/raid1/www/Hosts/bankrupt/TCRAP_Public/241001.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, October 1, 2024, Vol. 27, No. 197
Headlines
A U S T R A L I A
DIAMONDSEC - VIP: First Creditors' Meeting Set for Oct. 3
FLEURIEU COMMUNITY: First Creditors' Meeting Set for Oct. 3
GRANDEUR HOMES: Second Creditors' Meeting Set for Oct. 4
PANORAMIC RESOURCES: Zeta Resources Proposes Rescue Plan
RISBY COVE: First Creditors' Meeting Set for Oct. 3
SAINT HOTEL: First Creditors' Meeting Set for Oct. 7
VARAICH HOMES: Goes Under Leaving Customers with Unfinished Homes
ZENTRY PTY: ASIC Disqualifies NSW Director for Five Years
C H I N A
SINO-OCEAN: Gets Liquidation Reprieve in HK Amid 'Some Progress'
I N D I A
ACCURA ORGANIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADAM & COAL: ICRA Withdraws B+/A4 Rating on INR92cr LT/ST Loans
AGL POLYFIL: CARE Keeps C Debt Rating in Not Cooperating Category
ASHIRVAD INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
AXXELENT PHARMA: Ind-Ra Affirms BB+ Bank Loan Rating
BABA KAILASHPATI: CARE Keeps C Debt Rating in Not Cooperating
BABA SATYANARAYAN: CARE Keeps B- Debt Rating in Not Cooperating
BHAMRA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
BHAVANI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
COLUMBUS OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
FAGNE TARSOD: CARE Keeps D Debt Rating in Not Cooperating Category
FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
GOYAL ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating
KRISHNA HYDROCARBONS: CARE Lowers Rating on INR9.90cr LT Loan to B
LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
NHC FOODS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
R. S. ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating
RAVI SHEET: CARE Keeps D Debt Ratings in Not Cooperating Category
S. M. AUTOSTAR: CARE Keeps D Debt Rating in Not Cooperating
SAICO CRANES: CARE Lowers Rating on INR9.30cr LT Loan to B-
SAPPHIRE LIFESCIENCES: ICRA Moves B+ Rating to Not Cooperating
SINNAR TALUKA: CARE Keeps B- Debt Rating in Not Cooperating
SOORAJ AGRO: Ind-Ra Affirms BB- Term Loan Rating, Outlook Stable
STARKE ROCKSAND: CARE Keeps B- Debt Rating in Not Cooperating
SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating
SUPERTECH TOWNSHIP: Given Two Weeks to Submit Settlement Proposal
SUSHEEL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUVIDHA REALTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
TUBE TURN: CARE Keeps D Debt Ratings in Not Cooperating Category
N E W Z E A L A N D
ASRA 2017: Creditors' Proofs of Debt Due on Nov. 4
CREATIVE INTERIORS: Creditors' Proofs of Debt Due on Nov. 8
DIVERSE ENGINEERING: Court to Hear Wind-Up Petition on Nov. 15
ECO EARTH: Court to Hear Wind-Up Petition on Oct. 25
MX LIMITED: Creditors' Proofs of Debt Due on Oct. 18
P H I L I P P I N E S
CYBER BAY: Has Yet to Receive Token Refund from PRA
S I N G A P O R E
ASCENDAS US: Creditors' Proofs of Debt Due on Oct. 28
ASIA POWER: Commences Wind-Up Proceedings
HIN LEONG: Lim Agrees to Pay Liquidators, HSBC US$3.6 Billion
HITZINGER PTE: Commences Wind-Up Proceedings
MEDIA CAPITALIST: Court to Hear Wind-Up Petition on Oct. 18
THAT CD SHOP: Creditors' Meeting Set for Oct. 14
S O U T H K O R E A
KOREAN FEDERATION: Court Suspends Rehabilitation Process
X X X X X X X X
[*] BOND PRICING: For the Week Sept. 23, 2024 to Sept. 27, 2024
- - - - -
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A U S T R A L I A
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DIAMONDSEC - VIP: First Creditors' Meeting Set for Oct. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Diamondsec -
Vip Protection & Training Academy Pty Ltd will be held on Oct. 3,
2024 at 10:00 a.m. virtually via Microsoft Teams.
Amanda Lott of ACRIS was appointed as administrator of the company
on Sept. 24, 2024.
FLEURIEU COMMUNITY: First Creditors' Meeting Set for Oct. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Fleurieu
Community Co-Operative Ltd will be held on Oct. 3, 2024 at 2:00
p.m. via Microsoft Teams.
Fleurieu Community and Victoria Young of Heard Phillips Lieberenz
were appointed as administrators of the company on Sept. 23, 2024.
GRANDEUR HOMES: Second Creditors' Meeting Set for Oct. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Grandeur Homes
Pty Ltd has been set for Oct. 4, 2024 at 11:00 a.m. by online video
conference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 3, 2024 at 5:00 p.m.
Sam Kaso and Daniel P Juratowitch of Cor Cordis were appointed as
administrators of the company on Aug. 30, 2024.
PANORAMIC RESOURCES: Zeta Resources Proposes Rescue Plan
--------------------------------------------------------
Oliver Gray at Mining.com.au reports that Zeta Resources has put
forward a deed of company arrangement (DOCA) under which it - or
one of its subsidiaries - would assume all of the shares in
beleaguered Panoramic Resources.
Creditors will consider the proposed DOCA at the second Panoramic
creditors' meeting on October 2.
Mining.com.au relates that the conditions precedent to the proposed
arrangement must be satisfied or waived by Dec. 16, 2024 or at
another date agreed to by Zeta and the deed administrator.
Panoramic was put in the hands of administrators FTI Consulting in
December last year as nickel prices deteriorated, and was removed
from the ASX last month. The company owns the Savannah
Nickel-Copper-Cobalt Project in northern Western Australia.
According to Mining.com.au, FTI said at the time that "given the
company's status, the costs and administrative burden of remaining
listed on the ASX outweighed the benefits of remaining listed," and
opted not to pay the company's annual listing fees, resulting in
automatic de-listing.
Zeta's DOCA means that unsecured creditors will receive just $0.10
on the dollar, while shareholders are expected to leave empty
handed, Mining.com.au says. Outstanding employee entitlements will
be paid in full, while a debt owed to commodities trader Trafigura
will be restructured.
Mining.com.au says the company currently owns 15.3% of Panoramic,
and FTI Consulting has recommended creditors should vote in favor
of Zeta's proposal.
However, the rescue plan is contingent on WA's Supreme Court ruling
that all payment claims made by mining services contractor
Barminco, which had been under contract at the Savannah Project,
are classified as unsecured debt, rather than priority debt.
Separate to the DOCA and subject to the satisfaction of the
Barminco condition, it is also proposed that Zeta will provide
interim funding to certain Panoramic companies of up to $3.35
million to fund agreed operational and certain transaction costs up
until the DOCA is implemented, adds Mining.com.au.
About Panoramic Resources
Panoramic Resources Limited -- https://panoramicresources.com/ --
is a mining company that explores for and mines copper, nickel, and
cobalt in the Kimberley region of Western Australia.
On Dec. 14, 2023, Daniel Woodhouse, Hayden White and Kate Warwick
of FTI Consulting were appointed as Joint and Several
Administrators of Panoramic Resources Limited and its subsidiaries,
Savannah Nickel Mines Pty Ltd and PAN Transport Pty Ltd.
The Administrators were subsequently appointed as Joint and Several
Administrators to Pindan Exploration Company Pty Ltd, a wholly
owned subsidiary of Panoramic, by a resolution of its Directors on
Jan. 15, 2024.
RISBY COVE: First Creditors' Meeting Set for Oct. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Risby Cove
Tas Pty Ltd and Risby Cove Management Pty Ltd will be held on Oct.
3, 2024 at 10:00 a.m. via virtual meeting only.
David Coyne and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Sept. 23, 2024.
SAINT HOTEL: First Creditors' Meeting Set for Oct. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Saint Hotel
Group Pty Ltd will be held on Oct. 7, 2024 at 3:00 p.m. via virtual
meeting.
Costa Nicodemou of Newpoint Advisory was appointed as administrator
of the company on Sept. 24, 2024.
VARAICH HOMES: Goes Under Leaving Customers with Unfinished Homes
-----------------------------------------------------------------
Skynews.com.au reports that Varaich Homes went under on September
18, leaving dozens of customers in a precarious position, with a
string of scathing accusations being hurled at the builder.
According to Skynews.com.au, Varaich Homes vowed to "build your
dream home", advertising custom homes, knockdown rebuilds and
multi-unit developments.
However, multiple customers have been left with no or half-built
projects, and significantly out of pocket, with the company now in
liquidation.
Skynews.com.au says the business has been accused by multiple
paying customers of pressuring clients to pay large sums of money
in advance, even sending aggressive emails demanding payment,
without completing the work.
A WhatsApp group with close to 50 people was created for customers
who had fallen victim to the company's tactics.
Tradesmen who were contracted to work on the builds were also
reportedly left with nothing, with one renderer warning others not
to work with the business, Skynews.com.au says.
"I've done a job for Varaich Homes in Doncaster East three months
ago but still didn't get paid," he wrote on Facebook, notes the
report. "I called them several times and emailed them, but I didn't
even get a response. If you're thinking about working with them,
Don't Do it!"
"Avoid Varaich Homes, whether you're working for them or are a
client. They have a history of not paying their tradespeople, and
if you're a homeowner, they may take your deposit and disappear,"
an anonymous user posted in a Facebook group.
Bricklayer Ali Nazari is threatening to sue Varaich Homes after he
claimed the business told him they simply "don't want to pay" after
he completed brickwork for them, Skynews.com.au relays.
A couple who decided to use the disgraced company to build their
dream home accused the builders of abruptly terminating their
contract when they declined to pay an extra AUD13,000 for a
building permit right away, according to Skynews.com.au.
After this, the builders cut off contact and refused to refund
their money, despite not having done any work on their build.
Skynews.com.au adds that the company received a winding-up notice
in September, indicating that a creditor is seeking payment of a
debt owed.
