/raid1/www/Hosts/bankrupt/TCRAP_Public/240618.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, June 18, 2024, Vol. 27, No. 122
Headlines
A U S T R A L I A
10M PTY: Second Creditors' Meeting Set for June 21
AVANTUS CAPITAL: Second Creditors' Meeting Set for June 21
BRIGHTE GREEN 2024-1: Moody's Assigns Ba2 Rating to Cl. E-C Notes
BSMT PTY: First Creditors' Meeting Set for June 21
CUBITT'S GRANNY: Collapses Into Liquidation Owing AUD5.7 Million
FIRST GLOBAL: First Creditors' Meeting Set for June 24
IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to Ba1
PRECIOUS CARGO: First Creditors' Meeting Set for June 21
U&I INCLUSIONS: Enters Into Voluntary Administration
C H I N A
ANTONG HOLDINGS: Taken Over by China Merchants Energy
CHINA VANKE: Takes Out Seventh Loan in a Month
I N D I A
ADVANTAGE COMPUTERS: ICRA Keeps B+ Ratings in Not Cooperating
AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category
ANAND HR: CRISIL Keeps C Debt Rating in Not Cooperating Category
AUDIO DESIGN: CRISIL Keeps D Debt Ratings in Not Cooperating
BPS SHIKSHAN: CARE Keeps C Debt Rating in Not Cooperating Category
CIAN HEALTHCARE: NCLT Admits Company Under Insolvency
FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN PETRO: ICRA Keeps B Debt Ratings in Not Cooperating
H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HARMAN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
ISHWAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
J. J. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating
JAYPEE HEALTHCARE: Fortis, Apollo Lead the Charge in Bidding War
K S INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating
MALANKARA PLANTATIONS: ICRA Keeps B+ Rating in Not Cooperating
MY AUTO: ICRA Withdraws B Rating on INR9.25cr LT Loan
OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PARA ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating
PRECISION ELECTRONIC: CARE Cuts Rating on INR6.27cr LT Loan to C
PREET LAND: CARE Keeps D Debt Rating in Not Cooperating Category
RELIANCE CAPITAL: Hinduja Group Applies for New Deadline Extension
RIGHILL ELECTRICS: ICRA Keeps D Debt Ratings in Not Cooperating
RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating
VAISHNAVI BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
M O N G O L I A
STATE BANK: Moody's Affirms 'B3' Long Term Deposit Ratings
N E W Z E A L A N D
BABICH RD: Waterstone Insolvency Appointed as Receiver
GG DECORATOR: Court to Hear Wind-Up Petition on June 24
GLEN INNES: Creditors' Proofs of Debt Due on July 22
KUMEU EAST: Court to Hear Wind-Up Petition on June 21
OCEANIA DAIRY: Posts NZD19MM Loss in Fiscal Year Ended Dec 2023
SAPPHIRE ENTERPRISE: Grant Bruce Reynolds Appointed as Liquidator
S I N G A P O R E
EMAS OFFSHORE: Court to Hear Wind-Up Petition on June 28
HAWK EYE: Court to Hear Wind-Up Petition on July 5
LUXE FOOD: Commences Wind-Up Proceedings
SOFTLAYER TECHNOLOGIES: Creditors' Proofs of Debt Due on July 13
TECHANIC PTE: Creditors' Meeting Set for June 28
X X X X X X X X
[*] BOND PRICING: For the Week June 10, 2024 to June 14, 2024
- - - - -
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A U S T R A L I A
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10M PTY: Second Creditors' Meeting Set for June 21
--------------------------------------------------
A second meeting of creditors in the proceedings of 10M Pty Ltd and
Deepsea Australia Pty Ltd has been set for June 21, 2024 at 10:00
a.m. at the offices of Cor Cordis at Mezzanine Level, 28 The
Esplanade in Perth and via virtual meeting technology.
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 June 20, 2024 at 4:00 p.m.
Jeremy Joseph Nipps and Thomas Donald Birch of Cor Cordis were
appointed as administrators of the company on May 16, 2024.
AVANTUS CAPITAL: Second Creditors' Meeting Set for June 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Avantus Capital
Pty Ltd has been set for June 21, 2024 at 10:00 a.m. via electronic
facilities.
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 June 20, 2024 at 4:00 p.m.
Michael Slaven and Aaron Torline of Slaven Torline were appointed
as administrators of the company on May 21, 2024.
BRIGHTE GREEN 2024-1: Moody's Assigns Ba2 Rating to Cl. E-C Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Perpetual Corporate Trust Limited in its capacity as the trustee
of the Brighte Green Trust 2024-1.
Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2024-1
AUD136.40 million Class A-C Notes, Assigned Aaa (sf)
AUD21.90 million Class A-NC Notes, Assigned Aaa (sf)
AUD14.40 million Class B-C Notes, Assigned Aa2 (sf)
AUD7.60 million Class C-C Notes, Assigned A2 (sf)
AUD3.90 million Class D-C Notes, Assigned Baa2 (sf)
AUD7.20 million Class E-C Notes, Assigned Ba2 (sf)
AUD0.70 million Class F-C Notes, Assigned B2 (sf)
The AUD1.90 million Class G1-NC and AUD1.00 million Class G2-NC
Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of Australian
consumer Buy Now Pay Later (BNPL) and unsecured loan receivables
originated by Brighte Capital Pty Ltd (Brighte, unrated). The
majority of receivables are originated to homeowners to fund solar
panel and home batteries installations. A smaller portion are
originated to fund home improvement products and services, and to
acquire energy efficient products. This is Brighte's fifth term
securitization.
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
-- The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's view, this is a significant credit strength of the
transaction.
-- The limited amount of historical data. Brighte was established
in 2016, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q3 2017 and Q2 2023 — and does not cover a full economic
cycle.
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
Notes. Following the call date or if the pro rata conditions are
otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A-C and Class A-NC
Notes.
-- The availability of excess spread over the life of the
transaction. The portfolio yield of 11.4% providing significant
excess spread to cure portfolio losses.
-- The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD385,000.
-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).
-- The experience of Brighte 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 3.00%, a
recovery rate of 12.5% and a Aaa portfolio credit enhancement
("PCE") of 20.0%. 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 the
extrapolated observed levels of default, estimated at 1.38%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.
The PCE of 20.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
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 rating. 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.
BSMT PTY: First Creditors' Meeting Set for June 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of BSMT Pty Ltd
(ATF The Batstones Stone Masonry Trust) will be held on June 21,
2024, at 11:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, Level 4, 240 Queen Street, in Brisbane, Queensland,
and via teleconference.
John Shanahan and Marcus Watters of Hall Chadwick were appointed as
administrators of the company on June 11, 2024.
CUBITT'S GRANNY: Collapses Into Liquidation Owing AUD5.7 Million
----------------------------------------------------------------
News.com.au reports that a building company that straddled two
different states and territories has collapsed, leading to a
"domino effect" impacting 130 projects and 80 staff members.
On June 14, creditors voted to place Cubitt's Granny Flats and Home
Extensions into liquidation, news.com.au discloses.
The builder worked in both NSW and the ACT and been in business for
30 years.
News.com.au previously reported that the family-owned business had
been placed into administration earlier this year and had debts of
AUD5.7 million.
Of its substantial debts, AUD2.6 million of that is owed to 77
tradies.
At an administration meeting at the end of last week, creditors
voted to liquidate Cubitt's, news.com.au reports.
The appointed administrators Richard Stone and Brett Lord of
insolvency firm RSM Australia have now become the liquidators.
"The failure of one business has a domino effect on so many people,
from staff, to clients, suppliers and other stakeholders,"
news.com.au quotes Mr. Stone as saying. "Today, these impacts are
being compounded by a fragile economy and businesses and households
who are doing it tough."
The collapses has left 130 projects are various stages of
completion in limbo and 80 staff members have lost their jobs.
The liquidators have managed to scrape together what they hope
might be some kind of return for creditors.
According to news.com.au, NSW-based construction firm Acrow Homes
Pty Ltd purchased some of the company's assets, including Cubitt's
business names, intellectual property, project records, and
exclusive rights to its customer list, for an undisclosed amount.
In a previous creditor report, insolvency experts estimated that
Cubitt's had assets worth AUD1.67 million.
Richard Stone and Brett Lord of RSM Australia Partners were
appointed as administrators of Cubitt's Granny Flats and Home
Extensions on Feb. 26, 2024.
FIRST GLOBAL: First Creditors' Meeting Set for June 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of First Global
Capital Partners Pty Ltd (Formerly Known as Wellard Land
Investments Pty Ltd) will be held on June 24, 2024, at 12:30 p.m.
via virtual meeting facility.
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on June 12, 2024.
IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
and affirmed two classes of notes issued by two IC Trust ABS.
The affected ratings are as follows:
Issuer: IC Trust 2021-2
Class A Notes, Affirmed A2 (sf); previously on Apr 5, 2023
Upgraded to A2 (sf)
Class B Notes, Upgraded to A3 (sf); previously on Nov 7, 2023
Upgraded to Baa1 (sf)
Class C Notes, Upgraded to Baa3 (sf); previously on Nov 7, 2023
Upgraded to Ba1 (sf)
Issuer: IC Trust 2022-1
Class A Notes, Affirmed A2 (sf); previously on Nov 7, 2023
Upgraded to A2 (sf)
Class B Notes, Upgraded to Baa1 (sf); previously on Nov 7, 2023
Upgraded to Baa3 (sf)
Class C Notes, Upgraded to Ba1 (sf); previously on Nov 7, 2023
Upgraded to Ba3 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date. Class A's rating affirmation in both deals considers that
these classes of notes are already at the highest achievable level
within Moody's rating scale after taking into account operational
risks and the relatively short securitisation track record of the
originator and servicer, coupled with the non-conforming and
complex nature of the underlying receivables.
IC Trust 2021-2
Following the May 2024 payment date, the credit enhancement
available for the Class A Notes has increased to 47.6% from 33.5%
at the time of the last rating action for these notes in April
2023. The credit enhancement available for the Class B and Class C
Notes has increased to 43.1% and 33.0%, respectively, from 33.5%
and 21.7% at the time of the last rating action for these notes in
November 2023.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the January 2023 payment date. Current
outstanding notes as a percentage of the total closing balance is
24.8%.
As of end-April, 19.0% of the outstanding pool was 30-plus day
delinquent, and 7.7% was 90-plus day delinquent. The portfolio has
incurred 5.4% of gross losses to date, 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 15.2% as
a percentage of the current portfolio balance (equivalent to 9.2%
of the original portfolio balance). Moody's has also maintained the
Aaa portfolio credit enhancement (PCE) at 48%.
