/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/241210.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, December 10, 2024, Vol. 27, No. 247 Headlines A U S T R A L I A BILLSON'S BEVERAGES: Avoids Liquidation After Creditors Vote C LIST: First Creditors' Meeting Set for Dec. 12 FABRIC PAVILION: First Creditors' Meeting Set for Dec. 12 LEPIDICO LTD: First Creditors' Meeting Set for Dec. 13 NICHELIVING HOLDINGS: Directors Offer AUD2.7MM to Keep Company PACIFIC NATIONAL: S&P Rates A$500MM Subordinated Capital Bonds 'BB' REX AIRLINES: Administrators Win More Time to Find Buyers TAMDEN PTY: First Creditors' Meeting Set for Dec. 12 WARATAH INDEPENDENT: First Creditors' Meeting Set for Dec. 12 C H I N A DATASEA INC: Net Loss Widens to $1.96 Million in Q1 2025 TUSIMPLE HOLDINGS: Co-Founder Asks for Liquidation of Company I N D I A AIRAWAT INDICES: Voluntary Liquidation Process Case Summary ARISU RETAIL: Insolvency Resolution Process Case Summary BELGAUM WIND: CRISIL Migrates B+ Ratings from Not Cooperating CHETAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating CITYSTAR INFRASTRUCTURES: Insolvency Resolution Case Summary DIGITAL VENTURES: Insolvency Resolution Process Case Summary ECRON ACUNOVA: CRISIL Lowers Rating on INR27cr Proposed Loan EFFULGENCE TRADING: CARE Keeps D Debt Ratings in Not Cooperating FINERGY CAPITAL: Voluntary Liquidation Process Case Summary GUPTA AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating HOPKINS HEALTHCARE: CARE Assigns B Rating to INR205cr NCDs HOTEL HORIZON: Insolvency Resolution Process Case Summary IFCI LTD: ICRA Puts B+ Ratings on Watch with Dev. Implications LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating MA CHANDI: CARE Keeps D Debt Ratings in Not Cooperating Category MAHARASHTRA BIO: Insolvency Resolution Process Case Summary MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category MICRORIVVATE METAL: CRISIL Reaffirms B+ Ratings on INR11.7cr Loan MOBILE KING: CARE Keeps B- Debt Rating in Not Cooperating Category MOHANGARH CONSTRUCTION: CRISIL Reaffirms B+ on INR10cr Loan MORPHEUS PRODEVELOPERS: Insolvency Resolution Process Case Summary NAV SHIKHA: ICRA Cuts and Simultaneously upgraded Rating to B+/A4 NAYEK PAPER: Insolvency Resolution Process Case Summary NEC ELECTROMECH: Liquidation Process Case Summary NEXTRA TELESERVICES: Insolvency Resolution Process Case Summary NHK F. KRISHNA: Voluntary Liquidation Process Case Summary NILKANTH COTTON: CARE Keeps D Debt Rating in Not Cooperating NOVATECH PROJECTS (I): Insolvency Resolution Process Case Summary ORAVEL STAYS: Fitch Assigns 'B' Rating on US$825MM Sec. Term Loan ORAVEL STAYS: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable PML MERCANTILE: Voluntary Liquidation Process Case Summary RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary RAINE INDUSTRIES: Insolvency Resolution Process Case Summary RAM BALAJI: CRISIL Migrates B Debt Ratings from Not Cooperating RARTOGO TECH: Voluntary Liquidation Process Case Summary RAVI ELECTRONICS: Liquidation Process Case Summary RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating RWE RENEWABLES: Voluntary Liquidation Process Case Summary S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating SANCHARY MARINE: CRISIL Lowers Rating on INR10cr Cash Loan to D SARADHAMBIKA PAPER: CARE Keeps B- Debt Rating in Not Cooperating SATYA SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating SAURAT AUTO: ICRA Keeps B+ Ratings in Not Cooperating Category SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating SSS RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category SUSHRAVYA UPLIFTMENT: ICRA Reaffirm B Rating on INR10cr Term Loan N E W Z E A L A N D BIZEZI TRAINING: Creditors' Proofs of Debt Due on Jan. 15 CITADEL CAPITAL: Avoids Liquidation Attempt by IRD FESTCO NZ: Creditors' Proofs of Debt Due on Jan. 6 IN N OUT: Court to Hear Wind-Up Petition on Dec. 12 KERSHAW HOUSE: Court to Hear Wind-Up Petition on Dec. 13 SOLARZERO LIMITED: Creditors' Proofs of Debt Due on Jan. 15 S I N G A P O R E AFIV 1: Creditors' Proofs of Debt Due on Jan. 6 G VASCULAR: Court to Hear Wind-Up Petition on Dec. 20 JAFCO CS: Creditors' Proofs of Debt Due on Jan. 7 ROUSSEAU PTE: Commences Wind-Up Proceedings VG EQUITY: Creditors' Proofs of Debt Due on Jan. 6 X X X X X X X X [*] BOND PRICING: For the Week Dec. 2, 2024 to Dec. 6, 2024 - - - - - ================= A U S T R A L I A ================= BILLSON'S BEVERAGES: Avoids Liquidation After Creditors Vote ------------------------------------------------------------ Freddy Pawle for Daily Mail Australia reports that an iconic drinks brand has been saved from being liquidated after months of uncertainty. Billson's Brewery, the beverage brand run by husband-and-wife team Nathan and Felicity Cowan in Beechworth in north-east Victoria was placed into administration in July. According to Daily Mail Australia, creditors McGrath Nicol late last month outlined three options: an end to the administration, a deed of company arrangement or liquidation. Administrators recommended the second option, which offered the best return for creditors by allowing them to govern how to deal with the company's affairs. The Cowans are 'thrilled' with the outcome, which secured the company's future and the 159-year-old brewery it's based out of. 'This morning, our proposal to restructure and recapitalise the business was approved by our creditors,' a statement read. 'This marks a pivotal milestone for us of which we are truly grateful. 'The restructure will allow us to refocus on what we love most: the Beechworth venue experience, our range of traditional flavours and the site's pristine alpine spring water,' Daily Mail Australia relays. The couple thanked customers for their support in playing a 'vital role in keeping the Billson's dream alive'. 'We look forward to sharing more details about our restructure and plans in the coming weeks, but for now, we simply want to say thank you,' they added. Fans rejoiced over the news on social media. Billson's, which produces premix drinks and craft beer, blamed the collapse on a sharp decline in customer spending amid rising inflation and high government excise on spirits. Daily Mail Australia says the collapse came despite annual sales soaring to about AUD120 million in 2023-24, up from $100 million a year earlier. In January, Billson's had 200 staff members. A month later, the company slashed its workforce by half to cut costs with the administrators planning to implement further job cuts, Daily Mail Australia recalls. Among the company's assets is the historic Beechworth brewery which has become a popular tourist attraction offering tours, accommodation, a beer garden and a bar. According to Daily Mail Australia, Beechworth Inc President Katerina Witherow happy to hear that Billson's will continue trading. 'It's been a difficult time for business to trade post-COVID,' she told the ABC. 'Especially in these times, it's so hard and difficult out there at the moment and we do have a lot of empty shops in town.' She hoped the owners had 'learnt a lot of lessons' about running the brewery to keep it above water.' C LIST: First Creditors' Meeting Set for Dec. 12 ------------------------------------------------ A first meeting of the creditors in the proceedings of C List Pty Ltd, Childsplay Landscape and Design Pty Ltd, and Timberplay Pty Ltd will be held on Dec. 12, 2024 at 9:00 a.m. via virtual meeting facilities only. Richard Albarran and John Vouris of Hall Chadwick were appointed as administrators of the company on Dec. 2, 2024. FABRIC PAVILION: First Creditors' Meeting Set for Dec. 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Fabric Pavilion Pty Ltd will be held on Dec. 12, 2024 at 9:00 a.m. via virtual meeting only. Christopher Damien Darin of Worrells was appointed as administrators of the company on Dec. 3, 2024. LEPIDICO LTD: First Creditors' Meeting Set for Dec. 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of: - Lepidico Ltd; - Lepidico Holdings Pty Ltd; - Li-Technology Pty Ltd; - Bright Minz Pty Ltd; - Mica Exploration Areas Pty Ltd; and - Silica Technology Pty Ltd will be held on Dec. 13, 2024 at 9:00 a.m. via virtual meeting via Zoom. Richard Tucker and Paul Pracilio of KordaMentha were appointed as administrators of the company on Dec. 3, 2024. NICHELIVING HOLDINGS: Directors Offer AUD2.7MM to Keep Company -------------------------------------------------------------- The Sydney Morning Herald reports that the directors of embattled builder Nicheliving have offered to hand over more than $2.7 million in a bid to retain control of the company, amid revelations the entities could have been insolvent for more than two years. According to SMH, the eponymous family trusts of directors Ronnie Michel-Elhaj and Paul Bitdorf submitted the plan on Dec. 2, almost one month after the company was handed over to administrators at KordaMentha. SMH relates that the deed of company arrangement would comprise a lump sump payment of $2 million to both Nicheliving and its construction arm Projex Management and Construction, bankrolled by the sale of its Northbridge headquarters and a $200,000 deposit. The remaining funds would be paid to the entities over nine monthly instalments totalling $522,000, with the money to begin flowing in shortly after Christmas. In a report released on Dec. 3, KordaMentha's Richard Tucker and John Bumbak urged creditors to back the proposal when they met next week on the basis that it would provide the best return, SMH relays. The administrators charged with undertaking an urgent financial assessment with a view to restructure the company have concluded the entities could have been insolvent for more than two years. A preliminary probe into the company's affairs has found Nicheliving likely became insolvent in August 2022, while Projex may have been insolvent from as early as June 2021. The news comes more than a month after Nicheliving's construction arm agreed to withdraw a State Administrative Tribunal battle for the renewal of its building licence for the next decade under a deal with the state government, SMH notes. Projex had been stripped of its licence over growing debts, including a tax bill of more than $7 million. But Nicheliving managing director Mihael-Elhaj had rubbished claims it did not have the capacity to clear its $44 million worth of debt, declaring it had $100 million in assets, SMH relates. It has sold almost $12 million worth of property in recent months. The deal was designed to allow the hundreds of customers waiting for their homes to be completed access to up to $200,000 in home indemnity insurance under policies issued by QBE. With more than 200 homes unfinished at the time, the taxpayer bailout was tipped to cost up to $40 million. While revealing he had not been briefed on the details of the proposed deal, Premier Roger Cook expressed surprise at news the directors had the financial capacity to retain the company given the state government had been forced to intervene to get homes completed for customers. "It is surprising, it's extraordinary in fact," SMH quotes Mr. Cook as saying. "But I'd want to just reiterate that the ban in relation to Nicheliving as builders remains in place - they will not be able to build, they will not be able to lay a single brick under that ban. "I'll leave [the administration] to run its course, but we have intervened in relation to the people who were impacted by Nicheliving's mismanagement of their contracts. I'm very pleased that those people can now access our home indemnity insurance scheme, and because of that, we can get a roof over their head." SMH adds that the company has repeatedly defended its handling of client contracts, pinning the lengthy building delays on COVID, government stimulus, labour shortages and supply chain issues. However, data suggested Nicheliving signed on more than double the number of customers it normally would between 2020 and 2021. The construction division was the company's primary income stream, with Nicheliving's lawyer Martin Cuerden, SC, warning the SAT in August that the refusal of its building registration renewal would likely trigger the downfall of the entire group, SMH relays. Richard Scott Tucker and John Allan Bumbak of KordaMentha were appointed as administrators of Nicheliving Holdings Ltd, Rubix Future Building Technology Pty Ltd, and Projex Management & Construction Pty Ltd on Nov. 6, 2024. PACIFIC NATIONAL: S&P Rates A$500MM Subordinated Capital Bonds 'BB' ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term issue rating to subordinated capital bonds of A$500 million that Pacific National Finance Pty Ltd. has issued. The issuance has a fixed rate tranche of A$250 million and a floating rate tranche of A$250 million. Pacific National Finance is the financing arm of Pacific National Holdings Pty Ltd. (Pacific National; BBB-/Negative/--). The hybrid bonds are deeply subordinated obligations of Pacific National, ranking senior to junior obligations (such as equity and shareholder loans). Pacific National expects to use the proceeds to repay existing senior debt and support its capital structure. The key points of S&P's assessment of the issuance are: -- S&P assesses the subordinated capital bonds as having intermediate equity content. -- S&P rates the A$500 million subordinated capital bonds two notches below its 'BBB-' long-term issuer credit rating on Pacific National to reflect the bonds' subordination and the optional deferability of coupon payments. -- S&P expects Pacific National's total hybrid issuances to comprise about 14% of the group's total capitalization (S&P Global Ratings-adjusted debt plus S&P Global Ratings-adjusted equity) after the refinancing. -- S&P's view of intermediate equity content considers that the capital bonds meet its criteria in terms of subordination, loss absorption, and cash preservation, with optional coupon deferability of up to the final maturity date. A key consideration in S&P's assessment of the intermediate equity content is Pacific National's stated intention to make hybrids a part of its long-term capital structure. The company has stated that it has no intention to redeem this instrument, except in limited circumstances, unless the hybrid is replaced with instruments of equivalent equity content. If Pacific National deviates from its intention to retain these capital bonds as a permanent part of its capital structure, except under limited circumstances that will adversely affect the bonds. Such a situation would lead us to revise our assessment to no equity content on the bonds. S&P will then treat the bonds in line with existing debt. The subordinated capital bonds have a final maturity of 30 years after the issue date to 2054. S&P said, "We do not expect the instrument to be called in the first five-years after the issue date. This is despite provisions for the instrument to be called under a make-whole clause and with a premium. We do not consider that this type of make-whole clause creates an expectation that the instrument will be redeemed before then. Accordingly, we do not view it as a call feature in our hybrid analysis, even though the documentation for the hybrid instrument refers to it as a make-whole option clause." The margin will increase by 25 basis points (bps) after 10.25 years (first step-up date) from the issue date, and by a further 75 bps after the second step-up date, 25.25 years after the issue date. S&P said, "We view the cumulative 100 bps increase as a significant step-up that provides Pacific National with an incentive to redeem the securities on the first step-up date. As such, 5.25 years after the issuance date, we will no longer recognize the securities as having intermediate equity content because the remaining period until their economic maturity (second step-up date) would, by then, be less than 20 years." Pacific National can redeem the capital bonds early for various external events, such as changes in tax laws, control, or rating agency criteria. Key factors in S&P's assessment of the securities' subordination: The subordinated capital bonds are intended to constitute Pacific National's direct, unsecured, and deeply subordinated obligations, ranking senior to junior obligation, such as equity and shareholder loans. They will likely rank equally with any potential future hybrids of the company. Key factors in S&P's assessment of the securities' deferability: In its view, Pacific National's option to defer payment on the subordinated capital bonds is discretionary. This means that the company may elect not to pay accrued interest on an interest payment date because it has no obligation to do so. S&P notes that, for the initial 10.25 years, the interest can be deferred at the issuer's discretion. If interest is deferred, the company cannot make distributions or payments on sub instruments, subject to the dividend carve outs. After 10.25 years, interest can still be deferred provided there have been no distributions, redemptions, purchases, or buybacks, and no capital returns on junior or equal ranking obligations during six consecutive months leading up to the interest payment date. Nevertheless, the deferral term is in accordance with the minimum requirement under our criteria. There are dividend restrictions if deferred coupons have not been paid 20 business days after the date interest payment would have been due. The company will not pay distributions or undertake any buyback or capital reduction until deferred interest payments have been paid in full. This does not apply to buybacks or capital reductions connected to employment contracts, payments the company is legally obliged to make, and distributions not exceeding A$30 million in any financial year to cover group withholding tax obligations. These distribution carve-outs do not restrict Pacific National from deferring interest payments on the hybrids, if required. S&P said, "Hence, this condition remains acceptable under our methodology because we do not believe it will affect the issuer's ability or incentive to defer coupon payments. In particular, we see the A$30 million limit to cover the group's withholding tax obligation as appropriate when looking at the amount of this obligation over the past several years." REX AIRLINES: Administrators Win More Time to Find Buyers --------------------------------------------------------- Australian Associated Press reports that regional carrier Rex will get an overhaul after its administrators won more time to entice a buyer despite a four-month search failing to find a long-term lifeline for the struggling airline. Administrators were appointed to five companies in the Rex group in July as the business sunk into about AUD500 million in debt. Buoyed by an AUD80 million loan facility from the federal government, the airline is still trying to secure a buyer despite administrators from EY previously projecting a rosy outlook, AAP says. Partner Samuel Freeman told a first meeting of creditors in August there had been "quite some interest" in the airline and some parties had already executed disclosure agreements, AAP recalls. But more than four months later, administrators are still trying to lock in a buyer and have provided a more downbeat assessment of the prospects. They were forced to go to the Federal Court to postpone a second meeting of creditors until July 2025, with permission granted in mid-November, AAP relates. "Based on the evidence before me, it was apparent it is presently unlikely that the administrators will be able to sell the regional business," Justice Brigitte Markovic said in a judgment published on Dec. 6, AAP relays. In August, interested bidders were provided with a "Rex 2.0 discussion pack" setting out a number of initiatives administrators suggested would make the airline's core regional business more "commercially desirable". Several key challenges to the business needed to be resolved before a binding sale could occur, Justice Markovic noted. Rex would have to be wound up if the next creditors' meeting was not postponed as requested, she said. According to AAP, the meeting will include a vote on whether to return the Rex companies to the existing board, place them under a deed of company arrangement or liquidate. As well as the regional business, administrators have been unable to find a buyer for the airline's pilot academy. But they have successfully sold Rex's aero-medical arm Pel-Air Aviation, shares in fly-in-fly-out charter business National Jet Express and two plots of land near Sydney Airport, one of which houses a flight simulator. AAP says Justice Markovic allowed the second creditors' meeting to be postponed after being told more time was needed to improve the regional business and enhance the company's assets. The improvements were expected to yield a higher sale price for the airline, the court was told, AAP adds. