/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240806.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, August 6, 2024, Vol. 27, No. 157 Headlines A U S T R A L I A CONTEK PTY: First Creditors' Meeting Set for Aug. 13 EMPIRE CUISINES: First Creditors' Meeting Set for Aug. 13 GRUNT RESTAURANTS: Placed in Creditors' Voluntary Liquidation JDN RESOURCES: Second Creditors' Meeting Set for Aug. 9 NEW WILKIE: Second Creditors' Meeting Set for Aug. 8 ROSIE RECRUITMENT: First Creditors' Meeting Set for Aug. 9 C H I N A CHINA EVERGRANDE: EV Arm Units to Enter Bankruptcy, Reorganization I N D I A AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating AQUA RESORTS: CARE Keeps B- Debt Rating in Not Cooperating ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating BHAGWATI GEMS: Ind-Ra Affirms BB+ Term Rating, Outlook Stable FORTUNE BELLA: ICRA Keeps B- Debt Rating in Not Cooperating GO FIRST: Lenders Vote for Liquidating Airline, Sources Say HANUMAN WEAVING: CARE Keeps C Debt Rating in Not Cooperating J.L. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating K & J PROJECTS: CARE Keeps C Debt Rating in Not Cooperating KARTHIK ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating KREYA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating KSK MAHANADI: Adani Power Emerges Top Bidder for 1,800-mw Plant LALITHA EDUCATIONAL: CARE Keeps B- Debt Rating in Not Cooperating LUXON MOTORS: Ind-Ra Affirms B+ Bank Loan Rating, Outlook Stable MALWA AUTOMOTIVES: CARE Keeps B- Debt Rating in Not Cooperating NAGA ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating OZONE REALTORS: CARE Keeps D Debt Rating in Not Cooperating POSHS METAL: Ind-Ra Moves BB+ Rating to NonCooperating PRAJAPATI DEVELOPERS: CARE Keeps B- Rating in Not Cooperating PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating R. VINUDHANU: CARE Keeps B- Rating in Not Cooperating Category RAAJ MEDISAFE: Ind-Ra Assigns BB+ Bank Loan Rating RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating RAMASIGNS INDUSTRIES: CARE Reaffirms D Rating on INR4.90cr NCD RUPSHA FISH: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable SANAYA REALTIES: CARE Keeps B Debt Rating in Not Cooperating SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category STERLING AND WILSON: Ind-Ra Affirms & Withdraws BB Rating SUPERSHINE ABS: CARE Keeps C Debt Rating in Not Cooperating UPPER INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating VENKATESHWARA INDUSTRIES: CARE Keeps B- Rating in Not Cooperating VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating J A P A N [*] JAPAN: Ramen Shop Bankruptcies to Exceed 100 by Year's End M A L A Y S I A ASDION BHD: Falls to 10-Month Low After Classified as GN3 Company ECOBUILT HOLDINGS: To be Suspended After Wind-Up Petition Approval N E W Z E A L A N D 4M HEPBURN: Court to Hear Wind-Up Petition on Aug. 23 GRJAZO LIMITED: Creditors' Proofs of Debt Due on Aug. 26 LATIN WELDING: Creditors' Proofs of Debt Due on Sept. 20 MAJESTIC HEIGHTS: Court to Hear Wind-Up Petition on Aug. 8 RUSU LIMITED: Creditors' Proofs of Debt Due on Aug. 30 S I N G A P O R E ARC CONSTRUCT: Court to Hear Wind-Up Petition on Aug. 16 FAR EAST MINING: Creditors' Meetings Set for Aug. 22 JUUL LABS: Commences Wind-Up Proceedings LIPPO MALLS: Fitch Cuts IDR to 'RD', Then Hikes IDR to 'CCC+ MAGNUS ENERGY: Creditors' Meetings Set for Aug. 27 THIRTY LOGISTICS: Court Enters Wind-Up Order S O U T H K O R E A QOO10: Court Grants TMON, WeMakePrice 1 Month for Self-Debt Revamp TERRAFORM LABS: Montenegro Ct OKs Kwon's Extradition to South Korea X X X X X X X X [*] BOND PRICING: For the Week July 29, 2024 to Aug. 2, 2024 - - - - - ================= A U S T R A L I A ================= CONTEK PTY: First Creditors' Meeting Set for Aug. 13 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Contek Pty Ltd will be held on Aug. 13, 2024, at 10:00 a.m. via teleconference. Stuart Otway and Travis Olsen of SV Partners SA were appointed as administrators of the company on Aug. 1, 2024. EMPIRE CUISINES: First Creditors' Meeting Set for Aug. 13 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Empire Cuisines Pty Ltd (trading as Pellegrini's Italian) will be held on Aug. 13, 2024, at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Aug. 1, 2024. GRUNT RESTAURANTS: Placed in Creditors' Voluntary Liquidation ------------------------------------------------------------- Anthony Connelly, Mark Holland & Jamie Harris of McGrathNicol were appointed as liquidators of Grunt Restaurants Pty Ltd on Aug. 1, 2024. JDN RESOURCES: Second Creditors' Meeting Set for Aug. 9 ------------------------------------------------------- A second meeting of creditors in the proceedings of JDN Resources Pty Ltd has been set for Aug. 9, 2024, at 10:00 a.m. at the offices of Vincents, Level 34, 32 Turbot Street, in Brisbane, Qld, and 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 Aug. 8, 2024, at 5:00 p.m. Nick Combis of Vincents Accountants was appointed as administrator of the company on April 29, 2024. NEW WILKIE: Second Creditors' Meeting Set for Aug. 8 ---------------------------------------------------- A second meeting of creditors in the proceedings of: - New Wilkie Energy Pty Limited; - NWE Coal Holdings Pty Ltd; - NWE Coal Pty Ltd; - NWE Finance Pty Ltd; - NEC No.2 Pty Ltd; - New Renewable Energy Pty Ltd; and - Corvus Coal Pty Ltd has been set for Aug. 8, 2024, at 9:30 a.m. via virtual facilities. 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 Aug. 6, 2024, at 9:30 a.m. Richard Tucker, David Osborne, David Johnstone of Kordamentha were appointed as administrators of the company on Jan. 9, 2024. ROSIE RECRUITMENT: First Creditors' Meeting Set for Aug. 9 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Rosie Recruitment Pty Ltd will be held on Aug. 9, 2024, at 11:00 a.m. via teleconference Facilities. Andrew Quinn & Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on July 30, 2024. ========= C H I N A ========= CHINA EVERGRANDE: EV Arm Units to Enter Bankruptcy, Reorganization ------------------------------------------------------------------ Reuters reports that China Evergrande New Energy Vehicle said on Aug. 5 a local court had ruled that two of its units should enter into bankruptcy and be reorganised, a week after individual creditors of the units filed for such proceedings. According to Reuters, shares of the electric vehicle maker plunged 7% on July 29, a day after individual creditors of Evergrande New Energy Vehicle (Guangdong) and Evergrande Smart Automotive (Guangdong) sought court approval for the units to go through bankruptcy proceedings and be reorganized. Reuters relates that the firm said a local court hearing was held on Aug. 2, and the court ordered the units to enter into such proceedings. The EV unit of embattled real estate developer China Evergrande Group in May updated the market that its liquidators were in talks with a potential buyer to take a stake in the company, thereby increasing chances of extending a new credit line for the firm to support production, Reuters notes. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ========= I N D I A ========= AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Akasva Infrastructure Pvt Ltd (AIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 50.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 37.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with AIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in January 2007, AIPL is promoted by Mr. Viren Jain, who is a first-generation entrepreneur. The company undertakes civil construction for industrial spaces, housing, hydropower and thermal power projects. The completed projects consist of building and other industrial construction. The future work orders exhibit projects from diverse sectors, including civil construction for power projects and railways. AQUA RESORTS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aqua Resorts and Spa Private Limited (ARSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.38 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 June 5, 2023, placed the rating(s) of ARSPL under the 'issuer non-cooperating' category as ARSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 20, 2024, April 30, 2024 and May 10, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2001, ARPL is engaged in Hospitality services. The company owns and operates a resort "Bay 15" at Oxdel beach, Panaji and has 16 cottages along with food & beverages (F&B) outlets, a spa etc. ARPL also owns a three-star hotel Lazy Lagoon with 44 rooms at Arpora, Goa with management and marketing contract by Sarovar Portico offering Spa, Banquets, conference rooms and F&B outlets. ARPL also operates 140 seat cruise vessel under the brand Jamboree offering daily rides to sightseeing places on the river mandovi, in the vicinity of Panjim Goa. ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ARG Developers Private Limited (ADPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.37 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 29, 2023, placed the rating(s) of ADPL under the 'issuer non-cooperating' category as ADPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 14, 2024, May 24, 2024 and June 3, 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). ARG Developers Private Limited (ADPL) was initially incorporated in 2007 with the name of ARG Developer Private Limited. Later on, in the year 2008, the name of the company was converted and assumed its current name ADPL. ADPL is a flagship company of ARG Group, incorporated with the objective to work on the real estate projects. BHAGWATI GEMS: Ind-Ra Affirms BB+ Term Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Bhagwati Gems (BG): -- INR160 mil. Fund-based working capital limits affirmed with IND BB+/Stable rating; -- INR250 mil. Fund-based working capital limits assigned with IND BB+/Stable rating; -- INR70 mil. Proposed fund-based working capital limits assigned with IND BB+/Stable rating; and -- INR20 mil. Non-fund-based working capital limits assigned with IND A4+ rating. Analytical Approach Ind-Ra continues to take a standalone view of BG to arrive at the ratings. Detailed Rationale of the Rating Action The affirmation reflects BG's continued medium scale of operations and average EBITDA margins in FY24 (provisional numbers). The ratings also reflect the stretched liquidity, partnership nature of the business and forex risks. However, the ratings are supported by the promoter's considerable experience in the cut and polished diamond (CPD) business and the modest credit metrics. Detailed Description of Key Rating Drivers Continued Medium Scale of Operations; Decline in Revenue in FY24: BG's revenue declined to INR3,581 million in FY24 (FY23: INR4,606 million; FY22: INR6911.41) due to weak international demand and continued geopolitical tensions. The revenue has been severely impacted since FY23 due to the Russia-Ukraine war, as Russia is one of the largest end-suppliers of rough diamonds for BG. In 1QFY25, BG achieved a revenue of INR826 million. Ind-Ra expects the revenues to remain volatile over the near term on the back of unstable macro-economic recessionary trends and the Russia-Ukraine war. The firm mainly deals with rough and cut-polished diamonds. BG undertakes trading in rough diamonds, which contributes 20%-30% to the revenue, and cut-polished diamonds, which accounts for 70%-80% of the same. The firm has a total installed capacity of 1,00,000 carats per annum; in FY24, the sales accounted for about 54.80% of the installed capacity. BG receives 10%-20% orders from the export market, and 80%-90% orders from the local market. The domestic customers export these diamonds, thereby exposing the firm to the risk associated with international demand-supply dynamics. Therefore, international demand and continued geopolitical tensions continue to be key monitorable. Average EBITDA Margin: The firm's profitability continues to be susceptible to price movements in rough and cut and polished diamonds. Any price decline in cut and polished diamonds, with the prices of rough diamonds remaining constant, can put pressure on margins. The margins improved slightly to 3.95% in FY24 (FY23: 3.32%), due to a decline in the operating cost. The ROCE reduced to 14.5% in FY24 (FY23: 20.5%) due to the decline in profitability. The firm procures some rough diamonds through site holders and also through tenders which makes it susceptible to thin margins. The firm procure rough diamond majorly through import from Belgium, Dubai and Israel. Before the Russia -Ukraine war started the firm were meeting its rough diamond requirement (upto 40%) from Russia based end-suppliers. Stretched Working Capital Cycle: In FY24, despite an improvement in creditor days, the net working capital cycle deteriorated sharply to 104 days (FY23: 47 days) due to a significant increase in receivable days and inventory days. The firm has been focusing on cash on delivery for domestic sales, and it has been extending shorter period of credit for exports since FY23. However, the firm increased the credit for its old and trustworthy customers in FY24. Hence, the receivable days increased to 53 days in FY24 (FY23: 25 days). As per the debtors aging schedule, more than 70% of the customers make payments in 90 days, and the firm makes payments to its suppliers in 90-120 days. The inventory days increased to 147 days in FY24 (FY23: 109 days) as the company stocked up on inventory to mitigate the impact of a supply disruption during the year. However, the creditor days improved to 96 days in FY24 (FY23: 87 days). As informed by the management, after purchasing of diamonds, BG takes around one month for processing the same, and also, as and when the prices are low, the firm purchases the rough diamonds and maintain stock. Stretched Liquidity: BG does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The average month-end utilization of the fund-based limits was 71.71% during the 12 months ended June 2024, with no instances of overutilization. The cash flow from operations turned negative at INR330.07 million in FY24 (FY23: INR89.53 million) due to unfavorable changes in the working capital. The firm has repayment obligation of INR4.04 million each in FY25 and FY26, which are likely to be met through internal accruals. Inherent Risks; Fragmented Nature of CPD Industry: India is the world's largest center for cutting and polishing of diamonds. However, the CPD industry in India is highly fragmented, with the presence of numerous unorganized players in addition to the large integrated gems and jewelry (G&J) manufacturers, leading to intense competition. Also, the export-oriented CPD industry is susceptible to the impact of various guidelines by the government of India and changes in the taxation structure. Furthermore, the low product differentiation puts additional pressure on the profitability of players. Forex Risk: The firm has not entered into forward contracts to hedge its forex risks. However, the firm has the facility to use the limits in foreign exchange (dollars), which enables it to procure goods and make payments in dollars and also receive payments in the same currency. This reduces the risk of forex volatility to an extent. Partnership Nature of Business: BG is a partnership firm, which restricts its overall financial flexibility in terms of limited access to external fund for any future expansion plans unless otherwise provided in the partnership deed. Furthermore, there is inherent risk of a possible withdrawal of capital and the dissolution of the firm in case of death/insolvency/separation of its partners. Promoter Experience: The partners of the firm have nearly two decades of experience in the diamond trading and manufacturing business. The business is managed by members of the Kathiriya family; the second generation of the family has now undertaken the management of day-to-day business activities. Modest Credit Metrics: BG's gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 4.58x in FY24 (FY23: 14.04x) due to a decrease in the absolute EBITDA to INR141.39 million (INR152.94 million). The net financial leverage (adjusted net debt/operating EBITDA) deteriorated to 3.10x in FY24 (FY23:0.86x) since the firm availed additional working capital facilities to extent of INR250 million during the year. The firm's debt (FY24: INR439.77; FY23: INR138.06) mainly comprises short-term debt, which is required for meeting working capital needs. The firm does not have any enhancement plans for the long-term debt or any debt-led capex plans in the near term. Ind Ra expects the credit metrics to remain modest in the near-to-medium term. Liquidity Stretched: The free cash flow turned negative at INR389.67 million in FY24 (FY23: 85.69 million) due to unfavorable changes in the working capital. The cash and cash equivalents stood at INR1.21 million at FYE24 (FYE23: INR6.32 million). Rating Sensitivities Negative: Any deterioration in the scale of operations or profitability or deterioration in the credit metrics, with the interest coverage falling below 2x, will be negative for the ratings. Positive: An increase in the scale of operations, along with an improvement in the profitability, leading to an overall improvement in the liquidity position and maintaining of the credit metrics, with the interest coverage staying above 3x, will be positive for the ratings. About the Company BG, a partnership firm, is engaged in the cutting and polishing of rough diamonds at its unit in Surat. In addition, it is engaged in the trading of rough diamonds. Its partners are Bharat Kathiriya, Bhimjibhai Kathiriya and Manishaben Kathiriya. FORTUNE BELLA: ICRA Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term ratings of Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt. Ltd.) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt. Ltd.), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt Ltd) operates a 5-star equivalent hotel under the name Hotel Fortune Park Bella Casa in the city of Jaipur. The hotel has been operational since 2006-07. The company is promoted by the Jaipur- based Garg and Bardiya families, who also have interests in gems and jewellery, construction and education businesses. It is a mixed-use development property, occupied primarily by the hotel, followed by the retail space and a two-screen multiplex on a lease basis. GO FIRST: Lenders Vote for Liquidating Airline, Sources Say ----------------------------------------------------------- Reuters reports that lenders to India's Go First have decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, two banking sources said. Go First, which filed for bankruptcy in May last year, had received two financial bids under the bankruptcy process. The Committee of Creditors has voted in favour of liquidating the airline, the bankers said, Reuters relates. Liquidation "is the best way forward" and "it makes no sense to keep pumping in more money" to cover costs related to the insolvency process, one of the bankers said. Emails seeking comments to Go First's resolution professional, who conducts the bankruptcy process, did not immediately get a response. The bankers did not wish to be identified because they were not authorised to speak with the media, Reuters notes. Reuters had earlier reported that one of the two bidders had raised its offer after a push by lenders. "Bidders were given adequate time to review and raise their bids, but even that fell short of lenders' expectations," the first banker said. The liquidation process will commence once all legal formalities are completed, the second banker, as cited by Reuters, said. Go First owes a total of INR65.21 billion ($781.14 million) to its creditors, which include Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank. Foreign aircraft lessors of Go First were locked in a tussle with the company after they were blocked from repossessing planes due to a moratorium imposed by Indian courts. However, a local court, in April, allowed lessors to take back their planes, Reuters recalls. "The court order was a major deterrent for bidders as there was no value left in the airline," the second banker said. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. HANUMAN WEAVING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Hanuman Weaving Factory (HWF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.70 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.55 CARE A4; 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 June 13, 2023, placed the rating(s) of HWF under the 'issuer non-cooperating' category as HWF had failed to provide information for monitoring of the rating. HWF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 28, 2024, May 8, 2024, May 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). Hanuman Weaving Factory (HWF), a partnership firm, established in 1965 was promoted by six partners namely Shri TV Maruthi, Shri T.V. Sriram, Shri T.V Srinivasamurthy, Shri T.V. Prabhu, Shri R.V. Vijaya Bhaskar and Shri M.V. Vijayanand. In FY14, two more partners joined the firm namely Mr. M V Mukund and Mr. P V Shalivahan. The partners are close family members with a mix of first and second generation. The firm is engaged into manufacturing and export of cotton and silk fabrics & made ups. HWF is recognized as Golden export house by Government of India for outstanding exports in silk fabrics & made ups. HWF has a capacity to produce 15 lakh meters of silk and cotton fabrics per annum. J.L. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of J.L. Autoparts Private Limited (JAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 4, 2023, placed the rating(s) of JAPL under the 'issuer non-cooperating' category as JAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 19, 2024, May 29, 2024 and June 8, 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). J.L Autoparts started its operation in the year 1988 as a partnership organisation between Mr A K Dhiman and Mr Jayant Sehgal, who has been in this business for more than 3 decades, and later incorporated as J.L Autoparts Private Limited (JAPL) as on May 02, 2005. JLAPPL manufactures auto components for two wheelers segment such as kick starter, Gear Box Brake, Chain, Sprockets, Automobile Sprockets, Clutch, Precision Turned Automobile Parts, Brake Cams, Chain Sprockets, and Clutch Levers etc. JAPL's plant located in Faridabad (1 Plant) and Sanand, Gujarat (1 Plant). K & J PROJECTS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K & J Projects Private Limited (KJPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.83 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated June 26, 2023, placed the rating(s) of KJPPL under the 'issuer non-cooperating' category as KJPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KJPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 11, 2024, May 21, 2024 and May 31, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Nagpur based, KJPPL [formerly known as Kaware & Jawade Projects Private Limited] incorporated in the year 2004 is promoted by Mr. Narendra Kaware and Mr. Milind Jawade. The company is engaged in the business of providing consultancy services in all aspects of civil engineering like road construction, outline design for planning and building control applications, detailed design and construction management. KARTHIK ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Karthik Alloys Limited (KAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 33.96 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 June 15, 2023, placed the rating(s) of KAL under the 'issuer non-cooperating' category as KAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter/email dated April 30, 2024, May 10, 2024 and May 20, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karthik Alloys Limited (KAL) was incorporated as a private limited company in February 1992, and was later reconstituted as a public limited company in December 1992. KAL is engaged in manufacturing of 'Low/ Medium Carbon Silico Manganese' which is a Ferro Alloy used in the manufacturing of Stainless Steel. KAL has two manufacturing units located at Cuncolim, Goa and Durgapur, West Bengal. KREYA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kreya Infratech Private Limited (KIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated June 30, 2023, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2024, May 25, 2024 and June 4, 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). Gurgaon based, Kreya Infratech Private Limited (KIPL) was incorporated in 2015 by Mr. S.K. Chabbra, Mr. Satish Mittal and Mr. Manu Aggarwal. The company is a turnkey contractor which provides a comprehensive range of services including architectural planning, designing, site survey & excavation, interior furnishings. KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krushnaraj Bio Fuel Private Limited (KBFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 22, 2023, placed the rating(s) of KBFPL under the 'issuer non-cooperating' category as KBFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 7, 2024, May 17, 2024 and May 27, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr. Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The company's manufacturing facility for production of bioethanol is located at near Borwand, Nanded. KSK MAHANADI: Adani Power Emerges Top Bidder for 1,800-mw Plant --------------------------------------------------------------- The Economic Times reports that Adani Power has offered the highest bid of INR27,000 crore for KSK Mahanadi Power's 1,800-megawatt plant that's undergoing insolvency proceedings, people with knowledge of the matter told ET. The Adani offer already ensures a 92% recovery for the lenders. According to ET, banks had received a total of 10 financial bids for the thermal power company by Thursday evening. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Naveen Jindal-owned Jindal Steel & Power, among others. The National Company Law Tribunal (NCLT), Hyderabad, on April 30 admitted Aditya Birla ARC's initiation of insolvency process petition against the personal guarantees given by the promoters of KSK Mahanadi Power Company K.A. Sastry and S. Kishore. KSK Mahanadi Power promoted by KSK Energy Ventures Limited (KSKEVL), is developing a 3600 MW (6 x 600 MW) domestic coal-based power project at Nariyara village, Janjgir-Champa District of Chhattisgarh. LALITHA EDUCATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Lalitha Educational Society (SLES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.61 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 July 13, 2023, placed the rating(s) of SLES under the 'issuer non-cooperating' category as SLES had failed to provide information for monitoring of the rating. SLES continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 28, 2024, June 7, 2024, June 17, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kakinada based, Sri Lalitha Educational Society (SLES) was established in the year 2006 to provide education in the field of Pharmacy, Engineering, Dairy Technology, Polytechnic under Sri Lalitha Educational group. The society has 10 colleges offerin various courses in diploma, under graduate and post graduate courses. The Engineering and Pharmacy Colleges are approved by All India Council of Technical Education (AICTE), New Delhi, and affiliated to JNTU Kakinada and Andhra University. The degree college has been affiliated to Adikavi Nannayya University, Rajahmundry. The campus is built in area of 40 acres. LUXON MOTORS: Ind-Ra Affirms B+ Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Luxon Motors Private Limited's (LMPL) bank facilities: -- INR366.9 mil. (reduced from 400 mil.) Term loan due on March 31, 2025 affirmed; Off Rating Watch with Negative Implications with IND B+/Stable rating; -- INR720 mil. Term loan due on March 31, 2032 assigned with IND B+/Stable rating; -- INR550 mil. Fund-based working capital limit assigned with IND B+/Stable/IND A4 rating; and -- INR780 mil. Fund-based working capital limit affirmed; Off Rating Watch with Negative Implications with IND B+/Stable/ IND A4 rating. Analytical Approach Ind-Ra continues to take a standalone view of LMPL to arrive at the ratings. Detailed Rationale of the Rating Action The resolution of Rating Watch with Negative Implications reflects the absence of further delays in the servicing of the working capital instruments as evident from the regular submission of the monthly no default statement from February 2024. Furthermore, LMPL has remained compliant with respect to timely repayment of its debt. The affirmation reflects LMPL's high leverage in FY24 (provisional), which is likely to reduce gradually in the near term, and the geographical concentration risk. The ratings are supported by majority of LMPL's showrooms becoming operational during FY24, the company being an exclusive dealer for electric vehicle (EV) showrooms of Tata Motors Limited (TML) cars in Kerala, and support from the promoters. The ratings reflect the small scale of operations and modest EBITDA margins in the first year of operations, The agency believes that the operating performance will improve over FY25-FY26 once all the showrooms become operational, leading to improved credit metrics. Detailed Description of Key Rating Drivers High Leverage; Likely to Reduce Gradually: LMPL reported very high net leverage (net debt/EBITDA) of 107.9x in FY24 due to high debt levels (FYE24: INR3,132 million; FYE23: INR1,276 million). The interest coverage (EBITDA/gross interest expenses) was 0.6x in FY24. LMPL incurred capex of about INR1,470 million during FY23FY24 for setting up facilities in Kerala, via a mix of promoters' contribution and external funding, which led to increased debt levels. The operations would stabilize gradually since FY24 was the first year of operations for the company after acquiring the dealership of TML. LMPL's total debt stood at INR3,132 million at FYE24, with a term debt of INR1,355 million, inventory funding of INR891 million and promoters' loans of INR887 million. While the credit metrics are likely to remain weak in the near term, Ind-Ra expects the same to gradually normalize as the business stabilizes and the debt burden lessens. Geographical Concentration: The company operates only in Kerala, exposing it to geographical concentration risk. Moreover, the management does not plan to foray into any other states, rendering it vulnerable to the risk of any unfavorable changes in demand within Kerala. In addition, the revenue of LMPL, which is an authorized dealer of TML, is entirely dependent on the demand for TML's vehicles. Hence, the company is also exposed to the risk of TML inducting other dealers to scale up its operations in Kerala. Experienced Promoters; Strong Promoter Support: LMPL is directly managed by its promoters - Saniya Moopan, Athif Moopan, Babu Moopan and Seba Moopan, who are also the directors in the company. The business benefits from the expertise and experience of all the directors. Babu Moopan has over 25 years of experience in the same line of business, and Saniya Moopan and Atif Moopan have been in the business since 2000. Furthermore, any deficit in the debt service coverage ratio will be covered by the fund infusion by the promoters. Small Scale of Operations; Revenue Likely to Grow from FY25: LMPL plans to set up 38 facilities across Kerala, out of which 30 had already been completed as of March 2024. Earlier, the management had expected the operations to commence from May 2023. However, due to some delay in government approval, only 20-25 facilities had become operational as of July 2024. LMPL recorded a revenue of INR2,209 million during FY24, which was its first year of operations. The revenue for 1QFY25 ranged between INR1,500-1,800 million. The management expects to the revenue to grow on a yoy basis in FY25, given the commencement of the festive season from end-August. Ind-Ra expects the revenue to improve in FY25 and believes it would continue to grow in the medium term once all the facilities become operational. The EBITDA margin was recorded at 