/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/241015.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 15, 2024, Vol. 27, No. 207 Headlines A U S T R A L I A BLACKWATTLE NO.5: S&P Assigns Prelim B (sf) Rating to Cl. F Notes EVM NICKEL: Second Creditors' Meeting Set for Oct. 18 FG CRANES: First Creditors' Meeting Set for Oct. 18 FG CRANES: Hall Chadwick Appointed as Administrators KGM ASSETS: First Creditors' Meeting Set for Oct. 18 LIBERTY SERIES 2023-4: Moody's Hikes Rating on Class F Notes to B1 PUBLIC LIFESTYLE: Second Creditors' Meeting Set for Oct. 21 QUEENSLAND FACADE: First Creditors' Meeting Set for Oct. 21 RESIMAC TRIOMPHE 2024-2: S&P Assigns B+ (sf) Rating to Cl. F Notes C H I N A COUNTRY GARDEN: Misses Target Date for Restructuring Backing PUTIAN STATE-OWNED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Neg. YONGHUI SUPERSTORES: Wanda Unit Stake Buyer Fails to Pay USD509MM I N D I A ADIPARASAKTHI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating AL-RKAYAN APPARELS: ICRA Lowers Rating on INR25cr LT Loan to D AMBANI PAPER: Ind-Ra Affirms BB+ Term Rating, Outlook Stable APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating BHAGAWATI FRONTLINE: CARE Lowers Rating on INR13.80cr Loan to B- BHAGAWATI INDIA: CARE Keeps B- Debt Rating in Not Cooperating CHHATRAPATI SAMBHAJI: Ind-Ra Moves BB- Rating to NonCooperating CORLIM MARINE: Ind-Ra Moves D Loan Rating to NonCooperating DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating EASTERNZONE INDUSTRIES: ICRA Cuts Rating on INR7.30cr Loan to B+ GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating GANPATI INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to NonCooperating GOOD EARTH: CARE Lowers Rating on INR18.00cr LT Loan to B+ HIRANMAYE ENERGY: Jindal Power, Vedanta & CESC in Race for Assets IRB INFRASTRUCTURE: Moody's Affirms 'Ba1' CFR, Outlook Stable JASMER FOODS: Ind-Ra Moves BB Loan Rating to NonCooperating JEYAM BUILDERS: Ind-Ra Gives BB- Loan Rating, Outlook Stable K.V CHINNAIAH: CARE Keeps B- Debt Rating in Not Cooperating KOMAL SINGH: CARE Keeps C Debt Rating in Not Cooperating Category KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating MAD STUDIOS: ICRA Withdraws D Rating on INR13cr Term Loan MAGNUM EXPORT: Ind-Ra Cuts Bank Loan Rating to BB MAITHRI DRUGS: Ind-Ra Cuts Bank Loan Rating to BB NEO POWER: Ind-Ra Moves B+ Loan Rating to NonCooperating OM SWAROOP: Ind-Ra Moves B+ Loan Rating to NonCooperating OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category PERUMAL SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating R. K. AGARWAL: CARE Keeps B- Rating in Not Cooperating Category RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category RAJENDRA TRUCKING: CARE Keeps C Debt Rating in Not Cooperating RAVILEELA GARNITES: Ind-Ra Moves BB- Loan Rating to NonCooperating RENEW PRIVATE: Moody's Affirms 'Ba2' CFR, Outlook Stable ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating RSKS AUTOMOTIVES: Ind-Ra Moves BB+ Loan Rating to NonCooperating SAGAR BUSINESS: Ind-Ra Withdraws BB Bank Loan Rating SAINEST TUBES: Ind-Ra Withdraws BB+ Term Loan Rating SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating Category SANTOSH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating SAPNA STEELS: CARE Keeps B- Rating in Not Cooperating Category SARAF TRADING: Ind-Ra Hikes Bank Loan Rating to B+, Outlook Stable SHALIMAR ISPAT: CARE Keeps D Debt Ratings in Not Cooperating SHITARAM INDUSTRIES: ICRA Keeps B- Debt Ratings in Not Cooperating SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category SHUBHEKSHA ADVISORS: Ind-Ra Affirms BB+ LongTerm Issuer Rating SU TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category TSN ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating TV VISION: CARE Keeps D Debt Rating in Not Cooperating Category UNIVERSAL STARCH: Ind-Ra Gives BB+ Loan Rating, Outlook Stable VASAVI JEWELLERY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable VIP CLOTHING: Ind-Ra Places BB Loan Rating Under Review [*] INDIA: 314 Housing Projects Facing Insolvency Proceedings M A L A Y S I A TOP GLOVE: Annual Net Loss Narrows to MYR61.8MM in FY24 N E W Z E A L A N D DEVON CONSTRUCTION: In Liquidation; Owes Creditors More Than NZD1MM OUI BUILD: Court to Hear Wind-Up Petition on Oct. 25 RLITS CONTRACTING: Grant Thornton Appointed as Receivers T-LINK LIMITED: Creditors' Proofs of Debt Due on Nov. 5 W&L WATSON: Court to Hear Wind-Up Petition on Oct. 18 WELLNESS DESIGN: BDO Tauranga Appointed as Liquidator S I N G A P O R E AQUACULTURE CENTRE: Court to Hear Wind-Up Petition on Oct. 25 BOLDTEK HOLDINGS: Court to Hear Wind-Up Petition on Oct. 21 CHUAN JI: Court to Hear Wind-Up Petition on Oct. 25 MILLIONBUILT PTE: Commences Wind-Up Proceedings STELLAMARINA PTE: Court to Hear Wind-Up Petition on Oct. 25 X X X X X X X X [*] BOND PRICING: For the Week Oct. 7, 2024 to Oct. 11, 2024 - - - - - ================= A U S T R A L I A ================= BLACKWATTLE NO.5: S&P Assigns Prelim B (sf) Rating to Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.5. Blackwattle Series RMBS Trust No.5 is a securitization of prime residential mortgage loans originated by Sintex Consolidated Pty Ltd. The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread. Our assessment of credit risk takes into account Sintex's underwriting standards and approval process, the servicing quality of Sintex, and the support provided by the LMI policies on 0.3% of the loan portfolio. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the interest-rate swap, the loss reserve, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P's ratings also consider the counterparty exposure to Westpac Banking Corp. as interest-rate swap provider, bank account provider, and liquidity facility provider. An interest-rate swap will be provided to hedge the mismatch between the fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents for the swap and facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned Blackwattle Series RMBS Trust No.5 Class A1-S, A$150.00 million: AAA (sf) Class A1-L, A$275.00 million: AAA (sf) Class A2, A$41.00 million: AAA (sf) Class B, A$12.00 million: AA (sf) Class C, A$11.25 million: A (sf) Class D, A$5.25 million: BBB (sf) Class E, A$2.50 million: BB (sf) Class F, A$1.00 million: B (sf) Class G, A$2.00 million: Not rated EVM NICKEL: Second Creditors' Meeting Set for Oct. 18 ----------------------------------------------------- A second meeting of creditors in the proceedings of EVM Nickel Pty Limited has been set for Oct. 18, 2024 at 1:00 p.m. at the offices of Cor Cordis at Mezzanine Level, 28 The Esplanade in Perth. 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. 17, 2024 at 4:00 p.m. Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as administrators of the company on Feb. 19, 2024. FG CRANES: First Creditors' Meeting Set for Oct. 18 --------------------------------------------------- A first meeting of the creditors in the proceedings of FG Cranes Pty Ltd will be held on Oct. 18, 2024 at 3:00 p.m. via Zoom virtual meeting technology. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Oct. 8, 2024. FG CRANES: Hall Chadwick Appointed as Administrators ---------------------------------------------------- The West Australian reports that a crane operator linked to a major Perth construction empire has called in administrators amid a fight with tax officials. Administrators from Hall Chadwick were brought in to FG Cranes last week, according to a filing with the corporate regulator. KGM ASSETS: First Creditors' Meeting Set for Oct. 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of KGM Assets Pty Ltd will be held on Oct. 18, 2024 at 10:00 a.m. at Level 34, 32 Turbot Street in Brisbane and via virtual meeting technology. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Oct. 8, 2024. LIBERTY SERIES 2023-4: Moody's Hikes Rating on Class F Notes to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on five classes of notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2023-4. The affected ratings are as follows: Issuer: Liberty Series 2023-4 Class B Notes, Upgraded to Aaa (sf); previously on Dec 5, 2023 Definitive Rating Assigned Aa1 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Dec 5, 2023 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Dec 5, 2023 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Dec 5, 2023 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Dec 5, 2023 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via note subordination and the Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original note balance to the deal. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the September 2024 payment date, note subordination available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 6.2%, 3.7%, 3.3%, 1.9% and 1.6%, respectively, from 4.4%, 2.6%, 2.3%, 1.3% and 1.1% at closing. Principal collections have been distributed on a sequential basis starting from Class A1 Notes. As of end-August 2024, 2.7% of the outstanding pool was 30-plus day delinquent and 1.4% was 90-plus day delinquent. Current outstanding pool balance as a percentage of the closing pool balance was 71%. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated its expected loss assumption to 0.8% of the original pool balance (equivalent to 1.1% of the outstanding pool balance) from 0.9% at closing. Moody's have maintained its MILAN CE at 4.3% from closing. The transaction is an Australian RMBS originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. A portion of the portfolio consists of loans extended on an alternative documentation basis, and a small portion to borrowers with impaired credit histories. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. PUBLIC LIFESTYLE: Second Creditors' Meeting Set for Oct. 21 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Public Lifestyle Management Pty Ltd, Camelia Grove Operations Pty Ltd and 146 Henderson Street Pty Ltd has been set for Oct. 21, 2024 at 10:00 a.m. via Microsoft Teams. 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. 18, 2024 at 4:00 p.m. Duncan Clubb and Andrew Sallway of BDO were appointed as administrators of the company on Sept. 13, 2024. QUEENSLAND FACADE: First Creditors' Meeting Set for Oct. 21 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Queensland Facade Systems Pty Ltd will be held on Oct. 21, 2024 at 10:00 a.m. at Level 3, 12 Short Street in Southport and via virtual meeting technology. Matthew John Bookless and Anne Meagher of SV Partners were appointed as administrators of the company on Oct. 9, 2024. RESIMAC TRIOMPHE 2024-2: S&P Assigns B+ (sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to eight classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2024-2. RESIMAC Triomphe Trust - RESIMAC Premier Series 2024-2 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 10.4% of the portfolio. The rated notes can meet timely payment of interest, and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P's ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Westpac Banking Corp. as bank account provider. The transaction documents for the liquidity facility include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2024-2 Class A1, A$200.00 million: AAA (sf) Class A2, A$700.00 million: AAA (sf) Class AB, A$55.00 million: AAA (sf) Class B, A$22.50 million: AA (sf) Class C, A$10.00 million: A (sf) Class D, A$4.25 million: BBB (sf) Class E, A$4.00 million: BB (sf) Class F, A$1.25 million: B+ (sf) Class G, A$3.00 million: Not rated ========= C H I N A ========= COUNTRY GARDEN: Misses Target Date for Restructuring Backing ------------------------------------------------------------ Bloomberg News reports that Country Garden Holdings has missed a self-imposed target date for getting key creditor support for terms of its restructuring plan, people familiar with the matter said. Bloomberg relates that the builder, whose default on US dollar debt a year ago underscored the depth of the country's years-long property crisis, has not yet delivered a term sheet for its restructuring, according to the people, who asked not to be identified. That's despite saying several months ago that it expected key creditor groups to agree on the terms by the end of September. Bloomberg says Country Garden's difficulties in meeting a milestone date in its restructuring underscore the complexity of developing a proposal and the challenges that remain for the sector, despite the government's latest stimulus efforts. The stakes are high, as companies that are unable to come up with viable debt plans face the risk of eventual liquidation. The company has given creditor groups financial data, including a cash-flow analysis, the people said, Bloomberg relays. Such assessments are a key part of a defaulter's debt plan as they lay out projections for how much money a company expects to generate to allow it to repay debt. At a winding-up hearing earlier this year, the company said it expected key creditor groups to agree on a debt term sheet by the end of September. It also said it planned to make a restructuring support agreement publicly available to all creditors by October. A representative for Country Garden told Bloomberg News late on Oct. 8 that discussions on details of the restructuring are ongoing and the company is making good progress. The judge adjourned the liquidation hearing in July, giving the company six months of breathing room before the next hearing, Bloomberg notes. After defaulting on US dollar bonds last year, Country Garden has continued to struggle amid a prolonged property crisis. In August, the company's contracted sales plunged 57 per cent to CNY3.43 billion from a year earlier, following a 72 per cent slide in July, Bloomberg discloses citing an exchange filing. In September, it won approval from onshore bondholders to push back payments on its nine yuan bonds by six months. The payment delays gave the company more time to work on its restructuring, but also meant that onshore bondholders would have to wait longer to recoup part of their losses from the developer, adds Bloomberg. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. PUTIAN STATE-OWNED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Neg. ------------------------------------------------------------------ Fitch Ratings has affirmed China-based Putian State-Owned Assets Investment Co., Ltd.'s (PTSI) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Negative. At the same time, Fitch has withdrawn all the ratings on PTSI. The affirmation reflects PTSI's steady business profile and that key rating factors remain unchanged. Fitch classifies PTSI as a government-related entity (GRE) under Putian municipality, as PTSI is a state-owned comprehensive investment platform. PTSI plays an important policy role in primary land development, urban infrastructure construction, railway and port investment, and promotion of investments in the industrial and financial sectors, a strategy that is closely aligned with that of the Putian government. The Negative Outlook reflects the revenue, cost and financial risks faced by the sponsor, Putian municipality. Fitch has chosen to withdraw the ratings for commercial reasons. KEY RATING DRIVERS Support Score Assessment 'Extremely likely' Fitch believes extraordinary support from the Putian municipal government to PTSI would be extremely likely in case of need, reflecting a support score of 35 out of a maximum of 60 under its Government-Related Entities Rating Criteria. This reflects its assessment of the government's responsibility and incentive to support. Responsibility to Support Decision Making and Oversight 'Very Strong' The municipal government exerts tight control and oversight over PTSI, and is the key decision-maker for the company. PTSI is fully owned by the Putian State-owned Assets Supervision and Administration Commission (SASAC), a government body of the municipality. The government appoints the company's board of directors and senior management. Major corporate events, including strategic development, M&A, annual budgets, investment plans and funding plans, need government approval. The government closely oversees PTSI, requiring frequent reporting on key operating and financial performance measures. Putian SASAC sets performance appraisal indicators and conducts performance evaluations on an annual basis. Precedents of Support 'Strong' The municipal government has provided significant financial support. PTSI receives recurring government capital grants, asset injections and equity injections that improve its financial stability and build up its financing capacity. The rise in its capital reserves contributed 36.4% of the increase in total assets from end-2019 to end-2023. PTSI also received CNY325.8 million of subsidies in 2019-2023, accounting for 34.6% of net profit. Incentives to Support Preservation of Government Policy Role 'Strong' Fitch views PTSI as having a key role in promoting Putian's urban development, including primary land development and urban infrastructure construction, such that a default would have a direct material impact on key economic activities. A default by PTSI would cause project delays and may have a long-term impact on local economic development. The constraint against a higher assessment is the availability of other GREs in the city to act as substitutes if PTSI were to default. Contagion Risk 'Strong' Fitch views PTSI as a high-profile GRE in Putian, given its policy role and substantial operations. It has the largest total assets among GREs in Putian. The company finances key primary land development, urban infrastructure construction, and railway and port projects, and has maintained strong relationships with major national financial institutions and local banks. In addition, it is an active issuer in onshore and offshore bond markets. PTSI has not experienced any financial tension, but Fitch believes a default would be likely to disrupt access to or the cost of financing for other GREs in the region. Standalone Credit Profile Fitch assesses the Standalone Credit Profile (SCP) as 'b', derived from a 'Midrange' risk profile and 'b' financial profile. The notch-specific SCP also takes into consideration peers that operate similar businesses in comparable regions. The notch-specific SCP is not assessed at 'b-', given PTSI's sufficient liquidity. Risk Profile: 'Midrange' Fitch's assessment of PTSI's risk profile reflects the combination of the 'Midrange' assessments for revenue risk, expenditure risk, and liabilities and liquidity risk. Revenue Risk: 'Midrange' Its revenue risk assessment is based on 'Midrange' demand characteristics and pricing characteristics. PTSI has diverse revenue sources from primary land development, infrastructure construction, property development and trading. The revenue is related to the performance of the local economy, and Putian's GDP growth has generally been in line with the national level. Fitch expects revenue growth for PTSI will be in line with the rate of inflation although the prices of policy services PTSI provides are regulated. Expenditure Risk: 'Midrange' Expenditure risk is based on 'Midrange' operating costs, supply risk and investment planning. PTSI has well-identified cost drivers and established relationships with suppliers. Cost of goods sold accounted for about 99% of its operating expenditure in 2023. Its supply of resources and labour is adequate, helped by the China's competitive construction industry. PTSI has established mechanisms for investment planning and a proven record of execution due to the municipal government's direct supervision. Liabilities and Liquidity Risk: 'Midrange' Liabilities and liquidity risk is based on 'Midrange' debt characteristics and liquidity characteristics. PTSI has diverse funding sources. Its debt is relatively concentrated in the short to medium term, with short-term debt 35.8% of total debt at end-2023. This is mitigated by its relationships with policy, national and local banks, and access to bond markets. PTSI has sufficient liquidity available for debt service. Financial Profile 'b' Net leverage, measured by net adjusted debt/EBITDA, was 53.2x at end-2023. Fitch expects net leverage to decrease gradually to around 40x by 2028 under Fitch's rating case, commensurate with the 'b' category. Derivation Summary PTSI is rated under its GRE criteria, reflecting its assessments of the municipal government's decision-making, oversight, support precedents and incentives to support the company. Fitch believes the local government would be very likely to step in and support if needed. The ratings also take into consideration the SCP assessment under its Public Policy Revenue-Supported Entities Rating Criteria. Issuer Profile PTSI, established in 2004, is a comprehensive state-owned investment platform in Putian, a city on China's south-eastern coast. PTSI had total assets of CNY90.2 billion at end-June 2024, the largest among the city's GREs. PTSI is engaged mainly in primary land development, infrastructure construction, railway and port investment, and the promotion of investments in the industrial and financial sectors. The company also has commodity trading and real-estate development operations. Key Assumptions Fitch's rating case is a through-the-cycle scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on 2019-2023 historical figures and Fitch's 2024-2028 scenario assumptions. - Revenue will increase by 5% annually and operating expenditure by 4.5%, based on its expectation that the company will achieve economies of scale. - Short-term debt will increase by 5% each year to fund operational expansion, and long-term debt will rise to CNY27.0 billion by end-2028 from CNY12.7 billion at end-2023. - The cost of debt will remain at the current level. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Not applicable, as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Not applicable, as the ratings have been withdrawn. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Putian State-Owned Assets Investment Co., Ltd. LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn BB+ LC LT IDR BB+ Affirmed BB+ LC LT IDR WD Withdrawn BB+ YONGHUI SUPERSTORES: Wanda Unit Stake Buyer Fails to Pay USD509MM ----------------------------------------------------------------- Yicai Global reports that shares of Yonghui Superstores tumbled after the Chinese supermarket chain said the buyer of its interest in a shopping mall management unit of Dalian Wanda Group has missed a more than CNY3.6 billion (USD508.8 million) payment for the stake. Yonghui fell by its 10 percent exchange-imposed daily trading limit to close at CNY2.91 (41 US cents) a share in Shanghai on Oct. 11, Yicai discloses. Dalian Yujin Trading must immediately pay the installment that was due at the end of last month, or Yonghui will take it and the three parties that guaranteed its acquisition of Yonghui's stake in Dalian Wanda Commercial Management Group to court, the Fuzhou-based seller said on Oct. 10, Yicai relays. Yicai relates that Yonghui, one of China's biggest supermarket operators, agreed last December to part with the 1.4 percent stake for CNY4.5 billion in the face of operating difficulties and financial pressures. Payment was due in eight installments from the end of last year to this September. According to Yicai, Yonghui paid Yujin Trading's main shareholder Yifang Group CNY3.5 billion for the stake in 2018. Yifang's actual controller Sun Shuangxi is a longtime friend of Wang Jianlin, the former controller of Dalian Wanda Commercial Management. Wang, who was China's richest person in 2012, 2013, and 2017, is one of the three parties to guarantee Yujin Trading's purchase of the stake. He sold the controlling rights of the shopping mall operator to Abu Dhabi Investment Authority and other investors in March. Yonghui has been in the red for three consecutive years, having lost over CNY8 billion in the period. In the first half of this year, the firm reported a net loss of CNY275.3 million (USD38.9 million) and revenue of CNY37.8 billion (USD5.3 billion), down 26 percent and 10 percent, respectively, from a year earlier. Last month, Chinese discount retailer Miniso announced it would invest CNY6.3 billion to buy 29.4 percent of Yonghui from DFI Retail Group and JD.Com to become its largest shareholder. About Yonghui Superstores Yonghui Superstores Co., Ltd. operates various supermarkets in China. The company was founded in 2001 and is based in Fuzhou, China. Yonghui Superstores posted three consecutive annual net losses of CNY1.329 billion, CNY2.763 billion, and CNY3.943 billion for the years ended Dec. 31, 2023, 2022, and 2021, respectively. ========= I N D I A ========= ADIPARASAKTHI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Adiparashakti Agro Tech (Adiparashakti Agro) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [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 Adiparashakti Agro, 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 2016, Sri Adiparashakti Agro Tech (Adiparashakti Agro) is a partnership firm managed by Mr. M R Krishna and Mr. M R Venkatesh. The commercial operations of the firm stared in December 2016. The firm is engaged in milling and trading of rice, broken rice, bran and husk. The firm procures majority of its required raw material from farmers located in Raichur and its neighbouring districts in Karnataka and sells them in the domestic market. The firm sells Sona Masuri rice in bulk quantities under the brand name Anmol and Aakash and has presence mainly in Karnataka and Maharashtra. The firm's manufacturing facility is located in Raichur in Karnataka with an aggregate installed capacity of 6 tons per hour of milling. The firm is part of the MRV group which also owns other entities in similar business. In FY2019, the firm reported a net profit of INR1.01 crore on an OI of INR57.17 crore compared to a net profit of INR0.84 crore on an OI of INR44.76 crore in the previous year. AL-RKAYAN APPARELS: ICRA Lowers Rating on INR25cr LT Loan to D -------------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Al-Rkayan Apparels & Exports Private Limited (ARAEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Material event The Corporate Insolvency of ARAEPL was ordered by National Company Law Tribunal. The public announcement was issued by Insolvency and Bankruptcy Board of India (IBBI) on October 8, 2024. The IBBI has mentioned 11th January 2025 as the estimated date for closure of insolvency resolution process. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated on August 2023. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Al-Rkayan Apparels & Exports 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. ARAEPL was incorporated in 2004 by Mr. Prabhakar Shetty, Mr.Shahid Rafi and Mr. Abdul Rahman S Al-Rkayan. The company is primarily involved in manufacturing of denims for major denim players and has manufacturing facility in Goregaon, Mumbai which is spread over 30,000 square feet and employs over 650 people. Towards the end of 2008-09, ARAEPL launched its own denim brand Leonidas, aimed at the price-sensitive and fashion-conscious youth segment (16 to 40 years age group); Leslie (for capris and three-fourths) and LD Active (bottom wear for women). AMBANI PAPER: Ind-Ra Affirms BB+ Term Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Ambani Paper LLP's (AP) bank facilities as follows: -- INR300 mil. Cash credit affirmed with IND BB+/Stable/IND A4+ rating; and -- INR432 mil. (reduced from INR550 mil.) Term loan due on February 2030 affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect AP's modest EBITDA margins, average credit metrics and continued medium scale of operations in FY24 and 4MFY25. The ratings also factor in the partnership nature of the entity and its presence in the highly competitive and fragmented paper packaging industry. The ratings, however, are supported by the promoters' extensive experience in industries and the proximity to its domestic customers. Detailed Description of Key Rating Drivers Moderate Scale of Operations: As per AP's FY24 provisional numbers, its total operating income doubled to INR2,701 million in FY24 (FY23: INR1,334.59 million), led by an increase demand for white-coated duplex paper board, leading to an increase in the capacity utilization to 73% in FY24 (FY23: below 60%). The company's scale of operations remained medium. The firm started its commercial production in July 2022, and booked its nine-month revenue in FY23. Moreover, the firm reported revenue of INR986 million in 1QFY25, and the agency expects the revenue to increase yoy in FY25, backed by repeat and new orders from the existing customers. The EBITDA margin remained moderate at 7.58% in FY24 (FY23: negative) due to the increase in the scale and a stabilization in raw material prices. The negative EBITDA margin in FY23 was due to low capacity operations of its plant and the firm incurring high operating expenses. However, Ind-Ra expects the profitability to improve in the near- to medium term owing to the likely increase in revenue. Average Credit Metrics: AP's total debt reduced to INR925 million in FY24 (FY23: INR1,131 million) mainly due to a reduction in the working capital utilization, unsecured loan, and scheduled term loan repayment. The net leverage (adjusted net debt/operating EBITDAR) increased to 4.47x in FY24 (FY23: negative 17.44x), due to the reduction in its debt and the improvement in the profitability. The gross interest coverage (operating EBITDA/gross interest expense) improved to 2.45x in FY24 (FY23: negative 1.18x), led by an improvement in the EBITDA to INR187.88 million (FY23: negative INR64.62 million). Ind-Ra expects the credit metrics to further improve due to the increase in the EBITDA along with a decline in the total debt on the back of scheduled repayment of term loans and the absence of any debt-funded capex in the near to medium term. Constitution as Partnership Entity: Being a partnership firm, AP is exposed to inherent risk of partners' capital being withdrawn at the time of personal contingency, and firm being dissolved upon the death/retirement/insolvency of partners. Cyclical Industry: The paper industry is cyclical in nature and incumbents are exposed to volatility in raw material prices, as well as the threat of imports, which could prevent companies from passing on the increase in raw material prices. In addition, lumpy capacity additions that are not commensurate with demand growth could exert upward pressure on raw material prices and downward pressure on finished product prices, leading to a weakening of the profit margins. Experienced Promotors: The promotors have more than 10 years of experience across industries. Some of the promotors of Ambani Vitrified Pvt. Ltd, which engages in ceramic and tiles manufacturing, and Sunlex Fabrics Pvt. Ltd., which –manufactures flex banner and allied products, are common promoters in AP. Ambani Vitrified and Sunlex Fabrics are operational in respective industries since 2011 and 2015, respectively. Established Dealer Network along with Diversified Customer Base: AP's products are sold through 95-100 dealers across India. The management has established strong relationships with their customers, leading to repeat sales. Furthermore, the revenue profile is diversified with top five customers contributing about 34% to the total sales in FY24 (FY23: about 31%). Liquidity Stretched: AP's average monthly maximum utilization of the fund-based limit was 91% for the 12-month ended July 2024. The cash flow from operations improved to INR130.04 million in FY24 (FY23: negative INR453.52 million) due to changes in the working capital. Subsequently, the free cash flow improved to INR127.79million in FY24 (FY23: negative INR629.47 million), due to planned capex of INR175.95 million. The net working capital cycle reduced to 75 days in FY24 (FY23: 118) with the inventory days of 70 (129) and debtor days of 37 (49). AP has debt repayments of INR70.20 million and INR73.40 million for FY25 and FY26, respectively. Rating Sensitivities Negative: Any further decline in the revenue or the EBITDA margins, resulting in deterioration in the credit metrics and the liquidity position, on a sustained basis, will be negative for the ratings. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics with the net leverage falling below 3.5x and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company AP is a partnership firm, established in Morbi, Gujarat, for manufacturing white-coated duplex paper board that is used in the packaging industry. The promotors have experience in ceramics and manufacturing of flexible banner and allied products. Its manufacturing plant has a capacity 105,000 metric tons per annum. It started commercial production in July 2022. APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of APT Packaging Limited (APT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.20 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 17, 2023, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APL continues to be non-cooperative despite repeated requests for submission of information through emails dated June 1, 2024, June 11, 2024 and June 21, 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). APT (erstwhile Anil Chemicals & Industries) [ISIN: INE046E01025] was incorporated in 1980 and is engaged in the manufacturing of Co -Extruded plastic tubes in variety of shapes, sizes and different colours ranging from 10 ml to 300 ml fill size. The company's manufacturing operations are carried out from the plants based in Aurangabad, Maharashtra and Laksar, Haridwar, Uttarakhand. The combined installed capacity is approx. 2.3 lakh pieces per day ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ashwini Frozen Foods (AFF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated September 25, 2023, placed the rating(s) of AFF under the 'issuer non-cooperating' category as AFF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFF continues to be non-cooperative despite repeated requests for submission of information through emails dated August 10, 2024, August 20, 2024, August 30, 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). Ashwini Frozen Foods (AFF) was established in 1995 and is engaged in processing of sea food which includes ribbon fish, croaker cuttlefishes, crabs etc. which are exported to countries like Saudi Arabia, Mozambique, and Oman etc. The firm has set up its processing facility at Mangrol, Gujarat. The firm is currently owned and managed by Mr. Bhimji M Khorava along with 4 other partners and has a long experience in sea food industry. The firm also has an associate concern with the name of Jalfish Sea Food which is engaged in the similar line of business. BHAGAWATI FRONTLINE: CARE Lowers Rating on INR13.80cr Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bhagawati Frontline Motorizer Private Limited (BFMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.80 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 23, 2023, placed the rating(s) of BFMPL under the 'issuer non-cooperating' category as BFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2024, July 18, 2024, July 28, 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 BFMPL have been revised on account of non-availability of requisite information. Bhopal (Madhya Pradesh) based BFMPL was incorporated in June 2016 to take up the dealership of Mahindra & Mahindra (M&M) vehicles and servicing in Singrauli & Sidhi districts of Madhya Pradesh (MP). BFMPL is a part of Gwalior based Bhagawati group which has varied business interests in the state of MP. The group is engaged in dealership of Mahindra & Mahindra and Indo farm tractors through Bhagawati Cools Private Limited and Bhagawati Development Services Private Limited. The group also extends warehousing facilities through Bhagawati Estate Warehouse, Kolaras. BCPL and BDSPL are also engaged in trading of agro-commodities like wheat, potato, soya etc. The group also manages Bhagawati India Motorizer Private Limited which undertakes the dealership of Mahindra & Mahindra (M&M) vehicles and servicing in four districts of Madhya Pradesh (MP) namely Shahdol, Mandla, Dindori and Anuppur. Another group entity named Bhagawati Estate Warehouse, Ashoknagar is also engaged in warehousing and trading of agro-commodities like potatoes and wheat. BHAGAWATI INDIA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhagawati India Motorizer Private Limited (BIMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.24 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 August 25, 2023, placed the rating(s) of BIMPL under the 'issuer non-cooperating' category as BIMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 10, 2024, July 20, 2024, July 30, 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). BIMPL was incorporated in October 2013 to take up the dealership of Mahindra & Mahindra (M&M) vehicles and servicing of auto parts in four districts of Madhya Pradesh (MP) namely Shahdol, Mandla, Dindori and Anuppur. BIMPL is a part of Gwalior based Bhagawati group which has varied business interests in the state of Madhya Pradesh. The group is engaged in dealership of Mahindra & Mahindra and Indo farm tractors through Bhagawati Cools Private Limited and Bhagawati Development Services Private Limited. The group also extends warehousing facilities through Bhagawati Estate Warehouse, Kolaras. BCPL and BDSPL are also engaged in trading of agro-commodities like wheat, potato, soya etc. Another group entity named Bhagawati Estate Warehouse; Ashoknagar is also engaged in warehousing and trading of agrocommodities like potatoes and wheat. CHHATRAPATI SAMBHAJI: Ind-Ra Moves BB- Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Chhatrapati Sambhaji Raje Sakhar Udyog Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR47.25 mil. Term loan due on March 31, 2025 Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative(ISSUER NOT COOPERATING) rating; -- INR595.0 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR112.75 mil. Proposed Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non- cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Chhatrapati Sambhaji Raje Sakhar Udyog Limited over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Chhatrapati Sambhaji Raje Sakhar Udyog Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Chhatrapati Sambhaji Raje Sakhar Udyog Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 Incorporated in 2000, CSRSUL has an integrated sugar plant for manufacturing sugar, a co-generation unit of 6MW and ethanol distillery unit of 60KLPD in Aurangabad, Maharashtra. CSRSUL also has a distillery with capacity of 30KLPD which began operations in October 2023 and uses B-heavy molasses for production of ethanol. CORLIM MARINE: Ind-Ra Moves D Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Corlim Marine Exports Pvt Ltd to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR460 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Corlim Marine Exports Pvt Ltd over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Corlim Marine Exports Pvt Ltd on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Corlim Marine Exports Pvt Ltd.'s credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 CMEPL was incorporated in 1993 by Rajinder Singh Jari. The company is engaged in processing, packaging and export of sea foods such as Vannamei shrimps, Ribbonfish, Squid fish, Mackerel, among others. CMEPL held a 99.70% stake in AAPL. The company has its processing unit at Sancoale, Goa. DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of DCR Distillery Private Limited (DDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.40 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 September 26, 2023, placed the rating(s) of DDPL under the 'issuer non-cooperating' category as DDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2024, August 21, 2024 and August 31, 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). Sagar-based (Madhya Pradesh) DCR Distillery Private Limited (DDPL) was incorporated in November, 2010 by Mr. Gajendra Singh Rathore along with his family members with an objective to set up a plant for manufacturing of Extra Neutral Alcohol (ENA) and Rectified Spirit (RS). The manufacturing unit of the firm is located in Mehar, Sagar - Madhya Pradesh. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of DDPL into Issuer Not Cooperating category vide press release dated May 8, 2024 on account of its inability to carry out a review in the absence of requisite information. EASTERNZONE INDUSTRIES: ICRA Cuts Rating on INR7.30cr Loan to B+ ---------------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Easternzone Industries Private Limited (EIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 7.30 [ICRA] B+(Stable); ISSUER NOT Fund based COOPERATING; Rating downgraded from [ICRA]BB+(Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 2.70 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]BB+(Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is attributable to the lack of adequate information regarding EIPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade.". As part of its process and in accordance with its rating agreement with Easternzone Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. 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, EIPL is managed by its promoter-director, Mr. Surendra Nath Sahoo, along with Mr. Samarjeet Sahoo, Mr. Sanjay Kumar Sahoo and Mr. Subhrajeet Sahoo. The company manufactures rice products and has a 12-tonne-per-hour, non-basmati rice mill unit located in Cuttack, Odisha GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gakhil Resort and Spa (GRS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated September 26, 2023, placed the rating(s) of GRS under the 'issuer non-cooperating' category as GRS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRS continues to be non-cooperative despite repeated requests for submission of information through emails dated August 11, 2024, August 21, 2024, August 31, 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). Gakhil Resort and Spa (GRS) is a proprietorship entity established on April 2015 to initiate a hotel business and carrying on activities related to the hotel industry at Bojoghari, Gangtok in Sikkim. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of GRS into ISSUER NOT COOPERATING category vide press release dated August 14, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. GANPATI INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Ganpati Infrastructure Development Company Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR32.5 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR200 mil. Proposed Term Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR477.5 mil. Term Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Ganpati Infrastructure Development Company Limited over emails starting from 31 Jul 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ganpati Infrastructure Development Company Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Ganpati Infrastructure Development Company Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 GIDCO was initially established as a partnership firm under the name Ganpati Group of Industries in 2005, and later converted into a limited company in 2012. GIDCO undertakes the construction of residential and commercial real estate projects in Agra. Its registered office is in Agra. GOOD EARTH: CARE Lowers Rating on INR18.00cr LT Loan to B+ ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Good Earth Eco Developments Private limited (Good Earth), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Good Earth to monitor the rating(s) vide e-mail communications/letters dated June 12, 2024, June 17, 2024, July 1, 2024, July 15, 2024, August 12, 2024, August 19, 2024, September 3, 2024, September 10, 2024, September 18, 2024, and September 23, 2024, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Good Earth bank facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of the absence of latest information pertaining to the company. The revision in rating factors in non-cooperation by Good Earth and CARE's efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating continues to be constrained by nascent stage of project execution and significant dependence on debt for the project execution. The rating continues to derive strength from satisfactory sales movement of the ongoing project and favourable location of the ongoing project. Key weaknesses * Nascent stage of project execution: The company has launched the project in September 2022. The construction cost incurred is around 19% of the total estimated cost as on March 31, 2023. It is estimated to complete the project by June 2025 however, the RERA approved timeline is March 31, 2026. * Significant dependence on debt for the project execution: The company has significant dependence on debt as it has raised debt from bank and also raised funds by issuing NCDs. The dependence on debt is high at around 47% followed by customers advances of around 34% and promoters fund of around 19%. However, the company has been preponing its repayment and has repaid some amount of the NCD debt and NCD limit to the extent of INR5 Cr remains undrawn. Key strengths * Satisfactory sales movement of the ongoing project: The project was launched for sales in September 2022 and within six months, the company has been able to sell significant area showing the high acceptance of the project property in the market. The total saleable area is 1.76 lsf out of which 1.44 lsf has been sold as on March 31, 2023. In terms of units, the project has 76 units out of which 60 units are already sold as on March 31, 2023. As on September 12, 2023, total of 66 units have been sold and around 35% receivables have been collected from the sold units. * Favourable location of the ongoing project: The project is in Kengeri, Bangalore with total saleable area of 1.76 lsf. The project is located at Kambipura, Kengeri, Bangalore where the promoters have reasonable presence already. The company has developed the projects like Good Earth Malhar-Mosaic, Good Earth Malhar-Terraces and Good Earth Malhar Resonance in the same locality. The location is well connected to shopping malls, hospitals, and educational institutions. ACS college of Engineering, RajaRajeshwari Medical College and Hospital, St. Benedict's Institute of Nursing are few institutions and hospitals situated in the vicinity of 10 Kms. The location is also connected to Bangalore Metro and the nearest metro is Kengeri which falls within 5-10 kms. Good Earth Eco Developments Private Limited is a part of Good Earth group of companies. The company is into residential real estate. The company has been into various institutional and residential constructions. Promoters have done projects in Kochi, Calicut and Bangalore. The company has completed 5 projects with around 10 lsf of saleable area. Mr. Stanley K George is the Promoter Director of the company and is a qualified Civil Engineer. HIRANMAYE ENERGY: Jindal Power, Vedanta & CESC in Race for Assets ----------------------------------------------------------------- The Economic Times reports that Naveen Jindal-promoted Jindal Power, Vedanta, and Sanjiv Goenka-promoted CESC are among eight companies in the fray to acquire Hiranmaye Energy, a Kolkata-based thermal power producer, said several people with knowledge of the matter. Lenders are set to auction the assets of the company in mid-October. They have set a reserve price of INR1,300 crore. The other companies that have shown interest are Hindustan Power, Shyam Sel and Power, Orissa Metaliks, Rungta Mines, and Damodar Valley Corp, ET relates. Hiranmaye Energy owns three units, with two operational. It has a 25-year agreement with the West Bengal government for power purchase and coal supply from Coal India. IRB INFRASTRUCTURE: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 long-term corporate family rating of IRB Infrastructure Developers Limited (IRB) and the Ba2 instrument rating assigned to its USD senior secured notes due 2032. Both the CFR and instrument rating are unaffected by the company's announced issuance of additional USD-denominated notes for an aggregate amount of up to USD200 million. The outlook is stable. RATINGS RATIONALE IIRB's ratings are underpinned by (1) the fair concession and regulatory framework that enhances its cash flow visibility; (2) its large asset portfolio in India (Baa3 stable), with robust demand dynamics; and (3) its established fundraising and project execution track records. IRB's toll road assets benefit from long-term concession agreements that allow for regular toll rate adjustments and provide several protective measures against unexpected adverse events. For example, IRB managed to extend its concessions to compensate for suspensions during the pandemic. The company's credit quality also benefits from rising toll revenue on the back of India's strong growth dynamics and supportive tariff framework for national highways. These strengths are counterbalanced by IRB's high debt load relative to cash generation because most of the company's projects are in the ramp-up phase. The debt includes financing for the substantial upfront concession payment and ongoing capital expenditures as well as for new growth projects. Even though the company's debt level will increase slightly following the issuance of additional notes of up to USD200 million, Moody's forecast its funds from operations (FFO)/debt ratio will remain at 5%-6% over the next 2-3 years. While this is at the lower end of the rating tolerance, it remains within the rating guidelines. Although IRB does not consolidate its 51%-owned affiliate IRB Infrastructure Trust (IRB Infra) and its 16%-owned affiliate IRB InvIT Fund (IRB InvIT), Moody's projected metrics incorporate adjustments for 100% of IRB Infra and 16% pro rata consolidation of IRB InvIT to better reflect these entities' strategic importance to IRB. The Ba2 rating assigned to IRB's USD notes incorporates a one-notch differential from the Ba1 CFR because of subordination risks and likely reduced recovery rates in a hypothetical default scenario. In particular, from a consolidated perspective, most of IRB's cash flows for debt service at the headstock level are derived from residual cash flows from the various operating assets after they have serviced asset-level debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectation that despite some weakening, IRB's financial metrics will remain appropriate for the current rating level over the next 12-18 months, considering both the company's capital spending plans and the demand environment in India. Moody's could upgrade the rating if IRB's financial metrics strengthen materially, such that its consolidated FFO/debt rises above 11% and its cash interest coverage increases above 2.2x on a sustained basis. Conversely, Moody's could downgrade the rating if IRB's financial metrics fall short of Moody's projections, such that its FFO/debt drops below 4% and its cash interest coverage falls below 1.3x on a sustained basis. The principal methodology used in these ratings was Privately Managed Toll Roads published in December 2022. IRB Infrastructure Developers Limited is a listed company and one of India's largest toll road operators. As of June 2024, the company operated a portfolio of 26 assets spanning 15,444 lane kilometers. Other than its directly held assets, the company also holds (1) a 51% stake in IRB Infrastructure Trust; and (2) a 16% stake in IRB InvIT Fund. As of June 2024, the weighted average remaining concession life of IRB's portfolio was 21 years for IRB's and IRB Infrastructure Trust's projects. The National Highways Authority of India is the regulator for the industry and the concession counterparty for most of IRB's concessions. JASMER FOODS: Ind-Ra Moves BB Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Jasmer Foods Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR285 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating; and -- INR7.42 mil. Term Loan due on May 31, 2024 Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Jasmer Foods Private Limited over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Jasmer Foods Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Jasmer Foods Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 Incorporated in June 2011, Kurukshetra-based JFPL is engaged in milling, processing and manufacturing of basmati rice in a fully integrated setup with a capacity of around 200 metric tons per day. Jatinder Singh, Harminder Singh and Ravinder Singh are the directors. JEYAM BUILDERS: Ind-Ra Gives BB- Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Jeyam Builders' (JB) bank loans as follows: -- INR523.80 mil. Term loan due on June 30, 2034 assigned with IND BB-/Stable rating; and -- INR46.20 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect the time and cost overrun risks related to JB's ongoing residential projects. The company has, so far, not achieved a financial closure on an overall basis and the projects were only 48.7% completed as of July 31, 2024. The ratings are also constrained by modest offtake risk associated with the project. However, the ratings are supported by the company's successful completion of projects and sale of more than 441,909 sf across Trichy, Tamil Nadu. The ratings also benefit from the suitable location of the projects and promoters' experience in the real estate sector. Detailed Description of Key Rating Drivers Financial Closure Yet to be Achieved, Medium Offtake Risk: Till July 2024, the firm booked 14 of the 150 units. The project has dependence on customer advances (27% of the total cost) for project completion. As of July 31, 2024, the projects are 48.7% completed. Of the total cost of INR879.60 million, the company has incurred INR428.3 million as of 31 July 2024 and the balance is yet to be tied up using a mix of debt, promoters' contribution and collections. After factoring in the undisbursed debt and the committed receivables, JB is required to make an additional sale of around 15% of the total remaining cost to achieve a financial closure for completing the project. Also, the promoters are required to bring in additional INR60.61 million for funding the project. Ind-Ra expects the booking velocity to increase in the medium term as the project approaches completion. Time and Cost Overrun Risks: The total project cost will be funded by promoters' contribution of INR279.61 million, customer advances of INR200 million and a term loan of INR400 million. JB has incurred around INR428.3 million until July 31, 2024, which was funded through a term loan of INR188.77 million and promoter contribution of INR219 million. JB has also received INR20.54 million as customer advances as of end-July 2024. Although the project's progress is in line with the execution schedule, however, the ongoing projects remains exposed to time and cost overrun risks. Small Size of Projects Executed: The firm has executed around 20 small ticket projects of 441,909 sf with the single-largest project of around 56,000 sf, indicating limited experience in executing mid-to-large-sized projects. Stretched Liquidity: The ratings are constrained by a likely cash flow mismatch risk if the advances from customers are lower than Ind-Ra's expectations. The firm does not have any exposure to the capital market and relies on bank loans and promoter funds to meet is funding requirements. The promoters are required to bring in additional INR60.61 million for funding the project. Favorable Location: The ongoing projects are located at KK Nagar, Trichy which is nearly 2kms from Tiruchirappalli International Airport via Wireless road, around 5 km from Tiruchirappalli junction railway station and are in proximity to shopping complexes, educational hubs and hospitals. Established Operational Track Record; Experienced Promoters: Ind-Ra draws comfort from the promoters' experience of around two decades in real estate development. The company has, so far, successfully completed and sold more than 20 projects with limited time and cost overruns. Liquidity Stretched: JB had a low cash balance of INR0.31 million at FYE24 (FYE23: INR13.59 million). The company will have scheduled debt repayments of INR400 million in FY28. The minimum debt service coverage ratio, as per the management, will be 1.36x during FY24-FY27. Rating Sensitivities Negative: Time or cost overruns, and lower-than-expected sales volume or lower realization from bookings, leading to stressed cash flows, could lead to a negative rating action. Positive: Higher-than-expected sales and timely receipt of advances from customers and utilization of the same primarily for construction purposes, leading to stronger cash flows and an improvement in the liquidity, could lead to a positive rating action. About the Company JB, established as a partnership firm in 2007, undertakes the construction of residential and commercial real estate projects in Trichy, Tamilnadu. Mr. S. Anand, Mrs. Jayarani Anand and Mr. Sanjay Anand are the partners of the firm. The firm has completed around 25 projects(20 apartment projects, three villa projects and two commercial projects) in the last two decades measuring about 0.441 million sf. The firm is currently developing two residential projects in Trichy, Jeyam Empire and Jeyam Palace. K.V CHINNAIAH: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K.V Chinnaiah (KC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 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 23, 2023, placed the rating(s) of KC under the 'issuer non-cooperating' category as KC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2024, July 18, 2024, July 28, 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). K.V. Chinnaiah (KC) is proprietorship concern established in the year 2000 by Mr. K.V. Chinnaiah. KC is a Class I Government contractor registered with the Public Works Department (PWD) Karnataka. The firm majorly does NH road works, underpass construction for PWD. The proprietor also runs two hotels KVC International in Mysore town and in KRS, Karnataka and has experience of over 20 years in hotel industry. Status of non-cooperation with previous CRA: Brickwork has continued the ratings assigned to the bank facilities of KC to the 'issuer not-cooperating' category vide press release dated March 27, 2024 on account of its inability to carryout review in the absence of requisite information from the firm. CRISIL has continued the ratings assigned to the bank facilities of KC to the 'issuer not-cooperating' category vide press release dated January 30, 2024 on account of its inability to carryout review in the absence of requisite information from the firm. KOMAL SINGH: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Komal Singh Kothari Rajendra Singh Kothari (KSKRSK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.69 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 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 September 14, 2023, placed the rating(s) of KSKRSK under the 'issuer non-cooperating' category as KSKRSK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSKRSK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2024, August 9, 2024 and August 19, 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). Udaipur (Rajasthan) based KSKRSK was formed in 2005 as a partnership concern by Mr. Komal Singh Kothari and Mr. Rajendra Singh Kothari. KSKRSK has developed a commercial complex, 'RKay Mall' situated at Panchwati, near Chetak Circle (Udaipur) which has 5 floors including ground floor and basement parking (For 50 cars and 100 two wheelers) total construction area of 1 lakh square feet. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of KSKRSK into Issuer Not Cooperating category vide press release dated January 17, 2024 on account of its inability to carry out a review in the absence of requisite information. KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Krishna Educational Trust (SKET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; 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 18, 2023, placed the rating(s) of SKET under the 'issuer non-cooperating' category as SKET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2024, August 13, 2024 and August 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). Gurgaon-Haryana based Shree Krishna Educational Trust (SKET) is a non-profit trust incorporated in October, 2007 by Mr. Vijay Gupta and family members. The trust is currently running educational institute named as 'Gurgaon College of Engineering for Women' in Bilaspur-Tauru Road, near Manesar (district –Gurgaon), Haryana. In Feb 2015, trust has entered into an agreement with Great Lakes Institutes of Management (GLIM) for giving entire college premises on lease for 30 years (i.e. till Jan 2046). Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of SKET into Issuer Not Cooperating category vide press release dated June 7, 2024 on account of its inability to carry out a review in the absence of requisite information. MAD STUDIOS: ICRA Withdraws D Rating on INR13cr Term Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Mad Studios Private Limited, at the request of the company and based on the No Due Certificate/Closure Certificate received from its Bankers. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Long-term 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Mad Studios Private Limited (MSPL) was incorporated on 30th January 2012 and is primarily engaged in the production of television commercials. The company also in the recent past forayed into movie production and end to end production services business that entails leasing of equipment and related services to various directors, film studios, production houses etc. MSPL is a part of the Mad Group. The flagship company of the Group is Mad Entertainment Limited, promoted by Mr. Sunil Manchanda who has been in the Media Industry for more than two decades. The Group has produced more than 1000 television commercials for various famous brands till date. MAGNUM EXPORT: Ind-Ra Cuts Bank Loan Rating to BB ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Magnum Export's (ME) bank facilities' ratings to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR1.070 bil. Fund-based working capital limit downgraded with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR145 mil. Term loan due on December 31, 2026 downgraded with IND BB/Negative (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information. Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, the ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with ME while reviewing the ratings. Ind-Ra had consistently followed up with the company over emails since September 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit ratings of ME, as the agency does not have adequate information to review the ratings. Hence, the current outstanding ratings might not reflect the company's credit strength. 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. The company has been non-cooperative with the agency since April 2024. About the Company Established in 1996 as a partnership firm, ME is involved in the processing and export of shrimp. It exports frozen shrimp to the US, Japan and Vietnam under the brand, Debarun. MAITHRI DRUGS: Ind-Ra Cuts Bank Loan Rating to BB ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Maithri Drugs Private Limited's (MDPL) bank facilities' ratings to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR280 mil. Fund-based limits downgraded with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR20 mil. Non-fund-based limits downgraded with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR300 mil. Term loans due on December 2029 downgraded with IND BB/Negative (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with MDPL while reviewing the ratings. Ind-Ra had consistently followed up with the company over emails since October 3, 2024, apart from phone calls. The issuer has also not been submitting its monthly no default statements. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit ratings of MDPL, as the agency does not have adequate information to review the ratings. Hence, the current outstanding ratings might not reflect the company's credit strength. 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. The company has been non-cooperative with the agency since April 22, 2024. About the Company Established in 2013 in Hyderabad, MDPL manufactures bulk drugs catering to a broad range of therapeutic categories including anti-anemics, anti-bacterial, anti-diabetic, anti-fungal, anti-hyperthyroidism, anti-inflammatory, anti-viral, antihypertensive, and cardiovascular, among others. It has a manufacturing facility in Hyderabad, with an installed capacity of 108 kilo liters per annum that was to increase to 350 kilo liter per annum by FY24 with its ongoing capex. NEO POWER: Ind-Ra Moves B+ Loan Rating to NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Neo Power Electronics And Projects Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR40 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR260 mil. Non-Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Neo Power Electronics And Projects Private Limited over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Neo Power Electronics And Projects Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Neo Power Electronics And Projects Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 Incorporated in 1975 as a proprietorship firm, NPEPPL was converted to a private limited company in 1988. It is engaged in the manufacturing, installation and maintenance of electrical, electronics, instrumentation, automation equipment and projects for defense establishments, tele-communication companies and related Industries. The promoters are Baburao S Wanelkar and family. Their registered office is in Mumbai and their manufacturing units are located in Maharashtra. OM SWAROOP: Ind-Ra Moves B+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of OM SWAROOP ISPAT PRIVATE LIMITED to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR44.3 mil. Proposed Bank Facility Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING) rating; -- INR250 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR555.7 mil. Term loan Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with OM SWAROOP ISPAT PRIVATE LIMITED over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of OM SWAROOP ISPAT PRIVATE LIMITED on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect OM SWAROOP ISPAT PRIVATE LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 Incorporated in 2023, OSIPL is setting up a unit to manufacture M.S. strips in Raipur, via captive consumption of M.S. billets through casting machines. OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the NCD programme of Ozone Homes Private Limited (OHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/DebtBonds/ 180.00 [ICRA]D; ISSUER NOT COOPERATING; NCD/LTD Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with OHPL, 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. Ozone Homes Private Limited (OHPL) is a special purpose vehicle (SPV) of the Ozone group which is currently developing Ozone Autograph, a residential real estate project in Dadar, Mumbai. OHPL has some unsold inventory in Ozone Gardenia, a completed project in Chennai. OHPL also owns 11 units in Ozone Metrozone project, Chennai which has been provided as security for the rated NCD programme. Tuscan Consultants & Developers Private Limited (TCDPL) is the majority shareholder of the company, with a shareholding of 99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman of the Ozone group. PERUMAL SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Perumal Spinning Mills Private Limited (PSMPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.85 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.15 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 2.00 [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 PSMPL, 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. Perumal Spinning Mills Private Limited (PSMPL), incorporated in 1989 by Mr. S.Perumal, is primarily engaged in manufacture of cotton yarn. The Company produces medium counts of carded/combed yarn (in the count range of 40s to 60s) and supplies primarily to domestic garment manufacturers. The Company operates with an installed capacity of 14,112 spindles and its manufacturing facility is located in Salem (Tamil Nadu). The Company is closely held by Mr. P Ashokaraman (son of Mr. S Perumal) and his son. R. K. AGARWAL: CARE Keeps B- Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R. K. Agarwal Agro Seeds Private Limited (RKAASPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.47 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 September 1, 2023, placed the rating(s) of RKAASPL under the 'issuer non-cooperating' category as RKAASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKAASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 17, 2024, July 27, 2024 and August 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). R.K. Agarwal Agro Seeds Private Limited (RKAASPL) based in Kashipur, Uttarakhand was incorporated in September, 1999. The company is promoted by Mr. Ajay Agarwal, Mr. Priyanshu Agarwal and Mrs. Priti Agarwal. It is engaged in processing and trading of wheat and paddy seeds. Status of non-cooperation with previous CRA: BRICKWORK has continued the ratings assigned to the bank facilities of RKAASPL into 'Issuer not-cooperating' category vide press release dated March 20, 2024 on account of non-availability of requisite information from the company. RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rahul Wire Ropes (RWR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.39 CARE C; 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 13, 2023, placed the rating(s) of RWR under the 'issuer non-cooperating' category as RWR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RWR continues to be non-cooperative despite repeated requests for submission of information through emails dated July 29, 2024, August 8, 2024 and August 18, 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). Bhiwadi, Rajasthan based RWR is a partnership firm established in 2011. The firm was initially established as a proprietorship firm "Rahul Wire Ropes" in 1999 and later on, the constitution was changed to partnership in 2011, The partners of the firm are Mr Krishan Kumar Gandhi and his son Mr Rahul Gandhi. The firm manufactures various types of automotive control cables such as accelerator cables, clutch cable, gear cables, speedometer and other cables for two wheelers and four wheelers. The firm is tier-2 vendor for various renowned automobile brands RAJENDRA TRUCKING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajendra Trucking Private Limited (RTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 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 September 1, 2023, placed the rating(s) of RTPL under the 'issuer non-cooperating' category as RTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 17, 2024, July 27, 2024 and August 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). Varanasi, Uttar Pradesh based Rajendra Trucking Private Limited (RTPL) is a private limited company, incorporated on October 12, 2012 was promoted by Mr. Rajendra Goenka, Mr. Rahul Goenka and Mr. Tanay Goenka. RTPL operates as an authorized dealer of Bharat Benz (division of Daimler India Commercial Vehicles (DICV) in Varanasi, Uttar Pradesh. RAVILEELA GARNITES: Ind-Ra Moves BB- Loan Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated all the ratings of Ravileela Granites Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR36.8 mil. Proposed Bank Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/ Negative (ISSUER NOT COOPERATING) rating; -- INR140 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR223.2 mil. Term Loan Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with Ravileela Granites Limited over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ravileela Granites Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Ravileela Granites Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 RGL, a granite processor and manufacturer, was established in 1990 and is based out of Hyderabad, Andhra Pradesh. RGL exports all its manufactured products. P Srinivas Reddy is the director of the company. RENEW PRIVATE: Moody's Affirms 'Ba2' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings has affirmed ReNew Private Limited's (ReNew, RPL) Ba2 corporate family rating and the Ba3 ratings on the senior secured bonds issued by ReNew and its restricted groups. The bonds include: Bonds issued by ReNew on a standalone basis (holdco bonds): -- USD270 million (outstanding amount) senior secured bond issued by ReNew Private Limited due March 2027; and -- USD400 million senior secured bond issued by India Clean Energy Holdings (ICEH) due April 2027 and USD525 million backed senior secured bond issued by Diamond II Limited due July 2026, proceeds from which were on-lent to the holdco or other group entities on a senior unsecured and partially secured basis respectively. Bonds issued to fund restricted groups (RG bonds) comprising ReNew's operating subsidiaries: -- USD460 million senior secured bond issued by India Green Power Holdings (IGPH) – an issuing vehicle with no ownership linkage to ReNew – due February 2027. The proceeds from these bonds were used to purchase INR-denominated non-convertible debentures issued by ReNew restricted group RPL RG4 and guaranteed by ReNew; and -- USD585 million backed senior secured bond issued by ReNew Wind Energy (AP 2) Private Limited (RG5) due July 2028 and guaranteed by ReNew, as part of ReNew restricted group 5 (RPL RG5); The outlooks on the ratings are stable. "The rating affirmation reflects Moody's expectation of a recovery in ReNew's financial metrics after fiscal 2025, underpinned by its gradual commissioning of projects currently in development and management's expectation of a material slowdown in capital spending from peak levels reached in fiscal 2024 considering the prevailing delays in the execution of new power purchase agreements (PPAs) and transmission capacity constraints for new projects," says Spencer Ng, a Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE ReNew's Ba2 CFR reflects (1) the group's predictable cash flow, backed by its large and diversified portfolio of solar, wind and hydro power projects with long-term power purchase agreements (PPAs); (2) likely support from its two largest shareholders – Canada Pension Plan Investment Board's (CPPIB, Aaa stable) and Abu Dhabi Investment Authority (ADIA) – to meet its growth funding needs and liquidity if required; and (3) its high financial leverage, considering its incremental debt requirement to support capacity expansion. Moody's project ReNew's consolidated cash flow from operations pre-working capital (CFO pre-WC)/debt will dip below the minimum tolerance level of 3.5% for its current rating in the fiscal year ending March 2025 (fiscal 2025) because of the incremental debt required to fund its committed growth projects. The group's credit metrics will improve from fiscal 2026 under Moody's base case scenario, benefiting from incremental cash flow from its newly commissioned renewable projects, an increase in solar module sales and a material slowdown in its capital spending. Correspondingly, growth in total group debt will also moderate over the next 2-3 years under Moody's base case scenario due to the slowdown in capital spending and further supported by management's intention to reduce group leverage overtime. The projections incorporate the additional debt needed to complete the group's current committed pipeline of projects, except for the latest firm dispatch renewable power (FDRE) project. The projections do not factor in any material capital spending associated with the group's green hydrogen development, solar manufacturing or uncommitted generation projects over the next 2-3 years. Delays in the recovery of ReNew's credit metrics, which could result from a weaker than expected performance in the renewables business or a deviation from the assumed slowdown in capital spending or in debt increases, would exert downward pressure on the rating. Although management has outlined plans to divest or sell down its stake in selected projects and businesses, Moody's have not factored in these initiatives in Moody's base case due to the limited public disclosure over their timing and execution and the extent of debt reduction. ReNew's exposure to resource risk is manageable considering its growing solar operations and the output assumptions used in Moody's forward-looking projections, which are based on P-90 generation estimates provided by the group and its historical performance. Despite its sizable cash balance and deposit as of June 2024, ReNew will require additional debt facilities for its planned capital expenditure over the next 12 months. The group has a track record of accessing domestic and international markets for funding, and Moody's expect ReNew's shareholders to support its growth funding and liquidity if required. The Ba3 ratings on the ICEH and Diamond II bonds reflect subordination considerations, given that proceeds from the bond were on-lent to ReNew and other group entities. The Ba3 ratings assigned to IGPH's and RG5's senior secured bonds consider the underlying credit quality of the respective restricted groups and the guarantee provided by ReNew on the restricted subsidiaries' payment obligations. The restricted groups' underlying credit quality, in turn, is underpinned by the predictable cash flow from their portfolio of renewable projects with long term PPAs. The stable rating outlook reflects Moody's expectation that the group's financial metrics will strengthen in fiscal 2026, to above the minimum tolerance level for its rating. The stable outlook on the RG bonds reflects Moody's expectation that the RGs' FFO to debt will remain at a level supportive of their ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ReNew's CFR and the ratings on the holdco bonds if the group's business and shareholder profile or financial position materially improves over a sustained period. Financial metrics supportive of an upgrade include consolidated (CFO pre-WC)/debt rising above 8.0% on a sustained basis. Moody's could downgrade ReNew's CFR and the Ba3 ratings on the holdco bonds if (1) its consolidated CFO pre-WC/debt remains below 3.5% post fiscal 2025; (2) support from CPPIB and ADIA weakens; or (3) the credit quality of its off-takers materially deteriorates. Moody's could upgrade the ratings on the RG bonds if ReNew's Ba2 CFR is upgraded. Conversely, Moody's could downgrade the RG bond ratings if ReNew's rating is downgraded, and at the same time, IGPH's and RG5's FFO/debt falls below 5% and 4%, respectively, on a sustained basis. The principal methodology used in rating ReNew Private Limited, India Clean Energy Holdings, and Diamond II Limited was Unregulated Utilities and Unregulated Power Companies published in December 2023. ReNew Private Limited is a leading renewable energy company based in India. It has an operating capacity of more than 9 gigawatts (GW) and is developing another 5 GW of capacity. Around 93% of the company's equity interest is held by its listed parent ReNew Energy Global PLC (RNW). Canada Pension Plan Investment Board (CPPIB) held a 53% economic stake (of which 33% carried voting rights) across ReNew and RNW as of June 2024. ICEH and Diamond II are wholly-owned subsidiaries of RNW established to facilitate the issuance of rated USD bonds and the on-lending of bond proceeds to other entities within the RNW group. IGPH is a special purpose vehicle formed to facilitate USD bond issuances, the proceeds from which were used to subscribe to INR-denominated non-convertible debentures issued by restricted group RG4, which comprises ReNew Private Limited operating subsidiaries. ReNew Wind Energy (AP 2) Private Limited is part of restricted group RG5 -- along with nine other RPL subsidiaries -- formed for the purpose of issuing a USD bond. ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Royal Castor Products Limited (RCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/Debt- 10.00 [ICRA]B+(Stable); ISSUER NOT Fixed Deposit COOPERATING; Rating Continues to remain under issuer not cooperating category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- (20.00) [ICRA]B+ (Stable) ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term- 55.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term (10.00) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating Continues Others to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with RCPL, 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. Royal Castor Products Limited (RCPL) was incorporated in August 1994 and is based out of Siddhpur in the Patan district of Gujarat. The Company was initially promoted by Mr. Mohanbhai M Patel and presently has more than 50 shareholders. Standard Greases & Specialities Private Limited has a stake of around 23%. In FY 2013, Kusumoto Chemicals Limited, (a company with whom RCPL has established relations for over a decade) infused around INR11.10 Cr for an 8.8% stake in the company. RCPL is engaged in the business of manufacturing derivative products by processing castor oil and refined castor oil. Its portfolio consists of more than 20 derivative products. It has a refining plant with a capacity of 73,214 tonnes per annum (TPA). RSKS AUTOMOTIVES: Ind-Ra Moves BB+ Loan Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of RSKS Automotives Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR42.5 mil. Term Loan due on January 31, 2029 Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR120 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR52.55 mil. Proposed Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non- cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR120 mil. Fund Based Working Capital Limit Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/ IND A4+(ISSUER NOT COOPERATING) rating; -- INR42.5 mil. Term Loan due on January 31, 2029 Outlook revised to Negative; rating migrated to non-cooperating category IND BB+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The ratings have been migrated to the non-cooperating category in accordance with Ind-Ra's policy of Issuer Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency. Ind-Ra had consistently followed up with RSKS Automotives Private Limited over emails starting from July 31, 2024, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of RSKS Automotives Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect RSKS Automotives Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. 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 Incorporated in 2018, RSKS has a dealership for Maruti Suzuki Arena cars and owns a showroom in Gwalior (Madhya Pradesh). It commenced operations in January 2021. RSKS is a part of the Malwa Group, Indore, which has its presence in the education, fast-moving consumer goods, hospitality and oil and gas segments. SAGAR BUSINESS: Ind-Ra Withdraws BB Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Sagar Business Private Limited's (SBPL) bank loan rating as follows: -- The IND BB/Stable (ISSUER NOT COOPERATING) rating on the INR230 mil. Fund-based limits is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received a no-dues certificate from the lenders and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Established in 1983 in Bihar, Sagar Business is engaged in the selling of steel products of other companies. SAINEST TUBES: Ind-Ra Withdraws BB+ Term Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Sainest Tubes Private Limited's (STPL) bank facilities' ratings: -- The IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating on the INR200 mil. Fund-based working capital limits is withdrawn; and -- The IND A4+ (ISSUER NOT COOPERATING) rating on the INR260 mil. Non-fund-based working capital bank facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra has withdrawn the rating as the management has provided a no-dues certificate from the banker and the agency has received a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in December 1988, STPL commenced commercial production of precision seamless carbon steel tubes and pipes in 1993. The company has a production capacity of 9,600 metric tons per annum. These tubes are manufactured for mother tubes and find application in various oil refineries, petrochemical industries, heat exchangers and automobile ancillaries. SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sant Autos (SA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 September 27, 2023, placed the rating(s) of SA under the 'issuer non-cooperating' category as SA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2024, August 22, 2024, September 1, 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). SA is a partnership firm established in April 2011 by Mr Amrik Singh of Ramgarh along with other three partners. Subsequently, the firm started to initiate an auto dealership business and has setup a selling and servicing facility at Ramgarh, Chandil in Jharkhand. The firm has taken dealership authority from Mahindra and Mahindra Ltd (M&M- truck and bus division) for selling and servicing heavy commercial vehicles like truck and bus. The firm has started commercial operation from April 2011. The dayto-day affairs of the firm are looked after by Mr Amrik Singh (Managing Partner) with adequate support from other three partners and a team of experienced personnel. SANTOSH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Shree Santosh Cotton Spin Pvt. Ltd. (SSCSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SSCSPL. 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 February 2013, Shree Santosh Cotton Spin Private Limited (SSCSPL) is engaged in cotton ginning and pressing business. The company started commercial operations from April 2014 at its plant located at Gondal, Rajkot in Gujarat. The plant is equipped with 44 ginning machines and 1 pressing machine with a total installed capacity of producing ~450 bales per day (considering 24 hours of operations). The promoters have extensive experience in cotton industry and are also involved in the operations of a few other cotton ginning companies namely Shree Raghuvanshi Fibers Private Limited, Gopal Enterprise, Gopal Trading Co. and Gopal Cotton Corporation. SAPNA STEELS: CARE Keeps B- Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sapna Steels (SS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.85 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 September 22, 2023, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 7, 2024, August 17, 2024, August 27, 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). Established in 2004, Sapna Steels is a partnership firm formed by Mr. Jayprakash Agrawal and Mr. Ghanshyam Agrawal with a profit-sharing ratio of 50% each. The firm has been engaged in manufacturing of M.S. Angle and Channels at its plant located at Raipur, Chhattisgarh with aggregate installed capacity of 30000 MTPA. Both the Partners Mr. Jayprakash Agrawal and Mr. Ghanshyam Agrawal have more than a decade of experience in steel industry and more than two decade of experience in wholesale trading business. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of SS into ISSUER NOT COOPERATING category vide press release dated December 27, 2023 on account of its inability to carry out a review in the absence of requisite information from the firm. SARAF TRADING: Ind-Ra Hikes Bank Loan Rating to B+, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has upgraded Saraf Trading Corporation Private Limited's (STCPL) bank loans' ratings to 'IND B+' from 'IND B-'. The Outlook is Stable. The instrument-wise rating actions are as follows: -- INR140 mil. Fund-based working capital limit Long-term upgraded, short-term affirmed with IND B+/Stable/IND A4 rating; -- INR32.2 mil. Term loan due on September 30, 2028 upgraded with IND B+/Stable rating; -- INR2.5 mil. Term loan due on September 30, 2028 assigned with IND B+/Stable rating; and -- INR7.5 mil. Non-fund-based working capital limit affirmed with IND A4 rating. Detailed Rationale of the Rating Action The upgrade reflects the improvement in STCPL's revenue, EBITDA margin and credit metrics in FY24. However, the ratings continue to be constrained by the competitive nature of the industry, customer concentration, and stretched liquidity. In the medium term, Ind-Ra expects the revenue, EBITDA margin and credit metrics to deteriorate. The ratings are supported by promoters' experience of more than three decades in the tea industry. FY24 figures are provisional in nature. Detailed Description of Key Rating Drivers Competitive Nature of Industry; Customer Concentration: The ratings are constrained by the intense competition in the tea processing industry and customer concentration risk. STCPL faces significant competition from organized as well as unorganized players. The tea industry is price sensitive and is heavily dependent on certain geographies. Furthermore, in FY24, the top three customers contributed around 63% to the total sales. Stretched Liquidity: STCPL's average maximum utilization of the fund-based limits was 98.89% during the 12 months ended August 2024. The net working capital cycle continued to be stretched but improved to 305 days in FY24 (FY23: 387 days) due to a fall in inventory days to 304 days (380 days), resulting from the clearing of backlog inventory that had been maintained in FY23 because of the export restrictions that the company had faced during the year. STCPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Average EBIDTA Margin; Profitability Improved in FY24: STCPL turned profitable at the EBITDA level in FY24, backed by a decrease in freight charges. The company reported an EBITDA of INR50.2 million in FY24 (FY23: EBITDA loss of INR6.3 million) and EBITDA margin of 10.81% (not meaningful). The ROCE improved to 14.7% FY24 (FY23: negative ROCE). In FY25, Ind-Ra and the management expect the EBITDA margin to decline due to lower absorption of fixed cost, resulting from a decline in revenue. Small Scale of Operations; Growth in Revenue: STCPL's revenue increased to INR464.5 million in FY24 (FY23: INR355.54 million) due to the receipt of new orders, backed by stable demand for tea products. In FY23, STCPL had been unable to export products from its organic division because the European Union had blacklisted five organic food-certifying agencies in India that certified the food being exported from India, and other agencies in the country were barred from registering any new processor or exporter for organic products certification. This issue was resolved in FY24, supporting the growth in revenue. In 5MFY25, STCPL booked revenue of INR178.5 million. In FY25, Ind-Ra and the management expect the revenue to decline marginally on a yoy basis owing to lower demand in market. Credit Metrics Remain Modest but See Improvement: STCPL's credit metrics improved in FY24 because of the improvement in the EBITDA. The interest coverage (operating EBITDA/gross interest expenses) stood at 3x in FY24 (FY23: not meaningful) and the net leverage (total adjusted net debt/operating EBITDAR) stood at 4.68x (not meaningful). Despite the lack of any major debt-led capex plans and scheduled repayment of debt, Ind-Ra expects the credit metrics to deteriorate in FY25 due to the likely decrease in EBIDTA. Experienced Promoters: The ratings continue to be supported by STCPL's promoters' experience of three decades in the tea industry, which has led to established relationships with customers and suppliers. Liquidity Stretched: The cash flow from operations turned positive at INR29.3 million in FY24 (FY23: negative INR11.5 million) due to the improvement in EBITDA. The free cash flow remained negative but improved to negative INR6.2 million in FY24 (FY23: negative INR16.8 million) due to the improvement in the cash flow from operations. The cash and cash equivalents stood at INR3.1 million at FYE24 (FYE23: INR2.2 million). The company has scheduled debt repayments of INR15.1 million in FY25 and INR10.2 million in FY26. Ind-Ra expects the liquidity to remain stretched in FY25. Rating Sensitivities Negative: A substantial decline in the revenue and the EBITDA margin, leading to deterioration in the overall credit metrics and weakening of the liquidity position, will lead to a negative rating action. Positive: An improvement in the liquidity position along with a significant rise in the revenue and EBITDA margins, leading to the gross interest coverage sustaining above 1.8x, all on a sustained basis, will lead to a positive rating action. About the Company STCPL was founded by V.G. Saraf in 1948 and incorporated in 1994. It is engaged in the processing, blending and exporting of packaged tea. The company's unit is located in Thoothukudi, Tamil Nadu. SHALIMAR ISPAT: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shalimar Ispat Udyog (SIU) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 September 26, 2023, placed the rating(s) of SIU under the 'issuer non-cooperating' category as SIU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2024, August 21, 2024, August 31, 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). Raipur (Chhattisgarh) based, Shalimar Ispat Udyog (SIU) was established as a partnership firm in May 1994. Since its inception, the firm is engaged in engaged in manufacturing of MS bars, squares & rounds, flats, channels, angels and rectangular bars etc. The manufacturing facility of the firm is located at Raipur, Chhattisgarh with an installed capacity of 9,000 metric tonnes per annum. SHITARAM INDUSTRIES: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Shitaram Industries (SI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.83 [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 SI, 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 April 2012 as a partnership firm, Shitaram Industries (SI) is engaged in ginning and pressing of raw cotton. The firm's manufacturing unit, located in Rajkot, is equipped with 18 ginning machines with an input capacity of 76 MT/day to produce 160 bales, assuming 22 hours of operations. The commercial operations commenced in November 2013. The firm is currently managed by seven partners who have been engaged in the cotton ginning business for over a decade through association with various cotton ginning plants in Rajkot. The promoters have long standing business relations with spinning mills in Gujarat as well as in Rajasthan. SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shiv Shakti Fibre Udyog (SSFU) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE A4; 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 18, 2023, placed the rating(s) of SSFU under the 'issuer non-cooperating' category as SSFU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSFU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2024, August 13, 2024 and August 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). Shiv Shakti Fibre Udyog (SSFU) was established in 2001 as a proprietorship concern by Mr. Vinay Bansal, which was later converted into partnership firm in 2007 with inclusion of Mr. Rajesh Prasad as a partner. SSFU is engaged in manufacturing of Fibre Reinforced Plastic (FRP) sheets under the brand name Rooffit. The Product profile largely comprises of FRP roofing sheets, turbo ventilators, water gutters, doors frames etc. The company has two manufacturing facilities located in Faridabad and Sampla in Haryana State. SHUBHEKSHA ADVISORS: Ind-Ra Affirms BB+ LongTerm Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Shubheksha Advisors Private Limited's (SAPL) Long-Term Issuer Rating as follows: -- Long-Term Issuer Rating affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The rating reflects SAPL's continued small scale of operations amid a lower-than-Ind-Ra-expected year-on-year improvement in the revenue in FY24, due to a change in the government's policy on sale of power by generation companies in Karnataka. However, the rating is supported by the company's comfortable credit metrics, healthy EBITDA margins and promoters' experience. Detailed Description of Key Rating Drivers Small Scale of operations: SAPL's revenue increased to INR1,203.92 million in FY24 (FY23: INR824.29 million), although was lower than Ind-Ra's expectations mainly due to lower-than-expected trading of units on the exchange of 961.72 million (FY23: 428.94 million), against 2,213 million. Further, trading margins also deteriorated to INR0.20 per unit in FY24 (FY23: INR0.22 per unit). However, Ind-Ra expects the revenue to improve moderately in FY25, considering the company booked revenue of INR800 million in 5MFY25 and the presence of power purchase agreements (PPAs). Adverse Effect of Government Policies: In FY24, the government of Karnataka invoked section 11 of the Electricity Act 2003 directing all power generation companies within Karnataka to operate and maintain their generating stations to supply the entire exportable electricity generated to the state grid. This impacted SAPL adversely and resulted in trading of lower units on the exchange as many of its customers (power generation companies) were from Karnataka. However, the same was restored in May 2024. Comfortable Credit Metrics: SAPL's gross interest coverage (operating EBITDA/gross interest expenses) surged to 500x in FY24 (FY23: 128x), due to a marginal increase in the EBITDA to INR15 million (INR14.08 million) and a decrease in the gross interest expenses to INR0.03 million (INR0.11 million). The company maintained a net cash position in FY23 and FY24 due to cash accruals. Ind-Ra expects SAPL's credit metrics to improve further in the near-to-medium term, considering the likely improvement in EBITDA. Healthy EBITDA Margins: SAPL's EBITDA margins decreased to 1.25% in FY24 (FY23: 1.71%) because of a fall in the spread between buying and selling price of power units, led by a fall in selling prices of the power units. The return on capital employed was 36.10% in FY24 (FY23: 51.20%). Ind-Ra expects the EBITDA margins to remain at similar levels in FY25, backed by a likely stability in operations. However, the agency expects the operating EBITDA to improve considering the likely improvement in the revenue in FY25. Experienced Promoters: The rating is also supported by the promoters' more than a decade of experience in the power consulting industry, leading to established relationships with customers as well as suppliers. Liquidity Stretched: SAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash flow from operations marginally increased to INR21.59 million in FY24 (FY23: INR20.01 million) due to the slight rise in the EBITDA. However, the free cash flow declined to INR17.20 million in FY24 (FY23: INR19.97 million) due to the capex of INR4.39 million (INR0.04 million). The average net working capital cycle turned negative to 9 days in FY24 (FY23: 6 days), mainly because of a decline in the receivable period to 4 days (33 days), partially offset by a decline in the payable period to 13 days (27 days). SAPL's average maximum utilization of the fund-based limits was 7.43% and the non-fund-based limits was 21.16% during the 12 months ended August 2024. The cash and cash equivalents stood low at INR0.40 million at FYE24 (FYE23: INR27.07 million). SAPL does not have any debt repayment obligations in FY25. Rating Sensitivities Negative: The decline in the trading margins and/or EBITDA impacting its liquidity, on a sustained basis, would be negative for the ratings. Positive: A higher-than-Ind-Ra-expected trading volumes, an increase in the trading margins, an improvement in liquidity and profile of the off-takers, all on a sustained basis, will be positive for the ratings. About the Company Incorporated in 2018, SAPL is engaged in the power trading business. Madhur Batra and Niraj Kumar are the promoters. The company's registered office in Noida. It owns a Central Electricity Regulatory Commission-approved trading license. SU TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term rating of SU Toll Road Private Limited (SUTRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 588.