/raid1/www/Hosts/bankrupt/TCRAP_Public/240402.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, April 2, 2024, Vol. 27, No. 67
Headlines
A U S T R A L I A
AKASHA BREWERY: Enters Into Voluntary Administration
ARMAGUARD GROUP: Secures Funding From Parent, Rejects Rescue Deal
CERES SUSTAINABLE: Second Creditors' Meeting Set for April 8
CSKS HOLDINGS: First Creditors' Meeting Set for April 10
GLOBAL ADVANCE: First Creditors' Meeting Set for April 10
GRANDRIDGE BREWING: First Creditors' Meeting Set for April 8
HUMM ABS AURORA: Moody's Assigns B2 Rating to AUD1.48MM E-G Notes
MC PILATES: First Creditors' Meeting Set for April 9
PLENTI AUTO 2023-1: Moody's Hikes Rating on Class F Notes to Ba3
C H I N A
CHINA EVERGRANDE: Car Unit's Net Loss Narrows by 56% in 2023
CHINA VANKE: Vows to Cut Debts by a Third in Next Two Years
DALIAN WANDA: Unit Gets US$8.4BB Capital Injection From PAG
XJ INT'L: Hit With Winding Up Bid After Defaulting on US$324M Bond
H O N G K O N G
TELEVISION BROADCASTS: Annual Net Loss Narrows to HK$763MM in 2023
I N D I A
AL-FALAH FROZEN: CARE Moves D Debt Rating to Not Cooperating
ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating
ARUN EXCELLO: CARE Lowers Rating on INR350cr LT Loan to D
CSA INVESTMENTS: CARE Assigns B Rating to INR5.0cr NCD
EVAN MULTI: ICRA Keeps D Debt Ratings in Not Cooperating Category
GODAVARI POLYMERS: ICRA Moves D Debt Ratings to Not Cooperating
GYANDEEP FOUNDATION: CARE Lowers Rating on INR12cr LT Loan to B+
IBD UNIVERSAL: ICRA Keeps D Debt Ratings in Not Cooperating
KANCHAN AUTO: ICRA Keeps B+ Rating in Not Cooperating Category
MANTRI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
MILSHA AGRO: ICRA Moves D Debt Ratings to Not Cooperating
PARSHVANATH PRINTEX: CARE Assigns B+ Rating to INR27.90cr Loan
PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
RAJKAMAL PETROL: CARE Reaffirms B Rating on INR6.0cr LT Loan
RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
SHIV SHAKTI: ICRA Lowers Rating on INR20.00cr LT Loan to D
SHRINIVASA CATTLE: ICRA Keeps B+ Rating in Not Cooperating
SIESTA HOSPITALITY: ICRA Cuts Rating on INR22.85cr LT Loan to D
SNN BUILDERS: ICRA Lowers Rating on INR50cr Term Loan to B+
SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
N E W Z E A L A N D
A AND S FREIGHT: Court to Hear Wind-Up Petition on April 24
ABSOLUTE GROUP: Creditors' Proofs of Debt Due on April 21
KJMB 2022: Court to Hear Wind-Up Petition on April 15
SKIP 2: Creditors' Proofs of Debt Due on April 26
WAIKATO WALLBOARDS: Creditors' Proofs of Debt Due on April 22
P H I L I P P I N E S
CHELSEA LOGISTICS: Annual Stockholders' Meeting Moved to June 5
S I N G A P O R E
ALL QUIP: Creditors' Proofs of Debt Due on April 26
KTBS BUSINESS: Court Enters Wind-Up Order
RAKU INU: Commences Wind-Up Proceedings
STRAITS PARTNERS: Court to Hear Wind-Up Petition on April 5
WORLDEX EXHIBITIONS: Creditors' Proofs of Debt Due on April 11
X X X X X X X X
[*] BOND PRICING: For the Week March 25, 2024 to March 29, 2024
- - - - -
=================
A U S T R A L I A
=================
AKASHA BREWERY: Enters Into Voluntary Administration
----------------------------------------------------
News.com.au reports that a popular brewery is on the brink of
collapse after racking up a hefty debt and has had to call in
administrators. On March 20, NSW-based Akasha Brewery went into
voluntary administration.
The appointed administrator, Henry McKenna of restructuring firm
Vincents, told news.com.au the brewery continues to trade and
"business as usual".
Akasha Brewery operates a Sydney taproom in the inner western
suburb of Five Dock and also a brewery.
But recently the business has fallen on hard times with a massive
tax debt hanging over its head, news.com.au says.
There are 18 staff at the establishment but their fate, and the
fate of the company, hangs in the balance.
"The directors decided the company was likely insolvent mainly
because of a large tax debt, mostly unpaid Excise Tax on alcohol
sales," news.com.au quotes Mr. McKenna as saying.
"I understand this is hurting a lot of small breweries at the
moment and really it's something the government should look to
lower or there will be further insolvency appointments in this
sector."
The company's total liabilities stand at around AUD2 million,
according to the administrator, with around AUD500,000 of that its
tax obligations, news.com.au discloses.
Other creditors include trade creditors, landlords and a financier
where money was borrowed from.
The company's assets are mostly its brewery equipment like large
vats, a canning line, inventory and vehicles.
Akasha Brewery launched in 2015 and on its website it says the
business "quickly gained a cult following in the Sydney beer scene
and around the country for its punchy IPAs and Pale Ales".
It boasts 14,000 followers on Instagram.
News.com.au contacted one of the directors for comment.
ARMAGUARD GROUP: Secures Funding From Parent, Rejects Rescue Deal
-----------------------------------------------------------------
Reuters reports that Australia's money transit provider Armaguard
said on March 28 it had secured the funding needed to avoid
insolvency from parent firm Linfox, easing concerns among top
supermarket chains and banks about cash shortages over the Easter
weekend.
Owned by billionaire businessman Lindsay Fox, Armaguard Group, had
been in talks with major banks and retailers including Coles Group
and Woolworths to secure a last-minute, short-term funding deal
that would keep its banknote distribution services functioning.
But after Linfox stepped in, Armaguard said it had rejected that
deal, Reuters relates.
"Armaguard continues to operate its full suite of services and is
confident that over the coming months, it will get the business
onto a long term sustainable footing with appropriate support from
the industry," Armaguard CEO Mick Cronin said in a statement sent
to Reuters.
Armaguard merged with rival Prosegur last year to create a
near-monopoly that was supposed to prop up the industry. But
despite the merger, Armaguard said its cash distribution business
remained unsustainable amid a rapid shift towards cashless
transactions.
According to Reuters, Armaguard customer Coles said it was limiting
cash withdrawals to AUD200 per customer over the Easter public
holidays, which begin on March 29, even through its services from
the cash distribution company had been fully restored.
"Customers can continue to pay with and withdraw cash at Coles
supermarkets and liquor stores this weekend and ongoing," a
spokesman said.
The Reserve Bank of Australia has said that with the declining use
of cash for transactions, developing a sustainable model for cash
distribution was complicated, but key, Reuters notes.
Armaguard Group provides secure currency supply chain and
technology solutions across Australia, New Zealand and Southeast
Asia.
CERES SUSTAINABLE: Second Creditors' Meeting Set for April 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of Ceres
Sustainable Avocados Pty Ltd and Ceres Sustainable Citrus Pty Ltd
has been set for April 8, 2024 at 2:00 p.m and 3:00 p.m.
respectively, via virtual meeting.
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 April 5, 2024 at 4:00 p.m.
Mahala Rachel Hazell and Michael Fung of PricewaterhouseCoopers
were appointed as administrators of the company on March 5, 2024.
CSKS HOLDINGS: First Creditors' Meeting Set for April 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CSKS
Holdings Pty Limited will be held on April 10, 2024 at 12:00 p.m.
via Microsoft Teams.
David Henry Sampson of BPS Recovery were appointed as
administrators of the company on March 27, 2024.
GLOBAL ADVANCE: First Creditors' Meeting Set for April 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Global
Advance Production Services Pty Ltd and Streamlined Productions Pty
Ltd will be held on April 10, 2024 at 10:00 a.m. via virtual
facilities.
Said Jahani of Grant Thornton Australia was appointed as
administrators of the company on March 27, 2024.
GRANDRIDGE BREWING: First Creditors' Meeting Set for April 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Grandridge Brewing Company Pty Ltd and The Patch Brewery Pty Ltd
will be held on April 8, 2024 at 12:00 p.m. at Level 16, 90 Collins
Street in Melbourne and via Zoom facilities.
Richard Lawrence and Mitchell Ball of Mackay Goodwin were appointed
as administrators of the company on March 25, 2024.
HUMM ABS AURORA: Moody's Assigns B2 Rating to AUD1.48MM E-G Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Perpetual Corporate Trust Limited in its capacity as the trustee
of the humm ABS Aurora Trust.
Issuer: Perpetual Corporate Trust Ltd as trustee of humm ABS Aurora
Trust
AUD166.50 million Class A-G Notes, Assigned Aa2 (sf)
AUD1.11 million Class B-G Notes, Assigned A2 (sf)
AUD6.105 million Class C-G Notes, Assigned Baa2 (sf)
AUD4.625 million Class D-G Notes, Assigned Ba2 (sf)
AUD1.48 million Class E-G Notes, Assigned B2 (sf)
The AUD5.195 million of Class F-G Notes are not rated by Moody's.
Class F-G notes consist of F1-G (1.00%) and F2-G (1.81%) notes
(together Class F-G notes) which are identical in all aspects.
Humm ABS Aurora Trust is an Australian ABS originated by humm BNPL
Pty Ltd (originator) and serviced by humm BNPL Pty Ltd,
subsidiaries of Humm Group Limited (hummgroup). It is a cash
securitisation of unsecured retail, Point of Sale Payments Plans
(PosPP) consumer solar receivables originated under the brand
'humm' and extended to consumer obligors in Australia.
RATINGS RATIONALE
The ratings take into account, among other factors:
-- the evaluation of the underlying receivables and their expected
performance;
-- the availability of excess spread to meet losses over the life
of the transaction;
-- the Class Z note ledger which functions as a yield reserve
providing additional credit enhancement;
-- the liquidity facility in the amount of 1.60% of the rated note
balance;
-- the interest rate swaps provided by Royal Bank of Canada
(Sydney Branch) ("RBC", Aa1/P-1/Aa1(cr)/P-1(cr));
-- the experience of humm BNPL Pty Ltd as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.
Initially, the Class A-G Notes benefit from 10.01% of note
subordination. The Class B-G, Class C-G, Class D-G and Class E-G
Notes benefit from 9.41%, 6.11%, 3.61% and 2.81% respectively.
The transaction features a sequential/pro rata paydown structure.
If the pro rata conditions are not satisfied, principal collections
will be distributed sequentially to the Class A-G to Class F-G
Notes. If the pro rata paydown conditions are satisfied, principal
will be distributed pro rata among Class A-G to Class E-G Notes
(Class F-G will be paid pro rata when a secondary set of pro rata
paydown conditions are satisfied).
