/raid1/www/Hosts/bankrupt/TCRAP_Public/240213.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, February 13, 2024, Vol. 27, No. 32

                           Headlines



A U S T R A L I A

FIRSTMAC MORTGAGE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes
FIVE STAR: Second Creditors' Meeting Set for Feb. 16
HAWKERS BEER: Enters Into Voluntary Administration After 10 Years
IC TRUST 2023-1: Moody's Upgrades Rating on Class D Notes to B1
JOINERY MANUFACTURING: Court Enters Liquidation Order

K & G ENTERPRISES: First Creditors' Meeting Set for Feb. 20
KALIUM LAKES: Second Creditors' Meeting Set for Feb. 16
MSA LABOUR: First Creditors' Meeting Set for Feb. 16
PLENTI PL 2024-1: Moody's Assigns B2 Rating to AUD13.5MM F Notes
VANADIUM PTY: First Creditors' Meeting Set for Feb. 16

VOYAGE AUSTRALIA: Moody's Affirms 'B1' CFR, Outlook Remains Stable


C H I N A

CHINA VANKE: Offloads Shanghai Mall at Discount
COUNTRY GARDEN: Drops $14.7 Million Purchase of Hopefluent
HENAN ZHONGYUAN: Moody's Withdraws 'Ba2' Corporate Family Rating
SICHUAN AIRLINES: Carrier Returned to Profit in 2023


I N D I A

ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating Category
AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating

BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
BRAHMAPUTRA METALLICS: CARE Lowers Rating on INR71.62cr Loan to D
EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating Category
GLOCAL HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on Long Term Loan

LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
ORIENT CRAFT: CARE Keeps D Debt Ratings in Not Cooperating
ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
PATIALA DISTILLERIES: CARE Lowers Rating on INR10cr Loan to C

PUNJAB BIOMASS: CARE Keeps D Debt Rating in Not Cooperating
PUSHPA GOYAL: CARE Keeps C Debt Rating in Not Cooperating Category
RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
SAARTH ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating



J A P A N

SEVEN & I: Struggling Unit to Exit Central and Northern Japan


M A L A Y S I A

RENEUCO BHD: Falls Under PN17 After Auditor's Disclaimer Opinion


N E W   Z E A L A N D

AUCKLAND BROADBAND: Court to Hear Wind-Up Petition on April 19
CHEESE BAR: Creditors' Proofs of Debt Due on March 15
COMPASS HOMES: Grant Bruce Reynolds Appointed as Liquidator
COMPLETE PROPERTY: Court to Hear Wind-Up Petition on Feb. 20
DU VAL GROUP: Was 'Technically Insolvent' Last September

LAL'S ENTERPRISES: Creditors' Proofs of Debt Due on March 5


S I N G A P O R E

CHWEE LAI: Court Enters Wind-Up Order
COMPASS INCORPORATED: Court Enters Wind-Up Order
PEPPER GROVE: Creditors' Proofs of Debt Due on March 9
PHOENIX REALTY: Creditors' Proofs of Debt Due on March 11
STICKIES BAR: Creditors' Meeting Set for Feb. 23



S O U T H   K O R E A

HMM CO: Harim Fails in Bid to Acquire Container Shipper


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 5, 2024 to Feb. 9, 2024

                           - - - - -


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A U S T R A L I A
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FIRSTMAC MORTGAGE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-1.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 18.9% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest due on the class B, class C, class D, class E,
and class F notes--and ultimate payment of principal under the
rating stresses. Key rating factors are the level of subordination
provided, the LMI cover, the liquidity reserve, the principal draw
function, the interest-rate swap, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the notes are fully redeemed by their legal final maturity date,
and we do not assume the notes are called at or beyond the call
date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
Australia and New Zealand Banking Group Ltd. as interest-rate swap
provider. The transaction documents for the facilities include
downgrade language consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2024-1

  Class A-1, A$675.000 million: AAA (sf)
  Class A-2, A$30.000 million: AAA (sf)
  Class AB, A$11.250 million: AAA (sf)
  Class B, A$12.300 million: AA (sf)
  Class C, A$9.450 million: A (sf)
  Class D, A$5.475 million: BBB (sf)
  Class E, A$3.075 million: BB (sf)
  Class F, A$1.650 million: B (sf)
  Class G, A$1.800 million: Not rated


FIVE STAR: Second Creditors' Meeting Set for Feb. 16
----------------------------------------------------
A second meeting of creditors in the proceedings of Five Star Power
Pty Ltd has been set for Feb. 16, 2024 at 11:00 a.m. at the offices
of SV Partners Mackay at 1st floor, corner of Gordon and Sydney
Streets in Mackay.

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. 15, 2024 at 4:00 p.m.

David Michael Stimpson and Frank O'Neill of SV Partners were
appointed as administrators of the company on Jan. 11, 2024.


HAWKERS BEER: Enters Into Voluntary Administration After 10 Years
-----------------------------------------------------------------
News.com.au reports that a popular Australian beer company has
entered voluntary administration after almost 10 years of business,
citing increasing costs and taxes.

Hawkers Beer, which is based out of Reservoir in Melbourne,
announced on Feb. 12 it had entered into voluntary administration.

Founder Mazen Hajjar cited a range of challenges affecting not just
Hawkers but the entire craft beer brewing business in a statement.

"Post-Covid has been a challenging period with bigger players
increasingly restricting access to taps and shelf space," the
report quotes Mr. Hajjar as saying.  "That is combined with broader
economic pressures, including increased input costs and taxes.

"However, we are confident that the restructuring will ensure the
business is in a stronger position to fight these challenges going
forward."

News.com.au relates that DBA Advisory, who were appointed as
administrators, said the decision was taken "to help facilitate a
financial restructuring of the business".

"DBA Advisory is supporting the continued operation of Hawkers, so
employees and customers should consider it business as usual," they
said in a statement.

"There will be no impact to ongoing production and distribution as
a result of this appointment."

Hawkers Beer is one of Melbourne's largest manufacturer and
distributor of craft beers.


IC TRUST 2023-1: Moody's Upgrades Rating on Class D Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded ratings on three notes and
affirmed rating on one notes issued by IC Trust 2023-1.

The affected ratings are as follows:

Issuer: IC Trust 2023-1

Class A Notes, Affirmed A2 (sf); previously on Mar 6, 2023
Definitive Rating Assigned A2 (sf)

Class B Notes, Upgraded to Baa2 (sf); previously on Mar 6, 2023
Definitive Rating Assigned Baa3 (sf)

Class C Notes, Upgraded to Ba1 (sf); previously on Mar 6, 2023
Definitive Rating Assigned Ba2 (sf)

Class D Notes, Upgraded to B1 (sf); previously on Mar 6, 2023
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date. Class A rating affirmation considers that this class of notes
is already at the highest achievable level within Moody's rating
scale after taking into account operational risks and the
relatively short securitisation track record of the originator and
servicer, coupled with the non-conforming and complex nature of the
underlying receivables.