IC Trust 2022-1
Following the May 2024 payment date, the credit enhancement
available to the Class A, Class B and Class C Notes has increased
to 40.7%, 33.9% and 23.7%, respectively, from 36.0%, 28.6% and
17.6% at the time of the last rating action for these notes in
November 2023.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the November 2023 payment date. Current
outstanding notes as a percentage of the total closing balance is
49.1%.
As of end-April, 16.2% of the outstanding pool was 30-plus day
delinquent, and 7.3% was 90-plus day delinquent. The portfolio has
incurred 5.2% of gross losses to date, 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 15.8% as
a percentage of the current portfolio balance (equivalent to 12.9%
of the original portfolio balance). Moody's has also maintained the
Aaa PCE at 48%.
Moody's analysis has also considered various scenarios involving
higher mean default rates, higher index rate on the notes, and
back-loaded losses to evaluate the resiliency of the note ratings.
The transactions are cash securitisations of consumer and
commercial auto loan receivables extended to non-conforming
borrowers in Australia originated by Fin One Pty Ltd and Finance
One Commercial Pty Ltd, referred to collectively as Fin One.
Fin One is a specialist servicer of non-conforming auto loans. In
an event of servicer transfer, there is a risk of higher level of
defaults in the portfolio, if the substitute servicer does not have
the same specialised approach to servicing as Fin One. Furthermore,
Moody's notes Fin One's relatively limited securitisation
experience and its concentrated ownership structure.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, (3) an increase in operational risk of Fin One, and
(4) a deterioration in the credit quality of the transaction
counterparties.
PRECIOUS CARGO: First Creditors' Meeting Set for June 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Precious
Cargo Holdings (Aust) Pty Ltd will be held on June 21, 2024, at
2:00 p.m. via Microsoft teams.
Andrew Heard and Anthony Phillips of Heard Phillips Lieberenz were
appointed as administrators of the company on June 11, 2024.
U&I INCLUSIONS: Enters Into Voluntary Administration
----------------------------------------------------
Scott Andersen and Nathan Deppeler of Worrells were appointed
voluntary administrators of U&I Inclusions (Australia) Ltd on June
12, 2024.
U&I has been providing personalised disability services to 37
participants in the Geelong, Bellarine and Surf Coast Area. The
Company has approximately 37 employees, including full time, part
time and casual employees, trading from a purpose-built facility in
Moolap owed by the Company.
The difficult decision to place the Company into voluntary
administration was made as a result of the loss of revenue due to
the reduction in participant numbers.
Immediately following the appointment, the Administrators conducted
an urgent assessment of the viability of the business.
Unfortunately, due to the entity's financial position, it was
determined that services could no longer be provided, and the
entity would cease trading on June 13, 2024.
Mr. Andersen outlined, "we understand that participants relied on
the valuable programs offered by U&I and we are mindful of the
impact that this will have to the participants. To this end we are
working closely with the National Disability Insurance Agency to
ensure the smoothest transition possible for participants, with the
aim of minimising interruptions to the services they receive".
Mr Andersen said, "It is a sad day for the Geelong community when
an organisation such as this is unable to continue operations. The
organisation was providing much needed and valuable assistance to
vulnerable members of the Geelong community."
The Administrators will now look to proceed with the Administration
which will include:
- Investigations into the affairs of the entity;
- Provide updates and reports to parties affected by the
appointment of Administrators; and
- Taking steps to engage with the local market regarding the
sale of the property owned by the Company from where the entity
previously operated.
Mr. Andersen said, "This is a difficult time for everyone involved,
and we will do our utmost to support all stakeholders throughout
the process. Our team is committed to ensuring that the process is
conducted in a professional and transparent manner, and that all
parties are kept informed of developments as they arise."
Worrells advises it will continue to give updates as they become
available.
Creditors and concerned parties regarding the voluntary
administration are invited lodge a proof of debt via the Worrells
website www.worrells.net.au.
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C H I N A
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ANTONG HOLDINGS: Taken Over by China Merchants Energy
-----------------------------------------------------
Yicai Global reports that Antong Holdings, the Chinese container
transportation service provider which has been performing poorly in
recent years, said it will hand China Merchants Energy Shipping a
majority stake in the company in return for control of two of the
energy shipping giant's subsidiaries.
Yicai relates that China Merchants Energy will become a controlling
shareholder in Antong through the issuance of new shares, according
to the asset restructuring deal penned by the two parties on June
12, Yicai relays. In return, Antong will secure 100 percent equity
in China Merchant Energy's container transport unit Sinotrans
Container Shipping and a 70 percent stake in its Roll-on Roll-off
shipping subsidiary, Guangzhou China Merchants RoRo Transportation,
which specializes in the transport of wheeled vehicles.
Yicai says the price of the transaction has not yet been determined
as the asset valuation of the two companies is still underway.
According to Yicai, the new assets will greatly boost the volume of
Antong's container shipping business, particularly that overseas,
and lift its rankings in the country to third and 19th worldwide,
Quanzhou-based Antong said. It will elevate the firm's standing in
the industry and its range of services, it added.
China Merchants Energy is mainly engaged in the sea transport of
energy resources, such as liquified natural gas. Its revenue from
container shipping accounted for 21.4 percent of total revenue in
2023 and that of its car roll on-roll off business 7.5 percent,
according to the Shanghai-based firm's latest annual financial
report.
Antong generated revenue of CNY7.3 billion (USD1 billion) last
year, while Sinotrans raked in CNY5.5 billion (USD758.4 million),
China Merchants RoRo CNY1.9 billion (USD262 million), Yicai
discloses. The asset spin-off and restructuring will have a big
impact on the company.
CHINA VANKE: Takes Out Seventh Loan in a Month
----------------------------------------------
Yicai Global reports that shares of China Vanke fell after the
troubled property developer said it secured CNY4.1 billion (USD565
million) from Postal Savings Bank of China, which was the seventh
bank loan it got in less than one month.
Vanke was trading down 3 percent at CNY7.70 (USD1.06) as of lunch
break in Shenzhen on June 17, Yicai discloses.
According to Yicai, the loan is divided into two tranches, the
Shenzhen-based company announced on June 14. The first one is a
three-year loan with a CNY1.6 billion principle issued to Vanke
with the rights of a project owned by its unit in Xuzhou as
pledges. The second one is a three-year loan with a CNY2.5 billion
principle issued to Vanke with the rights of a project under
construction owned by its unit in Xi'an as pledges.
Vanke's total value of the pledges is about CNY48.8 billion (USD6.7
billion), accounting for nearly 20 percent of the company's
unaudited net assets at the end of last year.
On May 10, Vanke announced it got a three-year CNY1.3 billion from
PSBC. Three days later, the firm said it had applied for loans
totaling CNY7.3 billion from Bank of China, Agricultural Bank of
China, and Bank of Beijing. On May 20, it got a CNY1.2 billion loan
from BOC.
Moreover, Vanke said on May 23 that it had obtained a syndicated
loan worth CNY20 billion from financial institutions such as China
Merchants Bank, marking the largest single loan for a Chinese real
estate developer since 2020, Yicai relates.
Vanke's liabilities totaled CNY1.1 trillion (USD151.8 billion) as
of Dec. 31, Yicai discloses citing the company's latest annual
report. Interest-bearing liabilities due within one year amounted
to CNY62.4 billion, accounting for almost 20 percent of the total.
Yicai adds that Chairman Yu Liang said during a shareholder meeting
on April 30 that the firm would withdraw from non-core businesses
to focus on its three key areas: developing new homes, rental
housing, and property management. Vanke's other businesses include
hospitality, logistics, and warehousing, according to its website.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific on May
28, 2024, Fitch Ratings has downgraded Chinese homebuilder China
Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is
Negative. Fitch also downgraded the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior
unsecured rating and the rating on the outstanding senior notes to
'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have
been removed from Rating Watch Negative.
The TCR-P reported on May 1, 2024, Moody's Ratings has downgraded
the following ratings of China Vanke Co., Ltd. and its wholly-owned
subsidiary, Vanke Real Estate (Hong Kong) Company Limited.
1. China Vanke's corporate family rating to Ba3 from Ba1;
2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)B1 from (P)Ba2; and
3. Backed senior unsecured rating on the bonds issued by Vanke
Real Estate to B1 from Ba2.
The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.
The entities' outlooks have been revised to negative. Previously,
their ratings were on review for downgrade.
The TCR-AP recently reported that S&P Global Ratings lowered its
long-term issuer credit rating on China Vanke Co. Ltd. to 'BB+'
from 'BBB+', and its long-term issuer credit rating on China
Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. to 'BB'
from 'BBB'. S&P also lowered the issue rating on Vanke HK's senior
unsecured notes to 'BB' from 'BBB'.
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I N D I A
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ADVANTAGE COMPUTERS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Advantage
Computers India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 0.40 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 14.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.60 [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 Advantage Computers 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.
ACIPL was incorporated in 1996 by Mr. J.L. Bhatia and Mr. Sanjeev
Bhatia as a closely heldcompany. The company is primarily engaged
in partial assembling, trading and distribution of mobiles, tablets
and electronic accessories. The electronic accessories include
power banks, computer peripherals, mobile peripheral setc. All the
products are sold under the brand ADCOM (whether imported or pur
chased domestically). The company imports its products from
suppliers in China and sells online through various web- portals,
large format retails and through dealer network of the company,
comprising of around 80 distributors and 450 dealers. Till 2012,
the company was primarily selling through its dealers. For this
purpose, company had its distribution network in Haryana, Punjab,
Uttar Pradesh, Rajasthan and Delhi. However as of now, the company
has opened branches in Delhi, Jaipur and Gurgaon while it sells
through dealers, distributors and e-retailers in rest of India.
Fore-retail the company has MOU's with Amazon, Flipkart, Snapdeal,
Homeshop18, Rediff etc. The company has a product research &
development centre consisting of qualified engineers who develop
and test all the products keeping in mind the quality, latest
specifications, usage etc. The management has stated that tests
reveal that the company has less than 1% product failure ratio. The
company is also responsible for limited value addition like
installation of additional software in the phones etc. Apart from
its own brand, the company has received the exclusive national
distributor for Zopo Mobiles. ACIPL has increased its focus on the
sale of Zopo mobiles as compared to its own brand in FY16 and YTD
FY17 with Zopo mobiles accounting for around 75-80% of the total
revenue.
AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Akal Pipe
Industries (API) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.86 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.32 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 18, 2023,
placed the rating(s) of API under the ‘issuer non-cooperating'
category as API 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. API continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 3, 2024, March 13, 2024, March 23, 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).