1.3% for FY24. The ROCE was negative in FY24. The EBITDA margins too will improve in the medium term on the back of the following factors- (i) LMPL is an exclusive dealer for TML's EV vehicles, which offers higher margins; (ii) once all the facilities become operational, it would lead to better fixed cost absorption. Liquidity Stretched: LMPL has fund-based limits of INR1,694 million, with the average maximum monthly utilization of 53% for the 12 months ended June 2024. The company's unencumbered cash balance stood at INR22 million at FYE24. The cash flow from operations was reported at negative INR256 million in FY24 and it is likely to remain negative in FY25, owing to modest EBITDA levels and higher interest expenses. The company incurred capex of INR822 million in FY24, primarily towards setting up of showrooms, due to which the free cash flows were negative at INR1,078 million. The management expects to undertake further capex of INR300 million in FY25. Out of the 38 showrooms planned by the management, 30 had already been set up until March 2024, and the rest will be set up by FYE25. The debt service coverage ratio is likely to remain below 1.0x in the near-to-medium term, driven by significant debt obligations. However, any deficit will be covered by promoter funding, as per the management. Also, the promoters would extend support to LMPL in the form of interest-free unsecured loans as and when required. The interest coverage ratio is likely to range between 0.7x-0.9x during FY25-FY26, owing to a fall in interest payments, led by lower debt levels. Rating Sensitivities Negative: Lower-than-expected profitability and higher-than-expected net leverage along with deterioration in the company's liquidity profile, will be negative for the ratings. Positive: Improvement in the overall scale, sustained improvement in credit metrics, with the interest coverage exceeding 1.15x and maintaining adequate liquidity, all on a sustained basis, could lead to a positive rating action. About the Company LMPL is an authorized dealer of Tata Motors Ltd and is engaged in the sale of motor vehicle parts and accessories. The company had been an authorized dealer of Chevrolet during 2000-2017. Post the winding up of Chevrolet's operations in India, the company continued to have service agreements with its existing customers until mid-2022. At end-2022, the company entered into a dealership agreement with TML, and commenced its operations from April 2023; LMPL started generating revenue from May 2023. MALWA AUTOMOTIVES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Malwa Automotives Private limited (MAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 30, 2023, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2024, May 25, 2024 and June 4, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Delhi based Malwa Automotives Private Limited (MAPL) was incorporated in September, 2012 as a private limited company. The company is currently managed by Mr Chandra Mohan Sharma and Mr Bal Kishan Sharma. The company is engaged in sale of motor vehicles which includes retail sale of passenger cars. MAPL is an authorized dealer and distributor of Jaguar Land Rover (from year 2014). MAPL operates a 3S facility (Sales, Spares and Service) and has one showroom and one service centre located in Delhi. NAGA ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Naga Enterprises (NE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 10, 2023, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 25, 2024, June 4, 2024, June 14, 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). Naga Enterprises was established in the year 2017 by Ms. D. Rathamma as a proprietorship concern. Initially, the firm was engaged in the business of trading of Tobacco, Pulses and Shrimp. At present the firm is engaged in the wholesale and retail trading of different kinds of pulses and shrimp. The firm mostly generates 95% of the revenue from the trading of pulses only and remaining 5% from sale of shrimp. The firm sells both pulses and shrimp in the districts of Andhra Pradesh and purchases the same from the farmers located around Prakasham district, Andhra Pradesh. OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ozone Projects Pvt. Ltd. (OPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 126.30 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated August 1, 2023, continued to place the rating of OPPL under the 'issuer non-cooperating' category as OPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPPL continues to be non-cooperative despite repeated requests for submission of information through emails dated June 16, 2024, June 26, 2024, July 1, 2024, and July 6, 2024, and phone calls among others. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' 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 August 1, 2023, the following were the rating weaknesses. Key rating weaknesses * Non-redemption of NCD on due date: As confirmed over the telephonic discussion by the debenture trustee (DT) to CARE on August 19, 2021, company has not redeemed the debentures on due date i.e. June 30, 2021, though the same was earlier deferred from July 31, 2020, and August 10, 2020 as per amended DTD. However, CARE Ratings couldn't reach the debenture trustee during the current review period. Incorporated in 2005, OPPL is promoted by the Bengaluru based Ozone group and is currently developing a township at Anna Nagar, Chennai called 'Ozone Metrozone'. OZONE REALTORS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ozone Realtors Private Limited. (ORPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 60.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated August 1, 2023, continued to place the rating of ORPL under the 'issuer non-cooperating' category as ORPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ORPL continues to be non-cooperative despite repeated requests for submission of information through emails dated June 16, 2024, June 26, 2024, July 1, 2024, and July 6, 2024, and phone calls among others. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. 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 August 1, 2023, the following were the rating weaknesses. Key Rating Weaknesses * Non-Payment of coupon on NCD: As confirmed by the debenture trustee to CARE over the telephonic discussion dated August 12, 2021, that company has not been servicing quarterly coupon payments of the rated NCDs which fell due from Sept 15, 2020. However, CARE Ratings couldn't reach the debenture trustee during the current review period. ORPL is a SPV floated by Ozone Group for developing residential project 'Polestar' in North Bengaluru. The project has been approved by Karnataka RERA and was launched in December 2017. The project involves construction of 100 units with cumulative saleable area of 1.58lsf. POSHS METAL: Ind-Ra Moves BB+ Rating to NonCooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Poshs Metal Industries Private Limited's (PMIPL) bank facilities to the non-co-operating category and has simultaneously withdrawn the ratings, as follows: -- INR800.00 mil. Fund-based working capital limit* migrated to non-cooperating category and withdrawn; and -- INR54.30 mil. Term loans# due on March 2028 migrated to non- cooperating category and withdrawn. *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)' before being withdrawn. #Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)' before being withdrawn. WD – Rating Withdrawn Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received no objection certificate from the lender and on withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with PMIPL while reviewing the ratings. Ind-Ra had consistently followed up with PMIPL over emails starting April 8, 2024, apart from phone calls. Also, the issuer has not submitted the monthly no default statement in the last 12 months. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PMIPL as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company PMIPL, which was incorporated in December 1998, is headquartered at Pune, Maharashtra. The Poshs group consists of three entities - PMIPL, PCPL and ASPL. PMIPL has been in the steel business for over four decades and caters mainly to the automotive industry. PRAJAPATI DEVELOPERS: CARE Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prajapati Developers (PD) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 27, 2023, placed the rating(s) of PD under the 'issuer non-cooperating' category as PD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PD continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 12, 2024, May 22, 2024 and June 1, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Prajapati Developers was established in 2006 as a partnership firm which is engaged in buying of land, developing and selling of the property (residence and commercial). PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prem Kumar Pradeep Kumar (PKPK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 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 July 13, 2023, placed the rating(s) of PKPK under the 'issuer non-cooperating' category as PKPK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKPK continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 28, 2024, June 7, 2024 and June 17, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sri Ganganagar based PKPK was incorporated in November 2011 by Mr. Pradeep Kumar who is the proprietor of the firm. The firm acts as commission agent, trader and grain merchant for agricultural commodities like Masoor, Moong, Math, Castor, Dhania, Mustard, Barley, Chana, Guar, etc. PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Primuss Pipes & Tubes Limited (PPTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 25, 2023, placed the rating(s) of PPTL under the 'issuer non-cooperating' category as PPTL had failed to provide information for monitoring of the rating. PPTL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 9, 2024, April 19, 2024, April 29, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kanpur (Uttar Pradesh) based, Premier Pipes Limited (PPL) (ISIN Number: INE448N01024) was incorporated in 1975 as Quality Steel Tubes Private Limited (QST Ltd.). However, subsequently, in 2009, QST Ltd was acquired by Premier Group. With the acquisition and refurbishment of all plant and machineries, the company re-commenced its commercial operations from 2011. In 2010, the company has changed its name from QST Ltd. to PPL. Subsequently in FY19, it has changed its name from PPL to PPTL. PPTL is engaged in manufacturing of steel tubes, pipes and tubular poles, scaffolding, solar module mounting in mild steel as well as galvanized variants and greenhouse structure. The manufacturing facility of the company is situated in an area of more than 15 acres at Bindki Road at Fatehpur, Uttar Pradesh. R. VINUDHANU: CARE Keeps B- Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R. Vinudhanu Commerce (RVC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; 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 June 12, 2023, placed the rating(s) of RVC under the 'issuer non-cooperating' category as RVC had failed to provide information for monitoring of the rating. RVC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 27, 2024, May 7, 2024, May 17, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). R Vinudhanu Commerce is a partnership firm established in the year 2016, promoted by Mr. R Ramesh and Mrs. R Kalaivani at Salem, Tamilnadu. The firm engaged in trading of steel, copper and aluminium scraps within Tamil Nadu. The firm purchases scraps from local suppliers as well as imports the same and selling it to its local customers. The promoters of the firm have more than two decades of experience in this business. RAAJ MEDISAFE: Ind-Ra Assigns BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Raaj Medisafe India Limited's (RMIL) bank facilities as follows: -- INR354.5 mil. Term loan due on December 2031 assigned with IND BB+/Stable rating; -- INR155 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; and -- INR30.5 mil. Non-fund-based working capital limit assigned with IND A4+ rating. Analytical Approach Ind-Ra has taken a standalone view of RMIL to arrive at the ratings. Detailed Rationale of the Rating Action The ratings reflect RMIL's small scale of operations, modest credit metrics, stretched liquidity and supplier concentration risk. Ind-Ra expects the revenue to improve in the medium term, due to the opening of a new healthcare products manufacturing unit and capex planned for old units. The agency also expects the EBITDA margin to improve in the medium term, as RMIL is working towards reducing its power cost which is a major cost component along with opening the new unit which might generate better margins. However, the credit metrics may deteriorate in the medium term, due to the planned capex. The ratings, however, is supported by the company's healthy EBITDA margins and its promoters' nearly three decades of experience in the healthcare industry. Detailed Description of Key Rating Drivers Small Scale of Operations: RMIL has a small scale of operations, as indicated by revenue of INR432.49 million in FY24 (FY23: INR386.23 million) and EBITDA of INR66.32 million in (INR56.11 million). In FY24, the revenue improved due to the addition of clients and business growth for clients. Ind-Ra expects the revenue to improve in the medium term, due to the opening of a new manufacturing unit and capex planned for old units. Modest Credit Metrics: RMIL's interest coverage (operating EBITDA/gross interest expenses) fell to 4.23x in FY24 (FY23: 5.06x) and the net leverage (total adjusted net debt/operating EBITDAR) rose to 3.9x (2.08x), due to an increase in the debt. RMIL has planned capex of INR447.8 million for FY25, which will be funded through a term loan of INR277.7 million, working capital of INR70 million and equity of INR100.1 million. During April to May 2024, RMIL incurred capex of INR116.39 million, which was funded by a term loan of INR46.39 million and working capital enhancement of INR70 million. Ind-Ra expects the credit metrics to deteriorate due to the planned capex, but would remain modest. Stretched Liquidity: RMIL's average maximum utilization of the fund-based limits was 95.76% during the 12 months ended May 2024 with no instance of overutilization. The average net working capital cycle elongated to 167 days in FY24 (FY23: 145 days), mainly on account of an increase in inventory days to 106 (90). RMIL has debt repayment obligations of INR8.8 million and INR22.3 million in FY25 and FY26, respectively. Healthy EBITDA Margins: RMIL's EBITDA margins rose to 15.33% in FY24 (FY23: 14.53%) while ROCE fell to 19.4% (24.1%). The EBITDA margin improvement in FY24 was led by better raw material price and inventory management by the company and better deals with its suppliers. Ind-Ra expects the EBITDA margin to improve in the medium term, as RMIL is reducing its power cost which is a major cost component and opening the new unit which might generate better margins. Experienced Promoters: The ratings are supported by the company's promoters' nearly three decades of experience in healthcare industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: The cash flow from operations rose to INR27.7 million in FY24 (FY23: negative INR9.3 million), due to an increase in the fund flow operations to INR44.72 million (INR38.94 million). However, the free cash flow deteriorated to negative INR88.69 million (FY23: negative INR26.56 million) due to the capex. The cash and cash equivalents stood at INR0.32 million at FYE24 (FYE23: INR0.13 million). Furthermore, CPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and liquidity profile, on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics with the net leverage below 3.5x, and the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1985 and based out of Ujjain, Madhya Pradesh, RMIL manufactures HDPE bottles, PP closures and liners for pharmaceutical