/raid1/www/Hosts/bankrupt/TCRAP_Public/250225.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, February 25, 2025, Vol. 28, No. 40
Headlines
A U S T R A L I A
BESTON GLOBAL: NAB Likely to Get Only One-Quarter of AUD53MM Owed
CRADOC ENTERPRISES: First Creditors' Meeting Set for March 3
ELTON LANDSCAPES: First Creditors' Meeting Set for March 3
FSG SECURITY: First Creditors' Meeting Set for March 3
GENETIC TECHNOLOGIES: 2nd Reconvened Meeting of Creditors on Feb 27
ONESTEEL MANUFACTURING: First Creditors' Meeting Set for March 3
PLAYTIME GROUP: Second Creditors' Meeting Set for March 3
STAR ENTERTAINMENT: Two Ex-Execs Penalised for Breaching Duties
C H I N A
CHINA VANKE: To Receive Second Loan from Biggest Investor
I N D I A
BELLEFONDS: CARE Keeps B- Debt Rating in Not Cooperating Category
BYJU'S: NCLT Approves New Resolution Professional
DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating
FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating
GVK GAUTAMI: CARE Keeps D Debt Rating in Not Cooperating Category
GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating
MALNAD PROJECT: CARE Keeps C Debt Rating in Not Cooperating
MAPLE LEAF: CARE Keeps C Debt Rating in Not Cooperating Category
MEGHRAJ INT'L: CARE Keeps B- Debt Rating in Not Cooperating
NATIONAL SPOT: 63 Moons Approves Settlement in NSEL Collapse
PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
PULIANI AND PULIANI: CARE Keeps B- Debt Rating in Not Cooperating
R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category
RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category
SAI LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category
SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating
TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category
UNIQUE IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
V. SATYA: CARE Keeps C Debt Ratings in Not Cooperating Category
VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category
M A L A Y S I A
1MDB: Withdraws USD248M Civil Suit vs. Riza Aziz and Red Granite
CAPITAL A: To Publish Internal Targets to Improve Transparency
N E W Z E A L A N D
FARMER'S FIRST: Court to Hear Wind-Up Petition on March 6
FORGED FABRICATIONS: Court to Hear Wind-Up Petition on March 7
JANNAT INVESTMENT: Creditors' Proofs of Debt Due on March 31
SWITCH MOTORCYCLES: Creditors' Proofs of Debt Due on March 11
TIKI ROAD: Creditors' Proofs of Debt Due on March 21
S I N G A P O R E
ELITE STONES: Court to Hear Wind-Up Petition on March 7
FORTUNE SOVEREIGN: Court to Hear Wind-Up Petition on March 7
INTERPAY SERVICES: Court to Hear Wind-Up Petition on March 7
NM WINES: Creditors' Meeting Set for March 5
NOISE PLASTER: Commences Wind-Up Proceedings
V I E T N A M
VIETNAM MARITIME: Moody's Affirms 'B1' Deposit & Issuer Ratings
X X X X X X X X
[] BOND PRICING: For the Week Feb. 17, 2025 to Feb. 21, 2025
- - - - -
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A U S T R A L I A
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BESTON GLOBAL: NAB Likely to Get Only One-Quarter of AUD53MM Owed
-----------------------------------------------------------------
The Australian Financial Review reports that National Australia
Bank is likely to be repaid around one-quarter of the AUD53 million
it is owed in the collapse of ASX-listed dairy group Beston Global
Food, which administrators say may have traded insolvent for five
months.
A report by administrators KPMG into the collapse of Beston also
found unsecured creditors owed a combined AUD18.6 million are
likely to share in AUD816,000, the Financial Review discloses.
Dairy farmers are owed AUD11.9 million.
A report by KPMG partners led by Tim Mableson ahead of a creditors
meeting on February 21 detailed the financial strife at the
company, and consistent losses since listing on the ASX in 2015.
NAB is likely to be repaid between 26 cents and 34 cents in the
dollar for the AUD53 million it is owed, the report said, the
Financial Review relays. About AUD13 million of plant and equipment
has been sold off by auctioneers Pickles in the past few months.
KPMG commenced an orderly wind-down of the business on November 26.
Beston shares were suspended from trading on July 1, 2024.
The collapse of Beston stemmed from high electricity and gas
prices, rising labour costs and inflation in transport costs, the
report, as cited by the Financial Review, found. There had also
been increases in farmgate milk prices paid to dairy farmers and
poor operational performance of the cheese and whey business, which
made up 80 per cent of the group's sales. High debt levels and a
lack of sufficient working capital were also a constraint.
According to the Financial Review, the KPMG report concluded the
Beston companies may have been insolvent from at least April 4,
2024. It also found that some creditors may have been given
preference unfairly as the company's finances worsened.
"We have identified payments totalling approximately AUD7.4 million
that were made to 11 creditors by Beston Pure Dairies from April 4,
2024 to September 20, 2024, which appear to potentially represent
unfair preference payments."
A "Project White" attempt to find a buyer for the whole company
failed on April 4, 2024, recalls the report.
Management accounts indicated a AUD35.7 million working capital
deficiency blowing out to AUD64.3 million by June 30, 2024.
Requests were made for extra financial support from NAB for working
capital purposes.
KPMG said the insolvency date may have been even earlier, but that
would be a matter for a liquidator, the Financial Review adds.
About Beston Global
Based in Wayville, Australia, Beston Global Food Company Limited
(ASX:BFC) -- https://bestonglobalfoods.com.au/ -- engages in the
manufacture and sale of food and beverage products in Asia, Europe,
North America, and Australia. The company owns milk production
plants to produce cheese, as well as by-products, including whey
powder, cream, and butter; harvests, processes, packages, and
distributes live, chilled, and frozen seafoods; produces
sustainably caught giant crabs, king prawns, king george whiting,
southern garfish, pacific oysters, and other seafoods; and provides
meat and related products, as well as dairy desserts comprising
rice pudding and custard. It also develops and produces health and
well-being focused food, beverage, and pharmaceutical products;
produces spring water and related products; and develops and
commercializes end-to-end food traceability and anti-counterfeit
technological software.
Tim Mableson, James Dampney, Gayle Dickerson and David Kidman were
appointed joint and several Voluntary Administrators of Beston
Global Food Company Limited and its subsidiary Beston Pure Dairies
Pty Ltd on Sept. 20, 2024.
CRADOC ENTERPRISES: First Creditors' Meeting Set for March 3
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cradoc
Enterprises Pty Ltd will be held on March 3, 2025 at 2:00 p.m. via
Microsoft Teams.
Adam Johnston of Apex Advisory Australia was appointed as
administrator of the company on Feb. 19, 2025.
ELTON LANDSCAPES: First Creditors' Meeting Set for March 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elton
Landscapes Pty Ltd will be held on March 3, 2025 at 11:00 a.m. via
teleconference facility.
James Stuart McPherson was appointed as administrator of the
company on Feb. 19, 2025.
FSG SECURITY: First Creditors' Meeting Set for March 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- FSG Security Pty Ltd;
- Field Solutions Technology Services Pty Ltd;
- FSG RSP Pty Ltd;
- Field Solutions Group Pty Ltd;
- FSG MSP Pty Ltd;
- FSG Mining Services Pty Ltd;
- FSG Construction Pty Ltd;
- FSG Infrastructure Pty Ltd;
- Freshtel Pty Ltd;
- Tasmanet Pty Ltd;
- FSG Assets Pty Ltd;
- Internomic Pty Ltd;
- Data Centra 3 Pty Ltd;
- Field Solutions Holdings Ltd; and
- Tasconnx Pty Ltd
will be held on March 3, 2025 at 11:00 a.m. via videoconference
only.
Daniel Peter Juratowitch and Barry Wight of Cor Cordis were
appointed as administrators of the company on Feb. 19, 2025.
GENETIC TECHNOLOGIES: 2nd Reconvened Meeting of Creditors on Feb 27
-------------------------------------------------------------------
Genetic Technologies Limited said on Feb. 21 that the second
reconvened meeting of creditors of the Company will be held on Feb.
27, 2025, at 12:00 p.m. using virtual meeting facilities.
Pursuant to section 75-225 of the Insolvency Practice Rules
(Corporations) 2016, the Administrators have issued a second
supplementary report to creditors dated Feb. 20, 2025, ahead of the
Second Reconvened Meeting.
At the Second Reconvened Meeting, creditors will be asked to decide
and vote on whether:
* the Company should execute a DOCA (if applicable); or
* the administration of the Company should end; or
* the Company should be wound up.
A copy of the Administrators' Second Supplementary Report is
available for creditors, employees, shareholders and their advisors
on FTI Consulting's Creditors' Portal:
https://www.fticonsulting.com/creditors/genetic-technologies-limited
Creditors are required to register their attendance by 4:00 PM
(AEDST) on Feb. 26, 2025 if they intend to attend the Second
Reconvened Meeting.
