/raid1/www/Hosts/bankrupt/TCRAP_Public/250107.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, January 7, 2025, Vol. 28, No. 5
Headlines
A U S T R A L I A
BENSONS PROPERTY: Vows to Deliver Apartments Amid Administration
CHEMX MATERIALS: First Creditors' Meeting Set for Jan. 13
CLUB PHYSIO: Second Creditors' Meeting Set for Jan. 15
RIVERINA SOLAR: Second Creditors' Meeting Set for Jan. 13
SEER MEDICAL: First Creditors' Meeting Set for Jan. 15
WILD BREADS: First Creditors' Meeting Set for Jan. 14
C H I N A
CHINA OCEANWIDE: Faces Trading Suspension and Liquidation
LOGAN GROUP: Proposes Restructuring US$8 Billion Offshore Debt
SUNAC CHINA: Wins More Support for Restructuring From Bondholders
I N D I A
AKSARA CONSTRUCTION: Ind-Ra Affirms BB- Term Loan Rating
ARUNACHALA WEAVING: Ind-Ra Affirms BB Rating, Outlook Stable
ASHIRWAD SPONGE: Ind-Ra Assigns BB Loan Rating, Outlook Stable
ASHOKA DRUGS: CARE Keeps B- Debt Rating in Not Cooperating
BATTULAL RADHEY: CARE Keeps C Debt Rating in Not Cooperating
BILT GRAPHIC: Ind-Ra Keeps D Loan Rating in NonCooperating
BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
EASHWARA SAI: ICRA Keeps B- Debt Ratings in Not Cooperating
EURO VISTAA: Ind-Ra Affirms BB Loan Rating, Outlook Stable
FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
GARG & COMPANY: CARE Keeps C Debt Rating in Not Cooperating
GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
GURANDITTA MAL: CARE Keeps C Debt Rating in Not Cooperating
IDASA INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
IIFL FINANCE: Fitch Assigns 'B+(EXP)' Rating on Sr. Secured Bonds
INKEL LIMITED: CARE Keeps C Debt Rating in Not Cooperating
KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
KARTYA TEXTILES: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
KATHIAWAR STEELS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
M.S. SOLVENT: CARE Keeps C Debt Rating in Not Cooperating Category
MAHIP INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
MALWA STRIPS: CARE Keeps D Debt Ratings in Not Cooperating
MBG COMMODITIES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
MEHUL GEO: Ind-Ra Keeps B Loan Rating in NonCooperating
MOTOR AND GENERAL: CARE Moves D Debt Ratings to Not Cooperating
NASHIK DISTRICT: Ind-Ra Moves BB+ Loan Rating to NonCooperating
OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating
OLIVE BAR: Ind-Ra Cuts Term Loan Rating to BB+, Outlook Stable
OM AASTHA: CARE Keeps D Debt Rating in Not Cooperating Category
P.S. STEEL: Ind-Ra Affirms BB+ LongTerm Issuer Rating
PNL CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
RAJALAKSHMY PACKAGING: CARE Keeps D Ratings in Not Cooperating
RAM COMTRADE: CARE Keeps D Debt Ratings in Not Cooperating
RELIANCE COMMERCIAL: Satheesan Demands Probe on KFC Investment Loss
RKS STEEL: Ind-Ra Moves B+ Bank Loan Rating to NonCooperating
SAI TRADERS: CARE Keeps C Debt Rating in Not Cooperating Category
SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating Category
SIDDARTH ORGANISATION: ICRA Keeps C Ratings in Not Cooperating
SOUNDHARYA SIZING: Ind-Ra Moves BB Loan Rating to NonCooperating
SUN INDUSTRIAL: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
SURYA WIRES: CARE Reaffirms D Rating on INR26.96cr LT Loan
VAIBHU INFRA: CARE Keeps D Debt Ratings in Not Cooperating
VANANCHAL CONCAST: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
VENKATESHKRUPA SUGAR: Ind-Ra Affirms BB+ Bank Loan Rating
[*] INDIA: IBBI Reports 13 Prepack Insolvency Cases Till September
M A L A Y S I A
1MDB: Two Ex-Directors to be Included as Parties in US$6.59BB Suit
S I N G A P O R E
ASER GROUP: Court to Hear Wind-Up Petition on Jan. 17
AXSYS TECHNOLOGIES: Court to Hear Wind-Up Petition on Jan. 17
BUBS AND TOTS: Court to Hear Wind-Up Petition on Jan. 17
EAGLE STEWARDING: Court Enters Wind-Up Order
RESILIENT MEDICAL: Court to Hear Wind-Up Petition on Jan. 17
X X X X X X X X
[*] BOND PRICING: For the Week Dec. 30, 2024 to Jan. 3, 2025
- - - - -
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A U S T R A L I A
=================
BENSONS PROPERTY: Vows to Deliver Apartments Amid Administration
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Leon Della Bosca at The Urban Developer reports that Bensons
Property Group said it will complete its AUD1.5-billion development
pipeline across three Australian states despite entering voluntary
administration.
The company is reportedly managing more than 1,300 apartments.
Craig Shepard and Sebastian Ham of KordaMentha have been appointed
as administrators, while Keith Crawford and Matthew Caddy of
McGrath Nicol will oversee operations as receivers and managers.
Under a proposed restructuring plan, the company intends to protect
employees, trade creditors and apartment purchasers while
delivering its existing projects, the Urban Developer relays.
In a company statement, Bensons said the voluntary administration
"only relates to BPG and does not extend to any other entity within
the broader group".
The Urban Developer relates that the statement said that "all
projects currently being managed by BPG, many already under
construction, would not be affected".
The Melbourne-based developer's portfolio includes Chevron One, a
41-storey tower with 236 apartments on the Gold Coast's Chevron
Island, valued at AUD485 million, the report discloses.
Other developments include Society Armadale in Melbourne's inner
south; Montpelier House in Hobart with 21 homes, each valued up to
AUD9.28 million; and 740 apartments across Melbourne's suburbs with
a total value of AUD452 million.
Some are completed, others are under construction or are awaiting
sales processes before work begins.
According to the report, BPG managing director Rick Curtis said the
decision to enter voluntary administration was driven by challenges
in the post-pandemic construction sector, including higher interest
rates and increasing construction costs.
Jarvis Archer, director of insolvency firm Business Reset, said the
administration could provide breathing space for Bensons,
particularly if it was working through fixed-price contracts
affected by increased costs, the report relates.
"Administrators and the company will be looking to continue in a
'business-as-usual' manner while they gain an understanding of the
best way forward for the company and its creditors," Mr. Archer
said.
Bensons Property Group Pty. Ltd. provides real estate development
services. The Company develops residential properties. Bensons
Property Group serves customers in Australia.
CHEMX MATERIALS: First Creditors' Meeting Set for Jan. 13
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A first meeting of the creditors in the proceedings of Chemx
Materials Limited and Hipura Pty Ltd will be held on Jan. 13, 2025
at 11:00 a.m. and 12:30 p.m. respectively, at the offices of WA
Insolvency Solutions at Suite 6.02, Level 6, 109 St Georges Terrace
in Perth.
Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions was
appointed as administrator of the company on Jan. 2, 2025.
CLUB PHYSIO: Second Creditors' Meeting Set for Jan. 15
------------------------------------------------------
A second meeting of creditors in the proceedings of The Club Physio
Pty Ltd has been set for Jan. 15, 2025 at 11:00 a.m. at the offices
of Nicols + Brien in Level 2, 350 Kent Street at Sydney.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 15, 2025 at 11:00 p.m.
Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Dec. 6, 2024.
RIVERINA SOLAR: Second Creditors' Meeting Set for Jan. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Riverina Solar
Pty Ltd has been set for Jan. 13, 2025 at 3:00 p.m. via Microsoft
Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 10, 2025 at 5:00 p.m.
Simon Cathro of Cathro & Partners was appointed as administrator of
the company on Aug. 8, 2024.
SEER MEDICAL: First Creditors' Meeting Set for Jan. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Seer Medical
Holdings Limited will be held on Jan. 15, 2025 at 2:30 p.m. at
virtually by Microsoft Teams teleconference.
Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Jan. 6,
2025.
WILD BREADS: First Creditors' Meeting Set for Jan. 14
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A first meeting of the creditors in the proceedings of Wild Breads
Fresh Pty Ltd will be held on Jan. 14, 2025 at 3:00 p.m. via
virtual meeting technology only (Microsoft Teams).
Marcus Watters, Richard Albarran and Aaron Dominish of Hall
Chadwick were appointed as administrators of the company on Jan. 2,
2025.
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C H I N A
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CHINA OCEANWIDE: Faces Trading Suspension and Liquidation
---------------------------------------------------------
TipRanks reports that China Oceanwide Holdings is navigating
turbulent financial waters as it undergoes liquidation and deals
with the suspension of trading on the Hong Kong Stock Exchange.
TipRanks relates that the company's property projects in Shanghai
and Hawaii are being disposed of, while its Los Angeles project
faces a Chapter 11 bankruptcy process.
Efforts are underway to explore restructuring options, but no
formal agreements have yet been made, TipRanks adds.
About China Oceanwide
China Oceanwide Holdings Group Co., Ltd, operates as a holding
company. The Company through its subsidiaries operates financial
and insurance business, real estate development, hotel services,
property management, and other businesses. China Oceanwide Holdings
Group provides services worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, a Chinese property investor that has struggled with
several US projects faces court-ordered liquidation as a Bermuda
court issued a winding-up order against the firm.
China Oceanwide Holdings disclosed the order in a filing on Sept.
25 with Hong Kong's stock exchange. Liquidators have been appointed
and the company's shares listed in the city have been suspended.
According to the South China Morning Post, the winding-up petition
was filed in June 2022 and involved US$175 million of loan
principal that the petitioner said was not paid, Oceanwide said at
the time. The financing involves a pledged New York property and
secured shares.
LOGAN GROUP: Proposes Restructuring US$8 Billion Offshore Debt
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Reuters reports that Logan Group said on Jan. 6 it was offering a
restructuring proposal for the majority of its about $8.01 billion
offshore debt, including conversion to mandatory convertible bonds
for its offshore creditors.
According to Reuters, Logan Group seeks to restructure $7.56
billion of the total offshore debt, while also aiming to relieve
creditors of its additional $476 million offshore debt under
separate financing instruments.
In August last year, the Chinese developer had secured an HK$8.2
billion (US$1.05 billion) loan to refinance a part of this
outstanding debt as it struggled to recover from the property
sector collapse in 2021, Reuters recalls.
Under the restructuring proposal for the larger amount of the debt,
offshore creditors have the option to exchange the debt for cash,
mandatory convertible bonds (MCB), long-term notes or a combination
of MCBs and short-term notes.
After failing to make repayments since August 2022, Logan Group
said the restructuring proposal is aimed at relieving the company's
debt burden and restoring its capital structure, adds Reuters.
About Logan Group
Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.
As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has withdrawn China-based homebuilder Logan
Group Company Limited's Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) of 'CCC'. Fitch has also withdrawn
the senior unsecured rating and the rating on Logan's outstanding
US dollar senior notes of 'CCC', with a Recovery Rating of 'RR4'.
The 'CC' rating, with a Recovery Rating of 'RR6', on Logan's
subordinated perpetual capital securities has also been withdrawn.
Fitch is withdrawing the ratings as Logan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Logan.
The TCR-AP in late March 2022 reported that S&P Global Ratings
withdrew its 'CCC-' long-term issuer credit rating on Logan Group
Co. Ltd. at the company's request. The outlook was negative at the
time of the withdrawal. S&P has also withdrawn its 'CC' issue
rating on the company's senior unsecured notes.
SUNAC CHINA: Wins More Support for Restructuring From Bondholders
-----------------------------------------------------------------
Reuters reports that Sunac China has so far received sufficient
support from holders of seven of its 10 bonds to cut its onshore
bond debt by more than half through a restructuring, a source with
direct knowledge of the matter said on Dec. 30.
Reuters says the company needs approval from holders of all of its
10 onshore bonds worth CNY15.4 billion ($2.11 billion) to implement
the debt restructuring.
In addition to the first six approved earlier in December last
year, bondholders of its largest onshore bond - with an outstanding
of CNY2.9 billion - expressed support by the extended voting
deadline on Dec. 27, the person said.
Once one of China's top developers, Sunac is the first that aims to
slash its onshore bond debt through a company-led debt
restructuring, Reuters states.
Progress by Sunac towards a landmark restructuring deal for yuan
bonds could open the gates to a flurry of debt agreements next
year, as the sector gives up on returning to financial health
anytime soon.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.
Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to China Sunac.
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I N D I A
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AKSARA CONSTRUCTION: Ind-Ra Affirms BB- Term Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aksara
Constructions' (AC) term loan at 'IND BB-' with a Stable Outlook as
follows:
-- INR700 mil. Term loan due on December 31, 2026 affirmed with
IND BB-/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects high offtake risk, and time and cost
overrun risks related to AC's ongoing project and the industry
risk. The rating, however, is supported by the company's successful
completion and sale of more than 10 projects.
Detailed Description of Key Rating Drivers
High Offtake Risk: The rating reflects the high offtake risk
associated with AC's ongoing residential project; Green Scapes.
Till October 2024, the firm had booked only nine units (13%) of the
72 units (developer's share). The project was registered under Real
Estate Regulatory Authority on April 23, 2023. Ind-Ra expects the
booking velocity to increase from 1QFY26 as the project approaches
completion. The project has a dependence of 13% on customer
advances for completion.
Time and Cost Overrun Risk: The total cost of phase 1, which is
likely to be completed by FYE25, is INR1,513.8 million, which is
being funded by the promoter's contribution of INR308 million,
unsecured loans of INR308 million, customer advances of INR197.8
million and a term loan of INR700 million. At end-October 2024, the
project was 92% complete and AC had incurred INR1,387.3 million
(promoter's contribution: INR308 million; unsecured loans:
INR332.45 million; term loan: INR599.2 million; customer advances:
INR147.65 million). The balance project cost of INR126.5 million
(excluding interest) is to be tied up using a mix of debt and
collections. At end-October 2024, the pending term loan to be
disbursed was INR100.8 million and pending receivables were
INR110.8 million. Although the project's progress is in line with
the execution schedule, the ongoing project remains vulnerable to
time and cost overrun risks.
Industry Risk: The Indian real estate industry is highly cyclical
with volatile cash flows. The real estate sector is exposed to a
number of regulatory requirements that are subject to frequent and
unpredictable changes. This leads to confusion, non-compliance and
delays in project execution. Also, given the aggressively improving
demand scenario, AC faces significant competition.
Well-connected Locality: The ongoing project is located in
Bowrampe, Medchal, Telangana and has proximity to metro stations,
an expressway, a shopping complex, an educational hub, corporate
hubs and hospitals.
Established Track Record; Experienced Promoters: The promoters have
more than two decades of experience in real estate development. The
company, so far, has completed and sold more than 10 projects with
limited time and cost overruns.
Liquidity
Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra's
expectations. The minimum debt service coverage ratio, as per the
management, will be 1.17x in FY27. AC is required to maintain a
debt service reserve account equivalent to three months' interest
and principal repayments in the form of fixed deposit with the
bank, which will provide a cushion to its liquidity position. The
firm does not have any exposure to the capital market and relies on
bank loans and promoter funds, and unsecured loans from family and
relatives to meet is funding requirements. It has scheduled debt
repayments of INR175 million and INR525 million in FY26 and FY27,
respectively.
Rating Sensitivities
Negative: Time or cost overruns and lower-than-Ind-Ra-expected
sales volume or lower realization from bookings, leading to
stressed cash flows, could lead to a negative rating action.
Positive: Higher-than-expected sales and the timely receipt of
advances from customers and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in liquidity, could lead to a positive rating action.
