/raid1/www/Hosts/bankrupt/TCRAP_Public/250218.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, February 18, 2025, Vol. 28, No. 35
Headlines
A U S T R A L I A
8957 PTY: Second Creditors' Meeting Set for Feb. 26
A-TEAM PIZZA: First Creditors' Meeting Set for Feb. 26
AEON METALS: Undergoes Restructuring With Share Transfer to OL
ALLIED CREDIT 2023-2: Moody's Hikes Rating on Class F Notes to Ba2
DAVESI CONSTRUCTION: First Creditors' Meeting Set for Feb. 24
GREEN PLANET: ASIC Issues Two Interim Stop Orders on Public Offer
HD LOGISTICS: First Creditors' Meeting Set for Feb. 25
LAL REFRIGERATED: Second Creditors' Meeting Set for Feb. 21
NORTH QUEENSLAND EXPORT: S&P Discontinues 'BB' ICR on AUD329M Notes
PLENTI AUTO 2025-1: Moody's Assigns B2 Rating to AUD11MM F Notes
STAR ENTERTAINMENT: Oaktree Offers to Refinance AUD650MM Debt
C H I N A
CHINA EVERGRANDE: Unit Tianji Ordered to Liquidate by HK Court
GREENTOWN CHINA: Moody's Rates New Senior Unsecured Notes 'B1'
HNA GROUP: Hong Kong Judge Orders Liquidation of Investment Unit
MERCURITY FINTECH: Officially Joins Russell Microcap Index
WEST CHINA CEMENT: Moody's Cuts CFR to B3; Sr. Unsec. Notes to Caa1
I N D I A
ACCORD MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category
ARUNACHALA SPINNING: CARE Lowers Rating on INR30.07cr Loan to B+
BHAGWATI VINTRADE: CARE Lowers Rating on INR22.27cr LT Loan to B-
BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
CHIDAMBARAM SHIPCARE: ICRA Keeps B+ Ratings in Not Cooperating
CREATIVE CREDIT: ICRA Keeps B+ Debt Ratings in Not Cooperating
DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
KALRA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
KARPAGA VINAYAGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
KSDM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
MABEREST HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHESHWARI TRADERS: CARE Reaffirms B Rating on INR17.50cr LT Loan
NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category
OMPRAKASH ASHOK: CARE Lowers Rating on INR49.85cr LT Loan to B+
POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
PRESTRESS STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAI SHIVANAGERE: ICRA Keeps B Debt Rating in Not Cooperating
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
SPINEL MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
SWADESH GEEN: ICRA Lowers Rating on INR27.50cr LT Cash Loan to D
VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating
VIJAY ENGINEERING: ICRA Keeps B Debt Ratings in Not Cooperating
XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
M A L A Y S I A
EA TECHNIQUE: Net Profit Up in 4Q, Applies to Exit PN17 Status
M O N G O L I A
MONGOLIA: Fitch Assigns 'B+' Rating to Proposed USD Bonds
N E W Z E A L A N D
BLUE SKY: Court to Hear Wind-Up Petition on Feb. 28
FAIRFENCE LIMITED: Court to Hear Wind-Up Petition on March 10
MILLBROOK WEST: Calibre Partners Appointed as Receivers
MOMENTUM LIFE: A.M. Best Cuts Financial Strength Rating to B(Fair)
PORTER PACKAGING: Khov Jones Appointed as Receivers
YOUNG&PARTNERS LIMITED: Court to Hear Wind-Up Petition on Feb. 27
S I N G A P O R E
ACCOUNCITY PTE: Court Enters Wind-Up Order
CHUN HOE: Court Enters Wind-Up Order
NATIONWIDE EXPRESS: Commences Wind-Up Proceedings
NAUTICAWT LIMITED: Court Enters Wind-Up Order
PRETTYFUN BEAUTY: Court to Hear Wind-Up Petition on Feb. 28
PROPERTYGURU LIMITED: Axes 174 Employees, Shuts 3 Business Units
S R I L A N K A
SRI LANKA: Expects Economy to Grow; Resume Debt Repayment in 2028
X X X X X X X X
[] BOND PRICING: For the Week Feb. 10, 2025 to Feb. 14, 2025
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A U S T R A L I A
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8957 PTY: Second Creditors' Meeting Set for Feb. 26
---------------------------------------------------
A second meeting of creditors in the proceedings of 8957 Pty
Limited has been set for Feb. 26, 2025 at 3:00 p.m. via virtual
meeting - teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 25, 2025 at 5:00 p.m.
Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Jan. 28, 2025.
A-TEAM PIZZA: First Creditors' Meeting Set for Feb. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of A-Team Pizza
Enterprises Pty Ltd will be held on Feb. 26, 2025 at 11:00 a.m. at
the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Steet in
Brisbane.
David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on Feb. 14, 2025.
AEON METALS: Undergoes Restructuring With Share Transfer to OL
--------------------------------------------------------------
TipRanks reports that Aeon Metals Ltd. is undergoing a
restructuring process under a Deed of Company Arrangement (DOCA),
which involves a transfer of all company shares to OL Master
Limited (OCP) for no consideration. This restructuring is subject
to court approval through a Section 444GA Application process, as
the shares are deemed to have no value.
TipRanks relates that shareholders and creditors have the
opportunity to oppose this transfer, but an independent expert
report supports the restructuring by confirming the shares hold no
residual equity value.
Aeon Metals Limited (ASX:AML) -- https://aeonmetals.com.au/ --
together with its subsidiaries, engages in the exploration for and
evaluation of mineral properties in Australia. The company explores
for copper, cobalt, gold, lead, zinc, molybdenum, silver, nickel,
and base metal deposits. Its flagship project is the Walford Creek
Copper-Cobalt project located northwest of Mount Isa in Northwest
Queensland.
On July 26, 2024, Vaughan Strawbridge, Kathryn Evans and Ben
Campbell of FTI Consulting were appointed as administrators of:
- Aeon Metals Limited;
- Aussie NQ Resources Pty Ltd;
- Aeon Walford Creek Ltd;
- Aeon Isa Exploration Pty Ltd;
- Aeon Monto Exploration Pty Ltd; and
- Aeon Walford Exploration Pty Ltd.
In December 2024, the administrators of Aeon Metals said that at
the second meeting of creditors on Nov. 29, 2024, the company's
creditors resolved:
* the Company execute the Deed of Company Arrangement (DOCA)
proposed by OL Master Limited, and
* Benjamin Campbell, Vaughan Strawbridge and Kathryn Evans
of FTI Consulting be appointed as Deed Administrators.
The DOCA was executed on Dec. 19, 2024.
ALLIED CREDIT 2023-2: Moody's Hikes Rating on Class F Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on eleven classes of notes
issued from three Allied Credit ABS Trust transactions.
The affected ratings are as follows:
Issuer: Allied Credit ABS Trust 2022-1
Class C Notes, Upgraded to Aa1 (sf); previously on May 20, 2024
Upgraded to Aa2 (sf)
Class E Notes, Upgraded to A3 (sf); previously on May 20, 2024
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to Baa3 (sf); previously on May 20, 2024
Upgraded to Ba1 (sf)
Issuer: Allied Credit ABS Trust 2023-2
Class D Notes, Upgraded to A2 (sf); previously on May 20, 2024
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on May 20, 2024
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on May 20, 2024
Upgraded to Ba3 (sf)
Issuer: Allied Credit ABS Trust 2024-1
Class B Notes, Upgraded to Aa1 (sf); previously on Apr 15, 2024
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa3 (sf); previously on Apr 15, 2024
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Apr 15, 2024
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Apr 15, 2024
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Apr 15, 2024
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the transactions
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades for Allied Credit ABS Trust 2022-1 were prompted by
the good collateral performance to date and revised collateral
assumptions.
The upgrades for Allied Credit ABS Trust 2023-2 and 2024-1 were
prompted by an increase in note subordination available for the
affected notes, the good collateral performance to date, and
revised collateral assumptions.
No action was taken on the remaining rated classes in the deals as
credit enhancements for these classes remain commensurate with the
current ratings.
Allied Credit ABS Trust 2022-1
Principal collections have been distributed on a pro-rata basis
among all notes since the August 2023 payment date. As a result,
the note subordination available for the Class C, Class E and Class
F Notes has remained unchanged at 16.6%, 9.6% and 6.6%
respectively, since the last rating action for these notes in May
2024. Outstanding notes (excluding A-X Notes) as a percentage of
the total closing balance (excluding A-X Notes) was 40% following
the January 2025 payment date.
As of end-December 2024, 1.5% of the outstanding pool was 30-plus
day delinquent and 0.2% was 90-plus day delinquent. The portfolio
has incurred 0.7% (as a percentage of original pool) of losses to
date, all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 4% of
the current pool balance (equivalent to 2.5% of the original pool
balance), compared to 4.2% (equivalent to 3.0% of the original pool
balance) at the time of the last rating action in May 2024. Moody's
also lowered Moody's portfolio credit enhancement assumption to 18%
from 19% at the time of the last rating action.
Allied Credit ABS Trust 2023-2
Following the January 2025 payment date, the note subordination
available for the Class D, Class E, and Class F notes has increased
to 10.7%, 5.4%, and 4.2%, respectively, from 9.4%, 4.8%, and 3.7%
at the time of the last rating action in May 2024. Outstanding
notes (excluding A-X Notes) as a percentage of the total closing
balance (excluding A-X Notes) was 62.7% following the January 2025
payment date.
As of end-December 2024, 1.1% of the outstanding pool was 30-plus
day delinquent and 0.1% was 90-plus day delinquent. The portfolio
has incurred 0.5% (as a percentage of the original portfolio
balance) of losses to date, all of which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 4.1% of
the current pool balance (equivalent to 3.2% of the original pool
balance), compared to 4.7% (equivalent to 4.2% of the original pool
balance) at the time of the last rating action in May 2024. Moody's
have also lowered Moody's portfolio credit enhancement assumption
to 18% from 19% at the time of the last rating action.
Allied Credit ABS Trust 2024-1
Following the January 2025 payment date, the note subordination
available for the Class B, Class C, Class D, Class E, and Class F
Notes has increased to 18%, 13.7%, 11.5%, 5.9% and 4.8%,
respectively, from 13.9%, 10.6%, 8.9%, 4.6%, and 3.7% at closing.
Outstanding notes (excluding A-X Notes) as a percentage of the
total closing balance (excluding A-X Notes) was 77.4% following the
January 2025 payment date.
As of end-December 2024, 0.6% of the outstanding pool was 30-plus
day delinquent and 0.1% was 90-plus day delinquent. The portfolio
has incurred 0.2% (as a percentage of the original portfolio
balance) of losses to date, all of which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 4.1% of
the current pool balance (equivalent to 3.4% of the original pool
balance) compared to 4.3% of the original pool balance at closing.
Moody's have also lowered Moody's portfolio credit enhancement
assumption to 18% from 19% at closing.
The transactions are securitisations of loans backed primarily by
motor vehicle assets originated by Allied Credit Pty Ltd.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
DAVESI CONSTRUCTION: First Creditors' Meeting Set for Feb. 24
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Davesi
Construction Group Pty Ltd will be held on Feb. 24, 2025 at 11:00
a.m. via virtual meeting technology.
Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on Feb. 12, 2025.
GREEN PLANET: ASIC Issues Two Interim Stop Orders on Public Offer
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
issued two interim stop orders on the public offer (Offer) of
redeemable preference shares (Company Securities) by Green Planet
Recycling Solutions Limited, an unlisted public company.
The orders were made in relation to:
* the offer of Company Securities under the prospectus lodged
with ASIC on January 29, 2025 (Prospectus) to raise up to
AUD20,000,000; and
* the failure to prepare a target market determination (TMD) in
compliance with design and distribution obligations (DDOs) in
connection with the Offer.
The interim stop orders prevent Green Planet Recycling Solutions
from:
* offering or issuing Company Securities under the Prospectus;
and
* dealing with Company Securities, giving a prospectus or
providing financial advice to retail clients.
The orders are valid for 21 days unless revoked earlier.
ASIC was concerned that the Prospectus did not adequately disclose
all of the information required under section 710 of the
Corporations Act 2001 (Corporations Act), including, but not
limited to, the Company's:
- historical financial information;
- business model;
- proposed use of funds to be raised;
- rights and liabilities attached to Company Securities;
- capacity to pay dividends; and
- Offer risks.
ASIC was further concerned that the Prospectus:
* included misleading statements regarding issues of
sustainability and the Company's operating status; and
* did not present information in a clear, concise and
effective manner.
ASIC was further concerned that Green Planet Recycling Solutions
had contravened its DDO in Part 7.8A of the Corporations Act, as it
had not prepared a TMD in relation to the Offer.
Green Planet Recycling Solutions Private Limited engages in
recycling of metal waste and scrap [from rejected aluminum,
utensil, containers and other used metallic items etc.
HD LOGISTICS: First Creditors' Meeting Set for Feb. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of HD Logistics
Pty Ltd will be held on Feb. 25, 2025 at 2:00 p.m. at the offices
of Equinox Building 4 at Level 2, 70 Kent Street in Deakin.
Adam Cormack and Jonathon Colbran of RSM were appointed as
administrators of the company on Feb. 13, 2025.
LAL REFRIGERATED: Second Creditors' Meeting Set for Feb. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of LAL
Refrigerated Transport Pty Ltd and V&L Refrigerated Transport Pty
Ltd has been set for Feb. 21, 2025 at 11:00 a.m. online via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2025 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor and Anthony Phillip Wright of Olvera
Advisors were appointed as administrators of the company on Jan.
21, 2025.