Key model and portfolio assumptions
Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 20.0%. Moody's mean default for
this transaction is 3.25% and the assumed recovery rate is 0%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.
Moody's assumed mean default rate is stressed compared to the
extrapolated historical levels of 2.7% for solar receivables. The
expected default captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario.
Key pool features are as follows:
-- The weighted average interest rate of the portfolio is 6.3%
before benefiting from obligor monthly account keeping (MAK) fee
income.
-- The weighted average remaining term of the portfolio is 52.4
months. The weighted average seasoning of the initial portfolio is
9.1 months.
-- The pool fully consists of loans extended to homeowners, for
the purposes of financing green receivables such as solar panels
and battery products.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
MC PILATES: First Creditors' Meeting Set for April 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of MC Pilates
Pty Ltd will be held on April 9, 2024 at 3:00 a.m. at Level 8, 80
Clarence Street in Sydney and via virtual technology.
Clifford John Sanderson of Dissolve was appointed as administrator
of the company on March 26, 2024.
PLENTI AUTO 2023-1: Moody's Hikes Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on six classes of notes
issued by Plenti Auto ABS Trust 2023-1.
The affected ratings are as follows:
Issuer: Plenti Auto ABS Trust 2023-1
Class B1 Notes, Upgraded to Aa1 (sf); previously on Jun 9, 2023
Definitive Rating Assigned Aa2 (sf)
Class B2 Notes, Upgraded to Aa1 (sf); previously on Jun 9, 2023
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa3 (sf); previously on Jun 9, 2023
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Jun 9, 2023
Definitive Rating Assigned Baa1 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Jun 9, 2023
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Jun 9, 2023
Definitive Rating Assigned B1 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.
No action was taken on the remaining rated classes in the deal as
credit enhancement remain commensurate with the current rating for
the respective notes.
Following the March 2024 payment date, credit enhancement available
for the Class B (Class B1 and B2), Class C, Class D, Class E and
Class F Notes has increased to 11.9%, 8.5%, 7.2%, 4.6% and 2.3%
respectively, from 8.8%, 6.3%, 5.3%, 3.4% and 1.7% at closing.
Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 73%.
As of end-February, 1.5% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.2% of loss (as a percentage of the
original pool balance) to date, all of which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 2.7% of
the current pool balance (equivalent to 2.2% of the original
balance). Moody's has also maintained the Aaa portfolio credit
enhancement at 13.5%.
The transaction is a cash securitisation of consumer and commercial
auto loan receivables extended to prime borrowers in Australia
originated by Plenti Finance Pty Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
=========
C H I N A
=========
CHINA EVERGRANDE: Car Unit's Net Loss Narrows by 56% in 2023
------------------------------------------------------------
Yicai Global reports that shares of Evergrande New Energy Vehicle
Group surged after the car unit of struggling property giant China
Evergrande Group managed to trim its net loss by more than half
last year from the year before, even though mostly because of
property sales.
Hong Kong-listed Evergrande NEV jumped by 5.4 percent to close at
HKD0.30 (4 US cents), still more than three-quarters lower than the
price logged a year ago.
Revenue surged by 10 times to CNY1.3 billion (USD185 million) last
year from 2022 due to rising car and property sales, the seller of
Hengchi 5 sport-utility vehicles wrote in its annual report
released March 27, Yicai discloses. However, the biggest part of
the sum came from property sales as the company boosted such
revenue by CNY1.1 billion, making up more than four-fifths of the
total. Meanwhile, sales of automobiles and auto parts more than
doubled to CNY146 million (USD20.2 million).
According to Yicai, the future of the aspiring carmaker is
uncertain as financial distress could halt plans for more models
after a Hong Kong court in late January ordered the troubled parent
to be liquidated, marking the largest bankruptcy of a Hong
Kong-listed developer.
Yicai relates that Evergrance NEV said March 28 that whether the
group can survive will depend on its ability to complete
restructuring and financing plans to generate enough operating cash
flow and get access to additional sources of financing.
The manufacturer counted CNY34.9 billion (USD4.8 billion) in total
assets as of Dec. 31, last year, while liabilities tallied more
than double that at CNY72.5 billion, Yicai discloses. Its
cumulative loss reached CNY110.8 billion (USD15.3 billion), up by
12 percent, and net loss attributable to shareholders declined by
45 percent to CNY37.7 billion. Cash and cash equivalents fell by 59
percent to CNY129 million.
Yicai adds that the group is actively negotiating with banks, other
financial institutions, and third parties to roll over loans and
debts due Dec. 31, 2024, it said, adding that the company has
recently furloughed some staff and the Tianjin plant has suspended
production due to its tight financial conditions.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
CHINA VANKE: Vows to Cut Debts by a Third in Next Two Years
-----------------------------------------------------------
Yicai Global reports that struggling property developer China Vanke
said it will go all out to reduce its interest-bearing debt by a
third over the next two years, including not paying a dividend for
the first time in more than three decades.
According to Yicai, Vanke plans to cut interest-bearing debt by
more than CNY100 billion (USD13.8 billion) in the next two years,
the Shenzhen-based firm said in its 2023 annual earnings report on
March 28.
As of the end of last year, Vanke had interest-bearing debt of
CNY320.1 billion, accounting for over 21 percent of its total
assets, the company said. CNY62.4 billion (USD8.6 billion), or 20
percent, is due within 12 months, Yicai discloses.
"The industry is undergoing an in-depth adjustment, and after
comprehensive consideration, the company will not pay dividends,
issue bonus shares, or issue any share capital by way of conversion
of capital reserve for the year 2023," Vanke said in the earnings
report.
In an uncertain market environment, the company needs to ensure
positive business cash flow while pushing ahead with debt
reduction, it noted.
Vanke had CNY99.8 billion of cash on hand as of Dec. 31, down 27
percent from a year ago but much more than the interest-bearing
debt due over the next 12 months, Yicai discloses. Its
asset-liability ratio, excluding presale payments on homes, was
65.5 percent, down 2.1 percentage points.
Yicai relates that Vanke's operation shave come under intense
pressure from the deep adjustment in the country's real estate
sector, the firm said. Some of the investment decisions Vanke made
during the industry's rapid development phase were too optimistic,
and it will take time to digest these projects, it noted.
The builder secured CNY89.7 billion worth of financing last year,
of which CNY76.6 billion was in China and CNY13.1 billion from
offshore, the company noted.
Net profit shrank 46 percent to CNY12.2 billion in the 12 months
ended Dec. 31 from the year before, the earnings report showed.
Revenue fell 7.6 percent to CNY465.7 billion, Yicai discloses.
Income from property development and related asset operation
businesses accounted for CNY429.8 billion, or 92 percent, of the
total, while that from property services made up CNY29.4 billion,
or 6.3 percent, of the total, adds Yicai.
Vanke's contracted sales area was nearly 24.7 million square meters
last year, a 6.2 percent decline on 2022. The value of contracted
sales fell 9.8 percent to CNY376.1 billion.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2024, Moody's Ratings has taken the following rating
actions on China Vanke Co., Ltd. and its wholly-owned subsidiary,
Vanke Real Estate (Hong Kong) Company Limited: (1) Withdrawn China
Vanke's Baa3 issuer rating and assigned the company a Ba1 corporate
family rating (CFR); (2) Downgraded the backed senior unsecured
rating on the medium-term note (MTN) program of Vanke Real Estate
to (P)Ba2 from (P)Ba1; and (3) Downgraded the backed senior
unsecured rating on the bonds issued by Vanke Real Estate to Ba2
from Ba1.
DALIAN WANDA: Unit Gets US$8.4BB Capital Injection From PAG
-----------------------------------------------------------
South China Morning Post reports that aconsortium of investors
agreed to inject capital into a unit owned by the Chinese property
magnate Wang Jianlin, offering some relief to a cash-starved
developer who has had to sell assets to repay debt.
Wang's Newland Commercial Management unit has received close to
CNY60 billion (US$8.4 billion) from a consortium comprising PAG,
Trustar Capital, Ares Management, Abu Dhabi Investment Authority
(ADIA)'s wholly-owned Platinum Peony unit, and the Mubadala
Investment Company, according to separate statements published on
March 30, the Post relates.
After the capital injection, the five investors will own a 60-per
cent combined stake in Newland, while Wang's Dalian Wanda
Commercial Management Group will hold the remaining 40 per cent.
Newland, founded in January with CNY16.21 billion in registered
capital, is an investment holding company that controls Zhuhai
Wanda Commercial Management, an operator that manages 496 large
shopping malls across China, the Post notes.
According to the Post, the capital injection followed the
restructuring last December of Zhuhai Wanda by PAG and Wanda
Commercial, which contained the provision for PAG and its partners
to raise their stake to 60 per cent. Wanda Commercial would cut its
stake to 40 per cent from 78.9 per cent, under the agreement.
The restructuring was Zhuhai Wanda's second attempt at
recapitalisation, following a CNY38 billion investment in August
2021 by PAG, Ant Group and Tencent Holdings and other investors.
The Post notes that Dalian Wanda Group, the parent of Wanda
Commercial and the country's largest shopping centre operator, has
been grappling with a liquidity crisis over the past two years, and
has been selling assets to repay debt.
Earlier this year, Wanda sold its Shanghai luxury hotel Wanda Reign
to Singapore-based Pacific Eagle Real Estate, the property
investment and development arm under Indonesian pulp and paper
billionaire Sukanto Tanoto.
Last July, the group warned of a funding short fall just a few days
before redeeming a US$400 million bond, the Post recalls. In
November, it won the consent from bondholders to extend the
maturity of a US$600 million bond by 11 months.
The Post adds that the latest investment "reflects the expectation
and recognition that global institutional investors have for the
long term development of Newland," said PAG's partner David Wong.
"We think Newland has strong competitive barriers and significant
first-mover advantage that can support its steady business
performance in the long term, as well as generate good returns for
investors."
Trustar Capital's chairman Zhang Yichen also expressed confidence
in Newland's competitive advantage and development outlook, adding
that he is "consistently optimistic about China's consumer and
retail segments."
About Dalian Wanda
Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.
As reported in the Troubled Company Reporter-Asia Pacific in early
December 2023, Bloomberg News said Dalian Wanda Group's founder
Wang Jianlin is planning to sell the rest of the firm's film unit
as the troubled Chinese conglomerate faces increasing debt
repayment pressure.
The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6. That will give Ruyi full ownership after
its July purchase of 49 per cent of Beijing Wanda Investment for
CNY2.3 billion.
Investors in November rejected Wanda's proposal to extend the
deadline for the repayment of CNY30 billion plus interest if its
mall unit fails to list shares by the end of this year, Bloomberg
said. Its property arm only recently managed to obtain consent from
creditors to push back the maturity date for a US$600 million US
dollar bond.
The TCR-AP reported in early January 2024, Fitch Ratings downgraded
Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda
Commercial) and Wanda Commercial Properties (Hong Kong) Co.
Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default
Ratings to 'RD' from 'C' on completion of the distressed debt
exchange (DDE), in accordance with the distressed debt exchange
section in Fitch's Corporate Rating Criteria.