Following the January 2023 payment date, the credit enhancement
available to the Class A,  Class B, Class C and Class D Notes has
increased to 44.6%, 37.2%, 28.3% and 17.9% from 30.0%, 25.0%, 19.0%
and 12.0%  at deal close.

As of end-December, 14.9% of the outstanding pool was 30-plus day
delinquent, and 5.1% was 90-plus day delinquent. The portfolio has
incurred 0.7% of gross losses to date, which have been covered by
excess spread. In addition, the seller has repurchased 1.1% of
delinquent loans at par since closing. Moody's has incorporated
these repurchases in its observed cumulative gross loss assessment
which adds up to 1.8% (as a percentage of original portfolio
balance).

Moody's relied on additional reporting on repurchase amounts
provided by the servicer and the trust manager. According to the
servicer, future repurchase amounts will be included as part of the
regular reporting.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 17.0% as
a percentage of the original portfolio balance (equivalent to 22.6%
of the current portfolio balance). Moody's has also maintained the
Aaa PCE at 50%.

Moody's analysis has also considered various scenarios involving
higher index rate on the notes, and lower recovery rate to evaluate
the resiliency of the note ratings.

The transaction is a cash securitisation of consumer and commercial
auto loan receivables extended to non-conforming borrowers in
Australia originated by Fin One Pty Ltd and Finance One Commercial
Pty Ltd, referred to collectively as Fin One.

Fin One is a specialist servicer of non-conforming auto loans. In
an event of servicer transfer, there is a risk of higher level of
defaults in the portfolio, if the substitute servicer does not have
the same specialised approach to servicing as Fin One. Furthermore,
Moody's notes Fin One's relatively limited securitisation
experience and its concentrated ownership structure.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.

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

JOINERY MANUFACTURING: Court Enters Liquidation Order
-----------------------------------------------------
News.com.au reports that a tradie business has finally collapsed
weeks after brutally sacking all its staff right before Christmas.

News.com.au can reveal that on Feb. 7, the Federal Court's NSW
division ordered Joinery Manufacturing Solutions Pty Ltd to go into
liquidation over an unpaid tax debt.

Tristana Steedman of insolvency firm RSM Partners has been
appointed as the liquidator, news.com.au discloses.

Joinery Manufacturing Solutions was the last vestige of a
multimillion dollar cabinet making venture called GDK Group,
operating out of a factory in Sydney's west.

News.com.au previously reported that in the past six months, 11
businesses linked to the group have collapsed with debts in excess
of AUD45 million.

Some of these businesses were named after obscure Lord of the Rings
references, "confusing" some staff members and leaving them unaware
that some of the companies were in operation.

In the court proceeding on Feb. 7, Judicial Registrar Nicola
Colbran ordered Joinery Manufacturing Solutions to be "wound up in
insolvency" as the corporation was "deemed insolvent," news.com.au
discloses.

Before the court hearing, the company's sole director, Nicholas
Kalikajaros, sent an email indicating he had no plans to oppose
plans to place his business in liquidation.

Weeks before Christmas last year, news.com.au reported that all 30
cabinet makers at the company's Wetherill Park factory were
"unceremoniously dumped".

Emotions ran high, with one worker telling news.com.au at the time
"it was very sad to see grown men crying".

Staff were called to the front of the factory in early December
where they learned the news.

In a termination letter, signed off by company director Mr
Kalikajaros, staff were informed "your position is no longer
needed" and that "regrettably" this meant their employment was
over, effective immediately, news.com.au relays.

Liquidators of other entities in the defunct group of businesses
have estimated that staff are owed AUD2.1 million, including
AUD885,000 in superannuation which is not recoverable through
government rescue schemes, according to news.com.au.

At its peak, the GDK Group's factory had around 100 staff and 50
contractors but employees said that number had shrunk to around 30
before it finally shut down for good.

This collapse marks the 12th company to collapse under the GDK
Group banner in as many months, news.com.au notes.

Of those 12 businesses, many have been named after obscure
references from the iconic book series The Lord of the Rings, such
as Himlad, Hithlum, Thargeliou, Belegaer, Ossiriand, Nevrast,
Dorlomin and Avernien.

Since then, liquidators have put the factory premises up for sale
on liquidation auction website Pickles.

The advertisement states that at its height, GDK Group generated a
monthly revenue of AUD3.6 million.

Expressions of interest close on February 15, news.com.au
discloses.


K & G ENTERPRISES: First Creditors' Meeting Set for Feb. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of K & G
Enterprises (Aust) Pty Ltd will be held on Feb. 20, 2024 at 10:30
a.m. at the offices of Dye & Co. Pty Ltd at 165 Camberwell Road in
Hawthorn East.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on Feb. 9, 2024.


KALIUM LAKES: Second Creditors' Meeting Set for Feb. 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of Kalium Lakes
Limited has been set for Feb. 16, 2024 at 10:00 a.m. at the offices
of KPMG at Level 8, 235 ST Georges Terrace in Perth and via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 15, 2024 at 4:00 p.m.

Martin Bruce Jones, Matthew David Woods and Clint Peter Joseph of
KPMG were appointed as administrators of the company on Aug 3,
2023.


MSA LABOUR: First Creditors' Meeting Set for Feb. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of MSA Labour
Pty Ltd will be held on Feb. 16, 2024 at 11:30 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and Zoom
videoconferencing.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on Feb. 7, 2024.


PLENTI PL 2024-1: Moody's Assigns B2 Rating to AUD13.5MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited in
in its capacity as trustee of the Plenti PL & Green ABS Trust
2024-1.

Issuer: Perpetual Corporate Trust Limited in in its capacity as
trustee of the Plenti PL & Green ABS Trust 2024-1

AUD176.25 million Class A1 Notes, Assigned Aaa (sf)

AUD108.75 million Class A1-G Notes, Assigned Aaa (sf)

AUD31.12 million Class B Notes, Assigned Aa2 (sf)

AUD15.00 million Class C Notes, Assigned A2 (sf)

AUD8.25 million Class D Notes, Assigned Baa2 (sf)

AUD11.25 million Class E Notes, Assigned Ba1 (sf)

AUD13.50 million Class F Notes, Assigned B2 (sf)

AUD7.50 million Class G1 Notes is not rated by Moody's

AUD3.38 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS Trust 2024-1 is a static cash securitisation
of personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti, unrated).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of November 2023, Plenti has
originated circa $2.2 billion in personal and renewable energy
loans.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2015 for
personal loans and from 2017 onwards for renewable energy loans.
The collateral performance data used in Moody's analysis reflects
Plenti's short origination history and does not cover a full
economic cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions
are satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
distributions will revert to sequential. Initially, the Class A,
Class B, Class C, Class D, Class E and Class F Notes benefit from
24.00%, 15.70%, 11.70%, 9.50%, 6.50% and 2.90% of note
subordination, respectively.