NORTH QUEENSLAND EXPORT: S&P Discontinues 'BB' ICR on AUD329M Notes
-------------------------------------------------------------------
S&P Global Ratings discontinued its 'BB' issue credit rating on the
A$329 million notes issued by North Queensland Export Terminal Pty
Ltd. S&P discontinued the rating because the notes have been
repaid. Following the repayment, the company no longer has any
rated debt outstanding. The outlook was negative before the
discontinuance.
PLENTI AUTO 2025-1: Moody's Assigns B2 Rating to AUD11MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Plenti Auto ABS 2025-1 Trust.
Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS 2025-1 Trust
AUD410.00 million Class A Notes, Definitive Rating Assigned Aaa
(sf)
AUD9.30 million Class A-X Notes, Definitive Rating Assigned Aaa
(sf)
AUD23.85 million Class B1 Notes, Definitive Rating Assigned Aa2
(sf)
AUD13.65 million Class B2 Notes, Definitive Rating Assigned Aa2
(sf)
AUD11.20 million Class C1 Notes, Definitive Rating Assigned A2
(sf)
AUD6.30 million Class C2 Notes, Definitive Rating Assigned A2
(sf)
AUD6.25 million Class D Notes, Definitive Rating Assigned Baa2
(sf)
AUD11.25 million Class E Notes, Definitive Rating Assigned Ba1
(sf)
AUD11.00 million Class F Notes, Definitive Rating Assigned B2
(sf)
The AUD6.50 million Class G Notes are not rated by us.
Plenti Auto ABS 2025-1 Trust (Plenti 2025-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti, unrated) and are
serviced by Plenti RE Limited (Plenti RE).
Plenti is a 100%-owned Australian subsidiary of Plenti Group
Limited, established in 2014 focusing on consumer lending. It
started consumer automotive lending in 2017 and commercial
automotive lending in 2021. Following strong growth in its
automotive finance book, Plenti is issuing its fifth auto ABS term
transaction. Plenti is a technology-led lending business, offering
automotive, renewable energy and personal loans, delivered via its
proprietary technology platform.
RATINGS RATIONALE
The ratings take into account, among other factors:
-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2017
onwards and commercial auto loans commencing in 2021. The
collateral performance data used in Moody's analysis reflects
Plenti's short origination history and does not cover a full
economic cycle.
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among Class A through Class F Notes.
Following the call date, or if the pro rata conditions are
otherwise not satisfied, the principal collections distribution
will revert to sequential. Initially, the Class A, Class B (Class
B1 and B2), Class C (Class C1 and C2), Class D, Class E and Class F
Notes benefit from 18.00%, 10.50%, 7.00%, 5.75%, 3.50% and 1.30% of
note subordination, respectively.
-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
November 2027. If the deal is called by the sponsor before
repayment of the Class A-X Notes under the amortisation schedule in
November 2027, the Class A-X Notes will be made whole and repaid in
full. The notes also benefit from access to principal draw
providing the Class A Notes stated amount is above zero.
-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.
-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.
-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).
-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 3.4%, a
recovery rate of 33.0%, and a Aaa portfolio credit enhancement
("PCE") of 16.5%. 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 us 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 2.1%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.
The PCE of 16.5% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Key pool features are as follows:
-- Consumer loans constitute 60.0% of the pool while the remaining
40.0% is made up of commercial loans;
-- The weighted average interest rate of the portfolio is 9.18%;
-- The weighted average remaining term of the portfolio is 57.2
months; and
-- The weighted average seasoning of the initial portfolio is 9.0
months.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expect include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
STAR ENTERTAINMENT: Oaktree Offers to Refinance AUD650MM Debt
-------------------------------------------------------------
Reuters reports that Star Entertainment announced on Feb. 17 that
U.S.-based Oaktree had offered to refinance AUD650 million
(US$413.40 million) of its debt in what could be a major lifeline
for the cash-strapped firm.
Oaktree Capital Management's offer was first reported by the
Australian Financial Review, which said the asset management firm
had approached Star's lender syndicate including Westpac, Barclays
and Washington H Soul Pattinson along with other investors,
offering to acquire their debt at a discount.
Reuters relates that Star said it was considering the offer but
provided no assurances the proposal would be accepted.
If the proposal is accepted, it would result in the dilution of the
shareholding of the casino operator's investors and make Oaktree a
significant investor in the future. Oaktree was not immediately
available for comment outside of business hours, Reuters relays.
Star has been urgently seeking to raise capital after expressing
doubts last month about its viability due to a cash crunch. The
company needs to raise AUD150 million in subordinated debt to
proceed with further AUD100 million borrowings.
The heavily-indebted gaming firm has been struggling amidst a
crisis affecting Australian casino operators for years, with Star
and larger rival Crown Resorts, owned by Blackstone facing multiple
regulatory inquiries, decreased tourist visits and long closures.
According to Reuters, the firm has repeatedly warned investors that
conditions remain challenging for the company to continue
operating.
"We would caution a significant rise in the Star's share price
given that its currently very public dirty laundry would likely be
a considerable liability for whomever purchases control of the
group," Reuters quotes Jesse Moors, portfolio manager at Spatium
Capital, as saying. "Oaktree will likely be cognisant and
aggressive in their negotiation of this; which may dilute current
or new shareholders in Star."
Reuters adds that Star said several conditions must be met for
Oaktree's offer to proceed, including a "comprehensive" security
package, approvals from governments and regulators in New South
Wales and Queensland, completion of due diligence and existing
creditors entering a settlement and/or refinancing agreement on
terms satisfactory to Oaktree.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.
As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.
In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.
According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.
As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.
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C H I N A
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CHINA EVERGRANDE: Unit Tianji Ordered to Liquidate by HK Court
--------------------------------------------------------------
Bloomberg News reports that a key unit of China Evergrande Group
was ordered by a Hong Kong court to liquidate, the latest legal win
for liquidators trying to access assets of the world's most
indebted developer.
According to Bloomberg, Tianji Holding Ltd. is the second
Evergrande unit to receive a wind-up order in as many months. The
two rulings come about a year after Evergrande Group itself was
liquidated, becoming the biggest casualty of the country's
prolonged property crisis. Tianji Holding is clearly insolvent,
Judge Linda Chan of Hong Kong's High Court said in her ruling on
Feb. 17.
Bloomberg says Evergrande's court-approved liquidators are still
navigating the company's structural maze and legal questions about
their reach in onshore jurisdictions, where much of the developer's
assets are located. Evergrande's default in 2021 opened the
floodgates to record debt failures by other builders, a shock to an
economy that had relied on real estate to drive growth.
The Tianji unit has over 200 subsidiaries incorporated in the
British Virgin Islands, Hong Kong and mainland China. It is also a
guarantor to some of the defaulted builder's dollar notes. The
total debt related to Tianji is about CNY37 billion ($5.1 billion),
according to the unit's legal representatives.
A Hong Kong court last month moved up Tianji's hearing date,
shortening an earlier respite. Evergrande liquidators Edward
Middleton and Tiffany Wong of Alvarez & Marsal Asia Ltd. filed the
winding-up petition against Tianji Holding in November, according
to Bloomberg.
Separately, the liquidators are trying to recover $6 billion in
dividends and remuneration given to seven individuals, including
the developer's founder Hui Ka Yan, Bloomberg reports. They also
began court proceedings against the builder's auditors and real
estate service companies over valuation reports they produced for
Evergrande and its subsidiaries years ago.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
GREENTOWN CHINA: Moody's Rates New Senior Unsecured Notes 'B1'
--------------------------------------------------------------
Moody's Ratings has assigned a B1 senior unsecured rating to the
proposed senior notes to be issued by Greentown China Holdings
Limited (Greentown, B1 negative).
Greentown will use the net proceeds from the proposed issuance to
refinance existing debt. The company has also announced an offer to
repurchase its USD senior notes due in April and July 2025 at par
value.
"The proposed issuance will enhance Greentown's liquidity profile
without materially affecting its financial profile, because the
proceeds are primarily used for debt refinancing," says Daniel
Zhou, a Moody's Ratings Assistant Vice President and Analyst.
RATINGS RATIONALE
Greentown's B1 corporate family rating incorporates its standalone
credit strength and one-notch uplift based on Moody's expectation
that the company will receive extraordinary financial support from
its parent, China Communications Construction Group Limited (CCCG),
in times of financial distress.
Greentown's standalone credit strength reflects its strong brand
name and established market position, supporting the company's
sales to outperform the broader market, as well as adequate
liquidity. The company's standalone credit strength is constrained
by its exposure to cyclicality in the Chinese property sector, high
debt leverage that will reduce slightly, and exposure to joint
ventures (JVs), although such exposure is declining.
Greentown's gross contracted sales fell by 12% year-on-year to
RMB171.8 billion in 2024. Nevertheless, the level of decline was
lower than the 18% drop in national contracted sales during the
same period, supported by the company's strong brand name and
established market position.
Moody's forecast Greentown's annual gross contracted sales decrease
to narrow to 5%-10% over the next 12-18 months. Despite the
lingering market challenges in China's property sector, the
government's policy stimulus introduced since late September 2024
will likely improve homebuyer sentiment and property sales.
Moody's estimate Greentown's leverage, measured as adjusted
debt/EBITDA, to decline slightly to 7.5x-7.8x over the next 12-18
months from 8.1x for the last twelve months ending June 30, 2024
(LTM June 2024). Similarly, Greentown's interest coverage —
measured as EBIT/interest — will improve slightly to 2.6x-2.8x
over the next 12-18 months from 2.6x for LTM June 2024.
Moody's expect Greentown's debt to reduce as the company slows land
acquisition and repays debt using internal cash resources. This
could outpace the expected profit moderation despite revenue
increase with larger number of consolidated projects. Greentown's
profitability will remain low as a result of legacy high land costs
and pricing pressure.
Greentown's liquidity remains adequate, as Moody's expects its cash
holdings, together with its operating cash flow, to cover its
maturing debt, committed land premiums and dividends over the next
12-18 months. Greentown maintains access to different types of
onshore funding, strengthened by its ownership by CCCG as a SOE.
Between June and September 2024, Greentown early redeemed a total
of USD523 million bonds maturing within 12 months.
The parental support assumption has considered Greentown's
operational and financial contribution to CCCG, as well as CCCG's
strong influence over and track record of providing financial
support to Greentown. This also factors in CCCG's strong ability to
provide support, underpinned by its status as a large scale SOE,
strong business and financial profiles, and good access to
funding.
However, the likelihood of extraordinary support from CCCG to
Greentown could decrease if Greentown's strategic and economic
value to CCCG declines along with the fundamental shift in China's
property sector with lower sales growth prospects and declining
profitability.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The negative outlook reflects the challenges that Greentown is
facing to improve its operating performance and credit metrics. It
also reflects Moody's view that the likelihood of extraordinary
support from Greentown's largest shareholder CCCG could decrease in
a challenging market environment.
Greentown's rating is unlikely to be upgraded because of the
negative outlook.
Moody's could revise Greentown's outlook to stable if the company's
credit metrics improve, with its adjusted debt/EBITDA falling below
7.0x-7.5x and EBIT interest coverage rising above 2.0x-2.5x, both
on a sustained basis; or if Greentown maintains its strategic and
economic value to CCCG.
Moody's could downgrade Greentown's ratings if its sales decline or
it aggressively grows its business, such that its credit metrics
and liquidity weaken, with its EBIT/interest coverage falling below
1.5x; or its liquidity deteriorates, reflected in its unrestricted
cash/short-term debt falling below 1.0x.
Any sign of weakening in likelihood of support from or reduced
ownership by CCCG would strain the company's rating.
The principal methodology used in this rating was Homebuilding and
Property Development published in October 2022.
Greentown is one of China's main property developers, focused on
Hangzhou city and Zhejiang province. As of June 30, 2024, the
company had 151 projects with a total gross floor area of 31.9
million square meters (sqm), with 20.6 million sqm attributable to
the company.
Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG
is the company's largest shareholder, with a 28.97% equity stake as
of June 30, 2024, followed by Wharf (Holdings) Limited with a
22.97% stake. Song Weiping, Greentown's founder, owned 8.57% of the
company as of June 30, 2024.
HNA GROUP: Hong Kong Judge Orders Liquidation of Investment Unit
----------------------------------------------------------------
Bloomberg News reports that an investment arm of HNA Group Co., the
Chinese conglomerate once known for its purchases of overseas
assets, was ordered to liquidate by a Hong Kong court on Feb. 17.
According to Bloomberg, the decision against HNA Group
(International) Co. came after law firm Ashurst Hong Kong filed a
winding-up petition against the unit in April.
"Creditors can be better served" with HNA Group (International) in
liquidation, Judge Linda Chan of Hong Kong's High Court said during
a hearing on Feb. 17, Bloomberg relays.
HNA Group (International) - formerly known as both HNA Group (Hong
Kong) Holding and HNA Group International Headquarter (Hong Kong) -
carried net liabilities of HK$23.7 billion as at Dec 2023,
Bloomberg discloses citing a financial report. The company has 17
subsidiaries, most of which are also investment arms, according to
the report.
HNA Group was effectively seized in February 2020 by the provincial
government of Hainan, the southern island province where it is
based, after piling up one of China's biggest corporate leverage
loads. In 2022, the company reached an agreement with creditors on
a debt-restructuring plan.
About HNA Group
China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.
As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.
According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.
On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.
HNA Group was designated as administrator of the merger, according
to a statement issued March 15 by the Hainan High People's Court.
The 320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.
MERCURITY FINTECH: Officially Joins Russell Microcap Index
----------------------------------------------------------
Mercurity Fintech Holding Inc. announced its inclusion in the FTSE
Russell Microcap Index, marking a significant milestone in the
Company's growth trajectory.