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. TAMDEN PTY: First Creditors' Meeting Set for Dec. 12 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Tamden Pty Ltd will be held on Dec. 12, 2024 at 12:00 p.m. via teleconference facilities. Trajan John Kukulovski and Andrew Quinn of Mackay Goodwin were appointed as administrators of the company on Dec. 3, 2024. WARATAH INDEPENDENT: First Creditors' Meeting Set for Dec. 12 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Waratah Independent Living Pty Ltd and Waratah Independent Living Services Pty Ltd will be held on Dec. 12, 2024 at 10:00 a.m. at the offices of HoganSprowles Pty Ltd at Level 9, 60 Pitt Street in Sydney and via virtual meeting. Christian Sprowles of HoganSprowles was appointed as administrator of the company on Dec. 2, 2024. ========= C H I N A ========= DATASEA INC: Net Loss Widens to $1.96 Million in Q1 2025 -------------------------------------------------------- Datasea Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,961,989 on $21,081,094 of revenue for the three months ended September 30, 2024, compared to a net loss of $22,056 on $6,880,743 of revenue for the three months ended September 30, 2023. As of September 30, 2024, the Company had $7,956,650 in total assets, $3,891,921 in total liabilities, and $4,064,729 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4y5bdfpf About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2024, citing that the Company had an accumulated deficit of $39.44 million and incurred a net loss from operations of approximately $11.38 million as of and for the year end June 30, 2024. The Company has had recurring losses from operations which has raised substantial doubt about the entity's ability to continue as a going concern. TUSIMPLE HOLDINGS: Co-Founder Asks for Liquidation of Company ------------------------------------------------------------- Seeking Alpha reports that Xiaodi Hou, the co-founder and former chief executive of TuSimple, has sent a letter to the board, asking for immediate liquidation of the self-driving trucking company. Seeking Alpha relates that Hou, who is the largest shareholder of the company, said it has been disappointing to watch shareholders' collective investment value plummet by over 91% in less than two years under the leadership of CEO Cheng Lu and Mo Cheng. Hou further added that TuSimple's pivot from autonomous driving mission to Artificial Intelligence Generated Content (AIGC) development in China "represents a fundamental change in business direction", which was implemented without any advance communication to or vote by shareholders, Seeking Alpha relays. Shares of TuSimple have lost more than 70% so far this year. According to Seeking Alpha, Hou said the recent corporate actions taken by the company raise significant concerns for U.S. shareholders, and has also urged a California district court to issue a temporary restraining order to restrict the company from transferring its U.S. assets to China. Last year, TuSimple said it is winding down its U.S. business, reducing its workforce there by ~75%, as part of an additional restructuring plan as it grapples with recurring losses and negative cash flows, Seeking Alpha recalls. Seeking Alpha says TuSimple has struggled with safety concerns as well as federal investigation concerning its relationship with Chinese startup, Hydron over the past year. Hydron was started in 2021 by TuSimple's co-founder Mo Chen. Earlier in 2022, the company terminated Hou in connection with an internal investigation regarding Hydron. He is now the head of a Texas-based autonomous trucking company called Bot Auto. TuSimple (OTC:TSPH) - https://www.tusimple.com/ -- is a self-driving truck company developing technology that allows them to drive from depot-to-depot without human intervention. ========= I N D I A ========= AIRAWAT INDICES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Airawat Indices Private Limited 5A, 5th Floor, B Wing, Trade Star Kondivita Road, Andheri Kurla Road Andheri East, Mumbai 400059 Liquidation Commencement Date: November 15, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Ravi Kapoor 402, Shaival Plaza Near Gujarat College Ellisbridge Ahmedabad - 380 006 Email: ravi@ravics.com Tel No: 079-26420336/7/9 Last date for submission of claims: December 14, 2024 ARISU RETAIL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Arisu Retail Private Limited Door No. 9, G.A. Road, Old Washermenpet Tondiarpet, Fort St George Chennai-600021, Tamil Nadu Insolvency Commencement Date: November 7, 2024 Court: National Company Law Tribunal, Bangalore Bench Estimated date of closure of insolvency resolution process: May 5, 2025 Insolvency professional: Yogesh Gupta Interim Resolution Professional: Sri Yogesh Gupta C/O S Jaykishan 12, Ho Chi Minh Sarani Suite No. 2D, 2E & 2F 2nd Floor, Kolkata-700071 Email: yogeshgupta31@rediffmail.com Email: arisuretail.cirp@gmail.com Last date for submission of claims: November 20, 2024 BELGAUM WIND: CRISIL Migrates B+ Ratings from Not Cooperating ------------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of Belgaum Wind Farms Private Limited (BWFPL) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL Ratings is migrating the ratings on bank loan facilities of BWFPL to 'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 15.71 CRISIL B+/Stable (Migrated Based Bank Limits from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Term Loan 24.29 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating reflects the susceptibility of the company's operating performance to variability in long-term wind speeds, customer concentration in revenue profile and modest debt service coverage ratio (DSCR). These weaknesses are partially offset by long-term revenue visibility on account of Power purchase agreements (PPA). Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of BWFPL. Key Rating Drivers & Detailed Description Weaknesses: * Modest DSCR: BWFPL has a modest DSCR estimated at an average of 0.85-1 time for the tenor of its existing term loan. The debt servicing has arrived at a PLF% of 15.5-16.5% per cent for the company's windmills based on past plant load factor (PLF) levels of the windmills. Timely funding support from promoters and presence of debt service reserve account (DSRA) is expected to support liquidity. * Variability in long-term wind speeds impacting renewable energy generation: Cash flow of wind power projects is dependent on PLF, which may vary as per wind patterns and climate. Change in weather conditions could result in a decline in PLF and cash flow. This makes the company vulnerable to the above factors and highly sensitive local wind conditions technical performance of the wind assets. Strength: * Long-term revenue visibility on account of the long-term PPA: BWFPL has long term PPA with Bangalore Electricity Supply Company Limited (BESCOM) a moderate credit profile, which provides long term revenue visibility to the company. Company recorded an operating income of INR11.14 Cr for fiscal 2024.Company will continue to benefit from its promoters' extensive industry experience of over a decade and long-term PPAs with customers. Liquidity: Poor BWFPL's liquidity is poor as evidenced in moderate cash accruals of INR4.63-5.65 Cr against repayment obligations ranging to INR5-INR6.5 Cr over the medium term. Company maintains a DSRA for a current quarterly repayment of INR2 Cr. Company has an unencumbered cash and bank balances of INR0.13 Cr as on March 31, 2024. Outlook: Stable CRISIL Ratings believes BWFPL will continue to benefit over the medium term from its stable cash accruals backed by its PPA. Rating Sensitivity Factors Upward Factors: * Improvement in average DSCR to over 1.1 times backed by improvement in in-flows at higher than anticipated tariff or PLF% * Improvement in liquidity backed by improved receivable cycle Downward Factors: * Significant degradation in PLF% leading to DSCR remaining below 1 time thus reduction in DSRA or other available liquidity with company * Unanticipated delays in receipts lead to cash flow mismatches and poor liquidity IEML is the holding company of the SPVs floated by Indian Energy Limited (IEL), the ultimate holding company of the project SPVs, to primarily focus on setting up and operating Wind farms projects in India. Company is engaged in power generation through its wind-mill farm (with a capacity of 24.8MW) in Gadag District in Karnataka. CHETAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chetan Alloys Private Limited (CAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 18, 2023, placed the rating(s) of CAPL under the 'issuer non-cooperating' category as CAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2024, September 12, 2024 and September 22, 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). Analytical approach: Standalone Chetan Alloys Private Limited (CAPL) was incorporated in May 2011 by Mr. Chetan Maheshwari and Satish Maheshwari and commercial operations commenced from October 2012. Business of group entity, ShekharImpex, where Mr. Sureshbhai Maheshwari was proprietor, was transferred to CAPL in 2011. CAPL has its Head office in Delhi and Branch office at Jamnagar. It deals in the scrap products of ferrous metals and non-ferrous metals like aluminum, bronze, zinc, titanium etc. CAPL obtains sales orders from its customers and procures the products from prime suppliers of India. Status of non-cooperation with previous CRA: CRISIL continues to categorize rating assigned to the bank facilities of CAPL under non-cooperation category vide PR dated February 22, 2024 on account of its inability to carry out a rating surveillance in the absence of the requisite information from the company. CITYSTAR INFRASTRUCTURES: Insolvency Resolution Case Summary ------------------------------------------------------------ Debtor: Citystar Infrastructures Limited 5 Gorky Terrace, 2nd Floor, Kolkata West Bengal, India, 700017 Insolvency Commencement Date: October 24, 2024 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: April 22, 2025 Insolvency professional: Aditya Kumar Tibrewal Interim Resolution Professional: Aditya Kumar Tibrewal Nicco House 1st Floor, 2 Hare Street Room No. 29, Kolkata -700001 Email: adityatibre@gmail.com Email: cirp.citystar@gmail.com Last date for submission of claims: November 7, 2024 DIGITAL VENTURES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Digital VentureS Private Limited 135 Continental Building Dr Annie Besant Road Worli, Mumbai 400018 Maharashtra Insolvency Commencement Date: November 19, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 16, 2025 Insolvency professional: Pravin R Navandar Interim Resolution Professional: Pravin R Navandar Saksham Insolvency Resolution LLP D-519 & 520, Neelkanth Business Park Opp. Vidya Vihar Station (W) Nathani Road, Vidya Vihar (W) Mumbai - 400086 Email: pravin@prnco.in Email: cirp.dvpl@gmail.com Last date for submission of claims: December 3, 2024 ECRON ACUNOVA: CRISIL Lowers Rating on INR27cr Proposed Loan ------------------------------------------------------------ CRISIL Ratings has downgraded its rating on the long-term bank facilities of Ecron Acunova Ltd (EA) to 'CRISIL D' from 'CRISIL B-/Stable'. The rating downgrade reflects the delays in servicing the term debt obligations. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 27 CRISIL D (Downgraded from Based Bank Limits 'CRISIL B-/Stable') The rating reflects the company's exposure to regulatory and sponsor risks associated with contract research, moderate working capital cycle and weak financial risk profile. These weaknesses are partially offset by the established track record of the promoters and high-quality research. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of EA. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to regulatory and sponsor risks associated with contract research: Clinical research regulatory standards should be met before and during the performance of clinical trials; non-compliance may lead to termination of the Clinical trial agreements (CTA). Europe is a key geography for the company, and it is regulated by the European Union (EU) Clinical Trials Directive. Moreover, many multinational companies may feel comfortable dealing with contract research organisations (CROs) only after the latter have executed a few big contracts successfully. Failure to execute a contract by any CRO may be caused by various external and regulatory factors. EA is dependent on its sponsors for the award of contracts. The company is likely to remain exposed to regulatory and sponsor risks over the medium term. * Weak financial risk profile: Negative net worth limits the financial flexibility and restricts the financial cushion available to the company in case of any adverse conditions or downturn in the business. However, with the closure of the term loans, working capital limits will support the financial risk profile in the near term. Debt protection metrics were moderate in fiscal 2024, as reflected in the interest coverage ratio of 3.03 times. This is expected to improve in the near term with nil outstanding debt. Strength: * Established track record of the promoters and high-quality research facility: EA's promoters have vast experience in the field of medicine and related businesses. Their strategic leadership provides a focus on growing business segments such as clinical trials undergraduate studies in the field of contract research. Through their knowledge and expertise, the company has emerged as an integrated end-to-end solutions provider to reputed sponsors such as Cipla, Novartis, Bayer, Eli Lilly, and Mylan. Liquidity: Poor The liquidity is poor marked by delays in servicing term debt obligations and subsequent SMA classification with the bank in November 2024. Bank limit utilisation was high around 97.8% for the 12 months through October 2024. However, cash accrual is expected to be INR8-9 crore per annum and will act as a cushion to the liquidity of the company. Current ratio was low at 0.35 time as on March 31, 2024. Negative networth limits its financial flexibility and restricts the financial cushion available to the company in case of any adverse conditions or downturn in the business. Rating sensitivity factors Upward factors * Prompt track record of over 90 days * Sustained improvement in scale of operations and sustenance of operating margin over 15%, leading to higher cash accruals * Improvement in the overall financial risk profile Incorporated in 2004, EA is a full service CRO engaged in providing services in the field of cellular research, clinical trials, contract research, clinical data management and biostatistics. The company is based in Bengaluru. With effect from May 23, 2016, the name of the entity has been changed to EA from Manipal Acunova Ltd. EA was a 100% subsidiary of Take Solutions Ltd (TSL). Since November 2024, the company has become a 100% subsidiary of Navitas Life Sciences Pvt Ltd. EFFULGENCE TRADING: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Effulgence Trading and Services Private Limited (ETSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 120.00 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 October 12, 2023, placed the rating(s) of ETSPL under the 'issuer non-cooperating' category as ETSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ETSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2024, September 6, 2024 and September 16, 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). Analytical approach: Standalone Arka Carbon Fuels Private Limited (ACFPL) is a part of Swastik group (SG) and Mr. Hitesh Bindal is the founder promoter of the company. The company has changed its name to Effulgence Trading And Services Private Limited (ETSPL) from May 24, 2022. ETSPL imports its coal requirement directly or through merchant importers in India and supplies it to the domestic market for usage by various industries like cement, captive power plants, steel and bricks. ETSPL is also engaged in trading of domestic coal purchased through e-auction route from Coal India Limited (CIL). SG, based out of Indore, Madhya Pradesh, is primarily involved in the business of coal trading. The group has presence of more than two decades with interests in diversified businesses including coal trading, logistics, construction and real estate. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of ETSPL into 'Issuer not-cooperating' category vide press release dated October 14, 2024 on account of non-availability of requisite information from the company. India Ratings has continued the ratings assigned to the bank facilities of ETSPL into 'Issuer not-cooperating' category vide press release dated July 14, 2024 on account of non-availability of requisite information from the company. FINERGY CAPITAL: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Finergy Capital Private Limited 74 Sundaram Street Chinmaya Nagar Koyambedu, Chennai 600092 Liquidation Commencement Date: November 19, 2024 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sudhir GS 2nd Floor, Hari Krupa MC Nicholas Road (Off Poonamallee High Road) Chetpet, Chennai 600031 Email: vtfinergy@gmail.com Last date for submission of claims: December 21, 2024 GUPTA AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gupta and Company Developers Private Limited (GCDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 October 11, 2023, placed the rating(s) of GCDPL under the 'issuer non-cooperating' category as GCDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 26, 2024, September 5, 2024 and September 15, 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). Analytical approach: Standalone Incorporated in September 2007, Gupta & Company Developers Private Limited (GCDPL) was promoted by Mr. Jay Narayan Kumar and Mr. Raju Ranjan. Since its inception, the company has been engaged in civil construction activities in the segment like construction of bridges. GCDPL participates in tenders and executes orders for the National Highway Division, Hazaribagh. HOPKINS HEALTHCARE: CARE Assigns B Rating to INR205cr NCDs ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Hopkins Healthcare Private Limited (Hopkins), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible Debentures 205.00 CARE B; Stable Assigned Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) in its analysis of Hopkins has considered the proposed transaction wherein the BlackRock Group (BlackRock) has agreed to invest INR130 crore in the form of senior, secured, rated, listed non-convertible debentures (NCD) in Hopkins. Further, green shoe option exists for additional INR75 crore subject to satisfactory due diligences and operational performance. Post the infusion of funds by Blackrock, Hopkins will acquire the share of existing PE investor Prathithi Investments in the group company i.e. TMI Healthcare Private Limited (TMI) for INR103 crore. TMI which has an operational track record of over a decade and has four hospitals in Bangalore will become subsidiary of Hopkins. Hopkins on standalone basis has small real estate operations. For arriving at the rating of Hopkins, CARE Ratings have taken linkages (both in terms of operational and financial) with its group company TMI and Hopkins. The rating assigned to the long-term instruments of Hopkins is constrained by small scale of operations both in the real estate and health care industry. The hospital segment (i.e. in TMI) historically had moderate occupancy levels and Average Revenue Per Occupied Bed (ARPOB). TMI has total 286 beds and was operating at an occupancy level of around 33% in FY24. The real estate (in Hopkins) segment had only about three months of operations during FY24. The rating also considers highly competitive and fragmented nature of real estate and health care industry. The rating however is underpinned by experienced promoters with long track record of operations in healthcare industry. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in revenue by over 10-15% consistently with PBILDT margin above 15% on sustained basis. * Total debt to PBILDT going below 4x. Negative factors * A decline of over 8% in the company's TOI resulting in rising losses and a worsening liquidity situation. Analytical approach: Standalone factoring linkages with TMI as the two entities have linkages in terms of common promoters and control over business operations. Outlook: Stable The stable outlook reflects that the proposed transaction will help the company improve its overall operational and financial performance as a group. Detailed description of key rating drivers: Key weaknesses * Small scale of operations: Hopkins currently has small scale of operations in the form lease rental. It has commenced operations from January 2024 and have reported revenue of about INR0.90 crore during FY24 from lease rentals. From FY25, the rental income is expected to be about INR5 crore. Further, post the transaction hospital segment will also be part of Hopkins. The hospital segment (TMI) historically had moderate occupancy levels and Average Revenue Per Occupied Bed (ARPOB). TMI has total bed capacity of 286 beds and was operating at an occupancy level of around 33% in FY24. The occupancy ratio has been remained about the same over last three years. * Anticipated elevated debt levels coupled with weak credit metrics: The infusion of fund by BlackRock in Hopkins will result in elevated debt levels at Hopkins. Further, the coupon rate on the said transaction is proposed to be 16%. Hopkins, during FY24 had operations for only three months however post the infusion of INR205 crore (includes INR75 crore green shoe option) of NCD by BlackRock in Hopkins, which in turn will be utilized to acquire stake in TMI, will lead to TMI becoming subsidiary of Hopkins. The interest servicing and the redemption of the said NCDs primarily depends on the cash flow generated from TMI whose credit metrics have remained weak on account of negative profit before interest, lease rentals, depreciation and tax (PBILDT) and gross cash accruals (GCA) in the past. CARE Ratings expects that even after the combined financials of TMI with Hopkins the credit metrics of Hopkins are anticipated to remain weak on account of overall small scale of operations of the company in both real estate and hospital segment coupled with moderate cash accruals. * Susceptibility of reputation to treatment related risk: Healthcare industry is very sensitive to mishandling of a case or negligence on part of any doctor and /or staff of the unit can lead to distrust among the masses. Thus, all the healthcare providers need to monitor each case diligently and maintain standards of services in order to avoid the occurrence of any unforeseen incident. They also need to maintain high vigilance to avoid malpractice at any cost. * Presence in fragmented and highly regulated industry: The healthcare sector is highly fragmented with very few players in the organised sector. Barring a few, most of the organised sector players have one or two hospitals only. All these lead to high level of competition in the business. Further healthcare sector is highly regulated and is governed by various laws such as Indian Medical Council Act 1956, The Clinical Establishments (registration and regulation) Act 2010, and Indian Medical Council Regulations 2002 etc. Government of India has been taking various steps towards increasing the affordability and coverage of healthcare services in the country by putting price restriction on pharmaceutical entities, medical equipment manufacturers and hospitals services. Key strengths * Experienced promoters with long track record of operations in healthcare industry: Hopkins and TMI are promoted by Dr Upendra Kandluri who is a consultant urologist and his wife Dr Jothi Neeraja in Bangalore. The promoters have over a decade of experience in healthcare industry. Further, their son Dr. Abhisheik Hariharan Kandluri has joined the business. He is a second-generation entrepreneur and has completed his MBA from Johns Hopkins Carey Business School Baltimore, USA and has done masters specialization in healthcare business strategy operations, technology, innovation, AI, and finance, for the furtherance of business development of TMI.TMI started with one hospital in Yeshwantpur, Bengaluru and over time the same was expanded to four hospitals all located in Bengaluru. The hospitals which are known by the brand People Tree Hospitals are multi-speciality hospital which provides services in the areas like neurosciences, orthopaedics, cardiology, ENT, paediatrics, urology etc and have total 286 bed capacity. * Diversified revenue stream across specialisations: TMI's total income is spread across various specialities among which neuroscience and orthopaedics are the major contributors. None of the specialities contribute more than 20% of total revenue and top 5 departments contributed around 54%/55% to total operating income during FY24 and H1FY25. * Revenue from lease rentals with long term lease agreement: Hopkins have been engaged in real estate operations. The company has bought in December 2023, an existing commercial four storied building having total constructed area of 1,04,800 square feet. The original plan was to make ground floor as speciality hospital and the four floors were intended to let out. Currently, out of these four floors, three floors have been let out to Big Basket and OYO Workspaces India Private Limited for a period of nine years. Liquidity: Stretched Hopkins had only three months of operations during FY24 and the liquidity position of TMI has remained stretched. TMI has been reporting negative GCA from FY21 onwards. The cash and bank balance of TMI remained low at 0.10 crore as on June 30, 2024 however on account of equity infusion by the promoters to the tune of INR7 crore in Hopkins, the cash and bank balance of Hopkins remained at about INR3 crore as on March 31, 2024. Further, the working capital utilisation of TMI remained at about 97% for the 12 months ending in October 2024. During FY25, the combined entity is anticipated to generate cash accruals of about INR4 crore against the debt repayment obligation of INR2.32 crore. CARE Ratings anticipates that company will face stretched liquidity position wherein its operations may just be sufficient to meet its debt obligations. Incorporated on March 31, 2022, Hopkins is promoted by Dr Upendra Kumar Kandluri and his two sons Dr Abhishek Hariharan Kandluri and Mr Abhinav Krishna Kandluri. Dr Upendra has over three decades of experience in the healthcare sector. He completed his fellowship in Endourology & laser surgery from Germany and MS in general surgery from India. Mr Upendra and his wife Dr Jothi is also the promoter of TMI Healthcare Private Limited which has four multi-speciality hospitals in Bengaluru with the brand name People Tree Hospitals. Currently company is engaged in real estate activities through which it earns rental income. HOTEL HORIZON: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Hotel Horizon Private Limited 37, Juhu Beach, Mumbai, Maharashtra, India 400049 Insolvency Commencement Date: November 19, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 18, 2025 Insolvency professional: Rohit Ramesh Mehra Interim Resolution Professional: Rohit Ramesh Mehra Tower A 3403 Oberci Woods Oberci Garden City Goregaon East Mumbai City, Maharashtra 400063 Email: rohitmehra@hotmail.com Email: hotelhorizoncirp@gmail.com Last date for submission of claims: December 3, 2024 IFCI LTD: ICRA Puts B+ Ratings on Watch with Dev. Implications -------------------------------------------------------------- ICRA has placed the ratings on certain bank facilities of IFCI Limited (IFCI) on Watch with Developing Implications: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based/ 300.00 [ICRA]B+; Placed on Rating non-fund based Watch with Developing bank limits Implications Long-term bonds 913.10 [ICRA]B+; Placed on Rating (incl. sub debt) Watch with Developing Implications Long-term bonds 250.62 [ICRA]B+; Placed on Rating (incl. sub debt) Watch with Developing Implications Bonds/NCD 973.35 [ICRA]B+; Placed on Rating Programme Watch with Developing Implications Commercial 500.00 [ICRA]A4; Placed on Rating paper programme Watch with Developing Implications Rationale Material Event On Nov. 22, 2024, IFCI announced that it had received communication from the Department of Financial Services (DFS), Ministry of Finance, Government of India (GoI), granting in-principle approval to consider the consolidation of the IFCI Group1 as a way forward for IFCI. This would entail the merger/amalgamation of IFCI and StockHolding Corporation of India Limited (SHCIL; rated [ICRA]AA-; RWD2) and other Group companies as detailed below: 1. Consolidation of SHCIL, IFCI Factors Limited, IFCI Infrastructure Development Limited and IIDL Realtors Limited with IFCI (referred to as the resultant entity) 2. Consolidation of the broking businesses housed under StockHolding Services Limited, IFCI Financial Services Limited, IFIN Commodities Limited and IFIN Credit Limited into a single entity, which will be a direct subsidiary of the resultant Entity 3. Other Group entities – StockHolding Document Management Services Limited (rated [ICRA]A+(CE) RWD), StockHolding Securities IFSC Limited, IFIN Securities Finance Limited, IFCI Venture Capital Funds Limited and MPCON Limited may continue to remain direct subsidiaries of the resultant entity DFS has advised IFCI to take further necessary action and commence the process in accordance with the applicable laws, rules and regulations. Accordingly, its board of directors gave in-principle approval to consider the aforementioned consolidation and commence the process in accordance with regulatory/statutory/applicable laws, rules, regulations, guidelines, framework, standards, etc. * Impact of material event: IFCI's liquidity remains stretched owing to its forthcoming debt maturities, which are sizeable in relation to its on-balance sheet liquidity and depends significantly upon recoveries from its non-performing loans or capital support from the GoI. The company's standalone debt was INR5,134 crore as on September 30, 2024, while other Group companies remain largely debt-free. Post the proposed merger (as outlined above), in ICRA's assessment, IFCI will continue as the resultant entity and benefit from the sizeable stake held by SHCIL in the National Stock Exchange, thus improving its financial flexibility. In this regard, the timing and quantum of the monetisation of the NSE stake and the extent of reduction in IFCI's debt by the time of the consolidation would remain monitorable for the credit profile of the resultant entity. ICRA expects that GoI will continue to remain the single largest shareholder in the resultant entity. The rating watch could be resolved once the details of the transaction are finalised and clarity emerges on the resultant entity, its operational profile and financial metrics including capitalisation, leverage, liquidity, etc., as well as the GoI's stake in the resultant entity. The GoI established the Industrial Finance Corporation of India (IFCI) on July 1, 1948, as a development financial institution (a statutory corporation) to cater to the long-term financial needs of the industrial sector. IFCI's constitution was changed in 1993 to a company under the Indian Companies Act, 1956, from a statutory corporation. Its name was changed to IFCI Limited with effect from October 1999. The company's financing activities covered various kinds of projects spanning airports, roads, telecom, power, real estate, manufacturing, services and other such allied industries. However, IFCI has not lent since FY2022 due to capital and liquidity constraints. LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lekhya Motors Private Limited (LMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 23, 2023, placed the rating(s) of LMPL under the 'issuer non-cooperating' category as LMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 8, 2024, October 18, 2024 and October 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). Analytical approach: Standalone Incorporated on May 2, 2016, Lekhya Motors Private Limited (LMPL) is promoted by Mr. Goluguri Srirama Reddy Lekhya and Ms. Jwalitha Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which has 7 other associate companies engaged in trading of sea food and dealers of automobiles. LMPL is an authorized dealer of Maruthi Suzuki India Limited. The company is engaged in sale of new cars, servicing of vehicles and sale of spare parts (3S) and operates through its NEXA showroom situated in Hubballi, Karnataka. MA CHANDI: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ma Chandi Rice mill (MCRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 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 November 01, 2023, placed the rating(s) of MCRM under the 'issuer non-cooperating' category as MCRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCRM continues to be non-cooperative despite repeated requests for submission of information through emails dated September 16, 2024, September 26, 2024, October 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). Analytical approach: Standalone Ma Chandi Rice Mill (MCRM) was established as a partnership firm in December 2000 by Mr. Rama Pada Shaw and Mr. Mukti Pada Shaw for setting up a rice processing plant. The firm has commenced its commercial operations from June 2006 onwards and it is engaged in milling and processing of parboiled and raw rice. The rice milling and processing plant of the firm is located at Burdwan, West Bengal which is in the vicinity to a major paddy growing area. MCRM procure paddy from farmers & local agents and sells its products through the wholesalers and distributors across West Bengal. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities MCRM into ISSUER NOT COOPERATING category vide press release dated April 10, 2024 on account of its inability to carry out a review in the absence of requisite information from the firm. MAHARASHTRA BIO: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Maharashtra Bio Fertilizers (India) Pvt Ltd Shop No. 1, Plot No. 4, Gat No. 121/1 Mauje Harangul (BK), Near Railway Bridge, Barshi Road, MIDC Latur Latur, Maharashtra 413531 Insolvency Commencement Date: November 21, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 21, 2025 Insolvency professional: Arun Nandlal Agrawal Interim Resolution Professional: Arun Nandlal Agrawal Opposite Kshrisagar Hospital R P Road, Jalna Maharashtra 431203 Email: irparun@gmail.com Email: cirp.mahabio@gmail.com Last date for submission of claims: December 6, 2024 MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mamta Seeds (MS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 October 12, 2023, placed the rating(s) of MS under the 'issuer non-cooperating' category as MS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2024, September 6, 2024 and September 16, 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). Analytical approach: Standalone Established in March 2003, Indore-based (Madhya Pradesh) Mamta Seeds (MS) is a proprietorship firm incorporated by Mr. Manohar Singh Rathore, proprietor, looks after the overall operations of the firm and has over a decade long experience in the industry. MS is primarily engaged in the cleaning, processing, and marketing of Soya bean and Wheat Seeds which are used by farmers for sowing agriculture crops. MS sells certified seeds under the brand name of 'Mamta'. Status of non-cooperation with previous CRA: BRICKWORK has continued the ratings assigned to the bank facilities of MS into 'Issuer not-cooperating' category vide press release dated May 13, 2024 on account of non-availability of requisite information from the Firm. MICRORIVVATE METAL: CRISIL Reaffirms B+ Ratings on INR11.7cr Loan ----------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the long-term bank facilities of Microrivvate Metal Private Limited (MMPL). CRISIL Ratings has also assigned its 'CRISIL A4' rating to the short-term bank facilities of the company. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.1 CRISIL A4 (Assigned) Cash Credit 11.7 CRISIL B+/Stable (Reaffirmed) Cash Credit 4.3 CRISIL B+/Stable (Reaffirmed) Letter of Credit 2.5 CRISIL A4 (Assigned) Long Term Loan 3.3 CRISIL B+/Stable (Reaffirmed) Proposed Working Capital Facility 2.1 CRISIL B+/Stable (Reaffirmed) The rating reflects MMPL's low operating margins due to trading nature of the business, modest scale of operation, and below-average financial profile. These weaknesses are partially offset by extensive industry experience of the promoters and increasing revenues. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of MMPL. Unsecured loans of INR1.59 crores as on March 31, 2024 have been treated as debt Key Rating Drivers & Detailed Description Weaknesses: * Low operating margins due to trading nature of the business: Operating margins are low and are susceptible to fluctuation in prices of commodities traded. The small initial investment and the low complexity of operations have resulted in existence of innumerable entities, leading to significant fragmentation and low operation margins. * Modest scale of operation: Scale of operation is modest with revenue of INR94.3 crore in fiscal 2024. Intense competition continues to constrain scalability and bargaining power with customers and suppliers. * Below-average financial profile: MMPL has below-average financial profile marked by high total outside liabilities to adjusted networth (TOL/ANW) of 7.47 times as on March 31, 2024, due to low net worth of INR5.9 crores. Debt protection metrics are weak with interest coverage of 2.05 times for fiscal 2024. The Financial profile is expected to remain at similar level over the medium term. Strength: * Extensive industry experience of the promoters: Mr. Ramnaresh Sahani, promoter of MMPL, have an extensive experience of over two decades in the trading industry and this has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. Revenues have increased steadily to INR94.3 crores in fiscal 2024 from INR34.6 crores in fiscal 2021. Promoters also have long outstanding relationships with customers and suppliers which yield them stability in long run. Liquidity: Stretched Bank limit utilization is high at around 90% for the past twelve months ended October 2024. Cash accruals are expected to be INR1.6–2 crore over the medium term which are sufficient against term debt obligation of 1.44 crores. Current ratio is low at 0.86 times on March 31, 2024. The promoters are likely to extend support in the form of unsecured loans to meet its working capital requirements and repayment obligations. Outlook: Stable CRISIL Ratings believes MMPL will continue to benefit over the medium term from its longstanding relationships with principals and experience of the management to mitigate the inherent risk in trading business. Rating sensitivity factors Upward factors: * Sustained revenue growth and profitability leading to cash accrual above INR2 crores. * Improvement in financial profile with TOLANW below 4 times. Downward factors: * Decline in revenue or profitability, leading to cash accruals below INR1.5 crore. * Stretch in receivables or pile-up of inventory, impacts liquidity and weakens capital structure. MMPL (based in Navi- Mumbai) was incorporated in 2018 and is and promoted by Mr. Ramnaresh Sahani and Mr. Mukesh Sahani. It is engaged in trading and wholesaling of pipes, fittings, valves, drilling products, and related accessories which are mainly used in oil & gas, energy, chemical, water and construction industry. MOBILE KING: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Mobile King (MK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 31, 2023, placed the rating(s) of MK under the 'issuer non-cooperating' category as MK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2024, September 25, 2024 and October 5, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Kerala based, Mobile King (MK) was established in the year 2001 as a proprietorship concern by Mr. T.M. Fayas who has experience of more than a decade in trading of mobile phones. MK is engaged in trading of multi brand mobile phones and accessories. The firm has two retail showrooms; one located at Penta Menaka, Ernakulam and one at Palarivattom, Ernakulam. MOHANGARH CONSTRUCTION: CRISIL Reaffirms B+ on INR10cr Loan ----------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank loan facilities of Shri Mohangarh Construction Co. (SMCC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 39 CRISIL A4 (Reaffirmed) Bank Guarantee 1 CRISIL A4 (Reaffirmed) Overdraft Facility 10 CRISIL B+/Stable (Reaffirmed) The ratings continue to reflect susceptibility to tender-based operations and large working capital requirement. These weaknesses are partially offset by the extensive experience of the partners in the civil construction industry along with healthy order book, adequate geographical diversity and moderate financial risk profile of the firm. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of SMCC. Key Rating Drivers & Detailed Description Weaknesses: * Susceptibility to tender-based operations: As the firm derives its entire revenue from tender-based orders, its ability to successfully bid for projects is critical. Further, intense competition necessitates aggressive bidding, mostly compromising on the operating margin. Moreover, given the cyclicality inherent in the construction industry, the ability to maintain profitability through operating efficiency becomes critical. * Large working capital requirement: The working capital cycle is likely to remain stretched and will be closely monitored. Gross current assets were 159 days as on March 31, 2024, driven by high debtors of 95 days and moderate inventory levels of over 42 days. Strengths: * Extensive experience of the partners: The key partner -- Mr Lal Chand Choudhary -- has more than three decades of experience in the civil construction industry. Expertise of the partners, their strong understanding of market dynamics and healthy relations with customers and suppliers should continue to support the business. * Healthy order book providing revenue visibility and adequate geographical diversity: SMCC had unexecuted orders worth INR1,140 crore as of November 2024, to be executed over the next 18-24 months, providing adequate revenue visibility over the medium term. The firm is an established player in the segment and has been operating for more than three decades. It has executed engineering procurement and construction work across Rajasthan, Gujarat and Odisha; geographical diversification helps mitigate the risk of slowdown in any region. * Average financial profile: Networth and gearing are moderate and stood at INR53.32 crores and 1.64 times respectively as on March 31, 2024. Debt protection metrics are comfortable with interest coverage and net cash accrual to total debt (NCATD) ratio are at 3.79 times and 0.17 times respectively for fiscal 2024. Liquidity: Stretched Bank limit utilisation was around 78.82% for the past 12 months through September 2024; however, there have been instances of full utilization and/or overdrawals during the same period. Cash accrual is projected at INR18-24 crore per annum, which is sufficient against yearly term debt obligation of INR10-14 crore over the medium term. Current ratio was 1.71 times on March 31, 2024. The partners are likely to extend need-based support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. An improvement in the overall liquidity profile of the firm will remain a key rating sensitivity factor over the medium term. Outlook: Stable SMCC will continue to benefit from the extensive experience of its partners and their established relationship with clients. Rating sensitivity factors Upward factors: * Sustained improvement in scale of operation, backed by a healthy orderbook and sustenance of operating margin, leading to higher cash accruals of over INR20 crores * Improvement in liquidity profile of the firm Downward factors: * Decline in net cash accruals below INR15 crore on account of decline in revenue or operating profits * Large debt-funded capital expenditure weakens capital structure and/or substantial increase in working capital requirements thus weakening its liquidity and financial profile SMCC was established as proprietorship concern by Mr Lal Chand Choudhary and got converted into a partnership enetiry in April 2022. SMCC is engaged in civil construction works, mainly over-burden removal, coal mining, transportation, pipeline laying and other work such as construction of bridges, building, water reservoirs, pumping station, canal, reinforced cement concrete foundation and allied. MORPHEUS PRODEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Morpheus Prodevelopers Private Limited 1 Main Road Maujpur Delhi, India 110053 Insolvency Commencement Date: November 19, 2024 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 20, 2025 Insolvency professional: Shailendra Singh Interim Resolution Professional: Shailendra Singh 6, Birbal Road, Ground Floor Jangpura Extension South National Capital Territory of Delhi Delhi - 110014 Email: shailendralaw@gmail.com Correspondence Email: cirp.morpheusdevelopers@gmail.com Last date for submission of claims: December 5, 2024 NAV SHIKHA: ICRA Cuts and Simultaneously upgraded Rating to B+/A4 ----------------------------------------------------------------- ICRA has downgraded the ratings of Nav Shikha Polypack Industries Private Limited (NSPL) to [ICRA]D/[ICRA]D ISSUER NON COOPERATING and simultaneously upgraded to [ICRA]B+(Stable)/[ICRA]A4; removed from ISSUER NON COOPERATING Category: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short term- 2.40 Rating downgraded to [ICRA]D others-non ISSUER NOT COOPERATING from fund based [ICRA]A4 ISSUER NOT COOPERATING and Simultaneously Upgraded to [ICRA]A4; Removed from Issuer Not Cooperating category Long term- 5.03 Rating downgraded to [ICRA]D term loan- ISSUER NOT COOPERATING from fund based [ICRA]B+(Stable) ISSUER NOT COOPERATING and Simultaneously Upgraded to [ICRA]B+(Stable); Removed from Issuer Not Cooperating category Short term- 18.75 Rating downgraded to [ICRA]D cash credit- ISSUER NOT COOPERATING from fund based [ICRA]A4 ISSUER NOT COOPERATING and Simultaneously Upgraded to [ICRA]A4; Removed from Issuer Not Cooperating category Rationale The ratings downgrade notes the irregularities in debt servicing by NSPL in the past (January 2024), while the simultaneous upgrade of the ratings factors in subsequent regularisation of debt servicing for past three months. ICRA has removed the ratings from the Issuer Not Cooperating (INC) category. ICRA notes, from the information received from the company on Nov. 30, 2024, the last delay was in the month of January-2024 on account of insufficient funds in the cash credit account. The ratings continue to be constrained by the company's modest scale of operations, its high reliance on external borrowings, reflected in the total outside liabilities/tangible net worth of 4 times as on March 31, 2024, and weak debt protection metrics. Further, the overall working capital intensity continues to be high (65% in FY2024) due to the high debtor and inventory levels, exerting pressure on its cash flows and leading to almost full utilisation of the working capital limits. In addition, the company's profit margins are susceptible to the movement in PVC resin prices, which are in turn linked to crude oil prices. The ratings are further constrained by the intensely competitive PVC pipe manufacturing industry because of the presence of a large number of organised and unorganised players. However, the rating factors in the extensive experience of the promoters of NSPL in the polyvinyl chloride (PVC) and chlorinated PVC (CPVC)pipe manufacturing industry. The ratings also factor in the company's diversified clientele and extensive distribution network. Further, based on the information received from the company, ICRA came to know about instances of delays in term loan repayment in February 2024 and September 2024 due to operational reasons beyond the control of the company. The aforementioned delays have not been treated as a default by ICRA and this is in line with ICRA's Policy on Default Recognition. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that the company will continue to benefit from its long track record in the industry and its established relations with suppliers and customers. Key rating drivers and their description Credit strengths * Experienced promoters with established track record in PVC-based pipes manufacturing: The company and its promoters have been involved in the PVC-based pipe manufacturing and trading business for almost four decades. The promoters' established relationship with the customers and suppliers has allowed the company to compete with established players in the industry. * Widespread distribution network: NSPL sells its products through an extensive network of over 250 dealers and distributors spanning, primarily, the northern part of India. The well-entrenched distribution network and NSPL's established relations with customers make it relatively easy for the company to increase its market penetration. Further, owing to the large and distributed customer base, it enjoys adequate bargaining power with its customers (i.e., distributors and dealers). Credit challenges * Modest scale of operations: NSPL is a medium-sized manufacturer and trader of PVC-and CPVC-based pipes and fittings. The company is also involved in the assembling and trading of LED-based lights and provides installation and AMC services for centralised control & monitoring system (CCMS)-based LED streetlights. It reported an OI of ~INR45.8 crore in FY2024. Its existing scale of operations remains smaller than the bigger players in PVC pipes and LED lights. This hinders NSPL's ability to benefit from economies of scale and weighs down its competitive position vis-à-vis the larger entities. Further, a modest scale exposes it to the risk of regional weaknesses or business downturns and, also, restricts its ability to absorb temporary disruption and leverage fixed costs. * High working capital requirement: The working capital requirement remains elevated because of an elongated receivable period and high inventory requirement, as reflected in the net working capital intensity (NWC/OI) of 65% in FY2024 (PY 54%). * Margin susceptible to fluctuation in raw material prices: Raw material accounts for ~60% of the total sales. The inventory level for the company remains high, which keeps the margin susceptible to the fluctuation in raw material prices. Further, in the absence of price variation clauses in the contracts, the company's profitability remains sensitive to variations in raw material prices. * Intense competition in ploy-plastic based pipes and LED lights: The stiff competition in the fragmented power ploy plastic-based pipes and LED lights industry limits the company's pricing flexibility and bargaining power with customers, putting pressure on its revenues and margins. Liquidity position: Stretched The company's liquidity position is stretched owing to almost full utilisation of the working capital limits. The company has a repayment obligation of ~INR1.07 crore in FY2024. The company had a cash balance of INR0.08 crore as on March 31, 2024. Rating sensitivities Positive factors - ICRA could upgrade the ratings if the company demonstrates a healthy and consistent improvement in its scale of operations, while maintaining the profitability on a sustained basis. Moreover, the rating might be upgraded if there is an improvement in debt coverage metrics and liquidity position Negative factors – Significant decline in OI or operating profitability could exert pressure on the ratings. Any deterioration of the interest coverage metrics below 1.50 times on a sustained basis could also weigh on the ratings NSPL manufactures polyvinyl chloride (PVC) and chlorinated PVC (CPVC)pipes and fittings. The company was incorporated in 1979 as a partnership concern and later converted into a private limited company in 1996. At present, it has three manufacturing facilities, two in Gurgaon and one in Bawal (Haryana), with an aggregate capacity of 7,800 MTPA for manufacturing pipes and fittings. In FY2013, the company started the assembling and trading business of LED lights and also provides installation and AMC-related services for central control and monitoring system based LED street lights. It sells pipes and fittings, and LED lights under the brand name POLYPACK and CITI LIGHT, respectively. The company derives 90% of the overall OI from the poly-plastic based pipes manufacturing and trading business, and the rest from the LED lights automation business. NAYEK PAPER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Nayek Paper Industries Limited 2D Panditya Road, Kolkata West Bengal, India 700029 Insolvency Commencement Date: November 21, 2024 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: May 20, 2025 Insolvency professional: Anil Kumar Dubey Interim Resolution Professional: Anil Kumar Dubey Meridian Splendora Flat-4F Tower-II, 9A/1 Umakant Sen Lane Birpara, Kolkata West Bengal 700030 Email: anil@mandassociates.in -- and -- 13 Crooked Lane Ajit Sen Bhawan 4th Floor, Room No. 401 Kolkata - 700069 Email: cirp.npil@gmail.com Last date for submission of claims: December 7, 2024 NEC ELECTROMECH: Liquidation Process Case Summary ------------------------------------------------- Debtor: NEC Electromech (India) Private Limited Shop No. 14, Shah Heritage Plot No. 9 Sector 42A, Nerul, Navi Mumbai, Maharashtra 400706 Liquidation Commencement Date: November 14, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rakesh Kumar Relan 2501, A Wing, Transcon Triumph VLG Amboli, Hill Road, Andheri West Veera, Near Excel Industries S No. 48 Oshiwara Mumbai City, Maharashtra, 400053 Email: rakeshkrelan@gmail.com -- and -- 109, First Floor, Surya Kiran Building 19, Kasturba Gandhi Marg New Delhi 110001 Email: liq.necelectromech@gmail.com Last date for submission of claims: December 18, 2024 NEXTRA TELESERVICES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Nextra Teleservices Private Limited 83, Chilla Village Near Fraser Suites Hotel Mayur Vihar, Phase-1 Delhi 110091 Insolvency Commencement Date: November 19, 2024 Court: National Company Law Tribunal, New Delhi, Principal Bench Estimated date of closure of insolvency resolution process: May 18, 2025 Insolvency professional: Pawan Kumar Singal Interim Resolution Professional: Pawan Kumar Singal MP-114, Pitampura Delhi 110034 Email: pawansingal50@gmail.com - and - 8/28, 3rd Floor W.E.A. Abdul Aziz Road Karol Bagh, New Delhi 110005 Email: cirp.nextra@gmail.com Last date for submission of claims: December 3, 2024 NHK F. KRISHNA: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: NHK F. Krishna India Automotive Seating Private Limited Plot No. 31, Sector 3, IMT Manesar, Gurgaon, Haryana, India 122050 Principal Office: C2-S7, Stepsstone Krishu Adhanur Main Road, Chennai Kancheepuram, Tamil Nadu 600048 Liquidation Commencement Date: November 8, 2024 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sandeep Kothari Prince Plaza, First Floor, No. 73 Pantheon Road, Egmore Chennai, Tamil Nadu 600008 Email: ipsandeepkothari@gmail.com Tel: 9566275141 Last date for submission of claims: December 8, 2024 NILKANTH COTTON: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Nilkanth Cotton Industries (NCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.32 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 October 18, 2023, placed the rating(s) of NCI under the 'issuer non-cooperating' category as NCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCI continues to be non-cooperative despite repeated requests for submission of information through emails dated September 2, 2024, September 12, 2024 and September 22, 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). Analytical approach: Standalone Jangvad, Jasdan-based (Rajkot) NCI was established as a partnership