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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, September 17, 2024, Vol. 27, No. 187

                           Headlines



A U S T R A L I A

ANNIE VENTURES: First Creditors' Meeting Set for Sept. 24
CAMBRIDGE 194: First Creditors' Meeting Set for Sept. 24
CANDY CLUB: ASIC Issues Two Interim Stop Orders
HENSELITE PTY: Second Creditors' Meeting Set for Sept. 20
LIGHT TRUST 2024-1: S&P Assigns Prelim BB (sf) Rating to E Notes

MCSWEENEY CA: First Creditors' Meeting Set for Sept. 20
PRAGYA PTY: Second Creditors' Meeting Set for Sept. 23


I N D I A

ACB LTD: Ind-Ra Moves D Rating to Non-Cooperating
ADLERS BIO: Ind-Ra Moves D Rating to Non-Cooperating
AKSARA CONSTRUCTIONS: Ind-Ra Moves BB- Rating to NonCooperating
ANU TECH: Ind-Ra Keeps BB- Bank Loan Rating in NonCooperating
ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

ARHYAMA SOLAR: CARE Keeps D Debt Rating in Not Cooperating
ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating
BALWAN POULTRY: CARE Keeps D Debt Ratings in Not Cooperating

BEND JOINTS: CARE Keeps D Debt Ratings in Not Cooperating Category
BLUE STAR: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Positive
BYJU'S: Indian Official Seeks to Stay Bankruptcy Ruling in US
CARE TECH: Ind-Ra Moves BB Rating to Non-Cooperating
CENTURY SHELTORS: Ind-Ra Corrects May 9, 2024 Rating Release

CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating
DAMJI SHAMJI: Ind-Ra Moves D Term Loan Rating to NonCooperating
DARSHANA SOLVENT: Ind-Ra Moves BB- Rating to Non-Cooperating
DIAMOND INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
DIVINE CHEM: CARE Keeps C Debt Rating in Not Cooperating Category

EARTH HOME: CARE Keeps C Debt Rating in Not Cooperating Category
ESCO COUPLINGS: Ind-Ra Moves BB+ Rating to NonCooperating
EXCELL TECHNOLOGY: Ind-Ra Moves BB+ Rating to Non-Cooperating
FIRESTAR DIAMOND BVBA: Ind-Ra Keeps D Rating in NonCooperating
FIRESTAR DIAMOND FZE: Ind-Ra Keeps D Rating in NonCooperating

FIRESTAR DIAMOND: Ind-Ra Keeps D Rating in NonCooperating
FIRESTAR INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
JIMI SOLAR: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category

KAMACHI INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
KATHIAWAR STEELS: Ind-Ra Moves BB- Rating to NonCooperating
LOKNETE BABURAO: Ind-Ra Moves BB+ Rating to Non-Cooperating
MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category
MAHANAGAR TELEPHONE: CARE Reaffirms D Rating on INR5,335.10cr Loan

MAHAVIR CASHEW: CARE Keeps D Debt Rating in Not Cooperating
MAHESHWARI TECHNOCAST: CARE Keeps C Debt Rating in Not Cooperating
MARKANDA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
MURALI EXPORT: CARE Lowers Rating to INR0.50cr LT Loan to D
NORTH WESTERN: Ind-Ra Moves BB- Loan Rating to NonCooperating

OSCAR INVESTMENTS: Ind-Ra Keeps C Rating in NonCooperating
PATNA SAHIB: CARE Keeps D Debt Rating in Not Cooperating Category
PHOSPHATE COMPANY: Ind-Ra Moves BB+ Rating to NonCooperating
PN INTERNATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating
PRECIFAST PRIVATE: CARE Keeps C Debt Rating in Not Cooperating

PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
R B VELHAL: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
RHC HOLDINGS: Ind-Ra Keeps D Rating in NonCooperating
RMC SWITCHGEARS: CARE Keeps D Debt Ratings in Not Cooperating
SADBHAV ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating

SADBHAV INFRASTRUCTURE: Ind-Ra Keeps C Rating in NonCooperating
SHK CHEMTECH: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category
SPES HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating
SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating

UGR SILOS: Ind-Ra Moves BB Rating to Non-Cooperating
UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
UTTAM GALVA: Ind-Ra Keeps D Term Loan Rating in NonCooperating
UTTARANCHAL WELFARE: CARE Keeps B- Debt Rating in Not Cooperating
VAISHNAVI GEMS: Ind-Ra Assigns BB Loan Rating, Outlook Stable

VIJAI ELECTRICALS: Ind-Ra Affirms B+ Bank Loan Rating
VISHNU COTTON: Ind-Ra Moves BB Rating to Non-Cooperating
VIVID SOLAIRE: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
ZEBION INFOTECH: Ind-Ra Affirms BB- Bank Loan Rating


J A P A N

UNIVERSAL ENTERTAINMENT: S&P Upgrades ICR to 'B', Outlook Stable


N E W   Z E A L A N D

CENTRAL PARK LEGAL: Court to Hear Wind-Up Petition on Oct. 4
NORTH ISLAND: Creditors' Proofs of Debt Due on Oct. 12
OASIS VIRTUAL: Mall Arcade Business in Liquidation
SUTHERLAND FLOORING: Court to Hear Wind-Up Petition on Sept. 19
SYNLAIT MILK: Shareholders to Decide on NZD218MM Cash Injection

TECHNIX BITUMEN: Creditors' Proofs of Debt Due on Oct. 4
TOWEZY TRAILERS: Creditors' Proofs of Debt Due on Oct. 10
WINSTONE PULP: To Shut Two Mills, 230 Jobs Affected


S I N G A P O R E

AK GLOBAL: Court to Hear Wind-Up Petition on Sept. 27
ALL WATER: Court to Hear Wind-Up Petition on Sept. 27
FE SUPPLY: Court Enters Wind-Up Order
INDIA CREDIT: Creditors' Proofs of Debt Due on Sept. 27
JAF TRADING: Court to Hear Wind-Up Petition on Sept. 27



S R I   L A N K A

CO-OPERATIVE INSURANCE: Fitch Affirms 'BB(lka)' National IFS Rating


T H A I L A N D

MUANGTHAI CAPITAL: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable
MUANGTHAI CAPITAL: S&P Rates Proposed USD-Denominated Bonds 'BB-'


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 9, 2024 to Sept. 13, 2024

                           - - - - -


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

ANNIE VENTURES: First Creditors' Meeting Set for Sept. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Annie
Ventures Pty Ltd will be held on Sept. 24, 2024 at 11:00 a.m. at
the offices of Cor Cordis Perth at M Level, 28 The Esplanade in
Perth and via Microsoft Teams.

Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Sept. 11, 2024.


CAMBRIDGE 194: First Creditors' Meeting Set for Sept. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cambridge
194 Pty Ltd will be held on Sept. 24, 2024 at 11:00 a.m. at the
offices of Hamilton Murphy Advisory and via virtual meeting
technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 12, 2024.


CANDY CLUB: ASIC Issues Two Interim Stop Orders
-----------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
issued two interim stop orders on Candy Club Holdings Limited in
relation to:

   * a public offer (Offer) made under a prospectus lodged with
     ASIC on Aug. 21, 2024 (Prospectus) in connection with the
     back door listing of Scalare Partners Pty Limited (Scalare);
     and

   * a target market determination (TMD) prepared by Candy Club in

     connection with the Offer.

Candy Club is currently suspended from trading on the Australian
Securities Exchange.  

The interim stop orders prevent Candy Club from:

   * offering or issuing securities under the Prospectus; and

   * dealing with interests in Candy Club, giving a prospectus or
     providing financial advice to retail clients under the
     existing TMD.

The orders are valid for 21 days unless revoked earlier.

                   Prospectus interim stop order

ASIC was concerned that the Prospectus did not adequately disclose
all of the required information under section 710 of the
Corporations Act 2001 (Corporations Act), including, but not
limited to:  

   * Scalare's proposed expansion into the United States,
     including information regarding potential risks of the
     proposed expansion and whether Candy Club needed to raise
     further capital in order to fund that expansion; and  

   * the valuation and performance of underlying investments in
     Candy Club's portfolio on completion of the Offer, including
     how each of the underlying investments will be valued and how

     a dollar value will be attributed to qualitative valuation
     measures.

                       DDO interim stop order

At the time of lodgement of the Prospectus, Candy Club had not
prepared a TMD for the Offer. While the Offer relates to an offer
of ordinary shares, ASIC considered that the design and
distribution obligations (DDO) applied to the issuer on the basis
that, on completion of the Offer, Candy Club would be carrying on
an investment business for the purposes of section 994B(4)(b) of
the Corporations Act. Candy Club subsequently provided a TMD for
ASIC's review after ASIC communicated with the company.

ASIC was concerned that Candy Club's TMD was deficient and did not
comply with Part 7.8A of the Corporations Act. ASIC made the
interim stop order to protect retail investors from potentially
investing in an offer that may not be suitable for their financial
objectives, situation or needs. 

ASIC was concerned that it would not be reasonable to conclude
that, if the product were issued to a retail client in accordance
with Candy Club's distribution conditions, that it would be likely
that the retail client falls within the company's target market.

Where ASIC has concerns that a prospectus does not meet relevant
disclosure requirements under the Corporations Act, it may issue an
interim stop order that no offer or issue of securities be made
while the order is in force. Where ASIC's concerns are promptly
satisfied, ASIC may revoke the interim stop order to allow the
offer to proceed.

DDO requires firms to design financial products that meet the needs
of consumers, and to distribute those products in a targeted
manner. ASIC reminds issuers that a TMD is an important requirement
under DDO. It is a mandatory public document that sets out the
class of consumers a financial product is likely to be appropriate
for (target market) and matters relevant to the product's
distribution and review.

ASIC recently called on product issuers to review their
distribution practices for DDO compliance.  

To date, ASIC has issued 88 interim stop orders and one final stop
order under DDO, including the order for Candy Club.

"Ensuring compliance with the design and distribution obligations
is a key focus for ASIC. We will continue to take regulatory action
where warranted and use the design and distribution obligations to
improve consumer outcomes," ASIC added.

Candy Club Holdings Limited (ASX:CLB) manufactures confectionery
food products. The Company offers candy and chocolates in various
forms.

Matthew Jess and Ivan Glavas of Worrells were appointed as
administrators of Candy Club Holdings Limited on Oct. 25, 2022.


HENSELITE PTY: Second Creditors' Meeting Set for Sept. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of Henselite Pty
Ltd has been set for Sept. 20, 2024 at 2:00 p.m. virtually by video
conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 19, 2024 at 4:00 p.m.

Rachel Burdett and Rahul Goyal of Cor Cordis were appointed as
administrators of the company on Aug. 21, 2024.


LIGHT TRUST 2024-1: S&P Assigns Prelim BB (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for Light Trust 2024-1. Light Trust 2024-1 is a securitization of
prime residential mortgage loans originated by Heritage and
People's Choice Ltd., which trades as People First Bank, Heritage
Bank, and People's Choice Credit Union.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
23.8% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread (subject to conditions),
principal draws, and a liquidity facility equal to 1.00% of the
outstanding note balance are sufficient under our stress
assumptions to ensure timely payment of interest.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap to be provided by Westpac Banking Corp. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

-- The legal structure of the trust, which is established as a
special-purpose entity, and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Light Trust 2024-1

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$18.50 million: AAA (sf)
  Class B, A$7.00 million: AA (sf)
  Class C, A$5.25 million: A (sf)
  Class D, A$2.25 million: BBB (sf)
  Class E, A$4.25 million: BB (sf)
  Class F, A$2.75 million: Not rated


MCSWEENEY CA: First Creditors' Meeting Set for Sept. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of McSweeney CA
Pty Ltd will be held on Sept. 20, 2024 at 11:00 a.m. at the offices
of Nicols + Brien at Level 2, 350 Kent Street in Sydney.

Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Sept. 11, 2024.


PRAGYA PTY: Second Creditors' Meeting Set for Sept. 23
------------------------------------------------------
A second meeting of creditors in the proceedings of Pragya Pty
Limited has been set for Sept. 23, 2024 at 10:00 a.m. at the
offices of JLA Insolvency & Advisory at Suite 1B, Level 13, 50
Margaret Street in Sydney.

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 Sept. 20, 2024 at 4:00 p.m.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Aug. 26, 2024.




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

ACB LTD: Ind-Ra Moves D Rating to Non-Cooperating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
ACB (India) 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 D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR4.550 bil. Fund Based Working Capital Limit migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR12.084 bil. Non-Fund Based Working Capital Limit migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR19,207.25 bil. Term Loan due on December 31, 2030 migrated
     to non-cooperating category with IND D (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 ACB (India) Ltd over
emails starting from June 28, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of ACB (India) 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 ACB (India) 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

ACB, a flagship company of the Aryan Group, was incorporated on 14
March 1997. The company is engaged in coal beneficiation and sale.
It has set up six coal washeries in Chhattisgarh, Maharashtra and
Orissa. Besides the coal beneficiation business, the company
generates power through 330MW thermal power plants and 15MW
windmill. The company's power plant operations are mainly supported
by its power purchase agreements with state electricity boards.

ADLERS BIO: Ind-Ra Moves D Rating to Non-Cooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Adlers Bio energy 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR205.25 mil. Fund Based Working Capital Limit migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and
  
-- INR104.12 mil. Term loan due on August 31, 2027 migrated to
     non-cooperating category with IND D (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 Adlers Bio energy Limited
over emails starting from June 28, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Adlers Bio energy 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 Adlers Bio energy 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

ABEL was incorporated in 2005. It operates a 60 kiloliter per day
grain-based distillery plant in Osmanabad, Maharashtra.

AKSARA CONSTRUCTIONS: Ind-Ra Moves BB- Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Aksara Constructions 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:

-- INR700 mil. Term Loan due on December 31, 2026 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 Aksara Constructions over
emails starting from June 28, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Aksara Constructions 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 Aksara Constructions'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

AC is a partnership firm registered having its registered office
located in Cheruvu, Hyderabad. The firm is currently involved in
developing of villas under the project name Green Scapes under a
joint development agreement, which will have 327 duplex units of
individual villas and a club house on a site admeasuring about 30
acres. The project is being developed in two phases.

ANU TECH: Ind-Ra Keeps BB- Bank Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anu Tech Infra
Private Limited's (ATIPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR44.58 mil. Term loan* due on February 2026 maintained in
     non-cooperating category and withdrawn; and

-- INR110 mil. Proposed fund-based working capital limit**
     maintained in non-cooperating category and withdrawn;

WD- Rating Withdrawn

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

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

Note: ISSUER NOT COOPERATING: The 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 because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
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
company did not proceed with the proposed bank facilities as
envisaged and the agency has received a request for withdrawal of
ratings from the company. Furthermore, the agency has received a
no-objection certificate from lender and a withdrawal request from
the issuer for term loan facility. 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 interactions with ATIPL while reviewing the
rating. Ind-Ra had consistently followed up with ATIPL over emails,
apart from phone calls, since April 2024. The issuer has also not
been submitting the monthly no default statement since March 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ATIPL, 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. ATIPL has been
non-cooperative with the agency since 24 April 2024.

About the Company

Incorporated in July 2021, Rajasthan-based ATIPL provides
infrastructure solutions and supplies raw material for
infrastructure projects to its group company, Dara Engineering and
Infrastructures Private Limited (DEIPL), and other infrastructure
companies. Dharmesh Bishnoi holds about 55% stake in ATIPL.

ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anupam
Industries (AI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           4.95       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 6, 2024, July 16, 2024 and July 26, 2024.

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

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

Established in April 2010 as a partnership firm, Anupam Industries
(AI) was formed by Mr. Anil Kumar Arora, Mr. Ravindra Singh Arora
and Mr. Amit Wadhwa. The firm has set up a manufacturing plant in
Daman to manufacture mild steel (MS) ingots which commenced
operations in November 2012.

ARHYAMA SOLAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arhyama
Solar Power Private Limited (ASPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.98       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of ASPPL under the 'issuer non-cooperating'
category as ASPPL had failed to provide information for monitoring
of the rating. ASPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 27, 2024, June 6, 2024,
June 16, 2024.

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

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

Arhyama Solar Power Private Limited (ASPPL) was incorporated in the
year 2012 promoted by Mr. N Ananth and family members. The company
has commissioned 6 MW solar power project at Aleir, Nalgonda in
February 2014. ASPPL has entered into long term
power purchase agreement with Dr. Reddy's Laboratories Limited
(DRL) in April 2015 for a period of 20 years with tariff of INR5.90
per KWh (unit) with escalation clause of increase in tariff of 2%
Y-o-Y.


ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya
Educational and Cultural Society (AECS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of AECS under the 'issuer non-cooperating'
category as AECS had failed to provide information for monitoring
of the rating. AECS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 8, 2024, June 18, 2024,
June 28, 2024.

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

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

Arya Educational and Cultural Society (AECS) was registered in
April 2015 under the Societies Registration Act, 1860 for
establishing and operating educational institute in Purnia, Bihar
with an objective to provide education services. AECS is setting up
a school from pre-nursery up to VII standard and has applied for a
franchisee with 'Delhi Public School Society, Delhi' (DPS)wherein
the society will manage the school in accordance with the
guidelines (relating to fees, infrastructure, teacher student
ratio, faculty etc.) issued by DPS and the day-to-day management of
the school will be looked after by the society. The school will be
affiliated to Central Board of Secondary Education (CBSE) and would
commence its first academic session (2019-20) up to Class VII with
effect from Apr. 2019 and expansion up to standard XII will take
place in the subsequent years. The initial intake capacity will be
950 students and it will gradually increase in line with extension
of the higher classes.

Brief Financials: Financials were not available as the society was
a project stage entity at the time of initial rating.


ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aso Agro
Private Limited (AAPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of AAPL under the 'issuer non-cooperating'
category as AAPL had failed to provide information for monitoring
of the rating. AAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 27, 2024, June 6, 2024,
June 16, 2024.

