/raid1/www/Hosts/bankrupt/TCRAP_Public/240709.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, July 9, 2024, Vol. 27, No. 137
Headlines
A U S T R A L I A
CENTURY TRADING: Second Creditors' Meeting Set for July 15
MAHERCORP: Cor Cordis Takes Builder to Task for Halting Payments
METRO FINANCE 4: Moody's Upgrades Rating on Class E Notes to B1
MIGUEL GRIMA: Second Creditors' Meeting Set for July 12
NT PORT: Second Creditors' Meeting Set for July 12
ONE EYE: Second Creditors' Meeting Set for July 15
UNITED GLOBAL: First Creditors' Meeting Set for July 17
[*] AUSTRALIA: Reveals Personal Bankruptcy Overhaul Proposal
I N D I A
BNAZRUM AGRO: CARE Keeps D Debt Ratings in Not Cooperating
BOSE EXPORTS: CRISIL Reaffirms B+ Rating on INR1.5cr LT Loan
D C TEXTILE: CRISIL Assigns B+ Rating to INR25cr Cash Loan
EMRAIL ENGINEERING: CRISIL Keeps B Corporate Credit Rating
G.K.M.S COTTON: CARE Keeps D Debt Rating in Not Cooperating
GANGWAL CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating
GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
GULATI METAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
H. K. INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
HAVELI ENTERTAINMENTS: CRISIL Keeps B- Rating in Not Cooperating
INDUS VALLEY: CRISIL Withdraws B+ Rating on INR20cr LT Loan
JAIPRAKASH ASSOCIATES: Lenders Reject INR500cr One-Time Settlement
KBR HOMES: CRISIL Moves B+ Debt Rating from Not Cooperating
KSHEER SAGAR: CARE Keeps B Debt Rating in Not Cooperating Category
LIZMONTAGENS INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
RELIANCE BROADCAST: CARE Keeps D Debt Ratings in Not Cooperating
RMS HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category
SEVEN-11 INDUSTRIES: CRISIL Lowers Rating on INR4.84cr Loan to B
SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIRPUR GOLD: CARE Keeps D Debt Ratings in Not Cooperating
SHIV SHAKTI: CRISIL Keeps B- Debt Rating in Not Cooperating
SHYAMA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
SILVER JUBILEE: CRISIL Keeps D Debt Ratings in Not Cooperating
SPINE ARTHROSCOPIC: CARE Keeps B+ Debt Rating in Not Cooperating
THREE C: YEIDA Withdraws Plea at NCLAT Against Ace Infracity Bid
TRV GLOBAL: CRISIL Keeps D Debt Rating in Not Cooperating
J A P A N
[*] JAPAN: Labor Shortage Triggers Surge in Bankruptcies
M O N G O L I A
BOGD BANK: Moody's Affirms 'B3' Deposit Ratings, Outlook Stable
N E W Z E A L A N D
BLANKOS HOUSE: Creditors' Proofs of Debt Due on Aug. 14
CARRINGTON MOTEL: Court to Hear Wind-Up Petition on July 12
HPG AIR: Grant Bruce Reynolds Appointed as Liquidator
LUCCA'S QC: Robin Crimp Appointed as Liquidator
VALOROUS BARS: Court to Hear Wind-Up Petition on July 26
S I N G A P O R E
APDC PTE: Creditors' Proofs of Debt Due on Aug. 5
BUNGE INVESTMENT: Commences Wind-Up Proceedings
LIPPO MALLS: Fitch Puts 'CCC' LongTerm IDR on Watch Negative
MAJU CLINIC: Court to Hear Wind-Up Petition on July 26
MERCURIUS CAPITAL: Halts FY2023 AGM Over Unpaid Audit Fees
SEMBAWANG MART: Court to Hear Wind-Up Petition on July 19
SOLAR C2: Court to Hear Wind-Up Petition on July 19
SWIBER HOLDINGS: Ex-CEO Fined SGD310,000 Over Four SFA Charges
S O U T H K O R E A
HANJIN INTERNATIONAL: S&P Raises ICR to 'B+' Then Withdraws Rating
[*] KOREA: National University Hospitals Face Bankruptcy Risk
X X X X X X X X
[*] BOND PRICING: For the Week July 1, 2024 to July 5, 2024
- - - - -
=================
A U S T R A L I A
=================
CENTURY TRADING: Second Creditors' Meeting Set for July 15
----------------------------------------------------------
A second meeting of creditors in the proceedings of Century Trading
Pty. Ltd. has been set for July 15, 2024 at 11:00 a.m. via virtual
meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2024 at 12:00 p.m.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on June 7, 2024.
MAHERCORP: Cor Cordis Takes Builder to Task for Halting Payments
----------------------------------------------------------------
The Australian Financial Review reports that the administrator of
Eight Homes owner Mahercorp, which tried to get out of repayment
agreements that its director had struck with creditors to win their
support for his restructuring plan, has spoken out against its
client's move, saying the written agreements were crucial to the
restructuring proposal.
The Financial Review relates that the Cor Cordis administrators
also said the creditors, who had agreed to the written agreements
Mahercorp director Steve Maher had signed with them to secure their
votes for his proposal, could "reasonably" have expected them to be
honoured after the company came out of administration.
According to the Financial Review, the comments call out a practice
that some builders - such as Mahercorp, which went into
administration owing AUD75 million, AUD59 million of it to
unsecured creditors - can use with little downside for them to keep
trading if they find themselves unable to honour side agreements.
The Financial Review says the practice puts subcontractors at more
risk, however. At a time when soaring building and financing costs
in a construction industry already suffering from razor-thin
margins have pushed insolvencies up 28 per cent year on year, the
behaviour increases financial pressure on businesses lower down the
chain.
In May, The Australian Financial Review reported that
Victoria-based Mahercorp, which builds under the Eight Homes and
Urbanedge brands, had halted repayments it had agreed to make to
creditors before it came out of administration in June last year.
In March this year, the company, through law firm SBA Law, wrote
letters to creditors saying Mr. Maher had no authority to strike
the repayment agreements as he was not in control of the company at
the time, the Financial Review recalls. The letters said the
company would make no further payments and demanded that the money
already paid be returned.
Mahercorp's behaviour wasn't unusual, said Les Williams, founder of
advocacy group Subcontractors Alliance, the Financial Review
relays.
"It's reasonably common," Mr. Williams said. "It's quite regular
that people don't honour their agreements."
But it was not right, said Cor Cordis, whose partners Rachel
Burdett, Barry Wight and Jeremy Nipps oversaw the administration
process.
"One of the conditions of the [formal restructuring proposal] was
for the proponent, being Steven Maher (the director) or his
nominee, obtaining written agreement from certain suppliers and
tradespersons to continue the provision of services and supply to
Mahercorp on terms satisfactory to the proponent," the
administrators, as cited by the Financial Review, said.
"These agreements between the proponent and creditors were
necessary to satisfy the conditions of the DOCA proposal. The
satisfaction of this requirement was received by the administrators
from the proponent on 29 May 2023 prior to the creditor's meeting
on that same day."
Mahercorp, which went into administration in April last year
leaving 730 home builds on hold, needed the support of key trade
and supplier creditors to approve the restructuring plan and allow
it to keep trading, so customers would keep up staged payments on
their builds, providing cash flow.
But by refusing to honour payments to the same creditors after it
came out of administration, it was receiving the cash from
customers without making the payments it had earlier agreed to with
suppliers.
A spokeswoman for Mahercorp, in which restructuring firm Mawson
took an equity stake last year, did not say why the builder sent
creditors letters refusing to meet the agreed payments.
The Financial Review is not suggesting Mr. Maher breached his
duties as a director.
The Australian Securities and Investments Commission declined to
comment.
The formal proponent of the deed of company arrangement was
Jaskalil Pty, an entity directed by Mr Maher, not Mr. Maher
himself, but this should make no difference, the administrators
said, the Financial Review relays.
"It's not uncommon for a proponent not to be formally
defined/agreed at the time when a DOCA proposal is presented, as
was the case for Mahercorp, however creditors could reasonably
expect that following approval of the DOCA that the proponent will
meet the conditions to give effect to the DOCA proposal creditors
approved."
The administrators said they were not a party to the individual
agreements.
"We welcome the opportunity to review any information regarding
these additional activities, assess any implications and determine
the appropriate course of action should there be the need to do
so," they said.
"We are not able to provide creditors with any specific advice with
respect to their individual circumstances and encourage them to
seek their own independent advice."