XJ INT'L: Hit With Winding Up Bid After Defaulting on US$324M Bond
------------------------------------------------------------------
South China Morning Post reports that one of China's largest
private education operators, XJ International, formerly Hope
Education Group, is facing a winding up petition brought by
international bondholders after it failed to meet a repayment
deadline earlier this month.
The Post relates that the Bank of New York Mellon London branch,
acting for a group of creditors, filed a petition with the High
Court in Hong Kong on March 27 to liquidate XJ and seeking payment
of US$324 million of convertible bonds and US$27,056 of interest,
the education company said in a stock exchange filing late on March
28.
According to the Post, Bank of New York is the trustee for the
defaulted bonds and is taking legal action under the instructions
of a group of international bondholders who own 49.1 per cent of
the offshore convertible bonds issued by the Chengdu-headquartered
company.
"The ad hoc group was left with no choice but to pursue this course
of action by the company's failure to enter into substantive
discussions either prior to or since its default on the convertible
bonds in the amount of not less than US$324 million on 2nd March
2024," the bondholders said in a statement.
The Post says the convertible bonds issued in March 2021 allowed
holders to demand the company redeem all of the bonds on March 2,
but the company allegedly failed to meet the redemption
requirements.
After the default, the company and the bondholders held a meeting
on March 14 but the bondholders said XJ "presented no concrete or
credible plan" to repay the bonds, prompting them to sue. Kirkland
& Ellis is representing the bondholders, and the first petition
will be heard on June 19, the Post discloses.
The Post relates that Zhang Bing, chairman of XJ, said the company
is seeking legal advice "to take the appropriate course of
action."
"The petition has had no material impact on the business operation
of the company, and its subsidiaries and the operation of the
company and its schools remain normal," Zhang said in the exchange
filing.
He admitted XJ is "experiencing difficulty in redeeming the
relevant bonds" due to "the impact of the external environment,
industry policies and the company's current financial conditions."
The company will continue to work with the bondholders to try to
achieve a settlement, Zhang added, the Post relays.
About XJ International
XJ International Holdings Co., Ltd., an investment holding company,
engages in the provision of higher education and secondary
vocational education services in China and Malaysia. The company
provides technician education and training, self-study examination,
adult education, technical management and consultancy, and other
training services, as well as sells textbooks and dormitory
bedding. It owns and operates schools, including colleges and
universities, junior colleges, and technician colleges. The company
was formerly known as Hope Education Group Co., Ltd. and changed
its name to XJ International Holdings Co., Ltd. in January 2024. XJ
International Holdings Co., Ltd. is a subsidiary of Hope Education
Investment Limited.
=================
H O N G K O N G
=================
TELEVISION BROADCASTS: Annual Net Loss Narrows to HK$763MM in 2023
------------------------------------------------------------------
The Standard reports that Hong Kong's leading broadcaster
Television Broadcasts said its net loss last year only narrowed 5
percent to HK$763 million, partly due to a slump in e-commerce
revenue amid a weak retail market.
A major local producer, TVB's core business revenue rose 4 percent
to HK$2.8 billion, thanks to revenue growth in Hong Kong and the
mainland, The Standard says.
Revenue from mainland operations rose by 4 percent to HK$729
million, with revenue from drama co-production and multi-channel
network businesses soaring 72 percent and e-commerce live streaming
recording sales 570 million yuan (HK$617 million).
However, income from its e-commerce segment plunged 44 percent to
HK$486 million, amid a weak local retail market and shifts in
consumer habits, The Standard discloses.
As a result, total revenue contracted by 7 percent to HK$3.3
billion last year.
Meanwhile, its earnings before interest, taxes, depreciation, and
amortization loss narrowed by HK$198 million to HK$140 million, as
cash operating costs excluding depreciation and amortization fell
by HK$458 million.
According to The Standard, Chairman Thomas Hui To said the goal
this year is to swing to a positive EBITDA, but TVB did not say
whether it will return to profit within the year.
Hui's comments were more tempered compared to earlier predictions
in January, when he said he was confident that company could "rise"
this year.
To further narrow its losses, Hui said TVB will cancel programs
that don't generate much money, The Standard relates.
Hui also didn't rule out the possibility of further layoffs, though
he stressed that there is no plan for now.
Last year, TVB dismissed 13 percent of its staff to cut costs and
ended the year with 3,496 employees, The Standard notes.
About TVB
Based in Hong Kong, Television Broadcasts Limited (TVB) is a
television broadcasting. The Company operates five free-to-air
terrestrial television channels in Hong Kong, with TVB Jade as its
main Cantonese language service, and TVB Pearl as its main English
service. TVB is headquartered at TVB City at the Tseung Kwan O
Industrial Estate.
=========
I N D I A
=========
AL-FALAH FROZEN: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
AL-Falah Frozen Foods (AFFF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
AFFF has not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement.
In line with the extant SEBI guidelines, CARE Ratings Ltd.'s
ratings on AFFF's bank facilities will now be denoted as 'CARE D;
ISSUER NOT COOPERATING'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of AFFF factored in
delays in debt servicing.
Analytical Approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers
At the time of last rating on December 6, 2023 the following was
the rating weakness (updated from information available from
client).
Key weaknesses
* Delays in debt servicing: As per the banker, there are ongoing
delays in debt servicing in term loan and CC interest. The delay in
repayment was on account of temporarily closure of the plant
operations by the pollution department of Uttar Pradesh government
leading to stretch in the liquidity position of the firm.
Uttar Pradesh based AL-Falah Frozen Foods (AL-Falah) was
established in the year 2005 as a partnership firm. The firm is
currently being managed by Mr. Shakeel Ahmad, Mohammad Sameer and
Mr. Tashkil Ahmed. The firm operates as an integrated cold chain
and preservation facility and is engaged in the processing and
supplying of frozen buffalo meat. The processing facility of the
firm is located at Moradabad, Uttar Pradesh and has its own
slaughterhouse with a capacity to process 500 buffalo per day.
However, they have permission to process 150 buffalo per day as on
March 31, 2022. The firm is having three associate concerns namely;
"AL-Falah Cold Storage" (established in 2016) operates as cold
storage; "AL-Falah Food Exports" (established in 2015) engaged in
the trading of processed meat and "AL-Falah Foods Private Limited"
(incorporated in 2019) engaged in the export of processed meat.
ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Arpeggio Industries 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- 20.00 [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 Arpeggio Industries 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.
Arpeggio Industries Pvt. Ltd (AIPL) was setup in 2020 with the
purpose to operate an amusement park at Gopalpur beach in Odisha
which includes a combination of 13 rides (with ferry wheel being
the main attraction), along with water sports, mobile theater,
microbrewery, and food beverages stall. The rides and other
infrastructures are proposed to be domestically procured or
constructed in-house. The total capital cost of the project is
estimated to be at INR27.0 crore. The COD is yet to be determined
as the land acquisition process is yet to completed. The company
has received an In principle approval from The Industrial Promotion
& Investment Corporation of Odisha Limited to set-up the amusement
park and the company is in the process of obtaining 6.57 acres of
land to setup the project which will be on a lease basis for a
tenure of 99 years with the Odisha State Government.
ARUN EXCELLO: CARE Lowers Rating on INR350cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Arun Excello Homes Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 350.00 CARE D Revised from CARE BB;
Bank Facilities Stable
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of Arun
Excello Homes Private Limited follows the deferment of commencement
of principal repayment date of the term loan availed by the
company. The deferment in the repayment date was approved by lender
post original repayment due date wherein payment was not made.
Further, it has come to CARE's notice that there has been delays in
servicing of interest on the said loan.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Satisfactory track record of timely servicing of debt obligations
for a continuous period of 90 days.
* Significant improvement in sales and collection velocity
Analytical approach: Combined
CARE Ratings Limited (CARE Ratings) has combined the business and
financial risk profiles of Arun Excello Homes Private Limited, Arun
Excello Realty Private Limited, Arun Excello Construction LLP and
Arun Excello Foundations (combinedly known as Arun Excello Gorup)
as all these entities have common promoters, are engaged in real
estate development, and also exhibit cash flow fungibility among
them.
Detailed description of the key rating drivers:
Key weaknesses
* Slower monetization of ongoing projects: Collection during
11MFY24 stood at INR138 Cr vis-à-vis INR100 Cr during FY23 (Sales
during 11MFY24: INR169.46 Cr and during 11MFY23: INR176.54 Cr). The
group operates in three major segments such as compact housing,
luxury living and plotted land development. Balance overall project
cost (including construction) for the ongoing projects as on
February 24 end was at INR109 Cr as against which the committed
receivables form sold units stood at INR74 Cr.
* High dependence on debt: External borrowings of the group
remained high at INR630 Cr (UA) as on February 2023 end. Out of
these loans, repayment of major portion of the term loan debt was
scheduled to commence in FY24, on which repayment period has now
been deferred.
* Exposed to cyclical nature of the real estate market and regional
concentration: Currently all the projects being executed by Arun
Excello Real Estate group is in Chennai with no geographical
diversification of projects which exposes the group to regional
concentration risk. The demand volatility of Chennai real estate
market continues to remain high especially due to the events in the
last few years including natural calamities, COVID-19 pandemic and
general slowdown expected on the back of rising interest rates
especially in the compact housing segment.
Key strengths
* Vast experience of promoters in engineering, construction, and
real estate segment: Arun Excello group has more than three decades
of experience in execution of engineering and construction
projects, residential real estate projects and turn-key projects in
India and overseas. The group had its origin in 1987, wherein Arun
Fabricators was started by four partners. Mr. Suresh, the Managing
Director of the group has nearly 30 years of experience in real
estate and construction business. Other key executives such as Mr.
A.M. Sundar, Mr. Rajaji and Mr. P. Karthikeyan are civil
/mechanical engineers with over two decades of experience in the
field. The Managing Director takes care of the overall operations
of the group while the other directors oversee key activities like
purchase, marketing, legal and site operations across the entire
group companies. All the group companies are closely held by the
promoters and their family members. AECLLP was formed in 2011 to
focus on affordable housing segment and is executing real estate
projects under the concept of compact homes. In addition to this,
AECLLP is also engaged in construction business.
Liquidity: Poor
There are delays in debt servicing on the availed loan facility.
Arun Excello Homes Private Limited (incorporated in 2007) is one of
the entities engaged in real estate activities from the Arun
Excello Group of companies in Chennai. The group originally started
Arun Fabricators, a partnership firm, in the year 1987 by Mr.
Suresh (current MD for the whole Arun Excello Group) along with
other partners who has more than 2-3 decades of experience in EPC
and real estate segment. The group diversified into residential
real estate segment during 1997.
CSA INVESTMENTS: CARE Assigns B Rating to INR5.0cr NCD
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of CSA
Investments Private Limited (CIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible
debentures 5.00 CARE B; Stable Assigned
Rationale and key rating drivers
The rating assigned to the instrument of CIPL is constrained by
limited track record, small scale of operations, weak
profitability, and negative net worth. However, the rating derives
comfort from experienced management. The company's ability to
improve profitability while increasing the scale of operations
would remain the key rating sensitivities.