-- The availability of excess spread over the life of the
transaction.

-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 5.20%, a
recovery rate of 7.50%, and a Aaa portfolio credit enhancement
("PCE") of 26.00%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 4.00%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 26.00% is broadly in line with other comparable
Australian personal loan and renewable energy ABS deals and is
based on Moody's assessment of the pool taking into account (i)
historical data variability, (ii) quantity, quality and relevance
of historical performance data, (iii) originator quality, (iv)
servicer quality, (v) certain pool characteristics, such as asset
concentration.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.4%,
with interest rates ranging from 4.0% to 24.1%.

-- The weighted average Equifax credit score of the portfolio is
around 790.

-- The weighted average remaining term of the portfolio is 64.7
months. The weighted average seasoning of the initial portfolio is
5.2 months.

-- Renewable energy receivables constitute 29.5% of the portfolio,
of which 5.6% are green fixed interest-bearing loans and 23.9% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's revised expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. Other factors that could lead to a
deterioration in performance include poor servicing, error on the
part of transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

VANADIUM PTY: First Creditors' Meeting Set for Feb. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Vanadium Pty
Ltd will be held on Feb. 16, 2024 at 11:00 a.m. at the offices of
Rodgers Reidy at Level 2A, 181 Elizabeth Street in Brisbane and via
telephone conference facilities.

David James Hambleton of Rodgers Reidy were appointed as
administrators of the company on Feb. 6, 2024.


VOYAGE AUSTRALIA: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family and
B1 senior secured bank credit facility ratings on Voyage Australia
Pty Limited.  This includes the senior secured first-lien term loan
facility and senior secured delayed draw term loan. Moody's has
also maintained the stable outlook.

RATINGS RATIONALE

Voyage's ratings reflect the strength of its subsidiary Vocus
Network Services (VNS), which provides services to a diversified
customer base comprising wholesale, government and enterprise
customers. VNS owns Australia's second-largest inter-capital
fibre-optic cable network which generates a high percentage of
recurring revenue for the company, supporting earnings stability at
the group level. Moody's expects VNS to remain the key growth
driver for the group for the forseeable future.

While Moody's expects that Voyage may look to sell its retail
business in the future, the timing is uncertain and the agency has
not factored the sale into its forecasts. However, if a sale were
to proceed, the agency expects that Voyage will use a portion of
the proceeds to ensure that leverage does not increase because of
the sale.

Gross debt/EBITDA registered at 5.6x during the fiscal year ended
June 30, 2023 (FY2023). While leverage remains relatively high,
Moody's expects debt/EBITDA to decrease to around 4.5x over the
next 18 months, driven by EBITDA growth at VNS.

Moody's expects Voyage to have good liquidity over the next 12 to
18 months, where operating cash flows and existing cash balances
are likely to comfortably support ordinary capital expenditures and
other cash outflows. Vocus had cash on hand of AUD70 million and
AUD94 million in undrawn facilities as of September 30, 2023.

The stable outlook reflects Moody's view that Voyage will report
credit metrics within the parameters set for its B1 rating over the
next 12-18 months.

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

While an upgrade may not occur until the company divests its retail
business, the agency could still upgrade Voyage's B1 rating if
leverage sustains below 4.5x and Voyage maintains positive free
cash flow and good liquidity.

Moody's could downgrade the rating if leverage remains above 5.5x
as this would be indicative of operational underperformance and/or
a change in financial policy, such as prioritising shareholder
returns, that pressures credit metrics, and/or if liquidity
deteriorates meaningfully.

The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.

COMPANY PROFILE

Voyage Australia Pty Limited is the fourth-largest full-service
telecommunications company in Australia providing services to the
government, enterprises, small-to-medium businesses and consumers.
The company is a specialist fibre and network solutions provider in
Australia, connecting all mainland capitals with Asia and the US.
Regionally, Voyage's subsidiary Vocus Network Services owns a
backhaul fibre network connecting most regional capitals in
Australia.



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CHINA VANKE: Offloads Shanghai Mall at Discount
-----------------------------------------------
Caixin Global reports that China Vanke Co. Ltd. is selling its
entire stake in a Shanghai retail complex to Link Real Estate
Investment Trust (Link Reit) at a discount, as the indebted
developer offloads assets to ease liquidity crunch.

According to Caixin, Hong Kong-listed Link Reit, Asia's largest
real estate investment trust, said in a Feb. 9 filing that it
agreed to acquire a 50% stake in Qibao Vanke Plaza from Vanke at
CNY2.38 billion (US$334 million). Link Reit already owns the
remaining 50% stake in the plaza after a 2.77-billion-yuan purchase
from Vanke's partner GIC Pte. Ltd. in April 2021.

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.


COUNTRY GARDEN: Drops $14.7 Million Purchase of Hopefluent
----------------------------------------------------------
Caixin Global reports that Country Garden Services Holdings Co.
Ltd., China's largest residential property manager, called off an
HK$115 million ($14.7 million) investment in real estate agent
Hopefluent Group Holdings Ltd., following a forecast of 2023 profit
plunge.

Hong Kong-listed Country Garden Services in a joint statement with
Hopefluent said the companies have agreed to terminate a strategic
cooperation agreement announced in November after considering
factors including the prevailing market conditions, recent
volatility in the capital markets and changes in the parties'
expectation on the implementation timeframe of the transactions.

Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

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

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

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


HENAN ZHONGYUAN: Moody's Withdraws 'Ba2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Henan Zhongyuan Financial
Holding Co. Ltd.'s (Zhongyuan Financial Holding) Ba2 corporate
family rating and Ba2 local currency and foreign currency issuer
ratings.

Prior to the withdrawal, the entity-level outlook on Zhongyuan
Financial Holding was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Zhongyuan Financial Holding was established in May 2016 under the
direction of the Zhengzhou government. The company lends to
corporations and individuals in Henan province, directly through
leasing, factoring and entrusted loans, and indirectly through
investments in trust products, debt investments and private equity
funds.

As of June 30, 2023, the Zhengzhou government indirectly owned a
70% stake in Zhongyuan Financial Holding through Zhengzhou
Development Investment Group and Henan New Development Investment
Group. The remaining 30% was held by Bairui Trust. Headquartered in
Zhengzhou, Henan, Henan Zhongyuan Financial Holding Co., Ltd.
reported total assets of RMB9.01 billion (or about USD1.25 billion)
as of the of June 2023.

SICHUAN AIRLINES: Carrier Returned to Profit in 2023
----------------------------------------------------
Yicai Global reports that Sichuan Airlines and several other
privately held Chinese carriers swung back into the black last
year, while the rest, including the country's three biggest,
languished in the red in the wake of the Covid-19 pandemic.