Recommendation
The Administrators consider that it would be in creditors'
interests for the Company to execute the proposed DOCA as it:
* provides a pathway for priority creditors to receive the
estimated amounts they would receive under the Australian
Government's Fair Entitlements Guarantee ("FEG") in a
liquidation plus 5%; and
* compromises the claims of secured creditors.
About Genetic Technologies
Victoria, Australia-based Genetic Technologies Limited (ASX: GTG;
Nasdaq: GENE) is a diversified molecular diagnostics company. A
global leader in genomics-based tests in health, wellness, and
serious disease through its geneType and EasyDNA brands. GTG offers
cancer predictive testing and assessment tools to help physicians
to improve health outcomes for people around the world. The company
has a proprietary risk stratification platform that has been
developed over the past decade and integrates clinical and genetic
risk to deliver actionable outcomes to physicians and individuals.
Andrew Michael Smith and Robert Allan Jacobs of Auxuilium Partners
were appointed as administrators of the company on Nov. 20, 2024.
ONESTEEL MANUFACTURING: First Creditors' Meeting Set for March 3
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of OneSteel
Manufacturing Pty Ltd (trading as OneSteel Whyalla Steelworks and
SIMEC Mining) will be held on March 3, 2025 at 2:00 p.m. via
virtual meeting facilities.
Lara Wiggins, Mark Mentha, Sebastian Hams and Michael Korda of
KordaMentha were appointed as administrators of the company on Feb.
19, 2025.
PLAYTIME GROUP: Second Creditors' Meeting Set for March 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Playtime
Group Pty Ltd has been set for March 3, 2025, at 11:30 a.m. via
Zoom Video Conferencing Facility.
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 Feb. 28, 2025 at 4:00 p.m.
Grahame Ward and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Jan. 24, 2025.
STAR ENTERTAINMENT: Two Ex-Execs Penalised for Breaching Duties
---------------------------------------------------------------
The Federal Court has penalised two former executives of The Star
Entertainment Group Ltd (Star) after they admitted to breaches of
their duties in proceedings brought by ASIC against them and nine
other former Star officers and directors.
Star's former Chief Casino Officer, Gregory Hawkins, was ordered to
pay a penalty of AUD180,000 and disqualified from managing
corporations for 18 months, while former Chief Financial Officer,
Harry Theodore, was ordered to pay a AUD60,000 penalty and was
disqualified from managing corporations for nine months.
Following a hearing on Feb. 24, 2025, the Court found, based on
facts agreed between the parties, that Mr Hawkins, whose role
included overseeing the operations of Star's Sydney casino,
breached his duties under s 180(1) of the Corporations Act 2001 in
2018 and 2019 by:
* approving an agreement between Star and the gambling junket
Suncity in 2018 which provided Suncity exclusive access to a
private gaming room in the Sydney casino known as ‘Salon 95' when
he knew that the conduct of Suncity's representatives exposed Star
to the risk that it would breach the law or become unsuitable to
hold a casino license, and for failing to report the information he
knew about Suncity to the Board,
* failing to inform the Board in 2019 of further information
he knew, including of the conduct of players in Salon 95 and the
information about Suncity and its associates published in the
media, and the risks Star was exposed to arising from its business
relationship with Suncity, and
* failing to recommend to the Board that Star review or
terminate its relationship with Suncity and its associates.
Mr. Theodore was found to have breached s 180 (1) of the
Corporations Act by failing to prevent Star from sending
correspondence to National Australia Bank on Nov. 7, 2019 which
contained inaccurate, incomplete and misleading representations
about the use of China Union Pay cards for gambling purposes at NAB
terminals located within Star's casino.
Current status of proceedings
The trial of ASIC's proceedings continues in relation to the
remaining nine former Star directors and officers. ASIC has closed
its case against the defendants and the trial has been adjourned to
March 5, 2025.
On Dec. 12, 2022, ASIC commenced civil penalty proceedings in the
Federal Court against 11 current and former directors and officers
of Star for alleged breaches of their duties under s 180 of the
Corporations Act. That case is continuing in the Federal Court.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.
As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.
In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.
According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.
As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.
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C H I N A
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CHINA VANKE: To Receive Second Loan from Biggest Investor
---------------------------------------------------------
Yicai Global reports that China Vanke said Shenzhen Metro, its
largest shareholder, will provide an additional CNY4.2 billion (USD
579.4 million) loan -- the second in two weeks -- to help repay the
builder's debt.
Yicai relates that the three-year loan carries a 2.34 percent
interest rate, which is 76 basis points below China's benchmark
one-year loan prime rate, Shenzhen-based Vanke said in a statement
on Feb. 21. In return and subject to shareholder approval, the firm
will be required to provide collateral or pledges worth up to CNY76
billion (USD10.5 billion), with a pledge rate of 70 percent, it
added.
An interest rate that is lower than what could be secured from a
financial institution and the higher-than-average pledge rate
underscore Shenzhen Metro's full support for Vanke, the company
pointed out, Yicai relays.
On Feb. 10, Vanke announced it had secured a CNY2.8 billion loan
from Shenzhen Metro. The term, interest rate, and pledge rate were
the same as the new loan. The firm also revealed on Feb. 18 that it
is partnering with three financial institutions to launch a
pre-real estate investment trust fund that will enable it to
recover CNY1.4 billion in cash, thereby boosting its liquidity.
Vanke has 32 outstanding offshore and onshore debts amounting to
more than CNY50 billion. Sixteen of them, exceeding CNY30 billion,
are due for repayment or exercise this year, according to Yicai.
Yicai says Shenzhen Metro has supported Vanke through its financial
struggles since the second half of 2023 in various ways, including
land purchases, REIT subscriptions, and shareholder loans. Last
year, Shenzhen Metro spent about CNY11.5 billion backing Vanke.
The subway operator, which is directly managed by the Shenzhen
State-owned Assets Supervision and Administration Commission,
invested CNY66.3 billion for a 29.4 percent stake in Vanke in
2017.
Last month, Xin Jie, chairman of Shenzhen Metro and vice chairman
of Vanke, was named the developer's chairman and legal
representative, while four people who worked at Shenzhen Metro and
other Shenzhen government-owned enterprises joined Vanke's senior
management team, the report notes.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2025, S&P Global Ratings lowered its long-term issuer credit
rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' and
its long-term issuer credit rating on China Vanke's subsidiary
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'B-' from 'B'.
S&P also lowered the issue rating on Vanke HK's senior unsecured
notes to 'B-' from 'B'. S&P placed all these ratings on CreditWatch
with negative implications.
The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has
downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-',
from 'B+'. Fitch has also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are
on Rating Watch Negative (RWN).
The downgrade reflects a deterioration in China Vanke's sales and
cash generation, which is eroding its liquidity buffer against
large capital market debt maturities in 2025.
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I N D I A
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BELLEFONDS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bellefonds
(B) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2024, placed the rating(s) of Bellefonds (B) under the 'issuer
non-cooperating' category as B had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
B continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 4, 2024,
December 14, 2024, December 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: Stable
Bellefonds was established as a partnership firm in January 2015 by
Mr. Prahlad Singh Gujral and Mrs. Echha Gujral for setting up a
manufacturing unit of Roofing sheets. The firm has set up the
manufacturing unit with an aggregate cost of INR7.37 crore financed
at a debt equity of 0.69x. The firm has started its commercial
operations from April 2017. The manufacturing facility of the firm
is located at Sonapur, Assam.
BYJU'S: NCLT Approves New Resolution Professional
-------------------------------------------------
Livemint.com reports that embattled ed-tech firm Byju's has a new
navigator for its bankruptcy proceedings.
On Feb. 24, the Bengaluru insolvency court approved the appointment
of Shailendra Ajmera as the resolution professional (RP), replacing
Pankaj Shrivastava, Livemint.com discloses. This follows a January
order by the National Company Law Tribunal (NCLT), which questioned
Shrivastava's ability to oversee the process. The tribunal also
cancelled a Committee of Creditors (CoC) reconstitution he carried
out on August 31, 2024, reinstating the previous CoC formed on
August 21, 2024.
Livemint.com relates that the move marks a critical shift in Byju's
insolvency battle, which has pitted the company's dissenting
lenders - Glas Trust LLC and Aditya Birla Finance - against its
suspended directors, including Riju Raveendran, brother of founder
Byju Raveendran.
At stake is not just control over the company's future but also a
INR158 crore settlement with the Board of Control for Cricket in
India (BCCI) - a deal that could determine whether Byju's remains
in insolvency or regains its footing.
Ajmera, a chartered accountant and partner at Ernst & Young (EY),
steps into a challenging role, Livemint.com says. His most recent
stint as RP for Go First ended in controversy, with the airline
ordered into liquidation after failing to secure a revival plan.