METRO FINANCE 4: Moody's Upgrades Rating on Class E Notes to B1
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by Metro Finance Trust No.4 Warehouse Series 1, following
amendments.
The affected ratings are as follows:
Issuer: Metro Finance Trust No.4 Warehouse Series 1
Class B Notes, Upgraded to A1 (sf); previously on Dec 20, 2022
Assigned A2 (sf)
Class C Notes, Upgraded to A3 (sf); previously on Dec 20, 2022
Assigned Baa2 (sf)
Class D Notes, Upgraded to Baa3 (sf); previously on Dec 20, 2022
Assigned Ba2 (sf)
Class E Notes, Upgraded to B1 (sf); previously on Dec 20, 2022
Assigned B2 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The rating actions were prompted by amendments to the transaction,
effective as of 28 April 2024, including changes to the note
margins and various concentration limits and extension of the
availability period.
No action was taken on the remaining rated class of notes in the
transaction as credit enhancement remains commensurate with the
current rating for the notes.
Moody's has maintained the expected default and Aaa portfolio
credit enhancement assumptions for the transaction at 2.5% and 16%,
respectively.
The transaction is a securitisation backed by a revolving portfolio
of Australian prime commercial auto and equipment loans and leases
and novated leases originated by Metro Finance Pty Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' required
subordination amount.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' required subordination
amount, and (3) a deterioration in the credit quality of the
transaction counterparties.
MIGUEL GRIMA: Second Creditors' Meeting Set for July 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Miguel Grima
Enterprises Pty Ltd has been set for July 12, 2024 at 11:00 a.m.
via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 11, 2024 at 4:00 p.m.
Anne Marie Barley of AMB Insolvency was appointed as administrator
of the company on June 6, 2024.
NT PORT: Second Creditors' Meeting Set for July 12
--------------------------------------------------
A second meeting of creditors in the proceedings of NT Port &
Marine Pty Ltd has been set for July 12, 2024 at 1:00 p.m. via
virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 11, 2024 at 4:00 p.m.
Travis Anderson of Deloitte Financial Advisory was appointed as
administrator of the company on Dec. 16, 2022.
ONE EYE: Second Creditors' Meeting Set for July 15
--------------------------------------------------
A second meeting of creditors in the proceedings of One Eye Pug Pty
Ltd has been set for July 15, 2024 at 11:00 a.m. via Zoom
videoconferencing.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2024 at 4:00 p.m.
Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of the company on June 10, 2024.
UNITED GLOBAL: First Creditors' Meeting Set for July 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of United
Global Capital Pty Ltd will be held on July 17, 2024 at 11:00 a.m.
via virtual meeting.
David Michael Stimpson and Hugh Armenis of SV Partners were
appointed as administrators of the company on July 5, 2024.
[*] AUSTRALIA: Reveals Personal Bankruptcy Overhaul Proposal
------------------------------------------------------------
The Australian Financial Review reports that the threshold for
involuntary bankruptcy will rise to AUD20,000 and bankrupts will
have their official records cleared after seven years, under an
overhaul of personal insolvency laws being unveiled on July 1.
The Financial Review relates that the Albanese government will also
extend the time frame for responding to a bankruptcy notice from 21
days to 28 days, and will scrap debt agreements as "an act of
bankruptcy" under the legislation.
"These amendments will ensure a fairer outcome for debtors in the
personal insolvency system, and reduce the stigma currently
associated with entering into bankruptcy," the Financial Review
quotes Attorney-General Mark Dreyfus as saying.
The Financial Review says Mr. Dreyfus will also launch
consultations for a mini-bankruptcy regime known as a "minimum
asset procedure" that will allow debtors who meet certain criteria
to start afresh sooner.
A push by the Turnbull government in 2017 to reduce the bankruptcy
period from three years to one year to encourage entrepreneurship
and risk taking went nowhere over concerns it would lead to
unjustifiable outcomes, the report states. Under the proposal,
people who owe less than AUD50,000 and have minimal assets to repay
debts would be able to apply to participate in the procedure, which
would be less restrictive than bankruptcy and last for just one
year.
=========
I N D I A
=========
BNAZRUM AGRO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bnazrum
Agro Exports Private Limited (BAEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.92 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of BAEPL under the 'issuer non-cooperating'
category as BAEPL 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. BAEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dindigul (Tamil Nadu) based Bnazrum Agro Exports Private Limited
(BAEPL) was incorporated in August, 1998 by Mr. K S M Mohammed
Saleem, Mrs. M Zakira Saleem and Mr. N Dawood Mariyam Shehnaz.
BAEPL is engaged in processing of Gherkins. The company purchases
its 60% raw material i.e. gherkins from local farmers located in
Dindigul region, Tamil Nadu and remaining 40% from agents located
in Andhra Pradesh and Karnataka. BAEPL is Export Oriented Unit
(EOU) i.e., 100% of the exports mainly to Middle East countries
like Iran, Iraq, United Arab Emirates (UAE) and European
countries.
BOSE EXPORTS: CRISIL Reaffirms B+ Rating on INR1.5cr LT Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Bose Exports (BE) at 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase 2 CRISIL A4 (Reaffirmed)
Cash Credit 1 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 1.5 CRISIL B+/Stable (Reaffirmed)
Packing Credit 5.5 CRISIL A4 (Reaffirmed)
The ratings continue to reflect the modest scale of operations
amidst intense competition and the large working capital
requirement of the firm. These weaknesses are partially offset by
the extensive experience of the partners in the readymade garment
industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital-intensive operations: Gross current assets were
expected at 145 days as on March 31, 2024 (128 days as on March 31,
2023), driven by the large receivables and inventory. The firm
needs to offer sizeable credit to its customers and hold large
work-in-process and finished goods inventory.
* Below-average financial risk profile: Capital structure is
leveraged marked by total outside liabilities to tangible networth
(TOL/TNW) ratio of 6.02 times as on 31st March 2024 (6.52 times as
on 31st March 2023). Debt protection metrics is moderate marked by
interest coverage ratio of 1.51 times and net cash accruals to
adjusted debt of 0.04 time in fiscal 2024 (1.87 times and 0.08
time, respectively, for fiscal 2023).
Strength:
* Extensive experience of the partners: The decade-and-half-long
experience of the partners in the textile - readymade garment
industry, their strong understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business risk profile.
Liquidity: Stretched
Bank limit utilisation is moderate at around 85.91 percent for the
past twelve months ending March 2024. Cash accruals are expected
to be over INR0.81 to 1.23 crores which is sufficient against term
debt obligation of INR 0.60-0.89 crores over the medium term. In
addition, it will act as cushion to the liquidity of the company.
Current ratio is moderate at 1.06 times on March 31, 2024.
Outlook: Stable
CRISIL Ratings believes BE will continue to benefit from the
extensive experience of its partners in the readymade garment
industry, and their established relationships with clients.
Rating Sensitivity factors
Upward factors
* Sustained improvement in revenue and sustenance of profitability
leading to higher cash accruals.
* Improvement in capital structure with TOL/TNW of less than 4
times.
Downward factors
* De-growth in revenue or decline in operating margin resulting in
cash accruals of less than INR0.6 crore
* Any large debt funded capital expenditure or stretched in working
capital cycle, weakening liquidity
BE was formed as a partnership between Mr P Ramasamy, Mr R.
Sivakumar and Mrs Nivetha Sivakumar in 2006. The firm manufactures
and exports hosiery garments. Its manufacturing facility in
Tirupur.
D C TEXTILE: CRISIL Assigns B+ Rating to INR25cr Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings on the
long term bank loan facilities of D C Textile Mills Private Limited
(DCTMPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable (Assigned)
The rating continues to reflect the modest scale of operations
amidst intense competition, large working capital requirement and
moderate financial risk profile of the company. These weaknesses
are partially offset by the extensive experience of the promoters
in the textile industry.
Analytical Approach
Unsecured loans from promoters of INR 7.7 crores outstanding as on
March 31, 2024, is treated as Neither Debt Nor Equity (NDNE). These
loans are expected to stay in the business.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amid intense competition: The company
faces intense competition from small players given the low entry
barriers to the textile industry and limited differentiation in
end-products. Scale of operations remains modest as indicated by
estimated operating income of INR113 to 114 crores in fiscal 2024.