Rating sensitivities
Positive factors - Factors that could, individually or
collectively, lead to positive rating action/upgrade:
* Significantly improving net worth.
* Sizeable scale of operations.
* Improving profitability.
Negative factors - Factors that could individually or collectively
lead to negative rating action/downgrade:
* Stretched liquidity.
* Continued net losses resulting in further erosion of net worth.
Analytical approach: Standalone
Outlook: Stable
The stable outlook factors in CARE Ratings Limited's (CARE
Ratings') expectation that CIPL will be able to continue to improve
its profitability, and growth in the scale of operations.
Key weaknesses
* Limited track record with small scale of operations: CIPL was
incorporated on January 7, 2022. The company invests and trades in
the Equity Market, Forex, Derivatives and Other Fixed Income
Products. It had a portfolio of INR5 crore as of March 2023, which
is expected to reach around INR12 crore by March 2024. Hence, the
track record is limited with relatively small scale of operations.
* Weak profitability: For H1FY24, the company's profit after tax
(PAT) stood at INR(0.71)crore as against INR(0.95) crore for FY23
and INR(0.03) crore for FY22. Loss can be partially attributed to
sizable employee expenses. Going forward, company's ability to
achieve economies of scale and subsequently break even remain a key
rating monitorable.
* Weak capitalisation profile: The company started with an initial
capital of INR5 lakh followed by an additional INR47 lakhs from
promoters in FY23, and a further infusion of INR1.17 crore in
H1FY24. However, due to continued losses, the net worth stood at
INR(0.25) crore as on September 30, 2023. In terms of resource
profile, a term loan of INR4 crore has been availed from SPAY
Technology Private Limited. Apart from this, NCD of INR18.20 lakh
is outstanding as on March 31, 2023.
* Revenue is dependent on capital market activities: CIPL's major
source of revenue is from investing and trading in stock market,
reflecting limited revenue diversification. Given the proprietary
trading activities are exposed to market volatility, the earnings
profile becomes highly sensitive to market movements. CARE Ratings
expects the proprietary trading income to continue to be a major
revenue contributor.
Key strengths
* Experienced management: Mr. Chiranshu Arora is CIPL's Managing
Director. He possesses an extensive 11-year experience in the
financial services industry ranging from investment banking, wealth
management, fund management, equity research, and stock broking
operations. Ms. Shristi Rajpurohit is the Company Secretary and
Compliance officer of CIPL. She has garnered valuable experience in
diverse sectors, her knowledge extends to regulatory frameworks,
including SEBI and other statutory compliances. Mr. Sunny Dhiman,
Chief Financial Officer of the company holds a decade-long
expertise in Finance & Accounts.
Liquidity: Adequate
As on March 31, 2023, the company had free cash of INR2.95 crore
against a debt obligation of around INR1 lakh in the next one year.
Hence, the liquidity is expected to remain adequate.
CIPL was incorporated on January 7, 2022. The company invests and
trades in the Equity Market, Forex, Derivatives and Other Fixed
Income Products. It had a portfolio of INR5 crore as of March 2023.
Mr Chiranshu Arora, CIPL's managing director, possesses an
extensive 11-year experience in the financial services industry.
EVAN MULTI: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Evan
Multi Specialty Hospital and Research Centre Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 25.70 [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 Evan Multi Specialty Hospital and Research Centre Private
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in December 2012, EHRL is a closely held company that
operates a 55- bedded multi-speciality hospital in Muzaffarnagar
(Uttar Pradesh)1. Amongst ten promoters of the company, eight are
qualified doctors having relevant experience across different
medical fields. The hospital commence d its OPD operations in July
2015 and the IPD operations initiated in September 2015.
GODAVARI POLYMERS: ICRA Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Godavari
Polymers Private Limited (GPPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 31.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Cooperating' Category
Long-term– 11.93 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Term Loan Cooperating' Category
Short term– 34.50 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating moved to the 'Issuer Not
Cooperating' category
Long-term– 42.87 [ICRA]D; ISSUER NOT
COOPERATING;
unallocated Rating moved to the 'Issuer Not
limits Cooperating' Category
As part of its process and in accordance with its rating agreement
with Godavari Polymers Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the ratings has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
GPPL was incorporated in August 1990 as a private limited company
and manufactures high-density polyethylene (HDPE) pipes, sprinkler
irrigation systems, drip irrigation systems and PVC pipes. The
company has two manufacturing units with an aggregate installed
capacity of 24,390 MT per annum with one unit at IDA Cherlapally,
Hyderabad, and the other at Shadnagar of Ranga Reddy district.
GYANDEEP FOUNDATION: CARE Lowers Rating on INR12cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gyandeep Foundation, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from Gyandeep
Foundation to monitor the rating(s) vide e-mail communications
dated February 23, 2024, February 29, 2024, and March 11, 2024,
among others and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. 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. Further, Gyandeep
Foundation has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Gyandeep Foundation's bank facilities will now be denoted as CARE
B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facility of Gyandeep Foundation
(GF) is constrained by project execution risk of the school with it
being new line of business for the promoters and intense
competition coupled with regulatory framework for educational
sector in India. The rating however derives comfort from experience
of promoters in other industries and their resourcefulness,
association with DPS being a renowned education brand in India,
favourable location and modern infrastructure.
Analytical approach: Standalone
Outlook: Stable
Detailed description of the key rating drivers:
At the time of last rating as on February 10, 2023, the following
were the strengths and weaknesses.
Key weaknesses
* Project execution risk: Gyandeep Foundation is setting up a CBSE
affiliated school in Nagaon, Assam with a capacity to intake 1650
students and has entered into an agreement with DPS Society dated
May 12, 2022, to operate the school. Initially the classes will
start from Nursery to VII, then gradually with the admission of
students it will be providing classes upto class XII. The project
is expected to be setup at a cost of INR 20.84 crores to be
financed by a mix of debt and equity in the ratio of 58:42 and is
expected to be operational by April 2024. Entire loan amount of
INR12 crore has been tied-up. As on Feb 03, 2023, the trust has
incurred INR7.77 crore funded through term loan of INR3.10 crore
and rest through promoter contribution.
* Highly regulated nature of industry: The higher education in
India is placed in the concurrent list of the constitution and thus
comes under the purview of both Central and State Government. The
sector is regulated by Ministry of Human Resources at the national
level by the education ministries in each state, as well as by
Central bodies like University Grant Commission (UGC) and 14 other
professional councils like All India Council of Technical Education
(AICTE), Directorate of Technical Education (DTE), etc. The
operating and financial flexibility of the education sector are
limited, as regulations govern almost all aspects of operations,
including fee structure, number of seats,
changes in curriculum and infrastructure requirements.
* Intense competition and regulatory framework for educational
sector in India: Despite the increasing trend of privatization of
education sector in India, regulatory challenges continue to pose a
significant threat to the educational institutes. DPS is affiliated
from CBSE and hence, is required to follow the regulations of CBSE
from time to time. DPS is expected to face stiff competition from
other established and upcoming schools in the nearby area.
Although, DPS has been able to distinguish itself from other
schools as reflected by continuous growth in student strength, the
competition from other schools in the vicinity (like Christ Jyoti
School, St. Antony's High School, Modern English School, Kendriya
Vidyalaya, Nagaon etc.) remains a concern. However, as per
discussion with the management, the schools in the vicinity are
smaller in capacity and facilities provided to the students like
playing area, equipped classrooms, laboratories etc. which provide
DPS advantage above most of them.
Key strengths
* Experience of promoters in other industries and their
resourcefulness: Mr. Binod Chhawchharia has around four decades of
experience of different business activities like bottling for IMFL,
construction (under S B P Commercials Pvt Ltd; rated CARE BB;
Stable / CARE A4+), real estate, manufacturing of snacks and
mixtures, renting of properties etc. Mr. Ashwini Chhawchharia (son
of Mr. Binod Chhawchharia) has around 19 years of experience of
different business activities. He is mainly looking after the IMFL
business of the group where bottling is done for Allied Blenders &
Distillers Pvt Ltd (ABD) under SAARAN Industries. Mr. Nakul
Chhawchharia (son of Mr. Binod Chhawchharia) is looking after the
real estate business of the group in Delhi and is also looking
after the day-to-day business of manufacturing of snacks and
mixtures for Haldiram in Nagpur under Caesar Food Products LLP. The
combined net worth of all the members stands at INR75.05 crores.
* Association with DPS being one of the renowned education brands
in India: Delhi Public School Society is among the top chain of
school in India and is having global network of over 200 English
Medium Co-educational Schools all over the world. It was founded in
1949 by Mr. Pinkesh Barjatiya with a motto of "Service before
Self". The schools are affiliated to CBSE Board all over India. For
more than six decades, the DPS Society has developed with a spirit
and a vision. The DPS Society is also among the largest chain of
Private English Medium School in Assam. It has already 12 numbers
of schools in Assam like DPS Guwahati, DPS Jorhat, DPS Silchar,
etc. The society has also entered into agreement with Delhi Public
School Society, Delhi (DPSS) vide their Joint Venture Agreement
dated 12.05.2022. As per the agreement DPSS shall collaborate
(provide academic & management support) with Gyandeep Foundation
for setting up an English Medium School on Nagaon, Assam. The
proposed infrastructural facilities and the existing brand name of
the Delhi Public School will enable it to attract students.
* Modern Infrastructure: The schools will have modern
infrastructure including sports, library, transport, canteen, and
health facilities. The campus will feature well equipped
classrooms, laboratories, computer centers, Wi-Fi internet
facility, library, healthcare center and other resources. The
school gives emphasis on extra co-curricular activities in
different fields and has facilities such as indoor games (Karate,
table tennis, carom, etc.), basketball, skating, art studio, music,
and dance rooms.
* Location Advantage: The school is proposed to be located at
Deoudhar Gaon Panchayat, PS- Sadar, Nagaon (Assam) which is fast
becoming an education hub in Assam. It is a business hub of central
Assam and near to Guwahati, the business capital of Northeast
region. The location is on the outskirts of Nagaon town and far
from busy business commercial areas providing quality pollution
free environment to the students and is connected with all parts of
Nagaon town with good quality road. As the Nagaon town is known as
education hub and the surrounding towns are not having good
schools/college, the students from these towns are coming to Nagaon
for better studies.
Incorporated in 2015, Gyandeep Foundation (GF) is setting up a CBSE
affiliated school in Nagaon, Assam with an intake capacity of 1650
students. GF has entered into an agreement with Delhi Public School
(DPS) for using their brand. The members of the society are Mr.
Binod Chhawchharia, Mr. Ashwini Chhawchharia, Mr. Nakul
Chhawchharia, Mr. Rajiv Sarma, Mr. Rahul Jain, Mrs. Manju Devi
Chhawchharia, Mrs. Divya Chhawchharia and Mrs. Suruchi
Chhawchharia. The members have experience in the field of
construction, real estate, bottling of Indian Made Foreign Liquor,
hotel, FMCG, etc. The project is expected to be setup at a cost of
INR20.84 crores to be financed by a mix of debt and equity in the
ratio of 58:42 and is expected to be operational by April 2024.
