign to face moderate contingent liability risk from the banking sector." The SBV responded to softer domestic demand conditions and lower inflation pressure by progressively cutting its refinancing rate to 4.5% from a cycle peak of 6%. Depreciatory pressure against the Vietnamese dong has limited reserve accumulation despite the country's large current account surplus in 2023, and the central bank has also allowed the currency to trade in a wider 5% band. In S&P's view, SBV has strengthened its record of maintaining low inflation in recent years. However, coordination limitations remain with other parts of the government. This could affect the central bank's ability to support sustainable economic growth while attenuating economic or financial shocks. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List RATINGS AFFIRMED SOCIALIST REPUBLIC OF VIET NAM Sovereign Credit Rating BB+/Stable/B Transfer & Convertibility Assessment BB+ SOCIALIST REPUBLIC OF VIET NAM Senior Unsecured BB+ =============== X X X X X X X X =============== [*] BOND PRICING: For the Week June 17, 2024 to June 21, 2024 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20 ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20 COBURN RESOURCES PTY 12.00 03/20/26 USD 74.89 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.93 VIRGIN AUSTRALIA HOL 8.00 11/26/24 AUD 0.13 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.21 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.21 VIRGIN AUSTRALIA HOL 8.08 03/05/24 AUD 0.16 VIRGIN AUSTRALIA HOL 8.25 05/30/23 AUD 0.08 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.22 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.22 CHINA ----- ALETAI CITY JUJIN UR 7.73 10/26/24 CNY 25.43 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 62.75 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 60.00 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 64.27 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 60.00 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.45 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.45 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 41.68 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 42.64 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 41.80 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 42.39 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 41.91 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.35 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.27 ANYUE XINGAN CITY DE 7.50 05/06/26 CNY 42.20 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.58 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.57 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.98 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.34 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 41.38 BIJIE QIXINGGUAN DIS 7.60 09/08/24 CNY 20.21 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.93 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.60 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.31 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 64.17 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.75 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 21.02 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 21.01 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.60 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.59 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.99 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.22 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.21 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.71 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.68 CHONGQING HONGYE IND 7.50 12/24/26 CNY 64.37 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 41.66 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 40.00 CHONGQING NANCHUAN C 7.80 08/06/26 CNY 62.87 CHONGQING SHUANGFU C 7.50 09/09/26 CNY 63.38 CHONGQING THREE GORG 7.80 03/01/26 CNY 42.51 CHONGQING THREE GORG 7.80 03/01/26 CNY 40.00 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 63.58 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 60.00 CHONGQING WANSHENG E 7.50 03/27/25 CNY 20.73 CHONGQING WANSHENG E 7.50 03/27/25 CNY 20.73 CHONGQING YUDIAN STA 8.00 11/30/25 CNY 42.00 CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 19.40 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 42.15 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 41.87 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.14 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.14 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 42.17 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 38.80 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 63.59 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 60.00 DING NAN CITY CONSTR 7.80 04/08/26 CNY 42.65 DING NAN CITY CONSTR 7.80 04/08/26 CNY 40.00 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.57 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.44 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.86 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 63.91 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 42.01 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 40.00 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 41.88 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 40.00 FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53 FANTASIA GROUP CHINA 7.50 06/30/28 CNY 73.70 FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99 FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00 FUZHOU LINCHUAN URBA 8.00 02/26/26 CNY 42.61 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 42.31 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 40.00 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 41.81 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 40.00 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 41.39 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 40.00 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 42.68 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 41.64 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.27 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.27 GOME APPLIANCE CO LT 7.80 12/21/24 CNY 37.00 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 43.09 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 42.81 GUANGDONG PEARL RIVE 7.50 10/26/26 CNY 34.23 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 41.96 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 39.39 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 41.65 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 40.00 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 41.77 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 41.70 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 64.53 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 63.73 GUANGXI NINGMING HUI 8.50 12/07/25 CNY 41.85 GUANGXI TIANDONG COU 7.50 06/04/27 CNY 40.00 GUANGYUAN CITY DEVEL 7.50 10/25/27 CNY 37.60 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 64.36 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 60.00 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 63.93 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 60.00 GUANGZHOU FINELAND R 13.60 07/27/23 USD 4.10 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.83 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.00 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 63.42 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 63.38 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 42.21 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 41.45 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.74 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.00 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 42.46 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 41.46 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 41.45 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 42.66 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 42.51 