/raid1/www/Hosts/bankrupt/TCRAP_Public/250304.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, March 4, 2025, Vol. 28, No. 45
Headlines
A U S T R A L I A
CAMP ST DAYLESFORD: First Creditors' Meeting Set for March 11
CENTRAL (QLD): Second Creditors' Meeting Set for March 10
ENCOME ENERGY: First Creditors' Meeting Set for March 10
FALCON CAPITAL: Federal Court Freezes Assets of Fund and Director
MA MONEY 2025-1: Fitch Assigns 'BB+sf' Final Rating to Two Tranches
PANORAMA AUTO 2023-3: Fitch Hikes Rating on Class F Notes to 'BBsf'
PANORAMA AUTO 2025-1: Fitch Assigns BB(EXP)sf Rating to Cl. E Notes
ROSE OF THAILAND: First Creditors' Meeting Set for March 11
STAR ENTERTAINMENT: Shares Suspended After Financial Report Delay
STEEL CENTRAL: Second Creditors' Meeting Set for March 10
THINK TANK 2025-1P: S&P Assigns Prelim. 'B(sf)' Rating to F Notes
TUCHUZY: Falls Into Voluntary Administration Again
VANSTONE LOGISTICS: First Creditors' Meeting Set for March 10
C H I N A
AIRNET TECH: Enters Into $7M Private Placement Agreement
MERCURITY FINTECH: Forms HK Unit to Manufacture Cooling Solutions
[] CHINA: Needs $3 Tril. Local Debt Solution, Top Economist Says
[] CHINA: Trump Aims at Chinese Shipping, Risking Business Shock
I N D I A
ANEESH AHMAD: ICRA Keeps D Debt Ratings in Not Cooperating
ARUNACHAL TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
AZIZ ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
BAJRANG BRONZE: ICRA Keeps B- Debt Ratings in Not Cooperating
BHAGYANAGAR STRIPS: ICRA Keeps B+ Debt Rating in Not Cooperating
CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating
DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
INDIA: IMF Sees Economic Risks Rising Amid Global Uncertainty
INDIAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
JYOTI GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating
KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
KRISHNA RICE: ICRA Keeps B- Debt Rating in Not Cooperating
LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
NOOLI JEWELLERS: ICRA Keeps B+ Debt Rating in Not Cooperating
PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
PRAGATI MARINE: ICRA Keeps D Debt Ratings in Not Cooperating
S.R. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SCL INFRATECH: CARE Keeps C Debt Ratings in Not Cooperating
SIDHI BINAYAK: ICRA Keeps B+ Debt Ratings in Not Cooperating
SINGLACHERRA TEA: CARE Keeps C Debt Rating in Not Cooperating
TATA CHEMICALS: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating
UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating
UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
V-ACCESS INDIA: ICRA Keeps B+ Issuer Ratings in Not Cooperating
V. A. PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating
I N D O N E S I A
GOLDEN ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
J A P A N
NISSAN MOTOR: Fitch Lowers Long-Term IDR to 'BB+', Outlook Negative
M A C A U
[] MACAU: Building Sector Faces Economic Hurdles, Group Says
N E W Z E A L A N D
BLUE MOUNTAIN: Court to Hear Wind-Up Petition on March 18
ETFT LIMITED: Court to Hear Wind-Up Petition on March 6
HAVEN LIVING: Court to Hear Wind-Up Petition on March 13
NAC CONTRACTING: Creditors' Proofs of Debt Due on April 8
SAMNIC WAINGAROMIA: Placed in Receivership
S I N G A P O R E
CDL HOSPITABILITY: Fitch Affirms 'BB+' LT IDR, Outlook Now Negative
HO LEE: Creditors' Proofs of Debt Due on March 26
KIT COMMODITIES: Court Enters Wind-Up Order
MIAB LOGISTICS: Court Enters Wind-Up Order
RSP ENGINEERING: Court to Hear Wind-Up Petition on March 14
VITO PTE: Creditors' Proofs of Debt Due on March 26
[] SINGAPORE: Corporate Insolvencies Hit Highest Level Since 2010
- - - - -
=================
A U S T R A L I A
=================
CAMP ST DAYLESFORD: First Creditors' Meeting Set for March 11
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Camp St
Daylesford Pty Ltd ATF Camp St Daylesford Unit Trust, Lapilli La Mt
Buninyong Pty Ltd ATF Lapilli La Mt Buninyong Unit Trust, and Main
& Camp Daylesford Pty Ltd Atf Main & Camp Daylesford Unit Trust
will be held on March 11, 2025 at 11:00 a.m. via video conference
only.
Daniel Peter Juratowitch and Shaun Matthews of Cor Cordis were
appointed as administrators of the company on Feb. 26, 2025.
CENTRAL (QLD): Second Creditors' Meeting Set for March 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Central (QLD)
Holdings Pty. Ltd. has been set for March 10, 2025, at 11:00 a.m.
via video conference only.
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 March 7, 2025 at 5:00 p.m.
Marcus Watters, Richard Albarran and Brent Kijurina of Hall
Chadwick were appointed as administrators of the company on Feb. 3,
2025.
ENCOME ENERGY: First Creditors' Meeting Set for March 10
--------------------------------------------------------
Mark Alfred Holland and Anthony Norman Connelly of McGrathNicol
were appointed as administrators of ENcome Energy Performance
Australia Pty Ltd on Feb. 26, 2025.
Mr. Holland said: "Our appointment as Administrators follows the
insolvency of ENcome's parent entity in Austria, ENcome Energy
Performance GMBH, in late 2024."
"As Administrators, we have assumed control of ENcome's affairs and
have entered into possession of its assets.
"We are currently undertaking an urgent review of ENcome's
financial position and business operations. This includes
exploring options to complete or transition customer projects to
alternative providers and then initiate a process to realise
ENcome's plant, equipment and other assets," he added.
A first meeting of the creditors in the proceedings of ENcome
Energy will be held on March 10, 2025 at 10:30 a.m. via virtual
meeting technology.
The ENcome group is a pan-European leading and independent provider
for the operation of photovoltaic power plants with focus on
technical Operation and Maintenance (O&M), technical Asset
Management (TAM), as well as Engineering & Advisory services.
FALCON CAPITAL: Federal Court Freezes Assets of Fund and Director
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
obtained interim orders freezing the assets of Falcon Capital
Limited, the First Guardian Master Fund and David Anderson. Falcon
is the responsible entity for First Guardian and David Anderson is
a director of Falcon.
ASIC sought the orders to help protect investor funds while an
investigation is continuing.
The Federal Court orders to restrain Falcon and Mr. Anderson from:
* removing their property (including the property of First
Guardian) from Australia,
* selling, charging, mortgaging, encumbering or otherwise
dealing with, disposing of and/or diminishing the value of that
property, incurring new liabilities, and
* withdrawing, transferring, disposing of or dealing with money
held in bank accounts in which Falcon or Mr. Anderson have an
interest.
The orders are subject to some limited exceptions, including to
allow for the transfer of specific property of First Guardian under
an existing sale agreement entered into by Falcon.
A further Court hearing is listed to take place on March 14, 2025.
First Guardian is a registered managed investment scheme (ARSN 635
429 113).
Falcon suspended the processing of applications and withdrawals
from First Guardian on May 27, 2024 subject to some limited
exceptions.
MA MONEY 2025-1: Fitch Assigns 'BB+sf' Final Rating to Two Tranches
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to MA Money Pinnacle
Residential Securitisation Trust 2025-1's mortgage-backed
pass-through floating-rate bonds. The issuance consists of notes
backed by a pool of Australian first-ranking residential conforming
full- and low-documentation mortgage loans originated by MA Money
Financial Services Pty Ltd.
The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of MA Money Pinnacle Residential Securitisation
Trust 2025-1.
The transaction was upsized to AUD700 million at closing from
AUD500 million at the expected rating. The increase in size reduced
the impact of the large obligor concentration test, which resulted
in the final rating on the class C, E and F notes being one-notch
higher than they were at the expected rating.
Entity/Debt Rating Prior
----------- ------ -----
MA Money Pinnacle
Residential
Securitisation
Trust 2025-1
A1S AU3FN0095246 LT AAAsf New Rating AAA(EXP)sf
A1L AU3FN0095253 LT AAAsf New Rating AAA(EXP)sf
A2 AU3FN0095261 LT AAAsf New Rating AAA(EXP)sf
B AU3FN0095279 LT AAsf New Rating AA(EXP)sf
C AU3FN0095287 LT A+sf New Rating A(EXP)sf
D AU3FN0095295 LT BBBsf New Rating BBB(EXP)sf
E AU3FN0095303 LT BB+sf New Rating BB(EXP)sf
F AU3FN0095311 LT BB+sf New Rating BB(EXP)sf
G1 LT NRsf New Rating NR(EXP)sf
G2 LT NRsf New Rating NR(EXP)sf
Transaction Summary
The collateral pool totalled AUD700 million and consisted of 948
obligors with a weighted-average (WA) current loan/value ratio
(LVR) of 64.7% and a WA indexed current LVR of 64.7% as of the 31
December 2024 cut-off date.
KEY RATING DRIVERS
CE Buffers Expected 'AAAsf' Losses: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 14.4% is driven by the WA unindexed
current LVR of 64.7%, low documentation loans forming 54.1% of the
pool, self-employed borrowers making up 66.8% and, under Fitch's
methodology, investment loans and loans to non-resident borrowers
comprising 43.6% and 1.0%, respectively. The 'AAAsf' WA recovery
rate (WARR) of 53.7% is driven by the portfolio's WA indexed
scheduled LVR of 67.4%.
The 'AAAsf' portfolio loss is 6.7%, lower than the 10.4% portfolio
loss of the previous transaction, MA Money Residential
Securitisation Trust 2024-1. This is due primarily to the
composition of the pool, with MA Money Pinnacle 2025-1 consisting
of only conforming loans, while MA Money 2024-1 included
non-conforming loans. The class A1S and A1L notes benefit from
subordination of 15% and the class A2, B, C, D, E and F notes
benefit from 6.9%, 4.8%, 3.4%, 2.4%, 1.2% and 0.5%, respectively.
Liquidity Risk Mitigated: Structural features include a liquidity
facility sized at 1.5% of the invested note balance, with a floor
of AUD1,050,000 that is sufficient to mitigate Fitch's payment
interruption risk, a pre-call retention amount that redirects
excess income to pay note principal in reverse sequential order
starting from the class F note, and a post-call amortisation amount
that diverts after-tax excess available income to repay note
principal.
Originator Adjustment: MA Money, established as MKM Capital in
2004, is an Australian mortgage lender. Fitch undertook an
operational review and found that the operations of the originator
and servicer were mostly comparable with market standards. MA Money
began originating under its current credit policy in December 2022,
when it also began to service its loan book. This results in
limited originator and servicer-specific performance data.
In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.20x that increases foreclosure
frequency. Fitch may amend the adjustment if information received
over time indicates that the effect may be higher or lower than
assumed.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
4.1% in January 2025. Fitch forecasts GDP growth of 1.6% in 2025,
rising to 2.1% in 2026, with unemployment at 4.5%, decreasing to
4.2%.
Criteria Variation: Loan terms exceeding 30 years make up 1.4% of
the pool by balance. It is not possible to determine whether this
feature correlates with negative mortgage performance due to the
lack of sufficient historical data in the Australian mortgage
market. Consequently, Fitch's criteria do not account for the
potential impact of foreclosure frequency for this feature.
Therefore, a criteria variation was applied to incorporate a 1.10x
increase in foreclosure frequency at the loan level for loans with
this product feature to address the potential higher credit risk.
The model-implied ratings for the class A1S, A1L, A2, B, C, D, E
and F notes were not affected by this criteria variation.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
(CE) available to the notes.
