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       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 6, 2024, Vol. 27, No. 27

                           Headlines



A U S T R A L I A

CORPORATE COMPONENTS: Second Creditors' Meeting Set for Feb. 8
NOW TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to B1
SANTA ROCKET: First Creditors' Meeting Set for Feb. 13
SCOTPAC GEARS 2024-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
SERVICES INTERNATIONAL: Second Creditors' Meeting Set for Feb. 9

ST HILLIERS: Enters Administration; Over 20 Projects Halted
TAIKONG AUSTRALIA: Second Creditors' Meeting Set for Feb. 9
TRINITY WINDOWS: Second Creditors' Meeting Set for Feb. 12


C H I N A

ANBANG INSURANCE: Dajia Renews Efforts to Offload Insurer's Assets
BEIJING CAPITAL: Moody's Assigns 'Ba1' CFR, Outlook Negative
COUNTRY GARDEN: Over 30 Projects Listed for Local Gov't. Support
[*] CHINA: Distressed Developers Get Project Loan Backing


I N D I A

ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating
ARVIND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
BHOPAL MOTORS: CRISIL Hikes Rating on INR19cr Term Loan to B+
BYJU'S: Pays Salaries for January; Struggle Even Bigger, CEO Says
DE SON: CRISIL Withdraws B Rating on INR18cr e-DFS

DEEPSUN INDUSTRIAL: CRISIL Withdraws B+ Rating on INR1cr Loan
ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
GEETIKA FASHIONS: CRISIL Withdraws B+ Rating on INR17cr Cash Loan
GKB OPHTHALMICS: CRISIL Cuts Long/Short Term Debt Ratings to D
H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating

INDIAN TRADING: CRISIL Reaffirms B- Rating on INR12cr Cash Loan
MAVERICK HOLDINGS: CRISIL Cuts Long/Short Term Debt Ratings to D
MY CAR: CARE Lowers Rating on INR17.75cr LT Loan to D
NSL TEXTILES: CRISIL Lowers Long/Short Term Debt Ratings to D
PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating

PONNU FOOD: CRISIL Lowers Rating on INR8.9cr Cash Loan to D
PRESTIGEBULK HANDLING: ICRA Keeps B Issuer Rating in Not Coop.
RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAJDEEP BUILDCON: CRISIL Moves D Debt Ratings to Not Cooperating
RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR160.30cr LT Loan

RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating
SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating

SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
SPARK CONDUCTORS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
VADRAJ CEMENT: NCLT Admits Company for Insolvency Process
VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating
VAREYN SOLAR: CRISIL Assigns B Rating to INR0.73cr Term Loan

VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
VTR MARKETING: CARE Lowers Rating on INR7.17cr LT Loan to C
ZEE ENTERTAINMENT: Free to go to NCLT to Enforce Sony Merger


N E W   Z E A L A N D

AUTUMN PARK: Creditors' Proofs of Debt Due on March 4
BIRKENHEAD XU: Court to Hear Wind-Up Petition on Feb. 16
FGIN LIMITED: Creditors' Proofs of Debt Due on Feb. 20
HYDRAULIC SOLUTIONS: In Liquidation; Owes NZD410,000
PRIOR BLACKBURN: Court to Hear Wind-Up Petition on Feb. 12

SAVALI CONTRACTING: Court to Hear Wind-Up Petition on Feb. 15


S I N G A P O R E

NU-FORTUNE GOLD: Creditors' Proofs of Debt Due on Feb. 19
PUTNAM INVESTMENT: Creditors' Proofs of Debt Due on March 1
SRI LANKA MARINE: Court to Hear Wind-Up Petition on Feb. 16
TOPICAL TECHNOLOGY: Court Enters Wind-Up Order
WARUNG FOOD: Commences Wind-Up Proceedings



X X X X X X X X

[*] BOND PRICING: For the Week Jan. 29, 2024 to Feb. 2, 2024

                           - - - - -


=================
A U S T R A L I A
=================

CORPORATE COMPONENTS: Second Creditors' Meeting Set for Feb. 8
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Corporate
Components (Australia) Pty Ltd has been set for Feb. 8, 2024 at
3:00 p.m. at the offices of Jirsch Sutherland at Level 30, 140
William Street in Melbourne and via Zoom meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 7, 2024 at 11:00 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Dec. 21, 2023.


NOW TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by NOW Trust 2023-1.

Issuer: NOW Trust 2023-1

Class B Notes, Upgraded to Aa1 (sf); previously on May 4, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on May 4, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on May 4, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on May 4, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on May 4, 2023
Definitive Rating Assigned B2 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available to the affected notes and the performance of the
collateral pool to date.

No action was taken on the remaining rated class in the deal as
credit enhancement for this class remains commensurate with the
current rating.

Following the January 2024 payment date, the note subordination
available to the Class B, Class C, Class D, Class E and Class F
Notes has increased to 24.1%, 17.3%, 13.5%, 6.7% and 3.5%
respectively, from 19.0%, 13.6%, 10.6%, 5.1% and 2.6% at deal
close.

As of end-December 2023, 2.5% of the outstanding pool was 30-plus
day delinquent, and 0.4% was 90-plus day delinquent. The deal has
incurred 1.4% of gross losses (as a percentage of the closing pool
balance) to date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 6.5% of
the closing pool balance (equivalent to 6.9% of the current pool
balance). Moody's has also maintained the Aaa portfolio credit
enhancement of 29% at closing.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by Now
Finance Group Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

SANTA ROCKET: First Creditors' Meeting Set for Feb. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Santa Rocket
Pty Ltd will be held on Feb. 13, 2024 at 11:00 a.m. via video
conference.

Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on Feb. 1, 2024.



SCOTPAC GEARS 2024-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Equity Trustees Limited, as trustee of ScotPac
Gears ABS Trust 2024-1.

Issuer: ScotPac Gears ABS Trust 2024-1

AUD194.11 million Class A Notes, Assigned (P)Aaa (sf)

AUD19.54 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.94 million Class C Notes, Assigned (P)A2 (sf)

AUD7.87 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.91 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.55 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.83 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans originated by Scottish Pacific Business
Finance Pty Ltd ("ScotPac"). ScotPac will act as servicer of the
transaction. This is ScotPac's inaugural ABS transaction.

ScotPac is a non-bank lender for SMEs providing working capital and
other financial services to transport, manufacturing, wholesale,
import and printing industries in Australia. Its core product is
debtor finance, with ScotPac holding the largest non-bank debtor
finance portfolio in Australia and New Zealand.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity reserve in
the amount of 1.5% of outstanding balance of all receivables, the
legal structure, the experience of ScotPac as servicer; and the
presence of Equity Trustees Limited as back-up servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio.  ScotPac is a
relatively new originator in asset finance, with historical default
data for its auto and equipment loan book only available from 2019.
As such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 23.50%, 15.80%, 10.70%, 7.60%, 3.30% and
1.90% of note subordination, respectively.

-- Once stepdown conditions are satisfied, all notes, excluding
the Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, the payment date is at
least 12 months after the settlement date and no unreimbursed
charge-offs.

-- A swap provided by Citigroup Global Markets Limited
(A1/P-1/Aa3(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortization of the portfolio.

-- Equity Trustees Limited (EQT) is the back-up servicer. If
ScotPac is terminated as servicer, EQT will take over the servicing
role in accordance with the standby servicing deed and its back-up
servicing plan.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level.

-- The portfolio has a high yield of 12.0% which provides excess
spread to cure portfolio losses.

-- Heavy commercial vehicle loans, including trucks and trailers,
are the largest component making up 51.5% of the portfolio. Cars
make up 12.8% of the portfolio.

Key model assumptions:

Moody's base case assumptions are a portfolio loss rate of 4.80%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 27.00%. The assumed recovery
rate is 25%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.

To address the limited historical loss data on ScotPac's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2023.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

SERVICES INTERNATIONAL: Second Creditors' Meeting Set for Feb. 9
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Services
International Holdings Pty Ltd has been set for Feb. 9, 2024 at
11:00 a.m. at the offices of WLP Restructuring at Suite 19.02,
Level 19, 1 Castlereagh Street in Sydney and via virtual meeting
technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 8, 2024 at 4:00 p.m.

Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of the company on Dec. 27, 2023.


ST HILLIERS: Enters Administration; Over 20 Projects Halted
-----------------------------------------------------------
News.com.au reports that construction giant St Hilliers has called
in administrators, halting work on more than 20 projects across
Australia.

According to news.com.au, the group appointed Glenn Livingstone and
Alan Walker of WLP Restructuring to take charge of its construction
division on Feb. 4 after racking up $12 million in losses over the
past two years.

In a statement, the administrators said they "have secured and
paused all works across St Hilliers' 21 active construction sites
while they undertake an urgent assessment of the business's
financial position and operations," news.com.au relays.

They added that during the assessment period, approximately 80
staff members will be retained while 22 have been made redundant.

News.com.au, citing financial documents filed with the Australian
Securities and Investments Commission (ASIC), discloses that the
group reported revenue of AUD164 million in 2023, but made a loss
of AUD8.9 million in the last financial year and a loss of AUD3.1
million the previous year.

Among the projects affected by the Sydney group's administration
are the Bernborough retirement village in the Brisbane suburb of
Ascot and the Thornton Central development in Penrith, in Sydney's
outer west, news.com.au relays.

St Hilliers also has several contracts with the Department of
Defence and according to its website it is "one of Australia's
leading private, integrated property and construction groups".

According to news.com.au, Mr. Livingstone and Mr. Walker said their
appointment "relates only to some entities within St Hilliers
construction division, known as St Hilliers Contracting, while its
property development and investment division, St Hilliers Property,
remains unaffected".

The seven businesses in administration are ST Holdings Pty Limited,
St Hilliers Pty Limited, St Hilliers Contracting Pty Limited, STH
Bonding Pty Limited, SHC Civil Pty Limited, St Hilliers Inventive
Pty Limited, and SH Newstead Pty Limited.

"The Administrators are working closely with all stakeholders and
staff in order to recommence project works at the earliest
opportunity," the report quotes Mr. Livingstone as saying.

"We are hopeful this can occur in the coming days and that the
employment of as many people as possible is preserved."

The first meeting of creditors will be held on or before Feb. 14,
2024.


TAIKONG AUSTRALIA: Second Creditors' Meeting Set for Feb. 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Taikong
Australia Pty Ltd has been set for Feb. 9, 2024 at 11:00 a.m. via
videoconference only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 8, 2024 at 5:00 p.m.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Jan. 4, 2024.


TRINITY WINDOWS: Second Creditors' Meeting Set for Feb. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Trinity Windows
Enterprise Pty Ltd has been set for Feb. 12, 2024 at 2:00 p.m. at
Level 14, 3 Parramatta Square, 153 Macquarie Street in Parramatta
and via online conference.

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. 9, 2024 at 9:00 a.m.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Jan. 18, 2024.




=========
C H I N A
=========

ANBANG INSURANCE: Dajia Renews Efforts to Offload Insurer's Assets
------------------------------------------------------------------
Caixin Global reports that Dajia Insurance Group Co. Ltd., the
state-owned company set up to rescue Anbang Insurance Group Co.
Ltd., is looking for buyers for two subsidiaries, sources with
knowledge of the matter told Caixin, the latest effort by the
bailout fund that controls the group to offload its assets.

Caixin relates that news of the possible disposals has emerged as
the two units - Dajia Property and Casualty Insurance Co. Ltd. and
Dajia Annuity Insurance Co. Ltd. - released reports showing they
made a loss last year, although at the end of 2023, both met
regulatory thresholds for their core and comprehensive solvency
ratios.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offered
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific in
February 2018, The Strait Times related that the Chinese government
had seized control of Anbang Insurance, the troubled Chinese
company that owns the Waldorf Astoria hotel in New York and other
marquee properties around the world, and charged its former
chairman with economic crimes. The Strait Times noted that the move
is Beijing's biggest effort yet to rein in a new kind of Chinese
company, in this case, one that spent billions of dollars around
the world over the past three years buying up hotels and other
high-profile properties. The Strait Times noted the move also caps
the downfall of Anbang leader Wu Xiaohui. Mr. Wu was later
sentenced to 18 years in prison for fraud and embezzlement,
according to Reuters.

In July 2019, the China Banking and Insurance Regulatory Commission
(CBIRC) said the newly created Dajia Insurance Group will take over
several of Anbang Insurance's subsidiaries.  According to Caixin,
the insurance regulator said that Dajia will receive Anbang's
stakes in its life insurance, annuity insurance and asset
management subsidiaries, and some of the assets of its property and
casualty insurance unit.

BEIJING CAPITAL: Moody's Assigns 'Ba1' CFR, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has taken the following rating actions on
Beijing Capital Group Co., Ltd. (BCG):

1. Withdrawn BCG's Baa3 issuer rating and assigned the company a
Ba1 corporate family rating (CFR);

2. Downgraded to (P)Ba1 from (P)Baa3 the backed senior unsecured
rating on the medium-term note (MTN) program of Beijing Capital
Polaris Investment Co., Ltd. The MTN program is unconditionally and
irrevocably guaranteed by BCG.

At the same time, Moody's has lowered BCG's Baseline Credit
Assessment (BCA) to b1 from ba3.

All the rating outlooks are negative. Previously, the ratings were
on review for downgrade.

"The rating downgrade reflects Moody's view that BCG's financial
metrics will stay weak, particularly its high debt leverage, over
the next 12-18 months at levels that are not commensurate with its
previous BCA and ratings," says Daniel Zhou, a Moody's Assistant
Vice President and Analyst.

The downgrade also reflects the company's increased governance
risk, reflected by its limited track record in executing its
deleveraging plan.

"The negative outlook reflects the uncertainties over BCG's ability
to successful execute its business plan and restore its credit
metrics over the next 12-18 months to levels that will support its
current BCA and ratings, given its material exposure to the weak
property market," adds Zhou.

RATINGS RATIONALE

BCG's Ba1 CFR considers (1) its b1 BCA; and (2) Moody's assessment
of a strong likelihood of support from, and the company's high
dependence on, the Beijing municipal government and ultimately, the
Government of China (A1 negative), which provides a three-notch
rating uplift from its BCA.

Moody's expects BCG's financial metrics to remain weak over the
next 12-18 months amid the prolonged weakness in the company's
commercialized property business segment, which contributed to
30%-40% of the company's EBITDA over the past three years. In
addition, the company has a persistently high debt level. While the
company's growing social housing business would enhance its cash
flow and profitability, the actual contribution from this business
will be subject to the Beijing municipal government's roll-out
schedule.

Moody's also expects BCG's debt level to remain high in the absence
of a concrete deleveraging plan. Meanwhile, a slowdown in expanding
both its property and environmental protection segments, as well as
the recently announced shareholding disposal of a zone development
project in Tianjin, would reduce its debt-funding needs.

As a result, BCG's leverage, as measured by adjusted net
debt/EBITDA, will stay high at 9x-10x over the next 12-18 months,
despite an improvement from the estimated 11.5x in 2023 and 10.9x
in 2022. This ratio is still weak for its b1 BCA.

On the other hand, solid demand for the environmental protection
business and subway services would to some extent support BCG's
revenue and operating cash flow.