applications. It has two units in Madhya Pradesh, one in Pithampur and another in Ujjain. It is setting up a new unit n Pithampur for manufacturing hygiene products . RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rajshree Corporation (RC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated June 23, 2023, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating. RC continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 8, 2024, May 18, 2024, May 28, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Surat (Gujarat) based, RC was established as a partnership firm during August 2018 by Mr. Ankitkumar Savaliya, Mr. Ravi Kumar Davariya, Mr. Harikrushna Patel, Mr. Rameez Ahmd Tapali, Mr. Mohmed Hussain Tapali and Mr. Mohmed Saeed Tapali. RSC is currently executing a commercial project named 'Rajshree City Center' (RERA Registration No. PR/GJ/SURAT/SURAT CITY/SUDA/CAA04157/291118) with 241 units at Surat. The implementation of Rajshree Corporation commenced from November 2018 onwards. RAMASIGNS INDUSTRIES: CARE Reaffirms D Rating on INR4.90cr NCD -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Ramasigns Industries Limited (RSIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible Debentures 4.90 CARE D Reaffirmed Rationale and key rating drivers The reaffirmation in the rating assigned to the long-term instruments of RSIL is on account of ongoing delays in debt service obligation due to stretched liquidity position. Rating sensitivities: Factors likely to lead to rating actions Positive factors * The entity's ability to establish a track record of timely servicing of debt obligation. Analytical approach: Standalone Detailed description of the key rating drivers: Key weaknesses * On-going delays in debt servicing: There are on-going delays in debt servicing of the payment of interest and principal repayment of the Non-Convertible Debentures since September 30, 2023, due to stress on liquidity and temporary halt in operations by Enforcement Directorate. Liquidity: Poor The company has poor liquidity position marked by on-going delays in debt servicing. Incorporated in 1981, Ramasigns Industries Limited (RSIL) (Formerly Known as M/s Rammaica India Limited till FY17 & was engaged in the business of manufacturing decorative laminates) is engaged in the business of trading of signage and digital media consumables namely Frontlit Flex, Backilt Flex, Self-Adhesive Vinyl, Color Vinyl, Lamination Films, Acrylic Sheets, Wall Painting Media, Printable Fabrics, Window Films, Roll UP Films, Inkjet & Eco Solvent Medias, UV Medias, One Way Vision Films, Mesh Banner, Digital Printable Wall Papers, PP Films, Sun Board & Celuka Sheets, Plastic sheets & Rolls, Acrylic sheets etc. RUPSHA FISH: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Rupsha Fish Private Limited's (RFPL) bank facilities: -- INR144 mil. (reduced from INR228 mil.) Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating; -- INR7 mil. Non-fund-based working capital limit affirmed with IND A4+ rating; -- INR53.33 mil. (reduced from INR60 mil.) Working capital term loan affirmed with IND BB+/Stable rating; -- INR57.84 mil. Proposed fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; and -- INR57.83 mil. Proposed term loan assigned with IND BB+/Stable rating. Analytical Approach Ind-Ra continues to take standalone view on RFPL to arrive the ratings. Detailed Rationale of the Rating Action The affirmation reflects RFPL's continued medium scale of operations, modest EBITDA margins, modest credit metrics and stretched liquidity in FY24 (provisional numbers). Ind-Ra expects a marginal growth in revenue in FY25, led by a likely improvement in market conditions, and an increase in the EBITDA margins, led by better absorption of fixed costs. The agency also expects the credit metrics to improve in FY25 due to an increase in the absolute EBITDA and scheduled debt repayments. The rating derives comfort from the promoter's considerable experience in the seafood industry. Detailed Description of Key Rating Drivers Medium Scale of Operations; Revenue Likely to Improve in FY25: Ind-Ra expects a marginal improvement in revenue in FY25, backed by unexecuted orders worth about INR403 million and higher demand from Europe-based customers, led by a likely improvement in market conditions. In 1QFY25, the company booked a revenue of INR400 million. In FY24, the revenue had declined to INR1,354.94 million (FY23: INR1,735.21 million) because of a fall in demand from Europe-based customers due to the Ukraine-Russia war. Additionally, the company had reduced its exports to Europe-based customers to avoid heavy ocean freight costs on account of the Red Sea crisis. RFPL derives a major portion of its revenue from the sales of cultured shrimps. Furthermore, exports accounted for around 99% of the revenue in FY24 (FY23:98%), and domestic sales constituted the rest. Modest EBITDA Margins; Improvement Likely in FY25: In FY25, Ind-Ra expects the EBITDA margins to recover to FY23 levels on account of better absorption of fixed costs, led by higher revenue. In FY24, RFPL's EBITDA margins declined to 1.12% (FY23: 5.46%), mainly because of an increase in the cost of goods sold. The ROCE was 1.3% in FY24 (FY23: 18.7%). The cost of goods sold largely consists of the cost of raw shrimp, which is a seasonal product. The prices of shrimp are volatile and are dependent on demand-supply dynamics. Modest Credit Metrics; Likely to Improve in FY25: Ind-Ra expects the credit metrics in FY25 to improve due to an increase in the absolute EBITDA on a yoy basis and scheduled debt repayment. In FY24, the gross interest coverage (operating EBITDA/gross interest expense) had declined to 1.11x (FY23: 5.92x) and net leverage (adjusted net debt/operating EBITDA) had increased to 8.09x (FY23:1.61x). The credit metrics had deteriorated in FY24 on account of a decline in the overall EBITDA to INR15.19 million (FY23: INR94.82 million). RFPL's long-term debt includes INR53.33 million availed for working capital requirements and INR11.46 availed in FY24 for the purchase of three motor cars. Stretched Liquidity: RFPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. In FY24, the cash and cash equivalent balance stood at INR6.23 million (FY23: INR36.25 million). RFPL has repayment obligations of INR21.54 million in FY25 and INR21.69 million in FY26. Promoter Experience: The promoters have experience of over two decades in the seafood industry, which has helped the company establish strong relationships with customers and suppliers. Liquidity Stretched: RFPL average maximum utilization of its fund-based limits was around 78.80% and that of the non-fund-based facilities was around 58.40% over the 12 months ended June 2024. In FY24, the net working capital cycle improved slightly to 52 days (FY23: 54 days), backed by timely recovery of dues from the debtors. In FY24, the cash flow from operations turned positive at INR57.20 million (FY23: negative INR19.44 million) on account of favorable changes in working capital. Consequently, the free cash flow also turned positive at INR34.79 million in FY24 (FY23: negative INR32.49 million). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics, with the net leverage remaining above 4.5x, and weakening of the liquidity profile, all on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics and liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company RFPL was established in 2011 by Amzaad Hossain and Ganesh Mitra. The company is engaged in selling processed shrimps and trading of Hilsa fish and rice. The processing facility is located at Khardah in Kolkata. SANAYA REALTIES: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sanaya Realties Private Limited (SRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B; 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 June 21, 2023, placed the rating(s) of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 6, 2024, May 16, 2024 and May 26, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sanaya Realties Private Limited (SRPL) was incorporated in 1979 by Mr. Satish Sutaria and Mr. Vikas Sutaria as a private limited company and is engaged in real estate development. SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satwiki Proteins Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 43.92 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 26, 2023, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 10, 2024, April 20, 2024, April 30, 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). SPPL was incorporated in 2013 by Mr. Narottam Lal Agarwal, Mr. Vikas Agarwal and Mr. Vivek Kumar Agarwal for extract ion of edible oil and manufacturing oiled cake and De-oiled cake (DOC) as well as refining of mustard/soya oil along with extracting edible oil from its solvent extraction plant. SPPL started its commercial production in 2013 and operates out of its sole manufacturing unit located at Jaipur (Rajasthan). The company sells De-Oiled cakes and edible oil in bulk under its brand "Satwiki Alok" in the domestic market. SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Soni Soya Products Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 May 25, 2023, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 9, 2024, April 19, 2024, April 29, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated Consolidated financials of the company include financials of Soni Soya Products Limited (SSPL) and its subsidiary i.e. Soni Soya Products LLC (SSP) (Holding 51%). SSPL is engaged in trading and processing of organic and non-GMO agricultural products while SSP is engaged in providing warehousing services for US based customers of SSPL. The company has prepared consolidated financials for SSPL for the first time in FY19 including its subsidiary company namely Soni Soya Products LLC (SSP). Outlook: Not Applicable Indore based (Madhya Pradesh) Soni Soya Products Limited was incorporated by Mr. Dilip Kumar Soni. The company, however, was originally incorporated as "Soni Soya Products Private Limited" on September 17, 2014. Subsequently, the company was converted into Public Limited Company on August 2, 2017 and name changed to Soni Soya Products Limited (SSPL). The company got listed on SME NSE on April 12, 2018. The company is primarily engaged in processing and trading of organic as well as Non-Genetically Modified Organism (non-GMO) and agricultural products such as Soya, Maize, Wheat, and Flax seeds, Mustard Oil, Rice, Pulses, Herb and Spices etc. The company exports its product to Canada, Dubai, South Korea, Sri Lanka and USA. Further, its subsidiary company namely Soni Soya Products LLC was incorporated in June 15, 2018 and is engaged in business of warehousing, selling and marketing of Soya and Soya Products in USA as well as trading and processing of agro products. STERLING AND WILSON: Ind-Ra Affirms & Withdraws BB Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed the ratings on Sterling and Wilson Renewable Energy Limited's (SWREL) and simultaneously withdrawn the same as follows: -- INR4.030 bil. Term loan due on October 2026 affirmed and withdrawn*; -- INR2.720 bil. Fund-based working capital facilities affirmed and withdrawn#; -- INR61.460 bil. Non-fund-based working capital facilities affirmed and withdrawn#; -- INR780 mil. Proposed fund-based working capital facilities affirmed and withdrawn#; and -- INR32.540 bil. Proposed non-fund-based working capital facilities affirmed and withdrawn#. WD-Rating Withdrawn * Affirmed at 'IND BB'/Stable before being withdrawn # Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn Analytical Approach Ind-Ra continues to take a fully consolidated view of SWREL and its subsidiaries, while arriving at the ratings, on account of the strong strategic and operational linkages among them. Detailed Rationale of the Rating Action The ratings reflect SWREL's rebound in its profitability, healthy order book and deleveraging of balance sheet. The ratings also derived the comfort from INR500 million of earmarked fixed deposit as on 30 June 2024, which will cover all scheduled principal repayments till November 2024. However, these strengths are partially offset by the overhang of contingent liability, the weak interest coverage and its exposure to execution risks. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection certificates from the lenders and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for SWREL. Detailed Description of Key Rating Drivers Modest Interest Coverage; Early Signs in Recovery in Profitability: During FY24, SWREL's operating performance rebounded and showed early signs of recovery with gross profit margin rising to 10.3% (FY23: negative 34%). During 1QFY25, the gross margin further improved to 11.2% supported by a healthy domestic order inflow and the completion of majority of loss-making international legacy projects. The company is working on reducing the overheads and improve the EBIDTA margin, which improved to 2.7% in 1QFY25 (FY24: negative 0.7%). However, the interest coverage ratio (EBIDTA/finance cost) remained weak at 1.3x in 1QFY25. Ind-Ra expects the company's gross margins to remain at 10%-11% and the EBIDTA margin to gradually recover to 4%-5% in the near to medium term, supported by better absorption of fixed cost and an increase in the scale of operations. Overhang of Contingent Liability: Under its engineering, procurement, and construction (EPC) contracts, SWREL extends performance bank guarantees (BGs) for each of its projects at 10%-15% of the contract value. These BGs usually extend till the defect liability period. As on 30 June 2024, the total outstanding BGs stood at about INR26.9 billion. As these BGs are unconditional, the counterparty can invoke them even when SWREL does not agree to the reasons of invocation. SWREL faced such invocation of BGs worth INR3.9 billion in July 2023 and INR0.9 billion in February 2024. As per the management, as on 30 June 2024, about INR2.2 billion of BGs were outstanding with the customer wherein the company is in dispute. In case of any such BG getting invoked, it will impact the liquidity of the company. Exposure to Volatility in Raw Material Prices and Project Execution Risk: Over the past two years, the company has witnessed large operating losses due to solar module price increases and delays in project execution due to COVID-19-induced disruptions. While the company has recovered the cost increase from certain customers, it has limited potential to pass on the entire price increase, and the overheads. In addition, the EPC sector is competitive as it is a tender-based business. Ind-Ra expects the company to improve its EBITDA margin in the near to medium term, as majority of newly secured orders from public sector units are pertaining to the balance of supply, wherein the procurement of solar panels is under the scope of project owner. While the company has secured few projects, which have the scope of solar modules, it has fixed the pricing with the solar module supplier and thereby mitigating the risk. Balance Sheet Deleveraging Continues: SWREL has used its proceeds from qualified institutional placement and indemnity to reduce its debt and has significantly deleveraged its balance sheet. The company reduced its gross debt to INR4.1 billion as of June 30, 2024 (March 31, 2024: INR4.8 billion; March 31, 2023: INR20.15 billion). The company has earmarked fixed deposits worth INR500 million towards the loan repayment up to November 2024. The balance debt post-November 2024 worth INR3,280 million will be paid in due course in instalments commencing from December 2024 to October 2026. Ind-Ra expects the credit metrics to improve during FY25, supported by the improvement in its EBITDA (FY24: negative INR0.2 billion; FY23: negative INR10.8 billion). Healthy Order Book: In FY24, SWREL's order inflow improved 37% yoy to INR60.2 billion and consequently the outstanding order book improved to INR80.8 billion as of March 31, 2024 (FY23: INR49 billion). During 1QFY25, the company booked orders of about INR21.7 billion, leading to the order book increasing