Downgrade Sensitivities
Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.
The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.
Notes: Class A1S / A1L / A2 / B / C / D / E / F
Rating: AAAsf / AAAsf / AAAsf / AAsf / A+sf / BBBsf / BB+sf /
BB+sf
Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / A+sf /
BBBsf / BB+sf / BB+sf
Increase defaults by 30%: AAAsf / AAAsf / AAsf / A+sf / Asf / BBBsf
/ BB+sf / BB+sf
Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / A+sf /
BBBsf / BB+sf / BB+sf
Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / A+sf /
BBBsf / BB+sf / BB+sf
Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA+sf / AA-sf / A+sf / BBBsf / BB+sf / BB+sf
Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AAsf / A+sf / Asf / BBBsf / BB+sf / BB+sf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The ratings on the class C, D, E and F notes are constrained by the
large obligor concentration test that limits the ratings at 'A+sf',
'BBBsf', 'BB+sf', and 'BB+sf', respectively. Prepayments to the
loans with the largest obligor exposure, which result in the notes
passing Fitch's concentration test, could lead to positive rating
action for the notes, all else being equal.
Upgrade Sensitivities
The class A1S, A1L and A2 notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.
Notes: Class B
Rating: AAsf
Reduce defaults by 15% and increase recoveries by 15%: AA+sf
CRITERIA VARIATION
Loan terms exceeding 30 years make up 1.4% of the pool by balance.
It is not possible to determine whether this feature correlates
with negative mortgage performance due to the lack of sufficient
historical data in the Australian mortgage market. Consequently,
Fitch's criteria do not account for the potential impact of
foreclosure frequency for this feature.
Therefore, a criteria variation was applied to incorporate a 1.10x
increase in foreclosure frequency at the loan level for loans with
this product feature to address the potential higher credit risk.
The model-implied ratings for the class A1S, A1L, A2, B, C, D, E
and F notes were not affected by this criteria variation.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
PANORAMA AUTO 2023-3: Fitch Hikes Rating on Class F Notes to 'BBsf'
-------------------------------------------------------------------
Fitch Ratings has upgraded eight and affirmed 18 classes of
asset-backed floating-rate notes from four Panorama Auto Trust
transactions. Seven of the notes have a Positive Outlook, while the
rest are Stable.
The transactions are backed by a pool of first-ranking Australian
automotive lease and loan receivables originated by Angle Auto
Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate
Trust Limited as trustee.
The upgrades were driven by the build-up of credit enhancement
(CE). The Positive Outlooks reflect the notes' sensitivity to
decreased defaults and increased recoveries against its expected
increase in CE over the next 12 to 24 months.
Entity/Debt Rating Prior
----------- ------ -----
Panorama Auto
Trust 2023-3
A AU3FN0081790 LT AAAsf Affirmed AAAsf
B AU3FN0081808 LT AAAsf Upgrade AA+sf
C AU3FN0081816 LT AAsf Upgrade A+sf
Commission AU3FN0081873 LT AAAsf Affirmed AAAsf
D AU3FN0081824 LT Asf Upgrade BBB+sf
E AU3FN0081832 LT BBBsf Upgrade BB+sf
F AU3FN0081840 LT BBsf Upgrade B+sf
Panorama Auto
Trust 2024-1
A AU3FN0085361 LT AAAsf Affirmed AAAsf
B AU3FN0085379 LT AA+sf Upgrade AAsf
C AU3FN0085387 LT A+sf Upgrade Asf
Commision AU3FN0085353 LT AAAsf Affirmed AAAsf
D AU3FN0085395 LT BBB+sf Upgrade BBBsf
E AU3FN0085403 LT BB+sf Affirmed BB+sf
F AU3FN0085411 LT BB-sf Affirmed BB-sf
Panorama Auto
Trust 2024-3
A AU3FN0091146 LT AAAsf Affirmed AAAsf
B AU3FN0091153 LT AAsf Affirmed AAsf
C AU3FN0091161 LT Asf Affirmed Asf
Commission Note
AU3FN0091138 LT AAAsf Affirmed AAAsf
D AU3FN0091179 LT BBBsf Affirmed BBBsf
E AU3FN0091187 LT BBsf Affirmed BBsf
Panorama Auto
Trust 2024-4P
A AU3FN0094074 LT AAAsf Affirmed AAAsf
B AU3FN0094082 LT AAsf Affirmed AAsf
C AU3FN0094090 LT Asf Affirmed Asf
D AU3FN0094108 LT BBBsf Affirmed BBBsf
E AU3FN0094116 LT BBsf Affirmed BBsf
F AU3FN0094124 LT Bsf Affirmed Bsf
KEY RATING DRIVERS
Stable Asset Performance: Obligor default risk is a key assumption
in its quantitative analysis. As of end-January 2025, 30+ day
arrears were 1.2% for Panorama Auto Trust 2024-3 and 1.7% for
Panorama Auto Trust 2023-3 and 2024-1, which were below and above
Fitch's 3Q24 Dinkum ABS index of 1.6%, respectively. Panorama Auto
Trust 2023-3's 60+ day arrears were 0.8%, in line with Fitch's 3Q24
Dinkum ABS index of 0.8%, while Panorama Auto Trust 2024-1's and
2024-3's 60+ day arrears were below the Dinkum index, at 0.5% and
0.4%, respectively.
No reporting is yet available for Panorama Auto Trust 2024-4P.
Fitch used the following weighted-average (WA) base-case remaining
default rates (and AAAsf multiples) in its analysis:
Panorama 2023-3: 2.27% (6.25x)
Panorama 2024-1: 2.41% (5.69x)
Panorama 2024-3: 2.30% (5.80x) - unchanged from closing
Panorama 2024-4P: 2.50% (5.90x) - unchanged from closing
The recovery base-case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0%, and 35.0% for non-EVs, with a
'AAAsf' recovery haircut of 50.0%.
Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
4.1% in January 2025. Fitch forecasts GDP growth of 1.6% in 2025,
rising to 2.1% in 2026, with unemployment at 4.5%, decreasing to
4.2%.
CE Supports Ratings: Structural features include liquidity
facilities sized at 1.3% of the invested amount of the notes (other
than the class G notes), which is sufficient to mitigate Fitch's
payment interruption risk. Updated cash flow analysis was performed
for Panorama Auto Trust 2023-3 and 2024-1, and incorporates Fitch's
default and recovery expectations, portfolio compositions and the
build-up of CE. Updated asset and cash flow analysis was not
performed on Panorama Auto Trust 2024-3 and 2024-4P as the
transactions recently closed and none of the variables affecting
transaction performance have materially changed subsequent to
closing.
Panorama Auto Trust 2024-4P is within its revolving period, which
ends in March 2027. During this period, the transaction is bound by
substitution termination events to mitigate risk from potential
losses. Triggers include a pool parameter trigger that ensures the
availability of sufficient asset yield. In the post-substitution
period, principal is initially paid sequentially from class A to G
notes. Class A to F notes will receive principal repayments pro
rata upon satisfaction of the step-down criteria. The
non-amortising G notes will ensure CE as a percentage increases
over the pro rata period for the rated notes.
All other transactions are paying down principal sequentially,
building up CE for the rated notes, and will continue to pay
sequentially until the stepdown criteria are satisfied.
Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the servicer were comparable with
those of other auto lenders.
The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.
Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions. Fitch stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.
Downgrade Sensitivities
Panorama Auto Trust 2023-3
Notes: Commission / A / B / C / D / E / F
Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
10% defaults increase: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BB-sf
25% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / B+sf
50% defaults increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf
/ Bsf
10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAsf / A-sf /
BBB-sf / BBsf
25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB-sf
50% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf /
BB+sf / BB-sf
10% defaults increase/10% recoveries decrease: AAAsf / AAAsf /
AA+sf / AA-sf / BBB+sf / BBB-sf / BB-sf
25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAsf
/ Asf / BBBsf / BBsf / Bsf
50% defaults increase/50% recoveries decrease: AAAsf / AA+sf / A+sf
/ BBB+sf / BB+sf/ B+sf / less than Bsf
Panorama Auto Trust 2024-1
Notes: Commission / A / B / C / D / E / F
Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf
10% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf
/ Bsf
25% defaults increase: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BB-sf
/ less than Bsf
50% defaults increase: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / Bsf
/ less than Bsf
10% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBsf / B+sf
25% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBsf / Bsf
50% recoveries decrease: AAAsf / AAAsf / AA+sf / Asf / BBBsf /
BB-sf / Bsf
10% defaults increase/10% recoveries decrease: AAAsf / AAAsf /
AA+sf / Asf / BBBsf / BBsf / Bsf
25% defaults increase/25% recoveries decrease: AAAsf / AAAsf /
AA-sf / A-sf / BBB-sf / B+sf / less than Bsf
50% defaults increase/50% recoveries decrease: AAAsf / AAsf / Asf /
BBBsf / BBsf / less than Bsf / less than Bsf
Fitch's previous rating sensitivities for the remaining
transactions were discussed in:
- Fitch Assigns Final Ratings to Panorama Auto Trust 2024-3,
published 18 September 2024
- Fitch Assigns Final Ratings to Panorama Auto Trust 2024-4P,
published 18 December 2024
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of CE that would fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.
The 'AAAsf' notes are at the highest level on Fitch's scale and
cannot be upgraded. Therefore, upgrade sensitivities for these
notes are not relevant.
Upgrade Sensitivities
Panorama Auto Trust 2023-3
Notes: C / D / E / F
Rating: AAsf / Asf / BBBsf / BBsf
10% defaults decrease/10% recoveries increase: AA+sf / A+sf /
BBB+sf / BB+sf
Panorama Auto Trust 2024-1
Notes: B / C / D
Rating: AA+sf / A+sf / BBB+sf
10% defaults decrease/10% recoveries increase: AAAsf / AAsf / A-sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.
Prior to each transaction's closing, Fitch reviewed the results of
a third-party assessment conducted on the asset portfolio
information, and concluded that there were no findings that
affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Panorama Auto Trust 2023-3, 2024-1, 2024-3 and 2024-4P have an ESG
Relevance Score of '4' for Energy Management, which has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors. The score is higher than the
baseline ESG Relevance Score of '2' (no impact) for this general
issue in the Australian auto sector. This is because there is
limited credit performance data for EVs and available market data
show notable differences in recoveries between EVs and non-EVs.
Fitch's analytical approach for the transactions, in which EVs form
12.9%, 18.3%, 17.7% and 16.1% of the pool, respectively, was not
adjusted purely due to the green nature of the underlying
collateral, but Fitch references available market data for EVs to
determine its recovery assumptions.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
PANORAMA AUTO 2025-1: Fitch Assigns BB(EXP)sf Rating to Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2025-1's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2025-1.
AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, AA-/Stable/F1+)
motor-vehicle dealer finance and novated leasing business.
The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business' employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.
Entity/Debt Rating
----------- ------
Panorama Auto
Trust 2025-1
Commission Note LT AAA(EXP)sf Expected Rating
A LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB(EXP)sf Expected Rating
E LT BB(EXP)sf Expected Rating
G LT NR(EXP)sf Expected Rating
Transaction Summary
The total collateral pool at the 20 January 2025 cut-off date was
AUD750 million. The pool consisted of 16,922 receivables with
weighted-average (WA) seasoning of 2.7 months, WA remaining
maturity of 55.5 months and an average contract balance of
AUD44,321.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Its base-case gross-loss
expectations and 'AAAsf' default multiples are as follows:
Novated leases: 1.0% (7.5x)
Consumer loans: 3.5% (5.25x)
Commercial loans: 4.0% (5.25x)
The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a
'AAAsf' recovery haircut of 50.0%. The WA base-case default
assumption is 2.5% and the 'AAAsf' default multiple is 5.65x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 0.8% for the year ended
September 2024 and unemployment was 4.1% in January 2025. Fitch
forecasts GDP growth of 1.6% in 2025, with unemployment increasing
to 4.5%. This reflects Fitch's expectation that the effects of
restrictive monetary policy and persistent inflation will continue
to hinder domestic demand.
Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component of
the unamortised commission paid to introducers for the origination
of receivables. The note will not be collateralised and will
amortise in line with an amortisation schedule. Its repayment
reduces the availability of excess spread to cover losses, as it
ranks senior in the interest waterfall, above the class B to E
notes.
Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to E notes
will receive principal repayments pro rata upon satisfaction of
step-down criteria. The percentage of credit enhancement provided
by the G notes will increase as the A to E notes amortise.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.
Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with those of other auto lenders.
No Residual Value Risk: There is no residual value exposure in this
transaction. However, 53.1% of the portfolio by receivable value
has balloon amounts payable at maturity.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Downside Sensitivities
Note: Commission / A / B / C / D / E
Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Rating Sensitivity to Increased Default Rates
Increase defaults by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf
Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf
Increase defaults by 50%: AAAsf / AA-sf / A-sf / BBBsf / BBsf /
Bsf
Rating Sensitivity to Reduced Recovery Rates
Recoveries decrease 10%: AAAsf / AAAsf / AA-sf / Asf / BBBsf /
BBsf
Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BBsf
Recoveries decrease 50%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf
Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates
Defaults increase 10%/recoveries decrease 10%: AAAsf / AA+sf /
AA-sf / A-sf / BBB-sf / BB-sf
Defaults increase 25%/recoveries decrease 25%: AAAsf / AAsf / Asf /
BBBsf / BB+sf / B+sf
Defaults increase 50%/recoveries decrease 50%: AAAsf / A+sf /
BBB+sf / BB+sf / BB-sf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
Upgrade Sensitivities
The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.
Note: B / C / D / E
Expected Ratings: AAsf / Asf / BBBsf / BBsf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG Considerations
Panorama Auto Trust 2025-1, for which EVs form 13.4% of the pool at
closing, has an ESG Relevance Score (RS) of '4' (impact on credit)
for Energy Management, above the baseline RS of '2' (no impact) for
this issue in the Australian auto sector, due to the limited credit
performance data for EVs. Available market data show notable
differences in recoveries between EVs and non-EVs. Fitch's
analytical approach for the transaction was not adjusted, due
purely to the "green" nature of the underlying collateral, but
Fitch referenced available market data for EVs in determining
recovery assumptions.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
ROSE OF THAILAND: First Creditors' Meeting Set for March 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Rose of
Thailand Pty Ltd will be held on March 11, 2025 at 10:00 a.m. via
videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Feb. 26, 2025.
STAR ENTERTAINMENT: Shares Suspended After Financial Report Delay
-----------------------------------------------------------------
ABC News reports that shares in Star Entertainment have been
suspended from trading on the stock exchange after it failed to
lodge its financial results.
According to the ABC, exchange operator ASX automatically suspended
shares in Star on Monday morning [March 3] after the casino
operator missed Feb. 28's deadline for issuing its earnings update
for the first half of the financial year.
The future of Star Entertainment and its thousands of workers
remains uncertain as the company's efforts to secure a financial
lifeline go down to the wire, the ABC says.
The company, which operates casinos in Brisbane, the Gold Coast and
Sydney, confirmed that it would not be able to lodge its accounts
until it secured a funding package.
The ABC relates that Star said it required "a refinancing
commitment that would enable The Star to refinance all the Group's
existing corporate debt, as well as to provide additional
liquidity", and said it would keep the market informed of "material
developments". There was no reference to funding proposals it had
received or expected to eventuate.
If funding isn't secured, Star will face the prospect of entering
voluntary administration, which would see independent
administrators appointed to manage affairs on behalf of creditors,
and attempt to rescue operations, notes the report.
The casino group could be broken up in the process, as
administrators would search for buyers for individual assets, if
the company can't be rescued as a whole, ABC relays.
Andrew Jones from the United Workers Union said staff are due to be
paid on March 5.
"Star put out a notice to staff on Friday assuring staff that
they'll be paid this week, but that's yet to be seen, obviously,"
Mr. Jones told Radio National Breakfast, ABC News relates.
The union was not aware of any requests for staff to take pay cuts
or give up benefits to help keep the business afloat.
"They're not highly paid people - they're struggling with the cost
of living as everyone else is and they can't afford to take a pay
cut."
The ABC notes that the potential collapse of the company puts the
jobs of about 9,000 workers across its three casinos on the line.
"At this stage, we look like we're heading towards an
administration sometime this week," Mr. Jones noted, notes the
report. "The situation for Star workers in terms of this current
financial crisis dates back to September of last year, but for many
Star workers, they've been dealing with Star's uncertainty for two
to three years."
If administrators are appointed, Mr. Jones said he expects state
governments in New South Wales and Queensland will work with
unions, lenders and administrators on efforts to protect jobs.
"If the company goes into administration, [workers] want the
support of their government to ensure the doors stay open."
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.
STEEL CENTRAL: Second Creditors' Meeting Set for March 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Steel Central
Pty Ltd has been set for March 10, 2025, at 10:00 a.m. via virtual
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 March 7, 2025 at 5:00 p.m.
Frank O'Neill and David Stimpson of SV Partners were appointed as
administrators of the company on Feb. 3, 2025.
THINK TANK 2025-1P: S&P Assigns Prelim. 'B(sf)' Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of residential mortgage-backed, floating-rate
pass-through notes to be issued by BNY Trust Co. of Australia Ltd.
as trustee of Think Tank Residential Series 2025-1P Trust.
Think Tank Residential Series 2025-1P Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).
The ratings reflect the following factors.
S&P has considered the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises note subordination for each
class of rated note.
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.
There is an extraordinary expense reserve of A$150,000, funded from
day one, that will be available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.
S&P said, "Our ratings also reflect the legal structure of the
trust, which has been established as a special-purpose entity and
meets our criteria for insolvency remoteness.
"We have also considered the counterparty exposure to Commonwealth
Bank of Australia as bank account provider and Westpac Banking
Corp. as liquidity facility provider. The transaction documents for
the bank account and liquidity facility include downgrade language
consistent with our counterparty criteria."
Preliminary Ratings Assigned
Think Tank Residential Series 2025-1P Trust
Class A, A$370.00 million: AAA (sf)
Class B, A$12.92 million: AA (sf)
Class C, A$7.72 million: A (sf)
Class D, A$3.96 million: BBB (sf)
Class E, A$2.40 million: BB (sf)
Class F, A$1.60 million: B (sf)
Class G, A$1.40 million: Not rated
TUCHUZY: Falls Into Voluntary Administration Again
--------------------------------------------------
Ragtrader reports that cult designer womenswear brand Tuchuzy has
fallen into voluntary administration for the second time.
Antony Resnick and Henry Kwok from dVT Group were appointed as
joint administrators of the company on February 13, Ragtrader
relates citing a notice from the Australian Securities and
Investments Commission (ASIC).
The first creditor's meeting was held virtually on February 25.
Other details have yet to be released.
According to Ragtrader, this is the second time Tuchuzy has fallen
into voluntary administration, with the Bondi-based business first
collapsing in 2020.
The business came out the other side through a Deed of Company
Arrangement.
The recent administration also comes more than a year after Tuchuzy
was sold in a private sale to two ongoing investors, Ragtrader
notes.
VANSTONE LOGISTICS: First Creditors' Meeting Set for March 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Vanstone
Logistics Pty Ltd will be held on March 10, 2025 at 2:00 p.m. via
teleconference.
Andrew Quinn and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Feb. 26, 2025.
=========
C H I N A
=========
AIRNET TECH: Enters Into $7M Private Placement Agreement
--------------------------------------------------------
AirNet Technology Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into certain securities purchase agreement with certain
"non-U.S. Persons" as defined in Regulation S of the Securities Act
of 1933, as amended pursuant to which the Company agreed to sell up
to an aggregate of 15,555,600 restricted ordinary Share of the
Company, par value $0.04 per share, at a price of $0.45 per Share
for an aggregate purchase price of approximately $7 million. The
net proceeds to the Company from such Offering shall be used by the
Company for working capital and general corporate purposes.
The parties to the SPA have each made customary representations,
warranties and covenants, including, among other things:
(a) the Purchasers are "non-U.S. Persons" as defined in
Regulation S and are acquiring the Shares for the purpose of
investment,
(b) the absence of any undisclosed material adverse effects,
and
(c) the absence of legal proceedings that affect the
completion of the transaction contemplated by the SPA.
The closing of the Offering is subject to the completion or waiver
of all of the closing conditions set forth in the SPA.
The Shares to be issued in the Offering are exempt from the
registration requirements of the Securities Act pursuant to
Regulation S promulgated thereunder.
About AirNet Technology
AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.
As of December 31, 2023, the Company had $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.
Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023. These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.
MERCURITY FINTECH: Forms HK Unit to Manufacture Cooling Solutions
-----------------------------------------------------------------
Mercurity Fintech Holding Inc. announced the formation of a
majority-owned subsidiary in Hong Kong, Aifinity Base Limited.
Aifinity plans to manufacture advanced liquid cooling panels
specifically tailored for artificial intelligence (AI)
infrastructure, high-performance computing (HPC), and more
specifically, to improve the efficiency and performance of Nvidia
chip-powered GPUs and other high-performance AI accelerators.
Aifinity Base Limited, will focus on addressing the growing
challenge of managing heat in increasingly powerful artificial
intelligence systems. By combining innovative liquid cooling
technology with smart, easy-to-deploy components, Aifinity intends
to manufacture cooling panels to handle the intense heat generated
by modern AI computing systems, provided that it can install its
manufacturing machinery and equipment properly and timely. In the
future, Aifinity aims to expand the cooling panel manufacturing
further into comprehensive cooling solutions.
Aifinity's Strategic Focus Areas:
* Next-generation liquid cooling technologies for AI
infrastructure and high-density computing
* Advanced manifold cooling systems optimized for AI
accelerators
* Quick-coupling solutions for efficient cooling system
deployment
* High-efficiency cooling components for data center
operations
* Comprehensive thermal management solutions for AI clusters
Market Opportunity and Growth Strategy
With the exponential growth in AI computing power and the
increasing adoption of high-performance GPUs, Aifinity believes
that the demand for advanced thermal management solutions has never
been greater. The Company views this environment as a great
opportunity to provide a comprehensive approach that spans
customized cooling solutions for diverse AI computing environments,
integrated smart monitoring systems for optimal performance, and
energy-efficient designs that significantly reduce operating costs.
Aifinity plans to leverage its holding company's network to work
closely with leading hardware manufacturers to develop optimized
cooling solutions that address the specific needs of
next-generation AI infrastructure.
"Today's AI systems generate intense heat, and they need cooling
solutions that can keep up," said Shi Qiu, CEO of the Company, the
parent company of Aifinity. "Through Aifinity Base Limited, we
would like to enter into the thermal management industry and later
arrive at the forefront of thermal management innovation ."
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business. The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency. The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.
Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.
Mercurity reported a net loss of $9.36 million for the year ended
Dec. 31, 2023, compared to a net loss of $5.63 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39
million in total assets, $12.56 million in total liabilities, and
$17.83 million in total shareholders' equity.
[] CHINA: Needs $3 Tril. Local Debt Solution, Top Economist Says
----------------------------------------------------------------
Bloomberg News reports that China needs to vastly step up its
efforts to cleanse the balance sheets of the nation's local
governments, giving them the space needed to support consumer
spending and strengthen the economy, one of the nation's most
prominent economists said.
Bloomberg relates that the central government should take on at
least CNY20 trillion ($2.8 trillion) worth of local sovereign debt,
David Li Daokui, an economics professor at Tsinghua University and
a regular adviser on policy to Beijing, said in an interview. The
debt relief measures policymakers rolled out late last year aren't
strong enough, he said.