IBD UNIVERSAL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Ibd Universal Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 22.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 27.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
As part of its process and in accordance with its rating agreement
with Ibd Universal 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.
IBDU was incorporated on July 15, 1999, as a private limited
company in the name of Indus Dwellings Pvt. Ltd. For development
and construction of apartments, houses, flats, rooms, bungalows,
markets, shopping complexes, townships or other building
or accommodation. The name of the company changed to IBD Universal
Private Limited on June 12, 2008. They have been actively involved
in construction and development of real estate over the last 15
years in Central India.
KANCHAN AUTO: ICRA Keeps B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the long-term rating of Kanchan Auto Private Limited
(KAPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [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 KAPL, 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 2010, Kanchan Auto Private Limited (KAPL) is
engaged in the two-wheeler dealership business as an authorized
dealer of Bajaj Auto Limited. The operations of the company are
managed by Mr. Vimal Bolia who has an experience over 15 years in
this line of business. KAPL has showrooms and service outlets in
Ulhasnagar, Thane, Dombivli, Kalyan, Mumbra and Kanjur Marg. The
firm also operates through a network of Authorised Service Centres
(ASCs) beyond Murbad in the rural areas of Maharashtra.
MANTRI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mantri
Infrastructure Private Limited (MIL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 247.00 CARE D; ISSUER NOT COOPERATING
Bonds Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated March 27, 2023, placed the rating(s) of MIL under the 'issuer
non-cooperating' category as MIL had had failed to provide the
latest information for monitoring of the rating as agreed to in its
Rating Agreement. MIL continues to be non-cooperative despite
repeated requests for submission of the latest information for
reviewing the ratings through e-mails dated February 27, 2024,
February 6, 2024, and January 29, 2024 etc.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information which
however, in CARE Ratings' 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
Detailed description of the key rating drivers
At the time of last rating on March 27, 2023, the following was the
rating weakness (updated for the information available from
lender):
Key weaknesses
* Delays in debt servicing: As per the lender interaction, it is
understood that there have been continuing delays in debt
repayments.
MIPL is a SPV floated by the Mantri group to undertake construction
of Mantri Central retail project in Bengaluru. The project involves
construction of retail mall with leasable area of 5.91 lsf with
construction cost of INR214 crore. MIPL raised an amount of INR250
crore by issuing bonds. The repayment of these bonds will be made
out of excess cashflows of entire Mantri group's existing assets
(residential+ commercial+ retail) post repayment to the existing
senior lenders.
MILSHA AGRO: ICRA Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings of Milsha Agro Exports Pvt. Ltd. (MAEPL)
to the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.31 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Term Loans Cooperating' Category
Long Term/ 4.25 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term– COOPERATING; Rating moved to
the
Fund-based 'Issuer Not Cooperating'
Packing Credit Category
As part of its process and in accordance with its rating agreement
with MAEPL, 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 cooperation and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category.
Milsha Agro Exports Pvt. Ltd. (MAEPL), incorporated in 2009, is
involved in processing and export of shrimps. Its processing unit
is in Kolkata with an installed processing capacity of 30 tonnes
per day and a storage capacity of 180 tonnes. The company also does
job work for entities involved in the same line of business. The
business was started by Mr. Ram Milan Singh in the 1970s through a
partnership firm, Veejay Impex.
PARSHVANATH PRINTEX: CARE Assigns B+ Rating to INR27.90cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Parshvanath Printex Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.90 CARE B+; Stable Assigned
Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of SPPL is constrained
by the small scale of operations, weak capital structure and debt
protection indicators, elongated operating cycle and presence in
highly fragmented industry. The rating however derives strength
from extensive experience of the promoters, long track record of
operations and diversified customer base.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in overall gearing below 3.00x on sustained basis.
* Improvement in working capital cycle less than 150 days with
effective collection of receivables.
Negative factors
* Any sizeable decline in scale of operations with income below
INR40.00 crore on sustained basis.
* Decline in interest coverage below 1.00x on sustained basis.
Analytical approach: Standalone
Outlook: Stable
The stable outlook reflects that the company is likely to sustain
operational performance with continuous orders from diversified
clientele over the medium term backed by the extensive experience
of the promoters.
Detailed description of the key rating drivers:
Key weaknesses
* Small scale of operations: The company is primarily engaged in
trading of dyed and printed fabrics. The scale of operations
remains small, with a total operating income (TOI) of INR65.06
crore in FY23 (refers to the period April 1 to March 31) which had
declined over the years from INR96.36 crore in FY21. The decline in
scale of operations pertains to the industry-wide slowdown of the
textile industry. During 9mFY24 (Refers to the period April 01 to
December 31), the company booked income of INR29.91 crore.
* Weak capital structure and debt coverage indicators: The company
has a weak capital structure, marked by overall gearing of 4.00x as
on March 31, 2023, compared to 4.29x as on March 31, 2022. The debt
coverage indicator also stood weak marked by Total Debt/GCA of
69.07x as on March 31, 2023, compared to 57.99x as on March 31,
2022, due to thin accruals. The company had availed a GECL term
loan of INR5.50 crore in FY22 and a working capital term loan of
INR5.00 crore in FY23, to aid the working capital and closure of
unsecured loans from promoters.
* Highly fragmented, competitive nature of industry: SPPL operated
in a highly cyclical and fragmented textile trading industry marked
by presence of various organized and unorganized and certain large
players. Intense competition in the industry limits the pricing
abilities of the players operating in the industry. The PBILDT
margin has been volatile in the range of 3.56% to 5.11% over the
past three years ended FY23 due to competition and volatile raw
material costs.
Key strengths
* Vast experience of the promoters in the segment with long track
record of operations: SPPL was established by as a private limited
in 1999 by Mr Gautam Chand Jain, Mr Sampat Raj, Mr Rajendra Kumar,
and Mr Abhishek Kumar. Mr Gautam Chand, the chairman of SPPL had
previously started a sole proprietorship entity named Parshvanath
Sales Corporation in 1985 and converted the same into private
limited company in 1999. The day-to-day operations of the company
is managed by Mr Sampat Raj, brother of Mr Gautam Chand. The
extensive experience of the promoters helps the company to maintain
a strong customer base over the years.
* Long standing relationship with customers and diversified
customer profile: The company aided by the experience of the
promoters maintain a strong customer base with customers majorly
based out in Tamil Nadu, Kerala, and Karnataka. The top ten
customers of the company accounted for 51% of the total sales made
in FY23 (PY: 51%).
Liquidity: Poor
The liquidity position of the company is poor marked by lower gross
cash accruals of INR0.43 crores in FY23 against repayments of
INR1.03 crores in FY24. The company is provided with 45 days for
the credit of the fabrics bought from suppliers while it extends
credit period of 60-90 days for the customers. The operating cycle
of the company had elongated to 211 days in FY23
against 165 days in FY22, due to stretched payment from the
customers and slow movement of fabrics in the inventory on account
of slowdown in demand. The company has cash balance of INR0.09
crores as on March 31, 2023. The company has been
sanctioned with cash credit of INR18.00 crore and the average
utilization level stood high at around 95% for the last 12 months
ended February 29, 2024.
Shri Parshvanath Printex Private Limited is a closely held company
and was incorporated in 1985 as a sole proprietorship firm in the
name of Parshvanath Sales Corporation and converted into a private
limited under current nomenclature in 1999. The company is based
out in Coimbatore and is involved in trading of dyed and printed
fabrics. The day-to-day operations of the company are
managed by Mr. Sampat Raj, Managing Director.
PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Pragatej Builders &
Developers Private Limited (PBDPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [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 PBDPL, 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 1996, Pragatej Builders & Developers Private Limited
(PBDPL) is engaged in the execution of its first project under the
Slum Rehabilitation Scheme (SRS). The promoters of the company have
previously executed a rehabilitation project under PBDPL's group
concern. The ongoing project -'Vishnuchandra Sky' is located at
Wadala which is a centralized location connecting parts of Mumbai
and Navi Mumbai. The project site is located at a distance of 0.7
kms from Wadala station, 1.2 kms from Dadar railway station and 4
kms from the Bhakti Park Monorail station. The project is being
undertaken under the Slum Rehabilitation Scheme and is being
constructed on land owned by the Municipal Corporation of Greater.
RAJKAMAL PETROL: CARE Reaffirms B Rating on INR6.0cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Rajkamal Petrol & Diesel Service (RPDS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B; Stable Reaffirmed
Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of RPDS is primarily
constrained by its small scale of operation with low profitability,
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operation and stretched
liquidity. Further ratings are constrained by constitution of
entity being partnership and inherent intense competition. The
rating however derives strength from experienced partners.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increase in scale of operation to INR50 crore on sustained basis
* Improvement in operating margin to 1.50% on sustained basis
Negative factors
* Non-renewal of the contract with Hindustan Petroleum Corporation
Limited
* Further losses incurred led to erosion of net worth base
Analytical approach: Standalone
Outlook: Stable
Stable outlook reflects CARE Ratings belief that the entity shall
sustain its modest financial risk profile over the medium term.
Detailed description of the key rating drivers:
Key weaknesses
* Small scale of operation with low profitability: RPDS's scale of
operation has marginally improved, however remained small at
INR24.92 crore in FY23 (vis-à-vis INR21.15 crore in FY22) owing to
increase in sale of diesel as well petrol. Further, during
9MFY24(Provisional) RPDS has reported TOI of INR17.85 crore and
it's scale of operation is expected to remained small for FY24.
RPDS's operating margin stood relatively low owing low value
addition nature of business. Also, it has to pay HPCL a fixed fee
of the sales done. PBILDT margin declined in FY23 to 0.33% from
0.46% in FY22 owing to lower commission income received from HPCL
(as the principal had reduced commission across owing to increase
in fuel prices). Further, due to higher depreciation as well as
interest charges, RPDS has continued to report net losses during
FY23.
* Leveraged capital structure and weak debt coverage indicators:
RPDS's capital structure has improved but stood highly leveraged as
marked by overall gearing ratio of 8.25x as on March 31, 2023 owing
to low networth base and high dependence on external debt to fund
its business operations. Further, due to low operating
profitability coupled with high interest costs, debt overage
indicators remained weak marked by below unity interest coverage
ratio during FY23 as well as in FY22.
* Working capital intensive nature of operation: The operating
cycle of RPDS is moderately stretched primarily on the account of
the funds being blocked in receivables, leading to higher
utilisation of working capital limits at around 83.33% for past 12
months ended February 2024. The receivables holding of the firm has
remained moderate as for diesel it has to grant around 15 days
credit (as those are mostly corporate clients). However, for petrol
payment is received on cash basis. On the other hand, it has to
make advance payment to HPCL for purchase of fuel. The above has
led to dependence on working capital borrowing for funding the
operations. The ability of RPDS to reduce the reliance on working
capital borrowings amidst the growing scale of business and
increasing competition would be critical from credit prospective.