Sichuan Airlines turned an annual profit in 2023 after three
straight years of losses, Yicai discloses citing information
disclosed by the Chinese province's state-owned assets manager. Its
parent company Sichuan Airlines Group and four other shareholders
also injected CNY12 billion (USD1.7 billion) into the business last
year.

Sichuan Airlines Group will transition into an industrial
investment platform this year and study how its carrier arm could
go public, the asset manager said, Yicai relays. The group owns 40
percent of the Chengdu-based airline.

Besides Sichuan Airlines, Shandong Airlines, Xiamen Airlines,
Zhejiang Loong Airlines, Shenzhen Donghao Airlines, and other
unlisted carriers became profitable again, they told Yicai.

According to Yicai, seven airlines listed on stock exchanges have
issued updates on their 2023 earnings. Spring Airlines, Juneyao
Airlines, and Hainan Airlines Holding expect to have reversed their
losses, but Air China, China Eastern Airlines, and China Southern
Airlines -- the big three -- as well as China Express Airlines
predict further red ink.

China's airlines pared their losses by a combined CNY187.2 billion
(USD26.3 billion) last year from 2022 amid the travel market
recovery, according to data from the civil aviation regulator,
Yicai discloses. Based on that number and earlier earnings, they
still lost about CNY30 billion in the 12 months.

Sichuan Airlines Group Co. Ltd., provides airline services. The
Company offers import & export services, aircraft leasing, air
equipments and aircraft maintenance, and more. Sichuan Airlines
Group serves customers and clients internationally.




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

ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aditya
Auto Engineering Private Limited (AAEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       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 December 20,
2022, placed the rating(s) of AAEPL under the 'issuer
non-cooperating' category as AAEPL 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. AAEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2023, November 15,
2023, November 25, 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).

Aditya Auto Engineering Pvt Ltd. (AAEPL) was incorporated as a
private limited company in the year 2009 by Mr. Gopala Reddy B. The
company is engaged in the business of manufacturing of Auto
Mechanical Support Systems like bodies of Tippers, Trailers,
Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water
Tankers etc. The company is also undertaking job works of body
building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania
Commercial Vehicles India Pvt Ltd. etc. who are engaged in similar
activities.

AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ambico
Exports and Imports Private Limited (AEIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           22.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of AEIPL under the 'issuer
non-cooperating' category as AEIPL 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. AEIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 22, 2023, November 1,
2023, November 11, 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).

Ambico Exports and Imports Private Limited was incorporated in the
year 2004 by Patel family and is engaged in processing & trading of
rough & polished diamond. The company has its registered office
located at Malad and Factory located at Dahisar, Mumbai.


ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anadi Rice
Mill Private Limited (ARMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       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 December 7,
2022, placed the rating(s) of ARMPL under the 'issuer
non-cooperating' category as ARMPL 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. ARMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 23, 2023, November 2,
2023, November 12, 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).

Anadi Rice Mill Private Ltd (ARMPL) set up as a proprietorship
entity in 2005 by Dudhwewala family of Kolkata, West Bengal,
belongs to the Anadi group of companies, a diversified industrial
group having interest in textile, cement, steel, etc. with Mr
Shankar Prasad Dudhwewala, founder of the group, having an
extensive experience in providing services to various government
agencies on food storage system. ARMPL is primarily engaged in the
processing and milling of non-basmati parboiled rice and was
initially set up with an installed capacity of 18,000 Metric Tonne
Per Annum (MTPA). Subsequently, in 2009 the entity was converted
into a private limited company and the capacity was increased to
60,000 MTPA. The milling unit of the company is located in Paschim
Midnapore district, West Bengal. Apart from rice milling the
company has opened an atta chakki unit in 2014 with a capacity of
45,000 MTPA.

APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Apollo
Polyvinyl Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       56.88      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      13.00      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 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).

APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in
SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex,
Vinyl (front lit, back lit), Lamination films and Foam boards. The
promoters have been engaged in this business since 1996 under other
group companies and have presence in Bangalore, Cochin, Cuttack,
Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and
Vijayawada. APPL has its registered office in Chennai and has sales
offices at Chennai and Hosur.


AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Arowana
Exports Private Limited (AEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      7.00       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 December 8,
2022, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL 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. AEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 24, 2023, November 3, 2023, November 13,
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).

Incorporated in September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export-oriented
unit and is engaged in processing and export of sea foods, majorly
shrimps. The company has commenced operations from September, 2014.
The company exports products under the brand name of "Arowana"
mainly to South Africa, Spain, Germany, Australia, Portugal, China,
Hong Kong, Vietnam and Malaysia and procures fish from local
fishermen operating in western and eastern coastline of India.


BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Tech (SBT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of SBT under the 'issuer
non-cooperating' category as SBT 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. SBT
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).

Analytical approach: Standalone

Outlook: Not Applicable

Sri Balaji Tech (SBT) was established as a proprietorship concern
by Mr. Ramanthan in 1978. Later after the demise of Mr. Ramanathan,
Mr. Sriram took over the concern. Later in the year 1996, Mr. K.
Suresh Kumar joined and the entity was reconstituted as a
partnership concern. Presently the firm has three partners namely,
Mr. R. Sriram, Mr. K. Suresh Kumar and Mr. B. Srinivasan with the
profit-sharing ratio of 2:4:4 respectively. SBT is into
manufacturing of ferrous and non-ferrous based castings and forged
valves and pumps. The raw material is first checked for quality
before processing. The raw material undergoes various stages like
melting, moulding and cutting. One cycle takes about 45 days
without third party check and 120 days with third party check. SBT
exports around 35% of its produce to UK, USA and Gulf countries.
SBT has its registered office at Ambattur, Chennai, and Tamil
Nadu.


BRAHMAPUTRA METALLICS: CARE Lowers Rating on INR71.62cr Loan to D
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Brahmaputra Metallics Limited (BML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           71.62       CARE D Revised from CARE B+;
   Bank Facilities                 Stable

   Short Term
   Bank Facilities     44.86       CARE D Revised from CARE A4

Rationale and key rating drivers

CARE Ratings Limited has revised the ratings assigned to the bank
facilities of BML from CARE B+, Stable/CARE A4 to 'CARE D/CARE D'
on account of delay in repayment of principal and interest of Term
loan (GECL loan) on facilities as mentioned in the auditor report
of FY23. Moreover, almost full utilization of working capital
limits in few of the lenders leads to higher probability of delay
in future.

Rating sensitivities: Factors likely to lead to rating actions.

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days
* Improvement in financial risk profile, especially liquidity on a
sustained basis.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing: The auditor has mentioned in FY23
audited annual report that there are several instances of delays in
servicing of interest and principal of Term loan (GECL loan).