Burdened by debt loads accumulated during Covid and China's
previous property-and-infrastructure boom, many local authorities
have taken actions including delaying payments to suppliers and
withholding public workers' paychecks - damaging the broader
economy, according to Bloomberg. Li estimates regional authorities
owe a total of CNY10 trillion in arrears to contractors and civil
servants. That's equivalent to 7% of China's gross domestic product
last year.
To solve the problem, Li proposed that the central government sell
more bonds and use the proceeds to buy regional authorities' debt.
Provincial and municipal agencies could transfer assets to Beijing
in exchange, he said, Bloomberg relays.
A swap at a scale of CNY20 to CNY50 trillion would be effective in
relieving debt burdens around the country, allowing local
authorities to better support consumers, according to Li, notes
Bloomberg. This would also be helpful in the face of US President
Donald Trump's measures to curb Chinese exports, he indicated.
"No matter whether it's pressure from Trump's trade protection or
from China's own economic problems, the solution lies in fixing
weak consumption," Bloomberg quotes Li as saying. "The key is to
reduce local governments' contractionary behaviors."
Encouraging domestic consumer spending may prove crucial to China
this year, Bloomberg notes. Export growth, which has surged since
the pandemic, is under threat from Trump's tariffs along with
rising trade tensions with the European Union and other locations
around the world. Weak domestic demand has led to persistent
deflation, resulting in a downward spiral between residents' income
and corporate profits.
While local governments used to be a key driver of growth in the
past, with big spending on infrastructure, they have turned into a
drag in recent years as an historic property slump led to strained
finances.
According to Bloomberg, many economists have called for the central
government to increase borrowing, as China's public debt-to-GDP
ratio remains low compared with other major economies. But Beijing
has so far resisted bailing out local authorities - worrying it
will lead to moral hazard risks, encouraging irresponsible
borrowing in the future.
Local governments had over CNY47 trillion in on-balance sheet debt
as of the end of 2025, Bloomberg discloses citing official data. On
top of that, they have about CNY60 trillion in so-called hidden
debt, according to International Monetary Fund estimates.
[] CHINA: Trump Aims at Chinese Shipping, Risking Business Shock
----------------------------------------------------------------
Peter Goodman at The New York Times reports that the Trump
administration has opened a broad new front in its global trade
conflict, proposing to affix levies reaching $1.5 million on
Chinese-made ships arriving at American ports.
According to NY Times, such fees would apply even on vessels made
elsewhere if they are operated by carriers whose fleets include
Chinese ships - an approach that risks increasing costs on an array
of imported cargo, from raw materials to factory goods.
Given their potential to increase consumer prices, the levies could
collide with President Trump's promises to attack inflation. Nearly
80 percent of American foreign trade by weight is transported by
ship, yet less than 2 percent is carried on American-flagged
vessels, according to Gavekal Research.
As detailed on Feb. 28 by the Office of the United States Trade
Representative, the proposal reflects the "America First" credo
animating the Trump administration, NY Times relates. It is
engineered to discourage reliance on Chinese vessels in supplying
Americans with products, while aiming to spur the revival of a
domestic shipbuilding industry after a half-century of veritable
dormancy.
NY Times says the proposal would advance the mission to isolate
China while diminishing American reliance on its industry - a rare
area of bipartisan consensus in Washington. The plan was the result
of an investigation, started during the Biden administration, into
the dominance of the Chinese shipping industry, in response to a
petition filed by labor unions, says the report.
=========
I N D I A
=========
ANEESH AHMAD: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-Term rating of Aneesh Ahmad
Khan in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 1.08 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Aneesh Ahmad Khan, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Aneesh Ahmad Khan was established in 1994 and is engaged in the
business of overburden removal, coal excavation and coal
transportation works. The firm was established by eight partners
belonging to the same family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily
in the district of Chhindwara.
ARUNACHAL TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the bank facilities of
Arunachal Tea & Industries Pvt. Ltd. (ATIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.31 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 3.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with ATIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Arunachal Tea & Industries Pvt. Ltd. (ATIPL), incorporated in 1943,
owns a tea garden in Dibrugarh district of Assam, which is spread
over a cultivable area of 221 HA. The company belongs to the Jalan
Group, which is involved in the tea business under the leadership
of Mr. Manoj Jalan. ATIPL mainly manufactures orthodox variety of
black tea, which is sold in the domestic market through a mix of
auction and private sales.
AZIZ ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Aziz Enterprises in the
'Issuer Not Cooperating' category. The rating is denoted as "ICRA]B
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Aziz Enterprises, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 1972 as a partnership firm, Aziz Enterprises is
engaged in the trading of precious gems, with product profile
including emerald and tanzanite stones with a focus on trading of
rough emerald stones. The firm has been managed by Mr. Ikramullah
and Mr. Salimullah, who have been engaged in this line of business
since 1975. However, in October 2014 Mr. Aminulla, Ms. Sugra Begum,
Ms. Yasmeen and Ms. Ghosiya Begum joined as the partners of the
firm. The firm is also a member of Gems & Jewellery Export
Promotion Corporation.
BAJRANG BRONZE: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Bajrang Bronze Llp in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.29 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Bajrang Bronze Llp, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Bajrang Bronze LLP, was established in October 2015 with the object
to carry on the business of Manufacturing of Bronze Products,
Bushing, Brass Products, Aluminium Products and other Metal
Products. The manufacturing site is located at Sardar Industrial
Area, Padavala, Rajkot. The commercial production has commenced in
May 2016. The facility has installed capacity of 1200 MT out of
which 700 MT for Bronze Casting, 200 MT for Brass Casting and 300
MT for Aluminium Casting.
BHAGYANAGAR STRIPS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating of Bhagyanagar Strips Private
Limited (BSPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BSPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Bhagyanagar Strips Private Limited (BSPL) was incorporated in the
year 2002 by Ms. Rashmi Agarwal. The company was actively involved
in trading business till 2010, however the operations were
temporarily shut down till 2014. Subsequently, the company started
the trading of steel products including TOR Steel, flat, HR strips,
wire rods, angles, channels, beams, etc from 2017. These products
are majorly used in fabrication, cement, infrastructure, and
machine manufacturing industry.
CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank Facilities of
Chhatrapati Sambhaji Raje Sakhar Udyog Limited (CSRSUL) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CSRSUL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2000, CSRSUL has current installed capacity of 1250
TCD. Located near Aurangabad (Maharashtra), the company is promoted
by ex-minister – Food and Civil supplies, GoM- Mr. Haribhau
Bagade. Apart from the command area spread over 205 villages of
Aurangabad taluka, the company also procures sugar cane from
shareholder suppliers members spread over 2000 villages of Gangapur
Taluka of Aurangabad District, Jalna and Ambad Talukas of Jalna
District and Gevrai taluka of Beed District. The company in all has
6500 supplier members.
DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank Facilities of Dev
Bhoomi Frozen Food Products (DBFF) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with DBFF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2014, Dev Bhoomi Frozen Food Products (DBFF) is
involved in the processing of fruits and vegetables through
Individual Quick Freezing (IQF) technology for preservation. Its
day-to-day operations are looked after by Mr. Yogesh Jain and Mr
Vinesh Jain, having profit sharing of 50% each. Both the partners
were earlier engaged in trading of frozen vegetables and fruits,
and packaged food. The firm has a production capacity of 5,300
Metric Tonnes Per Annum (MTPA) at its unit located at Kashipur
(Uttarakhand). The major products that can be processed by the firm
include green peas, cauliflower, bean, carrot, okra, litchi, mango,
and corn; the firm proposes to source these from adjoining areas of
Udham Singh Nagar and Nainital located in Uttarakhand. However,
the firm is processing green peas in its initial period of
operations.
GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Ginni Gold Limited (GGPL) in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 75.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 15.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Non Fund Based Cooperating' Category
Others
As part of its process and in accordance with its rating agreement
with GGPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Ginni Gold Limited is a manufacturer, wholesaler and trader of
gold, diamonds, and silver ornaments/jewellery. GGPL has presence
largely in gold jewellery, which contributes more than 90% of
revenues. The company was incorporated in the year 2007. The
company procures gold under the Metal Loan Scheme from Bank of Nova
Scotia. It gets the jewellery manufactured on a job-work basis from
the vendors based in Mumbai and sells it to its customers after
charging a margin over cost. GGPL's customers primarily consist of
wholesalers and retailers based in New Delhi area.
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Imperial
Tubes Private Limited (ITPL) in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]D ;ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with ITPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1978, ITPL is currently engaged in the manufacturing
of electric resistance welded (ERW) pipes and tubes with an
installed production capacity of 1,20,000 MTPA. The manufacturing
facility, which is spread over a land area of 9 bigha, is located
in Howrah, West Bengal.
INDIA: IMF Sees Economic Risks Rising Amid Global Uncertainty
-------------------------------------------------------------
Bloomberg News reports that India's world-beating economic growth
faces headwinds from geoeconomic fragmentation and slower domestic
demand, and it should implement crucial structural reforms to
realize its ambition of becoming a developed country, according to
the International Monetary Fund.
Intensification of regional conflicts, volatile commodity prices,
weakened international cooperation and cyberthreats pose high risk
to India's growth, the IMF said in its Article IV country report
released on Feb. 27, Bloomberg relays.
According to Bloomberg, the Washington-based lender expects India's
gross domestic product to expand 6.5% for the current financial
year as well as the next one, and said risks to the economic
outlook are "tilted to the downside."
On the domestic front, recovery in private consumption and
investment could be weaker than anticipated if real incomes do not
rebound, the report said. Weather shocks could also adversely
impact agricultural output, lifting food prices and weighing on the
recovery in rural consumption, it added.
To reach its full potential, the IMF said India should accelerate
implementation of structural reforms, diversify and secure supply
of critical commodities and "avoid introducing further trade
restrictions," according to Bloomberg. The Indian government
expects the country to grow at 6.4% for the current year and
between 6.3%-6.8% for the next fiscal.
While the lender commended the Reserve Bank of India's
"well-calibrated monetary policy," it said that opportunities could
arise to gradually lower the policy rate further, Bloomberg relays.
Earlier this month, the central bank had cut interest rates for the
first time since 2020. Monetary policy should remain
"data-dependent and well communicated," the IMF said.
Bloomberg adds that the report called for greater exchange rate
flexibility to help absorb external shocks, with intervention
limited to addressing disorderly market conditions. Greater
exchange rate flexibility would reduce the need for holding costly
precautionary forex reserves and promote market development, it
said.
INDIAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the bank
facilities of Indian Steel Corporation Limited (ISCL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1,220.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 118.85 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 148.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1,032.82 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with ISCL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Indian Steel Corporation Limited (ISCL) was jointly promoted by
Ruchi Group of Industries, India and Mitsui & Company, Japan in the
year 2002 and it commenced operations in 2004. The company is
involved in manufacturing Cold Rolled (CR) coils & sheets along
with Galvanised Plain (GP) and Galvanised Corrugated (GC) sheets.
The company has set up its manufacturing facilities at village
Bhimasar near Kandla port, Gandhidham in the State of Gujarat, in
proximity to Mundra port.
JYOTI GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Jyoti General Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Jyoti General Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Jyoti General Industries was established in 1981 by Mr. Than Mal
Totla and Mr. Prabhulal Totla as a partnership firm. In 2004 the
partnership was reconstituted with Mr Than Mal Totla, Mr. Vinod
Kumar Totla, Ashok Kumar Totla, Shiv Kumar Totla as partners in an
equal ratio. JGI is engaged in the processing and trading of rice.
The manufacturing facility of the company is located on Chittor
road, Bundi Rajasthan.
KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of KGS Sugar &
Infra Corporation Limited (KGS) in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 117.33 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 210.81 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 69.86 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short-term- 52.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KGS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
KGS is involved in the manufacturing of sugar and its allied
products. The company had set up a sugar plant with capacity of
4500 tonnes crush per day (TCD) which is forward integrated with a
co-generation unit of 14 MW. The company is also installing a sugar
refining unit of 400 tonnes per day (TPD). The manufacturing
facility of the company is located at Niphad in Nashik district of
Maharashtra.
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sree Kiran Enterprises in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 37.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sree Kiran Enterprises, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sree Kiran Enterprises, established as a proprietorship firm in
2000, is owned by Mrs. Padmavathi. The firm is involved in
providing catering services in Bangalore (Karnataka). The firm has
two banquet halls –(i) Samskruthi Banquet Hall and (ii) Sree
Soundarya Mahal in the city. The operations of the firm are managed
by the family members of the proprietor. The promoter family is
associated with other group concerns which are engaged in similar
line of businesses.
KRISHNA RICE: ICRA Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Shree Krishna Rice Mills
(SKRM) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SKRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Shree Krishna Rice Mills (SKRM) is a partnership firm, was set up
in 2010 by Mr. Ravi Gupta, Mr. Krishan Chand and Mrs. rmilaGupta.
SKRM is engaged in processing and export of basmati rice to
countries in the Middle East. It has a plant at arnal(Haryana)
which has a milling capacity of 6 tonnes per hour.
LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Lakshya Dairy Private Limited (LDPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
Limits 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with LDPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2007-08, LDPL is engaged in the trading of milk.
The company has been promoted by Mr Rajbir Singh Nagar and Mr Rohit
Nagar, who have been in the milk trading business for more than two
decades. The company procures milk from farmers and milk
aggregators and preserves it in its chillers before selling it to
milk processors and local dairies.
NOOLI JEWELLERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Nooli Jewellers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 22.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating
agreement with Nooli Jewellers, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
About 70 years ago, Nooli Jewellers formerly known as Nooli
Venkatratnam and was promoted by Mr. Nooli Venkatranam. In the year
1979 name of entity changed to Nooli Jewellers. The firm is
currently engaged in manufacturing and retailing of gold, silver
and stone studded jewellery. The firm's jewellery collection ranges
from 22 karat gold jewellery to 18 karat jewelleries studded with
diamonds, gemstones like rubies, emeralds, sapphires, semiprecious
stones. NJ sells all forms of jewellery including earrings,
necklaces, bangles, rings, anklets etc. The retail show room
of the firm is at Tanuku district of Andhra Pradesh. It's a
family run business and promoters have an experience of over 7
decades in the jewellery business.
PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the bank facilities of
Pannageshwar Sugar Mills Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 25.14 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Pannageshwar Sugar Mills Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 1999, Pannageshwar Sugar Mills Limited (PSML) is
involved in manufacture and sale of sugar. The company promoted by
Late Shri Gopinath Munde launched its commercial operations in the
season 2001- 2002. The company is currently chaired by Mrs.
Pradnyatai Gopinath Munde – Khade, Chairman and Managing
Director. The current crushing capacity is 2000 TCD (tons crushed
per day).
PRAGATI MARINE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facilities of Pragati Marine Services Private Limited (PMSPL) in
the 'Issuer Not Cooperating' category. The rating are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 21.05 [ICRA]D; ISSUER NOT COOPERATING;
Short-term Continues to remain under the
Unallocated 'Issuer Not Cooperating'
Category
Short-term 2.65 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term- 11.30 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with PMSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
PMSPL is an ISO 9001-2008 certified company, situated in Navi
Mumbai. Established in 2009, it has been providing ship management
services to ship owners and helps in ensuring smooth and
cost-effective operation of vessels under its management. PMSPL is
also a registered manning agency in D G Shipping of Government of
India (RPSL No.: MUM 173). The company's services are of three
types, namely manning service, charter hire service and dredging
service. It has recently acquired new vessels to increase its
profitability and revenues.
S.R. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.R.
Industries Limited (SL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 1.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of SRIL under the 'issuer
non-cooperating' category as SRIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, December 2, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
S.R. Industries Limited (SRIL) (ISIN - INE329C01011) was set up by
Mr. R C Mahajan and Mr. Yash Mahajan in 1989 for manufacturing of
terry towel. In 2010, SRIL started its footwear business under the
brand name 'Red Zone' and 'Front Foot' and a contract manufacturer
for PUMA Sports India Private Limited (PUMA). In FY12, SRIL sold
its terry towel business to focus on its footwear business. The
company has its manufacturing facility in Una district Himachal
Pradesh. SRIL is a manufactures sports shoes, Chappal and sandals
for PUMA, Bata, Relaxo and Mantra.
SCL INFRATECH: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri SCL
Infratech Limited (SSIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 300.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank 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 18,
2024, placed the rating(s) of SSIL under the 'issuer
non-cooperating' category as SSIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSIL continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 3, 2024,
December 13, 2024, December 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Consolidated
Joint ventures that are consolidated include SCL-BSCPL Joint
venture, BSCPL-SCL Joint venture, SCL-CR18G Joint venture,
SCLCRC21B Joint venture, SCL-INDU-KBL-WEG Joint venture and SCL-SMC
Joint venture.
Outlook: Stable
Sri SCL Infratech Ltd (SSIL) was founded by Mr D. V. Naidu as a
partnership firm under the name of Srinivasa Construction in 1981.
It was incorporated as private limited company in June 1990 and was
later converted into a public limited company in June 1997. Based
in Hyderabad, the company is engaged in civil construction of
irrigation projects, hydro power and railway projects across India
mainly in Andhra Pradesh and Telangana.
SIDHI BINAYAK: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sidhi Binayak
Infrastructure Private Limited (Formerly known as Sidhi Binayak
Infrastructure) (SB) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with SB, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Sidhi Binayak Infrastructure (SB) is in the business of road
construction works. The promoter was earlier involved in road
construction business through his proprietorship firm Sunil Kumar
Mahapatra (SKM). In FY2017, Sidhi Binayak Infrastructure was
established as a partnership firm with Mr. Sunil Kumar Mahapatra.
Mr. Pramod Debta and Mr. Sagar Swarup Mahapatra as its partners. In
FY2018, the firm took over the business of SKM, and all its assets
and liabilities were transferred to Sidhi Binayak Infrastructure.
SB is an empaneled Super Class contractor under Public Works
Department (PWD), Govt. of Odisha. The firm is involved majorly in
the western part of Odisha and has worked on projects with bodies
like Roads and Buildings Department and Rural Works Department-
Odisha.
SB is equipped with a fleet of construction equipments and
machineries like several Tipper, Rock Breaker, Trucks, Bitumen
Sprayer, Hydraulic Excavators, Big Hot Mix Plants, Paver Finishers
with Motor Grader, Portable Stone Crushers, Generators, Water
Tankers, Tractors, Compressors and Concrete Mixers.
SINGLACHERRA TEA: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Singlacherra Tea Company Private Limited (STCPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.56 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2024, placed the rating(s) of STCPL under the 'issuer
non-cooperating' category as STCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. STCPL 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: Not applicable
STCPL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam). The aggregate area available for
cultivation is 800 hectares. STCPL has been developing the
available aggregate area for cultivation at aggregate project cost
of INR1839 lakh, being financed at a debt equity ratio of 1.69:1.
The present area under cultivation is only 336.70 hectares and the
company is developing the balance 463.3 hectares of unutilised land
at its garden. Along with tea plantation, the company
also proposes to grow rubber and bamboo plants (to derive the
benefits of rubber-tea intercropping) in the proposed cultivable
land within the tea estate.
TATA CHEMICALS: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Tata Chemicals Limited's (TCL) Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB+'. The Outlook
is Stable.
The rating affirmation reflects its view that the strong balance
sheet buffers built by TCL in recent years will support its
financial profile through the ongoing period of oversupply in the
global soda ash industry, despite weakening EBITDA margins. The
rating is also supported by TCL's strong business profile as one of
the world's largest soda ash producers, its cost competitive and
geographically diversified operations, and the industry's
end-market diversification.
The Stable Outlook reflects its view that TCL's EBITDA net leverage
will remain commensurate for its rating over the financial years
ending March 2025 (FY25)-FY28.
Key Rating Drivers
Adequate Financial Profile: Fitch expects TCL's EBITDA net leverage
to have moderate headroom under its negative sensitivities, despite
rising to 2.5x-2.7x over FY25-FY28 (FY24: 1.4x). The rise in
leverage reflects lower EBITDA margins than historical averages and
high capex intensity. A prolonged period of pricing pressure in the
industry could limit the financial buffers.
Industry Conditions Pressure Pricing: Fitch expects FY26 soda ash
prices to remain stable in India and the US, but fall in most other
markets amid persistent oversupply, before they begin to normalise
from FY27. Fitch expects FY26 Indian soda ash prices to be
supported by the minimum import price imposed by the government in
December 2024. Global soda ash prices have been declining so far in
FY25, on capacity addition by industry players and pockets of weak
demand in geographies like Western Europe and South America,
particularly in the glass segment.
Margins Below Historical Averages: Fitch expects TCL's EBITDA
margins to fall to 13%-14% over FY25-FY26 (FY24: 18%) amid pricing
pressures. Fitch forecasts margins to gradually improve from FY27
as the industry benefits from normalising prices, steady demand,
capacity rationalisation and lower input energy costs. The
company's focus on cost optimization and higher margin products
should also help. Nonetheless, Fitch forecasts margins to remain
below historical averages (FY17-FY24: 18%), given risks of a
prolonged period of industry oversupply.
Steady Volume Growth: Fitch expects 1%-4% volume growth for TCL
over FY25-FY28. This is driven by a demand recovery in currently
weak areas, steady demand across most other traditional
end-markets, growth in sustainability-linked end-use applications,
and increased capacity at its India operations. This is despite
lost volumes from TCL decommissioning its unprofitable soda ash
plant in the UK that had capacity of 400 kilotonnes.
High Capex; Flexibility Likely: Fitch expects TCL's capex intensity
to remain high at 13%-14% over FY25-FY28E (FY21-FY24 average: 11%).
TCL has increased its soda ash, sodium bicarbonate and salt
capacity in India by 0.7 million tonnes (mnt) since FY22 and plans
to increase it by another 0.32mnt over the next few years. TCL also
plans to increase capacity in the US and Kenya by 0.75mnt, but is
likely to invest according to market conditions and availability of
internal accruals.
Strong Market Position: TCL is one of the world's largest soda ash
producers. Most of its soda ash capacity is in the US and Kenya,
and it benefits from natural trona mineral deposits, which require
low conversion costs. In India, TCL is among the lowest-cost
synthetic soda ash producers in Gujarat, aided by proximity to
limestone quarries, economies of scale and an integrated cement
plant utilising waste generated from soda-ash manufacturing. This
underpins the company's cost competitiveness relative to peers.
Diversification Mitigates Volatility: Fitch believes TCL's
geographically diversified operation and the soda ash sector's
diverse end-market mix reduce the volatility in operating earnings
associated with regional downturns and product concentration. TCL's
soda ash capacity (including bicarbonate and salt) is diversified
across India (46% of capacity), the US (39%), the UK (9%) and
Africa (5%). The sector also has end-uses across multiple
non-discretionary sectors, such as salt, detergents, glassware and
chemical products and discretionary segments, like flat glass.
Derivation Summary
The business profiles of TCL and WE Soda Ltd. (BB-/Stable) are
comparable, as both companies are among the world's leading soda
ash producers. TCL has better geographic diversification but lower
EBITDA margin, as WE Soda's entire production comes from lower-cost
natural trona-based mining in Turkiye. However, WE Soda's lower
rating incorporates a weaker operating environment and corporate
governance.