* Intense competition and fragmented nature of the industry: The
fuel pump industry in India is highly fragmented with the presence
of numerous unorganized players in addition to the large players
leading to a high level of competition. The industry is susceptible
to various guidelines by Government of India, change in taxation
structure, impacting the industry.
* Constitution of entity being partnership entity: Being a
partnership firm, RPDS has inherent risk of withdrawal of partner's
capital at the time of personal contingency. Furthermore, it has
restricted access to external borrowings where net worth as well as
creditworthiness of the partner are the key factors affecting
credit decision of the lenders. Hence, limited funding avenues
along with limited financial flexibility have resulted in small
scale of operations for the firm. During FY23, partners have
infused capital of INR1.60 crore as against withdrawal of INR5.29
crore during FY22.
Key strengths
* Experienced Partners: RPDS is managed by Chaudhary family,
current partners Mr. Vipulkumar Chaudhary and Mrs. Geeta Chaudhary,
have more than two decades of experience in managing the business.
Over the years of their presence, they have established strong
relations in the market. The partners are supported by experienced
management team to carry out day to day activities.
Liquidity: Stretched
Liquidity was stretched as marked by cash losses, higher working
capital utilization and modest cash and bank balance. Due to
continued net losses, RPDS has continued to report cash losses
during FY23. Further, the utilisation of working capital limits
remained at 83.33% for past 12 months ended February 2024. As on
March 31, 2023, cash and bank balance was at INR1.11
crore as against INR0.09 crore as on March 31, 2022. However, due
to realization of funds from receivables as well as inventories,
the firm has reported positive CFO of INR0.45 crore during FY23 as
against negative CFO during FY22.
Rajkamal Petrol & Diesel Service (RPDS) was established in 1976 as
a partnership firm by Mr. Chaudhary. Currently the firm is managed
by Mr. Vipulkumar Chaudhary and Mrs. Geeta Chaudhary. RPDS is
engaged in the business of operating a fuel pump at Mehasana in the
main city on Ahmedabad Palanpur highway. It has availed the
dealership of Hindustan Petroleum Corporation Limited (HPCL).
RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rake Power
Limited (RPL) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 3.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of RPL under the 'issuer
non-cooperating' category as RPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 29, 2023, December 9, 2023, December
19, 2023.
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).
Rake Power Limited (RPL) incorporated on June 20, 2000, is a
subsidiary of Shalivahana Green Energy Limited (SGEL) and has Setup
a biomass-based 10.00 MW power plant at Ramtek Tehsil, Nagpur,
Maharashtra. The project achieved Commercial Operations Date (COD)
on July 25, 2008 and the project was completed at total cost of
INR41 crore. The company has entered in to Energy Purchase
Agreement (EPA) with Maharashtra State Electricity Distribution
Company (MSEDCL) for a period of 13 years from COD. At present, the
company is billing as per the tariff of INR6.73 per kWh. Hyderabad
based Shalivahana group has multiple business operations in
construction, real estate, power generation and education. RPL is
currently in talks for liquidation, however, the same has not been
finalized yet.
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of Samruddha Resources Limited
(SRL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 25.00 [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 SRL, 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 1997 and formerly known as Samruddha Overseas
Limited, SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr Vinay Rohidas Patil, son of the
Mr Namdar Daji Saheb Rohidas Patil (former Minister of Agriculture
Maharashtra State and belonging to Dhule district of Maharashtra).
Prior to 1997, the promoters were engaged in the textile business.
SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Sargam Metals Private Limited (SMPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 30.00 [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;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 8.50 [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 SMPL, 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 1970, Sargam Metals Private Limited is primarily
engaged in manufacture of aluminium, zinc and manganese ingots
(contributes to ~85% of total revenues), which are used as raw
materials in foundries for producing cast products. SMPL is also
engaged in manufacture of cathode protection products, which are
used in ships, off-shore structures such as platforms, sub-sea
pipelines and structures such as jetty, wharves and barges. The
company has an alloy production facility with an installed capacity
of 7800 MT in SIPCOT Industrial estate in Cheyyar (Tamil Nadu)
recently shifted from Manapakkam, Chennai. The company is managed
by Mr. S Arun and is closely held by the promoter group.
SHIV SHAKTI: ICRA Lowers Rating on INR20.00cr LT Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shiv
Shakti Industries, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 3.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in January 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".
As part of its process and in accordance with its rating agreement
with Shiv Shakti Industries, ICRA has been trying to seek
information from the entity to monitor its performance. Further,
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2013, Shiv Shakti Industries is a partnership firm
with Mr. Soham Purohit and Manisha Purohit as partners. The firm is
engaged in the business of ginning and pressing of raw cotton as
well as crushing of cottonseeds with processing capacity of around
150 TPD of raw cotton. The firm is equipped with 24 ginning
machines and 1 Pressing machine having capacity to produce 250
bales per day. The firm is also equipped with 10 expellers having
capacity to produce 10,500 kgs. of oil per day. The saleable
products of the firm include cotton bales, cotton seeds, cottonseed
oil and cottonseed cakes.
SHRINIVASA CATTLE: ICRA Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Shrinivasa Cattle Feeds
Private Limited (SCFPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 27.00 [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 SCFPL), 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.
Shrinivasa Cattle Feeds Private Limited (SCFPL) was incorporated by
Mr. Sriram Medewar and Mr. Deelip Chakkarwar in 1993 and is engaged
in extraction of edible, non-edible oils and de-oiled cakes (DOC).
The company has an extraction unit with a capacity of 200 Metric
Tonnes Per Day (MTPD) and a refining unit with a capacity of 50MTPD
at Nanded. The company is currently managed by the sons of the
promoters, Mr. Sunil Medewar and Mr. Rohan Chakkarwar.
SIESTA HOSPITALITY: ICRA Cuts Rating on INR22.85cr LT Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Siesta
Hospitality Services Limited (Siesta), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.74 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating downgraded from
[ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Long-term– 22.85 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.
The rating is based on limited information on the entity's
performance since the time it was last rated on February 20, 2023.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Siesta Hospitality Services 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.
Siesta is involved in providing corporate residences at various
locations across the country, with amenities as preferred by the
corporate. The company's operations are divided across four
segments-i) composite (classified as dedicated rooms), ii) stay
(non-dedicated rooms), iii) men and maintenance, iv) food and
beverages. It enters into a contract with its customers across all
the segments, which accounts for around 50-60% of the revenues. The
company follows a cost-plus model, passing the cost involved to its
customers. It enjoys pan-India presence offering more than 2,400
rooms across 40 plus cities, with reputed multi-national companies
in its customer portfolio.
SNN BUILDERS: ICRA Lowers Rating on INR50cr Term Loan to B+
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of SNN
Builders Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loan from [ICRA]BB (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding SNN Builders Private Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating, as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade."
As part of its process and in accordance with its rating agreement
with SNN Builders Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
SNN Builders Private Limited, incorporated in 2009, is involved in
the residential real estate development with presence inthe
Bangalore market. At present, the company has two completed
projects Serenity and Grandeur in Bangalore.SBPL is part of the SNN
Group. At present, the SNN Group has inventory available for sale
in a portfolio of six projects, withtwo projects under SBPL and one
project each under SNN Properties LLP (Etternia), SNN Homes LLP
(Greenbay), SNNSpiritua Developers (Spiritua) and Ibrox Real Estate
Development Private Limited (Clermont).
SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Surya Oil & Agro Industries (SOAI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.79 [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 SOAI, 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 August 2011, Surya Oil and Agro Industries (SOAI) is
a partnership firm engaged in refining of edible cottonseed oil and
maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr. Narottam
Patel and Mr. Jateen Adroja. The firm also carries out trading of
other edible oils such as Sunflower oil, sesame oil, rice bran oil
etc. SOAI operates from its plant located in Wankaner, Rajkot with
a total installed capacity of refining 100 MT of edible oil per
day.
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Thermoset Poly Products (I) Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
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 Thermoset Poly Products (I) 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.
Thermoset Poly Products (I) Pvt. Ltd. was found in 1993 and is
engaged in manufacturing of FRP and other engineering plastics. The
management has an experience of more than four decades in the
field. The company was primarily engaged in the design and
manufacture of chemical equipments like large capacity Storage
tanks, Reaction vessels, scrubbing systems, Piping, Chlorine Drying
Towers, pollution control equipments etc. in Fibre-reinforced
plastic/glass-fiber reinforced plastic (FRP / GRP), however, for
the last 5-6 years, the company has been focusing on its main
product, FRP/GRP manhole covers with the brand name of
"Thermodrain". Thermodrain finds its application as solid top and
recess manhole covers, STP tank covers, water gully covers, water
tank covers, gratings and septic tanks for the sewerage, electrical
and telecom chambers. The company has a Manufacturing facility of
40,000 sq. ft. spread over a factory area of 1,60,000 sq. ft.
located at Panvel, Raigarh.
TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tree House
Education & Accessories Limited (THEAL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 102.80 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October
20,2020, placed the rating(s) of THEAL under the 'issuer
non-cooperating' category as Tree House Education & Accessories
Limited had failed to provide information for monitoring of the
rating. Tree House Education & Accessmories Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 8, 2023, November 28,
2023, November 18, 2023.
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
Detailed description of the key rating drivers
At the time of last rating on January 2, 2023 the following were
the rating strengths and weaknesses.
Key rating weaknesses
* Delay in debt-servicing obligations: The ratings of Tree house
Education & Accessories Ltd continue to reflect delays in servicing
of debt obligations by the company. Further, the company has not
submitted No default statement.
Tree House Education & Accessories Ltd incorporated on July 10,
2006 as a private limited company by Mr. Rajesh Bhatia and his wife
Ms. Geeta Bhatia, is primarily engaged in pre-school education
across various locations in India. As on date there are 524
pre-school centers across the country. THEAL also operates in K12
segment with 24 schools under its management.
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Vardhaman Pressure Die Casting (VPDC) in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [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 VPDC, 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.
Vardhaman Pressure Die Casting (VPDC) was incorporated in 2006 as a
proprietorship firm by Mr. Vikram Pomani Vardhaman. The firm is
currently managed by Mr. Vikram and his wife Ms. Sobha Pomani. The
firm is engaged in manufacturing of aluminium castings which finds
applications in a wide range of industries including automotive,
kitchen appliances and lighting industry. The manufacturing
facility is located in Bommasandra Industrial Area, Bangalore with
a capacity of 3.5 MT per day.
=====================
N E W Z E A L A N D
=====================
A AND S FREIGHT: Court to Hear Wind-Up Petition on April 24
-----------------------------------------------------------
A petition to wind up the operations of A and S Freight Limited
will be heard before the High Court at Auckland on April 24, 2024,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 5, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
ABSOLUTE GROUP: Creditors' Proofs of Debt Due on April 21
---------------------------------------------------------
Creditors of Absolute Group Limited, Bainbridge Homes Limited, BBH
2020 Limited, Module Canterbury Limited and Steadhurst Properties
Limited are required to file their proofs of debt by April 21,
2024, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on March 21, 2024.
The company's liquidator is Brenton Hunt.