BCG's liquidity is inadequate. The company's cash sources and
projected operating cash flow over the next 18 months will be
insufficient to cover its scheduled debt repayments and capital
spending over the same period.  Nevertheless, BCG and its key
operating subsidiaries have proven strong access to various types
of funding, especially onshore bank and capital market funds, due
to its close linkage with the Beijing municipal government. This
strength would temper the concerns over its refinancing risks.

The strong support assessment and three-notch rating uplift reflect
BCG's strategically important role in providing essential water
services, social housing and subway services to China's capital
city, its policy function of supporting small and medium-size
enterprises (SMEs), and the agricultural sector through its
financial services operations; its 100% ownership by the Beijing
government; and its record of receiving government support.

The high dependence reflects the exposure of BCG and the central
government to common political and economic event risks.

Moody's has changed BCG's governance issuer profile score to G-4
from G-3 and its environmental, social and governance (ESG) Credit
Impact Score (CIS) to CIS-4 from CIS-3. The CIS-4 score is driven
by governance risks and indicates that the rating is lower than it
would have been if ESG risk exposures did not exist.

The G-4 governance risk assessment reflects the company's limited
track record and credibility in executing its deleveraging plan, as
reflected in the company's persistently high debt leverage, which
deviates from Moody's previous expectation of its deleveraging.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

BCG's ratings are unlikely to be upgraded given the negative
outlook.

However, Moody's could revise BCG's outlook to stable if the
company's policy function increases so that it warrants a higher
likelihood of support, or if the company's BCA improves.

BCG's BCA could improve if it strengthens its financial metrics
with an increase in its profit and cash flow and a meaningful
reduction in its debt. Credit metrics supportive of a stable
outlook for its BCA include its adjusted net debt/EBITDA falling
below 8.5x-9.0x and EBITDA interest coverage above 2.0x-2.25x on a
sustained basis.

Moody's could downgrade the ratings if the rating agency lowers
BCG's BCA in the absence of an improvement in its business profile
or financial position, without any significant change in the
support assessment.

Credit metrics indicative of a lower BCA include its adjusted net
debt/EBITDA failing to trend towards 9.0x-9.5x or below, or its
adjusted EBITDA interest coverage falling below 1.5x over the next
12-18 months.

A downgrade of BCG's ratings could also be triggered by a weakening
of Beijing municipal government's ability or willingness to support
the company, without a lowering of its BCA.

The methodologies used in these ratings were Investment Holding
Companies and Conglomerates published in April 2023.

Founded in 1994, Beijing Capital Group Co., Ltd. is 100% owned by
the Beijing municipal government and is under the direct
supervision of the State-owned Assets Supervision and
Administration Commission of the Beijing Municipality. The
company's operations are divided into four major business segments:
urban development, which is mainly real estate-related;
environmental protection, including water services and solid waste
treatment; infrastructure; and financial services.

COUNTRY GARDEN: Over 30 Projects Listed for Local Gov't. Support
----------------------------------------------------------------
Reuters reports that Country Garden said on Feb. 3 more than 30 of
its projects had been listed by Chinese local governments as
suitable for financing support, as authorities aim to inject
liquidity into the crisis-hit sector.

China's largest private property developer said in a statement to
Reuters that its projects were included on the so-called "white
lists" of the provinces of Heinan, Hubei, Sichuan, Shandong and the
municipality Chongqing. The developer, which defaulted on its
offshore debt late last year, hopes to enter the lists of Guangdong
and Hunan provinces among others.

Country Garden said the projects, after being added to the white
lists, could receive financing support, which would in turn helps
ease the pressure on its liquidity and ensure the completion of
homes.

Reuters reported on Feb. 2 that China aims to ramp up financing for
home projects in the coming days as part of its support measures
for real estate firms, but banks' reluctance to lend to the sector
will remain a major obstacle for the distressed developers that
need fresh funding the most.

Under the "project white list" mechanism, governments of 35 cities
across the country are gearing up to recommend to banks residential
projects that need financial support.

                        About Country Garden

Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.

Fitch has chosen to withdraw CGS' ratings for commercial reasons.

[*] CHINA: Distressed Developers Get Project Loan Backing
---------------------------------------------------------
Reuters reports that more distressed property developers in China
have had projects added to local authorities' so-called whitelists,
reflecting the rapid expansion of a government policy aimed at
injecting liquidity into the crisis-hit sector.

Sunac China, Greenland, and CIFI said local governments had listed
some of their projects as being suitable for bank loans, following
a similar announcement by Country Garden at the weekend.

Under the "project whitelist" mechanism launched on Jan. 26,
governments of 35 cities are recommending to banks residential
projects needing financial support, and are coordinating with
financial institutions to meet projects' needs, according to
Reuters.

China's largest private property developer, Country Garden - which
defaulted on $11 billion worth of offshore bonds late last year -
on Feb. 3 said more than 30 of its projects had been added to
whitelists.

Sunac, which completed a $9 billion offshore debt restructuring
last year, in a statement to Reuters on Feb. 5 said over 90 of its
projects had been added to the first batch of whitelists of cities
including Beijing, Tianjin, Chengdu and Chongqing.

"As the financing comes in place, the cashflow pressure of the
development and operation of Sunac projects would be eased, which
will further ensure the work of 'home delivery' in different
cities," the developer said.

Reuters relates that Greenland also on Feb. 5 said 34 of its
projects, requiring CNY11.7 billion ($1.63 billion) in financing,
are on whitelists in provinces including Shandong, Sichuan and
Yunnan.

Greenland, the first state-backed developer to extend offshore debt
payments in 2022 amid the property debt crisis, said the additions
highlight "strong support" of local authorities and financial
institutions.

CIFI, another major developer that is working on offshore debt
restructuring, in a statement on Feb. 4 said 18 of its projects
have been added to whitelists in cities including Chongqing,
Beijing, Tianjin and Wuhan.

Another developer that defaulted on debt repayments expects its
projects to feature in a second batch of whitelists as early as
this week, said an executive on condition of anonymity due to the
sensitivity of the issue. Loans, if approved, should come through
after the Lunar New Year holiday, the executive said, Reuters
relays.

Reuters notes that China aims to increase financing for residential
projects in coming days but banks' reluctance to lend to the sector
is a major obstacle for distressed developers most in need of
funds.

Developers and investors have said any such loans can only be used
for ensuring the completion of selected projects, and cannot be
used to repay debt or help regain financial strength.




=========
I N D I A
=========

ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjani
Polytec Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. APPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
1, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Anjani Polytec Private Limited (APPL) was incorporated in May 2016
for setting up a manufacturing plant of Polypropylene (PP) woven
bags at Pansura, East Mednipur in West Bengal by Mr. Kamal Pande,
Mr. Debraj Pande, Mr. Anil Kumar Agarwal and Mrs. Sunita Agarwal.
The aggregate project cost for the setting up the manufacturing
plant is estimated at INR12.07 crore (including
margin money for working capital of INR1.78 crore) which is being
financed at a debt equity of 1.64x. The financial closure for the
debt portion of the project has already been tied up and APPL has
spent INR9.54 crore (79.04% of total project cost) till June 15,
2018 funded through promoters fund of INR3.67 crore and balance
from bank term loans. The company has placed order for machinery
which is yet to be received; however, the company has its partial
operation from February 16, 2018 and the full-fledged operation is
estimated to commence from August 2018.

ARVIND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Arvind Pipes &
Fittings Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         6.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term–        1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         2.25      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with Arvind Pipes & Fittings 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.

Arvind Pipe & Fittings Industries Private Limited was incorporated
in the year 1982 as Arvind Metal Syndicate. The company commenced
commercial operations with trading in pipe fittings and flanges and
ventured into manufacturing of the aforementioned products in 1990.
Subsequently, in the year 2004, APFIPL commissioned its second unit
to manufacture seamless and welded pipes. The company's both
manufacturing units are located in Waghodia near Baroda in Gujarat
and have a combined installed capacity of around 2000 MTPA.


BHOPAL MOTORS: CRISIL Hikes Rating on INR19cr Term Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Bhopal Motors Pvt Ltd (BMPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and has assigned its 'CRISIL A4' rating to
the short-term bank facilities of the company.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer      6          CRISIL A4 (Assigned)
   Financing Scheme
   (e-DFS)                

   Electronic Dealer     23          CRISIL A4 (Assigned)
   Financing Scheme
   (e-DFS)               

   Term Loan             19          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              8          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating action factors in significant growth in topline to
INR250 crore in fiscal 2023 from INR141.83 crore in fiscal 2022.
Revenue is expected at INR270-300 crore in fiscal 2024, driven by
strong industry outlook for the infrastructure sector. The rating
action also factors the improvement in net cash accrual to INR2.4
crore in fiscal 2023 from INR1.6 crore in fiscal 2022, which is
expected to improve further to INR3 crore in fiscal 2024, leading
to net cash accrual to repayment obligation ratio of more than 1
time.

The ratings reflect the average financial risk profile of the
company and exposure to intense competition and cyclicality in the
construction equipment industry. These weaknesses are partially
offset by the extensive experience of the promoters in the
automotive (auto) dealership business and their strong relationship
with JCB India Ltd (JCB; 'CRISIL AAA/Stable').

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: High dependence on external debt
coupled with low operating margin constrained the capital structure
and debt protection metrics. Total outside liabilities to adjusted
networth (TOLANW) ratio was 2.67 times as on March 31, 2023. Debt
protection metrics were subdued, as indicated by interest coverage
and net cash accrual to adjusted debt ratios of 1.66 times and 0.05
time, respectively, in fiscal 2023. With regular repayment of term
debt obligation and steady accretion to reserve, the financial risk
profile is likely to improve over the medium term.

* Exposure to intense competition and cyclicality in the end-user
industry: The construction equipment industry is vulnerable to
changes in economic cycles. Excessive downturn in the economy or
monetary tightening measures can substantially impact demand.
Intense competition from other dealers in the region constrains
operating performance, as reflected in earnings before interest,
tax, depreciation and amortisation (Ebitda) margin of around 3.1%
in fiscal 2023.

Strength:

* Extensive experience of the promoters and healthy relationship
with JCB: The promoters have been in the auto dealership business
for four decades and have been associated with JCB for more than 25
years. The company derives around 80% of its revenue from the sale
of vehicles and the remaining from service and sale of spare parts.
It has five showrooms, two workshops and multiple sales outlets,
establishing its presence across Madhya Pradesh.

Liquidity: Stretched

Bank limit utilisation was high at 83% on average for the 14 months
through December 2023. Cash accrual, expected at INR3-4 crore per
annum, will just about cover yearly term debt obligation of
INR2.5-3.0 crore over the medium term.

Outlook: Stable

CRISIL Ratings believes BMPL will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity Factors

Upward factors:

* Increase in revenue and operating margin leading to cash accrual
above INR4 crore
* Improvement in the financial risk profile, with TOLANW ratio
below 2 times

Downward factors:

* Decline in revenue and operating margin resulting in cash accrual
of less than INR2 crore
* Further weakening of the financial risk profile on account of
debt-funded capital expenditure

Incorporated in 1951 in Indore, BMPL is an authorised dealer for
heavy earth-moving equipment and commercial vehicles, including
backhoe loaders, excavators and car-mounted machines, for JCB. Mr
Rohit Sanghi and Ms Swati Tokkar are the promoters.

BYJU'S: Pays Salaries for January; Struggle Even Bigger, CEO Says
-----------------------------------------------------------------
Livemint.com reports that embattled edtech company Byju's
co-founder and CEO Byju Raveendran on Feb. 4 told employees that
the company had credited their salaries for January earlier than
promised.

For a company fighting fires on several fronts - including delayed
loan repayments, mounting losses, and key investors seeking
Raveendran's ouster - signing off on routine monthly salaries has
merited an announcement considering Byju's is scrambling to meet
its operational costs, Livemint.com relays.

"I know you were told that you will get your salaries by Monday . .
. But you did not have to wait even till Monday. I have been moving
mountains for months to make payroll, and this time, the struggle
was even bigger to ensure that you receive what you rightfully
deserve," Raveendran said in a letter to employees on Feb. 4.

For Byju's, salaries add up to INR70 crore a month, according to a
Moneycontrol report. Its total expenses stood at INR13,668 crore in
FY22. The company is looking to raise $200 million from its
investors through a rights issue at a valuation of $200-225
million, about 99% lower than its peak valuation of $22 billion.

Livemint.com says Byju's has been laying off employees and has
delayed full and final settlements of those employees on multiple
occasions. The company reportedly undertook an exercise to reduce
its workforce by 3,000-3,500 in October.

Raveendran also wrote in detail about his personal challenges in
the letter, Livemint.com relays.

"I am not implying that these challenges have not shaken me.
Entrepreneurs are supposed to be stoic and steadfast. They indeed
have an irrational capacity to suffer and the ability to eventually
prevail over all that pain. But they, too, laugh, cry, work, weep
and bleed the same way as any other person navigating the joys and
complexities of life. They, too, hope and worry about what tomorrow
might bring. They, too, hug their kids when they get scared," he
wrote.

Last week, some investors of the company, including General
Atlantic, Prosus Ventures, Peak XV and Chan Zuckerberg Initiative,
called for an extraordinary general meeting to propose a change in
the beleaguered company's leadership, including the removal of
Raveendran. They also called for a reconstitution of the company's
board, Livemint.com says.

Livemint.com relates that Raveendran, however, has said the
investors did not have the right to change the company's chief
executive or management under their shareholders' agreement.
Raveendran wrote about it in the letter saying this fight is only
against a few vested interests who were trying to sabotage the
company by impeding the rights issue. "Nothing has galvanized our
team more than their effort to destabilize our company," he said.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in Jan.
2024 in the Bengaluru bench of the National Company Law Tribunal
(NCLT), the people said, requesting anonymity.

DE SON: CRISIL Withdraws B Rating on INR18cr e-DFS
--------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
De Son Marketing Private Limited (DSMPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Channel Financing       2         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Electronic Dealer      18         CRISIL B/Stable/Issuer Not
   Financing Scheme                  Cooperating (Withdrawn)
   (e-DFS)                

CRISIL Ratings has been consistently following up with DSMPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DSMPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on DSMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of DSMPL to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2004 and promoted by Mr Sajal Kumar De, DSMPL is
the sole distributor of products of Tata Tiscon (Tata Steel Ltd's
long products division), such as reinforcement bars, stirrups, and
wires, in east and west Medinipur, West Bengal.


DEEPSUN INDUSTRIAL: CRISIL Withdraws B+ Rating on INR1cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Deepsun Industrial Corporation (DIC) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee          5       CRISIL A4 (ISSUER NOT  
                                   COOPERATING; Rating Withdrawn)

   Cash Credit             1       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Non Fund       4       CRISIL A4 (ISSUER NOT
   based limits                    COOPERATING; Rating Withdrawn)

   Working Capital         1       CRISIL A4 (ISSUER NOT
   Term Loan                       COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with DIC for
obtaining information through letter and email dated January 03,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of DIC continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 2023.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DIC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'

DIC was set up in 1990 as a partnership entity by Mr Veer L
Pardasani and Mr Kishore V Pardasani. The firm, based in Kolkata,
undertakes civil construction work for the government; this
contributes to 90-95% of revenue. DIC also assembles electrical LED
lights.


ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Enn Tee
International Limited (ETIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.10       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 December 13,
2022, placed the rating(s) of ETIL under the 'issuer
non-cooperating' category as ETIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ETIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2023, November 8, 2023, November 18,
2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Enn Tee International Limited (ETIL), a closely held public limited
company was initially incorporated as a private limited company
(Enn Tee International Private Limited) in February, 1999. Later
on, the constitution was changed in June, 2014. The company started
its commercial productions in 2000 and is currently being managed
by Mr. Harish Chander. The company is
engaged in manufacturing and trading of poly propylene (PP) yarn at
its manufacturing facility located at Haridwar, Uttarakhand.
Earlier ETIL had its manufacturing facility located in Ludhiana,
Punjab which was discontinued in 2005 and shifted to Haridwar in
September, 2009.

GEETIKA FASHIONS: CRISIL Withdraws B+ Rating on INR17cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Geetika Fashions (GF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            17         CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term      3         CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GF for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GF. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on GF is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of GF to 'CRISIL
B+/Stable Issuer not cooperating'.

GF was set up in 2004 at Bhiwandi (Maharashtra) by the proprietor,
Mr Sachin Gupta. It started as a distributor of Raymond; however,
from 2006, it manufactures and trades in curtain fabrics.


GKB OPHTHALMICS: CRISIL Cuts Long/Short Term Debt Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
GKB Ophthalmics Limited (GKB) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL C')

   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects a poor liquidity profile marked by delay in
servicing of term debt obligation. Further, company has significant
repayment obligation of INR~40-50 lakhs against negative cash
accruals. In the current FY 24, the company has reported negative
EBIDTA in H1FY24. Improvement in operating margin will remain
monitorable. The bank lines also remain fully utilized against
available drawing power.

The ratings continue to reflect GKB's delay in debt servicing,
modest scale of operations, large working capital requirement and
weak debt protection metrics. These weaknesses are partially offset
by the extensive experience of the promoters in the ophthalmic
lenses industry

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been delays in
term loan repayments on account of poor liquidity position.

* Modest scale of operations and large working capital requirement:
Although on an improving trend, the scale of operations of the
company continue to remain modest and working capital intensive as
indicated by a revenue of INR27.94 Cr in fiscal 2023 and Gross
current asset (GCA) days of 146 days as on March 31, 2023. Higher
GCA days are driven by high debtor and inventory days of 64 and 77
days respectively, which are met by a stretched creditor days of
118 days as on March 31, 2023. Steady increase in scale of
operations remains monitorable over the medium term.

* Subdued operating profits: The company has been reporting EBITDA
losses for last 5 years. Also company continued to report EBITDA
losses in H1FY2024. The company is planning to improve
profitability over the medium term with improved product mix.
However, Improvement in operating margin will remain monitorable.

* Weak debt protection metrics: Losses at operating level has led
to weaker debt protection metrics, as indicated by interest
coverage and net cash accruals to adjusted debt ratios of 0.79
times and negative 0.03 time in fiscal 2023. Improvement in the
operating efficiency thus leading to better debt protection metrics
remains a key monitorable.

Strength:

* Promoters' extensive experience: The three-decade-long experience
of the promoters and their longstanding relationships with
suppliers and customers have helped the company successfully
navigate business cycles over the years.

Liquidity: Poor

The liquidity of the company is poor as the expected net cash
accruals are insufficient to repay debt obligations worth INR40-50
Lakhs. Bank limits of the company have been fully utilized for the
last twelve months ended December 2023.

Rating Sensitivity factors

Upward Factors

* Track record of timely debt servicing for 90 days or more.
* Improvement in operating performance resulting in better
liquidity.

Incorporated in 1981, GKB commenced operations in 1983. The company
manufactures ophthalmic lenses, such as single-vision glass,
single-vision plastic, bifocal plastic and photochromic plastic
lenses. Mr. KG Gupta, Mr Vikram Gupta and Mr Gaurav Gupta are the
promoters of the company.


H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree H.D.
Overseas (SHD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.57       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of SHD under the 'issuer
non-cooperating' category as SHD had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SHD
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 29, 2023, December 9, 2023, December
19, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Shree H.D. Overseas (SHD) was established in April, 2016 as
partnership firm by Mr. Kailash Singla and his brother Mr. Vijay
Singla and their wives, Mrs. Ritu Singla and Mrs. Poonam Singla.
The firm commenced operations in November, 2016. SHD is engaged in
processing of paddy at its unit located at Karnal, Haryana.

INDIAN TRADING: CRISIL Reaffirms B- Rating on INR12cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Indian Trading Bureau Pvt Ltd
(ITBPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        6.55     CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect a weak financial risk profile and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters and moderate
scale of operations and profitability.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Networth is modest at INR6.28 crores
as on March 31, 2023. Debt protection metrics are subdued, with
interest coverage and net cash accrual to total debt ratios at 1.20
times and 0.02 times, respectively, for fiscal 2023. Any
improvement or deterioration of the financial risk profile will
remain a key sensitivity factor.

* Large working capital requirement: Gross current assets are
around 320 days as on March 31, 2023, driven by large debtors and
inventory of 111 days and 200 days each. The working capital cycle
is likely to improve over the medium term but will largely remain
stretched with GCA days expected between 262-295 days, thus
constraining liquidity.

Strengths:

* Extensive experience of promoters: The promoters have been in the
poultry industry for over two decades; their expertise, strong
understanding of market dynamics and healthy relations with
customers and suppliers should continue to support the business.

* Moderate scale of operations and profitability: The scale of
operations of the company improved to INR32 crore in FY23 against
INR26 crore in FY22 marked by higher volume traded, the same is
expected to improve over the medium term ranging between INR38-48
crore over the next three fiscals. The profitability of the company
is comfortable at around 10.3% in FY23 and is expected to remain
the same over the medium term.

Liquidity: Poor

The average month end bank limit utilisation is high at around 101
percent for the past twelve months ended October 2023. Cash
accruals are expected to be over INR1.16 crore, which is sufficient
against term debt obligation of INR1.15 crores over the medium
term.

The current ratio is moderate at 1.21 times on March 31, 2023. The
promoters are likely to extend support in the form of unsecured
loans to meet its working capital requirements and repayment
obligations.

Outlook: Stable

CRISIL Ratings believes ITBPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors

* Sustenance in revenue and profitability leading to net cash
accruals over INR1.5 crore,
* Improvement in liquidity profile with higher buffer in average
bank limit utilization.

Downward factors

* Substantial decline in revenues with lower-than-expected
operating margin leading to cash accruals below INR1 crore.
* Further stretch in the working capital cycle.

ITBPL, incorporated in 1948, was acquired by Kolkata-based Mr
Tejvinder Singh Chattha and his family members in 1989. The company
trades in poultry feed additives such as enzymes and products such
as vaccines and disinfectants.


MAVERICK HOLDINGS: CRISIL Cuts Long/Short Term Debt Ratings to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of  Maverick Holdings and
Investments Private Limited (MHIPL; part of the Maverick group) to
'CRISIL D/CRISIL D Issuer Not Cooperating from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' due to delay in debt
servicing debt obligation.
                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with MHIPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHIPL
is consistent with 'Assessing Information Adequacy Risk'.

The Maverick group is engaged in real estate development, and earns
a substantial portion of its revenue through lease rental. MHIPL,
established in 1991, operates two shopping malls (Garuda Mall and
Garuda Swagath) in Bengaluru. EGRIPL was established in 1999 to
develop a luxury resort complex, Suncity, in Bengaluru. The project
is currently on hold, and is unlikely to be executed over the
medium term.

Status of non cooperation with previous CRA:

MHIPL has not cooperated with India Ratings and Research Private
Limited, which led to its classification as 'issuer not
cooperative' vide release dated July 10, 2023. The reason provided
by India Ratings and Research Private Limited is non-furnishing of
information for monitoring of ratings.

MHIPL has not cooperated with Acuite Ratings and Research Limited,
which led to its classification as 'issuer not cooperative' vide
release dated June 7, 2023. The reason provided by Acuite Ratings
and Research Limited is non-furnishing of information for
monitoring of ratings.


MY CAR: CARE Lowers Rating on INR17.75cr LT Loan to D
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
My Car Nexa Private Limited (MCNPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of MCNPL under the 'issuer
non-cooperating' category as MCNPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MCNPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 14, 2023, October 24,
2023, November 3, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings for UCPL have been revised on account of
non-availability of requisite information. The rating revision
further considers instances of delays in debt servicing as
recognized from the FY23 Audit report available from ROC filings.

Kanpur (Uttar Pradesh) based My Car Nexa Private Limited (MCNPL)
was incorporated on November 05, 2015. The company is currently
being managed by Mr. Vijay Garg, Sh. Purshottam Das Garg and Mrs.
Kavita Garg. MCNPL is an authorized dealer for passenger cars
manufactured by Maruti Suzuki India Ltd for its premium sales
channel, 'NEXA'. The showroom became operational in January 2016;
MSIL currently sells the Baleno (All variants), S-Cross, Ciaz (All
variants) and Ignis through NEXA outlets. The company manages its
operations through its 3S (Sales, spare and service) facility
located in Kanpur, Uttar Pradesh. The showroom has attached
workshop facility for the post sales services of cars.

NSL TEXTILES: CRISIL Lowers Long/Short Term Debt Ratings to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
NSL textiles Limited (NSLTL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')
   
   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects the delay in servicing of debt obligations
of the term loan and working capital demand loan and continuing
over dues as on date.

The ratings reflect the delay in the debt servicing of NSLTL,
subdued operating profits and working capital intensive nature of
operations and weak financial risk profile. These weaknesses are
partially offset by NSLTL's fully integrated manufacturing process
and presence across value chain.

Analytical Approach

Compulsory convertible zero coupon debenture (CCD) of INR270.70 Cr
from group companies (Mandava Holdings Pvt Ltd, Prabhat Agri
Biotech, Prabhakar Rao and Yaaganti Seeds), has been treated as
quasi-equity.

Optionally convertible zero-coupon debentures (OCD) of INR2.50 Cr
from Mandava Holdings Pvt Ltd has been treated as debt.

Optionally convertible debentures (OCD) of INR371.25 Cr, with
coupon of 0.01% p.a., from banks have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in Debt servicing: There has been delay is servicing of
debt as per the bank statements provided by the company. Weak
liquidity position, following tepid performance and pressure on
cash flows, has resulted in delay in debt servicing. The submission
of 'no default statement' by the issuer (last shared for November
2023), however, does not indicate of any delay in repayment of any
facilities.

* Subdued operating profits: NSLTL's operating profitability has
been impacted in fiscal 2023 and first half of fiscal 2024 due to
low capacity utilization driven by muted demand . In fiscal 2023,
the profitability declined to 1% (compared to 9% in fiscal 2022)
due to sub optimal capacity utilization and high cotton prices. In
the first half of fiscal 2024, operating profits were at Rs.0.03
crores resulting in negative accruals. The operating profitability
in the second half of fiscal 2024 is expected to improve supported
by increased orders and capacity utilisation. However, material
improvement in profitability will depend on recovery in demand and
optimal capacity utilization.

* Weak financial risk profile: The financial risk profile remains
constrained on account of the sizeable debt level of Rs.564 crore
as of September 2023 (including optionally convertible debentures
of Rs.371 crore). Gearing remains high because of the large
debt-funded capex undertaken in the past, and losses registered in
fiscal 2023, impacting net worth. Debt protection metrics such as
interest coverage ratio and net cash accruals to debt ratio (NCATD)
were weak at 0.7 times and (0.01) times respectively in fiscal
2023, are expected to remain weak in fiscal 2024 as well.

* Working-capital-intensive operations and susceptibility to
volatility in cotton prices and foreign exchange (forex)
fluctuations: Any sharp volatility in cotton prices will impact the
working capital requirements, profitability, and demand supply
dynamics of end-products such as yarn/fabrics. The company's
ability to manage these challenges effectively will remain critical
for the sustenance of improved performance.   

Strength:

* Fully integrated manufacturing process and presence across value
chain: NSLTL started out as a cotton yarn manufacturer and expanded
its production capabilities through a series of acquisitions. Over
the years, it has evolved into a complete textile player, with
presence across the value chain including ginning, spinning,
weaving, and fabric processing and dyeing. Integrated manufacturing
facilities enhance the flexibility in NSLTL's operations, allowing
it to strategically plan and control raw material procurement and
production policies resulting in healthy operational efficiencies.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of debt
obligations. Bank limit utilisation is high at around 96% (on
average) for the 12 months ended November 2023.  Estimated cash
accruals will be inadequate to service the upcoming repayment
obligations.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days.
* Improvement in operating performance resulting in improvement in
liquidity position.

NSLTL, set up in 2002 and promoted by Mr M Prabhakhar Rao, is part
of the NSL group. The group has revenue of over USD 1 billion, and
its businesses include seeds, textiles, power, infrastructure, and
sugar. NSLTL is in the textile industry, and has spinning, weaving,
yarn and fabric dyeing, processing, and garmenting capacities.
NSLTL's manufacturing facilities are spread over seven locations in
Andhra Pradesh.


PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Pandit Automotive 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–        75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        22.60      [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 Pandit Automotive 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.

Pandit Automotive Private Ltd. (PAPL) was incorporated in 1980. The
business was taken over in the year 1987 from Automotive Services,
a proprietary firm established in 1956, then run by Mr. RH Pandit.
PAPL was in the business of retailing cars/commercial vehicles for
TATA Motors Limited (TML) and spare parts. The Company (including
subsidiaries) retails the whole range of vehicles produced by TML
in three districts in Maharashtra viz. Pune, Satara and Sangli. It
also deals in other manufacturers' vehicles (Fiat Automobiles)
which are marketed in India by TML.


PONNU FOOD: CRISIL Lowers Rating on INR8.9cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Ponnu Food Products (PFP) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' owing to delay in debt
servicing as confirmed by the banker.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.9        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Rupee Term Loan        1.1        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with PFP for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PFP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFP
is consistent with 'Assessing Information Adequacy Risk'.
Established in 1999 as a Partnership firm by Mrs. S. Suja, PFP is
an Agmark-approved firm that manufactures, grades, and markets
spices, dry fruits, curry powder, rice and wheat products, instant
foods, and other edible items. It uses technology from the Central
Food & Technology Research Institute in Mysore, and also has a
research and development wing for curry powder and allied
products.

Status of non cooperation with previous CRA:

PFP has not cooperated with ICRA Limited which has classified it as
D issuer not cooperative vide release dated 23-Oct-2017. The reason
provided by ICRA Ratings is delay in debt repayment along with
non-furnishing of information.


PRESTIGEBULK HANDLING: ICRA Keeps B Issuer Rating in Not Coop.
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Prestigebulk Handling
Corporation Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Issuer Rating        -        [ICRA]B (Stable); ISSUER NOT
                                 COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with Prestigebulk Handling Corporation Pvt. Ltd., ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2015, Prestigebulk Handling Corporation Pvt Ltd
provides post-harvest solutions to agriculture producers and
buyers. The post-harvest services offered by the company includes
warehousing, collateral management, collateralbased financing,
procurement, quality testing and other value-added services to
enhance efficiency across the foodsupply chain.

RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of Sri
Radha Krishna Rice Industry in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.25       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.75       [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 Sri Radha Krishna Rice Industry, 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 Radha Krishna Rice Industry was established as a partnership
firm in 2003 by Mr. K. Brahmaiah and other family members, who have
more than 20 years of experience in rice milling business. The rice
mill is located in the Nellore District of Andhra Pradesh and is
engaged in milling of paddy to produce boiled rice, broken rice and
bran. It has an installed capacity of 57,600 per annum.


RAJDEEP BUILDCON: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated its ratings on the bank facilities of
Rajdeep Buildcon Private Limited (RBPL; part of the Rajdeep group)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL D')

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL D')

CRISIL Ratings has been consistently following up with RBPL through
emails and letters dated October 31, 2023, December 7, 2023  and
December 19, 2023 among others, apart from telephonic
communication, for obtaining information. However, the issuer has
remained non-cooperative.

Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the RBPL's management,
CRISIL Ratings failed to receive any information on either the
financial performance or strategic intent of the company, which
restricts CRISIL Ratings' ability to take a forward-looking view on
its credit quality. The rating action on ZHPL is consistent with
'Assessing Information Adequacy Risk.' Therefore, on account of
inadequate information and lack of management cooperation, CRISIL
Ratings has migrated its ratings on the bank facilities of RBPL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.

Based in Ahmednagar, Maharashtra, RBPL is the flagship company of
the Rajdeep group that undertakes industrial and infrastructure
construction projects through affiliates. The company was set up by
Mr Dilip Dhadiwal, Mr Kishor Dhadiwal and Mr Rajesh Kataria as a
partnership firm in 1992, but was reconstituted as a private
limited company in 1997. In infrastructure construction, the group
makes bridges, gantries and roads. In the rural electrification
segment, it has taken up projects for supply, testing, transport,
construction, erection, and commissioning of sub-transmission
lines, power transformers, and new substations. In the industrial
segment, it constructs factories, structures and warehouses.

The Rajdeep group operates through 15 entities, of which six are
standalone companies and nine are JVs with the Rohan group. The
Rajdeep group tied up with the Rohan group (for
build–operate–transfer road projects) primarily to qualify for
large bids.


RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR160.30cr LT Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Rajshree Sugars and Chemicals Ltd (RSCL) at 'CRISIL
D'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility     160.30       CRISIL D (Reaffirmed)

   Rupee Term Loan         24.31       CRISIL D (Reaffirmed)

   Rupee Term Loan         21.51       CRISIL D (Reaffirmed)

   Rupee Term Loan         48.07       CRISIL D (Reaffirmed)

   Rupee Term Loan         70.24       CRISIL D (Reaffirmed)

   Rupee Term Loan         37.16       CRISIL D (Reaffirmed)

   Rupee Term Loan          9.92       CRISIL D (Reaffirmed)

   Rupee Term Loan        272.49       CRISIL D (Reaffirmed)

The ratings also factor RSCL's modest financial risk profile and
the company's susceptibility to regulatory risks in the sugar
industry. However, these rating weaknesses are partially offset by
the promoters' extensive industry experience and availability of
diverse revenue streams.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The Company's financial risk
profile continue to be modest marked by gearing and subdued debt
protection metrics. Substantial losses incurred in the past and
sizeable debt has resulted in leveraged capital structure marked by
a gearing of around 1.59 times as on March 31, 2023. Debt
protection metrics remains subdued marked by an interest coverage
of 3.02 time for fiscal 2023.

* Susceptibility to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated and
exposed to seasonality in cane production. These factors impact the
scale of operations and profitability.

Strength:

* Established regional presence and diverse revenue streams: RSCL
has established presence in sugar industry as reflected from
turnover in the range of Rs.320-770 crore for the last four fiscals
ended March 2023. The Company could also achieve cash profit in the
last 2 years. The company has integrated operations with
bagasse-based cogeneration plant of 54.5-MW and distillery capacity
of 125 kilo litres per day.

Liquidity: Poor

The company's liquidity is weak on account of modest utilization of
installed capacities resulting in under recovery of fixed costs
mainly finance cost and carry of past unpaid dues to creditors. As
a result, the company has been classified as nonperforming asset
from fiscal 2018.

Rating Sensitivity factors

Upward Factors

* Timely servicing of debt for more than 90 days.
* Sustained improvement in operating income and sustenance of
profitability.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1985 and
is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. The  operations of the company are
managed by Mr. R. Varadarajan, Wholetime Director and he is
assisted by Mr.R.Raghuram, Chief Operating Officer, Mr G
Sathiyamoorthi, President and Mr. C.S. Sathiyanarayanan, CFO. Mr.
M. Ponraj is the Company Secretary.  Ms Rajshree Pathy is
Non-Executive Chairperson of the Company.


RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Ramakrishna Electronics (Karnataka Division) (RED) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of RED under the 'issuer
non-cooperating' category as RED had failed to provide information
for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. RED
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Ramakrishna Electronics_Karnataka Division (RED), is a partnership
firm established in April, 2003 by Mr. V. Raghavenrdra, Mr. V. Ravi
Kumar, Mr. K. Mahnjunath, Mr. M. Mahesh, Mr. B. Shatrugna and Mrs.
V. Rajeshwari. The firm has its registered office located at
Municipal Shopping Complex, Park Road, Kurnool. The firm is engaged
in distribution and trading (wholesale) of consumer electronic
products and home appliances of Samsung in seven districts of
Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot,
Bjiapur and Belgaum). The firm is exclusive distributor of
electronics appliance of Samsung in seven district of Karnataka.
The firm has warehouses at Hubli, Gangavathi and Belgaum.


RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Ranganathaswamy Jewellary Works (SRJW) 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
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of SRJW under the 'issuer
non-cooperating' category as SRJW had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRJW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary concern
started by Mr K. Rangachari in September 1989. The firm is engaged
in the business of wholesale trading and retailing of gold and
silver ornaments. It is also engaged in designing and making gold
and silver ornaments as per the request of customers. Their
showroom is situated at Challakere, Karnataka. Mr Ranagachari has
an experience of around 25 years in the industry.


RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Reliance Industrial
Consortium 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-          6.20       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.30       [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 Reliance Industrial Consortium Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1985, Reliance Industrial Consortium Limited (RICL)
is an authorised dealer of Tata Motors Limited (TML) since 2005.
The company sells and services vehicles along with spare parts and
accessories. RICL has three 3-S facilities (sales-services-spares),
located in Malda, Siliguri and Behrampore in West Bengal. The
company is promoted by the Kolkata-based Himatsingka family, who
has long experience in the automotive dealership industry.


SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shikhar
Microfinance Private Limited (SMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated June 30, 2020, placed the rating of SMPL under the 'Issuer
non-cooperating' category as SMPL had failed to provide the
requisite information required for monitoring the rating as agreed
to in its rating agreement. SMPL continues to be non-cooperative
despite repeated requests for submitting information through
e-mails on October 15, 2023, October 5, 2023, and September 25,
2023.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information, which, however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. The ratings
of bank facilities of SMPL are denoted as 'CARE D, Issuer not
cooperating'.

Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been reaffirmed at 'CARE D; Issuer not cooperating'
on account of delay in servicing debt obligations. CARE Ratings has
not received any information from the company.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers

At the time of the last rating on November 9, 2022, the rating
strengths and weaknesses (updated for the information available
from the Registrar of Companies) were as follows:

Key weaknesses

* Ongoing delays: There are ongoing delays in servicing the
scheduled debt obligations by the company.

* Deteriorating capitalisation profile: Due to continuous losses
from FY19, SMPL's tangible net worth (TNW) reduced to negative to
INR19.79 crore as on March 31, 2023, from a negative INR20.30 crore
as on March 31, 2022.

* Small scale of operations and declining loan book: SMPL's
operations remained small with a loan portfolio of INR0.22 crore as
on March 31, 2023, reduced from INR1.70 crore as on March 31,
2022.

Key strengths

* Experienced promoters with long operational track record in the
microfinance institution (MFI) industry: SMPL was promoted by
Satyavir Chakrapani and Vinoy Thomas. Satyavir Chakrapani is the
Managing Director & CEO with more than 16 years of experience in
the development sector and microfinance initiatives providing
consultations to various e-governance projects and ICT initiatives
in various capacities like e-governance, developmental and
community issues. Vinoy Thomas, CFO of SMPL, has more than 14 years
of experience in serving various roles that included working with
development financial institutions in the areas of infrastructure
consulting, advisory, financial modelling, and analysis.

SMPL is an MFI based out of Delhi and founded by Satyavir
Chakrapani and Vinoy Thomas. In 2007, Shikhar Development
Foundation (SDF) was registered as a trust under the Indian Trust
Act, 1882, for its microfinance operations. In 2008, the trustees
of SDF formed a special purpose vehicle (SPV) – Partners of
Shikhar Trust (POST). In March 2009, SDF and Dia Vikas Capital
Private Limited acquired the non-banking financial company (NBFC),
Anup Leasing Private Limited (ALPL-NBFC, incorporated on February
16, 1993). In October 2010, ALPL was renamed Shikhar Microfinance
Private Limited (SMPL) post the Reserve Bank of India (RBI)
approvals. However, on November 12, 2013, SMPL was converted to an
NBFC-MFI.

SMPL follows the joint liability group (JLG) model; it provides
financial assistance to poor women in urban and rural areas. The
company provides small value collateral free loans ranging from
INR15,000 up to INR50,000 for a tenure between 12-36 months.


SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings for the Bank
facilities of Siddarth Organisation in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.16       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          7.84       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Siddarth Organisation, 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.

Surinder Siddarth Group (SG) was established in 1984 in Jaipur.
Siddarth Group is engaged in the manufacturing of ladies' garments,
kids' garments, scarfs, and fashion accessories. Siddarth Group
comprises of three Independent units producing Ladies and Children
Garments namely Siddarth Organisation, Siddarth Organisation
Limited and Siddarth Intercrafts Private Limited. The factory is
geared up to deliver 2 million Garments annually. The company is
engaged in manufacturing and trading of garments primarily for
women (such as Kurtis, cardigans, tops, coats, tunics, leggings,
dresses, pants, leggings & salwar kameez).


SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Sri Siddirameshwar Agro Industries Private Limited 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-         45.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          6.78       [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Long Term-          0.22       [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 Siddirameshwar 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.

Incorporated in the year 2009, Sri Siddirameshwar Agro Industries
Private Limited (SSAIPL) is engaged in trading and milling of paddy
and produces raw rice, steamed rice and boiled rice. The rice mill
is located at Kaloor village of Nizamabad district, Telangana. The
installed production capacity of the rice mill is 20 tons per hour.
SSAIPL sells its rice in the retail market under the brand name
'KCP'. SSAIPL had also previously ventured into trading, processing
and refining of soya and sunflower seeds which was discontinued in
FY2017.


SPARK CONDUCTORS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Spark Conductors Pvt Ltd (SCPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Letter of credit       3.25      CRISIL A4 (Reaffirmed)
   & Bank Guarantee       

   Proposed Long Term     0.92      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     

   Term Loan              0.83      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect susceptibility of the company's
operating margin to volatility in commodity prices and SCPL's
modest scale of operations and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the electrical components and
equipment industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of the operating margin to volatility in commodity
prices: The operating margin is exposed to volatility in raw
material prices, whose cost accounts for around 85% of the
operating revenue/total manufacturing cost.

* Modest scale of operations: SCPL's business profile is
constrained by subdued scale in the intensely competitive
electrical components and equipment industry. Modest scale will
continue to limit its operating flexibility.

* Below-average financial risk profile: Networth expected to be at
Rs. 3 crore and total outstanding liabilities to tangible networth
(TOLTNW) ratio expected to be at 3.28 times as on March 31, 2023.
The debt protection metrics remain weak, with expected interest
coverage and net cash accrual to adjusted debt ratios of 1.59 times
and 0.03 time, respectively, in fiscal 2024.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over a decade in the electrical components and
equipment industry. This has given them a strong understanding of
the market dynamics and enabled them to establish healthy
relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilisation was high at 91% on average for the 12 months
through November 2023. Cash accrual is expected to be INR0.20-0.66
crore, which is sufficient against term debt obligation of
INR0.13-0.26 crore over the medium term. In addition, it will
cushion the liquidity of the company.

The current ratio expected to be moderate at 1.19 times as on March
31, 2024.

Outlook: Stable

CRISIL Ratings believes SCPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in revenue to over INR15 crore and stable
operating margin at 10%.
* Improvement in the working capital cycle.

Downward factors:

* Decline in operating profitability by 400 basis points, leading
to lower accrual.
* Substantial increase in the working capital requirement,
weakening its liquidity and financial profile.

SCPL was incorporated in 2009. The company is owned and managed by
Mr Pasupuleti Bheemudu and Mrs Pasupuleti V Ramani. It manufactures
aluminum conductors and cables and the manufacturing facility is in
Hyderabad.


VADRAJ CEMENT: NCLT Admits Company for Insolvency Process
---------------------------------------------------------
Livemint.com reports that the Mumbai bench of the insolvency
tribunal has ordered initiation of insolvency proceedings against
Vadraj Cement, a group company of the bankrupt ABG Shipyard, after
the cement manufacturer defaulted on dues of more than INR87 crore
to state-run Punjab National Bank (PNB).

"Considering the facts and law, this bench is of the view that in
such circumstances, it is imperative that corporate insolvency
resolution process (CIRP) is only to be initiated in respect of the
corporate debtor (Vadraj Cement). The default of the corporate
debtor has been established and the application filed under Section
7 of the Insolvency and Bankruptcy Code (IBC) deserves to be
admitted," a National Company Law Tribunal (NCLT) bench led by
justices K.R. Saji Kumar and Sanjiv Dutt said in an order on
February 3, Livemint.com relays.

The bench appointed Pulkit Gupta, a partner at EY (debt and special
situations) as the interim resolution professional who will manage
the day-to-day affairs of the company, Livemint.com discloses. In
November, the Economic Times reported that Adani Group, JSW Cement
and ArcelorMittal were in running to buy the bankrupt Gujarat-based
firm.

PNB, one of its creditors, had filed an application under the IBC
to initiate insolvency proceedings against the cement company for
defaulting on its dues, Livemint.com relates.

According to Livemint.com, the bank told the tribunal that despite
repeated requests, the company failed to repay its dues. Following
the default, the bank filed an insolvency application in September
2018, almost a year after its loan to the company was classified as
a non-performing asset (NPA) in December 2017.

In August 2018, the Bombay High Court ordered Vadraj Cement to be
wound up after trade creditor Beumer Technologies India dragged it
to court to recover dues. The court, however, recalled the
winding-up order and instead transferred the matter to the NCLT
bench, Livemint.com recalls.

The company's total debt stands at INR7,000 crore, according to the
ET report cited earlier by Livemint.com, and lenders include
government-owned banks like Union Bank of India, Central Bank of
India, Indian Overseas Bank, Bank of India, and Bank of Baroda,
besides PNB.

