/raid1/www/Hosts/bankrupt/TCRAP_Public/240514.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, May 14, 2024, Vol. 27, No. 97
Headlines
A U S T R A L I A
BONZA AVIATION: Buyer Interest Claim Despite Sky-High AUD110M Debt
BRIGHTE GREEN 2022-1: Moody's Ups Rating on Class F-G Notes to Ba2
FERTILIS PTY: First Creditors' Meeting Set for May 20
GOLDWIN HOLDINGS: Second Creditors' Meeting Set for May 17
HIGHLINE CARAVANS: Collapses Into Liquidation, Owes AUD1.1MM
PLENTI AUTO 2024-1: Moody's Assigns B2 Rating to AUD9MM F Notes
PRIMAL EXPORTS: First Creditors' Meeting Set for May 20
ROQO PTY: Second Creditors' Meeting Set for May 17
STRONG AND CO: Second Creditors' Meeting Set for May 17
TAURUS TRUST 2024-1PP: Moody's Assigns B1 Rating to AUD1MM F Notes
TETSUYA'S: Fine Dining Restaurant to Shut Doors After 35 Years
TIGERLILY AUST: Seafolly Rescues Brand From Administration
C H I N A
COUNTRY GARDEN: Repays Onshore Coupons Within Grace Period
I N D I A
ADVENT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
AGE OLD: CARE Lowers Rating on INR11cr LT Loan to B+
ASSETZ PREMIUM: ICRA Lowers Rating on INR150cr NCD to B+
CELESTIAL AQUA: ICRA Withdraws B+ Rating on INR72cr Term Loan
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
DIMYRA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating
G3 MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
INDIRA CONTAINER: NCLT Admits Insolvency Resolution Petition
JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating
JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating
K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
K. S. FIBER: ICRA Keeps B+ Debt Ratings in Not Cooperating
MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating
MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating
P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category
PANACHE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
R R GOLD: ICRA Withdraws B+ Rating on INR62cr LT Loan
R.N. FOODS: CARE Lowers Rating on INR9.57cr LT Loan to D
RAM RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RELIANCE BIG: CARE Keeps D Debt Rating in Not Cooperating Category
SITA POLYWEAVE: ICRA Keeps B Debt Rating in Not Cooperating
SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating
VENKATESHWARA SPINNING: ICRA Cuts Rating on INR5.0cr Loan to B+
J A P A N
[*] JAPAN: Corporate Bankruptcies Rise 28.3% in April
N E W Z E A L A N D
BMH ENGINEERING: Court to Hear Wind-Up Petition on May 30
DYNASTY CAPITAL: Creditors' Proofs of Debt Due on June 7
KINGSTON PROPERTIES: Creditors' Proofs of Debt Due on June 14
T LUAU BUILDERS: Court to Hear Wind-Up Petition on May 31
TIME 2 TRADE: Steven Khov and Kieran Jones Appointed as Receivers
S I N G A P O R E
ASIAN FOODS: Creditors' Proofs of Debt Due on June 9
BOLDSTONE REALTY: Court Enters Wind-Up Order
CNOOC ENERTECH: Creditors' Proofs of Debt Due on June 10
DFS ASSET: Fitch Affirms BBsf Rating on Cl. B Notes, Outlook Stable
FEDERATION FOOD: Creditors' Proofs of Debt Due on June 9
SC PEIRCE: Creditors' Proofs of Debt Due on June 10
S O U T H K O R E A
WEMADE CO: Net Loss Widens to KRW58.98BB in Q1 Ended March 31
S R I L A N K A
SRILANKAN AIRLINES: Fitch Affirms 'C' on USD175MM Unsecured Bonds
X X X X X X X X
[*] BOND PRICING: For the Week May 6, 2024 to May 10, 2024
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A U S T R A L I A
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BONZA AVIATION: Buyer Interest Claim Despite Sky-High AUD110M Debt
------------------------------------------------------------------
Australian Associated Press reports that administrators for
beleaguered budget carrier Bonza insist there are still multiple
parties interested in buying the cash-strapped airline despite it
owing about AUD110 million.
The extent of the low-cost airline's financial woes were laid bare
at its first creditors' meeting in Sydney on May 10.
According to AAP, Bonza owes nearly AUD77 million across two loans,
almost AUD16 million to trade creditors and another AUD10 million
to landlords.
Other debt include more than AUD5 million in staff wages and annual
leave entitlements and AUD3 million to government authorities such
as the Australian Taxation Office.
Plane lessors, who sparked a crisis of cancellations at Bonza by
terminating agreements and repossessing aircraft, are owed AUD4.6
million, AAP discloses.
Bonza has cancelled flights until at least May 15.
But administrator Richard Albarran, from Hall Chadwick, said
several parties had expressed interest in taking over the airline,
adding a timeline on any sale of the company would be set out over
the weekend, AAP relays.
Talks have been held with about 20 interested groups, including
airlines and companies from the travel industry, the meeting was
told.
Further details were not provided on the grounds of commercial
sensitivity, but Mr. Albarran confirmed at least one of the
interested parties had planes "ready to deploy quickly," AAP
relates.
AAP says administrators have talked with state and federal
governments about an assistance package, but none has been
finalised.
According to AAP, administrator Kathleen Vouris said a detailed
financial report would be prepared in about five weeks before
creditors voted on ending the administration, a deed of company
arrangement or liquidation.
Multiple creditors asked if Bonza had been trading while insolvent,
to which Mr. Albarran replied the airline had been at least
operating with "clearly significant financial difficulties".
But he said it was too early for any formal breaches of director
duties or a ruling of insolvent trading to be made.
AAP adds that the meeting was told sourcing new planes could take
about three months, although a short-term lease could be available
more quickly.
The more than 57,000 customers who had flights cancelled were
encouraged to contact their financial institution or travel
insurance providers, but they will not be provided a refund by
Bonza, AAP says.
AAP notes that another administrator, Cameron Shaw, began the
meeting by apologising to Bonza's staff, suppliers and customers.
But he outlined a "Bonza-sized opportunity" in Australia's
competitive and concentrated airline market, insisting he was
"hopeful of a positive resolution" for the company's future.
More than 300 Bonza staff remain stood down.
About Bonza
Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023. It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida. It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.
Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.
BRIGHTE GREEN 2022-1: Moody's Ups Rating on Class F-G Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on nine classes of notes
issued from two Brighte Green Trust transactions.
The affected ratings are as follow:
Issuer: Brighte Green Trust 2022-1
Class C-G Notes, Upgraded to Aa3 (sf); previously on Aug 28, 2023
Upgraded to A1 (sf)
Class D-G Notes, Upgraded to A3 (sf); previously on Aug 28, 2023
Upgraded to Baa1 (sf)
Class E-G Notes, Upgraded to Baa3 (sf); previously on Nov 17, 2022
Definitive Rating Assigned Ba1 (sf)
Class F-G Notes, Upgraded to Ba2 (sf); previously on Nov 17, 2022
Definitive Rating Assigned B1 (sf)
Issuer: Brighte Green Trust 2023-1
Class B-C Notes, Upgraded to Aa1 (sf); previously on Aug 30, 2023
Definitive Rating Assigned Aa2 (sf)
Class C-C Notes, Upgraded to A1 (sf); previously on Aug 30, 2023
Definitive Rating Assigned A2 (sf)
Class D-C Notes, Upgraded to A3 (sf); previously on Aug 30, 2023
Definitive Rating Assigned Baa2 (sf)
Class E-C Notes, Upgraded to Ba1 (sf); previously on Aug 30, 2023
Definitive Rating Assigned Ba2 (sf)
Class F-C Notes, Upgraded to B1 (sf); previously on Aug 30, 2023
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the transactions
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 collateral performance to
date.
No action was taken on the remaining rated classes in the deals as
credit enhancements for these classes remain commensurate with the
current ratings.
Brighte Green Trust 2022-1
Following the April 2024 payment date, the note subordination
available for the Class C-G and D-G Notes has increased to 14.9%
and 11.7% respectively from 12.3% and 9.6% at the last rating
action for these notes in August 2023. The note subordination
available for the Class E-G and F-G Notes has increased to 6.3% and
5.0% respectively from 3.9% and 3.0% at closing.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2024 payment date. Current
outstanding notes as a percentage of the total closing balance is
60.2%.
As of end-March, 0.5% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.3% (as a percentage of the original portfolio balance)
of losses 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 3.25% as
a percentage of the current pool balance (equivalent to 2.3% of the
original balance). Moody's has also maintained its portfolio credit
enhancement assumption at 22%.
Brighte Green Trust 2023-1
Following the April 2024 payment date, the note subordination
available for the Class B-C, C-C, D-C, E-C and F-C Notes has
increased to 17.7%, 12.1%, 9.1%, 3.7% and 3.0% respectively from
13.0%, 8.9%, 6.7%, 2.7% and 2.2% at closing.
Principal collections have been distributed on a sequential basis
starting from the Class A-C and A-NC Notes. Current total
outstanding notes as a percentage of the total closing balance is
73.6%.
As of end-March, 0.7% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.1% (as a percentage of the original portfolio balance)
of losses 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 3.25% as
a percentage of the current pool balance (equivalent to 2.5% of the
original balance). Moody's has also maintained its portfolio credit
enhancement assumption at 22%.
The transactions are securitisations of Australian unsecured
consumer and commercial Buy Now Pay Later (BNPL), and unsecured
loan receivables originated by Brighte Capital Pty Ltd.
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:
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 credit enhancement
available for the notes.
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 credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
FERTILIS PTY: First Creditors' Meeting Set for May 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Fertilis Pty
Ltd will be held on May 20, 2024 at 10:30 a.m. via Microsoft
Teams.