KJMB 2022: Court to Hear Wind-Up Petition on April 15
-----------------------------------------------------
A petition to wind up the operations of KJMB 2022 Limited will be
heard before the High Court at Timaru on April 15, 2024, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 16, 2024.
The Petitioner's solicitor is:
Arna McAvoy
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
SKIP 2: Creditors' Proofs of Debt Due on April 26
-------------------------------------------------
Creditors of Skip 2 Dump Limited and JQ&MB Property Investments
Limited are required to file their proofs of debt by April 26,
2024, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on March 26, 2024.
The company's liquidator is Brenton Hunt.
WAIKATO WALLBOARDS: Creditors' Proofs of Debt Due on April 22
-------------------------------------------------------------
Creditors of Waikato Wallboards Limited and Tjay Transport Limited
are required to file their proofs of debt by April 22, 2024, to be
included in the company's dividend distribution.
Tjay Transport Limited commenced wind-up proceedings on March 20,
2024.
Waikato Wallboards Limited commenced wind-up proceedings on March
21, 2024.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
=====================
P H I L I P P I N E S
=====================
CHELSEA LOGISTICS: Annual Stockholders' Meeting Moved to June 5
---------------------------------------------------------------
Bilyonaryo.com reports that Dennis Uy has decided to delay Chelsea
Logistics and Infrastructure Holdings' annual stockholders' meeting
originally slated for next month.
Citing "factors beyond its control", Chelsea president and CEO
Chryss Alfonsus Damuy informed the Securities and Exchange
Commission and Philippine Stock Exchange that the audit of its
financial statements will not be completed in time for the annual
meeting on April 29. The meeting has been rescheduled to June 5,
Bilyonaryo.com says.
According to Bilyonaryo.com, the company's auditor, Punongbayan &
Araullo, has flagged Chelsea from 2020 to 2022 due to its
significant losses and growing debt burden.
Chelsea's financial woes are evident, with a cumulative loss of
PHP12.2 billion recorded from 2018 through the first nine months of
2023, Bilyonaryo.com notes. Its capital deficit has also surged by
11 percent year-to-date, reaching PHP10.5 billion as of September
2023.
About Chelsea Logistics
Chelsea Logistics & Infrastructure Holdings Corp operates as a
holding company. The Company, through its subsidiaries, provides
marine shipping services. Chelsea Logistics & Infrastructure
Holdings transports passengers, cargos, petroleum, oil, chemicals,
and other bulk products. Chelsea Logistics & Infrastructure
Holdings serves customers in Philippines.
Chelsea has piled up PHP11.1 billion in losses from 2018 to 2022.
Its capital deficit has ballooned to PHP9.5 billion which is nearly
equivalent to its total bank loans of PHP10.32 billion,
Bilyonaryo.com discloses.
=================
S I N G A P O R E
=================
ALL QUIP: Creditors' Proofs of Debt Due on April 26
---------------------------------------------------
Creditors of All Quip Supplies Pte. Ltd. are required to file their
proofs of debt by April 26, 2024, to be included in the company's
dividend distribution.
The company's liquidators are:
Lo Wei Min @Mrs Pearlyn Chong
Chan Tuck Chee
c/o Lo Hock Ling & Co.
101A Upper Cross Street
#11-22 People's Park Centre
Singapore 058358
KTBS BUSINESS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 15, 2024, to
wind up the operations of KTBS Business Solutions Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The companies' liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RAKU INU: Commences Wind-Up Proceedings
---------------------------------------
Members of Raku Inu Bistro and Bar Pte Ltd, on March 22, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Ms. Chan Li Shan
c/o Agile 8 Solutions
133 Cecil Street
#14-01 Keck Seng Tower
Singapore 069535
STRAITS PARTNERS: Court to Hear Wind-Up Petition on April 5
-----------------------------------------------------------
A petition to wind up the operations of Straits Partners Group
Limited will be heard before the High Court of Singapore on April
5, 2024, at 10:00 a.m.
Roy James Coe filed the petition against the company on March 4,
2024.
The Petitioner's solicitors are:
Covenant Chambers LLC
8 Eu Tong Sen Street
#12-96 Clarke Quay Central (Office 1)
Singapore 059818
WORLDEX EXHIBITIONS: Creditors' Proofs of Debt Due on April 11
--------------------------------------------------------------
Creditors of Worldex Exhibitions Pte. Ltd. are required to file
their proofs of debt by April 11, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 25, 2024.
The company's liquidators are:
Kon Yin Tong
Aw Eng Hai
Ow Xiu Jing
Foo Kon Tan LLP
1 Raffles Place #04-61
One Raffles Place Tower 2
Singapore 048616
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 25, 2024 to March 29, 2024
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.20
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.20
MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.91
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.05
VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 0.15
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.25
VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 0.38
VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 0.58
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.72
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.72
CHINA
-----
AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 20.19
AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 20.20
ALETAI CITY JUJIN URB 7.73 10/26/24 CNY 25.67
ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 60.00
ANHUI PINGTIANHU INVE 7.50 08/13/26 CNY 62.75
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 60.00
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 64.63
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 39.00
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 40.00
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 42.10
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 42.22
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 60.30
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 62.79
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 41.45
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 42.16
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 42.60
ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 20.30
ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 20.52
ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.72
ANYUE XINGAN CITY DEV 7.50 01/30/25 CNY 20.72
ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 62.10
ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 62.77
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 42.14
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 42.46
BIJIE QIXINGGUAN DIST 7.60 09/08/24 CNY 19.95
BIJIE QIXINGGUAN DIST 7.60 09/08/24 CNY 20.40
BIJIE QIXINGGUAN DIST 8.05 08/16/25 CNY 40.62
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 41.40
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 42.22
BIJIE XINTAI INVESTME 7.80 11/01/24 CNY 20.30
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 64.25
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 64.40
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 41.28
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 41.29
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 41.79
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 41.79
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.35
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 20.40
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 40.00
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 41.08
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 41.75
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 41.92
CHONGQING HONGYE INDU 7.50 12/24/26 CNY 64.40
CHONGQING JIANGLAI IN 7.50 10/26/25 CNY 40.00
CHONGQING JIANGLAI IN 7.50 10/26/25 CNY 41.91
CHONGQING NANCHUAN CI 7.80 08/06/26 CNY 62.66
CHONGQING SHUANGFU CO 7.50 09/09/26 CNY 63.10
CHONGQING THREE GORGE 7.80 03/01/26 CNY 40.00
CHONGQING THREE GORGE 7.80 03/01/26 CNY 42.70
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 60.00
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 63.72
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 40.73
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 40.86
CHONGQING YUDIAN STAT 8.00 11/30/25 CNY 42.25
CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 20.00
DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 41.40
DALI URBAN DEVELOPMEN 8.00 12/25/25 CNY 42.37
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.34
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 20.34
DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 38.80
DAWA COUNTY CITY CONS 7.80 01/30/26 CNY 42.42
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 60.00
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 62.94
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 60.00
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 62.81
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 40.00
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 41.09
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.60
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 41.89
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 63.89
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 40.00
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 40.00
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 42.17
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 42.25
FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53
FANTASIA GROUP CHINA 7.50 12/17/23 CNY 73.70
FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99
FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 42.74
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 40.00
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 41.65
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 42.07
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 42.52
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 42.01
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 42.68
GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.46
GAOQING LU QING ASSET 7.50 09/27/24 CNY 20.47
GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 63.04
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 63.09
GUANGDONG PEARL RIVER 7.50 10/26/26 CNY 74.23
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 39.39
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 40.00
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 42.11
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 42.20
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 41.94
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 42.05
GUANGXI NINGMING HUIN 8.50 12/07/25 CNY 41.82
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 63.12
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 64.94
GUANGXI TIANDONG COUN 7.50 06/04/27 CNY 45.00
GUANGYUAN CITY DEVELO 7.50 10/25/27 CNY 37.44
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 60.00
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 62.62
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 64.35
GUANGZHOU FINELAND RE 13.60 07/27/23 USD 15.63
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 40.00
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 41.07
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.42
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 63.70
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.00
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 21.00
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 41.40
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 42.42
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 40.59
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 41.98
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 61.55
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 62.67
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 62.93
GUIYANG GUANSHANHU IN 8.20 04/30/24 CNY 40.16
GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 60.27
GUIYANG HI-TECH HOLDI 8.00 11/25/26 CNY 62.68
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 40.00
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 43.10
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 41.11
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 42.23
GUIZHOU GUIAN DEVELOP 7.60 04/26/25 CNY 6.92
GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 10.50
GUIZHOU HONGGUO ECONO 7.80 02/08/25 CNY 20.20
GUIZHOU HONGGUO ECONO 7.80 11/24/24 CNY 20.61
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 63.57
GUIZHOU RAILWAY INVES 7.50 04/23/24 CNY 15.04
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 41.84
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 41.75
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 42.04
GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 19.95
GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 20.26
GUIZHOU ZHONGSHAN DEV 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLITIO 7.74 05/02/25 CNY 40.96
HAIAN URBAN DEMOLITIO 8.00 12/21/25 CNY 42.07
HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.43
HENGYANG CITY AND URB 7.50 09/22/24 CNY 20.44
HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.67
HENGYANG CITY AND URB 7.80 12/14/24 CNY 20.67
HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.00
HONGAN URBAN DEVELOPM 7.50 12/04/24 CNY 20.60
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 60.00
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 62.95
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.00
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.88
HUAINAN URBAN CONSTRU 7.58 02/12/26 CNY 42.51
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 62.00
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 62.12
HUBEI JIAKANG CONSTRU 7.80 12/19/25 CNY 41.84
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 60.00
HUBEI YILING ECONOMIC 7.50 12/02/26 CNY 62.05
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 62.60
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 60.00
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 62.65
HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 40.00
HUNAN MEISHAN RESOURC 8.00 03/21/26 CNY 42.89
HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 41.44
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 41.70
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 42.03
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 40.00
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 42.34
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 42.34
HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.00
HUZHOU NEW CITY INVES 7.50 11/23/24 CNY 20.60
HUZHOU WUXING NANTAIH 7.90 09/20/25 CNY 41.86
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 58.00
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 64.23
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.00
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.85
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 41.61
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 42.50
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 41.52
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 41.99
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 42.55
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 40.00
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 40.89
JIANGYOU XINGYI PARKI 7.80 12/17/25 CNY 51.49
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 40.00
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 42.28
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 63.73
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 67.65
JINGDEZHEN CERAMIC CU 7.50 08/27/25 CNY 41.50
JINGDEZHEN CERAMIC CU 7.50 08/27/25 CNY 41.69
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.00
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.85
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 40.92
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 42.56
JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63
JUNAN COUNTY URBAN CO 7.50 09/26/24 CNY 20.33
JUNAN COUNTY URBAN CO 7.50 09/26/24 CNY 20.44
KAIDI ECOLOGICAL AND 8.50 11/21/18 CNY 72.46
LAOHEKOU CITY CONSTRU 7.50 06/09/24 CNY 70.38
LETING INVESTMENT GRO 7.50 04/11/26 CNY 59.80
LETING INVESTMENT GRO 7.50 04/11/26 CNY 62.66
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 40.00
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 42.11
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 60.00
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 62.80
LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 41.73
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.00
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.95
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 41.97
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 42.03
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 73.97
LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 14.95
LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 15.06
LONGNAN ECO&TECH DEVE 7.50 07/26/26 CNY 63.12
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 40.00
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 42.54
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 42.03
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 42.03
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 40.92
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 41.48
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 41.58
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 41.89
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 24.00
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 41.85
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 42.10
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 62.68
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 40.00