Akal Pipe Industries (API) was established in 2010 but started its
commercial operations in April 01, 2013 and is currently being
managed by Mr. Yadwinder Singh, Mr. Gurnam Singh, Mr. Harpreet
Singh, Mr. Harbant Singh and Mr. Nazam Singh, as its partners,
sharing the profit and losses in the ratio of 13%, 14%, 13%, 51%
and 9% respectively. API is engaged in the manufacturing of HDPE
(High density Polyethlylene) lined RCC (Reinforced cement concrete)
pipes at its manufacturing unit in Nalagrah, Solan, Himachal
Pradesh with varied installed capacity for different size of pipes.
The firm's products find their application mainly in the irrigation
and sewage sector.
ANAND HR: CRISIL Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anand HR
Management Private Limited (AHR) continues to be 'CRISIL C Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AHR for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AHR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHR continues to be 'CRISIL C Issuer Not Cooperating'.
Kangra, Himachal Pradesh-based AHR, incorporated in 2012, is
engaged in trading of edible oil under its own brand 'Anand Gold'.
Company is promoted by Mr. Rakesh Anand, who has 20 years of
business experience, and his wife Mrs. Sonia Anand.
AUDIO DESIGN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Audio Design
(AD) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.45 CRISIL D (Issuer Not
Cooperating)
Corporate Mortgage
Loan 0.95 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.14 CRISIL D (Issuer Not
Cooperating)
Proposed Fund-
Based Bank Limits 4.46 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 3.00 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AD for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AD
continues to be 'CRISIL D Issuer Not Cooperating'.
AD was set up in 2005 by the proprietor, Mr Navneet Kumar Wadhwa.
This Delhi based firm provides hire and rental services to event
management companies related to audio and visual equipment.
BPS SHIKSHAN: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BPS
Shikshan Sansthan (BSS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.25 CARE C; 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 March 24, 2023,
placed the rating(s) of BSS under the 'issuer non-cooperating'
category as BSS 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. BSS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2024, May 22, 2024 and May 23, 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).
BPS Shikshan Sansthan (BSS) was formed as a society on August 25,
2001, under the Rajasthan Society Act, 1958. The society was
established with a view to establish and operate educational
institutes. Currently, BSS is operating a school in the name of
'Bhartiya Public School' which is affiliated from CBSE Board, Delhi
to provide full time education in English from Nursery to XII. It
is also running 'Bhartiya Institute of Engineering & Technology'
(BIET) which is affiliated from Rajasthan University offering
courses like Computer Science, Civil Engineering, Mechanical
Engineering, Electrical Engineering along with 'Bhartiya Teachers
Training College' which is affiliated from Northern Regional
Committee National Council for Teacher Education offering courses
like 2nd year-Bachelor of Education, Course, 4th year-Bachelor of
Arts, Bachelor of Education, Bachelor of Science, Bachelor of
Education- Integrated Course. Besides, it also has transportation
and hostel facilities.
CIAN HEALTHCARE: NCLT Admits Company Under Insolvency
-----------------------------------------------------
Livemint.com reports that the Mumbai bench of the National Company
Law Tribunal (NCLT) on June 12 admitted Cian Healthcare under
insolvency following an application filed by one of its operational
creditors over unpaid dues worth INR1.14 crore.
The bench has appointed Roshen Chordiya as the interim resolution
professional for the company, Livemint.com discloses.
According to Livemint.com, Shreeji Pharmachem, the operational
creditor, had moved the NCLT by filing an application under Section
9 of the Insolvency and Bankruptcy Code, 2016 against the
Pune-based drugmaker. Section 9 allows operational creditors -- who
supply debtors products or services—to initiate insolvency
proceedings following a default on its dues.
"The creditor has thus successfully demonstrated and proved the
debt and default in this case. It is noted that the CD (corporate
debtor) admits the said outstanding debt. Therefore, we are of the
considered view that this application is complete and satisfies all
the necessary requirements for admission under Section 9 of the
IBC," said a bench led by justices K. R. Saji Kumar and Sanjiv Dutt
while admitting the company under insolvency, Livemint.com relays.
Advocate Nausher Kohli represented Cian Healthcare while Manoj
Shirsat appeared for the operational creditor.
Livemint.com says the company defaulted on dues worth ₹1.14
crore, based on eleven unpaid invoices for goods supplied to Cian
Healthcare. Following the default, the creditor initiated
insolvency proceedings against the company.
Livemint.com relates that the counsel for Shreeji Pharmachem argued
that there were attempts for settlement of dues between the
parties. However, the debtor changed its stance during the
settlement process, indicating its lack of willingness or
capability to settle the aforesaid dues. The fact that the company
had admitted to the debt and default by its reply in October 2021,
as well as its affidavit-in reply in September 2023, shows that the
present application should be allowed, he added.
On the other hand, Cian's counsel argued that by using the raw
materials supplied by the creditor, the company manufactured
Albendazole tablets and supplied it to the government of Andhra
Pradesh for distribution. However, there were complaints regarding
its quality which resulted in sample inspection by the drug
controller, in which the tablets were found to be defective and
'below the standard quality'. Moreover, the government of Andhra
Pradesh not only withheld payments to the drug firm but also did
not give any reply as regards payments due to it.
As a result of the poor quality of raw materials supplied by
Shreeji Pharmachem, the company suffered huge financial and
reputational loss, Kohli argued, Livemint.com relays.
Cian Healthcare manufactures and distributes pharmaceutical
products. It had approached the creditor for delivering certain raw
material for manufacture of Albendazole Tablets during 2020-22.
FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Flexi Plast
Industries (FPI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.0 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with FPI for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPI continues to be 'CRISIL D Issuer Not Cooperating'.
FPI was formed as a partnership concern in February, 2015 by Mr.
Pushpendra Sharma and Mr. Sunil Singhvi. However the firm
operationalized there operation from October, 2016. FPI engaged in
manufacturing of flexible packaging laminates such as Plastic
Pouch, Packaging Bag and Packaging Pouch. The product will be
majorly catered in food packaging industry and currently caters its
product in Rajasthan, Gujarat, Jharkhand, Maharashtra, Madhya
Pradesh and Uttar Pradesh.
GREEN PETRO: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Green Petro
Fuels Llp in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.80 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.23 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 7.35 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 2.87 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
As part of its process and in accordance with its rating agreement
with Green Petro Fuels Llp, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Green Petro Fuels LLP (GPF) was incorporated in November 2012 for
estbalishing light diesel oil manufacturing facility (in Raipur) by
Tirubhala Chemicals Private Limited (owned by Mr. Monish Johri) and
Mr. Santosh Dwidevi. The entity has a production capacity of 60,000
MT for blending oils to manufacture light diesel oils for
industrial use. GPF utilised around 16% of its installed capacity
in FY2017 at a production level of 9500MT.
H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H K Lumbers
LLP (HKL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HKL for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HKL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HKL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2014, HKL is a Gujarat based company engaged in
trading of timber. Apart from trading, it would also undertake
processing of timber so as to cater to customized orders. The day
to day operations will be managed by Mr. Bharat Kumar Rudrani.
HARMAN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Harman
Rice Private Limited (HRPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 30.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 19, 2023,
placed the rating(s) of HRPL under the 'issuer non-cooperating'
category as HRPL 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. HRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 4, 2024, March 14, 2024, March 24, 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).
Incorporated in 2006, HRPL is engaged in the processing of paddy at
its manufacturing facility in Bathinda, Punjab. HRPL mainly
produces unbranded basmati rice which is sold to nearby traders and
rice shellers located primarily in Punjab and Haryana. The company
also started exporting its products to countries in the middle-east
like Dubai etc., in FY17.
HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of HVR
Projects Private Limited (HPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 27, 2023,
placed the rating(s) of HPPL under the 'issuer non-cooperating'
category as HPPL 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. HPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2024, March 22, 2024, April 1, 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).
Incorporated in April 2015, HPPL is engaged in fabrication of heavy
components and design and fabrication of Pre-designed Building
(PEB). The company operates out of a facility located in Nagpur,
Maharashtra.
ISHWAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Ishwar Metal
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 22.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 0.99 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 20.00 [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 Ishwar Metal Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
IMI was established in 1985 by Mr. Rahul Chaudhary and his family
as a partnership firm. The firm is engaged in manufacturing and
installation of sub-station structure, transformer tanks, core
clamps, mater piller boxes, cables and conductors, electronic
meters and electric lamination. The manufacturing unit of the firm
is located in Jaipur Industrial Area (Rajasthan).
J. J. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. J.
International (JJI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JJI for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JJI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JJI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JJI continues to be 'CRISIL D Issuer Not Cooperating'.
Established in October 2017, JJI commenced rice milling operations
in January 2018. The firm is based in Pehowa, Haryana, and is
managed by Mrs Kamalpreet Kaur and Mrs Lakhwinder Kaur.
JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Jagdamba Poultry Private Limited (SJPPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.50 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 April 24, 2023,
placed the rating(s) of SJPPL under the 'issuer non-cooperating'
category as SJPPL 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. SJPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 9, 2024, March 19, 2024, March 29, 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).
Nagpur, Maharashtra based, SJPPL was incorporated in 2001 as a
private limited company by Mr. Rakesh Singh and Ms. Nutan Rakesh
Singh, and is engaged in poultry farming business and trading of
agro products like paddy, maize, wheat, rice,
soyabean, animal and poultry feed amongst others.
JAYPEE HEALTHCARE: Fortis, Apollo Lead the Charge in Bidding War
----------------------------------------------------------------
The Economic Times reports that Fortis Healthcare, Apollo
Hospitals, Medanta and Max Healthcare are among half-a-dozen
companies that have shown preliminary interest in acquiring Jaypee
Healthcare, the last of the Jaiprakash Group's priced assets to be
admitted into bankruptcy.
On June 14, the Allahabad bench of the National Company Law
Tribunal (NCLT) gave an oral order to admit Jaypee Healthcare for
corporate insolvency and resolution process on a petition filed by
JC Flowers Asset Reconstruction Company, according to ET.
A written order is yet to be uploaded by the tribunal on its
website.
According to ET, Manoj Gaur-promoted Jaiprakash Associates was
admitted for corporate insolvency process this month, while a
Suraksha Realty-led consortium has already taken control of Gaur's
other company, Jaypee Infratech, under the Insolvency and
Bankruptcy Code.
Jaypee Healthcare, a multi-speciality tertiary care hospital
located at Jaypee Wish Town in Noida, is a subsidiary of Jaypee
Infratech.