Inclusion in the Russell Microcap Index positions MFH among a
select group of promising growth companies and enhances its
visibility within the investment community. The Russell indexes are
widely recognized as key benchmarks for investment managers and
institutional investors, who rely on them for index funds and
active investment strategies. As of the end of 2024, the Company
has observed increased passive equity holdings from leading global
financial institutions, including BlackRock, UBS Group AG, and
Citigroup, which may be influenced, in part, by the Company's
inclusion in the Russell Microcap Index. The Company believes its
inclusion in the Russell Microcap Index has positively impacted its
shareholder structure and has contributed to increased recognition
and credibility among institutional investors.
Shi Qiu, CEO of Mercurity Fintech Holding Inc., said, "This
milestone reflects our tremendous growth and highlights the
strength of our business as we continue to expand in AI hardware
intelligent manufacturing and advanced liquid cooling solutions.
Our inclusion in the Russell Microcap Index validates our strategic
direction and underscores the value we're creating in AI hardware
manufacturing sector."
Membership in the Russell Microcap Index, which remains in place
for one year, is subject to annual or periodic reconstitution by
FTSE Russell and depends on the Company meeting the requisite
criteria at the time of such reconstitution. FTSE Russell
determines membership for its Russell indexes primarily by
objective, market-capitalization rankings, and style attributes.
"We are honored to be recognized alongside other promising
companies in the Russell Microcap Index," continued Qiu. "This
achievement opens up new opportunities for visibility and
investment, and we look forward to the continued journey ahead as
we strive to innovate and deliver value to our shareholders."
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business. The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency. The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.
Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.
Mercurity reported a net loss of $9.36 million for the year ended
Dec. 31, 2023, compared to a net loss of $5.63 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39
million in total assets, $12.56 million in total liabilities, and
$17.83 million in total shareholders' equity.
WEST CHINA CEMENT: Moody's Cuts CFR to B3; Sr. Unsec. Notes to Caa1
-------------------------------------------------------------------
Moody's Ratings has downgraded West China Cement Limited's (WCC)
corporate family rating to B3 from B2 and its senior unsecured
ratings to Caa1 from B3, and maintained the negative outlook.
"The downgrade and negative outlook reflect the company's
aggressive financial strategy as shown in its continuous investment
appetite despite increasing maturities over the next 12-18 months
and its weak liquidity", says Roy Zhang, a Moody's Ratings Vice
President and Senior Analyst, who is the lead analyst for WCC.
"The rating action also considers the escalating execution risk as
the company continues its expansion program with uncertainties
about cash repatriation," adds Zhang.
RATINGS RATIONALE
WCC's B3 CFR reflects WCC's exposure to industry cyclicality, its
limited operation scale and product diversification, its large
investment requirements and high execution risks related to its
overseas expansion projects such as cash repatriation. In addition,
the company maintains an aggressive financial policy, indicated by
its weak liquidity and high reliance on short-term financing,
although its debt leverage has remained moderate; which altogether
offset company's dominant market share in cement production in
central and southern Shaanxi province, and its long track record of
operations.
WCC has a significant amount of maturing debt obligations in the
next 12-18 months. These include a USD600 million bond due in July
2026, which Moody's expect the company will primarily use internal
cash resources to repay.
Moody's estimate that the cash flow and earnings generated from the
company's African operations will comprise a significant part of
its internal cash resources. However, WCC has yet to demonstrate
the ability to repatriate a significant amount of overseas funds to
the holding company in a timely manner.
The company's current progress in repatriating funds, particularly
from its projects in Ethiopia (Caa3 stable), could be slower than
Moody's expectation. The new Lemi project in Ethiopia is still in
the ramp-up phase, and there is uncertainty regarding cross-border
currency exchange in Ethiopia.
In the meantime, WCC still has a large investment plan in Africa
for 2025. The company has recently announced its plan to acquire
majority equity interests in a cement company in Democratic
Republic of the Congo (B3 stable). It also has new projects under
construction in other African countries. The large investment
requirements will further deplete the company's internal cash
resources available for the upcoming July 2026 USD bond repayment.
Given the volatile political and economic environment in the
regions where WCC operates, any unforeseen events that disrupt the
company's operations could adversely affect its ability to generate
sufficient funds for repaying the maturing USD bond. The company's
operations in Ethiopia were temporarily suspended during the first
half of 2024 due to coal supply shortages.
As such, the company's failure to demonstrate cash repatriation on
a timely basis will be negative for the ratings.
WCC's liquidity remains weak, with its unrestricted cash to
short-term debt ratio low at 25% as of June 2024. Moody's estimate
that the company's cash and cash-like sources, together with its
operating cash flow, are insufficient to cover its short-term
debts, dividend payout and capital expenditure over the next 12-18
months.
The Caa1 senior unsecured bond rating is one notch lower than it
would otherwise be because of structural subordination risk. This
risk reflects the fact that most of WCC's claims are at its
operating subsidiaries and have priority over the senior unsecured
claims at the holding company in a bankruptcy scenario.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
ESG considerations have a negative impact on WCC's ratings. The
company's exposure to environmental and social risks, including
carbon transition, natural capital, waste and pollution risks, is
in line with those of rated cement producers.
In terms of environmental, social, and governance (ESG) factors,
the rating action considers the company's continuously high risk
appetite despite increasing maturities and the execution risks
related to its fast expansion in Africa. It has also maintained an
aggressive financial policy with high reliance on short-term
financing. The governance risk has negatively impacted the credit
profile, leading to a revision of its governance issuer profile
score (IPS) to G-5 from G-4 and its credit impact score (CIS) to
CIS-5 from CIS-4.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure on WCC's ratings is unlikely, given the
negative outlook.
Moody's could downgrade WCC's ratings if it fails to demonstrate
the ability to repatriate significant amounts of cash from African
operations in the coming months.
The principal methodology used in these ratings was Building
Materials published in September 2021.
West China Cement Limited (WCC) is a leading cement producer in
terms of capacity in China's Shaanxi province. As of June 2024, its
annual production capacity was 34.3 million tons.
Most of WCC's plants are located in the central and southern parts
of Shaanxi province. The company has an established presence in
Xinjiang and Guizhou in China, and in Mozambique, Ethiopia, the
Democratic Republic of the Congo and Uzbekistan through its new
facilities and acquisitions.
WCC was 32.3% owned by its founder and chairman Zhang Jimin, and
29.1% owned by Anhui Conch Cement Company Limited as of June 2024.
WCC listed on the Hong Kong Stock Exchange in August 2010.
=========
I N D I A
=========
ACCORD MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Accord Motors in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+(Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Accord Motors, 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.
Mr. Purushottam Miglani and Mr. Manmeet Miglani established Accord
Motors in 2009 as a partnership firm, to deal in passenger vehicles
(PV) and light commercial vehicles (LCV) manufactured by Mahindra &
Mahindra (M&M). The firm runs three showrooms in Chhindwara, Seoni
and Balaghat areas of the Jabalpurdistrict of Madhya Pradesh. Its
largest showroom is in Chhindwara, spread across 35,000 square
feet, which acts as a sales, service and spares (3S) outlet.
ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Alok Glass
Works (AGW) 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- 1.58 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.92 [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 AGW, 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.
Mr. Nannumal Agarwal and his brother Mr. Aditya Agarwal established
AGW as a partnership firm in 1987. Mr Mohit Agarwal who joined the
firm in 1998 is currently managing it. The firm is engaged in the
manufacturing of glass products such as glass bangles, glass
chimneys and other glassware. The firm's manufacturing unit located
in district Firozabad, Uttar Pradesh, has an area of 1.06 lakh
square feet and has daily production of 35 metric tonnes of glass.
In FY15, the firm reported a net profit of INR0.15 crore on an
operating income of INR23.80 crore, as compared to a net profit of
INR0.13 crore on an operating income of INR17.00 crore in the
previous year.
ARUNACHALA SPINNING: CARE Lowers Rating on INR30.07cr Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Arunachala Spinning Mills India Private Limited (Arunachala), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.07 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved
to ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from Arunachala) to
monitor the rating vide e-mail communications dated October 23,
2024, January 30, 2025, among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. The rating on Arunachala's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of non-availability of
requisite information due to non- cooperation by Arunachala with
CARE's efforts to undertake a review of the outstanding ratings as
CARE views information availability risk as key factor in its
assessment of credit risk profile.
The rating is constrained by company's small scale of operations,
moderate capital structure and debt coverage metrics, customer
concentration risk, highly fragmented industry and profit margin
exposed to volatility in raw material prices. However, the rating
continues to derive strength from experienced promoters with
established track record of operations.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on January 3, 2024, the following were
the rating strengths and weaknesses.
Key weaknesses
* Small scale of operations: The scale of operations remained small
and declined from INR83.57 crore in FY22 to INR40.18 crore in FY23
(refers to the period April 1 to March 31) due to sluggish demand
for the hosiery yarn with slowdown in textile industry. It is to be
noted that the operating income of the company remained in the
range of INR48.53 crore to INR58.41 crore over the past three years
ended FY21, and FY22 and the decline was due to higher base effect
of FY22. The company had booked an income of INR20.00 crore in
8mFY24 (refers to the period April 1 to November 30).
* Moderate capital structure and weak debt coverage metrics: The
company had a moderate capital structure with overall gearing of
2.58x as of March 31, 2023, compared to 2.00x as of March 31, 2022,
due to addition of term loans for roof top and ground mount solar
of capacity 1.2 MW and 2.4 MW respectively. The roof top solar
commenced operations from April 2022 while the ground mount solar
has been commissioned in December 2023. The promoters continue to
support through unsecured loans which stood at INR3.38 crore as on
March 31, 2023 (PY: INR1.08 crore). The Debt coverage metrics
remained weak with Total debt/ GCA of 189.58x as on March 31, 2023,
which deteriorated from 9.13x as on March 31, 2022.
* Customer concentration risk: The company has its customer base
mostly to Tamil Nadu and West Bengal. One of the major customers of
Arunachala had contributed 35% (PY: 33%) of the total sales in
FY23. Further the top ten customers contributed 94% (PY: 97%) of
the total sales in FY23.
* Highly fragmented and volatility in raw material prices: The
cotton ginning and spinning industry is highly fragmented in nature
with several organized and unorganized players. The profitability
of spinning mills depends largely on the prices of cotton and
cotton yarn which are governed by various factors such as area
under cultivation, monsoon, international demand-supply situation,
etc. The cotton being the major raw material of spinning mills,
movement in cotton prices without parallel movement in yarn prices
impact the profitability of the spinning mills. The cotton textile
industry is inherently prone to the volatility in cotton and yarn
prices. The PBILDT margin of Arunachala declined to 6.17% in FY23
from 8.05% in FY22 due to volatile raw material costs, however it
was partially benefited by the captive power from roof top solar.
Arunachala also switched to production of higher count yarns to
meet the market demand and better realizations.
Key strengths
* Experience of the promoters and established track record of the
company: Arunachala was incorporated in 2004 and has an established
track record of more than a decade in a similar line of industry.
The promoters have over four decades of experience in the cotton
yarn industry through group concerns engaged in similar lines of
business. The group concerns are involved in dyeing of fabrics and
manufacturing of hosiery garments. All the major business functions
of the company are divided amongst key directors according to their
competencies. Accordingly, M. N. Natarajan (Chairman) takes care of
administration department, M. Duraisamy (Managing Director) takes
care of the purchasing department, while production and finance
department are looked after by N. Muthusamy (Director) and R.
Chandrasekaran (Director)
respectively.
Arunachala was incorporated in 2004 by M. N. Natarajan. The company
engaged in manufacturing cotton yarn. The company mainly produces
cotton yarn of 40's and 34's count mainly used in the hosiery
industry. The company has an installed capacity of 18000 spindles
with manufacturing capacity of 28.87 lakh Kgs of yarn as on
November 31, 2023. The manufacturing unit is located at Dharapuram,
Tamil Nadu.
BHAGWATI VINTRADE: CARE Lowers Rating on INR22.27cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhagwati Vintrade Private Limited (BVPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.27 CARE B-; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of BVPL under the 'issuer
non-cooperating' category as BVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 25, 2024,
December 5, 2024, December 15, 2024 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BVPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Not Applicable
Bhagwati Vintrade Pvt. Ltd. (BVPL) was incorporated in August, 2008
by Shri Vivek Kumar Agarwal and Shri Rohit Kumar Agarwal as an
investment company dealing in securities. In March 2010, BVPL was
acquired by Shri Sandip Kumar Goel, Shri Manoj Kumar Agarwal and
Shri Vivek Kumar Banka for setting up a rice processing unit and a
captive biomass power plant. The rice milling unit commenced
operation in June, 2011. The company's milling unit is located at
Sandi, Ramgarh district of Jharkhand, which is in the vicinity to a
major paddy growing area, which enables easy procurement of paddy.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of BVPL to 'Issuer Not
Cooperating' category vide press release dated October 23, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bravo
Agencies Private Limited (BAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 5,
2024, placed the rating(s) of BAPL under the 'issuer
non-cooperating' category as BAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 21, 2024,
December 31, 2024 and January 10, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Delhi-based BAPL was incorporated in April 1995. The company is
currently promoted by Mr Balwant Jain and Mr Pawan Mittal. BAPL is
engaged trading of flat rolled steels like cold rolled steel, hot
rolled steel, electrical steel, tin mill products, etc. The
warehouses are located at Mundka, Delhi. The company procures steel
from various mills throughout the country. The company undertakes
only domestic sales wherein it sells the product to various other
equipment manufacturers and traders of steel.
CHIDAMBARAM SHIPCARE: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Chidambaram
Shipcare Private Limited (CSPL) 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- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.85 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CSPL, 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.