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

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

Incorporated in April 2017, Aso Agro Private Limited (AAPL) was
promoted by the Agarwal family of West Bengal to set up a rice
milling and processing plant. The company has successfully set up
its milling and processing plant and started its commercial
operations from March 2019. The plant of the company is located at
Gurap, West Bengal. The company procures its raw material from
local farmers and traders and finished products sells to the local
traders and wholesales.


BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Electrical and Hardware (BEH) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2023, placed the rating(s) of BEH under the 'issuer
non-cooperating' category as BEH had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BEH continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 25, 2024, July 5, 2024 and July 15, 2024.

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

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

Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr Arun
Goyal. BEH is engaged in the trading of electrical goods such as
fans, wires, cables, etc. In FY16, the firm has also entered into
civil construction business.


BALWAN POULTRY: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balwan
Poultry and Breeding Farm (BPBF) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2023, placed the rating(s) of BPBF under the 'issuer
non-cooperating' category as BPBF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPBF continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 26, 2024, July 6, 2024 and July 16, 2024.

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

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

Balwan Poultry and Breeding Farm (BPBF) was established in 2000 as
a proprietorship firm. The operations of the firm are currently
being managed by Mr. Balwan Singh. BPBF is engaged in poultry
farming business from its processing facility located at Karnal,
Haryana.

BEND JOINTS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bend
Joints Private Limited (BJPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 4, 2023,
placed the rating(s) of BJPL under the 'issuer non-cooperating'
category as BJPL had failed to provide information for monitoring
of the rating. BJPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 19, 2024, May 29, 2024,
June 08, 2024.

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

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

Bend Joints Private Limited (BJPL), located at Bhopal, commenced
its operations as a partnership firm in 1972 and subsequently was
converted into Private Limited company in 2004. BJPL is an ISO
9001: 2008 certified company and is primary involved in fabrication
and supply of pressure parts for high pressure and temperature
applications primarily for the power sector over a period of four
decades.


BLUE STAR: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Positive
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Blue Star Malleable Private Limited's (BSMPL) bank
facilities as follows:

-- INR270 mil. Fund-based working capital limit affirmed; Outlook

     revised to Positive from Stable with IND BB+/Positive/IND A4+

     rating;

-- INR180 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating;

-- INR26.90 mil. (reduced from INR37.53 mil.) Term loan due on
     January 1, 2027 affirmed; Outlook revised to Positive from
     Stable with IND BB+/Positive rating;

-- INR9 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

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

-- INR54.1 mil. Proposed fund-based working capital limit
     assigned with IND BB+/Positive/IND A4+ rating.

Detailed Rationale of the Rating Action

The Positive Outlook reflects the improvement in BSMPL's credit
metrics and EBITDA margins in FY24. The agency expects a marginal
improvement in the company's credit metrics in FY25, on account of
its schedule debt repayment coupled with an increase in its overall
EBITDA, while its EBITDA margins are likely to be sustained. The
ratings reflect the company's continued medium scale of operations
and stretched liquidity. For FY25, Ind-Ra expects a significant
improvement in the scale of operations, backed by its launch of two
products and increased demand from the end-user industry.  The
ratings are supported by its promoters' more than 30 years of
experience in the industry.

Detailed Description of Key Rating Drivers

Average EBITDA Margins: As per the provisional numbers of FY24,
BSMPL's EBITDA margins improved but remained average at 6.87%
(FY23: 5.63%), mainly on account of a reduction in raw material
prices. Its return on capital employed increased to 12% in FY24
(FY23: 11.8%). Its major raw materials comprise scrap and ferro
alloys, which are procured domestically. Although the EBITDA
margins are susceptible to volatility in raw material prices, BSMPL
has an escalation clause with some customers with whom the company
has rate contract, enabling the company to pass on fluctuations in
raw material prices. In FY25, Ind-Ra expects the EBITDA margins to
sustain on account of better absorption of fixed costs and a likely
rise in the production.

Stretched Liquidity:  In FY24, BSMPL's working capital cycle
reduced but remained elongated at 108 days (FY23: 119 days) on
account of high inventory days of 83 days (71 days); with a
reduction in the debtor days to 50 days (98 days) and creditor days
to 25 days (49 days). Furthermore, the company does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. In FY25, the agency
expects the company's working capital cycle remain at similar
level. However, the likely increase in its scale of operations
would lead to an increase in the working capital requirements,
which would be funded by its fund-based limits.

Improvement in Comfortable Credit Metrics: In FY24, BSMPL's gross
interest coverage (operating EBITDA/gross interest expense)
improved to 4x (FY23: 3.75x) and net leverage (adjusted net
debt/operating EBITDA) reduced  to 1.35x (3.14x), due to an
increase in its overall EBITDA to INR118.08 (INR114.20 million)
coupled with the repayment of debt worth INR10.6 million (INR6.97
million). Over FY23-FY24, the company incurred a capex towards
increasing the capacity by installing two furnaces and two overhead
cranes. The capex was funded through its internal accruals. In
FY25, BSMPL plans to utilize its internal accruals of INR10 million
for installing additional capacities for new products. In FY25,
Ind-Ra expects a further improvement in the credit metrics on
account of scheduled debt repayment coupled with the likely
improvement in the overall EBITDA and a lack of debt-funded capex
plan.

Likely Improvement in Scale of Operations: In FY24, BSMPL's revenue
from operations reduced to INR1,718.6 million (FY23: INR2,027.42
million), due to lower realization per metric ton of INR1,03,887
(INR1,10,366) despite production of 18,442 metric tons per annum
(MTPA; FY23:17,751 MTPA). However, its EBITDA increased to
INR118.08 million in FY24 (FY23: INR114.20 million) Domestic sales
accounted for 82% of its revenue in FY24 (FY23: 95%), followed by
exports. As per the management, BSMPL's customer base includes
around 80% of private contracts and the rest is government
contracts. For FY25, Ind-Ra expects a significant improvement in
the company's revenue, on account of the launch of two new products
such as heat resistant for heat resistant casting' and alloy steel
casting' by installing additional production capacities of 8,000
MTPA; coupled with a likely increase in the demand from its end
user industry i.e. steel industry, following the installation of a
new pellet plant in Odisha and Jamshedpur. BSMPL booked revenue of
INR400 million and a diversified unexecuted orderbook of INR 842
million as of 4MFY25.

Established Market Position and Experienced Promoters: The
promoters have nearly 30 years of experience in manufacturing and
selling of high chrome grinding media balls, hyper steel grinding
media balls and liners, leading to established relationship with
suppliers and customers. BSMPL is supplying to mining, power,
cement and engineering sectors, and its clients include Tata Steel
Limited (debt rated at 'IND AA+/Positive'), Vedanta Limited (debt
rated at 'IND A+'), Jindal Saw Limited, Hindustan Zinc Limited
(debt rated at 'IND A1+'), JSW Steel Limited ('IND AA'/Stable)
among many other. BSMPL had 'Vendor Management Inventory system'
with Hindustan Zinc (one of the top five customers).

Liquidity

Stretched: BSMPL's average monthly maximum utilization of its
fund-based limits was around 72.48% of the sanctioned limits over
the 12 months ended June 2024. BSMPL had debt repayment obligations
of INR4.5 million and INR3.7 million in FY25 and FY26,
respectively. In FY24, the cash flow from operations turned
positive INR236.02 million (FY23: negative INR233.61 million) due
to favorable changes in the working capital. Consequently, its free
cash flows also turned positive INR203.74 million (FY23: negative
INR176.54 million). At FYE24, cash and cash equivalent stood at
INR3.4 million (FYE23: INR1.33 million).

Rating Sensitivities

Negative: The inability to increase the scale of operations,
leading to deterioration in the credit metrics with the net
leverage exceeding 3.5x and/or deterioration in the liquidity
profile, all on a sustained basis, could lead to a negative rating
action.

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics with the net leverage remaining
below 3.5x along with an improvement in the liquidity profile, all
on a sustained basis, could lead to a positive rating action.

About the Company

BSMPL, which was established by Binod Singh in 1972 as proprietary
concern, was converted into a private limited company in 2007. It
has manufacturing facilities in Jamshedpur, Jharkhand. BSMPL
manufactures high chrome grinding media balls, high chrome liners
and grinding media cylpebs.

BYJU'S: Indian Official Seeks to Stay Bankruptcy Ruling in US
--------------------------------------------------------------
Bloomberg News reports that a US court ruling that placed into
bankruptcy units associated with Indian education technology
company Byju's took an official in the firm's home country by
surprise.

The decision, made at a Sept. 10 hearing in Delaware, will lead to
involuntary Chapter 11 bankruptcy of units including Neuron Fuel
Inc., Epic! Creations Inc. and Tangible Play Inc., Bloomberg
discloses citing court papers. The order was made as a default
judgment after the units failed to share requested information with
creditors.

The development was "surprising" and "in conflict" with insolvency
proceedings in India, wrote Pankaj Srivastava in a letter following
the decision, Bloomberg relates. Srivastava, appointed this year as
Byju's Interim Resolution Professional, is requesting to stay the
effect of the bankruptcy.

According to Bloomberg, the creditors, led by HPS Investment
Partners, filed the petition in June, accusing company founder Byju
Raveendran of violating their debt contracts by refusing to give
them financial details about the three units. Judge Brendan Shannon
also granted lenders' request to appoint an independent Chapter 11
trustee to manage the Byju units in bankruptcy.

Byju's, once valued at $22 billion and symbolised India's
technology ambitions, is embroiled in more than half a dozen
bankruptcy cases in India and abroad. The company's business had a
boost from the Covid-19 pandemic, but ran into a liquidity crunch
after classroom resumed. Creditors in the US and India have been
suing for repayments.

Epic and the other Byju units opposed the forced bankruptcy,
Bloomberg notes. In a September court filing, they claimed that the
lenders lacked legal standing to initiate the bankruptcy and argued
the filings were an improper "tactical maneuver" meant to get an
edge over the Byju units in related litigation.

The "Resolution Professional has the duty to take control of the
corporate debtor's assets," Srivastava wrote, citing Indian
insolvency law. He didn't appear at the hearing, court papers, as
cited by Bloomberg, showed.

Bloomberg says the Indian official and the US creditors have been
in dispute with each other in the complicated cross-border
bankruptcy procedures. US lenders to Byju's were removed from an
influential creditors committee in India - a decision made by
Srivastava.

It's unclear whether the request from the Indian official will
change the ruling, Bloomberg states. Byju's petitioning creditors
said they "disagree with the letter" and asked the judge to sign
the order so that the bankruptcy could take effect, adding that the
letter is informal. As of Sept. 13, there's been no public
disclosure of an order being signed by the judge, Bloomberg adds.

                            About Byju's

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

As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as the
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

CARE TECH: Ind-Ra Moves BB Rating to Non-Cooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Outlook on Care
Tech's (CT) bank facilities to Negative from Stable and migrated
the rating 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
BB/Negative (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR80 mil. Fund-based working capital limits Outlook revised
     to Negative; rating migrated to non-cooperating category with
  
     IND BB/Negative (ISSUER NOT COOPERATING) IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR25.2 mil. Term loan due on March 2031 Outlook revised to
     Negative; rating 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
   
Detailed Rationale of the Rating Action

The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation. 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 CT while reviewing the
ratings. Ind-Ra had consistently followed up with CT 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 CT, 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

Established in 2010, Bengaluru-based CT manufactures precision
machinery components for hydraulic machinery. It has three units in
Karnataka and one unit in Tamil Nadu. The company's partners are
Linston Manoj Gojer and Diana Soans.

CENTURY SHELTORS: Ind-Ra Corrects May 9, 2024 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Century Sheltors
Developers Pvt Ltd's rating published on May 9, 2024 to include the
ISIN details for non-convertible debentures and remove the
financial summary.

The amended version is:

India Ratings and Research (Ind-Ra) has migrated all the ratings of
Century Sheltors Developers 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR1.750 bil. Non-convertible debentures* migrated to non-
     cooperating category with IND D (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.

Company Profile

Incorporated in 2007, CSDPL is engaged in buying, selling, renting
and operating of self-owned or leased real estate such as apartment
building and dwellings, non-residential buildings, and developing
and subdividing real estate into lots.

CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chaudhary
Rice Mills (CRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of CRM under the 'issuer
non-cooperating' category as CRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CRM continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated July 3, 2024, July 13, 2024 and July 23, 2024.

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

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

Chaudhary Rice Mills (CRM) was established in 1981 as a partnership
firm and is currently being managed by Mr. Anil Kumar and Mrs.
Vijeta Rani sharing profit and losses equally. The firm is engaged
in processing of paddy at its manufacturing facility located in
Fatehabad.

DAMJI SHAMJI: Ind-Ra Moves D Term Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the rating on
Damji Shamji Realty Private Limited's (DSRPL) proposed
non-convertible debentures (NCDs) 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 rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR950 mil. Proposed non-convertible debentures (l-term)
     migrated to non-cooperating category with IND D (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 DSRPL while reviewing the
ratings. Ind-Ra had consistently followed up with DSRPL over
emails, apart from phone calls. Although, the issuer has been
submitting their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of DSRPL, 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

DSRPL is a real estate company and have residential, commercial or
a redevelopment construction projects across central and eastern
suburbs of Mumbai and Thane.

DARSHANA SOLVENT: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Darshana Solvent Extraction 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:

-- INR400 mil. Fund/Non-Fund Based Working Capital Limit migrated

     to non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR320 mil. Term loan due on January 31, 2029 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 Darshana Solvent
Extraction Private Limited over emails starting from June 28, 2024,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Darshana Solvent
Extraction 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 Darshana
Solvent Extraction 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

Incorporated in July 2021, DSEPL is engaged in the extraction of
crude oil from soya bean seeds and refining it into edible oil. Its
500-metric-ton-per-day-manufacturing plant is located at Solapur
district of Maharashtra.

DIAMOND INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
International Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance 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
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR3.824 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.059 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Firestar Diamond
International Private Limited while reviewing the rating. Ind-Ra
had consistently followed up with Firestar Diamond International
Private Limited over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond
International 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 Firestar
Diamond International Private Limited's credit strength. 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

Firestar Diamond International was incorporated in 2006 as a
jewelry manufacturing company for exports. It operates Firestar
International Private Limited's (a global diamond and jewelry
company founded by Nirav Modi) domestic retail business, which
functions under the Nirav Modi brand.

DIVINE CHEM: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divine Chem
Food (DCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 22,
2023, placed the rating(s) of DCF under the 'issuer
non-cooperating' category as DCF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DCF continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 7, 2024, July 17, 2024 and July 27, 2024.

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

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

Nawa-based (Rajasthan) Divine Chem Food (DCF) was formed as a
partnership concern in December, 2014 by Mr. Saroj Kumar Chhabra,
Mr. Mahabir Prasad Kachwal, Mr. Dilip Agarwal, Mr. Ashok Kumar
Chotia and Mr. Lalit Kumar Sharma. The firm was formed with an
objective to set up a green-field plant for manufacturing of
refined iodised as well as non-iodised salt and dust salt in
district-Nagaur.


EARTH HOME: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Earth Home
(EH) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of EH under the 'issuer non-cooperating'
category as EH had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. EH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 6, 2024, July 16, 2024 and July 26, 2024.

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

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

Incorporated in 2012, Earth Home (EH) is into developing of real
estate properties.


ESCO COUPLINGS: Ind-Ra Moves BB+ Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Esco
Couplings And Transmission Private Limited's (ECTPL) bank
facilities' ratings to Negative from Stable and has simultaneously
migrated the 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 BB+'/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR60 mil. Fund-based working capital limits Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB+/Negative(ISSUER NOT COOPERATING)/IND A4+(ISSUER
     NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR7.3 mil. Term loan due on October 2024 Outlook revised to
     Negative from Stable; 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

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ECTPL while reviewing the
ratings. Ind-Ra had consistently followed up with ECTPL over emails
starting June 2, 2024, apart from phone calls. The issuer has
submitted no default statement until May 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ECTPL, 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. ECTPL has been
non-cooperative with the agency since June 2, 2024.

About the Company

ECTPL is a 100% subsidiary of Esco Couplings N.V. Belgium, which is
one of the group companies of Esco Financial & Engineering Company
S.A/N.V. The group is primarily engaged in the manufacturing of
industrial flexible gears and disc couplings, gear couplings, rail
couplings and transmissions.

EXCELL TECHNOLOGY: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
EXCELL TECHNOLOGY VENTURES 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 action is:

-- INR100 mil. Term Loan due on March 31, 2030 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 EXCELL TECHNOLOGY VENTURES
PRIVATE LIMITED over emails starting from June 28, 2024, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of EXCELL TECHNOLOGY
VENTURES 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 EXCELL TECHNOLOGY
VENTURES 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

Incorporated in 2013, ETVPL is engaged in the trading of used cars
and also provides business marketing services to insurance
companies. Promoted by Madhup Agarwal and family, ETVPL is located
in Navi Mumbai, Maharashtra.

FIRESTAR DIAMOND BVBA: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
BVBA's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance 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 the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR3,811.056 bil. Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Firestar Diamond BVBA while
reviewing the rating. Ind-Ra had consistently followed up with
Firestar Diamond BVBA over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond BVBA 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 Firestar Diamond BVBA's credit strength. 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

Firestar Diamond BVBA is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUER NOT COOPERATING)'), a
global diamond and jewelry company founded by Nirav Modi.

FIRESTAR DIAMOND FZE: Ind-Ra Keeps D Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
FZE's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance 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 the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is follows:

-- INR8,813.067 bil. Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Firestar Diamond FZE while
reviewing the rating. Ind-Ra had consistently followed up with
Firestar Diamond FZE over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond FZE 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 Firestar Diamond FZE's credit strength. 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

Firestar Diamond FZE is a step-down subsidiary of Firestar
International Private Limited (IND D (ISSUERNOT COOPERATING)),
which is a global diamond and jewelry company founded by Nirav
Modi.