Lessors of the airline had filed a contempt case against him,
alleging mismanagement of grounded planes and asset deterioration.
A resolution professional manages the insolvency process, from
handling creditor claims to maintaining operations and ensuring
regulatory compliance.
Beyond Go First, Ajmera has handled insolvency proceedings for
Ruchi Soya, Coffee Day Global, Rolta India, and Supertech Orb
Project, Livemint.com states. Now, as Byju's RP, he must steer the
company through its bankruptcy, mediating between lenders and
former directors while working within court-mandated timelines.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.
According to Reuters, a ruling by India's companies tribunal on
July 16, 2024, following a complaint by the Board of Control for
Cricket in India (BCCI), initiated insolvency proceedings. These
will include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Duggal
Automobiles (DA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 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 February 15,
2024, placed the rating(s) of DA under the 'issuer non-cooperating'
category as DA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 31, 2024, January 10,
2025 and January 20, 2025 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
Duggal Automobiles (DA), based in Gurdaspur, Punjab, was
established as a proprietorship concern by Mr. Navneet Kumar Duggal
in 1980. DA is the authorized dealer of Hero MotoCorp Limited
(Two-wheeler division) with its office located in Gurdaspur,
Punjab.
Status of non-cooperation with previous CRA: CRISIL continues to
categorize rating assigned to the bank facilities of DA under
non-cooperation category vide PR dated December 11, 2023 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the company.
EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evershine
Solvex Private Limited (ESPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 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 February 15,
2024, placed the rating(s) of ESPL under the 'issuer
non-cooperating' category as ESPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ESPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 31, 2024,
January 10, 2025 and January 20, 2025 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
Evershine Solvex Private Limited (ESPL) is a private limited
company incorporated in September, 1983 and commenced operations in
April, 1984. The company is currently being managed by Mr. Ravinder
Kumar Kalra and Mr. Pankaj Kalra. ESPL is engaged in the extraction
of rice bran oil at its processing facility located in Muktsar
(Punjab).
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of ESPL into Issuer Not
Cooperating category vide press release dated October 28, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Falcon
Steels (FS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.98 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of FS under the 'issuer non-cooperating'
category as FS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. FS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 9, 2024, December 19,
2024, December 29, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Falcon Steels (FS) was established as a partnership firm in
February 2016 and is currently being managed by Mr. Akhil Singhal,
Mr. Raj Kumar, Mr. Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr.
Sanchit Singhal as its partners. The commercial operations of the
firm started in April 2017. FS is engaged in manufacturing of
Stainless steel (SS) products at its facility located in Kaithal,
Haryana. The main products include Stainless steel (SS) tubes, SS
Pipes, SS circles, SS rounds and SS squares.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of FS into Issuer Not
Cooperating category vide press release dated April 11, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
GVK GAUTAMI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK Gautami
Power Ltd. (GGPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,009.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd (CARE) had, vide its press release dated November
27, 2023, placed the ratings of GGPL under the 'issuer
non-cooperating' category as GGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated between October 12, 2024, to February 3, 2025. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on November 27, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Detailed description of key rating drivers:
Key weaknesses:
* Stretched liquidity position with delay in debt servicing: The
liquidity position of the company continues to remain stretched
with delays in debt servicing since the company is reporting
continues net losses and cash losses.
Key Strength:
* Experience of group in power sector: GIL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has substantial
ownership interest in power generating assets and is also engaged
in the building and developing of road projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines. The group has 15 assets in its
portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.
GVK Gautami Power Ltd. is a subsidiary of GVK Energy Limited (GEL),
which in turn is the subsidiary of GVK Power & Infrastructure
Limited the flagship company of the GVK group. The company set up a
464 MW gas-based Combined Cycle Power Plant (CCPP), located in East
Godavari District of Andhra Pradesh, comprising two gas turbine
generators and one steam turbine generator.
GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GVK
Industries Limited (GIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 520.07 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 19.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd (CARE) had, vide its press release dated November
27, 2023, placed the ratings of GIL under the 'issuer
non-cooperating' category as GVK Industries Limited had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. GVK Industries Limited continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated between
October 12, 2024, to February 3, 2025. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on November 27, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Detailed description of key rating drivers:
Key weaknesses:
* Stretched liquidity position with delay in debt servicing: The
liquidity position of the company continues to remain stretched
with delays in debt servicing since the company is reporting
continues net losses and cash losses.
Key Strength:
* Experience of group in power sector: GIL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has substantial
ownership interest in power generating assets and is also engaged
in the building and developing of road projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines. The group has 15 assets in its
portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.
GVK Industries Limited (GIL) is a wholly owned subsidiary of GVK
Energy Limited (GEL) incorporated in June, 1992. Further, GEL is
also the subsidiary of GVK Power & Infrastructure Limited, the
flagship company of the GVK group. GIL is engaged in generation of
electricity at its mixed fuel combined cycle power plants situated
in Jegurupadu in Andhra Pradesh (AP). Total installed capacity of
the company is 437 MW, which was set up in two stages of 217 MW
(Phase I) and 220 MW (Phase II).
JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJEHCT)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.29 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 February 12,
2024, placed the rating(s) of SJEHCT under the 'issuer
non-cooperating' category as SJEHCT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SJEHCT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 28, 2024, January 7, 2025, January 17, 2025 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
SJEHCT is a non-minority, charitable trust registered under Section
12A of the Income Tax Act. SJEHCT was established in 2008 by Mr. S.
A. Subramanian, along with Mr. O. M. Manivelu and Mr. S. Satheesh
Krishnaraj. However, Mr. Satheesh Krishnaraj resigned from the
Trusteeship and was replaced by Mr. Durgashankar (a BE graduate,
son-in-law of Mr. Subramanian), in AY 2011-12. Mr Arul Selvan, (Mr
Durga Shankar's brother) is the Vice Chairman and Joint Managing
Trustee (BE, MBA). The day to day activities
of SJEHCT are managed by the executive committee, headed by Mr. S.
A. Subramanian (Managing trustee). The trust operates an
engineering college under the name of JCT College of Engineering &
Technology (JCTET) at Coimbatore, Tamil Nadu, established in
AY11-12. JCTET, in its fifth year of operation, had student
strength of 3,800 in AY15-16 (including ME). In AY14-15, SJEHCT
commenced JCT College of Polytechnic (JCTP) with a sanctioned
intake of 300 students offering Mechanical (120), Petrochemical
(60), Civil (60) and Electrical and Electronic Engineering (60)
courses.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SJEHCT into Issuer
Not Cooperating category vide press release dated January 7, 2025
on account of its inability to carry out a review in the absence of
the requisite information from the trust.
LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Narasimha Rice Industry (SLNRI) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2024, placed the rating(s) of SLNRI under the 'issuer
non-cooperating' category as SLNRI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SLNRI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 4, 2024, December 14, 2024 and December 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
Sri Laxmi Narasimha Rice Industry (SLNRI) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha
Redd.y and Mr. S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka.
MALNAD PROJECT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Malnad
Project (I) Private Limited (MPIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 49.00 CARE C; ISSUER NOT COOPERATING;
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 13,
2025, placed the rating(s) of MPIPL under the 'issuer
non-cooperating' category as MPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPIPL continues to be non-cooperative despite repeated
requests for submission of information for review through e-mail
dated February 14, 2025. 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 has been revised on account of instance of failure to
pay an instalment, reported by the company in its Q3FY25 financial
results published on stock exchange. The company has failed to pay
an instalment of around INR16 crore for unlisted NCDs which are not
rated by CARE Ratings. Subsequently, the company has submitted a
proposal for debt restructuring which has been approved by the
debenture holder. The revision in the rating is in line with CARE
Ratings' policy of default recognition. Furthermore, rating
continues to remain constrained by considerable execution and
marketing risk due to nascent stage of the project, leveraged
funding structure and stretched liquidity position.
The rating however continues to derive strength from the experience
of the promoter – Kumar Group in real estate business.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: As per results published by the company
on stock exchange, it has failed to pay an instalment of around
INR16 crore for unlisted NCDs which are not rated by CARE Ratings.
Subsequently, the company has submitted a proposal for debt
restructuring which has been approved by the debenture holder.
Incorporated on April 26, 2017, Malnad Project (I) Private Limited
(MPIPL) [Erstwhile, Kumar Housing Township Private Limited],
initially promoted as "Krishcon Publication India Private Limited"
by Mr. Rohit Vijaykumar Palsule and Ms Vaishali Prasanna Gole in
the capacity of directors, was acquired in FY20 by Mr. Manish
Vimalkumar Jain (99.99% of holding) and Ms. Mamta Jain, promoter
family of Kumar Group of Pune. MPIPL has taken up the construction
and development of township admeasuring 111.23 lakh square feet
(lsf) in Manjri, Pune, Maharashtra.