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 41.66
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 42.35
MEISHAN HONGSHUN PARK 7.50 12/10/25 CNY 52.47
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 40.00
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 41.73
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 42.06
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 20.32
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 20.44
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 41.50
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 42.79
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 40.00
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 42.84
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 64.17
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 41.15
MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 41.18
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 41.87
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 64.59
MIANYANG HUIDONG INVE 8.10 02/10/25 CNY 20.90
MIANYANG HUIDONG INVE 8.10 04/28/25 CNY 41.16
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 41.94
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 42.26
MILE AGRICULTURAL INV 8.00 10/25/25 CNY 41.60
MILE AGRICULTURAL INV 8.00 10/25/25 CNY 42.02
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 42.44
MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 41.68
NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.67
NANCHONG JIALING DEVE 7.80 12/12/24 CNY 20.67
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 40.00
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 41.24
NANJING JIANGNING ECO 7.94 04/14/24 CNY 15.02
NEOGLORY HOLDING GROU 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROU 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROU 8.10 11/23/18 CNY 72.00
NINGXIA SHENG YAN IND 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.64
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 42.64
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.73
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 42.74
PANJIN LIAODONGWAN ZH 7.50 12/28/26 CNY 64.37
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 60.00
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 64.15
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.19
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 41.59
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.54
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 41.58
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.35
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 62.72
PUDING YELANG STATE-O 7.79 11/13/24 CNY 20.31
PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.44
PUDING YELANG STATE-O 8.00 03/13/25 CNY 20.70
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.00
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 42.51
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 65.05
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 65.05
QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 41.40
QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 42.38
QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 1.39
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.49
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 42.49
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 64.41
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.71
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 63.71
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 40.00
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 42.73
RENHUAI WATER INVESTM 7.98 02/24/25 CNY 20.72
RENHUAI WATER INVESTM 8.00 12/26/25 CNY 38.85
RENHUAI WATER INVESTM 7.98 07/26/25 CNY 41.53
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 40.00
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 42.22
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 60.00
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 64.28
RUILI RENLONG INVESTM 8.00 09/20/26 CNY 62.89
SHAANXI XIYUE HUASHAN 7.50 12/27/26 CNY 61.80
SHAANXI XIYUE HUASHAN 7.50 12/27/26 CNY 62.76
SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 41.80
SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 41.99
SHANDONG OCEAN CULTUR 7.50 03/28/26 CNY 61.95
SHANDONG OCEAN CULTUR 7.50 04/25/26 CNY 62.09
SHANDONG RENCHENG RON 7.50 01/23/26 CNY 41.77
SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GROU 7.90 08/30/24 CNY 58.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 60.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 62.67
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 40.49
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 40.96
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 41.15
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 42.23
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 41.54
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 41.54
SHANXI JINZHONG STATE 7.50 05/05/26 CNY 62.73
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 40.00
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 42.22
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 21.41
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 40.00
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 40.00
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 40.00
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 41.60
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 41.95
SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.56
SHEYANG URBAN CONSTRU 7.80 11/27/24 CNY 20.61
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 40.00
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 42.26
SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 45.95
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 63.40
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 63.41
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 64.37
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 64.37
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 65.29
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 65.29
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.60
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 41.86
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 42.20
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 42.24
SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.00
SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 20.49
SICHUAN CHENG'A DEVEL 7.50 11/29/24 CNY 20.57
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00
SIYANG JIADING INDUST 7.50 04/27/25 CNY 40.99
SIYANG JIADING INDUST 7.50 04/27/25 CNY 41.00
SIYANG JIADING INDUST 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDUST 7.50 12/14/25 CNY 42.13
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 4.00
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 5.90
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 40.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 42.71
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 60.00
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 60.00
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 62.70
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 63.01
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 39.59
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 42.35
TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.00
TAIZHOU FENGCHENGHE C 7.90 12/29/24 CNY 20.73
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 40.00
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 42.65
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 60.00
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 62.59
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 41.00
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 41.20
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 63.37
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 64.49
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 40.00
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 41.94
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 23.53
TENGCHONG SHIXINGBANG 7.50 05/05/26 CNY 72.64
TIANJIN REAL ESTATE G 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 40.00
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 41.46
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 40.00
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 42.29
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 62.00
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 62.93
TONGREN WATER GROUP C 8.00 11/29/28 CNY 74.86
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 41.70
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 42.23
TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00
TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00
URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 40.00
URUMQI ECO TECH DEVEL 7.50 10/19/25 CNY 41.64
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 40.26
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 41.20
WEIHAI WENDENG URBAN 7.50 03/04/29 CNY 70.00
WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 74.30
WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 74.93
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 60.00
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 61.99
WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 40.00
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 42.00
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 60.00
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 62.61
WUYANG CONSTRUCTION G 7.80 09/11/20 CNY 32.48
WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 75.00
XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 60.00
XIAN LINTONG URBAN IN 7.69 04/22/26 CNY 62.80
XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 20.00
XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 20.45
XIFENG COUNTY URBAN C 8.00 03/14/26 CNY 60.30
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 40.00
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 42.23
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 61.88
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 62.92
XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.00
XINGYI XINHENG URBAN 7.90 01/31/25 CNY 20.63
XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.00
XINGYI XINHENG URBAN 8.00 11/21/25 CNY 41.72
XINPING URBAN DEVELOP 7.70 01/24/26 CNY 41.87
XINYU CITY YUSHUI DIS 7.50 09/24/26 CNY 63.43
XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.00
XIPING COUNTY INDUSTR 7.50 12/26/24 CNY 20.65
XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.71
XIUSHAN HUAXING ENTER 7.50 09/25/25 CNY 41.71
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 40.58
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 41.93
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 60.50
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 62.38
YANCHENG URBANIZATION 7.50 03/04/27 CNY 65.10
YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00
YANGLING URBAN RURAL 7.80 02/20/26 CNY 42.52
YANGLING URBAN RURAL 7.80 06/19/26 CNY 60.00
YANGLING URBAN RURAL 7.80 06/19/26 CNY 63.36
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 40.00
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 40.79
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 42.35
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 42.60
YICHANG CHUANGYUAN HO 7.80 11/06/25 CNY 42.10
YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.80
YINGKOU BEIHAI NEW CI 7.98 01/25/25 CNY 20.80
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 60.00
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 63.24
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 40.00
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 41.24
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 42.05
YIYANG LONGLING CONST 7.60 01/23/26 CNY 40.30
YIYANG LONGLING CONST 7.60 01/23/26 CNY 42.00
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 41.53
YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 40.00
YONGAN STATE-OWNED AS 8.50 11/26/25 CNY 41.95
YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 40.00
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 40.97
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 41.48
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 41.20
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 41.69
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 42.25
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 42.25
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 40.49
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 41.07
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 60.00
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 62.90
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 64.64
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 60.00
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 64.79
YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 62.70
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 42.53
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 62.52
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 60.00
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 63.91
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 40.00
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 42.04
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 60.00
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 62.34
ZHEJIANG HUZHOU NANXU 7.80 08/21/25 CNY 41.88
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 40.00
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 41.64
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 42.30
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 42.33
ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 60.00
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 63.16
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 55.00
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 59.75
ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 52.06
ZHUZHOU RAILWAY INDUS 7.50 09/25/24 CNY 20.39
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 60.00
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 65.61
ZIYANG KAILI INVESTME 8.00 02/14/26 CNY 42.05
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.28
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 20.37
ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 62.99
ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 64.25
ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 70.00
ZUNYI URBAN CONSTRUCT 7.50 05/20/24 CNY 40.15
HONG KONG
---------
YANGO JUSTICE INTERNA 10.25 03/18/22 USD 0.09
YANGO JUSTICE INTERNA 8.25 11/25/23 USD 0.18
YANGO JUSTICE INTERNA 7.50 02/17/25 USD 0.24
YANGO JUSTICE INTERNA 7.50 04/15/24 USD 0.27
YANGO JUSTICE INTERNA 10.25 09/15/22 USD 0.29
YANGO JUSTICE INTERNA 9.25 04/15/23 USD 0.34
YANGO JUSTICE INTERNA 7.88 09/04/24 USD 0.44
YANGO JUSTICE INTERNA 10.00 02/12/23 USD 1.00
HONGKONG IDEAL INVEST 14.75 10/08/22 USD 1.57
HAINAN AIRLINES HONG 12.00 10/29/21 USD 3.17
ZENSUN ENTERPRISES LT 12.50 04/23/24 USD 3.75
ZENSUN ENTERPRISES LT 12.50 09/13/23 USD 4.69
CHINA SOUTH CITY HOLD 9.00 12/11/24 USD 24.10
CHINA SOUTH CITY HOLD 9.00 06/26/24 USD 24.21
CHINA SOUTH CITY HOLD 9.00 04/12/24 USD 28.33
CHINA SOUTH CITY HOLD 9.00 10/09/24 USD 29.00
INDONESIA
---------
WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 24.55
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.08
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.22
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 59.80
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 60.70
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.77
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.89
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 61.36
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.21
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.43
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.86
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 63.48
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 64.16
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.76
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 64.76
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 66.90
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 66.90
WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 67.73
WIJAYA KARYA PERSERO 9.10 03/03/26 IDR 68.48
WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 69.47
WIJAYA KARYA PERSERO 9.25 12/18/25 IDR 69.65
WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 72.19
WIJAYA KARYA PERSERO 9.90 11/03/25 IDR 72.19
INDIA
-----
PIRAMAL CAPITAL & HOU 8.50 04/18/23 INR 34.25
ANDHRA PRADESH STATE 9.62 05/31/24 INR 50.13
IIFL SAMASTA FINANCE 10.75 02/24/25 INR 50.23
MAHANAGAR TELEPHONE N 7.51 03/06/34 INR 52.86
IKF FINANCE LTD 10.60 03/27/25 INR 61.90
BLU-SMART MOBILITY PV 12.50 10/30/24 INR 67.55
AXIS FINANCE LTD 8.10 11/17/28 INR 72.40
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.77
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.99
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 14.99
SINGAPORE
---------
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.22
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.22
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.26
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.26
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.27
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 16.75
MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 0.89
NOMURA INTERNATIONAL 19.50 08/28/28 TRY 63.20
NOMURA INTERNATIONAL 7.65 10/04/37 AUD 66.03
ORO NEGRO DRILLING PT 7.50 01/24/24 USD 0.50
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SOUTH KOREA
-----------
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.27
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 57.34
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 57.54
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 57.58
SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 73.74
*********
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