FIRESTAR DIAMOND: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
Limited, Hong Kong's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
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 the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR2,778.895 bil. Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Firestar Diamond Limited,
Hong Kong while reviewing the rating. Ind-Ra had consistently
followed up with Firestar Diamond Limited, Hong Kong over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond Limited,
Hong Kong 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 Firestar Diamond Limited, Hong
Kong's credit strength. 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

Firestar Diamond is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUER NOT COOPERATING)'), a
global diamond and jewelry company founded by Nirav Modi.

FIRESTAR INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar
International Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance 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
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is as follows:

-- INR17.132 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.272 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Firestar International
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Firestar International Private Limited over
emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar International
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 Firestar International Private
Limited's credit strength. 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

Firestar International, founded by Nirav Modi, is a global diamond
and jewelry company.

JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalaram
Industries (JI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 22,
2023, placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 7, 2024, July 17, 2024 and July 27, 2024.

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

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

JI based out of Wardha, Maharashtra is a partnership concern was
established in January 2001. The entity is engaged in the business
of processing of pulses at its processing facility located at
Wardha, Maharashtra.

JIMI SOLAR: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated JIMI Solar Private
Limited's (JSPL) bank facilities as follows:

-- INR100 mil. Proposed bank loan assigned with IND BB/Stable/IND

     A4+ rating; and

-- INR300 mil. Term loan due on FY32 assigned with IND BB/Stable
     rating.

Detailed Rationale of the Rating Action

The ratings reflect Ind-Ra's expectation that JSPL will have a
small scale of operations and modest credit metrics in FY25, due to
the capital-intensive nature of business. The ratings also factor
in the nascent stage of operation as the company started
functioning only in April 2024. The ratings are, however, supported
by the likely healthy EBITDA margins in FY25.

Detailed Description of Key Rating Drivers

Nascent Stage of Operations; Capital Intensive Nature of Business:
JSPL started its operations from April 2024 with a 4MW solar panel.
Subsequently, in July 2024, it increased its capacity to 9MW and
has plans to further reach 12MW of solar panel installed capacity
by September 2024.

Till FYE24, JSPL purchased panels worth INR204 million and is
likely to incur a higher capex in FY25 for further capacity
expansion.

Expected Small Scale of Operations and Modest Credit Metrics: The
management expects the company to earn a revenue of INR105 million
in FY25. Ind-Ra expects JSPL’s scale of operation to remain small
in FY25 with a significant increase in FY26 as 12MW will be
utilized for full year of operations.

In FY25, Ind-Ra expects JSPL's credit metrics to be modest given
the increase in the debt availed for capex of an additional 8MW of
solar panels.

Moderate Regulatory Risk: Any adverse changes in the regulations
notified by the Tamil Nadu Electricity Regulatory Commission might
impact the JSPL's cash flows and its operations. It may also affect
JSPL's repayment schedule when adequate cash flows are not
generated

Expected Healthy EBITDA Margin: In FY25, Ind-Ra expects JSPL's
EBITDA margin and return on capital employed (EBIT/capital
employed) to be healthy, given the inherent higher margins in the
industry despite the initial stage of operations. Ind-Ra expects
the margins to improve marginally as the efficiency increases.

Locational Advantage: JSPL has entered into long-term agreements
with other companies located nearby to the installed solar panels.
This helps in JSPL in reducing the transmission loss for power
transfer.

Liquidity

Stretched: JSPL has a repayment obligation of INR32.14 million and
INR42.86 million in FY25 and FY26, respectively. The cash flow from
operations is likely to be negative in FY25 due to a reduction in
the creditors. The cash and cash equivalents are likely to remain
low at FYE25. Furthermore, JSPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The debt service coverage ratio is likely to
remain comfortable at over 1x due to higher EBITDA generation in
FY25.

Rating Sensitivities

Negative: Deterioration in the scale of operations, leading to
deterioration in the credit metrics or that in the liquidity
position, the DSCR being less than 1.05x, all on a sustained basis,
will be negative for the ratings.

Positive: An improvement in the scale of operations, credit metrics
and liquidity on a sustained basis will be positive for the
ratings.

About the Company

JSPL was established in 2023 and started operations in April 2024.
The company operates a solar power plant at Tiruchengode, Tamil
Nadu. K.R. Sengottuvelu, S. Rajathi, S. Gowrishankar, M. Brindha
are the promoters and major shareholders of JSPL. It will have a
solar power installed capacity of 12MW from September 2024.

K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.L. Ice
And Cold Storage (KICS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.83       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of KICS under the 'issuer
non-cooperating' category as KICS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KICS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 6, 2024, July 16, 2024 and July 26, 2024.

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

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

Uttar Pradesh based KICS is a partnership firm established in April
2011 and is currently being managed by Mr. Rajesh Bansal, Mr. Ashok
Bansal, Mr. Krishna Murari Bansal and Mr. Naresh Bansal. KICS is
engaged in renting of its cold storage facility in Agra, Uttar
Pradesh.


KAMACHI INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamachi
Industries Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
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 the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR2,119.8 bil. Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR4,476.8 bil. Non-Fund Based Working Capital Limit
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR7,131.1 bil. Term loan due on June 30, 2022 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Kamachi Industries Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Kamachi Industries Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Kamachi Industries
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 Kamachi Industries Limited's
credit strength. 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 in 2003, KIL manufactures and trades sponge iron, mild
steel billets and thermo-mechanically treated bars. The company has
an integrated steel plant with facilities to manufacture 120,000
metric tons (MT) of sponge iron, 205,000MT of steel billets and
500,000MT of thermo-mechanically treated bars. It also operates a
10MW waste heat recovery plant and a 70MW thermal power plant.

KATHIAWAR STEELS: Ind-Ra Moves BB- Rating to NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Kathiawar Steels LLP 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:

-- INR704 mil. Non-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 Kathiawar Steels LLP over
emails starting from June 28, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Kathiawar Steels LLP 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 Kathiawar Steels LLP'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

KSLLP is a limited liability partnership firm having Hiren
Jashvantrai Shah and Jasvant Durlabhdas Shahas designated partners
and is engaged in the business of ship breaking. The shipping yard
is located at Bhavnagar (Gujarat) and has a ship breaking capacity
of 12,000 metric tons.

LOKNETE BABURAO: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Loknete Baburao Patil Agro Industries Limited's (LBPAIL) bank
facilities to Negative from Stable and has simultaneously migrated
the 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 rating will now appear as 'IND
BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.20 bil. Fund-based working capital limit Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+
     (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 migration of rating to the and the non-cooperating category and
the Outlook revision to Negative are in accordance with Ind-Ra's
policy, 'Guidelines on what Constitutes Non-Cooperation'. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings to sub-investment grade on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with LBPAIL while reviewing the
ratings. Ind-Ra had consistently followed up with LBPAIL over
emails, apart from phone calls starting from May 2024. The issuer
has submitted its monthly no default statement till June 2024

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of LBPAIL, 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

LBPAIL has been in operation since 1999 when it was established as
a co-operative society by Rajan Baburao Patil and was converted
into an unlisted public company in 2012. The company is managed by
Vikrant Rajan Patil and has a sugar plant at Mohol in Solapur
district of Maharashtra, with an installed capacity of 5,500 ton
crushed per day. The entity also has a 17.4-megawatt cogeneration
plant and a distillery with a capacity of 30 kiloliters per day.

MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maa Ganga
Rice Mill (MGRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.32       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 1, 2023,
placed the rating(s) of MGRM under the 'issuer non-cooperating'
category as MGRM had failed to provide information for monitoring
of the rating. MGRM continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 16, 2024, June 26, 2024,
July 6, 2024.

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

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

Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri
Tarak Nath Agarwala of Burdwan, West Bengal. Later on, in 2000, it
has been converted into proprietorship entity in the
name of Rajendra Prasad Agarwala. The entity is engaged in the
processing and milling of rice. The milling unit of the entity is
located at Burdwan, West Bengal. MGRM procures paddy from farmers &
local agents and sells its products through the
wholesalers and distributors in the state of West Bengal.


MAHANAGAR TELEPHONE: CARE Reaffirms D Rating on INR5,335.10cr Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Mahanagar Telephone Nigam Limited (MTNL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bonds@             3,768.97     CARE AA+ (CE) (RWN) Revised
                                   from CARE AAA (CE); Continues
                                   to be on Rating Watch with
                                   Negative Implications

   Bonds@             6,500.00     CARE AA+ (CE) (RWN) Revised
                                   from CARE AAA (CE); Continues
                                   to be on Rating Watch with
                                   Negative Implications

   Bonds@            10,910.00     CARE AA+ (CE) (RWN) Revised
                                   from CARE AAA (CE); Continues
                                   to be on Rating Watch with
                                   Negative Implications

   Bonds@             6,661.00     CARE AA+ (CE) (RWN) Revised
                                   from CARE AAA (CE); Continues
                                   to be on Rating Watch with
                                   Negative Implications

   Long-term          2,803.81     CARE D Reaffirmed
   bank facilities    

   Long-term/         3,500.00     CARE D/CARE D Reaffirmed
   Short-term
   Bank facilities    

   Short-term         5,335.10     CARE D Reaffirmed
   bank facilities    








Note: All rated instruments are non-convertible bonds in the nature
of debentures.

@Backed by credit enhancement in the form of an unconditional and
irrevocable guarantee from the Government of India, through the
Department of Telecommunications, Ministry of Communications.

Note: Unsupported rating does not factor in the explicit credit
enhancement.

Rationale and key rating drivers for credit enhanced debt

Ratings assigned to long-term debt instruments [bonds issue] of
Mahanagar Telephone Nigam Limited (MTNL) principally rely on credit
enhancement (CE) in the form of an unconditional and irrevocable
pre-default guarantee from the Government of India
(GoI), through the Department of Telecommunications (DoT), Ministry
of Communications (MoC). Additionally, the rating takes comfort
from the presence of structured payment mechanism (SPM) monitored
by a third-party trustee.

Aforementioned ratings have been downgraded due to successive
instances observed in non-adherence of trustee administrated SPM
towards funding the designated escrow account for ISINs
INE153A08139, INE153A08162, and INE153A08188. In accordance
with the SPM outlined in the tri-partite agreement among MTNL, the
DoT, and the Debenture Trustee (DT), MTNL is obligated to deposit
sufficient funds for semi-annual interest and/or principal
obligations into the designated escrow account 10 calendar days
(T-10) prior to the due date. Subsequently, the DT, following the
timelines specified in the SPM, issues a 'Notice of Invocation of
Guarantee' to the GoI. According to the SPM, the GoI is required to
fund the designated escrow account with the necessary amount three
days (T-3) before the due date for specified ISINs. CARE Ratings
Limited (CARE Ratings) observes that pursuant to the issuance of
the 'Notice of Invocation of Guarantee' by the DT for the
aforementioned series for semi-annual interest payments, the
timeline for the receipt of funds in the escrow account per the SPM
was not adhered to, and funds were received with delay of one to
two days. This was also confirmed by the DT through email to CARE
Ratings besides company's disclosure to the stock exchange.

Additionally, one of the lenders, Union Bank of India (UBI), has
frozen all the transaction bank accounts of MTNL, including the
collection and current account, on August 12, 2024, as the loan
account slipped into non-performing account (NPA) category.

CARE Ratings notes that the escrow account for the purpose of
SG-backed bond servicing is presently being maintained with a
separate lender, Bank of India (BoI) and classified as Special
Mention Account-II (SMA-II). While the company's management has
articulated that the efforts to resolve this are underway, yet
similar unfavourable action by the escrow lender, despite release
of adequate funds from the GoI to meet these obligations shall
adversely impact the timely servicing of guaranteed debt which is
viewed critically from a credit perspective. Hence, the long-term
ratings continue to be on watch with negative implications.

Going forward, CARE Ratings, shall continue to monitor the
developments concerning operating status of escrow account and
adherence to SPM on entire bond issuances of MTNL besides the
aforementioned ISINs. RWN will be resolved based on the emergence
of clarity on the operating status of the escrow account and the
sustained compliance to the payment structure. Additionally, in
line with CARE Ratings' withdrawal policy, the rating assigned to
the SG Bond issue (INE153A08055) of MTNL
aggregating INR 100 crore, has been withdrawn with immediate
effect, as the company has repaid the SG Bond issue in full and
there is no amount outstanding under the issue as on November 18,
2023.

Rationale and key rating drivers of MTNL

Reaffirmation of ratings assigned to bank facilities of MTNL
factors ongoing delays in debt servicing obligations towards bank
borrowings due to continued paucity of funds at the company's end.
Additionally, ratings factor slow progress in the revival package
plan related to asset monetisation, heavy interest burden, and high
human resource costs amidst a highly competitive industry.

Rating sensitivities: Factors likely to lead to rating actions

For credit enhanced debt

Positive factors
* Track record of adherence to trustee-administered SPM by CE
provider on a sustained basis.

Negative factors

* Non-adherence to trustee-administered SPM by CE provider in the
transaction, triggering adverse action/event of default.
* Delayed funding of the requisite Bond servicing account.
* Dilution in support philosophy by GoI towards MTNL.

For standalone ratings

Positive factors

* Sustained improvement in financial and business performance of
the company.

* Track record of timely debt servicing for a continuous period of
at least three months.

Credit enhanced ratings: CE in the form of an unconditional and
irrevocable guarantee from GoI, through DoT, MoC, operating
through a trustee-administered SPM for timely transfer of required
funds for repayment of principal and interest to a designated
account.

Detailed description of key rating drivers:

Key strengths

* Majority ownership of GoI: MTNL is one of the two state-owned
telecom service providers in India, alongside Bharat Sanchar Nigam
Limited [BSNL, rated 'CARE AAA (CE); Stable']. GoI holds majority
stake in MTNL (56.25% as on March 31, 2024), and the balance is
held by the public. The company enjoys a 'Navratna Status' that
gives greater autonomy to central public sector enterprises (CPSEs)
in their investment and capital expenditure (capex) decisions. Such
a status also aims at facilitating expansion of its operations in
domestic and global markets.

* Sovereign guarantee on debt instruments with a
trustee-administered SPM: The company's debt instruments are backed
by unconditional and irrevocable guarantee for the servicing of
entire issue (principal amount and accrued interest), throughout
the tenure of instruments, from GoI through DoT, MoC.
Trustee-administered SPM is in place to ensure timely payment of
interest and principal obligations of bond/NCD issues through a
tripartite agreement between MTNL, trustee, and GoI, through DoT,
MoC. Trustee will facilitate timely servicing of MTNL's obligations
by DoT, in case MTNL does not have sufficient funds to do so.

* Support from GoI, notwithstanding slow progress on asset
monetization: In October 2019, considering MTNL's legacy and
strategic importance, GoI announced revival plan for MTNL and BSNL
and continued to support the company's funding requirements through
issuance of LoC. To make public sector units (PSUs) financially
viable, the Union Cabinet approved second revival plan for BSNL and
MTNL (the telcos) amounting to INR 1.64 lakh crore on July 27,
2022. Revival plan is aimed at upgrading services, rolling out 4G
services, augmenting the telecom network, and de-stressing balance
sheets.

Following schemes are approved by the Union Cabinet for telcos:

* Allotment of spectrum administratively: Telcos will be allotted a
spectrum administratively in the 900/1,800 MHz band (renewal of
spectrum for 20 years) amounting to INR44,993 crore through equity
infusion. However, there have been delays in the rollout of 4G
services due to 4G import restrictions (per GoI's 'Atmanirbhar'
scheme).

* Financial support for capex: To meet projected capex for the next
four years of deploying Atmanirbhar 4G technology stack, GoI will
fund a capex of INR22,471 crore. This will be infused through
equity into BSNL and includes projected capex requirements of
INR1,851 crore for MTNL as well.

* Viability gap funding (VGF): A consideration of INR 13,789 crore
for commercially unviable rural wire-line operations done in FY14
to FY20 was provided by GoI in three tranches in FY23. Proceeds
were utilised for prepayment of high-cost debt.

* Debt structuring: Sovereign guarantee is to be provided for
raising long-term bonds amounting to INR 40,399 crore, which
will be utilised for restructuring high-cost debt.

* Financial support for AGR dues: AGR dues amounting to INR33,404
crore to be settled by conversion into equity.

As BSNL is handling MTNL's operations, fund infusion per revival
package has taken place in BSNL, which is managing combined capex
for the telcos. Progress on monetisation of MTNL's certain
identified land assets has also been slow, which has since been
transferred from the Department of Investment and Public Asset
Management (DIPAM) to the Department of Public Enterprise (DPE).

Key weaknesses

* Non-adherence to structured payment mechanism: Semi-annual
interest payment for ISIN INE153A08188 is due on September 06,
2024. In accordance with SPM recorded in tripartite agreement
executed among MTNL, DoT and DT, MTNL is required to fund
semi-annual interest and/or principal obligation in the designated
escrow account with adequate amount 10 calendar days (T-10th)
before the due date (by August 27, 2024).

On MTNL's failure to do so, on August 29, 2024, Debenture Trustee
(DT), adhering to specified timelines outlined in SPM, issued a
'Notice of Invocation of Guarantee' to GoI. Per SPM, GoI was
required to fund designated escrow account with the necessary
amount by September 3, 2024, which is three days (T-3rd) before the
due date. However, the funds were received in the designated
account on September 4, 2024 (with a 1-day delay), which was also
confirmed by DT based on the stock exchange
disclosure made by MTNL dated September 4, 2024. Similarly, in the
past for the ISINs INE153A08139 and INE153A08162, the funds were
received in the designated account on August 23, 2024, against the
T-3 day timeline (August 21, 2024) post issuance of 'Notice of
Invocation of Guarantee' to GoI. CARE Ratings notes, there have
been successive instances of non-adherence to SPM, which is
critically viewed from credit perspective.