MAPLE LEAF: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maple Leaf
Intelligent Solutions Private Limited (MLISPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 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 February 13,
2024, placed the rating(s) of MLISPL under the 'issuer
non-cooperating' category as MLISPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MLISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 29, 2024, January 8, 2025 and January 18, 2025 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
Delhi based Maple Leaf Intelligent Solutions Private Limited
(MLISPL) was incorporated in August, 2008 by Mrs. Reema Gupta and
Mr. Nishant Malhotra. The company is engaged in the trading and
installation of security surveillance equipment.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of MLISPL into 'Issuer
not-cooperating' category vide press release dated September 13,
2024 on account of non-availability of requisite information from
the company.
MEGHRAJ INT'L: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meghraj
International (MI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.15 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of MI under the 'issuer non-cooperating'
category as MI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 14, 2024, December 24,
2024, January 3, 2025 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
Meghraj International (MGI) is a partnership firm established in
June, 2009 by Mr. Ramesh Jindal and Mr. Ashish Jindal, sharing
profit and loss equally. The firm is engaged in manufacturing of
guar gum and guar meal at its manufacturing facility located at
Hisar, Haryana.
NATIONAL SPOT: 63 Moons Approves Settlement in NSEL Collapse
------------------------------------------------------------
Livemint.com reports that the board of 63 Moons Technologies Ltd.,
the parent of defunct National Spot Exchange Ltd. (NSEL), has
approved a one-time settlement even as the outcome is clouded by
differences among investors seeking to recoup their money for more
than a decade.
"The Board of Directors in its meeting of February 18 approved the
participation and support of the Company to the Scheme of
Arrangement between NSEL and the Traders," 63 Moons said in a
filing.
According to Livemint.com, the approval will involve two key steps:
the closure of ongoing legal proceedings against 63 Moons; and the
assignment of all claims and rights from NSEL traders to the
company. That will enable 63 Moons to claim recoveries from
defaulters, either through court decrees or asset liquidation.
Livemint.com relates that NSEL will seek approval for the scheme of
arrangement at the National Company Law Tribunal (NCLT), Mumbai,
which it said, citing legal advice, is the most appropriate forum
considering the interest of the parties involved to achieve the
settlement.
This approval by 63 Moons effectively paves the way for a
structured resolution mechanism, contingent upon investor consent
and NCLT's approval, said Nilesh Tribhuvann, managing partner at
law firm White & Brief-Advocates & Solicitor. "A key aspect of this
settlement is the conditional withdrawal of legal proceedings
against 63 Moons, which would substantially reduce its litigation
risk and financial exposure."
Livemint.com notes that the collapse of NSEL in 2013 left investors
with unresolved claims totalling about INR5,500 crore, owed to over
13,000 individuals. Although partial payments have been made over
the years, large investors await a full resolution. The settlement,
proposed in November 2024, seeks to allocate INR1,950 crore, or
about 42% of the total INR4,650 crore owed to investors, pending
the necessary majority consent.
"The NCLT's role will be critical in evaluating the scheme's legal
tenability, particularly in ensuring that the proposed settlement
aligns with insolvency principles, contractual obligations, and
investor protection frameworks," the report quotes Tribhuvann as
saying. "Ultimately, the outcome of this settlement will not only
impact the parties directly involved but could also set a precedent
in financial market dispute resolution, influencing how large-scale
investor claims and systemic financial crises are addressed within
India's legal and regulatory ecosystem."
However, all investors have not agreed to the settlement. Mint
reported on December 10, 2024, that while NSEL Investors Forum
(NIF) claimed broad support, another group of NSEL investors,
called the National Investor Action Group (NIAG), purportedly
withdrew its consent for the OTS.
According to NIF, it has the backing of investors representing
about 64.5% in value of the outstanding claims, totalling over
INR3,000 crore. To successfully implement the settlement, consent
of investors holding at least 75% of the outstanding dues is
required.
A formal vote was held between November 11 and December 9, 2024,
with the NIF expressing confidence that it would secure majority
support, Livemint.com notes. According to its statement, only 1.71%
of investors, representing INR79.47 crore, withdrew their
consent—a factor already accounted for in the tally. Despite the
disagreements over the settlement process, NIF said many investors
who initially withdrew their support have since reconsidered. The
investors will again be called to give their consent before the
judicial forum.
Still, the NIAG's withdrawal, along with the opposition to
accessing attached funds, has clouded the settlement's outcome.
However, NSEL emphasized that the settlement amount was determined
after mutual discussions, with sufficient assets—estimated at
INR2,500 crore - currently attached under the MPID Act.
63 Moons has clarified that it requires INR25 crore per month for
operational costs until the settlement process is concluded,
justifying its request for access to attached assets. The company
assured that these funds are secure and that the full settlement
will be guaranteed once the necessary legal processes are
completed.
"The NCLT will have to assess whether the scheme ensures equitable
treatment and does not unfairly prejudice dissenting investors,"
White & Brief's Tribhuvann said, notes the report. "Given the mixed
response from investor groups, potential legal challenges remain."
National Spot Exchange was a Commodities exchange in India.
Financial Technologies (India) Ltd, promoted by Jignesh Shah,
controls 99.99% of NSEL.
PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patanjali
Chikitsalaya - Chennai (PCC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 February 12,
2024, placed the rating(s) of PCC under the 'issuer
non-cooperating' category as PCC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PCC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 28, 2024,
January 7, 2025, January 17, 2025 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
Patanjali Chikitsalaya (PCC) was established in January 2009 as a
proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil
Nadu. The firm is involved in trading of FMCG products and is an
authorized dealer of Patanjali Ayurved Limited, Haridwar and Divya
Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The products
sold by PC are Ghee, Face creams, Medicines, Soaps, Detergents,
Wheat flour, Sunflower oil, Honey, etc. The registered office of
the firm is located at Egmore in Chennai (Tamil Nadu).
Status of non-cooperation with previous CRA: Acuite has continued
the ratings assigned to the bank facilities of PCC to the 'issuer
not-cooperating' category vide press release dated February 13,
2025 on account of its inability to carryout review in the absence
of requisite information from the firm.
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prayan
Ispat & Steel Private Limited (PISPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.09 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 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 February 14,
2024, placed the rating(s) of PISPL under the 'issuer
non-cooperating' category as PISPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 30, 2024, January 9, 2025 and January 19, 2025 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
Uttar Pradesh-based PISPL, is a private limited company
incorporated in 2010 and is currently managed by Mr. Amit Agarwal
Mrs. Gaura Agarwal. PISPL is engaged in the manufacturing of M S
Ingots. The manufacturing facility of the company is located in
Bijnor, Uttar Pradesh.
PULIANI AND PULIANI: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Puliani and
Puliani (PP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of PP under the 'issuer non-cooperating'
category as PP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 25, 2024, January 4,
2025, January 14, 2025 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
Bangalore based, Puliani and Puliani (PP) was established during
April 1982, by Mr. Ved Prakash Puliani and his family members. The
firm is engaged in the trading of national and international
published books and journals in printed format. The firm sells only
law books (majorly corporate law) and law journals. The clients of
PP include reputed names, both from the academia and the industry
like Christ Law College, Acharya Law College, Excise Department
(Bangalore), Labour Department (Bangalore), Commercial Tax
Department (Bangalore), and many others.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of PP to the 'issuer
not-cooperating' category vide press release dated April 11, 2024
on account of its inability to carryout review in the absence of
requisite information from the firm.
R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Foods
(RF) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of RF under the 'issuer non-cooperating'
category as RF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 9, 2024, December 19,
2024, December 29, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
R.S. Foods (RSF) was established in April, 2015 as a proprietorship
firm by Mr. Satish Kumar. The constitution was converted into a
partnership firm in April 2016 and is currently being managed by
Mr. Ram Lal Singla and Mr. Atul Singla as its partners sharing
profit and losses equally. The firm is engaged in processing of
paddy and trading of rice at its manufacturing facility in Karnal,
Haryana.
RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajrani
Cold Storage and Ice Plantprivate Limited (RCSIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.71 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 February 15,
2024, placed the rating(s) of RCSIPL under the 'issuer
non-cooperating' category as RCSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RCSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 31, 2024, January 10, 2025 and January 20, 2025 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 1989, Raj Rani Cold Storage and Ice Plant Private
Limited (RCSIPL) was promoted by Mr. Sushil Tripathi. The company
is engaged in manufacturing and processing of milk and milk
products. The main products of RCSIPL includes skimmed milk powder
(SMP), Desi Ghee, condensed milk, Whole Milk Powder, Poly pack
milk, table butter, sweet curd etc. The company sells its products
under the brand name 'Raj'. In addition to the milk processing, the
company has a cold storage facility for storing potatoes for the
local farmers.
RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramakrishna
Electronics (Karnataka Division) (RED) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of RED under the 'issuer
non-cooperating' category as RED had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RED continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 14, 2024,
December 24, 2024 and January 3, 2025 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
Ramakrishna Electronics Karnataka Division (RED), is a partnership
firm established in April, 2003 by Mr. V. Raghavenrdra, Mr. V. Ravi
Kumar, Mr. K. Mahnjunath, Mr. M. Mahesh, Mr. B. Shatrugna and Mrs.
V. Rajeshwari. The firm has its registered office located at
Municipal Shopping Complex, Park Road, Kurnool. The firm is engaged
in distribution and trading (wholesale) of consumer electronic
products and home appliances of Samsung in seven districts of
Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot,
Bjiapur and Belgaum). The firm is exclusive distributor of
electronics appliance of Samsung in seven district of Karnataka.
The firm has warehouses at Hubli, Gangavathi and Belgaum.
ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roshni
Jewellers Private Limited (RJPL) continues 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
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of RJPL under the 'issuer
non-cooperating' category as RJPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RJPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 16, 2024,
December 26, 2024 and January 5, 2025 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
Delhi based Roshni Jewellers Private Limited (RJPL) was
incorporated in 2011 by Mr. Sandeep Gupta and his wife, Ms. Anju
Gupta. RJL is engaged in wholesale trading of gold jewellery,
diamond jewellery and loose cut & polished diamonds, registered
office being at Karol Bagh, Delhi. The company also started
in-house manufacturing of gold & diamond jewellery in FY14 under
its own brand name 'Balika Vadhu'.
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rupam
Industries (RI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.04 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 January 4,
2024, placed the rating(s) of RI under the 'issuer non-cooperating'
category as RI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 19, 2024, November 29,
2024, December 9, 2024 among others. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of the best available information which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Indore (Madhya Pradesh) based Rupam Industries (RI) was formed in
1969 as a proprietorship concern by Mr. Ramesh Chand Bansal and
carries the business of manufacturing and trading of HDPE and PVC
Pipes, Motor pumps and other agricultural allied instruments.
Further, in 2003, it converted into partnership concern and Mr.
Vinay Bansal and Ms Shashikala Bansal joined the firm as partners
with sharing profit & loss equally. Its manufacturers PVC and HDPE
pipes in different sizes from its manufacturing facility located at
New Siyaganj, Indore.
SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Sai
Balaji Associates (SSBA) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 7,
2024, placed the rating(s) of SSBA under the 'issuer
non-cooperating' category as SSBA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSBA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 23, 2024,
January 2, 2025 and January 12, 2025 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
Kadapa (Andhra Pradesh) based, Sri Sai Balaji Associates was
established as a partnership firm in 2002 by Mr. Venkata Subba
Reddy and Mr. Pal Reddy. SSBA is engaged in civil construction
works like construction of canals, water tanks and under wiring
works relating to Department of Power Grid Corporation of India, in
Andhra Pradesh and Telangana. The firm purchases materials like
cement, steel, metal and CWD pipes from local suppliers located in
and around Andhra Pradesh and engage into construction works. Till
now, the firm has completed around 20 projects with total value of
about INR 200.00 crore.
SAI LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree Sai
Life Styles (SSLS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of SSLS under the 'issuer
non-cooperating' category as SSLS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSLS continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 19, 2024,
November 29, 2024, December 9, 2024 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Indore-based (Madhya Pradesh), SSLS was formed as a partnership
firm in March, 2015 by family members of Chugh and Motiramani. SSLS
is currently under process of executing construction of commercial
complex cum shopping mall project named 'The Zodiaq' (RERA
Registration No. P-IND-17-788) at Bicholi Mardana Road, Opposite
Agrawal Public School, Indore covering total saleable area of
approximately 1,27,486 square feet and involving construction of a
shopping mall consisting of ground floor, one mezzanine floor and
four other floors. First three floors are dedicated to Departmental
stores, Showrooms, Shopping area, Entertainment Zone & Food Court,
while fourth floor is allotted to Multiplex Theatre - PVR. The
implementation of project 'The Zodiaq' commenced from March, 2017.
SSL has incurred a total cost of INR40.74 crore (i.e.91.55% of
total project cost) out of total cost of INR44.50 crore till May
31, 2019.
SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Steel Products (SSP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.25 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 February 1,
2024, placed the rating(s) of SSP under the 'issuer
non-cooperating' category as SSP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSP continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 17, 2024,
December 27, 2024 and January 6, 2025 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
SSP was established in the year 2007 by Mr. S Ashokumar (Managing
Partner), Mr. Bharat Kumar among other partners. SSP is engaged in
the manufacturing of hot rolled steel stripes, Electric Resistance
Welded (ERW) pipes and other steel Structural products. SSP is
specialized in manufacturing of iron and steel structural products
which are used in furniture, Racks and hoardings, etc. SSP sells
ERW pipes and structural products to distributors across India. Raw
material comprises steel and iron which are procured from local
suppliers and hot rolled steel stripes manufactured are used in
Manufacturing of ERW pipes and structural product.
TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tekno
Print Solutions (TPS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.80 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 15,
2024, placed the rating(s) of TPS under the 'issuer
non-cooperating' category as TPS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TPS continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 31, 2024,
January 10, 2025 and January 20, 2025 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
Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr. Parshant Mudgil in June, 2012. Later on,
in July 2013, the constitution was converted to a partnership firm
having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr. Deepak
Kumar as its partners. TPS is engaged in the trading of printing
material like rollers, blankets, solvents and adhesives. The firm
is the authorized dealer of 'Bottcher Systems'.
UNIQUE IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unique
Impex (UI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.50 CARE B-; Stable; Issuer Not
Facilities 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 February 9,
2024, placed the rating(s) of UI under the 'issuer non-cooperating'
category as UI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. UI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 25, 2024, January 4,
2025, January 14, 2025 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
Karur based, Unique Impex (UI) was established in the year 1996 by
Mr. V S Ramakrishnan and Mrs. R Kavita as a partnership firm. The
firm is engaged in manufacturing and exporting of a diversified
range of home furnishing and fashion textiles. The diverse range of
home furnishing and textiles comprise of organic table cloth, mat,
napkin, towels, cushion covers, curtains, apron, glove, pot holder,
cloth bags, baby cotton nappies, cotton apron, beach mattress and
mitten. The gamut is manufactured from organic as well as
conventional yarn and cotton procured from textiles mills in the
domestic market. In addition to this, Unique Impex also offer a
wide range of fashion textiles such as shawls, stole, pareo,
bandana, scarves and many more.
V. SATYA: CARE Keeps C Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of V. Satya
Murthy (VSM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 11.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the rating(s) of VSM under the 'issuer
non-cooperating' category as VSM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VSM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 22, 2024,
January 1, 2025 and January 11, 2025 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
M/s V. Satya Murthy was established as proprietary concern in
November, 2003 by Mr. Vemula Satya Murthy. The propriety concern is
engaged in the civil construction business as a special class
contractor. It is engaged in the works like laying of roads and
irrigation works for government organizations covering Irrigation &
C.A.D. Department. Mr. Murthy is a special class contractor and has
experience of more than two decades in civil contract works.
VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vikram
Traders (VT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of VT under the 'issuer non-cooperating'
category as VT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. VT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 14, 2024, December 24,
2024 and January 3, 2025 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
Bangalore based; Vikram Traders (VT) was established in the year
1984 by Mr. Mangilal Gupta along with six other partners. However,
in the year 2013, the firm was reconstituted with three new
partners' viz. Mr. Meetesh Bhandari, Mr. Vikram Bhandari and Mr.
Sumeet Bhandari sharing profits and losses equally. The firm is
engaged in trading of fabrics with major product being rolled denim
fabric. The firm sells its products to various wholesalers located
in Bangalore and Maharashtra region. Its major customers included
Unitex Apparels Private Limited, Prateek Apparels Private Limited
and Famous Fashion. The fabric is mainly procured from the
suppliers based out in Maharashtra and Rajasthan like Raymond Uco
Denim Pvt Ltd, RSWM Limited, and Century Denim.
===============
M A L A Y S I A
===============
1MDB: Withdraws USD248M Civil Suit vs. Riza Aziz and Red Granite
----------------------------------------------------------------
The Edge Malaysia reports that 1Malaysia Development Bhd (1MDB) has
withdrawn its US$248 million civil suit against Riza Aziz - the
stepson of former prime minister Datuk Seri Najib Razak - and
Riza's Hollywood film company Red Granite Pictures, at the High
Court on Feb. 24.
No reason was given as to why 1MDB has chosen to withdraw the suit,
the Edge says.
The Edge relates that the case, which started on Oct. 16 last year
before judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan, had
already begun with the defendant's (Riza) case last week.