* Large working capital requirement: Gross current assets (GCAs)
stood at 237 days as on March 31, 2023, driven by large inventory
and receivables of 185 days and 58 days, respectively. The working
capital cycle was supported by payables of 123 days as on same
date. GCAs are estimated to remain around 200-220 days as on March
31, 2024, given the low bargaining power with customers. In the
absence of any change in working capital policies, operations are
expected to remain working capital intensive.
* Moderate financial risk profile: Networth was modest at INR7.8
crore as on March 31, 2023, and estimated at INR9-9.5 crore as on
March 31, 2024. Networth is expected to improve over the medium
term, with steady accretion to reserve and stable operating margin.
Capital structure is moderate, as reflected in gearing and total
outside liabilities to adjusted networth (TOL/ANW) ratios of 4.79
times and 8.04 times, respectively, as on March 31, 2023, and
estimated at 4.4-4.8 times and 5.6-5.8 times, respectively as of
March 31, 2024. Debt protection metrics were marked by interest
coverage and net cash accruals to adjusted debt ratios at 1.8 times
and 0.07 time, respectively, for fiscal 2023, estimated at 1.5-1.8
times and 0.6-0.7 times, respectively, for fiscal 2024. In the
absence of any major debt-funded capital expenditure (capex) plans,
the capital structure is expected to improve over the medium term.
Strength:
* Extensive experience of the promoters: The four-decade-long
experience of the promoters in the textile industry, their strong
understanding of market dynamics and healthy relationships with
customers and suppliers will continue to support the business risk
profile
Liquidity: Poor
Liquidity is marked by high bank limit utilisation averaging around
98% for the 12 months ended May 31, 2024. Expected net cash accrual
of INR4- 4.2 crore should suffice to cover the term debt obligation
of INR1.4 to 3.3 crore per fiscal in 2025 and 2026. Unencumbered
cash and bank balance was low at around INR1.2 lakhs as on March
31, 2024, while the current ratio stood at 1.3 times as on same
date.
Outlook: Stable
CRISIL Ratings believes DCTMPL will continue to benefit from the
extensive experience of its promoters in the textile industry.
Rating Sensitivity factors
Upward factors:
* Sustained growth in revenue, leading to net cash accrual of above
INR5 crore.
* Steady improvement in financial risk profile
Downward factors:
* Stretch in working capital cycle weakening the financial risk
profile and liquidity
* Decline in revenue, leading to lower-than-expected net cash
accrual below INR3 crores
Incorporated in the year 1988, D C Textile Mills Private Limited
(DCTMPL) is engaged in the business processing and selling raw
fabric. The company has 2 revenue streams, i.e. i) Undertaking
jobwork activity where processing charges are received ii)
Processing and selling the company's own fabric. Processing
involves printing, dyeing, digital printing etc. The company is
owned and managed by Mr. Nitin Agarwal, Mr. Sachin Agarwal, Mr.
Deepak Agarwal, and Mrs. Madhu Agarwal
EMRAIL ENGINEERING: CRISIL Keeps B Corporate Credit Rating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Emrail
Engineering and Construction Private Limited (EECPL) continues to
be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Credit - CRISIL B/Stable (Issuer Not
Rating-LT Cooperating)
CRISIL Ratings has been consistently following up with EECPL 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 EECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EECPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
EECPL was established in 2016 and will provide project management
and human resource management consultancy to various companies. The
company is a wholly owned subsidiary of Emrail SDN BHD, Malaysia.
The Indian business is headed by Mr. GVS Pillai who has been in the
urban development, town planning and metro sector for 3 decades
now. He is a Certified Professional Engineering Manager of the
Institute OF Management Specialists, UK.
G.K.M.S COTTON: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.K.M.S
Cotton Pressing Private Limited (GCPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.67 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 26, 2023,
placed the rating(s) of GCPPL under the 'issuer non-cooperating'
category as GCPPL 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. GCPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 11, 2024, March 21, 2024, March 31, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, GKMS Pressing Private Limited (GCPPL) was
incorporated in the year 2005 and is promoted by Mr. Koteshwara Rao
and by his family members. The company is engaged in ginning and
pressing of cotton with an installed capacity of 7500 bales per
annum. GCPPL purchases raw cotton from local farmers and traders
located in and around of Guntur. The company sells the cotton yarn
and lint to the customers located in Telangana, Andhra Pradesh,
Tamil Nadu and Maharashtra.
GANGWAL CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gangwal
Chemicals Private Limited (GCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 29 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with GCPL 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 GCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
GCPL is a private limited company established in 1987 in Mumbai. It
is a manufacturer and trader of intermediaries of pharmaceutical
drugs (APIs and intermediaries of APIs) and excipients (inactive
chemicals that serve active chemicals). It has a manufacturing
facility in Tarapur. GCPL is managed by Mr. Anil Jain and his
family members.
GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gita
Refractories Private Limited (GRPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.1 CRISIL D (Issuer Not
Bill Discounting Cooperating)
Long Term Loan 0.54 CRISIL D (Issuer Not
Cooperating)
Proposed Working 3.26 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with GRPL 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 GRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GRPL incorporated in 1988 is part of the Gilada Group, promoted by
Mr. Rajgopal Gilada. The company is engaged in manufacturing of
refractory material. Its product line includes High Alumina Bricks,
Magnesia Carbon Bricks, Magnesite, Mag-chrome Bricks, Chrome-Mag
Bricks, Chromite Bricks, along with Monolithics consisting of
Conventional, LC/ULC Castables and Ramming, Felting, Gunning and
Spraying mixes.
GULATI METAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gulati Metal
and Alloys (GMA) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GMA 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 GMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
GMA was set up in 2008 at Jammu by the proprietor, Mr Sandeep
Gulati. The firm manufactures aluminum cables and conductors.
H. K. INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of H. K.
Industries (HK, part of the HK group) 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 HK 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 HK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HK
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of HK International (HKI), AEL
and HK Industries (HK), as the three firms have merged into one
entity but further details from the management is awaited. HKI and
HK will seize to exist.
AEL and HKI were set up in 2008, by Mr Anil Anand and his family
members. The Delhi-based group trades in railway parts, lubricants
and hosiery goods. HK, set up in 2014, by Mr Anand as a
proprietorship firm, trades in copper and its allied products.
HAVELI ENTERTAINMENTS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Haveli
Entertainments Private Limited (HEPL) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.75 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HEPL 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 HEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HEPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
HEPL has been incorporated as closely held Private Limited Company
since December 1995. The main promoters of the company are Mr.
Fatehsinh Chauhan and Mr. Abhishek Chauhan. The company is setting
up an entertainment mall in Silvassa in Dadra & Nagar Haveli.
INDUS VALLEY: CRISIL Withdraws B+ Rating on INR20cr LT Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Indus Valley Promoters
Limited (IVPL) to 'CRISIL B+/Stable/Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of IVPL following
a request from the company. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of IVPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 20 CRISIL B+/Stable ISSUER NOT
Bank Loan Facility COOPERATING (Withdrawn)
Incorporated in 1996, IVPL is promoted and managed by Mr Sanjay
Gupta and Mr Ajay Gupta. It constructs, develops, and sells
independent houses and villas. Thus far, IVPL has implemented Sheel
Kunj - I, Sheel Kunj ' II, and Sheel Kunj - III, all of which are
residential projects adjacent to National Highway 58. These
projects have plots and villas on sale.
JAIPRAKASH ASSOCIATES: Lenders Reject INR500cr One-Time Settlement
------------------------------------------------------------------
The Times of India reports that lenders have rejected the one-time
settlement offered by Jaiprakash Associates Ltd in the insolvency
case filed against it.
After the National Company Law Tribunal (NCLT) ordered the
initiation of bankruptcy proceedings against the company last month
on a petition filed by lenders led by ICICI Bank in 2018, its
suspended board of directors challenged the order in NCLAT, the
appellate tribunal, TOI says.
During a hearing on June 10, NCLAT asked JAL to increase the amount
it was to pay upfront in its original settlement offer.
Subsequently, JAL revised its OTS by increasing the amount from
INR200 crore to INR500 crore.
TOI relates that the company offered to pay an additional INR150
crore within 12 weeks as a part of the revised OTS and assured
lenders that proceeds from the sale of its cement business would go
towards settling the debt.
On July 3, the counsel for ICICI Bank confirmed it has not accepted
JAL's revised OTS and sought a week to file its reply.
The appellate tribunal will hear the case on July 26, TOI notes.
In the first settlement offer proposed to creditors before the NCLT
on May 29, JAL assured an upfront payment of INR200 crore with
another INR16,000 crore to be paid within 18 weeks after the OTS
was accepted.