* Ongoing delays in bank debt servicing: There are ongoing delays
by MTNL in servicing its debt obligations for bank loan facilities
which are not covered under guaranteed debt by GoI. The total
default amount (interest plus principal) stands at INR518.81 crore
as on September 5, 2024. Delay is primarily due to paucity of funds
considering insufficient cash generation from operations and delay
in timely support from GoI to address existing poor liquidity
position. Additionally, one of the lenders, Union Bank of India
(UBI), has frozen all the transaction bank accounts of MTNL,
including the collection and current account, on August 12, 2024,
as the loan account slipped into non-performing account (NPA)
category.

CARE Ratings notes that the escrow account for the purpose of
SG-backed bond servicing is presently being maintained with a
separate lender, Bank of India (BoI) and classified as SMA-II.
While the company's management has articulated that the efforts to
resolve this are underway, yet similar unfavourable action by the
escrow lender, despite release of adequate funds from the GoI to
meet these obligations, shall adversely impact the timely servicing
of guaranteed debt which is viewed critically from a credit
perspective.

* Higher-than-industry average human resource cost: MTNL has a
large employee base, and staff costs absorb a high percentage of
the company's revenue. MTNL's staff cost was about INR570 crore in
FY24 (PY: INR 545 crore), which is ~78% of its revenue from
operations in FY24 (~63% in FY23). Although there has been a
significant decrease in employee costs post the successful
implementation of VRS, it continues to remain over 5x the industry
average. Overstaffing is a major risk faced by the company and this
cost in case of other operators is ~5%-7% of the total operating
income (TOI). This is due to legacy issues, which are likely to
remain going forward.

* Competitive Industry: The outlook of Indian telecom sector is
expected to be stable, supported by an increasing rural
penetration, growth in broadband subscribers and roll-out of 5G
services, which will lead to improvement in average revenue per
user (ARPU). The government has also taken major reforms to address
structural, process reforms, and liquidity issues of the telecom
industry, which will provide requisite cashflows to support growth.
In September 2021, GoI announced major reforms for the telecom
sector to address liquidity of telecom service providers (TSPs),
encourage investment, and promote healthy competition in the
industry. Other structural and procedural reforms announced by GoI
related to no requirement of bank guarantees (BGs) for spectrum
bidding has also improved telco companies' liquidity position.

Liquidity: Poor

As on July 31, 2024, the company's liquidity profile remains poor
due to almost full utilisation of sanctioned overdraft limits and
insufficient cash flow generation from operations to meet debt
obligations.

The company has policies in place, complying with prudent
governance practices; however, the company's auditors have provided
a qualified opinion on its internal financial control, which is of
significance for credit assessment. The company also publishes a
Business Responsibility Report (BRR) in compliance with SEBI (LODR)
Regulation, 2015, Regulation 34 (2).

MTNL's wireless services (WS) complies with relevant guidelines
regarding electromagnetic radiation from base transceiver station
(BTS) towers issued by DoT, GoI, and TRAI. The company also carries
out energy auditing of its buildings, which resulted in reduction
of energy consumption considerably.

* Adequacy of CE structure: Bonds and NCDs are backed by CE in the
form of an unconditional and irrevocable guarantee from GoI,
through DoT, and MoC.

                        About the CE Provider

GoI has extended the absolute, unconditional, and irrevocable
pre-default guarantee for timely servicing of the rated bonds.

                   About the company and industry

MTNL was incorporated by GoI in 1986 to upgrade the quality of
telecom services, expanding telecom network, and introducing new
services for India's key metros, Delhi and Mumbai. MTNL was given
the 'Navratna' status in 1997 and was listed on the New York Stock
Exchange in 2001. MTNL provides a host of telecom services that
include fixed telephone service, GSM, Internet, Broadband, ISDN,
and leased line services. MTNL has been the first to launch some of
the latest telecom technologies such as ADSL2+ and VDSL2 in
broadband, IPTV on MPEG4 technology, VOIP and 3G mobile service in
the country. MTNL also provides telecommunication services beyond
Indian boundaries through its joint ventures (JV) and subsidiaries.
MTNL is present in Nepal through its JV, United Telecom Limited
(UTL), and in Mauritius through its 100% subsidiary, Mahanagar
Telephone Mauritius Limited (MTML). However, after obtaining
unified license for all 22 circles in India, MTNL's business
operations are being handled by BSNL as its outsourced agency,
since September 1, 2021.

MAHAVIR CASHEW: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahavir
Cashew Industries (MCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 12,
2023, placed the rating(s) of (MCI under the 'issuer
non-cooperating' category as MCI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MCI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 28, 2024, August 7, 2024, August 17, 2024
and
September 5, 2024.

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

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

The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers instances
of ongoing delays in debt servicing as recognized from publicly
available information.

Mahavir Cashew Industries (MCI) was established in 2015, as a
partnership firm by Mr. Nilesh Savla, Mr. Piyush Gogri and Mrs.
Bharati Savla who have reasonable experience in cashew processing
and trading business. MCI is engaged in the processing of cashew.


MAHESHWARI TECHNOCAST: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maheshwari
Technocast Limited (MTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of MTL under the 'issuer non-cooperating'
category as MTL had failed to provide information for monitoring of
the rating. MTL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 26, 2024, June 5, 2024, June 15,
2024.

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

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

Maheshwari Technocast Limited (MTL), promoted by Mr Suresh Kumar
Mantri, was originally set up as a partnership firm in 1974 and the
same was converted into limited company with effect from August 14,
1996.MTL is the ancillary unit of Bhilai Steel Plant, a unit of
Steel Authority of India Limited. Since its inception, MTL has been
engaged in manufacturing of rolling mill spare parts. The
manufacturing facility of the company is located at Bhilai,
Chhattisgarh with an aggregate installed capacit y of 3000 MTPA of
foundry and 1500 MTPA of fabrications.

MARKANDA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Markanda Steel Rolling Mills (SMSRM) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of SMSRM under the 'issuer non-cooperating'
category as SMSRM had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMSRM continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2024, June 8, 2024 and June 18, 2024.

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

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

Shri Markanda Steel Rolling Mills (SMSRM) was established in
1983/2000 as a proprietorship concern by Mrs. Anita Dhiman. SMSRM
is engaged in manufacturing of iron and steel products at its
facility located in Mandi Gobindgarh, Punjab.

MURALI EXPORT: CARE Lowers Rating to INR0.50cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Murali Export House (MEH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 9,
2024, placed the rating(s) of MEH under the 'issuer
non-cooperating' category as MEH had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MEH continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 11, 2024
among others.

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

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

The ratings assigned to the bank facilities of MEH have been
revised on account of delays in debt servicing recognized from
publicly available information.

Kolkata (West Bengal) based Murali Export House (MEH) was initially
set up as a partnership firm in the year 1992 by Mr. Shekhar Mohan
Saha, Mr. Debasis Mohan Saha and Mr. Tapan Mohan Saha.
Subsequently, it was converted into proprietorship firm in the year
2014 by Mr. Sekhar Mohan Saha. Since its inception, MEH has been
engaged in trading of industrial chemicals like caustic soda,
bleaching powder and acetic soda. The firm sells its products
through local distributors and retailers in Kolkata, this apart the
firm also exports to Banglades h which constitutes 95% of TOI for
FY18. Currently the day to day activities of the entity are looked
after by Mr. Sekhar Mohan (Proprietor) having more than two decades
of experience in similar line of business, along with a team of
experienced marketing professionals who are having long experience
in this industry.

NORTH WESTERN: Ind-Ra Moves BB- Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
NORTH WESTERN KARNATAKA ROAD TRANSPORT CORPORATION 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:

-- INR1,638.70 bil. Bank 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 NORTH WESTERN KARNATAKA
ROAD TRANSPORT CORPORATION over emails starting from June 28, 2024,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of NORTH WESTERN KARNATAKA
ROAD TRANSPORT CORPORATION 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 NORTH
WESTERN KARNATAKA ROAD TRANSPORT CORPORATION'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

Headquartered in Hubbali, Karnataka, NWKRTC is a state-owned public
transport corporation in Karnataka, India. NWRTC's jurisdiction
covers six districts, 44 talukas and 4,596 villages, and provides
transport services from nine operating divisions consisting of 55
depots, nine divisional, one regional workshop, two civil
engineering divisions, one regional training institute and one
hospital under its administrative control.

OSCAR INVESTMENTS: Ind-Ra Keeps C Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Oscar
Investments Limited's (Oscar) non-convertible debentures and term
loans in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The detailed rating actions are as follows:

-- INR1.50 bil. Non-convertible debentures * (Long-term)
     maintained in non-cooperating category with IND C (ISSUER NOT

     COOPERATING) rating; and

-- INR5.0 bil. Long-term bank loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

*Unutilized

Detailed Rationale of the Rating Action

The ratings are maintained in 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 Oscar while reviewing the
ratings. Ind-Ra had consistently followed up with Oscar. The issuer
has not submitted a no-default statement to Ind-Ra.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Oscar 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 Oscar's credit strength. 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 ratings were last reviewed on November
17, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings. The rating on
the NCDs has been maintained at 'IND C (ISSUER NOT COOPERATING)' as
they were unutilized as per the last data available to the agency.

About the Company

Oscar is a listed group company of RHC Holding Private Limited. RHC
Holding, along with Malav Holdings Private Limited and Shivi
Holdings Private Limited, holds 69% of Oscar's equity shares. On
March 31, 2017, Oscar held stakes in several unlisted subsidiaries
and group companies.

PATNA SAHIB: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patna
Sahib Charitable Educational Trust (PSCET) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 22,
2023, placed the rating(s) of PSCET under the 'issuer
non-cooperating' category as PSCET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PSCET continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 7, 2024, July 17, 2024 and July 27,
2024.

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

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

Established in December-2010 under the Societies Registration Act
XXI 1860, PSCET is engaged in the imparting of higher education. It
is operating from a single campus in Vaishali, Bihar under the name
'Patna Sahib Group of Colleges'. These include two colleges: Patna
Sahib Institute of Engineering and Technology offering bachelor's
in engineering and Patna Sahib Polytechnic College offering diploma
courses in engineering.


PHOSPHATE COMPANY: Ind-Ra Moves BB+ Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on The
Phosphate Company Limited's (TPCL) bank facilities' ratings to
Negative from Stable and has simultaneously migrated the 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 phone calls and emails. Thus, the rating is based on
the best available information. Therefore, 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:

-- INR250 mil. Fund-based working capital limits Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB+/Negative (ISSUER NOT COOPERATING) rating;

-- INR355 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR55.80 mil. Term loans due on November 30, 2026 Outlook
     revised to Negative from Stable; 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

Analytical Approach

Ind-Ra continues to assess the company on a standalone basis.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with TPCL while reviewing the
ratings. Ind-Ra had consistently followed up with TPCL over emails
starting June 7, 2024, apart from phone calls. The issuer has
submitted the no default statement until July 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of TPCL, 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. TPCL has been
non-cooperative with the agency since June 7, 2024.

About the Company

Incorporated in February 1949, TPCL is one of the oldest single
super phosphate manufacturing units in eastern India. It was
founded by the Bangur and Khaitan families, who are accredited with
industrialization in eastern India. The company has an installed
capacity of 112,800MT for manufacturing fertilizers.

PN INTERNATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained PN
International's bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The instrument-wise rating actions are:

-- INR210 mil. Fund-based facilities maintained in non-
     cooperating category and withdrawn; and

-- INR100 mil. Non-fund-based facilities maintained in non-
     cooperating category and withdrawn.

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

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

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

WD – Rating Withdrawn

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn as Ind-Ra does not have sufficient
information to review the ratings at time of withdrawal. 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. 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.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction while reviewing the ratings.
Ind-Ra had consistently followed up with PN International over
emails, apart from phone calls. The company has also not been
submitting the no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of PN International, 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

PN International was established in 1995 in Uttar Pradesh as a
partnership firm by Mr. Rajesh Nigam and Mr. Hemant Sapra. The
partnership form was converted into private limited company on 24
May 2020. The company is closely held and owned by Nigam and Sapra
families. It is engaged in the manufacturing of fall protection
equipment.

PRECIFAST PRIVATE: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Precifast
Private Limited (PPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of PPL under the 'issuer non-cooperating'
category as PPL had failed to provide information for monitoring of
the rating. PPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 29, 2024, June 8, 2024, June 18,
2024.

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

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

Andhra Pradesh based Precifast Private Limited was incorporated in
the year 2016 as a private limited company, promoted by Mr. Guru
Charan Das, Mr. Hariharan along with other directors and the
company has started its commercial operations in March 2019.

Precifast Private Limited is a prime manufacturing of Precision
Industrial Fasteners (High Tensile Bolts and Nuts). The company's
manufacturing facilities provides complete solutions to the
fastener requirements in terms of design, application engineering,
standardization and variety reduction of fasteners, for all
fastening requirements, offering wide variety of fasteners viz.,
Screws, Bolts, Nuts, Socket Bolts with 8.8 to 12.9 grade in Hex
Head, Hex Flange, He x Lobular, Socket Head, Engine Bolts etc. with
various surface finishes.


PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Strips (PS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.65       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 4, 2023,
placed the rating(s) of PS under the 'issuer non-cooperating'
category as PS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

PS was established as a proprietorship firm in 2011. PS is engaged
in the manufacturing of steel products at its manufacturing
facility located in Derabassi, Punjab.

R B VELHAL: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R B Velhal
Infrastructures Private Limited (VIPL) a Long-Term Issuer Rating
'IND BB+'. The Outlook is Stable.  

The detailed rating action is:

-- Issuer rating assigned with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects VIPL's small scale of operations, stretched
liquidity and concentrated customer profile. However, the rating is
supported by the company's experienced promoters, strong order
book, healthy EBITDA margins and comfortable credit metrics.

Detailed Description of Key Rating Drivers

Small Scale of Operations: The revenue surged to INR698.63 million
in FY24 (FY23: INR199.83 million), due to execution of a higher
number of contacts. Despite the significant growth in revenue, the
scale of operations is small. FY24 financials are provisional.

Stretched Liquidity: RBVIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The average utilization of the fund-based
limits remained below 10% for the 12 months ended July 2024. The
unencumbered cash and cash equivalents stood at INR41.39 million at
FYE24 (FYE23: INR 87.92 million). The company has scheduled debt
repayments of INR20.9 million in FY25 and INR19.01 million in FY26,
which are likely to be met from internal accruals and unutilized
fund-based working capital facilities. The net working capital
cycle remained negative at 53 days in FY24 (FY23: negative 162
days) due to a decrease in the inventory holding period to 4 days
(90 days), partially offset by an increase in the receivable period
to 148 days (144 days) and a reduction in the payable period to 204
days (396 days). The company's working capital cycle has been
negative since it bills the customers only when funds are available
with its customers. Similarly, RBVIPL makes payment to its
suppliers only after receiving payments from customers.

Concentrated Customer Profile: The company's order book is solely
from a single customer, the Ministry of Road Transport and Highways
of India. Although the receivable risk remains minimal considering
the strong credit profile of the customer but there is a
possibility of delay in realizations.

Strong Oder Book with Healthy Revenue Visibility: As of March 2024,
RBVIPL had an order book of INR3,054 million (around 4.3x of FY24
operating revenue), of which orders worth INR1,703.6 million are
likely to be executed in FY25 and the balance in FY26. As per
management, the company is bidding for additional orders and
expects the order book value to increase in the near term.
Furthermore, Ind-Ra expects the revenue to improve further in FY25
following the timely execution of orders.

Healthy EBITDA Margins: The EBITDA margins declined to 7.85% in
FY24 (FY23: 10.69%) largely due to an increase in raw material
prices. The return on capital employed was 29.2% in FY24 (FY23:
12.2%). Ind-Ra expects the EBITDA margins to remain at similar
levels in the near term assuming operating expenses to remain at
the current levels.

Comfortable Credit Metrics: The net leverage (total adjusted net
debt/operating EBITDAR) deteriorated, but remained comfortable, at
0.7x in FY 24 (FY23: net cash positive) due to an increase in the
debt to INR79.59 million (INR27.35 million) to fund capex incurred
towards procurement of plant and machinery. However, the gross
interest coverage (operating EBITDA/gross interest expense)
improved to 13.82x in FY24 (FY23: 5.21x) due to a significant
improvement in the EBITDA to INR54.85 million (INR21.37 million).
Ind-Ra expects the credit metrics to improve in the near-to-medium
term owing to the execution of orders.

Experienced Promoters: The company's promoters have nearly three
decades of experience in the construction of canals, dams and
roads, leading to established relationships with its customer and
suppliers.

Liquidity

Stretched: RBVIPL has working capital facilities with a single
bank. The cash flow from operations remained negative at INR20.05
million in FY24 (FY23: negativeINR48.08 million), although improved
due to favorable changes in working capital. However, the free cash
flow deteriorated further to negative INR101.36 million in FY24
(FY23: negative INR48.34 million) due to the capex of INR81.31
million (INR0.26 million) for purchase of machinery. Furthermore,
management has informed Ind-Ra that there had been an  instance of
delay in regularization of fund-based limits in May 2024, which was
regularized in the subsequent month.

Rating Sensitivities

Negative: Any decline in the scale of operations or operating
margins, leading to deterioration in the overall liquidity position
will be negative for the ratings.

Positive: A substantial improvement in the scale of operations
while maintaining the credit metrics, along with an improvement in
the liquidity profile, all on a sustained basis, will be positive
for the ratings.

About the Company

Kolhapur-based RBVIPL began operations as an infrastructure
development contractor in 1993 in the name of M/s Ramchandra
Balkrishna Velhal. It was converted into a private limited company
in 2018. The company undertakes civil construction projects for the
Ministry of Road Transport and Highways of India. Ramchandra
Balkrishna Velhal, Milind Balkrishna Velhal and Ketan Ramchandra
Velhal are the promoters.