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 63.48 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 60.27 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 42.89 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 40.00 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 41.94 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 41.31 GUIZHOU GUIAN DEVELO 7.60 04/26/25 CNY 6.92 GUIZHOU HONGGUO ECON 7.80 02/08/25 CNY 20.41 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 20.43 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 10.50 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.22 GUIZHOU SHUANGLONG A 7.50 04/20/30 CNY 60.00 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 41.55 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.34 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.34 GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.16 GUIZHOU ZHONGSHAN DE 8.00 03/18/29 CNY 70.00 HAIAN URBAN DEMOLITI 8.00 12/21/25 CNY 41.85 HAIAN URBAN DEMOLITI 7.74 05/02/25 CNY 20.77 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.49 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.49 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.24 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.24 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.38 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.00 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 42.64 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 40.00 HUAINAN URBAN CONSTR 7.58 02/12/26 CNY 42.20 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.77 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.00 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 42.42 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 41.25 HUBEI JIAKANG CONSTR 7.80 12/19/25 CNY 41.40 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 42.35 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 40.00 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 42.50 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 40.00 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 42.69 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 40.00 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.81 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.80 HUNAN TIANYI RONGTON 7.50 09/17/25 CNY 41.46 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 42.08 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 42.19 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 40.00 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.39 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.00 HUZHOU WUXING NANTAI 7.90 09/20/25 CNY 41.64 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 63.80 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 58.00 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 20.71 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 20.00 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 42.50 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 41.31 JIANGSU ZHONGNAN CON 7.80 03/17/29 CNY 44.19 JIANGXI HUANGGANGSHA 7.90 01/25/26 CNY 42.33 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 41.70 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 41.51 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.79 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.00 JIANGXI TONGGU CITY 7.50 04/21/27 CNY 64.49 JIANGYOU XINGYI PARK 7.50 05/07/26 CNY 52.49 JIANGYOU XINGYI PARK 7.80 12/17/25 CNY 51.89 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 42.11 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 40.00 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 64.30 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 59.21 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.62 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.00 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 42.43 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 40.92 JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63 JUNAN COUNTY URBAN C 7.50 09/26/24 CNY 20.25 JUNAN COUNTY URBAN C 7.50 09/26/24 CNY 20.20 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 65.58 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 65.57 LAOTING INVESTMENT G 7.50 04/11/26 CNY 42.56 LAOTING INVESTMENT G 7.50 04/11/26 CNY 39.80 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 42.63 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 40.00 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 41.83 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 40.00 LINFEN YAODU DISTRIC 7.50 09/19/25 CNY 41.46 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.80 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.00 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 41.83 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 41.50 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 41.77 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 60.81 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 60.36 LONGNAN ECO&TECH DEV 7.50 07/26/26 CNY 63.09 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 42.34 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 40.00 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.79 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.78 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.53 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.30 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.00 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 40.87 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 42.40 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 16.00 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.83 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.80 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.07 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.32 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00 MEISHAN HONGSHUN PAR 7.50 12/10/25 CNY 52.32 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.74 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.40 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 42.53 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 42.06 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.26 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.22 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 64.09 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 60.00 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 42.57 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 40.00 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 64.41 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 60.00 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 41.94 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 40.00 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 21.00 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 20.95 MIANYANG HUIDONG INV 8.10 04/28/25 CNY 20.96 MIANYANG HUIDONG INV 8.10 02/10/25 CNY 20.72 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 42.04 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.96 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 42.21 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 42.00 MILE AGRICULTURAL IN 8.00 10/25/25 CNY 41.70 MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.41 NANCHONG JIALING DEV 7.98 05/23/25 CNY 21.00 NANCHONG JIALING DEV 7.98 05/23/25 CNY 20.00 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.50 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.50 NEOGLORY HOLDING GRO 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GRO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GRO 8.10 11/23/18 CNY 72.00 NINGXIA SHENG YAN IN 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.43 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.42 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.29 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.28 PANJIN LIAODONGWAN Z 7.50 12/28/26 CNY 64.32 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 63.82 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 