JC Flowers ARC, Bank of Baroda, Exim Bank, Punjab National Bank and
Asset Reconstruction Company of India (Arcil) are among its
lenders, according to a disclosure made by Care Ratings, ET relays.
Its total debt (including the interest component) is about INR1,000
crore.
Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare did
not respond to ET's request for comment.
The tribunal has appointed Bhuvan Madan, backed by PwC, as the
interim resolution professional for the company, while lenders have
appointed Shardul Amarchand Mangaldas as their advisor, ET
discloses.
ET says Yes Bank had extended a loan to Jaypee Infratech with
Jaypee Healthcare shares as security. In March 2023, JC Flowers ARC
(which acquired loans from Yes Bank) invoked the share pledge and
became a 63.6% stakeholder in the hospital operator.
The balance stake was held by Jaypee Infratech.
The hospital chains interested in acquiring Jaypee Healthcare had
earlier approached both the ARC and Suraksha Realty that had
acquired Jaypee Infratech, said people familiar with the
development, ET adds.
Last month, Suraksha, with a 36% equity stake, pleaded before the
NCLT that it was in talks with Jaypee Healthcare's lenders for an
out-of-court debt settlement, ET recalls. However, the settlement
did not materialise, said a person familiar with the development.
India-based Jaypee Healthcare Limited provides dental care, liver
transplant, radiology and imaging, chest surgery, ophthalmology,
pain management, plastic surgery, diabetes, kidney diseases, spine,
cancer treatment, and rehabilitation services.
K S INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of K S Infra
Transmission Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 7.00 [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 K S Infra Transmission 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.
KSIPL incorporated in 2013 is promoted by Mr. Rahul Chaudhary. The
company manufactures fabricated structures such as Cross Arms,
Clamps, Lattice towers, Substation structures and Transformer
tanks. In addition, it also manufactures line hardware for 11 KV
and 33 KV and LT line made up of Aluminium Casting and Iron
Casting. The manufacturing facility of the company is located in
Jaipur, Rajasthan. The company is cate ring to private as well as
various SEBs.
KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Knitcraft
Apparels International Private Limited (KAIPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 35.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 20, 2023,
placed the rating(s) of KAIPL under the 'issuer non-cooperating'
category as KAIPL 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. KAIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2024, March 15, 2024, March 25, 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).
Delhi based Knitcraft Apparels International Private Limited
(KAIPL) has succeeded an erstwhile partnership firm Knitcraft
Apparels International established in 1999 and converted into
private limited company in in the year 2007. The company is
currently being managed Mr. Sanjay Khurana, Mr. Sandeep Khurana and
Mr. Sanchit Khurana. KAIPL is predominantly an export-oriented
unit. The company is engaged in manufacturing of readymade garments
which includes knitting, dyeing, finishing, printing, embroidery,
stitching etc. of Shirts, Fleece, and Jacquard etc. The company
also manufactures 100% micro polyester & polyester spandex products
used in golf & other active wears. KAI majorly exports its product
directly to various retail chains & stores located in USA, Canada,
U.K and Europe. These include reputed customer base like
G-IIIApparel Canada LLC, Tommy Hilfiger, Van Heusan, Calvin Klein,
Ralph Lauren Corp (Polo) (USA), Superdry Plc (UK), DKNY(USA),
Esprit (Europe), Debenhams Retail PLC, Flag & Anthem etc.
MALANKARA PLANTATIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Malankara Plantations Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Malankara Plantations 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.
Malankara Plantations Limited is primarily engaged in the
production of tea and rubber along with the automobile division
with vehicles from Tata Motors. It also trades in the two products
which forms a small portion of the revenues. It has two tea estates
– Karimtharuvi and Penshurst – in Elappara, Idukki district and
a rubber estate in Thodupuzha, also in Idukki district (Kerala).
The Company was initially registered as a joint stock company in
1910 under the name Malankara Rubber & Produce Co Limited by the
founder Mr. P John. At about the same time, Mr. P John, in
partnership with his brothers planted Karimkulam Tea Estate and in
1915 in partnership with Mr. G.H. Davey, Imperial Bank of India,
started Karimtharuvi Tea Estates Limited. In 1943, his son Mr. P.
Kurian John purchased the Penshurst estate, which was later
purchased by Karimtharuvi Tea Estates Limited in 1953. Karimtharuvi
Tea Estates Limited was merged with merged with Malabar Rubber &
Produce Co Limited and the name was of the company was changed to
Malankara Plantations Limited in 2002. The automobile division was
recently started in 2013 and the company presently has two
showrooms, one each in Pathanamthitta and Kottayam.
MY AUTO: ICRA Withdraws B Rating on INR9.25cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
My Auto World (Kanpur) Pvt. Ltd. at the request of the company and
based on the No Objection 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 indicator
have not been captured as the rated instruments are being
withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Incorporated in 2012, MAPL is an authorized dealer of Ashok Leyland
Limited (ALLs) commercial vehicles and spare parts, Suzuki
Two-wheelers and is also a distributor of Samsung Mobile Phones in
Uttar Pradesh. The company has the sole dealership of Ashok Leyland
in nine districts of Uttar Pradesh.
OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Osia Jewels
Private Limited (OJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.0 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 7.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with OJPL for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OJPL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and OJPL as all the entities are in
similar line of business and are managed by the same management.
Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.
PARA ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Para
Enterprises Private Limited (PEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 8.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 13.9 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with PEPL for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in December 1996, PEPL is a Chennai based company
engaged in undertaking wind EPC contracts in the 250 Kw and 750 Kw
windmills segment (around 70 percent of revenue) and manufacturing
and export of match sticks and skillets (around 30 percent of
revenue).
PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Pramukh
Copper Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 6.10 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 2.15 [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 Pramukh Copper 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.
Pramukh Copper Private Limited (PCPL) was incorporated in January
2011 by Mr. Ronak Chaudhary, Mr. Arvind Patel, Mr. Jayantbhai
Patel, Mr. Dashrath Chaudhary, and Mrs. Subhadhraben Chaudhari. The
commercial production of the company started in mid of FY2012. PCPL
is engaged in manufacturing of rectangular copper bus bar and
profiles, round copper rods, copper strips and copper coils from
copper cathodes and scrap of copper. PCPL also procures the copper
rods from outside and makes modification in terms of sizing and
length and then sale to end customers. The manufacturing unit of
the company is located at Silvassa, Dadra Nagar Haveli with an
installed capacity of around 1500 MT. PCPL's plant location at
Dadra enjoys various fiscal Benefits like–no sales tax, low cost
of power @ Rs. 3.40/unit and proximity to the seaports. Mr. Ronak
has five years of experience in copper line of business. He is also
director in Shreejji Housing Projects Private Limited engaged in
real estate business located in Gandhinagar.
PRECISION ELECTRONIC: CARE Cuts Rating on INR6.27cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Precision Electronic Instruments Company (PEIC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.27 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Long Term/ 3.23 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable/CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2023,
placed the rating(s) of PEIC under the 'issuer non-cooperating'
category as PEIC 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. PEIC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 17, 2024, March 27, 2024, April 6, 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 assigned to the bank facilities of PEIC have been
revised on account of non-availability of requisite information.
Bahadurgarh, Distt. Jhajjar, Haryana based Precision Electronic
Instruments Company (PEIC) is a proprietorship firm established in
January, 1999. The firm is managed by Mr. Rajnish Kumar Aggarwal.
PEIC is engaged in manufacturing of Digital Weighing Scales, weigh
bridges, weighing systems, load cells, Auto/taxi fare meter and LED
lighting.
PREET LAND: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Preet Land
Promoters & Developers Private Limited (PLPDPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 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 April 19, 2023,
placed the rating(s) of PLPDPL under the 'issuer non-cooperating'
category as PLPDPL 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.
PLPDPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated March 4, 2024, March 14, 2024, March 24, 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).
Preet Land Promoters and Developers Private Limited (PLPDPL) was
incorporated as a private limited company in November 2005 and is
currently being managed by Mr. Raghubir Singh Dhiman, Mr. Charan
Singh Saini and Mr. Kanwal Jit Singh collectively. PLPDPL is
engaged in real estate business and is currently developing its
first real estate project named "Preet City" at Mohali (Punjab) on
a total area of 100 acres. PLP commenced land acquisition for the
project in 2006-07 (refers to financial year, April 1 to March 31).
RELIANCE CAPITAL: Hinduja Group Applies for New Deadline Extension
------------------------------------------------------------------
Financial Express reports that the Hinduja Group, the successful
resolution applicant of debt-laden Reliance Capital (RCap), has
filed a fresh plea seeking additional time for the completion of
the insolvency process.
It said that there were no delays from its part and the process now
requires a number of statutory and regulatory approvals.
According to FE, IndusInd International Holdings (IIHL), a Hinduja
group firm, filed an interlocutory application (IA) before the
National Company Law Tribunal's (NCLT) Mumbai bench on June 12.
While the plea did not specify a new timeline, IIHL intends to seek
2-3 months' extension when it comes up for hearing, lawyers briefed
on the matter told FE.
In the plea, IIHL also said that it had proved its bona fides by
submitting a on-demand bank guarantee of '483 crore to the
administrator and Committee of Creditors (CoC) at least 10 months
ago, FE relates.
FE says the Hinduja Group is yet to get all regulatory and
statutory approvals for completion of the process, which is "not in
the hands of the applicant" alone.
The applications for the approvals have to be made jointly by the
administrator, monitoring committee and IIHL, the plea said.
FE notes that IIHL needs regulatory approvals from NCLT, Government
of India, Pension Fund Regulatory and Development Authority,
Competition Commission of India, Insurance Regulatory and
Development Authority of India, RBI and Sebi for completion of the
process.
The total resolution consideration amount is '9,861 crore, of which
IIHL had proposed to pay '7,300 crore as debt, '2,500 crore by way
of overseas equity infusion, and '250 crore by Cyqure India, the
Indian entity implementing the resolution plan, it said, FE
relays.
Earlier in May, Hinduja Group chairman Ashok P Hinduja said that
IIHL had tied up the funds needed for the deal - with a consortium
of banks having given a letter stating they will provide the money
within 48 hours of all approvals.
Hearing a plea filed by the Hinduja Group on May 23, NCLT has
provided an extension to the May 27 deadline to complete the
resolution process, even though the tenure of the extension was not
specified.
The tribunal had also directed the CoC not to take any action,
including encashing of the '483-crore bank guarantee, FE adds.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.
RIGHILL ELECTRICS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Righill
Electrics Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 3.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term- 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Righill Electrics 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.
