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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, August 13, 2024, Vol. 27, No. 162

                           Headlines



A U S T R A L I A

CHINESE GOURMET: Second Creditors' Meeting Set for Aug. 16
MANLY 1: Second Creditors' Meeting Set for Aug. 19
MELBOURNE STAR: Second Creditors' Meeting Set for Aug. 20
NEW LOOK: Second Creditors' Meeting Set for Aug. 16
REDZED TRUST 2024-2: Fitch Assigns B+(EXP)sf Rating on Cl. F Notes

RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on Cl. E Notes to Ba1
REX AIRLINES: Pilot Shortage, Supply Chain Woes Lead to Collapse
RIVERINA SOLAR: First Creditors' Meeting Set for Aug. 20


C H I N A

GUANGZHOU R&F: Unit Misses US$147 Million Interest Payments
KAISA GROUP: Liquidation Hearing Adjourned by Hong Kong Court
LOGAN GROUP: Uses Hong Kong Project to Refinance Loan
SHIMAO GROUP: Court Adjourns Liquidation Petition to Dec. 16
ZHAOJIN MINING: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable



I N D I A

AATASH POWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AI INSTRUMENTS: Ind-Ra Moves BB Rating to NonCooperating
AKASH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ANMOL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating

AP INC: CRISIL Keeps B Debt Rating in Not Cooperating Category
ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating
ARIHANT GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARIHANT SYNCOTEX: Ind-Ra Moves BB Loan Rating to NonCooperating
ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating

ARSHAD CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
ASSAM BENGAL: CRISIL Keeps B Debt Ratings in Not Cooperating
ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ASVINI FOUNDATIONS: CRISIL Keeps D Rating in Not Cooperating

ATHARV TECHNOLOGIES: CRISIL Keeps B Ratings in Not Cooperating
AVIS PROJECTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BAIJNATH SCRAP: CRISIL Keeps B- Debt Rating in Not Cooperating
BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating

BALAJI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
BAVA INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
BEEKAY TEX: CRISIL Keeps B Debt Ratings in Not Cooperating

BELLA AND BRAT: CRISIL Keeps B Debt Ratings in Not Cooperating
BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE MOUNTAIN: CRISIL Keeps B- Debt Rating in Not Cooperating
BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
CH.GOWRI SHANKAR: Ind-Ra Moves BB+ Rating to NonCooperating
COFFEE DAY: NCLT Orders Insolvency Proceedings vs. Company

DASHMESH WEAVING: Ind-Ra Withdraws BB Bank Loan Rating
EIGHT LIONS: Ind-Ra Moves B- Rating to NonCooperating
GITA GINNING: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
GRACE SUPPLIERS: Ind-Ra Moves BB Rating to NonCooperating
JHARKHAND ROAD: Ind-Ra Affirms D NonConvertible Debts Rating

KERALA INFRASTRUCTURE: S&P Withdraws 'BB-/B' Issuer Credit Ratings
NIKI RESORTS: Ind-Ra Hikes Bank Rating to BB+, Outlook Stable
NIRMAL LIFESTYLE: Approves Oberoi Realty Arm's Resolution Plan
RELIANCE CAPITAL: NCLT Urges RBI, DIPP to Speed Up Plan Approvals
RIYA IMPEX: Ind-Ra Moves B+ Rating to NonCooperating

RRR CONSTRUCTIONS: Ind-Ra Moves BB Loan Rating to NonCooperating
SAMRIDDHI TRADERS: Ind-Ra Moves B+ Loan Rating to NonCooperating
SBT SPINTEX: Ind-Ra Withdraws BB+ Bank Loan Rating
SHAH STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
SHYAM SHAKTI: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable

SOORAJ AGRO: Ind-Ra Moves BB- Rating to NonCooperating
SUPERIOR FILMS: Ind-Ra Moves B+ Rating to NonCooperating
SUSHEE ARUNACHAL: Ind-Ra Hikes Term Loan Rating to BB+
VELAMMAL EDUCATIONAL: Ind-Ra Withdraws D Bank Loan Rating
VIKRANT FORGE: Ind-Ra Cuts Bank Rating to B-



I N D O N E S I A

TITAN INFRA: $20MM Bank Debt Trades at 16% Discount
TITAN INFRA: $430MM Bank Debt Trades at 16% Discount


N E W   Z E A L A N D

EASTPAC CORP: Court to Hear Wind-Up Petition on Aug. 30
FRANKLIN PLUMBERS: Creditors' Proofs of Debt Due on Sept. 2
PACIFIC PESO: Creditors' Proofs of Debt Due on Sept. 1
SHORE STYLES: Court to Hear Wind-Up Petition on Aug. 16
VENETIAN PLASTER: Creditors' Proofs of Debt Due on Sept. 5



S I N G A P O R E

ASIA PACIFIC: Commences Wind-Up Proceedings
DIAMON' TIF: Court Enters Wind-Up Order
GAZELLE VENTURES: Court to Hear Wind-Up Petition on Aug. 16
SYCNIFIC PTE: Court Enters Wind-Up Order
TRATTORIA CAPRI: Court Enters Wind-Up Order



X X X X X X X X

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

                           - - - - -


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

CHINESE GOURMET: Second Creditors' Meeting Set for Aug. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Chinese Gourmet
Express Pty. Ltd. has been set for Aug. 16, 2024 at 10:30 a.m. at
the offices of Merchants Advisory at Level 15, 175 Pitt Street in
Sydney and via electronic means.

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

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

Louisa Sijabat of Merchants Advisory was appointed as administrator
of the company on July 16, 2024.


MANLY 1: Second Creditors' Meeting Set for Aug. 19
--------------------------------------------------
A second meeting of creditors in the proceedings of Manly 1 Pty Ltd
has been set for Aug. 19, 2024 at 10:30 a.m. via virtual meeting
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 18, 2024 at 4:00 p.m.

Christopher Damien Darin and Joanne Monica Keating of Worrells were
appointed as administrators of the company on July 15, 2024.


MELBOURNE STAR: Second Creditors' Meeting Set for Aug. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of Melbourne Star
Chauffeurs Pty Ltd has been set for Aug. 20, 2024 at 11:30 a.m. via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 19, 2024 at 12:00 p.m.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on July 30, 2024.


NEW LOOK: Second Creditors' Meeting Set for Aug. 16
---------------------------------------------------
A second meeting of creditors in the proceedings of New Look Civil
Pty Ltd has been set for Aug. 16, 2024 at 10:00 a.m. via
videoconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 15, 2024 at 5:00 p.m.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on July 15, 2024.


REDZED TRUST 2024-2: Fitch Assigns B+(EXP)sf Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to RedZed Trust Series
2024-2's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited.

The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of RedZed Trust Series 2024-2. This is a
separate and distinct series created under a master trust deed.

   Entity/Debt       Rating           
   -----------       ------           
RedZed Trust
Series 2024-2

   A             LT AAA(EXP)sf Expected Rating
   B             LT AA(EXP)sf  Expected Rating
   C             LT A(EXP)sf   Expected Rating
   D             LT BBB(EXP)sf Expected Rating
   E             LT BB(EXP)sf  Expected Rating
   F             LT B+(EXP)sf  Expected Rating
   G1            LT NR(EXP)sf  Expected Rating
   G2            LT NR(EXP)sf  Expected Rating

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 18.6% is driven by the
weighted-average (WA) unindexed loan/value ratio (LVR) of 66.5%,
low documentation loans of 92.5% and, under Fitch's methodology,
non-conforming, self-employed and investment loans of 11.8%, 96.4%
and 44.1%, respectively.

The 'AAAsf' WA recovery rate (WARR) of 56.1% is driven by the
portfolio's WA indexed scheduled LVR of 64.5%. The 'AAAsf'
portfolio loss of 8.1% is higher than the previous 100% residential
transaction, RedZed Trust Series 2023-3, due primarily to a higher
WA 'AAAsf' market value decline and more loans with a current LVR
greater than or equal to 80%.

The class A, B, C, D, E and F notes benefit from credit enhancement
of 8.5%, 5.8%, 3.6%, 2.2%, 1.4% and 0.3%, respectively. The notes
also benefit from excess spread, which forms part of the credit
enhancement available to each note. The transaction has structural
features that include retention and amortisation amounts that
redirect available excess income not used to reimburse losses to
repay note principal balances.

Limited Liquidity Risk: The transaction benefits from a liquidity
facility sized at 1.5% of the invested note balance (excluding
class G), with a floor of AUD600,000; this is sufficient to
mitigate payment interruption risk.

Low Operational and Servicing Risk: RedZed, established in 2006, is
an experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with market standards.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
for the year ending March 2024 was 1.1% and unemployment was 4.1%
in June 2024. Fitch projects GDP growth of 1.2% and a slight
increase in unemployment to 4.2% in 2024. This reflects Fitch's
expectation that the effects of restrictive monetary policy and
persistent inflation will continue to hinder domestic demand.

RATING SENSITIVITIES

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

A deterioration in economic fundamentals and consumers' financial
positions in Australia beyond Fitch's expectations, where available
credit enhancement cannot compensate for the higher credit losses
and cash flow stresses, all else being equal.

Downgrade Sensitivities:

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WA recovery rate - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: A / B / C / D / E / F

Expected Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AA+sf / A+sf / A-sf / BBBsf / BBsf /
B+sf

Increase defaults by 30%: AAsf / A+sf / A-sf / BBBsf / BBsf / B+sf

Reduce recoveries by 15%: AAAsf / AA-sf / Asf / BBBsf / BBsf /
B+sf

Reduce recoveries by 30%: AAAsf / AA-sf / Asf / BBBsf / BBsf /
B+sf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf
/ A-sf / BBBsf / BBsf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AAsf / A+sf
/ A-sf / BBBsf / BBsf / B+sf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade Sensitivities

The class A notes are at 'AAA(EXP)sf', which is the highest level
on Fitch's scale. The ratings cannot be upgraded and upgrade
sensitivity scenarios are not relevant. The ratings of the class D,
E and F notes are constrained at their current ratings by the large
obligor concentration test. Prepayments to the loans with the
largest obligor exposure, which result in the notes passing Fitch's
concentration test, could lead to positive rating action for the
notes, all else being equal.

Sensitivity stress results for the remaining rated notes are as
follows:

Notes: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBBsf / BBsf / B+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

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.


RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on Cl. E Notes to Ba1
-------------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by RESIMAC Bastille Trust in respect of the RESIMAC Series
2023-2NC.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series
2023-2NC

Class B Notes, Upgraded to Aaa (sf); previously on Sep 29, 2023
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Sep 29, 2023
Definitive Rating Assigned Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Sep 29, 2023
Definitive Rating Assigned A3 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Sep 29, 2023
Definitive Rating Assigned Ba2 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available to the affected notes and (2) the collateral performance
to date.

No actions were taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.

Following the July 2024 payment date, credit enhancement available
for the Class B, Class C, Class D and Class E Notes has increased
to 9.2%, 7.1%, 4.5% and 2.3% respectively, from 6.4%, 4.9%, 3.1%
and 1.6% at closing. Principal collections have been distributed on
a sequential basis starting from the Class A1, Class A2 and Class
A3 Notes (together, the Class A Notes). Current outstanding pool
balance as a percentage of the closing pool balance is 66.7%.

As of June 2024, 3.9% of the outstanding pool was 30-plus day
delinquent and 1.2% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption at 1.2% of
the original pool balance (equivalent to 1.7% of the outstanding
pool balance) and Moody's MILAN CE assumption at 7.6%.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated by Resimac Limited, an
Australian non-bank mortgage lender. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

Please note that a Request for Comment was published in which
Moody's requested market feedback on potential revisions to one or
more of the methodologies used in determining these Credit Ratings.
If the revised methodologies are implemented as proposed, it is not
currently expected that the Credit Ratings referenced in this press
release will be affected.

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

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

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


REX AIRLINES: Pilot Shortage, Supply Chain Woes Lead to Collapse
----------------------------------------------------------------
ABC News reports that administrators for collapsed regional carrier
Rex Airlines said a shortage of pilots, supply chain issues and
flights not being flown at capacity led to the company accruing
more than AUD500 million in debt.

Rex was placed into voluntary administration at the end of July
after days of speculation about the airline's future when it was
placed into a trading halt on the Australian Securities Exchange
(ASX).

To date, around 600 staff with the airline have been sacked, with
the majority from its capital city routes.

On Aug. 8, administrators from consultancy firm Ernst and Young
(EY) told the first creditors meeting that the company Rex Airlines
owes money to 4,800 creditors - including former staff, suppliers
and other agencies - and it could take months before they were paid
what they were owed, according to the ABC.

ABC News says the airline's regional business is unaffected by the
administration process and continues to operate flights across
rural and regional Australia.

While it is still too early for administrators to conclusively
determine what caused the airline to collapse, there have been
three main factors contributing to its substantial debt.

"Our investigations are ongoing there . . . but some preliminary
observations are very much around the access to pilots, supply
chain issues around engine parts in particular, and also the load
factors on the 737 city domestic trunk route services,"
administrator Sam Freeman told The Business.

Administrators for beleaguered regional airline Rex said the
company is half a billion dollars in debt, the ABC relays.

Rex first announced its expansion into capital city routes in 2020,
before securing AUD150 million from private equity firm PAG to help
fund the business, serviced by a fleet of up to 10 Boeing 737s.

Current and former employees of Rex have previously told the ABC
that the 737s were often flown at less than half of their capacity,
with some flights still operating with as few as 10 passengers on
board.

Before entering administration, Rex has previously blamed pilot
shortages for scaling back its services. Its submission to the
federal government's Aviation Green Paper last year stated the
airline had fallen prey to "pilot poaching", with the "vast
majority" of its pilots being poached by Qantas and "to a lesser
extent, Virgin".

Asked whether the airline had been trading while insolvent,
Mr. Freeman said administrators had not yet reached a conclusion.

"The administrators will be conducting investigations over the next
few weeks that will include looking at the date from which the
company might have become insolvent, and also if there is an
insolvent trading claim," the ABC quotes Mr. Freeman as saying.

"That will be reported to creditors in our second report ahead of
the meeting where they can determine the future of the company."

A sales process for Rex began Aug. 2, and Mr. Freeman said
administrators were confident that a buyer would be found.

"There has been a really significant amount of buyers reaching out
since day one of the administration," he said.

"We've been really impressed with the interest, and many of whom
are already engaged and getting access to the data room, and we
expect there'll be a lot more activity there in the coming weeks."

Mr. Freeman declined to comment on speculation that private equity
firm PAG was among the interested parties, the ABC relays.

"In a sales process, people become party to non-disclosure
agreements while we walk through that . . . so we can't, at this
stage, describe the individuals or groups that are involved," he
said.

Mr. Freeman said he expected the second creditors meeting to be
held in the first week of September, the ABC adds.

                         About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


RIVERINA SOLAR: First Creditors' Meeting Set for Aug. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Riverina
Solar Pty Ltd will be held on Aug. 20, 2024 at 4:00 p.m. via
virtual meeting technology - Microsoft Teams.

Simon John Cathro and David Mark Mutton of Cathro & Partners were
appointed as administrators of the company on Aug. 8, 2024.




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

GUANGZHOU R&F: Unit Misses US$147 Million Interest Payments
-----------------------------------------------------------
The Standard reports that Guangzhou R&F Properties said that a
subsidiary did not pay interest totaling US$147 million when the
grace period ended on Aug. 11 due to liquidity pressures.

The Standard says the developer warned that the non-payment may
lead to the noteholders demanding for acceleration of repayment.

According to a filing, R&F said Easy Tactic, one of its
subsidiaries, should have paid interests of US$33.6 million under
the notes due 2025, US$62.46 million under the 2027 notes, and
US$51.06 million under the 2028 notes before the one-month grace
period expired on Aug. 11.

But the company made no payments due to liquidity stress, as the
property market is yet to recover and the growth in the home sales
among developers is slow, the Chinese developer said.

According to the Standard, R&F underlined that its business
operations remain normal and will continue to strive to ensure the
delivery of properties.

The developer remains "hopeful" that the real estate market in
mainland China will gradually recover with Beijing's supportive
measures, the Standard adds.

                          About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific in late
April 2023, Fitch Ratings has affirmed the Long-Term
Foreign-Currency Issuer Default Ratings (IDR) on Guangzhou R&F
Properties Co. Ltd. and its subsidiary, R&F Properties (HK) Company
Limited (RFHK), at 'RD' (Restricted Default). It has also affirmed
RFHK's senior unsecured rating and the rating on the
RFHK-guaranteed notes issued by Easy Tactic Limited at 'C', with
the Recovery Ratings of 'RR5'.

At the same time, Fitch has chosen to withdraw the ratings on
Guangzhou R&F and RFHK for commercial reasons.


KAISA GROUP: Liquidation Hearing Adjourned by Hong Kong Court
-------------------------------------------------------------
Reuters reports that a Hong Kong court on Aug. 12 adjourned a
hearing into a petition seeking liquidation of Kaisa Group until
Sept. 9, giving the embattled Chinese developer more time to reach
agreement with some bondholders on its debt restructuring plan.

Reuters relates that Kaisa senior adviser LL Tam said outside the
court the company was finalising documents for a restructuring
agreement with bondholders that it hoped would be settled in less
than a month.

According to Reuters, Citicorp International, the trustee of a
major group of bondholders, has been acting as petitioner since
March after a former petitioner withdrew. The petitioner did not
object to the adjournment request in the Hong Kong court on Aug.
12.

The matter before the court concerns the non-payment of 2023 notes
with an outstanding principal of $750 million, Reuters adds.

                          About Kaisa Group

Kaisa Group Holdings Limited is an integrated real estate company.
The Group focuses on urban development and operation. Kaisa Group's
real estate business covers the planning, development and operation
of large-scale residential properties and integrated commercial
properties.