According to TOI, NCLT's Allahabad bench dismissed the settlement
offer and ordered the initiation of the corporate insolvency
resolution process (CIRP) against JAL on June 3. Bhuvan Madan was
appointed as the Interim Resolution Professional (IRP) following
the suspension of JAL's board of directors.
About Jaiprakash Associates
Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.
JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.
In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC.
On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.
KBR HOMES: CRISIL Moves B+ Debt Rating from Not Cooperating
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facility of KBR Homes India Pvt Ltd
(KHIPL) to 'CRISIL B+/Stable; Issuer not cooperating'. However, the
company's management has subsequently started sharing the
information necessary for a comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the rating to 'CRISIL
B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 23.8 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The rating reflects the company's susceptibility to cyclicality in
the real estate industry and intense competition, and exposure to
project and demand risks. These weaknesses are partially offset by
the extensive experience of the promoters in the real estate
sector.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to cyclicality and intense competition: The real
estate sector in India is cyclical and constrained by volatile
prices, opaque transactions and highly fragmented market structure.
Execution of real estate projects in India is restricted by
multiple property laws and non-standardised government regulations
across states. The risk is compounded by aggressive timelines for
completion along with shortage of manpower (project engineers and
skilled labour). The recent slowdown in the real estate sector has
limited the execution and saleability of several projects.
* Exposure to project and demand risks: The company is developing a
residential property, KBR Prime, at Hoskote, Karnataka, which is
likely to be completed by May 2026. Delay in construction on
account of regulatory changes or delayed regulatory approvals may
adversely impact the response to the project. Also,
larger-than-expected debt and time or cost overruns in project
implementation may impact the financial risk profile and hence will
remain key monitorable.
Strength:
* Extensive experience and funding support of the promoters: Mr
Konduru Babu Raju has experience of more than two decades in the
real estate market in Karnataka. The promoters' extensive
experience and strong reputation will continue to support the
business.
Liquidity: Poor
The ongoing project is in nascent stage, and project cost will be
partly funded through debt. Liquidity will be dependent on booking
progress and customers advances. The promoters are likely to
provide need-based funding support by way of unsecured loans. Any
unforeseen delays in project construction or delays in bookings and
customer advances will constrain the liquidity.
Outlook: Stable
CRISIL Ratings believes KHIPL will continue to benefit from the
extensive experience of its promoters.
Rating Sensitivity factors
Upward factors:
* Timely completion of projects and steady booking progress
resulting in healthy cash flow
* Healthy cash buffer and debt to total assets ratio less than 50%
Downward factors:
* Delay in project execution or lower-than-expected booking
progress impacting cash flow
* Larger-than-expected debt, leading to debt to total assets ratio
above 70%
Incorporated in 2012 in Bengaluru, KHIPL undertakes real estate
development. Mr Konduru Babu Raju and Ms Konduru Rajeswari are the
promoters.
KSHEER SAGAR: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ksheer
Sagar Developers Private Limited (KSDPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.99 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 13, 2023,
placed the rating(s) of KSDPL under the 'issuer non-cooperating'
category as KSDPL 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. KSDPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2024, March 8, 2024, March 18, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ksheer Sagar Developers Private Limited operates a 5-star hotel
under Hotel Royal Orchid, Jaipur established in April 2011. The
hotel having 139 keys is a 50:50 JV between Royal Orchid Hotels
Limited (ROHL) and Tambi family based out of Jaipur.
LIZMONTAGENS INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lizmontagens
India Private Limited (LIPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 21.5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with LIPL 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 LIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
LIPL, incorporated in 2010, is engaged in the supply, construction
and repair of industrial furnaces and chimneys, for various
industries such as iron and steel, glass, cement and power
generation. It also undertakes supply of composite materials for
repairs of pipelines and tanks. Mr Sanjeev Prabhu manages the
operations.
The company is a 51% step down subsidiary of Lizmontagens Thermal
Technologies SA, which is an assembler of industrial furnaces in
various industrial sectors globally. The remaining 49% is owned by
Sunag Corporation (USA), which is a group concern of Maco
Corporation (India) Pvt. Ltd. It provides industrial equipments,
solutions and services.
RELIANCE BROADCAST: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Broadcast Network Ltd. (R BNL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 83.69 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 66.80 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 65.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of Reliance Broadcast Network Ltd. (RBNL)
under the 'Issuer Non-Cooperating' category as RBNL 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. RBNL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and emails dated May 13, 2024, May 7, 2024, and May 6, 2024. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating based on best available information which 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).
Detailed description of the key rating drivers:
At the time of last rating on July 12, 2023, the following were the
rating strengths and weaknesses (updated from information available
from NCLT order vide order date May 6, 2024).
Key weaknesses
* Ongoing delays/defaults in debt servicing: As confirmed by the
banker, the account is NPA with IndusInd Bank since May 2020 and
further as per the annual report of FY22 there are delays and
defaults.
* Approval of Resolution Plan by NCLT: NCLT vide order dated May 6,
2024, approved the resolution plan, for corporate insolvency
resolution proceedings initiated against RBNL under Insolvency and
Bankruptcy Code, 2016.
* Termination of acquisition of RBNL by Music Broadcast Limited
(MBL): RBNL had entered into Share Subscription Agreement, Share
Purchase Agreement and Shareholding Agreements, dated June 12,
2019, with Reliance Entertainment Networks Private Limited
(formerly known as Reliance Land Private Limited), Reliance Capital
Limited and Music Broadcast Ltd. (MBL). Pursuant to these
agreements MBL would acquire 24% equity share capital in RBNL by
way of a preferential allotment and thereafter subject to the
receipt of all regulatory approvals value of INR1,050 crores.
During FY21, MBL terminated the INR1,050 crore acquisition deal
with RBNL, since the parties did not received approval from the
Ministry of Information and Broadcasting (MIB) and long stop date
under the definitive agreements had expired.
* Weak financial performance coupled with weak capital structure:
During FY22, the Total Operating Income of the company increased by
approximately 16% to INR141.91 crore in FY22 compared to INR122.04
crore in FY21. Further, continuous losses over the past few years
have eroded the net-worth of the company. Despite the equity
infusion of INR600 crore in FY20, the net-worth stood at a negative
value of INR778.76 crore as on March 31, 2022, and negative value
of INR684.45 crore as on March 31, 2021. Accordingly, the overall
gearing and total debt to GCA ratios remain weak.
* Operates in competitive and regulated industry segment: The
competition is ever increasing with availability of different
broadcasting channels and large number of players entering the
broadcasting industry. Moreover, technological changes have laid
new distribution platforms inviting competition from newer players.
To maintain its competitive edge in such a scenario, the company
will need to anticipate preferences to create, acquire, commission,
and produce compelling content across platforms favoured by the
consumers.
Reliance Broadcast Network Limited (RBNL), a public limited company
(unlisted), incorporated on December 27, 2005, is a part of the
Anil Ambani-led Reliance Group. RBNL operates FM radio broadcasting
stations in 58 Indian cities under the brand name 'BIG FM'.
RMS HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMS Hotels
& Resorts India Private Limited (RHRIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from RHRIPL to
monitor the rating(s) vide email communications dated May 13,2024,
June 18,2024 and June 19,2024 among others and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE 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. The rating on RHRIPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The ratings assigned to the bank facilities of RMS Hotels & Resorts
India Private Limited(RHRIPL) factors in the ongoing delays in the
servicing of the debt obligations.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
At the time of last rating on October 13,2023 the following were
the rating strengths and weaknesses
Key weaknesses
* Ongoing delays in servicing of debt obligation: As per the
banker's feedback, the company had defaulted in the repayment of
term loan for the month of September 2023.
Liquidity: Poor
The liquidity of the company stood poor, leading to delays in debt
servicing.
Bareilly, Uttar Pradesh based, RMS Hotels & Resorts (India) private
Limited (RMS)was incorporated in 2019 as a private limited company.