ABG Shipyard was one of the 12 largest non-performing accounts that
RBI had, in 2017, asked banks to initiate insolvency proceedings
against. Essar Steel, Jaypee Infratech, Bhushan Power & Steel,
Amtek Auto, and Alok Industries were the other big names on the
list.

While Punjab National Bank was represented by Prakash Shinde and
Ruchita Jain of law firm MDP Partners, Vadraj was represented by
advocate Suyash Shanker.


VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short – term rating for the Bank
facilities of Vardhman Roller Flour Mills Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ; ISSUER NOT COOPERATING/[ICRA]D ; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        28.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         0.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Vardhman Roller Flour Mills Private Limited , ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in the year 1997 by members of the Jain family, VRFMPL
is engaged in the wheat milling business. VRFMPL has an established
operational track record of more than 15 years. The company has an
annual installed capacity to mill up to 72000 metric ton per annum
(MTPA) of wheat to produce wheat flour, refined flour, Suji and
bran The Company's milling facility is located in Meerut (Uttar
Pradesh) and it sells its products under the 'Double Kalash'
brand.


VAREYN SOLAR: CRISIL Assigns B Rating to INR0.73cr Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of Vareyn Solar Private Limited (VSPL).

                         Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.02        CRISIL A4 (Assigned)

   Overdraft Facility    0.30        CRISIL B/Stable (Assigned)

   Proposed Overdraft
   Facility              0.12        CRISIL A4 (Assigned)

   Term Loan             0.73        CRISIL B/Stable (Assigned)

The rating reflects VSPL's presence in a highly fragmented industry
and modest scale of operation. These weaknesses are partially
offset by its extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented industry: The industry is highly
fragmented and competitive, which limits the pricing flexibility
and bargaining power of the players. Fragmentation and competition
in the solar power EPC segment restrain any pass-through mechanism,
leading to a volatile operating margin.

* Modest scale of operation: VSPLs business profile is constrained
by its scale of operations in the intensely competitive Solar
product-EPC industry as reflected in turnover of INR4.95 crs in
fiscal 23.  VSPLs scale of operations will continue limit its
operating flexibility.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of around a decade in Solar product-EPC
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

Liquidity: Stretched

Liquidity is weak due to low accruals considering the modest scale
of operations. Cash accrual are expected to be over INR23-69 lacs
which are sufficient against term debt obligation of around INR14.5
lacs over the medium term. Further, promoters are ready to infuse
need based unsecured loan as and when required to meet the
liquidity requirements of the company.

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters and established relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 20-30%, leading to
higher cash accruals.
* Improvement in the capital structure and liquidity profile of the
company.

Downward factors

* Decline in net cash accruals below INR10 lacs on account of
decline in revenue or operating profits.
* Large, debt-funded capex further weakening the capital structure
of the company.

Based in Jaipur, Rajasthan, VSPL was incorporated in 2015. VSPL
executes turnkey solar EPC work (Engineering, Procurement &
Commissioning).

VSPL is owned & managed by Ishan Chaturvedi and Shreesh
Chaturvedi.


VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vidarbha
Industries Power Limited in the Issuer Not-Cooperating category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       2,654.24    [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term–        500.00    [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         110.00    [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

The rating is based on the limited cooperation from the entity
since the time it was rated in February 2023. As a part of its
process and in accordance with its rating agreement with Vidarbha
Industries Power Limited (VIPL), ICRA has been sending repeated
reminders to the entity for the payment of surveillance fee that
became due. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the company's
rating continues to be in the Issuer Not-Cooperating category on
fee.

The rating factors in the continuing delays in debt servicing by
VIPL to the lenders. VIPL is engaged with its lenders for the
resolution of its debt issues. The company's liquidity profile
continues to be poor, evident from its weak net cash accruals,
given the non-operational status of the plant since January 15,
2019. This was due to protracted delays in issuing regulatory
orders and lack of fuel supply for one of the units. Further, the
offtaker, Adani Electricity Mumbai Limited (AEML), issued a power
purchase agreement (PPA) termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL) and, currently, the matter is pending at the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with any other entity for operating the thermal station to recover
their dues, as per the provisions of the PPA.

One of the lenders of VIPL has filed an application under the
provisions of the Insolvency & Bankruptcy Code (IBC), 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by the National Company Law Tribunal
(NCLT) and the company is yet to be admitted to the NCLT for
insolvency proceedings. VIPL has been pursuing debt resolution with
its lenders outside the corporate insolvency resolution process.
Meanwhile, the lenders have assigned VIPL's debt to Asset
Reconstruction Companies (ARCs).

Key rating drivers and their description

Credit strengths

Not applicable.

Credit challenges

* Continued delays in debt servicing: VIPL and its lenders signed
an ICA on July 6, 2019, basis which a standstill was achieved for
180 days for the submission and implementation of the resolution
plan. The ICA expired on January 06, 2020, but the debt resolution
plan is yet to be finalised. Meanwhile, the company has continued
to delay the servicing of its debt obligations to the lenders. The
company is in continuous discussion with its lenders for the
resolution of its debt. However, one of the lenders of VIPL has
filed an application under the provisions of the IBC, 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT and the company is yet to be
admitted to the NCLT for insolvency proceedings. Meanwhile, the
lenders have assigned VIPL's debt to Asset Reconstruction Companies
(ARCs).

* Non-operational status of plant from January 15, 2019: The entire
capacity of the Butibori power plant (600 MW) has remained
non-operational from January 15, 2019 due to protracted delays in
issuing regulatory orders and lack of fuel supply for one of the
units. Subsequently, there has not been any income from the sale of
power, which has impacted the company's accruals and has resulted
in continuing delays in its debt servicing obligations.

* PPA termination notice by offtaker and subsequent exercise of
'substitution right' by lenders: The offtaker, AEML, had issued a
PPA termination letter to VIPL in April 2019, citing
below-threshold availability in certain years. While the company
has challenged the validity and legality of the termination letter,
it has received unfavourable rulings from MERC and APTEL and,
currently, the matter is pending at the Supreme Court. Meanwhile,
post the PPA termination notice by the procurer, the lenders have
exercised their right to substitute VIPL with other entity for
operating the thermal station to recover their dues, as per the
provisions of the PPA.

Liquidity position: Poor

VIPL's liquidity position is poor, reflected in its ongoing delays
in debt servicing.

Rating Sensitivities

Positive factors - Regular debt servicing for minimum three
consecutive months would be a positive rating trigger.

Negative factors - Not applicable.

VIPL, a subsidiary of Reliance Power Limited, belongs to the
Reliance Group promoted by Mr. Anil D Ambani. It operates a
domestic coal-based project with a capacity of 600 MW (2X300 MW) at
the Butibori Industrial Area in Nagpur, Maharashtra. The project
was awarded to erstwhile Reliance Energy Limited (currently
R-Infra) in 2005 (which was subsequently transferred to R-Power) as
a group captive power project (GCPP) by the Maharashtra Industrial
Development Corporation (MIDC) on a competitive bidding basis.
Initially, the scope of the project involved developing a 1X300 MW
power plant; however, subsequently, the company decided to change
the scope of the project by doubling its size to 600 MW (2 X 300
MW) to derive economies of scale through better utilisation of
certain common facilities. Also, VIPL decided to operate the entire
project as an independent power producer (IPP) and signed a PPA
(approved by MERC) under a cost-plus regime for its entire
contracted capacity of 600 MW for the supply of power from April
01, 2014 onwards. The PPA was signed with Reliance Infrastructure
Ltd (R-Infra), a distribution licensee in Mumbai R-Infra, and
subsequently assigned to Adani Electric Mumbai Limited (AEML)
following the acquisition of R-Infra's Mumbai licence area business
by AEML. The commercial operation date (CoD) for VIPL's Unit I was
declared on April 3, 2013, while the CoD for Unit II was declared
on March 28, 2014.


VTR MARKETING: CARE Lowers Rating on INR7.17cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
VTR Marketing Private Limited (VMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.17       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of VMPL under the 'issuer
non-cooperating' category as VMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 2023, November
28, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of VMPL have been
revised on account of non-availability of requisite information.
The revision also considers accumulation of losses during FY22 and
FY23.

VTR Marketing Private Limited (VMPL) was incorporated in August,
2009 by Gandhi family of Kharagpur, West Bengal. However, the
company commenced operations from April, 2013. It is an authorized
dealer of Tata Motors Ltd (TML) for its passenger vehicles, spares
& accessories in Kharagpur, West Bengal. VMPL has its only vehicle
showroom and its warehouse at Kharagpur
(West Bengal) where it also provides repair and refurbishment
services for TML vehicles. VMPL receives a small portion of its
revenue as commission income from TML and from finance and
insurance companies for bundled marketing of their products. Shri
Mahendra Shivlal Gandhi looks after the day to day operations of
the entity along with the other directors coupled with
experienced personnel. VMPL is having an associate entity named VTR
Marketing engaged in distribution of liquor.


ZEE ENTERTAINMENT: Free to go to NCLT to Enforce Sony Merger
------------------------------------------------------------
Business Standard reports that Zee Entertainment can ask an Indian
tribunal to enforce a $10 billion merger with Sony's Indian unit
after a Singapore arbitration centre rejected an emergency petition
by the Japanese company for a stay of proceedings, Zee said on Feb.
4.

Sony scrapped the merger on Jan. 22, ending a deal that could have
created one of India's biggest TV broadcasters, claiming breaches
of contract, the report notes.

Zee rejected the claims and asked an Indian tribunal to order Sony
to honour its obligations to complete the merger.

According to Business Standard, the Singapore International
Arbitration Centre (SIAC) said it had no jurisdiction or authority
to block Zee from approaching the Indian tribunal, adding the
merger fell within the purview of the National Company Law Tribunal
of India, Zee said in filings to Indian stock exchanges.

Business Standard relates that Sony said in a statement that it was
disappointed by the decision but it was a procedural one ruling
only whether Zee could pursue its application with the company law
tribunal.

"We will continue to vigorously arbitrate the matter in Singapore
in front of a full SIAC tribunal and pursue SPNI's (Sony India)
right to terminate the merger agreement and seek a termination fee
and other remedies," it added. "We remain confident in the merits
of our position in both Singapore and India."

The Zee-Sony merger, in the works for two years, would have created
an Indian TV juggernaut with more than 90 channels across sports,
entertainment and news that would have competed with the likes of
Walt Disney, and billionaire Mukesh Ambani's Reliance. In
terminating the merger, Sony also cited alleged failure by the
Indian media company to meet some financial terms of the deal, a
dispute over compliance issues including disposal of some Russian
assets and its $1.4 billion Disney cricket rights deal, Reuters
reported last week.

                        About Zee Entertainment

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.

According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.

Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.



=====================
N E W   Z E A L A N D
=====================

AUTUMN PARK: Creditors' Proofs of Debt Due on March 4
-----------------------------------------------------
Creditors of Autumn Park Limited are required to file their proofs
of debt by March 4, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 30, 2024.

The company's liquidator is:

          Jared Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


BIRKENHEAD XU: Court to Hear Wind-Up Petition on Feb. 16
--------------------------------------------------------
A petition to wind up the operations of Birkenhead Xu Holdings
Limited will be heard before the High Court at Auckland on Feb. 16,
2024, at 10:45 a.m.

Commercial North Shore Limited filed the petition against the
company on Nov. 21, 2023.

The Petitioner's solicitor is:

          Bruce Pamatatau
          Level 6, 5 Short Street
          Newmarket
          Auckland


FGIN LIMITED: Creditors' Proofs of Debt Due on Feb. 20
------------------------------------------------------
Creditors of Fgin Limited And Fgin Management Limited are required
to file their proofs of debt by Feb. 20, 2024, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 18, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


HYDRAULIC SOLUTIONS: In Liquidation; Owes NZD410,000
----------------------------------------------------
Otago Daily Times reports that a firm which provided hydraulic
engineering services in Southland has gone into liquidation, owing
about NZD410,000.

Hydraulic Solutions Southland Ltd - which was incorporated in 2016
- ceased trading in Invercargill in December and was placed into
liquidation by special resolution of the company's sole shareholder
and director Jason Russell Holden, whose address was listed as
Dunedin, according to ODT.

In his initial report, liquidator Brenton Hunt, of Insolvency
Matters, said the company struggled through the Covid-19
restrictions, ODT relates.

It became difficult to source qualified staff, and Mr. Holden was
working in the company but sought employment elsewhere.

Working capital became more strained with delays in receiving
payment. As Mr. Holden was no longer working in the business daily,
he attempted to sell it but, because of the lack of staff, was
unable to complete a sale, ODT relays.

While it was not possible to say yet whether sufficient assets
would be realised to make payment to creditors, it was looking
unlikely, the report said.

Inland Revenue Department PAYE and GST were estimated at NZD200,000
while unsecured creditors were estimated at NZD250,000, ODT
discloses.


PRIOR BLACKBURN: Court to Hear Wind-Up Petition on Feb. 12
----------------------------------------------------------
A petition to wind up the operations of Prior Blackburn Limited
will be heard before the High Court at Hamilton on Feb. 12, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 18, 2023.

The Petitioner's solicitor is:

          Chrstina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


SAVALI CONTRACTING: Court to Hear Wind-Up Petition on Feb. 15
-------------------------------------------------------------
A petition to wind up the operations of Savali Contracting Limited
will be heard before the High Court at Napier on Feb. 15, 2024, at
2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 22, 2023.