However, when the case was about to continue on Feb. 24, 1MDB lead
counsel Rabindra S Nathan, of Messrs Shearn Delamore, said that he
had received instructions from 1MDB to withdraw the case.
"I have received instructions to withdraw the actions against all
the defendants," Rabindra told the court.
The judge then fixed Friday [Feb. 28] for submissions on the issues
of cost for both parties.
According to the Edge, the withdrawal came after Malaysian
Anti-Corruption Commission special operations director Datuk
Mohamad Zamri Zainul Abidin testified as a witness for the
defendants (Riza and Red Granite Pictures) last week, where he said
that Riza had received a discharge not amounting to an acquittal
(DNAA) for five counts of money laundering for the same US$248
million.
Riza had obtained the DNAA in May 2020. The discharge was given by
then-Sessions Court judge Azman Ahmad.
The Edge relates that Zamri had testified that in the
representations, which were sent to the Attorney General's
Chambers, Riza and his lawyers said that they would work towards a
global settlement in recovery of the US$248 million.
The late lead prosecutor and former Federal Court judge Datuk Seri
Gopal Sri Ram had applied for the DNAA back then.
Sri Ram had said that Riza sent several letters of representations
to the authorities to consider his acquittal.
Sri Ram also said that the representations were considered most
carefully by those concerned, and the decision to grant the
acquittal was made as an agreement was struck between Riza and the
government, where the federal government was to receive a
substantial sum running into several millions of ringgit, the Edge
relays.
In proceedings on Feb. 24, Riza's lawyer Tan Sri Muhammad Shafee
Abdullah did not object to the withdrawal of the suit by 1MDB, the
Edge notes.
Raja Ahmad Mohzanuddin then set Feb. 28 to give his decision on
costs, after the parties were instructed to send in written
submissions to the court.
The Edge says the trial had featured notable witnesses, such as
former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim
Halmi and former 1MDB general counsel Jasmine Loo Ai Swan as
plaintiff witnesses.
The next witness that was scheduled to be taking the stand was
supposed to be deputy public prosecutor Ahmad Akram Gharib, who is
part of the 1MDB prosecution's legal team, the report adds.
The Edge notes that Red Granite Pictures, co-founded by Riza and
American film producer Joey McFarland, had produced the Academy
Award-winning The Wolf of Wall Street starring Leonardo DiCaprio,
and other movies.
In May 2021, 1MDB and its three subsidiaries - 1MDB Energy Ltd,
1MDB Energy Holdings Ltd, and 1MDB Energy (Langat) Ltd - filed the
suit against Riza, Red Granite Pictures, and Red Granite Capital
Ltd, the Edge recalls.
The Edge says 1MDB claimed that Riza had misappropriated their
funds from fugitive businessman Low Taek Jho (Jho Low), or was
wilful and reckless in failing to make relevant inquiries as to the
sources of the funds.
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.
CAPITAL A: To Publish Internal Targets to Improve Transparency
--------------------------------------------------------------
Reuters reports that Malaysia's Capital A Berhad, owner of budget
airline AirAsia, said on Feb. 24 it will start to publish internal
business targets alongside quarterly results to give investors a
better picture of the company's financial outlook.
Capital A was hard hit by pandemic travel restrictions and
classified by Malaysia's stock exchange as 'PN17', or financially
distressed. It is seeking to exit PN17 status.
It is also in the process of selling its AirAsia aviation business
to long-haul unit AirAsia X Bhd, which it announced a year ago in a
move to consolidate long and short-haul operations under a single
AirAsia brand, Reuters relates.
Capital A companies want "to build investor confidence through
consistent and reliable financial disclosures while ensuring that
all stakeholders have the necessary information for a fair and
reasonable valuation of the company", it said.
Publication will begin from Feb. 26, the investment holding company
said, Reuters relays.
"With most of the uncertainties that previously impacted our
business now behind us, the timing for this move is right," Reuters
quotes Group Chief Executive Tony Fernandes as saying in a
statement.
Capital A added that it had made "significant progress" on the
AirAsia X Bhd sale, saying all necessary consents are expected by
end-February, according to Reuters.
In January, it extended the deadline for the disposal by two months
to March 24, says the report.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
=====================
N E W Z E A L A N D
=====================
FARMER'S FIRST: Court to Hear Wind-Up Petition on March 6
---------------------------------------------------------
A petition to wind up the operations of Farmer's First Livestock
Limited will be heard before the High Court at Christchurch on
March 6, 2025, at 10:00 a.m.
Lough Corrib Limited filed the petition against the company on Dec.
9, 2024.
The Petitioner's solicitors are:
Hunwick Law Limited
PO Box 782
Hamilton 3240
FORGED FABRICATIONS: Court to Hear Wind-Up Petition on March 7
--------------------------------------------------------------
A petition to wind up the operations of Forged Fabrications Limited
will be heard before the High Court of Singapore on March 7, 2025,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 8, 2024.
The Petitioner's solicitors are:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
JANNAT INVESTMENT: Creditors' Proofs of Debt Due on March 31
------------------------------------------------------------
Creditors of Jannat Investment Limited and Romney Development
Limited are required to file their proofs of debt by March 31,
2025, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 20, 2025.
The company's liquidator is:
Craig Young
PO Box 87340
Auckland
SWITCH MOTORCYCLES: Creditors' Proofs of Debt Due on March 11
-------------------------------------------------------------
Creditors of Switch Motorcycles Limited, Switch Holdco Limited and
Switch Esopco Limited are required to file their proofs of debt by
March 11, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 11, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
TIKI ROAD: Creditors' Proofs of Debt Due on March 21
----------------------------------------------------
Creditors of Tiki Road Group Limited are required to file their
proofs of debt by March 21, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 17, 2025.
The company's liquidators are:
Wendy Somerville
Malcolm Hollis
C/o PwC
PwC Waikato
PO Box 191
Hamilton 3240
=================
S I N G A P O R E
=================
ELITE STONES: Court to Hear Wind-Up Petition on March 7
-------------------------------------------------------
A petition to wind up the operations of Elite Stones Pte. Ltd. will
be heard before the High Court of Singapore on March 7, 2025, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 11, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
FORTUNE SOVEREIGN: Court to Hear Wind-Up Petition on March 7
------------------------------------------------------------
A petition to wind up the operations of Fortune Sovereign
Investments Pte. Ltd. will be heard before the High Court of
Singapore on March 7, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 11, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
INTERPAY SERVICES: Court to Hear Wind-Up Petition on March 7
------------------------------------------------------------
A petition to wind up the operations of Interpay Services Pte. Ltd.
will be heard before the High Court of Singapore on March 7, 2025,
at 10:00 a.m.
Bluefield Advisors Limited filed the petition against the company
on Feb. 11, 2025.
The Petitioner's solicitors are:
Setia Law LLC
One George Street, #07-03
Singapore 049145
NM WINES: Creditors' Meeting Set for March 5
--------------------------------------------
NM Wines Pte. Ltd. will hold a meeting for its creditors on March
5, 2025, at 10:30 a.m., via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on Feb. 12, 2025.
NOISE PLASTER: Commences Wind-Up Proceedings
--------------------------------------------
Members of Noise Plaster Pte. Ltd. on Feb. 11, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Chian Yeow Hang
c/o Guardian Advisory
531A Upper Cross Street #03-118
Singapore 051531
=============
V I E T N A M
=============
VIETNAM MARITIME: Moody's Affirms 'B1' Deposit & Issuer Ratings
---------------------------------------------------------------
Moody's Ratings has affirmed Vietnam Maritime Commercial Joint
Stock Bank's (MSB) B1 local currency (LC) and foreign currency (FC)
long-term (LT) bank deposit and issuer ratings, as well as its b2
Baseline Credit Assessment (BCA) and Adjusted BCA.
Moody's have also affirmed MSB's Ba3 LT FC and LC Counterparty Risk
Ratings (CRRs) and Ba3(cr) LT Counterparty Risk (CR) Assessment, NP
short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings,
ST FC and LC issuer ratings and NP(cr) ST CR Assessment.
The rating outlook, where applicable, is stable.
RATINGS RATIONALE
The affirmation of MSB's B1 ratings is driven by Moody's
expectations that the bank's above peer average capitalization and
liquidity will provide adequate buffers against asset risks and the
bank's high reliance on market funds relative to rated peers in
Vietnam.
The bank's B1 deposit ratings are one notch above its b2 BCA
reflecting Moody's assumptions of a moderate probability of support
from the Government of Vietnam (Ba2 stable) in times of need.
MSB's asset risks remain high, underpinned by its credit
concentration to the riskier construction and real estate sector in
addition to its stock of problematic assets and underperforming
loans, which include special mention and restructured loans. The
bank's non-performing loan ratio decreased to 2.6% as of December
31, 2024 (fiscal 2024) from 2.9% a year earlier, largely driven by
the rapid expansion of its loans as the bank utilized its higher
credit quota granted by the central bank relative to some of its
rated peers. However, rapid loan expansion poses unseasoned risks.