As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Kaisa Group said on July 10 a winding-up petition has been
filed against it in a Hong Kong court in relation to CNY170 million
(US$23.50 million) non-payments on onshore bonds.

According to Reuters, Kaisa said the petition was filed by Broad
Peak Investment Pte Advisers Ltd at the Hong Kong High Court on
July 6, and the issuer of the yuan bonds is its wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.

Kaisa has been working on a debt restructuring for two years after
defaulting its $12 billion of offshore debt in late 2021, Reuters
said.


LOGAN GROUP: Uses Hong Kong Project to Refinance Loan
-----------------------------------------------------
South China Morning Post reports that two cash-strapped mainland
Chinese developers have secured a private loan to refinance a US$1
billion facility using a luxury property in Hong Kong as
collateral, according to people familiar with the matter.

Logan Group and KWG Group Holdings signed the US$1.05 billion
refinancing deal with a group of investors over the weekend,
according to sources who requested anonymity, the Post relays. The
private loan, which has a tenor of 30 months and two six-month
extension options, was arranged by JPMorgan Chase ahead of the
loan's maturity on August 25, the sources added.

Dignari Capital Partners (HK), Davidson Kempner Capital Management,
RRJ Capital, Pacific Investment Management and Deutsche Bank
contributed to the lending facility backed by The Corniche joint
venture property project, according to the sources.

"This now looks like a bridging loan since the interest rate is 13
per cent," the Post quotes Will Chu, senior research analyst for
Hong Kong and China property at CGS International Securities, as
saying. Lenders are willing to refinance the loan as the developers
have taken action to lower the average selling price and sell some
units, he added.

The says the developers declined to comment on the breakdown of the
loan, but Bloomberg reported Davidson Kempner Capital and Dignari
Capital each provided US$250 million. RRJ Capital and Deutsche Bank
each extended US$200 million, while Pacific Investment provided
US$150 million.

The size of the new borrowing facility was smaller than the
original HK$10.2 billion (US$1.3 billion) after both developers
paid down some of the debt, according to one of the sources.

The original loan was extended by a group of banks including HSBC,
Standard Chartered and Industrial and Commercial Bank of China
(Asia) to finance the construction of The Corniche in 2021. The
facility has around HK$8.5 billion in outstanding principal and
interest, the source, as cited by the Post, said.

The Corniche is a luxury development in Ap Lei Chau. Sales of units
in the project started in early 2023, with only 31 of the 295 units
sold so far, according to the official government website for
first-hand residential property.

The Corniche has been favoured by cash-rich mainland Chinese buyers
after the Hong Kong government removed all property cooling
measures in February, according to property agents.

Logan, which is undergoing a restructuring, said in January that it
was counting on revenue from The Corniche to help repay its
creditors, the Post recalls. However, a slump in Hong Kong's
property market has pushed down the prices of units in the project
by as much as 40 per cent. The Corniche loan is not included in the
restructuring.

Logan has more than 150 projects in progress across China. As of
December 31, the outstanding principal of Logan's US dollar senior
notes and Hong Kong dollar-denominated equity-linked securities
amounted to US$3.6 billion, and the aggregate unpaid relevant
interest amounted to US$368 million, the Post discloses citing
Logan's 2023 annual report.

Defaulting on the loan would mean creditors could seize the
project, which in turn would put the company's restructuring plan
in jeopardy, the Post states.

KWG Group had a total of 163 projects in 43 mainland cities and
Hong Kong as of December 2023, the Post discloses. The company said
that it was working with creditors on debt restructuring issues and
seeking a comprehensive solution to the offshore debts to ensure
the sustainable operation of the company.

"We will endeavour to complete the restructuring plan as soon as
possible," KWG said in its 2023 annual report.

Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.


SHIMAO GROUP: Court Adjourns Liquidation Petition to Dec. 16
------------------------------------------------------------
Reuters reports that Shimao Group said on Aug. 8 a Hong Kong court
had adjourned a winding up petition against the company to Dec. 16,
allowing Shimao more time to work with creditors on a revised
restructuring proposal.

Since the Chinese property sector plunged into a debt crisis in
2021, numerous developers, including major players like China
Evergrande Group, have been hit with liquidation lawsuits from
creditors, with some firms already ordered to dissolve.

According to Reuters, the high court has postponed the liquidation
petition against Shimao for the third time, following previous
adjournments on July 31 and June 26 this year.

The petition was filed in April by China Construction Bank (Asia)
over non-repayments of about $200 million worth of loans, Reuters
notes.

Shimao, a property developer based in Shanghai, failed to meet its
offshore debt obligations totaling $11.5 billion in 2022.

In response to creditors' opposition to its initial restructuring
plan presented in March, the company recently released an improved
version of the proposal, according to Reuters.

These terms aim to gain more support from the creditors for the
company's debt restructuring efforts.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific in July
2022, Shimao Group has missed the interest and principal payment of
a US$1 billion offshore bond due on July 3, 2022.


ZHAOJIN MINING: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Zhaojin Mining Industry
Company Limited's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'. The Outlook is Stable.

Zhaojin Mining's ratings are derived from Fitch's internal
assessment of the consolidated credit profile of its immediate
parent, Zhaojin Group Company Limited, under its Parent and
Subsidiary Linkage Rating Criteria based on high strategic and
operational incentives for parent to support the subsidiary.
Zhaojin Group is effectively 90% owned by China's Zhaoyuan
municipality and Fitch assesses its creditworthiness based on its
Government-Related Entities Rating Criteria.

The Stable Outlook reflects its expectation that Zhaojin Mining's
operations will be sustainable with continued operational and
management support from Zhaojin Group.

Key Rating Drivers

Parent's Strong State Linkage: Fitch assesses Zhaojin Group's
decision-making and oversight as 'Strong' as the group is 90% owned
by the Zhaoyuan government with 10% by the Shandong government, and
management of the group is appointed by the Zhaoyuan government and
subject to government supervision. However, Fitch assesses support
precedents as 'Not Strong Enough' as the regular financial support
from the government is inadequate.

'Strong' Support Incentive and Contagion Risk: Fitch assesses the
government's incentive to provide support as 'Strong'. The group is
Zhaoyuan's largest state-owned entity. Zhaojin Group is the largest
gold producer in a city where gold is a major economic contributor,
and accounts for over 60% of Zhaoyuan's gold processing capacity
and its entire gold refining capacity.

Fitch assesses the contagion risk following a default by the group
as 'Very Strong' as Fitch believes Zhaojin Group is seen as a
reference issuer of the government in the financing market. The
group accounts for around 60% of total assets, 80% of total debt
and contributes close to 60% of total revenue of the municipality's
enterprises in 2023. Zhaojin Group is also the city's major debt
issuer with public listed subsidiaries, its default could
significantly disrupt the ability of other regional GREs to raise
funds in the capital markets.

'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 34.74% owned
by Zhaojin Group and holds most of the group's core mining assets.
It is also one of the group's two publicly listed subsidiaries.
Zhaojin Mining accounted for over 90% of Zhaojin Group's EBITDA in
2023. Fitch believes Zhaojin Group has a 'High' operational and
strategic incentive to support Zhaojin Mining, despite a 'Low'
legal incentive due to the lack of debt guarantees from the parent,
as a group guarantee has so far not been required for Zhaojin
Mining's financing activity.

Acquisitions Drive Growth: Recent acquisitions in 2024 aid Zhaojin
Mining's expansion outside of China, in line with its long-term
"Double H" strategy of "half in China, half outside China" resource
allocation. The acquisitions are likely to increase annual gold
output by around 5 tonnes. Fitch does not expect aggressive M&A
activities in 2024-2027 as management indicated a cautious attitude
towards acquisitions. Fitch will evaluate any larger-than-expected
debt-funded investment as event-driven risk, to assess the effects
on Zhaojin Mining's financial flexibility and credit profile.

Strong Profitability, High Capex: Fitch expects Zhaojin Mining to
maintain EBITDA margin over 37% in 2024-2027. The company's strong
profitability stems from its high-quality assets, which are in the
lower quartiles on the global cost curve. Zhaojin Mining's EBITDA
margin was over 30% in the past few years despite cycles of high
electricity and mining costs. However, Fitch expects the company to
generate negative free cash flow over the forecast period due to
large capex requirements for the Haiyu gold mine development.

High Leverage, Comfortable Coverage: Zhaojin Mining's 'b+'
Standalone Credit Profile is constrained by its high leverage. Net
leverage, measured by total net debt with equity credit/operating
EBITDA, dropped to 7.5x in 2023, from 8.8x in 2022. Fitch expects
net leverage to fall to below 7.0x in the medium term but remain
above 6.0x on average in 2024-2027. However, EBITDA interest
coverage remained healthy at 3.2x in 2023 (2022: 2.6x) and Fitch
expects it to remain above 3.0x for 2024-2027, supported by low
funding costs.

The elevated leverage is mainly driven by large capex for the Haiyu
gold mine. The company's expectation that the mine will start
production in 2025 means capex requirements should drop from 2026,
helping the company deleverage in the longer term.

Derivation Summary

Zhaojin Mining's rating is derived from the credit profile of
Zhaojin Group, based on strong linkage between the two entities
under Fitch's Parent and Subsidiary Linkage Rating Criteria.
Zhaojin Group's profile is notched from Fitch's internal assessment
of the Zhaoyuan municipality's credit profile under its
Government-Related Entities Rating Criteria due to the high
likelihood of support from the local government.

Zhaojin Group's relationship with its parent is similar to that of
steel producer HBIS Group Co., Ltd. (BBB+/Stable) with the Hebei
State-owned Assets Supervision and Administration Commission
(SASAC). HBIS is the largest state-owned enterprise under the Hebei
SASAC, accounting for 30%-40% of total assets. Steel is a major
economic driver for Hebei province, similar to gold's importance to
Zhaoyuan, where Zhaojin Group is the largest gold miner.

Key Assumptions

Fitch's Key Assumptions within Its Rating Case for the Issuer

- Revenue to grow by CAGR in the mid-teen percentages in 2024-2027
as a result of acquisitions and Haiyu mine ramp up;

- EBITDA margin of over 37% in 2024-2027, supported by increasing
volume and its low-cost position;

- Capex to average CNY2.5 billion a year from 2024 to 2026, with
the majority for investment in the Haiyu mine development.

RATING SENSITIVITIES

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

- An upward revision in Fitch's internal assessment of the
creditworthiness of Zhaoyuan

- Increase in the likelihood of support from the Zhaoyuan
government

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

- A downward revision in Fitch's internal assessment of the
creditworthiness of Zhaoyuan

- Weakening likelihood of support from the Zhaoyuan government

- Weakening linkages between Zhaojin Mining and Zhaojin Group

Liquidity and Debt Structure

Adequate Liquidity: Zhaojin Mining had around CNY23 billion in
unused credit facilities and CNY2.9 billion in cash as of end-2023,
against around CNY9 billion in short-term debt. The credit
facilities are uncommitted, but Fitch believes they are adequate,
as committed facilities are uncommon in China.

Zhaojin Mining's cash to short-term debt ratio has been low for the
past four years. However, the company was able to continuously
refinance its short-term debt and had sufficient unused credit
facilities. Chinese state-owned enterprises generally rely heavily
on short-term financing due to their cheaper funding costs.
Therefore, Fitch believes the company's liquidity is adequate.
Zhaojin Mining also has access to offshore equity markets and
domestic and offshore bond markets, and maintains satisfactory
relationships with major domestic financial institutions.

Issuer Profile

Zhaojin Mining is the largest gold miner in the city of Zhaoyuan in
the east of Shandong province. It is mainly engaged in the
exploration, mining, processing, smelting and sale of gold.

Public Ratings with Credit Linkage to other ratings

Zhaojin Mining's ratings are derived from its internal assessment
of the consolidated credit profile of its immediate parent, Zhaojin
Group, under its Parent and Subsidiary Linkage Rating Criteria.

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
   -----------                   ------           -----
Zhaojin Mining Industry
Company Limited            LT IDR BB+ Affirmed    BB+

   senior unsecured        LT     BB+ Affirmed    BB+




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

AATASH POWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aatash Power
Private Limited (APPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     8.79       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             19.21       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with APPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, APPL is promoted by the Ahmedabad
(Gujarat)-based Mr Jinofer Bhujwala and family. The company is a
special-purpose vehicle set up by the Aatash group for generation
of solar power. It has installed a 5-megawatt solar plant in
Sabarkantha (Gujarat).


AI INSTRUMENTS: Ind-Ra Moves BB Rating to NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
AI Instruments 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:

-- INR409 mil. Term Loan migrated to non-cooperating category
     with IND BB/Stable (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR80 mil. Proposed Fund Based Working Capital Limit migrated
     to non-cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Proposed 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 co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with AI Instruments Pvt. Ltd.
over emails starting from May 31, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of AI Instruments Pvt. Ltd.
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect AI Instruments Pvt. Ltd.'s credit
strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. The agency may also consider this as symptomatic
of a possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated on January 14, 2013, Nagpur-based AIIPL is setting up
a cotton yarn spinning unit with an installed capacity of 14,592
Spindles. The company was incorporated with the purpose of trading
hardware and software, and other consultancy services.
Subsequently, it began executing electrical turnkey projects, which
were completed by March 2022. Yashraj Mulak and Manish Vaidya are
the promoters.


AKASH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Rice
and Agro Industries Private Limited (ARAIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Term Loan              5.68      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ARAIPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

ARAIPL, incorporated in 2013, is setting up a parboiled rice mill
unit for manufacturing of raw rice and parboiled rice in East
Champaran district, Bihar with capacity of 6 tonnes per hour. The
company is promoted by Mr. Panna Lal Sah and Mr Bhupendra Sah.


ANMOL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Anmol Steel
Processors Private Limited (ASPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing      10         CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing      40         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       75         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ASPPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

ASPPL, incorporated in 1994, is promoted and managed by Mr Dinesh
Shah and his sons, Mr Amar Shah and Mr Paras Shah. The company
processes and trades in hot- and cold-rolled coils, galvanised
coils, and other steel products. It is an authorised distributor
for JSW Steel Ltd, which accounts for 40% of total purchases. Its
processing facility is at Navi Mumbai, Maharashtra.


ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anubandana
Infratech Private Limited (AIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 and promoted by Mr. K Sridhar, AIPL constructs
and sells residential apartments in Karnataka and Andhra Pradesh.


AP INC: CRISIL Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the rating on bank facilities of AP Inc Lic (APIL)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              26        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with APIL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

APIL was established as a partnership firm by Mr. Ashok Saxena and
Met Brass Plasssim India Limited (a unit of the MMG group) in
September 2006. The firm operates a 4 star hotel under the name
'Fortune Landmark' in Ahmedabad.


ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archeesh
Health Care Private Limited (AHCPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-         1         CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with AHCPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in October, 2015 as a private limited company, AHCPL
is setting up a manufacturing unit for cosmetic and Ayurveda
product. Based in Hyderabad, Telangana it is a manufacturer of
Herbal Skin Care, Personal Care Products and Baby Care products,
and permanent supplier of 'The Himalaya Drug Company'. The company
is promoted by Mr. Santosh Kumar Kokku who has 10 years of
extensive industry experience.


ARIHANT GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arihant Gems
and Jewelleries Private Limited (AGJPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          15.35       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.15       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with AGJPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in September 2005 and promoted by Mr. Tejpal Shah, Mr.
Kanahayalal Shah, and Mr. Mahavir Shah (joined in 2009), AGJPL
manufactures gold and diamond-studded ornaments under the MOH
brand. It has two retail showrooms and a manufacturing facility in
Surat.


ARIHANT SYNCOTEX: Ind-Ra Moves BB Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Arihant Syncotex Mills 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 action is:

-- INR400 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Arihant Syncotex Mills
Pvt. Ltd. over emails starting from May 31, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Arihant Syncotex Mills
Pvt. Ltd. on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Arihant Syncotex Mills Pvt.
Ltd.'s credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 2008, ASMPL manufactures greige cloth at its
facility at  Ichalkaranji in Kolhapur (Maharashtra). The company
weaves fabrics from yarn, which are ultimately used to manufacture
cloth for suiting and shirting. The company is part of Arihant
Group which is owned by the Lalwani family. Manakchand Lalwani,
Arun Kumar Lalwani, Vivek Kumar Lalwani, Sushila Devi Lalwani,
Dimple Lalwani and Kavita Lalwani are the  promoters.


ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Arnav Technosoft
Private Limited (ATPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      2.47        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan              11.03        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with ATPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building.
ATPL is part of the SDS group which is engaged into real estate
construction spanning group housing projects, integrated townships,
commercial space, and information technology park in Noida and
Greater Noida regions of Uttar Pradesh. The group is headed by Mr
Deepak Bansal and Mrs Anshul Bansal.


ARSHAD CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arshad Cashew
Industry (ACI) continue to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.95        CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term      5.55        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with ACI for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

ACI is a partnership firm of Mr Ruknuddin Mohammad Ibrahim and his
wife Ms Nadima Misbah. It was started as a proprietorship concern
in December 2011 and was reconstituted as a partnership firm in
October 2015. The firm processes and sells cashew kernels.

ASHA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asha
Enterprises (AE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              8          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AE for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Asha, incorporated in 2015 by Mr. Bineet Somani is setting-up a 40
key three star hotel at Sevoke Road, Bhaktinagar in Siliguri, West
Bengal. The firm is proposing to start its commercial operations by
April, 2017. Mr. Kedar Somani (father), Mrs. Asha Somani (mother)
and Mr. Amit Somani (brother) are the other partners of the firm.