ZENTRY PTY: ASIC Disqualifies NSW Director for Five Years
---------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Graeme John Doble, of Gymea Bay, NSW, from managing
corporations for the maximum period of five years due to his
involvement in the failure of six companies.
Between May 1984 and August 2023, Mr. Doble was a director of the
following companies:
* Zentry Pty Ltd;
* Seville Optimised Solutions Pty Ltd;
* Christina Administration Pty Ltd;
* Doble Express Transport Pty Ltd;
* DXT (NSW) Pty limited; and
* Green Gables Cootamundra Pty Ltd
Doble Express Transport operated a transport, trucking and freight
forwarding business. DXT (NSW), Seville Optimised Solutions and
Zentry operated labour hire businesses. Christina Administration
operated as a research and development business. Green Gables
Cootamundra operated in the transport, postal and warehousing
industry.
ASIC found that Mr. Doble acted improperly and failed to meet his
obligations as director when he:
- improperly used his position as a director of Doble Express
Transport, Seville Optimised Solutions and Zentry to gain
an advantage for himself or others, which caused detriment
to the companies
- was involved in a tax avoidance scheme for the benefit of
his family business
- allowed DXT NSW and Zentry to continue operating when those
companies were insolvent
- failed to ensure that Doble Express Transport and Seville
Optimised Solutions complied with its statutory obligations
to lodge income tax returns with the Australian Taxation
Office (ATO)
- caused or allowed Doble Express Transport, DXT NSW, Seville
Optimised Solutions and Christina Administration to fail
owing debts to the ATO, Revenue NSW and unpaid workers
compensation premiums
- failed to make out and submit a Report on Company
Activities and Property and failed to deliver books and
records in his possession to the liquidator of Seville
Optimised Solutions, and
- failed to take reasonable steps to ensure Zentry kept
adequate books and records.
At the time of ASIC's decision, the six companies owed a combined
total of AUD15,170,970.00 to unsecured creditors, including
AUD8,041,582.90 to the ATO, AUD580,938.25 to Revenue NSW and
AUD773,567.14 in unpaid workers compensation premiums.
In disqualifying Mr. Doble, ASIC relied on supplementary reports
lodged by liquidators, David Sampson of BPS Recovery, Liam Bailey
of O'Brien Palmer, Mitchell Ball of Mackay Goodwin and Andrew
Spring of Jirsch Sutherland.
ASIC assisted Mr. Sampson, Mr. Bailey, Mr. Ball and Mr. Spring to
prepare their reports by providing funding from the Assetless
Administration Fund.
Mr. Doble is disqualified from managing corporations until Sept. 4,
2029.
Mr. Doble has the right to seek a review of ASIC's decision by the
Administrative Appeals Tribunal.
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C H I N A
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SINO-OCEAN: Gets Liquidation Reprieve in HK Amid 'Some Progress'
----------------------------------------------------------------
South China Morning Post reports that Sino-Ocean Group received an
additional reprieve of three months on its liquidation hearing on
Sept. 23 after it outlined a plan for parallel restructuring
efforts in Hong Kong and the UK.
The Post relates that Hong Kong Justice Linda Chan adjourned the
hearing until December 23, saying that the developer had "made some
progress" on its restructuring.
This is the second adjournment of the hearing against the developer
since Bank of New York Mellon's London branch, a trustee for
bondholders, filed a liquidation petition in June for US$400
million in debt and accrued interest.
According to the Post, lawyers representing Sino-Ocean sought a
reprieve until the end of December, arguing that the restructuring
is ongoing and that the company expects to seek approval from a UK
court and a Hong Kong court next month to restructure US$5.6
billion in debt.
More than 75 per cent of loan creditors have approved the
restructuring proposal that the developer presented in July, which
meets a requirement to file a request for restructuring with a UK
court under Part 26A of the Companies Act of 2006, one of the
company's lawyers said, the Post relays.
"We know we don't have [enough support from] groups B, C and D, but
we don't care," the Post quotes the lawyer representing Sino-Ocean
as saying during the court hearing as saying. Under Part 26A, a
company can request approval for its restructuring from a UK court
as long as it receives consent from at least 75 per cent of one
class of creditors, not all classes of creditors.
The Beijing-based developer unveiled its overdue workout for its US
dollar-denominated debts in July, the Post recalls. It offers
creditors options such as US$2.2 billion of new debt linked to
offshore assets, or exchanging debt for mandatory convertible bonds
or new perpetual securities.
The loan creditors, or so-called group A creditors, are among the
four classes of creditors under the proposal. Bondholders are
classified into group B, C, and D according to the different types
of bonds.
Late on Sept. 22, the developer announced that it aims to
restructure its debt through a combined effort including processes
under UK law and a scheme of arrangement by Sino-Ocean Land HK
under Hong Kong law, the Post says.
A hearing for the UK restructuring process is scheduled at the High
Court of Justice in England and Wales on October 18, when the
developer will seek an order from the court to convene meetings
with its creditors to approve the restructuring, the Post discloses
citing a Sept. 22 filing with the Hong Kong stock exchange.
A hearing on the Hong Kong scheme will be heard on October 31 at
the Hong Kong High Court, the Post notes.
The UK restructuring will cover the relevant claims of each class
of the existing debt instruments, while the Hong Kong scheme will
only cover existing syndicated loans and a bilateral loan, the
developer, as cited by the Post, said in the filing.
About Sino-Ocean Group
Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2. At the
same time, Moody's has downgraded to C from Caa3, the backed senior
unsecured ratings on the bonds issued by Sino-Ocean Land Treasure
Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and
Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean.
The outlook remains negative.
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I N D I A
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ACCURA ORGANIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Accura
Organic Foods (AOF) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.29 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 1.80 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 10.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AOF, 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 2008 as a partnership firm, Accura Organic Foods
('AOF') is engaged in processing and exporting sesame seeds and
other agro commodities, including soyabean, linseed and organic
amaranth. AOF is promoted by the Vachhani family. One of its
partners, Mr. Deepak Vachhani, has an extensive experience in the
business of sesame seed processing and export
ADAM & COAL: ICRA Withdraws B+/A4 Rating on INR92cr LT/ST Loans
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Adam & Coal Resources Private Limited, at the request of the
company and based on the No Dues Certificate received from its
banker. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 92.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Others
Long Term/ 3.00 [ICRA]B+(Stable) ISSUER NOT
Short Term- COOPERATING/[ICRA]A4;ISSUER
Non-Fund Based NOT COOPERATING; Withdrawn
Incorporated in September 2004, ACRPL is involved in trading of
steam coal and pet coke, wherein it imports coal from Australia,
South Africa and Indonesia, among other countries and caters to
customers located in India, primarily in the cement and the power
industries. The company has a wholly -owned subsidiary, Adcoal
Resources PTE Limited (ARPL), in Singapore, which is involved in
the same business. It is promoted by Mr. Tony Adam, the Managing
Director.
AGL POLYFIL: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AGL
Polyfil Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.94 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 July 6, 2023,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. APPL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated May 21, 2024, May 31, 2024, June
10, 2024 among others.
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).
AGL Polyfil Pvt. Ltd. (APPL), incorporated in March 2002 as Udita
Properties Pvt. Ltd. by Mr. Sheo Shankar Pandey and Mr. Shrigopal
More of Kolkata. After remaining dormant for six years the company
was taken over by the Agarwal family of Kolkata in Sep. 2008 and
was rechristened to its present name. AGL commenced commercial
operations from Nov. 2010 and is engaged in manufacturing of Pet
Flakes, Polyester Staple Fiber (PSF) and Polyester Yarn. The
company manufacturers its products by recycling industrial &
consumer plastic waste (PET bottles, polyester waste) instead of
crude oil which is used to manufacture virgin form of the products.
The manufacturing facility of the company is located at Chandrapur,
in West Bengal.
ASHIRVAD INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Ashirvad
Industries & Infrastructure (AII) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 10.00 [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 AII, 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.
Established in 1998 as a partnership firm, Ashirvad Industries &
infrastructure (AII) is in to cotton ginning business and act as a
toll collection agent on state and national highways in Gujarat. In
addition to this, the firm has also commenced trading in currency
derivative instruments from FY2015 onwards. AII's manufacturing
facility is located at Rajkot in Gujarat and is equipped with 18
ginning machines and 1 pressing machine with total production
capacity to manufacture ~200 cotton bales per day. Currently, the
firm is operating two toll collection projects in the state of
Gujarat. The partners have been associated with toll collection
activity for over fifteen years with number of projects
successfully completed.
AXXELENT PHARMA: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Axxelent Pharma
Science Private Limited's (APSPL) bank facilities as follows:
-- INR400 mil. Proposed term loan affirmed with IND BB+/Stable
rating; and
-- INR1,479.20 bil. Term loan due on October 31, 2029 affirmed
with IND BB+/Stable rating.
Analytical Approach
Ind-Ra has fully consolidated APSPL and its group company Shasun
Leasing and Finance Private Limited (SLFL) to arrive at the ratings
as apart from being a part of the same group, the entities have
initiated a merger process, which is likely to be completed by
2025. Post the merger, SLFL will cease to exist.
Detailed Rationale of the Rating Action
The affirmation reflects APSPL successfully obtaining the United
States Food and Drug Administration (USFDA) approval for its
non-sterile plant at Sricity Tada, Andra Pradesh, the planned
merger of group company SLFL with APSPL, new project plans and
extensive promoters experience. However, the timely infusion of
equity proceeds remains a key monitorable. The ratings are
constrained by the company's small scale of operations, weak credit
metric and stretched liquidity. FY25 will be the first full year of
operations for the company.
Detailed Description of Key Rating Drivers
Timely Infusion of Equity Proceeds Remains Key Monitorable: The
company plans to issue share capital (including premium) amounting
to INR2,116 million for FY25 and INR446 million for FY26. Out of
INR2,116 million, INR1,124 million is towards conversion of
redeemable preference shares and the interest accrued. Hence, there
will not be any actual cash inflow to that extent. However, the
debt of the company will also be reduced in FY25, contributing to
improved net worth of the company. Out of the remaining equity
share capital, INR279 million will be utilized for the merger and
the balance will be utilized for setting up the company's new
manufacturing plant in Andhra Pradesh. Till mid-September 2024, the
company had received INR 165.90 million in the form of private
placement from KR Impex Holding FZ-LLC,UAE. The timely infusion of
equity from promoters and investors to be key monitorable.