TCL's EBITDA scale is slightly larger and its operation is more
geographically diversified than that of Cydsa, S.A.B. de C.V.
(BB+/Stable), with Mexico contributing to 90% of Cydsa's economic
value. However, Cydsa's ratings are supported by its around 39%
EBITDA exposure to the energy processing, logistics and salt
segments, which Fitch considers to be more resilient than pure
chemical portfolios.
Key Assumptions
Fitch's Key Assumptions within its Rating Case for the Issuer:
• Soda ash prices to fall by low-single digit percentages in FY26
amid industry oversupply, and gradually improve thereafter.
• Soda ash, sodium bicarbonate, and salt sales growth of 1%-4%
over FY25-FY28.
• EBITDA margins falling to 13%-14% over FY25-FY26, and
increasing to 16% thereafter.
• Capex of INR18 billion-20 billion a year over FY25-FY28.
• Dividend pay-out of INR15 per share (around INR3.8 billion in
total) a year over FY25-FY28.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
EBITDA net leverage exceeding 3.0x for a sustained period.
EBITDA margin deteriorating to below 15% for a sustained period on
account of a weaker business profile.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
TCL generating at least neutral FCF over a sustained period, while
maintaining EBITDA net leverage below 2.0x.
Liquidity and Debt Structure
TCL's liquidity is strong, supported by its cash balance of INR14
billion and undrawn working capital limits of INR18 billion at
end-December 2024, which are likely to be sufficient to fund INR5
billion of debt maturities in 4QFY25 and INR22 billion in FY26. TCL
also had investments of INR76 billion at book value in various Tata
group entities as of FYE24, including unquoted investments, such as
around a 2.5% stake in Tata Sons Private Limited. This boosts TCL's
liquidity options. TCL has strong access to credit markets as a
part of Tata group and its financial flexibility remains strong.
Issuer Profile
TCL is one of the world's largest producers of soda ash, with a
global capacity of 3.981 mnt per annum (4.401 mnt including sodium
bicarbonate, 6.501 mnt including salt as well). Its manufacturing
operations are spread across India, the US, the UK and Kenya.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Tata Chemicals
Limited LT IDR BB+ Affirmed BB+
TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the bank facilities of Team
Engineers Advance Technologies India. Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.25 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.25 [ICRA]B- (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Team Engineers Advance Technologies India. Pvt. Ltd., ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Team Engineers was incorporated as a partnership firm in 1980 and
subsequently converted into a private limited company in August
2011 and named Team Engineers Advance Technologies India Private
Limited (TEATIPL). TEATIPL is based out of Hyderabad and is an ISO
9001:2008 certified company. In the initial years, the firm was
engaged in the business of developing emergency lighting systems
for general and industrial applications. Since 1990s, the company
has migrated to Digital Subscriber Line (DSL) based technologies
and currently the firm has a product portfolio of 30 products which
includes DSL modems, Ethernet over TDM converters, Ethernet over
Fiber, Ethernet over DSL and other Ethernet access devices which
are deployed for various telecommunication applications.
UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of United
Infraventures Limited (UIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.05 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 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 19,
2024, placed the rating(s) of UIL under the 'issuer
non-cooperating' category as UIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
UIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 4, 2025,
January 14, 2025 and January 24, 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
United Infraventures Limited (UIL) was incorporated on August 18,
2012 to take over the business of United Construction Company (UCC)
which is, since 1963, engaged in civil construction works mainly
involved in sewage pipeline laying & repairs, repairs of
structures, road construction & repairs etc. The company carters to
Municipal Corporation of Greater Mumbai (MCGM), with major
operations in Mumbai, Maharashtra.
UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the bank facilities of
Uttarayan Steel Private Limited (USPL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]D ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 8.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with USPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Uttarayan Steel Private Limited (USPL) is engaged in the
manufacturing of mild steel ingots. The firm was acquired by
members of the Goel and the Singhal family around the year 2006 and
its manufacturing facility is located in Roorkee (Uttrakhand) with
an installed annual capacity of 22000 MTPA.
V-ACCESS INDIA: ICRA Keeps B+ Issuer Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings of V-Access India Pvt. Ltd.
(VAIPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer ratings - [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating
agreement with VAIPL, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
VAIPL is involved in developing and manufacturing car accessories
such as car mats, car sun blinds and car and bike covers.
Established in 1996, VAIPL is a 100% subsidiary of the Venture
Group of the Netherlands. The company has recently installed
machinery and its production process has enabled it to expand its
product and services range. VAIPL has now forayed into
manufacturing of car and bike covers as well as introduced a
division to manufacture high quality 3 sun blinds for cars. The
company also earns revenues through its home furnishing division,
sales for which are limited to exports only.
V. A. PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of V. A.
Products (VAP) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 15,
2024, placed the rating(s) of VAP under the 'issuer
non-cooperating' category as VAP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VAP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 31, 2024,
January 10, 2025, 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
Incorporated in the year 1994, VAP is a 100% export-oriented unit
(EOU) engaged in manufacturing of precision machined components.
The firm's existing range of products includes hollow screws,
spacer rings, round nuts, bushes, bolts, alternator and starter
motor, sockets, sleeves, housings, pins and bushes. The firm's
customers mainly belong to automobile engineering, aerospace, and
other allied engineering industries. VAP has its warehouses in the
U.S.A. and the U.K.; and caters to numerous international as well
as domestic clients spread across America & Europe.
=================
I N D O N E S I A
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GOLDEN ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
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Fitch Ratings has affirmed PT Golden Energy Mines Tbk's (GEMS)
Long-Term Issuer Default Rating at 'BB-'. At the same time, Fitch
Ratings Indonesia has affirmed GEMS' National Long-Term Rating at
'A+(idn)'. The Outlook is Stable.
The affirmation reflects GEMS' business profile, which commensurate
with that of 'BB-' rated mining peers and underpinned by its
operational scale and ability to manage costs during coal-price
downturns. GEMS also maintains a consistent net cash position,
which is conservative for its rating level.
'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.
Key Rating Drivers
Mid-Sized, Long Reserve Life: GEMS is among Indonesia's top-three
thermal coal miners. Its production scale will continue to rise
gradually to around 57 million tonnes (mt) a year by 2026 (9M24:
38mt). GEMS has proven reserves of around 803mt and proved and
probable (2P) reserves of about 950mt. This translates to a proven
reserve life of around 17 years. GEMS' PT Borneo Indobara (BIB)
mine, which is in operation, contributes 74% of the proven
reserves.
Low Capex Requirement: GEMS' strong operating cash flow should
comfortably fund its capex without the need for external funding.
Capex requirements in the future are minimal as most infrastructure
is already in place to support its production target over the
medium term. Furthermore, Fitch expects GEMS to have sufficient
flexibility to delay capex during coal-price downturns.
Cost Flexibility: GEMS' business profile benefits from a robust
cost position, with a life-of-mine strip ratio of 4.6x (9M24: 4.8x)
and ability to curtail costs during periods of low coal prices.
GEMS demonstrated reasonable EBITDA per tonne during the previous
market downturn by curtailing costs. Fitch expects the company's
EBITDA to remain at about USD5.0 to 5.5 per tonne (9M24:
USD10.7/tonne) in 2025-2027, even as Fitch assumes substantially
lower coal prices, in line with its commodity price deck.
High Asset Concentration: BIB accounts for more than 90% of GEMS'
total production and about 66% of 2P reserves. The company's other
mines do not have any substantial growth plans and are likely to
remain small. Fitch views GEMS' reserve concentration risk is
mitigated by BIB's spread-out and large operation. Operational risk
is somewhat managed by contracts with established mining service
contractors with good records, such as PT Putra Perkasa Abadi and
PT Cipta Kridatama, a subsidiary of PT ABM Investama Tbk
(B+/Stable).
Conservative Financial Profile: Fitch expects GEMS' EBITDA to dip
from 2025 as thermal coal prices correct to mid-cycle level over
time, in line with Fitch's price deck. GEMS would continue to
maintain a conservative financial profile as free cash generation
remains positive, even after continuing its policy of paying about
80% of free cash flow as dividends to shareholders. Fitch expects
GEMS' net cash position to be maintained over the next four years.
Change in Exports Proceeds Rule: About 60% of GEMS' revenue is from
exports. Fitch does not expect material impact on the company's
operations from an impending rule that requires all proceeds from
exports to be locked up for a year. Fitch expects exporters such as
GEMS to still have flexibility to use some of these locked-up
amounts to meet operational, capex, dividend and debt repayment
needs.
Maintaining Domestic Funding Access: GEMS maintains access to
capital via the domestic banking markets. Domestic banks have
remained supportive of thermal coal projects as energy demand in
Indonesia continues to grow. GEMS has no diversification plan and
looks to remain a pure-play thermal coal producer over the medium
term. Fitch believes that business diversification is carried out
via GEMS' immediate parent, PT Dian Swastatika Sentosa Tbk (DSS) or
via its ultimate major shareholder, which is part of the broader
Sinar Mas Group.
Rated on Standalone Basis: Fitch rates GEMS on a standalone basis
under its Parent and Subsidiary Linkage Rating Criteria as Fitch
views GEMS' immediate parent, DSS, to have the same credit profile
as GEMS. DSS is more diversified with interests in power and
technology, but GEMS continues to account for most of its cashflow.
DSS maintained low leverage at end-September 2024, but should the
metric deteriorate significantly, resulting in a weaker profile
than GEMS, Fitch may reassess GEMS' rating under the stronger
subsidiary path, which may result in basing GEMS' rating on DSS's
consolidated profile.
GEMS' ultimate majority shareholder, PT Sinar Mas, is majority
owned by the Widjaja family and Fitch has no financial information
on the shareholder. However, Fitch believes PT Sinar Mas' access to
GEMS' cash is limited to shareholder returns as GEMS and DSS are
listed with public shareholders. Also, material related-party
transactions with the parent are subject to disclosure requirements
and approval from independent shareholders.
Derivation Summary
GEMS' closest peer is PT Indika Energy Tbk (BB-/A+(idn)/Stable).
Both companies have competitive cost positions with demonstrated
ability to manage costs in line with coal price movements and
adequate reserve lives for key mines. GEMS has moderately larger
scale with production volume that is still expanding, but Indika's
diversification strategy beyond thermal coal should help it
mitigate the challenges arising from tightening funding access for
thermal coal companies. GEMS has a more conservative financial
profile, with a net cash position and limited dependence on
external funding. Indika's net leverage is higher due to its
diversification strategy.
Higher rated peer Alliance Resource Partners, L.P. (BB/Stable) has
larger scale and is more profitable than GEMS due to a better cost
position (after adjusting for heat value). Alliance Resource
Partners also has maintained a low leverage profile over the medium
term, similar to GEMS.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Production volume reaching 51mt in 2024 (9M24: 38 mt) before
rising gradually to 57mt in 2027.
- Coal prices in line with the Fitch's coal price deck on an
energy-adjusted basis. Fitch assumes an average selling price of
USD54 per tonne in 2024 (9M24: USD49.2), USD48 in 2025, and USD44
in 2026 and 2027.
- Strip ratio for the BIB mine to stay at 4.8x -4.9x between
2024-2027 (9M24: 4.8x).
- Cash costs, excluding royalties, of USD33 per tonne in 2024 and
averaging at USD34 between 2025 and 2027
- Annual capex of around USD100 million in 2024 and USD45 million
over between 2025-2027.
- Cash dividend of USD390 million in 2024 and dividend payout ratio
of 80% in 2025-2027.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Sustained increase in the net debt/EBITDA ratio to above 2.0x
(end-September 2024: net cash).