RHC HOLDINGS: Ind-Ra Keeps D Rating in NonCooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RHC Holding
Private Limited's (RHC) debt ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR2.0 bil. Secured long-term non-convertible debentures
     (long-term) ISIN INE657K07213 issued on December 27, 2013
     LIBOR Linked due on December 27, 2018 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR750 mil. Secured long-term bank loans (long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

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

Source: NSDL and Issuer

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, 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 RHC while reviewing the
rating. Ind-Ra had consistently followed up with RHC. The issuer
has also not been submitting the no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of RHC, 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

RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. The company is a closely held investment
company, held by Malvinder Mohan Singh and Shivinder Mohan Singh.
As on 31 March 2017, RHC held stakes in several unlisted
subsidiaries and group companies.

RMC SWITCHGEARS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RMC
Switchgears Limited (RMC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 16, 2023,
placed the rating(s) of RSGL under the 'issuer non-cooperating'
category as RSGL had failed to provide information for monitoring
of the rating. RSGL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 1, 2024, May 11, 2024, May
21, 2024.

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

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

Jaipur (Rajasthan) based RMC Switchgears Limited (RSGL) (ISIN:
INE655V01019) was originally established as a private limited
company in 1993 by Mr. Ashok Agrawal under the name of Rajasthan
Fitting House Private Limited for carrying out trading and
manufacturing of copper and zinc based hardware fittings. Later, in
2004, it was reconstituted into public limited company and assumed
its current name, RSGL. Since 1993, the company has expanded its
business from hardware fittings to the present
business of manufacturing of board panel cabinets (equipped and
un-equipped), aluminium channels for solar, single and three phases
meter boxes for transmission, distribution boxes made up of metal
(fabrication and deep drawn) and Sheet Moulded Compound (SMC) with
or without installing of aggregated kits, Poly Vinyl Chloride (PVC)
based decorative sheets and blocks and executes electrical
contracts on turnkey basis. The company also sells aggregated kits
which include bus bars, porcelain insulators and switchgears and
other supporting equipment's. The company has its owned
manufacturing facilities located at Badodiya Village, Chaksu-
Tehsil. The plant of the company is certified with International
Organization for Standardization (ISO) and also follows quality
management system (QMS) like KAIZEN, TBM and 5- SIGMA for optimum
utilization of resources with better time and quality management.
Further, it sells PVC sheets under brand name of 'Lamina'.


SADBHAV ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sadbhav
Engineering Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
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 the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR20.0 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR1.277 bil. Term loan due on September 30, 2022 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR5.810 bil. Fund-based working capital limits maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR413 mil. Proposed fund-based limits maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Sadbhav Engineering Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Sadbhav Engineering Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sadbhav Engineering
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 Sadbhav Engineering Limited's
credit strength. 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 in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.

SADBHAV INFRASTRUCTURE: Ind-Ra Keeps C Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sadbhav
Infrastructure Project Limited's (SIPL) debt instruments' ratings
in the non-cooperating category. The issuer did not participate in
the rating exercise despite requests and follow-ups by the agency
through emails and phone calls. Thus, the ratings are on the basis
of the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND C (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR3.90 bil. Non-convertible debentures maintained in non-
     cooperating category with IND C (ISSUER NOT COOPERATING)
     rating; and

-- INR3.0 bil. Non-fund-based limits maintained in non-
     cooperating category with IND C (ISSUER NOT COOPERATING)/IND
     A4 (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's 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 SIPL while reviewing the
rating. Ind-Ra had consistently followed up with SIPL over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SIPL, 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. SIPL has been
non-cooperative with the agency since September 2022.

About the Company

SIPL was incorporated as an asset holding company by Sadbhav
Engineering Limited ('IND D (ISSUER NOT COOPERATING)') for its road
and other infrastructure build-operate-transfer projects in 2007.  

SHK CHEMTECH: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated SHK Chemtech
Industries LLP's (SCIL) bank facilities as follows:

-- INR410 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR184 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

-- INR45.50 mil. Term loan due on FY27 assigned with IND BB+/
     Stable rating; and

-- INR0.5 mil. Proposed bank loan assigned IND BB+/Stable/IND A4+

     rating.

Detailed Rationale of the Rating Action

The ratings reflect SCIL's medium scale of operations, stretched
liquidity and average EBITDA margins. Ind-Ra expects the scale of
operations to improve over the medium term, led by a likely
increase in its sales realization, while its credit metrics would
likely improve on the back of its repayment of the term loan over
the medium term. However, the ratings are supported by partners
experience.

Detailed Description of Key Rating Drivers

Medium Scale of Operations: SCIL's scale of operations remained
medium with its revenue increasing to INR2,650 million in FY24
(FY23: INR2,416 million), led by an increase in its capacity and
orders. But its EBITDA declined to INR87.6 million in FY24 (FY23:
INR110.61 million), due to price fluctuations. Till 4MFY25, SCIL
booked revenue of INR805 million with an EBITDA of INR41.1 million.
The total installed capacity of ethyl acetate increased to 100 tons
per day (TPD) in FY25 (FY24: 75 TPD). The capacity utilization of
the ethyl acetate increased to 17,540 metric tons (MT) in FY24
(FY23: 15,675 MT) and that of ethanol increased to 21,650 MT
(17,000 MT), on account of an improvement in demand and an increase
in the installed capacity. Over the medium term, Ind-Ra expects the
revenue to improve due to the capacity increase and an increase in
sales realizations per MT.

Average EBITDA Margins: SCIL's EBITDA margin declined and remained
average at 3.31% in FY24 (FY23: 4.58%), due to price fluctuations.
Its return on capital employed stood at 14.7% in FY24 (FY23: 13%).
In the medium term, Ind-Ra expects the EBITDA margin to improve due
to economies of scale and discounts for bulk purchase.

Average Credit Metrics: The ratings reflect SCIL's average credit
metrics with the gross interest coverage (operating EBITDA/gross
interest expenses) falling to 2.04x in FY24 (FY23: 2.67x) and the
net leverage (total adjusted net debt/operating EBITDAR) increasing
to 4.19x (3.72x), due to the reduction in the EBITDA. In the medium
term, Ind-Ra expects the credit metrics to improve due to the
increase in its EBITDA margins and absolute EBITDA.

Stretched Liquidity: SCIL's average maximum monthly utilization of
the fund-based limits was 71.5% and non-fund-based limits was
79.62% during the 12 months ended June 2024. The cash flow from
operations stood at INR27.5 million in FY24 (FY23: INR23 million)
and remained at similar level due to a favorable change in the
working capital. The free cash flow turned positive at INR18.17
million in FY24 (FY23: negative INR7.97 million) due to a reduction
in the capex. SCIL has debt repayment obligations of INR40.48
million and INR13.5 million in FY25 and FY26, respectively.
However, the management plans to repay INR57.5 million of term loan
by FY25 from the subsidy to be received from government of
Maharashtra. The cash and cash equivalents stood at INR32 million
at FYE24 (FYE23: INR37.12 million).

Experienced Partners: The partners have over two-and-half-decade of
experience in the chemicals and sugar-based ethanol industry,
leading to established relationships with suppliers and customers.
The partners experience also has helped the company quickly ramp up
its sales.

Liquidity

Stretched:  The net working capital cycle reduced to 7 days in FY24
(FY23: 31 days), on account of an increase in letter of credits.
The company provides 30 days credit period to its customers and
receives around 30 days credit period from its suppliers apart from
180 days. The inventory holding period stood at 70-80 days.
Furthermore, SCIL 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 deterioration in
the overall credit metrics or any unplanned debt-funded capex or
the weakening of the liquidity position on a sustained basis, could
lead to a negative rating action.

Positive: An improvement in the scale of operations, along with an
improvement in overall credit metrics while maintaining the
liquidity position with the interest coverage exceeding 2.5x, all
on a sustained basis, could lead to a positive rating action.

About the Company

Established in 2018, SCIL manufactures ethanol and ethyl acetate in
Latur, Maharashtra. It has production capacities of 60 KLPD
(ethanol) and 100 TPD (ethyl acetate). The plant commenced
operations in November 2020. Its operations are managed by
Prathmesh Kocheta, Ananda Kocheta and other partners.

SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SKM
Buildcon (SB) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 25,
2023, placed the rating(s) of SB under the 'issuer non-cooperating'
category as SB had failed to provide information for monitoring of
the rating. SB continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 10, 2024, July 20, 2024, July 30,
2024.

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

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

M/s SKM Buildcon (SB) was established in 2008 as a partnership
concern. SB participates in the tender process of various public
works department contracts, government contracts and related
ancillary works. SB has reputed client base primarily dealing with
public works department, government departments and clients like
Tarwani group and Fortune Recourse Private Limited (Swarnbhumi).
The day to day affairs of the firm are looked after by Mr Suresh
Kumar Mirghani with adequate support from the other partner and a
team of experienced personnel.


SPES HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Spes
Hospital (SH) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.83       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 1,
2023, placed the rating(s) of SH under the 'issuer non-cooperating'
category as SH had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 17, 2024, July 27, 2024 and August 6, 2024.

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

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

SPES Hospital was established in November 2014 as a partnership
firm by Dr. Rakesh, Dr. Manoj and Mr. Manjeet Singh. It is located
in Bhiwani, Haryana with capacity of 100 beds. The operations of
the hospital commenced from December 2015. The
hospital covers all the basic departments, such as neurology,
cardiology, general surgery, ortho, plastic surgery, pediatrics,
xray, medicine, Ear-Nose-Throat (ENT), Maternity Gynecology,
plastic surgery, trauma centre, etc. The hospital is also
associated with third party insurance companies.


SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunrise
Industries (Delhi) (SI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 04,
2023, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

New Delhi based, Sunrise Industries was established in 2011 as a
partnership. The firm is currently being managed by Mr. Dinesh
Kumar, Mr. Nirmal Kumar and Mr. Prem Sagar. The firm is engaged in
manufacturing of tobacco products such as catechu (katha) its
manufacturing facility located in Haridwar, Uttarakhand. The key
raw material for manufacturing of katha is Khair wood
(scientifically called senegalia catechu) (in which white substance
catechu is found); which the firm solely procures
via auctions conducted by Uttarakhand Forest Development
Corporation.


UGR SILOS: Ind-Ra Moves BB Rating to Non-Cooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on UGR
Silos Hamirpur Private Limited's (UGRSHPL) bank facilities to
Negative from Stable and has simultaneously migrated the 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 phone calls and emails. Thus, the rating is based on
the best available information. Therefore, 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 action is:

-- INR360 mil. Term loans due on March 2042 Outlook revised to
     Negative from Stable; 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

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with UGRSHPL while reviewing the
ratings. Ind-Ra had consistently followed up with UGRSHPL over
emails starting July 18, 2024, apart from phone calls. The issuer
has submitted no default statement until August 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of UGRSHPL, 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. UGRSHPL has been
non-cooperative with the agency since July 18, 2024.

About the Company

Incorporated in July 2020, UGRSHPL was setting up a silo for grain
storage in Hamirpur district. The company's registered office is in
New Delhi.

UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Unitriveni
Overseas (UO) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 7, 2023,
placed the rating(s) of UO under the 'issuer non-cooperating'
category as UO had failed to provide information for monitoring of
the rating. UO continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 22, 2024, July 2, 2024, July 12,
2024.

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

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

Unitriveni Overseas (UO) was constituted as a partnership firm on
May 6, 2008 by Bhattacharya family of Kolkata, West Bengal. The
firm is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. UO has its processing facilities on
lease rental basis at Kolkata, West Bengal (owned by Sunshine
Packaging Industries). The facility has an aggregate processing
capacity of 28 metric tonnes per day (MTPD) of seafood. The firm
has One Star Export House status from the Government of India. The
firm exports its products mainly to USA, France, Vietnam, etc. UO
procures prawn from the open market from farmers and agents for
processing and export. The plant is appropriately located in
proximity to several aquaculture farms in West Bengal which reduces
the risk of raw material availability and also keeps the inward
freight costs under control.


UTTAM GALVA: Ind-Ra Keeps D Term Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Uttam Galva
Steels Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance 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 the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR4.0 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR2.0 bil. Fund/Non-Fund Based Working Capital Limit
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR1.0 bil. Short Term Debt maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR28.40 bil. Term loan maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR24.40 bil. Non Fund-Based Limits maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.0 bil. Proposed non-fund-based limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Uttam Galva Steels Ltd while
reviewing the rating. Ind-Ra had consistently followed up with
Uttam Galva Steels Ltd over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Uttam Galva Steels 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 Uttam Galva Steels Ltd.'s credit strength. 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 in 1985, UGSL manufactures cold-rolled sheets,
cold-rolled close annealed sheets, galvanized plain and corrugated
sheets, and color coated lines.

UTTARANCHAL WELFARE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uttaranchal
Welfare Society (UWS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2023, placed the rating(s) of UWS under the 'issuer
non-cooperating' category as UWS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
UWS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 25, 2024, July 5, 2024 and July 15, 2024.

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

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

UWS was formed in 1998 by Mr Umesh Gautam to provide professional
education. UWS started its first college in 1998 under the name of
Invertis Institute of Management Studies (IIMS) in Bareilly, UP
offering education in BBA, BCA, and MBA. During
September 2010, UWS established Invertis University, a private
university under established by the Government of UP under the UGC
Act, 1956 vide Invertis University Act 22 of 2010. Invertis
University, spread over 14 acres, has various courses
including Diploma, UG, PG, M. Phil and PhD.


VAISHNAVI GEMS: Ind-Ra Assigns BB Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vaishnavi Gems and
Jewels's (VGJ) bank loans as follows:

-- INR300 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects VGJ's small scale of operation with a revenue
of INR1,732.20 million in FY24 (FY23: INR1,413.95 million). The
ratings are constrained by the company's stretched liquidity,
modest credit metrics and modest EBITDA margin in FY24. In FY25,
Ind-Ra expects the revenue and credit metrics to improve but the
EBITDA margins to remain at similar level. The ratings are
supported by the promoter's experience.

Detailed Description of Key Rating Drivers

Small Scale of Operation: The ratings reflect VGJ's small scale of
operations with a revenue of INR1,732.20 million in FY24 (FY23:
INR1,413.95 million) and an EBITDA of INR50.34 million (INR44
million). In FY24, the revenue improved due to an increase in the
prices of precious stones and a rise in the demand for gold in the
domestic market. In 5MFY25, VGJ earned a revenue of INR990 million.
In FY25, Ind-Ra expects VGJ's revenue to improve due to an increase
in the demand for gems and jewels   in the domestic market and
globally. FY24 numbers are provisional in nature.

Modest EBITDA Margin: VGJ's modest EBITDA margins deteriorated
marginally to 2.91% in FY24 (FY23: 3.11%), with a return on capital
employed of 10.7% (10.8%), the margins deteriorated due to an
increase in the overall expenses. Ind-Ra expects the EBITDA margins
to remain largely unchanged in FY25.

Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) came in at 1.21x in FY24 (FY23:
1.20x) and the net leverage (adjusted net debt/operating EBITDAR)
at 7.71x (8.19x). In FY24, the credit metrics improved marginally
due to an increase in the EBITDA to INR50.34 million (INR44.00
million). In FY25, Ind-Ra expects the credit metrics to improve
slightly due to debt repayment and the absence of any capex plans.

Stretched Liquidity: VGJ's average maximum utilization of the
fund-based limits was 89.44% and that of its non-fund-based limits
was 79.05% during the 12 months ended July 2024.  Furthermore, VGJ
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

Experienced Promoters: The ratings are supported by the promoters'
experience of over two decades in the manufacturing of gems and
jewels, leading to established relationships with its customers and
suppliers.

Liquidity

Stretched: The cash flow from operations stood negative at INR23.64
million in FY24 (FY23: negative INR54.51 million). Furthermore, the
free cash flow stood negative at INR35.43 million in FY24 (FY23:
negative INR71.37 million). The net working capital cycle elongated
to 90 days in FY24 (FY23: 83 days), mainly on account of a decrease
in the creditor days to 18 (45). The company provides 30 days of
credit period to its customers and receives around 20 days of
credit period from its suppliers. The inventory holding period
varies from 70-80 days. VGJ has debt repayment obligations of
INR3.6 million in FY25 and FY26 each. The cash and cash equivalents
stood at INR1.05 million at FYE24 (FYE23: INR0.98 million).

Rating Sensitivities

Negative: Significant deterioration in the scale of operations and
credit metrics or deterioration in the liquidity position, all on a
sustained basis, could lead to a negative rating action.

Positive: A significant improvement in the scale of operations and
an improvement in the credit metrics with the net leverage
improving below 4x and an improvement in the liquidity position on
a sustain basis, will be positive for the ratings.

About the Company

Established in 2001, VGJ is a manufacturer of gems and jewelry. It
is based out of Rikab Kunj, Hyderabad.  Deepak Vijaywargi and
Ashish Vijaywargi are the partners of the firm.

VIJAI ELECTRICALS: Ind-Ra Affirms B+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Vijai Electricals Limited's (VEL) bank facilities:

-- INR1,133.82 bil. Term loan due on September 18, 2028 assigned
     with IND B+/Stable rating;

-- INR530.90 mil. Fund-based working capital limit affirmed with
     IND B+/Stable/IND A4 rating; and

-- INR2,857.80 bil. Non-fund-based working capital limit affirmed

     with IND A4 rating.

Analytical Approach

Ind-Ra continues to take a standalone view of VEL to arrive at the
ratings while factoring in the equity required to be infused by the
company in its under-construction joint venture at Algeria, in
which it holds a 40% stake.

Detailed Rationale of the Rating Action

The affirmation reflects the easing of the immediate liquidity
stress of VEL by it availing a term loan of INR1.05 billion in
April 2024 which was utilized for the regularization of its
overutilized working capital limits and the timely servicing of its
debt obligations April 18, 2024 onwards. The ratings also reflect
VEL's increased leveraging and constrained liquidity profile as
reflected in the limited working capital limits and a stretched
working capital position. The ratings take into account VEL's
robust order book at end-June 2024, translating into a likely
strong pick up in its execution, along with an improvement in its
margin profile, bringing some relief in the credit profile.