ASSAM BENGAL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Assam Bengal
Navigation Company Private Limited (ABNCPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      1.2        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               6.3        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan               3.8        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ABNCPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

ABNCPL started operations by leasing of a vessel named MV
Charaidew, from the government of Assam for 20 years, in 2002. This
vessel was renovated into a luxury boat with 14 rooms, and a cruise
service was offered from November 2003, on the Guwahati to Jorhat
route via Kaziranga. The company has also leased a building from
the government of Assam, near the Manas National Park, and has
converted it into a lodge of 16 rooms, presently known as Bansbari
Lodge. The company now operates four cruises, ABN Rajmahal, ABN
Sukapha, ABN Charaidew and ABN Charaidew 2.


ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Astha Beej
Company Private Limited (ABC) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.81       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line          0.35       CRISIL B+/Stable (Issuer Not
   of Credit                        Cooperating)

   Term Loan             1.34       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ABC for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established on July 26, 1999, (production began from 2005) by Mr. D
K Goel, ABC supplies certified, foundation, and research wheat and
paddy seeds. Operations are managed by Mr. D K Goel, Mr. S K Goel,
and Ms. Ruchin Goel.


ASVINI FOUNDATIONS: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Asvini Foundations
Private Limited (Asvini) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         15         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Asvini for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a private limited company in 2006, Asvini is involved in
the construction and sale of residential apartments in Tamil Nadu.
The firm is promoted by Mr. Sivagurunathan along with his friends
and family.


ATHARV TECHNOLOGIES: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atharv
Technologies (AT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Term Loan             4          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AT for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of AT, Pam Tech (PT) and Appu
International (AI), collectively referred to as the Appu group.
This is because all three entities have common
management/promoters, and are in the same business.

                          About the Group

AT, set up in 2015 at Ludhiana (Punjab), manufactures bicycle parts
such as welded frame, welded fork, braised frame and braised fork.
The facility has installed capacity of manufacturing 3,000 frames
and 2,000 forks per day. Mr Padam Kumar Aul, Ms Meenu Aul, and Mr
Abhay Aul are the promoters.

PT, formed in 2015 at Ludhiana (Punjab), manufactures bicycle parts
such as welded frame, welded fork, braised frame and braised fork.
The facility has installed capacity of manufacturing 5,000 frames
and 5000 forks per day. Mr Abhay Aul is the promoter.

AI, started in 1992 at Ludhiana (Punjab), manufactures bicycle
parts such as welded frame, welded fork, braised frame and braised
fork. Ms Meenu Aul is the promoter.


AVIS PROJECTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of APIPL
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.41        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Working Capital      1.09        CRISIL B+/Stable (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with APIPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013 and located in Pune, Maharashtra, APIPL is
owned and managed by Mr Niranjan Vijay Kulkarni. It undertakes
civil construction works, such as construction of sugar factory and
co-generation unit.


BAIJNATH SCRAP: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Baijnath Scrap Centre
(BSC) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          6          CRISIL B-/Stable (ISSUER NOT
   Overdraft facility               COOPERATING)

CRISIL Ratings has been consistently following up with BSC for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BSC was set up as a sole proprietorship firm, by the promoter, Mr
Baijnath Aggarwal, in 1984. Operations are managed by his son, Mr
Kartikey Aggarwal. The Agra-based firm trades in iron casting and
scrap, and caters to local customers.


BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajaj Agro
Industries (BAI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.51        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BAI for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2011, Kurud (Chhattisgarh)-based BAI, a proprietorship
firm of Mr Naresh Kumar Bajaj, is engaged in the processing and
domestic sale of basmati rice. Its unit, with capacity to process 4
lakh quintal of paddy per annum, is currently utilised at 75-80%.


BALAJI AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Agrotech Industries (BAI) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash
   Credit Limit           6          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Term Loan     7.93       CRISIL B+/Stable (Issuer Not
                                     Cooperating)


CRISIL Ratings has been consistently following up with BAI for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BAI, established in 2009, mills rice at its unit, which has a
capacity of 8 tph, in Ranchi, Jharkhand. It is setting up an
additional unit for manufacturing of raw and parboiled rice with a
capacity of 10 tph adjacent to the existing one.


BALAJI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Enterprises (Pondy) Private Limited (BEPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         0.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BEPPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1997 and based in Puducherry, BEPPL is an exclusive
distributor of IMFL and beer manufactured by the UB group. The
company has also started manufacturing IMFL brands of the UB group
in FY2018. The company is promoted by Mrs. A Sumalini Reddy and its
day-to-day operations are managed by Mr. Kasinathan and Mr. Chandra
Mohan.


BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balaji Roller
Flour Mills - Vizianagaram (BRFM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BRFM for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2004 as a partnership firm, BRFM operates a wheat
flour mill. The manufacturing facility is in Vizianagaram, Andhra
Pradesh. Mr Chandrakant Rathi, Mr M Rao Mr A Nagesh, and Mr T
Saptagiri are the partners.


BAVA INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bava
Infrastructure Developers Private Limited (BIDPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Overdraft Facility     11          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Overdraft
   Facility                5          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with BIDPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BIDPL was incorporated in 2009.Based out of Mangalore, Karnataka,
the company is engaged in civil construction works. BIDPL is owned
& managed by Mr.Moideen Bava, Mr.Mahsoof Ahmed and Ms.Nageena
Moideen Bava.


BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beehive
Educational Society (BES) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

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

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

   Term Loan              6.5       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BES for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.


BEEKAY TEX: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BT continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              4.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BT for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
financial and business risk profiles of BT and Adarsh Knitting
Industries (AKI). That's because the two entities, together
referred to as the Beekay group, have the same promoters, are in
the same line of business, and have common products, customers, and
suppliers.

BT, setup in 1978 and AKI setup in 1984, are partnership firms of
Mr L K Bhandari and his two sons, Mr Rajeev Bhandari and Mr Raman
Bhandari. The firms manufacture synthetic grey knitted fabrics at
their facilities in Tarapur and Palghar, both in Maharashtra.


BELLA AND BRAT: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bella and
Brat (BB) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4         CRISIL B/Stable (Issuer Not
                                   Cooperating)

   Long Term Loan        3         CRISIL B/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with BB for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership firm by Mr Ankur Agarwal and Ms Namrata
Agarwal in fiscal 2015, BB manufactures garments for kids under the
Bella & Brat and Little Monster brands.


BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bella Jewelry
Private Limited (BJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           7.5        CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Proposed Short         2.49       CRISIL D (Issuer Not
   Term Bank                         Cooperating)
   Loan Facility          

CRISIL Ratings has been consistently following up with BJPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr.
Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as
a private limited company with the current name in 2007. The
company manufactures and exports diamondstudded gold jewellery. Its
manufacturing unit is in Santacruz Electronics Export Processing
Zone, Mumbai.


BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhargav Foods
(BGF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BGF for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BGF is a proprietorship firm set up in April, 2017. The firm is
based out of Delhi and is promoted and managed by Mr. Nitin Gaur.
The firm has a manufacturing plant in Mayapuri with a processing
capacity of 5 tons per hour for wheat processing. Currently the
firm is operating for 16 hours daily. The company sells the wheat
under its brand 'Pavitra Aahar'. The operations of the company
started in April, 2017.


BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavin Impex
Private Limited (BIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         9.5        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Cash          9.5        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper alloys
and brass fittings since more than a decade. BIPL manufactures,
exports, and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.


BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhorosha Rice
Mill Private Limited (BRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.16        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           9.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.54        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BRMPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1998, BRMPL mills non-basmati parboiled rice at its
facility in Burdwan (West Bengal). Its daily operations are managed
by its promoter'director Mr. Nazmul Haque.


BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bidesh
Plywood Factory Private Limited (BPFL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      18          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.7        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Letter         1.8        CRISIL D (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with BPFL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1992, BPFL is promoted by Mr Roshan Lal Agarwal.
The company has a unit near Dhupguri in Siliguri (West Bengal) and
manufactures plywood, block board, and veneers.


BLUE MOUNTAIN: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Blue Mountain Estates
(BME) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         16        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with BME for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BME was acquired by the current promoters in 2001 and operates a
coffee plantation in Chikmagalur district, Karnataka.


BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Britex Cotton
International Limited (BCIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       30         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       43         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BCIL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a
first-generation entrepreneur from Mumbai. The company trades in
yarn, fabrics, and cotton, and operates mainly in the Indian
market.


CH.GOWRI SHANKAR: Ind-Ra Moves BB+ Rating to NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ch.Gowri Shankar Infra Build (India) 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+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR110 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+/Negative (ISSUER NOT
     COOPERATING) rating;

-- INR250 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR12.89 mil. Term loan; GECL migrated to non-cooperating
     category with IND BB+/Negative (ISSUER NOT COOPERATING)
     rating; and

-- INR172.17 mil. Term loan migrated to non-cooperating category
     with IND BB+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Ch.Gowri Shankar Infra
Build (India) Private Limited over emails starting from May 31,
2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Ch.Gowri Shankar Infra
Build (India) Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Ch.Gowri
Shankar Infra Build (India) Private Limited's credit strength. If
an issuer does not provide timely No Default Statement, it
indicates weak governance, particularly in 'Timely debt servicing'.
The agency may also consider this as symptomatic of a possible
disruption / distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

CHGS was established in 1986 as a proprietorship firm by Gowri
Shankar. The company is a special class civil contractor and
participates in tenders floated by Telangana and Andhra Pradesh
governments. The company undertakes civil contracts such as
buildings, warehouses, drainage systems, and irrigation works.

It executes civil work contracts of various government departments
including Telangana Housing Board Department, Central Warehousing
Corporation and CPWD Telangana and Andhra Pradesh. Shankar gets the
company's contracts through bidding in e-procurement.



COFFEE DAY: NCLT Orders Insolvency Proceedings vs. Company
----------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered initiating insolvency proceedings against Coffee
Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group
which operates Cafe Coffee Day chain of coffee houses.

According to ET, the Bengaluru bench of the NCLT on August 8
admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL)
claiming a default of INR228.45 crore and appointed an interim
resolution professional to take care of the operation of the
debt-ridden company.

CDEL, which also owns and operates a resort, renders consultancy
services and is engaged in the sale and purchase of coffee beans,
had defaulted in the payment of coupon payments of redeemable
non-convertible debentures (NCDs), ET says.

ET relates that the financial creditor had subscribed 1,000 NCDs
through private placement and paid INR100 crore towards the
subscription in March 2019. For that CDEL executed and entered into
an agreement with IDBITSL agreeing to appoint as the debenture
trustee for the debenture holders. However, CDEL defaulted in
paying the accrued aggregate coupon payments due on various dates
between September 2019 and June 2020.

Consequently, the debenture trustee, on behalf of all the debenture
holders, issued a notice of default on July 28, 2020 to CDEL and
approached NCLT.

According to ET, CDEL opposed the move claiming that IDBITSL is not
authorised to initiate CIRP (Corporate insolvency resolution
process) as the Debenture Trustee Agreement and Debenture Trust
Deed do not grant powers to it to initiate CIRP.

It has not sought written instructions from debenture holders and
only upon receipt of relevant instructions from the majority
debenture holders (of the aggregate amount representing not less
than 51 per cent of the value of the nominal amount of the
debentures) is entitled to exercise its rights, CDEL contended.

Coffee Day Enterprises is in trouble after the death of founder
Chairman V G Siddhartha in July 2019, ET notes. It is paring its
debts through asset resolutions and has significantly scaled down
from the time the trouble started.

On July 20, 2023, the same Bengaluru bench of NCLT had admitted an
insolvency plea against Coffee Day Global Ltd (CDGL), which owns
and operates Cafe Coffee Day chain, over a plea filed by IndusInd
Bank, claiming dues of INR94 crore.

However, it was stayed by the appellate tribunal NCLAT on August
11, 2023, and later both the parties reached a settlement.


DASHMESH WEAVING: Ind-Ra Withdraws BB Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dashmesh Weaving
& Dyeing Mills Private Limited's (DWDM) bank facilities' rating in
the non-cooperating category and has simultaneously withdrawn them
as follows:

-- INR120 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR12 mil. Term loan** issued on November 2017 maintained in
     non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

WD: Rating withdrawn

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

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

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category
before being withdrawn as 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
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and 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 a
request for withdrawal of ratings from the company. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with DWDM while reviewing the
ratings. Ind-Ra had consistently followed up with DWDM over emails,
apart from phone calls since July 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of DWDM as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated as a private limited company in March 2001, DWDM is
engaged in the spinning, weaving, finishing and dying of fabrics at
its manufacturing facility in Ludhiana, Punjab. The plant capacity
is 60 million pieces per annum.



EIGHT LIONS: Ind-Ra Moves B- Rating to NonCooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
EIGHT LIONS HOSPITAL 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 B-/Stable (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR15 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

-- INR350.78 mil. Term loan due on July 30, 2031 migrated to non-
     cooperating category with IND B-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with EIGHT LIONS HOSPITAL
PRIVATE LIMITED over emails starting from May 31, 2024, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of EIGHT LIONS HOSPITAL
PRIVATE LIMITED on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect EIGHT LIONS HOSPITAL PRIVATE
LIMITED's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

ELHPL was incorporated in 2016 and is engaged in the business of
healthcare services in Varanasi, Uttar Pradesh. ELHPL operates a
100-bed multi-specialty hospital since April 2022. There are eight
directors who are the promoters of the company - Dr. S. P. Gupta,
Dr. Pramendra Singh, Dr. Amita Srivastava, Dr. S. Kumar, Dr. Sunil
Singh, Dr. Sunil Dubey, Dr. Vivek Vij and Dr. Seema Rai.



GITA GINNING: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Gita Ginning
and Oil Industries' (SGGOI) bank facilities as follows:

-- INR500 mil. Fund-based working capital limit affirmed with
     IND BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects continued medium scale of operations, modest
credit metrics and EBITDA margins, and stretched liquidity. Ind-Ra
expects the revenue to slightly improve, with deterioration in its
net financial leverage while the EBITDA margins to remain stable in
FY25. The rating, however, is supported by the promoter's
experience.

Detailed Description of Key Rating Drivers

Continued Medium Scale of Operations:  SGGOI's scale of operations
remained medium with its revenue declining to INR2,949.98 million
in FY24 (FY23: INR3,208.07 million), due to lower production of
cotton seed oil and ground nut oil. The company faced delays in
procuring ground nut and cotton as farmers delayed their sales
hoping for higher prices. The EBITDA increased to INR48.25 million
in FY24 (FY23: INR41.60 million). SGGOI booked revenue of INR900
million as of 3MFY25. Ind-Ra expects the revenue to slightly
improve in FY25 on account of a likely improvement in its
production of cotton and ground nut oil in Gujarat. The company's
FY24 numbers are provisional in nature.

Modest Credit Metrics: The company's credit metrics remained modest
with the net financial leverage (adjusted net debt/operating
EBITDAR) of 6.13x in FY24 (FY23: 7.64x), due to the increase in the
EBITDA and a reduction in the debt to INR298.28 million (INR319.98
million).  Its gross interest coverage (operating EBITDA/gross
interest expense) slightly increased to 1.65x in FY24 (FY23:
1.60x), due to the increase in the EBITDA despite an increase in
the interest expense to INR29.32 million (INR25.97 million) on
account of an increase in the utilization of the fund-based limits.
In FY25, Ind-Ra expects the net financial leverage to increase on
account of an increase in debt for capex while the interest
coverage to remain at the similar level. SGGOI plans to incur a
capex of INR60 million for the installation of solar power plant at
the facility. The capex is likely to be financed partly by a term
bank loan and rest by internal accrual or the partner's
contribution.

Modest EBITDA Margins: The rating also reflects SGGOI's continued
modest EBITDA margins, which improved to 1.64% in FY24 (FY23:
1.30%) due to a reduction in the cost of raw materials. The return
of capital employed also improved to 8.0% in FY24 (FY23: 6.1%).
Ind-Ra expects the margins to remain at similar level in FY25.

Stretched Liquidity: The cash and cash equivalents stood almost
stable at INR2.7 million at FYE24 (FYE23: INR2.06 million), and the
cash flow from operations declined to INR37.22 million (INR134.12
million) on account of unfavorable changes in its working capital.
Furthermore, its free cash flow declined to INR30.90 million in
FY24 (FY23: INR120.27 million). SGGOL does not have capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Experienced Promoter: The rating is, however, supported by the
promoter's more than five decades of experience in the
agro-processing and trading industry, leading to established
relationships with customers as well as suppliers.

Liquidity

Stretched: SGGOI's average peak month-end utilization of the
fund-based working capital limits was at 61.82% during the 12
months ended May 2024. The net working capital cycle almost
remained stable at 37 days in FY24 (FY23: 35 days) with a slight
increase in the inventory day to 30 days (28 days). SGGOI does not
have any debt repayment obligations.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 1.25x, and/or deterioration in the
liquidity profile could lead to a negative rating action.

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics and the liquidity
profile being maintained, all on a sustained basis, could lead to a
positive rating action.

About the Company

Registered in 1976, SGGOI is engaged in cotton ginning-pressing,
refining of all types of edible oils and oil milling. Based in
Morvi, Gujarat, the company is promoted by Naginkumar Bhojani.



GRACE SUPPLIERS: Ind-Ra Moves BB Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Grace Suppliers 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:

-- INR500 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR36.2 mil. Term Loan migrated to non-cooperating category
     with IND BB/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Grace Suppliers Private
Limited over emails starting from May 31, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Grace Suppliers Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Grace Suppliers Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

GSPL has been a franchise holder of Titan Industries Limited's
jewelry brand, Tanishq, since 2002. It has two showrooms in
Jamshedpur, with a product portfolio of rings, earrings, necklaces,
bangles and gold coins. GSPL is managed by Anil Agarwal.



JHARKHAND ROAD: Ind-Ra Affirms D NonConvertible Debts Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jharkhand Road
Projects Implementation Company Limited's (JRPICL) non-convertible
debentures' (NCDs) rating at as follows:

-- INR10.885 bil. (reduced from INR17.30 bil.) Senior, secured,
     redeemable non-convertible debentures (Long-term)* affirmed
     with IND D rating.

