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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, March 19, 2024, Vol. 27, No. 57

                           Headlines



A U S T R A L I A

APOLLO TRUST 2024-1: S&P Assigns BB Rating on Class E Notes
BEACONFIELD PARTNERS: First Creditors' Meeting Set for March 26
BREAKOUT SCAFFOLDING: First Creditors' Meeting Set for March 21
JVAF PTY: First Creditors' Meeting Set for March 22
LIBERTY FUNDING 2024-1: Moody's Assigns B2 Rating to Class F Notes

MAALI GROUP: First Creditors' Meeting Set for March 21
NATIONWIDE FACILITIES: First Creditors' Meeting Set for March 22
PEPPER PRIME 2022-1: S&P Raises Class F Notes Rating to BB(sf)
RAF ABS 2024-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes
TOZER CONSTRUCTION: Director Allegedly Got Nearly AUD1MM of Loan



C H I N A

GEMDALE CORP: Taps New Chairman, Deputy as USD2.1BB Debt Falls Due
LONGI GREEN: Plans Thousands of Job Cuts on Glut
XINHU ZHONGBAO: S&P Downgrades ICR to 'B-' on Weak Liquidity


I N D I A

ARJUN INDUSTRIES: Insolvency Resolution Process Case Summary
ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating
AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
BAKERI PROJECTS: Ind-Ra Affirms BB Loan Rating, Outlook Stable
BAKERI URBAN: Ind-Ra Affirms BB NCD's Rating, Outlook Stable

BNH INFRA: Ind-Ra Moves BB Rating to NonCooperating
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
CONNECT WIND: Insolvency Resolution Process Case Summary
GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
GULAM MUSTAFA: Insolvency Resolution Process Case Summary

JAY UMIYA: ICRA Keeps B Debt Ratings in Not Cooperating Category
JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating
K.K. PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating

KAYTEE CORPORATION: Ind-Ra Keeps BB Loan Rating in NonCooperating
KRISHNA GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating
KRISHNA SAHAKARI: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
LEVEL 9: Ind-Ra Moves BB Rating to NonCooperating
M/S GOLDEN: Ind-Ra Assigns B+ Term Loan Rating, Outlook Stable

MAHESHWARI COAL: ICRA Keeps B Debt Ratings in Not Cooperating
MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
MANJEERA CONSTRUCTIONS: Ind-Ra Moves B- Rating to NonCooperating
NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
PARAMPUJYA SOLAR: S&P Discontinues BB Rating on USD500MM Sec. Notes

PIONEER GENCO: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
PIONEER POWER: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
ROBO EQUIPMENTS: ICRA Lowers Rating on INR12cr LT Loan to B-
SATYAM ISPAT: Ind-Ra Moves BB+ Bank Loan Rating to NonCooperating

SHEEL DIAMOND: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHEEL GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
VARDHMAN POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating
VICKY FASHION: ICRA Keeps B Debt Rating in Not Cooperating


N E W   Z E A L A N D

BASTIAN WELLINGTON: Creditors' Proofs of Debt Due on April 16
D & A CONSULTING: Waterstone Insolvency Appointed as Receivers
DEM HOME: Grant Reynolds Appointed as Liquidator
GOLDLINE PROPERTIES: Collapses After Epic Legal Battle
NEXTGEN COMMUNICATIONS: Court to Hear Wind-Up Petition on March 22

RDJ PROJECT: Court to Hear Wind-Up Petition on March 22
STAFF SERVICES: Employment Agency Placed in Liquidation


S I N G A P O R E

BREADSHAKE PTE: Court Enters Wind-Up Order
CONTINUUM ENERGY: Fitch Affirms 'BB+' on USD561MM Secured Notes
DASIN RETAIL: Trustee-Manager Files Suit Against Ex-CEO, Creditor
GRATICULE MANAGED: Creditors' Proofs of Debt Due on April 15
SEMATEC PTE: Creditors' Proofs of Debt Due on April 15

SINO CONTAINER: Creditors' Proofs of Debt Due on April 15
UCARS: Lays Off Staff, CEO Steps Down Following Notice of Demand
VE TECHNOLOGY: Court to Hear Moratorium Petition on March 28


X X X X X X X X

[*] BOND PRICING: For the Week March 11 to March 15, 2024

                           - - - - -


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

APOLLO TRUST 2024-1: S&P Assigns BB Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2024-1
Trust. APOLLO Series 2024-1 Trust is a securitization of prime
residential mortgage loans originated by Suncorp-Metway Ltd.

The preliminary ratings reflect the following factors.

S&P believes the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance cover on 24.27% of the loan portfolio.

The various mechanisms to support liquidity within the transaction,
including a liquidity reserve to cover extraordinary expenses, an
excess revenue reserve funded by available spread, the principal
draw function, and a liquidity facility to be provided by Suncorp
equal to 0.8% of the performing mortgage loan balance, are
sufficient under our stress assumptions to ensure timely payment of
interest.

A fixed-rate swap to be provided by Suncorp is available to hedge
the mismatch between receipts from any fixed-rate mortgage loans
and the variable-rate notes.

  Preliminary Ratings Assigned

  APOLLO Series 2024-1 Trust

  Class A, A$690.000 million: AAA (sf)
  Class AB, A$30.000 million: AAA (sf)
  Class B, A$15.750 million: AA (sf)
  Class C, A$6.750 million: A (sf)
  Class D, A$2.850 million: BBB (sf)
  Class E, A$2.400 million: BB (sf)
  Class F, A$2.250 million: Not rated


BEACONFIELD PARTNERS: First Creditors' Meeting Set for March 26
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Beaconfield
Partners Pty Ltd will be held on March 26, 2024, at 2:00 p.m. at
the offices of William Buck, Level 20, 181 William Street, in
Melbourne, Victoria, and via virtual meeting technology.

Garth O'Connor-Price and Laurie Fitzgerald and William Buck were
appointed as administrators of the company on March 14, 2024.


BREAKOUT SCAFFOLDING: First Creditors' Meeting Set for March 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Breakout
Scaffolding Australia Pty Ltd will be held on March 21, 2024, at
10:30 a.m. via electronic means.

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on March 9, 2024.


JVAF PTY: First Creditors' Meeting Set for March 22
---------------------------------------------------
A first meeting of the creditors in the proceedings of JVAF Pty Ltd
and JVA (WA) Pty Ltd (trading name: Skin Rejuvenate Carine) will be
held on March 22, 2024, at 9:00 a.m. and 9:30 a.m., respectively,
via teleconference facilities.

Mathieu Tribut & Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on March 12, 2024.


LIBERTY FUNDING 2024-1: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by Liberty Funding Pty Ltd in respect of Liberty
Series 2024-1.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2024-1

JPY51.80 billion Class A1 Notes, Assigned Aaa (sf)

AUD43.75 million Class A2 Notes, Assigned Aaa (sf)

AUD13.75 million Class B Notes, Assigned Aa2 (sf)

AUD11.875 million Class C Notes, Assigned A2 (sf)

AUD5.00 million Class D Notes, Assigned Baa2 (sf)

AUD10.00 million Class E Notes, Assigned Ba2 (sf)

AUD3.125 million Class F Notes, Assigned B2 (sf)

The AUD6.25 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated). Liberty is an Australian non-bank lender that
started originating non-conforming residential mortgages in 1997.
It subsequently expanded into prime residential mortgage
origination, as well as auto loans, small commercial mortgage loans
and personal loans. As of December 2023, Liberty had total
receivables of AUD14.2 billion.

The transaction features a three month pre-funding period during
which additional loans may be sold into the trust, up to the
pre-funding amount of AUD117 million, subject to certain portfolio
parameters and eligibility criteria being satisfied. The
transaction also features a six month substitution period, whereby
additional loans can be sold into the portfolio on a monthly basis,
subject to portfolio parameters and portfolio performance triggers
being satisfied.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- The three month pre-funding period, during which a pre-funded
amount of AUD117 million can be used to add new loans to the pool,
subject to certain criteria being met;

-- The six month substitution period, during which available
principal collections may be used to add new loans to the pool,
subject to certain criteria being met;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The liquidity reserve in the amount of 2.0% of the note balance
subject to a floor of AUD600,000;

-- The experience of Liberty as the servicer; and

-- The presence of Perpetual Trustee Company Limited as the
back-up servicer.

According to Moody's, the transaction benefits from credit
strengths such as subordination to the Class A1 Notes in excess of
the Moody's individual loan analysis (MILAN) stressed loss.
However, Moody's notes that the transaction features some credit
weaknesses such as the three month pre-funding period and the six
month substitution period. During the pre-funding and substitution
period, new loans can be added to the pool which could lead to a
deterioration in the pool quality over time. Portfolio parameters,
which align key features of the pre-funding and substitution
portfolios with that of the pool at closing, reduce the risk of
deterioration. Moody's has taken this into account in the asset
analysis.

Moody's MILAN stressed loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 4.9%. Moody's
median expected loss for this transaction is 0.9%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.

The key transactional features are as follows:

-- The notes benefit from a guarantee fee reserve available to
cover losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,875,000, equivalent to 0.30% of the initial invested amount of
the notes.

-- The Class A1 currency swap with Sumitomo Mitsui Banking
Corporation, Tokyo (SMBC, A1/P-1/A1(cr)/P-1(cr)) converts the
proceeds from the issue of the Class A1 Notes to Australian dollar
and hedges the currency exposure associated with its obligation to
pay interest and principal on the Class A1 Notes denominated in
Japanese Yen. If the swap provider's counterparty risk assessment
falls below A3(cr), the swap provider must post collateral. If the
swap provider's counterparty risk assessment falls below Baa1(cr),
the swap provider must also use commercially reasonable efforts to
either arrange a novation or a guarantee from an entity with a
counterparty risk assessment of Baa1(cr) or rated Baa1 or higher.

-- Following the substitution period, principal collections will
initially be distributed sequentially. At least six months after
the last substitution, all notes (including the Class G Notes), may
be able to participate in proportional principal collections
distribution, subject to the step down conditions being satisfied.
The principal paydown will revert to sequential pay once the
aggregate invested amount of all notes is less than or equal to
20.0% of the aggregate initial invested amount of all notes on the
issue date, or following the payment date in June 2027.

Key pool features are as follows:

-- The portfolio has a weighted-average seasoning of 19.2 months.

-- The portfolio has a weighted average scheduled LTV ratio of
62.8%.

-- Around 22.8% of the loans in the portfolio were extended to
self-employed borrowers.

-- Based on Moody's classifications, 9.6% of the loans in the
portfolio were extended on an alternative documentation basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

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 expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.

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


MAALI GROUP: First Creditors' Meeting Set for March 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Maali Group
Pty Ltd will be held on March 21, 2024, at 11:00 a.m. via virtual
technology.

Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of the company on March 12, 2024.


NATIONWIDE FACILITIES: First Creditors' Meeting Set for March 22
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nationwide
Facilities Management Corporation Pty Ltd and Nationwide Mining
Corp Pty Ltd will be held on March 22, 2024, at 9:30 a.m. and 10:30
a.m., respectively, at the offices of Mackay Goodwin, Level 2, 68
St Georges Terrace, in Perth, WA, and via a telephone call.

Mathieu Tribut and Richard Lawrence of Mackay Goodwin were
appointed as administrators of the company on March 12, 2024.


PEPPER PRIME 2022-1: S&P Raises Class F Notes Rating to BB(sf)
--------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper Prime
2022-1 Trust. At the same time, S&P affirmed its ratings on three
classes of notes. The transaction is a securitization of prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

S&P said, "The rating actions reflect our view of the credit risk
of the pool, which has been amortizing in line with our
expectation. Credit support provided in percentage terms has
increased as the pool paid down. This credit support comprises note
subordination for all rated notes and excess spread to the extent
available. Current loan-to-value ratios across the pool have been
declining, lowering our expectation of loss for the pool.

"We believe the various mechanisms to support liquidity within the
transaction, including an amortizing liquidity facility, excess
spread reserve and principal draws, are sufficient under our cash
flow stress assumptions to ensure timely payment of interest.

"As of Jan. 31, 2024, the pool has a balance of about A$360.6
million and a pool factor of about 36.10%. The pool's
weighted-average loan-to-value ratio is 65.9% and weighted-average
seasoning is 27.9 months.

"We have factored into our analysis the prepayment rates and
arrears performance of the transaction. As of Jan. 31, 2024, the
prepayment rate is 37.78%, which is higher than the Standard &
Poor's Prepayment Index (SPPI) for prime Australian mortgage loans.
Over the last 12 months, the arrears performance generally has also
been lower relative to the Standard & Poor's Performance Index
(SPIN) for prime Australian mortgage loans. As of Jan. 31, 2024,
loans greater than 30 days in arrears make up 0.73% of the pool.
There are no loans more than 90 days in arrears. There have been no
losses to date."

For the raised ratings, constraining factors on the magnitude of
upgrades include high prepayment rates, which may constrain the
buildup of excess spread in the deal, and the various
characteristics in the portfolio. These characteristics include
investment loans, relatively higher loan-to-value ratios, and a
proportion of higher-than-average loans sizes that are susceptible
to volatility and may be more sensitive to changes in the economic
environment.

  Ratings Raised

  Pepper Prime 2022-1 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  Pepper Prime 2022-1 Trust

  Class A1: AAA (sf)
  Class A1-G: AAA (sf)
  Class A2: AAA (sf)


RAF ABS 2024-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of asset-backed securities (ABS) to be issued by RMC Fiduciary
Services Pty Ltd. as trustee of RAF Trust in respect of RAF ABS
Series 2024-1. The notes are backed by a pool of commercial chattel
mortgage agreements secured by motor vehicles and wheeled and
nonwheeled equipment originated by Resimac Asset Finance Pty Ltd.
(RAF).

This is the first securitization of auto and equipment assets
originated by RAF. The preliminary ratings reflect the following
factors.

The credit risk of the underlying collateral portfolio and the
credit support available are commensurate with the preliminary
ratings assigned. Credit support for the rated notes is provided in
the form of subordination.

All contract payments, including balloon payments, are an
obligation of the borrower. As a result, the trust is not exposed
to any market-value risk associated with the sale of the underlying
assets financed (on performing receivables), which is a risk that
can be associated with other products, such as operating leases.

The issuer can meet timely payment of interest and ultimate payment
of principal under the rating stresses commensurate with the
preliminary ratings assigned. Key rating factors are the level of
subordination provided to the rated notes and liquidity support in
the form of principal collections and a liquidity facility.

The legal structure of the issuer, which is established as a
special-purpose entity, meets our criteria for insolvency
remoteness.

The counterparty exposure is to Westpac Banking Corp. as bank
account provider, interest-rate swap provider, and liquidity
facility provider. The transaction documents include downgrade
language consistent with our S&P Global Ratings' counterparty
criteria.

  Preliminary Ratings Assigned

  RAF ABS Series 2024-1

  Class A, A$261.45 million: AAA (sf)
  Class B, A$24.85 million: AA (sf)
  Class C, A$16.45 million: A (sf)
  Class D, A$12.95 million: BBB (sf)
  Class E, A$9.80 million: BB (sf)
  Class F, A$4.90 million: B (sf)
  Class G, A$19.60 million: Not rated


TOZER CONSTRUCTION: Director Allegedly Got Nearly AUD1MM of Loan
----------------------------------------------------------------
News.com.au reports that the director of a failed building firm
received a loan for nearly AUD1 million in company money before the
business collapsed while his customers have been left with nothing,
according to a public liquidator's report.

Tozer Construction Group, which did residential building in NSW and
the ACT, was court-ordered to go into liquidation at the end of the
2022 with debts of AUD3.227 million, news.com.au discloses.

A statutory report lodged by the appointed liquidator, Stephen
Hundy of insolvency firm Worrells, suggested the company's sole
director, Corey Tozer, had committed possible offences in his duty
as a director under the Corporations Act. The regulator, ASIC, has
not taken action against the director.

News.com.au relates that the report, lodged last year, said Mr
Tozer was issued with a demand to pay back AUD908,251.98 that he
had taken out from the company in personal loans.

This money was not repaid but a solicitor representing Mr Tozer
disputed the amounts and claimed the building boss had no assets
left anyway to pay anything.

Meanwhile, the Kemp family have lost out on a large portion of
their life savings after paying a deposit to Tozer Construction for
a renovation job but later learned it was not covered by insurance,
news.com.au reports. As a result, they lost the lot.

Eighteen months on from the builder's collapse, mum-of-three Anita
Kemp, 46, told news.com.au she has "exhausted every avenue" to
rescue her money and has now created a GoFundMe out of
desperation.

"It's unravelled to be a nightmare," Ms Kemp, based in Wagga Wagga,
told news.com.au. "The deposit was AUD13,200, which may not sound
like a lot, but it is a lot for our family."

The investigation into Mr Tozer and his company has since ended
because funding for the liquidator dried up, the report, as cited
by news.com.au, stated.

There was "nil" money left in Tozer Construction Group's bank
account and "no class of creditor" received any money back.

Of Tozer Construction Group's substantial debts, AUD576,865 is owed
to employees for unpaid superannuation, news.com.au discloses.

A further AUD1,012,397 is owed to the tax office in PAYG tax debts
and GST credits.

Other unsecured creditors are owed a little over AUD2 million.

The company had about 80 projects in Wagga Wagga and about 180 in
Canberra, according to an employee who previously spoke to
news.com.au.

Mr Tozer sold his property in Wagga Wagga in 2022 and is understood
to now be residing in the Gold Coast.

According to news.com.au, the building company director committed
two potential offences under the Corporations Act, according to the
report lodged with ASIC, which were contraventions of care and
diligence, and contravention of good faith.

News.com.au attempted to contact Mr. Tozer for comment.

The company has now been deregistered, but Ms. Kemp is hopeful her
fundraising attempt will recoup some of her missing money.

"It was just a big slap in the face," she said of the whole
ordeal.




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

GEMDALE CORP: Taps New Chairman, Deputy as USD2.1BB Debt Falls Due
------------------------------------------------------------------
Yicai Global reports that Gemdale, a major Chinese real estate
developer that has about CNY15 billion (USD2.1 billion) of debt
coming due this year, has named a new chairman and its first vice
chairman.

Xu Jiajun, who was senior vice president, secretary, and chief
executive of Gemdale's commercial property arm Gemdale Properties
and Investment, will now chair Gemdale, the Shenzhen-based builder
announced March 7.

His predecessor, Lin Ke, resigned the chairmanship and other
positions last October after a 25-year stint. President Huang
Juncan was acting chairman in the interim. In a March 7 statement,
Gemdale said Huang's name would not go into the directorship
nominations for Gemdale's new board for personal reasons.

Xu, 46, has extensive management experience in real estate, Gemdale
noted, adding that he is also familiar with the capital market and
is widely recognized in the financial field.

The choice of Xu shows shareholders recognize the ability of
managers in the Gemdale group, a company source told Yicai and
other media.

Ji Tong, who chaired shareholder Futian Investment Holding, becomes
Gemdale's vice chairman, a newly created position, Yicai says. Ji
has been an executive director at Gemdale since May 2022. His
appointment reflects local government support and confidence in the
builder's future, the insider added.

A wholly owned investment arm of Shenzhen's Futian district
government, Futian Investment Holding is Gemdale's second-largest
shareholder, with a 7.8 percent stake. Late last year, a unit of
Futian Investment acquired a 51 percent holding in a real estate
project from Gemdale for CNY3.3 billion (USD458.5 million), as the
developer was raising money to pay maturing debt.

According to Yicai, Gemdale has relatively numerous shareholders,
so operations are mostly under the control of the management team.
Raising funds to pay off debt will be the new board's main
challenge this year.

Gemdale secured CNY6.5 billion in bank loans early this month and
repaid two recently matured debts worth a combined CNY3.5 billion.
But the company still has about CNY15 billion of debt set to expire
this year, including a USD460 million offshore bond, Yicai notes.

Unlike many other Chinese developers, the firm remained in the
black last year, despite a big drop in earnings. Net profit shrank
85 percent to CNY888 million (USD123.4 million) on an 18 percent
decline in operating revenue to CNY98.1 billion (USD13.6 billion),
Yicai discloses citing Gemdale's annual report released on March
14.

Still, Gemdale had total assets of CNY373.8 billion (USD51.9
billion) and total liabilities of CNY256.9 billion as of Dec. 31,
representing an asset-to-liability ratio of 68.7 percent, a
relatively healthy level compared with many domestic peers, the
report, as cited by Yicai, showed.