Victoria May Young and Andrew Heard of Heard Phillips Lieberenz
were appointed as administrators of the company on May 8, 2024.
GOLDWIN HOLDINGS: Second Creditors' Meeting Set for May 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of Goldwin
Holdings Pty Ltd has been set for May 17, 2024 at 1:00 p.m.
virtually via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2024 at 5:00 p.m.
Nikhil Khatri of Worrells was appointed as administrator of the
company on March 19, 2024.
HIGHLINE CARAVANS: Collapses Into Liquidation, Owes AUD1.1MM
------------------------------------------------------------
News.com.au reports that a caravan manufacturing company has
collapsed with debts of more than AUD1 million.
On May 8, Victorian-based Highline Caravans Pty Ltd went into
voluntary liquidation.
The Melbourne company designed and built custom caravans for
customers.
Highline Caravans has been a registered business for 11 years,
since 2013, and offered 13 different models to customers including
an electric vehicle.
Altan Djenab, from insolvency firm Wild Apricot, is the appointed
liquidator, news.com.au discloses.
Documents he submitted to the corporate regulator, ASIC, shows that
the business has left behind some hefty debts in the wake of its
demise, according to news.com.au.
A total of AUD1.14 million is owed to creditors. There's around 60
organisations owed money.
That includes AUD235,000 to the Australian Taxation office and a
further AUD766,000 to another 58 unsecured creditors.
The Victorian State Revenue Office is also understood to be a
creditor.
Staff are not owed any money, according to the report.
An initial estimate puts the company's assets at just AUD10,000.
Mr. Djenab told The Herald Sun that the company appears to have
failed due to a lack of orders, news.com.au relays.
PLENTI AUTO 2024-1: Moody's Assigns B2 Rating to AUD9MM F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Plenti Auto ABS Trust 2024-1.
Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS Trust 2024-1
AUD375.75 million Class A Notes, Definitive Rating Assigned Aaa
(sf)
AUD8.0 million Class A-X Notes, Definitive Rating Assigned Aaa
(sf)
AUD21.5 million Class B1 Notes, Definitive Rating Assigned Aa2
(sf)
AUD10.0 million Class B2 Notes, Definitive Rating Assigned Aa2
(sf)
AUD14.62 million Class C Notes, Definitive Rating Assigned A2
(sf)
AUD5.63 million Class D Notes, Definitive Rating Assigned Baa2
(sf)
AUD9.0 million Class E Notes, Definitive Rating Assigned Ba1 (sf)
AUD9.0 million Class F Notes, Definitive Rating Assigned B2 (sf)
The AUD4.5 million Class G Notes are not rated by Moody's.
Plenti Auto ABS Trust 2024-1 (Plenti 2024-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti, unrated) and are
serviced by Plenti RE Limited (Plenti RE).
Plenti is a 100%-owned Australian subsidiary of Plenti Group
Limited, established in 2014 focusing on consumer lending. It
started consumer automotive lending in 2017 and commercial
automotive lending in 2021. Following strong growth in its
automotive finance book, Plenti is issuing its fourth auto ABS term
transaction. Plenti is a technology-led lending business, offering
automotive, renewable energy and personal loans, delivered via its
proprietary technology platform.
RATINGS RATIONALE
The ratings take into account, among other factors:
-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2017
onwards and commercial auto loans commencing in 2021. The
collateral performance data used in (R) analysis reflects Plenti's
short origination history and does not cover a full economic
cycle.
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among Class A through Class F Notes.
Following the call date, or if the pro rata conditions are
otherwise not satisfied, the principal collections distribution
will revert to sequential. Initially, the Class A, Class B (Class
B1 and B2), Class C, Class D, Class E and Class F Notes benefit
from 16.50%, 9.50%, 6.25%, 5.00%, 3.00% and 1.00% of note
subordination, respectively.
-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
February 2027. If the deal is called by the sponsor before
repayment of the Class A-X Notes under the amortisation schedule in
February 2027, the Class A-X Notes will be made whole and repaid in
full. The notes also benefit from access to principal draw
providing the Class A Notes stated amount is above zero.
-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.
-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.
-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).
-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 3.2%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 16.0%. The expected defaults and recoveries capture (R)
expectations of performance considering the current economic
outlook, while the PCE captures the loss we expect the portfolio to
suffer in the event of a severe recession scenario. Expected
defaults and PCE are parameters used by Moody's to calibrate its
lognormal portfolio default distribution curve and to associate a
probability with each potential future default scenario in its
ABSROM cash flow model.
Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.80%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.
The PCE of 16.0% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Key pool features are as follows:
-- Consumer loans constitute 70.0% of the pool while the remaining
30.0% is made up of commercial loans;
-- The weighted average interest rate of the portfolio is 9.65%;
-- The weighted average remaining term of the portfolio is 61.8
months; and
-- The weighted average seasoning of the initial portfolio is 5.8
months.
Methodology Underlying the Rating Action
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:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
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.
PRIMAL EXPORTS: First Creditors' Meeting Set for May 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Primal
Exports Pty Ltd will be held on May 20, 2024 at 2:30 p.m. at Level
5, Suite 6, 350 Collins Street in Melbourne.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrators of the company on May 9, 2024.
ROQO PTY: Second Creditors' Meeting Set for May 17
--------------------------------------------------
A second meeting of creditors in the proceedings of ROQO Pty Ltd
has been set for May 17, 2024 at 11:00 a.m. at the offices of
Nicols + Brien at Level 2, 350 Kent Street in Sydney.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2024 at 11:00 a.m.
Steven Nicols of Nicols + Brien was appointed as administrator of
the company on April 15, 2024.
STRONG AND CO: Second Creditors' Meeting Set for May 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Strong and Co
Australia Pty Ltd has been set for May 17, 2024 at 11:00 a.m. via
teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2024 at 4:00 p.m.
David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on April 11, 2024.
TAURUS TRUST 2024-1PP: Moody's Assigns B1 Rating to AUD1MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by BNY Trust Company of Australia Limited in its
capacity as the trustee of the Taurus 2024-1PP Trust.
Issuer: BNY Trust Company of Australia Limited in its capacity as
the trustee of the Taurus 2024-1PP Trust
AUD150.00 million Class A1 Notes, Assigned Aaa (sf)
AUD2.26 million Class A1-X Notes, Assigned Aaa (sf)
AUD56.75 million Class A2 Notes, Assigned Aaa (sf)
AUD23.25 million Class B Notes, Assigned Aa2 (sf)
AUD5.00 million Class C Notes, Assigned A2 (sf)
AUD5.25 million Class D Notes, Assigned Baa1 (sf)
AUD6.75 million Class E Notes, Assigned Ba1 (sf)
AUD1.00 million Class F Notes, Assigned B1 (sf)
The AUD2.0 million Class G Notes are not rated by Moody's.
Taurus 2024-1PP Trust transaction is a static cash securitisation
of consumer and commercial auto loan receivables extended to prime
borrowers in Australia. Taurus Finance Holdings Pty Limited
(Taurus, unrated) originated and services the receivables. Taurus
is a finance company that originates retail auto loans and provides
floorplan finance to automotive dealers. Taurus was founded in 2016
and started originating retail auto loans in October 2019. As of
February 29, 2024, Taurus had a loan portfolio of AUD690.1 million
of retail auto loans.
RATINGS RATIONALE
The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 1.50% of the
rated notes balance subject to a floor of AUD252,260, the legal
structure, and the experience of Taurus as servicer.
According to Moody's, the transaction benefits from the prime
nature of the obligors and the strong historical performance of
Taurus's loan portfolio with delinquencies and losses since October
2019 lower than for comparable auto loan originators. However, the
limited nature of historical performance data, presents a challenge
as the future performance of auto loans could be subject to greater
variability than the current data indicates.
KEY PORTFOLIO AND STRUCTURAL FEATURES
Key structural features include:
-- Once step-down conditions are satisfied, all notes, excluding
the Class G Notes, will receive their pro-rata share of principal.
The step-down conditions include, among others, a minimum of 30%
subordination to the Class A2 Notes and no unreimbursed
charge-offs.
-- A swap provided by National Australia Bank Limited
(Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming no
prepayments.
-- BNY Trust Company of Australia Limited (BNY), a wholly owned
subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the
back-up servicer. If Taurus is terminated or retires as servicer,
BNY will take over the servicing role in accordance with the
standby servicing deed and its back-up servicing plan.
KEY MODEL AND PORTFOLIO ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 2.80%, a
recovery rate of 30.0%, and a Aaa portfolio credit enhancement
("PCE") of 16.50%. The expected defaults and recoveries capture
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. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.
Moody's assumed mean default rate is stressed compared to observed
levels of default, with only 98 loans written off between October
2019 and February 2024. To address the limited performance history,
Moody's have benchmarked Taurus's portfolio performance, portfolio
characteristics, underwriting and credit policies to comparable
originators. Moody's have also overlaid additional stresses into
Moody's loss assumptions to account for the limited origination and
operational history.
The PCE of 16.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Key pool features are as follows:
-- The pool consists of 88.9% consumer loans and 11.1% of
commercial loans.
-- Interest rates in the portfolio range from 4.6% to 16.3%, with
a weighted average interest rate of 10.4%.
-- The weighted average seasoning of the portfolio is 7.6 months,
while the weighted average remaining term of the portfolio is 60.3
months.
Methodology Underlying the Rating Action
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:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
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.
TETSUYA'S: Fine Dining Restaurant to Shut Doors After 35 Years
--------------------------------------------------------------
The Sydney Morning Herald reports that Tetsuya's, the eponymous
Sydney fine dining restaurant that launched its owner-chef Tetsuya
Wakuda into a global food brand, will shut its doors permanently on
July 31, ending a 35-year run.