* Details in annexure

Analytical Approach

Ind-Ra continues to analyze the company on a standalone basis to
arrive at the ratings.

Detailed Rationale of the Rating Action

The affirmation reflects JRPICL's delays in debt servicing over
April 2023 to July 2024 on account of non-receipt of annuities from
the government of Jharkhand (GoJ) since March 2023. There are a
total of five stretches, against which the company has completed
major maintenance for two stretches and progress on the third
stretch is nearing completion. Bids are invited for major
maintenance due for the balance stretches. Annuities received in
FY23 have been used for operations and maintenance (O&M) of the
project stretch and delayed repayment of NCDs during FY24. The
project has not maintained a debt service reserve account or a
major maintenance reserve, and has liquidity of INR149 million as
on July 22, 2024. The total annuities pending are INR8,135 million
as of June 30, 2024.

Detailed Description of Key Rating Drivers

Non-Receipt of Annuities in FY24: JRPICL's project stretches are
annuity-based and the project is eligible for semi-annual annuity
payments from the Department of Road Construction, the GoJ. The
project is exposed to a weak and single counterparty credit risk.
The project has not received payments from the GoJ since March
2023. The total accumulated receivables amounted to INR8.135
billion as of June 30, 2024.

Divestment Plans: As per management, the company is monetizing
stake in the special purpose vehicle held by Infrastructure Leasing
& Financial Services (IL&FS; 'IND D') and IL&FS Transportation
Networks Limited (ITNL; 'IND D') and is currently undergoing due
diligence. The final bid will conclude in the next one-to-two
months.

O&M Risk Persist: As per management, major maintenance has been
completed for Chaibasa-Kandra-Chowka Road (CKC) and Ranchi Ring
Road package III-VI. The major maintenance at Ranchi-Patratu Dam
Road - II is in progress and around 80% of the overlay work has
been completed. The major maintenance is due for Ranchi-Patratu Dam
road - I and Adityapur – Kandra Road - AK. The tender for the
same has been published and the bidder selection process is under
progress. All O&M activities are being carried out as per the
schedule. As per management, there is no non-compliance with
respect to O&M reported from independent engineer. Considering no
liquidity available, maintenance of roads will remain a
monitorable.

Liquidity

Poor: The project had received INR3,581 million during 4QFY23,
which was eventually utilized for the O&M of the project and
towards repayment of the NCDs. The project has not maintained a
DSRA or an MMR, and has liquidity of INR149 million as on 22 July
2024. This free cash is likely to be utilized towards major
maintenance of the project.

Positive: Timely debt servicing for at least three consecutive
months and the receipt of outstanding annuity payments could result
in a positive rating action.

About the Company

In 2007, the GoJ launched the Jharkhand Accelerated Road
Development Programme under a public-private partnership framework.
In February 2008, the GoJ and Infrastructure Leasing & Financial
Services Limited (IL&FS; IND D) signed a programme development
agreement to improve 1,500km of selected project road corridors.
The programme is being implemented by Jharkhand Accelerated Road
Development Company Ltd.

JRPICL, which is 6.57% owned by IL&FS and 93.43% owned by its
subsidiary, IL&FS Transportation Networks Limited ('IND D (ISSUER
NOT COOPERATING)') has undertaken and implemented five projects
totaling 627 lane km: Ranchi Ring Road (sections III, IV, V and
VI), Ranchi Patratu Dam, Patratu Dam Ramgarh, Adityapur Kandra and
CKC. All these projects have separate concession agreements with
the GoJ, along with separate escrow accounts.


KERALA INFRASTRUCTURE: S&P Withdraws 'BB-/B' Issuer Credit Ratings
------------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term and 'B' short-term
issuer credit ratings on Kerala Infrastructure Investment Fund
Board (KIIFB) and the State of Kerala at the issuer's request.  The
outlook on the long-term ratings of both entities was stable at the
time of withdrawal.  At the same time, S&P also withdrew the 'BB-'
rating on KIIFB's Indian rupee (INR) 50 billion medium-term note
program.


NIKI RESORTS: Ind-Ra Hikes Bank Rating to BB+, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Niki Resorts
Private Limited's (NIKI) bank facilities to 'IND BB+' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The detailed rating actions are:

-- INR214.15 mil. Term loan due on March 31, 2030 upgraded with
     IND BB+/Stable rating;

-- INR4.35 mil. Term loan due on March 31, 2030 assigned with IND

     BB+/Stable rating; and

-- INR1.50 mil. Non-fund-based limit affirmed with IND A4+
     rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in NIKI's revenue in FY24 due
to an increase in the occupancy level of its hotel as well as
healthy cashflow generation from leasing out its mall. Ind-Ra
expects the revenue to improve further over the medium term.
However, the scale of operations remains small. Moreover, the
ratings are constrained by the company's modest EBITDA margins,
average credit metrics and stretched liquidity profile. While the
margins are likely to remain at similar levels over the medium term
due to the similar level of operations, the credit metrics are
likely to improve due to the scheduled repayment of long-term
debts. The ratings remain supported by the company's established
track record and its promoters' experience of more than a decade in
the hospitality industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations Despite Revenue Improvement: According to
the provisional financials of FY24, NIKI's revenue increased to
around INR109.89 million (FY23: INR82.2 million) due to higher
occupancy levels at the hotel as well as lease rentals from the
mall. The company earned INR99.09 million through its hotel
division and the rest from the leasing business in FY24. However,
the scale of operations remains small. Ind-Ra expects the revenue
to improve in FY25, led by an improved occupancy rate.

Modest EBITDA Margins: NIKI witnessed EBITDA margins of 57.83% in
FY24 (FY23: 47.90%), with a return on capital employed of 9.3%
(7.4%). In FY24, the margins improved because of an increase in the
absorption of fixed costs on the back of increased occupancy and
average room rent as well as the company venturing into the leasing
space which offers better margins. Ind-Ra expects the EBITDA
margins to remain in line with FY24 levels over medium term due to
the similar nature of operations.

Average Credit Metrics: In FY24, NIKI's interest coverage declined
to 2.55x in FY24 (FY23: 3.06x), despite an increase in its EBITDA
to INR63.55 million (INR39.37 million), due to a rise in its
interest expense to INR24.92 million (INR12.85 million) on the back
of the interest getting capitalized for first six months in FY23.
However, the net adjusted leverage (adjusted net debt/operating
EBITDA) improved to 4.07x in FY24 (FY23: 5.56x) on account of an
increase in the EBITDA, along with the repayment of long-term
debts. Ind-Ra expects the credit metrics to improve over the medium
term, on the back of the repayment of long-term debt, a further
improvement in the EBITDA and the absence of any debt-led capex.

Stretched Liquidity: NIKI's net working capital cycle elongated to
80 days in FY24 (FY23: 44 days), due to nil creditor days (38). At
end-July 2024, the company did not have any fund-based limits. The
cash flow from operations declined to INR26.87 million in FY24
(FY23: INR33.49 million), due to adverse changes in the working
capital requirements. However, the free cash flow improved to
negative INR36.10 million in FY24 (FY23: negative INR331.2 million)
due to capex of INR62.97 million.

Intense Competition; Business Seasonality: The hospitality industry
faces intense competition, particularly in the high-end segment,
with the entry of several new players and the expansion by existing
players. The hotel industry's demand depends upon the prevailing
economic conditions. With the cyclicality experienced in major
industries, the same could be reflected in demand for hotels. The
industry is seasonal in nature, which could impact occupancy
levels, room rate realization and cash flows generation of hotels.


Stable Cashflow Generation from Leasing Out of Mall: NIKI reported
a rental income of INR10.8 million in FY24 after venturing into
leasing space through its mall named 'Space City Mall'; this space
is currently operating at 39% occupancy. NIKI has lease agreements
with eight parties with a nine-year lock-in period. Ind-Ra expects
NIKI to receive a stable income in the form of rent, which would
further contribute to its EBITDA, leading to improved liquidity
position and stable EBITDA margins over medium term.

Experienced Promoters: NIKI's promoters have around a decade of
experience in the hospitality business.

Liquidity

The company has scheduled debt repayments of INR27.4 million and
INR47.4 million for FY25 and FY26, respectively. The cash and cash
equivalents stood at INR2.77 million at FYE24 (FYE23: INR12.69
million). NIKI does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or operating
margins, leading to deterioration in the overall liquidity profile
and the credit metrics will be negative for the ratings.

Positive: A substantial improvement in the scale of operations and
the credit metrics with the net leverage improving below 3.5x,
along with an improvement in the liquidity profile, all on a
sustained basis, will be positive for the ratings.

About the Company

NIKI owns and operates a four-star hotel in Sambalpur, Odisha under
the brand 'Niki Resorts' with 54 rooms in four different categories
along with a banquet, restaurant, a café & a bar. The company was
incorporated in 2017 and the operations started in 2019. NRPL is
promoted by Minati Das and Vishal Das. The company has also
ventured into the leasing business in FY24 with its shopping mall
'Space City Mall' in the same city spread across a 120,000 square
feet area having G+5 floors.



NIRMAL LIFESTYLE: Approves Oberoi Realty Arm's Resolution Plan
--------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has approved the resolution plan proposed by an affiliate of
listed property developer Oberoi Realty to acquire real estate
Nirmal Lifestyle Realty.

According to ET, the resolution plan of Oberoi Constructions
involves paying around INR273 crore to financial, operational, and
other creditors.

As per the order pronounced on Aug. 9, Nirmal Lifestyle Realty's
existing equity shares will be cancelled, effectively reducing its
share capital to zero. Oberoi Constructions will then inject INR1
lakh into Nirmal Lifestyle Realty by subscribing to new equity
shares, thereby gaining full ownership of the company.

A critical aspect of the resolution plan involves obtaining the
necessary permissions or clarifications concerning the status of
the land parcel owned by Nirmal Lifestyle Realty in the
eco-sensitive zone of Sanjay Gandhi National Park in Mumbai
suburbs, ET relates.

ET say the plan stipulates that these permissions must be secured
from relevant authorities within 180 days from the date of the
NCLT's approval. If Nirmal Lifestyle Realty fails to obtain these
permissions, the resolution plan will be void and Oberoi
Constructions will be released from all obligations. In such a
case, any deposits or securities provided by Oberoi Constructions
will be refunded.

Shyam Kapadia along with Sikha Ginodia and Gaurav Suryavanshi of
law firm ANM Global represented the resolution professional Jayesh
Sanghrajka in this matter.

According to ET, the tribunal's ruling also addresses the ongoing
legal proceedings involving Nirmal Lifestyle Realty. It directs the
management of claims and benefits from these proceedings to be
handled by the committee of creditors (CoC). Oberoi Constructions
will not benefit from these proceedings, ensuring that the new
management takes over with a clear and unencumbered operational
structure.

ET relates that the NCLT has also mandated that the scheme of
arrangement and amalgamation between Nirmal Lifestyle Realty and
Oberoi Constructions be filed separately for formal approval.
Although elements of this scheme are incorporated into the
resolution plan, it must undergo distinct procedural scrutiny.

The ruling also includes provisions for the transfer of records and
documents to Oberoi Constructions and the continuation of the
monitoring committee. The committee will oversee the resolution
process to ensure compliance and smooth transition during the
takeover period.

This decision by the NCLT not only addresses the immediate
financial distress faced by Nirmal Lifestyle Realty but also sets a
precedent for corporate restructuring under the Insolvency and
Bankruptcy Code (IBC), ET states. By approving the resolution plan,
the tribunal emphasises the importance of regulatory adherence and
structured resolution processes in managing corporate insolvency.

Nirmal Lifestyle Limited is the flagship company of the Nirmal
group, which was founded by the late Mr. S P Jain in the late 1980s
and is one of the established developers in eastern Mumbai. It a
closely held company incorporated in 1999 to undertake residential,
commercial, and retail construction.

The company was admitted into the corporate insolvency resolution
process (CIRP) in December 2021 with claims amounting to over
INR748 crore.


RELIANCE CAPITAL: NCLT Urges RBI, DIPP to Speed Up Plan Approvals
-----------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) on Aug. 12 directed the Reserve Bank and Department of
Industrial Policy and Promotion (DIPP) to expedite the approval
process to implement Reliance Capital's resolution plan by Hinduja
Group-promoted IndusInd International Holdings.

Business Standard relates that the NCLT Mumbai bench also directed
IndusInd International Holdings Limited (IIHL) and the Committee of
Creditors (CoC) to jointly hold a meeting to decide steps to be
taken for the implementation of the same.

According to the report, the NCLT -- comprising Justice
Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the
Reserve Bank and DIPP to expedite 'the consideration of the
approvals' to IIHL that are needed for implementing the RCaP
resolution plan.

Business Standard says the tribunal was hearing a petition filed by
the Hindujas, seeking modification of its July 23 order and an
'extension to complete the obligations' for implementing the
resolution plan.

After IIHL breached the third deadline on May 27, the NCLT on July
23 extended the same to August 10 to conclude the deal. The Hinduja
Group firm cited pending regulatory approvals and compliance
requirements as reasons for the extension.

Hindujas' counsel Abhishek Manu Singhvi argued that "there are
things that are beyond our control, which should be taken into
account" like the delay in approvals by four agencies -- the DIPP,
Securities and Exchange Board of India (Sebi), RBI and Insurance
Regulatory and Development Authority of India (IRDAI) -- and the
GST liability mentioned in the order is an extra liability on the
company, the report relays.

Singvi further informed the tribunal that IIHL has deposited the
initial equity amount of INR250 crore in a domestic escrow account
designated by the CoC and INR2,500 crore in an offshore escrow
account designated by the lenders.

He also urged for a six-week extension to address issues pertaining
to approvals, the report notes.

To this, Gaurav Joshi, representing the Committee of Creditors said
IIHL is seeking to modify the plan, which cannot be done.  "DIPP,
Sebi give approval on a structure, and IIHL is changing the
structure, which will need re-approval. The period of extension
cannot be open-ended, it can only be extended for 15-16 days," he
added.

The tribunal has given August 28 as the next date for a hearing on
this matter, Business Standard notes.

The NCLT, on Feb. 27, 2024, approved IIHL's INR9,650-cr resolution
plan for Reliance Capital.

                      About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.


RIYA IMPEX: Ind-Ra Moves B+ Rating to NonCooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Riya Impex 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:

-- INR20 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR180 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 co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Riya Impex over emails
starting from May 31, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Riya Impex on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Riya Impex's credit strength. If an issuer does
not provide timely No Default Statement, it indicates weak
governance, particularly in 'Timely debt servicing'. The agency may
also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

Incorporated in 2010, RI is a proprietorship firm situated in New
Delhi. The firm is engaged in the imports and exports of
agricultural products such as cashews and cocoa beans.


RRR CONSTRUCTIONS: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
RRR Constructions & Projects 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 limits migrated to non-cooperating
     category with IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Proposed fund-based limit migrated to non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR140 mil. Proposed non-fund-based limit migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

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

-- INR30 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

-- INR70 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 co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with RRR Constructions &
Projects Private Limited over emails starting from May 31, 2024,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of RRR Constructions &
Projects Private Limited on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect RRR Constructions &
Projects Private Limited's credit strength. If an issuer does not
provide timely No Default Statement, it indicates weak governance,
particularly in 'Timely debt servicing'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Set up in 2015, RRR has its registered office in Hyderabad. The
company engages in roads, pipes, buildings, flyover projects,
structure projects, national highways, irrigation and canals,
over-bridges and related maintenance works in in Telangana, Andhra
Pradesh and Karnataka.



SAMRIDDHI TRADERS: Ind-Ra Moves B+ Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
SHREE SAMRIDDHI TRADERS 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+/Negative (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR285 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating;

-- INR200 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed Fund Based Working Capital Limit migrated
     to non-cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with SHREE SAMRIDDHI TRADERS
over emails starting from May 31, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of SHREE SAMRIDDHI TRADERS
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect SHREE SAMRIDDHI TRADERS's credit strength.
If an issuer does not provide timely No Default Statement, it
indicates weak governance, particularly in 'Timely debt servicing'.
The agency may also consider this as symptomatic of a possible
disruption / distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

SST, a Ujjain-Madhya Pradesh based partnership firm was established
in June 2020. The firm is engaged in the business  of retailing of
liquor.


SBT SPINTEX: Ind-Ra Withdraws BB+ Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings on
SBT Spintex Private Limited's bank facilities as follows:

-- The IND BB+/Stable (ISSUER NOT COOPERATING) rating on the
     INR65 mil. Fund-based facilities is withdrawn; and

-- The IND BB+/Stable (ISSUER NOT COOPERATING) rating on the
     INR21.5 mil. Term loan due on August 31, 2022 is withdrawn.

WD – Rating Withdrawn

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificates from the lenders and a 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.

About the Company

SBT Spintex, a part of Sambhav group, was established in 2011 for
manufacturing cotton and polyester yarn.



SHAH STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Shah Steel Impex
Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             0.5       CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing      10         CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing      40         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       59.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSIPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SSIPL, is a Mumbai based company, is engaged in trading of HR/CR
coils, galvanised coils, etc. It an authroised distributor for JSW,
which constitutes around 50% of total purchases.


SHYAM SHAKTI: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shri Shyam Shakti
Rice Mill's (SSSRM) bank facilities as follows:

-- INR50 mil. Fund-based working capital limit assigned with
     IND B+/Stable/IND A4 rating; and

-- INR380 mil. Non-fund-based working capital limit assigned with

     IND A4 rating.