to INR93.9 billion as on 30 June 2024. The improved order book has also helped to grow its scale of operation with 1QFY25 revenue increasing about 78% yoy. The company signed a memorandum of understanding with the government of Nigeria in FY23 and is in the advance stages of finalizing an EPC agreement with an estimated project value of more than USD1.5 billion. Furthermore, post-acquisition of SWREL by Reliance New Energy Limited (RNEL), Ind-Ra expects the company to become a preferred EPC and operations and maintenance (O&M) contractor for the net-zero carbon vision of the Reliance group by 2035, under which company has commenced a pilot solar project for Reliance Industries Ltd ('IND AAA'/Stable/'IND A1+') at Jamnagar, Gujarat. Indemnification Against Claims/Non-recovery of Receivables: On 29 December 2021, SWREL had signed an indemnity agreement with Shapoorji Pallonji and Company Private Limited, Khurshed Daruvala (jointly the promoter selling shares) and RNEL. Pursuant to this, the promoter selling shares would indemnify and reimburse the holding company and its subsidiaries/branches for a net amount, on settlement of liquidated damages pertaining to certain identified past and existing projects (as on the date of signing the aforementioned agreement), old receivables, direct and indirect tax litigations as well as certain legal and regulatory matters, if such claims exceed INR3,000 million These amounts would be claimed by 30 September of each year on the basis of the final settlement amounts with customers, suppliers, among others. Consequently, trade receivables from a customer undergoing a resolution process under the supervision of the National Company Law Tribunal and BGs encashed by certain customers would also be recoverable from the promoter selling shares once crystallized, if not recovered from the customers. During FY23 and FY24, the company collected about INR0.9 billion and INR4.2 billion, respectively. Lean Working Capital Cycle: Payment terms in domestic projects are divided into two major parts: supply and erection & installation. Under the supply portion of the contract, SWREL will first receive 15% as a customer advance for site mobilization. Thereafter, it will receive about 75% on the supply of material at the site. Hence, the payment from customers on the supply portion is adequate to meet the payment to creditors and thus the company is able to keep a lean working capital cycle. As on 30 June 2024, the net working capital cycle was negative INR7.3 billion. Any material unwinding of negative working capital will impact the liquidity. Established Presence in Solar Segment: SWREL is one of the largest EPC players globally with a track record of commissioning 256 contracted solar power projects. As of March 31, 2024, the company executed about 18GW capacity and was maintaining about 7.6GW of projects, across geographies including Australia, the US, Asia, Africa, Latin America and the Middle East. The extensive experience and established brand presence have helped the company to bag large orders and hold a higher bargaining power than small-scale competitors. Liquidity Stretched: As on 30 June 2024, SWREL had free cash and cash equivalents of INR2.6 billion (FYE24: INR2.9 billion). During FY24, the liquidity position improved with the proceeds from the QIP. SWREL has used it proceed to prepay a significant amount of term debt and reduced its fund-based working capital utilization to nil. However, the uncertainty around invocation of disputed BG persists. The average month-end utilization of the non-fund-based limits stood at around 65% for the 12 months ended June 2024. It has earmarked fixed deposits of INR0.50 billion, which will cover all scheduled principal repayments till November 2024. The company has principal repayment of INR0.28 billion for December 2024, INR0.54 billion for 4QFY25, INR1.71 billion for FY26 and INR0.75 billion for FY27, which are likely to be met through the available free cash and internal accruals. About the Company SWREL is a leading end-to-end renewable EPC solutions provider with a diversified presence across geographies including India, South-east Asia, Middle East, Africa, and Europe. It was demerged from Sterling and Wilson Private Limited (debt rated at 'IND B+'/ Rating Watch with Developing Implications /'IND A4'/Rating Watch with Developing Implications') in March 2018. SWREL was listed on the BSE Limited and National Stock Exchange of India Limited in August 2019. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over 18GWp (including projects commissioned and under various stages of construction). SWREL also manages an O&M portfolio of 7.6GWp solar power projects. SUPERSHINE ABS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Supershine ABS Platers Private Limited (SAPPL continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.85 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated June 27, 2023, placed the rating(s) of SAPPL under the 'issuer non-cooperating' category as SAPPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 12, 2024, May 22, 2024 and June 1, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in February 2004 as a private limited company by Mr. Suresh Shah, SAPPL is engaged in surface finishing on various ABS (Acrylonitrile Butadiene Styrene) plastics & metals. The services of the company are catered to the manufacturers of pens, automobile parts and household articles to various states & union territories across India, viz. Pondicherry, Tamil Nadu, Maharashtra, Daman, Goa, etc. UPPER INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Upper India Steel Manufacturing & Engineering Company Limited (UISMECL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 19.90 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 June 30, 2023, placed the rating(s) of UISMECL under the 'issuer non-cooperating' category as UISMECL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UISMECL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2024, May 25, 2024 and June 4, 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). Upper India Steel Manufacturing & Engineering Company Ltd (UISMECL) was incorporated in 1961 as a private limited company and was subsequently converted to a closely held public limited company in 1983. The company is promoted and managed by Mr. Pritpal Singh Grewal and Mr. Gursimran Singh Grewal and is engaged in the manufacturing of specialized steel products for various automotive ancillaries, Indian railways and engineering goods industry, at its manufacturing facility situated at Ludhiana, Punjab. VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sree Veerabhadreshwara Rice & Flour Mill (SVRFM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated June 12, 2023, placed the rating(s) of SVRFM under the 'issuer non-cooperating' category as SVRFM had failed to provide information for monitoring of the rating. SVRFM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 27, 2024, May 7, 2024, May 17, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SVRFM is a partnership firm established in 2011 by Mr. Mallikarjunappa and Mr Chidanandappa. The partners have experience of over 3 decades in the rice industry. SVRFM's manufacturing plant located at Davangere district in Karnataka. The firm also has wind-based power project wherein it generates power and sells to Government and private organisations. VENKATESHWARA INDUSTRIES: CARE Keeps B- Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkateshwara Industries (SVI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; 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 17, 2023, placed the rating(s) of SVI under the 'issuer non-cooperating' category as SVI had failed to provide information for monitoring of the rating. SVI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 1, 2024, June 11, 2024, June 21, 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). Koppal (Karnataka) based Sri Venkateshwara Industries (SVI) was established in 2009 and is promoted by Mr. K Sunil Chowdhary. The firm has two partners ie., Mr. K Sunil Chowdhary and Mrs. K Ramasita. Both the partners have more than a decade of experience in the same line of business. SVI is engaged in processing and selling of rice. The rice processing unit of the firm is located at Koppal, Karnataka. Apart from rice processing, the firm is also engaged into selling byproducts such as broken rice and rice bran. The main input, paddy, is majorly procured from paddy merchants and farmers located in Andhra Pradesh, Telangana and Karnataka region. The firm sells rice and other by -products to the rice dealers located in Karnataka. As on February 28, 2019, the installed capacity of the firm was 3.5 tonnes of rice per hour. VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of Vichitra Prestressed Concrete Udyog (P) Ltd. (VPC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.00 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- 15.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VPC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Based in Delhi, Vichitra Prestressed Concrete Udyog Private Limited (VPC) was incorporated on 27th March 1989. The company is closely held by promoters. The company undertakes contracts for manufacture and lying and water and sewerage pipes for various government agencies like Haryana Urban Development Authority (HUDA), U.P. Jal Nigam, Rajasthan Urban Sector Development Investment Program (RUSDIP), etc. VPC undertakes manufacturing of different types of pipes like Prestressed Concrete Pipes, RCC Pipes and MS Pipes. VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Viswakarma Buildtech (India) Private Limited (VBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 17, 2023, placed the rating(s) of VBPL under the 'issuer non-cooperating' category as VBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 1, 2024, April 11, 2024 and April 21, 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). Bihar based, Viswakarma Buildtech (India) Private Limited (formerly known as Viswakarma Roofings (India) Private Limited), was incorporated in November, 2009. The company is involved in the manufacturing of asbestos cement sheets. The operations of the entity have commenced since February, 2016. ========= J A P A N ========= [*] JAPAN: Ramen Shop Bankruptcies to Exceed 100 by Year's End -------------------------------------------------------------- Xinhua News Agency reports that bankruptcies of ramen shops serving Japanese noodles saw a sharp increase in the first seven months, indicating the industry could see over 100 bankruptcies by the year's end, according to a recent survey by a credit research company. The total number of ramen shop bankruptcies from January to July came to 49, the highest since 2014, Xinhua discloses citing Japan's Teikoku Databank's newly released report. Xinhua says the figure, suggesting a nearly twofold increase on year, raised alarms across the sector as the highest annual bankruptcies recorded were 54 in 2020 and 53 in 2023. Behind the surge lies the rising cost of ramen ingredients, according to Teikoku Databank, whose cost analysis for pork bone-based ramen in Tokyo revealed that the production cost per bowl has risen by more than 10 percent since June 2022, Xinhua relays. According to Xinhua, the escalation is driven by soaring prices of pork and noodles and increased utility costs. "Many shops are unable to cope with the accelerated pace of ingredient price hikes. Even those that have raised prices to offset costs have seen a subsequent decline in customer footfall, leading to closures and bankruptcies," the report noted. Facing severe cost pressures, the annual figure of ramen shop bankruptcies is expected to surpass 100 for the year, the report, as cited by Xinhua, added. =============== M A L A Y S I A =============== ASDION BHD: Falls to 10-Month Low After Classified as GN3 Company ----------------------------------------------------------------- The Edge Malaysia reports that shares of Asdion Bhd declined to the lowest in nearly 10 months on August 2, after the loss-making company was put on Guidance Note 3 (GN3) status. Asdion fell as much as 12.5% to 3.5 sen as at 10:40 a.m. - its lowest since Oct. 12, 2023 - after some 700,000 shares changed hands on Bursa Malaysia. The company has a market capitalisation of just MYR6.09 million, the Edge discloses. The Bursa Malaysia Technology Index, which tracks 48 stocks in the sector, slipped 2.34% to 73.01 points, while the country’s benchmark index, FBM KLCI, was 0.86% lower to 1,610.25 points. No institutional analysts cover Asdion, the Edge notes. The counter has plunged 65% so far in 2024, after years of volatile swings. The stock had hit a nearly six-year high of MYR1.59 back in February 2021, and then received an unusual market activity (UMA) query by Bursa Malaysia. In March 2021, AT Systematization Bhd made a conditional voluntary takeover offer to Asdion Group Bhd at 50 sen per share, but later in August 2021 called off its plan as Asdion secured approval from its shareholders for the proposed debt settlement and placement exercises, the Edge recalls. As a GN3 company, Asdion is required to submit a regularisation plan to Bursa Malaysia and obtain approval to implement the plan within 12 months from Aug 1. Failure to comply with these obligations may result in the stock facing suspension and delisting from the ACE Market. According to the Edge, the company said it is in the process of formulating a regularisation plan to address its financial condition, and will make the necessary announcements regarding the matter. Asdion, which is involved in logistics businesses, commodity trading, and property development, has been loss-making for over a decade since the financial year ended Dec. 31, 2009 (FY2009). The Edge says the GN3 status was triggered on August 1, after its external auditors, CAS Malaysia PLT, flagged material uncertainty that would affect the company’s ability to continue as a going concern. According to the auditors’ report, Asdion’s current liabilities exceeded its current assets by MYR5.56 million and MYR6.38 million at the group and company levels, respectively, as at end-March 2024, the Edge discloses. Asdion also incurred net losses of MYR7.79 million and MYR40.79 million at the group and company levels, respectively. Based in Kuala Lumpur, Malaysia, Asdion Berhad -- https://www.asdiongroup.com/ -- an investment holding company, engages in software development and information communication technology services businesses primarily in Malaysia. It also advices solutions relating to information technology; dormant; land and building developer; logistics, dry bulk cargo stevedoring, commodity trading, stainless steel, and related activities; and operates as a subcontractor of civil work. ECOBUILT HOLDINGS: To be Suspended After Wind-Up Petition Approval ------------------------------------------------------------------ The Edge Malaysia reports that trading of the shares in Ecobuilt Holdings Bhd will be suspended, after the High Court approved a winding-up petition against the company. The Edge relates that the suspension will take effect on August 9, the construction cum property firm said in a filing with the local stock exchange. To recap, Ecobuilt was served a winding-up petition by S-Form System Formwork (M) Sdn Bhd on April 24, concerning a claim of MYR670,596. The court approved the petition on July 24 and concurrently dismissed Ecobuilt's application to stay the winding-up proceedings, according to the Edge. According to the Edge, the company has since filed an application to stay the winding-up order, and the court has scheduled a hearing on Aug. 12 to consider and determine the request for an interim stay while the application is pending. In response to a Bursa Malaysia query on August 1, Ecobuilt stated that no liquidator had been officially appointed yet, as the winding-up order had not yet been sealed. It noted that operations will cease, and the company's affairs will be managed by the liquidator once appointed, the Edge relays. "The appointment of a liquidator would likely lead to the cessation of the company’s normal business operations. Consequently, the liquidator would distribute proceeds to creditors through the realisation of the company's assets," it added. However, the company emphasised that it is actively seeking to resolve the matter, and has initiated legal proceedings to stay the winding-up order, adds the Edge. Based in Kuala Lumpur, Malaysia, Ecobuilt Holdings Berhad -- https://www.eco-built.com.my/ -- engages in the civil engineering, building contracting and construction, and property development businesses in Malaysia. The company offers foundation and substructure works; superstructure construction, such as industrialized buildings; systems and precast construction components; architectural services; mechanical and electrical systems design & installation; infrastructure and public works; landscape design and installation; and interior design services. It also provides design and build services; construction management services; building construction services; civil and infrastructure services; foundation and geotechnical engineering services; and mechanical and electrical and plumbing services. The company was formerly known as M-Mode Berhad and changed its name to Ecobuilt Holdings Berhad in November 2018. ===================== N E W Z E A L A N D ===================== 4M HEPBURN: Court to Hear Wind-Up Petition on Aug. 23 ----------------------------------------------------- A petition to wind up the operations of 4M Hepburn Limited will be heard before the High Court at Auckland on Aug. 23, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 27, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 GRJAZO LIMITED: Creditors' Proofs of Debt Due on Aug. 26 -------------------------------------------------------- Creditors of Grjazo Limited and Bure & Co Limited (both trading as Highway Inn) are required to file their proofs of debt by Aug. 26, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 26, 2024. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 LATIN WELDING: Creditors' Proofs of Debt Due on Sept. 20 -------------------------------------------------------- Creditors of Latin Welding Solution Limited are required to file their proofs of debt by Sept. 20, 2024, to be included in the company's dividend distribution. The High Court of New Zealand appointed Lynda Smart and Derek Ah Sam of Rodgers Reidy as liquidators of the company on July 25, 2024. MAJESTIC HEIGHTS: Court to Hear Wind-Up Petition on Aug. 8 ---------------------------------------------------------- A petition to wind up the operations of Majestic Heights Limited will be heard before the High Court at Christchurch on Aug. 8, 2024, at 10:00 a.m. Two Scott Limited filed the petition against the company on May 15, 2024. The Petitioner's solicitor is: Philippa Reeves Allan Malley & Co Lawyers Level 2 14 Dundas Street Christchurch 8011 RUSU LIMITED: Creditors' Proofs of Debt Due on Aug. 30 ------------------------------------------------------ Creditors of Rusu Limited (formerly trading as Relish for Food) are required to file their proofs of debt by Aug. 30, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 26, 2024. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 ================= S I N G A P O R E ================= ARC CONSTRUCT: Court to Hear Wind-Up Petition on Aug. 16 -------------------------------------------------------- A petition to wind up the operations of ARC Construct Pte Ltd will be heard before the High Court of Singapore on Aug. 16, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 24, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 FAR EAST MINING: Creditors' Meetings Set for Aug. 22 ---------------------------------------------------- Far East Mining Pte Ltd will hold a meeting for its creditors on Aug. 22, 2024, at 10:30 a.m., at. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. Any other business. Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate Advisory were appointed provisional liquidators of the company on July 24, 2024. JUUL LABS: Commences Wind-Up Proceedings ---------------------------------------- Members of Juul Labs Singapore Holdco Pte Ltd on July 29, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Lim Soh Yen Tan Suah Pin 133 New Bridge Road #24-01/02 Chinatown Point Singapore 059413 LIPPO MALLS: Fitch Cuts IDR to 'RD', Then Hikes IDR to 'CCC+ ------------------------------------------------------------ Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's (LMIRT) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default), from 'C', following the completion of an exchange offer. This is because Fitch considered the transaction to be a distressed debt exchange (DDE), as it resulted in a material reduction in terms and, in its view, it allowed the issuer to avoid an eventual probable default. Subsequently, Fitch has upgraded the trust's Long-Term IDR to 'CCC+' to reflect improved liquidity prospects after the tender offer with significant extensions for its debt maturities. However, there is limited liquidity in the next 18 months to pay down debt and concurrently fund the necessary asset refurbishments, exposing the trust to significant refinancing risk. LMIRT has minimal headroom against the regulatory gearing ceiling of 45%, limiting its financial flexibility, which could deplete its cash balances. Fitch has also upgraded the rating on LMIRT's senior unsecured notes due 2026 to 'CCC-', from 'C', with a Recovery Rating of 'RR6'. The notes are issued by LMIRT's wholly owned subsidiary, LMIRT Capital Pte. Ltd., and guaranteed by Perpetual (Asia) Limited in its capacity as trustee of LMIRT. Key Rating Drivers DDE Drives Downgrade: Fitch regards LMIRT's exchange offer as a DDE, as Fitch believes the amendments to the terms constituted a material reduction in the original terms and that the transaction allowed the issuer to avoid an eventual probable default. As such, the downgrade of the Long-Term IDR to 'RD' on the completion of the DDE was in line with its criteria. Increased Subordination of Unsecured Debt: The 'CCC-'/'RR6' rating of LMIRT's senior unsecured notes due 2026, which is two notches below its IDR, reflects significantly lower unsecured recovery prospects following the drawdown of a IDR2 trillion secured term loan, which ranks ahead of the notes, to fund the tender offer. The post-tender-offer proportion of secured term loans will increase to above 95% of total debt, resulting in the increased subordination of unsecured noteholders. Improved, but Limited, Liquidity: Fitch expects operating cash flow to be sufficient to meet interest costs and amortisation of onshore term loans equivalent to SGD6 million in 2024 and SGD24 million in 2025 amid the longer maturity terms of the new debt structure. However, 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 debt other than for refinancing. Fitch therefore believes LMIRT will have to tap external financing to address the remaining USD22.6 million unsecured notes. The trust plans to spend around SGD48 million to refurbish a total net lettable area of 163,550 sq m in 2024-2025, mainly to repurpose vacated spaces by anchor tenants, including Carrefour and Hypermart, in a bid to improve the occupancy and valuation of its malls. Limited Regulatory Gearing Headroom: LMIRT's regulatory gearing ratio, or debt/total assets, rose to 44.96% by end-June 2024 from 43.7% at end-March 2024, leaving very limited room under the regulatory ceiling of 45%. Debt/total assets above 45% would limit the trust's ability to obtain debt other than for refinancing, such as to fund capex, weighing on LMIRT's financial flexibility. Fitch expects LMIRT's gearing ratio to improve modestly with the amortisation of debt in 2025-2026, all else being equal. Weak Access to Capital: Fitch believes LMIRT has pledged the majority of its malls with Hak Guna Bangunan 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. This constrains the trust's ability to raise further secured debt and increases subordination risk to unsecured creditors. Subdued Operational Performance: Fitch forecasts net property income of SGD121 million in 2024, lower than in 2022 and 2023, due to the recent rupiah depreciation against the Singapore dollar. Operating performance improved marginally in rupiah terms due to slightly higher occupancy of 79.9% in 2Q24 compared with 79% in 4Q23 as well as positive rental reversion. The trust may face challenges in raising occupancy significantly in the next 12-18 months given the difficulty in funding asset refurbishments, which could weigh on cash flow growth. Foreign-Exchange Risk to Ease: The tender offer reduced LMIRT's foreign-currency risk. This is because LMIRT funded the bond buyback using proceeds of IDR2 trillion 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. Floating-Rate Debt Structure: Fitch forecasts funds flow from operations fixed-charge coverage to bottom out at 1.3x in 2024 before improving from 2025 due to higher expected EBITDA and lower interest rates. Fitch expects Indonesia's policy interest rate to decrease to 5.75% by end-2024 and 5% by end-2025 from 6% at end-2023. Following successive tender offers, virtually all of the trust's debt is now based on floating interest rates. Fitch has assumed LMIRT will continue to not pay perpetual coupon distributions in the next few years. 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 has cancelled the perpetuals' coupons to preserve cash since March 2023, which has prevented it from paying common dividends. Derivation Summary LMIRT's rating is comparable with those of Indonesia-based property developers PT Lippo Karawaci Tbk (LPKR, CCC+) and PT Kawasan Industri Jababeka Tbk (KIJA, B-/Stable). LMIRT and LPKR are rated at the same level as both issuers have limited liquidity headroom following their individual bond tender offers. LMIRT's cash reserves might be depleted to fund capex in the next 12-18 months, or it will have to delay the expenditure in the absence of new debt, which will weigh on its operating cash flow growth, while Fitch believes LPKR's internal cash flow will be insufficient to cover its annual debt due starting 2025. LMIRT is rated one notch below KIJA. KIJA does not have any material maturities in the next three years after its US dollar bonds were extended to end-2027, compared with LMIRT's USD22 million in unsecured notes due February 2026. Fitch expects KIJA to have adequate liquidity and to maintain neutral-to-positive free cash flow and adequate access to domestic banks to fund capex and construction. Improving non-development cash flow from its power plant, dry port and estate-management services is sufficient to cover interest expenses and yearly bank loan amortisations over the next three years. 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 SGD128 million in 2025. - Capex of SGD28million in 2024 and SGD17 million in 2025. - No dividend payout or perpetual coupon distributions 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-June 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-June 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 has assumed that a 25% discount is sufficient to cover potential bad debt. These assumptions result in a recovery rate corresponding to a Recovery Rating of 'RR6' for the outstanding senior unsecured bonds. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in operating performance, including ability to increase portfolio occupancy rate towards 85%; - Demonstrated ability to repay debt due in the next 18-24 months, including the remaining unsecured notes due in February 2026, while maintaining a steady cash balance. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening in liquidity. Liquidity and Debt Structure Limited Liquidity Headroom: Fitch expects LMIRT's cash on hand and recurring cash flow to be sufficient to cover interest payments and debt amortisation in the next two years. Liquidity, however, is tight against increasing capex, which will deplete the trust's cash balance and liquidity and exert pressure on the repayment of the remaining USD22.6 million of its February 2026 unsecured notes. After the tender offer, LMIRT has restricted cash of SGD16.6 million in debt-servicing reserves, which can be used to service bank debt in the event its cash flow falls short. However, 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 SGD1.5 billion as of end-June 2024. 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 ----------- ------ -------- ----- Lippo Malls Indonesia Retail Trust LT IDR RD Downgrade C LT IDR CCC+ Upgrade RD LMIRT Capital Pte. Ltd. senior unsecured LT CCC- Upgrade RR6 C MAGNUS ENERGY: Creditors' Meetings Set for Aug. 27 -------------------------------------------------- Magnus Energy Group Ltd will hold a meeting for its creditors on Aug. 27, 2024, at 3:00 p.m., at 63 Market Street, #05-01A Bank of Singapore Centre, in Singapore. Agenda of the meeting includes: a. to lay before the creditors a full statement of the affairs of the Company, showing the assets and liabilities of the company; b. to appointment of Liquidators; c. to appoint a Committee of Inspection if deemed necessary; d. to approve the sale of 80% of the registered and paid-up ordinary shares in the capital of a subsidiary currently held by the Company; e. to approve the sale of a property currently owned by a subsidiary of the Company, where the Company holds a significant beneficial interest; f. to authorize the Joint and Several Liquidators to wind up or strike off any remaining subsidiaries within the Group as they deem appropriate; and g. Any other business. THIRTY LOGISTICS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 19, 2024, to wind up the operations of Thirty Logistics Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== QOO10: Court Grants TMON, WeMakePrice 1 Month for Self-Debt Revamp ------------------------------------------------------------------ Yonhap News Agency reports that a court on Aug. 2 granted cash-strapped e-commerce platforms Tmon and WeMakePrice one month to seek debt restructuring on their own, after they failed to make payments to their vendors. According to Yonhap, the decision by the Seoul Bankruptcy Court to allow an autonomous restructuring support program (ARS) for Tmon and WeMakePrice came as the platforms' delayed payments are estimated to reach KRW274 billion ($200 million). The total amount is estimated to escalate to nearly KRW1 trillion if future payments are included, Yonhap says. According to Yonhap, during the one-month period, the companies will seek voluntary negotiations with their creditors to reschedule payments, while the court suspends its decision on whether to place them under a court-led debt restructuring. The ARS period can be extended up to three months. Tmon and WeMakePrice have been accused of maintaining their business transactions despite being aware that they could not make timely payments to their vendors due to liquidity issues, Yonhap notes. Yonhap relates that the court also plans to hold a consultation session on Aug. 13 involving the government and related organizations in a bid to minimize the incident's impact on small merchants. The platforms can avoid a court-enforced rehabilitation procedure if they reach an agreement with the creditors. If the talks fail, however, the court will review whether to resume the process. The same day, prosecutors questioned the financial chief of Qoo10, the parent company of Tmon and WeMakePrice, as part of an investigation into the delayed payments, Yonhap reports. He is considered a close associate of Qoo10 CEO Koo Young-bae. Yonhap says Qoo10 has been accused of irregularly using KRW40 billion of corporate funds from the two e-commerce platforms to acquire another shopping platform, Wish. Prosecutors suspect Qoo10 was aware that the subsidies could not pay their vendors, but still continued their business dealings, using a Ponzi-like payment scheme. The offices of Qoo10 Technology, Tmon and WeMakePrice