"Our plans to relocate Tetsuya's to a new site after it closes at
the end of July have unfortunately not worked out and I have made
the very difficult decision to permanently close the restaurant,"
SMH quotes Wakuda as saying in a statement.
"We have spent the last 18 months planning the move and the new
restaurant so this was not an easy decision, but sometimes things
just don't go to plan."
SMH relates that Wakuda hoped to relocate the restaurant from Kent
Street, a site that has been slated for development since it was
sold in 2018. In recent years, the chef has been spotted touring
sites in Chippendale, then linked with potential moves to Darling
Harbour and Circular Quay. In 2022, he announced Tetsuya's would
close, only for it to get a short-lived reprieve.
Wakuda arrived in Australia in 1982 as a backpacker with little
food experience but plenty of ambition, SMH recalls. He worked for
Sydney chef Tony Bilson before opening Ultimo's in 1987, and then
striking gold with the launch in 1989 of Tetsuya's in Rozelle.
The combination of produce and technique from East and West
impressed the critics of the time. The Sydney Morning Herald's then
food critic, Leo Schofield, anointed the newcomer as near the top
of the Sydney dining tree.
"Tetsuya Wakuda fuses refined Japanese and classic French cuisines
in this small but impeccably run and maintained Rozelle
restaurant," he wrote in October 1989. Schofield declared the food
"as good tasting as you'll find in any of the city's best BYOs,
with the exception of Claude's".
As the restaurant grew in stature and collected a trophy cabinet of
awards, Tetsuya's – and its signature confit ocean trout –
became internationally recognised as part of Australia's new breed
of food temples, SMH says.
It also made Wakuda a global culinary figure. He opened a
short-lived restaurant in London in 2001, before a more successful
and lasting push into Singapore with Waku Ghin.
In recent times, he has opened the spin-off Wakuda eateries in
Singapore and Las Vegas, SMH says. Earlier this year, he added
Sagetsu in Dubai to his restaurant portfolio.
Wakuda, who was awarded an Order of Australian in 2005, retained
links with his adopted country, but was increasingly stretched
managing interests that span the globe. The strain was evident at
his mothership Sydney restaurant, which was knocked off the summit
of three hats in The Sydney Morning Herald Good Food Guide 2011. It
retains a credible two hats.
With Wakuda tight-lipped with staff about the restaurant's future
and a lack of clarity on any relocation, executive chef Josh Raine
called time on his six-year stint at the Sydney fine diner in
February, according to SMH. Others held on for a relocation, which
sadly didn't transpire.
TIGERLILY AUST: Seafolly Rescues Brand From Administration
----------------------------------------------------------
Ragtrader reports that Australian swimwear brand Seafolly has
purchased resortwear label Tigerlily after the brand fell into
administration earlier this year.
Ragtrader says the sale was overseen by Sydney-based private equity
firm Crescent Capital Partners, which was originally initiated by
the firm in late 2023. On December 12, Ragtrader reported that
Tigerlily had 11 interested parties.
PKF's Glenn Franklin and Jason Stone were appointed as joint
administrators on March 4. Tigerlily directors - Crescent Capital's
Michael Alscher and Ziying Sun - reportedly stepped down from the
company in early January.
Documents obtained by Ragtrader show a deed of company arrangement
(DOCA) was executed this week, with an estimated value of AUD2.3
million.
There is also a third-party contribution of AUD750,000.
The sale also comes nine months after Seafolly was purchased by an
overseas buyer, in a deal that was estimated at approximately AUD70
million, Ragtrader relates citing the Australian Financial Review.
Tigerlily continued to operate during its recent voluntary
administration and sale process. The brand manages ten boutiques
across Australia as well as an e-commerce website.
The resortwear brand was founded in 2000 in Sydney, Australia.
Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on March 4, 2024.
=========
C H I N A
=========
COUNTRY GARDEN: Repays Onshore Coupons Within Grace Period
----------------------------------------------------------
Reuters reports that Country Garden said in a statement on May 11
it had repaid two onshore bond coupons before the expiry of a
five-day grace period, following missed payments last week.
Reuters relates that Country Garden, which defaulted on $11 billion
of offshore bonds and extended other onshore bond repayments late
last year, said on May 9 it aimed to make the payment and
additional interest incurred by May 13.
It said state-owned China Bond Insurance Co would do so on its
behalf if it missed the deadline.
According to Reuters, the coupons totalling CNY65.95 million ($9.1
million) are tied to two medium-term notes guaranteed by China Bond
Insurance Co and issued in May last year, a few months before
Country Garden defaulted on its offshore bonds.
They have an outstanding CNY800 million and CNY900 million,
respectively.
About Country Garden
Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
=========
I N D I A
=========
ADVENT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Advent Enterprises 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– 12.50 [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 Advent Enterprises 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.
Advent Enterprises Private Limited was incorporated in 1997 by Mr.
Dinesh Agarwal. The company commenced trading in electrical home
appliances and kitchenware under its own brand, 'Demont', from 2011
onwards. It also trades welding consumables, equipment and spares
of Indian Railways to a small extent (~2% of total revenues for
FY2015 and FY2016). Under the home appliances segment, the company
has a pan India presence, with operations primarily concentrated in
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh.
AEPL's registered office is in Mumbai, along with a warehouse at
Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore,
Lucknow and Mumbai, to facilitate distribution. AEPL also has a few
group companies who are involved in the same business sector.
AGE OLD: CARE Lowers Rating on INR11cr LT Loan to B+
----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Age Old Spirits (AOS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 6, 2023,
placed the rating(s) of AOS under the 'issuer non-cooperating'
category as AOS 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. AOS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 20, 2024, January 30, 2024, February 9, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Age Old Spirits (AOS) is a partnership firm, established in 1994,
Nagpur (Maharashtra), engaged in trading of Indian Made Foreign
Liquor (IMFL). The entity is promoted by members of the Dewani
family, who have extensive experience in liquor trading and have
established presence in the field through group companies including
Premier Liquor India Limited. The group is also engaged in liquor
bottling, real estate, coal mining and retail distribution for
electronic goods among others. The firm primarily is an exclusive
distributor for established IMFL brands such as 'Imperial Blue',
'Royal Stag', 'Blenders Pride', 'Absolute Vodka' etc. from the sole
supplier Pernod Ricard India Private Limited (Seagram).
ASSETZ PREMIUM: ICRA Lowers Rating on INR150cr NCD to B+
--------------------------------------------------------
ICRA has downgraded and moved the rating for the non-convertible
debenture of Assetz Premium Holdings Private Limited to the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 150.00 [ICRA]B+ (Stable) ISSUER NOT
Debenture COOPERATING; Rating downgraded
programme (NCD) from [ICRA]BB- (Stable) and
moved to the 'Issuer Not
Cooperating' category
The rating downgrade is because of lack of adequate information
regarding Assetz Premium Holdings Private Limited's 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 a part of its process and in accordance with its rating
agreement with Assetz Premium Holdings Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
Assetz Premium Holdings Private Limited, incorporated in March
2015, is a part of the Assetz Property Group, which was founded in
2006 and is headquartered in Singapore. The Group was previously
into development management and has later ventured into undertaking
projects under its own brand, primarily backed by private equity
funding. At present, it is constructing residential row houses and
plotted development project called 'Earth & Essence' in North
Bangalore. The project has 4 phases, comprising 182 units in
total.
CELESTIAL AQUA: ICRA Withdraws B+ Rating on INR72cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Celestial Aqua Limited, at the request of the company and based on
the No Due Certificate/Closure Certificate received from its
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key Financial Indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 72.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Incorporated in April 2013 by Mr. Vikram Naik and his son Mr.
Praman Naik, Celestial Aqua Limited is a vessel owning company
located in British Virgin Islands (BVI). CAL owns an accommodation
cum crane barge Ocean 240 (also called OC 240) and it has entered
into a Chartered Party Agreement (CPA) with its group company,
Golden Creative Asset Limited (GCAL) for its rent. The barge OC 240
is mortgaged to ICICI Bank.
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Datacom
Products (India) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term (1.25) [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Datacom Products (India) Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Datacom Products (India) Private Limited (DPIPL) was established in
1990 and grew over the years to become an independent system
integration company with dealership of products from companies like
Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and solution
integrator delivering customized communication solutions for
organizations. The company has three major lines of business
-Unified Communications, Call Centre & CRM Solutions and Customer
Service.
DIMYRA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dimyra
International (DI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI 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. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 8, 2024, January 18, 2024, January 28, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Dimyra International (DI) is a proprietorship firm established in
April, 2016 by Mrs. Sheela Jain. DI is engaged in manufacturing and
trading of fabric and readymade garments for women, men and kids at
its manufacturing facility located at Ludhiana, Punjab, which has a
total installed capacity of manufacturing 5.5 lakh pieces of
textiles per annum, as on January 31, 2018. The product line of the
firm mainly comprises sweaters, coats, jackets, tops, sports-wear,
shirts, trousers, kurtis, etc.
FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Foods and Feeds (F&F) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [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 F&F, 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 January 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soyabased
products like liquid lecithin, DOC (D Oil Cake) and Acid Oil. Until
FY14, the business was carried out through the proprietorship firm
in the name of Mr. Sandeep Maniyar since 2007. In Apr-14, the
assets and liabilities of the proprietorship concern was taken over
by F&F. The ownership of the firm continues to be with the Maniyar
family with Raj Maniyar and Brij Maniyar being the other two
partners, apart from the erstwhile proprietor.
G3 MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and short-term rating of G3 Motors
Limited (Erstwhile G3 Motors Pvt. Ltd.) in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.72 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 15.28 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with G3 Motors Limited (Erstwhile G3 Motors 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.