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Non-Convertible 80.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with SUTRPL, 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 March 2007, SU Toll Road Private Limited (SUTRPL) is a special purpose vehicle (SPV) promoted by Reliance Infrastructure Limited (R Infra) to implement the project for financing, design, building and operation of 136-kilometer-long 4-lane toll road between Salem (0.313 km) and Ulundurpet (136.67 km) on National Highway 68. The project was awarded by National Highway Authority of India (NHAI) on Build, Operate and Transfer (BOT) basis with a concession period of 25 years commencing from January 15, 2008. The stretch serves as the connecting corridor between Coimbatore and Chennai in Tamil Nadu. The project road meets NH-7 at Salem and NH- 45 at Ulundurpet. There was no other bidder for the project and therefore RInfra received a huge positive grant of INR366.05 Crores for the project; of which INR212.26 crore was received during construction, and balance INR153.79 crore was to be received during the operational period. The construction period was 36 months, and the scheduled commercial operation date (COD) was 16th January 2011. However, the company achieved partial COD on July 28, 2012 (for 90.91 km i.e. for 2 out of 3 toll plazas) and complete COD on August 28, 2013. The project was delayed mainly due to the delay in handing over the RoW by NHAI and later due to delay in 3D Gazette Notification. TSN ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of TSN Associates and Industries (TAI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 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 22, 2023, placed the rating(s) of TAI under the 'issuer non-cooperating' category as TAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TAI continues to be non-cooperative despite repeated requests for submission of information through emails dated July 7, 2024, July 17, 2024, July 27, 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). Mangalore based TSN Associates and Industries (TAI) was established by its partners Mr Thimmappa S Naik, Mr Dhiraj Naik, Mrs. Deepa R Shetty, Mr Avinash Adappa, and Mr Aboobakar in 2006. It was re-constituted on July 31, 2017 to include Mrs Utpala T Naik and Mrs Vanaja D Naik as partners. TAI is involved in the business of construction aggregate. They mine the granite from the land owned by the promoters and crush it to make construction aggregate which finds its application in construction of roads, bridges, sidewalks. The crushed stone is combined with a binder (such as tar) which acts like a glue and is used in the construction process. TV VISION: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of TV Vision Ltd. (TVVL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.39 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 20, 2023, placed the rating(s) of TVL under the 'issuer non-cooperating' category as TVL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TVL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2024, June 14, 2024 and June 24, 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). TV Vision Ltd (TVL) [ISIN: INE871L01013] is engaged in the business of broadcasting. The company has channels like Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music channel for pan India. Dabangg and Dhamaal are R-GECs catering to the Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and Gujarat respectively. Maiboli is a regional Marathi channel for Maharashtra while Dillagi is a dedicated TV channel for small towns and villages of India. At present, the group operates in two major segments i.e. (i ) content production and distribution/syndication and (ii) broadcasting. UNIVERSAL STARCH: Ind-Ra Gives BB+ Loan Rating, Outlook Stable -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Universal Starch Chem Allied Ltd.'s (USAL) debt instruments as follows: -- INR570 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; -- INR100 mil. Proposed fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; and -- INR280 mil. Term loan due on March 31, 2031 assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect the stretched liquidity position and modest credit metrics in FY24. The credit metrics had improved in FY24 but are likely to deteriorate marginally in FY25 due to the planned capex to set up a biogas engine. The liquidity and debt service coverage ratio are likely to remain stretched in the near-to-medium term. However, the ratings are supported by the medium scale of operations. The ratings factor in Ind-Ra's expectation that the firm would be able to maintain its medium scale of operations over the near-to-medium term. Detailed Description of Key Rating Drivers Stretched Liquidity: The company's average utilization of the working capital limits was 87.08% and that of the non-fund-based limits was 70.94% over the 12months ended July 2024. USAL has a fund-based limit of INR570 million to fund its working capital requirements. The current ratio was less than 1x in FY23 and FY24 due to higher current liabilities; Ind-Ra expects an improvement in the ratio from FY25. Modest Credit Metrics, Capex to Improve Efficiency: Despite an increase in EBITDA to INR201.74 million (FY23: INR173.31 million), USAL's gross interest coverage (operating EBITDA/gross interest) was stable at 2.45x in FY24 (2.44x) due to an increase in interest expenses to INR81.99 million in FY24 (FY23: INR71 million). The net financial leverage (adjusted net debt/operating EBITDA) improved to 3.37x in FY24 (FY23: 4.01x), mainly due to a decline in total debt levels to INR698.48 million (INR711.99 million). USAL plans to undertake capex of INR154.6 million in FY25 to install a bio-gas engine, which will provide low-cost electricity but also allow it to conserve steam. This capex will be funded via term loan of INR116 million and the balance through internal accruals. The steam saved will be re-directed to the production processes, further supporting the goal to increase efficiency and output. Exposure to Commodity Risk, Raw Material Price Fluctuation: USAL's profitability is exposed to sudden and sharp volatility in raw material prices (maize), which is highly dependent on factors such as monsoon, acreage under cultivation and government regulations. The company mitigates the commodity risk by storing inventory for a longer period of time. Susceptibility to Adverse Regulatory Changes: USAL's profitability depends on the maize prices. When the maize prices fall significantly, the government implements minimum support price to protect farmers' interests, impacting the cost of procurement of maize. Medium Scale of Operations; Improvement in Revenue and EBITDA Margin in FY24: USAL's revenue increased marginally to INR5,271.32 million in FY24 (FY23: INR5,157.57 million), owing to a rise in the sales volumes to 1,108.24 metric tons (MT) (1,031.42 MT) along with a rise in EBITDA/ton to INR1,815 per MT (INR1,680 per MT). The scale of operations is medium. During FY25, USAL booked revenue of INR2,123.4 million until 15 September 2024. Ind-Ra expects the scale of operations to improve in FY25 and over the medium term due to increased capacity utilization from improved efficiencies in the plant. The EBITDA margins improved to 3.82% in FY24 (FY23: 3.36%) due to lower selling expenses in FY24 as travelling expenses had declined. The ROCE increased to 10.8% in FY24 (FY23: 10.6%). Ind-Ra expects the margin to improve in FY25 due to a likely decline in in power cost. Experienced Promoters: USAL's promoters have over three decades of experience in the starch manufacturing industry, which has enabled the company to establish strong relationships with customers and suppliers. Liquidity Stretched: The DSCR is likely to decline due to high repayment obligations of INR86.9 million and INR115.7 million for FY25 and FY26, respectively. The company had cash and bank balances of INR19.89 million at FYE24 (FYE23: INR17.83 million).The cash flow from operations turned positive at INR110.7 million in FY24 (FY23: negative INR78.14 million) due to favorable changes in working capital requirements. Despite an increase in receivable days and inventory days, the working capital cycle largely sustained at 27 days in FY24 (FY23: 26 days) due to an increase in payable days. The debtor days increased to 41 in FY24 (FY23: 36), the payable days increased to 46 (37), and the inventory days increased to 32 (28). Rating Sensitivities Negative: A deterioration in the scale of operations or the liquidity position, leading to stress on the overall credit metrics, with the net leverage exceeding 4x, on a sustained basis, could lead to a negative rating action. Positive: An improvement in the scale of operations and liquidity position, including current ratio along with overall credit metrics, with the net leverage falling below 3x, on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1973, USAL is engaged in the manufacturing of starch and starch-based derivative products. The plant is located in Dondaicha, Maharashtra, with maize grinding production capacity of 650MT per day. The company also has a windmill plant of 0.6 megawatt power for captive consumption. The promoters are Jitendrasinh J. Rawal, Jaykumar J. Rawal, Hansarani Vaghela, Nayankuwar J. Rawal. The day-to-day operations are managed by Ripudaman Singh Vaghela. VASAVI JEWELLERY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Vasavi Jewellery Mart's (VJM) bank loans as follows: -- INR240 mil. Fund-based working Capital Limit assigned with IND BB-/Stable/IND A4+ rating; and -- INR80 mil. Proposed bank facility assigned with IND BB-/Stable rating. Detailed Rationale of the Rating Action The rating reflects VJM's small scale of operation, modest credit metrics and modest EBITDA margin in FY24. In FY25, Ind-Ra expects the revenue and credit metrics to improve but the EBITDA margins to remain at similar level. The ratings are supported by the promoter's experience. Detailed Description of Key Rating Drivers Small Scale of Operation: The ratings reflect VJM's small scale of operations with a revenue of INR1,594 million in FY24 (FY23: INR1,371.05 million) and an EBITDA of INR30.81 million (INR36.23 million). In FY24, the revenue improved due to an increase in the prices of precious stones and a rise in the demand for gold in the domestic market. In 1HFY25, VJM's earned a revenue of INR900 million. In FY25, Ind-Ra expects VJM's revenue to improve due to an increase in the demand for gems and jewels in the domestic market. FY24 numbers are provisional in nature. Modest EBITDA Margin: VJM's modest EBITDA margins deteriorated to 1.93% in FY24 (FY23: 2.64%) due to an increase in the overall expenses. The return on capital employed was 4.9% in FY24 (FY23: 6.5%). Ind-Ra expects the EBITDA margins to remain largely unchanged in FY25. Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) increased slightly to 2.34x in FY24 (FY23: 1.74x), due to a decrease in the gross interest expenses to INR13.90 million (INR20.80 million). However, the net leverage (adjusted net debt/operating EBITDAR) deteriorated to 12.39x in FY24 (FY23: 9.78x), due to a decrease in the EBITDA to INR30.81 million (INR36.23 million). In FY25, Ind-Ra expects the credit metrics to improve slightly due to debt repayment and the absence of any capex plans. Experienced Promoters: The ratings are supported by the promoters' experience of over five years in the gems and jewels industry, leading to established relationships with its customers and suppliers. Liquidity Stretched: VJM's average maximum utilization of the fund-based limits was 91.83% during the 12 months ended September 2024. VJM does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash flow from operations was negative at INR11.83 million in FY24 (FY23: negative INR8.14 million) and the free cash flow was negative at INR18.46 million (negative INR15.90 million). The net working capital cycle stood at 116 days in FY24 (FY23: 124 days), mainly on account of a decrease in the inventory days to 125 (136). The company does not provide credit period, takes 100% advance payments from its customers, and receives around 15 days of credit period from its suppliers. The inventory holding period varies from 100-120 days. VJM has debt repayment obligations of INR14.1 million in FY25 and INR11.3 million in FY26. The cash and cash equivalents stood at INR11.93 million at FYE24 (FYE23: INR4.02 million). Rating Sensitivities Negative: Significant deterioration in the scale of operations and credit metrics or the interest coverage reducing below 1.8x or a further stretch in the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A significant improvement in the scale of operations and an improvement in the credit metrics and an improvement in the liquidity position on a sustain basis, will be positive for the ratings. About the Company VJM was incorporated in 2019 as a partnership firm engaged in the jewelry business and it is based out of Dindigul, Tamil Nadu. VIP CLOTHING: Ind-Ra Places BB Loan Rating Under Review ------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on VIP Clothing Limited's (VIPCL) bank's facilities: -- INR67.40 mil. (reduced from INR85.50 mil.) Working capital term loan placed on Rating Watch with Positive Implications with IND BB/Rating Watch with Positive Implications; -- INR42.80 mil. Proposed non-fund-based working capital limit assigned; Placed on Rating Watch with Positive Implications with IND A4+/Rating Watch with Positive Implications; -- INR323.50 mil. Non-fund-based working capital limit Placed on Rating Watch with Positive Implications with IND A4+/Rating Watch with Positive Implications; and -- INR616.30 mil. Fund-based working capital limit Placed on Rating Watch with Positive Implications with IND BB/Rating Watch with Positive Implications/IND A4+/Rating Watch with Positive Implications. Detailed Rationale of the Rating Action Ind-Ra has placed the ratings on Rating Watch with Positive Implications in view of the lack of clarity regarding the receipt of funds raised through issuing equities and warrants and its utilization. The agency will closely monitor the situation and its evolving status and will resolve the rating watch once it receives sufficient clarity and information regarding these factors. The ratings reflect VIPCL's continued modest EBITDA margins, modest credit metrics and stretched liquidity. In FY25, Ind-Ra expects an improvement in the EBITDA margins and the credit metrics. The ratings are supported by the company's medium scale of operations, the promoters' nearly four-decades of experience in the manufacturing of hosiery garments. Detailed Description of Key Rating Drivers Modest EBITDA Margins: In FY24, VIPCL's EBITDA margins remained modest and deteriorated to negative 3.19% (FY23: 5.78%) due to a decline in its scale of operations, leading to inefficient absorption of fixed costs and an increase in personnel expenses on account of hiring of sales staff. The company's return on capital employed stood at negative 3.8% in FY24 (FY23: 3.6%). the procurement and conversion costs of its raw materials such as fabric and yarn that are procured domestically, accounted for the company's major costs of manufacturing. In FY24, the cost of manufacturing accounted for 72.22% of total revenue (FY23: 70.22%). In FY25, Ind-Ra expects the EBITDA margins to turn positive, led by better absorption of the fixed costs supported by an improvement in the scale of operations. For 1QFY25, VIPCL booked positive EBITDA margin of 5.6%. Modest Credit Metrics: In FY24, the credit metrics were modest due to the company posting an operating loss. In FY25, Ind-Ra expects a marginal improvement in the credit metrics supported by the increase in overall EBITDA and schedule debt repayments. Stretched Liquidity: In FY24, VIPCL working capital cycle increased to 327 days (FY23: 309 days) on account of an increase in the inventory days to 281 days (240 days), with debtor days of 117 days (124 days) and creditors period of 72 days (55 days). The management states that the working capital cycle will remain elongated due to maintaining high inventory levels due to multiple stock keeping units and further the textile industry usually works on 90 days credit period. VIPCL's average monthly maximum utilization of its fund-based limits was around 93.83% over the 12 months ended August 2024. VIPCL had debt repayment obligations of INR34 million and INR33.4 million in FY25 and FY26, respectively. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Medium Scale of Operations; likely to Improve: In FY24, VIPCL's revenue declined to INR1,814.18 million (FY23: INR1,988.9 million) due to a decline the sales volume in the last quarter. The government had imposed payment rules under the Micro, Small and Medium Enterprises Development (MSME) Act, leading to retailers reducing their order placements to distributors, who were registered under MSME Act. As a result, VIPCL's sales to distributors reduced in the last quarter. The company's EBITDA declined to negative INR57.92 million in FY24 (FY23: INR114.89 million). VIPCL majorly derived revenue from 'VIP Vest', which contributed 54% to the total revenue in FY24 (FY23: 51%), and 'Briefs (Frenchie)' which comprised 25% (24%). VIPCL sells its products through various channels such as departmental stores, general trade stores, own website, distributor channel and retail stores and canteen stores department; of which majority of the revenue is being generated through the distributor channel and retail stores. Its domestic sales accounted for 94.08% in FY24 (FY23: 90.94%) followed by exports. In FY25, Ind-Ra expects a significant improvement in the scale of operations on account of the introduction of new products. For 1QFY25, VIPCL booked revenue of INR501.20 million. Established Market Position; Experienced Promoters: The promoters have nearly four decades of experience in the manufacturing of hosiery garments and established its own brand names, namely, 'VIP', 'Frenchie', 'Feelings', 'Leader' and 'Brat'. VIPCL has a pan-India distribution network comprising more than 350 distributors and sells its products through Ecommerce channels, exclusive brand outlets, military stores, modern trade and general trade stores. Liquidity Stretched: In FY24, the cash flow from operations declined to INR20.87 million (FY23: INR40.67 million) due to negative operating EBITDA, with a decline in free cash flow to INR19.17 million (INR38.33 million). At FYE24, cash and cash equivalent stood at INR3 million (FYE23: INR112.73 million). VIPCL has been raising INR972.41 million through issuing 93,06,000 equity shares worth INR418.77 million and 1,23,03,000 warrants worth INR553.64 million. Theses would be converted into equity at a price of INR45. Rating Sensitivities The Rating Watch with Positive Implications indicates that the ratings may be affirmed or upgraded upon resolution. The Rating Watch with Positive Implications will be resolved once the agency will receive information about receipt of funds raised by the company. The agency will closely monitor the situation and its evolving status and will resolve the rating watch once it receives sufficient clarity and information regarding these factors. About the Company VIPCL was incorporated in 1991 by Sunil Pathare and Kapil Pathare. It manufactures and sells under garments under different brand names for men, women and kids. Its registered office is in Mumbai and has two manufacturing facilities in Tamil Nadu and West Bengal. [*] INDIA: 314 Housing Projects Facing Insolvency Proceedings ------------------------------------------------------------- Financial Express reports that around 314 projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. The Maharashtra real estate regulator has published the list on its website to prevent homebuyers from getting deceived. The insolvency proceedings have been initiated by various banks, financial institutions and other entities extending a line of credit to the real estate sector, it said, FE relays. Of the 314 projects, 56 are ongoing with an average registration of apartments at over 34%, FE discloses. Likewise, among the balance of 194 projects that are lapsed, the average registration done is over 61%. The balance of 64 projects have been completed, with a registration rate of 84% for the apartments, it said. "MahaRERA has initiated several measures to keep a check on all real estate projects. Not only the information shared by the developers is verified, but the regulator also keeps itself abreast of project status through other sources. The list of projects facing proceedings in NCLT has been compiled based on information obtained from various sources and verified through the relevant authorities as well," it said. Of the 88 projects in Suburban Mumbai, 51 are 70% invested. Similarly, in Pune, of the 50 projects, 75% of 45 projects are already booked. In Thane, 52 out of 106 projects have investments of 50%. In Palghar, 16 out of 18 projects are 74% booked, it said. In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested. Additionally, out of the 9 lapsed projects in Mumbai City, 2 already have an investment of 68%. In Nashik, there is a 34% investment in all the 3 lapsed projects. Whereas, in Raigad, of the 15 lapsed projects, 13 are 32% invested. Of the 56 ongoing projects, 21 are from Mumbai suburbs (with 38% investment), 20 in Thane (28% investment), 6 in Mumbai City (31% investment), 5 in Pune (41% investment), 2 in Palghar (65% investment), 2 in Raigad (9% investment) and 1 in Ratnagiri (nil investment), according to FE. Among the 64 completed projects, 35 are in Thane and 18 in the Mumbai suburbs. Additionally, there are 9 projects in the Haveli area and 2 in Pune. The total percentage of registration done is 91% for housing projects in Thane, 87% of the apartments in Mumbai suburbs are registered, and 96% in the case of projects in Pune. On an average, 84% of the apartments in all the completed projects have been registered. "It is unclear if these 314 projects are still accepting new customers. Hence, to ensure transparency and prevent homebuyers from getting deceived, MahaRERA has compiled the list and published it on its portal, as it is of the view that it will help in alerting and guiding people. MahaRERA has appealed to the homebuyers to go through the list prior to purchasing a home," it said. =============== M A L A Y S I A =============== TOP GLOVE: Annual Net Loss Narrows to MYR61.8MM in FY24 ------------------------------------------------------- New Straits Times reports that Top Glove Corporation Bhd's net loss narrowed to MYR61.8 million in the financial year 2024 (FY24) compared to MYR925 million a year before, as sales volume to the US surged. The glovemaker's revenue increased by 11 per cent to MYR2.5 billion in the period from MYR2.26 bilion previously. NST relates that the company in a statement on Oct. 10 said the notably improved performance was attributed to increase sales volume as customers continued to replenish glove inventories, leading to higher utilisation rates and enhanced cost efficiency. The group saw especially strong growth in the US where sales volume soared 120 per cent quarter on quarter, which was further driven by the high number of foreign manufacturers' gloves being placed on the US Food and Drug Administration's (FDA) import alert list. With the impending imposition of high tariffs by the US on China made medical gloves, the group anticipates a greater increase in sales volume growth in the quarters to come. According to NST, Top Glove managing director Lim Cheong Guan said the positive outcomes in the FY24 are strong indicators of market resurgence and the company is well positioned to ride the recovery wave. "Our consistent progress has been driven by ongoing improvement initiatives, and with the continued support of our employees, the group is confident we are well on the path to profitability and sustainable growth," he added. NST says the group has proposed a bonus issue of up to 406 million warrants on the basis of one warrant for every 20 existing Top Glove shares, subject to shareholders' approval at the upcoming annual general meeting (AGM) in January 2025. The warrants are exercisable anytime within five years from the date of issuance, the exercise price of which will be announced at a later date. NST adds that Top Glove said the proposed bonus issue of warrants offers opportunity to shareholders to increase their equity participation in the group, by exercising the warrants at a predetermined price during the tenure of the warrants, rewarding loyal shareholders for their continued support. The exercise will also strengthen the group's capital base, enabling it to raise additional funds without incurring additional interest expense, as compared to bank borrowings. Top Glove Corporation Bhd. is a Malaysia-based manufacturer of gloves. The Company offers a comprehensive product range that extends beyond gloves and includes products, such as dental dams, exercise bands, latex sheets, tourniquets, condoms and face masks. ===================== N E W Z E A L A N D ===================== DEVON CONSTRUCTION: In Liquidation; Owes Creditors More Than NZD1MM ------------------------------------------------------------------- NZ Herald reports that a Canterbury house builder is in liquidation owing more than $1 million to creditors after construction projects slowed. Brenton Hunt of business recovery specialists Insolvency Matters was appointed liquidator of Devon Construction on October 7. The Kaiapoi-based company built houses in the Canterbury region. OUI BUILD: Court to Hear Wind-Up Petition on Oct. 25 ---------------------------------------------------- A petition to wind up the operations of Oui Build Limited will be heard before the High Court at Auckland on Oct. 25, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 30, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RLITS CONTRACTING: Grant Thornton Appointed as Receivers -------------------------------------------------------- Stephanie Beth Jeffreys and Stephen Speers Keen of Grant Thornton New Zealand on Oct. 11, 2024, were appointed as receivers and managers of RLITS Contracting Limited. The receivers and managers may be reached at: Grant Thornton New Zealand Limited 152 Fanshawe Street PO Box 1961 Auckland 1140 T-LINK LIMITED: Creditors' Proofs of Debt Due on Nov. 5 ------------------------------------------------------- Creditors of T-Link Limited are required to file their proofs of debt by Nov. 5, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 7, 2024. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 W&L WATSON: Court to Hear Wind-Up Petition on Oct. 18 ----------------------------------------------------- A petition to wind up the operations of W&L Watson Limited will be heard before the High Court at Auckland on Oct. 18, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 23, 2024. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WELLNESS DESIGN: BDO Tauranga Appointed as Liquidator ----------------------------------------------------- Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Oct. 4, 2024, were appointed as liquidators of Wellness Design Studio Limited. The liquidators may be reached at: Paul Thomas Manning Thomas Lee Rodewald c/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 ================= S I N G A P O R E ================= AQUACULTURE CENTRE: Court to Hear Wind-Up Petition on Oct. 25 ------------------------------------------------------------- A petition to wind up the operations of Aquaculture Centre Of Excellence Pte. Ltd will be heard before the High Court of Singapore on Oct. 25, 2024, at 10:00 a.m. AME2 Pte. Ltd. filed the petition against the company on Oct. 3, 2024. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 BOLDTEK HOLDINGS: Court to Hear Wind-Up Petition on Oct. 21 ----------------------------------------------------------- A petition to wind up the operations of Boldtek Holdings Limited will be heard before the High Court of Singapore on Oct. 21, 2024, at 10:00 a.m. The Petitioner's solicitors are: Aquinas Law Alliance 24 Raffles Place, #20-03, Clifford Centre Singapore 048621 CHUAN JI: Court to Hear Wind-Up Petition on Oct. 25 --------------------------------------------------- A petition to wind up the operations of Chuan Ji Pte. Ltd will be heard before the High Court of Singapore on Oct. 25, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Oct. 2, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MILLIONBUILT PTE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Millionbuilt Pte Ltd. on Sept. 26, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Terrence Chin Khee Loon Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 STELLAMARINA PTE: Court to Hear Wind-Up Petition on Oct. 25 ----------------------------------------------------------- A petition to wind up the operations of Stellamarina Pte. Ltd will be heard before the High Court of Singapore on Oct. 25, 2024, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on Oct. 4, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Oct. 7, 2024 to Oct. 11, 2024 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY 13.25 02/15/18 USD 0.22 ACN 113 874 712 PTY 13.25 02/15/18 USD 0.22 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.47 VIRGIN AUSTRALIA HOL 7.88 10/15/21 USD 0.47 VIRGIN AUSTRALIA HOL 8.25 05/30/23 AUD 0.31 VIRGIN AUSTRALIA HOL 8.08 03/05/24 AUD 0.30 VIRGIN AUSTRALIA HOL 8.00 11/26/24 AUD 0.28 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.19 VIRGIN AUSTRALIA HOL 8.13 11/15/24 USD 0.19 CHINA ----- ALETAI CITY JUJIN UR 7.73 10/26/24 CNY 25.06 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 42.29 ANHUI PINGTIANHU INV 7.50 08/13/26 CNY 40.00 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 64.48 ANLU CONSTRUCTION DE 7.80 11/28/26 CNY 60.00 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.45 ANNING DEVELOPMENT I 8.00 12/04/25 CNY 21.03 ANNING DEVELOPMENT I 8.80 09/11/25 CNY 20.95 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 41.96 ANSHANG WANGTONG CON 7.50 05/06/26 CNY 41.80 ANSHUN CITY XIXIU IN 8.00 01/29/26 CNY 41.58 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 41.15 ANSHUN CITY XIXIU IN 7.90 11/15/25 CNY 40.00 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.05 ANSHUN TRANSPORTATIO 7.50 10/31/24 CNY 20.03 ANYUE XINGAN CITY DE 7.50 05/06/26 CNY 41.86 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.29 ANYUE XINGAN CITY DE 7.50 01/30/25 CNY 20.27 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.63 BIJIE CITY ANFANG CO 7.80 01/18/26 CNY 41.60 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 20.86 BIJIE QIXINGGUAN DIS 8.05 08/16/25 CNY 20.00 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.29 BIJIE TIANHE URBAN C 8.05 12/03/25 CNY 41.00 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.06 BIJIE XINTAI INVESTM 7.80 11/01/24 CNY 20.04 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.12 CAOXIAN SHANG DU INV 7.80 10/28/26 CNY 63.07 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 20.70 CHANGDE DEYUAN INVES 7.70 06/11/25 CNY 20.69 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 40.99 CHANGDE DINGCHENG JI 7.58 10/19/25 CNY 40.96 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.69 CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.66 CHISHUI CITY CONSTRU 8.50 01/18/26 CNY 41.61 CHONGQING HONGYE IND 7.50 12/24/26 CNY 63.37 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 40.98 CHONGQING JIANGLAI I 7.50 10/26/25 CNY 40.00 CHONGQING NANCHUAN C 7.80 08/06/26 CNY 42.54 CHONGQING SHUANGFU C 7.50 09/09/26 CNY 42.77 CHONGQING THREE GORG 7.80 03/01/26 CNY 41.82 CHONGQING THREE GORG 7.80 03/01/26 CNY 40.00 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 42.73 CHONGQING TONGRUI AG 7.50 09/18/26 CNY 40.00 CHONGQING WANSHENG E 7.50 03/27/25 CNY 20.73 CHONGQING WANSHENG E 7.50 03/27/25 CNY 20.46 CHONGQING YUDIAN STA 8.00 11/30/25 CNY 41.29 CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 2.00 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 41.87 DALI URBAN DEVELOPME 8.00 12/25/25 CNY 41.46 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 41.54 DAWA COUNTY CITY CON 7.80 01/30/26 CNY 38.80 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 42.79 DAWU COUNTY URBAN CO 7.50 09/20/26 CNY 40.00 DING NAN CITY CONSTR 7.80 04/08/26 CNY 41.74 DING NAN CITY CONSTR 7.80 04/08/26 CNY 40.00 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.44 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 40.94 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.55 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00 DUJIANGYAN XINGYAN I 7.50 11/01/26 CNY 62.99 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 41.37 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 41.03 FANGCHENG GANGSHI WE 7.93 12/25/25 CNY 40.00 FANGCHENG GANGSHI WE 7.95 10/11/25 CNY 40.00 FANTASIA GROUP CHINA 7.50 06/30/28 CNY 73.70 FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53 FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99 FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00 FUZHOU LINCHUAN URBA 8.00 02/26/26 CNY 42.00 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 41.65 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 41.17 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 41.09 GANZHOU NANKANG DIST 8.00 01/23/26 CNY 40.00 GANZHOU NANKANG DIST 8.00 10/29/25 CNY 40.00 GANZHOU NANKANG DIST 8.00 09/27/25 CNY 20.00 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 42.68 GANZHOU ZHANGGONG CO 7.80 10/16/25 CNY 41.10 GOME APPLIANCE CO LT 7.80 12/21/24 CNY 37.00 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 43.09 GUANGAN XINHONG INVE 7.50 06/03/26 CNY 42.01 GUANGDONG PEARL RIVE 7.50 10/26/26 CNY 19.23 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 41.36 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 41.21 GUANGXI BAISE EXPERI 7.60 12/24/25 CNY 40.00 GUANGXI BAISE EXPERI 7.59 01/08/26 CNY 39.39 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 21.12 GUANGXI CHONGZUO URB 8.50 09/26/25 CNY 21.09 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 63.52 GUANGXI NINGMING HUI 8.50 11/05/26 CNY 62.76 GUANGXI NINGMING HUI 8.50 12/07/25 CNY 41.34 GUANGXI TIANDONG COU 7.50 06/04/27 CNY 40.00 GUANGYUAN CITY DEVEL 7.50 10/25/27 CNY 37.14 GUANGYUAN YUANQU CHU 7.50 07/15/26 CNY 74.42 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 63.21 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 62.18 GUANGYUAN YUANQU CON 7.50 12/23/26 CNY 60.00 GUANGYUAN YUANQU CON 7.50 10/30/26 CNY 60.00 GUANGZHOU FINELAND R 13.60 07/27/23 USD 0.37 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.63 GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.00 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 43.42 GUIXI STATE OWNED HO 7.50 09/17/26 CNY 42.53 GUIYANG BAIYUN INDUS 7.50 03/06/26 CNY 41.65 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.51 GUIYANG BAIYUN INDUS 8.30 03/21/25 CNY 20.46 GUIYANG ECONOMIC DEV 7.50 04/30/26 CNY 41.89 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 41.10 GUIYANG ECONOMIC DEV 7.90 10/29/25 CNY 40.90 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 42.01 GUIYANG ECONOMIC TEC 7.80 04/30/26 CNY 41.96 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 62.34 GUIYANG HI-TECH HOLD 8.00 11/25/26 CNY 60.27 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 42.10 GUIZHOU CHANGSHUN CO 8.50 03/19/26 CNY 40.00 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 41.33 GUIZHOU EAST LAKE CI 8.00 12/07/25 CNY 40.93 GUIZHOU GUIAN DEVELO 7.50 01/14/25 CNY 15.25 GUIZHOU HONGGUO ECON 7.80 02/08/25 CNY 20.32 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 20.12 GUIZHOU HONGGUO ECON 7.80 11/24/24 CNY 10.50 GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 42.53 GUIZHOU SHUANGLONG A 7.50 04/20/30 CNY 60.00 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 40.97 GUIZHOU SHUICHENG EC 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.08 GUIZHOU SHUICHENG WA 8.00 11/27/25 CNY 41.04 GUIZHOU ZHONGSHAN DE 8.00 03/18/29 CNY 70.00 HAIAN URBAN DEMOLITI 8.00 12/21/25 CNY 41.43 HAIAN URBAN DEMOLITI 7.74 05/02/25 CNY 20.55 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.20 HENGYANG CITY AND UR 7.80 12/14/24 CNY 20.18 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.14 HONGAN URBAN DEVELOP 7.50 12/04/24 CNY 20.00 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 42.50 HUAINAN SHAN NAN DEV 7.94 04/01/26 CNY 40.00 HUAINAN URBAN CONSTR 7.58 02/12/26 CNY 41.79 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.42 HUAINAN URBAN CONSTR 7.50 03/20/25 CNY 20.00 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 41.76 HUBEI DAYE LAKE HIGH 7.50 04/01/26 CNY 40.75 HUBEI JIAKANG CONSTR 7.80 12/19/25 CNY 41.18 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 41.80 HUBEI YILING ECONOMI 7.50 03/28/26 CNY 40.00 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 41.94 HUNAN CHUZHISHENG HO 7.50 03/27/26 CNY 40.00 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 41.98 HUNAN MEISHAN RESOUR 8.00 03/21/26 CNY 40.00 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.18 HUNAN TIANYI RONGTON 8.00 10/24/25 CNY 41.14 HUNAN TIANYI RONGTON 7.50 09/17/25 CNY 20.91 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 41.49 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 41.49 HUNAN XUANDA CONSTRU 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTRU 7.50 01/23/26 CNY 40.00 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.09 HUZHOU NEW CITY INVE 7.50 11/23/24 CNY 20.00 HUZHOU WUXING NANTAI 7.90 09/20/25 CNY 21.00 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 63.29 JIA COUNTY DEVELOPME 7.50 01/21/27 CNY 58.00 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 20.40 JIAHE ZHUDU DEVELOPM 7.50 03/13/25 CNY 20.00 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 22.50 JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 20.77 JIANGSU ZHONGNAN CON 7.80 03/17/29 CNY 44.19 JIANGXI HUANGGANGSHA 7.90 01/25/26 CNY 41.27 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 41.01 JIANGXI HUANGGANGSHA 7.90 10/08/25 CNY 40.90 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.46 JIANGXI JIHU DEVELOP 