                         About Gemdale Corp

Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.

Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.

At the same time, Moody's has maintained the negative rating
outlooks for all the entities.


LONGI GREEN: Plans Thousands of Job Cuts on Glut
------------------------------------------------
Bloomberg News reports that Longi Green Technology Energy Co. - the
world's largest solar manufacturer - is cutting almost one-third of
its workforce as it tries to slash costs in an industry struggling
with overcapacity and fierce competition, according to people
familiar with the matter.

Longi plans to trim as much as 30% of its staff that last year
totaled about 80,000 people at its peak, several people familiar
with the situation, including some briefed by senior management,
told Bloomberg. The people asked not to be identified because the
plans aren't public.

Bloomberg says the move signals an acceleration of job cuts that
Longi began in November, when it started laying off thousands of
people who were mostly management trainees and factory hires, a
reaction to years of breakneck expansion across the global solar
industry. It isn't clear how many employees had been dismissed
before this latest decision.

According to Bloomberg, Xi'an-based Longi isn't alone: China's
solar industry dominates global manufacturing but has suffered from
layoffs and suspended investment plans in recent months.
Manufacturers have been forced to sell at or below production costs
after prices for solar panels fell to record lows last year. The
result is that an industry seen as crucial to the global energy
transition is struggling with excessive capacity, consolidation and
the possibility of bankruptcies.

Fierce competition has also forced many companies that make wafers
- a solar panel precursor that is wired into cells and assembled
into modules - to cut production. Longi, a leading wafer producer,
had to significantly cut prices last year, Bloomberg notes.

Bloomberg relates that staff at Longi have seen previous efforts to
cut costs fall short, including the cancelation of free afternoon
tea, shrinking budgets for business trips and being told to only
print in black-and-white unless approved to do otherwise by
supervisors, the people said. Longi's Shanghai office also stopped
offering free coffee, two of the people said.

Amid rising internal concerns about job losses by rank-and-file
workers, the company late last year disabled an internal function
where employees could see the total number of staff, some of the
people said.

Bloomberg says beyond the overcapacity and competition issues,
there have been other headaches for Longi and the industry: some
Chinese manufacturers have had their exports to the US held up over
alleged forced labor abuses in China's Xinjiang region, accusations
which Beijing has repeatedly denied. Longi saw its American joint
venture in Ohio, which it built with a local partner, face pushback
as political tensions between Beijing and Washington rose.

For Longi, the financial pressures sent its net income plunging 44%
to CNY2.52 billion ($350 million) in the third quarter of 2023,
Bloomberg discloses. Company President Li Zhenguo said in October
that the firm "made a mistake" in not being aggressive enough in
price competition with peers and was likely to miss its annual
shipment target. The company's shares have fallen about 70% from
their peak in 2021.

The solar industry has a history of boom and bust cycles, as its
growth soared and stalled at the whim of government subsidies,
Bloomberg states. Once-top manufacturers like Suntech Power
Holdings and Yingli Green Energy Holding Co. later filed for
bankruptcy or entered judicial restructuring. On the flip side,
cheap solar panels are driving a surge in demand, with new
installations soaring 72% to a new record last year, according to
BloombergNEF.

Riding a wave of investment and demand for solar power globally,
employment at Longi had surged from the 4,068 people it had in
2012, when the manufacturer went public on the Shanghai Stock
Exchange, Bloomberg says. The company reported 60,601 of employees
at the end of 2022, and hiring continued well into 2023, according
to the people.

That's all being reversed now, Bloomberg says.

Employees who left Longi recently were often fired directly or quit
after being transferred to different positions that they weren't
able to take, while factories using older technologies have seen
more job cuts than other units, some of the people said, Bloomberg
relays.  

Despite the recent challenges, China's solar industry could start
to see a rebound by year-end, with margins rising in 2025 based on
a "quickening pace of consolidation" and a better balance between
supply and demand, according to an analysis by Bloomberg
Intelligence.

Longi should be in a good position to weather that turbulence:
Beyond being a market leader, the company had about $7.4 billion in
cash and equivalents at the end of 2022, far more than most of its
competitors, according to company filings and a comparison with
peers identified by Bloomberg Intelligence.

                       About LONGi Green

LONGi Green Energy Technology Co., Ltd. manufactures solar energy
products. The Company produces monocrystalline silicon ingots,
monocrystalline silicon wafers, semiconductor materials, solar
cells, and other products. LONGi Green Energy Technology mainly
operates businesses in China.


XINHU ZHONGBAO: S&P Downgrades ICR to 'B-' on Weak Liquidity
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Xinhu Zhongbao Co. Ltd. to 'B-' from 'B'. S&P also lowered the
long-term issue rating on the senior unsecured notes the company
guarantees to 'CCC+' from 'B-'.

The negative outlook on Xinhu reflects S&P's view that the
company's liquidity could further tighten due to weak contracted
sales over the next 12-18 months.

Xinhu's weak sales will erode its cash balance. The company's cash
balance is barely sufficient to serve its short-term borrowing.
Xinhu had weak contracted sales of Chinese renminbi (RMB) 3 billion
in 2023, much lower than our estimate of RMB9.5 billion. This was
mainly due to a delay in presales of a key project in Shanghai
(namely Tianhong) to the first half of 2024, from the fourth
quarter of 2023. The cash balance at end-2023 was further dented by
much lower operating cash inflow during the year, even as
construction and other operating costs remained high.

S&P estimates Xinhu's adjusted accessible cash at end-2023 covers
only 20%-30% of its short-term borrowing, down from 33% as of June
30, 2023. The company has two short-term bonds, one puttable and
one maturing in 2024, totaling US$222 million. If Xinhu fails to
refinance the bonds, it will have to use internal resources (such
as disposing of assets) to repay debt.

Sales execution at two key projects remains a risk. Sales from
these projects would be essential for Xinhu's operating cash inflow
over the next 12-18 months. The Tianhong project has total salable
resources of about RMB12 billion. The project is now scheduled to
be launched for presales in phases in 2024. The presale is still
pending local regulators' consent.

Another key project (Yalong) is also an urban renewal project in
Shanghai, with salable resources of about RMB50 billion. The
project is scheduled to be launched in phases in 2024-2026, with
the first batch likely in the second half of 2024.

Xinhu's failure to smoothly go ahead with the construction and
presales of the projects would hurt its contracted sales and
operating cash flow in 2024-2025.

In addition, S&P believes Xinhu could take longer to access cash
from these two joint venture projects than it would for 100%-owned
projects. This is because the developer would need to negotiate
with joint venture partners for upstreaming surplus cash. Xinhu
owns 60% of Tianhong, and the project is consolidated in the
financial report. The company owns 50% of Yalong. The project is
unconsolidated and has less financial transparency. Sunac China
Holdings Ltd., a developer in distress since early 2022, owns
18.48% of the Yalong project, after transferring 31.52% of interest
to the other three non-developer partners in late 2023.

The liquidity buffer of Xinhu's unpledged and marketable investment
portfolio has shrunk. The market value of such investments has
reduced significantly over the past year. Particularly, the value
of shares in Shengjing Bank, one of Xinhu's major investments, has
dropped by about 80% as of March 15, 2024, compared with the June
30, 2023, level. We estimate the current market value of the
company's remaining liquid investments that are ready for sale was
RMB2 billion (down from RMB3.8 billion as of September 2023). This
estimate excludes the borrowings pledged by these shares.

S&P has been considering Xinhu's unpledged and liquid investment
portfolio as a support to its liquidity. This is given the
company's record of disposing its onshore and offshore investment
portfolio for liquidity use.

The introduction of state-owned shareholding might not support
Xinhu's short-term liquidity. In January 2024, the company
announced that it is going to introduce a state-owned enterprise
(SOE) in Quzhou, Zhejiang province, as a shareholder. About 18.43%
interest will to be transferred to the SOE from the current owners,
Zhejiang Xinhu Group Co. Ltd., Mr. Huang Wei, and their persons
acting in concert. Xinhu had introduced another 100% SOE in Quzhou
as the second-largest shareholder (10.11% interest) in late-August
2023.

Upon completion of the latest transaction, Quzhou State-owned
Assets Supervision and Administration Commission will indirectly
hold 28.39% interest in Xinhu, slightly more than the holding of
Zhejiang Xinhu Group, Mr. Huang Wei, and their persons acting in
concert. The latter will remain the controlling shareholder.

The introduction of the SOE shareholder will enhance Xinhu's
business diversity in the new energy and intelligent manufacturing
businesses. However, it is unlikely to have a direct positive
influence on the company's strained liquidity over the next 12
months. That said, the strengthening SOE background could help
Xinhu maintain its financing channels with banks and other
financial institutions, given the currently unfavorable financing
conditions for pure privately owned enterprises.

S&P said, "The negative rating outlook reflects our view that
Xinhu's liquidity could further tighten over the next 12 months.
This is given the company's thin cash buffer, sales execution risks
amid the prolonged property market downturn, and shrinking value of
the investment portfolio.

"We could lower the rating if Xinhu's liquidity further
deteriorates, such that the capital structure appears to be
unsustainable or nonpayment risks rise for debt obligations.
Indications of this could be: sluggish sales, or delayed project
presales or delivery; inability to refinance upcoming maturities;
or weakening relationships with banks and creditors.

"We could revise the outlook to stable if Xinhu's liquidity
improves. This could happen if: Xinhu can achieve satisfactory
contracted sales and cash collection; the company's access to
multiple funding channels improves; and the company makes good
progress in monetizing financial assets.

"Governance factors are a negative consideration in our credit
rating analysis of Xinhu. We see deficiencies in internal controls
based on a warning notice issued by the CSRC in November 2022,
mainly on certain company disclosures and approval processes."

In addition, Xinhu does not have very clear internal controls for
debt growth, in S&P's view. Its leverage, measured by the ratio of
debt to EBITDA, is high relative to that of peers due to material
capital needs for the property development and financial investment
segments. The company's investment portfolio tempers these risks.
Xinhu's stakes in financial institutions and technology startup
companies provides dividend income and capitalization
opportunities. The investment portfolio includes some listed
companies that can be monetized to reduce leverage, if needed.

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of Xinhu. The company's exposures to
environmental and social risk are largely in line with those of
sector peers.




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

ARJUN INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Arjun Industries Limited
C-9/9366, Vasant Kunj New Delhi - 110070

Insolvency Commencement Date: February 22, 2024

Estimated date of closure of
insolvency resolution process: September 1, 2024

Court: National Company Law Tribunal, Delhi Bench-II

Insolvency
Professional: Vikram Bajaj
       Address – 214, Tower A, Spazedge,
              Sector 47, Gurgaon - 110034
              Email: bajaj.vikram@gmail.com
              Email: cirp.arjun@rediffmail.com

Last date for
submission of claims: March 19, 2024



ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term rating of Arshit Gems in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

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

Incorporated in 1988, Arshit Gems is a partnership firm based in
Mumbai. The firm is engaged in importing rough diamonds, cutting,
polishing and marketing them in India as well as to other
countries. The firm has manufacturing unitssituated at Surat (two
units), Bhavnagar (three units) and Rajkot (one unit).


AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the short-term rating of Avera Resource Private
Limited (ARPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term         11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2005, ARPL is engaged in opportunistic trading of
steel products and chemicals. ARPL is promoted by Mr. Alok Gupta
and Mrs. Divya Gupta. Earlier, Mr. Alok Gupta was the Chairman and
Managing Director of ACI Infocom Limited (AIL), which was engaged
in trading of steel, coal and scrap. Mr. Alok Gupta sold his stake
in AIL and resigned from its board of directors in February 2012. A
part of the trading business of AIL was spun-off and transferred to
ARPL during that period. Mr. Alok Gupta continued the steel trading
business henceforth under ARPL. The promoters of ARPL entered into
biomass pellet manufacturing business under ACI Clean Energy
Private Limited (ACEPL). ACEPL was set up through promoters' own
funds and ARPL does not hold any stake in ACEPL or vice-versa.


BAKERI PROJECTS: Ind-Ra Affirms BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bakeri Projects
Private Limited's (BPPL) instruments as follows:

-- INR72.8 mil. (reduced from INR87 mil.) Term loan due on June
     30, 2026 affirmed with IND BB/Stable rating;

-- INR67.2 mil. (reduced from INR133 mil.) Bank overdraft
     affirmed with IND BB/Stable rating;

-- INR250 mil. Proposed term loan* is withdrawn; and

-- INR30 mil. Proposed bank guarantee* is withdrawn.

*Ind-Ra has withdrawn the ratings as the company did not proceed
with the instrument as envisaged. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Analytical Approach: Ind-Ra has taken a consolidated view of BPPL
and its group company Bakeri Residence LLP and its 100% subsidiary
Bakeri Urban Development Private Limited (BUDPL; debt rated at 'IND
BB'/Stable), together referred to as Bakeri group, owing to the
strong legal, operational and financial linkages between them. BPPL
has also provided a corporate guarantee for BUDPL's rated
non-convertible debentures (NCDs).

The rating affirmation reflects stability in the sales visibility
and collection efficiency of Bakeri group, primarily on account of
a continuous inflow of funds from the newly launched flagship
project Stella in GIFT City. The group launched this project in
August 2023, where the construction progress is around 5%. However,
it has already sold out around 38% (343,000 sq ft) of its total
area of 896,000 sq ft till January 2024 for INR2,781 million and
collected INR368 million. The total project cost is INR4,000
million. The group has raised a term loan of INR1,000 million for
funding the project which has a moratorium of 42 months. The
remaining cost will be covered through customer advances.

Key Rating Drivers

Slow-paced Sales Booking in Projects Other Than Stella: Although
the group has recorded adequate sales visibility on account of the
new project launch, sales booking is slow paced in completed
projects namely Serenity Meadows, Sarvesh Apartments, Sakar9,
Serenity Proximus 1, due to the higher quoted prices which are not
being absorbed by the market. Similarly, ongoing projects namely
Samasta Arcade and Sylvan Golf and Homes are registering slow sales
booking. Separately, Serenity Proximus 2 is stuck due to ongoing
litigation with previous land owners.

High Debt Obligations Likely to Consume High Portion of Customer
Advances: The group has high scheduled debt repayment obligations
of INR455 million and INR340 million in FY25 and FY26,
respectively, along with finance cost of INR238 million and INR255
million. These repayments are likely to burn most of the customer
advances, leading to lower availability of funds for completion of
projects, as has been seen in the past 12 months. Furthermore,
BUDPL's NCDs are redeemable in FY27 along with accrued interest for
a total value around INR3,053 million. As per management, these
NCDs however are fully subscribed by the promoters and likely to be
rolled back without any outflow of funds.

High Geographical Concentration, Cyclicality and Regulatory Risks:
The group heavily depends on one market – Ahmedabad and
Gandhinagar belt. Furthermore, the Indian real estate industry is
highly cyclical with volatile cash flows. The real estate sector is
exposed to a number of regulatory requirements that are subject to
frequent and unpredictable changes. This leads to confusion,
non-compliance and delays in project execution.

Stable Revenue and Collection Visibility Backed by New Project
Launch: The group's overall sales and collections were at INR3,562
million and INR1,104 million, respectively, during the 12 months
ended January 2024. These numbers were primarily supported by
strong sales bookings in the newly launched flagship project Stella
in GIFT city, Ahmedabad. It is a residential project launched in
August 2023 at the premium location of Sabarmati riverfront. This
project is at a nascent stage (5% completed) and would entail a
total cost of around INR4,000 million. The group has already sold
out around 38% (343,000 sq ft) of its total area 896,000 sq ft till
January 2024 for INR2.78 billion and collected INR368 million.
Moreover, The group has an unsold ready inventory of about 473,834
sq ft valued at nearly INR2.9 billion along with an inventory of
ongoing projects at an estimated value of over INR11.8 billion,
which provides adequate revenue visibility. Ind-Ra expects the
group to maintain the collection velocity as the company liquidates
its completed inventory and receives funds from the sold units of
the ongoing projects in a phased manner.

On a standalone basis, BPPL had sales and collection velocity of
INR350 million in the 12 months ended January 2024. BPPL has two
ongoing projects namely Samasta Arcade and Sujal Apartments
(redevelopment) which are jointly 45% completed and 70% sold out.
BPPL has a ready inventory of INR1,100 million from its completed
projects, which are available for liquidation in the near to
mid-term. Repayment obligation is INR254 million in FY25 and INR189
million in FY26.

Low Project Execution Risk; Experienced Promoters: The group faces
low execution risk since many of its projects are already
completed. Also, while it has achieved only 15% construction
completion status on average in its ongoing four projects (Samasta
Arcade at 45%, Stella GIFT City at 10%, Sujal Apartments at 1% and
Sylvan Golf at 10%) as on 31 December 2023 and sizeable
construction costs left, all the required approvals have already
been obtained. Ind-Ra draws comfort from the promoters' more than
six decades of experience in the real estate construction business,
which has enabled the company to establish a brand presence. The
group has developed over 25 million sf of plotted development and
17 million sf of constructed properties.

High Completion Status; Diversified Project Mix: The group has
overall high project completion status of around 76% on a weighted
average basis, as most of its projects are 100% completed and have
a ready inventory for sale. There are four ongoing projects, which
are under development with an average completion status of around
15%. The project mix is well diversified with availability of
residential & commercial buildings and plotted developments.

Liquidity Indicator - Stretched: At end-November 2023, the group's
projects (sold) had receivables of INR1,751 million and an unsold
inventory of INR16,484 million, as against the pending construction
cost of INR5,386 million. This, along with the repayment of the
standing debt outstanding of INR1,510 million, pressures the
group's liquidity. The Bakeri group's available cash and cash
equivalent were INR9.5 million in FY23. The group has total debt
repayments of around INR1,094 million and finance cost of INR760
million over FY25-FY27. The agency expects the liquidity to remain
under pressure if the finished inventory is not liquidated, given
the sizeable committed construction cost for under construction &
new projects, along with sizeable scheduled debt repayments.

Rating Sensitivities

Positive: Ramp-up in the execution of the project Stella, faster
liquidity of the ready inventory (completed project), significant
increase in sales realization leading to an improvement in the
liquidity position, could lead to a positive rating action.

Negative: Delays in the selling of the ready inventory (completed
project), slow sales in ongoing projects, slowdown completion
and/or collection leading to pressure on the liquidity position
will be negative for the ratings.

Company Profile

BPPL is a real estate development company engaged in residential,
plotted development, and commercial real estate properties. It is
the flagship company of Bakeri Group. Bakeri Group was set up in
1959 and has developed more than 25 million sq ft of plotted
development and 17 million sq ft of constructed properties in
Ahmedabad.



BAKERI URBAN: Ind-Ra Affirms BB NCD's Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bakeri Urban
Development Private Limited's (BUDPL) instruments as follows:

-- INR1.050 bil. Non-convertible debentures (NCDs)* affirmed with
     IND BB/Stable rating;

-- INR100 mil. Working capital demand loan affirmed with IND BB/
     Stable rating; and

-- Unsupported rating$ affirmed with IND BB/Stable rating.

*Details in Annexure

$Ind-Ra has disclosed the unsupported rating in compliance with
the Securities and Exchange Board of India's Master circular dated
July 3, 2023. Securities backed by specified support
considerations, as mentioned in the circular, rated with or without
a CE-suffix would require to disclose unsupported ratings without
factoring in the explicit credit enhancement from the specified
support consideration.

NCD RATING:

Adequacy of Credit Enhancement: Bakeri Urban Development Private
Limited (BPPL; debt rated at 'IND BB'/Stable) is BUDPL's 100%
parent and has provided a corporate guarantee for the rated NCDs.
However, since the guarantee does not specify the timeline for
invocation to ensure payment on the due date, Ind-Ra has not
considered the same as an explicit credit enhancement and hence not
added the CE suffix to the NCD rating.

Unsupported Rating: Ind-Ra has applied its Parent and Subsidiary
Linkage Rating Criteria and taken a consolidated view of BPPL,
BUDPL, its group company Bakeri Residence LLP, together referred to
as Bakeri group, owing to the strong legal, operational and
financial linkages between them.

The rating affirmation reflects stability in the sales visibility
and collection efficiency of Bakeri group, primarily on account of
a continuous inflow of funds from the newly launched flagship
project Stella in GIFT City. The group launched this project in
August 2023, where the construction progress is around 5%. However,
it has already sold out around 38% (343,000 sq ft) of its total
area of 896,000 sq ft till January 2024 for INR2,781 million and
collected INR368 million. The total project cost is INR4,000
million. The group has raised a term loan of INR1,000 million for
funding the project which has a moratorium of 42 months. The
remaining cost will be covered through customer advances.