Liquidity: Poor

Liquidity is marked poor due to delay in servicing of term loan.
Also, the fund-based working capital limit was almost fully
utilized in few of the lenders during the past 12 months ending
December 2023.

Brahmaputra Metallics Limited (BML) is promoted by Guwahati based
Lohia Group and Jaiswal Group. The Company was initially
incorporated as Brahmaputra Breweries and Distilleries Pvt. Ltd. on
Oct. 29, 1999. Subsequently the Company decided to enter the steel
plant and consequently the name of the Company was changed to
Brahmaputra Metallics (P) Limited on Dec. 4, 2006. The Company was
converted into a public limited company and rechristened as
Brahmaputra Metallics Limited on July 4, 2007. In May 2009, BML
envisaged setting up an integrated steel plant at Gola, Ramgarh
District, Jharkhand. The installed capacity stands at 1,05,000 tons
per annum for sponge iron, 210,000 tons per annum for billets and a
20 MW captive power plant. The directors of the company include Mr.
Bajrang Lohia, Mr. Kaushik Agarwal and Mr. Santosh Kumar Jaiswal.


EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Excel
Metal Processors Private Limited (EMPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      38.12       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       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 December 8,
2022, placed the rating(s) of EMPPL under the 'issuer
non-cooperating' category as EMPPL 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. EMPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 24, 2023, November 3,
2023, November 13, 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).

Excel Metal Processors Private Limited (EMPPL) is promoted by Mr
Mohammed Iqbal Khan and Mr Imran Khan, whose family has been in the
steel business for more than five decades. The other major company
of the promoters is Western India Metal Processors Limited which is
engaged in trading in prime steel, metal scrap and chemical trading
and metal recycling processes for separation of scrap. EMPPL,
incorporated in May 2012, is engaged in processing of hot rolled
and cold rolled steel coils by cutting, slitting and then marketing
for retail requirements.

GLOCAL HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Glocal
Healthcare Systems Private Limited (GHSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      35.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       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 December 29,
2022, placed the rating(s) of GHSPL under the 'issuer
non-cooperating' category as GHSPL 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. GHSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 14, 2023, November
24, 2023, December 4, 2023.

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

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

Analytical approach: Consolidated

CARE has taken consolidated approach of GHSPL and its group
subsidiaries named Ficus Health-Infra Private Limited, GHSPL
Multispeciality Hospital & Trauma Centre Private Limited, GHSPL
AMRO Super Speciality Healthcare LLP, GHSPL BEGUSARAI Healthcare
LLP, GHSPL BGLP Super Speciality Healthcare LLP, GHSPL FATEHPUR
Super Speciality Healthcare LLP, GHSPL JEYPORE Healthcare LLP,
GHSPL SAMBHAV KNJ Healthcare LLP, GHSPL MLD Super Speciality
Healthcare LLP, GHSPL MUZF Super Speciality Healthcare LLP, GHSPL
MDPR Super Speciality Healthcare LLP, GHSPL PRN Super Speciality
Healthcare LLP and GHSPL BHNGAR Super Speciality Healthcare LLP, as
they are engaged in similar line of operation under a common
management and have financial linkages.

Glocal Healthcare Systems Pvt Ltd (GHSPL) was incorporated in July
2010 by Dr. Syed Sabahat Azim and Mr. Meleveetil Damodaran to
provide basic secondary healthcare services to the sub-urban and
rural population of the country. GHSPL is currently running 11
(including 6 in SPV) basic secondary hospitals of 100 beds each.


JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on Long Term Loan
----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Jaiprakash Associates Ltd (JAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities        19,864.18     CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities    4,322.21     CARE D/CARE D Reaffirmed

   Short Term Bank
   Facilities         1,475.00     CARE D Reaffirmed

   Non Convertible
   Debentures            90.00     CARE D Reaffirmed

   Non Convertible
   Debentures           100.00     CARE D Reaffirmed

   Non Convertible
   Debentures           500.00     CARE D Reaffirmed

   Non Convertible
   Debentures           500.00     CARE D Reaffirmed

   Non Convertible
   Debentures           248.23     CARE D Reaffirmed

Rationale and key rating drivers

The ratings of the bank facilities and instruments of JAL continue
to factor in the delays in debt servicing by the company due to its
weak liquidity.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely track record of debt servicing by the company for
continuous 3 months
* Sustainable improvement in the financial and business performance
of the company

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key weaknesses

* Weak financial performance in FY23: During FY23 (standalone), the
company reported loss of INR720.88 crore on total operating income
of INR3954 crore as against loss of INR 883 crore on total
operating income of INR2967 crore during FY22. On account of
deterioration in the company's financial performance over the past
few years, the liquidity position of the company has continued to
remain weak, leading to ongoing delays in debt servicing.

* Defaults in debt servicing post the approved restructuring
exercise of debt: The lenders have approved a deep restructuring of
the company's debt in Joint lender's forum dated 22.06.17 with the
cut-off date being 30.09.16 for the outstanding amount of debt in
JAL (including JCCL) as on Sept. 30, 2016 of INR31,646 Cr (JAL
INR29,037 Cr. and JCCL INR2,609 Cr respectively). With an objective
to make debt sustainable, the total debt has been classified into 2
buckets- Bucket 1, consisting of debt already transferred to UTCL
(Ultra Tech Cement Ltd) of INR 11,689 crore, while bucket 2A,
consisting of the amount of residual debt to be retained in JAL
(INR6,367 crore) and bucket 2B, to be transferred to a new SPV (a
specified Real Estate undertaking of JAL) of INR 13,590 crore. Debt
in bucket 2A is being retained in JAL and would be serviced as per
the restructured terms. For the debt in bucket 2B, proposed to be
transferred to Jaypee Infrastructure Development Limited (JIDL)
upon approval of Scheme of arrangement by Hon'ble NCLT, Allahabad,
Optionally convertible debentures (OCDs) shall be issued by JIDL
for a tenor of 20 years, with redemption in 5 years commencing from
the 16th year. The restructuring exercise is yet to be fully
concluded. Master Restructuring Agreement (MRA) dated Oct. 31,
2017, has been executed by lenders for sustainable portion of debt
and since Q4 FY18; JAL has started servicing of debt under Bucket
2A as per the above restructuring plan. However, there are defaults
in servicing of the restructured debt as well since December 2018.
For Bucket 2B, NCLT approval is still awaited. Since the
restructuring exercise has not been fully executed, the rated debt
amounts are considered prior to giving the effect of
restructuring.