Detailed Description of Key Rating Drivers

Stretched Liquidity: Timely Debt Servicing from April 2024: VEL has
regularized its overutilized fund-based working capital limits and
has been servicing debt on time since April 18, 2024. However, the
company's liquidity position remains stretched. The average monthly
utilization of its fund-based working capital limits stood at over
127% and that of its non-fund-based limits stood at 77% for the 12
months ended June 2024. The average utilization of the fund-based
limits was 95% over April-June 2024, post the regularization of its
limits. Furthermore, certain fund and non-fund-based limits are on
run down.   

The company's gross working capital (receivables + inventory +
mobilization advances + security deposits) remained elevated but
reduced to 124% of the revenue at FYE24 (FYE23: 235%) due to
recoveries of the stuck receivables. VEL effectively realized
debtors and retention money worth INR1,440 million in FY23 and
INR277 million in FY24. VEL is expecting to recover nearly INR1,500
million of stuck receivables in 2QFY25, largely from Andhra Pradesh
Eastern Power Distribution Company Limited and Jharkhand Bijli
Vitran Nigam Limited. The net working capital reduced to 71% in
FY24 from 174% in FY23 with VEL receiving better payment terms from
its suppliers and by it availing mobilization advances (FY24:
INR557 million, FY23: INR180 million). Ind-Ra expects the working
capital to remain elevated in FY25. The company had an unrestricted
cash balance of INR154 million at FYE24. VEL has total debt
repayment obligations of INR584 million over FY25-FY26.

Weak Credit Metrics: The company's credit metrics improved
year-on-year in FY24 due to an improvement in the scale of
operations; however, they remained weak. The interest coverage
ratio (EBIDTA/interest) improved to 1.3x in FY24 (FY23: negative
1.1x; FY22: negative 0.9x) and the net adjusted leverage (including
corporate guarantees) to 3.9x (FY20: 5.5x). However, VEL has
availed a long-term loan of INR1,050 million in FY25 and is further
planning to avail a term loan of INR780 million-950 million during
the year for working capital purposes. Ind-Ra expects the interest
coverage ratio to remain in the range of 1x-1.3x over FY25 and
FY26; the net leverage to remain elevated in FY25 and FY26.

Inherent Industry Risk: VEL is an engineering, procurement and
construction (EPC) player exposed to high industry competition,
delays in the realization of receivables, project delays, cost and
timeline overruns and litigation. Since a majority of the existing
order book is concentrated in the transmission and distribution
sector, the company is exposed to cyclicality this sector. Also,
any pressure on the cash flows of the counterparties could
adversely impact VEL's collections.

Robust Order Book: After muted order inflows over FY20-FY22, the
company's order inflows picked up substantially from 4QFY23. VEL
had order inflows of INR10 billion each in FY24 and FY23. The
company's order book stood at INR17.8 billion at end-June 2024
(FYE23: INR12.65 billion, FY22: INR4.3 billion), leading to a
revenue visibility of 5.3x of FY24's revenue (FY23: 7.7x, FY22:
2.5x). Out this order book, over 70% was from the project division
of the company, which is majorly into the electrification of rural
villages, while the rest is from the manufacturing of transformers,
conductors and related products. The rural electrification projects
are with Gujarat discoms (INR8.04 billion) followed by PGCIL
(INR2.35 billion) and Meghalaya (INR1.9 billion). These projects
have to be delivered by November 2025. Apart from this, VEL has L1
position of INR3.16 billion RE projects in Gujarat discoms.

Improving Operating Performance: The operational performance of the
company improved in FY24 after deteriorating over FY20-FY23 on
account of a decline in export orders and a slower execution of its
order book. In FY24, VEL's execution grew 2.2x to INR3,618 million
owing to a healthy order book. While 57% of the revenues came from
executing EPC projects (up 137% yoy), supply contracts' execution
(domestic and exports) grew 92% to INR1,424 million in FY24. Nearly
50% of the EPC projects were undertaken through back-to-back
subcontracting due to limited working capital limits with VEL.

Moreover, the EBITDA margins, which were negative over FY21-FY23,
improved to 11.2% in FY24. The improvement was due to a reduction
in the raw material costs along with controlled fixed costs. It was
also owing to an increased execution of high-margin contracts.

Strong Counterparty Profile: Gujarat discoms (Paschim Gujarat Vij
Company Ltd. and Uttar Gujarat Vij Company Limited, Dakshin Gujarat
Vij Company Limited, Madhya Gujarat Vij Company Limited), which are
graded at A+ in the 12th Annual Integrated Rating and Ranking of
Power Distribution Utilities by the Ministry of Power and Power
Finance Corporation Limited, accounted for 65% of the orders of the
RE order book and 45% of the overall order book at end-June 2024.
The work on most of these projects has already been commenced.
Also, as the projects are scheduled to be delivered through 2025,
the execution of VEL is likely to pick up pace in FY25.
Furthermore, VEL has two L1 projects of INR3,168 million from Uttar
Gujarat Vij Company Limited.

Experienced Promoter: VEL's promoter has over four decades of
experience in the manufacturing of electrical equipment with a
specialization in transformer design.

Liquidity

Poor: The company had an unrestricted cash balance of INR154
million at FYE24. VEL has total debt repayment obligations of
INR584 million over FY25-FY26. VEL's average monthly utilization of
its fund-based working capital limits stood over 127% and that of
its non-fund-based limits stood at 77% for the 12 months ended June
2024. The average utilization of fund-based limits reduced to 95%
over April-June 2024, post the regularization of the limits.
Furthermore, certain fund- and non-fund-based limits are on run
down. VEL is planning to enhance its fund-based limits by INR920
million and its non-fund-based limits by INR6,000 million in FY25.

Rating Sensitivities

Negative:  Any delay in the tie-up of additional working capital
limits and/or delays in the recovery of receivables leading to
further deterioration in the liquidity could lead to a negative
rating action.

Positive: An improvement in the liquidity profile while
maintaining/improving the credit metrics on a sustained basis could
lead to a positive rating action.

About the Company

VEL, incorporated in 1980, manufactures electricity distribution
transformers and erects transmission and distribution lines. In
2005, it entered the business of execution of rural electrification
projects. It has a transformer production site in Haridwar and a
conductor manufacturing facility in Roorkee.

VISHNU COTTON: Ind-Ra Moves BB Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Vishnu Cotton Mills 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:

-- INR24.5 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT  
     COOPERATING) rating; and

-- INR125.5 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 Vishnu Cotton Mills
Limited over emails starting from June 28, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vishnu Cotton Mills
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 Vishnu Cotton Mills 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 1994, taken over by Four star group in 2013, VCML
operates a cotton yarn spinning mill in Parganas, Kolkata with an
installed capacity of 32000 spindles. The company is also involved
in the spinning of  blended yarn and viscose and bleaching and
dyeing of fabrics.

VIVID SOLAIRE: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vivid Solaire
Energy Private Limited's (VSEPL) bank facility's rating as follows

-- INR13.880 bil. Senior project bank loan affirmed with IND BB+/

     Stable rating.

Analytical Approach

For arriving at the ratings, Ind-Ra continues to assess VSEPL on a
standalone basis while factoring in its significant business,
financial, and managerial linkages with its immediate holding
entity, Betam Wind Energy Private Limited (BWEPL, 'IND
BBB-'/Stable). Ind-Ra continues to consider only the senior debt
for arriving at the rating. Therefore, any sponsor-injected funds,
other than plain vanilla equity, that have been infused in the
project, or might be injected, are/will be considered as
equity-like instruments. The inclusion of these instruments into
the senior debt would affect the ratings.

Detailed Rationale of the Rating Action

The affirmation reflects the project's continued underperformance
in power generation, low debt service coverage ratio (DSCR) and
stretched internal liquidity. The ratings are supported by VSEPL's
strong parentage and strong power off-taker. BWEPL, the immediate
holding entity of VSEPL, is 100% held by Pawan India B.V, which is
held by Engie Global Developments B.V (Engie GDBV; sponsor) . The
sponsor is a step-down wholly owned subsidiary of Engie SA(Fitch
Ratings Ltd; Issuer Default Rating (International): BBB+/Stable),
held through intermediary companies. Ind-Ra assesses the Indian
operations to be of strategic importance for Engie's growth plans
and its commitment has been demonstrated with fund infusion into
BWEPL and VSEPL together towards meeting the capex and operational
requirements of the entities. Furthermore, as per the
representation from the management, the debt of BWEPL and VSEPL
gets consolidated at Engie's level, providing comfort to the
ratings.

Detailed Description of Key Rating Drivers

Under-Performance of Commissioned Capacity:  In FY24, the
generation levels were 21% lower than the P90 estimate (FY23: lower
by 31%; FY22: lower by 22%). Wind projects are generally
susceptible to wind speed, which could affect their cash flows. In
FY24, the average grid availability was above 99% (FY23: 99.4%) and
machine availability was about 92.5% (93.5%). The machine
availability declined due to right-of-way issues at the project
location. The management has represented that measures have been
undertaken to resolve these issues.

Modest Debt Structure: The project loan has standard project
finance features, including a waterfall mechanism, a requirement of
creation of debt service reserve account (DSRA) equivalent to one
quarter's principal and interest payments and restricted payment
conditions. The DSRA is yet to be created and the project's average
DSCR of the projects is less than 1.0x as per Ind-Ra's estimates,
and the  project would require sponsor support to meet its debt
obligations. A sustained improvement in the generation could lead
to a positive rating action.

Moderate Technology Risk: VSEPL employs wind turbine generators
with a hub height as well as rotor diameter of 120 meters, procured
from Vestas Wind Technology India Private Limited, a
European-headquartered wind turbine supplier. Also, VSEPL has a
fixed-price, 20-year operations and maintenance contract with
Vestas Wind Technology India.

Strong Sponsor:  The ratings benefit from VSEPL's parentage and the
support undertakings provided by the sponsor, Pawan India B.V.
BWEPL, which is VSEPL's promoter and the holding company for the
Engie group's wind power business in India, is 99.99% held by Pawan
India.  During FY23, the sponsor had extended total support of
about INR5,350 million to BWEPL, towards full closure of the
investor-backed funding lines in the latter, and to VSEPL, for
meeting capex requirements, and also for funding any debt service
shortfalls in both. With presence in over 30 countries, Engie S.A.
is one of the world's largest independent power producers, with an
installed capacity of around 42GW. The group has plans to achieve
capacity of 80GW by 2030, with India expected to contribute
significantly to the group's expansion plans. Ind-Ra expects the
projects to continue to depend on the sponsor group for meeting
debt service obligations until the operational performance
improves. The sponsor group has an experience of commissioning and
operating about 1GW solar capacity across India; at a global level,
the group has experience of developing/operating 30GW renewable
capacity. Ind-Ra considers the group's experience in operating
large-scale renewable projects to be adequate. The ratings are
supported by the strong sponsor profile, the support extended by
the sponsor in the past, and the management's representation that
it would provide the required managerial, operational and financial
support to its India operations.  

BWEPL has undertaken to infuse additional funds in case of any
tariff reduction or capacity reduction due to delays in achieving
the commercial operations date, creating the debt service reserve,
and debt resizing in case the plant fails to achieve P90 plant load
factor in its first two years of operations. Also, the support from
the parent (Engie SA) and/or its subsidiaries Engie GDBV is likely
to continue, given the strategic nature of renewable assets  as
represented by the management.

PPA with Strong Counterparty: VSEPL was incorporated to develop a
250.2MW wind power project in Tamil Nadu, and has a 25-year power
purchase agreement (PPA) with Solar Energy Corporation of India
Limited (SECI). Out of this total capacity, 50.2MW under SECI III,
which has been operational since November 2019, and 168MW
(operational capacity) under SECI-IV, which was commissioned in
phases, have been generating cash accruals, and SECI has been
making payments within 20 days of raising invoices. Since the
balance capacity of 32MW in VSEPL could not achieve commissioning
within the revised scheduled commissioning date, the PPA capacity
has been reduced to the commissioned capacity and liquidated
damages to that extent have been paid to SECI. Also, the debt
disbursement for SECI III and SECI IV was limited to the proportion
of capacity commissioned. The management plans to monetize the 32MW
capacity and the same is under progress.

Liquidity

Stretched: VSEPL has been meeting its debt obligations since June
2022.  As on 31 March 2024, the project had an outstanding term
loan of INR11,517 million (repayment in FY25: INR414 million; FY26:
INR518 million), for which repayments had commenced from May 2022.
The project had cash and cash equivalents of about INR9 million as
of March 2024. The project has to create a debt service reserve
equivalent to three months of debt servicing requirements, but it
is yet to do so. Although the internal liquidity of VSEPL is
assessed to be stretched, it is supported by the strong parentage
and the management practice of close treasury coordination to
infuse funds to support the entities as and when required.

Rating Sensitivities

Negative: Continued underperformance of the project combined with
lack of sponsor support could result in a rating downgrade.

Positive: A sustained improvement in the operational performance
and internal liquidity along with timely completion/ monetization
of the balance capacity could result in a rating upgrade.

About the Company

VSEPL is promoted and wholly owned by BWEPL. BWEPL is 99.99% held
by Pawan India B.V. (sponsor), Pawan India BV has been incorporated
in Netherlands, as an exclusive offshore platform for Engie's wind
developmental activities in India. Engie Global Development B.V is
a step-down wholly owned subsidiary of Engie SA held through
intermediary companies. The former is the latter's investment
vehicle in Netherlands, holding its international power assets in
various geographies including Asia, South Africa, Turkey and United
Kingdom.

VSEPL was incorporated to develop a 250.2MWac wind power project in
Chillangulam village, Tuticorin district, Tamil Nadu. The special
purpose vehicle has signed a fixed-price power purchase agreement
for a period of 25 years with SECI at a fixed tariff of
INR2.45/unit for 50.2MW (SECI-III) and INR2.51/unit for 168MW
(SECI-IV) capacity.

ZEBION INFOTECH: Ind-Ra Affirms BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Zebion Infotech
Private Limited's (ZIPL) bank facilities as follows:

-- INR19 mil. Term loan due on February 2026 affirmed with IND
     BB-/Stable rating;

-- INR201 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/ IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

Analytical Approach

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

Detailed Rationale of the Rating Action

The affirmation reflects ZIPL's continued small scale of
operations, modest EBITDA margins and weak credit metrics in FY24.
However, Ind-Ra expects the revenue to improve marginally in FY25
on account of likely improvement in demand of the products. The
agency expects the EBITDA margins to deteriorate slightly but the
credit metrics to remain stable in FY25 on account of likely stable
EBITDA and debt. However, the ratings remain supported by the
promoters' more than a-decade-long experience in the computer
peripherals and accessories industry, and the company's
geographical diversity and established brand name.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: According to FY24 provisional
financials, the revenue increased to INR1,047.70 million (FY23:
INR941.50 million, FY22: INR1,038.40 million) on account of an
increase in sales volume to 3.20 million units (2.09 million units,
1.50 million units). ZIPL achieved revenue of INR280 million in
1QFY25. Ind-Ra expects the revenue to further improve marginally in
FY25 on account of the likely improvement in demand for its
products.

Sustained Modest EBITDA Margins: The EBITDA margins remained modest
due to the trading nature of the business with a return on capital
employed of 10.1% in FY24 (FY23: 10.6%). The margins declined
slightly to 4.47% in FY24 (FY23: 4.83%, FY22: 4.30%) because of a
decrease in the average revenue per unit to INR327.40 (INR450.60,
INR693.20) and an increase in fixed costs. Ind-Ra expects the
EBITDA margins to further deteriorate slightly in FY25 on account
of a slight increase in raw material cost.

Credit Metrics Remain Weak: The company's credit metrics continued
to be weak with the gross interest coverage (operating EBITDA/gross
interest expense) at 1.50x in FY24 (FY23: 1.40x, FY22: 1.25x) and
the net leverage (adjusted net debt/operating EBITDAR) at 8.09x
(8.07x, 7.63x). The credit metrics were stable on a year-on-year
basis in FY24 on account of the stable EBITDA (FY24: INR46.80
million, FY23: INR45.50 million) and debt levels (INR379 million,
INR368.20 million). Furthermore, Ind-Ra expects the credit metrics
to remain at similar levels inFY25 owing to on account of the
likely stable EBITDA and debt levels.

Geographical Diversity: ZIPL has around 125 service centers PAN
India, resulting in lower geographical concentration risk.

Established Brand Name: ZIPL has been marketing its products under
its established brand Zebion since more than a decade, giving it a
competitive advantage.

Experienced Promoters: The promoters have more than a-decade-long
experience in the computer peripherals and accessories industry,
which has led to established relationships with its customers and
suppliers.

Liquidity

Stretched: ZIPL's average maximum utilization of the fund-based
limits was 93.02% and non-fund-based limits was 85.10% during the
12 months ended July 2024. ZIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash flow from operations turned positive
to INR46.70 million in FY24 (FY23: negative INR27 million) on
account of favorable changes in working capital. Consequently, the
free cash flow turned positive to INR46.70 million in FY24 (FY23:
negative INR27 million). The net working capital cycle shortened to
131 days in FY24 (FY23: 163 days) mainly due to a decrease in the
inventory holding period to 83 days (114 days). The cash and cash
equivalents stood low at INR0.40 million at FYE24 (FYE23: INR0.80
million).

Rating Sensitivities

Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics or the liquidity position, will
be negative for the ratings.

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics, with the gross interest coverage
exceeding 1.8x, and an improvement in the liquidity position, all
on a sustained basis, will be positive for the ratings.

About the Company

Established in 2010, Pune-headquartered ZIPL is engaged in the
trading of information technology products, including closed
circuit televisions, computer peripherals and accessories. The
company imports products mainly from China and Taiwan on contract
manufacturing basis and sells it under the Zebion brand. Its
promoters are Abhishek Lodha, Abhinandan Dagale and Yogesh Dagale.