Key Rating Drivers

Slow-paced Sales Booking in Projects Other Than Stella: Although
the group has recorded adequate sales visibility on account of the
new project launch, sales booking is slow paced in completed
projects namely Serenity Meadows, Sarvesh Apartments, Sakar9,
Serenity Proximus 1, due to the higher quoted prices which are not
being absorbed by the market. Similarly, ongoing projects namely
Samasta Arcade and Sylvan Golf and Homes are registering slow sales
booking. Separately, Serenity Proximus 2 is stuck due to ongoing
litigation with previous land owners.

High Debt Obligations Likely to Consume High Portion of Customer
Advances: The group has high scheduled debt repayment obligations
of INR455 million and INR340 million in FY25 and FY26,
respectively, along with finance cost of INR238 million and INR255
million. These repayments are likely to burn most of the customer
advances, leading to lower availability of funds for completion of
projects, as has been seen in the past 12 months. Furthermore,
BUDPL's NCDs are redeemable in FY27 along with accrued interest for
a total value around INR3,053 million. As per management, these
NCDs however are fully subscribed by the promoters and likely to be
rolled back without any outflow of funds.

High Geographical Concentration, Cyclicality and Regulatory Risks:
The group heavily depends on one market – Ahmedabad and
Gandhinagar belt. Furthermore, the Indian real estate industry is
highly cyclical with volatile cash flows. The real estate sector is
exposed to a number of regulatory requirements that are subject to
frequent and unpredictable changes. This leads to confusion,
non-compliance and delays in project execution.

Stable Revenue and Collection Visibility Backed by New Project
Launch: The group's overall sales and collections were at INR3,562
million and INR1,104 million, respectively, during the 12 months
ended January 2024. These numbers were primarily supported by
strong sales bookings in the newly launched flagship project Stella
in GIFT city, Ahmedabad. It is a residential project launched in
August 2023 at the premium location of Sabarmati riverfront. This
project is at a nascent stage (5% completed) and would entail a
total cost of around INR4,000 million. The group has already sold
out around 38% (343,000 sq ft) of its total area 896,000 sq ft till
January 2024 for INR2.78 billion and collected INR368 million.
Moreover, The group has an unsold ready inventory of about 473,834
sq ft valued at nearly INR2.9 billion along with an inventory of
ongoing projects at an estimated value of over INR11.8 billion,
which provides adequate revenue visibility. Ind-Ra expects the
group to maintain the collection velocity as the company liquidates
its completed inventory and receives funds from the sold units of
the ongoing projects in a phased manner.  

On a standalone basis, BPPL had sales and collection velocity of
INR350 million in the 12 months ended January 2024. BPPL has two
ongoing projects namely Samasta Arcade and Sujal Apartments
(redevelopment) which are jointly 45% completed and 70% sold out.
BPPL has a ready inventory of INR1,100 million from its completed
projects, which are available for liquidation in the near to
mid-term. Repayment obligation is INR254 million in FY25 and INR189
million in FY26.

Low Project Execution Risk; Experienced Promoters: The group faces
low execution risk since many of its projects are already
completed. Also, while it has achieved only 15% construction
completion status on average in its ongoing four projects (Samasta
Arcade at 45%, Stella GIFT City at 10%, Sujal Apartments at 1% and
Sylvan Golf at 10%) as of December 31, 2023 and sizeable
construction costs left, all the required approvals have already
been obtained. Ind-Ra draws comfort from the promoters' more than
six decades of experience in the real estate construction business,
which has enabled the company to establish a brand presence. The
group has developed over 25 million sf of plotted development and
17 million sf of constructed properties.

High Completion Status; Diversified Project Mix: The group has
overall high project completion status of around 76% on a weighted
average basis, as most of its projects are 100% completed and have
a ready inventory for sale. There are four ongoing projects, which
are under development with an average completion status of around
15%. The project mix is well diversified with availability of
residential & commercial buildings and plotted developments.

Liquidity Indicator - Stretched: At end-November 2023, the group's
projects (sold) had receivables of INR1,751 million and an unsold
inventory of INR16,484 million, as against the pending construction
cost of INR5,386 million. This, along with the repayment of the
standing debt outstanding of INR1,510 million, pressures the
group's liquidity. The Bakeri group's available cash and cash
equivalent were INR9.5 million in FY23. The group has total debt
repayments of around INR1,094 million and finance cost of INR760
million over FY25-FY27. The agency expects the liquidity to remain
under pressure if the finished inventory is not liquidated, given
the sizeable committed construction cost for under construction &
new projects, along with sizeable scheduled debt repayments.

Rating Sensitivities

Both for NCD and Unsupported Ratings

Positive: Ramp-up in the execution of the project Stella, faster
liquidity of the ready inventory (completed project), significant
increase in sales realization leading to an improvement in the
liquidity position, could lead to a positive rating action.

Negative: Delays in the selling of the ready inventory (completed
project), slow sales in ongoing projects, slowdown completion
and/or collection leading to pressure on the liquidity position
will be negative for the ratings.

Company Profile

Incorporated in 1996, BUDPL is a 100% subsidiary company of BPPL.
The company is engaged in the business of construction,
development, sale, management and operation of townships, plotted
development, housing projects, commercial premises and other
related activities. Bakeri Group was set up in 1959 and has
developed more than 25 million sq ft of plotted development and 17
million sq ft of constructed properties in Ahmedabad.


BNH INFRA: Ind-Ra Moves BB Rating to NonCooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
BNH Infra Projects (India) Pvt Ltd to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR230 mil. (Increased from INR220 mil.) Fund Based Working
     Capital Limit Migrated to non-cooperating category with IND
     BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT  
     COOPERATING) rating; and

-- INR285 mil. Term loan due on August 31, 2026 migrated to non-
     cooperating category with IND BB/Stable(ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

BIPPL was incorporated in 2007 and commenced operations in 2019.
The company is based in Bangalore and is engaged in subcontracting
work of infrastructure for Tata Projects Limited (IND AA/Stable)
and Larsen & Toubro Limited (IND AAA/Stable).



CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Ciemme Jewels Limited  (CJL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        13.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

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

Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 03, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on June 6,
2003. The company was converted into a public limited company and
name was further changed to Ciemme Jewels Limited with effect from
June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in trading
of diamonds.


CONNECT WIND: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Connect Wind (India) Private Limited
165, Lake View Road, West Mambalam,
        Chennai, Tamil Nadu, 600033

Insolvency Commencement Date: March 1, 2024

Estimated date of closure of
insolvency resolution process: August 28, 2024

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Ramakrishnan Sadasivan
      Old No 22, New No 28, Menod Street,
             Purawalkam Chennai, Tamil Nadu, 600007
             Email: sadasivanr@gmail.com
             Email: connectwind.cirp@gmail.com

Last date for
submission of claims: March 19, 2024


GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term rating of Gonglu Agro
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        45.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        15.02      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Gonglu Agro Private Limited, incorporated in April 2013, is a
subsidiary of Capricorn Food Products India Limited. GAPL is
involved in the processing of mango pulp, besides other products
including tomato, gherkins, etc. Its manufacturing facility is in
Nashik, Maharashtra. The company commenced operations in FY2015 and
has an installed capacity of 200 MT per day.


GULAM MUSTAFA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gulam Mustafa Enterprises Private Limited
NO. 06, G.M. Pearl 1st Stage, 1st Phase,
        BTM Layout, Bangalore,
        Karnataka, India, 560068

Insolvency Commencement Date: February 29, 2024

Estimated date of closure of
insolvency resolution process: August 27, 2024 (180 Days)

Court: National Company Law Tribunal, Bangalore Bench

Insolvency
Professional: Balakrishnan Venkatachalam,
       4C-420, 3rd Floor, Kempe Gowda Underpass Road,
              Board (5th Main), Ramamurthy Nagar,
              Bangalore, Karnataka, 560016
              Email: cabalakrishnanig@gmail.com
              Email: ig.gmegl@gmail.com

Last date for
submission of claims: March 14, 2024


JAY UMIYA: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of Jay Umiya Industries (JUI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.34       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1997, Jay Umiya Industries (JUI) is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of 34
metric tonnes per day (MTPD) of cotton bales. The firm is also
engaged in crushing of cotton seeds to obtain cotton seed oil
andcotton oil cake having an intake capacity of 16 MTPD. The plant
located at Kadi -Mehsana in Gujarat is equipped with 26 ginning
machines, one fully automated pressing machine and three expellers.
The firm is promoted by Mr. Jayram Patel along with his relatives
and friends who have more than a decade of experience in the cotton
ginning business.


JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings and rating for
the Non-Convertible Debenture Programme of Jet Airways (India)
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       4,970       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating' category

   Long-term–         645       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Long-term          700       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating' category

   Short-term           2       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating' category

   Non-Convertible    698.90    [ICRA]D ISSUER NOT COOPERATING;
   Debenture                    Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 1992 as a private limited company, Jet Airways
(India) Limited commenced operations as an Air Taxi Operator in May
1993, with a fleet of four leased Boeing 737 aircraft. The company
was granted scheduled airline status in January 1995. Jet Airways
was founded by Mr. Naresh Goyal. Post infusion of Rs. 2,057.6 crore
by Etihad Airways in November 2013, Mr. Nreash Goyal held 51% stake
in the company, with 24% held by Etihad Airways. Due to the
liquidity constraints faced by the company, its aircraft had to be
grounded starting December 2019 due to non-payment of lease rentals
to the lessors.

Subsequently, the company announced temporary shutdown of its
operations from April 18, 2019. Pursuant to an Order dated 20 June,
2019 of the National Company Law Tribunal, Mumbai Bench, Corporate
Insolvency Resolution Process ("CIRP") has been initiated for Jet
Airways (India) Limited ("Company") as per the provisions of the
Insolvency and Bankruptcy Code, 2016. Mr. Ashish Chhawchhariawas
appointed as the Interim Resolution Professional ("IRP") for the
Company, via order dated 20 June 2019. Upon initiation of CIRP, the
powers of the Board of Directors of the Company have been suspended
and shall be exercised by the Interim Resolution Professional. The
final resolution plan put to vote in the 17th CoC meeting held on
03rd October 2020 and submitted by the Jalan Fritsch Consortium was
approved by CoC. The application for Plan approval was filed with
Hon'ble National Company Law Tribunal (NCLT) dated 05th November
2020 and subsequently has been approved/allowed by the Hon'ble
NCLT. Hence, the CIRP of the Company was concluded and Mr. Ashish
Chhawchharia has ceased to be the resolution professional of the
Company, effective on and from June 25, 2021. Further, as per the
terms of the approved Resolution Plan, a Monitoring Committee was
constituted to supervise the daily operations and the management of
the Company shall be carried out by the Monitoring Committee until
the closing date as defined in the Resolution Plan.


K.K. PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of K.K. Proteins Private Limited
(KKPPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

K.K. Proteins Private Limited (KKPPL) was incorporated in 2006 to
undertake trading, processing and manufacturing of soybean and its
derivative products. The manufacturing unit is located in Ponnari
village of Adilabad district, Andhra Pradesh with an installed
capacity of 250 tons per day. The promoters have more than two
decades of experience in the soybean oil business.


KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Kamarli Steels
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Kamarli Steels Private Limited (KSPL) is a private limited company,
established in the year 2004. The company is engaged in the
business of trading of various types of steel. The company has its
registered office in Mumbai and rented warehouse at Kalamboli and
Bhavnagar. In FY 2014 and FY 2015, the company was only dealing in
trading of MS Scrap and other scrap items.


KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Kasturi
Commodities Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        (16.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       (10.50)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Kasturi Commodities Private Limited (KCPL) was incorporated in 1993
and was acquired by its present promoters Mr. Shreenath Das Agarwal
and his sister-in-law Mrs. Puja Agarwal in 2003. KCPL is mainly
engaged in ship breaking business. It currently operatesfrom its
allotted plot no. 29 by Gujarat Maritime Board (GMB) for this
purpose at Alang (Gujarat) and Darukhana, Mumbai (Maharashtra).
Till now, the company has demolished more than 200 ships.


KAYTEE CORPORATION: Ind-Ra Keeps BB Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kaytee
Corporation Private Limited's bank facilities in the
non-cooperating category and has simultaneously withdrawn it.

The detailed rating actions are:

-- INR242 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn;

-- INR35 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn; and

-- INR17.3 mil. Term loan*** due on March 31, 2022 maintained in
     non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not co-operate, based
on the best available information.

*Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING) /IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

*** Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)'
before being withdrawn

Key Rating Drivers

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency
through phone calls and emails, and has not provided information
about interim financial statements, sanctioned bank facilities and
utilization, business plan, projections for the next three years,
information on corporate governance, and management certificate.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

Company Profile

Kaytee Corporation was established in 1944 as a trading concern
with interests in cotton and yarns. It started manufacturing
garments in 1974. It was registered as a private limited company in
June 1994. The company is dealing in yarn, fabrics (trading) and
garments (manufacturing).



KRISHNA GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Krishna Gems
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.20       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.20       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Krishna Gems (KG) is a partnership firm, established in the year
1980 which was reconstituted in the year 1998. KG is engaged in
import of rough diamonds and manufacturing and export of cut and
polished diamonds. The firm has a marketing office at Mumbai and
manufacturing facility at Surat for manufacturing of cut and
polished diamonds.


KRISHNA SAHAKARI: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on The Krishna Sahakari Sakkare Karkhane Niyamit's (TKSSKN)
bank facilities:

-- INR464.65 mil. (reduced from INR566.20 mil.) Term loans due on

     FY32 affirmed with IND B+/Stable rating;

-- INR2,433.80 bil. Fund-based working capital limits affirmed
     with IND B+/Stable rating; and

-- INR30 mil. Fund-based working capital limits assigned with IND

     B+/Stable rating.

Analytical approach: Ind-Ra continues to consider TKSSKN's
standalone profile for the rating purpose.

Key Rating Drivers

Liquidity Indicator - Stretched: Ind-Ra expects TKSSKN's liquidity
to remain stretched over the near-to-medium term. TKSSKN's cashflow
from operation declined 3.37% yoy to INR169.85 million in FY23 and
unencumbered cash and bank cash equivalents increased 15.16% yoy to
INR59.75 million. The monthly utilization of the fund-based limits
averaged to 90% for the 12 months ended January 2024. The average
cash conversion cycle remained elevated at 224 days in FY23 (FY22:
225 days). The cooperative's debt service commitment (principal and
associate interest cost) is likely to amount to INR525 million for
FY24 and INR691 million for FY25.

TKSSKN's net leverage remained high at 6.55x in FY23 (FY22: 6.14x)
despite a 4.10% yoy fall in the total debt to INR3,422.95 million
in FY23, due to a 10.30% yoy fall in the EBITDA to INR513.78
million. The interest service coverage ratio (EBITDA/interest
expense) reduced to 1.32x in FY23 (FY22: 1.52x) and the debt
service coverage ratio to 0.90x (1.02x). Ind-Ra expects the credit
metrics to improve over the medium term owing to sustained growth
in the EBITDA.

TKSSKN had planned to install a 100 kilo litter per day (KLPD)
ethanol production plant with an estimated cost of INR1,431 million
during FY24. This was proposed to be funded with a mix of 95% bank
debt and the balance through own funds. However, the project has
been delayed due to pending approvals from the regulatory
authorities. The management expects to receive the necessary
approvals by FYE24 and plans to complete the project in FY25.

The sugar business is inherently a working capital-intensive
business, given the seasonality in the industry and higher levels
of inventory holding. TKSSKN's inventory holding improved to 256
days in FY23 from 954 days in FY19. The net working capital cycle
remained elevated at 224 days in FY23 (FY22: 225 days).

The sugar industry is highly regulated, with sugar defined as an
essential commodity under the Essential Commodities Act, 1955. The
government intervenes through various measures such as
stock-holding limits and export-import duties to manage any
imbalance in sugar demand-supply and keep the prices in check. The
government fixes the remuneration (fair and remunerative prices)
payable on sugarcane to the farmers before the start of the sugar
season. Some states also determine the fair price payable on
sugarcane in the form of the state advised price. Being an
agro-based industry, the sugar business is susceptible to the
vagaries of monsoons. The production and recovery from sugarcane
heavily influences the performance of the sugar industry.

TKSSKN's EBITDA margin remained healthy but declined 3.23
percentage points to 13.61% in FY23 due to a higher yoy increase in
the operating expenditure than that in the operating income. The
cooperative reported a net profit of INR52.09 million in FY23
(FY22: INR34.51 million). Ind-Ra believes the prices are likely to
remain robust, given the likely fall in sugar production in the
country in SS24 (Sugar Season, October 2023-September 2024). While
the government is yet to announce the state advised price for SS24,
Ind-Ra believes the sugarcane price could increase, which will
increase the production cost in 4QFY24 and FY25. However,
notwithstanding the likely increase in costs, Ind-Ra believes the
strong sugar prices would support the EBITDA.

TKSSKN reported continuous growth in its scale of revenue during
FY21-FY23 and its operating revenues increased 10.86% yoy to
INR3,759.56 million in FY23 on account of the increased sugar
sales. The cooperative crushed 3,14,024MT of cane juice in FY23
(FY22: 3,54,116MT) during crushing days of 134 (134). The total
sugar produced was 35,758MT in FY23 (FY22: 38,799MT) with a
recovery rate of 11.48% (11.06%). The sale of sugar and by-products
accounted for 89% of the total FY23 revenue (FY22: 83%).
Furthermore, the cooperative had collected a total revenue of about
INR2,030 million during April-December 2023 which includes revenue
from the sale of sugar of INR1,790 million. However, the scale of
operations remains medium, due to the cyclical nature of operations
in the sugar industry.

The ratings are supported by the cooperative's promoters'
experience of over three decades in the sugar industry.

Rating Sensitivities

Positive: An improvement in the liquidity, leading to an
improvement in debt service coverage ratio, all on a sustained
basis, could lead to a positive rating action.

Negative: Any deterioration in the operating performance leading to
deterioration in the credit metrics and a further stress on the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Company Profile

TKSSKN came into existence in 1984 after it received an industrial
license from the government of India under the Industrial Act of
1951. The cooperative was registered on 10 March 1981 under
Karnataka Co-operative Societies Act, 1959. The cooperative
operates a 5,500TCD sugar plant and a 27MW capacity cogen power
plant in Athani Taluk of Belgaum district in Karnataka.


LEVEL 9: Ind-Ra Moves BB Rating to NonCooperating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Level 9 Biz Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR60 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Level was incorporated in 2014, as an EPC contractor. It is based
out of Mohali.  Yashbir Singh is the founder and director of the
company.



M/S GOLDEN: Ind-Ra Assigns B+ Term Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/S Golden
Shelters Pvt Ltd.'s (GSPL) bank facility a rating of 'IND B+' with
a Stable Outlook, as follows:

-- INR410.30 mil. Term loan due on November 2026 assigned with
     IND B+/Stable rating.

Analytical Approach

Ind-Ra has taken a standalone view of GSPL to assign the rating.

Detailed Rationale of the Rating Action

The rating reflects the modest debt service coverage ratio (DSCR)
owing to poor liquidity, modest credit metrics and modest EBITDA
margin. In FY23, GSPL booked a revenue of INR83.86 million (FY22:
INR137.08 million), with an EBITDA margins of 41.26% in (38.09%),
net leverage (total adjusted net debt/operating EBITDAR) of 12.45x
(11.77x) and interest coverage (operating EBITDA/gross interest
expenses) of 0.56x (0.9x). In 9MFY24, ASMPL booked revenue of
INR176.54 million (wellness courses: INR124.79 million; lease
rentals: INR51.75 million). In FY24, the occupancy for commercial
rental spaces increased to 100% (49%). Ind-Ra expects the scale of
operations to remain small in the near-to-medium term. The credit
metrics of the company are likely to improve in the near-to-medium
term on the back of increased EBITDA and the absence of debt-led
capex plans. However, the working capital cycle is likely to remain
elongated and the DSCR is likely to remain modest.

List of Key Rating Drivers

Weakness

-- Modest DSCR, owing to poor liquidity

-- Elongated working capital cycle

-- Modest credit metrics.