firm in 2014 by six partners. The partners of NCI include mainly Mr Hareshbhai H Tadhani and Mr Chandubhai H Tadhani. The firm is engaged into the activity of cotton ginning, bailing and cleaning. The main products of NCI include cotton seeds, cotton bales, cotton cake and cotton wash oil. The firm has an installed capacity of 18144 Metric Ton per annum for raw cotton processing and 2160 Metric Ton per annum for cotton seeds processing as on March 31, 2016. The firm's manufacturing facilities are equipped with 24 ginning machines, 1 pressing machine and 5 expellers for crushing of cotton seeds. The firm operated at 90% capacity utilization for the year ending on March 31, 2016. The firm has an established selling network for selling the products outside Gujarat i.e. Tamil Nadu and Rajasthan. NOVATECH PROJECTS (I): Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Novatech Projects (I) Private Limited 601, Balaji Infotech Plot No. 278/A, Road No. 16/A Wagle Industrial Estate, Thane Maharashtra, India 400604 Insolvency Commencement Date: November 13, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 12, 2025 Insolvency professional: Neha Jain Nemani Interim Resolution Professional: Neha Jain Nemani 2404B Parthenon Building, JP Road, 4 Bungalows, Andheri West, Mumbai City, Maharashtra, 400053 Email: nehavkjain@gmail.com -- and -- KDRA Insolvency Professionals Private Limited Unit #207, 2nd Floor, Kshitij CHS Ltd. Near Azad Nagar Metro Station Veera Desai Road, Andheri West Mumbai 400053 Email: cirp.novatechproject@gmail.com Last date for submission of claims: November 27, 2024 ORAVEL STAYS: Fitch Assigns 'B' Rating on US$825MM Sec. Term Loan ----------------------------------------------------------------- Fitch Ratings has assigned India-based Oravel Stays Limited's (OYO) USD825 million senior secured term loan to be issued by its fully owned subsidiary, Oravel Stays Singapore Pte Limited, a rating of 'B' with a Recovery Rating of 'RR4'. The issuance will be unconditionally and irrevocably guaranteed by OYO and certain other subsidiaries within the group. Key Rating Drivers New Acquisition Debt: OYO plans to use the USD825 million five-year term loan to fund the acquisition of G6 Hospitality. The term loan is fully underwritten by Deutsche Bank AG New York. Fitch expects the loan will also refinance OYO's existing USD446 million term loan, which matures in June 2026. This will reduce refinancing risk. Leverage to Decline After Acquisition: Fitch forecasts EBITDA leverage will increase to 5.7x in the financial year ending March 2025 (FY25), from 4.3x in FY24, before declining to around 3.7x in FY26. The temporary increase in leverage reflects the partly debt-funded acquisition. If Fitch includes 12 months of EBITDA contribution from G6 and the smaller acquisition of Checkmyguest (CMG), EBITDA leverage would be below 4.5x in FY25. OYO targets debt/EBITDA of under 3.0x in the medium-to-long term. However, weak execution in existing businesses or failure to successfully integrate G6 could hinder this deleveraging. Therefore, Fitch is unlikely to consider positive rating action until there is a record of rising, positive free cash flow and the company has demonstrated that it has successfully integrated G6. Increased Developed-Market Exposure: The proposed acquisition of G6 and the acquisition of CMG increase OYO's exposure to the US and France, respectively. Fitch believes the increased exposure to developed markets will reduce earnings volatility and improve profitability as storefronts in these markets generate higher gross booking value (GBV). Fitch expects the majority of OYO's cost base will remain in India, which will benefit profitability. Pro forma for the acquisition, Fitch expects around 65% of EBITDA will be derived from the US and Europe. Value-Add Acquisition: Fitch believes OYO will be able to increase G6's EBITDA by implementing its revenue management system and reducing operating costs. OYO is likely to generate additional revenue by using its combined business development team to increase storefront expansion and by introducing dynamic pricing. The company will be able to cut operating costs at G6 by shifting staff from the US to India and by replacing existing IT contracts with in-house technology or centralised contracts. OYO's existing US business has an EBITDA margin of about 9% of GBV compared with about 3% for G6. Improving Profitability: Fitch forecasts EBITDA margins will improve to around 21% in FY26 from 18% in FY25 (FY24: 16%), supported by the higher profitability of the G6 and CMG acquisitions, modest cost synergies and the benefit of operating leverage. Fitch expects OYO will also continue to drive staff and marketing cost savings, which will lead to a sustained reduction in costs. Small Scale; Sustainable Business Model: OYO operates in the low- to mid-tier accommodation market where its EBITDA scale is smaller than that of technology-sector peers rated higher by Fitch. OYO has solid relationships with property owners and provides integrated services, but industry conditions remain competitive. The company's focus on cost efficiency and growth in its core markets has improved profitability and resilience. Rating on Standalone Basis: Fitch rates OYO on a standalone basis as there is no parent-subsidiary linkage between OYO and Softbank Group Corp, which owns 45% of the company through its subsidiary, SVF India Holdings (Cayman) Ltd, on a fully diluted basis. Softbank does not exercise control over the company. SoftBank supported OYO with equity injections and a term loan in March 2021, which has since been repaid. However, Fitch does not factor in future exceptional liquidity support from SoftBank in its ratings, given OYO's small size compared with SoftBank's overall investment portfolio. Derivation Summary US-based Expedia Group, Inc. (BBB-/Positive) has a significantly stronger business profile than OYO, with a larger scale and much better market position. Expedia is one of the largest online travel agents and makes over half of its revenue from the merchant model, exposing it to higher working-capital requirements during downturns. Expedia has stronger profitability than OYO with higher EBITDA margins and consistently positive free cash flow. Expedia also has lower gross leverage, which Fitch forecasts will fall towards 2x in 2024. OYO's credit profile is in line with that of Germany-based online classified information provider Speedster Bidco GmbH (AutoScout24, B/Stable). AutoScout24 has a stronger business profile than OYO, supported by its focus on the online car dealer segment, its established platforms with low competition, a high level of immunity to new or smaller challengers, and the trend of dealers moving from offline to online platforms. This is offset by its weaker financial profile with Fitch forecasting EBITDA leverage of over 8x in 2024, which is significantly higher than that of OYO. OYO has a stronger credit profile than UK-based used-vehicle digital exchange operator Constellation Automotive Group Limited (CAG, CCC+). CAG has a stronger business profile than OYO, which is driven by its market leading position, density of auction networks across the UK and integrated business model. However, this is more than offset by CAG's weak financial profile. CAG has excessive leverage with EBITDA gross leverage of over 10x, which increases its refinancing risk ahead of debt maturities in January and July 2027. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue growth of 25% in FY25 and 32% in FY26, driven by the acquisition of G6 and CMG, as well as organic growth; - EBITDA margins of 18% in FY25 and 21% in FY26; - Capex/revenue ratio of around 1%; - Acquisitions of around USD540 million in FY25, related to the G6 acquisition and cash outflow related to the CMG acquisition; - Additional long-term debt raised to fund the G6 acquisition; - Equity issuance of around USD175 million in FY25; - No dividends or share buybacks. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that OYO would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch estimates post-restructuring GC EBITDA of around INR6.6 billion (around USD79 million). The GC EBITDA is based on a scenario where a sustained downturn in the lodging sector, or OYO losing its market position, leads to a sharp decline in revenue. An enterprise value (EV) multiple of 5.0x is applied to the GC EBITDA to calculate a post-reorganisation EV. The multiple of 5.0x reflects OYO's business and financial profile, industry dynamics and comparable peer data, using the multiple assumption tool under Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria. Fitch takes 10% of administrative claims off the EV to account for bankruptcy and associated costs. Fitch assumes a INR2 billion (around USD25 million) revolving credit facility, which Fitch expects will rank pari passu with the USD825 million senior secured term loan, will be fully drawn. The estimated recovery is consistent with a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade: - Failure to raise capital to fund the G6 acquisition and the 2026 debt maturity; - Lower-than-expected EBITDA growth, leading to EBITDA leverage above 5.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Record of consistent revenue growth driving EBITDA growth, while maintaining EBITDA leverage below 4.0x on a sustained basis; - Sustained improvement in free cash flow generation; - Successful integration of the G6 acquisition. Liquidity and Debt Structure The five-year USD825 million term loan will be used to refinance the existing USD446 million term loan and to partially fund the G6 acquisition. In conjunction with the debt financing, the remaining funding for the acquisition will come from the USD175 million in equity already raised in FY25 and cash on the balance sheet. Once the refinancing is completed, the USD825 million term loan will be OYO's only outstanding debt, which will improve its liquidity position. Fitch expects free cash flow will be more than sufficient to cover the 1%-2.5% annual amortisation payments. Issuer Profile OYO operates a technology-led platform that connects around 175,000 hotels and homes with global travellers across more than 35 countries, with a focus on the Indian, European and US markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Oravel Stays Singapore Pte Limited senior secured LT B New Rating RR4 ORAVEL STAYS: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings, on Dec. 4, 2024, assigned its preliminary 'B' long-term issuer credit rating to Oravel Stays Ltd. (OYO). S&P also assigned its preliminary 'B' long-term issue rating to the proposed senior secured term loan B that OYO's wholly owned subsidiaries Oravel Stays Singapore Pte. Ltd., OYO Hospitality Netherlands B.V., and OYO Hotels Inc. will jointly issue. S&P said, "The stable outlook on the issuer credit rating reflects our view that OYO's earnings will rise, organically and through successful integration of newly acquired businesses, such that the company's EBITDA interest coverage will improve to be well above 2x. "Moreover, we expect OYO will manage and address its CCPS and CCCPS in a timely manner. "We base our preliminary rating on our expectation that OYO will successfully create an appropriate security charge for the proposed term loan B, and use the proceeds to repay the existing term loan B. The company's capital structure will have a longer debt maturity profile than before. Its liquidity position will also improve. Other than the CCPS and CCCPS, OYO carried a term loan B of about US$450 million as of March 31, 2024. The existing loan expires in June 2026; the company intends to repay the existing loan with fresh debt proceeds." OYO's nascent and thin EBITDA will constrain the company's earnings predictability over the next 12 months. The company has just turned EBITDA-positive in fiscal 2023 (year ended March 31, 2023), on an S&P Global Ratings-adjusted basis, after years of losses. However, adjusted EBITDA remains thin, at Indian rupee (INR) 64 million in fiscal 2023 and INR8.1 billion in fiscal 2024. In our view, the thin profitability reflects susceptibility to operational volatility, and vulnerability to external factors. In addition, OYO is exposed to contract renewal risk because it relies on the revenue-sharing contracts that it has with the asset owners and does not own the hospitality assets per se. The contracts with hotel owners (excluding those under U.S.-based BRE/Everbright M6 Borrower LLC [G6, B/Stable/--]) are usually one to five years, while those with homeowners are on an annual renewal basis. The renewal of such contracts is not entirely within OYO's control. The hospitality segment in which OYO operates is fragmented and competitive. The company focuses on the economy segment, where barriers to entry are lower, in our view. The segment relies on pricing for its competitive advantage as opposed to brands that differentiate themselves through amenities and service levels, which afford greater competitive protection. There are also larger and better-funded peers that offer overlapping services with OYO. For example, the adjusted EBITDA of online travel agency (OTA) Expedia Group Inc. (BBB/Stable/--) was US$2.1 billion in 2023, more than 20x that of OYO in fiscal 2024. Furthermore, Expedia's much larger cash balance of over US$4 billion (as of Dec. 31, 2023) dwarfs OYO's approximately US$100 million (INR8.5 billion; as of March 31, 2024). OYO may therefore have less financial flexibility to compete or ride out a sustained downturn. The company's brand equity mitigates some of its weaknesses. OYO's brand is widely recognized in its home market of India, where it has the most number of hotels within its network. In our view, part of this brand equity stems from the company's policy that any hotels operating under the OYO brand must comply with minimum standards for room features and operating procedures. For example, in fiscal 2023, OYO phased out many hotels that were unable to adhere to the company's standard operating procedures after the pandemic. S&P said, "We believe OYO's turnaround in profitability, albeit nascent, reflects the company's ability to add value to hospitality asset owners and accommodation seekers. This is because OYO's main earnings stream is from revenue-sharing with asset owners. In our view, some of the benefits OYO brings to asset owners include potentially widening their reach through its preferential contracts with OTAs. Tapping its data pool, OYO also manages revenue for asset owners, applying demand-based dynamic pricing. Therefore, even though contracts with asset owners are subject to renewal risk, such contracts are predominantly exclusive and we understand contract churn is low." OYO's recent acquisitions of well-established businesses will likely help to solidify the company's earnings improvement. The company acquired France-based property management company CheckMyGuest (CMG) in September 2024, and announced its purchase of U.S.-based G6, a franchisor of economy and extended-stays in August 2024. OYO acquired CMG in a stock and cash deal, while G6 will cost US$525 million, with the acquisition slated to complete in December 2024. G6 has a widely recognized economy lodging hotel brand, Motel 6, one of the leading providers in the economy segment. Motel 6's portfolio is well diversified across the U.S. and Canada. S&P said, "We forecast G6 and CMG to add an aggregate of INR5 billion-INR6 billion in EBITDA to OYO in fiscal 2026. G6 will contribute to a quarter in fiscal 2025 and CMG, two quarters. In our view, OYO has the potential to extract more value from these entities by, for instance, reallocating their cost base to India, and introducing a revenue management system to boost their top lines. "Assuming the successful integration of these new businesses and OYO's organic growth, we expect the company to generate positive operating cash flow (OCF) in fiscal 2025. This is an improvement from negative INR128 million in fiscal 2024 and negative INR4.7 billion in fiscal 2023. "We project leverage to improve but remain high over the next 24 months, owing to the presence of CCPS and CCCPS. We treat the CCPS and CCCPS as debt-like in our financial ratios because of the lack of permanence. This is because there are investor exit rights should OYO fail to list by a stipulated date. The large amount of these instruments, coupled with the thin EBITDA, was reflected in OYO's debt-to-EBITDA ratio of 25.5x in fiscal 2024. In our base case, this ratio will ease but remain high at over 10x even in fiscal 2027. We estimate the CCPS and CCCPS to account for at least 70% of adjusted debt through fiscal 2027. "That said, we view the economic incentive for investors to exit as limited. Notably, these instruments carry a minimal interest rate of 0.01% a year, indicating the economic alignment between the investors and OYO, and not requiring material cash servicing by OYO. "Continued investor support and confidence are imperative for OYO to address the potential maturity wall for the CCPS and CCCPS in a timely manner, in our view. The company could address this maturity wall through an IPO prior to the exit date or through an extension of the stipulated IPO deadline. Failing both, OYO could face significant refinancing risk. "Our preliminary 'B' issuer credit rating on OYO and the stable outlook reflects our view that the company will likely be able to manage this refinancing risk. OYO has a track record of extending the IPO deadline and has demonstrated a path to positive profitability. "We expect OYO will be able to manage its currency risk. The company's reported debt, which will comprise just the proposed term loan B, is denominated in U.S. dollars. In comparison, the company generates insufficient U.S. dollars to meet the interest payments associated with the term loan B. That said, we project the U.S.