The company is currently being managed by Mr. Mehttab Siddiqui
(Managing Director) and his wife Mrs. Reshma Siddiqui. RMS is
embarked upon setting up a 5 star category Hotel- Radisson Bareilly
Airport. The Company has a tie-up with known international hotel
chain 'Radisson Hotel Group' owned by HNA Group. The hotel has 70
guest rooms (1 presidential Suite,
26 junior suite 43 executive rooms. The hotel premises also
features a AC banquet hall attached to swimming pool areas, open
lawn, Gym, Salon, two restaurants, board room and Saloon on land
area of 5, 026 sq.mtrs. The promoters are planning to increase the
number of rooms by 63 guest rooms (3 presidential suite, 6 junior
suite and 54 executive room) aggregating to total hotel inventory
of 132 guest rooms, winter garden with area of 20,000 sq. ft.,
speciality restaurant, 2 AC banquet hall with capacity of 4,000 pax
and car parking area.
SEVEN-11 INDUSTRIES: CRISIL Lowers Rating on INR4.84cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Seven-11 Industries (SI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.84 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Working 1.66 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SI 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
Established in 2005 as a proprietorship firm by Ms Sheeloo Lodha,
SI manufactures and sells all types of printing inks, adhesives and
retarders in Daman and Sarigam, Gujarat. Operations are managed by
Mr Rajkumar Lodha.
SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiraj Timber
Traders (STT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 14.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with STT 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 STT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
STT was set up as a partnership firm in 1985 by Mr Shirajul-Haque
Mohammad and his brothers, Mr Maroof Mohammad and Mr Salim
Mohammad. The firm trades in timber. It mainly imports teakwood and
hardwood from countries across West Africa and South America. The
administrative office is at Mumbai.
SHIRPUR GOLD: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shirpur
Gold Refinery Limited (SGRL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 37.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 328.00 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 July 20, 2023,
placed the ratings of SGRL under the 'Issuer Non-Cooperating'
category as SGRL had failed to provide information for monitoring
of the rating exercise and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. SGRL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2024, May 7, 2024, and May 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 cautionwhile using the
above rating(s).
Analytical approach: Consolidated
CARE has considered the consolidated financial statements of SGRL
for analytical purposes owing to financial and operational linkages
between the company and its subsidiaries. The consolidated
financial statements include the financials of two wholly owned
subsidiaries, Shirpur Gold Company Private Limited, Singapore, and
Zee Gold DMCC, Dubai.
Detailed description of the key rating drivers:
At the time of last rating on July 20, 2023, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange).
Key weaknesses
* Ongoing delays/defaults in debt servicing: As per FY24 financial
statements sourced from stock exchange filings on the BSE website,
there are defaults. As per FY24 audited results, three lender banks
and a financial institution have outstanding dues as on November
25, 2019, classified as nonperforming assets, amounting to INR
380.09 crore, of which INR 96.92 crore represents invoked bank
guarantees, interest, and penal interest as per records maintained
by the company classified as non-performing assets. The dues are
after adjusting fixed deposits including interest accrued of INR
14.60 crore kept as margin requirement against bank guarantee with
Axis Bank.
Shirpur Gold Refinery Limited (SGRL) is a part of Essel Group since
December 2008, post takeover of assets from ARCIL auction. The
company is engaged in gold refining with an installed capacity to
refine 217 MT per annum of gold. Its refinery is located at
Shirpur, Dhule district, Maharashtra. The company is also engaged
in bullion trading, manufacturing and sale of gold coins, gold bars
and gold jewelry both in the domestic and international markets.
The company's products namely Gold Bars and Gold Jewelry are sold
under the brand name 'Zee Gold'. As on March 31, 2019, SGRL has one
wholly owned subsidiary namely Zee Gold DMCC (ZGD), Dubai and two
step down foreign subsidiaries namely Precious Metals Mining and
Refining Limited (PMMRL), Papua New Guinea and Metalli Exploration
and Mining, Mali. Shirpur Gold Company Private Limited (SGM),
Singapore ceased to exist with effect from March 7, 2019 and loss
(Rs.1.96 crore); being investment value in such subsidiary has been
written off.
SHIV SHAKTI: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shiv Shakti
Khadya Private Limited (SSKPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSKPL 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 SSKPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSKPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2010, SSKPL trades in paddy. The company is owned
and managed by Mr Phate Bahadur Singh and Ms Punam Devi.
SHYAMA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shyama Agro
Foods (SAF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 0.3 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 5.7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAF 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 SAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2017, Shyam Agro Foods (SAF) has a cold storage
facility in Darbhanga, Bihar. The company is engaged in storage of
potato, fruits, vegetables, onions, cereals and other agricultural
products. Mr. Amarnath Jha is the proprietor of the company.
SILVER JUBILEE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Silver
Jubilee Motors Limited (SJML) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 19.73 CRISIL D (Issuer Not
Cooperating)
Cash Credit 34.02 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SJML for
obtaining information through letter and email dated May 21, 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 SJML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1935, SJML is a Pune (Maharashtra) based listed
entity. The company has automobile dealership of Mahindra &
Mahindra (for light commercial vehicles as well as passenger
vehicles) and is operating a fuel station under IOCL dealership.
SJML is promoted and managed by Mr. Sanjay Jagtap
SPINE ARTHROSCOPIC: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Spine
Arthroscopic and Joint Replacement Centre Private Limited (SAJRCPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.78 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of SAJRCPL under the 'issuer non-cooperating'
category as SAJRCPL 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. SAJRCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 2, 2024, March 12, 2024, March 22, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Spine Arthroscopic and Joint Replacement Centre Private Limited
(SAJRCPL) was initially promoted by Dr. David V Rajan and Dr. K
Vinod in the year 1997. However, Dr. K Vinod resigned from his
duties w.e.f. January 1, 2016 and current directors of the hospital
are Dr. David V Rajan and his wife Mrs. SuneethaRajan. SAJRCPL
commenced operations as a clinic only for outpatients. Subsequently
in 2004, the company started dealing with inpatients (arthroscopic
surgeries) by utilizing the facilities of a nearby hospital on
rental basis. Till 2007, the hospital continued to operate out of a
rented building and subsequently started the super specialty
orthopaedic hospital in Coimbatore under the brand name of 'Ortho
One'. The hospital is a 23 bedded hospital which offers the
specialized services in orthopedic services like arthroscopic and
sports medicine, joint replacement, pediatric orthopaedics and
spine care treatments, foot and ankle surgery, pain management and
orthopedic trauma surgery.
THREE C: YEIDA Withdraws Plea at NCLAT Against Ace Infracity Bid
----------------------------------------------------------------
The Economic Times reports that the Yamuna Expressway Industrial
Development Authority (YEIDA) has withdrawn its appeal before the
appellate insolvency tribunal NCLAT against an NCLT order which
approved Ace Infracity's bid for Three C Homes. The development
comes after YEIDA accepted the proposal by Ace Infracity Developers
to pay for compensation to farmers and requested the NCLAT to
withdraw its appeal.
Both YEIDA and Ace Infracity were in talks for settlement, while
the matter was pending before the National Company Law Appellate
Tribunal (NCLAT), ET relates.
On July 4, 2024, YEIDA gave a proposal to pay for compensation for
farmers which Ace Infracity accepted during the hearing before
NCLAT, according to ET.
"In view of the acceptance of the proposal by the SRA (Ace
Infracity), the appellant (YEIDA) is not to proceed with its appeal
subject to compliance of the conditions as indicated in the
communication dated July 4, 2024, which has been given to counsel
for the SRA," NCLAT said.
It further noted: "Recording the aforesaid, we are of the view that
no useful purpose shall be served in continuing with the appeals.
The appeal is permitted to be withdrawn with liberty to revive," ET
relays.
As per the settlement, farmer compensation will be paid by Ace
Infracity.
Earlier in this matter, the allotment of land was cancelled by
YEIDA in January 2021 which was challenged by the resolution
professional of Three C Homes Gaurav Katiyar before NCLT, ET
recalls.
The NCLT restored the land allotment in January 2023.
Subsequently, the Resolution plan given by Ace Infracity was
approved by the NCLT in June 2023.
While approving the bids of Ace Infracity, NCLT did not entertain
the objections put forward by YEIDA, the land allotting body, and
held that the amount of Rs 67 crore being brought in by the
corporate debtor was sufficient for them to settle their dues.
This NCLT order was subsequently challenged by YEIDA before NCLAT,
ET relates.
The corporate Insolvency Resolution Process (CIRP) was initiated
against Three C Homes in September 2019.
On June 13, 2023, the NCLT approved Ace Infracity's INR140.39-crore
resolution plan.
The fair value of the Corporate Debtor (3 C Homes) is Rs 600.87
crore and the liquidation value of Rs 480.70 crore as per Form-H
filed with the application, ET notes.