-- Modest EBITDA margins

Strengths

-- Small scale of operation; likely improvement in revenue

-- Long operational track record; experienced promoters

Detailed Description of Key Rating Drivers

Modest DSCR owing to Poor Liquidity: GSPL has a DSCR of only 0.4x
in FY23, and the company met its debt repayments through advances
received from promoters and related parties. The advances from the
related parties amounted to INR878.71 million as on 31 March 2023.
Ind-RA expects the DSCR to remain modest in the medium term.

Elongated Working Capital Cycle: GSPL's net working capital cycle
remained negative at 1,315 days in FY23 (FY22: negative 625 days)
due to an increase in creditor days to 1,784 days (1,002 days).
Ind-Ra expects the working capital cycle to remain elongated over
the medium term.

Modest Credit Metrics: The ratings reflect GSPL's modest credit
metrics, as reflected by the interest coverage of 0.56x in FY23
(FY22: 0.9x) and the net leverage of 12.45x (FY22: 11.77x). In
FY23, the credit metrics deteriorated on account of a decline in
EBITDA to INR125.96 million (FY22: INR34.60 million). In the medium
term, Ind-Ra expects the credit metrics to improve on back of
increased EBITDA and the absence of any debt-led capex plans.

Modest EBITDA Margin: The ratings also factor in GSPL's modest
EBITDA margin of 41.26% in FY23 (FY22: 38.09%), with continued
negative ROCE (FY22: negative ROCE). In FY23, the EBITDA margin
improved due to a decline in the operating expenses. In the medium
term, Ind-Ra expects the margins to remain at similar levels due to
the nature of the business.

Small Scale of Operations; Likely Improvement in Revenue: The
ratings reflects the small scale of operations, as indicated by
revenue of INR83.86 million in FY23 (FY22: INR137.08 million). The
revenue declined in FY23 as the wellness center was closed for
three months for renovation purposes. Commercial leasing
contributed INR54.4 million to the revenue in FY23 (FY22: INR58.3
million) and the wellness center (Ekam) contributed INR29 million
(INR78.8 million). In 9MFY24, ASMPL booked revenue of INR176.54
million (wellness courses: INR124.79 million; lease rentals:
INR51.75 million). In FY24, the occupancy for commercial rental
spaces increased to 100% (49%), with an average lease period of
nine years with a lock in period of three years. In the medium
term, Ind-Ra expects the revenue to improve significantly on
account of increased demand for wellness courses along with
increased occupancy in the lease segment.

Long Operational Track Record; Experienced Promoters: GSPL has been
operating a wellness center in Chittoor, Andhra Pradesh, since
2006. Furthermore, GSPL's promoters' have more than two decades of
experience in running wellness centers. This has helped the company
establish strong relationships with its customers.


Liquidity

Poor

GSPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements. The
company has debt repayments of INR144 million each in FY24 and
FY25. The cash flow from operations turned positive at INR235.15
million in FY23 (FY22: negative INR31.33 million) due to favorable
changes of INR207.48 million in the working capital. GSPL had an
elongated net working capital cycle of negative 1,315 days in FY23
(FY22: negative 625 days) due to an increase in creditor days to
1,784 days (1,002 days). The cash and cash equivalents stood at
INR52 million at FYE23 (FYE22: INR52.38 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations, leading to
weakening in the credit metrics and/or deterioration in the
liquidity position, both on a sustained basis, will be negative for
the ratings.

Positive: A substantial improvement in the liquidity position and
an increase in the scale of operations, leading to an improvement
in the credit metrics, with the leverage falling below 5x, will be
positive for the ratings.

About the Company

GSPL was incorporated in 2002. The company's registered office is
located in Chennai. GSPL conducts wellness courses at its center in
Chittoor district, Andhra Pradesh, and it is also  involved in
commercial leasing. GSPL was established by N.K.V. Krishna and
Preetha Krishna



MAHESHWARI COAL: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Maheshwari Coal Benefication & Infrastructure Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.46       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         2.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2005, MCBIPL is involved in the coal trading and
logistics business in Chhattisgarh. The company also has a coal
beneficiation facility (dry technology) with an input capacity of
1.2-million tonnes per annum (mtpa) and a private railway siding.


MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Malwa Automobiles Private
Limited (MAPL(J)) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         13.60       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1997, Malwa Automobiles Pvt. Ltd. (MAPL(T))
operates as an authorized Tata Motors dealership with showroom at
Rohini (Delhi) and a workshop facility at Jahangirpuri (Delhi). In
addition to the automobile dealership business, the company also
has a HPCL fuel pump located in Kundli, Haryana.

Incorporated in 2012, Malwa Automotives Private Limited (MAPL(J))
has been operating as a Jaguar and Land Rovers dealership. The
showroom has started operations in October 2014. The showroom is in
Karnal, based on 3S facility i.e. Sales of Vehicles, Spare Parts
and Services.


MANJEERA CONSTRUCTIONS: Ind-Ra Moves B- Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Manjeera Constructions Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B-/Stable (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR67.8 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B-/Stable(ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR82.2 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in1987, MCL is engaged in the developing of
residential, commercial, hospitality, and retail projects,
engineering, procurement and construction and windmill energy
projects. MCL is promoted by G. Yoganand. It is listed on the
Bombay Stock Exchange.



NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Neogem India
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        15.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based-                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

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

NIL was set up in September 1991, by Mr. Mahindra Doshi to
manufacture and export gold and studded jewellery. The company came
out with its public issue in April 1993 to fund its jewellery
manufacturing unit located in SEEPZ Andheri, Mumbai. The unit is
spread over a total space of around 7,000 square feet and the
company employs around 240 employees including the administrative
staff. The company exports its jewellery products to USA, Europe,
Middle East, etc., and recently the company has received the status
as a 'Two Star Export House'. Apart from this, the company is also
engaged in trading activities, where it imports cut and polished
diamonds and rough diamonds and exports the same to UAE, Hong Kong,
Europe, etc. either directly or through merchant exporters.


PARAMPUJYA SOLAR: S&P Discontinues BB Rating on USD500MM Sec. Notes
-------------------------------------------------------------------
S&P Global Ratings discontinued its 'BB-' issue rating on the
US$500 million senior secured notes that Parampujya Solar Energy
Private Ltd. Restricted Group (PSEPL RG) issued. The group
comprises three wholly owned subsidiaries of Adani Green Energy
Ltd.: Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pte.
Ltd., and Prayatna Developers Private Ltd., which were the
co-issuers and co-guarantors of the notes. The outlook on the issue
rating was stable at the time of the discontinuance.

S&P discontinued the rating because the notes have been fully
redeemed and were canceled on March 13, 2024.


PIONEER GENCO: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Genco
Limited's (PGL) rupee term loan to 'IND BB+' from 'IND BBB-'. The
Outlook is Negative.

The detailed rating action is:

-- INR1,691.4 bil. (reduced from 1,872.9 bil.) Rupee term loan  
     due on September 30, 2033 downgraded with IND BB+/Negative
     rating.

Analytical approach: Ind-Ra has factored into the rating the
consolidated credit profile of PGL and Pioneer Power Corporation
Limited (debt rated at 'IND BB+'/Negative), hereon referred to as
obligors, considering the strong legal linkages on account of the
presence of cross guarantees between the obligors.

PGL and PPCL have provided an unconditional irrevocable guarantee
covering the debt obligations of each other's rated debt, thereby
demonstrating the strong legal linkages between them. In the event
of an insufficiency of funds or a shortfall in debt servicing by
any of these entities, the lenders can utilize the surplus cash in
the trust and retention account of the other entity to set-off the
same. Furthermore, PGL and PPCL have signed a co-obligor support
agreement which states that the obligors jointly and severally
agree to support to the extent of surplus funds available with them
after meeting their own debt obligations and in accordance with the
priority of cashflow waterfall structures as per the trust and
retention account. Also, such support will be sought before
accessing the debt service reserve (DSR) in the company where the
shortfall is occurring. Thus, as per the terms of the financing
documents, the cashflow support mechanism is assessed to be prior
to the due date of debt obligations.

The rating downgrade and the Negative Outlook reflect the
underperformance of the projects that are part of PGL and PPCL
compared to Ind-Ra's base case estimates, low debt coverages in the
next three years and significant deterioration in the credit
profile of the sponsor Penna Cement Industries Limited ('IND
BBB-'/Rating Watch with Negative Implications/'IND A3'/Rating Watch
with Negative Implications) during 8MFY24 as well as FY23.

Key Rating Drivers

Subdued Generation in Hydro Projects: The two projects on Cauvery
river – part of PGL and PPCL, namely PGL1 and PPCL1 - recorded a
plant load factor (PLF) of 37% and 48%, respectively, in the
trailing 12 months ended December 2023 (TTM December 2023; FY23:
57% and 81%; FY22: 57% and 65.5%; FY21: 46.2% and 54%). Similarly,
in TTM December 2023, the projects on Krishna River – part of PGL
and PPCL, namely PGL2 and PPCL2 - recorded a PLF of 4.9% and 10.3%
(FY23:  25.6% and 31.4%; FY22: 19.1% and 30.3%; FY21: 28.5% and
28.5%), respectively. The lower PLF was mainly on account of low
rainfall and draught in Karnataka. The machine availability and
grid availability on an average was 97% and 98%, respectively,
during the TTM February 2023 (FY23: 98% and 99%; FY22: 93.5% and
99%). Ind-Ra has factored in the PLF assumptions considering the
historical performance in its base case projections.

Weakened Sponsor Profile: Penna Cement Industries' credit profile
deteriorated during 8MFY24 and FY23 on account of continued
weakness in the consolidated operational performance and strained
liquidity position. However, the promoters have undertaken to bring
in additional funds to maintain the financial covenants as per the
financing documents. PR Energy Holding Limited (one of the
promoters) has also extended a corporate guarantee to the lenders
which is valid till the final settlement date. Given that there is
supply risk associated with hydro power projects due to the
dependence on rainfall for power generation, timely support from
the Penna Group (PG) for the debt servicing has been considered for
the rating of the obligors and Ind-Ra has received a confirmation
from PG in this regard. Any change in the group's policy of timely
supporting the projects is a key rating sensitivity.

Liquidity Indicator - Stretched: The projects, on a consolidated
basis, have an average DSCR of above 1.3x over the debt tenor,
according to Ind-Ra's base case projections. The DSCR is less than
1x over FY24-FY26 based on Ind-Ra's assumptions but the internal
liquidity available provides some comfort. As on 8 February 2024, a
total liquidity (including free cash, fixed deposits and one
quarter DSR) of INR312 million was available with the obligors,
which is equivalent to about four months of debt servicing
obligations on a combined basis. While a first-quarter DSR has been
fully created in the form of a fixed deposit, a second-quarter DSR
is likely to be created by end-March 2024 within the timelines, as
per the management. An increase in the internal liquidity to manage
the seasonal variations in power generation such that the DSR is
not used for such purpose will be positive for the rating.

Moderate Counterparty Profile: In FY23, the average receivable days
for PGL1, PPCL1 and PGL2 were 35-40 days (FY23: 45-50 days and
FY22: 85-90 days) from the invoice date from Bangalore Electricity
Supply Company Limited (BESCOM) and Karnataka Power Transmission
Corporation Limited (KPTCL). Also, PPCL2, which is selling to third
parties, continues to receive payments within about 20 days (FY23:
20 days and FY22: 15 days) from raising the invoice.

Moderate Price Risk: Out of the hydro plants' total output of 99MW
since their commissioning, 49.5MW is being supplied to BESCOM and
24.75MW is being supplied to KPTCL under 20-year fixed-price PPAs
at a tariff in the range of INR2.80-3.42/kWh. The remaining 24.75MW
(part of PPCL) power generated is being sold to third parties at a
price pegged to the tariff charged by distribution companies to
high tension consumers. The tariff realization for sale to third
parties in TTM December 2023 was INR4.45/kWh (FY23:  4.42/kWh;
FY22: INR4.39/kWh; FY21: INR4.34/kWh). Annual banking, wherein the
excess energy produced will be offset against periods of lower
generation, ensures that high generation during monsoon is utilized
against consumption during other periods. The price risk is
minimal, given that third-party sale has been demonstrated for the
24.75MW hydro plant.

Post the expiry of PGL1's and PPCL1's PPA with BESCOM in FY26 and
FY28, respectively, Ind-Ra has assumed the existing tariffs as per
the PPA would continue for the balance loan tenor given that the
PPAs can be renewed for another 10 years on mutually agreed terms.
Also, the management has represented that efforts will be taken
prior to the expiry of the PPA term to renew the same. However,
Ind-Ra will monitor the same and will review the ratings in the
event of any adverse changes in any terms affecting the cash flows
available for debt servicing.

Moderate Debt Structure: As of October 31, 2023, the debt
outstanding in PGL and PPCL was INR1,691.4 million and INR2,236.5
million, respectively, including the debt under the Guaranteed
Emergency Credit Line scheme. The main loan of INR3,477.9 million
of PGL and PPCL is repayable over 47 quarterly instalments
commencing from March 2022 and maturing in September 2033. The
remainder is borrowed as part of The Guaranteed Emergency Credit
Line loan which is repayable in over 48 structured monthly
instalments, starting from March 2025. Ind-Ra has factored in the
entire debt obligation to arrive at the annual coverage ratios.

The structural features of the debt include a dedicated trust and
retention account for each obligor, restricted payment conditions,
financial covenants and two-quarter DSR to be created in phases.
The structure has provisions for a cash sweep of an amount
equivalent to the difference of cash corresponding to the actual
DSCR and cash corresponding to DSCR of 1x, in case the annual
coverage falls below 1.05x.

Obligor-Co-obligor Structure Strengthens Credit Profile: The rating
draws strength from the obligor-co-obligor structure, with PGL and
PPCL having access to each other's surplus cash flows (after debt
servicing and maintaining of debt service reserve) to meet any
shortfall in funds for debt servicing. The terms of the co-obligor
support agreement specify required support to be checked and
extended by the project with surplus two days before the debt
servicing due dates, thus ensuring timeliness of debt servicing.
However, individual financial covenant testing at individual
project level limits the strength of the structure. In addition to
the structural benefits, the pooling of the two entities provides
diversification benefits in terms of counterparty risk.

Rating Sensitivities

Positive: The following developments could collectively lead to a
positive rating action:

-- an improvement in the liquidity position to address the
seasonal volatility in power generation along with the creation of
a second-quarter DSR within timelines

-- operational and financial performance better than Ind-Ra's base
case estimates

-- an improvement in the credit quality of the promoter group
company

Negative:  The following developments could, individually or
collectively, lead to a negative rating action:

-- operational and financial performance being weaker than
Ind-Ra's base case estimates

-- any significant payment delays beyond 90 days by the off-taker
on a sustained basis

-- a depletion of the DSRA and liquidity

-- the absence of the timely support from the promoter group

Company Profile

PGL owns two 24.75MW small hydro power plants in Karnataka. One
plant is located on the banks of the Cauvery river, Chamarajanagar
district, while the other is located on the banks of the Krishna
river (Yadgir district). The plant in Cauvery river (PGL1) has been
operational for over 15 years and the plant in Krishna river (PGL2)
has been operational for about 10 years. PGL1 and PGL2 have signed
a 20-year PPA each at a fixed tariff with BESCOM.

PPCL owns two 24.75MW small hydro power plant in Karnataka. One
plant is located on the banks of the Cauvery river, Chamarajanagar
district, while the other is located on the banks of the Krishna
river (Yadgir district). The plant in Cauvery river (PPCL1) has
been operational for about 15 years and the plant in Krishna river
(PPCL2) has been operational for about 10 years. PPCL1 has signed a
20-year PPA at a fixed tariff with BESCOM and PPCL2 sells power to
third parties.



PIONEER POWER: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Power
Corporation Limited's (PPCL) rupee term loan to 'IND BB+' from 'IND
BBB-'. The Outlook is Negative.

The detailed rating action is:

-- INR2,236.5 bil. (reduced from INR2,495.4 bil.) Rupee term loan

     (RTL) due on September 30, 2033 downgraded with IND
      BB+/Negative rating.

Analytical approach: Ind-Ra has factored into the rating the
consolidated credit profile of PPCL and Pioneer Genco Limited (debt
rated at 'IND BB+'/Negative), hereon referred to as obligors,
considering the strong legal linkages on account of the presence of
cross guarantees between the obligors.

PPCL and PGL have provided an unconditional irrevocable guarantee
covering the debt obligations of each other's rated debt, thereby
demonstrating the strong legal linkages between them. In the event
of an insufficiency of funds or a shortfall in debt servicing by
any of these entities, the lenders can utilize the surplus cash in
the trust and retention account of the other entity to set-off the
same. Furthermore, PPCL and PGL have signed a co-obligor support
agreement which states that the obligors jointly and severally
agree to support to the extent of surplus funds available with them
after meeting their own debt obligations and in accordance with the
priority of cashflow waterfall structures as per the trust and
retention account. Also, such support will be sought before
accessing the debt service reserve (DSR) in the company where the
shortfall is occurring. Thus, as per the terms of the financing
documents, the cashflow support mechanism is assessed to be prior
to the due date of debt obligations.

The rating downgrade and the Negative Outlook reflect the
underperformance of the projects that are part of PGL and PPCL
compared to Ind-Ra's base case estimates, low debt coverages in the
next three years and significant deterioration in the credit
profile of the sponsor Penna Cement Industries Limited ('IND
BBB-'/Rating Watch with Negative Implications/'IND A3'/Rating Watch
with Negative Implications) during 8MFY24 as well as FY23.

Key Rating Drivers

Subdued Generation in Hydro Projects: The two projects on Cauvery
river – part of PGL and PPCL, namely PGL1 and PPCL1 - recorded a
plant load factor (PLF) of 37% and 48%, respectively, in the
trailing 12 months ended December 2023 (TTM December 2023; FY23:
57% and 81%; FY22: 57% and 65.5%; FY21: 46.2% and 54%). Similarly,
in TTM December 2023, the projects on Krishna River – part of PGL
and PPCL, namely PGL2 and PPCL2 - recorded a PLF of 4.9% and 10.3%
(FY23:  25.6% and 31.4%; FY22: 19.1% and 30.3%; FY21: 28.5% and
28.5%), respectively. The lower PLF was mainly on account of low
rainfall and draught in Karnataka. The machine availability and
grid availability on an average was 97% and 98%, respectively,
during the TTM February 2023 (FY23: 98% and 99%; FY22: 93.5% and
99%). Ind-Ra has factored in the PLF assumptions considering the
historical performance in its base case projections.

Weakened Sponsor Profile: Penna Cement Industries' credit profile
deteriorated during 8MFY24 and FY23 on account of continued
weakness in the consolidated operational performance and strained
liquidity position. However, the promoters have undertaken to bring
in additional funds to maintain the financial covenants as per the
financing documents. PR Energy Holding Limited (one of the
promoters) has also extended a corporate guarantee to the lenders
which is valid till the final settlement date. Given that there is
supply risk associated with hydro power projects due to the
dependence on rainfall for power generation, timely support from
the Penna Group (PG) for the debt servicing has been considered for
the rating of the obligors and Ind-Ra has received a confirmation
from PG in this regard. Any change in the group's policy of timely
supporting the projects is a key rating sensitivity.

Liquidity Indicator - Stretched: The projects, on a consolidated
basis, have an average DSCR of above 1.3x over the debt tenor,
according to Ind-Ra's base case projections. The DSCR is less than
1x over FY24-FY26 based on Ind-Ra's assumptions but the internal
liquidity available provides some comfort. As of February 8, 2024,
a total liquidity (including free cash, fixed deposits and one
quarter DSR) of INR312 million was available with the obligors,
which is equivalent to about four months of debt servicing
obligations on a combined basis. While a first-quarter DSR has been
fully created in the form of a fixed deposit, a second-quarter DSR
is likely to be created by end-March 2024 within the timelines, as
per the management. An increase in the internal liquidity to manage
the seasonal variations in power generation such that the DSR is
not used for such purpose will be positive for the rating.

Moderate Counterparty Profile: In FY23, the average receivable days
for PGL1, PPCL1 and PGL2 were 35-40 days (FY23: 45-50 days and
FY22: 85-90 days) from the invoice date from Bangalore Electricity
Supply Company Limited (BESCOM) and Karnataka Power Transmission
Corporation Limited (KPTCL). Also, PPCL2, which is selling to third
parties, continues to receive payments within about 20 days (FY23:
20 days and FY22: 15 days) from raising the invoice.