GML is an authorized dealer for M&M. The company started dealership
business of passenger vehicles (PV) manufactured by Mahindra &
Mahindra (M&M) in 2007. The company has seven show rooms and eight
workshops in Mumbai, Navi Mumbai and Surat.
GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Goldstar Metal
Solutions Private Limited (GMSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (10.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 10.00 [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 GMSPL, 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 2005, Goldstar Metal Solutions Pvt. Ltd. (GMSPL) is
promoted by Mr. Prem Prakash Saraogi. The firm was earlier involved
in trading of iron ore in domestic and international markets from
three mines located in Satheli village in Sinddhudurg district of
Maharashtra. However, in December 2013, Samruddha Resources Limited
(SRL) acquired the iron ore trading business of GMSPL. SRL paid
sales consideration of INR5.01 crore via slump sale and acquired
excess of liabilities over assets to the tune of INR29.73 crore.
Currently, the company is involved in trading of TMT bars.
INDIRA CONTAINER: NCLT Admits Insolvency Resolution Petition
------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has admitted an insolvency resolution application against
Indira Container Terminal Pvt Ltd and has appointed Dinesh Kumar
Aggarwal as interim resolution professional of the company.
Mumbai-based Indira Container Terminal (ICTPL) is a joint venture
between listed infra firm AJR Infra and Tolling Ltd (erstwhile
Gammon Infrastructure Projects Ltd) and Spanish port operation and
logistic behemoth Noatum Ports Sociedad Limitada (formerly Dragados
SPL).
According to ET, the public sector lender Canara Bank approached
the tribunal on February 13, 2023, after the company failed to
repay its dues of INR312 crore including outstanding principal and
interest.
"The debt and default stand established and there is no reason to
deny the admission of the Petition," said the division bench of
Justice VG Bisht and a technical member Prabhat Kumar, ET relays.
"In view of this, this Adjudicating Authority admits this Petition
and orders initiation of CIRP against the corporate debtor (Indira
Container Terminal)," added the bench in its May 9 order.
Before the tribunal's order, the corporate debtor argued that MbPT
(Mumbai Port Trust) was required to perform its obligations and
hand over the said assets to ICTPL to enable it to perform its
share of obligations under the LA (license agreement), according to
ET.
"The LA required both MbPT and ICTPL to perform obligations within
specific time limits for implementation of the project. However,
due to defaults by MbPT in fulfilling its obligations, ICTPL could
not undertake its share of obligations.
ET relates that the company also said that it has submitted an
interim claim of INR904 crore to MbPT for reimbursement of
additional costs on account of the delay, which have been rejected
by the trust authorities.
"The delays of over 13 years by MbPT increased the project cost
substantially. From the originally envisaged cost of INR1015
crores, the envisaged project cost is estimated at over INR2500
crores," said the company to the tribunal.
Countering this, the lender argued that despite the monthly payment
received by the applicant (Canara Bank), the outstanding amount of
the applicant is INR113 crore as principal amount and INR225 crore
as interest including other monies of INR339 crore, according to
ET.
"Moreover, present promoters/directors are not in a position to
implement the Projects as they are not infusing their funds as they
promised under the financing documents with the lenders including
the Applicant," argued the lender to the tribunal.
The project was awarded in 2007 and was to be commissioned by 2010.
It is a PPP on a build, operate and transfer (BOT) basis, ET
notes.
According to the company's website, as the delay in commencing the
operations was beyond the limits set by the Reserve Bank of India
(RBI), the lenders classified the account as a Non-Performing Asset
(NPA). As a result, the lenders halted further disbursals of loans
resulting in the construction work coming to a complete
standstill.
Indira Container Terminal Private Limited (ICTPL) operates offshore
container terminal. The Company offers container handling and
marine shipping services. ICTPL serves customers in India.
JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagadeesh
and Shashirekha (JS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of JS under the 'issuer non-cooperating'
category as JS 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. JS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 13, 2024, January 23, 2024, February 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jagadeesh And Shashirekha (JS) refers to Joint Borrowers namely Mr.
Jagadeesh and Smt. Shashirekha Jagadeesh. The said individuals have
come together to lease two ware houses with an aggregate area
189000 sq. ft. build-up area at Nelamangala Taulk, Bangalore which
has been leased out.
JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Debenture Programme of Jai Maharashtra Nagar
Development 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- 78.00 [ICRA]D; ISSUER NOT
Non-convertible COOPERATING; Rating continues
Debentures (NCD) to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Jai Maharashtra Nagar Development 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.
Jai Maharashtra Nagar Development Private Limited is a special
purpose vehicle promoted by a Mumbai -based promoter group for the
redevelopment of the Jai Maharashtra Nagar Co-operative Housing
Federation Limited a federation of eight societies in Mumbai. The
redevelopment project entails rehabilitation of its existing
society tenants, as part of the free-sale component of the project,
while the company has been entitled to sell about 1.23 million
square feet of saleable area.
K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of K. B. Products Private
Limited (KBPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.45 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.55 [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 KBPL, 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.
K.B. Products Private Limited (KBPL) was setup by Mr. Kewalchand
Jain and his brother Mr. Jagdish Jain in the year 1978 as a trading
and distribution firm for milk products in Masjid Bunder. In 2007,
the company was converted from a sole proprietorship into a private
limited company. KBPL is primarily engaged in trading and marketing
of ghee and dairy products.
KBPL has been a distributor for various dairy brands like
Gowardhan, Milko, Madhur Ghee, Gopal Ghee, Vijaya, Nandini etc. in
the past, however, since the last few years, the company is
focussing on marketing and distribution of ghee and dairy products
under its own brand name 'Nakoda'. Some of the main products which
the company sells under its brand name 'Nakoda' include buffalo
ghee, cow ghee, coconut oil, skimmed milk powder, refined sunflower
oil, groundnut oil, sesame oil and mustard oil. KBPL's products are
distributed mainly in Maharashtra and in some other states like
Gujarat, Haryana, Rajasthan, Uttar Pradesh, Chhattisgarh through
their widespread dealer network. The company also has a
manufacturing facility located at Bhiwandi for processing of ghee,
butter, and oil with a storage capacity of 300 TPD and a packing
capacity of 50 TPD which is currently run in a single shift.
K. S. FIBER: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of KS Fiber (KSF)
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.10 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- (2.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
to remain under the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KSF, 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.
KS Fiber (KSF) was established in the year 2011 and is engaged in
the knitting of polyester as well as nylon yarn. The firm has
started manufacturing dewdrop as well as polyester and nylon dyed
knitted fabrics in current fiscal which are used to manufacture
high end ladies' garments such as Sarees, Salwar Kameez, etc. and
high-end sportswear respectively. The firm has its manufacturing
unit located in Surat (Gujarat) that has ten knitting machines,
four multibar rashchel jacquard machines and four circular knitted
machines. The commercial operations were started in May 2012. The
firm is 2 promoted by four partners - Mr. Madanlal Khurana, Mr.
Aditya Khurana, Mr. Kishan Khurana and Mr. Sumeet Khurana. In July
2016, 3 partners left the partnership firm and 2 new partners
namely Mr. Niraj Khurana and Mr. Akshay Khurana admitted to the
firm and manage daily operation with Mr. Madanlal Khurana with
equal profit-sharing ratio. The promoters have been associated with
the textile industry for over a decade through other group
companies namely Srinath Texprint Private Limited, S K Texfeb and K
B Creation which are engaged in dying and printing operations.
MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Macro
Ventures Private Limited (MVPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2023, placed the rating(s) of MVPL under the 'issuer
non-cooperating' category as MVPL 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. MVPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2024, January 12, 2024, January 22,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 2011, Macro Ventures Private Limited (MVPL) is a
part of the Macro Group and started its commercial operations in
February-2013. The company is an authorized dealer of Tata Motors
Ltd for its passenger cars, spares & accessories in Mohali and
Ropar, Punjab. MVPL is promoted by Mr. Deepak Chopra and Ms. Sonia
Chopra, who have extensive experience in the trading/distribution
business, as the group is already operating several dealerships
including Honda, Castrol Lubricants etc. under Macro Group Pvt Ltd,
M/s Macro Linkers (ML), M/s Vinayak Enterprises (VE) and M/s
Pioneer Sales Network (PSN).
MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Mahesh Agri Exim Private
Limited (MAEPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 22.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 2.05 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Long Term- (9.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MAEPL, 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.
Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997
by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri
commodity trading. MAEPL is primarily engaged in the trading of
oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices,
grains, animal feed and bird feed.
NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Nitesh Fashion Pvt. Ltd.
(NFPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.25 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with NFPL, 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 2011, Nitesh Fashion Pvt. Ltd. (NFPL) is engaged in
the business of trading and third party processing of fabrics. The
company has also started its own warping and weaving operations in
Bhiwandi from February 2015 onwards. The company is promoted by Mr.
Arvind Kothari and his four sons –Mr. Sanjay Kothari, Mr. Pradeep
Kothari, Mr. Nitesh Kothari and Mr. Ankeet Kothari.
P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.G. Ice
and Cold Storage Private Limited (PICSPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.19 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 24,
2023, placed the rating(s) of PICSPL under the 'issuer
non-cooperating' category as PICSPL 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. PICSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 10, 2024, January 20,
2024, January 30, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Uttar Pradesh based P.G. Ice and Cold Storage Private Limited
(PICSPL) (CIN No. U15435UP2015PTC070434) was incorporated in April,
2015 and started its commercial operations from February, 2017. The
company is currently managed by Mr. Mohan
Datt & Mr. Ram Gopal. The company is engaged in renting of its cold
storage facility for potatoes to the local farmers in Uttar
Pradesh.
PANACHE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Panache
Exports Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term– 21.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Panache Exports 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.