Righill Electrics Private Limited (REPL) was incorporated in 1993
as a private limited company by Mr. Ashutosh Shukla and Mr. Vinod
Sapre. The company designs and manufactures control systems and
assemblies for various applications, including oil field equipment.
It also manufactures parts and assemblies like electronic control
modules, printed circuit boards (PCBs), plug and socket connectors,
etc. REPL specialises in designing and manufacturing controls and
electric parts for oil rigs. The major revenue is derived from the
sale of rig equipment, and thus the revenues largely depend on the
rigging activity, and in turn on crude oil prices. It also provides
services pertaining to repairs and maintenance and offers annual
maintenance contracts (AMC) to its customers. The company has an
employee base of 50 engineers, who provide on-site services to
customers. The manufacturing facility of the company is located at
Bhopal in Madhya Pradesh.
RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rishi
Traders (RT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.73 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 April 28, 2023,
placed the rating(s) of RT under the 'issuer non-cooperating'
category as RT 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.
RT continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 13, 2024, March 23, 2024, April 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).
Nagpur based RT was established as a partnership concern in the
year 2011. The firm is engaged in ginning and pressing of cotton
and extraction of oil from cotton seed.
SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sardar
Poultry Farm (SPF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.48 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 15, 2023,
placed the rating(s) of SPF under the 'issuer non-cooperating'
category as SPF 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. SPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2024, April 9, 2024, April 19, 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).
Sardar Poultry Farm (SPF) established during February 2008 by one
Mr Bhupindra Kaur of Bilaspur. SPF is engaged in the business of
layer poultry farming and involved in sales of eggs and birds. The
farming facility of the firm is located near Bilaspur in
Chhattisgarh. The day-to-day affairs of the firm are looked after
by Mr. Bhupindra Kaur with adequate support from a team of
experience personnel.
VAISHNAVI BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Vaishnavi
Biotech Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 13.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Vaishnavi Biotech Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2000, Vaishnavi Biotech Limited (VBL) is into
manufacturing and marketing of eco friendly products to cater the
need of agricultural and veterinary/poultry sectors. The company
has a diversified product portfolio consisting of nutritional
fertilizers, bio-fertilizers other value added products which are
being manufactured through fermentation process. The manufacturing
facility of the company is located at Sihor Taluk, Bhavnagar,
Gujarat.
VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Granites & Exports Limited (DGL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing
Credit 7 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DGL for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DGL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DGL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DGL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, DGL is engaged in granite processing. DGL was
promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar Rao
and Mr. Gorukanti Naveen Kumar. DGL has commenced its commercial
operations during November, 2013.
===============
M O N G O L I A
===============
STATE BANK: Moody's Affirms 'B3' Long Term Deposit Ratings
----------------------------------------------------------
Moody's Ratings has affirmed State Bank JSC's B3 foreign currency
and local currency long-term bank deposit ratings and maintained
the stable outlook.
At the same time, Moody's has affirmed the bank's b3 Baseline
Credit Assessment (BCA) and Adjusted BCA, B3 foreign currency
long-term Counterparty Risk Rating (CRR), B2 local currency
long-term CRR, Not Prime foreign currency and local currency
short-term CRRs, as well as the B2(cr)/Not Prime(cr)
long-term/short-term Counterparty Risk (CR) Assessments.
RATINGS RATIONALE
The rating affirmation reflects Moody's expectation that State
Bank's credit profile will remain stable over the next 12 to 18
months, supported by steady improvement in asset quality on good
economic growth prospects. In addition, its capitalization will
remain stable on the back of slower asset growth and adequate
internal capital generation.
State Bank's b3 BCA is constrained by the bank operating in the
highly cyclical economy of Mongolia, which results in volatile
asset quality. However, its loans are retail focused and therefore
more granular than its peer banks, where 81% of its gross loans as
of December 31, 2023 were from mortgages and retail loans. State
Bank also has a high reliance on market funds.
The bank's credit strengths comprising its adequate profitability,
capitalization and good liquidity partly offset these weaknesses.
Moody's expect State Bank's problem loans/gross loans to decline to
around mid-8% over the next 12-18 months from 9.2% as of December
31, 2023, supported by an improving macroeconomic environment. The
Bank of Mongolia also lowered policy rates by two percentage points
in 2024, which will lead to lower asset risks as borrowers' debt
burdens are alleviated.
Moody's also expects State Bank's capitalization to remain adequate
over the next 12 to 18 months. After a strong 21% increase in gross
loans in 2023, the bank plans to moderate growth to around the
mid-teens in 2024. The bank plans to issue additional new shares
that Moody's expects could lead to an improvement in its
capitalization.
Moody's forecasts the bank's profitability, as measured by net
income/average managed assets, will be modestly lower in 2024, from
1.77% in 2023. This is because the agency expects the bank's
cost-to-income ratio to rise as the bank plans to increase its
employees' salaries. The agency also expects rate cuts to gradually
pressure the bank's net interest margins from late 2024.
State Bank's funding is supported by its solid deposit base and
good retail channel. However, Moody's forecasts the bank's market
funds/tangible assets will increase to the high-20% as loans are
funded with market funds. The bank's market funds/tangible banking
assets continued to increase to 24.3% as of end-2023, from 21.3% as
of end-2022 and 13.8% as of end-2021.
About half of State Bank's liquid banking assets are comprised of
Mongolian government bonds and central bank bills, which can be
pledged for repurchase agreement transactions. The bank's foreign
currency related risks are low because its foreign currency loans
to deposit ratio is low at less than 5% and most of its foreign
currency deposits are placed with the Bank of Mongolia.
Moody's has not incorporated affiliate support for State Bank, and
therefore, the bank's Adjusted BCA is in line with its b3 BCA.
Moody's assesses the level of government support for State Bank to
be high because of its importance to the domestic economy, based on
its status as one of domestic systemically important banks in
Mongolia with a 9.4% market share by asset size. However, this
assessment does not lead to any government support uplift to its
long-term deposit ratings because they are already at the same
level as the Government of Mongolia's issuer ratings of B3.
Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. State Bank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade State Bank's ratings if the sovereign rating
is upgraded because the bank's BCA is constrained by the sovereign
rating of B3.
Moody's could downgrade State Bank's ratings if its BCA or the
sovereign rating is downgraded, or both.
State Bank's BCA could be lowered if (1) its capitalization weakens
meaningfully with its TCE/RWA falling below 12% level on a
sustained basis; (2) its asset quality deteriorates with its new
nonperforming loan formation ratio rising above 5%; (3) its
profitability deteriorates significantly with net income/average
managed assets declining to below 0.5%; or (4) its reliance on
market funding rises significantly, particularly borrowings from
banks and financial institutions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in March 2024.
State Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT5.4 trillion (USD1.6 billion) as of the
end of 2023.
=====================
N E W Z E A L A N D
=====================
BABICH RD: Waterstone Insolvency Appointed as Receiver
------------------------------------------------------
Damien Mitchell Grant and Adam Stevenson Botterill of Waterstone
Insolvency on June 14, 2024, were appointed as receivers of Babich
RD Limited.
The receivers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
GG DECORATOR: Court to Hear Wind-Up Petition on June 24
-------------------------------------------------------
A petition to wind up the operations of GG Decorator & Property
Services Limited will be heard before the High Court at Tauranga on
June 24, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 8, 2024.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
GLEN INNES: Creditors' Proofs of Debt Due on July 22
----------------------------------------------------
Creditors of Glen Innes Park Village Limited are required to file
their proofs of debt by July 22, 2024, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Heiko Draht of Nair Draht
Limited as liquidator on May 31, 2024.
KUMEU EAST: Court to Hear Wind-Up Petition on June 21
-----------------------------------------------------
A petition to wind up the operations of Kumeu East Realty Limited
will be heard before the High Court at Auckland on June 21, 2024,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 22, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
OCEANIA DAIRY: Posts NZD19MM Loss in Fiscal Year Ended Dec 2023
---------------------------------------------------------------
The Timaru Herald reports that Chinese-owned Oceania Dairy recorded
a NZD19 million loss in the year ending December 2023.
Financial accounts just released showed the milk processing company
had a NZD3.9 million loss the year before, The Timaru Herald
relates.
According to The Timaru Herald, total revenue for 2023 of NZD376
million was also down on last year (NZD440 million).
Oceania Dairy is 100% owned by Asia's largest dairy producer, Inner
Mongolia Yili International Company Ltd, and listed on the Shanghai
Stock Exchange.
The company sold 39,471 tonnes (68350 tonnes in 2022) of dairy
products to Tianjin Yili, Hefei Yili Dairy, Ausnutria Dairy Corp
and Westland Cream, all owned and controlled by Yili, generating
revenue of NZD316 million (NZD371 million in 2022), the report
discloses.
Revenue from customers within the Yili Group totalled NZD240.29
million, down from NZD371 million the previous year, while revenue
from external customers lifted from NZD32 million to NZD56 million.
Other revenue including milk sales also lifted from NZD37.1 million
to NZD79.1 million.
Yili opened its NZD236 million Oceania Dairy factory at Morven in
2016 and purchased Westland Milk Products at Hokitika in 2019.
Oceania Dairy operates a dairy powder processing plant based in
Timaru, New Zealand. The company operates the Glenavy milk powder
processing plant and produces milk products, enabling clients to
avail quality milk products.
SAPPHIRE ENTERPRISE: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on June 10, 2024, was
appointed as liquidator of Sapphire Enterprise Pty Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
=================
S I N G A P O R E
=================
EMAS OFFSHORE: Court to Hear Wind-Up Petition on June 28
--------------------------------------------------------
A petition to wind up the operations of Emas Offshore Construction
And Production Pte Ltd will be heard before the High Court of
Singapore on June 28, 2024, at 10:00 a.m.
Lewek Conqueror (BVI) Ltd filed the petition against the company on
June 5, 2024.
The Petitioner's solicitors are:
Rev Law LLC
1D Duxton Hill
Singapore 089587
HAWK EYE: Court to Hear Wind-Up Petition on July 5
--------------------------------------------------
A petition to wind up the operations of Hawk Eye (Singapore) Pte
Ltd will be heard before the High Court of Singapore on July 5,
2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
June 10, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
LUXE FOOD: Commences Wind-Up Proceedings
----------------------------------------
Members of Luxe Food Pte. Ltd. on June 7, 2024, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Ong Shyue Wen
Saw Meng Tee
EA Consulting Pte Ltd
1 North Bridge Road
#23-05 High Street Centre
Singapore 179094
SOFTLAYER TECHNOLOGIES: Creditors' Proofs of Debt Due on July 13
----------------------------------------------------------------
Creditors of Softlayer Technologies Asia Private Limited are
required to file their proofs of debt by July 13, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 10, 2024.