About the Company
AC is a partnership firm having its registered office at Cheruvu,
Hyderabad. The firm is involved in developing of villas under the
project name Green Scapes under a joint development agreement,
which will have 327 duplex units of individual villas and a club
house on a site admeasuring about 30 acres. The project is being
developed in two phases.
ARUNACHALA WEAVING: Ind-Ra Affirms BB Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arunachala Weaving
Mills's (AWM) bank facilities' ratings as follows:
-- INR150 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating; and
-- INR200 mil. Term loan due on November 30, 2028 affirmed with
IND BB/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects AWM's continued small scale of operations,
stretched liquidity, modest EBITDA margins and moderate credit
metrics in FY24. However, the ratings are supported by the
promoters' experience of nearly two decades in the textile
industry. Ind-Ra expects the revenue and profitability to improve
in FY25. The credit metrics are likely to deteriorate further in
FY25 but would remain at moderate levels.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: AWM's revenue grew to
INR1,171.28 million in FY24 (FY23: INR802.42 million) due to an
increase in the orders received by the company. However, the EBITDA
fell to INR59.94 million in FY24 (FY23: INR69.66 million) owing to
an increase in the overall expenses. Until FY24, the company only
manufactured grey fabric, which is used in garment manufacturing.
Recently, however, the company has started manufacturing other
products such as bedsheets and pillow covers. AWM booked revenue of
INR700 million during 1HFY25, and it had an order book of INR100
million as of November 2024, to be executed by March 2025. In
FY25, Ind-Ra expects the revenue to improve slightly due to the
expansion in the product portfolio.
Modest EBIDTA Margin: The ratings also factor in AWM's modest
EBITDA margins due to the intense competition in the business,
resulting from the highly fragmented nature of the industry. The
margin fell to 5.12% in FY24 (FY23: 8.68%) due to an increase in
raw material costs. The ROCE was 4.5% in FY24 (FY23:6.1%). Ind-Ra
expects the EBITDA margin to improve slightly in FY25 due to the
addition of new high-margin products to the portfolio.
Moderate Credit Metrics: In FY24, the credit metrics deteriorated
slightly due to the decrease in EBITDA. The interest coverage
(operating EBITDA/gross interest expenses) was 1.94x in FY24 (FY23:
2.16x) and the net leverage (total adjusted net debt/operating
EBITDAR) was 5.14 (4.85x). Ind-Ra expects the credit metrics to
deteriorate further in FY25 due to the debt-led capex plans of
INR72 million for the installation of a windmill.
Experienced Promoters: The ratings are supported by the partners'
experience of nearly two decades in the textile industry, which has
helped the company establish strong relationships with customers as
well as suppliers.
Liquidity
Stretched: AWM's average peak utilization of the fund-based limits
was 84.10% during the 12 months ended November 2024. The net
working capital cycle remained elongated but improved to 65 days in
FY24 (FY23:105 days) due to a decrease in debtor days to 48 days
(51 days) and inventory days to 68 days (92 days). The cash flow
from operations turned positive at INR51.12 million in FY24 (FY23:
negative INR46.15 million) due to favorable changes in working
capital. The free cash flow turned positive at INR28.27 million in
FY24 (FY23: negative INR51.79 million). The cash and cash
equivalents stood at INR5.01 million at FYE24 (FYE23: INR0.86
million). AWM has repayment obligations of INR 32.1 million and
INR21.5 million in FY25 and FY26, respectively. AWM does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the net leverage
exceeding 5.5x and/or further pressure on the liquidity position,
all on a sustained basis, could lead to a negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, profitability and
liquidity profile, all on a sustained basis, could lead to a
positive rating action.
About the Company
AWM was incorporated in 2005 by V.K. Prabhu Muthukannan and P.
Punitha as a partnership firm. The company manufactures grey
fabrics, which are used for garments and industrial purposes. The
manufacturing process involves sizing and wrapping of cotton yarn,
which is processed further to be woven into fabrics. The firm's
manufacturing facility is located at Neelambur, Coimbatore, Tamil
Nadu.
ASHIRWAD SPONGE: Ind-Ra Assigns BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ashirwad Sponge Iron
Private Limited's (ASIPL) bank facilities as follows:
-- INR200 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating; and
-- INR150 mil. Proposed fund-based working capital limit assigned
with IND BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect ASIPL's small scale of operations, modest
EBITDA margins, and modest credit metrics in FY24, and Ind-Ra's
expectation of similar nature of operations in FY25.
Detailed Description of Key Rating Drivers
Small Scale of Operations: ASIPL has a small scale of operations,
as indicated by its revenue of INR1,821.39 million in FY24 (FY23:
INR1,417.83 million) and EBITDA of INR26.27 million in (INR28.07
million). The entity commenced manufacturing in FY23 and hence is
in the initial stage of operations. Till 5MFY25, ASIPL booked
revenue of INR516.70 million (5MFY24: INR335 million). The top five
customers accounted for 39.82% of the revenue in FY24 (FY23: 65%).
In FY25, Ind-Ra expects the revenue to remain at similar levels on
account of the similar nature of operations.
Modest EBITDA Margins: ASIPL had modest EBITDA margin of 1.44% in
FY24 (FY23: 1.98%) with a return on capital employed of 1.40%
(3.1%). The margin declined in FY24 due to an increasing share of
the trading & sale of services segment of 56.5% in the total
revenue (FY23: 48.5%). Ind-Ra expects the EBITDA and EBITDA margin
to improve In FY25 on account of an increase in the revenue share
of manufacturing segment. In 5MFY25, ASIPL recorded EBITDA margin
of 4.12%.
Modest Credit Metrics: ASIPL had an interest coverage ratio
(operating EBITDA/gross interest expenses) of 2.76x in FY24 (FY23:
11.09x) and a net leverage ratio (total adjusted net debt/operating
EBITDAR) of 7.18x (0.67x). The credit metrics declined in FY24 due
to increased gross interest expense and much higher total debt of
INR9.51 million (INR2.53 million) and INR192.02 million (INR21.16
million), respectively. Ind-Ra expects the credit metrics to
improve in FY25, due to the likely improvement in the profitability
and absence of any drawdown in short-term/long-term debt.
Industry Cyclicality and Price Volatility Risk: The company
operates in a highly competitive and fragmented industry which
along with price fluctuations in raw materials and finished goods
impacts its operating margins. Steel prices have been highly
volatile in the past and any sharp movement in the prices can have
an adverse impact on the company's profitability and credit
metrics.
Experienced Promoters: ASIPL manufactures sponge iron and started
its full-fledged operations in FY23. The company is managed by
Ankit Poddar and Nitin Bhalotia who have an experience of around a
decade in the steel industry. This has facilitated the company to
establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: ASIPL's cash flow from operations remained negative at
INR168.82 million in FY24 (FY23: negative INR980.93 million),
despite improving on account of unfavorable changes in working
capital (including net current assets). The free cash flow also
remained at negative INR171.98 million (FY23: negative INR1,022.76
million), despite improving. Moreover, the net working capital
cycle remained long 69 days in FY24 (FY23: 176 days), despite
shortening mainly on account of lower inventory days of 39 days
(141 days). Moreover, the cash and cash equivalents were just
INR3.48 million at FYE24 (FYE23: INR2.45 million). Furthermore,
ASIPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements. The
average maximum utilization of the fund-based limits was 89.42%
during the 12 months ended August 2024. The use of limits since
then has been around 90%. However, ASIPL does not have any debt
repayment obligations.
Rating Sensitivities
Negative: A decline in the scale of operations or profitability
leading to deterioration in the credit metrics and/or any
deterioration in the liquidity position, all on a sustained basis,
would lead to a negative rating action.
Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics along with an improvement in the
liquidity position, all on a sustained basis, will be positive for
the ratings.
About the Company
Incorporated in 2021, ASIPL manufactures sponge iron at its
45,000MTPA facility in Jamshedpur, Jharkhand.
ASHOKA DRUGS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashoka
Drugs & Chemicals (ADC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of ADC under the ‘issuer
non-cooperating' category as ADC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ADC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 5, 2024,
November 15, 2024 and November 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Ashoka Drugs & Chemicals (ADC) established in December 2005 as a
partnership firm by Mr. Manish Aggarwal, was purchased as a sick
unit and later got converted into a proprietorship entity in
January 2006. The entity is engaged in manufacturing of a chemical
viz. formaldehyde, which finds application in the manufacturing of
plywood, laminates, resins, medicines, urea moulding powder,
bakelite powder, etc.
Status of non-cooperation with previous CRA: ACUITE has continued
the rating assigned to the bank facilities of ADC under Issuer Not
Cooperating category vide press release dated December 19, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
BATTULAL RADHEY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Battulal
Radhey Shyam and Sons (BRS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; 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 December 21,
2023, placed the rating(s) of BRSS under the ‘issuer
non-cooperating' category as BRSS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BRSS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 5, 2024,
November 15, 2024 and November 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Battulal Radhey Shyam and Sons (BRSS), based in Nainital,
Uttarakhand was established in 2008 as a proprietorship firm by Mr.
Punit Kumar Goel. The firm is engaged in manufacturing and trading
of gold jewellery. The customer profile mainly comprises of retail
jewellers and individual customers located locally in Nainital,
Uttarakhand and Moradabad, Uttar Pradesh. Besides BRSS, the
proprietor is also associated with other group concern –
Mansarovar Holidays, a holiday resort in Jim Corbett National Park,
Uttarakhand.
BILT GRAPHIC: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BILT Graphic
Paper Products Limited's (BGPPL) debt instruments in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating.
The detailed rating actions are:
-- INR8.50 bil. Non-convertible debenture^ maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR5 mil. (reduced from INR1.955 bil.) Fund-based/non-fund-
based working capital limit# maintained in non-cooperating
category with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
^Details in Annexure
# Rated limit has been reduced basis the no-objection certificate
received for rating withdrawal
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite repeated requests by the agency through phone calls and
emails and has not provided information other critical data points
for the review of ratings. This is in accordance with Ind-Ra's
policy of 'Guidelines on What Constitutes Non-cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with BGPPL while reviewing the
rating. Ind-Ra had consistently followed up with BGPPL over emails,
apart from phone calls. The issuer has also not been submitting the
monthly no default statement since October 2023 and few other
critical data points for the review of ratings.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of BGPPL on the basis of
best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect BGPPL credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. BGPPL has been
non-cooperative with the agency since 8 November 2023.
About the Company
BGPPL is a subsidiary of Bilt Paper B.V. Its manufacturing plants
are located at Bhigwan, Ballarpur and Ashti in Maharashtra with a
total capacity of 6,70,000 million tons per annum.
BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM
Industries Limited (BIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.00 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 December 19,
2023, placed the rating(s) of BIL under the ‘issuer
non-cooperating' category as BIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BIL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 3, 2024,
November 13, 2024 and November 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1998, BIL is part of "BTM group" based out of
Bhilwara. BIL is engaged in the business of processing of synthetic
grey fabrics and trading of finished fabrics. BTM group consists of
BTM Corp Limited (BCL) and Prestige Suitings Private Limited (PSPL)
which are also engaged in manufacturing of synthetic grey fabric.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of BIL into
Issuer Not Cooperating category vide press release dated May 27,
2024 on account of its inability to carry out a review in the
absence of requisite information.
EASHWARA SAI: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Eashwara Sai Cotton
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Eashwara Sai Cotton Industries, 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.
Eashwara Sai Cotton Industries, located at Gajwel Mandal in Medak
district of Telangana. It is registered as a partnership firm and
started operation in the January 2015. The firm is primarily
engaged in ginning. The ginning facility includes 18 double roller
gins, Auto Pressing and an Auto Feeder. Each gin has a capacity of
processing 36 quintals of raw cotton every day. The installed
processing capacity of the plant is ~116640 Quintals of raw cotton
per annum.
EURO VISTAA: Ind-Ra Affirms BB Loan Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Euro Vistaa
(India) Limited's bank facilities as follows:
-- INR78.80 mil. Fund-based working capital limit assigned with
IND BB/Stable/IND A4+ rating;
-- INR575 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating;
-- INR40 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating; and
-- INR56.20 mil. (reduced from INR75 mil.) Term loan due on March
31, 2027 affirmed with IND BB/Stable rating.
Detailed Rationale of the Rating Action
The ratings continue to reflect EVL's small scale of operations,
and modest EBITDA margin and credit metrics in FY24. Ind-Ra expects
the revenue to improve in FY25, while the EBITDA margins and credit
metrics to remain at similar levels.
However, the ratings are supported by the promoters' more than two
decades of experience in the textile industry.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: The revenue declined to
INR1,115 million in FY24 (FY23: INR1,412 million) due to lower
demand for yarn in target international markets. Despite the fall
in revenue, the EBITDA improved to INR76 million in FY24 (FY23:
INR68 million) owing to a decrease in freight costs. The company
generated revenue of INR750 million until November 2024.
Furthermore, it has an unexecuted order book of INR258 million as
of December 2024, to be executed by February 2025. As a result,
Ind-Ra expects the revenue to marginally increase in FY25.
Sustained Modest EBITDA Margins: The EBITDA margins were modest at
6.82% in FY24 (FY23: 4.84%) with a return on capital employed of
10.7% (9.6%). The improvement in EBITDA margins in FY24 was due to
the decrease in freight costs. Ind-Ra expects the EBITDA margins to
remain at similar levels in FY25 due to the similar nature of
operations.
Credit Metrics Remain Modest: The interest coverage (operating
EBITDA/gross interest expense) improved to 1.38x in FY24 (FY23:
1.35x) and net leverage (total adjusted debt/operating EBITDA) to
7.17x (7.74x) owing to the increase in EBITDA. The company does not
have any planned capex for FY25 and Ind-Ra expects the credit
metrics to remain modest in FY25.
Experienced Promoters: The ratings remain supported by the
promoters' more than three decades of experience in textile
industry. This has facilitated the company to establish strong
relationships with its customers as well as suppliers.
Liquidity
Stretched: EVL's average maximum utilization of the fund-based
limits was 70.42% and non-fund-based limits was 74.54% during the
12 months ended October 2024. The cash flow from operations
improved, although remained negative at INR2.6 million in FY24
(FY23: negative INR301 million), due to the increase in EBITDA and
a decline in working capital requirements. Consequently, the free
cash flow improved to negative INR16.7 million (negative INR311
million). However, the net working capital cycle elongated to 221
days in FY24 (FY23: 177 days), mainly on account of an increase in
debtor days due to an increase in their credit period provided to
customers. The company provides 180-270 days of credit period to
its customers and receives 10-15 days of credit period from its
suppliers. The inventory holding period varies from 15-20 days
which is related to transportation of orders to respective ports.
EVL has debt repayment obligations of INR25 million and INR25
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR1.95million at FYE24 (FYE23: INR6.35
million). Furthermore, CPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position on a sustained basis, could lead to a negative
rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage increasing above 2.0x and an improvement in liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
About the Company
Established in 1987 in Mumbai, EVL is a merchant exporter of a
variety of textile yarn. Punkajj Lath and family are the promoters.
It exports yarn to Argentina, Italy, France and Guatemala.
FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Farooq Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Farooq Constructions, 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.
Farooq Constructions was established by Mr. Baiju Farooq in the
year 2000 as a proprietorship concern. In 2009, the entity was
converted into a partnership firm with Mr. Baiju Farooq and his
wife Ms. Sajeela Baiju as equal partners. The firm is a civil works
contractor located in Alappuzha, Kerala. The firm undertakes
projects for Public Works Department (PWD, Kerala),
especially construction of roads and other related civil works. The
firm has so far executed 12 projects for PWD and has four ongoing
projects.