Detailed Rationale of the Rating Action

The ratings reflect SSSRM's small scale of operations, modest
EBITDA margins and  credit metrics, and stretched liquidity in
FY24. Ind-Ra expects the revenue to improve in the near term, but
the EBITDA margin and credit metrics to remain modest. The ratings,
however, are supported by the promoters' decade-long experience in
the rice milling industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: As per FY24 provisional financials, the
revenue was almost stable at INR105.51 million (FY23: INR102.93
million) and EBITDA at INR6.17 million (INR6.38 million) due to
limitations in procurement of paddy. However, Ind-Ra expects the
revenue to improve in FY25 as the company will use proceeds from
the enhanced bank guarantee to procure higher quantity of paddy for
rice processing.

Modest EBITDA Margin: The EBITDA margin was 6.17% in FY24 (FY23:
6.38%) with a return on capital employed of 8.3% (13.7%). In FY24,
the EBITDA margin declined marginally due to an increase in the
overall expenses. In FY25, Ind-Ra expects the margin to remain at
FY24 levels due to the similar nature of operations.

Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 2.51x in FY24
(FY23: 2.84x) and the net leverage (total adjusted net
debt/operating EBITDAR) to 8.95x (2.19x). This was due to a
decrease in the EBITDA to INR6.17 million in FY24 (FY23: INR6.38
million), an increase in the total debt to INR59.5 million (INR15.1
million) and the consequent increase in the interest expense to
INR2.46 million (INR2.25 million).  Ind-Ra expects the credit
metrics to deteriorate further in the medium term due to a likely
increase in interest expenses.

Stretched Liquidity:  The cash flow from operations turned negative
to INR40.03 million in FY24 (FY23: INR10.17 million) due to
unfavorable changes in working capital. Consequently, the free cash
flow turned negative to INR40.36 million in FY24 (FY23: INR6.39
million). The net working capital cycle was elongated and stood at
129 days in FY24 (FY23: negative 13 days) owing to a significant
increase in the receivable period to 84 days (10 days) and a
decrease in the creditor period to 31 days (113 days). The majority
of the company's customers are government agencies, leading to a
long receivable period.

Experienced Promoters: The company's promoters have nearly a decade
of experience in the rice milling industry. This has facilitated
the company to establish strong relationships with its customers as
well as suppliers.

Liquidity

Stretched: SSSRM's average maximum utilization of the fund-based
limits was 77.75% and the non-fund-based limits was 41.5% during
the 12 months ended June 2024. SSSRM does not have any debt
repayment obligations in FY25 and FY26. The cash and cash
equivalents stood at INR4.28 million at FYE24 (FYE23: INR1.15
million). Further, SSSRM does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative:  A decline in the scale of operations, leading to further
deterioration in the overall credit metrics, and a further stress
in the liquidity position, will be negative for the ratings.

Positive: An increase in the scale of operations, along with an
improvement in the gross interest coverage and/or an improvement in
the liquidity position, all on a sustained basis, would lead to a
positive rating action.

About the Company

SSSRM was established as a proprietorship firm in 2006 by Shravan
Agrawal. It is engaged in the processing of paddy at Pikari
village, Bemetara, Chhattisgarh.



SOORAJ AGRO: Ind-Ra Moves BB- Rating to NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sooraj Agro Distilleries 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 action is:

-- INR1.320 bil. Term loan due on December 31, 2032 migrated to
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Sooraj Agro Distilleries
Limited over emails starting from May 31, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sooraj Agro Distilleries
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Sooraj Agro Distilleries
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in March 2022, SADL is setting up a 120 kilo liter per
day capacity distillery project for the production of fuel ethanol
at Havnoor village, Haveri District, Karnataka. The registered
office is in Bellary, Karnataka. The unit is likely to commence
operations from April 2024.



SUPERIOR FILMS: Ind-Ra Moves B+ Rating to NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Superior Films
Private Limited's (SFPL) bank facilities' ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR11.3 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR633.7 mil. Term loan due on May 2029 migrated to non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SFPL while reviewing the
ratings. Ind-Ra had consistently followed up with SFPL over emails,
apart from phone calls. However, the issuer has been submitting its
monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SFPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

SFPL was incorporated in 1980 and is engaged in the business of
commercial malls cum multiplexes. In December 2008, the company
transferred its multiplexes operations along with the associated
moveable assets to its sister concern, Satyam Cineplexes Ltd, as
part of a business transfer agreement. The company owned three
prime multiplexes in Delhi: Satyam Cineplex Nehru Place, Satyam
Cineplex Patel Nagar and Satyam Cineplex Janak Puri.




SUSHEE ARUNACHAL: Ind-Ra Hikes Term Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sushee Arunachal
Highways Limited's (SAHL, erstwhile Sushee IVRCL Arunachal Highways
Limited) rupee term loan to 'IND BB+' from 'IND B+'. The Outlook is
Stable.

The detailed rating action is:

-- INR1,295.9 bil. (reduced from INR1,598.60 bil.) Rupee term
     loan due on January 2030 upgraded with IND BB+/Stable rating.

Analytical Approach

Ind-Ra continues to analyze SAHL's standalone credit profile to
arrive at the rating. The unsecured loans of INR723.6 million,
apart from the equity contribution from Sushee Infra & Mining
Limited (SIML), are fully subordinated to the senior ranking RTL,
as per the loan agreements, and hence, have not been considered as
additional debt in Ind-Ra's analysis.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in SAHL's debt service
coverages due to the settlement of a one-time fund infusion support
(OTFIS) loan amounting to INR1,318.6 million availed from the
Ministry of Road Transport and Highways (MoRTH) from the proceeds
of 3.5 missed semi-annuities due to preponement of the provisional
commercial operations date (PCOD) by 21 months and 10.5th annuity
which is likely to be received in August 2024. The upgrade also
follows the receipt of the final COD from the authority and the
creation of a debt service reserve (DSR) amounting to INR90.9
million, covering one quarter of debt obligations.

The rating is constrained by the non-resolution of reconciliation
of excess interest charged by a few lenders against the interest
paid by SAHL since April 2020, and a dependence on SIML for any
interim cashflow support requirement in FY25. The sponsor has
infused funds in the project to finance the cost overrun and loan
repayments in the past. Interest reconciliation, maintenance of
DSR, continued timely support from the sponsor and the maintenance
of its credit profile are critical and will remain key rating
monitorable.

Detailed Description of Key Rating Drivers

Moderate Debt Structure: Quarterly principal repayment dates do not
allow any in-built cushion in the debt structure to absorb any
annuity delays. The event of default clauses mentions cross
defaults with the sponsor. The RTL is repayable in 40 quarterly
repayments, as per the original repayment schedule, with ballooning
repayments towards the end of the term loan. After the
part-prepayment of the term loan, the maturity period has been
preponed to January 2030, leaving a tail period of three years and
seven months.

Interest Rate Reconciliation Issue Persists: SAHL has confirmed to
Ind-Ra that there is an interest amount reflecting as payable to
all the five lenders, due to the difference between the rate of
interest charged by the consortium members and the lead bank
because of a delay in the recognition of the reduction in interest
rate notified by the lead lender. A part of the interest difference
is due to the early withdrawal of interest concession. According to
the common loan agreement, the lending rate of all banks should be
uniform and aligned with the benchmark rate, which is the lead
bank's rate of interest. SAHL has also represented the issue in the
lenders' consortium meetings. However, the same is yet to be
resolved and the reconciliation process is still on going with the
lenders, and the outcome of the same is awaited. Ind-Ra will
monitor the outcome of the reconciliation process and understand
the processes to avoid this concern. The lenders' feedback
indicates that there has been no delay in regular debt service.
Moreover, the maintenance of DSR since October 2023 also indicates
the availability of adequate liquidity in SAHL to meet the amounts
under reconciliation.

Dependence on Sponsor Support in FY25: Ind-Ra expects the support
from the sponsor to be crucial until the receipt of 11.5th annuity
which is due in January 2025, after which the cashflows are
expected to be sufficient to service the future debt obligations.
The agency draws comfort from the historical track record of timely
support by SIML to SAHL. As per the provisional financial of FY24,
SIML's revenue and EBITDA improved to INR10,265 million (FY23:
INR5,239 million; FY22: INR6,671 million) and INR1,859 million
(INR1,346 million; INR1,671 million), respectively.

Improvement in Debt Service Coverage: SAHL's debt service coverage
ratio throughout the debt tenor has improved significantly because
of the planned repayment of the entire OTFIS principal and interest
obligations through the proceeds of 3.5 annuities (from April 2019
– January 2021) and the 10.5th annuity which is likely to be
received in August 2024. Earlier, in each annuity, about INR310
million was deducted for the recovery of OTFIS from the annuity
amount of INR390 million, thus leading to a significant shortfall
in the debt service and a high dependence on the sponsor. Post the
OTFIS repayment, from the 11.5th annuity due in January 2025, there
will be no deductions for OTFIS recovery and the cashflows will be
sufficient to meet the expenses and debt service.

Strong Revenue Visibility; Regular Receipt of Annuities: The
concession agreement envisages 25 bi-annual annuities since the
PCOD. SAHL received PCOD approval on January 7, 2021. As SAHL had
achieved the 75% progress required to achieve PCOD earlier, through
a settlement agreement dated 1 July 2024, MoRTH has agreed to
prepone the PCOD to April 1, 2019. The settlement agreement
includes the following: 1) The revised PCOD is 1 April 2019, which
is preponed by 21 months. Due to the preponement, the company is
eligible to receive 3.5 missed semi-annuities from October 2019 to
January 2021 amounting to INR1,365 million, which will be adjusted
by a recovery of maintenance of INR344.4 million; 2) The
outstanding OTFIS balance of INR1,318.6 million shall be adjusted
by the 3.5 missed annuity amounts and the balance will be adjusted
from the 10.5th semi-annuity; 3) SAHL shall carry out a roughness
survey of the entire project and carry out renewal wherever the
roughness goes beyond 2,000mm/km; the process needs to be completed
by March 2025.

Six bi-annual annuities received from July 2021 to January 2024
were received within 26-86 days from the annuity due date. The
annuities due in July 2023 and January 2024 were received with a
delay of 35 and 29 days, respectively. MoRTH has already issued the
payment advice for 10.5th annuity due on July 7, 2024 and the
management expects the payment to be received within August 2024.
SAHL had no construction- or maintenance-related deductions in any
of the annuities. Maintenance of roads adequately is critical to
realizing the annuities in full.

Adequate Track Record in Operations and Maintenance (O&M) Risk: The
realization of full annuities without deduction provides comfort
regarding the project's O&M. There is no adverse remark in the
independent engineer's report dated July 4, 2024. SAHL has signed a
fixed operations and maintenance contract with SIML (INR0.4 million
per km per annum). The geographical location of the project
stretches exposes it to landslides and road damage due to heavy
water logging during monsoon; however, according to the management,
these risks are mitigated, to some extent, through the presence of
sufficient vegetation along the road stretch. The management
expects to complete the major maintenances in two cycles with a
five year of gap in between, starting from FY25, at a lower cost
than that of the rated peers with bitumen road profile. A
substantial increase in the actual operating expenses, beyond
Ind-Ra's base case estimates, could impact the ratings.

Liquidity

Stretched: At end-August 2024, the internal liquidity consisted of
a one-quarter DSR covering the principal and interest both. While
the support requirement from the sponsor has reduced significantly
in FY25, Ind-Ra believes interim support from sponsor may be
required to meet maintenance and the debt service obligations till
the annuity due in January 2025 is received. SAHL also has a
significant amount of payables to SIML; hence, SAHL's ability to
maintain liquidity to meet the maintenance and interest expenses
between the two annuities over and above the DSR is a monitorable.

Positive: A complete clarity on the reconciliation of the interest
charged and the resolution of the same by lenders, the receipt of
annuities in a timely manner without any significant deductions,
maintaining adequate internal liquidity and the successful
completion of major maintenance will lead to positive rating
action.

About the Company

SAHL is a special purpose vehicle promoted by SIML, which was
incorporated in 1986. It has been incorporated to widen National
Highway 229 (252.09km) in Arunachal Pradesh from one lane to two
lanes under a design, build, finance, operate and transfer (annuity
basis) model. The 17-year concession has been awarded by the MoRTH.
SIML undertakes mining, irrigation, railways, infrastructure and
road projects.


VELAMMAL EDUCATIONAL: Ind-Ra Withdraws D Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Velammal
(Madurai) Educational Trust's (VMET) bank facilities' ratings in
the non-cooperating category and has simultaneously withdrawn the
same.

The instrument-wise rating actions are:

-- INR466.32 mil. Bank loans* maintained in non-cooperating
     category and withdrawn;

-- INR1.0 bil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR1,733.68 bil. Proposed bank loans* maintained in non-
     cooperating category and withdrawn.

*Maintained in 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

WD – Rating Withdrawn

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

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn as 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
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, 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 no-objection certificate from lenders and a request
for withdrawal of ratings from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with VMET while reviewing the
ratings. Ind-Ra had consistently followed up with VMET over emails
starting from December 3, 2022, apart from phone calls. The issuer
has also not been submitting its monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of VMET, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. VMET has been
non-cooperative with the agency since April 11, 2023.

About the Company

Established in 1993, VMET is a public charitable trust registered
under Section 12A of the Income Tax Act. VMET is promoted by M. V.
Muthuramalingam (chairman and managing trustee) and is a part of
the Velammal group. It manages a medical college with a 2,100-bed
hospital, a nursing college, an allied health sciences college and
a trade center in Madurai, Tamil Nadu. Apart from VMET, Velammal
Group has three other trusts named, Velammal Educational Trust,
Veeramakali Memorial Welfare Trust and Velammal (Chennai)
Educational Trust.

VIKRANT FORGE: Ind-Ra Cuts Bank Rating to B-
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vikrant Forge
Private Limited's (VFPL) bank facilities as follows:

-- INR80 mil. Non-fund-based working capital limit affirmed; Off
     Ratings Watch with Negative Implication with IND A4 rating;

-- INR192.63 mil. Term loan due on September 30, 2028 downgraded;

     Off Ratings Watch with Negative Implication with IND B-/
     Negative rating; and

-- INR90 mil. Fund-based working capital limit downgraded; Off
     Ratings Watch with Negative Implication with IND B-/Negative
     rating.

Detailed Rationale of the Rating Action

The downgrade and the Negative Outlook reflect a delay in the
resolution of VFPL's account as the company has been in the process
of bringing the account out of the non-performing asset (NPA)
status for which the compliance requirements are still pending. The
company is also looking for alternative measures. However, there
was no delay in its debt servicing and the company's accounts
remain active. Ind-Ra expects the resolution of the account to take
more time.

The resolution of the Rating Watch with Negative Implications
reflects non-resolution of the NPA status within the timeline and
the likelihood of it taking more time, leading to the downgrade of
the rating.

Detailed Description of Key Rating Drivers

Poor Liquidity: VFPL cannot enhance the limit with its bank and
cannot avail additional limits from other banks due to the NPA
classification. VFPL's average maximum utilization of the
fund-based and non-fund-based limits was 82.56% and 15.16%,
respectively, during the 12 months ended June 2024. The net working
capital cycle reduced but remained elongated at 138 days in FY24
(FY23: 178 days) due to a reduction in the inventory holding period
to 89 days (202 days). However, its debtor days increased to 104
(91) and the creditor days reduced to 55 (116). The cash and cash
equivalents stood at INR0.65 million at FYE24 (FYE23: INR2.2
million). VFPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The company has debt repayment obligations of INR39
million and INR43 million in FY25 and FY26, respectively.

Continued Small Scale of Operations: The ratings reflect VFPL's
continued small scale of operations, with the revenue increasing to
INR1,100.42 million in FY24 (FY23: INR753.40 million), driven by an
increase in the number of orders and installed capacity. Ind-Ra
expects the revenue to improve slightly in FY25, backed by a
continued increase in the number of orders. The company's FY24
numbers are provisional in nature.

Healthy EBITDA Margins: VFPL EBITDA margins remained healthy at
25.16% in FY24 (FY23: 25.35 %), owing to similar nature of
operations.  The return of capital employed increased to 41.3% in
FY24 (FY23: 34.9%). Ind-Ra expects the margin to continue at
similar level in FY25.

Comfortable Credit Metrics:  The company's credit metrics remained
comfortable, with the gross interest coverage (operating
EBITDA/gross interest expense) increasing to 5.52x in FY24 (FY23:
3.59x) and the net financial leverage (adjusted net debt/operating
EBITDA) reducing to 2.77x (4.10x), due to an improvement in the
EBITDA to INR276.91 million (INR191 million). Ind-Ra expects the
credit metrics to improve further in FY25, led by a likely
improvement in the EBITDA.

Experienced Promoters: The ratings continue to be supported by the
company's promoters' over three decades of experience in the
forging industry, leading to established relationships with
customers as well as suppliers.

Liquidity

Poor: VFPL's cash flow from operations improved to INR96.61 million
at FYE24 (FYE23: INR51.30 million) due to the increase in the
EBITDA. Consequently, the free cash flow improved to INR49.62
million in FY24 (FY23: INR25.40 million).

Rating Sensitivities

Negative: Deterioration in the liquidity profile of the company can
lead to negative rating action.

Positive: An improvement in the liquidity profile or a resolution
of the account of the company could lead to positive rating
action.

About the Company

VFPL was incorporated on November 25, 1985. The company
manufactures industrial forgings at its facility in Hooghly
district, West Bengal. The operations of the company also include
machined and finish machining. The company has an installed
capacity of 2,400 400 metric tons. The company serves the domestic
and international customers.





=================
I N D O N E S I A
=================

TITAN INFRA: $20MM Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Titan Infra Energy
PT is a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, Aug. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $20 million Term loan facility is scheduled to mature on
February 26, 2034. The amount is fully drawn and outstanding.

PT Titan Infra Energy operates as an energy infrastructure and
logistic company. The Company offers exploration, construction,
production, hauling, barging, and transshipment services. Titan
Infra Energy serves customers worldwide. The Company's country of
domicile is Indonesia.