The company's liquidators are:
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
TECHANIC PTE: Creditors' Meeting Set for June 28
------------------------------------------------
The Techanic Pte Ltd will hold a meeting for its creditors on June
28, 2024, at 2:00 p.m. via audio visual conference tool.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidator;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 10, 2024 to June 14, 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 0.92
VIRGIN AUSTRALIA HO 8.00 11/26/24 AUD 0.16
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 8.08 03/05/24 AUD 0.50
VIRGIN AUSTRALIA HO 8.25 05/30/23 AUD 0.30
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.37
VIRGIN AUSTRALIA HO 7.88 10/15/21 USD 0.37
CHINA
-----
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.04
AKESU TEXTILE CITY 7.50 06/21/24 CNY 20.04
ALETAI CITY JUJIN U 7.73 10/26/24 CNY 25.49
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 62.73
ANHUI PINGTIANHU IN 7.50 08/13/26 CNY 60.00
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 64.48
ANLU CONSTRUCTION D 7.80 11/28/26 CNY 60.00
ANNING DEVELOPMENT 8.00 12/04/25 CNY 21.52
ANNING DEVELOPMENT 8.00 12/04/25 CNY 21.45
ANNING DEVELOPMENT 8.80 09/11/25 CNY 41.80
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 42.59
ANSHANG WANGTONG CO 7.50 05/06/26 CNY 41.80
ANSHUN CITY XIXIU I 8.00 01/29/26 CNY 42.47
ANSHUN CITY XIXIU I 7.90 11/15/25 CNY 42.00
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.39
ANSHUN TRANSPORTATI 7.50 10/31/24 CNY 20.30
ANYUE XINGAN CITY D 7.50 05/06/26 CNY 41.79
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.62
ANYUE XINGAN CITY D 7.50 01/30/25 CNY 20.62
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 42.07
BIJIE CITY ANFANG C 7.80 01/18/26 CNY 41.40
BIJIE QIXINGGUAN DI 8.05 08/16/25 CNY 41.43
BIJIE QIXINGGUAN DI 7.60 09/08/24 CNY 20.25
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 42.04
BIJIE TIANHE URBAN 8.05 12/03/25 CNY 41.63
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.34
BIJIE XINTAI INVEST 7.80 11/01/24 CNY 20.25
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 64.29
CAOXIAN SHANG DU IN 7.80 10/28/26 CNY 63.69
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.05
CHANGDE DEYUAN INVE 7.70 06/11/25 CNY 41.05
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.65
CHANGDE DINGCHENG J 7.58 10/19/25 CNY 41.62
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.99
CHENGDU GARDEN WATE 8.00 06/13/25 CNY 40.00
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.26
CHENGDU GARDEN WATE 7.50 09/11/24 CNY 20.25
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.68
CHISHUI CITY CONSTR 8.50 01/18/26 CNY 41.66
CHONGQING HONGYE IN 7.50 12/24/26 CNY 64.26
CHONGQING JIANGLAI 7.50 10/26/25 CNY 41.71
CHONGQING JIANGLAI 7.50 10/26/25 CNY 40.00
CHONGQING NANCHUAN 7.80 08/06/26 CNY 62.94
CHONGQING SHUANGFU 7.50 09/09/26 CNY 62.71
CHONGQING THREE GOR 7.80 03/01/26 CNY 42.59
CHONGQING THREE GOR 7.80 03/01/26 CNY 40.00
CHONGQING TONGRUI A 7.50 09/18/26 CNY 63.53
CHONGQING TONGRUI A 7.50 09/18/26 CNY 60.00
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.85
CHONGQING WANSHENG 7.50 03/27/25 CNY 20.73
CHONGQING YUDIAN ST 8.00 11/30/25 CNY 42.02
CHUYING AGRO-PASTOR 8.80 06/26/19 CNY 19.40
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 42.15
DALI URBAN DEVELOPM 8.00 12/25/25 CNY 41.87
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.19
DASHIQIAO URBAN CON 7.59 08/14/24 CNY 20.19
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 42.28
DAWA COUNTY CITY CO 7.80 01/30/26 CNY 38.80
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 63.59
DAWU COUNTY URBAN C 7.50 09/20/26 CNY 60.00
DING NAN CITY CONST 7.80 04/08/26 CNY 42.61
DING NAN CITY CONST 7.80 04/08/26 CNY 40.00
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.67
DUJIANGYAN NEW CITY 7.80 10/11/25 CNY 41.41
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.91
DUJIANGYAN NEW CITY 7.80 05/02/25 CNY 20.00
DUJIANGYAN XINGYAN 7.50 11/01/26 CNY 63.99
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 42.22
FANGCHENG GANGSHI W 7.93 12/25/25 CNY 40.00
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 41.75
FANGCHENG GANGSHI W 7.95 10/11/25 CNY 40.00
FANTASIA GROUP CHIN 7.50 06/30/28 CNY 73.70
FANTASIA GROUP CHIN 7.80 06/30/28 CNY 44.53
FUJIAN FUSHENG GROU 7.90 12/17/21 CNY 70.99
FUJIAN FUSHENG GROU 7.90 11/19/21 CNY 60.00
FUZHOU LINCHUAN URB 8.00 02/26/26 CNY 42.52
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 42.31
GANZHOU NANKANG DIS 8.00 01/23/26 CNY 40.00
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 41.83
GANZHOU NANKANG DIS 8.00 10/29/25 CNY 40.00
GANZHOU NANKANG DIS 8.00 09/27/25 CNY 41.49
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 41.62
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.32
GAOQING LU QING ASS 7.50 09/27/24 CNY 20.32
GOME APPLIANCE CO L 7.80 12/21/24 CNY 37.00
GUANGAN XINHONG INV 7.50 06/03/26 CNY 43.09
GUANGAN XINHONG INV 7.50 06/03/26 CNY 42.75
GUANGDONG PEARL RIV 7.50 10/26/26 CNY 42.23
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 42.07
GUANGXI BAISE EXPER 7.59 01/08/26 CNY 39.39
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 41.73
GUANGXI BAISE EXPER 7.60 12/24/25 CNY 40.00
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.80
GUANGXI CHONGZUO UR 8.50 09/26/25 CNY 41.73
GUANGXI NINGMING HU 8.50 11/05/26 CNY 64.71
GUANGXI NINGMING HU 8.50 11/05/26 CNY 63.76
GUANGXI NINGMING HU 8.50 12/07/25 CNY 41.91
GUANGXI TIANDONG CO 7.50 06/04/27 CNY 45.00
GUANGYUAN CITY DEVE 7.50 10/25/27 CNY 37.50
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 64.29
GUANGYUAN YUANQU CO 7.50 12/23/26 CNY 60.00
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 63.17
GUANGYUAN YUANQU CO 7.50 10/30/26 CNY 60.00
GUANGZHOU FINELAND 13.60 07/27/23 USD 5.00
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 63.54
GUIXI STATE OWNED H 7.50 09/17/26 CNY 63.42
GUIYANG BAIYUN INDU 7.50 03/06/26 CNY 42.32
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.74
GUIYANG BAIYUN INDU 8.30 03/21/25 CNY 20.00
GUIYANG ECONOMIC DE 7.50 04/30/26 CNY 42.40
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.41
GUIYANG ECONOMIC DE 7.90 10/29/25 CNY 41.40
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.76
GUIYANG ECONOMIC TE 7.80 04/30/26 CNY 42.59
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 63.49
GUIYANG HI-TECH HOL 8.00 11/25/26 CNY 60.27
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 42.88
GUIZHOU CHANGSHUN C 8.50 03/19/26 CNY 40.00
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 42.04
GUIZHOU EAST LAKE C 8.00 12/07/25 CNY 41.28
GUIZHOU HONGGUO ECO 7.80 02/08/25 CNY 20.40
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 20.48
GUIZHOU HONGGUO ECO 7.80 11/24/24 CNY 10.50
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 63.37
GUIZHOU JINFENGHUAN 7.60 08/19/26 CNY 62.61
GUIZHOU SHUANGLONG 7.50 04/20/30 CNY 60.00
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 41.65
GUIZHOU SHUICHENG E 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.22
GUIZHOU SHUICHENG W 8.00 11/27/25 CNY 41.21
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.19
GUIZHOU XINDONGGUAN 7.70 09/05/24 CNY 20.15
GUIZHOU ZHONGSHAN D 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLIT 8.00 12/21/25 CNY 42.13
HAIAN URBAN DEMOLIT 7.74 05/02/25 CNY 20.80
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.53
HENGYANG CITY AND U 7.80 12/14/24 CNY 20.53
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.29
HENGYANG CITY AND U 7.50 09/22/24 CNY 20.29
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.42
HONGAN URBAN DEVELO 7.50 12/04/24 CNY 20.00
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 42.75
HUAINAN SHAN NAN DE 7.94 04/01/26 CNY 40.00
HUAINAN URBAN CONST 7.58 02/12/26 CNY 42.32
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.67
HUAINAN URBAN CONST 7.50 03/20/25 CNY 20.00
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 42.43
HUBEI DAYE LAKE HIG 7.50 04/01/26 CNY 41.50
HUBEI JIAKANG CONST 7.80 12/19/25 CNY 41.39
HUBEI YILING ECONOM 7.50 03/28/26 CNY 42.46
HUBEI YILING ECONOM 7.50 03/28/26 CNY 40.00
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 42.50
HUNAN CHUZHISHENG H 7.50 03/27/26 CNY 40.00
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 42.78
HUNAN MEISHAN RESOU 8.00 03/21/26 CNY 40.00
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.84
HUNAN TIANYI RONGTO 8.00 10/24/25 CNY 41.83
HUNAN TIANYI RONGTO 7.50 09/17/25 CNY 41.48
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 42.05
HUNAN XUANDA CONSTR 7.50 01/24/26 CNY 40.00
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 42.21
HUNAN XUANDA CONSTR 7.50 01/23/26 CNY 40.00
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.50
HUZHOU NEW CITY INV 7.50 11/23/24 CNY 20.00
HUZHOU WUXING NANTA 7.90 09/20/25 CNY 41.70
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 63.55
JIA COUNTY DEVELOPM 7.50 01/21/27 CNY 58.00
JIAHE ZHUDU DEVELOP 7.50 03/13/25 CNY 20.72
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 41.38
JIANGSU ZHONGNAN CO 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSH 7.90 01/25/26 CNY 42.36
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.75
JIANGXI HUANGGANGSH 7.90 10/08/25 CNY 41.50
JIANGXI JIHU DEVELO 7.50 04/10/25 CNY 20.81
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 7.50 05/07/26 CNY 52.21