Panache Exports Private Limited, incorporated in 1991, is promoted
by Mr. Puneet Kapur. PEPL is engaged in designing and manufacturing
diamond studded gold jewellery ranging from 9–18 carats. The
product profile includes a variety of fine jewellery such as
earrings, rings, pendants, bracelets, chains, necklaces etc. The
company has two manufacturing units at Lower Parel and at the
Santacruz Electronic Exports Processing Zone in Andheri, Mumbai.
From FY2016, the company has also ventured into trading of diamonds
in the local markets. The company has a subsidiary unit in London,
'House of Panache (UK) Ltd.', to carry out marketing operations in
the European market.
R R GOLD: ICRA Withdraws B+ Rating on INR62cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities and
not reviewed due to lack of information of R R Gold Palace Pvt Ltd
at the request of the company and based on the No Objection
Certificate (NOC) received from its bankers. The Key Rating Drivers
and their description, Liquidity Position, Rating Sensitivities,
Key financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 62.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Incorporated in 2011 by Mr. R. Ramesh and Ms. G.S Prabhalatha, the
company is engaged in retailing of gold, silver, diamond and
platinum jewellery in Bangalore. While the company has been
operational since 2006, the constitution was changed to private
limited company in 2011. The promoters initially ventured into
retailing of gold jewellery by setting up a showroom– R R Gold
Palace in Malleswaram, Bangalore, under partnership model. With
increasing demand for gold jewellery, the promoters expanded the
company's presence by setting up more showrooms in Jayanagar and
Yelahanka.
R.N. FOODS: CARE Lowers Rating on INR9.57cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
R.N. Foods (RNF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.57 CARE D; Revised from CARE B+;
Facilities Stable
Long Term/ 5.43 CARE D/CARE D Revised from
Short Term CARE B+; Stable/CARE A4
Bank Facilities
Rationale and key rating drivers
CARE has revised the ratings of RNF to CARE D/ CARE D. Facilities
with this rating are in default or are expected to be in default
soon. The revision in the ratings of bank facilities of RNF takes
into account the instances of delays in servicing of debt
obligations by the firm.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely servicing of debt obligations for more than 90 days.
Analytical approach: Standalone.
Outlook: Not applicable.
Detailed description of the key rating drivers
Key weaknesses
* Instances of delay in servicing of debt obligations: As per bank
statements received, RNF has reported instances of delays in
servicing of debt obligations due on term loan for months ended
November 2023, January 2024, and February 2024.The same was largely
on account of poor liquidity position of the firm owing to delay in
receipt of payment from its customers.
* Small scale of operations: RNF's scale of operations remain small
as marked by total operating income and gross cash accruals of
INR82.48 crore and INR0.65 crore respectively in FY23 (Audited) as
against INR81.61 crore and INR0.40 crore respectively in FY22
(Audited). Further, the firm's networth base was relatively small
at INR6.73 crore as on March 31, 2023 (Audited). The small scale
limits the firm's financial flexibility in times of stress and
deprives it of scale benefits. Further, the firm has achieved a
total operating income of approx. INR13.00 crores in Q1FY24 (refers
to the period from April 01, 2023, to June 30, 2023).
* Thin profitability margins: The profitability margins of the firm
remain thin due to its presence in a highly competitive and
fragmented nature of industry. The PBILDT margin of the firm
improves to 1.63% in FY23 (Audited) as against 0.78% in FY22
(Audited) on account of better cost management done by the firm.
However, PAT margin stood low at 0.19% in FY23 (Audited).
* Leveraged capital structure and weak debt coverage indicators: As
on March 31, 2023 (Audited), RNF's debt profile comprises of
utilized balance of working capital borrowings of INR8.07 crore,
unsecured loans of INR10.01 crore and term loan outstanding of
INR1.65 crore. The firm's capital structure though improved remain
leveraged as marked by the overall gearing ratio of 2.93x in FY23
(Audited) as against 27.47x in FY22 (Audited). The improvement in
overall gearing ratio is on account of infusion of funds by the
proprietor.
Further, owing to thin profitability margins and high debt levels,
the debt coverage indicators of the firm stood weak as marked by
interest coverage ratio and total debt to gross cash accruals of
1.92x and 30.44x respectively in FY23 (Audited) as against 2.77x
and 47.09x respectively in FY22 (Audited).
Key strengths
* Experienced proprietor: RNF was established by Mr. Rakesh Garg as
a proprietorship firm in the year 2017. He is a graduate by
qualification and holds experience of around one and half decade in
the rice milling industry with agriculture being the conventional
business of the proprietors' family. The long track record in the
rice milling industry has aided the firm in having established
relationship with its customers and suppliers.
Liquidity: Poor
RNF has poor liquidity position as marked by delay in payment of
interest and principal amounts due on term loan.
Established in the year July 2017, RNF is a proprietorship firm
based in Karnal, Haryana. Mr. Rakesh Garg is the proprietor of the
firm who manages its business affairs. The firm is engaged in the
processing, grading, sorting and trading of basmati rice at its
manufacturing plant situated in Karnal, Haryana. RNF procures its
key raw material i.e., paddy from traders located in Uttar Pradesh,
Bihar, Punjab, Madhya Pradesh, Rajasthan, Haryana and so on.
Similarly, in terms of clientele, RNF has diversified customer base
which comprises of exporters like KRBL (India Gate) (CARE A1+, vide
press release dated September 18, 2023), Shiv Shakti Exporters,
Sunstar Overseas Ltd., JD International, Supple Tek Industries
Private Limited etc.
RAM RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of Shri Ram Rice Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 65.00 [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 Shri Ram Rice Mills, 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.
Shri Ram Rice Mills is a partnership firm established in 2004. The
firm is involved in milling and sorting of Basmati rice. SRRM's
milling unit is in Karnal, Haryana, close to the local grain
market. It sells rice in the domestic market under its two
registered brands –Shripati Ji and Tauba Tauba. The firm has an
installed capacity of 1000 quintal per day for paddy milling and
sorting.
RELIANCE BIG: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Big Entertainment (US) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 487.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 12, 2019,
placed the rating of Reliance Big Entertainment (US) under the
'issuer non-cooperating' category as RBEUS had failed to provide
information for monitoring of the rating exercise as agreed to in
its Rating Agreement. RBEUS continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated January 1, 2024, February 13, 2024, and February 18, 2024,
and numerous phone calls.
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.
Detailed description of the key rating drivers:
At the time of last rating on Oct. 16, 2020, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* On-going delay in debt servicing: Ratings continue to factors in
its ongoing delays in debt servicing.
Reliance Big Entertainment (US) (RBEUS) is a Delaware Corporation
incorporated in 2008. It is owned by Reliance Interactive Advisors
P Ltd (33%) and Reliance Big Entertainment Pvt. Ltd (67%). This
company is a SPV engaged in the development, production, sales and
distribution of motion pictures in North America through its
subsidiaries and affiliates. It operates mainly through its
subsidiaries and associates like DreamWorks and Tang Media
Partners.
SITA POLYWEAVE: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Sita Polyweave
Pvt. Ltd. (SPPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.65 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.95 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.40 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with SPPL, 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 2014, SPPL is engaged in manufacture of Knitted
fabrics. The company has both registered office and manufacturing
unit in Surat which is one of the biggest textile hubs in Gujarat.
The company is jointly managed by the Kanodia and Agarwal family.
SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sowparnika Projects and
Infrastructure Private Limited (SPIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable):
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 41.30 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 88.70 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
NCD/Debt-Bonds/ 80.00 [ICRA]B+(Stable); ISSUER NOT
NCD/LTD COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SPIPL, 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 2003, Sowparnika Projects and Infrastructure
Private Limited (SPIPL), is a closelyheld private limited company
involved in real-estate development. The company is the flagship
entity of the Sowparnika Group, which comprises a group of
companies owned and managed by Ms. Meenakshi Ramji, Mr. Ramji
Subramaniam and associates. Till date, the company has completed 32
projects in Bengaluru, Trivandrum, Coimbatore, Mysore and
Chenganassery, aggregating to 2.4 million sq. ft. At present, the
company is executing 29 projects encompassing 3.9 million sq.ft. of
Total Saleable Area (SBA). Besides, it also has 14 upcoming
projects of 3.1 million sq.ft., which are under various stages of
approvals and land aggregation.
VENKATESHWARA SPINNING: ICRA Cuts Rating on INR5.0cr Loan to B+
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Sri
Venkateshwara Spinning Mills India Private Limited,, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.11 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Term Loan from [ICRA]BB+(Stable); ISSUER
NOT COOPERATING and continues
to remain under the 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+(Stable); ISSUER
NOT COOPERATING and continues
to remain under the 'Issuer Not
Cooperating' category
Long Term/ 0.89 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]BB+(Stable)/[ICRA]A4+;
ISSUER NOT COOPERATING and
continues to remain under the
'Issuer Not Cooperating'
category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding Sri Venkateshwara Spinning Mills India
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 Sri Venkateshwara Spinning Mills India 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.
Sri Venkateshwara Spinning Mills India Private Limited,
incorporated in 2005 in Tirupur, manufactures and sells viscose
yarn, mainly in the count of 30s with an installed capacity of
19,600 spindles. SSPL is promoted by Mr. Natarajan Thiagarajan, who
has over two decades of experience in the spinning industry. SSPL
has also installed windmills with a power generation capacity of
6.1 MW, which it uses for its own requirement.
=========
J A P A N
=========
[*] JAPAN: Corporate Bankruptcies Rise 28.3% in April
-----------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in Japan rose 28.3% from a year earlier to 783 in April as smaller
firms struggled to pass on higher costs stemming from rising prices
to customers, credit research firm Tokyo Shoko Research has said.