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

UNIVERSAL ENTERTAINMENT: S&P Upgrades ICR to 'B', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised by two notches to 'B' from 'CCC+' its
long-term issuer credit and long-term issue ratings on Universal
Entertainment Corp. (UE) and removed the ratings from CreditWatch
with positive implications, on which they were placed on Nov. 29,
2023.

The stable outlook reflects S&P's view that the company's liquidity
has improved materially and performance of its pachinko machine
business in Japan and casino operation business in the Philippines
will remain sound.

S&P expects UE's liquidity to improve and then stabilize. On Sept.
6, 2024, Universal Entertainment Corp. announced that it completed
prepayment of its existing notes. Before the prepayment, the
company had issued U.S. dollar-denominated bonds worth US$400
million and taken out a bank loan worth US$400 million in the
Philippines. The proceeds of the bonds and loan were used to
refinance existing notes as intended. Accordingly, annual debt
repayments will be as small as several billion yen or less until
2028.

UE is likely to generate EBITDA of JPY40 billion-JPY50 billion
annually in the next one to two years. It generated JPY47.7 billion
in fiscal 2023. There has been a recovery in performance for the
entertainment sector since effects from the COVID-19 pandemic
subsided. Since this recovery, UE's pachinko and "pachislot" gaming
machine production business in Japan and its casino resort
operation business in the Philippines have remained sound. S&P
said, "However, we see four constraints on UE's business
operations. First, the company's business is somewhat susceptible
to economic trends. Second, the domestic gaming sector will be
affected by the structural decline of the market and regulatory
trends. Third, its casino resort business generates more than half
of EBITDA and its facilities are in a single location. Therefore,
the business is exposed to asset concentration risk. Fourth, its
business volume lags overseas peers'. We therefore assess UE's
business risk profile as weak."

S&P said, "We expect UE's debt-to-EBITDA ratio to remain around
4.0x in the next one to two years. This key financial ratio was
3.7x in fiscal 2023. The ratio was 7.0x–10.0x or higher, a
materially deteriorated level, from fiscal 2020 (ended Dec. 31,
2020) to fiscal 2022. The company's debt surged to cover
construction costs for the new casino resort in the Philippines at
the same time as its profit weakened. The ratio has since then
improved substantially and is unlikely to again deteriorate. This
is thanks to likely stable operations at its casino facilities over
the next one to two years. Considering these factors, we assess
UE's financial risk profile as aggressive.

"In our calculations, we adjust the company's debt. We add leasing
obligations, which stood at JPY56.8 billion in fiscal 2023. We do
not deduct cash and deposits from debt. This reflects our view that
the stability of business operations is somewhat uncertain.
However, UE's cash and deposits at hand have been more than JPY30
billion. This is equivalent to about 20% of its debt and, in our
view, can support its financing and liquidity to a degree.
Accordingly, we assess its comparative rating analysis as positive,
which gives our issuer credit rating one notch of uplift."

Two factors constrain our ratings on UE. The first is that we
consider foreign exchange rate volatility a risk factor for the
company's finances. The second is governance.

Its reported debt is mostly denominated in U.S. dollars, while its
cash flow is mainly in Japanese yen and Philippine pesos. As such,
exchange rates are a potential risk factor.

S&P said, "We consider governance factors, meanwhile, to continue
to hurt the company's creditworthiness. Litigation between UE and
its founder, Mr. Kazuo Okada, in 2022 has interrupted negotiations
between UE and Philippine financial institutions. This has
constrained UE's financing activities significantly, leading to its
liquidity coming under pressure, in our view. Litigation risk has
diminished, but we believe it will take time for the company to
restructure its management and governance systems. This is seen in
the resignation of UE's president in April 2024 on governance
grounds.

"The stable outlook reflects our view that UE will maintain sound
performance in its core gaming machine and casino resort
businesses, and its debt-to-EBITDA ratio will improve to about 4.0x
and stay there. The outlook also reflects our view that liquidity
will improve and stabilize as existing debt due in December was
refinanced through long-term debt.

"We may consider a downgrade if we see a heightened likelihood of
either of the following scenarios."

The debt-to-EBITDA ratio exceeds 5.0x, owing to worsening
performance in the gaming machines and casino resort businesses, or
aggressive capital expenditures largely exceeding operating cash
flow mainly in the casino business.

Short-term liquidity comes under pressure, due to violation of
financial covenants triggered by deteriorating performance.

S&P may consider an upgrade if we see a heightened likelihood that
debt to EBITDA will approach 3.0x, owing to a large improvement in
profitability of its core gaming machine and casino resort
businesses while it maintains prudence and sound policies on cash
and deposits at hand.




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

CENTRAL PARK LEGAL: Court to Hear Wind-Up Petition on Oct. 4
------------------------------------------------------------
A petition to wind up the operations of Central Park Legal Limited
will be heard before the High Court at Auckland on Oct. 4, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 6, 2024.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


NORTH ISLAND: Creditors' Proofs of Debt Due on Oct. 12
------------------------------------------------------
Creditors of North Island Site Services Limited And Triangle Steel
Construction Limited are required to file their proofs of debt by
Oct. 12, 2024, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Craig Sanson and Stephen White
of PwC as liquidators of the company on Sept. 5, 2024.


OASIS VIRTUAL: Mall Arcade Business in Liquidation
--------------------------------------------------
Otago Daily Times reports that the plug has been pulled on a
Christchurch arcade and entertainment centre after it was placed
into liquidation.

The Oasis Virtual Reality & Entertainment Centre at The Palms went
into liquidation on September 1, ODT relates citing a liquidators'
report.

The Oasis started out as a pop-up shop at the Shirley mall in 2021
before being fully opened in 2022.

According to ODT, the liquidators' report said company director
James Astrop first met with liquidators in May this year to discuss
the financial position of the business.

It included a fully licensed bar and cafe, 18-hole mini golf
course, racing simulators, virtual reality laser tag arena and
arcade machines.

ODT says the liquidators' report cited slower trading conditions
over recent months, meaning the business was no longer viable and
attempts to sell it had been unsuccessful.

The company has estimated debts of NZD430,000, including about
NZD30,000 for staff holiday pay and about NZD60,000 to Inland
Revenue, ODT discloses.

The report listed beverage company Coca-Cola Amatil, the Bank of
New Zealand Ltd and Orange Door Music Video Ltd among its secured
creditors, while its unsecured creditors are owed about NZD100,000,
adds ODT.


SUTHERLAND FLOORING: Court to Hear Wind-Up Petition on Sept. 19
---------------------------------------------------------------
A petition to wind up the operations Of Sutherland Flooring Limited
will be heard before the High Court at Christchurch on Sept. 19,
2024, at 10:00 a.m.

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

The Petitioner's solicitor is:

          Arna McAvoy
          Unland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


SYNLAIT MILK: Shareholders to Decide on NZD218MM Cash Injection
---------------------------------------------------------------
Radio New Zealand reports that the shareholders of specialty milk
producer Synlait have a stark choice to make this week to either
approve a capital injection or risk putting the company in the
hands of a receiver.

According to RNZ, shareholders were being asked to approve a NZD218
million cash injection by its two largest shareholders, along with
financial restructuring to fix its most immediate financial
problems.

However, the deal excludes all other shareholders and would result
in their stakes being diluted, as the largest shareholder China's
Bright Dairy will increase its stake to 65 percent, and A2 Milk
will preserve its near 20 percent stake.

RNZ relates that Synlait chair George Adams said the alternatives
were far less appealing.

"We're pretty much at the end of the road," RNZ quotes Mr. Adams as
saying.

He said time was ticking for the business, with bank financing to
run out at the end of this month.

"If we don't get this through, then really the independent
directors will, I think, have very little choice other than to look
at receivership options for the business."

RNZ says Synlait founder, chief executive and minority shareholder
John Penno attempted to derail the meeting with a complaint to
regulators about a breach of NZX and takeover rules, which was
rejected.

While smaller shareholders will end up with a smaller stake in the
company, Mr. Adams said their shares would be worth more.

The market value of the company was about NZD27 million before it
announced the plan to raise capital, but would be closer to NZD42
million if the deal was approved, RNZ relays.

"So even though it's a smaller percentage, it's actually worth
more," Mr. Adams said.

Despite that, Mr. Adams said there was no certainty of winning the
necessary shareholder approval.

"I wish it was a slam dunk. It genuinely isn't," he said. "I'm not
counting my chickens, frankly, and we're just working really hard
to make sure we can get shareholder support for this across the
line."

Headquartered in Rakaia, New Zealand, Synlait Milk Limited
(NZX:SML) -- https://www.synlait.com/ -- together with its
subsidiaries, manufactures and sells dairy products in China, rest
of Asia, the Middle East, Africa, New Zealand, Australia, and
internationally. It operates through Synlait and Dairyworks
segments. The company is also involved in the processing,
packaging, and marketing of dairy products, including cheese,
butter, and milk powder. It offers liquid milk; milk powder related
products; nutritional products, such as infant and adult
nutritional powders; ingredients comprising whole milk powders,
skim milk powders, butter milk powders, and anhydrous milk fat; and
specialized nutritional ingredients, such as lactoferrin.


TECHNIX BITUMEN: Creditors' Proofs of Debt Due on Oct. 4
--------------------------------------------------------
Creditors of Technix Bitumen Technologies Limited are required to
file their proofs of debt by Oct. 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2024.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


TOWEZY TRAILERS: Creditors' Proofs of Debt Due on Oct. 10
---------------------------------------------------------
Creditors of Towezy Trailers Limited are required to file their
proofs of debt by Oct. 10, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


WINSTONE PULP: To Shut Two Mills, 230 Jobs Affected
---------------------------------------------------
Otago Daily Times reports that hundreds of people are set to lose
their jobs after one of the central North Island's biggest
employers made the call to shut two of its mills.

According to ODT, Winstone Pulp International chief executive Mike
Ryan has confirmed the company will shut down because there were no
options available to stay open.

About 230 jobs will be lost.

In a statement, Mr. Ryan blamed high wholesale power prices and low
market prices for forestry products, notes the report.

"This was not a decision taken lightly. We gave due consideration
to the feedback and alternatives put forward by staff and unions,"
ODT quotes Mr. Ryan as saying. "There were a number of good ideas
put forward that would make incremental improvements to our
operations, but not enough to offset the dual impacts of
internationally uncompetitive energy prices in New Zealand, and the
relatively low current and forecast market prices for pulp and
timber."

ODT relates that Mr. Ryan said although power prices had dropped
since the spike last month, the change was not big enough to make a
difference long term.

"The current New Zealand cost base means that we are no longer
internationally competitive. This is a problem that WPI shares with
many other companies that form New Zealand's industrial base."

He thanked staff, community and government officials for their
efforts in trying to save the mills and said all staff would
receive full redundancy entitlements, the report relates.

ODT adds that Ruapehu District Mayor Weston Kirton said it was a
massive blow to the community, and his immediate concern was the
people affected.

For the past few weeks Winstone had been meeting with energy
company Mercury and government ministers to try and find a way to
stay open.

A petition was launched last week to save the mill, fearing nearby
communities would turn into ghost towns, Winstone being the main
employer in the area, ODT says.

According to ODT, Winstone Pulp electrician and union delegate
Daniel Abernathy told Morning Report earlier on Sept. 10 there was
a "bit of hope" a deal could be made with the government so the
mills could stay open.

Mr. Abernathy said the company had responded positively to the 189
submissions staff made to improve the mill and cut down on costs.
He said staff had been working hard to make sure the mills were in
the best condition, should they remain open.

Resources Minister Shane Jones has threatened to end the
Electricity Authority if it did not work harder to regulate power
prices, but the government was yet to intervene on the issue.

Winstone Pulp International Limited operates the Karioi Pulpmill
and Tangiwai Sawmill, located on the southern slopes of Mt Ruapehu.
The company produces a range of timber products and solid and pulp
products derived from renewable plantations of Radiata Pine.




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

AK GLOBAL: Court to Hear Wind-Up Petition on Sept. 27
-----------------------------------------------------
A petition to wind up the operations of AK Global Pte Ltd will be
heard before the High Court of Singapore on Sept. 27, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 5, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


ALL WATER: Court to Hear Wind-Up Petition on Sept. 27
-----------------------------------------------------
A petition to wind up the operations of All Water Solutions Pte Ltd
will be heard before the High Court of Singapore on Sept. 27, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 6, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


FE SUPPLY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Sept. 9, 2024, to
wind up the operations of Fe Supply 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


INDIA CREDIT: Creditors' Proofs of Debt Due on Sept. 27
-------------------------------------------------------
Creditors of India Credit Holdings Pte. Ltd. are required to file
their proofs of debt by Sept. 27, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2024.

The company's liquidators are:

          Mr. Kon Yin Tong
          Mr. Aw Eng Hai
          Ms. Ow Xiu Jing
          Foo Kon Tan LLP
          1 Raffles Place
          #04-61 One Raffles Place Tower 2
          Singapore 048616


JAF TRADING: Court to Hear Wind-Up Petition on Sept. 27
-------------------------------------------------------
A petition to wind up the operations of JAF Trading Pte Ltd will be
heard before the High Court of Singapore on Sept. 27, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 4, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098




=================
S R I   L A N K A
=================

CO-OPERATIVE INSURANCE: Fitch Affirms 'BB(lka)' National IFS Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed the rating on Sri Lanka-based
Co-operative Insurance Company PLC's (CICPLC) 'BB(lka)' National
Insurer Financial Strength (IFS) Rating. The Outlook is Stable.

The affirmation reflects insurer's 'Moderate' Company profile and
volatile underwriting performance offset by a satisfactory
regulatory capital position. The rating also reflects the CICPLC's
'Less Favourable' corporate governance.

Key Rating Drivers

Addressing Corporate Governance Issues: CICPLC has taken steps to
enhance transparency in its internal audit function and strengthen
internal controls to improve governance. The company underwent its
second leadership transition since June 2023 in 1H24, appointing a
new CEO and key management personnel in finance and operations.
CICPLC has continued to adhere to the corporate governance
requirements mandated by the Colombo Stock Exchange (CSE) and the
Insurance Regulatory Commission of Sri Lanka (IRCSL) since the
lifting of regulatory restrictions in May 2023.

In April 2023, CICPLC faced governance lapses including issues with
board composition and compliance with Colombo Stock Exchange (CSE)
listing rules. This led to a nearly one-and-a-half-month
restriction on its insurance operations by the regulator, and a
trading halt on the CSE for nearly two months until 22 June 2023.

Pressure on Underwriting Profitability: CICPLC recorded a net loss
of LKR258 million in 2023 due to lower underwriting profitability.
Incurred claims rose by 38%, reflecting weaker claims management
caused by governance issues, while gross written premiums dropped
11% due to regulatory restriction in 1H23. As a result, the
Fitch-calculated 'combined ratio' rose to 132% (2022: 104%).
Underwriting profitability has been week since 2022, driven by
rising administrative and claims costs amid inflationary pressures
alongside the depreciation of the rupee.

However, the combined ratio improved to 118% in 1H24 supported by a
claim ratio of 77% (2023: 87%) as claims management improved and
gross written premiums rose by 7%. The 1H24 results also accounted
for 100% premium remittance under the motor category of strikes,
riots, civil commotion and terrorism from January 2024, up from the
previous 12%. (Please see Sri Lanka's Motor Insurance Changes to
Hit Non-Life Sector). Fitch expects underwriting profit to rise
gradually with better governance practices, enhanced claims
management, and a rebound in business activities following the
lifting of regulatory restrictions.

Satisfactory Capitalisation: CICPLC's regulatory risk-based capital
adequacy (RBC) ratio was 312% at end-1H24 (end-2023: 333%). The
capital position of its fully owned life subsidiary, Cooplife
Insurance Limited, was satisfactory at 228% at end-March 2024
(2023: 356%), but Fitch believes any significant capital infusion
into the subsidiary may keep CICPLC's capital buffers in check.

Moderate Company Profile: Fitch regards CICPLC's company profile as
'Moderate' compared with other insurers in Sri Lanka because of a
'Moderate' business profile and 'Less Favourable' corporate
governance - due to their weaknesses in the governance structure in
the recent past. CICPLC's business profile reflects its adequate
franchise, which is buoyed by its ownership by co-operative
societies, modest operating scale and an average risk appetite.

Reduced Investment and Liquidity Risks: Fitch believes investment
and liquidity risks have eased following the late-September 2023
upgrade of Sri Lanka's sovereign Long- and Short-Term
Local-Currency Issuer Default Ratings to 'CCC-' and 'C',
respectively, as well as the positive rating action on Fitch-rated
Sri Lankan bank and non-banking financial institutions. CICPLC's
investment portfolio, similar to that of other insurers in the
country, is dominated by government securities (2023: 19%) ,
corporate bonds (27%), and term deposits (35%) with domestic
financial institutions.

RATING SENSITIVITIES

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

- Deterioration of the company profile, including a weaker
franchise and competitive positioning, or Fitch's perception that
the insurer's corporate governance practices have deteriorated;

- Sustained deterioration in financial performance, or weaker
risk-management practices;

- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign.

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

- Fitch's perception of sustained improvement in the insurer's
corporate governance practices;

- Maintaining its combined ratio well below 105% for a sustained
period, while its assessment of the insurer's capitalisation
remains unchanged.

   Entity/Debt                     Rating               Prior
   -----------                     ------               -----
Co-operative Insurance
Company PLC             Natl LT IFS BB(lka)  Affirmed   BB(lka)



===============
T H A I L A N D
===============

MUANGTHAI CAPITAL: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Thailand-based Muangthai Capital Public Co. Ltd. (MTC).
The outlook on the rating is stable.