JIANGYOU XINGYI PAR 7.80 12/17/25 CNY 51.91
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 42.06
JIANLI FENGYUAN CIT 7.50 01/14/26 CNY 40.00
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 63.83
JILIN ECONOMY TECHN 8.00 03/26/28 CNY 54.12
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.58
JINING NEW CITY DEV 7.60 03/23/25 CNY 20.00
JINXIANG COUNTY CIT 7.50 03/20/26 CNY 42.40
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 20.30
JUNAN COUNTY URBAN 7.50 09/26/24 CNY 20.24
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 65.43
KAILI GUIZHOU TOWN 7.98 03/30/27 CNY 60.98
KUNMING AIRPORT INV 7.50 01/28/26 CNY 41.70
LAOHEKOU CITY CONST 7.50 06/09/24 CNY 70.08
LAOTING INVESTMENT 7.50 04/11/26 CNY 42.54
LAOTING INVESTMENT 7.50 04/11/26 CNY 39.80
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 42.59
LIJIN CITY CONSTRUC 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 41.94
LIJIN CITY CONSTRUC 7.50 12/20/25 CNY 40.00
LINFEN YAODU DISTRI 7.50 09/19/25 CNY 41.52
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.83
LINYI COUNTY CITY D 7.78 03/21/25 CNY 20.00
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.83
LINYI ZHENDONG CONS 7.50 12/06/25 CNY 41.60
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.78
LINYI ZHENDONG CONS 7.50 11/26/25 CNY 41.35
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.62
LIUPANSHUI AGRICULT 8.00 04/26/27 CNY 60.03
LONGNAN ECO&TECH DE 7.50 07/26/26 CNY 63.05
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 42.45
LUANCHUAN COUNTY TI 8.50 01/23/26 CNY 40.00
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.88
LUOHE ECONOMIC DEVE 7.50 12/18/25 CNY 41.88
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.30
LUOYANG XIYUAN STAT 7.80 01/29/26 CNY 41.10
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 41.00
LUOYANG XIYUAN STAT 7.50 11/15/25 CNY 40.76
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 17.00
MAANSHAN NINGBO INV 7.50 04/18/26 CNY 16.00
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.92
MAANSHAN NINGBO INV 7.80 11/29/25 CNY 41.88
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 42.18
MEISHAN CITY DONGPO 8.00 01/03/26 CNY 40.00
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 41.42
MEISHAN CITY DONGPO 8.08 08/16/25 CNY 40.00
MEISHAN HONGSHUN PA 7.50 12/10/25 CNY 52.36
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 41.85
MENGZHOU INVESTMENT 8.00 11/06/25 CNY 40.00
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 41.50
MENGZHOU INVESTMENT 8.00 09/03/25 CNY 40.00
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.65
MENGZI CITY DEVELOP 8.00 03/25/26 CNY 42.06
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.30
MENGZI CITY DEVELOP 7.65 09/25/24 CNY 20.26
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 64.09
MIAN YANG ECONOMIC 8.00 09/29/26 CNY 60.00
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 42.64
MIAN YANG ECONOMIC 8.20 03/15/26 CNY 40.00
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 64.34
MIANYANG ANZHOU INV 7.90 11/25/26 CNY 60.00
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 41.95
MIANYANG ANZHOU INV 8.10 11/22/25 CNY 40.00
MIANYANG ANZHOU INV 8.10 05/04/25 CNY 20.97
MIANYANG HUIDONG IN 8.10 04/28/25 CNY 20.98
MIANYANG HUIDONG IN 8.10 02/10/25 CNY 20.76
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 42.04
MIANZHU CITY JINSHE 7.87 12/18/25 CNY 41.94
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 41.81
MILE AGRICULTURAL I 8.00 10/25/25 CNY 41.50
MUDANJIANG LONGSHEN 7.50 09/27/25 CNY 41.50
NANCHONG JIALING DE 7.98 05/23/25 CNY 21.01
NANCHONG JIALING DE 7.98 05/23/25 CNY 20.00
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.53
NANCHONG JIALING DE 7.80 12/12/24 CNY 20.53
NEOGLORY HOLDING GR 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GR 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GR 8.10 11/23/18 CNY 72.00
NINGXIA SHENG YAN I 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.54
PANJIN CITY SHUANGT 8.50 01/29/26 CNY 42.54
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.41
PANJIN CITY SHUANGT 8.70 12/20/25 CNY 42.41
PANJIN LIAODONGWAN 7.50 12/28/26 CNY 64.32
PEIXIAN ECONOMIC DE 7.51 11/04/26 CNY 64.05
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 20.98
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.38
PENGZE CITY DEVELOP 7.60 08/31/25 CNY 41.37
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.58
PINGLIANG CHENGXIAN 7.80 03/29/26 CNY 42.58
PUDING YELANG STATE 8.00 03/13/25 CNY 20.81
PUDING YELANG STATE 8.00 03/13/25 CNY 20.70
PUDING YELANG STATE 7.79 11/13/24 CNY 20.30
PUDING YELANG STATE 7.79 11/13/24 CNY 20.08
PUER CITY SI MAO GU 7.50 03/14/26 CNY 42.32
PUER CITY SI MAO GU 7.50 03/14/26 CNY 40.00
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 64.94
QIANDONGNAN TRANSPO 8.00 01/15/27 CNY 64.94
QIANNANZHOU INVESTM 8.00 01/02/26 CNY 42.20
QINGHAI PROVINCIAL 7.88 03/22/21 USD 1.89
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.34
QINGZHEN CITY CONST 7.50 03/18/26 CNY 42.33
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 64.27
QINGZHOU HONGYUAN P 7.60 06/17/27 CNY 63.02
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.45
QINZHOU BINHAI NEW 7.70 08/15/26 CNY 63.45
QUJING CITY QILIN D 8.50 01/21/26 CNY 42.53
QUJING CITY QILIN D 8.50 01/21/26 CNY 40.00
RENHUAI WATER INVES 8.00 12/26/25 CNY 39.54
RENHUAI WATER INVES 7.98 07/26/25 CNY 41.28
RENHUAI WATER INVES 7.98 02/24/25 CNY 20.68
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 42.11
RUCHENG SHUNXING IN 7.50 01/07/26 CNY 40.00
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 64.25
RUDONG NEW WORLD IN 7.50 12/06/26 CNY 60.00
RUILI RENLONG INVES 8.00 09/20/26 CNY 63.31
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 64.15
SHAANXI XIYUE HUASH 7.50 12/27/26 CNY 61.80
SHANDONG HONGHE HOL 7.50 01/29/26 CNY 42.10
SHANDONG OCEAN CULT 7.50 04/25/26 CNY 42.33
SHANDONG OCEAN CULT 7.50 03/28/26 CNY 42.05
SHANDONG RENCHENG R 7.50 01/23/26 CNY 41.30
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 42.01
SHANDONG URBAN CAPI 7.50 04/12/26 CNY 40.00
SHANGLI INVESTMENT 7.80 01/22/26 CNY 42.15
SHANGLI INVESTMENT 7.80 01/22/26 CNY 40.49
SHANGLI INVESTMENT 7.50 06/01/25 CNY 20.93
SHANGLI INVESTMENT 7.50 06/01/25 CNY 20.79
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.29
SHANGRAO GUANGXIN U 7.95 07/24/25 CNY 41.22
SHANXI JINZHONG STA 7.50 05/05/26 CNY 42.56
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 41.97
SHAOYANG SAISHUANGQ 8.00 11/28/25 CNY 40.00
SHEHONG STATE OWNED 7.60 10/25/25 CNY 41.74
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 21.35
SHEHONG STATE OWNED 7.50 08/22/25 CNY 41.37
SHEHONG STATE OWNED 7.50 08/22/25 CNY 40.00
SHENWU ENVIRONMENTA 9.00 03/14/19 CNY 12.00
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.45
SHEYANG URBAN CONST 7.80 11/27/24 CNY 20.43
SHIFANG CITY NATION 8.00 12/05/25 CNY 42.03
SHIFANG CITY NATION 8.00 12/05/25 CNY 40.00
SHIYAN CITY CHENGTO 7.80 02/13/26 CNY 45.79
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.11
SHUANGYASHAN DADI C 8.50 12/16/26 CNY 65.11
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.11
SHUANGYASHAN DADI C 8.50 08/26/26 CNY 64.11
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.14
SHUANGYASHAN DADI C 8.50 04/30/26 CNY 43.14
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.11
SHUOZHOU INVESTMENT 7.80 12/25/25 CNY 42.05
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.73
SHUOZHOU INVESTMENT 7.50 10/23/25 CNY 41.60
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.45
SICHUAN CHENG'A DEV 7.50 11/29/24 CNY 20.00
SICHUAN CHENG'A DEV 7.50 11/06/24 CNY 20.37
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 10/26/22 CNY 12.63
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 41.98
SIYANG JIADING INDU 7.50 12/14/25 CNY 41.86
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.84
SIYANG JIADING INDU 7.50 04/27/25 CNY 20.84
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 5.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 2.80
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 5.90
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 1.68
TAIXING CITY CHENGX 7.60 04/24/26 CNY 42.79
TAIXING CITY CHENGX 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGX 7.60 04/04/26 CNY 42.58
TAIXING CITY CHENGX 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGX 7.80 03/05/26 CNY 42.61
TAIXING CITY CHENGX 7.80 03/05/26 CNY 40.00
TAIXING XINGHUANG I 8.50 11/15/25 CNY 42.13
TAIXING XINGHUANG I 8.50 11/15/25 CNY 39.59
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.60
TAIZHOU FENGCHENGHE 7.90 12/29/24 CNY 20.00
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 42.48
TAIZHOU HUACHENG ME 8.50 12/26/25 CNY 40.00
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 42.49
TANCHENG COUNTY CIT 7.50 04/09/26 CNY 40.00
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.98
TANGSHAN HOLDING DE 7.60 05/16/25 CNY 20.89
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 64.04
TAOYUAN COUNTY CONS 8.00 10/17/26 CNY 60.00
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 63.47
TAOYUAN COUNTY CONS 7.50 09/11/26 CNY 60.00
TAOYUAN COUNTY ECON 8.20 09/06/25 CNY 41.66
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 52.27
TIANJIN REAL ESTATE 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONS 7.50 07/23/25 CNY 41.25
TONGCHENG CITY CONS 7.50 07/23/25 CNY 40.00