60.00 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 21.59 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 20.95 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.30 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.28 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 42.48 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 42.09 PUDING YELANG STATE- 8.00 03/13/25 CNY 20.79 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 20.06 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 42.25 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.00 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 64.77 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 64.76 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 42.09 QIANXINAN PREFECTURE 7.99 06/10/27 CNY 65.96 QIANXINAN PREFECTURE 7.99 06/10/27 CNY 60.00 QINGHAI PROVINCIAL I 7.88 03/22/21 USD 1.18 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 42.38 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 42.37 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 49.36 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.49 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.48 QUJING CITY QILIN DI 8.50 01/21/26 CNY 42.41 QUJING CITY QILIN DI 8.50 01/21/26 CNY 40.00 RENHUAI WATER INVEST 8.00 12/26/25 CNY 39.87 RENHUAI WATER INVEST 7.98 07/26/25 CNY 41.19 RENHUAI WATER INVEST 7.98 02/24/25 CNY 20.64 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 42.03 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 40.00 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 64.27 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 60.00 RUILI RENLONG INVEST 8.00 09/20/26 CNY 63.24 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 64.01 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 61.80 SHANDONG HONGHE HOLD 7.50 01/29/26 CNY 42.11 SHANDONG OCEAN CULTU 7.50 04/25/26 CNY 42.52 SHANDONG OCEAN CULTU 7.50 03/28/26 CNY 42.28 SHANDONG RENCHENG RO 7.50 01/23/26 CNY 41.57 SHANDONG RUYI TECHNO 7.90 09/18/23 CNY 52.10 SHANDONG SANXING GRO 7.90 08/30/24 CNY 58.00 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 42.17 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 40.00 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 42.17 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 40.49 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.94 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.82 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 41.20 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 41.14 SHANXI JINZHONG STAT 7.50 05/05/26 CNY 42.61 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 41.96 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.69 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 21.34 SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.31 SHEHONG STATE OWNED 7.50 08/22/25 CNY 40.00 SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.40 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.40 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 41.74 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 40.00 SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.82 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 64.93 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 64.91 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 63.94 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 63.93 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 43.02 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 43.01 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.02 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.96 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.59 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.41 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.00 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.32 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.00 SICHUAN COAL INDUSTR 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DEV 7.70 03/11/23 CNY 12.63 SICHUAN LANGUANG DEV 7.50 10/26/22 CNY 12.63 SICHUAN LANGUANG DEV 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DEV 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEV 7.50 07/11/21 CNY 12.63 SIYANG JIADING INDUS 7.50 12/14/25 CNY 41.95 SIYANG JIADING INDUS 7.50 12/14/25 CNY 41.86 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.83 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.83 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 6.00 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 1.00 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 1.00 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 42.71 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 40.00 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 42.53 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 40.00 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 42.53 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 40.00 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 42.01 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 39.59 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.56 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 42.32 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 40.00 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 42.38 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 40.00 TANGSHAN HOLDING DEV 7.60 05/16/25 CNY 20.89 TANGSHAN HOLDING DEV 7.60 05/16/25 CNY 20.86 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 64.22 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 60.00 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 63.12 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 60.00 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 41.59 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 41.20 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 2.00 TENGCHONG SHIXINGBAN 7.50 05/05/26 CNY 52.63 TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONST 7.50 07/23/25 CNY 41.24 TONGCHENG CITY CONST 7.50 07/23/25 CNY 40.00 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 42.64 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 41.93 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 42.00 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 40.00 TONGREN WATER GROUP 8.00 11/29/28 CNY 72.05 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.95 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.70 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 41.46 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 40.00 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 41.21 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 40.92 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.26 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 42.15 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 40.00 WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63 WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63 WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63 WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 41.65 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 40.00 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 42.50 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 40.00 WUZHOU CANGHAI CONST 8.00 05/31/28 CNY 66.77 WUZHOU CITY CONSTRUC 7.90 03/26/29 CNY 73.20 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 42.54 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 40.00 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.39 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 42.63 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 41.89 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.52 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.54 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00 XINPING URBAN DEVELO 7.70 01/24/26 CNY 42.00 XINYU CITY YUSHUI DI 7.50 09/24/26 CNY 64.07 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.49 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.00 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.48 