Chidambaram Shipcare Private Limited (CSPL) was set up by Mr. K.
Chidambaram in 1979 to provide afloat ship repair services and
fabrication services at shipyards and ship building yards.
Currently, apart from providing these services, CSPL also has
dealership and service support agreements with:
* Volvo India Private Limited for marine propulsion and genset
engines, spare parts and accessories;
* SMAG Peiner Grabs (India) Private Limited for grabs; and
* Optimarin for ballast water treatment systems.
CSPL is a registered Ship Repair Unit (SRU) with the Directorate
General of Shipping for rendering afloat ship repair services. It
currently has a workshop at the Chennai Port and another at
Darukhana, near the Mumbai Port, which act as the base for its
southern and western operations, respectively.
CREATIVE CREDIT: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Creative Credit Co-operative
Society Limited (CCCSL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CCCSL, 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.
Creative Credit Co-operative Society Limited (CCCSL) is a state
co-operative society registered in 2006 under the Rajasthan
Cooperative Societies Act, 2001. The society was founded by Mr.
Kailash Swarup Kalla, with the objective of developing the habit of
saving among members and making advances to members at specific
terms for their household, business and societal needs. The society
operates in four districts of Rajasthan, namely Pali, Jalor, Sirohi
and Jodhpur, and is involved in deposit taking and lending
activities only with its members. CCCSL reported a profit of
INR0.43 crore in FY2021 on an AUM of INR76 crore as on March 31,
2021. It had a deposit base of INR51 crore as on March 31, 2021 and
36,466 members were associated with the society as on March 31,
2021.
DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of DKM
Agencies Private Limited (DAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 22, 2024,
January 1, 2025, January 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
DKM Agencies Private Limited (DKM) was incorporated in March 1999
and is currently being managed by Mr Sachin Malik and Ms. Nainy
Malik. DKM is engaged in trading of food products such as food
chemicals, juices, dairy products, bakery products, frozen food,
etc, at its outlet located in Ludhiana, Punjab.
KALRA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Kalra Overseas
& Precision Engineering Limited (KOPL) 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- 14.22 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 3.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.30 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Kalra Overseas & Precision Engineering 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.
After commencing operations as a merchant exporter of forged/ cast
machined components in 1998, Kalra Overseas & Precision Engineering
Limited (KOPL) established its own machining unit in 2004 and later
forayed into forging by acquiring 'Mallikarjun Forging Private
Limited (MFPL)'-in 2005. KOPL is a supplier of machined components
primarily to the auto industry and supplies to OEMs and Tier I
suppliers in the domestic as well as export market. The company is
promoted and managed by Mr. Hurssh Kalra ably assisted by his wife
Mrs. Tripti Kalra. KOPL has shifted its operations along with that
of MFPL under single unit at Shirwal (Maharashtra), which has
become operational since November 2014.
KARPAGA VINAYAGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Karpaga Vinayagar
Textiles in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.75 [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 Sri Karpaga Vinayagar Textiles, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sri Karpaga Vinayagar Textiles was started in 1990 as a partnership
firm by Mr. Muthumaran, Mr. Sathya Kumar, and Ms. Velumani. Mr.
Muthumaran retired in 2006 and Ms. Suganya (wife of Mr. Sathya
Kumar) joined the firm as partner. Located in Pollachi, Tamil Nadu,
the firm has a capacity of 27,616 spindles and is into blended yarn
manufacturing (75% polyester and 25% cotton) in the count range of
50s-70s.
KSDM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of KSDM Agro
Industries 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- 20.00 [ICRA]A4; ISSUER NOT
Non fund based- COOPERATING; Rating continues
bank Guarantee to remain under 'Issuer Not
Cooperating' category
Short-term- 0.35 [ICRA]A4; ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 12.65 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KSDM Agro Industries 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.
The company was incorporated on November 25, 2019, by Mr. Krishna
Murari Rai having experience of around 35 years in the rice
industry. He is managing the company along with his family members
(spouse and two sons). Since November 2022, the company has been
involved in fortification of rice. Fortification is the process of
adding Fortified Rice Kernels (FRK), containing FSSAI prescribed
micronutrients (Iron, Folic Acid, Vitamin B12) to custom milled
rice in the ratio of 1:100 (Mixing 1 kg of FRK with 100 kg custom
milled rice). Food fortification increases the content of essential
vitamins and minerals in food, so as to improve the nutritional
quality of the food supply.
MABEREST HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Maberest
Hotels Private Limited (MHPL) 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- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan '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
Short-term 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MHPL, 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.
MHPL, incorporated on May 29, 1972, own sand operates the 103-room
business hotel "Hotel Fidalgo‟ at Panjim in Goa. The company is
promoted by Mr. Jayant Shetty and is closely held. The property
wasrunning under the name "Hotel Fidalgo" under a different
management till 1998-99 when it was closed down and put up for
sale. Mr. Jayant Shetty then purchased it as an asset buyout in
2002-03. Post his purchase, Mr. Shetty refurbished the hotel, added
new restaurants and started the hotel again in phases (October 2005
and October2006) under the same name "Hotel Fidalgo". During FY
2016, MHPL also started operations of new discotheque "Nyex beach
club" at Anjuna, Goa. The hotel is situated at a prime location on
18th June Road which is the CBD of Panjim.
MAHESHWARI TRADERS: CARE Reaffirms B Rating on INR17.50cr LT Loan
-----------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Shree Maheshwari Traders (SMT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 17.50 CARE B; Stable Reaffirmed
facilities
Rationale and key rating drivers
Ratings assigned to the bank facilities of SMT continue to remain
constrained on account of moderate scale of operations and thin
profitability, leveraged capital structure, weak debt coverage
indicators and stretched liquidity. Ratings, also factor highly
fragmented and competitive nature of industry, working capital
intensive nature of its operations and its constitution as a HUF
(Hindu Undivided Family). Ratings, however, continue to derive
strength from the experienced and resourceful promoter with an
established track record of operations in the industry, diversified
product offerings of highly reputed brands and low customer
concentration risk.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Growth in total operating income (TOI) along with improvement in
profitability leading to improvement in its coverage indicators
marked by profit before interest, lease, depreciation and tax
(PBILDT) interest coverage above 1.15x on a sustained basis.
Negative factors
* Decline in TOI or significant dip in profitability leading to
further deterioration in its capital structure or coverage ratios.
* Any significant withdrawal of capital impacting the solvency
position.
Analytical approach: Standalone
Outlook: Stable
Stable outlook reflects CARE Ratings expectations that the firm
will continue to benefit from the experience of promoters in the
industry.
Key weaknesses
* Moderate scale of operation: SMT's TOI remained stable at
INR111.01 crore during FY24 as against INR110.44 crores in FY23. In
9MFY25, firm reported TOI of INR70.54 crores and is envisaged to
achieve TOI of ~INR110 crore in FY25. SMT has majority of its
clientele base in the state of Madhya Pradesh (MP) and during FY24,
SMT derived ~88% of its total sales from the state of Madhya
Pradesh, reflecting its high geographical concentration.
* Thin profitability coupled with highly fragmented and competitive
nature of industry: SMT is engaged in trading business and faces
intense competition from the organised as well as the unorganised
in the trading segment which restricts the firms pricing
flexibility and bargaining power. PBILDT margin of the firm
remained thin at 6.69% during FY24 (FY23: 7.15%). Its profit after
tax (PAT) margins also remained thin at below 1% over the period of
three years on account of relatively higher finance cost. During
FY24, SMT reported a PAT margin of 0.26% as against a PAT margin of
0.25% in FY23.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of SMT, marked by overall gearing ratio
continue to remain leveraged at 2.80x as on March 31, 2024, as
against 3.09x as on March 31, 2023. Capital base remained low at
INR18.88 crores as on March 31, 2024, which restricts its financial
flexibility. Debt coverage indicators remained moderate marked by
PBILDT interest coverage and total debt to gross cash accruals
(TDGCA) (TDGCA) at 1.02x (FY23: 1.02x) and 123.29x (FY23: 138.48x)
respectively in FY24.
* Constitution as a HUF: The constitution of SMT as a HUF restricts
the firm's financial flexibility in terms of limited access to
external funding or raise finance at competitive rates primarily on
account of an inherent risk of withdrawal of capital. Any
significant withdrawals from the capital account will affect its
capital structure.
* Working capital intensive nature of operations: SMT's operations
remain working capital intensive majorly on account of high
inventory holding period. SMT generally holds inventory of around
8-10 months. It procures inventory in bulk to get benefit of
various discount schemes and reduce its inventory purchase cost.
Its average inventory holding period remains elongated at 201 days
(FY23: 209 days) in FY24. Furthermore, the firm offers credit
period of ~90 days to its customers as against the credit period of
45-60 days received from its suppliers. As a result of which the
working capital cycle remains elongated at 231 days in FY24 (FY23:
237 days).
Key strengths
* Experienced and resourceful promoter: SMT has an established
track record of operations in trading of automotive, industrial and
specialty lubricants and is currently being managed by Mr.
Jagdishchandra Nyati, having more than three decades in the
industry. The promoter has been regularly supporting the operations
of the firm with timely infusion of funds in the form of unsecured
loans.
* Diversified product offerings of highly reputed brands along with
low customer concentration risk: SMT offers wide range of products
like diesel engine oil, passenger car motor oils, passenger car
genuine oils, four stroke engine oil and two strokes engine oils
along with auto care products. SMT offers automotive and industrial
lubricants of highly reputed brands like Total, Savsol, Palco,
Petronas, Tafe, Escort, Ranol, Arrowmax, Xforce, Autorun, Reliance
and Simpson etc. Further, it also trades few products under its own
brands like Megastar, Oilzo and Aeromax. Furthermore, the customer
base of the firm is diversified marked by 14.27% of its total sales
being sold to the top 5 customers in FY24 (FY23: 9.47%).
Liquidity: Stretched
SMT's liquidity remains stretched marked by low GCA vis-a-vis its
debt repayment obligation, almost full utilisation of working
capital limits, elongated operating cycle and low free cash and
bank balance of INR0.89 crore as on March 31, 2024. Firm is
expected to achieve GCA of ~INR0.46 crores against debt repayment
obligation of INR1.65 crores in FY25. However, as indicated
by the management that the promoters will infuse funds in the form
of unsecured loan (USL), for servicing its debt repayment
obligations. It reported cash flow from operation of INR9.19 crore
in FY24 (FY23: INR9.74 crore).
Established by Mr. Jagdishchandra Nyati in 1984, Shree Maheshwari
Traders (SMT) is a well-known stockiest, distributor and supplier
of Automotive, Industrial & Speciality Lubricants of highly reputed
brands like Total, Savsol, Palco, Tafe, Escort, Ranol, Xforce,
Autorun, Reliance, Simpson etc. It also trades products under its
own brands named 'Arrowmax' and 'Petronas'.
NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of North East
Ferro Alloys Company Private Limited (NEFACPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.95 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of NEFACPL under the 'issuer
non-cooperating' category as NEFACPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NEFACPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 24, 2024, December 4, 2024, December 14, 2024 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
North East Ferro Alloys Co. Pvt. Ltd. (NEFACPL) incorporated in
July, 2008 and having commenced commercial operation from April,
2009 was promoted by Goyal Family of Darjeeling, West Bengal. The
company is engaged in manufacturing of mild steel (MS) Ingots
(capacity - 24,000 MTPA) with plant being located at Darjeeling,
West Bengal. Apart from manufacturing, it is also involved in
trading activities of sponge iron. Apart from India, the company
also sells MS Ingots internationally by exporting the
same to Bhutan.
OMPRAKASH ASHOK: CARE Lowers Rating on INR49.85cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Omprakash Ashok Kumar Private Limited (OAKPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 49.85 CARE B+; Stable; ISSUER NOT
facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale & key rating drivers
CARE has been seeking information from OAKPL to monitor the ratings
vide e-mail communication dated December 26, 2024, January 14, 2025
and January 23, 2025 among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. CARE has
downgraded the outstanding ratings assigned to bank facilities of
Omprakash Ashok Kumar Private Limited due to PAT losses along with
deterioration of gearing and debt service coverage indicators as
per Audited accounts of FY24. The rating on Omprakash Ashok Kumar
Private Limited's Bank facilities will be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Detailed description of the key rating drivers:
At the time of last rating on February 7, 2024, the following were
the rating strengths and weaknesses.
Key weaknesses
* Project stabilization risk: The company had undertaken the
project of setting up a Modern Continuous Rice Mill plant with 240
Metric Ton capacity per day with products to be manufactured mainly
Full rice, Three-Fourth Rice, Half rice, One-fourth Rice, Rice
Bran. The total cost of the project was estimated at INR26.50 crore
which was being funded through term loan from bank of INR15.00
crore, equity of INR6.50 crore and rest through unsecured loans of
INR5.00 crore. The project has been completed and the commercial
production has commenced from April 2023, thereby mitigating the
project execution risk. Nevertheless, project stabilization risk
continues to persist as the achievability of the envisaged revenues
and cash flows on the back of smooth running of the project remains
critical. Hence, stabilization of the project with optimum capacity
utilization thereby is necessary to achieve the envisaged revenue
and accruals and thus it remains critical from the credit prospects
of the company.
* Nascent stage of operations along with low capitalization and
weak debt coverage indicators: The commercial operations of the
rice mill project have commenced from April 2023 (as envisaged) and
through the same, OAKPL has achieved sales of INR110.67 crores
during FY24. The company has a small net worth, which limits its
financial flexibility to meet any exigency. Moreover, due to net
losses and thereby negative accruals, the overall debt coverage
indicators will also remain weak.