GARG & COMPANY: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Garg &
Company (Panipat) (GC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.70 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 6.30 CARE A4; ISSUER NOT
Bank 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 January 2,
2024, placed the rating(s) of GC under the ‘issuer
non-cooperating' category as GC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GC continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 17, 2024,
November 27, 2024 and December 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Garg & Company (Panipat) (GC) is a proprietorship concern
established in 2011 by Mr. Shashank Garg. The firm is a grade A
contractor which undertakes civil construction contracts primarily
for government of Haryana. The firm receives the orders mainly
through tenders and the tenure of the contracts is up to 24 months.
In the past the firm has executed a number of contracts for
government entities. Firm procures raw materials i.e. grits, stones
etc from private dealers. Additionally, the equipment's and
machines are owned by the firm.
GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geoxa
Logistics (GL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.60 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 December 19,
2023, placed the rating(s) of GL under the 'issuer non-cooperating'
category as GL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 3, 2024, November 13,
2024 and November 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
GL is a proprietorship firm established in October-2015 by Mr
Amanpreet Singh Sondhi. The commercial operations of the firm
started in first week of April-2016. GL offers logistic services
(on rental basis) to construction, infrastructure, hosiery, auto
component industries, etc. throughout India. It owns a fleet of 4
excavators, 10 hydra machines, 10 tippers and 2 backhoe loaders, as
on March 31, 2016. GL has a group concern by the name- Geoxa Steel
Private Limited (GSPL; rated 'CARE D; Issuer Not Cooperating')
which was established in 2012 and is engaged in the manufacturing
of stainless-steel pipes.
GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Goel
Exim India Private Limited (GEIPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D;ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GEIPL, 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.
GEIPL is a manufacturer, wholesaler and trader of gold, diamonds
and silver ornaments/Jewellery. The company was incorporated in the
year 2004. The customers of GEIPL are primarily wholesalers and
retailers based in the New Delhi area. The company is part of the
Delhi Based Group engaged in the manufacturing, wholesale and
retail sales of gold and diamond. GEIPL had acquired two
partnership firms, namely, Shree Ganpati Impex and Bhavya Gold with
effect from March 15, 2010. The partners of both the firms are
shareholders of the company.
GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Short-Term rating of Gouttephone Technology
Private Limited (GTPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term- 8.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GTPL, 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.
Gouttephone Technology Private Limited (GTPL) was incorporated in
February 2017 to manufacture TSPs. The company intends to set up a
manufacturing plant with an annual capacity of 1.5 million TSP
units per annum at Visakhapatnam Industrial Park (SEZ) in Andhra
Pradesh. The plant is completely export oriented, and the company
has entered into an agreement with Fortrend for technology
transfer, procurement of raw materials, and offtake of TSPs produc
ed. Fortrend was registered in 1999 in Taiwan and primarily
manufactures TSPs, with a number of patents registered to its name.
GTPL is promoted by Mr. Ramesh Kumar and Mr. Amardeep Singh.
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Green Farm
Agri Exports in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 1.58 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short-term 0.69 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- (14.50) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable- Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Green Farm Agri Exports, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in September 2012, Green Farm Agri Exports is involved
in the trading of various agro- commodities. The firm is located in
Rajkot (Gujarat) and is promoted by two partners—Mr. Dinesh Tanna
and Mrs. Rita Tanna. Tirupati Agri Brokers is a group concern of
GFAE, where Mr. Dinesh Tanna is associated as a partner. It is
involved in the dealing of various agro commodities as broker.
GURANDITTA MAL: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guranditta
Mal Mohan Lal (GMML) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of GMML under the 'issuer
non-cooperating' category as GMML had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GMML continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 3, 2024,
November 13, 2024 and November 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Guranditta Mal Mohan Lal (GMML) was established in 1978 as a
partnership firm. The firm is currently being managed by Mr Adarsh
Kumar and Mr Roshan Lal as its partners sharing profit and losses
equally. The firm is engaged in processing of paddy at its
manufacturing facility in Fazilka, Punjab. GMML sells basmati and
non-basmati rice directly to various wholesalers based in Delhi,
Chandigarh, Haryana, Maharashtra and Punjab. The raw material,
primarily paddy, is procured from local grain markets located in
Punjab only.
IDASA INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Idasa India
Limited (IIL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.90 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 18,
2023, placed the rating(s) of IIL under the 'issuer
non-cooperating' category as IIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 2, 2024,
November 12, 2024 and November 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
Outlook: Not Applicable
Idasa India Limited (IIL) was incorporated in July, 1985 as a
public limited company. The operations, however, commenced from
October, 1986. The company is closely held and is currently being
managed by Sh. Suresh Kumar Aggarwal, Sh. Satish Kumar Aggarwal,
Mr. Anurag Goel, Mr. Manish Goel and Mr. Lokesh Goel collectively.
IIL is engaged in the manufacturing of ghee and skimmed milk powder
(SMP) at its manufacturing facility located in Sangrur, Punjab.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of IIL under Issuer Not
Cooperating category vide press release dated December 22, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
IIFL FINANCE: Fitch Assigns 'B+(EXP)' Rating on Sr. Secured Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned India-based IIFL Finance Limited's
(B+/Stable) proposed US dollar-denominated senior secured bonds an
expected rating of 'B+(EXP)' and Recovery Rating of 'RR4'. The
final rating is subject to the receipt of final documentation
conforming to information already received.
The proposed notes will be issued under IIFL Finance's USD1 billion
secured global medium-term note (GMTN) programme, dated 31 December
2024, and will be secured by collateral that includes specified
assets and receivables of the issuer. The notes will be subject to
maintenance-based covenants that require the issuer and its
principal subsidiaries to each meet regulatory capital requirements
and maintain net 90-day non-performing loan ratios equal to or less
than 5%, and require the issuer to maintain a security coverage
ratio, comprising standard assets, equal to or greater than 1.0x at
all times.
IIFL Finance will issue the proposed notes in the international
market under the Reserve Bank of India's external commercial
borrowings (ECB) framework. The net proceeds will be used for
on-lending and to support the company's growth.
Key Rating Drivers
The proposed senior secured notes are rated at the same level as
IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'B+', in accordance with Fitch's rating criteria, as they
will be secured obligations of the issuer and rank pari passu at
all times with its other secured obligations.
Most of IIFL Finance's debt is secured and Fitch believes that
non-payment of the senior secured debt would best reflect the
uncured failure of the issuer. IIFL Finance can issue unsecured
debt in the overseas market, but such debt is likely to constitute
a small portion of its funding and thus cannot be viewed as its
primary financial obligation.
The Recovery Rating of 'RR4' on the proposed senior secured debt
reflects its expectation of 'Average' recovery prospects in the
event of default. This is in line with its criteria for entities
with a Long-Term IDR of 'B+' or below, domiciled in India.
The proposed notes will be subject to a cross-acceleration clause,
where the acceleration of any debt of the issuer or its principal
subsidiaries may constitute an event of default. Fitch understands
that IIFL Finance's microfinance subsidiary has breached certain
loan covenants due to rising sector delinquencies. However, lenders
have not taken adverse action on this breach so far, and the issuer
and its principal subsidiaries continue to meet all their repayment
obligations.
For more information on IIFL Finance's key rating drivers and
rating sensitivities, please see Fitch Affirms IIFL Finance at
'B+'; Removes Rating Watch Negative; Outlook Stable, published on 4
November 2024.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Any negative action on IIFL Finance's Long-Term IDR would drive
corresponding action on the expected rating of the proposed bonds.
The expected rating may also be downgraded if Fitch believes that
recovery prospects are likely to weaken to below 30% of outstanding
senior secured bonds in a liquidation scenario. The Recovery Rating
would be revised to 'RR5' in such a scenario.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of IIFL Finance's Long-Term IDR would result in similar
action on the expected rating of the proposed bonds.
ESG Considerations
IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the recent
history of regulatory findings on the company's customer-related
practices in gold loans, which may pose lingering reputation risk
for IIFL Finance. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
IIFL Finance has an ESG Relevance Score of '4' for Management
Strategy, as Fitch believes the company's operations and franchise
remain sensitive to management's ability to maintain sound
implementation of internal controls and return the business to
adequate profitability now that sanctions have been lifted. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.
IIFL Finance has an ESG Relevance Score of '4' for Governance
Structure, as the recent regulatory actions imply a record of gaps
in the oversight structure and management of compliance risks that
may continue to pose reputational risks for the company. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.
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
----------- ------ --------
IIFL Finance Limited
senior secured LT B+(EXP) Expected Rating RR4
INKEL LIMITED: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Inkel
Limited continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 85.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Fixed Deposit 40.00 CARE C; Stable; ISSUER NOT
COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2022, placed the ratings of Inkel Limited under the 'Issuer
noncooperating' category as Inkel Limited had failed to provide
information for monitoring of the rating. Inkel Limited continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated
November 30, 2024. In line with the extant SEBI guidelines, CARE
Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating continues to be tempered by volatility in revenues due
to project-based nature of its business, exposure to Joint
ventures/subsidiaries generating lower return on investments, weak
credit risk profile of subsidiaries with instances of delays in
debt servicing and risk associated with large sized HAM based road
project. The ratings of Inkel Ltd continue to factor in the
nonpayment of dues/guaranteed amount by Inkel ltd to the lenders on
invocation of Corporate Guarantee extended by it to the bank
facilities of Seguro-Inkel Consortium LLP (SICL).
The ratings continue to draw strength from Inkel's business
association with Government of Kerala (GOK) entities, diverse board
of directors supported by an experienced senior management,
potential for development of infrastructure facilities in the state
of Kerala and comfortable capital structure.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on December 26, 2023, the following were
the rating strengths and weaknesses. (updated with FY24 financials
obtained from company website)
Key weaknesses
* Volatility in revenue due to project-based nature of its
business: Since inception, Inkel was primarily engaged in
construction of Inkel Tower and Mallappuram Community Centre.
During FY15-FY16, Inkel towers contributed to major portion of
income. With Inkel forming new ventures and these ventures securing
new orders, Inkel's revenue stream witnessed a diversification.
Inkel has significant presence in project management consultancy
(PMC), facility management and solar division. However, it is to be
noted that income level is likely to remain volatile unless the
projects developed in PMC division are completed periodically and
new projects are being taken in PMC division. Also, regular inflow
of orders in solar division is also key to improve the revenue.
* Exposure to joint venture and associates which are generating
lower return on investments: Total investments and loans & advances
in JV/partnerships stood at INR111 crore translating to 52% of
networth as on March 31, 2024. However, these investments are
generating lower return on investments (ROI). During FY24, Inkel
reported interest income of INR2.88 crore, of which major portion
corresponds to interest income from advances extended to group
entities. However, Inkel is yet to reap any significant benefits
from these investments. In the medium term, investment in INKEL-EKK
Roads Private Limited alone is expected generate notable returns.
* Weak credit profile of subsidiaries and delays in debt servicing
by its subsidiaries: Inkel has four main subsidiaries for which
corporate guarantee has been provided which includes i) MIV
Logistics Pvt Ltd (MIV) ii) Inkel-EKK Roads Pvt ltd (Inkel-EKK)
iii) INKEL-KSIDC (INKID) and iv) Seguro Inkel Consortium LLP
(SICL). During FY20, SeguroInkel defaulted in their repayment
obligations. Lenders of Seguro-Inkel have invoked corporate
guarantee extended by Inkel Ltd to its bank facilities.
* Risk associated with large sized HAM based road project: National
Highway Authority of India (NHAI) on February 26, 2018 had awarded
the contract for six laning of 28.4 km stretch
between Vengalam to Ramanattukara By-pass road to KMC
Constructions Ltd (KMC) based on Hybrid Annuity Model (HAM). KMC
has entered into a JV with Inkel wherein 51% of the total shares is
held by KMC and the remaining 49% of the total shares is held by
Inkel for executing the project. Investment by KMC in this project
would be limited to INR5.1 crore and rest of promoter contribution
(INR264 crore) for the project would be made by Inkel. However,
there had been delay in achievement of financial closure.
Consequently, Inkel has planned to exit the project. It is to be
noted that Inkel has submitted a performance guarantee amounting to
INR85 crore to NHAI which exposes the company to risk of BG
invocation in case of any unfavorable outcome.
Key strengths
* Association with Government of Kerala entities: Inkel was formed
as a PPP initiative for setting up infrastructure facilities to
address the requirements of industrialists and entrepreneurs in the
state of Kerala. Inkel has received support from GoK by way of
funding (in the form of share capital), director board membership,
tie-ups with government undertakings such as KINFRA and KSIDC and
also by way of allotment of land on long term lease basis through
these entities for developing the infrastructure. Further, Inkel
had been selected as nodal agency by GoK for conducting feasibility
studies on certain projects and implementation of certain projects
in the state. As on March 31, 2024, GoK holds 22.78% equity stake
in Inkel and its public sector undertakings, viz. Kerala Industrial
Infrastructure Development Corporation (KINFRA) & Kerala State
Industrial Development Corporation Limited (KSIDC) hold equity
stake of 3.37% each.
* Diverse board of directors: There are twelve directors on the
board of Inkel, of which three are representatives of GoK and the
rest of the members are from the business fraternity in the state
of Kerala. The government nominated directors include Managing
Director, Chairman and a nominee director.
* Comfortable capital structure: Total debt outstanding as on March
31, 2024 stood stable at INR45.02 crore. The proceeds were used to
provide loan to Inkel Infrastructure Development Projects for
Calicut Expressway Road Project. Overall gearing stood comfortable
at 0.23x as on March 31, 2024 as against 0.23x as on March 31,
2023.
* Potential for infrastructure facilities in Kerala: The state of
Kerala holds significant potential for development of
infrastructure facilities especially for small-scale export based
units, educational institutions, warehouses, service-based
industries. Most of the businesses are small-scale units which
require processing capacity, warehousing facility and office space.
With the initial cost of purchasing land/building cut down
significantly, the projects by Inkel may find interest among the
buyers in the small/medium scale businesses.
Incorporated in the year 2007, Inkel Limited (Inkel) is a public
private partnership initiative by Government of Kerala (GoK)
established with the objective of channelizing private capital and
professional expertise into large scale infrastructure projects
which includes setting up of industrial parks, special economic
zone, trade centers and construction of roads and bridges required
for various manufacturing and service-based industries in the
state. Inkel achieves its objectives by forming joint ventures with
various companies which has expertise in their respective fields
since the company does not have the technical expertise to bid for
certain Infrastructure projects. Apart from this, other major
divisions which contribute to Inkel's revenue are the project
management consultancy division and solar division.
KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Karmyogi Ankushrao Tope Samarth Sahakari Karkhana Ltd.'s (KATSSKL)
back facilities to Stable from Positive, while affirming the rating
at 'IND BB+'.
The detailed rating action is:
-- INR1.50 bil. Fund-based working capital limit affirmed;
Outlook revised to Stable from Positive with IND
BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The Outlook revision reflects KATSSKL's lower-than-Ind-Ra-expected
performance in FY24 due to the ban on sugar exports and the
restrictions on ethanol production, impacting the performance of
expanded sugar and distillery unit. The fall in overall sales also
led to an increase in the inventory levels, resulting in an
increase the utilization of short-term debt and a rise in the net
leverage in FY24. The agency expects the leverage to remain high as
the company is incurring debt-funded capex for installing a boiling
house to expand its revenue streams.
The ratings are supported by KATSSKL's more than three decades of
experience in the sugar industry, mitigating the continuous
agro-climactic and regulatory challengers inherent to the sector.
Ind-Ra expects the company's scale of operations and profitability
to improve supported by the incremental revenue from the ethanol
sales and the fully integrated nature of KATSSKL's operations in
the near to medium term.