The Petitioner's solicitor is:

          Emily Rebecca Erin O’Sullivan
          Legal Services
          Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington




=================
S I N G A P O R E
=================

NU-FORTUNE GOLD: Creditors' Proofs of Debt Due on Feb. 19
---------------------------------------------------------
Creditors of Nu-Fortune Gold Group Pte. Ltd. are required to file
their proofs of debt by Feb. 19, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          Luke Anthony Furler
          c/o 137 Amoy Street
          #02-03 Far East Square
          Singapore 049965


PUTNAM INVESTMENT: Creditors' Proofs of Debt Due on March 1
-----------------------------------------------------------
Creditors of Putnam Investment Pte. Ltd. are required to file their
proofs of debt by March 1, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2024.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SRI LANKA MARINE: Court to Hear Wind-Up Petition on Feb. 16
-----------------------------------------------------------
A petition to wind up the operations of Sri Lanka Marine Food Pte
Ltd will be heard before the High Court of Singapore on Feb. 16,
2024, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Jan. 26, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


TOPICAL TECHNOLOGY: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Jan. 26, 2024, to
wind up the operations of Topical Technology Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



WARUNG FOOD: Commences Wind-Up Proceedings
------------------------------------------
Members of Warung Food Pte Ltd, on Jan. 30, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Oon Su Sun
          Finova Advisory
          182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Jan. 29, 2024 to Feb. 2, 2024
------------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----


   AUSTRALIA
   ---------

ACN 113 874 712 PT      13.25      02/15/18    USD       0.20
ACN 113 874 712 PT      13.25      02/15/18    USD       0.20
COBURN RESOURCES P      12.00      03/20/26    USD      75.00
MOSAIC BRANDS LTD        8.00      09/30/24    AUD       0.81
VIRGIN AUSTRALIA H       7.88      10/15/21    USD       0.56
VIRGIN AUSTRALIA H       8.08      03/05/24    AUD       0.42
VIRGIN AUSTRALIA H       8.25      05/30/23    AUD       0.35
VIRGIN AUSTRALIA H       8.13      11/15/24    USD       0.25
VIRGIN AUSTRALIA H       8.00      11/26/24    AUD       0.16
VIRGIN AUSTRALIA H       8.13      11/15/24    USD       0.25
VIRGIN AUSTRALIA H       7.88      10/15/21    USD       0.56