TITAN INFRA: $430MM Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Titan Infra Energy
PT is a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, Aug. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $430 million Term loan facility is scheduled to mature on
February 26, 2034. The amount is fully drawn and outstanding.

PT Titan Infra Energy operates as an energy infrastructure and
logistic company. The Company offers exploration, construction,
production, hauling, barging, and transshipment services. Titan
Infra Energy serves customers worldwide. The Company's country of
domicile is Indonesia.



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

EASTPAC CORP: Court to Hear Wind-Up Petition on Aug. 30
-------------------------------------------------------
A petition to wind up the operations of Eastpac Corp Limited will
be heard before the High Court at Auckland on Aug. 30, 2024, at
10:00 a.m.

Miraka Brands Limited filed the petition against the company on
July 18, 2024.

The Petitioner's solicitor is:

          Bridie McKinnon
          Buddle Findlay
          Level 17, Aon Centre
          1 Willis Street
          Wellington 6011


FRANKLIN PLUMBERS: Creditors' Proofs of Debt Due on Sept. 2
-----------------------------------------------------------
Creditors of Franklin Plumbers & Builders Supplies Limited are
required to file their proofs of debt by Sept. 2, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2024.

The company's liquidators are:

          Raymond Paul Coxxa
          Gareth Russel Hoole
          Clive Robert Bish
          Ecovis KGA Limited
          PO Box 37223
          Parnell
          Auckland


PACIFIC PESO: Creditors' Proofs of Debt Due on Sept. 1
------------------------------------------------------
Creditors of Pacific Peso Investments Limited are required to file
their proofs of debt by Sept. 1, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


SHORE STYLES: Court to Hear Wind-Up Petition on Aug. 16
-------------------------------------------------------
A petition to wind up the operations of Shore Styles Limited will
be heard before the High Court at Auckland on Aug. 16, 2024, at
10:00 a.m.

Auckland Council filed the petition against the company on June 20,
2024.

The Petitioner's solicitor is:

          Kirstin Margaret Wakelin
          135 Albert Street
          Auckland


VENETIAN PLASTER: Creditors' Proofs of Debt Due on Sept. 5
----------------------------------------------------------
Creditors of Venetian Plaster NZ Limited are required to file their
proofs of debt by Sept. 5, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141




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

ASIA PACIFIC: Commences Wind-Up Proceedings
-------------------------------------------
Members of Asia Pacific Regional Services Private Limited on July
30, 2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


DIAMON' TIF: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 2, 2024, to
wind up the operations of Diamon' Tif Construction & Design
Singapore Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:


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


GAZELLE VENTURES: Court to Hear Wind-Up Petition on Aug. 16
-----------------------------------------------------------
A petition to wind up the operations of Gazelle Ventures Pte Ltd
will be heard before the High Court of Singapore on Aug. 16, 2024,
at 10:00 a.m.

Ng Eng Huat filed the petition against the company on July 25,
2024.

The Petitioner's solicitors are:

          RHTLaw Asia LLP
          1 Paya Lebar Link #06-08
          PLQ 2 Paya Lebar Quarter
          Singapore 408533


SYCNIFIC PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on July 26, 2024, to
wind up the operations of Sycnific Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


TRATTORIA CAPRI: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 26, 2024, to
wind up the operations of Trattoria Capri Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




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

[*] BOND PRICING: For the Week Aug. 5, 2024 to Aug. 9, 2024
-----------------------------------------------------------
Issuer                 Coupon     Maturity      Currency     Price
------                 ------     --------      --------     -----

   AUSTRALIA
   ---------

MOSAIC BRANDS LTD       8.00       09/30/24       AUD         0.70
VIRGIN AUSTRALIA HOL    8.08       03/05/24       AUD         0.50
VIRGIN AUSTRALIA HOL    7.88       10/15/21       USD         0.47
VIRGIN AUSTRALIA HOL    7.88       10/15/21       USD         0.47
VIRGIN AUSTRALIA HOL    8.13       11/15/24       USD         0.17
VIRGIN AUSTRALIA HOL    8.13       11/15/24       USD         0.17
VIRGIN AUSTRALIA HOL    8.00       11/26/24       AUD         0.16
VIRGIN AUSTRALIA HOL    8.25       05/30/23       AUD         0.12