It was the first time in four years for the number of bankruptcies
to exceed 700 in April. The data, released May 10, covered failures
involving liabilities of JPY10 million or more.
Total liabilities left by failed companies dropped 44.3% to
JPY113,423 million after a large-scale bankruptcy a year earlier,
The Japan Times discloses.
According to the report, the number of bankruptcies linked to
rising prices climbed 16% to 58, marking four consecutive months of
increase, led by construction firms and manufacturers, sectors
involving many subcontractors.
By industry, the number of bankruptcies in services was highest, at
264, up 38.2%. Wholesalers came second, with a 46.9% increase to
97, followed by transportation firms, with a 37.5% rise to 33.
The number of bankruptcies is expected to rise as companies face
increased pressure from higher borrowing costs after an interest
rate increase by the Bank of Japan, a Tokyo Shoko Research official
said.
The central bank in March ended its negative interest rate policy
and raised short-term rates for the first time in 17 years, the
report adds.
=====================
N E W Z E A L A N D
=====================
BMH ENGINEERING: Court to Hear Wind-Up Petition on May 30
---------------------------------------------------------
A petition to wind up the operations of BMH Engineering Limited
will be heard before the High Court at Christchurch on May 30,
2024, at 10:00 a.m.
Hoseman Limited filed the petition against the company on April 4,
2024.
The Petitioner's solicitor is:
Charlotte Louise Webber
Level 3, 70 Gloucester Street
Christchurch 8013
DYNASTY CAPITAL: Creditors' Proofs of Debt Due on June 7
--------------------------------------------------------
Creditors of Dynasty Capital Limited and Ranamorana Holdings
Limited are required to file their proofs of debt by June 7, 2024,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 5, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400, City East
Christchurch 8141
KINGSTON PROPERTIES: Creditors' Proofs of Debt Due on June 14
-------------------------------------------------------------
Creditors of Kingston Properties Limited are required to file their
proofs of debt by June 14, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 6, 2024.
The company's liquidators are:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
T LUAU BUILDERS: Court to Hear Wind-Up Petition on May 31
---------------------------------------------------------
A petition to wind up the operations of T Luau Builders Limited
will be heard before the High Court at Auckland on May 31, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on April 5, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
TIME 2 TRADE: Steven Khov and Kieran Jones Appointed as Receivers
-----------------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on May 9, 2024, were
appointed as receivers of Time 2 Trade Limited.
The receivers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=================
S I N G A P O R E
=================
ASIAN FOODS: Creditors' Proofs of Debt Due on June 9
----------------------------------------------------
Creditors of Asian Foods Distributor Pte. Ltd. are required to file
their proofs of debt by June 9, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 9, 2024.
The company's liquidator is:
Elango Subramanian
Morrison Corporate Advisory
3791 Jalan Bukit Merah
#06-01, E-Centre @ Redhill
Singapore 159471
BOLDSTONE REALTY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 26, 2024, to
wind up the operations of Boldstone Realty Pte. Ltd.
Khor Jan Nee filed the petition against the company.
The company's liquidator is:
Mr. Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
CNOOC ENERTECH: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------------
Creditors of CNOOC Enertech International (Singapore) Pte. Ltd. are
required to file their proofs of debt by June 10, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 2, 2024.
The company's liquidators are:
Xu Jia
c/o 18 Cross Street
#14-01 Cross Street Exchange
Singapore 048423
DFS ASSET: Fitch Affirms BBsf Rating on Cl. B Notes, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings on DFS Asset Purchase
Company Pte. Ltd.'s asset-backed fixed-rate and floating-rate
notes. The issuance consists of notes backed by credit card
receivables originated by DCS Card Centre Pte. Ltd.
The programme limit was increased by SGD50 million in July 2023 and
SGD100 million in January 2024, meeting all the conditions set out
in the transaction documents. As a result, the issuance limits of
the class A1, class A2, class B, junior and seller's notes all
increased by 60% in total. Fitch expects no rating impact from the
two upsizes.
Entity/Debt Rating Prior
----------- ------ -----
DFS Asset Purchase
Company Pte. Ltd.
(2022 refinance)
A1 LT A-sf Affirmed A-sf
A2 LT A-sf Affirmed A-sf
B LT BBsf Affirmed BBsf
Stand By
Liquidity
Facility LT A-sf Affirmed A-sf
Working Capital
Facility LT A-sf Affirmed A-sf
SGD35.0 million working capital facility (WCF) due September 2025:
'A-sf'; Outlook Stable;
SGD5.0 million standby liquidity facility (SBLF) due September
2025: 'A-sf'; Outlook Stable;
SGD160.0 million class A1 notes due September 2027: 'A-sf'; Outlook
Stable;
SGD144.0 million class A2 notes due September 2027: 'A-sf'; Outlook
Stable;
SGD44.0 million class B notes due September 2027: 'BBsf'; Outlook
Stable;
SGD16.0 million junior notes due September 2027: 'NRsf';
SGD36.0 million seller's notes due September 2027: 'NRsf';
KEY RATING DRIVERS
Stable Credit Card Receivables' Performance: The receivables have
reported sound performance, with the latest reported three-month
rolling averages for the monthly payment rate (MPR) at 64%, deemed
monthly default rate at 0.2% (annualised at 1.76%), and annualised
gross yield at 11.0% at end-March 2024 in the monthly servicer
report, performing better than or in line with Fitch's closing
assumptions of 15%, 9.5%, and 14%, respectively.
Fitch analysed the originator's historical data for credit cards
and charge cards and derived the base case MPR, default rates and
yield rate for each product to assess the portfolio's credit risk
at the initial rating analysis. The closing base case assumptions
were derived based on a stressed pool.
Sufficient Credit Enhancement: The subordination is 24% for the
class A notes, and 13% for the class B notes with the transaction's
funding limit considered. The transaction also benefits from a
reserve held in the name of the SPV funded by SBLF drawdown at the
end of revolving period, which covers note interest and senior
expenses as well as dilution risk. No cash flow stress testing was
performed for this subsequent rating review as there was no
materially negative credit or operational development that
warranted a risk reassessment.
Stable Macroeconomic Conditions: The Singapore economy and the
transaction's stable capital structure support a stable environment
for the transaction. Fitch forecasts Singapore's GDP to expand by
2.5% in 2024 and 3.0% in 2025 with its strong fiscal and external
buffers, high income per capita and favourable business
environment. The inflation rate has remained elevated since January
2022 but has been offset by the strong Singapore dollar exchange
rate and tight labour market.
Rating Cap: Ratings are capped at the single 'A' category,
considering the small market share of DCS in the Singapore credit
card market. The ratings are also constrained by the exposure to
unhedged interest-rate risk that makes them incompatible with a
high investment grade. Nonetheless, DCS's receivable balance has
rebounded above pre-pandemic levels and is growing steadily.
The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Fitch has evaluated the sensitivity of the ratings assigned to
DFS's notes to increased weighted-average (WA) base-case
charge-offs, decreased WA base-case MPR and the combination of
stressed charge-offs and MPR over the life of the transaction at
the initial ratings. The sensitivities below still remain adequate
due to the stable transaction performance.
Rating sensitivities provide insights into the model-implied
sensitivities the transaction faces when one risk factor is
stressed, while holding others equal.
Sensitivity to increased WA charge-offs (25% / 50% / 75%):
Class A notes /WCF / SBLF: A-sf / A-sf / BBBsf
Class B notes: BBsf / BB-sf / B+sf
The class A notes, WCF and SBLF are constrained at the 'A-sf'
level, as described in the key rating drivers.
Sensitivity to decreased WA MPR (15% / 25% / 35%):
Class A notes / WCF / SBLF: A-sf / BBBsf / BBsf
Class B notes: BB-sf / Bsf / below Bsf
Fitch also analysed the sensitivity to a combination of increased
WA default rates and decreased WA MPRs (25% and 15% / 50% and 25% /
75% and 35%):
Class A notes / WCF / SBLF: BBB+sf / BB+sf / B+sf
Class B notes: B+sf / below Bsf / below Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The note ratings are capped and upgrades can be considered only if
the risk elements underpinning the rating cap are reduced, with all
else being equal.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
FEDERATION FOOD: Creditors' Proofs of Debt Due on June 9
--------------------------------------------------------
Creditors of Federation Food Industrial Pte Ltd are required to
file their proofs of debt by June 9, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 9, 2024.
The company's liquidator is:
Elango Subramanian
Morrison Corporate Advisory
3791 Jalan Bukit Merah
#06-01, E-Centre @ Redhill
Singapore 159471
SC PEIRCE: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------
Creditors of SC Peirce (Three) Pte. Ltd. are required to file their
proofs of debt by June 10, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 30, 2024.
The company's liquidator is:
Lim Yau Wen
7500A Beach Road
#11-320 The Plaza
Singapore 199591
=====================
S O U T H K O R E A
=====================
WEMADE CO: Net Loss Widens to KRW58.98BB in Q1 Ended March 31
-------------------------------------------------------------
Yonhap News Agency reports that game publisher Wemade Co. said on
May 8 its net loss widened in the first quarter from a year earlier
despite an increase in its overseas sales.
Wemade posted a net loss of KRW58.98 billion (US$43.4 million) in
the January-March period, compared with a loss of KRW28.5 billion a
year ago, the company said in a regulatory filing, Yonhap relays.
Its operating loss narrowed to KRW37.6 billion from KRW46.8 billion
over the same period, while sales jumped 71.8 percent on-year to
KRW161.3 billion.
According to Yonhap, Wemade said its overseas sales soared 78
percent in the first quarter as its global version of the massively
multiplayer online role-playing game "Night Crows" raised $10
million in revenue in just three days after its release on March
12.