Nevertheless, Moody's notes that the bank has reduced the stock of
problematic assets, which include legacy foreclosed assets and
receivables from debt sold to partners to 1.3% of total assets in
fiscal 2024 from 7.4% in fiscal 2020. While the bank's loan loss
reserves as a percentage of NPLs increased to 64% in fiscal 2024
from 55% a year earlier, it remains below the average of rated
peers in Vietnam.
MSB's capitalization is a key credit strength, with its tangible
common equity (TCE) as a percentage of adjusted risk-weighted
assets (RWA), or TCE ratio, at 11.1% in fiscal 2024, the highest
among its similarly rated peers. While capitalization declined in
2024, Moody's expects the bank's TCE ratio to remain stable over
the next 12-18 months, supported by capital retention and a
moderation in RWA growth.
The bank's return on tangible assets was stable at 1.7% in fiscal
2024, unchanged from a year earlier. Moody's expects the bank's
profitability to decline moderately over the next 12-18 months due
to narrowing net interest margins and non-interest income.
MSB is highly reliant on market funding given its small deposit
franchise with market funds as a percentage of tangible assets at
38% in fiscal 2024, the highest among rated peers in Vietnam.
Nevertheless, funding and liquidity risks are mitigated by the
bank's above peer average liquidity buffers, with high-quality
liquid assets such as cash, balances with central bank and
government securities accounting for 15% of its total assets over
the same period.
The central bank's report on MSB's operational lapses in areas such
as loan underwriting and classification following a regulatory
inspection which occurred in the first half of 2024 is credit
negative and highlight potential governance risks. Moody's
understands the bank has already implemented measures to address
the issues, with the impact on the bank's credit profile mitigated
by its above peer average capitalization and liquidity buffers.
These considerations are reflected in its Governance Issuer Profile
Score of G-3.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
MSB's ratings and BCA could be upgraded if the bank's solvency and
liquidity metrics improve on a sustained basis, including:
-- A significant improvement in asset quality or if it manages to
further reduce its stock of problematic assets.
-- Strengthening its TCE ratio to more than 12% while maintaining
high-quality liquid assets as a percentage of tangible banking
assets above 10%.
-- Lower reliance on market funds, with market funds as a
percentage of tangible banking assets ratio declining to below
30%.
MSB's ratings and BCA would be downgraded if the bank's asset
quality deteriorates, leading to higher credit costs and a decline
in its return on tangible assets to below 1%, or if the bank's TCE
ratio declines below 7.5%. A weakening in MSB's funding and
liquidity will also be negative for the BCA. A significant negative
impact on MSB's financial performance because of lapses in risk
management can also lead to pressure on its rating.
The bank's deposit and issuer ratings would be downgraded if
Moody's assess that government support for the bank has weakened.
The principal methodology used in these ratings was Banks published
in November 2024.
Vietnam Maritime Commercial Joint Stock Bank is headquartered in
Hanoi and reported total assets of VND320 trillion in fiscal 2024.
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week Feb. 17, 2025 to Feb. 21, 2025
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.24
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.24
COBURN RESOURCES PTY 12.00 03/20/26 USD 74.52
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.51
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.51
VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.71
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.71
CHINA
-----
ANHUA COUNTY MEISHAN 8.00 03/21/26 CNY 40.00
ANHUA COUNTY MEISHAN 8.00 03/21/26 CNY 41.19
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 40.00
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 42.50
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 20.70
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 20.78
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 20.85
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 40.98
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 100.00
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 20.55
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 20.66
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 20.77
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 21.00
ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 41.19
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 20.55
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 20.95
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 20.52
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 20.86
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 42.25
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 42.52
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.33
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.34
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 20.61
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 20.62
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.34
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 20.62
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 21.03
CHONGQING HONGYE INDU 7.50 12/24/26 CNY 42.59
CHONGQING NANCHUAN CI 7.80 08/06/26 CNY 41.95
CHONGQING SHUANGFU CO 7.50 09/09/26 CNY 42.00
CHONGQING THREE GORGE 7.80 03/01/26 CNY 40.00
CHONGQING THREE GORGE 7.80 03/01/26 CNY 41.14
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 40.00
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 42.03
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.10
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.25
CHONGQING YUDIAN STAT 8.00 11/30/25 CNY 20.80
CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 16.00
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 40.00
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 42.07
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 40.00
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 41.19
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.00
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.21
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 20.50
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 20.65
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 42.41
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 42.88
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 20.00
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 20.00
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 20.69
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 20.90
FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53
FANTASIA GROUP CHINA 7.50 06/30/28 CNY 73.70
FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99
FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 41.21
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 20.00
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 20.00
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 20.00
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 20.71
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 20.74
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 20.98
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 20.73
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 22.68
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 41.55
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 43.09
GUANGDONG PEARL RIVER 7.50 10/26/26 CNY 18.03
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 19.39
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 20.00
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 20.82
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 20.89
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 20.64
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 20.72
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 40.68
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 42.72
GUANGXI TIANDONG COUN 7.50 06/04/27 CNY 40.00
GUANGYUAN CITY DEVELO 7.50 10/25/27 CNY 26.63
GUANGYUAN YUANQU CHUA 7.50 07/15/26 CNY 73.25
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 40.00
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 40.00
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 41.83
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 42.52
GUANGZHOU FINELAND RE 13.60 07/27/23 USD 0.89
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.00
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.24
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 41.98
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 43.42
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.07
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.46
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 40.34
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 41.03
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 20.69
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 20.73
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 40.42
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 40.71
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 41.41
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 41.42
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 40.00
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 41.30
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 20.43
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 20.86
GUIZHOU HI-TECH URBAN 8.00 11/25/26 CNY 40.27
GUIZHOU HI-TECH URBAN 8.00 11/25/26 CNY 42.39
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 41.30
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 41.86
GUIZHOU SHUANGLONG AI 7.50 04/20/30 CNY 60.00
GUIZHOU SHUANGLONG AI 7.50 11/17/30 CNY 62.83
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 20.67
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 18.75
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 20.81
GUIZHOU ZHONGSHAN DEV 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLITIO 7.74 05/02/25 CNY 20.18
HAIAN URBAN DEMOLITIO 8.00 12/21/25 CNY 20.88
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 40.00
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 41.35
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.00
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.07
HUAINAN URBAN CONSTRU 7.58 02/12/26 CNY 21.02
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 37.74
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 41.11
HUBEI JIAKANG CONSTRU 7.80 12/19/25 CNY 20.65
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 40.00
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 41.30
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 40.00
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 41.20
HUNAN JINGFENG PHARMA 7.50 10/27/21 CNY 47.24
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 20.74
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 20.75
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 20.00
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 20.00
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 20.86
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 20.93
HUZHOU WUXING NANTAIH 7.90 09/20/25 CNY 20.55
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 38.00
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 42.45
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.00
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.08
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 20.52
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 22.50
JIANGSU ZHONGNAN CONS 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 20.60
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 20.63
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 20.88
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 21.04
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.00
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.14
JIANGXI TONGGU CITY C 7.50 04/21/27 CNY 62.88
JIANGYOU XINGYI PARKI 7.80 12/17/25 CNY 26.03
JIANGYOU XINGYI PARKI 7.50 05/07/26 CNY 51.27
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 20.00
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 20.88
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 59.21
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 62.43
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.00
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.09
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 40.92
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 41.09
JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 61.28
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 63.37
KAIYUAN CITY XINGYUAN 7.50 09/22/27 CNY 64.14
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 39.80
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 41.25
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 20.00
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 20.80
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 41.31
LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 20.60
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.00
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.09
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 19.11
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 20.63
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 20.76
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 20.76
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 58.78
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 58.79
LONGNAN ECO&TECH DEVE 7.50 07/26/26 CNY 41.64
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 20.00
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 21.09
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 20.80
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 20.83
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 20.65
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 20.76
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 20.80
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 21.30
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 16.00
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 20.78
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 20.81
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 41.16
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 20.00
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 20.00
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 20.52
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 20.90
MEISHAN HONGSHUN PARK 7.50 12/10/25 CNY 25.95
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 20.00
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 20.00
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 20.48
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 20.74
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 41.25
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 42.25
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 40.00
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 40.00
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 41.21
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 42.27
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 20.00
MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 20.23
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 20.84