Key strengths

* Plans for sale of assets for debt reduction: The company has
intimated on the stock exchange regarding their plans to sell
Cement, Clinker and Power Plants having aggregate cement capacity
of 9.4 million tonnes per annum (MnTPA) along with clinker capacity
of 6.7 MnTPA (which includes 2.00 MnTPA cement capacity belonging
to associate company Jaiprakash Power Ventures Limited (JPVL)) and
a thermal power plant of aggregate capacity of 280 MW to Dalmia
Group. As per the exchange announcement, the enterprise value for
the transaction is proposed to be at INR5666 crore.
For the aforementioned divestment the definitive agreement has been
executed. The divestment under reference is the part of company's
continuing endeavour to reduce its debt. The transaction is
proposed to be executed on a slump sale basis.

Liquidity: Poor

The liquidity position of the company is under stress due to weak
cash accruals vis-à-vis large debt obligations.

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. Jaypee Group was
one of the leading cement manufacturers with an installed capacity
of ~28 million tonnes per annum (mtpa) and under implementation
capacity of ~5 mtpa on a consolidated basis as on March 31, 2017.
JAL is also engaged in the construction business in the field of
civil engineering, design and construction of hydro-power, river
valley projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.


LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Laxmi
Engineering Industries (Bhopal) Private Limited (LEIPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          10.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2022, placed the rating(s) of LEIPL under the 'issuer
non-cooperating' category as LEIPL 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. LEIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 12, 2023, November
22, 2023, December 2, 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).

Laxmi Engineering Industries (Bhopal) Pvt. Ltd (LEIPL), an ISO
9001-2001 certified company, was initially set-up as a partnership
firm in 1987. It was later reconstituted as a private limited
company in July, 2007, under the leadership of Mr K.K. Gurjar (MD)
who has an experience of more than three decades in the heat
transfer equipment industry. LEIPL is engaged in the designing
and manufacturing of custom built heat transfer equipment such as
heat exchangers, industrial coolers, desuper heaters which are used
in power plants based on thermal, hydro and wind, refineries,
chemical industries, fertilizer plants, as a part of their energy
recovery system.


ORIENT CRAFT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Orient
Craft Limited (OCL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      324.01      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     700.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 14,
2022, placed the rating(s) of OCL under the 'issuer
non-cooperating' category as OCL 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. OCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2023, November 9, 2023, November 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).

Orient Craft Ltd (OCL), promoted by Mr. Sudhir Dhingra and Mr. K.K.
Kohli in Feb 1978, is in the business of manufacturing ready to
wear garments and home furnishings. The company is one of India's
leading manufacturers and exporters of premium ready-to-wear
garments. The company exports its products to leading international
fashion houses and retail chains, predominantly in the United
States and Europe. OCL is also recognized by the Government as a
four-star export house.


ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orient Spun
Silk and Processing Mills LLP (OSSPML) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of OSSPML under the 'issuer
non-cooperating' category as OSSPML 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. OSSPML continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2023, November 15,
2023, November 25, 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).

Orient Spun Silk and Processing Mills LLP was established in June
2017 with an objective of manufacturing and processing of Mulberry
silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn. The
Mulberry, Muga, Eri, Art yarn will be used in making of Saree,
Mekhala Chaddar, Punjabi Kurta. The major raw materials are
Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic
silk which are available from adjacent states. Mr. Pabitra
Buragohain (Partner) and Mr. Lakhi Kanta Gohain (Partner), both of
whom has 20 years of experience in similar line of business. The
firm is further be supported by a team of experienced
professionals.

OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oswal Knit
India Limited (OKIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     16.70       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 14,
2022, placed the rating(s) of OKIL under the 'issuer
non-cooperating' category as OKIL 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. OKIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2023, November 9, 2023, November 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).

Promoted by Oswal family of Ludhiana, Oswal Knit India Limited
(OKIL) was incorporated in 1992. OKIL is engaged in the
manufacturing of hosiery and woollen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Gadoni' and
'Casablanca' through its six exclusive showrooms and through
various wholesalers and retailers.


PATIALA DISTILLERIES: CARE Lowers Rating on INR10cr Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Patiala Distilleries and Manufacturers Limited (PDML), as:

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

   Short Term Bank      0.35       CARE A4; 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 14,
2022, placed the rating(s) of PDML under the 'issuer
non-cooperating' category as PDML 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.

PDML continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2023, November 9, 2023, November 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).

The rating assigned to the bank facilities of PDML revised on
account of non-availability of requisites information. The rating
revision also considers continued operating and net losses reported
in the past two years ended March 31, 2023.

Patiala Distillers and Manufacturers Limited (PDML) is a closely
held public limited company incorporated in Nov-1974. The company
is currently being managed by the directors - Mr. Sudarshan Kumar
Modi, Mr. Sanjeev Kumar Modi, Mr. Tarun Kumar Modi, Mr. Kewal
Aggarwal and Mr. Virendra Swarup Agarwal. The company is engaged in
the manufacturing of rectified spirit (RS) and extra neutral
alcohol (ENA) and sells it in the form of Country Liquor (CL) and
India Made Foreign Liquor (IMFL).

PUNJAB BIOMASS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Punjab
Biomass Power Limited (PBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.82       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 9,
2022, placed the rating(s) of PBPL under the 'issuer
non-cooperating' category as PBPL 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. PBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2023, November 4, 2023, November 14,
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).

Punjab Biomass Power Ltd. (PBPL), a Joint Venture (JV) between
Bermaco Energy Systems Ltd. (BESL) and IL&FS Renewable Energy
Limited (IREL) is a 12 MW biomass-based (paddy straw) operational
power plant in Patiala district, Punjab. IREL holds 50% of the
equity stake, 44.31% is held by Bermaco Group companies and
remaining 5.70% is held by Gammon Infrastructure Projects Limited
(GIPL).

PUSHPA GOYAL: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pushpa
Goyal Enterprises Private Limited (PGEPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE C; 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 December 14,
2022, placed the rating(s) of PGEPL under the 'issuer
non-cooperating' category as PGEPL 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. PGEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 30, 2023, November 9,
2023, November 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).

PGEPL, promoted by Mr. Amit Goyal and Ms. Pushpa Goyal, was
incorporated in 2007. The company is associated with Mahindra &
Mahindra Ltd and became its authorized dealer in Punjab, in August
2012. The company's commercial operations started in FY13, with
FY14 being the first year of full commercial operations. PGEPL is
engaged in the sale of Commercial Vehicles (CV), servicing of
vehicles and sale of spare parts. The company operates two
showrooms; one at Patiala and the other at Ropar both providing 3S
(sales, service and spare parts) facilities. The company is
currently being managed by Mr. Amit Goyal, Ms. Pushpa Goyal and Mr.
Hemant Goyal.


RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richa Petro
Products Limited (RPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.58       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 21,
2022, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL 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. RPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 6, 2023, November 16, 2023, November
26, 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).