Moderate Price Risk: Out of the hydro plants' total output of 99MW
since their commissioning, 49.5MW is being supplied to BESCOM and
24.75MW is being supplied to KPTCL under 20-year fixed-price PPAs
at a tariff in the range of INR2.80-3.42/kWh. The remaining 24.75MW
(part of PPCL) power generated is being sold to third parties at a
price pegged to the tariff charged by distribution companies to
high tension consumers. The tariff realization for sale to third
parties in TTM December 2023 was INR4.45/kWh (FY23:  4.42/kWh;
FY22: INR4.39/kWh; FY21: INR4.34/kWh). Annual banking, wherein the
excess energy produced will be offset against periods of lower
generation, ensures that high generation during monsoon is utilized
against consumption during other periods. The price risk is
minimal, given that third-party sale has been demonstrated for the
24.75MW hydro plant.

Post the expiry of PGL1's and PPCL1's PPA with BESCOM in FY26 and
FY28, respectively, Ind-Ra has assumed the existing tariffs as per
the PPA would continue for the balance loan tenor given that the
PPAs can be renewed for another 10 years on mutually agreed terms.
Also, the management has represented that efforts will be taken
prior to the expiry of the PPA term to renew the same. However,
Ind-Ra will monitor the same and will review the ratings in the
event of any adverse changes in any terms affecting the cash flows
available for debt servicing.

Moderate Debt Structure: As of October 31, 2023, the debt
outstanding in PGL and PPCL was INR1,691.4 million and INR2,236.5
million, respectively, including the debt under the Guaranteed
Emergency Credit Line scheme. The main loan of INR3,477.9 million
of PGL and PPCL is repayable over 47 quarterly instalments
commencing from March 2022 and maturing in September 2033. The
remainder is borrowed as part of The Guaranteed Emergency Credit
Line loan which is repayable in over 48 structured monthly
instalments, starting from March 2025. Ind-Ra has factored in the
entire debt obligation to arrive at the annual coverage ratios.

The structural features of the debt include a dedicated trust and
retention account for each obligor, restricted payment conditions,
financial covenants and two-quarter DSR to be created in phases.
The structure has provisions for a cash sweep of an amount
equivalent to the difference of cash corresponding to the actual
DSCR and cash corresponding to DSCR of 1x, in case the annual
coverage falls below 1.05x.

Obligor-Co-obligor Structure Strengthens Credit Profile: The rating
draws strength from the obligor-co-obligor structure, with PGL and
PPCL having access to each other's surplus cash flows (after debt
servicing and maintaining of debt service reserve) to meet any
shortfall in funds for debt servicing. The terms of the co-obligor
support agreement specify required support to be checked and
extended by the project with surplus two days before the debt
servicing due dates, thus ensuring timeliness of debt servicing.
However, individual financial covenant testing at individual
project level limits the strength of the structure. In addition to
the structural benefits, the pooling of the two entities provides
diversification benefits in terms of counterparty risk.

Rating Sensitivities

Positive: The following developments could collectively lead to a
positive rating action:

-- an improvement in the liquidity position to address the
seasonal volatility in power generation along with the creation of
a second-quarter DSR within timelines

-- operational and financial performance better than Ind-Ra's base
case estimates

-- an improvement in the credit quality of the promoter group
company

Negative:  The following developments could, individually or
collectively, lead to a negative rating action:

-- operational and financial performance being weaker than
Ind-Ra's base case estimates

-- any significant payment delays beyond 90 days by the off-taker
on a sustained basis

-- a depletion of the DSRA and liquidity

-- the absence of the timely support from the promoter group

Company Profile

PGL owns two 24.75MW small hydro power plants in Karnataka. One
plant is located on the banks of the Cauvery river, Chamarajanagar
district, while the other is located on the banks of the Krishna
river (Yadgir district). The plant in Cauvery river (PGL1) has been
operational for over 15 years and the plant in Krishna river (PGL2)
has been operational for about 10 years. PGL1 and PGL2 have signed
a 20-year PPA each at a fixed tariff with BESCOM.

PPCL owns two 24.75MW small hydro power plant in Karnataka. One
plant is located on the banks of the Cauvery river, Chamarajanagar
district, while the other is located on the banks of the Krishna
river (Yadgir district). The plant in Cauvery river (PPCL1) has
been operational for about 15 years and the plant in Krishna river
(PPCL2) has been operational for about 10 years. PPCL1 has signed a
20-year PPA at a fixed tariff with BESCOM and PPCL2 sells power to
third parties.




PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Prudhvi Constructions Private
Limited (PCPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

PCPL was incorporated as a private limited company in February 2008
which started operations during FY 10. The company is engaged in
civil contract works like building construction, road repairs, etc.
PCPL has been participating in the tenders for construction works
within the Guntur district from agencies like S&E (Rural Works) and
NHAI.


ROBO EQUIPMENTS: ICRA Lowers Rating on INR12cr LT Loan to B-
------------------------------------------------------------
ICRA has revised the Long-Term rating and kept the Short-Term
rating of Robo Equipments and Forgings Private Limited (REFPL) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating downgraded
   Cash Credit                    from [ICRA]B+(Stable) ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B- (Stable) ISSUER NOT
   Non Fund Based-                COOPERATING; Rating downgraded
   Others                         from [ICRA]B+(Stable) ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          6.00       [ICRA]B-(Stable) ISSUER NOT
   Short Term-                    COOPERATING/[ICRA]A4 ISSUER NOT
   Unallocated-                   COOPERATING; long-term rating
                                  downgraded from
                                  [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING and Long-Term and
                                  Short-Term ratings continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with REFPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Despite multiple requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

REFPL was incorporated in 2010 and started commercial operations in
June 2012. The company is involved in fabrication of heavy steel
structure mainly used in power projects and conveyor belts. Its
fabrication unit has a capacity of 9,600 MT per annum and is in
Sangareddy, Telangana. The company is promoted by Mr. B. V.
Sivarama Raju. REFPL is an approved vendor of Larsen & Toubro and
Bharat Heavy Electricals Limited (BHEL).


SATYAM ISPAT: Ind-Ra Moves BB+ Bank Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Sri Satyam Ispat Industries India Private Limited's
(SSIIIPL) bank facilities:

-- INR580 mil. Fund-based working capital limit* migrated to
     Issuer Not Cooperating category and Withdrawn; and

-- INR400 mil. Non-fund-based working capital limit# migrated to
     Issuer Not Cooperating category and Withdrawn.

*Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

#Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

WD – Rating Withdrawn

Detailed Description of Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates from the lenders and
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. The ratings are being
migrated to the 'Issuer Not Cooperating' category while being
withdrawn as the entity did not provide adequate information for
review despite several requests and reminders from the agency.
Ind-Ra will no longer provide analytical and rating coverage for
the company.

About the Company

SSIIIPL was incorporated in 2015 by its promoter Vamshidhar
Thiruvidhi. The company began operations from February 2019 and is
engaged in the trading of products such as thermo-mechanically
treated bars, structural steel, ready mix concrete, cement,
galvanised iron coil, sponge iron, and coal. The company is an
authorized dealer of JSW Steel Limited and Jindal Steel Private
Limited.



SHEEL DIAMOND: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Sheel
Diamond Exports Private Limited (SDEL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         85.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         30.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

SDEL was incorporated in 1995 by Mr. Chetan Shah and Mr. Bhupendra
Mehta to manufacture and process CPDs. It is a part of the
Mumbai-based Sheel Group, which has been in the CPD industry for
nearly four decades. The Group includes another entity, Sheel Gems
(SG), a partnership firm incorporated in 1980 by the same promoters
and is involved in the same line of business. The Sheel Group's
registered office is in Mumbai and its manufacturing facilities are
in Surat, Gujarat.


SHEEL GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Sheel
Gems (SG) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         87.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

SG was established as a partnership firm in 1980 by Mr. Chetan Shah
and Mr. Bhupendra Mehta to manufacture and process CPDs. It is a
part of the Mumbai-based Sheel Group, which has been in the CPD
industry for nearly four decades. The Group includes another
entity, Sheel Diamond Exports Private Limited, which was
incorporated in 1995 by the same promoters and is involved in the
same line of business. The Sheel Group registered office is in
Mumbai and manufacturing facilities are in Surat (Gujarat).


VARDHMAN POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Vardhman
Polytex Limited (VPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        159.31     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        232.31     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         72.38     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term         50.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1981, VPL primarily manufactures cotton and cotton
polyester blended spun yarn. Its manufacturing facilities in
Ludhiana, Bathinda (both in Punjab) and Nalagarh (Himachal Pradesh)
together have installed capacity of 1.95 lakh spindles. VPL also
has a yarn dyeing unit in Ludhiana, with an installed capacity of
15.0 tons per day (tpd). It has a small presence in garmenting,
with an installed capacity of manufacturing 7 lakh pieces per
annum. VPL also manufactures yarn-dyed shirting fabric though its
subsidiary, F.M. Hämmerle Textiles Ltd, which has a manufacturing
facility in Kohlapur (Maharashtra). VPL has invested Rs. 91.50
crore in its two subsidiaries, F.M. Hämmerle Textiles Ltd. and
F.M. Hämmerle Verwaltungs GmbH, Austria. F.M. Hämmerle Textiles
Ltd. falls under 'Sick Company' under the Sick Industrial and
Companies (Special Provision) Act of 1985 and has been referred to
Board for Industrial and Financial Reconstruction (BIFR).


VICKY FASHION: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Vicky Fashion
Limited (VFL) in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         2.00       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1996, Vicky Fashion Limited (VFL) is predominantly
into trading of grey yarn and fabrics. In the year 2006, the
company diversified into manufacturing of garments. The company has
an in-house manufacturing unit at Mahape in Mumbai with a
processing capacity of ~50,000 garments a month. Apart from
domestic sales, the company also exports garments to various
destinations like Italy, United States of America (USA) and
France.




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

BASTIAN WELLINGTON: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------------
Creditors of Bastian Wellington Limited, Can Do Installations
Limited, Lifestyle Roofing Limited, Swen's Tree Removal Limited and
Can Do R Limited are required to file their proofs of debt by April
16, 2024, to be included in the company's dividend distribution.

Bastian Wellington Limited commenced wind-up proceedings on March
5, 2024.

Can Do Installations Limited commenced wind-up proceedings on March
6, 2024.

Lifestyle Roofing Limited commenced wind-up proceedings on March 7,
2024.

Swen's Tree Removal Limited and Can Do R Limited commenced wind-up
proceedings on March 8, 2024.

Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the companies by special resolution of the
shareholders.


D & A CONSULTING: Waterstone Insolvency Appointed as Receivers
--------------------------------------------------------------
Damien Mitchell Grant and Adam Stevenson Botterill of Waterstone
Insolvency on March 15, 2024, were appointed as receivers and
managers of D & A Consulting Limited.

The Receivers and Managers may be reached at:

          Damien Mitchell Grant
          Adam Stevenson Botterill
          Waterstone Insolvency
          16 Piermark Drive
          Rosedale, Auckland 0632


DEM HOME: Grant Reynolds Appointed as Liquidator
------------------------------------------------
Grant Reynolds of Reynolds & Associates Limited on March 8, 2024,
were appointed as liquidator of Dem Home Limited.

The liquidator may be reached at:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


GOLDLINE PROPERTIES: Collapses After Epic Legal Battle
------------------------------------------------------
Stuff.co.nz reports that a developer and a real estate company in
the Franklin ward of Auckland have both gone into liquidation owing
hundreds of thousands to creditors after a protracted legal battle
that went all the way to the Court of Appeal.

According to Stuff, Glenn William Cooper of Goldline Properties
Limited was subdividing a bush block on Awhitu Central Road and had
hired real estate agent Ian Croft of Counties Realty to sell the
new properties.

Stuff relates that Mr. Cooper entered into a contract with a local
woman, Maree Dawn Marsh, agreeing to sell her four out of the five
lots.

The deal had been brokered by Mr. Croft, but it transpired he had
also made an arrangement with Ms. Marsh to again sell the land and
take 30% of the profits, Stuff says.

"We received an email by accident, and thought something smelled
fishy. We investigated and there was this joint venture," Mr.
Cooper told Stuff.

Under the Real Estate Agents Act 2008, agents are not allowed to
sell a client's land to themselves without written consent and
providing an independent valuation.

Mr. Cooper said he later found that Mr. Croft and Ms. Marsh had
agreements to sell each of the lots with around a NZD200,000 mark
up, which could have netted around NZD800,000.

He attempted to cancel his contracts with Ms. Marsh, but it began a
long and costly legal battle.

Mr. Croft, however, alleged that Mr. Cooper had known about his
arrangement with Ms. Marsh all along, and only cancelled the
agreement to take advantage of improvements they had made to the
land, including fences and houses, Stuff relates.

"We had around NZD1,050,000 in improvements and profit in the deal
and he wanted to keep that, so he chose not to let us settle on the
properties.

"I trusted him and made a mistake. He was a convicted fraudster and
I should have left him alone. I always knew there was a risk, but I
didn't expect the guy to walk away and not honour the
arrangements."

Stuff says Mr. Cooper was previously convicted and sentenced to 19
months in prison as a result of an investigation by the Serious
Fraud Office.

He purchased properties cheaply at mortgagee sales and then sold
them for profit to vulnerable indebted families, persuading them
that consolidating their debt would solve their problems. He helped
them prepare falsified loan application forms.

Auckland Blues rugby player Kurtis Haiu reportedly lost NZD500,000
in the deal. He punched Mr. Cooper, leaving him with a black eye,
but was discharged without conviction for the attack.

Mr. Croft, meanwhile, said his dealings with Mr. Cooper had cost
him his business, having lost a deposit and paid legal costs.

"I lost my ability to pay people on time and it just went from bad
to worse. All my staff left."

He said at age 73 he had been at the top of his real estate game,
but now he had picked up work with produce growers "just to be able
to survive" and avoid bankruptcy.

"I'm not looking for sympathy, I had big nuts when I went into [the
deal]. I lost them. Simple."

Meanwhile, Mr. Cooper has alleged to the liquidators that the legal
battle also sunk his property investment business.

He told Stuff that while the dispute was ongoing his interest rates
on a NZD2 million loan more than doubled, and he had to sell when
the market dipped.

"We got a bit more for the properties than [Croft] was giving,
. . . but we probably lost half a million dollars."

Stuff relates that Mr. Cooper has also alleged to the liquidators
that Mr. Croft "took to the property with a bulldozer" and caused
damage to native forest which had to be remediated at a cost of
hundreds of thousands before titles were issued.

Mr. Croft said that was "hogwash," Stuff relays. He admitted he
employed earth movers to cut tracks and "speed up" the development,
but said a delay in issuing titles was caused by typical issues
with council.

The issue ended up in the High Court when Mr. Cooper attempted to
cancel the contracts with Marsh on the basis that Mr. Croft had
acquired an interest in the property. Ms. Marsh responded by
placing caveats on the land.

The court heard that Ms. Marsh had intended to move houses on the
lots and sell them for a profit, but ran into financial troubles
within weeks of entering the contracts.

She had known Mr. Croft a long time and had always expected he
would be involved in the project either as a consultant or
salesperson, but when she needed extra funds, she entered into a
joint venture with him.

"There is a dispute about whether Mr Croft told Goldline of his
arrangements with Ms Marsh, however there is no dispute that the
requirements of [the Real Estate Agents Act] were not met," the
court ruling said.

There may have been a verbal discussion, but not a written one,
Stuff relys.

"In his affidavit, Mr. Cooper says that given his understanding
that whether Mr. Croft orally disclosed his interest in the
properties to him cannot be determined in these proceedings, he has
"not gone into detail in relation to that issue".

Yet, Mr. Cooper lost in the High Court. It ruled that because the
joint venture had been entered into after Goldline had already
agreed to the sales contract, Mr. Cooper did not have a legal right
to cancel the contract, and it upheld Ms. Marsh's caveats.

This case was reported on by the Auckland District Law Society, as
a key ruling in property law.

However, the case was then taken to the Court of Appeal which
overturned the decision, cancelled the caveats and ordered Ms.
Marsh to pay Mr. Cooper's costs, Stuff notes.

Now, Goldline has gone into liquidation owing creditors NZD946,000,
while Croft's company, Counties Realty, is also in liquidation
owing NZD868,164 to unsecured creditors, NZD4800 to staff and
NZD124,622 to the IRD, according to Stuff.

The liquidator's reports for both companies blame the disputed deal
for the insolvency.


NEXTGEN COMMUNICATIONS: Court to Hear Wind-Up Petition on March 22
------------------------------------------------------------------
A petition to wind up the operations of Nextgen Communications
Limited will be heard before the High Court at Auckland on March
22, 2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 8, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


RDJ PROJECT: Court to Hear Wind-Up Petition on March 22
-------------------------------------------------------
A petition to wind up the operations of RDJ Project Limited will be
heard before the High Court at Auckland on March 22, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 8, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


STAFF SERVICES: Employment Agency Placed in Liquidation
-------------------------------------------------------
The Timaru Herald reports that in another indication of tougher
economic times, Timaru employment agency Staff Services Ltd has
been placed into liquidation.

Earlier this month, Waipopo Limited Partnership, the owner of South
Canterbury's Waipopo Orchards, went into receivership owing
millions of dollars to a bank, and Timaru based building company
New Zealand Carpentry Limited was placed into liquidation.

Staff Services Limited, which provided labour hire services, was
established in October 2015 and was owned by sole shareholder and
director Leon Hobbs.

According to the Timaru Herald, liquidator Brenton Hunt, who was
appointed when the company was placed into liquidation on March 7,
released his first liquidator's report on March 13.

It shows the company owes NZD350,000 to Inland Revenue, and
NZD100,000 to an unsecured creditor.

The total estimated shortfall to all creditors was yet to be
announced.

Assets secured comprised office equipment and a motor vehicle which
were expected to realise NZD2,000 and NZD10,000 respectively when
sold.

The Timaru Herald relates that Mr. Hunt said Hobbs had sought
professional advice and decided to place the company into
liquidation.

"Demand for labour has been slowly reducing and competition has
been becoming more and more difficult," Mr. Hunt said in his
report.

"With Covid-19 pressures, the company had fallen behind with Inland
Revenue assessments.

"With lower margin being made it was increasingly difficult to try
and catch up on past assessments."

According to the report, the company ceased trading in January
2024, and was associated to Pinnacle Recruitment Limited which was
incorporated in January 2024 and was owned by Hobbs, the Timaru
Herald adds.




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

BREADSHAKE PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 8, 2024, to
wind up the operations of Breadshake Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


CONTINUUM ENERGY: Fitch Affirms 'BB+' on USD561MM Secured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Continuum Energy Levanter Pte. Ltd.'s
(CELP) 'BB+' rating on USD561 million senior secured notes due
2027. The Outlook is Stable.

RATING RATIONALE

CELP is a wholly owned subsidiary of Continuum Green Energy Ltd
(CGEL), which is mainly a wind and wind solar hybrid power
generator in India. CGEL has a portfolio of about 4,033MW of
generation capacity, with around 1,510MW operational, 823MW near
operational and 1,700MW under construction as of September 2023.

CELP is a secured lender of a restricted group of operating
entities (referred to as Continuum RG1), through subscribing to
their Indian rupee-denominated bonds.

The rating reflects the credit quality of a portfolio of four
projects with total capacity of 699MW across wind-abundant states
in India, which is enhanced by a diversified pool of high-quality
commercial and industrial (C&I) customers, which help offset the
long payment cycles of state distribution companies (discoms). The
rating also reflects the projects' lower revenue predictability due
to uncertainty over future tariffs and potential changes in
regulatory charges on C&I related revenues.

The rating also takes into consideration the systemic risk to the
power sector in India, the manageable refinancing risk from the
balloon structure of the notes, and Continuum RG1's heavy reliance
on a mandatory cash sweep (MCS), which if not materialised would
increase refinancing risk.

The financial profile is assessed by the debt service coverage
ratio (DSCR) over the refinancing period, assuming the notes'
outstanding principal will be refinanced on maturity by a long-term
amortising debt. The DSCR averages 1.66x under Fitch's rating case,
which incorporates mainly reduced energy production, higher
expenses and a refinanced interest rate. The rating thresholds that
Fitch apply in its rating analysis are the thresholds applicable to
merchant projects for solar and wind projects.