Continued Small Scale of Operations with Weak Credit Metrics:
Ind-Ra expects the scale of operations to be small in FY25 since it
will be the year of commencement of operation for the non-sterile
plant. APSPL booked a revenue of INR178 million in FY24 and
INR116.56 million during 1QFY25. APSPL booked an EBITDA of INR10.13
million in FY24 and INR62.792 million during 1QFY25. Ind-Ra expects
the overall credit metrics to be weak during the initial years of
the commencement of operations, before an improvement could be seen
in the ratios, in line with the improvement in the scale of
operations.
Stretched Liquidity: APSPL has debt repayments of INR153.4 million
in FY25 and INR240.9 million in FY26. It does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. As of now, the repayments are
managed through investors' and promoters' fund. Ind-Ra expects the
debt service coverage ratio to be weak during the initial years of
operations. However, the debt serviceability is likely to be
supported by investors and promoters till the company starts to
generate sufficient operational cash flows.
Operational Risk: The US, which will be a major revenue contributor
to the company, is a regulated market subject to continuous
regulatory scrutiny and inspection. Also, any delay in the company
obtaining the USFDA approval for its sterile plant will delay the
operating cash flow.
USFDA Approval Received for Non-sterile Plant: The non-sterile
plant received the USFDA Establishment Inspection Report on July
31, 2024 for its oral solid dosage facility. The sterile plant is
likely to be operational from November 2024 and will be
manufacturing sterile products such as injectables (vials, ampoules
with lyophilization and pre-filled syringes) and ophthalmic
solutions. The facility inspection by USFDA is likely to be done by
2QFY26. Until then, the validation process, media fill, exhibition
batches, temperature control checks for the sterile plant will be
going on. As per the management, new orders are likely to improve
margins and cashflow in FY25, following the USFDA approval of this
plant.
Planned Merger with SLFL: The process merging SLFL with APSPL has
been initiated with the National Company Law Tribunal (NCLT).
However, the application is pending for acceptance by the NCLT. The
management expects the merger to be completed by March 2025.
Furthermore, the management expects the date of merger to be one
month after the date of order of NCLT for merger. SLFL is owned by
the promoters of APSPL. It is an investment company and does not
have any independent operations. The objective of this merger is to
convert all the loan given by SLFL to APSPL to convert as equity
and to take the cash and bank balance (including fixed deposits)
for the operations of APSPL. The consideration for the same will
also be in the form of equity shares of APSPL.
New Manufacturing Plant: The company plans to start a new project
in Andra Pradesh for manufacturing vials and ophthalmic ointment by
FY28. The cost of this project as estimated at INR1,800 million and
will be funded by way of INR900 million worth of equity (by way of
rights and preferential issue) to the existing shareholders and the
remaining INR 900 million by way of loan (yet to be tied up). The
loan for this project is to be availed in two stages: INR450
million in FY25 and the rest in FY26. As per the management, the
reason for starting the new project despite the existing plant not
being fully functional is after considering the time taken for the
construction of the new project and approval time required in the
pharma sector. Ind-Ra expects the new debt to affect the credit
metrics until the new plant successfully generates cash flow and
Ind-Ra will not be able to comment on the repayment since the loan
for this project is yet to be tied up.
Extensive Promoters Experience: The ratings are supported by the
minimal off-take risk in view of the promoter's diverse experience
of over three decades in the pharmaceutical industry. The company
is leveraging the promoter's operating track record to establish
strong relationships with its customers and thus obtain contracts.
Liquidity
Stretched: The average maximum utilization of the fund-based limits
was 56% and that of the non-fund-based limits was 18.38% during the
12 months ended September 2024. The fund flow from operations
remained negative in FY24 due to initial stages of operations. The
free cash is also likely to remain negative in the near term due to
the initial stage of operations and the new capex the company is
planning for the setup of new project. The company's ability to
timely repay debt using internal accruals and investors' funds
remains key monitorable.
Rating Sensitivities
Negative: Any further delay in the project completion or delay in
timely investment from the investors and lower-than-Ind-Ra-expected
revenue visibility, leading to an inability to generate operating
profit and continued stress on the liquidity position will be
negative for the ratings.
Positive: A significant improvement in the revenue and
profitability, timely investment from the investor and revenue
visibility from the Phase 2 facility (sterile plant), all leading
to an improvement in the liquidity position and improved credit
metrics in FY25 and beyond, all on a sustained basis, could lead to
a positive rating action.
About the Company
Incorporated in October 2019, APSPL is a research and
service-driven pharmaceutical company focused on contract
development and contract manufacturing of oral solid, injectable,
oral liquid and topical dosage forms for clients across the US,
Europe, and Asia. The head office is in Chennai. FY25 will be the
year of commencement of operation for both non-sterile and sterile
plant.
BABA KAILASHPATI: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Kailashpati Agro Processing Private Limited (BKAPPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.13 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 July 13, 2023,
placed the rating(s) of BKAPPL under the 'issuer non-cooperating'
category as BKAPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BKAPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 28, 2024, June
7, 2024, June 17, 2024, among others.
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).
Baba Kailashpati Agro Processing Private Limited was incorporated
in August 2015 with an objective to enter into the cold storage
business. The company is currently providing cold storage services
primarily for potatoes to the farmers and traders on a rental basis
from December 2016. The cold storage unit of the company is located
at Vill & PO- Dakshin Rasulpur, PSA rambagh, DistHooghly, West
Bengal with a storage capacity of 209000 quintals per annum. The
company provides interest bearing advances to farmers for farming
purpose against potatoes stored. The day to day operations of the
company are looked after by Mr. Subrata Kumar Paul (Director) and
Mr. Mantu Behari Samanta, who have experience of around 16 years,
21 years, respectively, in similar line of business.
Status of non-cooperation with previous CRA: Infomerics has
continued the rating assigned to the bank facilities of BKAPPL into
Issuer Not Cooperating category vide press release dated April 4,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.
BABA SATYANARAYAN: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Satyanarayan Himghar Private Limited (BSHPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 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 06, 2023,
placed the rating(s) of BSHPL under the ‘issuer
non-cooperating’ category as BSHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BSHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated May
21, 2024, May 31, 2024, June 10, 2024 among others.
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).
Baba Satyanarayan Himghar Private Limited (BSHPL) was incorporated
in May 1978. Since its inception the company is engaged in cold
storage services. The company provides cold storage services
primarily for potatoes to the farmers and traders on a rental
basis. The cold storage unit of the company is located at Sahapur,
Tarkeshwar, Hooghly -712410, with a storage capacity of 196265
quintals. Besides providing cold storage facility, the unit also
works as a mediator between the farmers and marketers of potato, to
facilitate sale of potatoes stored and it also provides nterest
bearing advances to farmers for farming purpose against potatoes
stored. Currently, the company is renovating its existing cold
storage unit which was damaged due to fire on February 16, 2018.
The day to day operations of the company are looked after by Mr.
Deoshankar Shaw, Mr. Hemanta Kheto, Mr. Naba Kumar Das, Mr. Badal
Chandra Patra, Mr. Arup Kumar Ghosh, Mr. Gagan Chandra Aru, Mr.
Sanat Kumar Adak, Mr. Tapas Dey Kumar, who have significant
experience in cold storage and trading of potatoes business.
BHAMRA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhamra Agro
Industries Private Limited (BAIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.20 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 BAIPL under the ‘issuer
non-cooperating’ category as BAIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BAIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated May
25, 2024, June 4, 2024, June 14, 2024 among others.
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).
Bhamra Agro Industries Private Limited (BAIPL) was incorporated in
July 2017. The company is converted from Shyam Agricultural
Implements, a sole proprietorship entity, to a Private Limited
Company with effect from October 1, 2017. The objective of the
company is to manufacture of different types of agricultural
implements like Cage Wheel, Cultivator, Hydraulic Trailer, Water
Tank, Diesel Tank, Paddy Threasure, and Rotovator etc. The
manufacturing unit of the company is located at G.T. Road, Panagarh
Bazar, Burdwan - 713148 with an installed capacity of 80000 units
per annum of various agricultural implements. The company procures
its raw materials from the domestic suppliers and from nearby
states. The company sells its final products directly to customers
and through dealers and distributors also. Mr. Harjinder Singh
(Director), Mr. Vijaydeep Singh Bhamra (Director) and Mr. Amardeep
Singh (Director) who have 40 years, 10 years and 11 years of
experience, respectively, in the similar line of business, look
after the day to day operation of the company. They are further
supported by a team of experienced professionals.
BHAVANI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhavani
Enterprises Hubli (BE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 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 August 2, 2023,
placed the rating(s) of BE under the 'issuer non-cooperating'
category as BE had failed to provide information for monitoring of
the rating as agreed to in its Rating
Agreement. BE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
17, 2024, June 27, 2024, July 7, 2024 among others.
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).
Bhavani Enterprises_Hubli (BE) was established in August 2012 by
Mr. Mahadev Habib and Mr. Aravind Kalburgi with 4 other partners to
undertake the construction of commercial project in the name of
'Galaxy Mall'. The project is located in Hubli di strict of
Karnataka.
COLUMBUS OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Columbus
Overseas LLP (COL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 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 July 31, 2023,
placed the rating(s) of COL under the 'issuer non-cooperating'
category as COL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. COL continues to
be non-cooperative despite repeated requests for submission of
information through emails dated June 15, 2024, June 25, 2024 and
July 5, 2024 among others.
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).
Jaipur (Rajasthan) based Columbus Overseas LLP (COL) was formed as
a limited liability partnership concern in January 2015 by Sawalka
family and is engaged into real estate business.