Richa Petro Products Private Limited (RPPL) was incorporated in the
year 2010 by Mr. Ramesh Chandra Parida of Bhubaneswar, Odisha. The
company has been engaged in manufacturing of pipes, pipe fittings,
furniture, and water tanks of PVC (Polyvinyl Chloride). The main
raw materials used in the production activity are Linear
low-density polyethylene (LDPE), High-density polyethylene (HDPE),
Polypropylene (PP) and PVC resin. The raw materials are procured
mainly from Haldia Petrochemicals Limited and Reliance Industries
Limited. The manufacturing plant of the company is located at
Bhubaneshwar, Odisha and it is well equipped with modern amenities
along with ISO 9001:2008 certification. RPPL sells its products
under the brand name of "Richa" (unregistered) through its
established dealer network covering the state of Odisha only.


SAARTH ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saarth
Enterprises Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 December 8,
2022, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL 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. SEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 24, 2023, November 3, 2023, November 13,
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).

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading of
construction materials in Maharashtra. The company trades in
various construction materials viz. clay and ancillary materials
such as Geo Textiles & Geo Synthetics used for road construction.
The company runs its operations from office located at Powai,
Mumbai.


SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Savair
Energy Limited (SEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          47.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 9,
2022, placed the rating(s) of SEL under the 'issuer
non-cooperating' category as SEL 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. SEL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2023, November 4, 2023, November 14,
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).

Incorporated in the year 2001 by the name of Energy Logistics
Private Limited, the Company was subsequently renamed as Savair
Energy Limited (SEL). SEL is promoted by Mr. Saji Antony who is a
Mechanical Engineer by qualification and has worked in various Oil
& Gas companies for 20 years before starting the business in 2001.
The company now focuses in providing EPC services in the Energy and
Infrastructure space, SKID & Packages for the Air filtering, fuel
filtering, Gas Conditioning and Heat Exchanges systems, project
management consultancy in the field of Energy & Infrastructure. The
manufacturing facility is located in Ambernath MIDC.




=========
J A P A N
=========

SEVEN & I: Struggling Unit to Exit Central and Northern Japan
-------------------------------------------------------------
The Japan Times reports that ailing supermarket chain Ito-Yokado
will withdraw from the Hokkaido, Tohoku and Shinetsu regions of
northern and central Japan.

According to the report, the Seven & I Holdings unit will close
five of its 17 stores in the regions and hand over 11 to other
supermarket operators. Negotiations are underway for the remaining
one. Employees at the stores are expected to be retained.

As part of its structural reform, Ito-Yokado will focus on urban
areas including the Tokyo metropolitan area. In March 2023, the
company announced that it would reduce the number of its stores to
93 by closing 33 stores by February 2026.

The Japan Times notes that the supermarket chain, which is the
original business of the Seven & I group, has been in the red for
three straight years through February 2023 amid pressure from the
growth of online shopping. It aims to achieve a turnaround by
February 2026.




===============
M A L A Y S I A
===============

RENEUCO BHD: Falls Under PN17 After Auditor's Disclaimer Opinion
----------------------------------------------------------------
Free Malaysia Today reports that renewable energy company Reneuco
Bhd has fallen under the Practice Note 17 (PN17) classification
after its auditors expressed a disclaimer opinion on its unaudited
financial statements for the period ended Sept. 30, 2023.

In a filing with Bursa Malaysia on Feb. 8, Reneuco disclosed it has
been classified as a PN17 affected listed issuer after triggering
Bursa's prescribed criteria pursuant to Paragraph 2.1(d) of PN17
under the Main Market Listing Requirements.

Its external auditor Al Jafree Salihin Kuzami PLT entered a
disclaimer of opinion in the company's 2023 annual report that was
finally released today after it had missed the initial Jan. 31
deadline, FMT relates.

"We do not express an opinion on the accompanying financial
statements of the group and of the company.

"Because of the significance of the matters described in the Basis
for Disclaimer Opinion section of our report, we have not been able
to obtain sufficient appropriate audit evidence to provide a basis
for an audit opinion on these financial statements," the auditor
stated.

In an accompanying statement, the company said it is taking the
necessary steps to address its PN17 status.

"The company is in the midst of formulating a plan to regularise
its financial condition and the announcement on the same will be
made in due course in accordance with the Listing Requirements," it
said.

According to the report, Reneuco has been in the spotlight recently
for all the wrong reasons. Its share price has been pummelled since
it disclosed it was unable to release its 2023 annual report for
the financial year ending Sept. 30, 2023 by the Jan. 31 deadline.

It was given another five market days until Feb 8 to do so. Bursa
Securities had warned the company that its shares would be
suspended from trading if it misses Feb. 8's deadline to submit its
annual report, FMT relays.

It suffered a 45% plunge in its share price on Jan. 31, the day
after it disclosed it was unable to release its annual report.
Since the start of the year, the company's shares have fallen
68.2%.

FMT relates that Reneuco explained the reason it missed the annual
report submission deadline was because its external auditor "needed
more time" to complete its audit.

The company has changed its name twice in four years. It was
initially called Kumpulan Powernet Bhd before changing its name to
KPower Bhd, and then to Reneuco.

The group now focuses on asset ownership of solar and small
hydropower projects in Malaysia and Laos. Its major shareholder is
Mustakim Mat Nun, who is also the executive chairman, FMT
discloses.

Reneuco Berhad is a Malaysia-based company involved in sustainable
energy and utilities activities.




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

AUCKLAND BROADBAND: Court to Hear Wind-Up Petition on April 19
--------------------------------------------------------------
A petition to wind up the operations of Auckland Broadband Services
Limited will be heard before the High Court at Auckland on April
19, 2024, at 10:45 a.m.

Dicker Data NZ Limited filed the petition against the company on
Jan. 23, 2024.

The Petitioner's solicitor is:

          Christopher John Shannon
          Duncan Cotterill
          Level 2, Duncan Cotterill Plaza
          148 Victoria Street
          Christchurch 8013


CHEESE BAR: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------
Creditors of Cheese Bar Limited are required to file their proofs
of debt by March 15, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 7, 2024.

The company's liquidators are:

          Craig William Melhuish
          Christine Jane Johnston
          Nexia New Zealand
          Level 4, 123 Victoria Street
          PO Box 4160
          Christchurch 8140


COMPASS HOMES: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Feb. 7, 2024, was
appointed as liquidator of Compass Homes (Franklin) Limited and
Unique Services Group Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


COMPLETE PROPERTY: Court to Hear Wind-Up Petition on Feb. 20
------------------------------------------------------------
A petition to wind up the operations of Complete Property Cleaning
Limited will be heard before the High Court at Wellington on Feb.
20, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 29, 2023.

The Petitioner's solicitor is:

          Natisha Mary Frances Jones
          Legal Services
          Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington 6140


DU VAL GROUP: Was 'Technically Insolvent' Last September
--------------------------------------------------------
BusinessDesk reports that Du Val Property Group's financial
forecasts show the firm's liabilities of NZD210 million exceeded
its NZD188.6 million in assets by NZD21.4 million in September last
year, which a lawyer for investors says made the firm technically
insolvent at the time.