Fitch does not rate the state discoms and C&I customers that
purchase power from Continuum RG1's projects. The revenue
counterparties might have weak credit profiles and varying history
of payment delays, particularly state discoms, although the
exposure to multiple counterparties mitigates the risk.
Furthermore, receivables collection from state discoms improved
following the introduction of the late payment surcharge (LPS) rule
in 2022.

Fitch believes it is prudent such projects meet a higher threshold
to achieve the same rating as other projects with strong
counterparties, all else being equal. So Fitch uses merchant DSCR
thresholds, while cash flow is evaluated using contracted prices.

KEY RATING DRIVERS

Operation Risk - Midrange

Experienced Operator; Proven Technology

Operation risk is assessed as 'Midrange' because of favourable
production-based pricing mechanisms and comprehensive operating and
maintenance (O&M) contracts, including both scheduled and
unscheduled maintenance carried out by experienced teams. O&M
contracts have terms of seven to 15 years, longer than the debt
tenor. Fitch believes that it will not be difficult to find
replacement operators upon expiry of the contracts, as similar
technology is used widely in India.

All the plants use proven technology with a long operating history.
No third-party technical advisor has verified the costs, which is a
weakness. The operating record of the plants is moderate, varying
from two to nearly 11 years with a capacity-weighted average of
around seven years.

Revenue Risk - Volume - Midrange

Robust Energy Yield, Geographically Diversified

The energy yield forecast, produced by third-party consultants and
supported by the portfolio benefit analysis, indicates an overall
P50/1-year P90 spread of 15% and 12% after considering portfolio
benefits. A spread between 6% and 16% leads to a 'Midrange'
assessment. Curtailment risk is minimal, as renewables have
"must-run" status in India. The C&I customers are incentivised to
maximise offtake because of the cost advantage over alternative
sources, and the contracted volume of the Continuum RG1 projects is
usually only 50%-60% of the demand of a customer.

The assets have underperformed the 1-year P90 forecast in the past
few years, due mainly to less wind in India. However, management
expects the overall generation to improve with an increase in wind
speed from 2024.

Revenue Risk - Price - Midrange

Long-Term, Fixed-Priced PPAs

Continuum RG1 has a diversified customer pool, with 51% of capacity
contracted with state discoms and 49% contracted with about 94 C&I
customers. However, the share of C&I customers will increase to
76.5% of capacity upon conversion of some expiring power purchase
agreements (PPAs) with state discoms to the open-access route in
2027.

The tariff paid by C&I customers varies with the change in the
retail tariff for C&I users charged by state discoms (discom C&I
tariff) and the various applicable open-access charges. Generators
and customers each bear half of the variation in the discom C&I
tariff and open-access charges. A third-party consultant believes
that the discom C&I tariff will generally rise over the life of
these projects and that the relevant projections used in the
financial model are prudent.

Debt Structure - 1 - Midrange

Partially Amortising with MCS, Manageable Refinance Risk

The notes are issued in a two-part structure used commonly by
Indian renewable transactions. Noteholders are protected by the
ringfenced structure and covenants. The notes pay fixed interest
rates and currency hedging mitigates the risk arising from changes
in the US dollar-Indian rupee exchange rate. Noteholders benefit
from a lock-up test at backward-looking graded DSCRs. No additional
debt is allowed other than a working-capital basket of USD35
million.

Nearly 8% of the note principal will amortise over the note life.
The refinancing risk exposure is reduced by the MCS and cash
lock-up for about 38.75% of the principal from year 1.5. The
refinancing risk of the remaining 53.25% of the principal is low
due to adequate DSCRs under Fitch's rating case with sufficient
remaining economic life by the time the notes mature.

Financial Profile

The financial profile is assessed by the DSCR over the refinancing
period, assuming the notes' outstanding principal will be
refinanced on maturity by long-term amortising debt.

Fitch's base case includes a P50 energy production assumption, 7%
and 5% production haircut on wind and solar projects, respectively,
assuming a flat tariff and open access charges for the projects in
Gujarat, as well as 12% refinance interest rate. The Fitch
base-case DSCR averages 2.06x over the refinancing period. The DSCR
averages 1.66x under Fitch's rating case, which further
incorporates reduced energy production at 1-year P90 and higher
expenses by 15%.

PEER GROUP

Continuum RG1 is comparable with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, proposed senior secure rating
BBB-(EXP)/Stable) and Adani Green Energy Limited Restricted Group 2
(AGEL RG2, senior secure rating BBB-/Stable). AGEL RG1 and AGEL RG2
are both pure solar portfolio with counterparties comprising state
discoms and sovereign-backed off-takers.

The two AGEL RGs have a tighter issuing structure, with direct
issuance by the operating entities instead of Continuum RG1's
two-tier structure. AGEL RG1 and RG2 also have stronger financial
profiles than Continuum RG1's financial profile against the metric
thresholds. Continuum RG1 is also subject to changes in tariff and
regulatory charges given a sizeable share of revenue flows from C&I
customers in the overall mix, although the regulatory charge change
is equally shared with its C&I customers. Such risk results in less
predictability in its revenue. AGEL RG1 and AGEL RG2 benefit from
more predictable revenue streams from their offtakers with no price
or regulatory risks.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The average annual DSCR in the Fitch rating case dropping below
1.6x persistently.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- No rating upgrade is expected in the near term. This is due to
the uncertainty around the debt refinancing, renewal terms for
maturing contracts and PPAs, the future discom C&I tariff and open
access charges applicable for C&I projects.

CREDIT UPDATE

The operation of Continuum RG1's assets remained stable in the
first nine months of the fiscal year ending 31 March 2024 (9MFY24).
The availability of assets was high in 9MFY24 except for Rajkot II,
a 25MW project in Gujarat affected by a one-off transmission
failure. There was minimal grid curtailment. The total generation
continued to fall below 1-year P90 by 0.5% for 1HFY24 (ended June
2023). However, the underperformance was more than offset by the
net tariff increase realised in the period. Management expects the
overall generation to improve with an increase in wind speed from
2024.

Revenue from power sales rose by 3.6% yoy in 1HFY24 despite
lower-than-expected generation. This was driven by an increase in
the net tariff, which is paid by C&I customers. The C&I tariff has
benefited from a rise in the utility tariff because it is directly
linked in the PPAs. Still, EBITDA fell by 3 percentage points in
1HFY24. The reasons for the drop include an increase in
transmission charges at project Periyapatti, a one-time expense
related to repairment and maintenance charges due to transformer
dismantling at project Rajkot I, and less generation-based
incentive income at project Bothe.

The overall receivable days decreased to 108 days from 175 days in
1HFY23. A slight uptick as of September 2023 was due to higher
invoices billed for the peak season of August-September.

The overdues are primarily from Madhya Pradesh (MP) DISCOM
purchasing electricity from project Ratlam, the 170MW asset in
Madhya Pradesh. Prompted by LPS rules, MP DISCOM has been paying
its outstanding dues along with delay interest in 40 monthly
instalments since August 2022. Accordingly, the overdues should
gradually decrease to zero by November 2025. New invoices are being
paid by MP DISCOM in line with the credit period in the PPA.

Continuum RG1 has successfully maintained its DSCR and funds flow
to operations/net debt covenant above 1.5x and 6.0%, respectively,
over last four calculation dates.

The debt service reserve account has been fully funded,
representing the next six months of interest and scheduled
principal amortisation payment. Cash balance as of end-September
2023 was INR3 billion and the undrawn working capital limit was
INR2.56 billion.

The issuer has repaid in total USD190.9 million to US dollar
noteholders, including coupon, scheduled amortisation and MCS. The
latter two account for 15.125% of principal. The assets are being
amortised, in line with the original plan, and have met all
scheduled amortisation and MCS.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Continuum Energy
Levanter Pte. Ltd.

   Continuum Energy
   Levanter Pte.
   Ltd./Project Revenues
   - First Lien/1 LT         LT BB+  Affirmed     BB+

DASIN RETAIL: Trustee-Manager Files Suit Against Ex-CEO, Creditor
-----------------------------------------------------------------
The Business Times reports that Dasin Retail Trust Management
(DRTM) has taken legal action against its former chief executive
officer Wang Qiu, as well as its creditor Zhang Guiming, following
letters of demand from the two.

DRTM, trustee-manager of China retail property trust Dasin Retail
Trust, announced the action in separate bourse filings on March 15,
BT says.

Through an originating claim filed on March 5, DRTM is contesting
Wang's claim for SGD449,600, BT relates. Wang claims that he is
owed salary, payments he made on behalf of the trustee-manager, and
the repayment of a loan extended to it.

DRTM is also pursuing its own claims against Wang. A case
conference is scheduled for April 24.

DRTM announced on Feb. 17 that it had given notice of termination
to Wang, with effect from Feb. 14. It did not provide reasons for
the decision.

On Feb. 26, it said that Wang had instructed her lawyers to file a
winding-up application against DRTM, with a hearing fixed for March
15, according to BT.

BT says DRTM is also engaged in a legal dispute with Zhang Guiming,
a creditor who claims he is owed SGD272,000 under two short-term
advance agreements dated May 12, 2022 and Jan 18, 2023.

On Feb. 20, DRTM filed an originating claim to dispute Zhang
Guiming's claim. A case conference is set for April 9.

Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive
director of DRTM. Zhang Guiming had also filed a winding-up
application against DRTM, the week before Wang did.

In its filings on March 15, DRTM updated that following mutual
agreements, the High Court has stayed Wang and Zhang Guiming's
winding-up applications against the trustee-manager pending the
outcome of the disputes, with the initial hearing date now
vacated.

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.


GRATICULE MANAGED: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------
Creditors of Graticule Managed Fund C (Singapore) Pte Ltd and
Graticule Asia Macro (Singapore) Pte Ltd are required to file their
proofs of debt by April 15, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


SEMATEC PTE: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
Creditors of Sematec Pte. Ltd. are required to file their proofs of
debt by April 15, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 11, 2024.

The company's liquidator is:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


SINO CONTAINER: Creditors' Proofs of Debt Due on April 15
---------------------------------------------------------
Creditors of Sino Container Lines Pte. Ltd. are required to file
their proofs of debt by April 15, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 11, 2024.

The company's liquidators are:

          Yeo Boon Keong and
          Lau Chin Huat
          Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


UCARS: Lays Off Staff, CEO Steps Down Following Notice of Demand
----------------------------------------------------------------
The Straits Times reports that barely five years after it started
in mid-2019, a car portal set up to challenge incumbent sgCarMart
is skidding towards an uncertain future.

According to the report, UCars has been served a notice of demand -
a legal letter - by directors of its holding company, 21 United
Holdings, to repay more than SGD400,000.

ST relates that the notice was served in late January 2024. UCars
confirmed that it has received it and is in the process of
"verifying the amount" before working out a repayment schedule.

Soon after the notice was filed, UCars chief executive Hong Chun
Mun stepped down from the helm, the report says.

He was replaced by Wynton Lee, a 30-year-old from Farquhar VC,
which has invested in UCars and is now its second-largest
shareholder after 21 United Holdings.

The Straits Times says several directors at 21 United Holdings have
also stepped down. They include former chairmen Eddie Loo and
Albert Neo, as well as other founding members who were among some
40 used-car dealers who came together in 2018 to form a venture to
challenge Toyota-owned sgCarMart, which they felt was competing
directly with them.

In mid-2019, 21 United Holdings set up UCars, an online portal with
listings of used and new cars for sale.

UCars then acquired motoring publications CarBuyer and Top Gear
Singapore in 2021 from businessman Leow Ju-Len for an undisclosed
sum, in an apparent bid to replicate the "editorial content" which
sgCarMart has.

None of the directors and former directors The Straits Times spoke
to wanted to be quoted by name. But an insider said troubles began
around three years ago, with mounting losses and eroding
shareholder funds, ST relays.

"It's basically a management issue," the insider added. "The
revenue stream from advertising and events did not materialise. We
were burning SGD300,000 a month."

As a result, some of the staff at CarBuyer and Top Gear were owed
salaries. Eventually, the entire team of close to 10 people from
the two publications were laid off in February. Two of them have
since rejoined, but have been put on a profit-sharing scheme.

Over the last 12 months or so, more than 20 others in the UCars
team have also left. ST understands that only half a dozen remain
now, down from a peak headcount of around 50.

Two floors of office space occupied by UCars in Ayer Rajah Crescent
have been given up.

"We've brought costs down to SGD20,000 a month. And all the unpaid
salaries are almost settled," the insider, as cited by ST, added.
"What we want to do now is to press the reset button." He said
UCars will retain the CarBuyer title, but will give up Top Gear.

According to the insider, the company is in the process of
appointing a new corporate secretary, and will focus on growing
revenue from another business it acquired three years ago -
Pcom-SSB, an accounting software provider which several car dealers
use.
He said previous plans to list UCars on a stock exchange have been
put on hold, ST adds.


VE TECHNOLOGY: Court to Hear Moratorium Petition on March 28
------------------------------------------------------------
An application under Section 64 of the Insolvency, Restructuring
and Dissolution Act ("Moratorium Applications") filed by VE
Technology Group Pte Ltd and Coobiz IT Solution Pte. Ltd will be
heard before the High Court of Singapore on March 28, 2024, at 2:30
p.m.

The Petitioner's solicitors are:

          Quahe Woo & Palmer LLC
          180 Clemenceau Avenue
          #02-02 Haw Par Centre
          Singapore 239922




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

[*] BOND PRICING: For the Week March 11 to March 15, 2024
---------------------------------------------------------
Issuer                Coupon     Maturity    Currency    Price
------                ------     --------    --------    -----

   AUSTRALIA
   ---------
ACN 113 874 712 PTY     13.25     02/15/18      USD       0.20
ACN 113 874 712 PTY     13.25     02/15/18      USD       0.20
COBURN RESOURCES PTY    12.00     03/20/26      USD      74.97
MOSAIC BRANDS LTD        8.00     09/30/24      AUD       0.81
VIRGIN AUSTRALIA HOL     7.88     10/15/21      USD       0.14
VIRGIN AUSTRALIA HOL     8.13     11/15/24      USD       0.05
VIRGIN AUSTRALIA HOL     8.13     11/15/24      USD       0.15
VIRGIN AUSTRALIA HOL     8.08     03/05/24      AUD       0.42
VIRGIN AUSTRALIA HOL     8.25     05/30/23      AUD       0.20
VIRGIN AUSTRALIA HOL     7.88     10/15/21      USD       0.14
VIRGIN AUSTRALIA HOL     8.00     11/26/24      AUD       0.16