While approving the bids of ACE Infracity, the NCLT had said bid of
Ace Infracity Developers has been approved by the Committee of
Creditors (CoC) with 100 per cent votes and it can not "interfere
with the "commercial wisdom" of the lenders.
However, it was challenged by YEIDA before the appellate NCLAT, ET
says.
TRV GLOBAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of TRV Global
Exports Private Limited (TGEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 11.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TGEPL 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 TGEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TGEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TGEPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1999 by Mr. N Shivakumar, TRV
exports granite blocks and slabs. Based in Chennai, TRV was
reconstituted as a private limited company in 2007. TGEPL's
manufacturing facility is in Karimnagar district of Telangana. The
company exports granite to China, Taiwan, and Italy.
=========
J A P A N
=========
[*] JAPAN: Labor Shortage Triggers Surge in Bankruptcies
--------------------------------------------------------
NHK World reports that many business owners in Japan are struggling
to find enough workers to stay afloat. The number declaring
bankruptcy as a result was at a record high in the first half of
this year.
According to NHK World, private research firm Teikoku Databank said
Japan's labor shortage drove 182 companies to the wall between
January and June. The number was up by 72 from a year earlier. It's
the highest figure since the firm started keeping track.
Fifty-three of the businesses were in the construction industry,
and 27 were in logistics. The two sectors accounted for roughly 40
percent of all failures.
NHK World relates that the research firm said strict new rules on
overtime in the two industries made it harder for companies to
attract manpower.
It said about 80 percent of failures were operations with under 10
employees, suggesting smaller firms have a harder time finding
staff.
Teikoku Databank officials said more businesses are offering higher
pay to combat the problem. They said workers are increasingly
avoiding firms that aren't prepared to offer bigger wages, NHK
World adds.
===============
M O N G O L I A
===============
BOGD BANK: Moody's Affirms 'B3' Deposit Ratings, Outlook Stable
---------------------------------------------------------------
Moody's Ratings has affirmed Bogd Bank JSC's (Bogd Bank) B3 foreign
currency and local currency long-term bank deposit ratings, Not
Prime foreign currency and local currency short-term bank deposit
ratings, and b3 Baseline Credit Assessment (BCA) and Adjusted BCA.
At the same time, Moody's has affirmed the bank's B3 foreign
currency long-term Counterparty Risk Rating (CRR), B2 local
currency long-term CRR, Not Prime foreign currency and local
currency short-term CRRs, as well as the B2(cr)/Not Prime(cr).
Moody's has also maintained stable outlooks on the ratings, where
applicable.
RATINGS RATIONALE
The affirmation of Bogd Bank's ratings reflects Moody's expectation
that the bank's credit profile will remain stable over the next
12-18 months. The agency expects Mongolia's improved operating
environment to support the bank's asset quality and
higher-than-peers' profitability.
The bank's asset quality is constrained by its very high loan
growth of 39% cumulative annual growth rate (CAGR) during 2020-23.
Moody's expects loan growth to remain very high at the 70% level
annually for 2024-25. This raises unseasoned loan risk, and its
loan concentration is also high. Nevertheless, the bank has a low
loan exposure to cyclical sectors, including the mining,
agriculture and construction sectors. The bank's problem loans to
gross loans ratio was 6.3%, as of end-2023, which is at the lower
end among the agency's rated domestic peers.
Moody's expects Bogd Bank's tangible common equity
(TCE)/risk-weighted assets (RWA) to decline to the 16% level by
end-2025 from 21% as of end-2023, as it plans to double its total
assets during the period. Over the long term, the agency expects
the bank's capitalization to stabilize at a level similar to that
of its domestic peers.
Moody's expects Bogd Bank's profitability to remain higher than
those of its local peers. That said, the agency forecasts its net
income to tangible asset ratio will decline to the 3.5% level over
the next 12-18 months from 4% in 2023. The bank's net interest
margin will narrow given the Bank of Mongolia's (BoM) policy rate
has peaked, which was lowered by one percentage point to 12% in
March 2024; higher competition for small and medium enterprise
(SME) and household loans; and the increasing use of
interest-bearing liabilities as the bank's nominal leverage rises.
The bank's planned asset growth will be proportionately funded by
increases in both market funding and its deposit bases. As a
result, Moody's expects Bogd Bank's funding to remain stable with
its market funding ratio at the 25% level over the next 12-18
months. Meanwhile, Moody's expects the bank's liquidity, measured
as liquid banking assets/tangible banking assets, to decline to the
30% level from 46% as of end-2023. The bank has low credit and
market risks because its liquid assets consist of cash and balances
with the BoM (47%), BoM treasury bills (18%), government bonds (8%)
and others (27%).
Moody's has not incorporated affiliate support for Bogd Bank, and
therefore, the bank's Adjusted BCA is in line with its b3 BCA.
Moody's assesses the level of government support to be low, given
Bogd Bank's low systemic importance to the banking sector, with a
market share of 1.2% in terms of total assets as of end-2023.
Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. Bogd Bank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE
Moody's could upgrade Bogd Bank's ratings if the sovereign rating
is upgraded because the bank's BCA is constrained by the sovereign
rating of B3.
FACTORS THAT COULD LEAD TO A DOWNGRADE
Moody's could downgrade Bogd Bank's ratings if the sovereign rating
is downgraded, or the bank's BCA is lowered.
Bogd Bank's BCA could be lowered if (1) its capitalization weakens
meaningfully with its TCE/RWA falling below 15% level on a
sustained basis; (2) its liquidity deteriorates significantly with
its liquid banking assets/tangible banking assets declining below
30% level on a sustained basis; (3) its reliance on market funding
rises significantly, particularly borrowings from banks and
financial institutions; or (4) its asset quality deteriorates with
its new nonperforming loan formation ratio rising above 5%.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in March 2024.
Bogd Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT712.3 billion (USD208.9 million) as of
the end of 2023.
=====================
N E W Z E A L A N D
=====================
BLANKOS HOUSE: Creditors' Proofs of Debt Due on Aug. 14
-------------------------------------------------------
Creditors of Blankos House Of Aesthetics Limited are required to
file their proofs of debt by Aug. 14, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 3, 2024.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
CARRINGTON MOTEL: Court to Hear Wind-Up Petition on July 12
-----------------------------------------------------------
A petition to wind up the operations of Carrington Motel 2018
Limited will be heard before the High Court at New Plymouth on July
12, 2024, at 2:15 p.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 20, 2024.
The Petitioner's solicitor is:
Charles David Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
HPG AIR: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on July 4, 2024, was
appointed as liquidator of HPG Air Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
LUCCA'S QC: Robin Crimp Appointed as Liquidator
-----------------------------------------------
Robin Crimp of RAC Insolvency on June 27, 2024, was appointed as
liquidator of Lucca's QC Limited and Skybase Limited.
The liquidators may be reached at:
RAC Insolvency Limited
PO Box 147
Christchurch 8140
VALOROUS BARS: Court to Hear Wind-Up Petition on July 26
--------------------------------------------------------
A petition to wind up the operations of Valorous Bars Limited and
Valorous Holdings Limited will be heard before the High Court at
Auckland on July 26, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 23, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
APDC PTE: Creditors' Proofs of Debt Due on Aug. 5
-------------------------------------------------
Creditors of APDC Pte. Ltd. are required to file their proofs of
debt by Aug. 5, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 28, 2024.
The company's liquidator is:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
BUNGE INVESTMENT: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Bunge Investment Singapore Pte Ltd, on June 27, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
LIPPO MALLS: Fitch Puts 'CCC' LongTerm IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) of 'CCC' on Rating
Watch Negative (RWN). The 'CCC' rating with a Recovery Rating of
'RR4' on the senior unsecured notes due 2026 issued by LMIRT's
wholly owned subsidiary, LMIRT Capital Pte. Ltd., has
simultaneously been placed on RWN.
The RWN reflects Fitch's view that LMIRT's proposed tender offer
and concurrent consent solicitation constitutes a distressed debt
exchange (DDE). This is because the transaction will lead to a
material reduction in terms for existing unsecured noteholders, and
Fitch believes it will help the trust avoid a default on its US
dollar notes, given LMIRT's untenable liquidity profile.
LMIRT's ratings will likely be downgraded to 'C' if the consent
solicitation to amend material covenants is successful and if the
tender offer is accepted by investors. The RWN reflects the
uncertainty that the majority of noteholders by outstanding
principal may not consent to the proposed covenant amendments.