BusinessDesk says the disclosure is in Du Val's information
memorandum (IM), prepared as an offer of shares for fund investors
in December.

According to BusinessDesk, the offer is structured to try to force
investors, who have had interest payments frozen since October
2022, to swap their outstanding loans to the company to shares,
effectively moving debt into equity.

The Auckland property developer and non-deposit taker is offering
200 million NZD2 shares to convert lenders' debt from investors in
its mortgage and build-to-rent (BTR) funds to equity in a
restructured Du Val Property Group.

The 83 investors in the mortgage fund had each put in at least
NZD250,000, with several having invested much of their savings into
the funds as a supposed safe haven, yielding a quarterly cash
distribution at an annual interest rate of 10 per cent,
BusinessDesk relates.


LAL'S ENTERPRISES: Creditors' Proofs of Debt Due on March 5
-----------------------------------------------------------
Creditors of Lal's Enterprises Limited are required to file their
proofs of debt by March 5, 2024, to be included in the company's
dividend distribution.

The High Court at Whangerei appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on Feb. 5, 2024.




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

CHWEE LAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Feb. 2, 2024, to
wind up the operations of Chwee Lai Air-Conditioning Pte. Ltd.

DBS Bank Ltd filed the petition against the company on Jan. 11,
2024.

The company's liquidator is:

         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


COMPASS INCORPORATED: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Feb. 2, 2024, to
wind up the operations of Compass Incorporated.

United Overseas Bank Limited filed the petition against the company
on Jan. 11, 2024.

The company's liquidator is:

         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


PEPPER GROVE: Creditors' Proofs of Debt Due on March 9
------------------------------------------------------
Creditors of Pepper Grove Investments Pte. Ltd. are required to
file their proofs of debt by March 9, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 9, 2024.

The company's liquidators are:

          Tow Juan Dean
          Yiong Kok Kong
          180 Cecil Street, #12-04
          Singapore 069546


PHOENIX REALTY: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------------
Creditors of Phoenix Realty Pte. Ltd. are required to file their
proofs of debt by March 11, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2024.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


STICKIES BAR: Creditors' Meeting Set for Feb. 23
------------------------------------------------
Stickies Bar Pte Ltd, which is in interim judicial management, will
hold a meeting for its creditors on Feb. 23, 2024, at 2:30 p.m., at
137 Cecil Street, Cecil Building #04-01, in Singapore.

Agenda of the meeting includes:

   a. to consider and if thought fit, to appoint the interim
      judicial manager to be chairperson of the meeting;

   b. to receive a full statement of the Company's affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to resolve and vote whether to place the Company under the
      judicial management of a judicial manager; and

   d. in the event that the requisite statutory majority of
      creditors vote to place the Company under the judicial
      management of a judicial manager, to confirm the appointment

      of Mr. Farooq Ahmad Mann as judicial manager.




=====================
S O U T H   K O R E A
=====================

HMM CO: Harim Fails in Bid to Acquire Container Shipper
-------------------------------------------------------
The Korea Times reports that HMM's creditors have opted against
selling Korea's largest container shipping company to Harim Group,
the nation's biggest poultry processing company. The decision
amplifies uncertainties surrounding HMM's privatization,
particularly in the face of a pessimistic outlook for the logistics
industry.

After hours of negotiations stretching until the midnight deadline,
Korea Development Bank (KDB) and the Korea Oceans Business Corp.
(KOBC) announced at 12:05 a.m. on Feb. 7 that seven weeks of talks
between the two major HMM shareholders and the preferred bidder had
ultimately collapsed due to discrepancies over certain issues,
according to the report.

The Korea Times relates that both sides were reportedly unable to
come to terms regarding Harim's request to waive a condition that
the buyer must hold HMM shares for at least five years,
particularly concerning JKL Partners, a private equity firm that
joined the consortium led by the poultry processing company.
Harim's attempt to secure investments from JKL was prompted by its
failure to obtain sufficient funds for the acquisition.

It was reported that KOBC refused the proposal of reducing the
period to three years.

While KDB has been quick to pursue the sale of HMM from a financial
standpoint, the Ministry of Oceans and Fisheries, responsible for
overseeing KOBC, has shown reluctance in actively seeking a new
owner for the shipping firm. Citing potential adverse effects on
the domestic shipping industry, the ministry has maintained a
cautious stance. It reiterated the need for prudence on the part of
HMM's creditors when they resume the sale process, The Korea Times
relays.

Unionized workers at HMM, who have opposed Harim's selection as the
preferred bidder due to questions about its financial capacity,
welcomed the decision and retracted threats to launch a strike.

"Due to the preferred bidder's unclear fundraising plan and its
refusal of the minimum level of the government's supervision of
management, shipping industry officials have continuously expressed
concerns that the deal could be a recurrence of Hanjin Shipping's
liquidation in 2017," the workers said in a statement.

Harim attributed the breakdown of the deal to the sellers.

"Any private company will find it difficult to accept a deal that
grants only the status of the largest shareholder without ensuring
substantial management rights," Harim said in a statement, The
Korea Times relays. "Despite the breakdown of the acquisition
talks, we remain committed to intensifying our efforts to enhance
the competitiveness of the local shipping industry, particularly
through our bulk carrier unit, Pan Ocean."

The Korea Times says market observers are closely monitoring
whether Dongwon Group will make another attempt to acquire HMM. The
food company, which specializes in canned tuna, participated in the
primary bid but lost to Harim in the race to become the preferred
bidder.

POSCO Group, which will soon replace its leader, and Hyundai Motor
Group, are also mentioned as potential buyers, as the conglomerates
have subsidiaries involved in marine transportation. Hanwha Group
is another possible candidate because it recently unveiled plans to
start a shipping business.

However, a worsening shipping industry outlook is expected to make
the potential buyers remain skeptical about acquiring HMM, whose
operating profit during the first three quarters of 2023 fell
sharply to 542.4 billion won from 8.7 trillion won a year earlier.

German shipping firm Hapag-Lloyd's plan to leave THE Alliance is
also unfavorable for HMM in the near future, as the Korean company
is a member of the global shipping network.

HMM came under government control in 2016 due to its escalating
debt, the Korea Times recalls. After years of taxpayer-funded
injections into the struggling shipping firm, HMM achieved its
first profit in nine years in 2020.

                           About HMM Co

HMM Company Limited (formerly known as Hyundai Merchant Marine) --
http://www.hmm21.com/-- is a Korea-based company specializing in
the provision of shipping services.  The Company provides its
services under two main segments: container and bulk.




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

[*] BOND PRICING: For the Week Feb. 5, 2024 to Feb. 9, 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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