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 42.75
TONGHUA FENGYUAN IN 7.80 04/30/26 CNY 41.93
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 42.11
TONGHUA FENGYUAN IN 8.00 12/18/25 CNY 40.00
TONGREN WATER GROUP 8.00 11/29/28 CNY 71.98
TONGXIANG CHONGDE I 7.88 11/29/25 CNY 42.07
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 41.35
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 40.87
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.62
WEIHAI WENDENG URBA 7.70 05/02/28 CNY 64.50
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 42.20
WEINAN CITY INDUSTR 7.50 04/28/26 CNY 40.00
WINTIME ENERGY GROU 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROU 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROU 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROU 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROU 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROU 7.70 11/15/20 CNY 43.63
WUSU CITY XINGRONG 7.50 10/25/25 CNY 41.74
WUSU CITY XINGRONG 7.50 10/25/25 CNY 40.00
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 42.51
WUXUE URBAN CONSTRU 7.50 04/12/26 CNY 40.00
WUZHOU CANGHAI CONS 8.00 05/31/28 CNY 66.57
WUZHOU CITY CONSTRU 7.90 03/26/29 CNY 73.20
XIAN LINTONG URBAN 7.69 04/22/26 CNY 42.65
XIAN LINTONG URBAN 7.69 04/22/26 CNY 40.00
XIFENG COUNTY URBAN 8.00 03/14/26 CNY 42.28
XINFENG COUNTY URBA 7.80 04/16/26 CNY 42.87
XINFENG COUNTY URBA 7.80 04/16/26 CNY 41.88
XINFENG COUNTY URBA 7.80 12/05/25 CNY 42.00
XINFENG COUNTY URBA 7.80 12/05/25 CNY 40.00
XINGYI XINHENG URBA 8.00 11/21/25 CNY 41.84
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.53
XINGYI XINHENG URBA 7.90 01/31/25 CNY 20.00
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.91
XINPING URBAN DEVEL 7.70 01/24/26 CNY 41.71
XINYU CITY YUSHUI D 7.50 09/24/26 CNY 63.46
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.53
XIPING COUNTY INDUS 7.50 12/26/24 CNY 20.00
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.50
XIUSHAN HUAXING ENT 7.50 09/25/25 CNY 41.50
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 42.59
XUZHOU CITY JIAWANG 7.98 05/06/26 CNY 40.50
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 42.05
XUZHOU CITY JIAWANG 7.88 01/28/26 CNY 40.58
YANCHENG URBANIZATI 7.50 03/04/27 CNY 65.12
YANGLING URBAN RURA 7.80 06/19/26 CNY 63.06
YANGLING URBAN RURA 7.80 06/19/26 CNY 60.00
YANGLING URBAN RURA 7.80 02/20/26 CNY 42.12
YANGLING URBAN RURA 7.80 02/20/26 CNY 40.00
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.19
YIBIN NANXI CAIYUAN 8.10 11/28/25 CNY 42.11
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.88
YIBIN NANXI CAIYUAN 8.10 07/24/25 CNY 40.00
YICHANG CHUANGYUAN 7.80 11/06/25 CNY 41.79
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.67
YINGKOU BEIHAI NEW 7.98 01/25/25 CNY 20.67
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 43.03
YINGTAN JUNENG INVE 8.00 05/06/26 CNY 40.00
YIYANG COUNTY CITY 7.90 11/05/25 CNY 42.01
YIYANG COUNTY CITY 7.90 11/05/25 CNY 41.89
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.98
YIYANG COUNTY CITY 7.50 06/07/25 CNY 40.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 42.00
YIYANG LONGLING CON 7.60 01/23/26 CNY 40.30
YIYUAN HONGDING ASS 7.50 08/17/25 CNY 41.33
YONGAN STATE-OWNED 8.50 11/26/25 CNY 41.81
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 41.33
YONGXIU CITY CONSTR 7.80 08/27/25 CNY 40.00
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.83
YONGXIU CITY CONSTR 7.50 05/02/25 CNY 20.00
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.51
YOUYANG COUNTY TAOH 7.50 09/28/25 CNY 41.20
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.08
YUANJIANG CITY CONS 7.50 01/18/26 CNY 42.07
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.85
YUDU ZHENXING INVES 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 64.95
YUEYANG CITY JUNSHA 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 42.76
YUEYANG CITY JUNSHA 7.96 04/23/26 CNY 40.00
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 64.44
YUEYANG HUILIN INVE 7.50 12/23/26 CNY 60.00
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 65.18
YUSHEN ENERGY DEVEL 7.50 05/07/27 CNY 60.00
YUTAI XINDA ECONOMI 7.50 04/10/26 CNY 42.62
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.38
ZHANGJIAJIE LOULI T 7.50 03/26/26 CNY 42.38
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 63.79
ZHANGZI NATIONAL OW 7.50 10/18/26 CNY 60.00
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 42.57
ZHEJIANG CHANGXING 7.50 05/16/26 CNY 41.60
ZHEJIANG CHANGXING 7.50 12/26/25 CNY 41.94
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 42.15
ZHEJIANG WUYI CITY 8.00 12/21/25 CNY 42.14
ZHEJIANG WUYI CITY 8.00 08/10/25 CNY 41.41
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 62.60
ZHONGXIANG CITY CON 7.50 07/05/26 CNY 60.00
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 59.59
ZHOUSHAN ISLANDS NE 7.50 01/30/27 CNY 55.00
ZHUZHOU HI-TECH AUT 8.00 08/14/25 CNY 51.72
ZHUZHOU RAILWAY IND 7.50 09/25/24 CNY 20.28
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 66.12
ZIGUI COUNTY CHUYUA 7.80 02/12/28 CNY 60.00
ZIYANG KAILI INVEST 8.00 02/14/26 CNY 42.17
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.33
ZUNYI BOZHOU URBAN 7.85 10/24/24 CNY 20.29
ZUNYI ROAD & BRIDGE 8.00 05/08/29 CNY 71.89
ZUNYI TRAFFIC TRAVE 7.80 03/07/29 CNY 70.00
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 64.62
ZUNYI TRAFFIC TRAVE 7.70 09/27/27 CNY 63.93
HONG KONG
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CHINA SOUTH CITY HO 9.00 12/11/24 USD 21.28
CHINA SOUTH CITY HO 9.00 10/09/24 USD 22.34
CHINA SOUTH CITY HO 9.00 06/26/24 USD 21.15
CHINA SOUTH CITY HO 9.00 04/12/24 USD 20.00
HAINAN AIRLINES HON 12.00 10/29/21 USD 2.21
HONGKONG IDEAL INVE 14.75 10/08/22 USD 1.57
YANGO JUSTICE INTER 7.50 02/17/25 USD 0.24
YANGO JUSTICE INTER 7.88 09/04/24 USD 0.50
YANGO JUSTICE INTER 7.50 04/15/24 USD 0.13
YANGO JUSTICE INTER 8.25 11/25/23 USD 0.27
YANGO JUSTICE INTER 9.25 04/15/23 USD 0.47
YANGO JUSTICE INTER 10.00 02/12/23 USD 0.14
YANGO JUSTICE INTER 10.25 09/15/22 USD 0.11
YANGO JUSTICE INTER 10.25 03/18/22 USD 0.12
ZENSUN ENTERPRISES 12.50 04/23/24 USD 3.56
ZENSUN ENTERPRISES 12.50 09/13/23 USD 4.69
INDONESIA
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WIJAYA KARYA PERSER 10.90 11/03/29 IDR 63.68
WIJAYA KARYA PERSER 10.90 11/03/29 IDR 63.68
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 55.80
WIJAYA KARYA PERSER 8.30 02/18/29 IDR 55.69
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 58.52
WIJAYA KARYA PERSER 9.25 09/08/28 IDR 58.42
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 60.60
WIJAYA KARYA PERSER 9.75 03/03/28 IDR 60.28
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 60.08
WIJAYA KARYA PERSER 9.85 12/18/27 IDR 59.47
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 62.65
WIJAYA KARYA PERSER 10.50 11/03/27 IDR 62.65
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 59.66
WIJAYA KARYA PERSER 7.75 02/18/27 IDR 58.99
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.60
WIJAYA KARYA PERSER 8.55 09/08/26 IDR 63.09
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.62
WIJAYA KARYA PERSER 9.10 03/03/26 IDR 68.07
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.31
WIJAYA KARYA PERSER 9.25 12/18/25 IDR 70.18
WIJAYA KARYA PERSER 8.60 12/18/25 IDR 33.24
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 72.86
WIJAYA KARYA PERSER 9.90 11/03/25 IDR 72.86
INDIA
-----
AXIS FINANCE LTD 8.10 11/17/28 INR 73.64
HELLA INFRA MARKET 11.00 07/05/25 INR 70.81
IIFL SAMASTA FINANC 10.75 02/24/25 INR 37.68
IKF FINANCE LTD 10.60 03/27/25 INR 49.85
MAHANAGAR TELEPHONE 7.51 03/06/34 INR 53.46
PIRAMAL CAPITAL & H 8.50 04/18/23 INR 34.25
SHRIRAM FINANCE LTD 8.55 04/28/28 INR 19.52
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.84
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 0.24
BAKRIE TELECOM PTE 11.50 05/07/15 USD 0.24
BLD INVESTMENTS PTE 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.22
DAVOMAS INTERNATION 11.00 12/08/14 USD 0.22
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.21
DAVOMAS INTERNATION 11.00 05/09/11 USD 0.21
ENERCOAL RESOURCES 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE L 7.50 01/18/21 CNY 17.78
MICLYN EXPRESS OFFS 8.75 11/25/18 USD 0.87
NOMURA INTERNATIONA 7.65 10/04/37 AUD 64.87
NOMURA INTERNATIONA 19.50 08/28/28 TRY 69.19
ORO NEGRO DRILLING 7.50 01/24/24 USD 0.50
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SOUTH KOREA
-----------
SAMPYO CEMENT CO LT 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LT 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LT 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LT 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LT 8.30 04/20/14 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMEN 12.40 06/15/38 LKR 61.40
SRI LANKA GOVERNMEN 12.40 05/15/37 LKR 62.33
SRI LANKA GOVERNMEN 12.40 04/15/36 LKR 63.47
SRI LANKA GOVERNMEN 12.40 03/15/35 LKR 64.84
SRI LANKA GOVERNMEN 12.40 02/15/34 LKR 66.49
SRI LANKA GOVERNMEN 12.40 01/15/33 LKR 68.44
SRI LANKA GOVERNMEN 12.40 06/15/32 LKR 72.68
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 57.84
SRI LANKA GOVERNMEN 7.55 03/28/30 USD 57.80
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 58.59
SRI LANKA GOVERNMEN 7.85 03/14/29 USD 58.58
*********
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