FAGNE TARSOD: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fagne
Tarsod Corridor Private Limited (FTCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 236.00 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 June 4, 2024,
placed the rating(s) of FTCPL under the 'issuer non-cooperating'
category as FTCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. FTCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated September 20, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of FTCPL have been
revised on account of delays in debt servicing recognized from
publicly available information.
FTCPL is a special purpose vehicle (SPV) incorporated and owned by
AIDPL (74% stake; registered and beneficial stakeholder, referred
to as 'sponsor' for lender) and MBL Infrastructures Limited (MBL;
26% stake; registered holder only). The company
entered into a 17.5-year (including construction period of 910 days
from appointed date) concession agreement with NHAI for the four
laning of existing two lane stretch on Tarsod to Fagne section of
NH–6 (from km 422.70 to km 510.00, aggregating 87.30 km) on the
design, build, finance, operate and transfer (DBFOT –Hybrid
Annuity Mode) basis in the state of Maharashtra. The bid project
cost of the project is INR1021 crore which is expected to be
completed at a total cost of INR831.69 crore by the lenders.
Earlier, the project was envisaged to be funded through debt of
INR306.85 crore, construction grant from NHAI of INR408.40 crore
and balance INR116.44 through promoter's contribution. Earlier,
SREI Infrastructure Finance Ltd (SREI, rated 'CARE D') was supposed
to provide debt of INR140.85 crore; however, it was unable to
disburse the loan amount due to ongoing issues in the NBFC sector.
Consequently, FTCPL received sanction from Indian Bank for INR70
crore in January 2020 to replace SREI and the balance portion of
debt shall be funded by AIDPL from its margin in EPC contract for
the project and balance, if required, from the surplus generated
from AIDPL's three debt-free operational OMT projects.
Subsequently, SREI has been admitted under Corporate Insolvency
Resolution Process (CIRP) vide Hon'ble National Company Law
Tribunal (NCLT) order dated October 8, 2021. Thus, the project cost
is now being funded through debt of INR236 crore,
construction grant from NHAI of INR408.40 crore and balance
INR187.29 crore from promoter's contribution. Till September 7,
2022, FTCPL has achieved 70.20% of the physical progress on the
project stretch, which was low as compared to the revised
construction schedule of 87.94%. Further, the financial progress as
on September 7, 2022 stood at 78.73% as against the revised planned
financial progress of 87.94%. The company has received a revised
extension of time (EOT) from NHAI vide their
letter dated October 2022, wherein the scheduled project completion
date (SPCD) has been revised to March 3, 2023.
FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of Flock Sur India Pvt. Ltd.
(FIPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with FIPL, 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 2013, FIPL is engaged in manufacture of flock
fabrics which find application in furnishing products. Prior to the
incorporation of FIPL, these operations were earlier carried out
under the partnership firm Flocksur India, having FIPL's promoters
Mr. Sunil Girdhar and his wife Mrs. Urvashi Girdhar as partners.
FIPL's manufacturing unit located in Gurgaon, Haryana produces
around 4-5 lakh meters of flocked fabric per month.
GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Global
Institute of Medical Science & Health Care (GIMSH) in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GIMSH, 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 November 2011, GIMSH is a closely held company
registered under section 25 (not for profit company) that is
setting up a 300-bedded multi-specialty hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, who are currently running a130
bedded hospital in Jabalpur, Madhya Pradesh. They are also managing
the affairs of medical and engineering institutes located in Madhya
Pradesh. The promoters of the company already have extensive
experience in the healthcare sector.
GOYAL ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Energy and Steel Private Limited (GESPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 106.04 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.00 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 August 1, 2023,
placed the rating(s) of GESPL under the 'issuer non-cooperating'
category as GESPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GESPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 16, 2024, June 26, 2024,
July 6, 2024 among others.
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).
Goyal Energy & Steel Private Limited (GESPL) was promoted in
December 2004 by Raipur-based Mr. Deepak Agarwal and his younger
brother Mr. Ritesh Agarwal. GESPL has two manufacturing units in
Raipur and one unit in Bhilai, Chattisgarh. The Raipur units are
engaged in manufacturing of billets & structural steel products
(i.e. angles, strips, channels) and Bhilai has a forging unit. The
company had purchased the Bhilai Unit in January, 2017 and
subsequently refurbished it at a cost of about INR6 crore which was
funded through internal accruals/promoter's contribution (in the
form of unsecured loan). The unit started operation in July 2018.
GESPL is a closely held family managed business.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of GESPL into ISSUER NOT
COOPERATING category vide press release dated August 9, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.
GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru
Ramdass Ji Stone Crasher (GRSC) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 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 September 7,
2023, placed the rating(s) of GRSC under the 'issuer
non-cooperating' category as GRSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GRSC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 23, 2024,
August 2, 2024 and August 12, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based Guru Ramdass Ji Stone Crasher (GRSC) was
established on Feb. 8, 2011 as a partnership firm and is currently
being managed by Mr. Jagjeet Singh and Mr. Harpreet Singh. The firm
was established with the objective of stone crushing, washing,
grading & natural screening of stones.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of GRSC into
Issuer Not Cooperating category vide press release dated October
27, 2023 on account of its inability to carry out a review in the
absence of requisite information.
HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Hi-Tech Frozen Facilities Private Limited (HTFFPL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.80 [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 HTFFPL, 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.
Hi-Tech Frozen Facilities Private Limited (HTFFPL) was incorporated
by Mr. Vijay Shah for setting up a frozen & cold chain facility in
Surat, Gujarat. The cold chain facility commenced operations in FY
2010-11 and has an installed cold storage capacity of 10,000 MT.
The company also has two refrigerated trucks of 7 MT and 9 MT
capacities for transporting the farm produce to cold storage
facility and then to the consumption centers. The cold storage
facility was set up under the aegis of the "Integrated Cold Chain
Infrastructure Project Scheme" launched by the Ministry of Food
Processing Industries, Govt. of India under which financial
assistance in the form of grant-in-aid @ 50% of the total cost of
plant and machinery and technical civil works is given to the
company (subject to a maximum grant of INR10.00 crore). HTFFPL
received a total grant of INR7.20 Cr under the scheme.
KRISHNA HYDROCARBONS: CARE Lowers Rating on INR9.90cr LT Loan to B
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krishna Hydrocarbons Private Limited (KHPL), as:
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 and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of KHPL under the 'issuer non-cooperating'
category as KHPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KHPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 5, 2024, June 15, 2024, June
25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KHPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Krishna Hydrocarbons Pvt Ltd (KHPL) incorporated in October, 2007
by Gupta family of Bihar for the purpose of setting up a
calcination plant. The company, after remaining dormant till 2009,
has set up a 38,400-metric tonne per annum (MTPA) capacity plant at
Barauni Industrial Area, Begusarai (Bihar), which is in close
proximity to the refinery of Indian Oil Corporation Ltd (IOCL). The
plant commenced commercial production from November, 2011. Mr.
Gopal Krishna Gupta, having more than two decades of experience in
petrochemicals industry, looks after the day to day operations of
the company. He is supported by other directors Mr. Sandeep Anand
Gupta and Mr. Akash Deep Gupta along with the team of experienced
professionals.
LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings for the Bank
Facility of Lypsa Gems and Jewellery Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 50.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Non Fund Based- Cooperating' Category
Others
As part of its process and in accordance with its rating agreement
with Lypsa Gems and Jewellery Limited, 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 on November 30, 1995, Maloo Polymers Limited, a public
limited company, was listed on Ahmedabad Stock Exchange in the year
1997. In the year 2008-09, it was taken over by Mr. Dipan Patwa and
Mr. Manish Janani. At the time of takeover, it was only a shell
company with no trading activities. Subsequently the name of the
company was also changed to Maloo Gems and Jewellery Ltd. on Jan.
12, 2010. The name of the company was further changed to Lypsa Gems
& Jewellery Limited (LGJL) on March 7, 2012.
MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Mann
Mediciti Wellness Centre Private Limited (MMWCPL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MMWCPL, 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.
Mann Mediciti Wellness Centre Pvt. Ltd. (MMWCPL) incorporated in
the year 1999 by Dr. J.S. Mann operates a hospital by the name of
"Mann Mediciti Super Specialty Hospital (MMSSH)". MMSSH established
in the year 2009 is currently a 100 bedded facility located in
Jalandhar city of Punjab. MMSSH specializes in Medicine,
Cardiology, Neurology, Orthopedics and plastic and reconstructive
surgery among other branches of Medical Science. MMSSH is empaneled
with Ex-Servicemen Contributory Health Scheme (ECHS), Employees
State Insurance scheme (ESI) and Food Corporation of India (FCI).
NHC FOODS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on NHC
Foods Limited's (NHC) bank facilities to Negative from Stable and
has migrated the rating to the non-cooperating category. The rating
has been simultaneously withdrawn on the issuer's request.
The detailed rating action is:
-- INR255 mil. Fund-based working capital limits Outlook revised
to Negative; rating migrated to non-co-operating category and
withdrawn.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
*Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The Outlook revision to Negative indicates that the non-cooperation
could be symptomatic of possible disruption/distress in the
issuer's business. The ratings have been migrated to the
non-cooperating category before being withdrawn as the issuer did
not participate in the surveillance exercise despite continuous
requests and follow-ups by the agency through emails and phone
calls and has not provided information about latest audited
financial statement, sanctioned bank facilities, business plans and
projections for the next three years. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with NHC while reviewing the
rating. Ind-Ra had consistently followed up with NHC over emails,
apart from phone calls, from June 2024, However, the company has
been submitting the no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of NHC, 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
NHC was incorporated in 1960 by Himatlal Shah. The company
processes and trades spices, food grains and ready-to-eat snacks.
The company's processing unit has an installed capacity of 18,900
million tons per annum.
P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P. M.
Industries (PMI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.64 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.36 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 September 5,
2023, placed the rating(s) of PMI under the 'issuer
non-cooperating' category as PMI had failed to provide information
for monitoring of the rating and as agreed to in its Rating
Agreement. PMI continues to be non-cooperative despite repeated
requests for submission of information through emails dated July
21, 2024, July 31, 2024 and August 10, 2024 among others.