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.47 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 42.73 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 41.25 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58 YANCHENG URBANIZATIO 7.50 03/04/27 CNY 65.03 YANGLING URBAN RURAL 7.80 06/19/26 CNY 43.07 YANGLING URBAN RURAL 7.80 06/19/26 CNY 40.00 YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.37 YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.07 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.99 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.95 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00 YICHANG CHUANGYUAN H 7.80 11/06/25 CNY 41.90 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.62 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.61 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 42.95 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 40.00 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 42.01 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 41.84 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.97 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.00 YIYANG LONGLING CONS 7.60 01/23/26 CNY 41.92 YIYANG LONGLING CONS 7.60 01/23/26 CNY 40.30 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 41.27 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 41.75 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 40.00 YONGCHENG COAL & ELE 7.50 02/02/21 CNY 39.88 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 41.32 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 40.00 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.83 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.00 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 41.41 YUANJIANG CITY CONST 7.50 01/18/26 CNY 42.09 YUANJIANG CITY CONST 7.50 01/18/26 CNY 42.09 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.84 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.49 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 64.83 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 42.65 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 40.00 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 64.46 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 60.00 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 64.99 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 60.00 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 42.39 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 42.42 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 42.41 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 63.63 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 60.00 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 42.48 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 41.60 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 41.84 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 40.00 ZHEJIANG HUZHOU NANX 7.80 08/21/25 CNY 41.88 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 42.07 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 41.99 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 41.35 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 40.00 ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 63.06 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 60.00 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.56 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00 ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 51.64 ZHUZHOU RAILWAY INDU 7.50 09/25/24 CNY 20.23 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 66.28 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00 ZIYANG KAILI INVESTM 8.00 02/14/26 CNY 42.20 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.30 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.25 ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 72.05 ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 70.00 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 64.51 ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 63.94 HONG KONG --------- CHINA SOUTH CITY HOL 9.00 12/11/24 USD 25.52 CHINA SOUTH CITY HOL 9.00 10/09/24 USD 25.07 CHINA SOUTH CITY HOL 9.00 06/26/24 USD 25.20 CHINA SOUTH CITY HOL 9.00 04/12/24 USD 25.68 HAINAN AIRLINES HONG 12.00 10/29/21 USD 2.92 HONGKONG IDEAL INVES 14.75 10/08/22 USD 1.57 YANGO JUSTICE INTERN 7.50 02/17/25 USD 0.30 YANGO JUSTICE INTERN 7.88 09/04/24 USD 0.50 YANGO JUSTICE INTERN 7.50 04/15/24 USD 0.13 YANGO JUSTICE INTERN 8.25 11/25/23 USD 0.60 YANGO JUSTICE INTERN 9.25 04/15/23 USD 0.50 YANGO JUSTICE INTERN 10.00 02/12/23 USD 0.14 YANGO JUSTICE INTERN 10.25 09/15/22 USD 0.16 YANGO JUSTICE INTERN 10.25 03/18/22 USD 0.09 ZENSUN ENTERPRISES L 12.50 04/23/24 USD 5.88 ZENSUN ENTERPRISES L 12.50 09/13/23 USD 4.69 INDONESIA --------- WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.72 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.72 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 56.88 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 56.79 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 59.63 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 59.54 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 61.71 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 61.42 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 61.27 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 60.71 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 63.82 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 63.82 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 60.95 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 60.35 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 64.96 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 64.50 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 70.06 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 69.57 WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 71.87 WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 71.75 WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 36.19 WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 74.36 WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 74.36 INDIA ----- AVANTI FINANCE PVT L 9.25 08/29/25 INR 73.87 AXIS FINANCE LTD 8.10 11/17/28 INR 73.72 AYE FINANCE PVT LTD 11.25 05/08/25 INR 48.68 IIFL SAMASTA FINANCE 10.75 02/24/25 INR 37.68 IKF FINANCE LTD 10.60 03/27/25 INR 37.56 MAHANAGAR TELEPHONE 7.51 03/06/34 INR 53.60 PIRAMAL CAPITAL & HO 8.50 04/18/23 INR 34.25 SHRIRAM FINANCE LTD 8.55 04/28/28 INR 36.47 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.84 PHILIPPINES ----------- BAYAN TELECOMMUNICAT 15.00 07/15/06 USD 14.88 BAYAN TELECOMMUNICAT 15.00 07/15/06 USD 14.88 SINGAPORE --------- BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.56 BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.56 BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.25 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.25 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.25 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.25 ENERCOAL RESOURCES P 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE LT 7.50 01/18/21 CNY 18.30 MICLYN EXPRESS OFFSH 8.75 11/25/18 USD 0.87 NOMURA INTERNATIONAL 7.65 10/04/37 AUD 65.66 NOMURA INTERNATIONAL 19.50 08/28/28 TRY 65.07 ORO NEGRO DRILLING P 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 LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SRI LANKA --------- SRI LANKA GOVERNMENT 12.40 06/15/38 LKR 60.49 SRI LANKA GOVERNMENT 12.40 05/15/37 LKR 61.40 SRI LANKA GOVERNMENT 12.40 04/15/36 LKR 62.56 SRI LANKA GOVERNMENT 12.40 03/15/35 LKR 63.97 SRI LANKA GOVERNMENT 12.40 02/15/34 LKR 65.69 SRI LANKA GOVERNMENT 12.40 01/15/33 LKR 67.74 SRI LANKA GOVERNMENT 12.40 06/15/32 LKR 72.02 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.70 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.70 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 58.83 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 58.82 ********* 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 ***