   CHINA
   -----

AKESU TEXTILE CITY       7.50      06/21/24    CNY      20.29
AKESU TEXTILE CITY       7.50      06/21/24    CNY      20.28
ALETAI CITY JUJIN        7.73      10/26/24    CNY      25.81
ANAR PROPERTY GROU       8.50      03/08/24    CNY      13.02
ANHUI PINGTIANHU I       7.50      08/13/26    CNY      62.70
ANHUI PINGTIANHU I       7.50      08/13/26    CNY      62.71
ANLU CONSTRUCTION        7.80      11/28/26    CNY      64.32
ANLU CONSTRUCTION        7.80      11/28/26    CNY      64.47
ANNING DEVELOPMENT       8.80      09/11/25    CNY      42.35
ANNING DEVELOPMENT       8.80      09/11/25    CNY      41.55
ANNING DEVELOPMENT       8.00      12/04/25    CNY      42.43
ANNING DEVELOPMENT       8.00      12/04/25    CNY      41.49
ANSHANG WANGTONG C       7.50      05/06/26    CNY      60.30
ANSHANG WANGTONG C       7.50      05/06/26    CNY      63.04
ANSHUN CITY XIXIU        7.90      11/15/25    CNY      42.32
ANSHUN CITY XIXIU        7.90      11/15/25    CNY      41.70
ANSHUN CITY XIXIU        8.00      01/29/26    CNY      42.76
ANSHUN TRANSPORTAT       7.50      10/31/24    CNY      20.23
ANSHUN TRANSPORTAT       7.50      10/31/24    CNY      20.62
ANYUE XINGAN CITY        7.50      05/06/26    CNY      60.40
ANYUE XINGAN CITY        7.50      01/30/25    CNY      20.39
ANYUE XINGAN CITY        7.50      01/30/25    CNY      20.38
ANYUE XINGAN CITY        7.50      05/06/26    CNY      61.44
BIJIE CITY ANFANG        7.80      01/18/26    CNY      41.25
BIJIE CITY ANFANG        7.80      01/18/26    CNY      42.22
BIJIE QIXINGGUAN D       8.05      08/16/25    CNY      40.14
BIJIE QIXINGGUAN D       8.05      08/16/25    CNY      41.88
BIJIE QIXINGGUAN D       7.60      09/08/24    CNY      20.50
BIJIE QIXINGGUAN D       7.60      09/08/24    CNY      20.41
BIJIE TIANHE URBAN       8.05      12/03/25    CNY      42.44
BIJIE TIANHE URBAN       8.05      12/03/25    CNY      41.37
BIJIE XINTAI INVES       7.80      11/01/24    CNY      20.27
BIJIE XINTAI INVES       7.80      11/01/24    CNY      20.23
CAOXIAN SHANG DU I       7.80      10/28/26    CNY      63.93
CAOXIAN SHANG DU I       7.80      10/28/26    CNY      64.60
CHANGDE DEYUAN INV       7.70      06/11/25    CNY      41.54
CHANGDE DEYUAN INV       7.70      06/11/25    CNY      41.53
CHANGDE DINGCHENG        7.58      10/19/25    CNY      42.00
CHANGDE DINGCHENG        7.58      10/19/25    CNY      41.99
CHENGDU GARDEN WAT       7.50      09/11/24    CNY      20.50
CHENGDU GARDEN WAT       8.00      06/13/25    CNY      40.00
CHENGDU GARDEN WAT       8.00      06/13/25    CNY      41.23
CHENGDU GARDEN WAT       7.50      09/11/24    CNY      20.41
CHISHUI CITY CONST       8.50      01/18/26    CNY      41.70
CHISHUI CITY CONST       8.50      01/18/26    CNY      41.43
CHONGQING HONGYE I       7.50      12/24/26    CNY      64.67
CHONGQING JIANGLAI       7.50      10/26/25    CNY      42.15
CHONGQING JIANGLAI       7.50      10/26/25    CNY      42.15
CHONGQING NANCHUAN       7.80      08/06/26    CNY      62.37
CHONGQING SHUANGFU       7.50      09/09/26    CNY      63.51
CHONGQING THREE GO       7.80      03/01/26    CNY      60.00
CHONGQING THREE GO       7.80      03/01/26    CNY      62.88
CHONGQING TONGRUI        7.50      09/18/26    CNY      63.97
CHONGQING TONGRUI        7.50      09/18/26    CNY      63.97
CHONGQING WANSHENG       7.50      03/27/25    CNY      41.00
CHONGQING WANSHENG       7.50      03/27/25    CNY      40.73
CHONGQING YUDIAN S       8.00      11/30/25    CNY      42.52
CHUYING AGRO-PASTO       8.80      06/26/19    CNY      20.00
DALI URBAN DEVELOP       8.00      12/25/25    CNY      42.58
DALI URBAN DEVELOP       8.00      12/25/25    CNY      42.59
DASHIQIAO URBAN CO       7.59      08/14/24    CNY      20.44
DASHIQIAO URBAN CO       7.59      08/14/24    CNY      20.44
DAWA COUNTY CITY C       7.80      01/30/26    CNY      38.80
DAWA COUNTY CITY C       7.80      01/30/26    CNY      42.62
DAWU COUNTY URBAN        7.50      09/20/26    CNY      62.65
DAWU COUNTY URBAN        7.50      09/20/26    CNY      63.97
DING NAN CITY CONS       7.80      04/08/26    CNY      62.48
DING NAN CITY CONS       7.80      04/08/26    CNY      60.00
DUJIANGYAN NEW CIT       7.80      10/11/25    CNY      42.07
DUJIANGYAN NEW CIT       7.80      10/11/25    CNY      42.07
DUJIANGYAN NEW CIT       7.80      05/02/25    CNY      41.29
DUJIANGYAN NEW CIT       7.80      05/02/25    CNY      40.00
DUJIANGYAN XINGYAN       7.50      11/01/26    CNY      63.83
DUJIANGYAN XINGYAN       7.50      11/01/26    CNY      63.72
FANGCHENG GANGSHI        7.95      10/11/25    CNY      42.16
FANGCHENG GANGSHI        7.95      10/11/25    CNY      42.15
FANGCHENG GANGSHI        7.93      12/25/25    CNY      42.51
FANGCHENG GANGSHI        7.93      12/25/25    CNY      42.40
FANTASIA GROUP CHI       7.50      12/17/23    CNY      73.70
FANTASIA GROUP CHI       7.80      11/29/24    CNY      44.53
FUJIAN FUSHENG GRO       7.90      12/17/21    CNY      70.99
FUJIAN FUSHENG GRO       7.90      11/19/21    CNY      60.00
FUZHOU LINCHUAN UR       8.00      02/26/26    CNY      63.03
GANZHOU NANKANG DI       8.00      01/23/26    CNY      42.71
GANZHOU NANKANG DI       8.00      09/27/25    CNY      42.11
GANZHOU NANKANG DI       8.00      09/27/25    CNY      41.72
GANZHOU NANKANG DI       8.00      01/23/26    CNY      40.00
GANZHOU NANKANG DI       8.00      10/29/25    CNY      42.27
GANZHOU NANKANG DI       8.00      10/29/25    CNY      42.27
GANZHOU ZHANGGONG        7.80      10/16/25    CNY      41.82
GANZHOU ZHANGGONG        7.80      10/16/25    CNY      42.09
GAOQING LU QING AS       7.50      09/27/24    CNY      20.57
GAOQING LU QING AS       7.50      09/27/24    CNY      20.58
GOME APPLIANCE CO        7.80      12/21/24    CNY      37.00
GUANGAN XINHONG IN       7.50      06/03/26    CNY      63.31
GUANGXI BAISE EXPE       7.59      01/08/26    CNY      42.39
GUANGXI BAISE EXPE       7.60      12/24/25    CNY      42.30
GUANGXI BAISE EXPE       7.60      12/24/25    CNY      42.29
GUANGXI BAISE EXPE       7.59      01/08/26    CNY      42.39
GUANGXI CHONGZUO U       8.50      09/26/25    CNY      42.28
GUANGXI CHONGZUO U       8.50      09/26/25    CNY      41.92
GUANGXI NINGMING H       8.50      12/07/25    CNY      41.68
GUANGXI NINGMING H       8.50      11/05/26    CNY      62.70
GUANGXI NINGMING H       8.50      11/05/26    CNY      65.29
GUANGXI TIANDONG C       7.50      06/04/27    CNY      45.00
GUANGYUAN CITY DEV       7.50      10/25/27    CNY      37.62
GUANGYUAN YUANQU C       7.50      12/23/26    CNY      64.61
GUANGYUAN YUANQU C       7.50      12/23/26    CNY      64.61
GUANGYUAN YUANQU C       7.50      10/30/26    CNY      62.11
GUANGYUAN YUANQU C       7.50      10/30/26    CNY      64.24
GUANGZHOU FINELAND      13.60      07/27/23    USD      15.63
GUCHENG CONSTRUCTI       7.88      04/27/25    CNY      41.28
GUCHENG CONSTRUCTI       7.88      04/27/25    CNY      40.00
GUIXI STATE OWNED        7.50      09/17/26    CNY      63.96
GUIXI STATE OWNED        7.50      09/17/26    CNY      64.07
GUIYANG BAIYUN IND       8.30      03/21/25    CNY      40.00
GUIYANG BAIYUN IND       8.30      03/21/25    CNY      41.20
GUIYANG BAIYUN IND       7.50      03/06/26    CNY      60.00
GUIYANG BAIYUN IND       7.50      03/06/26    CNY      62.63
GUIYANG COUNTY IND       7.50      07/31/26    CNY      61.06
GUIYANG ECONOMIC D       7.50      04/30/26    CNY      61.70
GUIYANG ECONOMIC D       7.90      10/29/25    CNY      39.94
GUIYANG ECONOMIC D       7.90      10/29/25    CNY      42.18
GUIYANG ECONOMIC D       7.50      04/30/26    CNY      60.51
GUIYANG ECONOMIC T       7.80      04/30/26    CNY      63.06
GUIYANG ECONOMIC T       7.80      04/30/26    CNY      63.22
GUIYANG GUANSHANHU       8.20      04/30/24    CNY      40.26
GUIYANG HI-TECH HO       8.00      11/25/26    CNY      64.83
GUIYANG HI-TECH HO       8.00      11/25/26    CNY      61.94
GUIZHOU CHANGSHUN        8.50      03/19/26    CNY      63.44
GUIZHOU CHANGSHUN        8.50      03/19/26    CNY      60.00
GUIZHOU EAST LAKE        8.00      12/07/25    CNY      40.64
GUIZHOU EAST LAKE        8.00      12/07/25    CNY      42.43
GUIZHOU GUIAN DEVE       7.60      04/26/25    CNY       6.92
GUIZHOU HONGGUO EC       7.80      02/08/25    CNY      40.50
GUIZHOU HONGGUO EC       7.80      11/24/24    CNY      20.71
GUIZHOU HONGGUO EC       7.80      11/24/24    CNY      20.36
GUIZHOU HONGGUO EC       7.80      02/08/25    CNY      39.92
GUIZHOU JINFENGHUA       7.60      08/19/26    CNY      62.37
GUIZHOU JINFENGHUA       7.60      08/19/26    CNY      63.88
GUIZHOU RAILWAY IN       7.50      04/23/24    CNY      15.17
GUIZHOU RAILWAY IN       7.50      04/23/24    CNY      15.17
GUIZHOU SHUICHENG        7.50      10/26/25    CNY      40.99
GUIZHOU SHUICHENG        7.50      10/26/25    CNY      42.00
GUIZHOU SHUICHENG        8.00      11/27/25    CNY      42.16
GUIZHOU SHUICHENG        8.00      11/27/25    CNY      41.05
GUIZHOU XINDONGGUA       7.70      09/05/24    CNY      20.21
GUIZHOU XINDONGGUA       7.70      09/05/24    CNY      20.24
HAIAN URBAN DEMOLI       7.74      05/02/25    CNY      41.35
HAIAN URBAN DEMOLI       8.00      12/21/25    CNY      42.33
HENGYANG CITY AND        7.80      12/14/24    CNY      20.78
HENGYANG CITY AND        7.50      09/22/24    CNY      20.54
HENGYANG CITY AND        7.50      09/22/24    CNY      20.54
HENGYANG CITY AND        7.80      12/14/24    CNY      20.78
HONGAN URBAN DEVEL       7.50      12/04/24    CNY      20.66
HONGAN URBAN DEVEL       7.50      12/04/24    CNY      20.71
HUAINAN SHAN NAN D       7.94      04/01/26    CNY      60.00
HUAINAN SHAN NAN D       7.94      04/01/26    CNY      63.26
HUAINAN URBAN CONS       7.50      03/20/25    CNY      40.00
HUAINAN URBAN CONS       7.50      03/20/25    CNY      41.11
HUAINAN URBAN CONS       7.58      02/12/26    CNY      62.66
HUBEI DAYE LAKE HI       7.50      04/01/26    CNY      61.91
HUBEI DAYE LAKE HI       7.50      04/01/26    CNY      61.80
HUBEI JIAKANG CONS       7.80      12/19/25    CNY      42.08
HUBEI YILING ECONO       7.50      03/28/26    CNY      62.46
HUBEI YILING ECONO       7.50      03/28/26    CNY      60.00
HUNAN CHUZHISHENG        7.50      03/27/26    CNY      63.00
HUNAN CHUZHISHENG        7.50      03/27/26    CNY      60.00
HUNAN MEISHAN RESO       8.00      03/21/26    CNY      63.12
HUNAN MEISHAN RESO       8.00      03/21/26    CNY      60.00
HUNAN TIANYI RONGT       8.00      10/24/25    CNY      42.19
HUNAN TIANYI RONGT       7.50      09/17/25    CNY      41.47
HUNAN TIANYI RONGT       7.50      09/17/25    CNY      41.77
HUNAN TIANYI RONGT       8.00      10/24/25    CNY      41.68
HUNAN XUANDA CONST       7.50      01/24/26    CNY      42.26
HUNAN XUANDA CONST       7.50      01/23/26    CNY      42.40
HUNAN XUANDA CONST       7.50      01/24/26    CNY      40.00
HUNAN XUANDA CONST       7.50      01/23/26    CNY      40.00
HUZHOU NEW CITY IN       7.50      11/23/24    CNY      20.75
HUZHOU NEW CITY IN       7.50      11/23/24    CNY      20.66
HUZHOU WUXING NANT       7.90      09/20/25    CNY      41.68
JIA COUNTY DEVELOP       7.50      01/21/27    CNY      64.83
JIA COUNTY DEVELOP       7.50      01/21/27    CNY      58.00
JIAHE ZHUDU DEVELO       7.50      03/13/25    CNY      41.03
JIAHE ZHUDU DEVELO       7.50      03/13/25    CNY      40.00
JIANGSU YANGKOU PO       7.60      08/17/25    CNY      41.85
JIANGSU YANGKOU PO       7.60      08/17/25    CNY      41.85
JIANGXI HUANGGANGS       7.90      01/25/26    CNY      42.82
JIANGXI HUANGGANGS       7.90      10/08/25    CNY      42.14
JIANGXI HUANGGANGS       7.90      10/08/25    CNY      42.24
JIANGXI JIHU DEVEL       7.50      04/10/25    CNY      41.13
JIANGXI JIHU DEVEL       7.50      04/10/25    CNY      40.00
JIANGYOU XINGYI PA       7.80      12/17/25    CNY      51.07
JIANLI FENGYUAN CI       7.50      01/14/26    CNY      42.40
JIANLI FENGYUAN CI       7.50      01/14/26    CNY      42.39
JINGDEZHEN CERAMIC       7.50      08/27/25    CNY      41.80
JINGDEZHEN CERAMIC       7.50      08/27/25    CNY      41.68
JINING NEW CITY DE       7.60      03/23/25    CNY      40.97
JINING NEW CITY DE       7.60      03/23/25    CNY      40.00
JINXIANG COUNTY CI       7.50      03/20/26    CNY      60.92
JINXIANG COUNTY CI       7.50      03/20/26    CNY      62.83
JINZHOU CIHANG GRO       9.00      04/05/20    CNY      33.63
JUNAN COUNTY URBAN       7.50      09/26/24    CNY      20.54
JUNAN COUNTY URBAN       7.50      09/26/24    CNY      20.54
KAIDI ECOLOGICAL A       8.50      11/21/18    CNY      72.46
LAOHEKOU CITY CONS       7.50      06/09/24    CNY      70.92
LETING INVESTMENT        7.50      04/11/26    CNY      59.80
LETING INVESTMENT        7.50      04/11/26    CNY      62.36
LIJIN CITY CONSTRU       7.50      12/20/25    CNY      42.30
LIJIN CITY CONSTRU       7.50      12/20/25    CNY      42.30
LIJIN CITY CONSTRU       7.50      04/26/26    CNY      63.09
LIJIN CITY CONSTRU       7.50      04/26/26    CNY      60.00
LINFEN YAODU DISTR       7.50      09/19/25    CNY      41.97
LINYI COUNTY CITY        7.78      03/21/25    CNY      41.16
LINYI COUNTY CITY        7.78      03/21/25    CNY      40.00
LINYI ZHENDONG CON       7.50      12/06/25    CNY      42.22
LINYI ZHENDONG CON       7.50      12/06/25    CNY      42.22
LINYI ZHENDONG CON       7.50      11/26/25    CNY      42.16
LINYI ZHENDONG CON       7.50      11/26/25    CNY      42.16
LIUPANSHUI AGRICUL       8.00      04/26/27    CNY      72.05
LIUZHOU LONGJIAN I       8.28      04/30/24    CNY      15.16
LIUZHOU LONGJIAN I       8.28      04/30/24    CNY      15.13
LONGNAN ECO&TECH D       7.50      07/26/26    CNY      63.06
LUANCHUAN COUNTY T       8.50      01/23/26    CNY      42.66
LUANCHUAN COUNTY T       8.50      01/23/26    CNY      40.00
LUOHE ECONOMIC DEV       7.50      12/18/25    CNY      42.21
LUOHE ECONOMIC DEV       7.50      12/18/25    CNY      42.20
LUOYANG XIYUAN STA       7.80      01/29/26    CNY      40.83
LUOYANG XIYUAN STA       7.80      01/29/26    CNY      41.05
LUOYANG XIYUAN STA       7.50      11/15/25    CNY      41.56
LUOYANG XIYUAN STA       7.50      11/15/25    CNY      41.98
MAANSHAN NINGBO IN       7.80      11/29/25    CNY      41.88
MAANSHAN NINGBO IN       7.80      11/29/25    CNY      42.30
MAANSHAN NINGBO IN       7.50      04/18/26    CNY      62.63
MAANSHAN NINGBO IN       7.50      04/18/26    CNY      24.00
MEISHAN CITY DONGP       8.08      08/16/25    CNY      41.87
MEISHAN CITY DONGP       8.08      08/16/25    CNY      41.86
MEISHAN CITY DONGP       8.00      01/03/26    CNY      42.54
MEISHAN CITY DONGP       8.00      01/03/26    CNY      42.54
MEISHAN HONGSHUN P       7.50      12/10/25    CNY      52.61
MENGZHOU INVESTMEN       8.00      09/03/25    CNY      41.94
MENGZHOU INVESTMEN       8.00      09/03/25    CNY      41.94
MENGZHOU INVESTMEN       8.00      11/06/25    CNY      42.26
MENGZHOU INVESTMEN       8.00      11/06/25    CNY      42.27
MENGZI CITY DEVELO       7.65      09/25/24    CNY      20.33
MENGZI CITY DEVELO       7.65      09/25/24    CNY      20.55
MENGZI CITY DEVELO       8.00      03/25/26    CNY      61.50
MENGZI CITY DEVELO       8.00      03/25/26    CNY      63.09
MIAN YANG ECONOMIC       8.20      03/15/26    CNY      63.13
MIAN YANG ECONOMIC       8.20      03/15/26    CNY      60.00
MIAN YANG ECONOMIC       8.00      09/29/26    CNY      64.47
MIAN YANG ECONOMIC       8.00      09/29/26    CNY      64.47
MIANYANG ANZHOU IN       7.90      11/25/26    CNY      64.91
MIANYANG ANZHOU IN       8.10      05/04/25    CNY      41.41
MIANYANG ANZHOU IN       8.10      05/04/25    CNY      41.15
MIANYANG ANZHOU IN       8.10      11/22/25    CNY      42.48
MIANYANG ANZHOU IN       8.10      11/22/25    CNY      42.00
MIANYANG ANZHOU IN       7.90      11/25/26    CNY      64.91
MIANYANG HUIDONG I       8.10      04/28/25    CNY      41.37
MIANYANG HUIDONG I       8.10      02/10/25    CNY      41.02
MIANZHU CITY JINSH       7.87      12/18/25    CNY      42.46
MIANZHU CITY JINSH       7.87      12/18/25    CNY      41.87
MILE AGRICULTURAL        8.00      10/25/25    CNY      42.24
MILE AGRICULTURAL        8.00      10/25/25    CNY      41.81
MILE AGRICULTURAL        7.60      02/27/26    CNY      62.68
MILE AGRICULTURAL        7.60      02/27/26    CNY      60.00
MUDANJIANG LONGSHE       7.50      09/27/25    CNY      41.87
NANCHONG JIALING D       7.98      05/23/25    CNY      41.46
NANCHONG JIALING D       7.98      05/23/25    CNY      40.00
NANCHONG JIALING D       7.80      12/12/24    CNY      20.77
NANCHONG JIALING D       7.80      12/12/24    CNY      20.77
NANJING JIANGNING        7.94      04/14/24    CNY      15.12
NEOGLORY HOLDING G       8.10      11/23/18    CNY      72.00
NEOGLORY HOLDING G       8.00      09/25/20    CNY      60.00
NEOGLORY HOLDING G       8.00      10/22/20    CNY      56.00
NINGXIA SHENG YAN        7.50      09/27/28    CNY      42.45
PANJIN CITY SHUANG       8.50      01/29/26    CNY      42.96
PANJIN CITY SHUANG       8.70      12/20/25    CNY      42.88
PANJIN CITY SHUANG       8.70      12/20/25    CNY      42.88
PANJIN CITY SHUANG       8.50      01/29/26    CNY      42.96
PANJIN LIAODONGWAN       7.50      12/28/26    CNY      64.64
PEIXIAN ECONOMIC D       7.51      11/04/26    CNY      64.11
PEIXIAN ECONOMIC D       7.51      11/04/26    CNY      63.99
PENGSHAN DEVELOPME       7.98      05/03/25    CNY      41.43
PENGSHAN DEVELOPME       7.98      05/03/25    CNY      41.59
PENGZE CITY DEVELO       7.60      08/31/25    CNY      41.71
PENGZE CITY DEVELO       7.60      08/31/25    CNY      41.77
PINGLIANG CHENGXIA       7.80      03/29/26    CNY      63.03
PINGLIANG CHENGXIA       7.80      03/29/26    CNY      62.29
PUDING YELANG STAT       7.79      11/13/24    CNY      20.31
PUDING YELANG STAT       8.00      03/13/25    CNY      40.70
PUDING YELANG STAT       8.00      03/13/25    CNY      40.72
PUDING YELANG STAT       7.79      11/13/24    CNY      20.61
PUER CITY SI MAO G       7.50      03/14/26    CNY      62.77
PUER CITY SI MAO G       7.50      03/14/26    CNY      60.00
QIANDONGNAN TRANSP       8.00      01/15/27    CNY      65.36
QIANDONGNAN TRANSP       8.00      01/15/27    CNY      65.35
QIANNANZHOU INVEST       8.00      01/02/26    CNY      42.60
QIANNANZHOU INVEST       8.00      01/02/26    CNY      41.78
QINGHAI PROVINCIAL       7.88      03/22/21    USD       2.52
QINGZHEN CITY CONS       7.50      03/18/26    CNY      62.75
QINGZHEN CITY CONS       7.50      03/18/26    CNY      62.74
QINGZHOU HONGYUAN        7.60      06/17/27    CNY      62.05
QINGZHOU HONGYUAN        7.60      06/17/27    CNY      64.64
QINZHOU BINHAI NEW       7.70      08/15/26    CNY      63.99
QINZHOU BINHAI NEW       7.70      08/15/26    CNY      64.00
QUJING CITY QILIN        8.50      01/21/26    CNY      40.00
QUJING CITY QILIN        8.50      01/21/26    CNY      42.97
RENHUAI WATER INVE       7.98      02/24/25    CNY      40.44
RENHUAI WATER INVE       7.98      07/26/25    CNY      41.74
RENHUAI WATER INVE       8.00      12/26/25    CNY      39.86
RUCHENG SHUNXING I       7.50      01/07/26    CNY      42.34
RUCHENG SHUNXING I       7.50      01/07/26    CNY      42.34
RUDONG NEW WORLD I       7.50      12/06/26    CNY      64.53
RUDONG NEW WORLD I       7.50      12/06/26    CNY      64.63
RUILI RENLONG INVE       8.00      09/20/26    CNY      62.47
RUILI RENLONG INVE       8.00      09/20/26    CNY      62.48
SHAANXI XIYUE HUAS       7.50      12/27/26    CNY      62.30
SHAANXI XIYUE HUAS       7.50      12/27/26    CNY      64.61
SHANDONG HONGHE HO       7.50      01/29/26    CNY      41.80
SHANDONG OCEAN CUL       7.50      04/25/26    CNY      61.69
SHANDONG OCEAN CUL       7.50      03/28/26    CNY      62.32
SHANDONG RENCHENG        7.50      01/23/26    CNY      41.18
SHANDONG RUYI TECH       7.90      09/18/23    CNY      52.10
SHANDONG URBAN CAP       7.50      04/12/26    CNY      62.94
SHANDONG URBAN CAP       7.50      04/12/26    CNY      60.00
SHANGLI INVESTMENT       7.50      06/01/25    CNY      41.07
SHANGLI INVESTMENT       7.80      01/22/26    CNY      42.27
SHANGLI INVESTMENT       7.50      06/01/25    CNY      41.35
SHANGLI INVESTMENT       7.80      01/22/26    CNY      40.49
SHANGRAO GUANGXIN        7.95      07/24/25    CNY      41.73
SHANGRAO GUANGXIN        7.95      07/24/25    CNY      41.72
SHANTOU INVESTMENT       7.99      03/04/24    CNY      15.06
SHANTOU INVESTMENT       7.99      03/04/24    CNY      15.30
SHANXI JINZHONG ST       7.50      05/05/26    CNY      62.88
SHAOYANG SAISHUANG       8.00      11/28/25    CNY      42.44
SHAOYANG SAISHUANG       8.00      11/28/25    CNY      42.44
SHEHONG STATE OWNE       7.50      08/22/25    CNY      41.84
SHEHONG STATE OWNE       7.50      08/22/25    CNY      21.35
SHEHONG STATE OWNE       7.60      10/22/25    CNY      21.53
SHEHONG STATE OWNE       7.60      10/25/25    CNY      42.19
SHEHONG STATE OWNE       7.60      10/25/25    CNY      42.19
SHEHONG STATE OWNE       7.60      10/22/25    CNY      21.54
SHENWU ENVIRONMENT       9.00      03/14/19    CNY      12.00
SHEYANG URBAN CONS       7.80      11/27/24    CNY      20.75
SHEYANG URBAN CONS       7.80      11/27/24    CNY      20.75
SHIFANG CITY NATIO       8.00      12/05/25    CNY      42.47
SHIFANG CITY NATIO       8.00      12/05/25    CNY      42.47
SHIYAN CITY CHENGT       7.80      02/13/26    CNY      61.14
SHUANGYASHAN DADI        8.50      12/16/26    CNY      65.63
SHUANGYASHAN DADI        8.50      08/26/26    CNY      64.71
SHUANGYASHAN DADI        8.50      12/16/26    CNY      65.62
SHUANGYASHAN DADI        8.50      08/26/26    CNY      64.71
SHUANGYASHAN DADI        8.50      04/30/26    CNY      63.75
SHUANGYASHAN DADI        8.50      04/30/26    CNY      63.74
SHUOZHOU INVESTMEN       7.80      12/25/25    CNY      42.32
SHUOZHOU INVESTMEN       7.80      12/25/25    CNY      42.37
SHUOZHOU INVESTMEN       7.50      10/23/25    CNY      41.81
SHUOZHOU INVESTMEN       7.50      10/23/25    CNY      41.60
SICHUAN CHENG'A DE       7.50      11/29/24    CNY      20.67
SICHUAN CHENG'A DE       7.50      11/29/24    CNY      20.67
SICHUAN CHENG'A DE       7.50      11/06/24    CNY      20.57
SICHUAN CHENG'A DE       7.50      11/06/24    CNY      20.63
SICHUAN COAL INDUS       7.70      01/09/18    CNY      45.00
SICHUAN LANGUANG D       7.50      07/11/21    CNY      12.63
SICHUAN LANGUANG D       7.50      07/23/22    CNY      42.00
SICHUAN LANGUANG D       7.50      08/12/21    CNY      12.63
SIYANG JIADING IND       7.50      04/27/25    CNY      41.18
SIYANG JIADING IND       7.50      04/27/25    CNY      41.19
SIYANG JIADING IND       7.50      12/14/25    CNY      42.25
SIYANG JIADING IND       7.50      12/14/25    CNY      42.24
TAHOE GROUP CO LTD       7.50      08/15/20    CNY       8.00
TAHOE GROUP CO LTD       7.50      09/19/21    CNY       4.00
TAHOE GROUP CO LTD       8.50      08/02/21    CNY      18.00
TAHOE GROUP CO LTD       7.50      10/10/20    CNY       4.00
TAIXING CITY CHENG       7.80      03/05/26    CNY      62.90
TAIXING CITY CHENG       7.60      04/04/26    CNY      62.75
TAIXING CITY CHENG       7.80      03/05/26    CNY      60.00
TAIXING CITY CHENG       7.60      04/24/26    CNY      63.14
TAIXING CITY CHENG       7.60      04/24/26    CNY      60.00
TAIXING CITY CHENG       7.60      04/04/26    CNY      60.00
TAIXING XINGHUANG        8.50      11/15/25    CNY      42.59
TAIXING XINGHUANG        8.50      11/15/25    CNY      42.54
TAIZHOU FENGCHENGH       7.90      12/29/24    CNY      20.83
TAIZHOU FENGCHENGH       7.90      12/29/24    CNY      20.85
TAIZHOU HUACHENG M       8.50      12/26/25    CNY      42.86
TAIZHOU HUACHENG M       8.50      12/26/25    CNY      42.79
TANCHENG COUNTY CI       7.50      04/09/26    CNY      62.86
TANCHENG COUNTY CI       7.50      04/09/26    CNY      60.00
TANGSHAN HOLDING D       7.60      05/16/25    CNY      41.22
TAOYUAN COUNTY CON       7.50      09/11/26    CNY      63.17
TAOYUAN COUNTY CON       7.50      09/11/26    CNY      64.03
TAOYUAN COUNTY CON       8.00      10/17/26    CNY      64.89
TAOYUAN COUNTY CON       8.00      10/17/26    CNY      64.21
TAOYUAN COUNTY ECO       8.20      09/06/25    CNY      42.20
TAOYUAN COUNTY ECO       8.20      09/06/25    CNY      42.21
TEMPUS GROUP CO LT       7.50      06/07/20    CNY      23.53
TENGCHONG SHIXINGB       7.50      05/05/26    CNY      71.16
TIANJIN REAL ESTAT       7.70      03/16/21    CNY      21.49
TONGCHENG CITY CON       7.50      07/23/25    CNY      40.00
TONGCHENG CITY CON       7.50      07/23/25    CNY      41.57
TONGHUA FENGYUAN I       7.80      04/30/26    CNY      61.50
TONGHUA FENGYUAN I       8.00      12/18/25    CNY      42.52
TONGHUA FENGYUAN I       8.00      12/18/25    CNY      41.70
TONGHUA FENGYUAN I       7.80      04/30/26    CNY      63.26
TONGXIANG CHONGDE        7.88      11/29/25    CNY      42.40
TONGXIANG CHONGDE        7.88      11/29/25    CNY      42.40
TUNGHSU GROUP CO L       8.18      10/25/21    CNY      22.00
TUNGHSU GROUP CO L       7.85      03/23/21    CNY       0.00
URUMQI ECO TECH DE       7.50      10/19/25    CNY      41.76
URUMQI ECO TECH DE       7.50      10/19/25    CNY      41.91
WEIHAI LANCHUANG C       7.70      10/11/25    CNY      41.94
WEIHAI LANCHUANG C       7.70      10/11/25    CNY      39.51
WEIHAI WENDENG URB       7.70      05/02/28    CNY      72.50
WEIHAI WENDENG URB       7.70      05/02/28    CNY      73.64
WEINAN CITY INDUST       7.50      04/28/26    CNY      60.00
WEINAN CITY INDUST       7.50      04/28/26    CNY      61.85
WINTIME ENERGY GRO       7.50      04/04/21    CNY      43.63
WINTIME ENERGY GRO       7.70      11/15/20    CNY      43.63
WINTIME ENERGY GRO       7.90      12/22/20    CNY      43.63
WINTIME ENERGY GRO       7.90      03/29/21    CNY      43.63
WINTIME ENERGY GRO       7.50      12/06/20    CNY      43.63
WINTIME ENERGY GRO       7.50      11/16/20    CNY      43.63
WUSU CITY XINGRONG       7.50      10/25/25    CNY      42.16
WUSU CITY XINGRONG       7.50      10/25/25    CNY      42.11
WUXUE URBAN CONSTR       7.50      04/12/26    CNY      62.89
WUXUE URBAN CONSTR       7.50      04/12/26    CNY      60.00
WUYANG CONSTRUCTIO       7.80      09/11/20    CNY      32.48
XIAN LINTONG URBAN       7.69      04/22/26    CNY      60.00
XIAN LINTONG URBAN       7.69      04/22/26    CNY      63.08
XIANGXIANG URBAN C       7.50      10/27/24    CNY      20.50
XIANGXIANG URBAN C       7.50      10/27/24    CNY      20.61
XIFENG COUNTY URBA       8.00      03/14/26    CNY      60.53
XIFENG COUNTY URBA       8.00      03/14/26    CNY      60.99
XINFENG COUNTY URB       7.80      12/05/25    CNY      42.28
XINFENG COUNTY URB       7.80      12/05/25    CNY      42.34
XINFENG COUNTY URB       7.80      04/16/26    CNY      62.91
XINFENG COUNTY URB       7.80      04/16/26    CNY      61.88
XINGYI XINHENG URB       7.90      01/31/25    CNY      20.62
XINGYI XINHENG URB       8.00      11/21/25    CNY      41.66
XINGYI XINHENG URB       8.00      11/21/25    CNY      41.81
XINGYI XINHENG URB       7.90      01/31/25    CNY      20.00
XINPING URBAN DEVE       7.70      01/24/26    CNY      42.60
XINYU CITY YUSHUI        7.50      09/24/26    CNY      63.60
XIPING COUNTY INDU       7.50      12/26/24    CNY      20.75
XIPING COUNTY INDU       7.50      12/26/24    CNY      20.75
XIUSHAN HUAXING EN       7.50      09/25/25    CNY      41.90
XIUSHAN HUAXING EN       7.50      09/25/25    CNY      41.90
XUZHOU CITY JIAWAN       7.88      01/28/26    CNY      41.17
XUZHOU CITY JIAWAN       7.88      01/28/26    CNY      40.58
XUZHOU CITY JIAWAN       7.98      05/06/26    CNY      62.61
XUZHOU CITY JIAWAN       7.98      05/06/26    CNY      60.50
YANGLING URBAN RUR       7.80      02/20/26    CNY      62.75
YANGLING URBAN RUR       7.80      02/20/26    CNY      60.00
YANGLING URBAN RUR       7.80      06/19/26    CNY      60.00
YANGLING URBAN RUR       7.80      06/19/26    CNY      63.65
YIBIN NANXI CAIYUA       8.10      07/24/25    CNY      41.83
YIBIN NANXI CAIYUA       8.10      07/24/25    CNY      40.00
YIBIN NANXI CAIYUA       8.10      11/28/25    CNY      42.62
YIBIN NANXI CAIYUA       8.10      11/28/25    CNY      42.61
YICHANG CHUANGYUAN       7.80      11/06/25    CNY      42.27
YINGKOU BEIHAI NEW       7.98      01/25/25    CNY      20.92
YINGKOU BEIHAI NEW       7.98      01/25/25    CNY      20.91
YINGTAN JUNENG INV       8.00      05/06/26    CNY      63.48
YINGTAN JUNENG INV       8.00      05/06/26    CNY      60.00
YIYANG COUNTY CITY       7.50      06/07/25    CNY      40.00
YIYANG COUNTY CITY       7.50      06/07/25    CNY      41.46
YIYANG COUNTY CITY       7.90      11/05/25    CNY      42.39
YIYANG COUNTY CITY       7.90      11/05/25    CNY      42.19
YIYANG LONGLING CO       7.60      01/23/26    CNY      42.03
YIYANG LONGLING CO       7.60      01/23/26    CNY      40.30
YIYUAN HONGDING AS       7.50      08/17/25    CNY      41.69
YIYUAN HONGDING AS       7.50      08/17/25    CNY      41.78
YONGAN STATE-OWNED       8.50      11/26/25    CNY      42.07
YONGAN STATE-OWNED       8.50      11/26/25    CNY      42.66
YONGCHENG COAL & E       7.50      02/02/21    CNY      39.88
YONGXIU CITY CONST       7.80      08/27/25    CNY      41.58
YONGXIU CITY CONST       7.80      08/27/25    CNY      41.87
YONGXIU CITY CONST       7.50      05/02/25    CNY      41.08
YONGXIU CITY CONST       7.50      05/02/25    CNY      40.00
YOUYANG COUNTY TAO       7.50      09/28/25    CNY      41.87
YOUYANG COUNTY TAO       7.50      09/28/25    CNY      41.87
YUANJIANG CITY CON       7.50      01/18/26    CNY      42.44
YUANJIANG CITY CON       7.50      01/18/26    CNY      42.43
YUDU ZHENXING INVE       7.50      05/03/25    CNY      41.24
YUDU ZHENXING INVE       7.50      05/03/25    CNY      40.49
YUEYANG CITY JUNSH       7.96      04/23/26    CNY      63.14
YUEYANG CITY JUNSH       7.96      04/23/26    CNY      60.00
YUEYANG HUILIN INV       7.50      12/23/26    CNY      63.80
YUEYANG HUILIN INV       7.50      12/23/26    CNY      63.78
YUTAI XINDA ECONOM       7.50      04/10/26    CNY      61.60
YUTAI XINDA ECONOM       7.50      04/10/26    CNY      62.92
ZHANGJIAJIE LOULI        7.50      03/26/26    CNY      62.79
ZHANGJIAJIE LOULI        7.50      03/26/26    CNY      62.81
ZHANGZI NATIONAL O       7.50      10/18/26    CNY      64.18
ZHANGZI NATIONAL O       7.50      10/18/26    CNY      64.17
ZHEJIANG CHANGXING       7.50      12/26/25    CNY      42.20
ZHEJIANG CHANGXING       7.50      12/26/25    CNY      42.27
ZHEJIANG CHANGXING       7.50      05/16/26    CNY      62.28
ZHEJIANG CHANGXING       7.50      05/16/26    CNY      60.00
ZHEJIANG WUYI CITY       8.00      08/10/25    CNY      41.85
ZHEJIANG WUYI CITY       8.00      08/10/25    CNY      41.85
ZHEJIANG WUYI CITY       8.00      12/21/25    CNY      42.53
ZHEJIANG WUYI CITY       8.00      12/21/25    CNY      42.60
ZHONGXIANG CITY CO       7.50      07/05/26    CNY      62.56
ZHONGXIANG CITY CO       7.50      07/05/26    CNY      60.00
ZHOUSHAN ISLANDS N       7.50      01/30/27    CNY      60.01
ZHOUSHAN ISLANDS N       7.50      01/30/27    CNY      55.00
ZHUZHOU HI-TECH AU       8.00      08/14/25    CNY      52.32
ZHUZHOU RAILWAY IN       7.50      09/25/24    CNY      20.45
ZIGUI COUNTY CHUYU       7.80      02/12/28    CNY      70.00
ZIYANG KAILI INVES       8.00      02/14/26    CNY      61.98
ZUNYI BOZHOU URBAN       7.85      10/24/24    CNY      20.18
ZUNYI BOZHOU URBAN       7.85      10/24/24    CNY      20.35
ZUNYI TRAFFIC TRAV       7.70      09/27/27    CNY      62.14
ZUNYI TRAFFIC TRAV       7.70      09/27/27    CNY      64.07
ZUNYI URBAN CONSTR       7.50      05/20/24    CNY      40.07