Detailed Description of Key Rating Drivers
Net Leverage Likely to Remain above 5x in Near to Medium Term due
to Debt-funded Capex: KATSSKL's gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.67x in FY24 (FY23:
4.38x), due to the export ban impacting its profitability and
restrictions on ethanol production. Furthermore, its short-term
debt rose to INR2,165.44 million in FY24 (FY23: INR336.52 million),
owing to a 31% yoy rise in inventory due to low sales.
Consequently, the net leverage (Ind-Ra-adjusted net debt/operating
EBITDAR) increased to 16.11x in FY24 (FY23: 2.62x).
Additionally, the entity is expanding the capacity of its boiling
house sugar plant to 7,500 tons of canes per day (TCD) in unit-1
from 4,000 TCD. The capex aims to enhance the production of its
plantation white sugar capacity to easily switch the production of
juice to ethanol and later to white plantation sugar without
affecting the crushing capacity even if a reduction in the juice in
case of any restrictions imposed by the government in future on
diversion of syrup to ethanol. The project, whose construction
started in April 2024, is in the final stage with almost 100% of
cost being incurred as on 15 December 2024. The plant will likely
commence operations by end-FY25, as per the management. The total
project cost is INR341.86 million, which was being funded through
term loans of INR213.80 million and its promoters' contributions.
The additional term debt availed for the project is likely to
impact the company's net leverage significantly in FY25.
Moderation in Profitability Margins; Recovery likely in FY25 aided
by Distillery Business: KATSSKL's operating profitability decreased
to INR273.80 million in FY24 (FY23: INR629.70 million; FY22:
INR296.46 million), due to the export ban on sugar and an increase
in its raw material costs following an increase in sugarcane
prices.
KATSSKL's EBITDA margin declined to 4.52% in FY24 (FY23: 8.09%) as
the expansion in the gross margin was offset by the lower
absorption of operating overheads due to the fall in overall sales.
The operating margin remained modest historically, due to the
regulated nature of the sugar industry, where the sales are being
controlled by the government's quota regulations. The price paid
for sugarcane is being regulated by the fair and remunerative
pricing policy. Ind-Ra expects the company's EBITDA margin to
improve in the near- to medium-term as it starts gaining
operational synergies from the enhanced distillery capacity.
Inherent Regulatory Risks: The sugar industry is regulated and
vulnerable to government policies as it is classified as an
essential commodity. Besides setting quotas for domestic sales of
sugar and restricting sugar exports, the government has implemented
various regulations such as fixing raw material prices in the form
of FRP for sugarcane as well as implementing restrictions on the
diversion of sugar syrup and B-heavy molasses in the previous sugar
season (2023-2024), although the restrictions have been lifted in
October 2024 for the upcoming season. All these factors impact the
production and sales of sugar and ethanol/extra neutral alcohol,
posing significant uncertainty risks on KATSSKL's scale of
operations.
Successful Completion of Capex: The entity has successfully
completed the expansion project of sugar crushing unit from 4000
TCD to 7500 TCD project and expansion of distillery unit from 60
KLD to 160 KLPD in the unit I. Additional 3.500 TCD was set up
mainly for the production of ethanol from juice. The actual cost
incurred to complete the projects was around INR1,763 million that
was funded through debt of INR1,450.8 million and INR312.45 million
promoter's contribution. FY25 will be the first full year of
commercial operations for the expanded capex and KATSSKL expects an
improvement in operating performance, although Ind-Ra had projected
an improvement in overall performance with this project in sugar
season 2023-2024. However, the performance was impacted by the
imposition of restriction on ethanol diversification by the
government on December 7, 2023.
Medium Scale of Operations; Likely to Improve: KATSSKL's revenue
dipped 22.20% yoy to INR6,055.75 million in FY24 (FY23: INR7,784.21
million; FY22: INR5,786.81 million) owing to government measures
such as ban on sugar exports and limiting diversion towards
ethanol. The measures also caused the decline in the revenue
contribution from the sugar segment to 64% in FY24 (FY23: 79%) for
KATSSKL with sugar sales reducing to 110,982 MT (187,148 MT).
For the SS2023-2024, KATSSKL is expanding its crushing capacity to
7,500 TCD from4,000 TCD in unit-1. Besides, the company expanded
its distillery capacity to 100 KLPD in its unit 1, which started
its commercial production from 14 November 2023. With this, the
sugar mill crushed cane of 1,079,707 MT in unit 1 and 509,405 MT in
unit II with a total crushed quantity of 1,589,111.66 MT for 166
days (sugar season 2024 ended 18 April 2024).
However, with the government imposing restrictions on ethanol
production through B-heavy molasses and cane juice routes in
December 2023, capping the sugar diversion to ethanol. This move
led to an increase in sugar inventory levels across the sugar mills
in India. KATSSKL sugar inventory rose to 84,724 MT in FY24 (FY23:
76,548 MT). Moreover, with limited diversion of sugarcane syrup and
B-heavy molasses towards ethanol production its ethanol inventory
rose significantly to 9.30 million liter in FY24 (FY23: 0.83
million liter).
Furthermore, KATSSKL cane crushing is likely to be 1.30-1.40
million MT in the upcoming season, as the entity will divert around
30% of sugar juice for ethanol production and FY25 will be the
first full financial year of operation for enhanced capacity which
was completed in FY24. Ind-Ra expects the revenue to increase
further in FY25 and in the medium term, backed by higher monthly
quotas for sales received in 1HFY25 and the increased estimates of
annual consumption domestically. Moreover, the company booked
revenue of INR4,166.50 million in 1HFY25.
Forward-integrated Operations: KATSSKL operations are forward
integrated with a co-generation capacity of 18 megawatt (MW) and a
distillery capacity of 220 kilo liters per day (KLPD), which
provide alternative revenue streams and act as a cushion against
the cyclicality in the sugar business. These two segments accounted
for about 3.4% and about 30.5% to the revenues, respectively, in
FY24, (FY23: 5% & 14%). In the near- to medium term, the agency
expects KTASSKL's revenue from sugar crushing and distillery unit
to increase, mainly supported by the enhancement in its overall
crushing capacity and distillery capacity to10,500 TCD (license
capacity; from 6,500 TCD) and 220 KLPD (120 KLPD), respectively,
further scaling up the operations and strengthening the operating
profile. It would also moderate the seasonality associated with
sugar business, as distilleries can operate for 300-320 days a
year. The rating is supported by the promoter's experience of
nearly three decades in the sugar industry.
Liquidity
Stretched: The sugar manufacturing business is inherently working
capital intense in nature and KATSSKL networking capital cycle
elongated to 229 days in FY24 (FY23: 91 days; FY22: 183 days),
owing to its increased inventory. Ind-Ra expects the net working
capital cycle to remain elongated in the medium term owing to the
rising inventory levels after every crushing season. The entity's
average maximum utilization of its fund-based working capital
limits was 71% for the 12 months ended September 2024. The
unencumbered cash and cash equivalents at FYE24 were INR20.46
million (FYE23: INR20.67 million). KATSSKL has high debt repayment
obligations of INR290 million and INR570 million in FY25 and FY26,
respectively, which will put pressure on the liquidity position.
KATSSKL cash flow from operations turned negative INR1,201 million
in FY24 (FY23: INR1,632 million; FY22: negative), due to the
increased Inventory levels along with a slight moderation in
creditors during FY24. The cash flow from operations is likely to
turn positive in FY25 with a release in working capital and remain
positive over the medium term. With negative cash flow from
operations and debt-funded capex, the free cash flow remained
negative at INR3,015.06 million in FY24 (FY23: INR165.63 million).
Rating Sensitivities
Negative: Any deterioration in the scale of operations,
higher-than-expected decline in the EBITDA margins, a significant
cost overrun in the capex impacting the overall liquidity, or a
higher-than-expected deterioration in the credit metrics, all on a
sustained basis, will be negative for the rating.
Positive: A significant improvement in the scale of operations,
successful completion of the planned capex, an improvement in the
liquidity and financial reporting standards, or the interest
coverage rising above 2.5x, all on a sustained basis, will be
negative for the ratings.
About the Company
KATSSKL manufactures sugar with a installed capacity of 7,500 TCD
in unit I and 2,500 TCD in unit II. The company has a fully
integrated units at Jalna, Maharashtra. The unit-1 and unit-II are
located at the distance of 45-50 km. It owns co-generation facility
of 18MW and a distillery unit of 160KLPD at unit I and 60KLPD
distillery at unit II until March 2024.
KARTYA TEXTILES: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Kartya Textiles Private Limited's (KTPL) bank
facilities:
-- INR150 mil. Fund-based working capital limit affirmed with
IND B+/Stable/IND A4 rating; and
-- INR390.33 mil. (reduced from INR433 mil.) Term loan due on
October 30, 2033 affirmed with IND B+/Stable rating.
Analytical Approach
Ind-Ra has factored in the support provided to KTPL by its parent,
Kartya Constructions Private Limited (KCPL), to arrive at the
ratings. The agency has also factored into the rating the strong
credit profile of KCPL. Moreover, KCPL has extended a corporate
guarantee towards KTPL's working capital limits and so far, infused
INR164 million as equity.
Detailed Rationale of the Rating Action
The affirmation reflects KTPL's nascent stage of operations as it
commenced production from October 2023, and likely modest EBITDA
margins and credit metrics and stretched liquidity. The ratings,
however, are supported by the promoters' around 20 years of
experience in the textile industry.
Detailed Description of Key Rating Drivers
Nascent Stage of Operations: JSPL commenced its operation only in
October 2023. In FY24, KTPL achieved a revenue of INR201 million.
The management expects to achieve a revenue of INR530 million in
FY25 due to the full year of operations.
Expected Modest Credit Metrics: In FY25, Ind-Ra expects KTPL's
credit metrics to be modest, given the increase in its interest
expense due to the high utilization of the cash credit facility and
term loan facility.
Price Volatility Risk: Any adverse changes in cotton prices might
impact KTPL's cash flows and its operations. It may also affect its
repayment schedule when adequate cash flows are not generated.
Expected Modest EBITDA Margin: In FY25, Ind-Ra expects KTPL's
EBITDA margin and return on capital employed (EBIT/capital
employed) to be modest, given the company is in its initial stage
of operations and a high fixed expense. In FY24, KTPL saw a
negative EBITDA of INR26 million.
Strong Linkages with Parent: KCPL has extended a corporate
guarantee towards KTPL's working capital limits and so far, infused
equity capital of INR164 million into KTPL. KCPL holds a 99% stake
in KTPL. Ind-Ra factors into the ratings the strong credit profile
of KCPL.
Experienced Promoters: The company's promoters have nearly two
decades of experience in the textile industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.
Liquidity
Stretched: KTPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The company has debt repayments of INR25.8 million
and INR39 million in FY25 and FY26, respectively. The agency
expects its liquidity to remain stretched over the near term, due
to its high interest costs annually. According to Ind-Ra, the
company will meet its working capital requirements through
fund-based working capital limits. These limits had a month-end
average utilization of 95.93% for the 12 months ended October
2024.
Rating Sensitivities
Negative: A weaker-than-Ind-Ra-expected operating performance,
resulting in a lower-than-expected scale of operations and credit
metrics and/or deterioration in the liquidity, along with a
weakening of the linkages with parent entity, could be negative for
the ratings.
Positive: Achievement of stable operating profitability with an
improvement in liquidity and the interest coverage being above 1.4x
on a sustained basis will be positive for the ratings.
About the Company
KTPL was incorporated in October 2021 to manufacture cotton yarn of
20 and 30 counts. The company completed the construction of its
spinning mill in Madurai with a capacity of 9,120 spindles in
mid-August 2023 and had its first full month of operations in
October 2023.
KATHIAWAR STEELS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research has affirmed Kathiawar Steels LLP's bank
facilities' ratings as follows:
-- INR704 mil. Non-fund-based working capital limit affirmed with
IND BB-/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects KSLLP's continued small scale of
operations, sustained EBITDA losses and modest credit metrics in
FY24. Ind-Ra expects the scale of operations to sustain at similar
levels in FY25 resulting from the likely sale of balance
inventories in hand. However, the ratings are supported by the
promoters' three decades of experience in the ship breaking
industry.
Detailed Description of Key Rating Drivers
Scale of Operations Remain Small: The revenue of INR127.49 million
in FY24 (FY23: nil) as it sold some inventory of the dismantled
ship, which was purchased in December 2023. The company continued
to report EBITDA losses of INR9.14 million in FY24 (FY23: loss of
INR5.70 million). Until October 31, 2024, KSLLP booked revenue of
INR114.23 million and had inventories in hand of INR17.66 million,
which is likely to be sold off by end-March 2025. In FY25, Ind-Ra
expects the revenue to remain at similar levels from sale of
balance inventories in hand. However, Ind-Ra expects the revenue to
be impacted in the medium term due to the unavailability of the
desired quality ships for purchase and breaking.
Continued Modest EBITDA Margin: The company had a modest EBITDA
margin of negative 7.17% in FY24 (FY23: nil) with a return on
capital employed of negative 8% (negative 5.4%). In FY25, Ind-Ra
expects the EBITDA margin to improve owing to the likely sale of
all the unsold profitable inventory by end of March 2025.
Sustained Modest Credit Metrics: KSLLP's credit metrics remained
modest in FY24 due to operating losses suffered by the company.
However, Ind-Ra expects the credit metrics to improve in FY25 on
account of a likely improvement in the EBITDA and the absence of
any long-term debt-funded capex.
Experienced Promoters: The promoters have nearly three decades of
experience in ship breaking industry. This has facilitated the
company to establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: In FY24, the cash flow from operations declined to
INR3.35 million (FY23: INR12.75 million), due to the EBITDA losses.
Consequently, the free cash flow decreased to INR3.27 million
(INR12 million). In FY24, the working capital cycle turned negative
at 20 days on account of an increase in the creditor days. KSLLP's
average maximum monthly utilization of its fund-based limits was
around 9.99% over the 12 months ended November 2024. KSLLP does not
have any long-term debt. Furthermore, the company does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. At FYE24, the cash
and cash equivalents stood at INR4.52 million (FYE23: INR94.51
million).
Rating Sensitivities
Negative: A weaker-than-expected revenue, profitability and/or
liquidity profile or deterioration in the credit metrics with the
gross interest coverage below 1.5x will be negative for the
ratings.
Positive: Any significant improvement in the scale of operations or
an improvement in the EBITDA margin and liquidity, all on a
sustained basis, will be positive for the ratings.
About the Company
KSLLP is a limited liability partnership firm having Hiren
Jashvantrai Shah and Jasvant Durlabhdas Shahas designated partners
and is engaged in the business of ship breaking. The shipping yard
is located at Bhavnagar (Gujarat).
M.S. SOLVENT: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.S.
Solvent Industries (MSI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of MSI under the 'issuer
non-cooperating' category as MSI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MSI continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 17, 2024,
November 27, 2024 and December 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
M.S. Solvent Industries is a partnership firm established in July
2009 by four partners, namely, Mr. Mahendra Singh, Mr. Anil Kumar,
Mr. Harish Kumar and Mr. Daleep Singh sharing profits and losses
equally. The firm is engaged in extraction of rice bran oil at its
processing facility located in Gadarpur (Uttarakhand). The firm has
started an additional rice mill unit in November, 2016 that has
enabled the firm to extract rice bran oil through milling. Here the
rice bran oil will be extracted form paddy.