were also searched on Aug. 2 for the second consecutive day as prosecutors trace the whereabouts of the funds that were supposed to be paid to vendors, according to Yonhap. Qoo10 retails e-commerce products. The Company offers personal care, sports apparel, consumer electronics, home furnishing, food, toys, and other consumer products. Qoo10 serves customers worldwide. Qoo10 owns online marketplaces TMON and WeMakePrice. TERRAFORM LABS: Montenegro Ct OKs Kwon's Extradition to South Korea ------------------------------------------------------------------- The Associated Press reports that a Montenegrin appeals court on August 2 upheld a ruling by a lower court to hand over a South Korean mogul known as "the cryptocurrency king" to his native country, rejecting a bid to extradite him to the United States. The AP relates that the move follows a months-long legal saga in the case of Do Kwon, the Terraform Labs founder who was arrested in Montenegro last year. Both South Korea and the U.S. had requested Do Kwon's extradition from Montenegro. The AP says various Montenegrin courts in the past months have brought and overturned multiple rulings to extradite Kwon either to U.S. or South Korea. The Montenegrin Appeals Court said on Thursday its decision is legally binding. It was not immediately clear when Kwon could be extradited. According to the AP, Kwon was charged in the U.S. with fraud by federal prosecutors in New York over a $40 billion crash of Terraform Labs’ cryptocurrency, which devastated retail investors around the world. Kwon and another South Korean were arrested in Montenegro while trying to depart for Dubai, United Arab Emirates, using fake Costa Rican passports, the AP relates. He has served a prison term in Montenegro for using a fake passport. Kwon and five others connected to Terraform had been wanted on allegations of fraud and financial crimes in relation to the implosion of its digital currencies in May 2022. TerraUSD was designed as a "stablecoin," a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. On Feb. 29, 2024, the U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Terraform Labs Pte. Ltd. The committee hires McDermott Will & Emery LLP as counsel. Force Ten Partners, LLC as financial advisor. Genesis Credit Partners LLC as financial advisor. David M. Klauder was appointed as the fee examiner in this Chapter 11 case. The fee examiner tapped Bielli & Klauder, LLC as his legal counsel. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week July 29, 2024 to Aug. 2, 2024 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.70 VIRGIN AUSTRALIA HOL 8.08 03/05/24 AUD 0.50 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.47 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.47 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.17 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.17 VIRGIN AUSTRALIA HOL 8.00 11/26/24 AUD 0.16 VIRGIN AUSTRALIA HOL 8.25 05/30/23 AUD 0.12 CHINA ----- ALETAI CITY JUJIN UR 7.73 10/26/24 CNY 25.32 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 62.63 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 60.00 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 64.48 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 60.00 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 41.50 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 38.04 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.45 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.41 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 42.50 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 41.80 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 42.11 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 41.64 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 41.38 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 37.63 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.22 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 19.96 ANYUE XINGAN CITY DE 7.50 05/06/26 CNY 42.22 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.50 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.50 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.89 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.45 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 41.16 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 37.76 BIJIE QIXINGGUAN DIS 7.60 09/08/24 CNY 20.11 BIJIE QIXINGGUAN DIS 7.60 09/08/24 CNY 18.38 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.80 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.58 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.28 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.75 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.63 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 20.95 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 20.94 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.42 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 41.38 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.78 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.13 CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.12 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.78 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.75 CHONGQING HONGYE IND 7.50 12/24/26 CNY 64.16 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 41.48 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 40.00 CHONGQING NANCHUAN C 7.80 08/06/26 CNY 62.84 CHONGQING SHUANGFU C 7.50 09/09/26 CNY 63.04 CHONGQING THREE GORG 7.80 03/01/26 CNY 42.35 CHONGQING THREE GORG 7.80 03/01/26 CNY 40.00 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 63.35 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 20.65 CHONGQING YUDIAN STA 8.00 11/30/25 CNY 41.81 CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 19.40 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 41.98 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 41.87 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.05 DASHIQIAO URBAN CONS 7.59 08/14/24 CNY 20.04 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 42.06 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 38.80 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 63.39 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 60.00 DING NAN CITY CONSTR 7.80 04/08/26 CNY 42.50 DING NAN CITY CONSTR 7.80 04/08/26 CNY 40.00 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.44 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.43 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.79 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 64.00 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 63.74 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 41.89 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 41.55 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 40.00 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 40.00 FANTASIA GROUP CHINA 7.50 06/30/28 CNY 73.70 FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53 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 42.46 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 42.13 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 41.62 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 41.38 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 40.00 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 40.00 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 41.46 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.17 GAOQING LU QING ASSE 7.50 09/27/24 CNY 20.17 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 42.64 GUANGDONG PEARL RIVE 7.50 10/26/26 CNY 21.23 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 41.86 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 41.62 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 40.00 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 39.39 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 41.57 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 41.53 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 64.38 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 63.29 GUANGXI NINGMING HUI 8.50 12/07/25 CNY 41.78 GUANGXI TIANDONG COU 7.50 06/04/27 CNY 40.00 GUANGYUAN CITY DEVEL 7.50 10/25/27 CNY 37.51 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 63.99 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 62.55 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 60.00 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 60.00 GUANGZHOU FINELAND R 13.60 07/27/23 USD 0.47 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.73 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 63.27 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 42.13 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.75 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.00 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 42.16 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 41.70 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 41.40 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 41.39 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 42.58 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 42.47 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 62.44 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 60.27 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 42.70 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 40.00 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 41.79 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 41.12 GUIZHOU GUIAN DEVELO 7.50 01/14/25 CNY 15.19 GUIZHOU GUIAN DEVELO 7.60 04/26/25 CNY 6.03 GUIZHOU HONGGUO ECON 7.80 02/08/25 CNY 20.58 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 20.35 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 10.50 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.10 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 62.65 GUIZHOU SHUANGLONG A 7.50 04/20/30 CNY 60.00 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 41.43 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.39 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.38 GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.09 GUIZHOU ZHONGSHAN DE 8.00 03/18/29 CNY 70.00 HAIAN URBAN DEMOLITI 8.00 12/21/25 CNY 41.74 HAIAN URBAN DEMOLITI 7.74 05/02/25 CNY 20.79 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.41 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.41 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.16 HENGYANG CITY AND UR 7.50 09/22/24 CNY 20.15 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.33 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.00 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 42.67 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 40.00 HUAINAN URBAN CONSTR 7.58 02/12/26 CNY 42.10 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.66 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.00 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 42.28 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 40.50 HUBEI JIAKANG CONSTR 7.80 12/19/25 CNY 41.45 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 42.29 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 40.00 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 42.31 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 40.00 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 42.52 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 40.00 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.64 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.63 HUNAN TIANYI RONGTON 7.50 09/17/25 CNY 41.30 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 41.94 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 41.91 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 40.00 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.27 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.00 HUZHOU WUXING NANTAI 7.90 09/20/25 CNY 41.48 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 64.14 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 58.00 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 20.64 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 41.04 JIANGSU ZHONGNAN CON 7.80 03/17/29 CNY 44.19 JIANGXI HUANGGANGSHA 7.90 01/25/26 CNY 42.13 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 41.50 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 41.22 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.69 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.00 JIANGXI TONGGU CITY 7.50 04/21/27 CNY 64.25 JIANGYOU XINGYI PARK 7.50 05/07/26 CNY 52.72 JIANGYOU XINGYI PARK 7.80 12/17/25 CNY 51.94 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 41.90 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 40.00 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 64.21 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 59.21 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.60 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.00 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 42.28 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 20.16 JUNAN COUNTY URBAN C 7.50 09/26/24 CNY 20.12 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 65.37 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 65.35 KUNMING AIRPORT INVE 7.50 01/28/26 CNY 41.50 LAOTING INVESTMENT G 7.50 04/11/26 CNY 42.51 LAOTING INVESTMENT G 7.50 04/11/26 CNY 39.80 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 42.48 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 41.78 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 40.00 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 40.00 LINFEN YAODU DISTRIC 7.50 09/19/25 CNY 41.27 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.70 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.00 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 41.58 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 41.52 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 41.45 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 41.40 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 60.60 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 60.58 LONGNAN ECO&TECH DEV 7.50 07/26/26 CNY 62.83 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 42.23 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 40.00 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.69 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.68 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.60 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.30 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.15 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.00 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 42.33 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.71 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.71 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 16.00 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.07 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.19 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00 MEISHAN HONGSHUN PAR 7.50 12/10/25 CNY 52.09 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.62 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.25 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 42.43 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 42.06 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.17 MENGZI CITY DEVELOPM 7.65 09/25/24 CNY 20.15 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 63.68 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 64.18 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 60.00 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 41.78 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 20.86 MIANYANG HUIDONG INV 8.10 04/28/25 CNY 20.84 MIANYANG HUIDONG INV 8.10 02/10/25 CNY 20.61 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.83 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.53 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 42.11 MILE AGRICULTURAL IN 8.00 10/25/25 CNY 41.56 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 41.00 MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.28 NANCHONG JIALING DEV 7.98 05/23/25 CNY 20.91 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.41 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.40 NANCHONG JIALING DEV 7.98 05/23/25 CNY 20.00 NEOGLORY HOLDING GRO 8.10 11/23/18 CNY 72.00 NEOGLORY HOLDING GRO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GRO 8.00 10/22/20 CNY 56.00 NINGXIA SHENG YAN IN 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.30 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 42.29 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.14 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 42.13 PANJIN LIAODONGWAN Z 7.50 12/28/26 CNY 64.13 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 64.09 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 20.85 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.30 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 41.16 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 42.38 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.48 PUDING YELANG STATE- 8.00 03/13/25 CNY 20.70 PUDING YELANG STATE- 8.00 03/13/25 CNY 20.70 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.26 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.14 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 42.16 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.00 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 64.67 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 64.66 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 41.97 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 41.25 QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 65.14 QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 63.96 QIANXINAN PREFECTURE 7.99 06/10/27 CNY 65.93 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 42.23 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 42.22 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 49.23 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 47.55 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.25 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 63.24 QUJING CITY QILIN DI 8.50 01/21/26 CNY 42.27 QUJING CITY QILIN DI 8.50 01/21/26 CNY 40.00 RENHUAI WATER INVEST 8.00 12/26/25 CNY 40.40 RENHUAI WATER INVEST 7.98 07/26/25 CNY 21.06 RENHUAI WATER INVEST 7.98 02/24/25 CNY 20.58 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 41.88 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 40.00 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 64.09 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 60.00 RUILI RENLONG INVEST 8.00 09/20/26 CNY 63.20 RUILI RENLONG INVEST 8.00 09/20/26 CNY 62.78 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 63.96 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 61.80 SHANDONG HONGHE HOLD 7.50 01/29/26 CNY 41.96 SHANDONG OCEAN CULTU 7.50 04/25/26 CNY 42.46 SHANDONG OCEAN CULTU 7.50 03/28/26 CNY 42.20 SHANDONG RENCHENG RO 7.50 01/23/26 CNY 41.75 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 41.95 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 40.00 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 42.03 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 40.49 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.86 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.76 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 21.03 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 21.03 SHANXI JINZHONG STAT 7.50 05/05/26 CNY 42.48 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 41.79 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.50 SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.12 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 7.50 08/22/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/22/25 CNY 21.25 SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.32 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.30 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 41.62 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 40.00 SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.65 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 64.80 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 64.78 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 63.76 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 63.75 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 42.92 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 42.91 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.14 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.85 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.73 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.33 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.23 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.00 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 7.50 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 41.86 SIYANG JIADING INDUS 7.50 12/14/25 CNY 41.75 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.75 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.75 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 6.00 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 4.71 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 1.00 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 42.54 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 42.39 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 42.34 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 40.00 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 40.00 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 40.00 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 41.48 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 39.59 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.49 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 42.22 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 40.00 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 42.30 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 20.76 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 63.94 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 63.02 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 60.00 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 60.00 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 41.37 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 53.26 TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONST 7.50 07/23/25 CNY 20.94 TONGCHENG CITY CONST 7.50 07/23/25 CNY 20.00 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 42.17 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 41.88 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 41.70 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 40.00 TONGREN WATER GROUP 8.00 11/29/28 CNY 73.56 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.79 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.70 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 41.37 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 40.00 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 41.20 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 40.99 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 65.15 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.64 WEINAN CITY INDUSTRI 7.50 06/30/27 CNY 64.89 WEINAN CITY INDUSTRI 7.50 06/30/27 CNY 60.00 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 42.18 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 41.50 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 40.00 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 42.18 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 40.00 WUZHOU CANGHAI CONST 8.00 05/31/28 CNY 66.55 WUZHOU CITY CONSTRUC 7.90 03/26/29 CNY 73.20 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 42.46 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 40.00 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.33 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 42.72 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 41.88 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.60 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.46 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00 XINPING URBAN DEVELO 7.70 01/24/26 CNY 41.94 XINPING URBAN DEVELO 7.70 01/24/26 CNY 38.22 XINYU CITY YUSHUI DI 7.50 09/24/26 CNY 63.33 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.41 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.00 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.31 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 41.30 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 42.84 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 42.22 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50 YANCHENG URBANIZATIO 7.50 03/04/27 CNY 64.85 YANGLING URBAN RURAL 7.80 06/19/26 CNY 42.92 YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.21 YANGLING URBAN RURAL 7.80 06/19/26 CNY 40.00 YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.86 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.79 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.94 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.00 YICHANG CHUANGYUAN H 7.80 11/06/25 CNY 41.57 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.54 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.54 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 42.79 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 41.67 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.87 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.00 YIYANG LONGLING CONS 7.60 01/23/26 CNY 41.85 YIYANG LONGLING CONS 7.60 01/23/26 CNY 40.30 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 41.15 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 41.09 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 41.92 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 41.17 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 40.00 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.75 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.00 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 41.28 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 41.25 YUANJIANG CITY CONST 7.50 01/18/26 CNY 41.94 YUANJIANG CITY CONST 7.50 01/18/26 CNY 41.93 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.72 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.49 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 63.73 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 42.68 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 40.00 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 64.15 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 60.00 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 65.00 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 60.00 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 42.31 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 42.02 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 42.27 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 42.27 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 63.56 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 60.00 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 42.44 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 41.74 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 41.60 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 41.96 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 41.95 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 41.16 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 40.00 ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75 ZHONGTIAN FINANCIAL 8.50 08/16/27 CNY 31.04 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 42.77 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 40.00 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.83 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00 ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 51.44 ZHUZHOU RAILWAY INDU 7.50 09/25/24 CNY 20.15 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 66.15 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00 ZIYANG KAILI INVESTM 8.00 02/14/26 CNY 42.15 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.23 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.20 ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 72.24 ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 70.00 HONG KONG --------- CHINA SOUTH CITY HOL 9.00 04/12/24 USD 28.96 CHINA SOUTH CITY HOL 9.00 06/26/24 USD 27.95 CHINA SOUTH CITY HOL 9.00 12/11/24 USD 27.76 CHINA SOUTH CITY HOL 9.00 10/09/24 USD 27.64 HAINAN AIRLINES HONG 12.00 10/29/21 USD 1.92 HONGKONG IDEAL INVES 14.75 10/08/22 USD 1.57 YANGO JUSTICE INTERN 8.25 11/25/23 USD 0.39 YANGO JUSTICE INTERN 7.88 09/04/24 USD 0.38 YANGO JUSTICE INTERN 9.25 04/15/23 USD 0.29 YANGO JUSTICE INTERN 7.50 02/17/25 USD 0.29 YANGO JUSTICE INTERN 10.25 09/15/22 USD 0.28 YANGO JUSTICE INTERN 10.00 02/12/23 USD 0.14 YANGO JUSTICE INTERN 7.50 04/15/24 USD 0.12 YANGO JUSTICE INTERN 10.25 03/18/22 USD 0.03 ZENSUN ENTERPRISES L 12.50 04/23/24 USD 5.42 ZENSUN ENTERPRISES L 12.50 09/13/23 USD 4.69 INDONESIA --------- WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 72.93 WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 72.83 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 70.93 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 70.53 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 65.64 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 65.26 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 63.99 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 63.99 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 63.96 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 63.96 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 61.75 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 61.51 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 61.50 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 61.46 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 60.99 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 60.99 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 59.55 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 59.47 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 56.67 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 56.59 WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 41.01 INDIA ----- AVANTI FINANCE PVT L 9.25 08/29/25 INR 74.32 AXIS FINANCE LTD 8.10 11/17/28 INR 74.35 AYE FINANCE PVT LTD 11.25 05/08/25 INR 70.55 BHARAT SANCHAR NIGAM 7.55 03/20/34 INR 63.60 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 54.23 PIRAMAL CAPITAL & HO 8.50 04/18/23 INR 34.25 RARE ASSET RECONSTRU 8.00 07/31/28 INR 74.55 RARE ASSET RECONSTRU 8.00 08/07/28 INR 74.47 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.83 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 0.58 BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.58 BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.47 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.47 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.47 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.47 ENERCOAL RESOURCES P 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE LT 7.50 01/18/21 CNY 20.29 MICLYN EXPRESS OFFSH 8.75 11/25/18 USD 0.87 NOMURA INTERNATIONAL 7.65 10/04/37 AUD 65.99 NOMURA INTERNATIONAL 19.50 08/28/28 TRY 65.69 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 05/15/31 LKR 73.31 SRI LANKA GOVERNMENT 12.40 06/15/32 LKR 70.28 SRI LANKA GOVERNMENT 7.50 01/15/33 LKR 66.07 SRI LANKA GOVERNMENT 12.40 02/15/34 LKR 63.62 SRI LANKA GOVERNMENT 12.40 03/15/35 LKR 61.75 SRI LANKA GOVERNMENT 12.40 04/15/36 LKR 60.24 SRI LANKA GOVERNMENT 12.40 05/15/37 LKR 59.03 SRI LANKA GOVERNMENT 12.40 06/15/38 LKR 58.07 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 56.86 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 56.76 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 56.20 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 56.17 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***