* Susceptibility of operating profitability margins owing to
volatility in raw material prices: The profit margins are
susceptible to the volatile prices of raw material viz. paddy.
Thus, going forward, during nascent stage of the operations of the
manufacturing plant, the ability of the company to achieve
envisaged profitability and subsequently pass on the price
fluctuations remains critical.
* Presence in highly competitive and fragmented industry coupled
with high level of government regulation: The company operates in a
highly competitive and fragmented market which consists of large
and small and large sized players. The commodity nature of the
product makes the industry highly fragmented, with numerous players
operating in the unorganized sector with very less product
differentiation. Further, the concentration of rice millers around
the paddy growing regions makes the business intensely competitive.
Furthermore, the raw material (paddy) prices are regulated by the
government to safeguard the interest of farmers which limits the
bargaining power of rice mills over the farmers. The prices for
finished products are market determined while the cost of raw
material is fixed by Government of India through the MSP (Minimum
Support Price) mechanism, thereby restricting pricing flexibility
and rendering the profitability margins vulnerable, especially in
times of high paddy cultivation. Due to high competition coupled
with government regulations, profitability margins tend to remain
thin in the industry.
Key strengths
* Experienced promoters and established group presence in agro
industry: The company has been promoted by Mr. Mr. Hari Prakash
Sharma, Mr. Om Prakash Sharma, Mr. Santosh Kumar Sharma and Mr.
Ashok Kumar Sharma. The promoters are engaged in the field of food
processing, trading of agriculture produce and sorting & grading
activities since last two decades and therefore possess rich
experience in the field of dealing and processing of agro
products.
* Established marketing network and location advantage given the
proximity to suppliers: With the rich experience possessed by the
promoters, they already possess an established marketing network of
dealers, wholesalers, retailers and shop keepers with possessing
sound knowledge of agricultural and food processing industry,
trends and prevailing practices along with being in associated with
all good parties of the agricultural products in the state of
Rajasthan, particularly Kota, Baran, Bundi & Hadoti with an already
established network of Dealers & Distributors, which shall be used
for selling the company's finished products, thereby enabling the
company to market its product at greater extent and thereby
providing cushion to achieve the projected revenue and
profitability.
* Location advantage: The location has been chosen after careful
examination of the availability of raw material and other
infrastructure facilities in the area. The site enjoys proximity to
all necessary infrastructure facilities thereby providing location
advantage. The unit is located ideally from the point of
availability of rice. Some important mandis falling within a radius
of 200 kms are Kota, Bundi, Baran etc. The raw material required is
abundantly available throughout the year in the region. Thus, the
company will not face any raw material shortage throughout the
year.
Liquidity: Stretched
The liquidity position of the company remained stretched given the
repayments started and the revenue generation prospects yet to
materialize. The feasibility and viability of the rice mill project
needs to be monitored and projected cash flows needs to be checked.
The liquidity may face a hit in the instance of cash flow mismatch
or delay in fetching sales from the project.
Nevertheless, the project is completed. The projected GCA in FY24
is of INR2.53 crore which is sufficient to fund the repayment
obligation of INR0.30 crore in FY24. Further, the free cash & bank
balance stood at INR0.73 crore as on March 31, 2023.
Omprakash Ashok Kumar Private Limited (OAKPL) is a private limited
company incorporated on March 8, 2022 by the Sharma family to setup
up a Modern Continuous Rice Mill plant with 240 Metric Ton capacity
per day with the products to be manufactured mainly Full rice,
Three-Fourth Rice, Half rice, One-fourth Rice and Rice Bran, with
the installed capacity of the proposed Rice Mill was 240 TPD, i.e.
72,000 Metric Tons p.a. wherein the capacity is based on 300
working days in a year on 3 shift basis on paddy process basis. The
total cost of the project was estimated at INR26.50 crore which was
being funded through term loan from bank of INR15.00 crore, equity
of INR6.50 crore and rest through unsecured loans of INR5.00
crore.
POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Popular Foundations Private
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- 5.50 [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 Popular Foundations Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Popular Foundations Private Limited was established in 1998 by Mr.
Venaktesh who is the managing director of the company. PFPL
undertakes contracts in the construction segment with an experience
of over two decades in the construction industry in Chennai, Tamil
Nadu. The company undertakes construction of civil structures such
as colleges, schools, factories, hotels and other commercial
buildings.
PRESTRESS STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Prestress
Steel LLP (erstwhile Prestress Wire Industries) in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.80 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 22.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Prestress Steel LLP (erstwhile Prestress Wire 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.
Established in 1994, Prestress Steel LLP (erstwhile Prestress Wire
Industries) is engaged in manufacturing of pre-stressed concrete
wires and Galvanised Iron wires which form the core for ACSR
(Aluminium Conductor Steel Reinforced) wires. The wires include
single drawn wires, stranded wires and high-tensile wires. The
manufacturing facilities are located in Silvassa (Dadra & Nagar
Haveli) and Vikrampur (Uttarakhand) and have a total capacity of
72,000 MT per annum. The unit in Uttarakhand commenced operations
in Q3 2010-11 to cater to the newer markets such as Uttar Pradesh,
Himachal Pradesh, Punjab, Haryana and Madhya Pradesh thereby
increasing the firm's span across India.
SAI SHIVANAGERE: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Sai Shivanagere Solar
Power Pvt Ltd (SPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.60 [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 SPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Sri Sai Shivanagere Solar Power Pvt Ltd (SPL) was incorporated in
June 2015. SPL has set up a 1.1 MW solar power plant at Kallukote
Village, Sira Taluk, Tumkur District, Karnataka. The Company has
entered into a 25-year power purchase agreement (PPA) with
Bangalore Electricity Supply Company (BESCOM) with a feed-in tariff
of INR8.40 INRper unit.
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Sonapur Herbal Centre Private
Limited (SHCPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 14.18 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.82 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SHCPL, 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, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is in
the process of converting the existing resort into a four-star
hotel cum-resort with 60 rooms/cottages (including the existing 20
cottages). Currently, the resort also operates a multi-cuisin
edining-cum-restobar, coffee shop, spa-cum-saloon, conference room,
banquet hall and swimming pool, all within the same premises.
SPINEL MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Spinel
Microns 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- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 5.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term 0.70 [ICRA]A4 ISSUER NOT
Non-fund based- COOPERATING; Rating continues
Bank Guarantee to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Spinel Microns, 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.
Spinel Microns was established as a partnership firm in 2017. It is
promoted by Mr. Kantilal Patel, Mr. Naresh Zalariya and five
other partners consisting of family members and relatives. The
promoters of the firm have vast experience in the ceramic industry
and trading of ceramic raw material. The firm produces feldspar
powder of 50-70 microns quality. The product finds applications in
various industries such as ceramic tiles, cement manufacturing,
glass industries, etc., however the firm will majorly cater to
ceramic industry.
SWADESH GEEN: ICRA Lowers Rating on INR27.50cr LT Cash Loan to D
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Swadesh Green Infra Limited (SGIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 27.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based downgraded from [ICRA]B+ (Stable)
Cash Credit and moved to "ISSUER NOT
COOPERATING" category based on
information
Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based downgraded from [ICRA]B+ (Stable)
Term Loan and moved to "ISSUER NOT
COOPERATING" category based on
information
Long-term- 13.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated downgraded from [ICRA]B+ (Stable)
limits and moved to "ISSUER NOT
COOPERATING" category based on
information
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund downgraded from [ICRA]A4 and
Bank guarantee moved to "ISSUER NOT
COOPERATING" category based on
Information
Rationale
Material Event
On February 10, 2025, ICRA received confirmation from the lenders
of SGIL regarding irregularities in debt servicing on the company's
borrowing facilities.
Impact of Material Event
The long-term and the short-term ratings assigned to SGIL's bank
limits have been downgraded to [ICRA]D/[ICRA]D from [ICRA]B+
(Stable)/[ICRA]A4 following the delays in debt servicing on bank
facilities as confirmed by the company's lenders on account of
elongated working capital cycle impacting its liquidity profile.
However, ICRA has been receiving clean No Default Statement (NDS)
from SGIL regularly in the prior months till January 2025, which
did not suggest any irregularity in debt
servicing.
ICRA has also moved the ratings for the bank facilities of SGIL to
the 'Issuer Not Cooperating' category.
As a part of its process and in accordance with its rating
agreement with Swadesh Green Infra Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In absence of the requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Liquidity position: Poor
The company's liquidity is poor, as reflected in the delays in debt
servicing obligations due to adverse working capital cycle. Swadesh
Green Infra Limited (SGIL) was incorporated as a private limited
company in March 2015. The company is involved in trading and
fabrication of iron and steel products. Prior to the incorporation
of the company, it was known as Lakshmi Agro Industries, a
proprietorship concern of Mr. Ravi Gupta. The business was
transferred to SGIL in March 2015 with Mr. Ravi Gupta as the
Chairman. The company is an authorised dealer of SAIL and deals
with multiple products such as HR coils/sheets, CR coils/sheets,
and other related products. SGIL also provides value-added
services, which include cut-to-length and slitting. The stocking
locations are fully modernised with overhead cranes, along with
highly experienced technical manpower to cater to uninterrupted and
timely deliveries. The fully-automated machines and precise
processes result in high-quality output.
VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Sri Vasavi
Cotton Industries (SVCI) 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/ 1.01 [ICRA]B-(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
Long Term- 2.50 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.49 [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 SVCI, 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.
Founded in year 2014 as a partnership firm, Sri Vasavi Cotton
Industries (SVCI) is engaged in cotton ginning and pressing
activities with a product mix of cotton lint and cotton seed. The
manufacturing unit of the firm is located at Gajwel village of
Medak district, Andhra Pradesh. The manufacturing unit comprises of
36 double roller gins with capacity to produce 583 quintals of
cotton lint per day. The firm had started its commercial production
in December 2014.
VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Venkata Umashankar
Spintex Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 33.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sri Venkata Umashankar Spintex Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sri Venkata Umashankar Spintex Private Limited, incorporated on 4th
May 2010 with an object to set up Cotton Spinning Mill with 20,160
spindles. The company is promoted by Sri Chundur Naga
Veeranjaneyulu and his family members who have been involved in the
cotton industry for more than 2 decades. The company has successful
ramp up of operations in July 2013 to manufacturing cotton yarn of
32s count.
VIJAY ENGINEERING: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Vijay Engineering Equipment
India Pvt. Ltd (VEEIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [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 VEEIPL, 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.
The company was incorporated as Vijay Engineering Equipment India
Private Limited (VEEIPL) on January 16, 2006. VEEIPL is an
authorized dealer of construction equipments of Volvo for Andhra
Pradesh and Telangana region; the dealership commenced from 2006
and is renewable on annual basis. The company deals in various
models of Volvo, including excavators, loaders, graders and other
machines. VEEIPL stocks full range of Volvo equipment and spares
and supports for efficient after - sales including the overhaul and
intermediate repair of major and minor assemblies. The company
operates through 5 workshops (Vishakapatnam, Karimnagar, Kadapa,
Warangal and Hyderabad) spread across the state to cater to the
after sales requirement and spares.
XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Xs Real Properties Private
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- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Xs Real Properties Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1995 and promoted by Mr. S.G. Prabhakharan, XS Real
Properties Private Limited is a real-estate developer based out of
Chennai. As on date, the company has completed 19 projects, with a
cumulative built-up area of 2.5 million square feet. Though the
operations of the company were primarily limited to Chennai, it has
recently entered into the Coimbatore market. The company has
reputed brand strength in three segments namely, XS Real Xqist in
the luxury segment, XS Real Vibe in the mid segment and XS Real
FairSquare in the affordable segment. Mr. S. G. Prabhakharan has
served as the President of Madras Chamber of Commerce and Industry.
He has been a nonindependent and non-executive director of The
Lakshmi Vilas Bank Limited since June 23, 2009. He was instrumental
in setting up the country's first private sector mutual fund, in
collaboration with Pioneer Mutual Fund, Boston, USA in 1993. He is
a realtor having had sterling practise of law from 1978 to 1994.
===============
M A L A Y S I A
===============
EA TECHNIQUE: Net Profit Up in 4Q, Applies to Exit PN17 Status
--------------------------------------------------------------
The Edge Malaysia reports that EA Technique (M) Bhd reported a 7.6
times increase in its fourth quarter net profit to MYR25.17 million
from a year ago, fuelled by other operating income of MYR24.21
million.
According to the group's financial statement for the quarter ended
Dec. 31, 2024 (4QFY2024), total other income primarily comprises
waiver from settlement arrangements with scheme creditors under the
Scheme of Arrangements (SOA), as well as claims from customer and
insurance.
EA Technique's revenue fell 11.6% to MYR29.29 million from MYR33.13
million a year ago, due to lower utilisation rate of its fast crew
boats, the Edge relays.
According to the Edge, EA Technique said with the release of its
4QFY2024 results, the group has completed the final quarter
required to proceed with its official application to Bursa Malaysia
for the removal of its Practice Note 17 (PN17) status.
For the full year of FY2024, EA Technique's net profit jumped more
than six times to MYR154.33 million from MYR23.69 million in
FY2023, primarily driven by the one-off income related to its
creditor scheme and PN17 regularisation plan, the Edge discloses.
Excluding exceptional items, the company's core earnings stood at
MYR25.2 million in FY2024, as the company saw total revenue fall
7.8% to MYR122.66 million from MYR133.08 million in FY2023.
As of Dec. 31, 2024, the company held a total order book valued at
MYR181.3 million, along with extension period contracts worth
MYR227.1 million, the Edge adds.
The Edge Malaysia, meanwhile, reports that the group has received
shareholders' approval for a rebranding to Avangaad Bhd. According
to its executive director Datuk Wira Mubarak Hussain Akhtar Husin,
the rebranding signifies a strategic transformation for the company
to become a forward-thinking marine and offshore solutions
provider.