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).
P.M. Industries (PMI) was established in 2007 by Mr. Mukesh Doomra
as a proprietorship firm. However, on April 1, 2014, the
constitution of PMI was changed into a partnership firm with Mr
Mukesh Doomra and Mrs Neena Rani as its partners. The firm is
engaged in processing of paddy at its manufacturing facility in
Fazilka, Punjab.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of PMI into
Issuer Not Cooperating category vide press release dated February
22, 2024 on account of its inability to carry out a review in the
absence of requisite information.
R. S. ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. S.
Enterprises (New Delhi) (RSED) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 September 5,
2023, placed the rating(s) of RSED under the 'issuer
non-cooperating' category as RSED had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RSED continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 21, 2024, July
31, 2024 and August 10, 2024 among others.
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 R. S. Enterprises (RSED) is a partnership firm
established in 2006. RSED succeeded an erstwhile proprietorship
firm established in 1995 by Mr Samir Kumar Singhal. The firm is
currently being managed by Mr Samir Kumar Singhal and Mr Achin
Kumar Singhal sharing profit and losses equally. RSED is engaged in
trading of various types of fabrics viz., Cambric dyed, cambric
chicken print, cambric gray, and cotton gray.
RAVI SHEET: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ravi Sheet
Processors Private Limited (RSPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 9.75 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 July 19, 2023,
placed the rating(s) of RSPPL under the 'issuer non-cooperating'
category as RSPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RSPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 03, 2024, June 13, 2024,
June 23, 2024 among others.
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).
Ahmedabad (Gujarat) based RSPPL was incorporated in 1998 as a
private limited company. It was promoted by Mr. Narendrabhai Patel
and Ms. Jyotsnaben Patel. Mr. Tushar Patel and Mr. Saurabh Patel
became directors of RSPPL in 2004. RSSPL is managed by Mr. Tushar
Patel, Mr. Saurabh Patel and their father Mr. Narendrabhai Patel.
It is engaged in the business of processing of MS (Mild Steel)
Sheets which is used in engineering and capital goods industry. It
procures Mild Steel (MS) Coils manufactured by steel companies
directly as well as from vendors. It sells MS Sheets to the
wholesalers who then sell it to the end users. M.S. Sheets are used
in various industries such as construction, engineering, etc. for
structural, mechanical and general engineering purpose.
Status of non-cooperation with previous CRA: Brickwork has
downgraded the ratings assigned to the bank facilities of RSPPL to
'Issuer Not Cooperating' category vide press release dated February
20, 2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.
S. M. AUTOSTAR: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. M.
Autostar Private Limited (SMAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.99 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 25, 2023,
placed the rating(s) of SMAPL under the 'issuer non-cooperating'
category as SMAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 9, 2024, June 19, 2024 and
June 29, 2024 among others.
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).
SMAPL was incorporated in 2007 and is currently being managed by
Mrs Anisha Agarwal and Mrs Kusum Singh. SMAPL is primarily engaged
in manufacturing of diverse products namely clutches, brake pads,
clutch plates etc., wind operative generator parts, construction
equipment parts and agricultural equipment.
SAICO CRANES: CARE Lowers Rating on INR9.30cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saico Cranes Private Limited (SCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.30 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 8, 2023,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 23, 2024, July 3, 2024 and
July 13, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of SCPL have been revised
on account of non–availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Incorporated in 2004 by Alimchandani family, SCPL is engaged in
manufacturing of heavy material handling equipment viz. EOT
(Electrical Overhead Traveller) cranes, traversers, transfer
trolleys, spares, etc. finding wide range of applications as
material handling equipment for heavy equipment viz. railway
wagons, heavy steel items, heavy automobile parts, etc.
SAPPHIRE LIFESCIENCES: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Sapphire
Lifesciences Private Limited (SLPL) to the Issuer Not Cooperating
category. The rating has been denoted as "[ICRA]B+ (Stable); ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Cash Credit not cooperating category
The rating is based on limited cooperation from the entity since
the time it was last rated in September 2023. As a part of its
process and in accordance with its rating agreement with SLPL, 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 cooperation and in line with the aforesaid
policy of ICRA, the rating has been moved to the Issuer Not
Cooperating category.
SLPL, earlier known as Sapphire Capsules Pvt. Ltd., manufactures
pharmaceutical formulations, in the form of tablets and capsules,
across various therapeutic areas. SLPL's registered office is in
Mumbai and its manufacturing plant, which holds the GMP
certification by WHO, is at Palghar in Thane district of
Maharashtra. Its current installed manufacturing capacity is 300
crore tablets and 250 crore of capsules.
SINNAR TALUKA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sinnar
Taluka Vibhagiya Sahakari Dudh Utpadak And Prakriya Sangh Limited
(STVSDUPSL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.16 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 August 4, 2023,
placed the rating(s) of STVSDUPSL under the 'issuer
non-cooperating' category as STVSDUPSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. STVSDUPSL continues to be noncooperative despite
repeated requests for submission of information through e-mails
dated June 19, 2024, June 29, 2024 and July 9, 2024 among others.
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).
STVSDUPSL is a co-operative society established on May 16, 2008. It
is engaged in the business of processing of milk at its
facilities located at Nasik, Maharashtra.
SOORAJ AGRO: Ind-Ra Affirms BB- Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sooraj Agro
Distilleries Limited's (SADL) term loan rating as follows:
-- INR1.320 bil. Term loans due on December 31, 2032 affirmed
with IND BB-/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects the continued time and cost overrun risks
associated with SADL's under-construction grain-based ethanol
manufacturing unit. However, the rating is supported by the high
demand and growing market for ethanol to be used in fuels produced
by oil marketing companies and the promoters' experience of nearly
three decades in the agriculture industry.
Detailed Description of Key Rating Drivers
Time and Cost Overrun Risks: SADL is setting up a grain-based
ethanol manufacturing unit with a capacity of 39,600 kilo liters
per annum at Havnor Village, Karnataka. As on 30 June 2024, SADL
had already incurred capex of INR1900.4 million for acquiring land
for the project, building construction, advance for civil works,
machinery and for other preliminary expenses. Of this, INR580.60
million was in the form of equity and INR165.6 million was in the
form of unsecured loans and the balance INR1,154.2 million was
through term loans. The management expects commercial operations to
commence from November 2024. Ind-Ra expects the scale of operations
to remain small over the medium term owing to the initial risks
associated with capacity utilization.
Risk of Delay in Commencement of Operations: SDPL had planned to
complete the construction of the project and commence its
operations by August 2024. However, there has been a delay in the
same and the project is now likely to be completed by October 2024.
As per the agency's discussion with the management, the delay has
been caused by some execution lag from the engineering, procurement
and construction contractor. Such delays might affect the company's
debt servicing ability in the short term. However, the management
has submitted an application to the bank for an extension of the
repayment schedule, which is under process.
High Demand and Growing Market for Ethanol: The rating benefits
from the high demand and growing market for ethanol to be used in
fuels produced by oil marketing companies such as Hindustan
Petroleum Corporation Limited ('IND AAA'/Stable) and Bharat
Petroleum Corporation Limited, thereby aiding revenue visibility
for SADL over the medium term. The project also has locational
advantages due to its proximity to areas that have ample raw
material sources.
Promoter Experience: The rating is also supported by the promoter's
experience of nearly three decades in the agriculture industry,
which would help the company establish strong relationships with
customers as well as suppliers. Furthermore, the promoters are
involved in the trading of maize, which will be used as raw
material for ethanol production.
Liquidity
Stretched: SADL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The total investment for the project is INR1,907.8
million, of which INR1,320 million (69.20%) will be funded through
term loans and the remaining INR587.80 million (30.80%) through
promoters' contribution. The term loan has already been sanctioned,
out of which INR1,154.2 million had been disbursed as on August 31,
2024. The company has repayment obligations of INR188.60 million
each in FY26 and FY27, respectively. SADL plans to meet its working
capital requirements through proposed fund-based working capital
limits of INR200 million, which will be disbursed post the
commencement of operations. In the event of a delay in capex
completion, the expenses will be funded by promoters.
Rating Sensitivities
Negative: Any further delay in the commencement of operations and
achieving stability in the operating performance after the
commencement of commercial operations, affecting the company's debt
servicing ability, could lead to a negative rating action.
Positive: Timely commencement of operations and the subsequent
achievement of a stable operating profitability could lead to a
positive rating action.
About the Company
Incorporated in March 2022, SADL is setting up a 120 kilo liter per
day capacity distillery project for the production of fuel ethanol
at Havnoor village, Haveri District, Karnataka. The registered
office is in Bellary, Karnataka. The unit is likely to commence
operations from November 2024.
STARKE ROCKSAND: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Starke
Rocksand LLP (SRL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.24 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 19, 2023,
placed the rating(s) of SRL under the 'issuer non-cooperating'
category as SRL had failed to provide information for monitoring of
the rating for the rating exercise as agreed to in its Rating
Agreement. SRL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
3, 2024, June 13, 2024, June 23, 2024 among others.
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).
Starke Rocksand LLP (SRL) was established in 2016 promoted by Mr. D
J Jagannadha Raju, Mr. Purnachand Potluri, Mr. Srinavas Veluri and
Mrs Vijayalakshmi. The firm has set up a manufacturing unit for
making of rocks and and stones in three types of sizes i.e. 40 mm,
20mm, 10mm, which are used for construction purpose in 7 acres of
land at Rachloor village in Kadukur mandal of Ranga Reddy district
of Telangana state for a period of 10 years. The commencement of
operations started in August 2017 and the installed capacity of the
unit is 792,000 tonnes per annum (TPA). The firm has taken the land
on lease for 10 years. SRL has got all the necessary approvals for
undertaking operations of crushing and breaking of stone at the
leased site location, from Ministry of Micro Small and Medium
Enterprises (MSME) and the pollution clearance from the respective
government authorities.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SRL to the 'issuer
not-cooperating' category vide press release dated March 20, 2024
on account of its inability to carryout review in the absence of
requisite information from the firm.
SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of Suncity Synthetics Limited
(SSL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 8.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.74 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 4.06 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term 0.85 [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 SSL, 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.
Suncity Synthetics Ltd. (SSL) was incorporated in February 1988 and
has its registered office at Surat, Gujarat and administrative
office at Jodhpur, Rajasthan. The promoters were earlier involved
in yarn manufacturing business and later switched to the production
of nylon chips. Till FY2013, the company was involved in the
business of manufacturing nylon granules, which are basically used
as the matrix material in composite materials for reinforcing
fibres like glass or carbon fibre. The good heat resistance of such
materials makes these feasible alternatives to metals. Such
materials are also used in technical textile products. The company
was one of the pioneers in India, producing nylon double chips
using German technology. Since April 2013, the company started
manufacturing polyester staple fibre as well. SSL is ISO 9001:2000
and ISO 14001 certified. It has also forayed into the manufacturing
of nylon staple fibre (NSF), which finds applications in technical
textile products as wel as automotive industries. The plant became
operational in August 2015 but due to low demand and intense
competition, the company used the enhanced capacity to manufacture
PSF only 3 from FY2017. SSL has two factories in Jodhpur,
Rajasthan. One factory premise is used for manufacturing PSF and
the other one is used for nylon granule and fibre manufacturing.
SUPERTECH TOWNSHIP: Given Two Weeks to Submit Settlement Proposal
-----------------------------------------------------------------
The Economic Times reports that the Insolvency Appellate Tribunal
(NCLAT) has given additional time to Supertech Township Projects, a
real estate firm in financial trouble, to circulate a settlement
proposal to its lenders and homebuyers. Ram Kishore Arora, the
suspended director of the firm, now has two more weeks to complete
and share the proposal.
According to ET, NCLAT suggested that Supertech should also publish
the settlement proposal on its website to ensure all concerned
stakeholders can access it. "In view of the fact that Appellant is
circulating a proposal for resolution of the project to the bank as
well as to the homebuyers, we grant two weeks opportunity to the
Appellant to complete the proposal and circulate it to the bank as
well as to all the homebuyers," said a three-member NCLAT bench.
ET relates that the bench will review the proposal after the
two-week period and will consider its acceptance after hearing the
views of the lenders and homebuyers involved in the appeal. "On the
next date, we will consider whether the proposal submitted deserves
to be accepted or not after hearing the counsel for the lenders as
well as the homebuyers who have filed applications in the appeal.
Any objection to the proposal may also be filed by all," the bench
said.
This direction came after the counsel representing Punjab and Sind
Bank mentioned that they had not received any proposal from Arora,
ET notes. However, Arora's counsel said a proposal ensuring 100%
payment of the bank's dues was already submitted and highlighted
that an investor is prepared to clear the bank's debt and continue
the halted construction project.
ET says the insolvency case pertains to a real estate project that
could not be completed on time. According to Arora's counsel, over
500 possessions have been handed over. The court expressed that its
main concern is whether the project can be completed by any means,
as insolvency would be the last resort.
Earlier, on July 30, NCLAT had paused insolvency proceedings
against Supertech Township Projects after it proposed a settlement
with Punjab and Sind Bank, ET recalls. This decision followed an
order by the National Company Law Tribunal (NCLT) to start
insolvency proceedings based on a plea by the bank over a default
of INR216.92 crore.
This case marks the third instance where a firm from Ram Kishore
Arora's Supertech Group is undergoing the Corporate Insolvency
Resolution Process (CIRP). CIRP was initiated against Supertech
Ltd. in March 2022.
Supertech Township Project Limited commenced insolvency proceedings
on July 12, 2024.
SUSHEEL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Susheel Motors Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Susheel Motors Private Limited, 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 as a private limited company in 2011 by Mr.
Satyanarayana Goud and Mr. Satyanarayana Reddy, SMPL is the
authorised dealer of TVS Motors Limited for the sale of motor
cycles, mopeds, scooters along with spares and services in
Hyderabad, Telangana.
SUVIDHA REALTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Suvidha Realtors and
Constructions Pvt Ltd (SRCPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.50 [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 SRCPL, 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.
Suvidha Realtors & Constructions Private Limited (SRCPL) was
incorporated in August 1988 with an objective to develop
residential and commercial real estate properties. The company is
promoted by Mr. Dinesh Kumar Rameshlal Mahajan who has more than 30
years of experience in real estate development. SRCPL is a part of
Suvidha group having interests in real estate projects located in
and around Hubli, Karnataka. Currently the company is constructing
three projects "Suvidha Indraprastha", "Suvidha Maadha Towers" and
"Suvidha's Matoshree Lifestyle Mall".
TUBE TURN: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tube Turn
India Private Limited (TTIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 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 August 4, 2023,
placed the rating(s) of TTIPL under the 'issuer non-cooperating'
category as TTIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TTIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 19, 2024, June 29, 2024 and
July 9, 2024 among others.
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).
Tube Turn (India) Private Limited (TTIPL), incorporated in 1996, is
promoted by Mr. Praveenchandra Kadakia and Mr. Ashit Kadakia. TTIPL
is engaged in the manufacturing of pipe fittings such as elbows,
t-fittings, flanges, caps, butt-weld and socketweld fittings,
branched outlet fittings, and screwed forged fittings that are used
in oil and gas, power, steel, textiles, and consumer industries
across India. Its manufacturing plant is located at Navi Mumbai.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of TTIPL into Issuer Not
Cooperating category vide press release dated September 18, 2023 on
account of its inability to carry out a review in the absence of
requisite information.
=====================
N E W Z E A L A N D
=====================
ASRA 2017: Creditors' Proofs of Debt Due on Nov. 4
--------------------------------------------------
Creditors of Asra 2017 Limited, Saar 007 Limited, Sara 2020
Limited, J & M Auto Repairs Limited, Nesi Limited, Airport Harbour
View Motel Limited and Nzcars Limited are required to file their
proofs of debt by Nov. 4, 2024, to be included in the company's
dividend distribution.
Asra 2017 Limited, Saar 007 Limited, and Sara 2020 Limited
commenced wind-up proceedings on Sept. 17, 2024.
J & M Auto Repairs Limited and Nesi Limited commenced wind-up
proceedings on Sept. 19, 2024.
Airport Harbour View Motel Limited commenced wind-up proceedings on
Sept. 20, 2024.
Nzcars Limited commenced wind-up proceedings on Sept. 23, 2024.
The company's liquidators are:
Keaton Pronk
Boris van Delden
Iain McLennan
Steve Farquhar
McDonald Vague Limited
P O Box 6092
Victoria Street West
Auckland 1142
CREATIVE INTERIORS: Creditors' Proofs of Debt Due on Nov. 8
-----------------------------------------------------------
Creditors of Creative Interiors Limited, FTB Construction Limited
and Joe's Panel and Paint Limited are required to file their proofs
of debt by Nov. 8, 2024, to be included in the company's dividend
distribution.
Creative Interiors Limited commenced wind-up proceedings on Sept.
16, 2024. FTB Construction Limited commenced wind-up proceedings on
Sept. 19, 2024. Joe's Panel and Paint Limited commenced wind-up
proceedings on Sept. 20, 2024.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland 0651
DIVERSE ENGINEERING: Court to Hear Wind-Up Petition on Nov. 15
--------------------------------------------------------------
A petition to wind up the operations of Diverse Engineering 2020
Limited will be heard before the High Court at Nelson on Nov. 15,
2024, at 11:00 a.m.
Motion New Zealand Limited filed the petition against the company
on July 31, 2024.
The Petitioner's solicitor is:
Gregory David Trainor
c/- MacLean & Associates Lawyer
Unit 4/31 Tyne Street
Addington
Christchurch
ECO EARTH: Court to Hear Wind-Up Petition on Oct. 25
----------------------------------------------------
A petition to wind up the operations of Eco Earth NZ Limited will
be heard before the High Court at Auckland on Oct. 25, 2024, at
10:00 a.m.
New Zealand New Oak Property Limited filed the petition against the
company on Aug. 26, 2024.
The Petitioner's solicitor is:
Anthony Johnson
C/- Martelli McKegg
Level 20, HSBC Tower
188 Quay Street
Auckland
MX LIMITED: Creditors' Proofs of Debt Due on Oct. 18
----------------------------------------------------
Creditors of MX Limited are required to file their proofs of debt
by Oct. 18, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 23, 2024.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited, Chartered Accountants
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
=====================
P H I L I P P I N E S
=====================
CYBER BAY: Has Yet to Receive Token Refund from PRA
---------------------------------------------------
Bilyonaryo.com reports that insolvent Manila Bay reclaimer Cyber
Bay Corp. (CYBR) is still waiting for a reimbursement from the
Philippine Reclamation Authority (PRA), more than a year after the
Supreme Court denied its appeal for additional compensation.
Through its unit, Central Bay Reclamation and Development Corp.,
CYBR said it is "actively pursuing the release of the
reimbursement" from the PRA.
According to Bilyonaryo.com, the company made the statement in
response to the Philippine Stock Exchange's request for information
on how it plans to address its negative stockholders' equity,
including its plans for the PRA refund.
"The corporation is currently evaluating the best use of the
reimbursement upon its receipt," CYBR said. "As of now, there is no
concrete plan regarding the disbursement of the funds to be
received from the PRA. The reimbursement is considerably less than
the corporation's deficit of PHP11.383 billion. Management is
reviewing options to address the negative equity."
In February 2023, the Supreme Court ruled that CYBR's unit, Central
Bay, is entitled to PHP714.937 million in reimbursements for the
discontinued Amari Coastal Bay reclamation project under the Ramos
administration, Bilyonaryo.com recalls. Central Bay had initially
sought PHP13.4 billion in compensation for costs, losses, and
liabilities from the halted project, but the PRA had argued the
company was only eligible for PHP1.004 billion. The Commission on
Audit later reduced this amount to PHP714.937 million, based on
available documentation.
Headquartered in Pasig, Philippines, Cyber Bay Corp. (PSE:CYBR) --
https://cyberbay.ph/ -- engages in the development and reclamation
of real estate.