- Evidence of weakened external funding access
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upgrade may be considered if GEMS reduces its thermal coal
concentration through earnings diversification while maintaining a
prudent capital structure
Liquidity and Debt Structure
As of end-September 2024, the company's unrestricted cash of about
USD247 million was more than sufficient to cover its short-term
debt, which are largely working-capital related loans totalling
about USD111 million. Fitch forecasts positive free cash flow for
GEMS over the medium term given modest capex requirements.
Issuer Profile
GEMS is a pure-play thermal coal-mining company in Indonesia that
operates three mining concessions. Indonesia-based DSS owns 55% of
GEMS and ABM owns 30% via a subsidiary.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
PT Sinar Mas is the ultimate parent of GEMS, with an indirect
majority stake. Neither GEMS' management nor Fitch have access to
PT Sinar Mas' financial statements as it is a private company.
GEMS' immediate parent, DSS, is publicly listed with regular
financial disclosures and Fitch views that GEMS and DSS have
similar credit profiles. PT Sinar Mas is a large conglomerate with
various businesses, including pulp and paper, agri-business and
food, financial services, real estate and energy, across Indonesia
that are collectively of much larger scale than GEMS' operations.
Fitch rates GEMS on a standalone basis despite limited information
on PT Sinar Mas. Fitch accounts for the limited information
available on the ultimate parent by factoring in GEMS' high annual
dividend payments, which align with management's strategy given
GEMS' cash generative business and its limited growth plans.
Material related-party transactions at GEMS as well as its
immediate parent DSS require the approval of public shareholders.
Overall, Fitch believes its assumptions about financial policy,
governance and shareholder returns adequately incorporate the risk
of the parent extracting cash from GEMS, despite the lack of
financial information on PT Sinar Mas.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
PT Golden Energy Mines Tbk has an ESG Relevance Score of '4' for
GHG Emissions & Air Quality as it derives most of its revenue from
thermal coal and it faces the risk of declining demand in the
medium to long term because of coal's high carbon footprint.
Funding access for thermal coal companies has also progressively
tightened, which has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
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PT Golden Energy
Mines Tbk LT IDR BB- Affirmed BB-
Natl LT A+(idn) Affirmed A+(idn)
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J A P A N
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NISSAN MOTOR: Fitch Lowers Long-Term IDR to 'BB+', Outlook Negative
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Fitch Ratings has downgraded Nissan Motor Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) and
senior unsecured rating to 'BB+', from 'BBB-'. The Outlook is
Negative. Fitch has also downgraded the Short-Term Foreign- and
Local-Currency IDRs to 'B', from 'F3'.
The downgrade reflects Nissan's persistently low profitability,
with a delayed recovery trajectory against its expectations. Fitch
forecasts that auto EBIT and free cash flow (FCF) will remain
negative until the financial year ending March 2026 (FYE26), below
its negative rating sensitivities. However, Nissan's strong
liquidity and solid balance sheet buffer against near-term cash
outflow.
The Negative Outlook reflects uncertainty about the execution of
Nissan's restructuring plan. Fitch expects the plan to reasonably
cut costs, but revenue and costs are likely to be affected by US
tariffs, weak new car sales in the US and south-east Asia and
rising incentives in the US; any delay in the progress of the
turnaround could lead to negative rating action.
Key Rating Drivers
Delayed Recovery in Profitability: Fitch expects profitability to
remain pressured over the next one to two years. Nissan has cut its
consolidated profitability guidance to 1.0% for FYE25, from 1.2%
previously, on persistent operating losses in its core auto
segment. Fitch forecasts the EBIT margin to recover to around 2.5%
in FYE27, as pricing adjustments to clear inventory subside and
demand remains steady, especially with new model launches.
Cost Cuts Support Modest Recovery: Nissan's restructuring plan
includes reducing production capacity, headcount and expenses to
offset the rising costs anticipated in FYE25. Fitch expects this to
lead to a recovery in profitability, given the company's solid
record of cost control. However, the recovery is projected to be
delayed further to 2HFYE26, with the aim of returning to FYE24
levels.
Nissan began reducing production in 1HFYE25 to address rising
inventory and its lower sales volume forecast. It also cut its
FYE25 global sales volume forecast to 3.4 million units, from the
initial 3.7 million units. Nissan expects modest sales volume
growth until FYE27, which Fitch believes is achievable due to the
pricing adjustments, new model launches and steady auto demand in
North America.
Possible Tariffs Could Hinder Turnaround: The risk of US tariffs
being imposed on imports could hinder Nissan's turnaround. The
possible tariffs could raise costs in the automotive supply chain,
especially if applied to Mexican imports. Adjusting the supply
chain would be time-consuming and may not be financially viable.
Over 300,000 of the 629,000 units Nissan produced in Mexico in
FYE24 were exported to the US.
Uncertainty in China: Nissan faces significant challenges in China,
with 9MFYE25 sales dropping by 9.1% yoy to 497,000 units, following
a 24% decline in both FYE23 and FYE24. The company plans to launch
China-specific battery electric vehicles from FYE25 to FYE27,
acknowledging the country's highly competitive market that presents
limited profit prospects for new entrants. Challenges in China
could further hinder the business recovery, as the country made up
23% of Nissan's group global sales volume in FYE24.
Solid Financial Structure: Nissan's strong financial structure
supports its ratings, with the auto segment maintaining a net cash
position, providing a robust liquidity buffer. Fitch does not
expect a meaningful deterioration, as negative FCF in the auto
segment is low relative to the net cash balance and allows
flexibility for investment.
Alliance Provides Scale: The Renault-Nissan-Mitsubishi alliance
remains unchanged, despite the restructuring of Renault SA group
and Nissan's cross-shareholdings. The alliance offers significant
economies of scale, comparable to those of Hyundai Motor Company
(A-/Stable) and its subsidiary, Kia Corporation, as well as
Stellantis N.V. (BBB+/Negative) and General Motors Company (GM,
BBB/Positive). Alliance members benefit from common platforms and
shared R&D and technology.
Electric-Vehicle Investment: Nissan's new alliance with Honda Motor
Co., Ltd (A/Stable) and Mitsubishi Motors Corporation is poised to
accelerate the development of electric vehicles (EVs) through
shared technology and economies of scale. This will benefit Nissan,
which has a smaller scale in the auto industry and lags in battery
EV sales against competitors. Honda and Nissan ended talks for a
merger in February 2025, but the two companies and Mitsubishi Motor
are maintaining the electrification alliance.
Derivation Summary
Nissan enjoys geographical and product diversification. Its
alliance with Renault and Mitsubishi creates the world's
fifth-largest automaker group after Toyota Motor Corporation
(A+/Stable), Volkswagen AG (A-/Stable), Hyundai-Kia group and
Stellantis. However, Nissan's standalone operating profile is
modest compared with that of global auto original equipment
manufacturers.
Stellantis has a larger operating scale than Nissan, with annual
sales of around 6 million units, and superior profitability. Fitch
expects Stellantis's EBIT margin to decline to the mid-single-digit
percentage, but this will still significantly surpass that of
Nissan. Nissan shares similar debt leverage to Stellantis, but is
behind in generating stable and consistent FCF.
GM has higher profitability than Nissan, but lacks the same level
of geographic diversification. GM has a comparable business profile
and both companies show less resilience than Toyota and Honda to
economic downturns, experiencing periods of negative FCF, although
these setbacks have been temporary.
Both Nissan and Ford Motor Company (BBB-/Stable) are major
competitors in the automotive industry and share comparable market
positions and brand strengths, although Nissan's global sales are
now lower relative to Ford's. Fitch believes Ford's dependence on
the North American market for sales is a vulnerability in its
business profile, nonetheless, its profitability exceeds that of
Nissan.
Key Assumptions
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Auto revenue to decline by 1.8% in FYE25, before rising by 1.7% a
year in FYE26-FYE27 with the launch of new models.
- Auto EBIT margin at -1.4% and -0.1% in FYE25 and FYE26,
respectively, before recovering to a low single-digit percentage in
FYE27-FYE28.
- Cost reduction of JPY350 billion over FYE26-FYE28.
- Capex averaging 4% of consolidated revenue over FYE25-FYE28.
- Suspension of common dividends from FYE26 to save cash flow.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Failure to establish a clear improvement in profitability towards
an auto EBITDA margin of above 3.5% or positive auto FCF by FYE27.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- The Outlook will be revised to Stable if the negative
sensitivities are not met.
Liquidity and Debt Structure
Nissan's auto segment maintained a net cash position as of
end-2024. The segment's liquidity includes cash and cash
equivalents totalling JPY2.0 trillion. Fitch expects the segment to
maintain a net cash position and a cash balance of over JPY1.0
trillion, despite the large negative FCF Fitch forecasts in FYE25.
Nissan also has an unused committed line of JPY1.8 trillion, which
supports both its auto and sales financing arms.
Fitch sets aside JPY281.0 billion of cash in its financial
projections - equivalent to 2.5% of auto segment revenue - as a
reserve for seasonal working capital, as it not immediately
accessible.
Fitch also deducts JPY182.1 billion from cash and cash equivalents
from the auto segment as a hypothetical capital injection to pay
down captive debt. Nissan's downgrade lowered permissible leverage
for its financial service segment to 4.0x, from 5.0x. Reported
leverage was 4.6x as of end-September 2024 and requires JPY182.1
billion to pay down debt to the revised leverage threshold. Its
assessment of Nissan's robust liquidity position remains unchanged,
despite this conservative approach.
Issuer Profile
Nissan is a leading global automobile manufacturer. It was Japan's
fourth-largest automaker by sales volume in 2023 and ninth-largest
worldwide, based on data from Wards Intelligence.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
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Nissan Motor Co., Ltd. LT IDR BB+ Downgrade BBB-
ST IDR B Downgrade F3
LC LT IDR BB+ Downgrade BBB-
LC ST IDR B Downgrade F3
senior unsecured LT BB+ Downgrade BBB-
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M A C A U
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[] MACAU: Building Sector Faces Economic Hurdles, Group Says
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Aries Un at Macau Business reports that Macau's construction
businesses are navigating economic challenges amid rising costs and
geo-political tensions.
According to Macau Business, Tang Hong Cheong, president of the
Macao Construction Association who gave a speech at a group event
on Feb. 27, said one of the challenges is the instabilities in the
global market from the ongoing conflicts in the Middle East, Russia
and Ukraine.
"China's economy is also under pressure and is striving for
stability while seeking progress," he said, notes the report.
"Macau, as an outward-oriented economy highly dependent on tourism
and the gaming industry, is affected one way or another."
Other challenges include reduced worker efficiency and rising
labour costs amidst a more competitive landscape, making it more
challenging to manage operating expenses, Macau Business relays.
"Business operations have been challenging for reasons such as
tight cash flow, with smaller sub-contracting companies being
particularly affected, and some even struggling to sustain their
business," Mr. Tang explained, notes Macau Business.
The latest information from the Statistics and Census Service shows
that the average daily pay for construction workers fell 2.7 per
cent to MOP763 last year, Macau Business discloses.
Macau Business adds that Mr. Tang also urged concerted efforts from
different sectors including the public service to keep the sector
afloat.
"The roads ahead are somewhat bumpy, but the prospects are still
promising," he said.
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N E W Z E A L A N D
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BLUE MOUNTAIN: Court to Hear Wind-Up Petition on March 18
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A petition to wind up the operations of Blue Mountain Holdings
Limited will be heard before the High Court at Rotorua on March 18,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 13, 2025.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
ETFT LIMITED: Court to Hear Wind-Up Petition on March 6
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A petition to wind up the operations of ETFT Limited will be heard
before the High Court at Auckland on March 6, 2025, at 10:45 a.m.
Mogo Building Limited filed the petition against the company on
Nov. 26, 2024.
The Petitioner's solicitor is:
Simon Yang
Level 8, South British Insurance Building
3–13 Shortland Street
Auckland CBD, Auckland
HAVEN LIVING: Court to Hear Wind-Up Petition on March 13
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A petition to wind up the operations of Haven Living Management
Limited will be heard before the High Court at Auckland on March
13, 2025, at 10:45 a.m.