   CHINA
   -----

AKESU TEXTILE CITY D     7.50     06/21/24      CNY      20.26
AKESU TEXTILE CITY D     7.50     06/21/24      CNY      20.27
ALETAI CITY JUJIN UR     7.73     10/26/24      CNY      25.78
ANAR PROPERTY GROUP      8.50     03/08/24      CNY      13.02
ANHUI PINGTIANHU INV     7.50     08/13/26      CNY      62.73
ANHUI PINGTIANHU INV     7.50     08/13/26      CNY      62.72
ANLU CONSTRUCTION DE     7.80     11/28/26      CNY      64.53
ANLU CONSTRUCTION DE     7.80     11/28/26      CNY      64.31
ANNING DEVELOPMENT I     8.80     09/11/25      CNY      41.62
ANNING DEVELOPMENT I     8.80     09/11/25      CNY      42.31
ANNING DEVELOPMENT I     8.00     12/04/25      CNY      41.53
ANNING DEVELOPMENT I     8.00     12/04/25      CNY      42.41
ANSHANG WANGTONG CON     7.50     05/06/26      CNY      63.01
ANSHANG WANGTONG CON     7.50     05/06/26      CNY      60.30
ANSHUN CITY XIXIU IN     8.00     01/29/26      CNY      40.50
ANSHUN CITY XIXIU IN     7.90     11/15/25      CNY      42.25
ANSHUN CITY XIXIU IN     7.90     11/15/25      CNY      41.77
ANSHUN CITY XIXIU IN     8.00     01/29/26      CNY      42.69
ANSHUN TRANSPORTATIO     7.50     10/31/24      CNY      20.60
ANSHUN TRANSPORTATIO     7.50     10/31/24      CNY      20.27
ANYUE XINGAN CITY DE     7.50     01/30/25      CNY      20.38
ANYUE XINGAN CITY DE     7.50     05/06/26      CNY      53.10
ANYUE XINGAN CITY DE     7.50     01/30/25      CNY      20.38
ANYUE XINGAN CITY DE     7.50     05/06/26      CNY      61.43
BIJIE CITY ANFANG CO     7.80     01/18/26      CNY      41.38
BIJIE CITY ANFANG CO     7.80     01/18/26      CNY      42.24
BIJIE QIXINGGUAN DIS     7.60     09/08/24      CNY      20.48
BIJIE QIXINGGUAN DIS     8.05     08/16/25      CNY      40.33
BIJIE QIXINGGUAN DIS     7.60     09/08/24      CNY      20.40
BIJIE QIXINGGUAN DIS     8.05     08/16/25      CNY      41.85
BIJIE TIANHE URBAN C     8.05     12/03/25      CNY      41.32
BIJIE TIANHE URBAN C     8.05     12/03/25      CNY      42.41
BIJIE XINTAI INVESTM     7.80     11/01/24      CNY      20.30
BIJIE XINTAI INVESTM     7.80     11/01/24      CNY      20.27
CAOXIAN SHANG DU INV     7.80     10/28/26      CNY      64.49
CAOXIAN SHANG DU INV     7.80     10/28/26      CNY      63.82
CHANGDE DEYUAN INVES     7.70     06/11/25      CNY      41.46
CHANGDE DEYUAN INVES     7.70     06/11/25      CNY      41.47
CHANGDE DINGCHENG JI     7.58     10/19/25      CNY      41.94
CHANGDE DINGCHENG JI     7.58     10/19/25      CNY      41.93
CHENGDU GARDEN WATER     8.00     06/13/25      CNY      40.00
CHENGDU GARDEN WATER     8.00     06/13/25      CNY      41.17
CHENGDU GARDEN WATER     7.50     09/11/24      CNY      20.40
CHENGDU GARDEN WATER     7.50     09/11/24      CNY      20.47
CHISHUI CITY CONSTRU     8.50     01/18/26      CNY      41.82
CHISHUI CITY CONSTRU     8.50     01/18/26      CNY      41.58
CHONGQING HONGYE IND     7.50     12/24/26      CNY      64.59
CHONGQING JIANGLAI I     7.50     10/26/25      CNY      42.05
CHONGQING JIANGLAI I     7.50     10/26/25      CNY      42.05
CHONGQING NANCHUAN C     7.80     08/06/26      CNY      62.54
CHONGQING SHUANGFU C     7.50     09/09/26      CNY      63.56
CHONGQING THREE GORG     7.80     03/01/26      CNY      62.79
CHONGQING THREE GORG     7.80     03/01/26      CNY      60.00
CHONGQING TONGRUI AG     7.50     09/18/26      CNY      63.89
CHONGQING TONGRUI AG     7.50     09/18/26      CNY      63.88
CHONGQING WANSHENG E     7.50     03/27/25      CNY      40.94
CHONGQING WANSHENG E     7.50     03/27/25      CNY      40.73
CHONGQING YUDIAN STA     8.00     11/30/25      CNY      42.41
CHUYING AGRO-PASTORA     8.80     06/26/19      CNY      20.00
DALI URBAN DEVELOPME     8.00     12/25/25      CNY      42.51
DALI URBAN DEVELOPME     8.00     12/25/25      CNY      42.52
DASHIQIAO URBAN CONS     7.59     08/14/24      CNY      20.42
DASHIQIAO URBAN CONS     7.59     08/14/24      CNY      20.42
DAWA COUNTY CITY CON     7.80     01/30/26      CNY      42.60
DAWA COUNTY CITY CON     7.80     01/30/26      CNY      38.80
DAWU COUNTY URBAN CO     7.50     09/20/26      CNY      62.88
DAWU COUNTY URBAN CO     7.50     09/20/26      CNY      63.95
DING NAN CITY CONSTR     7.80     04/08/26      CNY      60.00
DING NAN CITY CONSTR     7.80     04/08/26      CNY      63.01
DUJIANGYAN NEW CITY      7.80     05/02/25      CNY      40.00
DUJIANGYAN NEW CITY      7.80     05/02/25      CNY      41.25
DUJIANGYAN NEW CITY      7.80     10/11/25      CNY      42.04
DUJIANGYAN NEW CITY      7.80     10/11/25      CNY      42.04
DUJIANGYAN XINGYAN I     7.50     11/01/26      CNY      63.73
DUJIANGYAN XINGYAN I     7.50     11/01/26      CNY      63.74
FANGCHENG GANGSHI WE     7.95     10/11/25      CNY      42.09
FANGCHENG GANGSHI WE     7.95     10/11/25      CNY      42.08
FANGCHENG GANGSHI WE     7.93     12/25/25      CNY      42.35
FANGCHENG GANGSHI WE     7.93     12/25/25      CNY      42.44
FANTASIA GROUP CHINA     7.80     11/29/24      CNY      44.53
FANTASIA GROUP CHINA     7.50     12/17/23      CNY      73.70
FUJIAN FUSHENG GROUP     7.90     12/17/21      CNY      70.99
FUJIAN FUSHENG GROUP     7.90     11/19/21      CNY      60.00
FUZHOU LINCHUAN URBA     8.00     02/26/26      CNY      62.96
GANZHOU NANKANG DIST     8.00     09/27/25      CNY      42.04
GANZHOU NANKANG DIST     8.00     10/29/25      CNY      42.20
GANZHOU NANKANG DIST     8.00     10/29/25      CNY      42.20
GANZHOU NANKANG DIST     8.00     09/27/25      CNY      41.74
GANZHOU NANKANG DIST     8.00     01/23/26      CNY      42.65
GANZHOU NANKANG DIST     8.00     01/23/26      CNY      40.00
GANZHOU ZHANGGONG CO     7.80     10/16/25      CNY      41.83
GANZHOU ZHANGGONG CO     7.80     10/16/25      CNY      42.07
GAOQING LU QING ASSE     7.50     09/27/24      CNY      20.54
GAOQING LU QING ASSE     7.50     09/27/24      CNY      20.53
GOME APPLIANCE CO LT     7.80     12/21/24      CNY      37.00
GUANGAN XINHONG INVE     7.50     06/03/26      CNY      63.22
GUANGAN XINHONG INVE     7.50     06/03/26      CNY      63.09
GUANGXI BAISE EXPERI     7.60     12/24/25      CNY      42.28
GUANGXI BAISE EXPERI     7.60     12/24/25      CNY      42.28
GUANGXI BAISE EXPERI     7.59     01/08/26      CNY      42.38
GUANGXI BAISE EXPERI     7.59     01/08/26      CNY      42.37
GUANGXI CHONGZUO URB     8.50     09/26/25      CNY      41.94
GUANGXI CHONGZUO URB     8.50     09/26/25      CNY      42.24
GUANGXI NINGMING HUI     8.50     12/07/25      CNY      41.77
GUANGXI NINGMING HUI     8.50     11/05/26      CNY      65.26
GUANGXI NINGMING HUI     8.50     11/05/26      CNY      62.97
GUANGXI TIANDONG COU     7.50     06/04/27      CNY      45.00
GUANGYUAN CITY DEVEL     7.50     10/25/27      CNY      37.60
GUANGYUAN YUANQU CON     7.50     12/23/26      CNY      64.60
GUANGYUAN YUANQU CON     7.50     12/23/26      CNY      64.61
GUANGYUAN YUANQU CON     7.50     10/30/26      CNY      62.35
GUANGYUAN YUANQU CON     7.50     10/30/26      CNY      64.23
GUANGZHOU FINELAND R    13.60     07/27/23      USD      15.63
GUCHENG CONSTRUCTION     7.88     04/27/25      CNY      41.23
GUCHENG CONSTRUCTION     7.88     04/27/25      CNY      40.00
GUIXI STATE OWNED HO     7.50     09/17/26      CNY      63.95
GUIXI STATE OWNED HO     7.50     09/17/26      CNY      63.94
GUIYANG BAIYUN INDUS     7.50     03/06/26      CNY      60.00
GUIYANG BAIYUN INDUS     7.50     03/06/26      CNY      62.60
GUIYANG BAIYUN INDUS     8.30     03/21/25      CNY      41.15
GUIYANG BAIYUN INDUS     8.30     03/21/25      CNY      40.00
GUIYANG ECONOMIC DEV     7.50     04/30/26      CNY      60.83
GUIYANG ECONOMIC DEV     7.90     10/29/25      CNY      40.19
GUIYANG ECONOMIC DEV     7.50     04/30/26      CNY      51.70
GUIYANG ECONOMIC DEV     7.90     10/29/25      CNY      42.16
GUIYANG ECONOMIC TEC     7.80     04/30/26      CNY      63.18
GUIYANG ECONOMIC TEC     7.80     04/30/26      CNY      63.05
GUIYANG GUANSHANHU I     8.20     04/30/24      CNY      40.24
GUIYANG HI-TECH HOLD     8.00     11/25/26      CNY      62.31
GUIYANG HI-TECH HOLD     8.00     11/25/26      CNY      64.83
GUIZHOU CHANGSHUN CO     8.50     03/19/26      CNY      63.33
GUIZHOU CHANGSHUN CO     8.50     03/19/26      CNY      60.00
GUIZHOU EAST LAKE CI     8.00     12/07/25      CNY      40.84
GUIZHOU EAST LAKE CI     8.00     12/07/25      CNY      42.41
GUIZHOU GUIAN DEVELO     7.60     04/26/25      CNY       6.92
GUIZHOU GUIAN DEVELO     7.50     01/14/25      CNY      15.50
GUIZHOU HONGGUO ECON     7.80     02/08/25      CNY      20.03
GUIZHOU HONGGUO ECON     7.80     02/08/25      CNY      20.00
GUIZHOU HONGGUO ECON     7.80     11/24/24      CNY      20.40
GUIZHOU HONGGUO ECON     7.80     11/24/24      CNY      20.69
GUIZHOU JINFENGHUANG     7.60     08/19/26      CNY      62.32
GUIZHOU JINFENGHUANG     7.60     08/19/26      CNY      63.79
GUIZHOU RAILWAY INVE     7.50     04/23/24      CNY      15.17
GUIZHOU RAILWAY INVE     7.50     04/23/24      CNY      15.12
GUIZHOU SHUICHENG EC     7.50     10/26/25      CNY      41.09
GUIZHOU SHUICHENG EC     7.50     10/26/25      CNY      41.98
GUIZHOU SHUICHENG WA     8.00     11/27/25      CNY      42.16
GUIZHOU SHUICHENG WA     8.00     11/27/25      CNY      41.19
GUIZHOU XINDONGGUAN      7.70     09/05/24      CNY      20.23
GUIZHOU XINDONGGUAN      7.70     09/05/24      CNY      20.26
HAIAN URBAN DEMOLITI     7.74     05/02/25      CNY      41.09
HAIAN URBAN DEMOLITI     8.00     12/21/25      CNY      42.21
HENGYANG CITY AND UR     7.50     09/22/24      CNY      20.51
HENGYANG CITY AND UR     7.80     12/14/24      CNY      20.74
HENGYANG CITY AND UR     7.50     09/22/24      CNY      20.50
HENGYANG CITY AND UR     7.80     12/14/24      CNY      20.75
HONGAN URBAN DEVELOP     7.50     12/04/24      CNY      20.68
HONGAN URBAN DEVELOP     7.50     12/04/24      CNY      20.65
HUAINAN SHAN NAN DEV     7.94     04/01/26      CNY      63.25
HUAINAN SHAN NAN DEV     7.94     04/01/26      CNY      60.00
HUAINAN URBAN CONSTR     7.58     02/12/26      CNY      42.59
HUAINAN URBAN CONSTR     7.50     03/20/25      CNY      40.00
HUAINAN URBAN CONSTR     7.50     03/20/25      CNY      41.03
HUBEI DAYE LAKE HIGH     7.50     04/01/26      CNY      62.00
HUBEI DAYE LAKE HIGH     7.50     04/01/26      CNY      61.80
HUBEI JIAKANG CONSTR     7.80     12/19/25      CNY      42.10
HUBEI YILING ECONOMI     7.50     03/28/26      CNY      60.00
HUBEI YILING ECONOMI     7.50     03/28/26      CNY      62.79
HUNAN CHUZHISHENG HO     7.50     03/27/26      CNY      62.85
HUNAN CHUZHISHENG HO     7.50     03/27/26      CNY      60.00
HUNAN MEISHAN RESOUR     8.00     03/21/26      CNY      63.03
HUNAN MEISHAN RESOUR     8.00     03/21/26      CNY      60.00
HUNAN TIANYI RONGTON     7.50     09/17/25      CNY      41.79
HUNAN TIANYI RONGTON     8.00     10/24/25      CNY      42.19
HUNAN TIANYI RONGTON     7.50     09/17/25      CNY      41.50
HUNAN TIANYI RONGTON     8.00     10/24/25      CNY      41.73
HUNAN XUANDA CONSTRU     7.50     01/24/26      CNY      40.00
HUNAN XUANDA CONSTRU     7.50     01/23/26      CNY      42.35
HUNAN XUANDA CONSTRU     7.50     01/23/26      CNY      40.00
HUNAN XUANDA CONSTRU     7.50     01/24/26      CNY      42.24
HUZHOU NEW CITY INVE     7.50     11/23/24      CNY      20.68
HUZHOU NEW CITY INVE     7.50     11/23/24      CNY      20.64
HUZHOU WUXING NANTAI     7.90     09/20/25      CNY      41.57
JIA COUNTY DEVELOPME     7.50     01/21/27      CNY      64.74
JIA COUNTY DEVELOPME     7.50     01/21/27      CNY      58.00
JIAHE ZHUDU DEVELOPM     7.50     03/13/25      CNY      40.00
JIAHE ZHUDU DEVELOPM     7.50     03/13/25      CNY      40.98
JIANGSU YANGKOU PORT     7.60     08/17/25      CNY      41.75
JIANGSU YANGKOU PORT     7.60     08/17/25      CNY      41.76
JIANGXI HUANGGANGSHA     7.90     01/25/26      CNY      42.71
JIANGXI HUANGGANGSHA     7.90     10/08/25      CNY      42.06
JIANGXI HUANGGANGSHA     7.90     10/08/25      CNY      42.14
JIANGXI JIHU DEVELOP     7.50     04/10/25      CNY      40.00
JIANGXI JIHU DEVELOP     7.50     04/10/25      CNY      41.06
JIANGYOU XINGYI PARK     7.80     12/17/25      CNY      51.20
JIANLI FENGYUAN CITY     7.50     01/14/26      CNY      42.33
JIANLI FENGYUAN CITY     7.50     01/14/26      CNY      42.34
JINGDEZHEN CERAMIC C     7.50     08/27/25      CNY      41.68
JINGDEZHEN CERAMIC C     7.50     08/27/25      CNY      41.66
JINING NEW CITY DEVE     7.60     03/23/25      CNY      40.93
JINING NEW CITY DEVE     7.60     03/23/25      CNY      40.00
JINXIANG COUNTY CITY     7.50     03/20/26      CNY      62.74
JINXIANG COUNTY CITY     7.50     03/20/26      CNY      60.92
JINZHOU CIHANG GROUP     9.00     04/05/20      CNY      33.63
JUNAN COUNTY URBAN C     7.50     09/26/24      CNY      20.52
JUNAN COUNTY URBAN C     7.50     09/26/24      CNY      20.52
KAIDI ECOLOGICAL AND     8.50     11/21/18      CNY      72.46
LAOHEKOU CITY CONSTR     7.50     06/09/24      CNY      70.92
LETING INVESTMENT GR     7.50     04/11/26      CNY      59.80
LETING INVESTMENT GR     7.50     04/11/26      CNY      62.37
LIJIN CITY CONSTRUCT     7.50     12/20/25      CNY      42.24
LIJIN CITY CONSTRUCT     7.50     12/20/25      CNY      42.24
LIJIN CITY CONSTRUCT     7.50     04/26/26      CNY      60.00
LIJIN CITY CONSTRUCT     7.50     04/26/26      CNY      63.00
LINFEN YAODU DISTRIC     7.50     09/19/25      CNY      41.87
LINYI COUNTY CITY DE     7.78     03/21/25      CNY      40.00
LINYI COUNTY CITY DE     7.78     03/21/25      CNY      41.07
LINYI ZHENDONG CONST     7.50     11/26/25      CNY      42.10
LINYI ZHENDONG CONST     7.50     11/26/25      CNY      42.10
LINYI ZHENDONG CONST     7.50     12/06/25      CNY      42.15
LINYI ZHENDONG CONST     7.50     12/06/25      CNY      42.16
LIUPANSHUI AGRICULTU     8.00     04/26/27      CNY      72.76
LIUZHOU LONGJIAN INV     8.28     04/30/24      CNY      15.11
LONGNAN ECO&TECH DEV     7.50     07/26/26      CNY      63.10
LUANCHUAN COUNTY TIA     8.50     01/23/26      CNY      42.67
LUANCHUAN COUNTY TIA     8.50     01/23/26      CNY      40.00
LUOHE ECONOMIC DEVEL     7.50     12/18/25      CNY      42.19
LUOHE ECONOMIC DEVEL     7.50     12/18/25      CNY      42.19
LUOYANG XIYUAN STATE     7.80     01/29/26      CNY      41.02
LUOYANG XIYUAN STATE     7.50     11/15/25      CNY      41.97
LUOYANG XIYUAN STATE     7.50     11/15/25      CNY      41.61
LUOYANG XIYUAN STATE     7.80     01/29/26      CNY      41.05
MAANSHAN NINGBO INVE     7.80     11/29/25      CNY      41.92
MAANSHAN NINGBO INVE     7.80     11/29/25      CNY      42.28
MAANSHAN NINGBO INVE     7.50     04/18/26      CNY      62.62
MAANSHAN NINGBO INVE     7.50     04/18/26      CNY      24.00
MEISHAN CITY DONGPO      8.08     08/16/25      CNY      41.83
MEISHAN CITY DONGPO      8.08     08/16/25      CNY      41.84
MEISHAN CITY DONGPO      8.00     01/03/26      CNY      42.52
MEISHAN CITY DONGPO      8.00     01/03/26      CNY      42.52
MEISHAN HONGSHUN PAR     7.50     12/10/25      CNY      52.67
MENGZHOU INVESTMENT      8.00     09/03/25      CNY      41.91
MENGZHOU INVESTMENT      8.00     09/03/25      CNY      41.91
MENGZHOU INVESTMENT      8.00     11/06/25      CNY      42.24
MENGZHOU INVESTMENT      8.00     11/06/25      CNY      42.24
MENGZI CITY DEVELOPM     7.65     09/25/24      CNY      20.34
MENGZI CITY DEVELOPM     7.65     09/25/24      CNY      20.52
MENGZI CITY DEVELOPM     8.00     03/25/26      CNY      61.50
MENGZI CITY DEVELOPM     8.00     03/25/26      CNY      63.05
MIAN YANG ECONOMIC D     8.00     09/29/26      CNY      64.45
MIAN YANG ECONOMIC D     8.20     03/15/26      CNY      63.08
MIAN YANG ECONOMIC D     8.20     03/15/26      CNY      60.00
MIAN YANG ECONOMIC D     8.00     09/29/26      CNY      64.45
MIANYANG ANZHOU INVE     7.90     11/25/26      CNY      64.82
MIANYANG ANZHOU INVE     8.10     05/04/25      CNY      41.15
MIANYANG ANZHOU INVE     8.10     05/04/25      CNY      41.34
MIANYANG ANZHOU INVE     8.10     11/22/25      CNY      42.41
MIANYANG ANZHOU INVE     8.10     11/22/25      CNY      42.03
MIANYANG ANZHOU INVE     7.90     11/25/26      CNY      64.81
MIANYANG HUIDONG INV     8.10     02/10/25      CNY      20.98
MIANYANG HUIDONG INV     8.10     04/28/25      CNY      41.29
MIANZHU CITY JINSHEN     7.87     12/18/25      CNY      42.08
MIANZHU CITY JINSHEN     7.87     12/18/25      CNY      42.39
MILE AGRICULTURAL IN     7.60     02/27/26      CNY      60.00
MILE AGRICULTURAL IN     8.00     10/25/25      CNY      42.17
MILE AGRICULTURAL IN     8.00     10/25/25      CNY      41.84
MILE AGRICULTURAL IN     7.60     02/27/26      CNY      62.58
MUDANJIANG LONGSHENG     7.50     09/27/25      CNY      41.85
NANCHONG JIALING DEV     7.98     05/23/25      CNY      40.00
NANCHONG JIALING DEV     7.98     05/23/25      CNY      41.39
NANCHONG JIALING DEV     7.80     12/12/24      CNY      20.74
NANCHONG JIALING DEV     7.80     12/12/24      CNY      20.74
NANJING JIANGNING EC     7.94     04/14/24      CNY      15.09
NANJING JIANGNING EC     7.94     04/14/24      CNY      15.17
NEOGLORY HOLDING GRO     8.00     09/25/20      CNY      60.00
NEOGLORY HOLDING GRO     8.00     10/22/20      CNY      56.00
NEOGLORY HOLDING GRO     8.10     11/23/18      CNY      72.00
NINGXIA SHENG YAN IN     7.50     09/27/28      CNY      42.45
PANJIN CITY SHUANGTA     8.70     12/20/25      CNY      42.85
PANJIN CITY SHUANGTA     8.50     01/29/26      CNY      42.94
PANJIN CITY SHUANGTA     8.70     12/20/25      CNY      42.84
PANJIN CITY SHUANGTA     8.50     01/29/26      CNY      42.93
PANJIN LIAODONGWAN Z     7.50     12/28/26      CNY      64.64
PEIXIAN ECONOMIC DEV     7.51     11/04/26      CNY      64.12
PEIXIAN ECONOMIC DEV     7.51     11/04/26      CNY      64.06
PENGSHAN DEVELOPMENT     7.98     05/03/25      CNY      41.59
PENGSHAN DEVELOPMENT     7.98     05/03/25      CNY      41.34
PENGZE CITY DEVELOPM     7.60     08/31/25      CNY      41.69
PENGZE CITY DEVELOPM     7.60     08/31/25      CNY      41.74
PINGLIANG CHENGXIANG     7.80     03/29/26      CNY      62.25
PINGLIANG CHENGXIANG     7.80     03/29/26      CNY      62.93
PUDING YELANG STATE-     7.79     11/13/24      CNY      20.60
PUDING YELANG STATE-     7.79     11/13/24      CNY      20.36
PUDING YELANG STATE-     8.00     03/13/25      CNY      40.73
PUDING YELANG STATE-     8.00     03/13/25      CNY      40.70
PUER CITY SI MAO GUO     7.50     03/14/26      CNY      62.67
PUER CITY SI MAO GUO     7.50     03/14/26      CNY      60.00
QIANDONGNAN TRANSPOR     8.00     01/15/27      CNY      65.34
QIANDONGNAN TRANSPOR     8.00     01/15/27      CNY      65.34
QIANNANZHOU INVESTME     8.00     01/02/26      CNY      41.89
QIANNANZHOU INVESTME     8.00     01/02/26      CNY      42.54
QINGHAI PROVINCIAL I     7.88     03/22/21      USD       2.52
QINGZHEN CITY CONSTR     7.50     03/18/26      CNY      62.66
QINGZHEN CITY CONSTR     7.50     03/18/26      CNY      62.65
QINGZHOU HONGYUAN PU     7.60     06/17/27      CNY      62.05
QINGZHOU HONGYUAN PU     7.60     06/17/27      CNY      64.57
QINZHOU BINHAI NEW C     7.70     08/15/26      CNY      63.90
QINZHOU BINHAI NEW C     7.70     08/15/26      CNY      63.91
QUJING CITY QILIN DI     8.50     01/21/26      CNY      42.94
QUJING CITY QILIN DI     8.50     01/21/26      CNY      40.00
RENHUAI WATER INVEST     7.98     07/26/25      CNY      41.70
RENHUAI WATER INVEST     8.00     12/26/25      CNY      40.15
RENHUAI WATER INVEST     7.98     02/24/25      CNY      40.48
RUCHENG SHUNXING INV     7.50     01/07/26      CNY      42.32
RUCHENG SHUNXING INV     7.50     01/07/26      CNY      42.32
RUDONG NEW WORLD INV     7.50     12/06/26      CNY      64.48
RUDONG NEW WORLD INV     7.50     12/06/26      CNY      64.44
RUILI RENLONG INVEST     8.00     09/20/26      CNY      62.69
RUILI RENLONG INVEST     8.00     09/20/26      CNY      62.68
SHAANXI XIYUE HUASHA     7.50     12/27/26      CNY      64.29
SHAANXI XIYUE HUASHA     7.50     12/27/26      CNY      64.61
SHANDONG HONGHE HOLD     7.50     01/29/26      CNY      41.88
SHANDONG HONGHE HOLD     7.50     01/29/26      CNY      41.00
SHANDONG OCEAN CULTU     7.50     03/28/26      CNY      62.34
SHANDONG OCEAN CULTU     7.50     04/25/26      CNY      61.81
SHANDONG RENCHENG RO     7.50     01/23/26      CNY      41.32
SHANDONG RUYI TECHNO     7.90     09/18/23      CNY      52.10
SHANDONG URBAN CAPIT     7.50     04/12/26      CNY      62.85
SHANDONG URBAN CAPIT     7.50     04/12/26      CNY      60.00
SHANGLI INVESTMENT C     7.80     01/22/26      CNY      42.27
SHANGLI INVESTMENT C     7.50     06/01/25      CNY      41.08
SHANGLI INVESTMENT C     7.50     06/01/25      CNY      41.28
SHANGLI INVESTMENT C     7.80     01/22/26      CNY      40.49
SHANGRAO GUANGXIN UR     7.95     07/24/25      CNY      41.63
SHANGRAO GUANGXIN UR     7.95     07/24/25      CNY      41.64
SHANTOU INVESTMENT H     7.99     03/04/24      CNY      15.06
SHANTOU INVESTMENT H     7.99     03/04/24      CNY      15.30
SHANXI JINZHONG STAT     7.50     05/05/26      CNY      62.84
SHAOYANG SAISHUANGQI     8.00     11/28/25      CNY      42.37
SHAOYANG SAISHUANGQI     8.00     11/28/25      CNY      42.37
SHEHONG STATE OWNED      7.50     08/22/25      CNY      41.74
SHEHONG STATE OWNED      7.50     08/22/25      CNY      21.30
SHEHONG STATE OWNED      7.60     10/22/25      CNY      21.48
SHEHONG STATE OWNED      7.60     10/22/25      CNY      21.48
SHEHONG STATE OWNED      7.60     10/25/25      CNY      42.09
SHEHONG STATE OWNED      7.60     10/25/25      CNY      42.09
SHENWU ENVIRONMENTAL     9.00     03/14/19      CNY      12.00
SHEYANG URBAN CONSTR     7.80     11/27/24      CNY      20.73
SHEYANG URBAN CONSTR     7.80     11/27/24      CNY      20.66
SHIFANG CITY NATIONA     8.00     12/05/25      CNY      42.40
SHIFANG CITY NATIONA     8.00     12/05/25      CNY      42.40
SHIYAN CITY CHENGTOU     7.80     02/13/26      CNY      46.08
SHUANGYASHAN DADI CI     8.50     08/26/26      CNY      64.68
SHUANGYASHAN DADI CI     8.50     12/16/26      CNY      65.60
SHUANGYASHAN DADI CI     8.50     08/26/26      CNY      64.67
SHUANGYASHAN DADI CI     8.50     12/16/26      CNY      65.60
SHUANGYASHAN DADI CI     8.50     04/30/26      CNY      63.69
SHUANGYASHAN DADI CI     8.50     04/30/26      CNY      63.71
SHUOZHOU INVESTMENT      7.50     10/23/25      CNY      41.60
SHUOZHOU INVESTMENT      7.50     10/23/25      CNY      41.78
SHUOZHOU INVESTMENT      7.80     12/25/25      CNY      42.36
SHUOZHOU INVESTMENT      7.80     12/25/25      CNY      42.24
SICHUAN CHENG'A DEVE     7.50     11/06/24      CNY      20.52
SICHUAN CHENG'A DEVE     7.50     11/06/24      CNY      20.61
SICHUAN CHENG'A DEVE     7.50     11/29/24      CNY      20.65
SICHUAN CHENG'A DEVE     7.50     11/29/24      CNY      20.65
SICHUAN COAL INDUSTR     7.70     01/09/18      CNY      45.00
SICHUAN LANGUANG DEV     7.50     07/11/21      CNY      12.63
SICHUAN LANGUANG DEV     7.50     07/23/22      CNY      42.00
SICHUAN LANGUANG DEV     7.50     08/12/21      CNY      12.63
SIYANG JIADING INDUS     7.50     04/27/25      CNY      41.13
SIYANG JIADING INDUS     7.50     04/27/25      CNY      41.12
SIYANG JIADING INDUS     7.50     12/14/25      CNY      42.22
SIYANG JIADING INDUS     7.50     12/14/25      CNY      42.22
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
TAHOE GROUP CO LTD       7.50     08/15/20      CNY       8.00
TAIXING CITY CHENGXI     7.60     04/04/26      CNY      62.72
TAIXING CITY CHENGXI     7.60     04/04/26      CNY      60.00
TAIXING CITY CHENGXI     7.80     03/05/26      CNY      60.00
TAIXING CITY CHENGXI     7.80     03/05/26      CNY      62.81
TAIXING CITY CHENGXI     7.60     04/24/26      CNY      63.05
TAIXING CITY CHENGXI     7.60     04/24/26      CNY      60.00
TAIXING XINGHUANG IN     8.50     11/15/25      CNY      42.56
TAIXING XINGHUANG IN     8.50     11/15/25      CNY      42.51
TAIZHOU FENGCHENGHE      7.90     12/29/24      CNY      20.80
TAIZHOU FENGCHENGHE      7.90     12/29/24      CNY      20.81
TAIZHOU HUACHENG MED     8.50     12/26/25      CNY      42.73
TAIZHOU HUACHENG MED     8.50     12/26/25      CNY      42.79
TANCHENG COUNTY CITY     7.50     04/09/26      CNY      60.00
TANCHENG COUNTY CITY     7.50     04/09/26      CNY      62.83
TANGSHAN HOLDING DEV     7.60     05/16/25      CNY      41.17
TANGSHAN HOLDING DEV     7.60     05/16/25      CNY      41.00
TAOYUAN COUNTY CONST     7.50     09/11/26      CNY      63.22
TAOYUAN COUNTY CONST     8.00     10/17/26      CNY      64.72
TAOYUAN COUNTY CONST     8.00     10/17/26      CNY      64.72
TAOYUAN COUNTY CONST     7.50     09/11/26      CNY      63.89
TAOYUAN COUNTY ECONO     8.20     09/06/25      CNY      42.09
TAOYUAN COUNTY ECONO     8.20     09/06/25      CNY      42.10
TEMPUS GROUP CO LTD      7.50     06/07/20      CNY      23.53
TENGCHONG SHIXINGBAN     7.50     05/05/26      CNY      71.57
TIANJIN REAL ESTATE      7.70     03/16/21      CNY      21.49
TONGCHENG CITY CONST     7.50     07/23/25      CNY      41.49
TONGCHENG CITY CONST     7.50     07/23/25      CNY      40.00
TONGHUA FENGYUAN INV     7.80     04/30/26      CNY      61.50
TONGHUA FENGYUAN INV     8.00     12/18/25      CNY      42.45
TONGHUA FENGYUAN INV     8.00     12/18/25      CNY      41.65
TONGHUA FENGYUAN INV     7.80     04/30/26      CNY      63.16
TONGXIANG CHONGDE IN     7.88     11/29/25      CNY      42.37
TONGXIANG CHONGDE IN     7.88     11/29/25      CNY      42.37
TUNGHSU GROUP CO LTD     8.18     10/25/21      CNY      22.00
TUNGHSU GROUP CO LTD     7.85     03/23/21      CNY       0.00
URUMQI ECO TECH DEVE     7.50     10/19/25      CNY      41.89
URUMQI ECO TECH DEVE     7.50     10/19/25      CNY      41.76
WEIHAI LANCHUANG CON     7.70     10/11/25      CNY      39.79
WEIHAI LANCHUANG CON     7.70     10/11/25      CNY      41.92
WEIHAI WENDENG URBAN     7.70     05/02/28      CNY      72.50
WEIHAI WENDENG URBAN     7.70     05/02/28      CNY      74.34
WEINAN CITY INDUSTRI     7.50     04/28/26      CNY      61.92
WEINAN CITY INDUSTRI     7.50     04/28/26      CNY      60.00
WINTIME ENERGY GROUP     7.50     11/16/20      CNY      43.63
WINTIME ENERGY GROUP     7.50     04/04/21      CNY      43.63
WINTIME ENERGY GROUP     7.90     03/29/21      CNY      43.63
WINTIME ENERGY GROUP     7.70     11/15/20      CNY      43.63
WINTIME ENERGY GROUP     7.90     12/22/20      CNY      43.63
WINTIME ENERGY GROUP     7.50     12/06/20      CNY      43.63
WUSU CITY XINGRONG C     7.50     10/25/25      CNY      42.04
WUSU CITY XINGRONG C     7.50     10/25/25      CNY      42.05
WUXUE URBAN CONSTRUC     7.50     04/12/26      CNY      62.86
WUXUE URBAN CONSTRUC     7.50     04/12/26      CNY      60.00
WUYANG CONSTRUCTION      7.80     09/11/20      CNY      32.48
XIAN LINTONG URBAN I     7.69     04/22/26      CNY      60.00
XIAN LINTONG URBAN I     7.69     04/22/26      CNY      63.05
XIANGXIANG URBAN CON     7.50     10/27/24      CNY      20.50
XIANGXIANG URBAN CON     7.50     10/27/24      CNY      20.59
XIFENG COUNTY URBAN      8.00     03/14/26      CNY      51.10
XIFENG COUNTY URBAN      8.00     03/14/26      CNY      60.97
XINFENG COUNTY URBAN     7.80     12/05/25      CNY      42.23
XINFENG COUNTY URBAN     7.80     12/05/25      CNY      42.28
XINFENG COUNTY URBAN     7.80     04/16/26      CNY      61.88
XINFENG COUNTY URBAN     7.80     04/16/26      CNY      62.87
XINGYI XINHENG URBAN     7.90     01/31/25      CNY      20.64
XINGYI XINHENG URBAN     8.00     11/21/25      CNY      41.76
XINGYI XINHENG URBAN     8.00     11/21/25      CNY      41.72
XINGYI XINHENG URBAN     7.90     01/31/25      CNY      20.00
XINPING URBAN DEVELO     7.70     01/24/26      CNY      40.98
XINPING URBAN DEVELO     7.70     01/24/26      CNY      42.53
XINYU CITY YUSHUI DI     7.50     09/24/26      CNY      63.64
XIPING COUNTY INDUST     7.50     12/26/24      CNY      20.73
XIPING COUNTY INDUST     7.50     12/26/24      CNY      20.73
XIUSHAN HUAXING ENTE     7.50     09/25/25      CNY      41.84
XIUSHAN HUAXING ENTE     7.50     09/25/25      CNY      41.83
XUZHOU CITY JIAWANG      7.88     01/28/26      CNY      41.16
XUZHOU CITY JIAWANG      7.88     01/28/26      CNY      40.58
XUZHOU CITY JIAWANG      7.98     05/06/26      CNY      60.50
XUZHOU CITY JIAWANG      7.98     05/06/26      CNY      62.61
YANGLING URBAN RURAL     7.80     06/19/26      CNY      60.00
YANGLING URBAN RURAL     7.80     06/19/26      CNY      63.55
YANGLING URBAN RURAL     7.80     02/20/26      CNY      42.65
YANGLING URBAN RURAL     7.80     02/20/26      CNY      60.00
YIBIN NANXI CAIYUAN      8.10     07/24/25      CNY      41.74
YIBIN NANXI CAIYUAN      8.10     07/24/25      CNY      40.00
YIBIN NANXI CAIYUAN      8.10     11/28/25      CNY      42.50
YIBIN NANXI CAIYUAN      8.10     11/28/25      CNY      42.39
YICHANG CHUANGYUAN H     7.80     11/06/25      CNY      42.17
YINGKOU BEIHAI NEW C     7.98     01/25/25      CNY      20.88
YINGKOU BEIHAI NEW C     7.98     01/25/25      CNY      20.88
YINGTAN JUNENG INVES     8.00     05/06/26      CNY      63.39
YINGTAN JUNENG INVES     8.00     05/06/26      CNY      60.00
YIYANG COUNTY CITY C     7.50     06/07/25      CNY      40.00
YIYANG COUNTY CITY C     7.90     11/05/25      CNY      42.28
YIYANG COUNTY CITY C     7.90     11/05/25      CNY      42.13
YIYANG COUNTY CITY C     7.50     06/07/25      CNY      41.37
YIYANG LONGLING CONS     7.60     01/23/26      CNY      40.30
YIYANG LONGLING CONS     7.60     01/23/26      CNY      42.07
YIYUAN HONGDING ASSE     7.50     08/17/25      CNY      41.62
YIYUAN HONGDING ASSE     7.50     08/17/25      CNY      41.69
YONGAN STATE-OWNED A     8.50     11/26/25      CNY      42.59
YONGAN STATE-OWNED A     8.50     11/26/25      CNY      42.04
YONGCHENG COAL & ELE     7.50     02/02/21      CNY      39.88
YONGXIU CITY CONSTRU     7.50     05/02/25      CNY      41.05
YONGXIU CITY CONSTRU     7.50     05/02/25      CNY      40.00
YONGXIU CITY CONSTRU     7.80     08/27/25      CNY      41.58
YONGXIU CITY CONSTRU     7.80     08/27/25      CNY      41.80
YOUYANG COUNTY TAOHU     7.50     09/28/25      CNY      41.85
YOUYANG COUNTY TAOHU     7.50     09/28/25      CNY      41.85
YUANJIANG CITY CONST     7.50     01/18/26      CNY      42.37
YUANJIANG CITY CONST     7.50     01/18/26      CNY      42.37
YUDU ZHENXING INVEST     7.50     05/03/25      CNY      40.49
YUDU ZHENXING INVEST     7.50     05/03/25      CNY      41.17
YUEYANG CITY JUNSHAN     7.96     04/23/26      CNY      60.00
YUEYANG CITY JUNSHAN     7.96     04/23/26      CNY      63.12
YUEYANG HUILIN INVES     7.50     12/23/26      CNY      63.81
YUEYANG HUILIN INVES     7.50     12/23/26      CNY      64.61
YUTAI XINDA ECONOMIC     7.50     04/10/26      CNY      62.01
YUTAI XINDA ECONOMIC     7.50     04/10/26      CNY      62.83
ZHANGJIAJIE LOULI TO     7.50     03/26/26      CNY      62.72
ZHANGJIAJIE LOULI TO     7.50     03/26/26      CNY      62.70
ZHANGZI NATIONAL OWN     7.50     10/18/26      CNY      64.16
ZHANGZI NATIONAL OWN     7.50     10/18/26      CNY      64.17
ZHEJIANG CHANGXING H     7.50     12/26/25      CNY      42.25
ZHEJIANG CHANGXING H     7.50     12/26/25      CNY      42.19
ZHEJIANG CHANGXING H     7.50     05/16/26      CNY      62.36
ZHEJIANG CHANGXING H     7.50     05/16/26      CNY      60.00
ZHEJIANG WUYI CITY C     8.00     08/10/25      CNY      41.78
ZHEJIANG WUYI CITY C     8.00     08/10/25      CNY      41.78
ZHEJIANG WUYI CITY C     8.00     12/21/25      CNY      42.47
ZHEJIANG WUYI CITY C     8.00     12/21/25      CNY      42.43
ZHONGXIANG CITY CONS     7.50     07/05/26      CNY      60.00
ZHONGXIANG CITY CONS     7.50     07/05/26      CNY      62.68
ZHOUSHAN ISLANDS NEW     7.50     01/30/27      CNY      59.86
ZHOUSHAN ISLANDS NEW     7.50     01/30/27      CNY      55.00
ZHUZHOU HI-TECH AUTO     8.00     08/14/25      CNY      52.28
ZHUZHOU RAILWAY INDU     7.50     09/25/24      CNY      20.44
ZIGUI COUNTY CHUYUAN     7.80     02/12/28      CNY      70.00
ZIYANG KAILI INVESTM     8.00     02/14/26      CNY      41.92
ZUNYI BOZHOU URBAN C     7.85     10/24/24      CNY      20.23
ZUNYI BOZHOU URBAN C     7.85     10/24/24      CNY      20.37
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27      CNY      64.22
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27      CNY      62.50
ZUNYI URBAN CONSTRUC     7.50     05/20/24      CNY      40.13