=================
S I N G A P O R E
=================
ASCENDAS US: Creditors' Proofs of Debt Due on Oct. 28
-----------------------------------------------------
Creditors of Ascendas US Fund Management Pte. Ltd. are required to
file their proofs of debt by Oct. 28, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 18, 2024.
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
ASIA POWER: Commences Wind-Up Proceedings
-----------------------------------------
Members of Asia Power Development Platform Pte Ltd on Sept. 25,
2024, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ms. Oon Su Sun
Ms. Dang Looyean
Finova Advisory Pte Ltd
182 Cecil Street
#30-01 Frasers Tower
Singapore 069547
HIN LEONG: Lim Agrees to Pay Liquidators, HSBC US$3.6 Billion
-------------------------------------------------------------
Bloomberg News reports that Singapore's High Court approved former
oil tycoon Lim Oon Kuin's agreements to pay about $3.59 billion to
the liquidators of his company and creditor HSBC Holdings Plc,
ending the multi-year civil cases against him and his family.
The Lims didn't admit liability, Bloomber says. They will pay the
sum with interest and costs in the consent judgments agreed in
court proceedings on Sept. 30. OK Lim and his children Evan Lim
Chee Meng and Lim Huey Ching will file for bankruptcy, they said in
separate statements.
"For all of the civil suits that have been made against me, while I
continue to deny the claims, I do not wish to take up any more of
the court's time and resources," Bloomberg quotes Mr. Lim, 82, as
saying. "I do not have enough assets to pay all of them and will
therefore be applying for bankruptcy."
Bloomberg News earlier reported the planned agreements with the
liquidators of Lim's collapsed Hin Leong Trading Pte. and other
claimants. HSBC had the most exposure at $600 million among its
lenders, based on estimates in previous court filings.
It remains unclear how much of the $3.59 billion will be recovered
to repay creditors, Bloomberg says. The oil trader was accused of
hiding over $800 million in losses and counted more than 20 banks
including DBS Group Holdings Ltd. as creditors. The younger Lims
were both directors at Hin Leong.
Bloomberg says the twist of events is an ignominious end to the
elder Lim's trading career. He had grown Hin Leong, which he
founded in 1973, into the finance hub's once-largest independent
oil trader with interests spanning bunkering to storage businesses.
A plunge in oil prices in 2020 brought Lim's empire crashing down.
According to Bloomberg, the Lims also made similar arrangements
with other creditors. This includes Sembcorp Cogen Pte and French
bank Credit Agricole SA, which are in the process of entering
similar judgments for a total sum of $142 million.
The lead liquidator for Hin Leong, Goh Thien Phong, said "an
important milestone" was reached with today's agreements, Bloomberg
relays. Drew & Napier LLC's Cavinder Bull represented the
liquidators while the elder Lim's lawyers are from Davinder Singh
Chambers LLC.
Lim's legal troubles are not over, Bloomberg notes. The elder Lim
is due to be sentenced at a later date after being convicted in a
separate criminal trial for offenses related to cheating and
forgery. Lim said he plans to appeal against his conviction.
Singapore's High Court approved a request to freeze as much as $3.5
billion of assets worldwide belonging to Lim and his family in May
2021, Bloomberg recalls. The Lims have been raising money also by
selling assets including property and business holdings in recent
years.
About Hin Leong
Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.
But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April 2020, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.
The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.
On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court. Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.
On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.
The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.
HITZINGER PTE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hitzinger Pte Ltd on Sept. 20, 2024, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Dr. Knut Unger
Luther LLP
4 Battery Road
#25-01 Bank of China Building
049908 Singapore
MEDIA CAPITALIST: Court to Hear Wind-Up Petition on Oct. 18
-----------------------------------------------------------
A petition to wind up the operations of Media Capitalist Pte Ltd
will be heard before the High Court of Singapore on Oct. 18, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 24, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
THAT CD SHOP: Creditors' Meeting Set for Oct. 14
------------------------------------------------
That CD Shop Pte Ltd will hold a meeting for its creditors on Oct.
14, 2024, at 11:30 a.m. by way of video conference via Zoom.
Agenda of the meeting includes:
a. to lay a full statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to nominate Liquidator(s) or confirm the nomination of
Liquidator(s) by member(s);
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia were
appointed as provisional liquidators of the company on Sept. 25,
2024.
=====================
S O U T H K O R E A
=====================
KOREAN FEDERATION: Court Suspends Rehabilitation Process
--------------------------------------------------------
The Chosun Daily reports that a court in Seoul suspended the
rehabilitation process of the Korean Federation of Film Producers
(KFA), the organization behind the Grand Bell Awards, South Korea's
oldest film awards ceremony. This development raises uncertainty
about whether the ceremony will take place later this year.
The Seoul Bankruptcy Court decided to revoke the KFA's
court-ordered small business reorganization KFA's on Sept. 26,
according to sources familiar with the matter, the Chosun Daily
relates. The court stated, "Since the trustee and related parties
did not submit a rehabilitation plan within the period set by the
court, the procedure will be abolished."
The KFA hosts the Grand Bell Awards, also known as Daejong Film
Awards, one of Korea's top three film awards ceremonies. The
organization filed for bankruptcy last December due to financial
troubles, the report recalls. The court then declared bankruptcy,
citing that the organization's liabilities exceeded its assets.
The KFA applied for the reorganization process in January and
presented a rehabilitation plan in June. The organization also
announced at a press conference that it was "preparing to host the
film awards ceremony in December this year." However, the plan
failed to pass in August as it did not secure enough creditor
approval.
According to the Chosun Daily, the KFA submitted a request to amend
its rehabilitation plan on Sept. 13 but ultimately notified the
court on Sept. 24 of its decision to terminate the process
altogether. A KFA official explained, "The rehabilitation plan
requires creditor approval, but the organization decided to abandon
the process as discussions with creditors were unsuccessful."
If the KFA or its creditors file for bankruptcy in the future, the
court will have to review the case again, the report notes.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Sept. 23, 2024 to Sept. 27, 2024
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.13
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.13
MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.40
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.66
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.66
VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 0.49
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.17
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.17
VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 0.15
VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 0.12
CHINA
-----
ALETAI CITY JUJIN URB 7.73 10/26/24 CNY 25.27
ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 60.00
ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 42.46
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 63.96
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 41.43
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 21.45
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 21.40
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 42.40
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 41.72
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 41.32
ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 20.19
ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 42.23
ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.46
ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.46
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 41.87
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 41.47
BIJIE QIXINGGUAN DIST 8.05 08/16/25 CNY 41.08
BIJIE QIXINGGUAN DIST 7.60 09/08/24 CNY 20.07
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 41.74
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 41.55
BIJIE XINTAI INVESTME 7.80 11/01/24 CNY 20.24
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 63.66
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 63.58
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.87
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.87
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 41.32
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 41.32
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.89
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.08
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.07
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 42.09
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 41.93
CHONGQING HONGYE INDU 7.50 12/24/26 CNY 64.00
CHONGQING JIANGLAI IN 7.50 10/26/25 CNY 41.40
CHONGQING JIANGLAI IN 7.50 10/26/25 CNY 40.00
CHONGQING NANCHUAN CI 7.80 08/06/26 CNY 42.84
CHONGQING SHUANGFU CO 7.50 09/09/26 CNY 62.99
CHONGQING THREE GORGE 7.80 03/01/26 CNY 42.28
CHONGQING THREE GORGE 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 63.20
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 60.00
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.73
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.62
CHONGQING YUDIAN STAT 8.00 11/30/25 CNY 41.72
CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 2.00
DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 41.88
DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 41.87
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.00
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.00
DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 42.02
DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 63.20
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 60.00
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 42.10
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.44
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.37
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.76
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 63.66
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 41.84
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 41.48
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 40.00
FANGCHENG GANGSHI WEN 7.93 12/25/25 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 URBAN 8.00 02/26/26 CNY 42.43
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 42.04
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 41.53
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 41.51
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 40.00
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 42.68
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 41.47
GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.13
GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.13
GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 42.57
GUANGDONG PEARL RIVER 7.50 10/26/26 CNY 21.23
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 41.81
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 41.59
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 40.00
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 39.39
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 41.46
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 41.44
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 64.32
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 63.39
GUANGXI NINGMING HUIN 8.50 12/07/25 CNY 41.75
GUANGXI TIANDONG COUN 7.50 06/04/27 CNY 40.00
GUANGYUAN CITY DEVELO 7.50 10/25/27 CNY 37.44
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 63.95
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 62.55
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 60.00
GUANGZHOU FINELAND RE 13.60 07/27/23 USD 0.63
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.68
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.00
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.42
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.36
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 42.09
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 41.38
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.59
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.00
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 42.22
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 41.25
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 41.24
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 42.54
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 42.45
GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 62.49
GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 42.59
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 41.77
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 41.09
GUIZHOU GUIAN DEVELOP 7.60 04/26/25 CNY 6.00
GUIZHOU HONGGUO ECONO 7.80 02/08/25 CNY 20.52
GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 20.22
GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.05
GUIZHOU SHUANGLONG AI 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 41.38
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 41.39
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 41.38
GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 20.06
GUIZHOU ZHONGSHAN DEV 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLITIO 8.00 12/21/25 CNY 41.82
HAIAN URBAN DEMOLITIO 7.74 05/02/25 CNY 20.73
HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.36
HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.36
HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.11
HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.11
HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.29
HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.00
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 42.43
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONSTRU 7.58 02/12/26 CNY 42.05
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.63
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 42.20
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 40.00
HUBEI JIAKANG CONSTRU 7.80 12/19/25 CNY 41.45
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 42.24
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 42.24
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 42.45
HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 41.54
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 41.53
HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 41.20
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 41.85
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 41.85
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.31
HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTAIH 7.90 09/20/25 CNY 41.39
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 64.04
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.58
JIAHE ZHUDU DEVELOPME 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 40.97
JIANGSU ZHONGNAN CONS 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 41.57
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 41.41
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 41.18
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.66
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.00
JIANGXI TONGGU CITY C 7.50 04/21/27 CNY 64.68
JIANGYOU XINGYI PARKI 7.50 05/07/26 CNY 52.03
JIANGYOU XINGYI PARKI 7.80 12/17/25 CNY 51.79
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 42.00
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 64.04
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 59.21
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.58
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 42.19
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 CO 7.50 09/26/24 CNY 20.25
JUNAN COUNTY URBAN CO 7.50 09/26/24 CNY 20.12
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 65.20
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 65.20
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 42.28
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 42.39
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 41.59
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 41.20
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.66
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 41.60
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 41.54
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 60.59
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 60.58
LONGNAN ECO&TECH DEVE 7.50 07/26/26 CNY 42.68
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 42.19
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 41.63
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 41.63
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 41.89
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 41.37
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 41.04