About E.A. Technique
E.A. Technique (M) Bhd owns and operates marine vessels focusing on
marine transportation and offshore storage of oil and gas, and
provision of port marine services. The Company also owns a shipyard
involved in shipbuilding, ship repair and minor fabrication of
steel structures.
On Feb. 28, 2022, Chan had granted a restraining order to EA
Technique after the firm slipped into Practice Note 17 (PN17)
status, according to theedgemarkets.com.
The company had triggered the PN17 criteria when its shareholders'
equity as at Dec. 31, 2021 stood at MYR5.96 million, which was less
than 50% of its share capital of MYR179.755 million, while its
auditor had raised concern over its ability to continue as a going
concern.
The company was therefore required to submit a regularisation plan
to the Securities Commission Malaysia within 12 months.
In May 2022, external auditor Messrs Ernst & Young PLT (EY)
expressed a disclaimer of opinion in its audited financial
statements for the financial year ended Dec. 31, 2021 (FY2021),
theedgemarkets.com relates.
According to EA Technique's bourse filing on May 18, 2022, EY had
highlighted the group's net loss of MYR150.6 million and the
company's net loss of MYR161.2 million for FY2021.
It also noted that at end-December 2021, the current liabilities of
the group had exceeded its current assets by MYR405.3 million, but
it only had cash and bank balances of MYR6.4 million, while the
company's current liabilities had exceeded its current assets by
MYR416.9 million, but its cash and bank balances only stood at
MYR5.5 million, theedgemarkets.com relayed.
"These events and conditions indicate the existence of material
uncertainty that may cast significant doubt on the ability of the
group and the company to continue as a going concern," said EY.
===============
M O N G O L I A
===============
MONGOLIA: Fitch Assigns 'B+' Rating to Proposed USD Bonds
---------------------------------------------------------
Fitch Ratings has assigned Mongolia's (B+/Stable) proposed US
dollar bonds a 'B+' rating.
Key Rating Drivers
The rating is in line with Mongolia's 'B+' Long-Term
Foreign-Currency Issuer Default Rating (IDR), which was upgraded
with a Stable Outlook from 'B'/Stable on 18 September 2024.
The following ESG issues represent key rating drivers for the
proposed bond; other key rating drivers can be found in the issuer
rating action commentary dated 18 September 2024.
ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators have in its proprietary Sovereign Rating Model. Mongolia
has a medium World Bank Governance Indicator ranking at the 46th
percentile.
The rating on the bonds is sensitive to any changes in the
Long-Term Foreign-Currency IDR, which has the following rating
sensitivities (as per the aforementioned issuer rating action
commentary).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- External Finances: Materialisation of significant external
stress, potentially undermining external financing flows and
leading to a decline in foreign reserves, for example as a result
of a commodity shock amid expansionary domestic economic policies.
- Public Finances: Significant increase in the government debt/GDP
ratio, for example from sustained budget deficits.
- Structural Features: Political instability and/or major policy
shifts sufficient to significantly disrupt strategic mining
projects or FDI inflows.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- External Finances: Further reduction in external financing risks,
for example through significant accumulation of foreign-currency
reserves and reductions in net external debt, accompanied by
prudent external debt management.
- Macroeconomic and Structural: Sustained strong economic growth
without the emergence of imbalances, supported by a business
environment conducive to robust FDI inflows.
- Public Finances: Implementation of prudent fiscal policies
consistent with reductions in the government debt/GDP ratio.
Date of Relevant Committee
17 September 2024
ESG Considerations
The ESG profile is in line with that of Mongolia.
Entity/Debt Rating
----------- ------
Mongolia
senior unsecured LT B+ New Rating
=====================
N E W Z E A L A N D
=====================
BLUE SKY: Court to Hear Wind-Up Petition on Feb. 28
---------------------------------------------------
A petition to wind up the operations of Blue Sky Charity will be
heard before the High Court at Auckland on Feb. 28, 2025, at 10:45
a.m.
John Grant Collett filed the petition against the company on Nov.
19, 2024.
The Petitioner's solicitor is:
Nicholas McKessar
White Fox & Jones
Level 3, 70 Gloucester Street
Christchurch
FAIRFENCE LIMITED: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------------
A petition to wind up the operations of Fairfence Limited will be
heard before the High Court at Hamilton on March 10, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 21, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
MILLBROOK WEST: Calibre Partners Appointed as Receivers
-------------------------------------------------------
Neale Jackson and Daniel Stoneman of Calibre Partners on Feb. 7,
2025, were appointed as receivers and managers of Millbrook West
Limited.
The receivers and managers may be reached at:
Calibre Partner
Level 21
88 Shortland Street
Auckland
MOMENTUM LIFE: A.M. Best Cuts Financial Strength Rating to B(Fair)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B (Fair)
from B++ (Good) and the Long-Term Issuer Credit Rating to "bb"
(Fair) from "bbb" (Good) of Momentum Life Limited (Momentum Life)
(New Zealand). Concurrently, AM Best has placed these Credit
Ratings (ratings) under review with negative implications.
This rating action follows Momentum Life's weakened current capital
position and the material uncertainty related to the company's
future capital adequacy to support its operations. Additionally,
the decline in the company's regulatory solvency position has
highlighted risk management weaknesses within its enterprise risk
management. The company has taken remedial actions to improve its
capital position, including restructuring its operations earlier in
the year, with further restructuring underway. However, time is
needed to ascertain the effectiveness of these measures.
AM Best expects to resolve the under review with negative
implications status once there is certainty regarding the company's
long-term business strategy and a full assessment of the credit
rating fundamentals has been completed.
PORTER PACKAGING: Khov Jones Appointed as Receivers
---------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 13, 2025, were
appointed as receivers and managers of Porter Packaging Limited.
The receivers and managers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
YOUNG&PARTNERS LIMITED: Court to Hear Wind-Up Petition on Feb. 27
-----------------------------------------------------------------
A petition to wind up the operations of Young&Partners Limited will
be heard before the High Court at Auckland on Feb. 27, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 19, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
ACCOUNCITY PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 7, 2025, to
wind up the operations of Accouncity Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CHUN HOE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Feb. 7, 2025, to
wind up the operations of Chun Hoe Pte. Ltd.
RHB Bank Berhad filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
NATIONWIDE EXPRESS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Nationwide Express Courier Pte. Ltd. on Feb. 3, 2025,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
NAUTICAWT LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Jan. 17, 2025, to
wind up the operations of Nauticawt Limited.
Dr. Chirasak Chiyachantana filed the petition against the company.
The company's liquidator is:
Ng Hoe Kiat Keith
Reliance 3P Advisory
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
PRETTYFUN BEAUTY: Court to Hear Wind-Up Petition on Feb. 28
-----------------------------------------------------------
A petition to wind up the operations of Prettyfun Beauty Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 28, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 5, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
PROPERTYGURU LIMITED: Axes 174 Employees, Shuts 3 Business Units
----------------------------------------------------------------
The Business Times reports that Propertyguru Limited axed 12 per
cent of its employees on Feb. 13, a move that comes after being
taken private by private equity player EQT Capital.
In a note to employees, the new executive chairman Trevor Mather
announced that 174 employees will be axed as the property platform
seeks to streamline operations. The layoffs are across
PropertyGuru, with three business units – Sendhelper, data and
software solutions, and PropertyGuru Finance - shuttering, BT
relays.
PropertyGuru Finance, which was launched in 2020, deals with
mortgage advisory, and Sendhelper was an acquisition back in
October 2022 for the property platform to enter home services such
as cleaning and maintenance.
This round of layoffs follow another round in February 2024, with
79 employees axed as part of a strategic review, according to BT.
This review will also close unprofitable units.
BT relates that affected employees will receive one month's salary
per year of service capped at 12 months or statutory severance –
whichever is higher. An additional one month's salary will also be
paid out.
Performance bonuses for 2024 will be paid out, and three months of
extended medical insurance and access to the employee assistance
programme are being offered. Affected employees will get three
months' access to outplacement assistance, including access to a
personal career consultant.
They will also be able to retain their work laptops. Visa and
relocation support is being offered, with up to three months of
extended unpaid leave, repatriation assistance and support for
early termination of rental leases.
This is part of PropertyGuru's adjustments to prioritise its
marketplace business. Corporate development and investor relations
functions will be phased out as part of the transition to a private
company, BT says.
There will be a focus on maintaining PropertyGuru's position in its
core markets, focusing on enhancing consumer and customer
experience and increasing the value provided from the marketplace
business. The company will also focus on driving sustainable
long-term growth.
Revenue for the second quarter was up 10.3 per cent amid higher
contributions from its marketplaces segment.
"To sharpen this focus, we will direct all our energy, resources
and talent towards our marketplaces in Singapore, Malaysia, Vietnam
and Thailand," BT quotes Mr. Mather as saying.
As a result, PropertyGuru will be phasing out or discontinuing
initiatives outside of its four core markets.
"This belief in marketplaces is why EQT invested in PropertyGuru
and why our new board has come together - we are aligned in our
vision for the company's future success," said Mr. Mather, notes
the report.
The latest results for PropertyGuru before it delisted showed
widening losses. It posted a loss of SGD16.1 million for Q2 2024
ended Jun 30, compared with SGD6.5 million in Q2 2023, BT
discloses. Revenue for Q2 2024 rose 10.3 per cent to SGD40.7
million from SGD36.9 million a year prior.
About PropertyGuru
Based in Singapore, PropertyGuru Limited ((NYSE: PGRU) --
https://www.propertyguru.com.sg/ -- operates online property
classifieds marketplaces in Singapore, Vietnam, Malaysia, Thailand,
and Indonesia. It serves agents and developers to advertise
residential and commercial properties for sale or rent to property
seekers.
PropertyGuru Group reported net losses of SGD187.41 million,
SGD129.19 million, and SGD15.27 million for the years ended Dec.
31, 2021, 2022 and 2023, respectively.
=================
S R I L A N K A
=================
SRI LANKA: Expects Economy to Grow; Resume Debt Repayment in 2028
-----------------------------------------------------------------
Reuters reports that Sri Lanka will focus on transforming its
crisis-hit economy and prepare to resume debt repayments from 2028,
President Anura Kumara Dissanayake said on Feb. 17, unveiling his
first full budget after being elected to the top office last year.
Reuters says the budget is expected to strengthen the South Asian
island nation's recovery from a debilitating financial crisis in
2022 that led to its first international debt default, and align
with a $2.9 billion IMF bailout.
According to Reuters, the Marxist-leaning Dissanayake said that he
expects the economy to grow at 5% in the medium term and aims to
maintain low inflation, while also taking steps to keep exchange
rates stable.
Sri Lanka will maintain a primary surplus of 2.3% of GDP and the
budget has been formulated to meet that target, Dissanayake, who is
also the finance minister, told parliament.
The government will ensure that Colombo repays all its debt, he
said, foreseeing a steady reduction in poverty levels, Reuters
relays.
A severe drain in dollar reserves plunged the island nation into
turmoil three years ago, sending inflation soaring, tanking its
currency and forcing a $25 billion foreign debt default, according
to Reuters.
Since locking down $2.9 billion in emergency funding from the
International Monetary Fund in March 2023, Sri Lanka has posted a
faster than expected recovery. Inflation has eased, the central
bank has slashed interest rates to pre-crisis levels, and debt
restructuring was completed in December.
Reuters says meeting the IMF targets is crucial for Sri Lanka to
improve its credit rating after exiting from default status, so the
country can eventually return to international financial markets to
borrow and repay its debts from 2028 onwards.
Reuters notes that the parameters set out by IMF include an
ambitious deficit target of 5.2% of GDP and raising revenue to
15.1% of GDP in 2025 to secure the next tranche of about $333
million under the bailout.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific early
this January, Fitch Ratings assigned a 'CCC+' foreign-currency
rating to Sri Lanka's governance-linked bonds maturing in 2035 and
a 'CCC+' local-currency rating to the US dollar step-up bonds
maturing in 2038, which the government can decide to repay in
rupees. Fitch does not rate the macro-linked bonds, which would not
be in line with its sovereign rating criteria.
The ratings are in line with Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs). On Dec. 20, 2024,
Fitch upgraded Sri Lanka's Long-Term Foreign-Currency IDR to
'CCC+', from 'RD' (Restricted Default). Fitch also upgraded the
Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with
the Long-Term Foreign-Currency IDR.
The TCR-AP reported in late Dec. 2024, Moody's Ratings has upgraded
the Government of Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca. The outlook is stable. Previously, the
rating was on review for upgrade.
The TCR-AP also reported that S&P Global Ratings on Dec. 27, 2024,
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency and 'CCC+/C' long- and short-term local currency
sovereign credit ratings on Sri Lanka. The outlook on the long-term
local currency rating is stable. S&P also revised upward its
transfer and convertibility assessment on Sri Lanka to 'CCC+' from
'CCC' previously. At the same time, S&P assigned its 'CCC+' issue
ratings to three categories of Sri Lanka's post-restructuring new
notes.