Body Corporate 356438 filed the petition against the company on
Dec. 19, 2024.
The Petitioner's solicitor is:
Clinton Baker
Collette Fenton
c/- Price Baker Berridge
Level 2, 87 Central Park Drive
Henderson, Auckland 0618
NAC CONTRACTING: Creditors' Proofs of Debt Due on April 8
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Creditors of NAC Contracting Limited (trading as NAC Homes) are
required to file their proofs of debt by April 8, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 25, 2025.
The company's liquidator is:
Lynda Smart
Rodgers Reidy
PO Box 39090
Harewood, Christchurch 8545
SAMNIC WAINGAROMIA: Placed in Receivership
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Simon Dalton of Gerry Rea Partners on Feb. 21, 2025, was appointed
as receiver and manager of Samnic Waingaromia Forest Joint
Venture.
The receiver and manager may be reached at:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
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S I N G A P O R E
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CDL HOSPITABILITY: Fitch Affirms 'BB+' LT IDR, Outlook Now Negative
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Fitch Ratings has revised the Outlook on Singapore-based CDL
Hospitality Real Estate Investment Trust's (CDL HREIT) Long-Term
Issuer Default Rating (IDR) to Negative, from Stable, and has
simultaneously affirmed the rating at 'BB+'.
The Negative Outlook reflects its expectation that EBITDA net
leverage could remain higher than 8.5x-9.0x in the next few years,
with a failure to deleverage below 8.5x by 2026 possibly prompting
a downgrade. This is based on recent operating weakness in several
markets, exacerbated by substantially debt-funded acquisitions. The
acquisitions support CDL HREIT's business profile by propping up
rent from fixed- and long-stay contracts, but do not offset its
high leverage. The trust may consider options to deleverage
following the acquisitions to support its growth ambitions.
The rating is supported by cash flow from CDL HREIT's diversified
portfolio of hotels and long-stay assets, which provide both lease-
and non-lease revenue. The trust has also demonstrated funding
access and liquidity, even during the Covid-19 pandemic-led
lodging-sector downturn. Fitch forecasts fixed- and long-stay rent
to contribute around 25% of revenue in the next few years,
balancing the cash flow seasonality of most of the trust's hotels.
Key Rating Drivers
Tight Leverage Headroom: Fitch expects EBITDA net leverage to fall
from the 2024 level, but remain high through to 2027, at around
8.5x-9.0x, as some of the trust's assets recover from operating
weakness in its key markets of the Maldives, Singapore and New
Zealand, which accounted for 37% of revenue in 2024. Fitch also
assumes that the trust will fund 60% of its SGD475 million Moxy
Hotel acquisition in 2027 with equity, aiming to maintain its
regulatory gearing (debt/assets) at around 40%-45%.
Leverage reached 10.7x in 2024, from 8.7x in 2023, due to
weaker-than-expected demand in some Singapore assets, rising
competition in the Maldives and temporarily lower occupancy during
refurbishments in New Zealand. This was compounded by its
debt-funded acquisitions in 4Q24. Fitch expects leverage to trend
down to 8.5x in 2026, with a full-year cash flow contribution from
acquired assets and a degree of business recovery. However,
downside risks remain, including potentially weaker performance and
additional debt-funded acquisitions.
Steady Fixed- and Long-Stay Revenue: Fitch expects fixed- and
long-stay rent to remain steady in the medium term with the help of
the recent acquisition of Benson Yard, a purpose-built student
accommodation. The asset will add to the trust's existing fixed-
and long-stay rent of over SGD70 million from its hotels, Claymore
Connect shopping mall and The Castings in Manchester.
Fitch forecasts this higher-visibility revenue to stabilise at
around 25% of total revenue by 2027. This follows a decline from
35% in 2018-2019 amid lease renegotiations and the disposal of
hotels with higher fixed revenue. Moxy Hotel, to be purchased in
2027, may operate under a hotel management contract with no minimum
or fixed rent, although the trust has not accounted the nature of
the contracts. Consequently, CDL HREIT's credit profile is now more
aligned with that of a pure-play hotel operator, which carries
higher business risk.
Long-Stay Asset Expansion: Fitch expects the trust to continue to
opportunistically expand in long-stay assets, such as The Castings
and Benson Yard, over the medium term, in line with its investment
strategy. Fitch forecasts The Castings to generate revenue of about
SGD9 million in 2025, rising to about SGD11 million from 2026 and
then remaining stable. Demand should stem from young professionals
and students, with the majority renting for 12-month periods.
Benson Yard is likely to generate annual revenue of about SGD6
million in 2025-2027, with rental duration of 44 or 51 weeks.
Manageable Interest-Rate Risk: Fitch projects borrowing costs will
start to decline in 2025, from a 2024 peak, based on its assumption
of falling market rates. Fitch forecasts the US Federal Reserve to
ease its benchmark rate by 100bp in 2025. Consequently, CDL HREIT's
EBITDA interest coverage will stay above the 2.5x negative
sensitivity till 2027. Furthermore, Fitch anticipates that revenue
from fixed rent and long-stay assets will continue to cover the
trust's interest expenses in the medium term.
Rating Based on Consolidated Profile: CDL HREIT is part of a
stapled group, CDL Hospitality Trusts, which comprises CDL HREIT
and CDL Hospitality Business Trust (HBT). Under the stapling deed,
each stapled security consists of one unit of CDL HREIT and one
unit of HBT and is treated as a single instrument. CDL HREIT's
rating is based on the consolidated profile of CDL HREIT and HBT,
given its view of strong operational and strategic linkages between
the two, as provided for in the stapling deed.
Derivation Summary
CDL HREIT's IDR is comparable with that of peers, such as
CapitaLand Ascott Real Estate Investment Trust (BBB/Stable),
Whitbread PLC (BBB/Stable), Host Hotels & Resorts, Inc. (HST,
BBB/Stable), Yuexiu Real Estate Investment Trust (YXR,
BBB-/Negative) and Lar Espana Real Estate SOCIMI, S.A.
(BB-/Stable)
Ascott REIT is rated two notches above CDL HREIT, as it has a
larger and more geographically diverse property portfolio, with 102
properties across 16 countries. It also has a higher proportion of
income from fixed rent and long-stay properties and longer
average-stay tenancies than hotels, as it caters mainly to the
serviced-residence sub-segment. Fitch expects Ascott REIT's gross
profit from master leases and long-stay properties to remain at
50%-60% over the next few years, which provides stronger cash flow
visibility than at CDL HREIT. Ascott REIT also benefits from solid
access to capital through economic cycles, partly due its strong
sponsor, CapitaLand Investment, a subsidiary of the Singapore
government's investment fund, Temasek Holdings Private Limited.
The large operating scale of Whitbread and HST, with EBITDAR of
about USD1 billion, combined with conservative net leverage of
around 2.5x-3.5x, supports higher ratings relative to CDL HREIT,
even though pure-play hotel operators are exposed to higher fixed
costs and almost overnight repricing of revenue. CDL HREIT has a
proportion of fixed rent that limits cash flow declines during
sector downturns, such as during the pandemic, where the trust
maintained positive EBITDA while most global lodging companies
reported losses, but its business profile has since weakened, with
a fall in the proportion of fixed rent in its revenue.
YXR's Standalone Credit Profile of 'bb+' is at the same level as
CDL HREIT's IDR. YXR's EBITDA exceeds SGD250 million and it has an
EBITDA margin of over 65%, against CDL HREIT's EBITDA of SGD120
million and EBITDA margin of below 50%. In addition, over 80% of
YXR's revenue is from fixed rental assets, compared with 24% at CDL
HREIT, limiting risk from rental repricing. However, YXR has higher
leverage, at over 12x, and weaker interest coverage of below 2x,
due to a slow EBITDA recovery, especially in the office segment.
This counterbalances its larger scale, longer revenue visibility
and higher margin.
Fitch rates Lar Espana two notch lower than CDL HREIT, as Fitch
expects it to face higher leverage and lower coverage as it embarks
on a plan to increase its loan/value ratio to 60%. The plan is
likely to push its EBITDA net leverage to around 12x, with interest
coverage of 1.5x in 2025 and 2026. Lar Espana's EBITDA size is
smaller than CDL HREIT's, at below SGD100 million, but it has a
wider EBITDA margin, at over 70%, and longer cash flow visibility
from lease contracts with its shopping-centre tenants.
Key Assumptions
- Annual revenue of around SGD285 million in 2025, increasing by a
low single digit in 2026.
- EBITDA margin improving to around 50% in the next 12-18 months.
- Moxy Hotel acquisition cost of SGSD475 million financed through a
40:60 debt-equity split in 2027.
- Annual capex averaging SGD25 million over 2025-2027.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Deleveraging not on track to reach 8.5x by 2026, due to weak
financial performance or debt-funded acquisitions.
- EBITDA interest coverage at below 2.5x for a sustained period.
- Net debt/investment property value remaining above 45%.
- A continued decline in the proportion of revenue from fixed-rent
and long-stay assets, without a meaningful reduction in EBITDA net
leverage.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- The Outlook will be revised to Stable if the negative
sensitivities are not met.
Liquidity and Debt Structure
Manageable Liquidity: CDL HREIT had SGD78.3 million of cash on hand
and SGD121.2 million in undrawn committed revolving credit
facilities as of end-2024. This did not fully cover the SGD461
million in debt maturities in 2025, but the trust has a record of
healthy access to domestic banks to support timely refinancing of
its debt maturities and liquidity, even during the pandemic-led
downturn. Contingent liquidity is further supported by the trust's
almost entirely unencumbered asset portfolio.
Issuer Profile
CDL HREIT, via its stapled group, has a portfolio comprising 22
properties, including 4,924 hotel rooms, 352 build-to-rent
apartment units, 404 purpose-build student accommodation beds and a
retail mall, collectively valued at SGD3.5 billion as of end-2024.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
CDL Hospitality
Real Estate
Investment Trust LT IDR BB+ Affirmed BB+
HO LEE: Creditors' Proofs of Debt Due on March 26
-------------------------------------------------
Creditors of Ho Lee Industrial Pte. Ltd. are required to file their
proofs of debt by March 26, 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:
Chan Li Shan
c/o Agile 8 Solutions Pte. Ltd.
133 Cecil Street
#14-01 Keck Seng Tower
Singapore 069535
KIT COMMODITIES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 21, 2025, to
wind up the operations of Kit Commodities Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MIAB LOGISTICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Miab Logistics Services Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RSP ENGINEERING: Court to Hear Wind-Up Petition on March 14
-----------------------------------------------------------
A petition to wind up the operations of RSP Engineering Pte. Ltd.
will be heard before the High Court of Singapore on March 14, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 17, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
VITO PTE: Creditors' Proofs of Debt Due on March 26
---------------------------------------------------
Creditors of Vito Pte. Ltd. are required to file their proofs of
debt by March 26, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 15, 2025.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
6 Shenton Way, OUE Downtown 2
#33-00, Singapore 068809
[] SINGAPORE: Corporate Insolvencies Hit Highest Level Since 2010
-----------------------------------------------------------------
Bloomberg News reports that companies in Singapore were forced to
wind-up in record numbers last year, as compulsory liquidations in
the city-state soared.
As many as 307 firms were shuttered in 2024, up from 201 the
previous year, Bloomberg discloses citing the Ministry of Law.
That's the highest since 2010, the earliest data provided. In
January, 38 companies were wound up.
Singapore expects growth to come in at 1%-3% this year, down from
4.4% in 2024. Bloomberg Economics expects Singapore's sharp rebound
in 2024 to falter this year, given it is one of the most
trade-exposed economies in the region, making it vulnerable to the
rise in protectionism.
*********
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