Yonhap relates that the company also plans to release "Mir 4" and
"Mir M," spinoffs of its blockbuster title "Legend of Mir," in
China later this year.
"Mir 5," the latest Mir series Wemade is developing, will target
the North American market, CEO Park Kwan-ho said, without
disclosing the detailed timeline of the release.
Based in South Korea, Wemade Co., Ltd. develops online games. The
Company develops mobile games and other products. Wemade markets
its products worldwide.
=================
S R I L A N K A
=================
SRILANKAN AIRLINES: Fitch Affirms 'C' on USD175MM Unsecured Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed the rating on SriLankan Airlines
Limited's (SLA) USD175 million government guaranteed 7% unsecured
bonds due 25 June 2024 at 'C'. The rating on the bonds is driven by
the unconditional and irrevocable guarantee of the government of
Sri Lanka (Long-Term Foreign-Currency Issuer Default Rating:
'RD').
KEY RATING DRIVERS
Events of Default Triggered: SLA did not pay the interest due on 25
December 2023 on its guaranteed unsecured bonds, or during the
30-day grace period that followed, triggering an event of default.
This is in addition to previous missed coupon payments in June 2023
and December 2022, and the events of default triggered via the 12
April 2022 announcement by the Sri Lankan government of a debt
moratorium on several categories of sovereign and public-sector
entities' external debt, as well as the ensuing non-payment of
interest on the government's external debt.
Bonds Factor in Recovery Prospects: SLA's bonds are rated at 'C',
factoring in Fitch's view of average- to below-average recovery
prospects following a default, in line with the agency's Corporates
Recovery Ratings and Instrument Ratings Criteria, and
Country-Specific Treatment of Recovery Ratings Criteria. The bonds
of issuers that are very close to default show little distinction
between 'RR4' and'RR6' recoveries. Therefore, Fitch has not
assigned a Recovery Rating to the bond.
DERIVATION SUMMARY
SLA's US dollar bonds are part of the government of Sri Lanka's
debt moratorium. SLA's bond rating is based on Fitch's assessment
of average to below-average recovery prospects to investors, based
on Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, and Country-Specific Treatment of Recovery Ratings
Criteria
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upgrade of the sovereign rating
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating actions are not possible, as the rating is at the
lowest level applicable to corporate debt instruments
For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of 28
September 2023
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- The Local-Currency IDRs (Long-Term Local-Currency IDR at CCC-)
would be downgraded if further restructuring or a default on
local-currency debt becomes probable due to an unsustainable debt
burden or inability to raise revenue.
- The Long-Term Foreign-Currency IDR is at the lowest level and
cannot be downgraded further.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- A sustained decline in the general government debt-to-GDP ratio
that is underpinned by strong implementation of a medium-term
fiscal consolidation strategy and improved growth performance.
- Completion of the foreign-currency commercial debt restructuring
that Fitch judges to have normalised the relationship with
private-sector creditors may result in an upgrade
ISSUER PROFILE
SLA is Sri Lanka's national carrier and the government has full
control over the company. SLA operates as a full-service carrier
with a network covering Asia, Middle East, Europe and Australia.
The airline's fleet consists of 21 aircraft.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The rating on the bonds is driven by the unconditional and
irrevocable guarantee of the government of Sri Lanka.
ESG CONSIDERATIONS
Not applicable.
Entity/Debt Rating Prior
----------- ------ -----
SriLankan Airlines
Limited
senior unsecured LT C Affirmed C
USD 175 mln 7%
bond/note 25-Jun-2024
XS2010609662 LT C Affirmed C
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 6, 2024 to May 10, 2024
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20
ACN 113 874 712 PTY 13.25 02/15/18 USD 0.20
MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.91
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.25
VIRGIN AUSTRALIA HO 8.13 11/15/24 USD 0.25
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.23
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.23
VIRGIN AUSTRALIA HO 8.08 03/05/24 AUD 0.20
VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.20
VIRGIN AUSTRALIA HO 8.00 11/26/24 AUD 0.15
CHINA
-----
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.11
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.11
ALETAI CITY JUJIN U 7.73 10/26/24 CNY 25.58
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 62.92
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 60.00
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 64.55
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 42.16
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.97
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 40.00
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 42.61
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.50
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 42.52
ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 42.06
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 41.40
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.46
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.32
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 42.23
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 42.00
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.68
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.67
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 42.17
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.28
BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 40.90
BIJIE QIXINGGUAN DI 7.60 09/08/24 CNY 20.32
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 42.17
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.62
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.34
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.32
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.33
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.26
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.18
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.17
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.74
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.73
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 41.04
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.00
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.31
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.29
CHINA SOUTH CITY HO 9.00 10/09/24 USD 29.00
CHINA SOUTH CITY HO 9.00 04/12/24 USD 20.00
CHINA SOUTH CITY HO 9.00 12/11/24 USD 19.36
CHINA SOUTH CITY HO 9.00 06/26/24 USD 19.05
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 42.00
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.71
CHONGQING HONGYE IN 7.50 12/24/26 CNY 64.27
CHONGQING JIANGLAI 7.50 10/26/25 CNY 41.85
CHONGQING JIANGLAI 7.50 10/26/25 CNY 40.00
CHONGQING NANCHUAN 7.80 08/06/26 CNY 62.96
CHONGQING SHUANGFU 7.50 09/09/26 CNY 63.37
CHONGQING THREE GOR 7.80 03/01/26 CNY 42.63
CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI A 7.50 09/18/26 CNY 63.57
CHONGQING TONGRUI A 7.50 09/18/26 CNY 60.00
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.78
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73
CHONGQING YUDIAN ST 8.00 11/30/25 CNY 42.20
CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 19.40
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 42.22
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.40
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.26
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.26
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 42.40
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 63.61
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 60.00
DING NAN CITY CONST 7.80 04/08/26 CNY 42.65
DING NAN CITY CONST 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.90
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 21.01
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 63.96
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 42.44
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 41.85
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 40.00
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 40.00
FANTASIA GROUP CHIN 7.50 12/17/23 CNY 73.70
FANTASIA GROUP CHIN 7.80 06/30/28 CNY 44.53
FUJIAN FUSHENG GROU 7.90 12/17/21 CNY 70.99
FUJIAN FUSHENG GROU 7.90 11/19/21 CNY 60.00
FUZHOU LINCHUAN URB 8.00 02/26/26 CNY 42.59
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 42.37
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 41.91
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 41.51
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 40.00
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 42.68
GANZHOU ZHANGGONG C 7.80 10/16/25 CNY 41.72
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.39
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.30
GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INV 7.50 06/03/26 CNY 63.09
GUANGAN XINHONG INV 7.50 06/03/26 CNY 62.84
GUANGDONG PEARL RIV 7.50 10/26/26 CNY 66.23
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 42.18
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 42.08
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.89
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.81
GUANGXI NINGMING HU 8.50 11/05/26 CNY 64.92
GUANGXI NINGMING HU 8.50 11/05/26 CNY 63.67
GUANGXI NINGMING HU 8.50 12/07/25 CNY 41.95
GUANGXI TIANDONG CO 7.50 06/04/27 CNY 45.00
GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 37.46
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 64.43
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 62.64
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 60.00
GUANGZHOU FINELAND 13.60 07/27/23 USD 15.63
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.96
GUCHENG CONSTRUCTIO 7.88 04/27/25 CNY 20.00
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.69
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 42.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 41.40
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.86
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.00
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.94
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 41.52
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.88
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.65
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 63.36
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 42.94
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 42.17
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.45
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.55
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.37
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 63.54
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 62.00
GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 41.77
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.31
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.31
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.25
GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 42.26
HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.88
HAINAN AIRLINES HON 12.00 10/29/21 USD 3.80
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.58
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.58
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.35
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.35
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.53
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00
HONGKONG IDEAL INVE 14.75 10/08/22 USD 1.57
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 42.89
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONST 7.58 02/12/26 CNY 42.42
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.83
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 42.30
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.50
HUBEI JIAKANG CONST 7.80 12/19/25 CNY 41.79
HUBEI YILING ECONOM 7.50 03/28/26 CNY 42.65
HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 42.65
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 42.82
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.90
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.90
HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 41.55
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 42.31
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 42.08
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.53
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTA 7.90 09/20/25 CNY 41.69
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 63.49
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.80
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.00
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 42.50
JIANGSU YANGKOU POR 7.60 08/17/25 CNY 41.52
JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 42.52
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.90
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.47
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.78
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.00
JIANGXI TONGGU CITY 7.50 04/21/27 CNY 64.49
JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.85
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 42.12
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 63.65
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 54.12
JINGDEZHEN CERAMIC 7.50 08/27/25 CNY 41.46
JINGDEZHEN CERAMIC 7.50 08/27/25 CNY 41.43
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.65
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 41.99
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 40.92
JINZHOU CIHANG GROU 9.00 04/05/20 CNY 33.63
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.36
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.25
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.44
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.43
KUNMING AIRPORT INV 7.50 01/28/26 CNY 41.70
LAOHEKOU CITY CONST 7.50 06/09/24 CNY 70.38
LAOTING INVESTMENT 7.50 04/11/26 CNY 42.67
LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 42.62
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.99
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRI 7.50 09/19/25 CNY 41.66
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.91
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.89
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.84
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.45
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.30
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.60
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 59.68
LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 63.18
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 42.56
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 42.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 42.00
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.65
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.39
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.30
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.00
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 42.44
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 42.05
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.88
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.31
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.57
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00
MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 52.42
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.99
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.64
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.78
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.06