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 40.00
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 42.61
MIANYANG HUIDONG INVE 8.10 04/28/25 CNY 20.16
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 20.85
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 20.86
MILE AGRICULTURAL INV 8.00 10/25/25 CNY 20.71
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 41.00
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 41.01
MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 20.60
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.00
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.28
NINGXIA SHENG YAN IND 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 21.02
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 21.02
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 21.10
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 21.10
PANJIN LIAODONGWAN ZH 7.50 12/28/26 CNY 42.50
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 40.00
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 42.27
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 20.23
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 21.59
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 20.52
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 20.59
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 40.97
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.23
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.81
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.93
QIANDONG NANZHOU DEVE 8.00 12/21/27 CNY 63.00
QIANDONG NANZHOU DEVE 8.00 12/21/27 CNY 65.81
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 42.97
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 42.98
QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 20.94
QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 63.95
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 62.98
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 63.45
QIANXINAN WATER RESOU 7.50 12/25/27 CNY 62.90
QIANXINAN WATER RESOU 7.50 09/25/27 CNY 64.57
QIANXINAN WATER RESOU 7.50 09/25/27 CNY 64.58
QIANXINAN WATER RESOU 7.50 12/25/27 CNY 68.34
QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 0.87
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 41.06
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 41.07
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 43.32
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 47.80
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 41.92
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 41.92
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 20.00
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 21.08
RENHUAI WATER INVESTM 7.98 02/24/25 CNY 20.02
RENHUAI WATER INVESTM 7.98 07/26/25 CNY 20.46
RENHUAI WATER INVESTM 8.00 12/26/25 CNY 20.76
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 20.00
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 20.91
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 40.00
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 42.61
RUILI RENLONG INVESTM 8.00 09/20/26 CNY 41.92
SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 20.88
SHANDONG OCEAN CULTUR 7.50 03/28/26 CNY 41.15
SHANDONG OCEAN CULTUR 7.50 04/25/26 CNY 41.24
SHANDONG RENCHENG RON 7.50 01/23/26 CNY 20.82
SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GROU 7.90 08/30/27 CNY 58.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 40.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 41.22
SHANGLI GANXIANG CITY 7.50 06/01/25 CNY 20.25
SHANGLI GANXIANG CITY 7.50 06/01/25 CNY 20.26
SHANGLI GANXIANG CITY 7.80 01/22/26 CNY 20.49
SHANGLI GANXIANG CITY 7.80 01/22/26 CNY 20.84
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 20.45
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 20.46
SHANXI JINZHONG STATE 7.50 05/05/26 CNY 41.30
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 20.00
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 20.87
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 20.00
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 20.00
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 20.00
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 20.52
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 20.71
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 20.72
SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 20.00
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 20.84
SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 28.36
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 41.61
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 41.62
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 42.34
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 42.35
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 43.04
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 43.05
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 20.71
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 20.79
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 20.91
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 21.60
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.18
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.19
SIYANG JIADING INDUST 7.50 12/14/25 CNY 20.79
SIYANG JIADING INDUST 7.50 12/14/25 CNY 21.86
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 2.20
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 3.10
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 20.00
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 24.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 41.15
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 41.18
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 41.39
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 19.59
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 20.73
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 20.00
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 20.98
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 40.00
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 41.17
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 20.23
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 20.37
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 40.00
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 40.00
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 41.96
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 42.55
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 20.64
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 21.25
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 1.00
TENGCHONG SHIXINGBANG 7.50 05/05/26 CNY 51.79
TIANJIN REAL ESTATE G 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.00
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.41
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 20.00
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 20.89
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 41.32
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 41.39
TONGREN WATER GROUP C 8.00 11/29/28 CNY 63.91
TONGREN WATER GROUP C 8.00 11/29/28 CNY 64.22
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 20.74
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 21.70
TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00
TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 20.65
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 20.80
WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.51
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 40.00
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 41.30
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 60.00
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 64.20
WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 20.00
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 20.68
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 40.00
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 41.17
WUZHOU CANGHAI CONSTR 8.00 05/31/28 CNY 64.50
WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 65.88
WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 66.99
WUZHOU CITY CONSTRUCT 7.90 03/26/29 CNY 73.20
XIFENG COUNTY URBAN C 8.00 03/14/26 CNY 41.11
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 20.00
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 20.82
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.45
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88
XINPING URBAN DEVELOP 7.70 01/24/26 CNY 20.74
XINYU CITY YUSHUI DIS 7.50 09/24/26 CNY 42.01
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 20.58
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 21.00
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 40.50
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 41.55
YANCHENG URBANIZATION 7.50 03/04/27 CNY 63.17
YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00
YANGLING URBAN RURAL 7.80 06/19/26 CNY 40.00
YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.94
YANGLING URBAN RURAL 7.80 06/19/26 CNY 41.62
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.00
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.47
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 20.81
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 20.90
YICHANG CHUANGYUAN HO 7.80 11/06/25 CNY 20.72
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 40.00
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 41.56
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.00
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.28
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 20.79
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 22.01
YIYANG LONGLING CONST 7.60 01/23/26 CNY 20.30
YIYANG LONGLING CONST 7.60 01/23/26 CNY 20.79
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 20.50
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 21.15
YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.00
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 20.00
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.17
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 20.49
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 20.56
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 20.60
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 20.88
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 20.88
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.19
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 40.00
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 41.45
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 63.22
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 40.00
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 42.49
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 60.00
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 63.61
YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 41.08
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 41.11
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 41.12
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 40.00
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 42.13
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 20.00
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 20.85
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 41.40
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 41.60
ZHEJIANG HUZHOU NANXU 7.80 08/21/25 CNY 19.81
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 20.00
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 20.51
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 20.91
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 20.98
ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 40.00
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 41.78
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 40.00
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 43.21
ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 25.66
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 45.00
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 49.35
ZIYANG KAILI INVESTME 8.00 02/14/26 CNY 20.93
ZUNYI HUICHUAN LOUHAI 7.50 11/24/27 CNY 68.00
ZUNYI ROAD & BRIDGE C 8.00 05/08/29 CNY 70.63
ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 67.88
HONG KONG
---------
CHINA SOUTH CITY HOLD 9.00 10/09/24 USD 25.81
CHINA SOUTH CITY HOLD 9.00 04/12/24 USD 25.98
CHINA SOUTH CITY HOLD 9.00 06/26/24 USD 26.01
CHINA SOUTH CITY HOLD 9.00 12/11/24 USD 26.01
HAINAN AIRLINES HONG 12.00 10/29/21 USD 1.92
HONGKONG IDEAL INVEST 14.75 10/08/22 USD 2.65
YANGO JUSTICE INTERNA 7.50 02/17/25 USD 0.10
YANGO JUSTICE INTERNA 8.25 11/25/23 USD 0.11
YANGO JUSTICE INTERNA 7.88 09/04/24 USD 0.12
YANGO JUSTICE INTERNA 10.25 03/18/22 USD 0.15
YANGO JUSTICE INTERNA 9.25 04/15/23 USD 0.17
YANGO JUSTICE INTERNA 10.00 02/12/23 USD 0.21
YANGO JUSTICE INTERNA 7.50 04/15/24 USD 0.36
YANGO JUSTICE INTERNA 10.25 09/15/22 USD 0.61
ZENSUN ENTERPRISES LT 12.50 04/23/24 USD 4.04
ZENSUN ENTERPRISES LT 12.50 09/13/23 USD 6.14
INDONESIA
---------
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.12
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.16
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.68
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.72
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.62
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.72
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.82
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.83
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 64.26
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 64.47
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.73
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.73
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 65.06
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 65.06
WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 67.18
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 69.33
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 69.49
INDIA
-----
AMPLUS SOLAR POWER MH 14.30 06/05/46 INR 66.65
BHARAT SANCHAR NIGAM 7.55 03/20/34 INR 62.93
IKF HOME FINANCE LTD 10.85 08/31/26 INR 60.27
MAHANAGAR TELEPHONE N 7.51 03/06/34 INR 54.28
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.88
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 15.00
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 15.00
SINGAPORE
---------
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.92
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.92
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.42
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.42
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.42
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.42
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 20.50
MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 0.68
NOMURA INTERNATIONAL 7.65 10/04/37 AUD 67.33
NOMURA INTERNATIONAL 19.50 08/28/28 TRY 70.47
ORO NEGRO DRILLING PT 7.50 01/24/24 USD 0.52
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SOUTH KOREA
-----------
KOREA DEVELOPMENT BAN 11.24 11/25/26 BRL 57.78
KOREA DEVELOPMENT BAN 11.21 11/19/26 BRL 62.59
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMENT 7.50 06/15/38 LKR 59.56
SRI LANKA GOVERNMENT 7.50 05/15/37 LKR 61.17
SRI LANKA GOVERNMENT 7.50 04/15/36 LKR 63.00
SRI LANKA GOVERNMENT 7.50 03/15/35 LKR 65.06
SRI LANKA GOVERNMENT 7.50 02/15/34 LKR 67.31
SRI LANKA GOVERNMENT 7.50 01/15/33 LKR 69.77
SRI LANKA GOVERNMENT 7.50 06/15/32 LKR 72.27
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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