MAHIP INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahip
Industries Limited (MIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.72 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 3,
2023, placed the rating(s) of MIL under the 'issuer
non-cooperating' category as MIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MIL continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 18, 2024,
September 28, 2024, October 8, 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
Outlook: Not Applicable
MIL (CIN No. L15549GJ1995PLC028116) (ISIN No.: INE00CX01017) was
promoted as Care Beverages (India) Ltd. in 1995 by Mr. Rajiv
Agrawal & his family members. Subsequently, its name was changed to
Care Corupack Ltd. in 2001 and to Mahip Industries Ltd. (listed on
BSE SME, Quote No. 542503) in 2018. MIL is engaged in manufacturing
of corrugated boxes, stiffeners, plates and rolls. Its
manufacturing unit is located near Dholka-Bagodara highway in
Gujarat.
MALWA STRIPS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Malwa
Strips Private Limited (MSPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.25 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 December 21,
2023, placed the rating(s) of MSPL under the 'issuer
non-cooperating' category as MSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 5, 2024,
November 15, 2024 and November 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Malwa Strips Private Limited (MSPL, CIN: U27107MP1987PTC004101) was
incorporated in 1987 in Dewas (Madhya Pradesh) by Mr Dilip Doshi
along with his family members. MSPL is engaged in the business of
manufacturing of copper metal-based products like copper bars,
rods, strips, foils and other copper-based products. The products
of MSPL are mainly used in power and infrastructure sector. MSPL
has its manufacturing facility situated at Dewas having an
installed capacity of 120 Metric Tonnes Per Annum (MTPA) as on
March 31, 2016. Major raw material used by MSPL is copper rods and
copper strip.
Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of MSPL into Issuer Not
Cooperating category vide press release dated June 26, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
MBG COMMODITIES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MBG Commodities
Private Limited (MBG) bank loans' ratings as follows:
-- INR50 mil. Fund-based** working capital limit affirmed with
IND BB+/Stable/IND A4+ rating; and
-- INR1.70 bil. (reduced from INR2.40 bil.) Non-fund-based
working capital limit* affirmed with IND BB+/Stable/IND A4+
rating.
*Earlier rated as non-fund-based letter of credit
**Fund-based working capital limit is a sub-limit of
non-fund-based working capital limits
Detailed Rationale of the Rating Action
The affirmation reflects MBG's ongoing disputes, which have
resulted in continued high receivables and payables. Furthermore,
Ind-Ra expects a decline in revenue in the near term due to a
likely delay in execution of orders. In addition, the ratings are
constrained by high orderbook concentration. The ratings are
supported by the medium scale of operations, comfortable credit
metrics, high cash balances and minimal utilization of fund based
limits to manage working capital requirements in FY24.
Detailed Description of Key Rating Drivers
High Receivables and Payables due to Ongoing Disputes: MBG's
business remains exposed to the weak credit profiles of state power
generating utilities, which are the bulk customers for the
company's coal trading business, and the company continues to face
delayed payment realizations from customers that have been facing
cash deficits. Out of the total receivables of INR1,203.60 million
in FY24 (FY23: INR1,217.90 million; FY22: INR1,483.3 million),
MBG's two main government counterparties accounted for INR291
million.
In addition, an investigation was launched by a government
department in 2014 on all coal importers, regarding payment of
differential customs duty on the coal imported during 2010-2014
for non-submission of concessional document i.e. Certificate of
Origin (Form A1). MBG has sought the documentation from its
suppliers, which has not been provided yet. The company has an
understanding with its suppliers, wherein the supplier will be paid
once the company receives its payment from the customer. MBG's
payables remained high but declined to INR2,730 million in FY24
(FY23: INR3,137.2 million; FY22: INR3,072.40 million).
However, any payment requirements can be funded out of the existing
cash balances. In case of any shortfall, as per the management, the
company might infuse additional capital to pay its suppliers and
would not opt for any external debt borrowings. MBG's ability to
recover the delayed payments will remain a key monitorable.
High Orderbook Concentration: The company derives 54% of its
revenue from Andhra Pradesh Power Generation Corporation Limited
(APPGCL) and the remaining 46% from NLC Tamil Nadu Power Limited
(NLCTNPL). To mitigate this risk, the management has been actively
bidding for new tenders for both coal imports and logistics.
Tender-based Operations; Intense Competition: Given the intense
competition, the revenue and profitability of entities in this
business entirely depend on the ability to win tenders. Thus, they
have to bid aggressively to obtain contracts, which restricts the
operating margin to moderate levels.
Medium Scale of Operations; Sharp Revenue Growth in FY24: MBG's
revenue grew significantly to INR4,175.5 million in FY24 (FY23:
INR397.20 million) and it reported positive EBITDA of INR149.40
million (negative INR90.30 million). The revenue and profitability
improved in FY24 as the company resumed its coal trading business
during the year. In FY22 and FY23, the company had booked nil
revenue from the trading of imported coal, due to lower demand for
the same from government departments as well as deferment of the
existing tenders/orders. During 1HFY25, MBG booked revenue of
INR1,567.97 million. Furthermore, it had an order book of INR10,183
million as of November 2024, to be executed by FY26, providing
revenue visibility of 2.4x of FY24 revenue. However, Ind-Ra expects
the revenue to decline marginally over FY25-FY26 due to delayed
execution of orders.
Modest EBITDA Margin; Improvement in Profitability: MBG reported an
EBITDA margin of 3.58% in FY24 (FY23: EBITDA loss), backed by
better absorption of fixed costs due to the increase in revenue.
The ROCE was 5.2% in FY24 (FY23: negative ROCE). In FY25, Ind-Ra
expects the EBITDA margin to remain at similar levels due to
similar nature of operations.
Comfortable Credit Metrics: MBG's credit metrics improved in FY24
due to the growth in EBITDA and a decline in the overall debt
levels to INR28.50 million (FY23: INR313.10 million). The interest
coverage (operating EBITDA/gross interest expenses) was 3.23x in
FY24 (FY23: not meaningful). The company continued to be net cash
positive in FY24. In FY25, Ind-Ra expects the credit metrics to
remain at similar levels due to the absence of any debt-led capex
and term loans.
Experienced Promoter: The ratings are supported by the promoters'
experience of nearly two decades in coal imports and the logistics
industry, which has helped the company establish strong
relationships with customers as well as suppliers.
Liquidity
Stretched: MBG does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The cash flow from operations increased to INR464.90
million in FY24 (FY23: INR175.40 million) due to favorable changes
in working capital. Consequently, the free cash flow rose to INR462
million (FY23: INR174.60 million). The net working capital cycle
remained negative at 135 days in FY24 (FY23: negative 1,029 days),
with payable days of 248 days (FY23: 1,119 days) and receivable
period of 105 days (2,236 days ). The inventory holding period
reduced to seven days in FY24 (FY23: 87 days). MBG has debt
repayment obligations of INR6.6 million in FY25 and INR6 million in
FY26. The cash and cash equivalents stood at INR1,519 million at
FYE24 (FYE23: INR1,733.60 million). MBG's average maximum
utilization of the fund-based limits was 7.74% and that of the
non-fund-based limits was 67.33% during the 12 months ended
November 2024.
Rating Sensitivities
Negative: A decline in the scale of operations with revenue
visibility falling below 1.5x, leading to deterioration in the
overall credit metrics and/or debtor cycle, along with increased
liquidity mismatch on the outstanding dues, leading to a
substantial build-up of debt, could be negative for the ratings.
Positive: An increase in the scale of operations, with revenue
visibility of over 2.5x, along with an improvement in the overall
credit metrics and favorable resolution of disputes, and an
improvement in the debtor cycle, leading to significant accretion
of cash and easing of the liquidity mismatch, all on a sustained
basis, could lead to a positive rating action.
About the Company
Established in 1982 as Maheswari Brothers, MBG was converted into a
private limited company in 2012. MBG trades in imported coal, which
it imports mainly from Indonesia, South Africa, Russia and
Australia, and caters to the coal needs for the power sector.
Besides this, the company is also engaged in cargo handling for
gencos for domestically procured coal.
MEHUL GEO: Ind-Ra Keeps B Loan Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mehul Geo
Projects LLP's (MGP) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR100 mil. Fund-based working capital limits* maintained in
non-cooperating category and withdrawn; and
-- INR50 mil. Non-fund-based working capital limits# maintained
in non-cooperating category and withdrawn.
*Maintained at 'IND B/Negative (ISSUER NOT COOPERATING)'/'IND A4
(ISSUER NOT COOPERATING)' before being withdrawn
# Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn
Detailed Rationale of the Rating Action
The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer and no-objection
certificate from the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with MGP while reviewing the
ratings. Ind-Ra had consistently followed up with MGP over emails,
apart from phone calls since October 2018. The issuer has also not
been submitting the monthly no default statement since October
2018.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MGP, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MGP has been
non-cooperative with the agency since October 2018.
About the Company
MGP is an engineering, procurement and construction contractor
engaged in government and private projects. It undertakes civil
construction contracts for dams, canals and bridges for the Gujarat
government (60% of revenue) and undertakes tiling works for the
real estate sector (private sector; 40% of revenue).
MOTOR AND GENERAL: CARE Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Motor
and General Sales Private Limited (MGSPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 80.50 CARE D; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Long Term/ 14.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating moved to
Bank Facilities ISSUER NOT COOPERATING category
Rationale and key rating drivers
MGSPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Limited's (CARE Ratings') rating on
MGSPL's bank facilities will now be denoted as "CARE D/CARE D;
ISSUER NOT COOPERATING".
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The reaffirmation of rating assigned to bank facilities of MGSPL
factors in the instance of delay in servicing of debt obligations
by the company.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers
At the time of last rating on June 12, 2024, following were the
rating strengths and weaknesses (updated based on limited
information available from the company).
Key Rating Weaknesses
* Instances of delays in servicing of debt obligations: As per the
lender's feedback received, there was instance of delay by the
company in the repayment of tranches due in Channel finance (CF)
account during the month of April 2024, wherein the tranche due in
CF account remained overdue for a continuous period of fifteen
days. The instance of delay was largely on account of poor
liquidity position of the company.
* Low profitability margins: The profitability margins of the
company though improved, continued to remain at low levels, marked
by profit before interest, lease rental, depreciation, and taxation
(PBILDT) and profit after tax (PAT) margins of 4.11% and 1.14%
respectively in FY24 (refers to the period from April 1, 2023 to
March 31, 2024)) as against 2.72% and 0.65% respectively in FY23
(refers to the period from April 1, 2022 to March 31, 2023)).
Further, the company achieved a total operating income of INR311.67
crore in FY24 vis-à-vis INR179.57 crore in FY23. The growth in
company's scale and improvement in profitability margins was
largely on account of contribution from franchise business with
Kalyan Jewellers.
* Leveraged capital structure and weak debt coverage indicators:
MGSPL's capital structure continued to remain leveraged marked by
overall gearing ratio of 4.32x as on March 31, 2024 though
the same improved from 5.22x as on March 31, 2023(Audited). The
improvement was largely on account of increase in tangible net
worth of the company post accretion of profits to reserves. Due to
low profitability margins and high debt levels, the debt coverage
indicators of the company remained weak as marked by interest
coverage ratio and total debt to gross cash accruals of 1.54x and
17.12x in FY24 (Provisional).
* Cyclical and competitive nature of automotive industry: The
automobile industry is cyclical in nature and automotive component
suppliers' sales are directly linked to the sales of auto
Original Equipment Manufacturers (OEMs). Further, the
auto-ancillary industry is competitive with presence of a large
number of players in the organized as well as unorganized sector.
While the organized segment majorly caters to the OEM segment, the
unorganized segment caters mainly to the replacement market and to
Tier II and Tier III suppliers.
* Working capital intensive nature of jewellery industry and gold
price fluctuation risk: The working capital intensive nature of the
business is an inherent characteristic of the retail gems and
jewellery industry. The operating cycle of the company remained
elongated at 121 days in FY24 (Provisional) as against 109 days in
FY23 (Audited), due to franchise business with Kalyan Jewellers,
resulting in a high average inventory holding period of 108 days in
FY24 (Provisional). Further, gold prices are correlated to
international gold prices and exchange rates. Therefore, any
adverse change in the gold prices is likely to have an impact on
the company's revenues and margins.
Key Rating Strengths
* Experienced promoters: MGSPL was promoted by Late Shri Rahul
Gupta in the year 1955. The company is currently run and managed by
its second line of promoters, Mrs. Shivani Gupta, Mr. Divas Gupta,
and Mr. Raghav Gupta. Mr. Divas Gupta and Mr. Raghav Gupta are sons
of Late Shri Rahul Gupta and Mrs. Shivani Gupta. Mr. Divas Gupta,
and Mr. Raghav Gupta are postgraduates by qualification and possess
experience of more than a decade in the similar line of business.
Mrs. Shivani Gupta is a graduate by qualification and has an
overall experience of more than three decades in the similar line
of businesses. Mr. Vivek Shukla is also a director in the company
and act as Chief Financial Officer (CFO) of the company. He is a
Chartered Accountant by qualification.
* Diversified streams of revenue: MGSPL has diversified streams of
revenue to support the business growth. Till FY20, MGSPL was purely
engaged into dealership business of OEMs, Honda, Ford, and Tata
Motors. In FY21, the promoters of the company diversified the
business and entered into fabrication business. The company
receives order from renowned customers including from India
Railways for fabrication work. Further, it is engaged in the
manufacturing of Agri implements such as trenchers, tillers,
rotovators etc. It also owns and operates a cinema theatre viz.
Novelty Cinema in Lucknow (Uttar Pradesh), which is a more than
five decades old multi-screen theatre having seating capacity of
around 500 persons. MGSPL has also entered into franchise business
with Kalyan Jewellers during Q4FY23 (refers to period from January
01, 2023, to March 31, 2023). By having diversified streams of
revenue, MGSPL is able to avoid the risk of revenue concentration
coupled with economic slowdown in a particular industry.
Liquidity: Poor
MGSPL has poor liquidity position as marked by reported instance of
delay in repayment of tranches due in the CF account.
Incorporated in the year 1955 and based in Lucknow (Uttar Pradesh),
MGSPL is engaged in business of design and fabrication of vehicles
bodies like bus body, truck load bodies, tippers, trailers,
trolleys, water tanks, wrecker truck, mobile ATM van, etc. It is
also engaged in the manufacture of Agri equipment and implements
like straw reaper, ratoon manager, trencher, rotovators etc.
Further, it undertakes orders from Indian Railways for refurbishing
or repair of railways wagons and coaches. Moreover, it runs a more
than five decades old multi-screen cinema theatre (Novelty Cinema),
located in Lucknow (Uttar Pradesh). During Q4FY23 (refers to period
from January 01, 2023, to March 31, 2023), the company further
entered into franchise business with Kalyan Jewellers and is
operating two stores located in the markets of Hazratganj and Gomti
Nagar, Lucknow (Uttar Pradesh).
NASHIK DISTRICT: Ind-Ra Moves BB+ Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Nashik District Police Co-operative Credit Society Limited's (NDPC)
bank facilities to Negative from Stable and has simultaneously
migrated the ratings to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency through phone calls and
emails. Thus, the ratings are based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
The detailed rating actions are:
-- INR50 mil. Fund-based working capital limit Outlook revised to
Negative; migrated to non-cooperating category with IND BB+/
Negative (ISSUER NOT COOPERATING) rating; and
-- INR450 mil. Bank loans Outlook revised to Negative, migrated
to non-cooperating category with IND BB+/Negative (ISSUER NOT
COOPERATING) rating.
Note: Issuer did not cooperate; based on best available
information
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with NDPC while reviewing the
ratings. Ind-Ra had consistently followed up with NDPC over emails
starting September 3, 2024, apart from phone calls. However, the
issuer has submitted no default statement till November 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of NDPC, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. NDPC has been
non-cooperative with the agency since September 3, 2024. However,
the issuer has submitted no default statement until November 2024.
About the Company
NDPC was established by the employees of Nashik district police
department in 1950, for the welfare of the police employed in the
Nashik district. The society has the main objective of accepting
deposits from its members and providing credit facilities to them.