7.50 04/10/25 CNY 20.00 JIANGXI TONGGU CITY 7.50 04/21/27 CNY 64.23 JIANGYOU XINGYI PARK 7.50 05/07/26 CNY 52.33 JIANGYOU XINGYI PARK 7.80 12/17/25 CNY 51.56 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 41.35 JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 40.00 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 62.97 JILIN ECONOMY TECHNO 8.00 03/26/28 CNY 59.21 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.42 JINING NEW CITY DEVE 7.60 03/23/25 CNY 20.00 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 41.76 JINXIANG COUNTY CITY 7.50 03/20/26 CNY 40.92 JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 64.47 KAILI GUIZHOU TOWN C 7.98 03/30/27 CNY 64.42 KAIYUAN CITY XINGYUA 7.50 09/22/27 CNY 65.11 LAOTING INVESTMENT G 7.50 04/11/26 CNY 41.86 LAOTING INVESTMENT G 7.50 04/11/26 CNY 39.80 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 41.94 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 41.30 LIJIN CITY CONSTRUCT 7.50 04/26/26 CNY 40.00 LIJIN CITY CONSTRUCT 7.50 12/20/25 CNY 40.00 LINFEN YAODU DISTRIC 7.50 09/19/25 CNY 20.87 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.44 LINYI COUNTY CITY DE 7.78 03/21/25 CNY 20.00 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 41.43 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 41.17 LINYI ZHENDONG CONST 7.50 11/26/25 CNY 41.01 LINYI ZHENDONG CONST 7.50 12/06/25 CNY 40.63 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 59.74 LIUPANSHUI AGRICULTU 8.00 04/26/27 CNY 59.69 LONGNAN ECO&TECH DEV 7.50 07/26/26 CNY 42.30 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 41.69 LUANCHUAN COUNTY TIA 8.50 01/23/26 CNY 40.00 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.32 LUOHE ECONOMIC DEVEL 7.50 12/18/25 CNY 41.26 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.50 LUOYANG XIYUAN STATE 7.80 01/29/26 CNY 41.40 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 41.39 LUOYANG XIYUAN STATE 7.50 11/15/25 CNY 40.96 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 41.80 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.38 MAANSHAN NINGBO INVE 7.80 11/29/25 CNY 41.23 MAANSHAN NINGBO INVE 7.50 04/18/26 CNY 16.00 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 41.48 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.89 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.00 MEISHAN HONGSHUN PAR 7.50 12/10/25 CNY 51.60 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.13 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.90 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.00 MENGZI CITY DEVELOPM 8.00 03/25/26 CNY 41.88 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 42.67 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 41.75 MIAN YANG ECONOMIC D 8.00 09/29/26 CNY 40.00 MIAN YANG ECONOMIC D 8.20 03/15/26 CNY 40.00 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 63.32 MIANYANG ANZHOU INVE 7.90 11/25/26 CNY 60.00 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 41.27 MIANYANG ANZHOU INVE 8.10 11/22/25 CNY 40.00 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 20.60 MIANYANG ANZHOU INVE 8.10 05/04/25 CNY 20.25 MIANYANG HUIDONG INV 8.10 04/28/25 CNY 20.57 MIANYANG HUIDONG INV 8.10 02/10/25 CNY 20.40 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.37 MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.29 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 41.60 MILE AGRICULTURAL IN 8.00 10/25/25 CNY 41.01 MILE AGRICULTURAL IN 7.60 02/27/26 CNY 41.00 MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 20.89 NANCHONG JIALING DEV 7.98 05/23/25 CNY 20.65 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.20 NANCHONG JIALING DEV 7.80 12/12/24 CNY 20.18 NANCHONG JIALING DEV 7.98 05/23/25 CNY 20.00 NINGXIA SHENG YAN IN 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 41.76 PANJIN CITY SHUANGTA 8.50 01/29/26 CNY 41.72 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 41.60 PANJIN CITY SHUANGTA 8.70 12/20/25 CNY 41.56 PANJIN LIAODONGWAN Z 7.50 12/28/26 CNY 63.31 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 63.00 PEIXIAN ECONOMIC DEV 7.51 11/04/26 CNY 60.00 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 21.59 PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 20.58 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 20.91 PENGZE CITY DEVELOPM 7.60 08/31/25 CNY 20.85 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.86 PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.67 PUDING YELANG STATE- 8.00 03/13/25 CNY 20.45 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.08 PUDING YELANG STATE- 7.79 11/13/24 CNY 20.00 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 41.91 PUER CITY SI MAO GUO 7.50 03/14/26 CNY 41.63 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 63.81 QIANDONGNAN TRANSPOR 8.00 01/15/27 CNY 63.76 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 41.44 QIANNANZHOU INVESTME 8.00 01/02/26 CNY 40.80 QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 63.70 QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 63.43 QIANXINAN PREFECTURE 7.99 06/10/27 CNY 64.96 QIANXINAN PREFECTURE 7.99 06/10/27 CNY 60.00 QIANXINAN WATER RESO 7.50 09/25/27 CNY 65.33 QIANXINAN WATER RESO 7.50 09/25/27 CNY 65.28 QINGHAI PROVINCIAL I 7.88 03/22/21 USD 1.50 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 41.74 QINGZHEN CITY CONSTR 7.50 03/18/26 CNY 41.74 QINGZHOU HONGYUAN PU 7.60 06/17/27 CNY 48.35 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 42.65 QINZHOU BINHAI NEW C 7.70 08/15/26 CNY 42.61 QUJING CITY QILIN DI 8.50 01/21/26 CNY 41.70 QUJING CITY QILIN DI 8.50 01/21/26 CNY 40.00 RENHUAI WATER INVEST 8.00 12/26/25 CNY 40.68 RENHUAI WATER INVEST 7.98 07/26/25 CNY 20.79 RENHUAI WATER INVEST 7.98 02/24/25 CNY 20.22 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 41.41 RUCHENG SHUNXING INV 7.50 01/07/26 CNY 40.00 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 63.33 RUDONG NEW WORLD INV 7.50 12/06/26 CNY 60.00 RUILI RENLONG INVEST 8.00 09/20/26 CNY 42.79 RUILI RENLONG INVEST 8.00 09/20/26 CNY 41.65 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 63.21 SHAANXI XIYUE HUASHA 7.50 12/27/26 CNY 62.80 SHANDONG HONGHE HOLD 7.50 01/29/26 CNY 41.42 SHANDONG OCEAN CULTU 7.50 04/25/26 CNY 41.75 SHANDONG OCEAN CULTU 7.50 03/28/26 CNY 41.70 SHANDONG RENCHENG RO 7.50 01/23/26 CNY 41.40 SHANDONG RUYI TECHNO 7.90 09/18/23 CNY 52.10 SHANDONG SANXING GRO 7.90 08/30/27 CNY 58.00 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 41.73 SHANDONG URBAN CAPIT 7.50 04/12/26 CNY 40.00 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 41.35 SHANGLI INVESTMENT C 7.80 01/22/26 CNY 40.49 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.63 SHANGLI INVESTMENT C 7.50 06/01/25 CNY 20.58 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 20.68 SHANGRAO GUANGXIN UR 7.95 07/24/25 CNY 20.67 SHANXI JINZHONG STAT 7.50 05/05/26 CNY 41.95 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 41.26 SHAOYANG SAISHUANGQI 8.00 11/28/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.00 SHEHONG STATE OWNED 7.60 10/25/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/22/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/22/25 CNY 20.95 SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.79 SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.00 SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.13 SHEYANG URBAN CONSTR 7.80 11/27/24 CNY 20.11 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 41.28 SHIFANG CITY NATIONA 8.00 12/05/25 CNY 40.00 SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.07 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 63.93 SHUANGYASHAN DADI CI 8.50 12/16/26 CNY 63.87 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 43.04 SHUANGYASHAN DADI CI 8.50 08/26/26 CNY 43.01 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 42.34 SHUANGYASHAN DADI CI 8.50 04/30/26 CNY 42.31 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.49 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.45 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 40.91 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.12 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.06 SICHUAN CHENG'A DEVE 7.50 11/29/24 CNY 20.00 SICHUAN CHENG'A DEVE 7.50 11/06/24 CNY 20.00 SICHUAN COAL INDUSTR 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DEV 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DEV 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEV 7.50 07/11/21 CNY 12.63 SIYANG JIADING INDUS 7.50 12/14/25 CNY 41.86 SIYANG JIADING INDUS 7.50 12/14/25 CNY 41.28 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.53 SIYANG JIADING INDUS 7.50 04/27/25 CNY 20.51 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 2.20 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 2.20 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 2.20 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 1.90 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 42.02 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 41.83 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 41.81 TAIXING CITY CHENGXI 7.60 04/24/26 CNY 40.00 TAIXING CITY CHENGXI 7.60 04/04/26 CNY 40.00 TAIXING CITY CHENGXI 7.80 03/05/26 CNY 40.00 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 41.06 TAIXING XINGHUANG IN 8.50 11/15/25 CNY 39.59 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.21 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 41.64 TAIZHOU HUACHENG MED 8.50 12/26/25 CNY 40.00 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 41.77 TANCHENG COUNTY CITY 7.50 04/09/26 CNY 40.00 TANGSHAN HOLDING DEV 7.60 05/16/25 CNY 20.45 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 63.14 TAOYUAN COUNTY CONST 8.00 10/17/26 CNY 60.00 TAOYUAN COUNTY CONST 7.50 09/11/26 CNY 42.42 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 21.25 TAOYUAN COUNTY ECONO 8.20 09/06/25 CNY 20.97 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 2.00 TENGCHONG SHIXINGBAN 7.50 05/05/26 CNY 52.79 TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONST 7.50 07/23/25 CNY 20.75 TONGCHENG CITY CONST 7.50 07/23/25 CNY 20.00 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 42.05 TONGHUA FENGYUAN INV 7.80 04/30/26 CNY 41.70 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 41.40 TONGHUA FENGYUAN INV 8.00 12/18/25 CNY 40.00 TONGREN WATER GROUP 8.00 11/29/28 CNY 74.75 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.70 TONGXIANG CHONGDE IN 7.88 11/29/25 CNY 41.21 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 40.87 URUMQI ECO TECH DEVE 7.50 10/19/25 CNY 40.00 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 40.90 WEIHAI LANCHUANG CON 7.70 10/11/25 CNY 40.85 WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.57 WEINAN CITY INDUSTRI 7.50 06/30/27 CNY 64.26 WEINAN CITY INDUSTRI 7.50 06/30/27 CNY 60.00 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 41.78 WEINAN CITY INDUSTRI 7.50 04/28/26 CNY 40.00 WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63 WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63 WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63 WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63 WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 41.04 WUSU CITY XINGRONG C 7.50 10/25/25 CNY 40.00 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 41.78 WUXUE URBAN CONSTRUC 7.50 04/12/26 CNY 40.00 WUZHOU CANGHAI CONST 8.00 05/31/28 CNY 65.23 WUZHOU CITY CONSTRUC 7.90 03/26/29 CNY 73.20 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 41.84 XIAN LINTONG URBAN I 7.69 04/22/26 CNY 40.00 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 41.15 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 42.12 XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 41.35 XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00 XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.17 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.28 XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00 XINPING URBAN DEVELO 7.70 01/24/26 CNY 41.51 XINYU CITY YUSHUI DI 7.50 09/24/26 CNY 42.77 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.20 XIPING COUNTY INDUST 7.50 12/26/24 CNY 20.00 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 20.93 XIUSHAN HUAXING ENTE 7.50 09/25/25 CNY 20.91 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 42.11 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.65 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50 YANCHENG URBANIZATIO 7.50 03/04/27 CNY 64.03 YANGLING URBAN RURAL 7.80 06/19/26 CNY 42.35 YANGLING URBAN RURAL 7.80 02/20/26 CNY 41.68 YANGLING URBAN RURAL 7.80 06/19/26 CNY 40.00 YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.49 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.33 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.77 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.00 YICHANG CHUANGYUAN H 7.80 11/06/25 CNY 41.06 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.33 YINGKOU BEIHAI NEW C 7.98 01/25/25 CNY 20.31 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 42.24 YINGTAN JUNENG INVES 8.00 05/06/26 CNY 40.00 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 42.01 YIYANG COUNTY CITY C 7.90 11/05/25 CNY 41.12 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.56 YIYANG COUNTY CITY C 7.50 06/07/25 CNY 20.00 YIYANG LONGLING CONS 7.60 01/23/26 CNY 41.37 YIYANG LONGLING CONS 7.60 01/23/26 CNY 40.30 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 21.15 YIYUAN HONGDING ASSE 7.50 08/17/25 CNY 20.73 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 41.27 YONGAN STATE-OWNED A 8.50 11/26/25 CNY 40.00 YONGCHENG COAL & ELE 7.50 02/02/21 CNY 39.88 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 20.80 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.44 YONGXIU CITY CONSTRU 7.80 08/27/25 CNY 20.00 YONGXIU CITY CONSTRU 7.50 05/02/25 CNY 20.00 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 21.15 YOUYANG COUNTY TAOHU 7.50 09/28/25 CNY 20.89 YUANJIANG CITY CONST 7.50 01/18/26 CNY 41.47 YUANJIANG CITY CONST 7.50 01/18/26 CNY 41.43 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.53 YUDU ZHENXING INVEST 7.50 05/03/25 CNY 20.49 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 64.14 YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 41.88 YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 40.00 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 63.23 YUEYANG HUILIN INVES 7.50 12/23/26 CNY 60.00 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 64.28 YUSHEN ENERGY DEVELO 7.50 05/07/27 CNY 60.00 YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 41.78 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 41.78 ZHANGJIAJIE LOULI TO 7.50 03/26/26 CNY 41.78 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 62.73 ZHANGZI NATIONAL OWN 7.50 10/18/26 CNY 60.00 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 41.93 ZHEJIANG CHANGXING H 7.50 05/16/26 CNY 41.60 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 41.26 ZHEJIANG CHANGXING H 7.50 12/26/25 CNY 40.00 ZHEJIANG HUZHOU NANX 7.80 08/21/25 CNY 21.88 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 41.44 ZHEJIANG WUYI CITY C 8.00 12/21/25 CNY 41.41 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 20.89 ZHEJIANG WUYI CITY C 8.00 08/10/25 CNY 20.00 ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75 ZHONGTIAN FINANCIAL 8.50 08/16/27 CNY 31.04 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 42.36 ZHONGXIANG CITY CONS 7.50 07/05/26 CNY 40.00 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.38 ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00 ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 26.05 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 65.11 ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00 ZIYANG KAILI INVESTM 8.00 02/14/26 CNY 41.64 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.06 ZUNYI BOZHOU URBAN C 7.85 10/24/24 CNY 20.04 ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 71.60 HONG KONG --------- CHINA SOUTH CITY HOL 9.00 04/12/24 USD 28.58 CHINA SOUTH CITY HOL 9.00 06/26/24 USD 28.25 CHINA SOUTH CITY HOL 9.00 12/11/24 USD 27.72 CHINA SOUTH CITY HOL 9.00 10/09/24 USD 27.72 HAINAN AIRLINES HONG 12.00 10/29/21 USD 1.92 HONGKONG IDEAL INVES 14.75 10/08/22 USD 1.83 YANGO JUSTICE INTERN 8.25 11/25/23 USD 0.52 YANGO JUSTICE INTERN 10.25 09/15/22 USD 0.45 YANGO JUSTICE INTERN 7.50 04/15/24 USD 0.36 YANGO JUSTICE INTERN 9.25 04/15/23 USD 0.16 YANGO JUSTICE INTERN 7.50 02/17/25 USD 0.16 YANGO JUSTICE INTERN 10.00 02/12/23 USD 0.14 YANGO JUSTICE INTERN 7.88 09/04/24 USD 0.11 YANGO JUSTICE INTERN 10.25 03/18/22 USD 0.01 ZENSUN ENTERPRISES L 12.50 04/23/24 USD 5.51 ZENSUN ENTERPRISES L 12.50 09/13/23 USD 4.69 INDONESIA --------- WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 73.94 WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 73.65 WIJAYA KARYA PERSERO 8.50 03/03/26 IDR 73.18 WIJAYA KARYA PERSERO 8.50 03/03/26 IDR 73.18 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 68.45 WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 68.17 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 67.77 WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 67.77 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 66.67 WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 66.67 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 64.62 WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 64.43 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 64.36 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 64.30 WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 64.00 WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 63.92 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 62.73 WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 62.67 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 60.15 WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 60.09 WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 51.27 INDIA ----- AVANTI FINANCE PVT L 9.25 08/29/25 INR 57.69 BHARAT SANCHAR NIGAM 7.55 03/20/34 INR 69.53 EARLYSALARY SERVICES 11.75 03/18/25 INR 68.97 IIFL SAMASTA FINANCE 10.75 02/24/25 INR 25.14 IKF FINANCE LTD 10.60 03/27/25 INR 37.52 MAHANAGAR TELEPHONE 7.51 03/06/34 INR 51.40 PIRAMAL CAPITAL & HO 8.50 04/18/23 INR 34.25 SHRIRAM FINANCE LTD 8.55 04/28/28 INR 62.71 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.89 PHILIPPINES ----------- BAYAN TELECOMMUNICAT 15.00 07/15/06 USD 15.22 BAYAN TELECOMMUNICAT 15.00 07/15/06 USD 15.22 SINGAPORE --------- BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.68 BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.33 DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.33 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.33 DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.33 ENERCOAL RESOURCES P 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE LT 7.50 01/18/21 CNY 21.47 MICLYN EXPRESS OFFSH 8.75 11/25/18 USD 0.83 NOMURA INTERNATIONAL 7.65 10/04/37 AUD 66.09 NOMURA INTERNATIONAL 19.50 08/28/28 TRY 64.78 ORO NEGRO DRILLING P 7.50 01/24/24 USD 0.51 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SOUTH KOREA ----------- SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SRI LANKA --------- SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 72.83 SRI LANKA GOVERNMENT 12.40 05/15/31 LKR 72.22 SRI LANKA GOVERNMENT 12.40 06/15/32 LKR 68.77 SRI LANKA GOVERNMENT 7.50 01/15/33 LKR 65.12 SRI LANKA GOVERNMENT 7.50 02/15/34 LKR 61.96 SRI LANKA GOVERNMENT 7.50 03/15/35 LKR 59.45 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 58.28 SRI LANKA GOVERNMENT 7.85 03/14/29 USD 58.27 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.85 SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.80 SRI LANKA GOVERNMENT 12.40 04/15/36 LKR 57.54 SRI LANKA GOVERNMENT 12.40 05/15/37 LKR 56.24 SRI LANKA GOVERNMENT 12.40 06/15/38 LKR 55.20 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***