-dollar denominated earnings to rise over time, particularly with the acquisition of G6. Furthermore, we believe that there are ample earnings denominated in other currencies, which can be converted to U.S. dollars to satisfy the interest payments. "The stable outlook reflects our expectation that OYO will execute its business improvement and growth strategies, including integration of newly acquired businesses, to continue raising EBITDA. In addition, we expect OCF to turn decidedly positive in fiscal 2026. The outlook also incorporates our view that OYO will address its large CCPS and CCCPS in a timely manner. "We may lower the rating if the company is unable to improve its operational performance or face significant integration challenges with its newly acquired businesses. An indication of this would be EBITDA interest coverage sustaining well below 2x. "We may also lower the rating if we see growing refinancing risk associated with the CCPS and CCCPS. "An upgrade is unlikely until there is a permanent improvement in OYO's capital structure, with CCPS and CCCPS maturity addressed. Over the longer term, we could raise the rating if OYO's operating performance is much better than we expect. Increasing gross booking value (GBV), revenue, and margins that indicate an improving market position and competitiveness could lead to an upgrade." PML MERCANTILE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: PML Mercantile Limited Mentok-Ri, Kila Number KH 29/13 JPF 95, Village Jonapur, New Delhi 110047 Liquidation Commencement Date: November 11, 2024 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Deepak Gupta Office Address: Unit No. 212, Tower-C Bhutani Cyber Park, Plot No. C-28-29 Sector-62, Noida 201301 Email: deepak@drassociates.org Contact No. 98114 23461 Last date for submission of claims: December 17, 2024 RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Raheja Developers Registered Address: W4D, 204/5, Keshav Kunj Cariappa Marg Western Avenue, Sainik Farms South Delhi, New Delhi Delhi, India 110062 Corporate Office Address: Raheja Mall, 3rd Floor Sector 47 Sohna Road Gurugram 122001 Insolvency Commencement Date: November 19, 2024 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 18, 2025 Insolvency professional: Manindra Kumar Tiwari Interim Resolution Professional: Manindra Kumar Tiwari 573, DDA SFS Flats Pocket-1 Sector 22 Dwarka, South West NCT of Delhi, 110075 Email: cirp.rahejadevelopers@gmail.com Last date for submission of claims: December 3, 2024 RAINE INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Raine Industries and Engineering Private Limited Sy No. 156, Chinnaravulpally (V) Bibi Nagar (M) Yadadri Bhinagiri (D) Nalgonda, Bhonagiri Telangana, India 508124 Insolvency Commencement Date: November 6, 2024 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: May 12, 2025 Insolvency professional: Ramesh Atluri Interim Resolution Professional: Ramesh Atluri Plot No. 165 Door No. 4-12-208/7, BDL Colony Vanasthalipuram Bhagyalatha Hyderabad, Telangana -500 070 Email: atlurifcs@gmail.com Last date for submission of claims: November 27, 2024 RAM BALAJI: CRISIL Migrates B Debt Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the guidelines of the Securities and Exchange Board of India, CRISIL Ratings had migrated the rating of Sri Ram Balaji Chemicals (SRBC) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing the requisite information necessary for carrying out a comprehensive review of the rating. Consequently, CRISIL Ratings is migrating the rating to 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING') Cash Credit 6 CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING') Term Loan 2 CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING') The rating reflects the firm's exposure to intense competition in the fragmented detergent industry, susceptibility to volatility in raw material prices and large working capital requirement. These weaknesses are partially offset by the extensive experience of the proprietor in the detergent industry. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of SRBC. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to intense competition in a fragmented industry, and susceptibility to volatility in raw material prices: SRBC has modest scale of operations in the highly fragmented detergent industry, as indicated by revenue of INR16.03 crore in fiscal 2024. The firm has presence in Tamil Nadu, Karnataka, Kerala, Andhra Pradesh and Telangana. The domestic market for detergents comprises a few large players and several unorganised players. SRBC's business risk profile is expected to remain constrained on account of intense competition in the industry. * Large working capital requirement: The operations are working capital intensive as reflected in gross current assets of around 1,607 days as on March 31, 2024, driven by substantial inventory. CRISIL Ratings believes the business risk profile will remain constrained by the working capital-intensive operations. Strength: * Extensive experience of the proprietor in the detergent industry: The proprietor's experience of more than 30 years in the detergent industry has led to strong understanding of the industry dynamics and healthy relationships with customers and suppliers. Liquidity: Stretched Bank limit utilisation was high at 97.63% on average for the 12 months through September 2024. Cash accrual is expected to be negative against term debt obligation of INR6-7 crore over the medium term. However, the debt obligation is backed by unsecured loan from the proprietor. The current ratio was healthy at 3.86 times as on March 31, 2024. The proprietor is likely to extend support in the form of equity and unsecured loans to meet the working capital requirement and debt obligation. Outlook: Stable CRISIL Ratings believes SRBC will continue to benefit from the proprietor's industry experience. Rating Sensitivity Factors Upward factors * Steady growth in revenue and operating margin leading to higher-than-expected cash accrual of more than INR1 crore * Improvement in the working capital cycle and financial risk profile Downward factors * Decline in revenue by 10% or dip in operating margin, resulting in lesser-than-expected cash accrual * Further stretch in the working capital cycle or any large, debt-funded capital expenditure or capital withdrawal (unsecured loan) from the business SRBC was established in 1986 as a proprietorship firm and manufactures detergent powder and detergent cake. It has capacity of 40 tonne per day. The firm is managed and owned by Ms Manjula B and is based in Salem, Tamil Nadu. RARTOGO TECH: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Rartogo Tech Private Limited N-180 SF, Mayfield Gardens Gurgaon, Haryana India 122001 Liquidation Commencement Date: November 18, 2024 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross Malleshwaram Bangalore - 560055 Email: pragnya.cas@gmail.com Tel No: 9845666596 Tel No: 080-23565641 Last date for submission of claims: December 19, 2024 RAVI ELECTRONICS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Ravi Electronics Pvt Ltd F-1/A, Industrial Development Area Kukatpally, Hyderabad Telangana, India Liquidation Commencement Date: November 5, 2024 Court: National Company Law Tribunal, Hyderabad Bench-1 Liquidator: Kalpana G H.No. 16-11-19/4, G-1 Sri Laxmi Nilayam Saleem Nagar Colony Malakpet, Hyderabad West Marredpally Telangana 500036 Email: kalpanagonugunta1@gmail.com -- and -- MSKM Group Flat No. 1209 11th Floor, Vasavi MPM Grand Opposite Yellareddyguda Road Ameerpet, Hyderabad 38 Email: ipfenoplast@gmail.com Last date for submission of claims: December 13, 2024 RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Recmet Alloys Private Limited (RAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.95 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 12, 2023, placed the rating(s) of RAPL under the 'issuer non-cooperating' category as RAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2024, September 6, 2024 and September 16, 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). Analytical approach: Standalone New Delhi based RAPL was incorporated during October 2010 with objective of setting up a Lead refining and smelting unit at Jambusar, Bharuch district (Gujarat) at a proposed refining capacity of 24,000 MT per annum. RAPL's registered office is in New Delhi but all its operations are carried out from its Vadodara (Gujarat) office as this is near to its plant in Jambusar, Bharuch district (Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr. Sanjay Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the first three directors having experience of more than a decade into Non-ferrous metal industry. RAPL has completed its project of setting up Lead refining and smelting unit in April, 2016 the total cost of the project was INR12.85 core which was funded through debt to equity of 0.45 times. The plant has been set up on a land plot purchased by the company at Jambusar having area of 34,095 sq. meters. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of RAPL into 'Issuer not-cooperating' category vide press release dated September 23, 2024 on account of non-availability of requisite information from the company. RWE RENEWABLES: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: RWE Renewables India Private Limited 203, Windfall, Sahar Plaza Complex J B Nagar, Andheri (East) Mumbai City, Mumbai Maharashtra, India 400059 Liquidation Commencement Date: November 14, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Prajakta Avil Menezes 106, 1st Floor, Kanakia Atrium 2 Cross Road A Behind Courtyard Marriott Chakala, Andheri East Mumbai 400093 Email: vl.rwe@aegisipe.com Email: prajakta@prmlegal.in Tel No: +91 9833939366 Last date for submission of claims: December 14, 2024 S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S. S. Kamath (SSK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 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 October 31, 2023, placed the rating(s) of SSK under the 'issuer non-cooperating' category as SSK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2024, September 25, 2024 and October 5, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Karnataka based, S. S. Kamath (SSK) was established in the year 2016 as a proprietorship firm by Mr. Sidharth Kamath. The firm is engaged in processing of raw cashew nut into cashew kernels. The firm procures raw material (raw cashew nuts) domestically from farmers and traders in the states Kerala, Karnataka, Goa and Andhra Pradesh. SANCHARY MARINE: CRISIL Lowers Rating on INR10cr Cash Loan to D --------------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of Sanchary Marine Products & Transporters Pvt Ltd (SMPT) to 'CRISIL BB/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL Ratings is downgraded the rating on bank facilities of SMPT to 'CRISIL D' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Downgraded from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Line of Credit 2 CRISIL D (Downgraded from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Long Term Loan 16.8 CRISIL D (Downgraded from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Vendor Bill 3 CRISIL D (Downgraded from Discounting Limits 'CRISIL BB/Stable ISSUER NOT COOPERATING') The downgrade reflects delays in debt servicing on account of weak liquidity. The company has not disclosed these delays in the no-default statement it has provided. The rating reflects SMPT's exposure to risks inherent in the seafood industry, exposure to volatility in raw material prices and change in government policies and highly leveraged capital structure. These weaknesses are partially offset by its extensive industry experience of the promoters and efficient working capital cycle. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of SMPT. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to risks inherent in the seafood industry: Shrimp prices depend on the availability of shrimp during a particular period, therefore margins for the players in the segment are exposed to volatility in the prices of shrimp. The seafood export segment is marked by stringent regulations and quality requirements. Many of the export destinations implement regulations from time to time (including anti-dumping duty, food safety regulations, and quality requirements) that need to be met. Adverse regulatory changes, such as the levy of anti-dumping duties by importing countries, can have an adverse impact on the profitability of the players. * Exposure to volatility in raw material prices and change in government policies: Marine products have a shelf life of around a year, so inventory is maintained depending on prices and market conditions. Seasonal availability of marine products makes prices volatile. Any adverse movement in prices may marginally strain its operating margin. Further the viability of frozen sea food companies, is dependent on the support from government in the form of incentive schemes. Any withdrawal of the schemes can adversely impact the viability of operations over the medium term. * Highly leveraged capital structure: SMPT has an average financial profile marked by high total outside liabilities to adj tangible networth (TOL/ANW) and gearing for last three year ending on 31st March 2023 and estimated to be around 6.92 and 5.71 times as on March 31, 2024 respectively. Strengths: * Extensive industry experience of the promoters: The promoters have experience of over 30 years in the Marine products industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. * Efficient working capital cycle: Gross current assets were less than 50-90 days over the three fiscals ended March 31, 2023 and is estimated to be in the similar levels in FY24. GCA is efficient marked by efficient inventory policy and debtors collection cycle. Liquidity: Poor Liquidity is poor as reflected in delays in repayment of term debt obligations. Bank limit utilization is moderate at around 89.3% for the past twelve months ended September 2024. The current ratio was low at 0.72 times on March 31, 2023 and estimated to be around 0.62 times in FY24. Rating Sensitivity Factors Upward Factors: * Track record of timely debt servicing for at least over 90 days * Improvement in scale of operations and operating margins leading to higher cash accruals SMPT is engaged in the manufacturing and sale of steam sterilized fish feed and Omega – 3 fish oil having a manufacturing facility at Tuthukudy, Tamil Nadu. The company is promoted by Mr KA Johnykuttan and his wife, Mrs Shiny Jolly. SARADHAMBIKA PAPER: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saradhambika Paper and Board Mills Private Limited (SPBMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 18, 2023, placed the rating(s) of SPBMPL under the 'issuer non-cooperating' category as SPBMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPBMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2024, September 12, 2024, September 22, 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 SPBMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Incorporated in March 1994, Saradhambika Paper and Board Mills Private Limited (SPBMPL) commenced operations in June 1996 and is engaged in the manufacturing of Kraft paperboards. SATYA SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satya Srinivasa Enterprises (SSE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 20, 2023, placed the rating(s) of SSE under the 'issuer non-cooperating' category as SSE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSE continues to be non-cooperative despite repeated requests for submission of information through emails dated September 4, 2024, September 14, 2024, September 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). Analytical approach: Standalone Andhra Pradesh based, Satya Srinivasa Enterprises (SSE) was established on October 16, 1992 as a partnership firm and promoted by Mr. Bhuma Srinivas, Mrs. Bhuma Adilakshmi and Mr. Bhuma Rama Rao. The firm is engaged in processing of cotton lint and cotton seeds. The manufacturing unit is spread in total area 0.66 acres located at Guntur, Andhra Pradesh. SSE purchases raw cotton (cotton kappas) from farmers and dealers located in and around Guntur, Andhra Pradesh. The firm processes the raw cotton and separates the lint and cotton seeds from raw cotton. Later on, pressing and compressing 3 CARE Ratings Limited Press Release cotton lint into bales. SSE also involves in trading of cotton lint. SSE sells bales to the customers in Andhra Pradesh and cotton seeds to oil mills located in Andhra Pradesh only. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of SSE to the 'issuer not-cooperating' category vide press release dated May 30, 2024 on account of its inability to carryout review in the absence of requisite information from the firm. Brickwork has continued the ratings assigned to the bank facilities of SSE to the 'issuer not-cooperating' category vide press release dated September 20, 2024 on account of its inability to carryout review in the absence of requisite information from the firm. SAURAT AUTO: ICRA Keeps B+ Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Saurat Auto Tech Private Limited (SATPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+(Stable); ISSUER NOT Fund based- COOPERATING; Ratings continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.30 [ICRA]B+ (Stable) ISSUER NOT Fund-based COOPERATING; Rating continues Term Loan to remain in the 'Issuer Not Cooperating' category Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SATPL, 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 1994, SATPL is involved in manufacturing automobile components and also machining of automobile components on a job-work basis. Its manufacturing facilities are located in Jamshedpur, Jharkhand and executes orders primarily for Tata Motors Limited. SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Skyworld Exim (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 30, 2023, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 15, 2024, October 25, 2024 and November 4, 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). Analytical approach: Standalone Skyworld Exim (SE) was formed in the year 2007 by Mr Rajnish Gupta. The firm is managed by Mr. Gupta and his father, Mr. Jai Bhagwan Gupta. SE is engaged in the import & domestic trading of fabrics, paper, paper material, foils & multilayer packaging films. SSS RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of SSS Rice Mill Private Limited (SSSRMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 16.