It is managed by its director body, which consists of 14 directors
who are employees of the Maharashtra Police working in Nashik
district and are elected by members. Its member's base was around
5,400 during FY19-FY23. NDPC is registered under the Maharashtra
Co-operative Societies Act and is not regulated by the Reserve Bank
of India.
OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Octopus
Papers Limited (OPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.88 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of OPL under the 'issuer
non-cooperating' category as OPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
OPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 5, 2024,
November 15, 2024 and November 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
OPL was initially incorporated as Octopus Paper Private Limited on
March 19, 2007 by Mr. Bharat Khara, Mr. Vishal Khara and Mrs. Jyoti
Khara. Subsequently, during August 2015, it rechristened itself to
OPL. OPL is engaged into manufacturing and trading of notebooks;
copier papers and paper related office stationery and also does
Offset Printing. OPL sells its products in four different
categories i.e. school stationery products (includes long book,
note book, jumbo book A4 long book, drawing book and graph book),
office stationery products (registers, cash memo, copier papers and
pocket memo), other paper products and offset printing. The
manufacturing plant of the company is located at Vapi G.I.D.C. All
the business activities are done under the brand name "Octopus".
OLIVE BAR: Ind-Ra Cuts Term Loan Rating to BB+, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Olive Bar and
Kitchen Private Limited's (OBKPL) term loans' ratings to 'IND BB+'
from 'IND BBB-'/Stable as follows:
-- INR134.20 mil. Term loan due on March 31, 2027 downgraded with
IND BB+/Stable rating; and
-- INR150 mil. Proposed term loan downgraded with IND BB+/Stable
rating.
Detailed Rationale of the Rating Action
The downgrade reflects a significant decline in OBKPL's EBITDA
margins to 4% in FY24 (FY23: 13%), due to increasing fixed costs
and rising competition. Furthermore, the company reported EBITDA
losses till October 2024. However, the ratings are supported by the
high cash balance and liquid investments held by the company that
can be utilized for meeting repayment obligations and funding
losses in the business in the near term. The ratings are also
supported by the company's low debt exposure.
Detailed Description of Key Rating Drivers
Small Scale of Operations; Decline in Revenue in FY24: The revenue
declined slightly in FY24 to INR1,841 million (FY23: INR1,860
million) due to normalization of footfall at its outlets after a
surge in FY22 and FY23 after relaxation of COVID-19 restrictions.
The revenue further declined on a year-on-year basis until October
2024 to INR968 million. The scale of operations remained small.
During the year, OBKPL discontinued two outlets in Mumbai (Andheri
and Thane), relocated one outlet to Kolkata and is planning to open
another new outlet in Ludhiana by end-FY25.
Sharp Decline in EBITDA Margin in FY24; Likely to Remain at Similar
Levels in Near-to-medium Term: The EBITDA margin plunged to 4.03%
in FY24 (FY23: 13.6%; FY22: 10.2%) on account of an increase in
rent, employee benefit and other fixed operating expenses. The
EBITDA margins were modest with the return on capital employed
declining to 7.2% (FY23: 61%, FY22: 27%). Furthermore, the company
reported operating losses until October 2024. With some recovery in
the revenue in November and December 2024, Ind-Ra expects the
margins to sustain at FY24 levels in the near term.
Exposure to Intense Competition: The restaurant industry in India
is highly fragmented, with unorganized players having a significant
market share. Thus, OBKPL faces intense competition and needs to
continuously innovate in terms of menu and decor to match the
fast-changing customer preferences. The increasing competition was
one of the major reason for the decline in revenue in FY24.
High Cash Balance and Liquid Investments Provide Comfort for
Meeting Repayment Obligations: The company had an unencumbered cash
balance of INR183 million at FYE24 (FYE23: INR218 million) in the
form of cash, bank balance and liquid investments in mutual funds.
The company has repayment obligations of INR17.8 million and
INR11.2 million in FY25 and FY26, respectively, which can be paid
through existing cash balance in case of a deficit in internal
accruals.
Healthy Credit Metrics due to Low Debt Levels: The company had
availed a term debt during 2022 under guaranteed emergency credit
lines and does not have any working capital loan. The net leverage
(total adjusted net debt/operating EBITDAR) was negative since FY22
due to the high cash levels. However, the gross interest coverage
(operating EBITDAR/gross interest expense) declined to 3.12x in
FY24 (FY23: 9.07x, FY22: 6.05x), due the significant decline in
the EBITDA to INR74 million (INR253 million) but remained
comfortable. Ind-Ra expects the credit metrics to improve in the
medium term on account of repayment of debt resulting in lower
finance cost.
Long Operational Track Record; Diversified Geographical Presence:
OBKPL's promoter-director Aditya Singh has considerable experience
in the hospitality business. Over the past two decades, he has
successfully created brands in the restaurant business. He is
further supported by an experienced management team in running the
operations. The company operates 25 outlets across India including
Mumbai, Delhi, Noida, Gurugram, Hyderabad, Bengaluru, Goa and
Kolkata under eight different brands across various segments such
as fine dining and quick food.
Liquidity
Adequate: OBKPL's liquidity position is adequate marked by its nil
reliance on working capital borrowings during the three years ended
March 2024. The cash flow from operations decreased to INR79.80
million (FY23: INR153.08 million) due to the decline in EBITDA. The
cash and cash equivalents, including liquid investments, stood at
INR182.78 million at FYE24 (FYE23: INR218.53 million) against
scheduled debt repayment of INR17.8 million in FY25 and INR11.2
million in FY26.
Rating Sensitivities
Negative: Any deterioration in liquidity position or failure to
improve operational performance on a sustained basis will be a
negative for the ratings.
Positive: A significant improvement in the scale of operations and
profitability while maintaining liquidity position, all on a
sustained basis, will a positive for the ratings.
About the Company
Incorporated in 2000, OBKPL operates chain of restaurants and bars
in various states across India under various brand names such as
Olive Bar & Kitchen, Olive Beach, Monkey bar, Sodabottleopenerwala,
Olive Bistro, Fatty Bao, Toast & Tonic, Guppy, Ek-Bar, etc. The
company operates 25 restaurants in Mumbai, Delhi, Gurgaon, Noida,
Bengaluru, Hyderabad and Kolkata location under flagship brand
'Olive' which serves Lebanese, Italian, European and Continental
cuisines.
Furthermore, in past India Agri Business Fund II and Real Trust II,
sponsored by Rabobank, have picked up 43% stake in OBKPL from
Aditya Birla Private Equity Trust and other private equity
investors. And also, Business match Services (I) Pvt. Ltd. holds
13% stake in OBKPL.
OM AASTHA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Aastha
Indo Energy Private Limited (OAIEPL) continues 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 December 22,
2023, placed the rating(s) of OAIEPL under the 'issuer
non-cooperating' category as OAIEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OAIEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 6, 2024, November 16, 2024 and November 26, 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
Outlook: Not Applicable
Om Aastha Indo Energy Private Limited (OAIEPL) was constituted as a
private limited company in October 2011 by Mr. Shailesh Pratap, Mr.
Bishwambar Singh and Mrs. Sudha Pratap for setting up a rice
milling unit. The company has started its commercial operations
from January 2014. The company has been engaged in rice milling
activities at its plant located at Bhabhua, Bihar with aggregate
installed capacity of 17400 MTPA. The company procures its raw
material from local market and sells its finished products across
Bihar.
P.S. STEEL: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed P.S. Steel Tubes
Limited's (PSSTL) Long-Term Issuer Rating at 'IND BB+'/Stable. The
instrument-wise rating action is as follows:
-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;
-- INR46.20 mil. (Reduced from INR347.30 mil.) Term loan due on
March 31, 2027 affirmed with IND BB+/Stable rating;
-- INR700 mil. (reduced from INR860 mil.) Fund-based working
capital limit affirmed with IND BB+/Stable/IND A4+ rating;
and
-- INR137 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect PSSTL's continued small scale of operations,
and modest credit metrics. Ind-Ra expects the company's revenue to
decline following the shutdown of its unit but the operating
margins to improve helped by the introduction of high-margin
products in the near to medium term. The ratings are, however,
supported by the promoters' more than two decades of experience in
the industry.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: In FY24, PSSTPL's revenue declined to
INR4,395,3 million (FY23: INR5,918.3 million), due to the closedown
of its loss-making Khanav unit in October 2024. The company
incurred a capex for adding a new galvanized unit and other
modifications in its Tedesara unit to cater the customers of
value-added products and export products. During 1HFY25, the
company achieved revenue of INR1,455 million. However, Ind-Ra
expects the revenue to decline marginally in FY25 due to the
shutdown of the unit.
Modest Credit Metrics: In FY24, the credit metrics were modest due
to the company posting an operating loss. In FY25, Ind-Ra expects
an improvement in the credit metrics, supported by a likely
increase in its overall EBITDA and schedule debt repayments. The
company has repaid its INR181.1 million long-term debt as of
September 2024, reducing the total outstanding bank borrowings to
INR545 million (FY24: INR726.10 million).
Experienced Promoters: The promoters have nearly four decades of
experience in the manufacturing of steel pipes, leading to
established relationships with customers as well as suppliers. The
company offers a range of products and has added their beam crash
barrier in its product portfolio that has been approved by the
Border Road Organization.
Likely Improvement in EBITDA Margins: PSSTL's EBITDA margins
declined to negative 5.36% FY24 (FY23: 3.58%) due to the operating
losses incurred at its Khanav unit, following it facing intense
competition from big players. Its return on capital employed
declined to negative 3.7% in FY24 (FY23: 8.50%). However, the
agency expects the margins to improve in the near term, owing to a
likely increase in sales of high-margin products such as GI pipes,
metal crash barriers, among others. For 1HFY25, the company
reported an EBITDA margin of 2.6%.
Liquidity
Stretched: The company's elongated working capital cycle reduced to
74 days in FY24 (FY23: 84 days) with a reduction in the debtor days
to 45 days (52 days) and an increase in the creditor days to 32
days (19 days). The company's average maximum monthly utilization
of the fund-based limits was 79% for the 12 months ended October
2024. The cash and cash equivalents stood at INR3.03 million at
FY24 (FYE23: INR3.21 million). The cash flow from operations
improved to INR296.96million in FY24 (FY22: negative INR63.44
million) due to favorable changes in the working capital.
Consequently, the free cash flow also improved to INR34.51 million
in FY24 (FY23: negative INR73.18 million). PSSTPL has long-term
debt repayment of INR193.1 million and INR27.7 million in FY25 and
FY26, respectively. The company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Rating Sensitivities
Negative: Any substantial deterioration in the scale of operations,
along with any deterioration in the liquidity position, resulting
in deterioration in the credit metrics with the interest coverage
remaining below 1.25x, on a sustained basis, will be negative for
the ratings.
Positive: A substantial improvement in the scale of operations, the
liquidity position and the credit metrics with the interest
coverage increasing above 1.75x, on a sustained basis, will be
positive for the ratings.
About the Company
Incorporated in 1989, PSSTL manufactures steel pipes and tubes. The
company has two plants in Bhilai (Chhattisgarh) with an annual
production capacity of 56,000mt and Khanav (Maharashtra) of
70,000mt. It specializes in production of oxygen lancing pipes,
mild steel electric resistance welded black and galvanized
pipes/tubes, square and rectangular hollow sections, scaffolding
pipes, and steel tubes for idlers and belt conveyors, boiler tubes
and air pre-heater tubes. It is promoted by Ritesh Ahuja.
PNL CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PNL
Constructions Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of PCPL under the 'issuer
non-cooperating' category as PCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, December 2, 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
Outlook: Stable
PNL Constructions Private Limited (PCPL; erstwhile Mantena
Infratech Private Limited), incorporated in 2010, was promoted by
Mr. Mantena Srinivas Raju and his wife Mrs. Mantena Srujana. Later
during FY12, management of the company was taken over by Mr. PBSVS
Raju (Managing Director), a family member. PCPL is into business of
civil construction and commenced operation from December 2011. The
company also executes irrigation projects on sub contract basis.
RAJALAKSHMY PACKAGING: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Rajalakshmy Packaging Private Limited (RPPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2023, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 4, 2024,
November 14, 2024 and November 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
Outlook: Not Applicable
Tamil Nadu based, Rajalakshmy Packaging Private Limited (RPPL) was
established in 2008 as a Private Limited Company by Ms. S. Suresh
Babu and his relatives. RPPL is engaged in the manufacturing of
food and non-food grade flexible packaging. The company purchases
raw materials like Linear Density Poly Ethylene (LDPE), Low Linear
Density Poly Ethylene (LLDPE) and High-Density Poly Ethylene (HDPE)
from local suppliers located in and around Tamil Nadu. The company
sells its finished product to the customers located in and around
Tamil Nadu.
RAM COMTRADE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri Ram
Comtrade Private Limited (SRCPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 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 December 22,
2023, placed the rating(s) of SRCPL under the 'issuer
non-cooperating' category as SRCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 6, 2024, November 16, 2024 and November 26, 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
Outlook: Not Applicable
Incorporated in December 2012, Shri Ram Comtrade Private Limited
(SRCPL) was promoted by Mr. Abhishek Agarwal and Mr. Pinkey Agrawal
of Ranchi, Jharkhand. Since its inception, SRCPL has been engaged
in trading of construction materials like cement, iron & steel,
different types of pipes and pipe fittings.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SRCPL into Issuer Not
Cooperating category vide press release dated January 17, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
RELIANCE COMMERCIAL: Satheesan Demands Probe on KFC Investment Loss
-------------------------------------------------------------------
The New Indian Express reports that accusing the state-owned Kerala
Financial Corporation (KFC) of "severe corruption", Leader of the
Opposition in the assembly V D Satheesan on Jan. 2 demanded an
investigation into its alleged involvement in causing a INR101
crore loss to the state exchequer by investing in the financially
struggling Reliance Commercial Finance Limited (RCFL).
Addressing a press conference, the Congress leader alleged that KFC
had "unlawfully and dubiously" invested INR60. 8 crore in the Anil
Ambani-promoted RCFL, the New Indian Express relates.
He claimed that KFC, established under the State Financial
Corporations Act of 1951 to provide loans to small and medium
enterprises (MSMEs), had diverted funds meant for state industries
to RCFL on April 26, 2018.
According to the report, former Finance Minister and senior CPI(M)
leader T M Thomas Isaac dismissed the allegations as baseless,
stating, "The Leader of the Opposition should provide evidence to
support his claims."
State Finance Minister K N Balagopal also refuted the allegations,
asserting that the investment made in 2018 was carried out in
accordance with the law.
The New Indian Express says Satheesan countered by pointing out
that the decision to invest was taken during KFC's Asset Liability
Management Committee (ALCO) meeting on April 19, 2018.
He noted that this investment was made at a time when Anil Ambani's
companies were facing severe financial crises between 2015 and
2018, the report relates.
He further alleged that KFC violated the law by investing in RCFL,
as it is permitted to invest only in Reserve Bank of India
(RBI)-approved or nationalised banks.
Additionally, KFC did not disclose the private firm's name in its
2018-19 and 2019-20 annual reports; the name only appeared in the
2020-21 report after RCFL was liquidated in 2019.
According to the New Indian Express, Satheesan said the 2020-21
report stated that INR7. 09 crore was recovered through the
liquidation process, which he said was a fraction of the INR109
crore (including interest) initially invested, resulting in a
INR101 crore loss to the state exchequer.
He alleged that the investment was made with prior knowledge of
RCFL's impending liquidation and claimed that it was carried out
with corrupt intent, without the awareness of KFC's board of
directors.
The New Indian Express adds that Satheesan demanded a thorough
investigation, stating that the type of inquiry would depend on the
government's response.