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week Feb. 10, 2025 to Feb. 14, 2025
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.24
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.24
COBURN RESOURCES PTY 12.00 03/20/26 USD 74.52
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.51
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 0.51
VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 0.63
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.71
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 0.71
CHINA
-----
ANHUA COUNTY MEISHAN 8.00 03/21/26 CNY 40.00
ANHUA COUNTY MEISHAN 8.00 03/21/26 CNY 41.19
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 40.00
ANLU CONSTRUCTION DEV 7.80 11/28/26 CNY 42.50
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 20.70
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 20.78
ANNING DEVELOPMENT IN 8.00 12/04/25 CNY 20.85
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 40.98
ANSHANG WANGTONG CONS 7.50 05/06/26 CNY 100.00
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 20.55
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 20.66
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 20.77
ANSHUN CITY XIXIU IND 8.00 01/29/26 CNY 21.00
ANYUE XINGAN CITY DEV 7.50 05/06/26 CNY 41.19
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 20.55
BIJIE CITY ANFANG CON 7.80 01/18/26 CNY 20.95
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 20.52
BIJIE TIANHE URBAN CO 8.05 12/03/25 CNY 20.86
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 42.25
CAOXIAN SHANG DU INVE 7.80 10/28/26 CNY 42.52
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.33
CHANGDE DEYUAN INVEST 7.70 06/11/25 CNY 20.34
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 20.61
CHANGDE DINGCHENG JIA 7.58 10/19/25 CNY 20.62
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.00
CHENGDU GARDEN WATER 8.00 06/13/25 CNY 20.34
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 20.62
CHISHUI CITY CONSTRUC 8.50 01/18/26 CNY 21.03
CHONGQING HONGYE INDU 7.50 12/24/26 CNY 42.59
CHONGQING NANCHUAN CI 7.80 08/06/26 CNY 41.95
CHONGQING SHUANGFU CO 7.50 09/09/26 CNY 42.00
CHONGQING THREE GORGE 7.80 03/01/26 CNY 40.00
CHONGQING THREE GORGE 7.80 03/01/26 CNY 41.14
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 40.00
CHONGQING TONGRUI AGR 7.50 09/18/26 CNY 42.03
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.10
CHONGQING WANSHENG EC 7.50 03/27/25 CNY 20.25
CHONGQING YUDIAN STAT 8.00 11/30/25 CNY 20.80
CHUYING AGRO-PASTORA 8.80 06/26/19 CNY 16.00
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 40.00
DAWU COUNTY URBAN CON 7.50 09/20/26 CNY 42.07
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 40.00
DING NAN CITY CONSTRU 7.80 04/08/26 CNY 41.19
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.00
DUJIANGYAN NEW CITY C 7.80 05/02/25 CNY 20.21
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 20.50
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 20.65
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 42.41
DUJIANGYAN XINGYAN IN 7.50 11/01/26 CNY 42.88
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 20.00
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 20.00
FANGCHENG GANGSHI WEN 7.95 10/11/25 CNY 20.69
FANGCHENG GANGSHI WEN 7.93 12/25/25 CNY 20.90
FANTASIA GROUP CHINA 7.80 06/30/28 CNY 44.53
FANTASIA GROUP CHINA 7.50 06/30/28 CNY 73.70
FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99
FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 41.21
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 20.00
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 20.00
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 20.00
GANZHOU NANKANG DISTR 8.00 09/27/25 CNY 20.71
GANZHOU NANKANG DISTR 8.00 10/29/25 CNY 20.74
GANZHOU NANKANG DISTR 8.00 01/23/26 CNY 20.98
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 20.73
GANZHOU ZHANGGONG CON 7.80 10/16/25 CNY 22.68
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 41.55
GUANGAN XINHONG INVES 7.50 06/03/26 CNY 43.09
GUANGDONG PEARL RIVER 7.50 10/26/26 CNY 18.03
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 19.39
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 20.00
GUANGXI BAISE EXPERIM 7.60 12/24/25 CNY 20.82
GUANGXI BAISE EXPERIM 7.59 01/08/26 CNY 20.89
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 20.64
GUANGXI CHONGZUO URBA 8.50 09/26/25 CNY 20.72
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 40.68
GUANGXI NINGMING HUIN 8.50 11/05/26 CNY 42.72
GUANGXI TIANDONG COUN 7.50 06/04/27 CNY 40.00
GUANGYUAN CITY DEVELO 7.50 10/25/27 CNY 26.63
GUANGYUAN YUANQU CHUA 7.50 07/15/26 CNY 73.25
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 40.00
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 40.00
GUANGYUAN YUANQU CONS 7.50 10/30/26 CNY 41.83
GUANGYUAN YUANQU CONS 7.50 12/23/26 CNY 42.52
GUANGZHOU FINELAND RE 13.60 07/27/23 USD 0.89
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.00
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 20.24
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 41.98
GUIXI STATE OWNED HOL 7.50 09/17/26 CNY 43.42
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.07
GUIYANG BAIYUN INDUST 8.30 03/21/25 CNY 20.46
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 40.34
GUIYANG BAIYUN INDUST 7.50 03/06/26 CNY 41.03
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 20.69
GUIYANG ECONOMIC DEVE 7.90 10/29/25 CNY 20.73
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 40.42
GUIYANG ECONOMIC DEVE 7.50 04/30/26 CNY 40.71
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 41.41
GUIYANG ECONOMIC TECH 7.80 04/30/26 CNY 41.42
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 40.00
GUIZHOU CHANGSHUN COU 8.50 03/19/26 CNY 41.30
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 20.43
GUIZHOU EAST LAKE CIT 8.00 12/07/25 CNY 20.86
GUIZHOU HI-TECH URBAN 8.00 11/25/26 CNY 40.27
GUIZHOU HI-TECH URBAN 8.00 11/25/26 CNY 42.39
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 41.30
GUIZHOU JINFENGHUANG 7.60 08/19/26 CNY 41.86
GUIZHOU SHUANGLONG AI 7.50 04/20/30 CNY 60.00
GUIZHOU SHUANGLONG AI 7.50 11/17/30 CNY 62.83
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 20.67
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 18.75
GUIZHOU SHUICHENG WAT 8.00 11/27/25 CNY 20.81
GUIZHOU ZHONGSHAN DEV 8.00 03/18/29 CNY 70.00
HAIAN URBAN DEMOLITIO 7.74 05/02/25 CNY 20.18
HAIAN URBAN DEMOLITIO 8.00 12/21/25 CNY 20.88
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 40.00
HUAINAN SHAN NAN DEVE 7.94 04/01/26 CNY 41.35
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.00
HUAINAN URBAN CONSTRU 7.50 03/20/25 CNY 20.07
HUAINAN URBAN CONSTRU 7.58 02/12/26 CNY 21.02
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 37.74
HUBEI DAYE LAKE HIGH- 7.50 04/01/26 CNY 41.11
HUBEI JIAKANG CONSTRU 7.80 12/19/25 CNY 20.65
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 40.00
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 41.30
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 40.00
HUNAN CHUZHISHENG HOL 7.50 03/27/26 CNY 41.20
HUNAN JINGFENG PHARMA 7.50 10/27/21 CNY 47.24
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 20.74
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 20.75
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 20.00
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 20.00
HUNAN XUANDA CONSTRUC 7.50 01/24/26 CNY 20.86
HUNAN XUANDA CONSTRUC 7.50 01/23/26 CNY 20.93
HUZHOU WUXING NANTAIH 7.90 09/20/25 CNY 20.55
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 38.00
JIA COUNTY DEVELOPMEN 7.50 01/21/27 CNY 42.45
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.00
JIAHE ZHUDU DEVELOPME 7.50 03/13/25 CNY 20.08
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 20.52
JIANGSU YANGKOU PORT 7.60 08/17/25 CNY 22.50
JIANGSU ZHONGNAN CONS 7.80 03/17/29 CNY 44.19
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 20.60
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 20.63
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 20.88
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 21.04
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.00
JIANGXI JIHU DEVELOPM 7.50 04/10/25 CNY 20.14
JIANGXI TONGGU CITY C 7.50 04/21/27 CNY 62.88
JIANGYOU XINGYI PARKI 7.80 12/17/25 CNY 26.03
JIANGYOU XINGYI PARKI 7.50 05/07/26 CNY 51.27
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 20.00
JIANLI FENGYUAN CITY 7.50 01/14/26 CNY 20.88
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 59.21
JILIN ECONOMY TECHNOL 8.00 03/26/28 CNY 62.43
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.00
JINING NEW CITY DEVEL 7.60 03/23/25 CNY 20.09
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 40.92
JINXIANG COUNTY CITY 7.50 03/20/26 CNY 41.09
JINZHOU CIHANG GROUP 9.00 04/05/20 CNY 33.63
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 61.28
KAILI GUIZHOU TOWN CO 7.98 03/30/27 CNY 63.37
KAIYUAN CITY XINGYUAN 7.50 09/22/27 CNY 64.14
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 39.80
LAOTING INVESTMENT GR 7.50 04/11/26 CNY 41.25
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 20.00
LIJIN CITY CONSTRUCTI 7.50 12/20/25 CNY 20.80
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 40.00
LIJIN CITY CONSTRUCTI 7.50 04/26/26 CNY 41.31
LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 20.60
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.00
LINYI COUNTY CITY DEV 7.78 03/21/25 CNY 20.09
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 19.11
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 20.63
LINYI ZHENDONG CONSTR 7.50 12/06/25 CNY 20.76
LINYI ZHENDONG CONSTR 7.50 11/26/25 CNY 20.76
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 58.78
LIUPANSHUI AGRICULTUR 8.00 04/26/27 CNY 58.79
LONGNAN ECO&TECH DEVE 7.50 07/26/26 CNY 41.64
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 20.00
LUANCHUAN COUNTY TIAN 8.50 01/23/26 CNY 21.09
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 20.80
LUOHE ECONOMIC DEVELO 7.50 12/18/25 CNY 20.83
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 20.65
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 20.76
LUOYANG XIYUAN STATE- 7.50 11/15/25 CNY 20.80
LUOYANG XIYUAN STATE- 7.80 01/29/26 CNY 21.30
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 16.00
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 20.78
MAANSHAN NINGBO INVES 7.80 11/29/25 CNY 20.81
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 41.16
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 20.00
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 20.00
MEISHAN CITY DONGPO D 8.08 08/16/25 CNY 20.52
MEISHAN CITY DONGPO D 8.00 01/03/26 CNY 20.90
MEISHAN HONGSHUN PARK 7.50 12/10/25 CNY 25.95
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 20.00
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 20.00
MENGZHOU INVESTMENT A 8.00 09/03/25 CNY 20.48
MENGZHOU INVESTMENT A 8.00 11/06/25 CNY 20.74
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 41.25
MENGZI CITY DEVELOPME 8.00 03/25/26 CNY 42.25
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 40.00
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 40.00
MIAN YANG ECONOMIC DE 8.20 03/15/26 CNY 41.21
MIAN YANG ECONOMIC DE 8.00 09/29/26 CNY 42.27
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 20.00
MIANYANG ANZHOU INVES 8.10 05/04/25 CNY 20.23
MIANYANG ANZHOU INVES 8.10 11/22/25 CNY 20.84
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 40.00
MIANYANG ANZHOU INVES 7.90 11/25/26 CNY 42.61
MIANYANG HUIDONG INVE 8.10 04/28/25 CNY 20.16
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 20.85
MIANZHU CITY JINSHEN 7.87 12/18/25 CNY 20.86
MILE AGRICULTURAL INV 8.00 10/25/25 CNY 20.71
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 41.00
MILE AGRICULTURAL INV 7.60 02/27/26 CNY 41.01
MUDANJIANG LONGSHENG 7.50 09/27/25 CNY 20.60
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.00
NANCHONG JIALING DEVE 7.98 05/23/25 CNY 20.28
NINGXIA SHENG YAN IND 7.50 09/27/28 CNY 42.45
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 21.02
PANJIN CITY SHUANGTAI 8.70 12/20/25 CNY 21.02
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 21.10
PANJIN CITY SHUANGTAI 8.50 01/29/26 CNY 21.10
PANJIN LIAODONGWAN ZH 7.50 12/28/26 CNY 42.50
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 40.00
PEIXIAN ECONOMIC DEVE 7.51 11/04/26 CNY 42.27
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 20.23
PENGSHAN DEVELOPMENT 7.98 05/03/25 CNY 21.59
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 20.52
PENGZE CITY DEVELOPME 7.60 08/31/25 CNY 20.59
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 40.97
PINGLIANG CHENGXIANG 7.80 03/29/26 CNY 41.23
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.81
PUER CITY SI MAO GUO 7.50 03/14/26 CNY 40.93
QIANDONG NANZHOU DEVE 8.00 12/21/27 CNY 63.00
QIANDONG NANZHOU DEVE 8.00 12/21/27 CNY 65.81
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 42.97
QIANDONGNAN TRANSPORT 8.00 01/15/27 CNY 42.98
QIANNANZHOU INVESTMEN 8.00 01/02/26 CNY 20.94
QIANXINAN AUTONOMOUS 8.00 06/22/27 CNY 63.95
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 62.98
QIANXINAN PREFECTURE 7.99 06/10/27 CNY 63.45
QIANXINAN WATER RESOU 7.50 12/25/27 CNY 62.90