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 42.30
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 41.64
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 41.62
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 16.00
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 41.92
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 41.09
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 40.00
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 40.00
MEISHAN HONGSHUN PARK 7.50 12/10/25 CNY 51.98
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 41.57
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 41.19
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 40.00
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 42.39
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 42.06
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 20.12
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 20.11
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 63.58
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 42.40
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 64.03
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 41.69
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 20.81
MIANYANG HUIDONG INVE 8.10 04/28/25 CNY 20.80
MIANYANG HUIDONG INVE 8.10 02/10/25 CNY 20.57
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.77
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.46
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 42.08
MILE AGRICULTURAL INV 8.00 10/25/25 CNY 41.50
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 41.00
MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.22
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.87
NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.36
NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.36
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.00
NEOGLORY HOLDING GROU 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROU 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROU 8.00 10/22/20 CNY 56.00
NINGXIA SHENG YAN IND 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.23
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.23
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.07
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.07
PANJIN LIAODONGWAN ZH 7.50 12/28/26 CNY 64.00
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 63.52
PEIXIAN ECONOMIC DEVE 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 20.81
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.25
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.09
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 42.33
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.43
PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.70
PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.65
PUDING YELANG STATE-O 7.79 11/13/24 CNY 20.26
PUDING YELANG STATE-O 7.79 11/13/24 CNY 20.16
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 42.12
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 41.91
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 64.63
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 64.62
QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 41.92
QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 65.30
QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 65.22
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 65.93
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 60.00
QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 1.44
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.13
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.13
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 49.12
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.10
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.10
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 42.22
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVESTM 8.00 12/26/25 CNY 40.58
RENHUAI WATER INVESTM 7.98 07/26/25 CNY 21.03
RENHUAI WATER INVESTM 7.98 02/24/25 CNY 20.37
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 41.82
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 63.94
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVESTM 8.00 09/20/26 CNY 62.77
SHAANXI XIYUE HUASHAN 7.50 12/27/26 CNY 63.95
SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 41.86
SHANDONG OCEAN CULTUR 7.50 04/25/26 CNY 42.08
SHANDONG OCEAN CULTUR 7.50 03/28/26 CNY 41.87
SHANDONG RENCHENG RON 7.50 01/23/26 CNY 41.56
SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GROU 7.90 08/30/24 CNY 58.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 41.98
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 40.00
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 41.73
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 40.49
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 20.81
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 20.75
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 21.01
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 20.96
SHANXI JINZHONG STATE 7.50 05/05/26 CNY 42.39
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 41.70
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 41.43
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 41.05
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 40.00
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 40.00
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 40.00
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 21.22
SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.26
SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.26
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 41.56
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.55
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 64.72
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 64.72
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 63.67
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 63.66
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 42.86
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 42.86
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 41.79
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 41.74
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.60
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.35
SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.29
SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.20
SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.00
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00
SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63
SIYANG JIADING INDUST 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDUST 7.50 12/14/25 CNY 41.66
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.70
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.70
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 6.00
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 6.00
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 4.71
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 42.48
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 42.31
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 42.28
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 40.00
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 41.42
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.34
TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 42.04
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 42.27
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 20.82
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 63.83
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 62.99
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 41.29
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 41.25
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 2.00
TENGCHONG SHIXINGBANG 7.50 05/05/26 CNY 52.83
TIANJIN REAL ESTATE G 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.95
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.00
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 42.53
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 41.83
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 41.70
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 40.00
TONGREN WATER GROUP C 8.00 11/29/28 CNY 74.32
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 41.72
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 41.70
TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00
URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 41.30
URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 40.00
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 41.15
WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.95
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 65.48
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 60.00
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 42.18
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 40.00
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 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 04/04/21 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
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 41.38
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 40.00
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 42.13
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 40.00
WUZHOU CANGHAI CONSTR 8.00 05/31/28 CNY 66.42
WUZHOU CITY CONSTRUCT 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 42.27
XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN C 8.00 03/14/26 CNY 42.26
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 42.37
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 41.67
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.56
XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.44
XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVELOP 7.70 01/24/26 CNY 41.88
XINYU CITY YUSHUI DIS 7.50 09/24/26 CNY 63.21
XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.37
XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.00
XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.21
XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.21
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 42.68
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 42.22
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 40.58
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 40.50
YANCHENG URBANIZATION 7.50 03/04/27 CNY 64.77
YANGLING URBAN RURAL 7.80 06/19/26 CNY 42.83
YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.12
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 S 8.10 11/28/25 CNY 41.77
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 41.73
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.95
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.00
YICHANG CHUANGYUAN HO 7.80 11/06/25 CNY 41.53
YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.49
YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.49
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 42.72
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 41.58
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.70
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.00
YIYANG LONGLING CONST 7.60 01/23/26 CNY 41.83
YIYANG LONGLING CONST 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 41.15
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 41.02
YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 41.52
YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 40.00
YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 41.05
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.60
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 41.23
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 41.84
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 41.84
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.65
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 65.29
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 INVEST 7.50 12/23/26 CNY 64.23
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 60.00
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 65.11
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 60.00
YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 42.28
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 42.18
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 42.18
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 63.66
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 60.00
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 42.43
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 41.70
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 41.60
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 40.00
ZHEJIANG HUZHOU NANXU 7.80 08/21/25 CNY 41.88
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 41.85
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 41.77
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 21.09
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 20.00
ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75
ZHONGTIAN FINANCIAL G 8.50 08/16/27 CNY 31.04
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 42.66
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 40.00
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.37
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 51.34
ZHUZHOU RAILWAY INDUS 7.50 09/25/24 CNY 20.11
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 66.03
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVESTME 8.00 02/14/26 CNY 42.18
ZOUCHENG CITY LONGCHE 7.50 01/16/29 CNY 61.35
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.19
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.17
ZUNYI ROAD & BRIDGE C 8.00 05/08/29 CNY 72.26
ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 70.00
HONG KONG
---------
CHINA SOUTH CITY HOLD 9.00 04/12/24 USD 29.02
CHINA SOUTH CITY HOLD 9.00 06/26/24 USD 28.09
CHINA SOUTH CITY HOLD 9.00 10/09/24 USD 27.93
CHINA SOUTH CITY HOLD 9.00 12/11/24 USD 27.78
HAINAN AIRLINES HONG 12.00 10/29/21 USD 1.14
HONGKONG IDEAL INVEST 14.75 10/08/22 USD 1.57
YANGO JUSTICE INTERNA 7.88 09/04/24 USD 0.50
YANGO JUSTICE INTERNA 8.25 11/25/23 USD 0.39
YANGO JUSTICE INTERNA 9.25 04/15/23 USD 0.33
YANGO JUSTICE INTERNA 7.50 02/17/25 USD 0.32
YANGO JUSTICE INTERNA 10.00 02/12/23 USD 0.14
YANGO JUSTICE INTERNA 10.25 09/15/22 USD 0.10
YANGO JUSTICE INTERNA 7.50 04/15/24 USD 0.09
YANGO JUSTICE INTERNA 10.25 03/18/22 USD 0.03
ZENSUN ENTERPRISES LT 12.50 04/23/24 USD 5.29
ZENSUN ENTERPRISES LT 12.50 09/13/23 USD 4.69
INDONESIA
---------
WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 73.51
WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 73.42
WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 71.46
WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 71.08
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 66.17
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 65.80
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 65.25
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 65.25
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.60
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.60
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.46
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.23
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.18
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 62.06
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 61.73
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 61.59
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.41
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.34
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 57.71
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 57.63
WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 43.34
INDIA
-----
AVANTI FINANCE PVT LT 9.25 08/29/25 INR 71.07
AXIS FINANCE LTD 8.10 11/17/28 INR 74.68
BHARAT SANCHAR NIGAM 7.55 03/20/34 INR 61.53
IIFL SAMASTA FINANCE 10.75 02/24/25 INR 37.68
IKF FINANCE LTD 10.60 03/27/25 INR 37.56
MAHANAGAR TELEPHONE N 7.51 03/06/34 INR 53.12
PIRAMAL CAPITAL & HOU 8.50 04/18/23 INR 34.25
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.79
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.88
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.88
SINGAPORE
---------
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.76
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.76
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.36
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.36
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.36
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.36
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 20.29
MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 0.82
NOMURA INTERNATIONAL 7.65 10/04/37 AUD 67.16
NOMURA INTERNATIONAL 19.50 08/28/28 TRY 66.92
ORO NEGRO DRILLING PT 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 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
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 7.50 07/20/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMENT 12.40 04/15/30 LKR 74.94
SRI LANKA GOVERNMENT 12.40 05/15/31 LKR 71.37
SRI LANKA GOVERNMENT 12.40 06/15/32 LKR 68.44
SRI LANKA GOVERNMENT 7.50 01/15/33 LKR 64.48
SRI LANKA GOVERNMENT 12.40 02/15/34 LKR 61.89
SRI LANKA GOVERNMENT 12.40 03/15/35 LKR 60.01
SRI LANKA GOVERNMENT 12.40 04/15/36 LKR 58.46
SRI LANKA GOVERNMENT 12.40 05/15/37 LKR 57.22
SRI LANKA GOVERNMENT 12.40 06/15/38 LKR 56.24
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 55.48
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 55.44
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 55.00
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 54.92
*********
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