Denying the charges, Isaac explained that financial institutions
invest surplus funds based on their policies and that KFC follows a
similar approach.
He added that investments are made in scheduled banks or
RBI-recognised NBFCs with at least a double-A rating, the New
Indian Express relays.
"India's two most prominent credit agencies had given RCFL a double
A plus rating," Isaac said.
Balagopal noted that business involves both profits and losses,
pointing out that KFC had invested in a company that also received
investments from major banks such as Canara Bank, NABARD, and Union
Bank.
"There were no lapses, and KFC operates in compliance with central
laws," he concluded.
Reliance Commercial Finance Limited (RCFL) was a part of Reliance
Capital Limited (RCL). The entity started its commercial finance
business in May 2007 and was primarily in the secured lending space
with a focus on equipment-and-property-backed small and medium
enterprise loans, loan against property, short-term infrastructure
loans and loans to microfinance institutions.
Pursuant to the implementation of RCFL's resolution plan, in terms
of the Reserve Bank of India (Prudential Framework or Resolution or
Stressed Assets) Directions, 2019, RCL disposed of its stake in
RCFL to Authum Investment and Infrastructure Limited (Authum) on
October 14, 2022. RCFL is currently a wholly-owned subsidiary of
Authum.
RKS STEEL: Ind-Ra Moves B+ Bank Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on RKS
Steel Industries Private Limited's (RKS) bank facilities to
Negative from Stable and has simultaneously migrated the rating to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND B+/ Negative
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR200 mil. Fund-based working capital limit Outlook revised
to Negative; migrated to non-cooperating category with IND
B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR180.20 mil. Term loan due on March 31, 2027 Outlook revised
to Negative; migrated to non-cooperating category with IND
B+/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Detailed Rationale of the Rating Action
The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation. The ratings have
been migrated to the non-cooperating category in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RKS while reviewing the
ratings. Ind-Ra had consistently followed up with RKS over emails,
apart from phone calls. However, the issuer has been submitting its
monthly no default statement until November 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of RKS, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 2017, RKS manufactures steel wires for industrial
use, at its facility in Bhiwadi, Rajasthan. The company has an
installed capacity of 24,000 metric tons of wire per annum.
SAI TRADERS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Traders
(ST) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 3, 2024, November 13,
2024 and November 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sai Traders (ST) was established in July 2012, as a partnership
firm and is currently being managed by Mr Satpal Garg and Mr Vinod
Kumar Garg, as its partners, sharing profit and loss equally. ST is
engaged in the business of trading of cotton bales, cotton seeds,
cottonseed cake at its facility located in Muktsar, Punjab.
SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satwik
Feeds (SF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of SF under the 'issuer non-cooperating'
category as SF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 5, 2024, November 15,
2024 and November 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Satwik Feeds (SF) was established in 2014 as a partnership firm.
The operations however, started in January 2016. It is currently
being managed by Mr. Krishan Pal and Mr. Ramesh Chander Khatri
sharing profits and losses in equal proportions. SF is engaged in
manufacturing of poultry and cattle feed at its manufacturing
facility located in Shamli, Uttar.
SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv
Gorakh Timber Private Limited (SGTPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of SGTPL under the 'issuer
non-cooperating' category as SGTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 5, 2024, November 15, 2024 and November 25, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
The entity was established as a proprietorship firm in 1996 under
the name of 'Shiv Gorakh Timber' by Mr. Ravinder Mittal. It was
later converted into private limited company in February 2010. The
company is being currently being managed by Mr. Devinder Mittal and
Mr. Ravinder Mittal. The company is engaged in trading of timber
wood and timber logs at its facilities located in Haryana, Gujarat
and Punjab.
Status of non-cooperation with previous CRA: Acuite (SMERA) has
continued the rating assigned to the bank facilities of SGTPL into
Issuer Not Cooperating category vide press release dated August 28,
2024 on account of its inability to carry out a review in the
absence of requisite information.
SIDDARTH ORGANISATION: ICRA Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Siddarth Organisation Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]C;ISSUER
NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 5.80 [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term- COOPERATING; Rating Continues
Unallocated to remain under issuer not
cooperating category
Long Term- 4.20 [ICRA]C; ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Siddarth Organisation Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies' garments, kids'
garments, scarfs and fashion accessories. Siddarth Group comprises
of three independent units producing Ladies and Children Garments
namely Siddarth Organization, Siddarth Organisation Limited and
Siddarth Intercraft Private Limited. The
factory is geared up to deliver 2 million Garments annually. The
company is engaged in manufacturing and trading of garments
primarily for women (such as kurtis, cardigans, tops, coats,
tunics, leggings, dresses, pants, leggings & salwar kameez). The
company caters to midrange of products with price range of the
products varying from INR500-INR5000 per piece. The company's brand
portfolio includes products that range from affordable and
mass-market to luxurious, highend styles that cater to every age
group, from children to women. Siddarth Group has four Brands
-Paprika, Surasa, Jaipuri Kurti, Chickpea.
SOUNDHARYA SIZING: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Soundharya Sizing Mills' (SSM) bank facilities to Negative from
Stable and migrated the rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The ratings
will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on
the agency's website.
The detailed rating actions are:
-- INR220 mil. Fund-based working capital limit Outlook revised
to Negative; Rating migrated to non-cooperating category with
IND BB/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR40 mil. Term loan due on January 31, 2028 Outlook revised
to Negative; Rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING) rating; and
-- INR40 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SSM while reviewing the
ratings. Ind-Ra had consistently followed up with SSM over emails,
apart from phone calls. However, the issuer has been submitting its
monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SSM, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in December 2009, SSM manufactures grey cloth fabric.
The company has its registered office in Tirupur, Tamil Nadu.
SUN INDUSTRIAL: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sun Industrial
Automation & Solution Pvt Ltd.'s (SIASPL) bank loan ratings at 'IND
BB+'. The Outlook is Stable.
The detailed rating actions are:
-- INR252.20 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating;
-- INR20 mil. Non-fund-based working capital limit assigned with
IND A4+ rating;
-- INR200 mil. Proposed fund-based working capital limit assigned
with IND BB+/Stable/IND A4+ rating;
-- INR47.80 mil. Fund-based working capital limit affirmed with
IND BB+/Stable/IND A4+ rating; and
-- INR80 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect SIASPL's medium scale of operations in FY24. In
FY25, Ind-Ra expects the revenue to decline significantly
year-on-year due to the lower amount of orders being executed
during the year, along with deterioration in the credit metrics.
The ratings are, however, supported by the company's healthy EBIDTA
margin and comfortable credit metrics in FY24 along with the
promoters' experience of nearly three decades.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: SIASPL's revenue increased to
INR1,654.37 million in FY24 (FY23: INR1,505.48 million) and EBIDTA
of INR89.89 million (INR68.47 million) due to an improved
performance of the automation business. During 1HFY25, SIASPL
earned a revenue of about INR376.01 million and had an outstanding
order book of INR200 million at end-November 2024 with repeated
yearly orders from a client for INR500 million to be executed till
March 2025. In FY25, Ind-Ra expects the revenue to decline
significantly on account of the lower amount of orders being
executed during the year. However, SIASPL has secured an order of
INR2,500 million to be executed till FY27, which will increase the
revenue in in the short-to-medium term.
Credit Metrics Likely to Deteriorate: SIASPL's net financial
leverage (adjusted net debt/operating EBITDAR) improved to 1.71x in
FY24 (FY23: 5.10x) and its gross interest coverage (operating
EBITDA/gross interest expense) to 5.05x (3.61x) due to an increase
in the EBITDA, coupled with a decrease in the total debt to
INR305.79 million (INR426.36 million). In FY25, Ind-Ra expects the
credit metrics to deteriorate due to a decline in the EBIDTA
stemming from the revenue decline.
Healthy EBIDTA Margin: The ratings also reflect SIASPL's healthy
EBITDA margin of 5.43% in FY24 (FY23: 4.55%) with a return on
capital employed of 16.7% (18.2%). In FY24, the EBITDA margin
improved on account of a high-margin order received by the company.
In FY25, Ind-Ra expects the EBITDA margin to be in line with the
margin of FY23.
Experienced Promoter: The ratings are supported by the promoters'
nearly three decades of experience in the industrial automation
segment. This has facilitated the company to establish strong
relationships with customers as well as suppliers.
Liquidity
Adequate: The cash and cash equivalents stood at INR151.9 million
at FYE24 (FYE23: INR77.44 million). SIASPL's net working capital
cycle improved to 39 days in FY24 (FY23: 96 days) due to a decline
in its debtor days to 78 (117) as retention money from government
contracts was released. The cash flow from operations turned
positive at INR208.68 million in FY24 (FY23: negative INR244.1
million) due to favorable changes in the working capital. As a
result, its free cash flow also turned positive at INR195.01
million in FY24 (FY23: negative INR244.13 million). The average
maximum utilization of its fund-based limits was 60.38% and that of
its non-fund-based limits was 40.58% during the 12 months ended
October 2024. SIASPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.
Rating Sensitivities
Negative: Any significant decline in the scale of operations and/or
EBITDA margin, resulting in a stretch in the liquidity position
and/or the gross interest coverage reducing below 2.5x, on a
sustained basis, will lead to a negative rating action.
Positive: Any significant growth in the scale of operations with a
revenue visibility greater than 2x while maintaining the EBITDA
margin and the credit metrics, leading to an improvement in the
liquidity position, all on a sustained basis, will lead to a
positive rating action.
About the Company
SIASPL was incorporated in March 2018, and is engaged into
industrial automation. Prior to that, it was a partnership concern.
SURYA WIRES: CARE Reaffirms D Rating on INR26.96cr LT Loan
----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Surya Wires Private Limited (SWPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 26.96 CARE D Reaffirmed
facilities
Long-term/ 0.25 CARE D/CARE D Reaffirmed
Short-term
bank facilities
Short-term 13.35 CARE D Reaffirmed
bank facilities
Rationale and key rating drivers
The ratings assigned to the bank facilities of SWPL take into
account the ongoing delay in debt servicing leading to the account
being classified as Non-Performing Asset (NPA) by the lender.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Default free track record of 90 days
* Sufficient cash accruals so as to meet its debt repayment
obligation.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of key rating drivers:
Key weaknesses
* Delay in debt servicing: There are ongoing delay in debt
servicing leading to the account being classified as NPA by the
lender from May 1, 2023.
Liquidity: Poor
There are on-going delays in debt servicing and the account is yet
to be regularised leading to poor liquidity profile.
SWPL was established in 1983 as a partnership entity by Raipur
based Mr. Surendra Kumar Jain. In 1989, the erstwhile partnership
entity was converted into a private limited company. SWPL is
engaged in manufacturing of steel wires (G.I. wire, HB wires, Stay
wire, G.I. barbed wire etc.) along with trading of steel wires and
MS bars/rounds. The manufacturing facility of SWPL is located in
Raipur with an installed capacity of 40,000 TPA. The products are
largely used in industries like power, construction, automobile,
engineering, etc. SWPL primarily sells its products to wire dealers
and retailers. Apart from this, it also participates in tender
issued by various government entities for supply of steel wires.
The company had a "Skill" division for training students in
specific skills under the government initiatives like Pradhan
Mantri Kaushal Vikas Yojana (PMKVY), Deen Dayal Upadhyaya Grameen
Kaushalya Yojana (DDUGKY), Pradhan Mantri Kaushal Kendra (PMKK)
which has been discontinued in FY24. The company is engaged in such
activity as a part of Corporate Social Responsibility (CSR). The
day-to-day affairs of the company are looked after by Mr. Harsh
Agarwal with adequate support from senior director Mr. S.K. Jain,
MD, and a team of experienced personnel.
VAIBHU INFRA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vaibhu
Infra Tech India Private Limited (VITIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 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 December 19,
2023, placed the rating(s) of VITIPL under the 'issuer
non-cooperating' category as VITIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VITIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 3, 2024, November 13, 2024, November 23, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Vaibhu Infratech India Private Limited (VITIPL), an ISO 9001:2008
certified company, was incorporated in the year 2010 and currently
managed by Mr. K Babji (Managing Director) and Mrs. K Lakshmi
(Director). The company is engaged in the business of providing IT
support for government utility services (e-Governance),
maintenance, and technology support, facility management services
for computer systems & peripherals and computer hardware in
different department under central and state government.
VANANCHAL CONCAST: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vananchal Concast
Private Limited's (VCPL) bank facilities as follows:
-- INR500 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating; and
-- INR460 mil. Proposed fund-based working capital limit assigned
with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect VCPL's modest EBITDA margins, and modest credit
metrics in FY24. However, Ind-Ra expects a substantial improvement
in VCPL's revenue and profitability, leading to an improvement in
credit metrics to some extent, in FY25.
Detailed Description of Key Rating Drivers
Modest EBITDA Margins: VCPL's EBITDA margin improved to 3.29% in
FY24 (FY23: 2.15%) due to an increase in the revenue share of the
high-margin manufacturing segment. The ROCE was 4.90% in FY24
(FY23: 6.30%). In 8MFY25, the manufacturing segment accounted for
66% of the total revenue(FY24: 44%). In FY25, Ind-Ra expects the
EBITDA margin to improve further because of a continued rise in the
share of manufacturing segment.
Modest Credit Metrics: VCPL's interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 1.98x in FY24
(FY23: 3.20x) due to a considerable rise in the gross interest
expenses to INR46.20 million (INR16.85 million), resulting from a
rise in the total debt to INR932.62 million (INR840.45 million).
The net leverage (total adjusted net debt/operating EBITDAR)
improved to 10.18x in FY24 (FY23: 15.58x) because of an increase in
EBITDA to INR91.39 million (INR53.95 million). In FY25, Ind-Ra
expects the credit metrics to improve due to the likely
improvement in profitability and absence of any drawdown in short
term/long term debt.
Industry Cyclicality; Price Volatility Risk: The company operates
in a highly competitive and fragmented industry. In addition, it is
exposed to volatility in raw material prices as well as finished
good prices, which impact the stability of its operating margins.
Steel prices have been highly volatile in the past and any sharp
movement in the prices can have an adverse impact on the company's
profitability and credit metrics. Raw material costs accounted for
75% of the total revenue in FY24.
Medium Scale of Operations: VCPL, which commenced operations in
FY22, is engaged in the manufacturing of mild steel billets (MS
billets) and trading of related products. The company's revenue
increased to INR2,781.40 million in FY24 (FY23: INR2,507.13
million) owing to growth in income from the manufacturing segment.
Manufacturing accounted for 44% of the revenue in FY24, while
trading constituted the balance. During 8MFY25, VCPL booked revenue
of INRR3,590 million, with sales volumes of 56,387 tons (FY24:
29,837 tons). The top five customers accounted for 39.82% of the
revenue in FY24 (FY23: 65%). In FY25, Ind-Ra expects the revenue
to rise substantially owing to a likely increase in the number of
customers in the manufacturing segment.
Experienced Promoters: VCPL is managed by Ankit Poddar and Nitin
Bhalotia. The ratings are supported by the promoters' experience of
around a decade in the steel industry, which has helped the company
establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: VCPL's cash flow from operations turned positive at
INR30.92 million in FY24 (FY23: negative INR640.12 million) on
account of favorable changes in working capital. However, the free
cash flow remained negative at INR261.61 million (FY23: negative
INR773.40 million) due to XX. The net working capital cycle
remained elongated and stretched to 118 days in FY24 (FY23: 108
days) due to an increase in debtor days to at 84 days (70 days) and
inventory days to 52 days (40 days). VCPL has principal debt
repayment obligations of INR55.70 million in FY25 and similar
obligations in FY26. The cash and cash equivalents stood at INR2.17
million at FYE24 (FYE23: INR0.05 million). Furthermore, ASIPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The
average maximum utilization of the fund-based limits was 87.72%
during the 12 months ended October 2024.