   CHINA
   -----

ALETAI CITY JUJIN UR    7.73       10/26/24       CNY        25.32
ANHUI PINGTIANHU INV    7.50       08/13/26       CNY        62.63
ANHUI PINGTIANHU INV    7.50       08/13/26       CNY        60.00
ANLU CONSTRUCTION DE    7.80       11/28/26       CNY        64.48
ANLU CONSTRUCTION DE    7.80       11/28/26       CNY        60.00
ANNING DEVELOPMENT I    8.80       09/11/25       CNY        41.50
ANNING DEVELOPMENT I    8.80       09/11/25       CNY        38.04
ANNING DEVELOPMENT I    8.00       12/04/25       CNY        21.45
ANNING DEVELOPMENT I    8.00       12/04/25       CNY        21.41
ANSHANG WANGTONG CON    7.50       05/06/26       CNY        42.50
ANSHANG WANGTONG CON    7.50       05/06/26       CNY        41.80
ANSHUN CITY XIXIU IN    8.00       01/29/26       CNY        42.11
ANSHUN CITY XIXIU IN    7.90       11/15/25       CNY        41.64
ANSHUN CITY XIXIU IN    8.00       01/29/26       CNY        41.38
ANSHUN CITY XIXIU IN    7.90       11/15/25       CNY        37.63
ANSHUN TRANSPORTATIO    7.50       10/31/24       CNY        20.22
ANSHUN TRANSPORTATIO    7.50       10/31/24       CNY        19.96
ANYUE XINGAN CITY DE    7.50       05/06/26       CNY        42.22
ANYUE XINGAN CITY DE    7.50       01/30/25       CNY        20.50
ANYUE XINGAN CITY DE    7.50       01/30/25       CNY        20.50
BIJIE CITY ANFANG CO    7.80       01/18/26       CNY        41.89
BIJIE CITY ANFANG CO    7.80       01/18/26       CNY        41.45
BIJIE QIXINGGUAN DIS    8.05       08/16/25       CNY        41.16
BIJIE QIXINGGUAN DIS    8.05       08/16/25       CNY        37.76
BIJIE QIXINGGUAN DIS    7.60       09/08/24       CNY        20.11
BIJIE QIXINGGUAN DIS    7.60       09/08/24       CNY        18.38
BIJIE TIANHE URBAN C    8.05       12/03/25       CNY        41.80
BIJIE TIANHE URBAN C    8.05       12/03/25       CNY        41.58
BIJIE XINTAI INVESTM    7.80       11/01/24       CNY        20.28
CAOXIAN SHANG DU INV    7.80       10/28/26       CNY        63.75
CAOXIAN SHANG DU INV    7.80       10/28/26       CNY        63.63
CHANGDE DEYUAN INVES    7.70       06/11/25       CNY        20.95
CHANGDE DEYUAN INVES    7.70       06/11/25       CNY        20.94
CHANGDE DINGCHENG JI    7.58       10/19/25       CNY        41.42
CHANGDE DINGCHENG JI    7.58       10/19/25       CNY        41.38
CHENGDU GARDEN WATER    8.00       06/13/25       CNY        20.78
CHENGDU GARDEN WATER    7.50       09/11/24       CNY        20.13
CHENGDU GARDEN WATER    7.50       09/11/24       CNY        20.12
CHENGDU GARDEN WATER    8.00       06/13/25       CNY        20.00
CHISHUI CITY CONSTRU    8.50       01/18/26       CNY        41.78
CHISHUI CITY CONSTRU    8.50       01/18/26       CNY        41.75
CHONGQING HONGYE IND    7.50       12/24/26       CNY        64.16
CHONGQING JIANGLAI I    7.50       10/26/25       CNY        41.48
CHONGQING JIANGLAI I    7.50       10/26/25       CNY        40.00
CHONGQING NANCHUAN C    7.80       08/06/26       CNY        62.84
CHONGQING SHUANGFU C    7.50       09/09/26       CNY        63.04
CHONGQING THREE GORG    7.80       03/01/26       CNY        42.35
CHONGQING THREE GORG    7.80       03/01/26       CNY        40.00
CHONGQING TONGRUI AG    7.50       09/18/26       CNY        63.35
CHONGQING TONGRUI AG    7.50       09/18/26       CNY        60.00
CHONGQING WANSHENG E    7.50       03/27/25       CNY        20.73
CHONGQING WANSHENG E    7.50       03/27/25       CNY        20.65
CHONGQING YUDIAN STA    8.00       11/30/25       CNY        41.81
CHUYING AGRO-PASTORA    8.80       06/26/19       CNY        19.40
DALI URBAN DEVELOPME    8.00       12/25/25       CNY        41.98
DALI URBAN DEVELOPME    8.00       12/25/25       CNY        41.87
DASHIQIAO URBAN CONS    7.59       08/14/24       CNY        20.05
DASHIQIAO URBAN CONS    7.59       08/14/24       CNY        20.04
DAWA COUNTY CITY CON    7.80       01/30/26       CNY        42.06
DAWA COUNTY CITY CON    7.80       01/30/26       CNY        38.80
DAWU COUNTY URBAN CO    7.50       09/20/26       CNY        63.39
DAWU COUNTY URBAN CO    7.50       09/20/26       CNY        60.00
DING NAN CITY CONSTR    7.80       04/08/26       CNY        42.50
DING NAN CITY CONSTR    7.80       04/08/26       CNY        40.00
DUJIANGYAN NEW CITY     7.80       10/11/25       CNY        41.44
DUJIANGYAN NEW CITY     7.80       10/11/25       CNY        41.43
DUJIANGYAN NEW CITY     7.80       05/02/25       CNY        20.79
DUJIANGYAN NEW CITY     7.80       05/02/25       CNY        20.00
DUJIANGYAN XINGYAN I    7.50       11/01/26       CNY        64.00
DUJIANGYAN XINGYAN I    7.50       11/01/26       CNY        63.74
FANGCHENG GANGSHI WE    7.93       12/25/25       CNY        41.89
FANGCHENG GANGSHI WE    7.95       10/11/25       CNY        41.55
FANGCHENG GANGSHI WE    7.93       12/25/25       CNY        40.00
FANGCHENG GANGSHI WE    7.95       10/11/25       CNY        40.00
FANTASIA GROUP CHINA    7.50       06/30/28       CNY        73.70
FANTASIA GROUP CHINA    7.80       06/30/28       CNY        44.53
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        42.46
GANZHOU NANKANG DIST    8.00       01/23/26       CNY        42.13
GANZHOU NANKANG DIST    8.00       10/29/25       CNY        41.62
GANZHOU NANKANG DIST    8.00       09/27/25       CNY        41.38
GANZHOU NANKANG DIST    8.00       01/23/26       CNY        40.00
GANZHOU NANKANG DIST    8.00       10/29/25       CNY        40.00
GANZHOU NANKANG DIST    8.00       09/27/25       CNY        40.00
GANZHOU ZHANGGONG CO    7.80       10/16/25       CNY        42.68
GANZHOU ZHANGGONG CO    7.80       10/16/25       CNY        41.46
GAOQING LU QING ASSE    7.50       09/27/24       CNY        20.17
GAOQING LU QING ASSE    7.50       09/27/24       CNY        20.17
GOME APPLIANCE CO LT    7.80       12/21/24       CNY        37.00
GUANGAN XINHONG INVE    7.50       06/03/26       CNY        43.09
GUANGAN XINHONG INVE    7.50       06/03/26       CNY        42.64
GUANGDONG PEARL RIVE    7.50       10/26/26       CNY        21.23
GUANGXI BAISE EXPERI    7.59       01/08/26       CNY        41.86
GUANGXI BAISE EXPERI    7.60       12/24/25       CNY        41.62
GUANGXI BAISE EXPERI    7.60       12/24/25       CNY        40.00
GUANGXI BAISE EXPERI    7.59       01/08/26       CNY        39.39
GUANGXI CHONGZUO URB    8.50       09/26/25       CNY        41.57
GUANGXI CHONGZUO URB    8.50       09/26/25       CNY        41.53
GUANGXI NINGMING HUI    8.50       11/05/26       CNY        64.38
GUANGXI NINGMING HUI    8.50       11/05/26       CNY        63.29
GUANGXI NINGMING HUI    8.50       12/07/25       CNY        41.78
GUANGXI TIANDONG COU    7.50       06/04/27       CNY        40.00
GUANGYUAN CITY DEVEL    7.50       10/25/27       CNY        37.51
GUANGYUAN YUANQU CON    7.50       12/23/26       CNY        63.99
GUANGYUAN YUANQU CON    7.50       10/30/26       CNY        62.55
GUANGYUAN YUANQU CON    7.50       12/23/26       CNY        60.00
GUANGYUAN YUANQU CON    7.50       10/30/26       CNY        60.00
GUANGZHOU FINELAND R   13.60       07/27/23       USD         0.47
GUCHENG CONSTRUCTION    7.88       04/27/25       CNY        20.73
GUCHENG CONSTRUCTION    7.88       04/27/25       CNY        20.00
GUIXI STATE OWNED HO    7.50       09/17/26       CNY        63.42
GUIXI STATE OWNED HO    7.50       09/17/26       CNY        63.27
GUIYANG BAIYUN INDUS    7.50       03/06/26       CNY        42.13
GUIYANG BAIYUN INDUS    8.30       03/21/25       CNY        20.75
GUIYANG BAIYUN INDUS    8.30       03/21/25       CNY        20.00
GUIYANG ECONOMIC DEV    7.50       04/30/26       CNY        42.16
GUIYANG ECONOMIC DEV    7.50       04/30/26       CNY        41.70
GUIYANG ECONOMIC DEV    7.90       10/29/25       CNY        41.40
GUIYANG ECONOMIC DEV    7.90       10/29/25       CNY        41.39
GUIYANG ECONOMIC TEC    7.80       04/30/26       CNY        42.58
GUIYANG ECONOMIC TEC    7.80       04/30/26       CNY        42.47
GUIYANG HI-TECH HOLD    8.00       11/25/26       CNY        62.44
GUIYANG HI-TECH HOLD    8.00       11/25/26       CNY        60.27
GUIZHOU CHANGSHUN CO    8.50       03/19/26       CNY        42.70
GUIZHOU CHANGSHUN CO    8.50       03/19/26       CNY        40.00
GUIZHOU EAST LAKE CI    8.00       12/07/25       CNY        41.79
GUIZHOU EAST LAKE CI    8.00       12/07/25       CNY        41.12
GUIZHOU GUIAN DEVELO    7.50       01/14/25       CNY        15.19
GUIZHOU GUIAN DEVELO    7.60       04/26/25       CNY         6.03
GUIZHOU HONGGUO ECON    7.80       02/08/25       CNY        20.58
GUIZHOU HONGGUO ECON    7.80       11/24/24       CNY        20.35
GUIZHOU HONGGUO ECON    7.80       11/24/24       CNY        10.50
GUIZHOU JINFENGHUANG    7.60       08/19/26       CNY        63.10
GUIZHOU JINFENGHUANG    7.60       08/19/26       CNY        62.65
GUIZHOU SHUANGLONG A    7.50       04/20/30       CNY        60.00
GUIZHOU SHUICHENG EC    7.50       10/26/25       CNY        41.43
GUIZHOU SHUICHENG EC    7.50       10/26/25       CNY        19.50
GUIZHOU SHUICHENG WA    8.00       11/27/25       CNY        41.39
GUIZHOU SHUICHENG WA    8.00       11/27/25       CNY        41.38
GUIZHOU XINDONGGUAN     7.70       09/05/24       CNY        20.09
GUIZHOU ZHONGSHAN DE    8.00       03/18/29       CNY        70.00
HAIAN URBAN DEMOLITI    8.00       12/21/25       CNY        41.74
HAIAN URBAN DEMOLITI    7.74       05/02/25       CNY        20.79
HENGYANG CITY AND UR    7.80       12/14/24       CNY        20.41
HENGYANG CITY AND UR    7.80       12/14/24       CNY        20.41
HENGYANG CITY AND UR    7.50       09/22/24       CNY        20.16
HENGYANG CITY AND UR    7.50       09/22/24       CNY        20.15
HONGAN URBAN DEVELOP    7.50       12/04/24       CNY        20.33
HONGAN URBAN DEVELOP    7.50       12/04/24       CNY        20.00
HUAINAN SHAN NAN DEV    7.94       04/01/26       CNY        42.67
HUAINAN SHAN NAN DEV    7.94       04/01/26       CNY        40.00
HUAINAN URBAN CONSTR    7.58       02/12/26       CNY        42.10
HUAINAN URBAN CONSTR    7.50       03/20/25       CNY        20.66
HUAINAN URBAN CONSTR    7.50       03/20/25       CNY        20.00
HUBEI DAYE LAKE HIGH    7.50       04/01/26       CNY        42.28
HUBEI DAYE LAKE HIGH    7.50       04/01/26       CNY        40.50
HUBEI JIAKANG CONSTR    7.80       12/19/25       CNY        41.45
HUBEI YILING ECONOMI    7.50       03/28/26       CNY        42.29
HUBEI YILING ECONOMI    7.50       03/28/26       CNY        40.00
HUNAN CHUZHISHENG HO    7.50       03/27/26       CNY        42.31
HUNAN CHUZHISHENG HO    7.50       03/27/26       CNY        40.00
HUNAN MEISHAN RESOUR    8.00       03/21/26       CNY        42.52
HUNAN MEISHAN RESOUR    8.00       03/21/26       CNY        40.00
HUNAN TIANYI RONGTON    8.00       10/24/25       CNY        41.64
HUNAN TIANYI RONGTON    8.00       10/24/25       CNY        41.63
HUNAN TIANYI RONGTON    7.50       09/17/25       CNY        41.30
HUNAN XUANDA CONSTRU    7.50       01/23/26       CNY        41.94
HUNAN XUANDA CONSTRU    7.50       01/24/26       CNY        41.91
HUNAN XUANDA CONSTRU    7.50       01/24/26       CNY        40.00
HUNAN XUANDA CONSTRU    7.50       01/23/26       CNY        40.00
HUZHOU NEW CITY INVE    7.50       11/23/24       CNY        20.27
HUZHOU NEW CITY INVE    7.50       11/23/24       CNY        20.00
HUZHOU WUXING NANTAI    7.90       09/20/25       CNY        41.48
JIA COUNTY DEVELOPME    7.50       01/21/27       CNY        64.14
JIA COUNTY DEVELOPME    7.50       01/21/27       CNY        58.00
JIAHE ZHUDU DEVELOPM    7.50       03/13/25       CNY        20.64
JIAHE ZHUDU DEVELOPM    7.50       03/13/25       CNY        20.00
JIANGSU YANGKOU PORT    7.60       08/17/25       CNY        42.50
JIANGSU YANGKOU PORT    7.60       08/17/25       CNY        41.04
JIANGSU ZHONGNAN CON    7.80       03/17/29       CNY        44.19
JIANGXI HUANGGANGSHA    7.90       01/25/26       CNY        42.13
JIANGXI HUANGGANGSHA    7.90       10/08/25       CNY        41.50
JIANGXI HUANGGANGSHA    7.90       10/08/25       CNY        41.22
JIANGXI JIHU DEVELOP    7.50       04/10/25       CNY        20.69
JIANGXI JIHU DEVELOP    7.50       04/10/25       CNY        20.00
JIANGXI TONGGU CITY     7.50       04/21/27       CNY        64.25
JIANGYOU XINGYI PARK    7.50       05/07/26       CNY        52.72
JIANGYOU XINGYI PARK    7.80       12/17/25       CNY        51.94
JIANLI FENGYUAN CITY    7.50       01/14/26       CNY        41.90
JIANLI FENGYUAN CITY    7.50       01/14/26       CNY        40.00
JILIN ECONOMY TECHNO    8.00       03/26/28       CNY        64.21
JILIN ECONOMY TECHNO    8.00       03/26/28       CNY        59.21
JINING NEW CITY DEVE    7.60       03/23/25       CNY        20.60
JINING NEW CITY DEVE    7.60       03/23/25       CNY        20.00
JINXIANG COUNTY CITY    7.50       03/20/26       CNY        42.28
JINXIANG COUNTY CITY    7.50       03/20/26       CNY        40.92
JINZHOU CIHANG GROUP    9.00       04/05/20       CNY        33.63
JUNAN COUNTY URBAN C    7.50       09/26/24       CNY        20.16
JUNAN COUNTY URBAN C    7.50       09/26/24       CNY        20.12
KAILI GUIZHOU TOWN C    7.98       03/30/27       CNY        65.37
KAILI GUIZHOU TOWN C    7.98       03/30/27       CNY        65.35
KUNMING AIRPORT INVE    7.50       01/28/26       CNY        41.50
LAOTING INVESTMENT G    7.50       04/11/26       CNY        42.51
LAOTING INVESTMENT G    7.50       04/11/26       CNY        39.80
LIJIN CITY CONSTRUCT    7.50       04/26/26       CNY        42.48
LIJIN CITY CONSTRUCT    7.50       12/20/25       CNY        41.78
LIJIN CITY CONSTRUCT    7.50       04/26/26       CNY        40.00
LIJIN CITY CONSTRUCT    7.50       12/20/25       CNY        40.00
LINFEN YAODU DISTRIC    7.50       09/19/25       CNY        41.27
LINYI COUNTY CITY DE    7.78       03/21/25       CNY        20.70
LINYI COUNTY CITY DE    7.78       03/21/25       CNY        20.00
LINYI ZHENDONG CONST    7.50       12/06/25       CNY        41.58
LINYI ZHENDONG CONST    7.50       11/26/25       CNY        41.52
LINYI ZHENDONG CONST    7.50       12/06/25       CNY        41.45
LINYI ZHENDONG CONST    7.50       11/26/25       CNY        41.40
LIUPANSHUI AGRICULTU    8.00       04/26/27       CNY        60.60
LIUPANSHUI AGRICULTU    8.00       04/26/27       CNY        60.58
LONGNAN ECO&TECH DEV    7.50       07/26/26       CNY        62.83
LUANCHUAN COUNTY TIA    8.50       01/23/26       CNY        42.23
LUANCHUAN COUNTY TIA    8.50       01/23/26       CNY        40.00
LUOHE ECONOMIC DEVEL    7.50       12/18/25       CNY        41.69
LUOHE ECONOMIC DEVEL    7.50       12/18/25       CNY        41.68
LUOYANG XIYUAN STATE    7.80       01/29/26       CNY        41.60
LUOYANG XIYUAN STATE    7.80       01/29/26       CNY        41.30
LUOYANG XIYUAN STATE    7.50       11/15/25       CNY        41.15
LUOYANG XIYUAN STATE    7.50       11/15/25       CNY        41.00
MAANSHAN NINGBO INVE    7.50       04/18/26       CNY        42.33
MAANSHAN NINGBO INVE    7.80       11/29/25       CNY        41.71
MAANSHAN NINGBO INVE    7.80       11/29/25       CNY        41.71
MAANSHAN NINGBO INVE    7.50       04/18/26       CNY        16.00
MEISHAN CITY DONGPO     8.00       01/03/26       CNY        42.07
MEISHAN CITY DONGPO     8.08       08/16/25       CNY        41.19
MEISHAN CITY DONGPO     8.00       01/03/26       CNY        40.00
MEISHAN CITY DONGPO     8.08       08/16/25       CNY        40.00
MEISHAN HONGSHUN PAR    7.50       12/10/25       CNY        52.09
MENGZHOU INVESTMENT     8.00       11/06/25       CNY        41.62
MENGZHOU INVESTMENT     8.00       09/03/25       CNY        41.25
MENGZHOU INVESTMENT     8.00       11/06/25       CNY        40.00
MENGZHOU INVESTMENT     8.00       09/03/25       CNY        40.00
MENGZI CITY DEVELOPM    8.00       03/25/26       CNY        42.43
MENGZI CITY DEVELOPM    8.00       03/25/26       CNY        42.06
MENGZI CITY DEVELOPM    7.65       09/25/24       CNY        20.17
MENGZI CITY DEVELOPM    7.65       09/25/24       CNY        20.15
MIAN YANG ECONOMIC D    8.00       09/29/26       CNY        63.68
MIAN YANG ECONOMIC D    8.00       09/29/26       CNY        60.00
MIAN YANG ECONOMIC D    8.20       03/15/26       CNY        42.57
MIAN YANG ECONOMIC D    8.20       03/15/26       CNY        40.00
MIANYANG ANZHOU INVE    7.90       11/25/26       CNY        64.18
MIANYANG ANZHOU INVE    7.90       11/25/26       CNY        60.00
MIANYANG ANZHOU INVE    8.10       11/22/25       CNY        41.78
MIANYANG ANZHOU INVE    8.10       11/22/25       CNY        40.00
MIANYANG ANZHOU INVE    8.10       05/04/25       CNY        21.00
MIANYANG ANZHOU INVE    8.10       05/04/25       CNY        20.86
MIANYANG HUIDONG INV    8.10       04/28/25       CNY        20.84
MIANYANG HUIDONG INV    8.10       02/10/25       CNY        20.61
MIANZHU CITY JINSHEN    7.87       12/18/25       CNY        41.83
MIANZHU CITY JINSHEN    7.87       12/18/25       CNY        41.53
MILE AGRICULTURAL IN    7.60       02/27/26       CNY        42.11
MILE AGRICULTURAL IN    8.00       10/25/25       CNY        41.56
MILE AGRICULTURAL IN    7.60       02/27/26       CNY        41.00
MUDANJIANG LONGSHENG    7.50       09/27/25       CNY        41.28
NANCHONG JIALING DEV    7.98       05/23/25       CNY        20.91
NANCHONG JIALING DEV    7.80       12/12/24       CNY        20.41
NANCHONG JIALING DEV    7.80       12/12/24       CNY        20.40
NANCHONG JIALING DEV    7.98       05/23/25       CNY        20.00
NEOGLORY HOLDING GRO    8.10       11/23/18       CNY        72.00
NEOGLORY HOLDING GRO    8.00       09/25/20       CNY        60.00
NEOGLORY HOLDING GRO    8.00       10/22/20       CNY        56.00
NINGXIA SHENG YAN IN    7.50       09/27/28       CNY        42.45
PANJIN CITY SHUANGTA    8.50       01/29/26       CNY        42.30
PANJIN CITY SHUANGTA    8.50       01/29/26       CNY        42.29
PANJIN CITY SHUANGTA    8.70       12/20/25       CNY        42.14
PANJIN CITY SHUANGTA    8.70       12/20/25       CNY        42.13
PANJIN LIAODONGWAN Z    7.50       12/28/26       CNY        64.13
PEIXIAN ECONOMIC DEV    7.51       11/04/26       CNY        64.09
PEIXIAN ECONOMIC DEV    7.51       11/04/26       CNY        60.00
PENGSHAN DEVELOPMENT    7.98       05/03/25       CNY        21.59
PENGSHAN DEVELOPMENT    7.98       05/03/25       CNY        20.85
PENGZE CITY DEVELOPM    7.60       08/31/25       CNY        41.30
PENGZE CITY DEVELOPM    7.60       08/31/25       CNY        41.16
PINGLIANG CHENGXIANG    7.80       03/29/26       CNY        42.38
PINGLIANG CHENGXIANG    7.80       03/29/26       CNY        41.48
PUDING YELANG STATE-    8.00       03/13/25       CNY        20.70
PUDING YELANG STATE-    8.00       03/13/25       CNY        20.70
PUDING YELANG STATE-    7.79       11/13/24       CNY        20.26
PUDING YELANG STATE-    7.79       11/13/24       CNY        20.14
PUER CITY SI MAO GUO    7.50       03/14/26       CNY        42.16
PUER CITY SI MAO GUO    7.50       03/14/26       CNY        40.00
QIANDONGNAN TRANSPOR    8.00       01/15/27       CNY        64.67
QIANDONGNAN TRANSPOR    8.00       01/15/27       CNY        64.66
QIANNANZHOU INVESTME    8.00       01/02/26       CNY        41.97
QIANNANZHOU INVESTME    8.00       01/02/26       CNY        41.25
QIANXINAN AUTONOMOUS    8.00       06/22/27       CNY        65.14
QIANXINAN AUTONOMOUS    8.00       06/22/27       CNY        63.96
QIANXINAN PREFECTURE    7.99       06/10/27       CNY        65.93
QIANXINAN PREFECTURE    7.99       06/10/27       CNY        60.00
QINGHAI PROVINCIAL I    7.88       03/22/21       USD         1.18
QINGZHEN CITY CONSTR    7.50       03/18/26       CNY        42.23
QINGZHEN CITY CONSTR    7.50       03/18/26       CNY        42.22
QINGZHOU HONGYUAN PU    7.60       06/17/27       CNY        49.23
QINGZHOU HONGYUAN PU    7.60       06/17/27       CNY        47.55
QINZHOU BINHAI NEW C    7.70       08/15/26       CNY        63.25
QINZHOU BINHAI NEW C    7.70       08/15/26       CNY        63.24
QUJING CITY QILIN DI    8.50       01/21/26       CNY        42.27
QUJING CITY QILIN DI    8.50       01/21/26       CNY        40.00
RENHUAI WATER INVEST    8.00       12/26/25       CNY        40.40
RENHUAI WATER INVEST    7.98       07/26/25       CNY        21.06
RENHUAI WATER INVEST    7.98       02/24/25       CNY        20.58
RUCHENG SHUNXING INV    7.50       01/07/26       CNY        41.88
RUCHENG SHUNXING INV    7.50       01/07/26       CNY        40.00
RUDONG NEW WORLD INV    7.50       12/06/26       CNY        64.09
RUDONG NEW WORLD INV    7.50       12/06/26       CNY        60.00
RUILI RENLONG INVEST    8.00       09/20/26       CNY        63.20
RUILI RENLONG INVEST    8.00       09/20/26       CNY        62.78
SHAANXI XIYUE HUASHA    7.50       12/27/26       CNY        63.96
SHAANXI XIYUE HUASHA    7.50       12/27/26       CNY        61.80
SHANDONG HONGHE HOLD    7.50       01/29/26       CNY        41.96
SHANDONG OCEAN CULTU    7.50       04/25/26       CNY        42.46
SHANDONG OCEAN CULTU    7.50       03/28/26       CNY        42.20
SHANDONG RENCHENG RO    7.50       01/23/26       CNY        41.75
SHANDONG RUYI TECHNO    7.90       09/18/23       CNY        52.10
SHANDONG SANXING GRO    7.90       08/30/24       CNY        58.00
SHANDONG URBAN CAPIT    7.50       04/12/26       CNY        41.95
SHANDONG URBAN CAPIT    7.50       04/12/26       CNY        40.00
SHANGLI INVESTMENT C    7.80       01/22/26       CNY        42.03
SHANGLI INVESTMENT C    7.80       01/22/26       CNY        40.49
SHANGLI INVESTMENT C    7.50       06/01/25       CNY        20.86
SHANGLI INVESTMENT C    7.50       06/01/25       CNY        20.76
SHANGRAO GUANGXIN UR    7.95       07/24/25       CNY        21.03
SHANGRAO GUANGXIN UR    7.95       07/24/25       CNY        21.03
SHANXI JINZHONG STAT    7.50       05/05/26       CNY        42.48
SHAOYANG SAISHUANGQI    8.00       11/28/25       CNY        41.79
SHAOYANG SAISHUANGQI    8.00       11/28/25       CNY        40.00
SHEHONG STATE OWNED     7.60       10/25/25       CNY        41.50
SHEHONG STATE OWNED     7.50       08/22/25       CNY        41.12
SHEHONG STATE OWNED     7.60       10/25/25       CNY        40.00
SHEHONG STATE OWNED     7.60       10/22/25       CNY        40.00
SHEHONG STATE OWNED     7.50       08/22/25       CNY        40.00
SHEHONG STATE OWNED     7.60       10/22/25       CNY        21.25
SHENWU ENVIRONMENTAL    9.00       03/14/19       CNY        12.00
SHEYANG URBAN CONSTR    7.80       11/27/24       CNY        20.32
SHEYANG URBAN CONSTR    7.80       11/27/24       CNY        20.30
SHIFANG CITY NATIONA    8.00       12/05/25       CNY        41.62
SHIFANG CITY NATIONA    8.00       12/05/25       CNY        40.00
SHIYAN CITY CHENGTOU    7.80       02/13/26       CNY        45.65
SHUANGYASHAN DADI CI    8.50       12/16/26       CNY        64.80
SHUANGYASHAN DADI CI    8.50       12/16/26       CNY        64.78
SHUANGYASHAN DADI CI    8.50       08/26/26       CNY        63.76
SHUANGYASHAN DADI CI    8.50       08/26/26       CNY        63.75
SHUANGYASHAN DADI CI    8.50       04/30/26       CNY        42.92
SHUANGYASHAN DADI CI    8.50       04/30/26       CNY        42.91
SHUOZHOU INVESTMENT     7.80       12/25/25       CNY        42.14
SHUOZHOU INVESTMENT     7.80       12/25/25       CNY        41.85
SHUOZHOU INVESTMENT     7.50       10/23/25       CNY        41.73
SHUOZHOU INVESTMENT     7.50       10/23/25       CNY        41.60
SICHUAN CHENG'A DEVE    7.50       11/29/24       CNY        20.33
SICHUAN CHENG'A DEVE    7.50       11/06/24       CNY        20.23
SICHUAN CHENG'A DEVE    7.50       11/29/24       CNY        20.00
SICHUAN CHENG'A DEVE    7.50       11/06/24       CNY        20.00
SICHUAN COAL INDUSTR    7.70       01/09/18       CNY        45.00
SICHUAN LANGUANG DEV    7.50       07/23/22       CNY        42.00
SICHUAN LANGUANG DEV    7.50       08/12/21       CNY        12.63
SICHUAN LANGUANG DEV    7.50       07/11/21       CNY        12.63
SIYANG JIADING INDUS    7.50       12/14/25       CNY        41.86
SIYANG JIADING INDUS    7.50       12/14/25       CNY        41.75
SIYANG JIADING INDUS    7.50       04/27/25       CNY        20.75
SIYANG JIADING INDUS    7.50       04/27/25       CNY        20.75
TAHOE GROUP CO LTD      7.50       08/15/20       CNY        27.00
TAHOE GROUP CO LTD      7.50       09/19/21       CNY         6.00
TAHOE GROUP CO LTD      7.50       10/10/20       CNY         4.71
TAHOE GROUP CO LTD      8.50       08/02/21       CNY         1.00
TAIXING CITY CHENGXI    7.60       04/24/26       CNY        42.54
TAIXING CITY CHENGXI    7.60       04/04/26       CNY        42.39
TAIXING CITY CHENGXI    7.80       03/05/26       CNY        42.34
TAIXING CITY CHENGXI    7.60       04/24/26       CNY        40.00
TAIXING CITY CHENGXI    7.60       04/04/26       CNY        40.00
TAIXING CITY CHENGXI    7.80       03/05/26       CNY        40.00
TAIXING XINGHUANG IN    8.50       11/15/25       CNY        41.48
TAIXING XINGHUANG IN    8.50       11/15/25       CNY        39.59
TAIZHOU FENGCHENGHE     7.90       12/29/24       CNY        20.49
TAIZHOU FENGCHENGHE     7.90       12/29/24       CNY        20.00
TAIZHOU HUACHENG MED    8.50       12/26/25       CNY        42.22
TAIZHOU HUACHENG MED    8.50       12/26/25       CNY        40.00
TANCHENG COUNTY CITY    7.50       04/09/26       CNY        42.30
TANCHENG COUNTY CITY    7.50       04/09/26       CNY        40.00
TANGSHAN HOLDING DEV    7.60       05/16/25       CNY        20.89
TANGSHAN HOLDING DEV    7.60       05/16/25       CNY        20.76
TAOYUAN COUNTY CONST    8.00       10/17/26       CNY        63.94
TAOYUAN COUNTY CONST    7.50       09/11/26       CNY        63.02
TAOYUAN COUNTY CONST    8.00       10/17/26       CNY        60.00
TAOYUAN COUNTY CONST    7.50       09/11/26       CNY        60.00
TAOYUAN COUNTY ECONO    8.20       09/06/25       CNY        41.37
TAOYUAN COUNTY ECONO    8.20       09/06/25       CNY        41.20
TEMPUS GROUP CO LTD     7.50       06/07/20       CNY         2.00
TENGCHONG SHIXINGBAN    7.50       05/05/26       CNY        53.26
TIANJIN REAL ESTATE     7.70       03/16/21       CNY        21.49
TONGCHENG CITY CONST    7.50       07/23/25       CNY        20.94
TONGCHENG CITY CONST    7.50       07/23/25       CNY        20.00
TONGHUA FENGYUAN INV    7.80       04/30/26       CNY        42.17
TONGHUA FENGYUAN INV    8.00       12/18/25       CNY        41.88
TONGHUA FENGYUAN INV    7.80       04/30/26       CNY        41.70
TONGHUA FENGYUAN INV    8.00       12/18/25       CNY        40.00
TONGREN WATER GROUP     8.00       11/29/28       CNY        73.56
TONGXIANG CHONGDE IN    7.88       11/29/25       CNY        41.79
TONGXIANG CHONGDE IN    7.88       11/29/25       CNY        41.70
TUNGHSU GROUP CO LTD    8.18       10/25/21       CNY        22.00
URUMQI ECO TECH DEVE    7.50       10/19/25       CNY        41.37
URUMQI ECO TECH DEVE    7.50       10/19/25       CNY        40.00
WEIHAI LANCHUANG CON    7.70       10/11/25       CNY        41.20
WEIHAI LANCHUANG CON    7.70       10/11/25       CNY        40.99
WEIHAI WENDENG URBAN    7.70       05/02/28       CNY        65.15
WEIHAI WENDENG URBAN    7.70       05/02/28       CNY        64.64
WEINAN CITY INDUSTRI    7.50       06/30/27       CNY        64.89
WEINAN CITY INDUSTRI    7.50       06/30/27       CNY        60.00
WEINAN CITY INDUSTRI    7.50       04/28/26       CNY        42.18
WEINAN CITY INDUSTRI    7.50       04/28/26       CNY        40.00
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    7.90       12/22/20       CNY        43.63
WINTIME ENERGY GROUP    7.50       12/06/20       CNY        43.63
WINTIME ENERGY GROUP    7.50       11/16/20       CNY        43.63
WINTIME ENERGY GROUP    7.70       11/15/20       CNY        43.63
WUSU CITY XINGRONG C    7.50       10/25/25       CNY        41.50
WUSU CITY XINGRONG C    7.50       10/25/25       CNY        40.00
WUXUE URBAN CONSTRUC    7.50       04/12/26       CNY        42.18
WUXUE URBAN CONSTRUC    7.50       04/12/26       CNY        40.00
WUZHOU CANGHAI CONST    8.00       05/31/28       CNY        66.55
WUZHOU CITY CONSTRUC    7.90       03/26/29       CNY        73.20
XIAN LINTONG URBAN I    7.69       04/22/26       CNY        42.46
XIAN LINTONG URBAN I    7.69       04/22/26       CNY        40.00
XIFENG COUNTY URBAN     8.00       03/14/26       CNY        42.33
XINFENG COUNTY URBAN    7.80       04/16/26       CNY        42.72
XINFENG COUNTY URBAN    7.80       12/05/25       CNY        41.88
XINFENG COUNTY URBAN    7.80       04/16/26       CNY        41.88
XINFENG COUNTY URBAN    7.80       12/05/25       CNY        40.00
XINGYI XINHENG URBAN    8.00       11/21/25       CNY        41.60
XINGYI XINHENG URBAN    7.90       01/31/25       CNY        20.46
XINGYI XINHENG URBAN    7.90       01/31/25       CNY        20.00
XINPING URBAN DEVELO    7.70       01/24/26       CNY        41.94
XINPING URBAN DEVELO    7.70       01/24/26       CNY        38.22
XINYU CITY YUSHUI DI    7.50       09/24/26       CNY        63.33
XIPING COUNTY INDUST    7.50       12/26/24       CNY        20.41
XIPING COUNTY INDUST    7.50       12/26/24       CNY        20.00
XIUSHAN HUAXING ENTE    7.50       09/25/25       CNY        41.31
XIUSHAN HUAXING ENTE    7.50       09/25/25       CNY        41.30
XUZHOU CITY JIAWANG     7.98       05/06/26       CNY        42.84
XUZHOU CITY JIAWANG     7.88       01/28/26       CNY        42.22
XUZHOU CITY JIAWANG     7.88       01/28/26       CNY        40.58
XUZHOU CITY JIAWANG     7.98       05/06/26       CNY        40.50
YANCHENG URBANIZATIO    7.50       03/04/27       CNY        64.85
YANGLING URBAN RURAL    7.80       06/19/26       CNY        42.92
YANGLING URBAN RURAL    7.80       02/20/26       CNY        42.21
YANGLING URBAN RURAL    7.80       06/19/26       CNY        40.00
YANGLING URBAN RURAL    7.80       02/20/26       CNY        40.00
YIBIN NANXI CAIYUAN     8.10       11/28/25       CNY        41.86
YIBIN NANXI CAIYUAN     8.10       11/28/25       CNY        41.79
YIBIN NANXI CAIYUAN     8.10       07/24/25       CNY        20.94
YIBIN NANXI CAIYUAN     8.10       07/24/25       CNY        20.00
YICHANG CHUANGYUAN H    7.80       11/06/25       CNY        41.57
YINGKOU BEIHAI NEW C    7.98       01/25/25       CNY        20.54
YINGKOU BEIHAI NEW C    7.98       01/25/25       CNY        20.54
YINGTAN JUNENG INVES    8.00       05/06/26       CNY        42.79
YINGTAN JUNENG INVES    8.00       05/06/26       CNY        40.00
YIYANG COUNTY CITY C    7.90       11/05/25       CNY        42.01
YIYANG COUNTY CITY C    7.90       11/05/25       CNY        41.67
YIYANG COUNTY CITY C    7.50       06/07/25       CNY        20.87
YIYANG COUNTY CITY C    7.50       06/07/25       CNY        20.00
YIYANG LONGLING CONS    7.60       01/23/26       CNY        41.85
YIYANG LONGLING CONS    7.60       01/23/26       CNY        40.30
YIYUAN HONGDING ASSE    7.50       08/17/25       CNY        41.15
YIYUAN HONGDING ASSE    7.50       08/17/25       CNY        41.09
YONGAN STATE-OWNED A    8.50       11/26/25       CNY        41.92
YONGAN STATE-OWNED A    8.50       11/26/25       CNY        40.00
YONGCHENG COAL & ELE    7.50       02/02/21       CNY        39.88
YONGXIU CITY CONSTRU    7.80       08/27/25       CNY        41.17
YONGXIU CITY CONSTRU    7.80       08/27/25       CNY        40.00
YONGXIU CITY CONSTRU    7.50       05/02/25       CNY        20.75
YONGXIU CITY CONSTRU    7.50       05/02/25       CNY        20.00
YOUYANG COUNTY TAOHU    7.50       09/28/25       CNY        41.28
YOUYANG COUNTY TAOHU    7.50       09/28/25       CNY        41.25
YUANJIANG CITY CONST    7.50       01/18/26       CNY        41.94
YUANJIANG CITY CONST    7.50       01/18/26       CNY        41.93
YUDU ZHENXING INVEST    7.50       05/03/25       CNY        20.72
YUDU ZHENXING INVEST    7.50       05/03/25       CNY        20.49
YUEYANG CITY JUNSHAN    7.96       03/13/27       CNY        63.73
YUEYANG CITY JUNSHAN    7.96       03/13/27       CNY        60.51
YUEYANG CITY JUNSHAN    7.96       04/23/26       CNY        42.68
YUEYANG CITY JUNSHAN    7.96       04/23/26       CNY        40.00
YUEYANG HUILIN INVES    7.50       12/23/26       CNY        64.15
YUEYANG HUILIN INVES    7.50       12/23/26       CNY        60.00
YUSHEN ENERGY DEVELO    7.50       05/07/27       CNY        65.00
YUSHEN ENERGY DEVELO    7.50       05/07/27       CNY        60.00
YUTAI XINDA ECONOMIC    7.50       04/10/26       CNY        42.31
YUTAI XINDA ECONOMIC    7.50       04/10/26       CNY        42.02
ZHANGJIAJIE LOULI TO    7.50       03/26/26       CNY        42.27
ZHANGJIAJIE LOULI TO    7.50       03/26/26       CNY        42.27
ZHANGZI NATIONAL OWN    7.50       10/18/26       CNY        63.56
ZHANGZI NATIONAL OWN    7.50       10/18/26       CNY        60.00
ZHEJIANG CHANGXING H    7.50       05/16/26       CNY        42.44
ZHEJIANG CHANGXING H    7.50       12/26/25       CNY        41.74
ZHEJIANG CHANGXING H    7.50       05/16/26       CNY        41.60
ZHEJIANG CHANGXING H    7.50       12/26/25       CNY        40.00
ZHEJIANG HUZHOU NANX    7.80       08/21/25       CNY        41.88
ZHEJIANG WUYI CITY C    8.00       12/21/25       CNY        41.96
ZHEJIANG WUYI CITY C    8.00       12/21/25       CNY        41.95
ZHEJIANG WUYI CITY C    8.00       08/10/25       CNY        41.16
ZHEJIANG WUYI CITY C    8.00       08/10/25       CNY        40.00
ZHONGHONG HOLDING CO    8.00       07/04/19       CNY         2.75
ZHONGTIAN FINANCIAL     8.50       08/16/27       CNY        31.04
ZHONGXIANG CITY CONS    7.50       07/05/26       CNY        42.77
ZHONGXIANG CITY CONS    7.50       07/05/26       CNY        40.00
ZHOUSHAN ISLANDS NEW    7.50       01/30/27       CNY        59.83
ZHOUSHAN ISLANDS NEW    7.50       01/30/27       CNY        55.00
ZHUZHOU HI-TECH AUTO    8.00       08/14/25       CNY        51.44
ZHUZHOU RAILWAY INDU    7.50       09/25/24       CNY        20.15
ZIGUI COUNTY CHUYUAN    7.80       02/12/28       CNY        66.15
ZIGUI COUNTY CHUYUAN    7.80       02/12/28       CNY        60.00
ZIYANG KAILI INVESTM    8.00       02/14/26       CNY        42.15
ZUNYI BOZHOU URBAN C    7.85       10/24/24       CNY        20.23
ZUNYI BOZHOU URBAN C    7.85       10/24/24       CNY        20.20
ZUNYI ROAD & BRIDGE     8.00       05/08/29       CNY        72.24
ZUNYI TRAFFIC TRAVEL    7.80       03/07/29       CNY        70.00