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.37
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.30
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 64.22
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 42.70
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 64.39
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.99
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 21.15
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 21.01
MIANYANG HUIDONG IN 8.10 04/28/25 CNY 21.06
MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.84
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 42.10
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.93
MILE AGRICULTURAL I 7.60 02/27/26 CNY 42.32
MILE AGRICULTURAL I 7.60 02/27/26 CNY 42.00
MILE AGRICULTURAL I 8.00 10/25/25 CNY 41.87
MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 41.62
NANCHONG JIALING DE 7.98 05/23/25 CNY 41.06
NANCHONG JIALING DE 7.98 05/23/25 CNY 40.00
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.58
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.58
NEOGLORY HOLDING GR 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GR 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GR 8.00 10/22/20 CNY 56.00
NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.68
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.68
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.56
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.56
PANJIN LIAODONGWAN 7.50 12/28/26 CNY 64.46
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 63.50
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 60.00
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.59
PENGSHAN DEVELOPMEN 7.98 05/03/25 CNY 21.06
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.51
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.49
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.71
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 41.75
PUDING YELANG STATE 8.00 03/13/25 CNY 20.85
PUDING YELANG STATE 8.00 03/13/25 CNY 20.70
PUDING YELANG STATE 7.79 11/13/24 CNY 20.37
PUDING YELANG STATE 7.79 11/13/24 CNY 20.25
PUER CITY SI MAO GU 7.50 03/14/26 CNY 42.37
PUER CITY SI MAO GU 7.50 03/14/26 CNY 40.00
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 65.11
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 65.11
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 42.33
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 41.00
QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.87
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.37
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.37
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 64.28
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 62.85
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.51
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.51
QUJING CITY QILIN D 8.50 01/21/26 CNY 42.67
QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVES 7.98 07/26/25 CNY 41.42
RENHUAI WATER INVES 8.00 12/26/25 CNY 38.95
RENHUAI WATER INVES 7.98 02/24/25 CNY 20.72
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 42.26
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 64.13
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVES 8.00 09/20/26 CNY 63.29
RUILI RENLONG INVES 8.00 09/20/26 CNY 62.70
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 64.27
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 61.80
SHANDONG HONGHE HOL 7.50 01/29/26 CNY 42.00
SHANDONG OCEAN CULT 7.50 04/25/26 CNY 62.19
SHANDONG OCEAN CULT 7.50 03/28/26 CNY 41.88
SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.63
SHANDONG RUYI TECHN 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GR 7.90 08/30/24 CNY 58.00
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 42.51
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00
SHANGLI INVESTMENT 7.80 01/22/26 CNY 42.15
SHANGLI INVESTMENT 7.50 06/01/25 CNY 40.99
SHANGLI INVESTMENT 7.50 06/01/25 CNY 40.86
SHANGLI INVESTMENT 7.80 01/22/26 CNY 40.49
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.43
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.34
SHANXI JINZHONG STA 7.50 05/05/26 CNY 42.57
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 42.02
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.88
SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.51
SHEHONG STATE OWNED 7.50 08/22/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/22/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/22/25 CNY 21.42
SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.55
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.51
SHIFANG CITY NATION 8.00 12/05/25 CNY 42.10
SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 45.82
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.29
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.29
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.31
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.31
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.27
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.27
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.24
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.17
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.72
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.52
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.43
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.00
SICHUAN COAL INDUST 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DE 7.50 07/23/22 CNY 42.00
SICHUAN LANGUANG DE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DE 7.50 07/11/21 CNY 12.63
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.94
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.87
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.87
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 6.20
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 4.00
TAIXING CITY CHENGX 7.60 04/24/26 CNY 42.81
TAIXING CITY CHENGX 7.60 04/04/26 CNY 42.66
TAIXING CITY CHENGX 7.80 03/05/26 CNY 42.65
TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00
TAIXING XINGHUANG I 8.50 11/15/25 CNY 42.27
TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.65
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 42.54
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 42.60
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 40.94
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 40.80
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 64.11
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 63.60
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.82
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.20
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 4.00
TENGCHONG SHIXINGBA 7.50 05/05/26 CNY 52.54
TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONS 7.50 07/23/25 CNY 41.30
TONGCHENG CITY CONS 7.50 07/23/25 CNY 40.00
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.87
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 42.24
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.00
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 42.23
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 41.70
TUNGHSU GROUP CO LT 8.18 10/25/21 CNY 22.00
TUNGHSU GROUP CO LT 7.85 03/23/21 CNY 0.00
URUMQI ECO TECH DEV 7.50 10/19/25 CNY 41.44
URUMQI ECO TECH DEV 7.50 10/19/25 CNY 40.00
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 41.21
WEIHAI LANCHUANG CO 7.70 10/11/25 CNY 40.73
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.73
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 42.19
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 40.00
WINTIME ENERGY GROU 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROU 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROU 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROU 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROU 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROU 7.90 12/22/20 CNY 43.63
WUSU CITY XINGRONG 7.50 10/25/25 CNY 41.79
WUSU CITY XINGRONG 7.50 10/25/25 CNY 40.00
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 42.61
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00
WUYANG CONSTRUCTION 7.80 09/11/20 CNY 32.48
WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN 7.69 04/22/26 CNY 42.76
XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.12
XINFENG COUNTY URBA 7.80 04/16/26 CNY 42.87
XINFENG COUNTY URBA 7.80 12/05/25 CNY 41.99
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBA 8.00 11/21/25 CNY 42.02
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.47
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.77
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.50
XINYU CITY YUSHUI D 7.50 09/24/26 CNY 63.53
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.60
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.56
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.56
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 62.14
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 41.79
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50
YANCHENG URBANIZATI 7.50 03/04/27 CNY 65.10
YANGLING URBAN RURA 7.80 06/19/26 CNY 63.14
YANGLING URBAN RURA 7.80 06/19/26 CNY 60.00
YANGLING URBAN RURA 7.80 02/20/26 CNY 42.39
YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00
YANGO JUSTICE INTER 7.88 09/04/24 USD 0.46
YANGO JUSTICE INTER 7.50 02/17/25 USD 0.34
YANGO JUSTICE INTER 8.25 11/25/23 USD 0.34
YANGO JUSTICE INTER 10.25 09/15/22 USD 0.15
YANGO JUSTICE INTER 9.25 04/15/23 USD 0.13
YANGO JUSTICE INTER 7.50 04/15/24 USD 0.12
YANGO JUSTICE INTER 10.25 03/18/22 USD 0.12
YANGO JUSTICE INTER 10.00 02/12/23 USD 0.04
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.28
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 40.93
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.69
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00
YICHANG CHUANGYUAN 7.80 11/06/25 CNY 41.89
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.71
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.71
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 43.07
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.02
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY 7.50 06/07/25 CNY 41.11
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 42.07
YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 41.46
YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.91
YONGAN STATE-OWNED 8.50 11/26/25 CNY 40.00
YONGCHENG COAL & EL 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 41.40
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.85
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.63
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.25
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.12
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.12
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.90
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 64.99
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 42.87
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 64.37
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.62
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.00
ZENSUN ENTERPRISES 12.50 09/13/23 USD 4.69
ZENSUN ENTERPRISES 12.50 04/23/24 USD 3.94
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.41
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.41
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 63.94
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 60.00
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 62.68
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 61.60
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 42.03
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 40.00
ZHEJIANG HUZHOU NAN 7.80 08/21/25 CNY 41.88
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.19
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.17
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 41.48
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 40.00
ZHONGHONG HOLDING C 8.00 07/04/19 CNY 2.75
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.95
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.00
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 59.94
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 51.93
ZHUZHOU RAILWAY IND 7.50 09/25/24 CNY 20.34
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 65.74
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVEST 8.00 02/14/26 CNY 42.27
ZOUCHENG CITY LONGC 7.50 01/16/29 CNY 59.71
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.37
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.31
ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 70.00
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 64.63
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 63.75
ZUNYI URBAN CONSTRU 7.50 05/20/24 CNY 40.05
INDONESIA
---------
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 73.00
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 73.00
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.47
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.33
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 69.01
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.41
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 66.03
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 66.03
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 64.37
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 64.27
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 64.27
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.81
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 62.27
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 61.92
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 61.71
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 61.02
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 60.71
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.30
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 60.20
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 59.97
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.65
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 57.54
WIJAYA KARYA PERSER 8.60 12/18/25 IDR 29.78
INDIA
-----
AXIS FINANCE LTD 8.10 11/17/28 INR 73.41
BHARAT SANCHAR NIGA 7.55 03/20/34 INR 99.61
IIFL SAMASTA FINANC 10.75 02/24/25 INR 50.23
IKF FINANCE LTD 10.60 03/27/25 INR 49.79
MAHANAGAR TELEPHONE 7.51 03/06/34 INR 53.26
PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25
SOUTH KOREA
-----------
KOSME SCALE-UP SECU 24.00 12/30/24 KRW 73.40
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 67.75
KOSME SCALE-UP SECU 20.00 03/30/25 KRW 67.75
SAMPYO CEMENT CO LT 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LT 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LT 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LT 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMEN 12.40 05/15/31 LKR 73.63
SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 70.66
SRI LANKA GOVERNMEN 12.40 01/15/33 LKR 66.46
SRI LANKA GOVERNMEN 12.40 03/15/35 LKR 62.82
SRI LANKA GOVERNMEN 12.40 04/15/36 LKR 61.43
SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 60.27
SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 59.30
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 57.28
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 57.24
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 56.99
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 56.96
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.82
PHILIPPINES
-----------
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 14.88
BAYAN TELECOMMUNICA 15.00 07/15/06 USD 14.88
SINGAPORE
---------
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.17
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.17
BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.27
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.27
ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 17.53
MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.86
NOMURA INTERNATIONA 7.65 10/04/37 AUD 63.14
ORO NEGRO DRILLING 7.50 01/24/24 USD 0.50
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
*********
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