Rating Sensitivities
Negative: A decline in the scale of operations or profitability,
leading to deterioration in the credit metrics and/or any
deterioration in the liquidity position, all on a sustained basis,
would lead to a negative rating action.
Positive: Growth in the scale of operations, leading to an
improvement in the credit metrics, along with an improvement in the
liquidity position, all on a sustained basis, will be positive for
the ratings.
About the Company
Incorporated in 2019, VCPL manufactures MS Billets and is managed
by Ankit Poddar and Nitin Bhalotia. The plant has an installed
capacity of about 1,00,000MT per annum. The entity started its
manufacturing operations in FY22.
VENKATESHKRUPA SUGAR: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Venkateshkrupa Sugar Mills Ltd.'s (VSML) bank
facilities:
-- INR350 mil. Fund-based working capital limit assigned with IND
BB+/Positive/IND A4+ rating;
-- INR560 mil. (reduced from INR587.5 mil.) Working capital term
loan* affirmed with IND BB+/Positive rating;
-- INR1.370 bil. (reduced from INR1,692.4 bil.) Term loan due on
October 31, 2029 affirmed; Outlook revised to Positive from
Stable with IND BB+/Positive rating; and
-- INR1.420 bil. Fund-based working capital limit affirmed;
Outlook revised to Positive from Stable with IND BB+/
Positive/IND A4+ rating.
*Includes earlier rated proposed term loan and proposed working
capital term loan.
Detailed Rationale of the Rating Action
The Positive Outlook reflects Ind-Ra's expectation of growth in
VSML's revenue in FY25, led by the capacity expansion in the sugar
and distillery segments. The ratings benefit from the fully
integrated nature of VSML's operations, leading to higher
profitability in the distillery segment, which can absorb any
likely losses in the sugar segment in the medium term due to an
increase in cane costs. The ratings, however, remain constrained by
modest credit metrics, the regulatory risks inherent to the sugar
segment, and susceptibility to agro-climatic conditions.
Detailed Description of Key Rating Drivers
Rise in Cane Costs likely to Impact Profitability of Sugar Division
in FY25: For the sugar season November-March 2024 (SS24-25), the
government increased the sugarcane fair remunerative price (FRP) to
INR3,400 per metric tons (MT) for a basic recovery rate of 10.25%
before premium for incremental recovery, from INR3,150 per MT,
thereby increasing the cane procurement costs for the upcoming
sugar season. At the current sugar realization of around INR36,500
per MT (ex-mill), the rise in the cane FRP would lead to a
significant shrinking of the gross margin on sugar sales, likely
impacting the profitability further in FY25.
Modest Credit Metrics in Medium Term due to Debt-funded Capex:
VSML's gross interest coverage (operating EBITDA/gross interest
expense) marginally improved to 2.69x in FY24 (FY23: 2.4x) on
account of interest cost remaining similar to FY23. However, the
agency expects the coverage to slightly deteriorate in the medium
term on account of additional interest costs to be borne following
an increase in the term debt. VSML's net leverage (Ind-Ra-adjusted
net debt/operating EBITDAR) increased to 8.4x in FY24 (FY23: 4.17x)
and the working-capital adjusted net leverage rose to 5.01x
(2.47x), following the company's debt-funded capex for installing a
distillery to expand its revenue streams. The repayments of the
term loan for the capex would start from FY26. Ind-Ra expects the
net leverage to moderate from the first full year of distillery
operations in FY25 but remain around 5x in the medium term.
Regulatory Risks Inherent to Sugar industry: The sugar industry is
regulated and vulnerable to government policies as it is classified
as an essential commodity. Besides setting quotas for the domestic
sale of sugar and restricting sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of FRP for sugarcane as well as implementing
restrictions on the diversion of sugar syrup and B-heavy molasses
in the previous season (2023-24). However, the restrictions were
lifted in August 2024 for the upcoming season. All these factors
impact the production and sales of sugar and ethanol/extra neutral
alcohol, posing significant uncertainty risks on VSML's scale of
operations.
Revenue Growth Likely in FY25 on Account of Successful Ramp-up of
Distillery Operations: In FY24, VSML's revenue fell slightly to
INR2,642.42 million (FY23: INR3,155 million) owing to a ban on
export sales, despite an increase in realizations to INR35,845 per
MT (INR33,563 per MT). The overall sugar sales in FY24 declined to
61,258 MT in FY24 (FY23: 81,627 MT). The EBITDA of the company
improved marginally to INR358.16 million in FY24 (FY23: INR338.19
million), led by an increase in output prices of sugar to about
INR34,500 per MT on an average. The company completed the capex for
the distillery in 2HFY24 but the plant was not fully operational on
account of the ban imposed on ethanol production through syrup/B
heavy route. The distillery has become operational during SS24-25
following the lifting of the ban. The distillery will produce
ethanol from sugarcane juice syrup, with a higher realization of
INR65.60 per liter during the crushing season and from B-heavy
molasses in the off-season, with a realization of INR60.61 per
liter, as per the prevailing market prices. As of November 2024,
the company recorded revenue of INR1,614.5 million from sugar and
INR520.6 million from ethanol, respectively. The agency expects the
revenue and EBITDA to improve in FY25 and the medium term, backed
by operational synergies resulting from the distillery segment.
Integrated Operations; Established Track Record: VSML's new
distillery segment will benefit from the synergies from the
integrated nature of operations. The sugarcane juice syrup and
B-heavy molasses required as raw material by the distillery unit
would be produced in-house by the sugar mill. This will enable the
entity to maximize its profitability in the distillery segment and
also lessen its heavy working capital requirement, as the sugarcane
juice diverted to the distillery will lead to a reduction in the
production, and thus, the inventory of sugar.
Furthermore, VSML has an operational track record of more than a
decade in the sugar industry, and its promoters, Sandeep Taur and
Sachin Taur, previously worked in the agricultural sector. The
entity has an established relationship with the farmers in the
region and has a catchment area encompassing at least 100 nearby
villages for the procurement of sugarcane.
Liquidity
Stretched: For the 12 months ended November 2024, VSML's average
maximum utilization of its fund-based working capital limits was
52.22%. The entity's cash flow from operations remained negative at
INR356.81 million in FY24 (FY23: negative INR24.4 million),
primarily due to unfavorable changes in the working capital. The
net working capital cycle as per Ind-Ra's calculations stretched to
266 days in FY24 (FY23: 131 days) on account of an increase in the
inventory days to 372 (210) while the creditor days increased
marginally to 126 days (85 days). The free cash flow remained
negative at INR1,591.81 million in FY24 (FY23: negative INR389.81
million) on account of the capex of INR1,234.67 million incurred
during the year.
VSML's current ratio remained weak at 0.9x in FY24 (FY23: 0.9x), on
account of high short-term debt levels and high levels of
operational creditors. The company's cash and cash equivalents
stood at INR227.24 million at FYE24 (FYE23: INR332.52 million),
against scheduled debt repayment obligations of INR83.47 million
and INR306.79 million in FY25 and FY26, respectively, with an
average debt service coverage ratio of 0.87x for the period. The
agency expects the cash flow from operations to improve in the
near-to medium term due to the liquidation of the sugar inventory
as the entity will now divert a significant quantity of crushed
sugarcane juice to the distillery for producing ethanol from
sugarcane juice syrup.
Rating Sensitivities
Negative: Substantial deterioration in the scale of operations,
further deterioration in the overall liquidity profile, or the
further weakening of the credit metrics, with the net financial
leverage remaining above 3.5x, all on a sustained basis, will be
negative for the ratings.
Positive: A substantial improvement in the overall liquidity
profile along with an improvement in the current ratio, an
improvement in the scale of operations, and the credit metrics,
with the net financial leverage falling below 3.5x, all on a
sustained basis, will be positive for the ratings.
About the Company
Incorporated in 2001 by Sandeep Taur and Sachin Taur, VKSML
commenced operations in the sugar industry in 2011 with an initial
crushing capacity of 2,500TCD. The company has recently enhanced
its crushing capacity to 6,500TCD from 5,000TCD while has also
setup a 180KLPD distillery to venture into the business of
production and sale of ethanol. The distillery became operational
in November 2023.
[*] INDIA: IBBI Reports 13 Prepack Insolvency Cases Till September
------------------------------------------------------------------
Business Standard reports that prepackaged insolvency applications
have seen a slow pick up with total cases nearly doubling to 13
through September 2024 compared to six admitted cases through the
corresponding period last year, according to Insolvency and
Bankruptcy Board of India (IBBI) data.
According to Business Standard, Pre-packaged Insolvency Resolution
Process (PPIRP) for micro, small and medium enterprises (MSMEs)
came into force on April 4, 2021 (during Covid), to help smaller
companies avoid bankruptcy.
Business Standard notes that prepackaged resolution is a fast-track
process that identifies a resolution plan before admission of the
process by the National Company Law Tribunal (NCLT).
It is an arrangement where the promoter of the stressed company
proposes a resolution plan to the creditors before the firm can be
taken to bankruptcy proceedings.
Business Standard says the purpose of this scheme is not just to
have a timely and faster resolution mechanism but also to give
legal sanction to a plan agreed among banks, promoters and the
buyer.
Of the 13 admitted cases so far, one has been withdrawn and
resolution plans have been approved in five cases, including Amrit
India Limited, Sudal Industries Limited, Shree Rajasthan Syntex
Limited, Enn Tee International Limited and GCCL Infrastructure and
Projects Limited, IBBI data showed.
"The prepackaged scheme has not been as successful as the corporate
insolvency resolution process (CIRP) because bankers are not very
comfortable with it. They feel it is a less regulated process and
find it better to go through the CIRPs," the report quotes Manoj
Kumar, partner, Corporate Professionals, as saying.
The government is considering widening the scope of the prepackaged
schemes for larger companies and not just MSMEs.
"Bigger companies may be in a better position to take support of
external agencies to implement a prepack scheme compared to the
MSMEs," Kumar added.
Under the CIRP, creditors have realised around 31 per cent against
the admitted claims, Business Standard notes.
While the latest data for recovery under prepackaged scheme is not
known, as of May 2024, only 25 per cent of admitted claims had been
recovered, according to IBBI.
It is felt that compared to CIRP - where the recovery for creditors
has been around 32 per cent despite a large number of creditors and
disputed claims - the pre-pack regime with its fast-track and
consent-based model should lead to much higher realisations by
creditors, the IBBI, as cited by Business Standard, said.
===============
M A L A Y S I A
===============
1MDB: Two Ex-Directors to be Included as Parties in US$6.59BB Suit
------------------------------------------------------------------
The Edge Malaysia reports that former 1Malaysia Development Bhd
(1MDB) chairman Tan Sri Dr Mohd Irwan Serigar Abdullah, who is
former treasury secretary general, will bring in two former 1MDB
board members as third parties in a US$6.59 billion suit filed by
the strategic development company against him and former 1MDB
president Arul Kanda Kandasamy. This follows the Federal Court's
ruling to dismiss their application for leave to reverse an earlier
Court of Appeal's (COA) decision that had allowed Irwan to bring in
the two former board members as third parties.
They are Datuk Seri Norazman Ayob and Datuk Kamal Mohd Ali, the
Edge discloses.
On Jan. 6, a three-member Federal Court bench, led by Chief Judge
of Sabah and Sarawak (CJSS) Tan Sri Abdul Rahman Sebli, said it
would not grant leave for appeal as it was not "fit and proper" for
the Federal Court to exercise discretion to grant leave for the
appeal under Section 96 of the Courts of Judicature Act, the Edge
relates.
Norazman and Kamal were fellow 1MDB board members from 2016 and
2018, along with Irwan. The trial is currently ongoing at the High
Court before judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan.
According to the Edge, the COA had on Nov. 6 last year allowed
Irwan to bring the duo in as third parties in the 1MDB suit against
him. Former 1MDB chief financial officer Azmi Tahir, who was in
charge of its financial affairs between 2012 and 2017, was also
brought into the suit. However, he did not seek leave to appeal at
the Federal Court.
On Sept. 6 last year, Raja Ahmad had dismissed Irwan's application
to bring in the third parties in the trial. The High Court found
that there was an inordinate delay by Irwan to file the
application.
However, the COA had overturned the High Court decision in
November, noting that there was no inordinate delay in Irwan taking
out the third party proceedings, and that 1MDB's solicitors had
made Irwan wait for documents asked by him pertaining to the trial,
and then did not give him the said documents, the Edge relays.
1MDB had filed its suit against Irwan and Arul Kanda in May 2021,
where it claimed that both Irwan and Arul Kanda were liable for
breach of duties and breach of trust, resulting in the company
suffering losses amounting to US$1.83 billion in relation to its
investment in 1MDB-PetroSaudi Ltd, which was converted into stakes
in Brazen Sky Ltd, and then converted into an investment in Bridge
Global Fund, the Edge recalls.
It also alleged that Arul Kanda and Irwan had committed breach of
trust and conspiracy by misappropriating US$3.5 billion of 1MDB
money and paying it to Aabar Investments PJS Ltd - a shell company
pretending to be a subsidiary of the International Petroleum
Investment Company (IPIC) - and subsequently paying another
US$1.265 billion to IPIC in May 2017.
The Edge relates that 1MDB also claimed that Irwan had conspired
with Arul Kanda to cause the fund to implement an employment
extension agreement that resulted in it paying MYR2.91 million to
Arul Kanda.
The trial at the High Court is set to resume on Jan. 13, with Arul
Kanda poised to take the stand, the Edge adds.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=================
S I N G A P O R E
=================
ASER GROUP: Court to Hear Wind-Up Petition on Jan. 17
-----------------------------------------------------
A petition to wind up the operations of Aser Group Holding Pte.
Ltd. will be heard before the High Court of Singapore on Jan. 17,
2025, at 10:00 a.m.
IMG Media Limited filed the petition against the company on Dec.
13, 2024.
The Petitioner's solicitors are:
Resource Law LLC
10 Collyer Quay
#18-01 Ocean Financial Centre
Singapore 049315
AXSYS TECHNOLOGIES: Court to Hear Wind-Up Petition on Jan. 17
-------------------------------------------------------------
A petition to wind up the operations of Axsys Technologies &
Engineering Pte. Ltd. will be heard before the High Court of
Singapore on Jan. 17, 2025, at 10:00 a.m.
The Comptroller of Goods and Services Tax filed the petition
against the company on Dec. 23, 2024.
The Petitioner's solicitors are:
Infinitus Law Corporation
77 Robinson Road
#16-00, Robinson 77
Singapore 068896
BUBS AND TOTS: Court to Hear Wind-Up Petition on Jan. 17
--------------------------------------------------------
A petition to wind up the operations of Bubs and Tots Swim Pte.
Ltd. will be heard before the High Court of Singapore on Jan. 17,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Dec. 24, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
EAGLE STEWARDING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Dec. 6, 2024, to
wind up the operations of Eagle Stewarding Solutions Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RESILIENT MEDICAL: Court to Hear Wind-Up Petition on Jan. 17
------------------------------------------------------------
A petition to wind up the operations of Resilient Medical Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 17, 2025,
at 10:00 a.m.
Medtecs International Corporation Limited filed the petition
against the company on Dec. 27, 2024.
The Petitioner's solicitors are:
Virtus Law LLP
8 Marina Boulevard
#29-01, Marina Bay Financial Centre Tower 1
Singapore 018981
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Dec. 30, 2024 to Jan. 3, 2025
------------------------------------------------------------
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 LANKA GOVERNMEN 7.55 03/28/30 USD 62.02
*********
S U B S C R I P T I O N I N F O R M A T I O N
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