KEY RATING DRIVERS
Material Reduction in Terms: The combination of a tender offer plus
consent solicitation to remove substantially all restrictive
covenants imposes a material reduction in terms, in its view.
Despite the proposed unmodified Dutch auction process that sets
maximum tender prices at par, the stripping of restrictive
covenants will result in a much worse-off position for noteholders
that do not tender their notes, and increases their legal and
structural subordination.
Untenable Liquidity Profile: LMIRT's liquidity is untenable given
its depleting cash reserve and weak operating cashflow, against
increased capex requirement in 2024. LMIRT plans to spend around
SGD48 million to refurbish a total net lettable area of 163,550 sqm
over the next two years, mainly to repurpose recently vacated
spaces including by Carrefour and Hypermart, to improve occupancy
and the value of its malls.
Fitch expects operating cashflow to be sufficient for debt
servicing, including meeting amortisation payments on onshore term
loans, but Fitch forecasts the trust will have to dip into its cash
reserves to fund capex in the next 12-18 months, or delay the
expenditure, given the regulatory limitations on raising new bank
debt.
Gearing Ratio Above Regulatory Ceiling: LMIRT estimates that its
regulatory gearing ratio, or debt/total assets, would have been
above the regulatory ceiling of 45% at end-June 2024 due to recent
rupiah depreciation against the Singapore dollar, exacerbating
asset value declines due to the portfolio's weakening performance
in the last 18-24 months. This limits the trust's ability to obtain
debt other than for refinancing, such as to fund capex, weighing on
LMIRT's financial flexibility.
Weak Operational Performance: Fitch forecasts net property income
of SGD121 million in 2024, lower than in 2022 and 2023 due to the
progressively lower occupancy rate (1Q24: 79.5%). This is mainly
due to the early termination of several lease agreements and
downsizing by supermarket anchor tenants Carrefour and Hypermart,
respectively. Fitch expects the trust to face challenges in raising
occupancy in the next 12-18 months given difficulties in funding
refurbishment, which will further pressure LMIRT's operational
performance.
Limited Unencumbered Assets: Fitch believes LMIRT has pledged the
majority of its Hak Guna Bangunan (a type of land title) and strata
malls following the increase of its secured loan facility to IDR4.5
trillion (SGD372 million) in June 2024 to fund the tender offer.
The remaining unencumbered assets are mainly malls with land titles
under agreement-based schemes, which are difficult to mortgage.
Hence, Fitch believes it would be difficult for LMIRT to raise
further secured debt.
Foreign-Exchange Risk to Reduce: The tender offer, if accepted by
the holders of the 2026 notes, will reduce LMIRT's foreign-currency
risk. This is because LMIRT will fund the bond buyback using
proceeds of IDR2.2 trillion (SGD181 million) from a
rupiah-denominated term loan, which could drive the proportion of
rupiah debt to above 95%. This will reduce currency-related
pressure on interest coverage and regulatory gearing.
Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis,
due to robust regulatory ringfencing from PT Lippo Karawaci Tbk
(C). Lippo fully owns LMIRT's manager, but Singapore's Securities
and Futures Act prevents Lippo from holding majority representation
on the manager's board. In addition, the sponsor does not control
LMIRT, because it holds only a 47% interest. LMIRT, as a Singapore
real-estate investment trust, is also subject to restrictions on
gearing ratios and development activities, and requires minority
shareholders to approve related-party transactions.
Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure. The trust
did not call the SGD140 million and SGD120 million securities
callable in 2021 and 2022, respectively, amid weak market
sentiment. The trust cancelled the perpetuals' coupons to preserve
cash since March 2023, which has prevented it from paying common
dividends.
DERIVATION SUMMARY
LMIRT's rating reflects the proposed tender offer and concurrent
consent solicitation amid its untenable liquidity profile.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Net property income, including from Lippo Mall Puri, of SGD121
million in 2024 and SGD127 million in 2025.
- Capex of SGD33 million in 2024 and SGD13 million in 2025.
- No dividend payout and perpetual coupon distribution in 2024 and
2025.
RECOVERY ANALYSIS
Fitch assumes LMIRT will be liquidated in a bankruptcy rather than
continue as a going-concern, as Fitch believes creditors are likely
to maximise recoveries by selling the trust's investment
properties.
- Fitch calculates a liquidation value under a distressed scenario
of SGD0.6 billion at end-March 2024.
- Fitch uses stressed capitalisation values to arrive at the
distressed valuation for LMIRT's investment properties. Fitch uses
an 11% capitalisation rate as a reference, above the average 10%
capitalisation rate of the most recent divestments and acquisitions
in 2020. This is due to the portfolio's weaker performance since
then and challenging recovery prospects. Fitch applies the
capitalisation rate to its estimated net property income for the 12
months to end-March 2024 from LMIRT's Hak Guna Bangunan and strata
malls only, as Fitch believes there is higher execution risk in
selling malls with agreement-based scheme land titles.
- The estimate also reflects its assessment of the value of trade
receivables under a liquidation scenario, with a 75% advance rate.
Fitch believes a 25% discount is sufficient to cover potential bad
debt.
These assumptions result in a recovery corresponding to a Recovery
Rating of 'RR3', with a waterfall generated recovery computation of
61% for the outstanding senior unsecured bonds. However, the
Recovery Rating is capped at 'RR4', or 30%-50% estimated
recoveries, as LMIRT derives its entire economic value from assets
in Indonesia, even though the trust is incorporated in Singapore.
Under its Country-Specific Treatment of Recovery Ratings Criteria,
Indonesia falls into Group D of creditor friendliness, and the
Recovery Rating for instruments of issuers with assets in this
group is subject to a soft cap at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- No positive rating action is anticipated, given the proposed DDE
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The IDR is likely to be downgraded to 'C' if the consent
solicitation to amend material restrictive covenants and the tender
offer are successful.
- Alternatively, if the consent solicitation and tender offer are
not successful, the rating could be downgraded to no worse than
'CC' to reflect the limited refinancing options available to
LMIRT.
LIQUIDITY AND DEBT STRUCTURE
Untenable Liquidity: Fitch expects LMIRT's cash on hand and
recurring cash flow to be sufficient to cover interest payments in
the next two years. Liquidity, however, is tight against increased
capex and the repayment of its 2026 notes during that period. Given
challenges in funding capex, LMIRT has limited ability to reduce
its regulatory gearing below the 45% threshold in order to improve
its financing flexibility and draw on new debt.
LMIRT has restricted cash of SGD19.1 million in debt service
reserves, which can be used to service bank debt in the event its
cashflows fall short, but the reserves will need to be replenished
to avoid an event of default.
ISSUER PROFILE
LMIRT is a Singapore-listed real-estate investment trust with a
portfolio of 22 shopping malls and seven retail spaces in
Indonesia. The portfolio was valued at SGD1.6 billion as of
end-March 2024.
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
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
----------- ------ -------- -----
LMIRT Capital
Pte. Ltd.
senior
unsecured LT CCC Rating Watch On RR4 CCC
Lippo Malls
Indonesia
Retail Trust LT IDR CCC Rating Watch On CCC
MAJU CLINIC: Court to Hear Wind-Up Petition on July 26
------------------------------------------------------
A petition to wind up the operations of Maju Clinic By Silkroutes
Medihealth Pte Ltd will be heard before the High Court of Singapore
on July 26, 2024, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on July 1,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
MERCURIUS CAPITAL: Halts FY2023 AGM Over Unpaid Audit Fees
----------------------------------------------------------
Singapore Business Review reports that Mercurius Capital Investment
announced it will not hold its FY2023 AGM due to unforeseen
circumstances.
SBR relates that the company said the delay is due to outstanding
payments owed to its auditors and accountants, which prevented them
from completing the FY2023 audit on time.
The company will also not issue a sustainability report for FY2023
as it lacks revenue-generating operations, adding that the report
"would not be relevant or meaningful."
It has informed SGX-ST of its status as a cash company under Rule
1017 of the Catalist Rules.
According to SBR, Mercurius Capital Investment stated it is
"actively pursuing" funding to ensure liquidity for its operations
and financial obligations, including settling fees necessary to
proceed with the FY2023 audit.
In addition, the company has applied for a waiver of the
requirement to maintain an escrow account as required under
Catalist Rule 1017.
Mercurius Capital Investment Limited is a Singapore-based
investment holding company. It is principally engaged in property
development, property investment, and grocery business. It has a
joint venture with Apex Development Public Company Limited and
Grand Bay Hotel Co., Ltd. to develop a hotel property under the
name of Sheraton Phuket Grand Bay Resort in Phuket, and the grocery
business under Songmart Holdings in Malaysia.