QIANXINAN WATER RESOU 7.50 09/25/27 CNY 64.57
QIANXINAN WATER RESOU 7.50 09/25/27 CNY 64.58
QIANXINAN WATER RESOU 7.50 12/25/27 CNY 68.34
QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 0.87
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 41.06
QINGZHEN CITY CONSTRU 7.50 03/18/26 CNY 41.07
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 43.32
QINGZHOU HONGYUAN PUB 7.60 06/17/27 CNY 47.80
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 41.92
QINZHOU BINHAI NEW CI 7.70 08/15/26 CNY 41.92
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 20.00
QUJING CITY QILIN DIS 8.50 01/21/26 CNY 21.08
RENHUAI WATER INVESTM 7.98 02/24/25 CNY 20.02
RENHUAI WATER INVESTM 7.98 07/26/25 CNY 20.46
RENHUAI WATER INVESTM 8.00 12/26/25 CNY 20.76
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 20.00
RUCHENG SHUNXING INVE 7.50 01/07/26 CNY 20.91
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 40.00
RUDONG NEW WORLD INVE 7.50 12/06/26 CNY 42.61
RUILI RENLONG INVESTM 8.00 09/20/26 CNY 41.92
SHANDONG HONGHE HOLDI 7.50 01/29/26 CNY 20.88
SHANDONG OCEAN CULTUR 7.50 03/28/26 CNY 41.15
SHANDONG OCEAN CULTUR 7.50 04/25/26 CNY 41.24
SHANDONG RENCHENG RON 7.50 01/23/26 CNY 20.82
SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10
SHANDONG SANXING GROU 7.90 08/30/27 CNY 58.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 40.00
SHANDONG URBAN CAPITA 7.50 04/12/26 CNY 41.22
SHANGLI GANXIANG CITY 7.50 06/01/25 CNY 20.25
SHANGLI GANXIANG CITY 7.50 06/01/25 CNY 20.26
SHANGLI GANXIANG CITY 7.80 01/22/26 CNY 20.49
SHANGLI GANXIANG CITY 7.80 01/22/26 CNY 20.84
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 20.45
SHANGRAO GUANGXIN URB 7.95 07/24/25 CNY 20.46
SHANXI JINZHONG STATE 7.50 05/05/26 CNY 41.30
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 20.00
SHAOYANG SAISHUANGQIN 8.00 11/28/25 CNY 20.87
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 20.00
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 20.00
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 20.00
SHEHONG STATE OWNED A 7.50 08/22/25 CNY 20.52
SHEHONG STATE OWNED A 7.60 10/22/25 CNY 20.71
SHEHONG STATE OWNED A 7.60 10/25/25 CNY 20.72
SHENWU ENVIRONMENTAL 9.00 03/14/19 CNY 12.00
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 20.00
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 20.84
SHIYAN CITY CHENGTOU 7.80 02/13/26 CNY 28.36
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 41.61
SHUANGYASHAN DADI CIT 8.50 04/30/26 CNY 41.62
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 42.34
SHUANGYASHAN DADI CIT 8.50 08/26/26 CNY 42.35
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 43.04
SHUANGYASHAN DADI CIT 8.50 12/16/26 CNY 43.05
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 20.71
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 20.79
SHUOZHOU INVESTMENT C 7.80 12/25/25 CNY 20.91
SHUOZHOU INVESTMENT C 7.50 10/23/25 CNY 21.60
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.18
SIYANG JIADING INDUST 7.50 04/27/25 CNY 20.19
SIYANG JIADING INDUST 7.50 12/14/25 CNY 20.79
SIYANG JIADING INDUST 7.50 12/14/25 CNY 21.86
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 2.20
TAHOE GROUP CO LTD 7.50 09/19/21 CNY 3.10
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 20.00
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 24.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 40.00
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 40.00
TAIXING CITY CHENGXIN 7.80 03/05/26 CNY 41.15
TAIXING CITY CHENGXIN 7.60 04/04/26 CNY 41.18
TAIXING CITY CHENGXIN 7.60 04/24/26 CNY 41.39
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 19.59
TAIXING XINGHUANG INV 8.50 11/15/25 CNY 20.73
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 20.00
TAIZHOU HUACHENG MEDI 8.50 12/26/25 CNY 20.98
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 40.00
TANCHENG COUNTY CITY 7.50 04/09/26 CNY 41.17
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 20.23
TANGSHAN HOLDING DEVE 7.60 05/16/25 CNY 20.37
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 40.00
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 40.00
TAOYUAN COUNTY CONSTR 7.50 09/11/26 CNY 41.96
TAOYUAN COUNTY CONSTR 8.00 10/17/26 CNY 42.55
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 20.64
TAOYUAN COUNTY ECONOM 8.20 09/06/25 CNY 21.25
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 1.00
TENGCHONG SHIXINGBANG 7.50 05/05/26 CNY 51.79
TIANJIN REAL ESTATE G 7.70 03/16/21 CNY 21.49
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.00
TONGCHENG CITY CONSTR 7.50 07/23/25 CNY 20.41
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 20.00
TONGHUA FENGYUAN INVE 8.00 12/18/25 CNY 20.89
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 41.32
TONGHUA FENGYUAN INVE 7.80 04/30/26 CNY 41.39
TONGREN WATER GROUP C 8.00 11/29/28 CNY 63.91
TONGREN WATER GROUP C 8.00 11/29/28 CNY 64.22
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 20.74
TONGXIANG CHONGDE INV 7.88 11/29/25 CNY 21.70
TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00
TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 20.65
WEIHAI LANCHUANG CONS 7.70 10/11/25 CNY 20.80
WEIHAI WENDENG URBAN 7.70 05/02/28 CNY 64.51
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 40.00
WEINAN CITY INDUSTRIA 7.50 04/28/26 CNY 41.30
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 60.00
WEINAN CITY INDUSTRIA 7.50 06/30/27 CNY 64.20
WINTIME ENERGY GROUP 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROUP 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROUP 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROUP 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROUP 7.50 04/04/21 CNY 43.63
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 20.00
WUSU CITY XINGRONG CO 7.50 10/25/25 CNY 20.68
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 40.00
WUXUE URBAN CONSTRUCT 7.50 04/12/26 CNY 41.17
WUZHOU CANGHAI CONSTR 8.00 05/31/28 CNY 64.50
WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 65.88
WUZHOU CITY CONSTRUCT 7.95 11/28/28 CNY 66.99
WUZHOU CITY CONSTRUCT 7.90 03/26/29 CNY 73.20
XIFENG COUNTY URBAN C 8.00 03/14/26 CNY 41.11
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 20.00
XINFENG COUNTY URBAN 7.80 12/05/25 CNY 20.82
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.45
XINFENG COUNTY URBAN 7.80 04/16/26 CNY 41.88
XINPING URBAN DEVELOP 7.70 01/24/26 CNY 20.74
XINYU CITY YUSHUI DIS 7.50 09/24/26 CNY 42.01
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 20.58
XUZHOU CITY JIAWANG C 7.88 01/28/26 CNY 21.00
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 40.50
XUZHOU CITY JIAWANG C 7.98 05/06/26 CNY 41.55
YANCHENG URBANIZATION 7.50 03/04/27 CNY 63.17
YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.00
YANGLING URBAN RURAL 7.80 06/19/26 CNY 40.00
YANGLING URBAN RURAL 7.80 02/20/26 CNY 40.94
YANGLING URBAN RURAL 7.80 06/19/26 CNY 41.62
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.00
YIBIN NANXI CAIYUAN S 8.10 07/24/25 CNY 20.47
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 20.81
YIBIN NANXI CAIYUAN S 8.10 11/28/25 CNY 20.90
YICHANG CHUANGYUAN HO 7.80 11/06/25 CNY 20.72
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 40.00
YINGTAN JUNENG INVEST 8.00 05/06/26 CNY 41.56
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.00
YIYANG COUNTY CITY CO 7.50 06/07/25 CNY 20.28
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 20.79
YIYANG COUNTY CITY CO 7.90 11/05/25 CNY 22.01
YIYANG LONGLING CONST 7.60 01/23/26 CNY 20.30
YIYANG LONGLING CONST 7.60 01/23/26 CNY 20.79
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 20.50
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 21.15
YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.00
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 20.00
YONGXIU CITY CONSTRUC 7.50 05/02/25 CNY 20.17
YONGXIU CITY CONSTRUC 7.80 08/27/25 CNY 20.49
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 20.56
YOUYANG COUNTY TAOHUA 7.50 09/28/25 CNY 20.60
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 20.88
YUANJIANG CITY CONSTR 7.50 01/18/26 CNY 20.88
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.19
YUDU ZHENXING INVESTM 7.50 05/03/25 CNY 20.49
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 40.00
YUEYANG CITY JUNSHAN 7.96 04/23/26 CNY 41.45
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 60.51
YUEYANG CITY JUNSHAN 7.96 03/13/27 CNY 63.22
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 40.00
YUEYANG HUILIN INVEST 7.50 12/23/26 CNY 42.49
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 60.00
YUSHEN ENERGY DEVELOP 7.50 05/07/27 CNY 63.61
YUTAI XINDA ECONOMIC 7.50 04/10/26 CNY 41.08
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 41.11
ZHANGJIAJIE LOULI TOW 7.50 03/26/26 CNY 41.12
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 40.00
ZHANGZI NATIONAL OWNE 7.50 10/18/26 CNY 42.13
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 20.00
ZHEJIANG CHANGXING HU 7.50 12/26/25 CNY 20.85
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 41.40
ZHEJIANG CHANGXING HU 7.50 05/16/26 CNY 41.60
ZHEJIANG HUZHOU NANXU 7.80 08/21/25 CNY 19.81
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 20.00
ZHEJIANG WUYI CITY CO 8.00 08/10/25 CNY 20.51
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 20.91
ZHEJIANG WUYI CITY CO 8.00 12/21/25 CNY 20.98
ZHONGHONG HOLDING CO 8.00 07/04/19 CNY 2.75
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 40.00
ZHONGXIANG CITY CONST 7.50 07/05/26 CNY 41.78
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 40.00
ZHOUSHAN ISLANDS NEW 7.50 01/30/27 CNY 43.21
ZHUZHOU HI-TECH AUTO 8.00 08/14/25 CNY 25.66
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 45.00
ZIGUI COUNTY CHUYUAN 7.80 02/12/28 CNY 49.35
ZIYANG KAILI INVESTME 8.00 02/14/26 CNY 20.93
ZUNYI HUICHUAN LOUHAI 7.50 11/24/27 CNY 68.00
ZUNYI ROAD & BRIDGE C 8.00 05/08/29 CNY 70.63
ZUNYI TRAFFIC TRAVEL 7.80 03/07/29 CNY 67.88
HONG KONG
---------
CHINA SOUTH CITY HOLD 9.00 10/09/24 USD 25.81
CHINA SOUTH CITY HOLD 9.00 04/12/24 USD 25.98
CHINA SOUTH CITY HOLD 9.00 06/26/24 USD 26.01
CHINA SOUTH CITY HOLD 9.00 12/11/24 USD 26.01
HAINAN AIRLINES HONG 12.00 10/29/21 USD 1.92
HONGKONG IDEAL INVEST 14.75 10/08/22 USD 2.65
YANGO JUSTICE INTERNA 7.50 02/17/25 USD 0.10
YANGO JUSTICE INTERNA 8.25 11/25/23 USD 0.11
YANGO JUSTICE INTERNA 7.88 09/04/24 USD 0.12
YANGO JUSTICE INTERNA 10.25 03/18/22 USD 0.15
YANGO JUSTICE INTERNA 9.25 04/15/23 USD 0.17
YANGO JUSTICE INTERNA 10.00 02/12/23 USD 0.21
YANGO JUSTICE INTERNA 7.50 04/15/24 USD 0.36
YANGO JUSTICE INTERNA 10.25 09/15/22 USD 0.61
ZENSUN ENTERPRISES LT 12.50 04/23/24 USD 4.04
ZENSUN ENTERPRISES LT 12.50 09/13/23 USD 6.14
INDONESIA
---------
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.12
WIJAYA KARYA PERSERO 8.30 02/18/29 IDR 58.16
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.68
WIJAYA KARYA PERSERO 9.25 09/08/28 IDR 60.72
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.62
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.72
WIJAYA KARYA PERSERO 9.85 12/18/27 IDR 62.82
WIJAYA KARYA PERSERO 9.75 03/03/28 IDR 62.83
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 64.26
WIJAYA KARYA PERSERO 7.75 02/18/27 IDR 64.47
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.73
WIJAYA KARYA PERSERO 10.90 11/03/29 IDR 64.73
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 65.06
WIJAYA KARYA PERSERO 10.50 11/03/27 IDR 65.06
WIJAYA KARYA PERSERO 8.60 12/18/25 IDR 67.18
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 69.33
WIJAYA KARYA PERSERO 8.55 09/08/26 IDR 69.49
INDIA
-----
AMPLUS SOLAR POWER MH 14.30 06/05/46 INR 66.65
BHARAT SANCHAR NIGAM 7.55 03/20/34 INR 62.93
IKF HOME FINANCE LTD 10.85 08/31/26 INR 60.27
MAHANAGAR TELEPHONE N 7.51 03/06/34 INR 54.28
MALAYSIA
--------
CAPITAL A BHD 8.00 12/29/28 MYR 0.88
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 15.00
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 15.00
SINGAPORE
---------
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.92
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.92
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 6.75
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.42
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.42
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.42
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.42
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 20.50
MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 0.68
NOMURA INTERNATIONAL 7.65 10/04/37 AUD 67.33
NOMURA INTERNATIONAL 19.50 08/28/28 TRY 70.47
ORO NEGRO DRILLING PT 7.50 01/24/24 USD 0.52
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SOUTH KOREA
-----------
KOREA DEVELOPMENT BAN 11.24 11/25/26 BRL 57.78
KOREA DEVELOPMENT BAN 11.21 11/19/26 BRL 62.59
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SRI LANKA
---------
SRI LANKA GOVERNMENT 7.50 06/15/38 LKR 59.56
SRI LANKA GOVERNMENT 7.50 05/15/37 LKR 61.17
SRI LANKA GOVERNMENT 7.50 04/15/36 LKR 63.00
SRI LANKA GOVERNMENT 7.50 03/15/35 LKR 65.06
SRI LANKA GOVERNMENT 7.50 02/15/34 LKR 67.31
SRI LANKA GOVERNMENT 7.50 01/15/33 LKR 69.77
SRI LANKA GOVERNMENT 7.50 06/15/32 LKR 72.27
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
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