   HONG KONG
   ---------

CHINA SOUTH CITY HOL    9.00       04/12/24       USD        28.96
CHINA SOUTH CITY HOL    9.00       06/26/24       USD        27.95
CHINA SOUTH CITY HOL    9.00       12/11/24       USD        27.76
CHINA SOUTH CITY HOL    9.00       10/09/24       USD        27.64
HAINAN AIRLINES HONG   12.00       10/29/21       USD         1.92
HONGKONG IDEAL INVES   14.75       10/08/22       USD         1.57
YANGO JUSTICE INTERN    8.25       11/25/23       USD         0.39
YANGO JUSTICE INTERN    7.88       09/04/24       USD         0.38
YANGO JUSTICE INTERN    9.25       04/15/23       USD         0.29
YANGO JUSTICE INTERN    7.50       02/17/25       USD         0.29
YANGO JUSTICE INTERN   10.25       09/15/22       USD         0.28
YANGO JUSTICE INTERN   10.00       02/12/23       USD         0.14
YANGO JUSTICE INTERN    7.50       04/15/24       USD         0.12
YANGO JUSTICE INTERN   10.25       03/18/22       USD         0.03
ZENSUN ENTERPRISES L   12.50       04/23/24       USD         5.42
ZENSUN ENTERPRISES L   12.50       09/13/23       USD         4.69


   INDONESIA
   ---------

WIJAYA KARYA PERSERO    9.25       12/18/25       IDR        72.93
WIJAYA KARYA PERSERO    9.25       12/18/25       IDR        72.83
WIJAYA KARYA PERSERO    9.10       03/03/26       IDR        70.93
WIJAYA KARYA PERSERO    9.10       03/03/26       IDR        70.53
WIJAYA KARYA PERSERO    8.55       09/08/26       IDR        65.64
WIJAYA KARYA PERSERO    8.55       09/08/26       IDR        65.26
WIJAYA KARYA PERSERO   10.50       11/03/27       IDR        63.99
WIJAYA KARYA PERSERO   10.50       11/03/27       IDR        63.99
WIJAYA KARYA PERSERO   10.90       11/03/29       IDR        63.96
WIJAYA KARYA PERSERO   10.90       11/03/29       IDR        63.96
WIJAYA KARYA PERSERO    9.75       03/03/28       IDR        61.75
WIJAYA KARYA PERSERO    9.75       03/03/28       IDR        61.51
WIJAYA KARYA PERSERO    7.75       02/18/27       IDR        61.50
WIJAYA KARYA PERSERO    9.85       12/18/27       IDR        61.46
WIJAYA KARYA PERSERO    9.85       12/18/27       IDR        60.99
WIJAYA KARYA PERSERO    7.75       02/18/27       IDR        60.99
WIJAYA KARYA PERSERO    9.25       09/08/28       IDR        59.55
WIJAYA KARYA PERSERO    9.25       09/08/28       IDR        59.47
WIJAYA KARYA PERSERO    8.30       02/18/29       IDR        56.67
WIJAYA KARYA PERSERO    8.30       02/18/29       IDR        56.59
WIJAYA KARYA PERSERO    8.60       12/18/25       IDR        41.01


   INDIA
   -----

AVANTI FINANCE PVT L    9.25       08/29/25       INR        74.32
AXIS FINANCE LTD        8.10       11/17/28       INR        74.35
AYE FINANCE PVT LTD    11.25       05/08/25       INR        70.55
BHARAT SANCHAR NIGAM    7.55       03/20/34       INR        63.60
IIFL SAMASTA FINANCE   10.75       02/24/25       INR        37.68
IKF FINANCE LTD        10.60       03/27/25       INR        37.56
MAHANAGAR TELEPHONE     7.51       03/06/34       INR        54.23
PIRAMAL CAPITAL & HO    8.50       04/18/23       INR        34.25
RARE ASSET RECONSTRU    8.00       07/31/28       INR        74.55
RARE ASSET RECONSTRU    8.00       08/07/28       INR        74.47


   MALAYSIA
   --------

CAPITAL A BHD           8.00       12/29/28       MYR         0.83


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT   15.00       07/15/06       USD        14.88
BAYAN TELECOMMUNICAT   15.00       07/15/06       USD        14.88


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L   11.50       05/07/15       USD         0.58
BAKRIE TELECOM PTE L   11.50       05/07/15       USD         0.58
BLD INVESTMENTS PTE     8.63       03/23/15       USD         6.75
DAVOMAS INTERNATIONA   11.00       12/08/14       USD         0.47
DAVOMAS INTERNATIONA   11.00       12/08/14       USD         0.47
DAVOMAS INTERNATIONA   11.00       05/09/11       USD         0.47
DAVOMAS INTERNATIONA   11.00       05/09/11       USD         0.47
ENERCOAL RESOURCES P    9.25       08/05/14       USD        45.75
ITNL OFFSHORE PTE LT    7.50       01/18/21       CNY        20.29
MICLYN EXPRESS OFFSH    8.75       11/25/18       USD         0.87
NOMURA INTERNATIONAL    7.65       10/04/37       AUD        65.99
NOMURA INTERNATIONAL   19.50       08/28/28       TRY        65.69
ORO NEGRO DRILLING P    7.50       01/24/24       USD         0.50
RICKMERS MARITIME       8.45       05/15/17       SGD         5.00
SWIBER HOLDINGS LTD     7.75       09/18/17       CNY         6.13


   SOUTH KOREA
   -----------

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


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT   12.40       05/15/31       LKR        73.31
SRI LANKA GOVERNMENT   12.40       06/15/32       LKR        70.28
SRI LANKA GOVERNMENT    7.50       01/15/33       LKR        66.07
SRI LANKA GOVERNMENT   12.40       02/15/34       LKR        63.62
SRI LANKA GOVERNMENT   12.40       03/15/35       LKR        61.75
SRI LANKA GOVERNMENT   12.40       04/15/36       LKR        60.24
SRI LANKA GOVERNMENT   12.40       05/15/37       LKR        59.03
SRI LANKA GOVERNMENT   12.40       06/15/38       LKR        58.07
SRI LANKA GOVERNMENT    7.85       03/14/29       USD        56.86
SRI LANKA GOVERNMENT    7.85       03/14/29       USD        56.76
SRI LANKA GOVERNMENT    7.55       03/28/30       USD        56.20
SRI LANKA GOVERNMENT    7.55       03/28/30       USD        56.17



                           *********


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,
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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
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thereof are US$25 each.  For subscription information, contact
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