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.17 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.68 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long Term- 0.15 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SSSRMPL, 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 2007, SSSRMPL is involved in milling of parboiled rice. The plant is located at Raidighi in the South 24 Parganas district of West Bengal, with an annual milling capacity of 75,000 metric tonnes (MT). The company is promoted by Kolkata-based Purkait family, who has a long experience in the rice-milling industry. SUSHRAVYA UPLIFTMENT: ICRA Reaffirm B Rating on INR10cr Term Loan ----------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Sushravya Upliftment Foundation (Sushravya), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B(Stable); Reaffirmed Fund based- Term Lon Rationale The rating reaffirmation factors in the financial and operational support received by Sushravya from its Group entity - Organisation for Development of People (ODP), and the track record of ODP's operations in the microfinance business, albeit on a modest scale. The rating is, however, constrained by Sushravya's geographically concentrated operations, its stretched capital structure and limited financial flexibility. The entity's operations are confined to four districts of Karnataka, exposing it to considerable regional concentration risks. Sushravya's gearing remained stretched at 7.8 times as on March 31, 2024 (10.4 times as of March 2023). Internal generation remained modest and the entity reported a net profit of INR0.02 crore in FY2024 vis-à-vis INR0.06 crore in FY2023. ICRA notes that Sushravya is vulnerable to the risks associated with unsecured lending, a marginal borrower profile and other socio-political and operational risks inherent in microfinance operations. Going forward, it is critical for the entity to improve its information technology (IT) and internal control systems to adequately manage the risks associated with the microfinance business. Key rating drivers and their description Credit strengths * ODP's regionally established franchise: ODP has a track record of over two decades in microfinance activities with a member base of about 2,600 self-help groups (SHGs) as on March 31, 2024. It used to offer microfinance loans directly to its SHG members, which was discontinued from June 2016. ODP currently focusses on extending credit-plus programmes for the empowerment of rural women, financial literacy, and training for various programmes for their livelihood in rural areas. Sushravya was started by ODP's governing body members to provide microfinance loans to its SHG members. Credit challenges * Modest scale and limited geographical concentration: Sushravya provides microfinance loans and its on-book portfolio outstanding declined to INR4.2 crore as on March 31, 2024 from INR6.1 crore as on March 31, 2023. (INR6.6 crore as on March 31, 2022). Sushravya and ODP, also undertake business correspondent (BC) activities for two financial institutions and its BC portfolio stood at INR12.1 crore as on March 31, 2024 (INR8.5 crore as on March 31, 2023). The entity's operations are confined to four districts in Karnataka and it has two branches. The concentration of the assets under management (AUM) in four districts, with limited ability to scale up the operations, exposes the entity to the risk of high geographical concentration. * Critical to improve appraisal, IT and risk management systems: The entity's branches are not connected on a real-time basis and the accounts are prepared only at the head office. Sushravya does not conduct credit bureau checks during its loan appraisal process, exposing it to the overleveraging of borrowers. Its on-book 90+ days past due (dpd) stood at 2.9% in FY2024. As such, it is critical for the entity to strengthen its loan appraisal and information technology (IT) systems to ensure good asset quality as the business expands. Sushravya is looking to commence credit bureau checks during the loan appraisal stage. ICRA also takes note of the instance of fraud of INR0.2 crore by the employees related to the repayment of collected amounts. Sushravya recovered INR0.09 crore of this amount and wrote off INR0.1 crore. A legal notice has been issued to the employees and the recovery of the written-off amount of INR0.1 crore would be critical. Hence, it is important for the entity to improve the risk management systems to prevent such incidents in the future. * Weak financial profile: Sushravya's capital structure remains stretched with a low net worth of INR0.8 crore and a gearing of 7.8 times as on March 31, 2024. The entity's internal generation of funds is modest and it reported a profit of INR0.02 crore in FY2024. Currently, its borrowings include loans from Federation of Maholidaya Self-Help Groups (FMSHG) and Grama Vikasa Swa-Sahaya Sanghagala Maha Okkuta (GVSSMO), which do not have fixed repayment schedules. As it is a Section 8 company, Sushravya has limited financial flexibility. It is, therefore, critical to diversify its funding sources to scale up its operations while maintaining adequate liquidity. Liquidity position: Adequate Sushravya had free cash and liquid investments of INR1.01 crore as on October 31, 2024. Further, ICRA takes note of the scheduled inflow of INR2.95 crore from November 2024 to April 2025 against the scheduled outflow of INR0.1 crore during this period. The actual collections during October 2023 to March 2024 aggregated INR2.59 crore. However, it would be critical for Sushravya to maintain its collection efficiency while ensuring the regular flow of funds to sustain its operations and meet its internal growth projections. Rating sensitivities Positive factors – The rating could be positively impacted if Sushravya is able to improve its financial risk profile on a sustained basis as it scales up while maintaining good asset quality. Negative factors – Pressure on Sushravya's rating could arise if there is a deterioration in the asset quality or otherwise, impacting earnings, or a further weakening in the capital or liquidity profile. Sushravya Upliftment Foundation is registered under Section 8 of the Companies Act, 2013 as a not-for-profit entity. It commenced operations in June 2016. Headquartered in Mysuru (Karnataka), Sushravya is entirely held by the governing members of Organisation for Development of People (ODP). Registered in 1990, ODP is a society that undertakes welfare activities in four districts in Karnataka - Chamrajanagar, Kodagu, Mandya and Mysuru. It formed the Federation of Maholidaya Self-Help Groups (FMSHG) in 1991 to provide microfinance to women SHGs while it formed Grama Vikasa Swa-Sahaya Sanghagala Maha Okkuta (GVSSMO) in 2000 for male SHGs. In June 2016, ODP stopped microfinance disbursements and Sushravya started lending operations. ===================== N E W Z E A L A N D ===================== BIZEZI TRAINING: Creditors' Proofs of Debt Due on Jan. 15 --------------------------------------------------------- Creditors of Bizezi Training Limited, Semaine Group Limited, Montoux Limited and Alamir Company Limited are required to file their proofs of debt by Jan. 15, 2025, to be included in the company's dividend distribution. Bizezi Training Limited commenced wind-up proceedings on Nov. 25, 2024. Semaine Group Limited and Montoux Limited commenced wind-up proceedings on Nov.29, 2024. Alamir Company Limited commenced wind-up proceedings on Dec. 3, 2024. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington PO Box 57124 Mana, Porirua 5247 CITADEL CAPITAL: Avoids Liquidation Attempt by IRD -------------------------------------------------- NBR reports that Auckland property developer Citadel Capital will avoid liquidation proceedings brought by Inland Revenue, after settling a long-standing debt. IRD filed an application to have the firm wound up in April, due to the firm owing more than NZD600,000 in PAYE and GST, NBR relates. The Commissioner of Inland Revenue filed the wind up petition against the company on April 16, 2024. FESTCO NZ: Creditors' Proofs of Debt Due on Jan. 6 -------------------------------------------------- Creditors of Festco NZ Limited and Healkids NZ Limited are required to file their proofs of debt by Jan. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 3, 2024. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 IN N OUT: Court to Hear Wind-Up Petition on Dec. 12 --------------------------------------------------- A petition to wind up the operations of In N Out Plastering 2022 Limited will be heard before the High Court at Christchurch on Dec. 12, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 4, 2024. The Petitioner's solicitor is: Nanette Cunningham Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 KERSHAW HOUSE: Court to Hear Wind-Up Petition on Dec. 13 -------------------------------------------------------- A petition to wind up the operations of Kershaw House 2014 Limited will be heard before the High Court at Nelson on Dec. 13, 2024, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 17, 2024. The Petitioner's solicitor is: Deepika Belinda Padmanabhan Legal Services, Asteron Centre 55 Featherston Street PO Box 895 Wellington SOLARZERO LIMITED: Creditors' Proofs of Debt Due on Jan. 15 ----------------------------------------------------------- Creditors of Solarzero Limited, Solarzero Energy Services Limited, Solarzero Developments Limited, Solarzero Commercial Ppas Limited, Solarzero Public Sector Ppas Limited and Grp III NZ Bidco Limited are required to file their proofs of debt by Jan. 15, 2025, to be included in the company's dividend distribution. Solarzero Limited, Solarzero Energy Services Limited, Solarzero Developments Limited, Solarzero Commercial Ppas Limited, and Solarzero Public Sector Ppas Limited commenced wind-up proceedings on Nov. 26, 2024. Grp III NZ Bidco Limited commenced wind-up proceedings on Nov. 27, 2024. The company's liquidators are: Stephen Speers Keen Malcolm Russell Moore Grant Thornton New Zealand PO Box 1961, Auckland ================= S I N G A P O R E ================= AFIV 1: Creditors' Proofs of Debt Due on Jan. 6 ----------------------------------------------- Creditors of Afiv 1 Pte. Ltd. and Afiv 2 Pte. Ltd. are required to file their proofs of debt by Jan. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 29, 2024. 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The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ROUSSEAU PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Rousseau Pte. Ltd. on Dec. 2, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ong Shyue Wen Saw Meng Tee EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) 1 North Bridge Road #23-05 High Street Centre Singapore 179094 VG EQUITY: Creditors' Proofs of Debt Due on Jan. 6 -------------------------------------------------- Creditors of VG Equity 2 Pte. Ltd. and S&E Offshore Investments 2 Pte. Ltd. are required to file their proofs of debt by Jan. 6, 2025, to be included in the company's dividend distribution. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Yeo Li Sze c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Dec. 2, 2024 to Dec. 6, 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 HO 8.00 11/26/24 AUD 0.43 VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.39 VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.39 VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.34 VIRGIN AUSTRALIA HO 8.08 03/05/24 AUD 0.34 VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.22 VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.21 CHINA ----- ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 42.11 ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 40.00 ANLU CONSTRUCTION D 7.80 11/28/26 CNY 63.22 ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00 ANNING DEVELOPMENT 8.00 12/04/25 CNY 20.77 ANNING DEVELOPMENT 8.00 12/04/25 CNY 20.74 ANNING DEVELOPMENT 8.80 09/11/25 CNY 20.72 ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.80 ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.74 ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 41.36 ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 40.95 ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 40.67 ANYUE XINGAN CITY D 7.50 05/06/26 CNY 41.73 ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.20 ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.20 BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.29 BIJIE CITY ANFANG C 7.80 01/18/26 CNY 40.55 BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 20.75 BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.09 BIJIE TIANHE URBAN 8.05 12/03/25 CNY 40.76 CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 42.55 CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 42.54 CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 20.60 CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 20.59 CHANGDE DINGCHENG J 7.58 10/19/25 CNY 20.85 CHANGDE DINGCHENG J 7.58 10/19/25 CNY 20.84 CHENGDU GARDEN WATE 8.00 06/13/25 CNY 20.42 CHENGDU GARDEN WATE 8.00 06/13/25 CNY 20.00 CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.31 CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.28 CHONGQING HONGYE IN 7.50 12/24/26 CNY 62.96 CHONGQING JIANGLAI 7.50 10/26/25 CNY 20.87 CHONGQING JIANGLAI 7.50 10/26/25 CNY 20.00 CHONGQING NANCHUAN 7.80 08/06/26 CNY 42.08 CHONGQING SHUANGFU 7.50 09/09/26 CNY 42.44 CHONGQING THREE GOR 7.80 03/01/26 CNY 41.59 CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00 CHONGQING TONGRUI A 7.50 09/18/26 CNY 42.38 CHONGQING TONGRUI A 7.50 09/18/26 CNY 40.00 CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73 CHONGQING WANSHENG 7.50 03/27/25 CNY 20.28 CHONGQING WANSHENG 8.50 11/25/25 CNY 30.78 CHONGQING YUDIAN ST 8.00 11/30/25 CNY 41.08 CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 1.00 DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.87 DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.23 DAWA COUNTY CITY CO 7.80 01/30/26 CNY 41.33 DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80 DAWU COUNTY URBAN C 7.50 09/20/26 CNY 42.35 DAWU COUNTY URBAN C 7.50 09/20/26 CNY 40.00 DING NAN CITY CONST 7.80 04/08/26 CNY 41.42 DING NAN CITY CONST 7.80 04/08/26 CNY 40.00 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 20.78 DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 20.50 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.45 DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00 DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 42.69 FANGCHENG GANGSHI W 7.93 12/25/25 CNY 21.05 FANGCHENG GANGSHI W 7.95 10/11/25 CNY 20.91 FANGCHENG GANGSHI W 7.93 12/25/25 CNY 20.00 FANGCHENG GANGSHI W 7.95 10/11/25 CNY 20.00 FANTASIA GROUP CHIN 7.50 06/30/28 CNY 73.70 FANTASIA GROUP CHIN 7.80 06/30/28 CNY 44.53 FUJIAN FUSHENG GROU 7.90 12/17/21 CNY 70.99 FUJIAN FUSHENG GROU 7.90 11/19/21 CNY 60.00 FUZHOU LINCHUAN URB 8.00 02/26/26 CNY 41.56 GANZHOU NANKANG DIS 8.00 01/23/26 CNY 41.32 GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00 GANZHOU NANKANG DIS 8.00 10/29/25 CNY 20.92 GANZHOU NANKANG DIS 8.00 09/27/25 CNY 20.84 GANZHOU NANKANG DIS 8.00 10/29/25 CNY 20.00 GANZHOU NANKANG DIS 8.00 09/27/25 CNY 20.00 GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 22.68 GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 20.88 GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00 GUANGAN XINHONG INV 7.50 06/03/26 CNY 43.09 GUANGAN XINHONG INV 7.50 06/03/26 CNY 41.83 GUANGDONG PEARL RIV 7.50 10/26/26 CNY 18.03 GUANGXI BAISE EXPER 7.59 01/08/26 CNY 41.16 GUANGXI BAISE EXPER 7.60 12/24/25 CNY 41.04 GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00 GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39 GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 20.97 GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 20.96 GUANGXI NINGMING HU 8.50 11/05/26 CNY 43.19 GUANGXI NINGMING HU 8.50 11/05/26 CNY 42.46 GUANGXI NINGMING HU 8.50 12/07/25 CNY 40.93 GUANGXI TIANDONG CO 7.50 06/04/27 CNY 40.00 GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 26.89 GUANGYUAN YUANQU CH 7.50 07/15/26 CNY 74.02 GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 62.88 GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 61.77 GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00 GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 40.00 GUANGZHOU FINELAND 13.60 07/27/23 USD 0.73 GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.38 GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.00 GUIXI STATE OWNED H 7.50 09/17/26 CNY 43.42 GUIXI STATE OWNED H 7.50 09/17/26 CNY 42.41 GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 41.44 GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 40.62 GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.46 GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.31 GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.38 GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 20.94 GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 20.82 GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 41.83 GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 41.80 GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 62.33 GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27 GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 41.85 GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00 GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.10 GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 40.57 GUIZHOU GUIAN DEVEL 7.60 04/26/25 CNY 5.90 GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.23 GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.10 GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.03 GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50 GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 42.26 GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 41.50 GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00 GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 20.86 GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 40.47 GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 40.46 GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00 HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 41.19 HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.42 HENGYANG CITY AND U 7.80 12/14/24 CNY 20.09 HENGYANG CITY AND U 7.80 12/14/24 CNY 20.09 HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.06 HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00 HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 41.91 HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00 HUAINAN URBAN CONST 7.58 02/12/26 CNY 41.50 HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.36 HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00 HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.36 HUBEI JIAKANG CONST 7.80 12/19/25 CNY 40.96 HUBEI YILING ECONOM 7.50 12/02/26 CNY 61.16 HUBEI YILING ECONOM 7.50 03/28/26 CNY 41.63 HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00 HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 41.48 HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00 HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 41.73 HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00 HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 20.97 HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 20.97 HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 20.79 HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 41.26 HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 41.19 HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00 HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00 HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.03 HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00 HUZHOU WUXING NANTA 7.90 09/20/25 CNY 20.92 JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 62.77 JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00 JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.31 JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.00 JIANGSU YANGKOU POR 7.60 08/17/25 CNY 22.50 JIANGSU YANGKOU POR 7.60 08/17/25 CNY 20.70 JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19 JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 41.07 JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 20.68 JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 20.68 JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.37 JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.00 JIANGXI TONGGU CITY 7.50 04/21/27 CNY 63.89 JIANGYOU XINGYI PAR 7.50 05/07/26 CNY 51.81 JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.00 JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 41.17 JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00 JILIN ECONOMY TECHN 8.00 03/26/28 CNY 62.59 JILIN ECONOMY TECHN 8.00 03/26/28 CNY 59.21 JINING NEW CITY DEV 7.60 03/23/25 CNY 20.21 JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00 JINXIANG COUNTY CIT 7.50 03/20/26 CNY 41.54 JINXIANG COUNTY CIT 7.50 03/20/26 CNY 40.92 JINZHOU CIHANG GROU 9.00 04/05/20 CNY 33.63 KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 64.06 KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 64.05 KAIYUAN CITY XINGYU 7.50 09/22/27 CNY 64.69 KAIYUAN