   HONG KONG
   ---------

CHINA SOUTH CITY HOL     9.00     04/12/24      USD      31.10
CHINA SOUTH CITY HOL     9.00     10/09/24      USD      39.47
CHINA SOUTH CITY HOL     9.00     06/26/24      USD      26.84
CHINA SOUTH CITY HOL     9.00     12/11/24      USD      26.68
HAINAN AIRLINES HONG    12.00     10/29/21      USD       3.19
HONGKONG IDEAL INVES    14.75     10/08/22      USD       1.57
YANGO JUSTICE INTERN    10.25     09/15/22      USD       0.36
YANGO JUSTICE INTERN     7.50     04/15/24      USD       0.34
YANGO JUSTICE INTERN     7.88     09/04/24      USD       0.47
YANGO JUSTICE INTERN     8.25     11/25/23      USD       0.34
YANGO JUSTICE INTERN     9.25     04/15/23      USD       0.34
YANGO JUSTICE INTERN     7.50     02/17/25      USD       0.39
YANGO JUSTICE INTERN    10.00     02/12/23      USD       0.06
YANGO JUSTICE INTERN    10.25     03/18/22      USD       0.15
ZENSUN ENTERPRISES L    12.50     04/23/24      USD       3.95
ZENSUN ENTERPRISES L    12.50     09/13/23      USD       4.66


   INDIA
   -----

AXIS FINANCE LTD         8.10     11/17/28      INR      72.07
IIFL SAMASTA FINANCE    10.75     02/24/25      INR      62.73
IKF FINANCE LTD         10.60     03/27/25      INR      62.14
KOTAK MAHINDRA BANK      7.60     02/14/31      INR      63.22
PIRAMAL CAPITAL & HO     8.50     04/18/23      INR      34.25




   MALAYSIA
   --------

CAPITAL A BHD            8.00     12/29/28      MYR       0.78


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT    15.00     07/15/06      USD      13.61


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L    11.50     05/07/15      USD       0.60
BAKRIE TELECOM PTE L    11.50     05/07/15      USD       0.60
BLD INVESTMENTS PTE      8.63     03/23/15      USD       6.75
DAVOMAS INTERNATIONA    11.00     12/08/14      USD       0.25
DAVOMAS INTERNATIONA    11.00     12/08/14      USD       0.25
DAVOMAS INTERNATIONA    11.00     05/09/11      USD       0.21
DAVOMAS INTERNATIONA    11.00     05/09/11      USD       0.21
ENERCOAL RESOURCES P     9.25     08/05/14      USD      45.75
ITNL OFFSHORE PTE LT     7.50     01/18/21      CNY      18.25
MICLYN EXPRESS OFFSH     8.75     11/25/18      USD       0.82
NOMURA INTERNATIONAL    19.50     08/28/28      TRY      66.22
NOMURA INTERNATIONAL     7.65     10/04/37      AUD      64.29
ORO NEGRO DRILLING P     7.50     01/24/24      USD       0.70
RICKMERS MARITIME        8.45     05/15/17      SGD       5.00
SWIBER HOLDINGS LTD      7.75     09/18/17      CNY       6.13


   SOUTH KOREA
   -----------

SAMPYO CEMENT CO LTD     8.10     04/12/15      KRW      70.00
SAMPYO CEMENT CO LTD     8.10     06/26/15      KRW      70.00
SAMPYO CEMENT CO LTD     8.30     09/10/14      KRW      70.00
SAMPYO CEMENT CO LTD     8.30     04/20/14      KRW      70.00
SAMPYO CEMENT CO LTD     7.50     07/20/14      KRW      70.00


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT     8.00     01/01/32      LKR      71.73
SRI LANKA GOVERNMENT     9.00     06/01/43      LKR      74.17
SRI LANKA GOVERNMENT     7.55     03/28/30      USD      50.29
SRI LANKA GOVERNMENT     7.85     03/14/29      USD      50.34
SRI LANKA GOVERNMENT     7.85     03/14/29      USD      50.39
SRI LANKA GOVERNMENT     7.55     03/28/30      USD      50.35



                           *********


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
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Information contained herein is obtained from sources believed
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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
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