SEMBAWANG MART: Court to Hear Wind-Up Petition on July 19
---------------------------------------------------------
A petition to wind up the operations of Sembawang Mart Medical
Centre Pte Ltd will be heard before the High Court of Singapore on
July 19, 2024, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on June 28,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
SOLAR C2: Court to Hear Wind-Up Petition on July 19
---------------------------------------------------
A petition to wind up the operations of Solar C2 Pte Ltd will be
heard before the High Court of Singapore on July 19, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
June 27, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
SWIBER HOLDINGS: Ex-CEO Fined SGD310,000 Over Four SFA Charges
--------------------------------------------------------------
The Business Times reports that Yeo Chee Neng, the former chief
executive officer of insolvent offshore oil and gas services
contractor Swiber, has been fined SGD310,000 on four charges under
the Securities and Futures Act (SFA).
According to BT, the sentence was handed to Yeo on July 4, and
includes a SGD100,000 fine for a charge under Section 199(b)(ii) of
the SFA due to his involvement in Swiber making a false
announcement on the Singapore Exchange (SGX) relating to a US$710
million project award.
He was also given a further SGD200,000 fine for a charge under
Section 218(2)(b) of the Act for instructing his wife to sell their
joint holdings in Swiber debentures while in possession of
non-public and material information on Swiber's financial
difficulties.
BT says the former CEO was also handed two more fines of SGD5,000
each, for two more charges under Section 133(1)(g) of the SFA, for
failing to disclose changes in his interest in the Swiber
debentures.
Mr. Yeo, who is also Swiber's ex-group president and former
executive director, was also disqualified from being a director of
any company or taking part in the management of any company for
five years.
Five other charges under the SFA were also taken into consideration
in sentencing. These charges include insider trading and Yeo's role
in Swiber's failure to notify SGX of required information.
In a press release on July 5, the police stated the charge related
to the false statement concerned Swiber's SGX announcement in
December 2014 on securing a US$710 million award to provide certain
services for an offshore field development project in West Africa.
Mr. Yeo was in 2014 a non-executive director of Swiber, prior to
being made deputy CEO in 2015, then CEO and group president on June
20, 2016.
BT relates that investigations later revealed that Swiber, through
its senior management, had known that the announcement was
materially false, because the company's wholly owned unit - Swiber
Offshore Construction - had signed only a letter of intent
authorising expenditure of up to US$2 million on the project.
The letter of intent had merely stated that the contract price was
"estimated to be approximately" US$710 million and was subject to
review after the conclusion of a study by the subsidiary.
Mr. Yeo admitted that he approved Swiber's announcement despite
knowing the letter and its terms - which a person in his position
"ought reasonably to have known was false", said the police.
Swiber's founder Raymond Goh and former CEO Francis Wong were fined
SGD100,000 each for similar charges related to the false
announcement, BT adds.
About Swiber Holdings
Swiber Holdings Limited, through its subsidiaries, was engaged in
offshore marine engineering; vessel owning and chartering, and
provision of corporate services. The Company was an integrated
offshore construction and support services provider for shallow
water oil and gas field development. The Company's subsidiaries
include Swiber Offshore Construction, Swiber Offshore Marine,
Swiber Corporate, Resolute Offshore Pte. Ltd. and Swiber Capital.
Swiber had $1.43 billion of liabilities and $1.99 billion of assets
at March 2016, as per the company's published accounts.
Swiber Holdings shocked the business world when it filed for
liquidation in July 2016 as several of its directors resigned. Only
a few days after the intent to liquidate, Swiber changed course and
applied for judicial management. Bob Yap Cheng Ghee, Tay Puay
Cheng and Ong Pang Thye of KPMG Services were appointed as joint
and several interim judicial managers of Swiber Holdings Limited
and Swiber Offshore Construction.
In May 2019, Swiber yet again escaped another liquidation scenario
when its creditors voted in favor of a restructuring proposal that
contemplated an equity investment from Seaspan Corporation. The
plan included a proposed investment from Seaspan of up to $200
million. That Investment Agreement has been terminated as of
January 2020.
The High Court of Singapore entered an order on Nov. 11, 2022, to
wind up the operations of Swiber Offshore Construction Pte Ltd and
Swiber Holdings Limited Pte. Ltd.
=====================
S O U T H K O R E A
=====================
HANJIN INTERNATIONAL: S&P Raises ICR to 'B+' Then Withdraws Rating
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Hanjin International Corp. (HIC) to 'B+' from 'B'. S&P subsequently
withdrew its issuer credit rating on HIC at the company's request.
The rating outlook was stable at the time of the withdrawal.
S&P expects HIC to maintain robust financial metrics following the
repayment of its US$400 million term-loan B (TLB). The repayment
was thanks to support from its parent, KAL, which made an equity
injection of US$400 million into HIC in June 2024. HIC now has a
debt-free structure and is free of interest payment obligations.
HIC's operating performance is likely to remain weak. The company's
high operating cost and subdued average daily rates in its hotel
business weigh on its profitability. However, S&P believes HIC will
generate positive free cash flows in the coming years, given the
lack of interest payment obligations and minimal capex
requirements. This will lead to limited liquidity risk for the
company.
S&P expects parent KAL's credit profile to remain healthy. The
company's operating performance has substantially improved over the
past two to three years. KAL had a robust cargo business during the
pandemic. Meanwhile, its passenger business also picked up as
travel demand ramped up post the COVID era. This has enabled KAL to
generate robust free cash flows and lower its debts.
KAL should therefore be able to maintain healthy leverage over the
next one to two years. This is despite a likely increase in capex
and shareholder returns, along with a pending merger with a more
levered Asiana Airlines Inc.
S&P said, "We believe KAL will continue to provide ongoing support
to HIC. Our view is substantiated by the parent's equity injection
in June this year. This is on top of KAL's conversion of a US$606
million intercompany loan to equity and a further US$50 million
credit line extension in 2023. KAL has a strong record of
supporting HIC financially since the establishment of the
subsidiary. We believe KAL's stance on supporting HIC will not
change."
[*] KOREA: National University Hospitals Face Bankruptcy Risk
-------------------------------------------------------------
Korea Biomedical Review reports that 10 national university
hospitals lost an estimated KRW1.26 trillion ($912 million) in
medical revenue from February to May, during the peak of the
government-doctor conflict over the medical school enrollment quota
increase.
The situation is so dire that some insiders claim the bankruptcy
crisis for national university hospitals is now a reality.
Korea Biomed relates that Rep. Han Ji-a of the ruling People Power
Party (PPP) said so after analyzing the data submitted by national
university hospitals.
According to the lawmaker, the estimated decrease in medical
revenue of 10 national university hospitals from Feb. 1 to May 31
amounted to KRW1.26 trillion. As a result, as of the end of May,
the cash reserves of these institutions amounted to KRW142 billion,
accounting for only 35.5 percent of the required reserve of
KRW399.9 billion, Korea Biomed relays.
That forced national university hospitals to borrow operating funds
as a stopgap measure. The total amount of operating funds borrowed
by these hospitals stood at 761.5 billion won, 50.2 percent of
which, or 382.4 billion won, had already been used by the end of
May.
The problem is that these hospitals will soon exceed their credit
ceiling, Korea Biomed relays. Although there are differences among
hospitals, most borrowed operating funds could dry up as early as
July or between September and November at the latest when their
bankruptcy crisis could become a reality, according to Rep. Han.
The government has supported the hospitals through advance payments
for health insurance, but the amount is only 30 percent of the
revenue in the same period last year.
"The quality of education and training will decline if the finances
of national university hospitals become insolvent," Han said.
"About 40 percent of medical school students in 2025 were allocated
to national university hospitals. If they cannot properly educate
and train students due to financial difficulties, the momentum of
the government's healthcare reform program may be lost."
The PPP legislator added that although national university
hospitals are taking self-rescue measures by declaring emergency
management, implementing unpaid leave, cutting budgets, operating
with fewer beds, and borrowing operating funds, they may soon find
it difficult to pay even labor costs.
"Various financial support measures by, for instance, increasing
the share of advance health insurance payments, should be put in
place as soon as possible so that national university hospitals can
play a stable role as responsible medical institutions and training
institutions in their regions," Rep. Han said.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week July 1, 2024 to July 5, 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
*********
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