   HONG KONG
   ---------

CHINA SOUTH CITY H       9.00      04/12/24    USD      45.73
CHINA SOUTH CITY H       9.00      12/11/24    USD      43.02
CHINA SOUTH CITY H       9.00      06/26/24    USD      45.46
CHINA SOUTH CITY H       9.00      10/09/24    USD      42.94
HAINAN AIRLINES HO      12.00      10/29/21    USD       3.19
HONGKONG IDEAL INV      14.75      10/08/22    USD       1.57
YANGO JUSTICE INTE      10.25      09/15/22    USD       0.41
YANGO JUSTICE INTE       7.88      09/04/24    USD       0.47
YANGO JUSTICE INTE       7.50      04/15/24    USD       0.31
YANGO JUSTICE INTE       8.25      11/25/23    USD       0.26
YANGO JUSTICE INTE       9.25      04/15/23    USD       0.34
YANGO JUSTICE INTE       7.50      02/17/25    USD       0.34
YANGO JUSTICE INTE      10.00      02/12/23    USD       0.06
YANGO JUSTICE INTE      10.25      03/18/22    USD       0.21
ZENSUN ENTERPRISES      12.50      04/23/24    USD       3.02
ZENSUN ENTERPRISES      12.50      09/13/23    USD       4.55


   INDIA
   -----

AXIS FINANCE LTD         8.10      11/17/28    INR      71.94
IIFL SAMASTA FINAN      10.75      02/24/25    INR      76.90
IKF FINANCE LTD         10.60      03/27/25    INR      74.80
PIRAMAL CAPITAL &        8.50      04/18/23    INR      34.25


   MALAYSIA
   --------

CAPITAL A BHD            8.00      12/29/28    MYR       0.77


   SINGAPORE
   ---------

BAKRIE TELECOM PTE      11.50      05/07/15    USD       0.27
BAKRIE TELECOM PTE      11.50      05/07/15    USD       0.27
BAYAN TELECOMMUNIC      15.00      07/15/06    USD      13.98
BLD INVESTMENTS PT       8.63      03/23/15    USD       6.75
DAVOMAS INTERNATIO      11.00      12/08/14    USD       0.30
DAVOMAS INTERNATIO      11.00      05/09/11    USD       0.30
DAVOMAS INTERNATIO      11.00      12/08/14    USD       0.30
DAVOMAS INTERNATIO      11.00      05/09/11    USD       0.30
ENERCOAL RESOURCES       9.25      08/05/14    USD      45.75
ITNL OFFSHORE PTE        7.50      01/18/21    CNY      18.24
MICLYN EXPRESS OFF       8.75      11/25/18    USD       0.82
NOMURA INTERNATION      19.50      08/28/28    TRY      65.32
NOMURA INTERNATION       7.65      10/04/37    AUD      64.52
ORO NEGRO DRILLING       7.50      01/24/24    USD       1.32
RICKMERS MARITIME        8.45      05/15/17    SGD       5.00
SWIBER HOLDINGS LT       7.75      09/18/17    CNY       6.13


   SOUTH KOREA
   -----------

KOSME SCALE-UP SEC      24.00      12/30/24    KRW      74.83
SAMPYO CEMENT CO L       8.10      06/26/15    KRW      70.00
SAMPYO CEMENT CO L       8.10      04/12/15    KRW      70.00
SAMPYO CEMENT CO L       7.50      07/20/14    KRW      70.00
SAMPYO CEMENT CO L       8.30      09/10/14    KRW      70.00
SAMPYO CEMENT CO L       8.30      04/20/14    KRW      70.00


   SRI LANKA
   ---------

SRI LANKA GOVERNME       7.55      03/28/30    USD      49.77
SRI LANKA GOVERNME       7.85      03/14/29    USD      49.77
SRI LANKA GOVERNME       7.85      03/14/29    USD      49.80
SRI LANKA GOVERNME       7.55      03/28/30    USD      49.78
SRI LANKA GOVERNME       8.00      01/01/32    LKR      71.03
SRI LANKA GOVERNME       9.00      06/01/43    LKR      69.54



                           *********


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.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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