CITY XINGYU 7.50 09/22/27 CNY 64.36 LAOTING INVESTMENT 7.50 04/11/26 CNY 41.64 LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80 LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 41.72 LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.09 LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00 LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00 LINFEN YAODU DISTRI 7.50 09/19/25 CNY 20.78 LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.35 LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00 LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.00 LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.00 LINYI ZHENDONG CONS 7.50 12/06/25 CNY 40.83 LINYI ZHENDONG CONS 7.50 11/26/25 CNY 40.79 LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.40 LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.39 LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 42.04 LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 41.47 LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00 LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.09 LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.03 LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.40 LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.20 LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.13 LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 40.79 MAANSHAN NINGBO INV 7.50 04/18/26 CNY 41.65 MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.01 MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.00 MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 41.26 MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.77 MEISHAN CITY DONGPO 8.08 08/16/25 CNY 20.00 MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 51.41 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 20.96 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.79 MENGZHOU INVESTMENT 8.00 11/06/25 CNY 20.00 MENGZHOU INVESTMENT 8.00 09/03/25 CNY 20.00 MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.25 MENGZI CITY DEVELOP 8.00 03/25/26 CNY 41.62 MIAN YANG ECONOMIC 8.00 09/29/26 CNY 42.63 MIAN YANG ECONOMIC 8.20 03/15/26 CNY 41.65 MIAN YANG ECONOMIC 8.00 09/29/26 CNY 40.00 MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00 MIANYANG ANZHOU INV 7.90 11/25/26 CNY 62.98 MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00 MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.06 MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00 MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.49 MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.25 MIANYANG HUIDONG IN 8.10 04/28/25 CNY 20.48 MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.27 MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.15 MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.13 MILE AGRICULTURAL I 7.60 02/27/26 CNY 41.40 MILE AGRICULTURAL I 7.60 02/27/26 CNY 41.00 MILE AGRICULTURAL I 8.00 10/25/25 CNY 20.88 MILE AGRICULTURAL I 8.00 10/25/25 CNY 20.28 MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 20.79 NANCHONG JIALING DE 7.98 05/23/25 CNY 20.54 NANCHONG JIALING DE 7.80 12/12/24 CNY 20.09 NANCHONG JIALING DE 7.80 12/12/24 CNY 20.08 NANCHONG JIALING DE 7.98 05/23/25 CNY 20.00 NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45 PANJIN CITY SHUANGT 8.50 01/29/26 CNY 41.50 PANJIN CITY SHUANGT 8.50 01/29/26 CNY 41.49 PANJIN CITY SHUANGT 8.70 12/20/25 CNY 41.34 PANJIN CITY SHUANGT 8.70 12/20/25 CNY 41.33 PANJIN LIAODONGWAN 7.50 12/28/26 CNY 62.98 PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 42.47 PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 40.00 PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.59 PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 20.48 PENGZE CITY DEVELOP 7.60 08/31/25 CNY 20.75 PENGZE CITY DEVELOP 7.60 08/31/25 CNY 20.75 PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.62 PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.40 PUDING YELANG STATE 8.00 03/13/25 CNY 20.22 PUDING YELANG STATE 8.00 03/13/25 CNY 20.07 PUDING YELANG STATE 7.79 11/13/24 CNY 20.01 PUER CITY SI MAO GU 7.50 03/14/26 CNY 41.91 PUER CITY SI MAO GU 7.50 03/14/26 CNY 41.44 QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 63.43 QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 63.42 QIANNANZHOU INVESTM 8.00 01/02/26 CNY 41.23 QIANXINAN AUTONOMOU 8.00 06/22/27 CNY 63.89 QIANXINAN PREFECTUR 7.99 06/10/27 CNY 62.96 QIANXINAN PREFECTUR 7.99 06/10/27 CNY 60.00 QIANXINAN WATER RES 7.50 09/25/27 CNY 64.94 QIANXINAN WATER RES 7.50 09/25/27 CNY 64.93 QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.58 QINGZHEN CITY CONST 7.50 03/18/26 CNY 41.47 QINGZHEN CITY CONST 7.50 03/18/26 CNY 41.46 QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 48.25 QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 48.23 QINZHOU BINHAI NEW 7.70 08/15/26 CNY 42.38 QINZHOU BINHAI NEW 7.70 08/15/26 CNY 42.37 QUJING CITY QILIN D 8.50 01/21/26 CNY 41.47 QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00 RENHUAI WATER INVES 8.00 12/26/25 CNY 40.73 RENHUAI WATER INVES 7.98 07/26/25 CNY 20.68 RENHUAI WATER INVES 7.98 02/24/25 CNY 20.15 RUCHENG SHUNXING IN 7.50 01/07/26 CNY 41.20 RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00 RUDONG NEW WORLD IN 7.50 12/06/26 CNY 63.00 RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00 RUILI RENLONG INVES 8.00 09/20/26 CNY 42.05 SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 62.88 SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 62.30 SHANDONG HONGHE HOL 7.50 01/29/26 CNY 41.14 SHANDONG OCEAN CULT 7.50 04/25/26 CNY 41.64 SHANDONG OCEAN CULT 7.50 03/28/26 CNY 41.56 SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.07 SHANDONG RUYI TECHN 7.90 09/18/23 CNY 52.10 SHANDONG SANXING GR 7.90 08/30/27 CNY 58.00 SHANDONG URBAN CAPI 7.50 04/12/26 CNY 41.55 SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00 SHANGLI GANXIANG CI 7.80 01/22/26 CNY 41.10 SHANGLI GANXIANG CI 7.80 01/22/26 CNY 40.49 SHANGLI GANXIANG CI 7.50 06/01/25 CNY 20.47 SHANGLI GANXIANG CI 7.50 06/01/25 CNY 20.42 SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 20.67 SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 20.67 SHANXI JINZHONG STA 7.50 05/05/26 CNY 41.73 SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 41.03 SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00 SHEHONG STATE OWNED 7.60 10/25/25 CNY 20.88 SHEHONG STATE OWNED 7.60 10/22/25 CNY 20.87 SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.71 SHEHONG STATE OWNED 7.60 10/25/25 CNY 20.00 SHEHONG STATE OWNED 7.60 10/22/25 CNY 20.00 SHEHONG STATE OWNED 7.50 08/22/25 CNY 20.00 SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00 SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.03 SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.03 SHIFANG CITY NATION 8.00 12/05/25 CNY 41.09 SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00 SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 44.82 SHUANGYASHAN DADI C 8.50 12/16/26 CNY 63.53 SHUANGYASHAN DADI C 8.50 12/16/26 CNY 63.52 SHUANGYASHAN DADI C 8.50 08/26/26 CNY 42.77 SHUANGYASHAN DADI C 8.50 08/26/26 CNY 42.76 SHUANGYASHAN DADI C 8.50 04/30/26 CNY 42.08 SHUANGYASHAN DADI C 8.50 04/30/26 CNY 42.07 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.14 SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 41.12 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 21.60 SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 20.93 SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.04 SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00 SICHUAN COAL INDUST 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DE 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DE 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DE 7.50 07/11/21 CNY 12.63 SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86 SIYANG JIADING INDU 7.50 12/14/25 CNY 41.00 SIYANG JIADING INDU 7.50 04/27/25 CNY 20.40 SIYANG JIADING INDU 7.50 04/27/25 CNY 20.40 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 24.00 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 2.37 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 2.20 TAHOE GROUP CO LTD 7.50 09/19/21 CNY 2.17 TAIXING CITY CHENGX 7.60 04/24/26 CNY 41.78 TAIXING CITY CHENGX 7.60 04/04/26 CNY 41.69 TAIXING CITY CHENGX 7.80 03/05/26 CNY 41.49 TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00 TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00 TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00 TAIXING XINGHUANG I 8.50 11/15/25 CNY 40.82 TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.12 TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00 TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 41.36 TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00 TANCHENG COUNTY CIT 7.50 04/09/26 CNY 41.58 TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00 TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.48 TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.35 TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 42.83 TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 42.42 TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 40.00 TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 40.00 TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 21.25 TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 20.86 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 2.00 TENGCHONG SHIXINGBA 7.50 05/05/26 CNY 51.56 TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49 TONGCHENG CITY CONS 7.50 07/23/25 CNY 20.64 TONGCHENG CITY CONS 7.50 07/23/25 CNY 20.00 TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.70 TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 41.17 TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.16 TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00 TONGREN WATER GROUP 8.00 11/29/28 CNY 73.50 TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.70 TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.10 TUNGHSU GROUP CO LT 8.18 10/25/21 CNY 22.00 WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 20.90 WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 20.82 WEIHAI WENDENG URBA 7.50 03/04/29 CNY 73.00 WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.19 WEIHAI WENDENG URBA 7.70 05/02/28 CNY 62.50 WEINAN CITY INDUSTR 7.50 06/30/27 CNY 63.67 WEINAN CITY INDUSTR 7.50 06/30/27 CNY 60.00 WEINAN CITY INDUSTR 7.50 04/28/26 CNY 41.63 WEINAN CITY INDUSTR 7.50 04/28/26 CNY 40.00 WINTIME ENERGY GROU 7.50 04/04/21 CNY 43.63 WINTIME ENERGY GROU 7.90 03/29/21 CNY 43.63 WINTIME ENERGY GROU 7.90 12/22/20 CNY 43.63 WINTIME ENERGY GROU 7.50 12/06/20 CNY 43.63 WINTIME ENERGY GROU 7.50 11/16/20 CNY 43.63 WINTIME ENERGY GROU 7.70 11/15/20 CNY 43.63 WUSU CITY XINGRONG 7.50 10/25/25 CNY 20.82 WUSU CITY XINGRONG 7.50 10/25/25 CNY 20.00 WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 41.46 WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00 WUZHOU CANGHAI CONS 8.00 05/31/28 CNY 64.79 WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20 XIAN LINTONG URBAN 7.69 04/22/26 CNY 41.73 XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00 XIFENG COUNTY URBAN 8.00 03/14/26 CNY 41.29 XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88 XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.81 XINFENG COUNTY URBA 7.80 12/05/25 CNY 41.14 XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00 XINGYI XINHENG URBA 8.00 11/21/25 CNY 40.90 XINGYI XINHENG URBA 8.00 11/21/25 CNY 40.61 XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.11 XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00 XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.30 XINYU CITY YUSHUI D 7.50 09/24/26 CNY 42.49 XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.11 XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 41.92 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58 XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50 XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.45 YANCHENG URBANIZATI 7.50 03/04/27 CNY 63.65 YANGLING URBAN RURA 7.80 06/19/26 CNY 42.11 YANGLING URBAN RURA 7.80 02/20/26 CNY 41.46 YANGLING URBAN RURA 7.80 06/19/26 CNY 40.00 YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.19 YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 41.10 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.58 YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 20.00 YICHANG CHUANGYUAN 7.80 11/06/25 CNY 20.96 YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.21 YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.21 YINGTAN JUNENG INVE 8.00 05/06/26 CNY 41.99 YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00 YIYANG COUNTY CITY 7.90 11/05/25 CNY 40.96 YIYANG COUNTY CITY 7.90 11/05/25 CNY 22.01 YIYANG COUNTY CITY 7.50 06/07/25 CNY 20.50 YIYANG COUNTY CITY 7.50 06/07/25 CNY 20.00 YIYANG LONGLING CON 7.60 01/23/26 CNY 41.14 YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30 YIYUAN HONGDING ASS 7.50 08/17/25 CNY 21.15 YIYUAN HONGDING ASS 7.50 08/17/25 CNY 20.67 YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.15 YONGAN STATE-OWNED 8.50 11/26/25 CNY 40.00 YONGCHENG COAL & EL 7.50 02/02/21 CNY 39.88 YONGXIU CITY CONSTR 7.80 08/27/25 CNY 20.60 YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.32 YONGXIU CITY CONSTR 7.80 08/27/25 CNY 20.00 YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00 YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 20.79 YUANJIANG CITY CONS 7.50 01/18/26 CNY 41.23 YUANJIANG CITY CONS 7.50 01/18/26 CNY 41.22 YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49 YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.41 YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 63.92 YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51 YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 41.77 YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00 YUEYANG HUILIN INVE 7.50 12/23/26 CNY 62.85 YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00 YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 63.90 YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 60.00 YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 41.58 ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 41.56 ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 41.55 ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 42.52 ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 40.00 ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.74 ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.60 ZHEJIANG CHANGXING 7.50 12/26/25 CNY 41.11 ZHEJIANG CHANGXING 7.50 12/26/25 CNY 40.00 ZHEJIANG HUZHOU NAN 7.80 08/21/25 CNY 19.91 ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 41.23 ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 41.23 ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 20.81 ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 20.00 ZHONGHONG HOLDING C 8.00 07/04/19 CNY 2.75 ZHONGTIAN FINANCIAL 8.50 08/16/27 CNY 31.04 ZHONGXIANG CITY CON 7.50 07/05/26 CNY 42.12 ZHONGXIANG CITY CON 7.50 07/05/26 CNY 40.00 ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 58.95 ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00 ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 25.94 ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 64.24 ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00 ZIYANG KAILI INVEST 8.00 02/14/26 CNY 41.30 ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 70.83 ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 74.66 HONG KONG --------- CHINA SOUTH CITY HO 9.00 04/12/24 USD 28.83 CHINA SOUTH CITY HO 9.00 06/26/24 USD 28.25 CHINA SOUTH CITY HO 9.00 12/11/24 USD 27.89 CHINA SOUTH CITY HO 9.00 10/09/24 USD 27.88 HAINAN AIRLINES HON 12.00 10/29/21 USD 1.92 HONGKONG IDEAL INVE 14.75 10/08/22 USD 2.60 YANGO JUSTICE INTER 10.25 09/15/22 USD 0.40 YANGO JUSTICE INTER 7.50 04/15/24 USD 0.39 YANGO JUSTICE INTER 9.25 04/15/23 USD 0.22 YANGO JUSTICE INTER 7.50 02/17/25 USD 0.16 YANGO JUSTICE INTER 8.25 11/25/23 USD 0.15 YANGO JUSTICE INTER 7.88 09/04/24 USD 0.13 YANGO JUSTICE INTER 10.00 02/12/23 USD 0.12 YANGO JUSTICE INTER 10.25 03/18/22 USD 0.01 ZENSUN ENTERPRISES 12.50 04/23/24 USD 5.38 ZENSUN ENTERPRISES 12.50 09/13/23 USD 5.25 INDONESIA --------- WIJAYA KARYA PERSER 9.10 03/03/26 IDR 74.57 WIJAYA KARYA PERSER 9.10 03/03/26 IDR 74.33 WIJAYA KARYA PERSER 8.50 03/03/26 IDR 73.91 WIJAYA KARYA PERSER 8.50 03/03/26 IDR 73.91 WIJAYA KARYA PERSER 8.55 09/08/26 IDR 68.44 WIJAYA KARYA PERSER 8.55 09/08/26 IDR 68.21 WIJAYA KARYA PERSER 10.50 11/03/27 IDR 65.31 WIJAYA KARYA PERSER 10.50 11/03/27 IDR 65.31 WIJAYA KARYA PERSER 10.90 11/03/29 IDR 64.92 WIJAYA KARYA PERSER 10.90 11/03/29 IDR 64.92 WIJAYA KARYA PERSER 7.75 02/18/27 IDR 63.84 WIJAYA KARYA PERSER 7.75 02/18/27 IDR 63.52 WIJAYA KARYA PERSER 9.75 03/03/28 IDR 63.03 WIJAYA KARYA PERSER 9.85 12/18/27 IDR 62.93 WIJAYA KARYA PERSER 9.75 03/03/28 IDR 62.87 WIJAYA KARYA PERSER 9.85 12/18/27 IDR 62.64 WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.80 WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.75 WIJAYA KARYA PERSER 8.30 02/18/29 IDR 58.02 WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.97 WIJAYA KARYA PERSER 8.60 12/18/25 IDR 55.84 INDIA ----- BHARAT SANCHAR NIGA 7.55 03/20/34 INR 63.39 IIFL SAMASTA FINANC 10.75 02/24/25 INR 30.86 IKF FINANCE LTD 10.60 03/27/25 INR 25.04 IKF HOME FINANCE LT 10.85 08/31/26 INR 74.73 MAHANAGAR TELEPHONE 7.51 03/06/34 INR 51.29 PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25 MALAYSIA -------- CAPITAL A BHD 8.00 12/29/28 MYR 0.96 PHILIPPINES ----------- BAYAN TELECOMMUNICA 15.00 07/15/06 USD 15.00 BAYAN TELECOMMUNICA 15.00 07/15/06 USD 15.00 SINGAPORE --------- BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.59 BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATION 11.00 05/09/11 USD 0.33 DAVOMAS INTERNATION 11.00 05/09/11 USD 0.33 DAVOMAS INTERNATION 11.00 12/08/14 USD 0.33 DAVOMAS INTERNATION 11.00 12/08/14 USD 0.33 ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75 ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 22.30 MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.76 NOMURA INTERNATIONA 19.50 08/28/28 TRY 64.85 NOMURA INTERNATIONA 7.65 10/04/37 AUD 64.33 ORO NEGRO DRILLING 7.50 01/24/24 USD 0.50 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SOUTH KOREA ----------- KOSME SCALE-UP SECU 24.00 12/30/24 KRW 73.64 KOSME SCALE-UP SECU 20.00 12/29/25 KRW 70.05 SAMPYO CEMENT CO LT 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LT 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LT 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LT 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00 KOSME SCALE-UP SECU 20.00 03/30/25 KRW 68.15 KOSME SCALE-UP SECU 20.00 03/30/25 KRW 68.15 SRI LANKA --------- SRI LANKA GOVERNMEN 12.40 05/15/31 LKR 72.61 SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 69.54 SRI LANKA GOVERNMEN 7.50 01/15/33 LKR 66.55 SRI LANKA GOVERNMEN 7.50 02/15/34 LKR 63.79 SRI LANKA GOVERNMEN 7.50 03/15/35 LKR 61.46 SRI LANKA GOVERNMEN 7.50 04/15/36 LKR 59.49 SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 57.86 SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 56.81 SRI LANKA GOVERNMEN 7.85 03/14/29 USD 62.57 SRI LANKA GOVERNMEN 7.85 03/14/29 USD 62.56 SRI LANKA GOVERNMEN 7.55 03/28/30 USD 62.05 SRI 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