S&P said, "Our ratings on MTC reflect our view that the company
will retain its dominant position in Thailand's title loan market,
underpinned by its extensive branch network. MTC's asset quality
deteriorated during the pandemic, reflecting a combination of the
slow economic recovery and high household indebtedness in Thailand.
The company's strong capitalization and good underlying
profitability temper these risks.

"Our starting point for rating finance companies (fincos) in
Thailand is 'b+', two notches below the anchor for the banking
sector in the country." The two notches reflect incremental
industry risk of finance companies in Thailand relative to banks
because they are more dependent on market-sensitive funding, owing
to their lack of access to central bank funding. Also, these
companies face higher competitive risk and have typically less
stable revenues through economic cycles.

In addition, fincos operate under a weaker regulatory oversight and
a weaker institutional framework than banks in Thailand. Different
product lines fall under the purview of different ministries. For
example the Ministry of Commerce has oversight over land title
loans, while the Bank of Thailand has oversight over auto title
loans, resulting in a fragmented regulatory structure. In S&P's
opinion, fincos in Thailand are not as prudentially regulated as
commercial banks.

MTC's business position reflects its dominant market share and good
profitability.The company is the largest player in the title loan
sector in Thailand, with long-standing expertise and one-third of
the title loan market share. As of June 2024, MTC has 7,980
branches located in 77 provinces nationwide.

Three large players dominate the title loan market: MTC, Ngern Tid
Lor PCL (TIDLOR), and Srisawad Corp. Public Co. Ltd. (SAWAD). There
is a significant size gap between the top 3 and the rest of the
small and midsized players. In our view, MTC enjoys a competitive
advantage and economies of scale overs its smaller peers. These are
important factors because the practical realities of title loan
financing requires an on-the-ground presence to be near the
customer, to facilitate loans underwriting, disbursement, and
collection.

MTC has good profitability. Its return on assets (ROA) in 2023 of
3.5% compares favorably with our rated Thai banks average of 1%,
supported by very high interest margins of about 15%. S&P believes
MTC's inherent revenue generation from its core lending business
remains very good, even though profitability has come under
pressure due to weak economic recovery and higher credit costs from
asset quality pressures.

MTC has an experienced management team, most of whom have over a
decade of experience with the company. Mr. Chuchat Petaumpai and
Mrs Daonapa Petampai--the majority shareholders and founders of
MTC--hold the position of CEO and managing director, respectively.
They established MTC in 1992 and have guided it through significant
business growth and economic cycles.

MTC will likely maintain strong capitalization. S&P said, "We
forecast the company's risk-adjusted capital (RAC) ratio at 12%-13%
over the next two years, compared with about 12.3% as of Dec. 31,
2023. We project about 15% loan growth per year for 2024-2026,
consistent with management guidance and risk appetite. We note that
loan growth has declined to 18% in 2023 from its peak of about 30%
in 2021, reflecting a more cautious post-pandemic growth
trajectory."

S&P said, "We forecast MTC's profitability--as measured by ROA--to
recover gradually to 3.8% in 2026, from 3.5% in 2023. Our projected
profit levels are lower than its pre-pandemic peaks of over 7.5%,
reflecting higher credit costs due to the pandemic's impact on
highly leveraged households, and to a lesser extent, compression in
net interest margin (NIM). We believe credit costs will ease, but
remain elevated in line with our financial sector assessment of
Thailand.

"Our base case assumes NIM will stabilize at about 14% over the
next two years. MTC's pre-pandemic NIM was over 18%. Higher
interest rates have been weighing on NIM. MTC's loans are
predominantly fixed rate, while its funding costs from bank loans
and debentures have gone up in line with higher policy rates. We
believe that policy rates have peaked in 2024, and that NIM will
stabilize in tandem.

"Our moderate assessment of MTC's risk profile reflects the
inherently higher risks associated with lending to lower-income
households.The company predominantly targets blue collar workers,
farmers, and laborers. These customer segments tend to be less
resilient, especially under stress, as shown during the pandemic
when MTC's credit costs significantly increased to 3.4% in 2023,
compared with just 0.9% in 2021. Its reported nonperforming loan
(NPL) ratio also increased to 3.1% from 1% over the same period. In
our view, this reflects the inherently higher risk (and also higher
return) nature of MTC's business model.

"There are early signs that asset quality is recovering. MTC's NPL
ratio declined to 2.9% in the second quarter of 2024. This is
consistent with our house view that Thailand's economic recovery is
underway but will be protracted due to structurally high levels of
household indebtedness amid sluggish economic conditions.

"We believe that MTC's asset quality suffered during the pandemic
due to mobility restrictions." More specifically, the company
depends heavily on its branch network and face-to-face interaction
with customers to underwrite, collect, and recover its loans. Every
branch is located within a narrow radius from its customers, and
MTC monitors asset quality at the branch level.

Credit processes hinge on physical presence and knowledge of
customers at the local level. Mobility restrictions during the
pandemic severely undermined this crucial aspect, causing the
credit quality of its book to deteriorate (more so than commercial
banks). MTC can now fully leverage its extensive physical presence
to support its collection and recovery efforts, which we believe
will lead to asset-quality improvements.

MTC's funding and liquidity profile is adequate.As of June 30,
2024, funding sources consisted of predominantly bonds (50% of
liabilities), bank loans (24%), and a substantial equity base
(21%). The domestic bond market in Thailand is relatively liquid,
and the company has a consistent track record of tapping the market
to raise funding at reasonably competitive rates.

The financing cost on MTC's bonds is relatively low at 4%-5%,
vis-a-vis the 16%-18% average interest rate on its loans. There
have been sporadic disruptions to the domestic capital market, most
recently arising from default concerns over a fraud probe into
Energy Absolute PCL, which could temporarily undermine fundraising.
However, such disruptions are typically short-lived, and MTC has
sufficient bank funding lines and cash flow to cover its liquidity
needs.

MTC's bank lenders are diversified across local and foreign
commercial banks, most of which have long standing relationships
with the company, including KASIKORNBANK PCL--one of the largest
banks in Thailand. Since 2022, MTC has also expanded its bank
borrowing to include multilateral agencies such as Japan
International Cooperation Agency (JICA), International Financial
Corp. (IFC), and Germany's Deutsche Investitions- und
Entwicklungsgesellschaft (DEG).

MTC had a cash flow ratio of 1.45x in 2023; a measure of the number
of times a company can pay off current debts with cash generated
within the same period). It has consistently maintained a cash flow
ratio of more than 1x, supported by significant cash inflows of
several billions of Thai baht per month from loan repayments of its
diversified retail customer base. These factors support our
assessment of the company's adequate funding and liquidity.

S&P said, "The stable rating outlook reflects our view that MTC
will manage its asset quality and credit costs, leading to gradual
and sustainable improvements over the next 12-24 months. We also
expect the company to maintain its dominant market share and its
capital to remain strong.

"We may downgrade MTC if its asset quality deteriorates
significantly. This could curtail access to funds from both capital
markets and banks, straining its liquidity. We may also downgrade
MTC if its RAC ratio deteriorates to less than 10%, which could
happen due to aggressive credit growth.

"We could upgrade MTC by a notch if its asset-quality ratios
sustainably improve. This could happen on the back of a broad-based
economic recovery accompanied by an orderly resolution of
pandemic-related restructured loans. In such a scenario, for
example, credit costs could fall sustainably to 1.0%-1.2%."


MUANGTHAI CAPITAL: S&P Rates Proposed USD-Denominated Bonds 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
U.S. dollar-denominated bonds that Muangthai Capital Public Co.
Ltd. (MTC) proposes to issue. S&P equalizes the rating on the notes
with the long-term issuer credit rating on the company
(BB-/Stable/--). The rating is subject to its review of the final
terms and conditions.

The notes are direct, unconditional, unsubordinated, and unsecured
obligations of MTC. They will rank equally without any preference
among themselves and equally with all other outstanding unsecured
and unsubordinated obligations of the issuer.

The terms of the notes require MTC to maintain a risk-adjusted
capital ratio (as defined in the terms and conditions of the bond)
of at least 15% and a net stage III asset ratio of 7% or less. They
also contain a pledge by the Thailand-based financial institution
that it will not create a security interest on its businesses or
assets as long as the notes remain outstanding.



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

[*] BOND PRICING: For the Week Sept. 9, 2024 to Sept. 13, 2024
--------------------------------------------------------------
Issuer                 Coupon    Maturity      Currency    Price
------                 ------    --------      --------    -----


   AUSTRALIA
   ---------

ACN 113 874 712 PTY L    13.25      02/15/18        USD      0.13
ACN 113 874 712 PTY L    13.25      02/15/18        USD      0.13
MOSAIC BRANDS LTD         8.00      09/30/24        AUD      0.40
VIRGIN AUSTRALIA HOLD     7.88      10/15/21        USD      0.66
VIRGIN AUSTRALIA HOLD     7.88      10/15/21        USD      0.66
VIRGIN AUSTRALIA HOLD     8.08      03/05/24        AUD      0.49
VIRGIN AUSTRALIA HOLD     8.13      11/15/24        USD      0.17
VIRGIN AUSTRALIA HOLD     8.13      11/15/24        USD      0.17
VIRGIN AUSTRALIA HOLD     8.00      11/26/24        AUD      0.15
VIRGIN AUSTRALIA HOLD     8.25      05/30/23        AUD      0.12


   CHINA
   -----

ALETAI CITY JUJIN URB     7.73      10/26/24        CNY     25.27
ANHUI PINGTIANHU INVE     7.50      08/13/26        CNY     60.00
ANHUI PINGTIANHU INVE     7.50      08/13/26        CNY     42.46
ANLU CONSTRUCTION DEV     7.80      11/28/26        CNY     63.96
ANLU CONSTRUCTION DEV     7.80      11/28/26        CNY     60.00
ANNING DEVELOPMENT IN     8.80      09/11/25        CNY     41.43
ANNING DEVELOPMENT IN     8.00      12/04/25        CNY     21.45
ANNING DEVELOPMENT IN     8.00      12/04/25        CNY     21.40
ANSHANG WANGTONG CONS     7.50      05/06/26        CNY     42.40
ANSHUN CITY XIXIU IND     8.00      01/29/26        CNY     41.72
ANSHUN CITY XIXIU IND     7.90      11/15/25        CNY     41.32
ANSHUN TRANSPORTATION     7.50      10/31/24        CNY     20.19
ANYUE XINGAN CITY DEV     7.50      05/06/26        CNY     42.23
ANYUE XINGAN CITY DEV     7.50      01/30/25        CNY     20.46
ANYUE XINGAN CITY DEV     7.50      01/30/25        CNY     20.46
BIJIE CITY ANFANG CON     7.80      01/18/26        CNY     41.87
BIJIE CITY ANFANG CON     7.80      01/18/26        CNY     41.47
BIJIE QIXINGGUAN DIST     8.05      08/16/25        CNY     41.08
BIJIE QIXINGGUAN DIST     7.60      09/08/24        CNY     20.07
BIJIE TIANHE URBAN CO     8.05      12/03/25        CNY     41.74
BIJIE TIANHE URBAN CO     8.05      12/03/25        CNY     41.55
BIJIE XINTAI INVESTME     7.80      11/01/24        CNY     20.24
CAOXIAN SHANG DU INVE     7.80      10/28/26        CNY     63.66
CAOXIAN SHANG DU INVE     7.80      10/28/26        CNY     63.58
CHANGDE DEYUAN INVEST     7.70      06/11/25        CNY     20.87
CHANGDE DEYUAN INVEST     7.70      06/11/25        CNY     20.87
CHANGDE DINGCHENG JIA     7.58      10/19/25        CNY     41.32
CHANGDE DINGCHENG JIA     7.58      10/19/25        CNY     41.32
CHENGDU GARDEN WATER      8.00      06/13/25        CNY     20.89
CHENGDU GARDEN WATER      7.50      09/11/24        CNY     20.08
CHENGDU GARDEN WATER      7.50      09/11/24        CNY     20.07
CHENGDU GARDEN WATER      8.00      06/13/25        CNY     20.00
CHISHUI CITY CONSTRUC     8.50      01/18/26        CNY     42.09
CHISHUI CITY CONSTRUC     8.50      01/18/26        CNY     41.93
CHONGQING HONGYE INDU     7.50      12/24/26        CNY     64.00
CHONGQING JIANGLAI IN     7.50      10/26/25        CNY     41.40
CHONGQING JIANGLAI IN     7.50      10/26/25        CNY     40.00
CHONGQING NANCHUAN CI     7.80      08/06/26        CNY     42.84
CHONGQING SHUANGFU CO     7.50      09/09/26        CNY     62.99
CHONGQING THREE GORGE     7.80      03/01/26        CNY     42.28
CHONGQING THREE GORGE     7.80      03/01/26        CNY     40.00
CHONGQING TONGRUI AGR     7.50      09/18/26        CNY     63.20
CHONGQING TONGRUI AGR     7.50      09/18/26        CNY     60.00
CHONGQING WANSHENG EC     7.50      03/27/25        CNY     20.73
CHONGQING WANSHENG EC     7.50      03/27/25        CNY     20.62
CHONGQING YUDIAN STAT     8.00      11/30/25        CNY     41.72
CHUYING AGRO-PASTORA      8.80      06/26/19        CNY      2.00
DALI URBAN DEVELOPMEN     8.00      12/25/25        CNY     41.88
DALI URBAN DEVELOPMEN     8.00      12/25/25        CNY     41.87
DASHIQIAO URBAN CONST     7.59      08/14/24        CNY     20.00
DASHIQIAO URBAN CONST     7.59      08/14/24        CNY     20.00
DAWA COUNTY CITY CONS     7.80      01/30/26        CNY     42.02
DAWA COUNTY CITY CONS     7.80      01/30/26        CNY     38.80
DAWU COUNTY URBAN CON     7.50      09/20/26        CNY     63.20
DAWU COUNTY URBAN CON     7.50      09/20/26        CNY     60.00
DING NAN CITY CONSTRU     7.80      04/08/26        CNY     42.10
DING NAN CITY CONSTRU     7.80      04/08/26        CNY     40.00
DUJIANGYAN NEW CITY C     7.80      10/11/25        CNY     41.44
DUJIANGYAN NEW CITY C     7.80      10/11/25        CNY     41.37
DUJIANGYAN NEW CITY C     7.80      05/02/25        CNY     20.76
DUJIANGYAN NEW CITY C     7.80      05/02/25        CNY     20.00
DUJIANGYAN XINGYAN IN     7.50      11/01/26        CNY     63.66
FANGCHENG GANGSHI WEN     7.93      12/25/25        CNY     41.84
FANGCHENG GANGSHI WEN     7.95      10/11/25        CNY     41.48
FANGCHENG GANGSHI WEN     7.95      10/11/25        CNY     40.00
FANGCHENG GANGSHI WEN     7.93      12/25/25        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 URBAN     8.00      02/26/26        CNY     42.43
GANZHOU NANKANG DISTR     8.00      01/23/26        CNY     42.04
GANZHOU NANKANG DISTR     8.00      10/29/25        CNY     41.53
GANZHOU NANKANG DISTR     8.00      09/27/25        CNY     41.51
GANZHOU NANKANG DISTR     8.00      01/23/26        CNY     40.00
GANZHOU NANKANG DISTR     8.00      10/29/25        CNY     40.00
GANZHOU NANKANG DISTR     8.00      09/27/25        CNY     40.00
GANZHOU ZHANGGONG CON     7.80      10/16/25        CNY     42.68
GANZHOU ZHANGGONG CON     7.80      10/16/25        CNY     41.47
GAOQING LU QING ASSET     7.50      09/27/24        CNY     20.13
GAOQING LU QING ASSET     7.50      09/27/24        CNY     20.13
GOME APPLIANCE CO LTD     7.80      12/21/24        CNY     37.00
GUANGAN XINHONG INVES     7.50      06/03/26        CNY     42.57
GUANGDONG PEARL RIVER     7.50      10/26/26        CNY     21.23
GUANGXI BAISE EXPERIM     7.59      01/08/26        CNY     41.81
GUANGXI BAISE EXPERIM     7.60      12/24/25        CNY     41.59
GUANGXI BAISE EXPERIM     7.60      12/24/25        CNY     40.00
GUANGXI BAISE EXPERIM     7.59      01/08/26        CNY     39.39
GUANGXI CHONGZUO URBA     8.50      09/26/25        CNY     41.46
GUANGXI CHONGZUO URBA     8.50      09/26/25        CNY     41.44
GUANGXI NINGMING HUIN     8.50      11/05/26        CNY     64.32
GUANGXI NINGMING HUIN     8.50      11/05/26        CNY     63.39
GUANGXI NINGMING HUIN     8.50      12/07/25        CNY     41.75
GUANGXI TIANDONG COUN     7.50      06/04/27        CNY     40.00
GUANGYUAN CITY DEVELO     7.50      10/25/27        CNY     37.44
GUANGYUAN YUANQU CONS     7.50      12/23/26        CNY     63.95
GUANGYUAN YUANQU CONS     7.50      10/30/26        CNY     62.55
GUANGYUAN YUANQU CONS     7.50      12/23/26        CNY     60.00
GUANGYUAN YUANQU CONS     7.50      10/30/26        CNY     60.00
GUANGZHOU FINELAND RE    13.60      07/27/23        USD      0.63
GUCHENG CONSTRUCTION      7.88      04/27/25        CNY     20.68
GUCHENG CONSTRUCTION      7.88      04/27/25        CNY     20.00
GUIXI STATE OWNED HOL     7.50      09/17/26        CNY     63.42
GUIXI STATE OWNED HOL     7.50      09/17/26        CNY     63.36
GUIYANG BAIYUN INDUST     7.50      03/06/26        CNY     42.09
GUIYANG BAIYUN INDUST     7.50      03/06/26        CNY     41.38
GUIYANG BAIYUN INDUST     8.30      03/21/25        CNY     20.59
GUIYANG BAIYUN INDUST     8.30      03/21/25        CNY     20.00
GUIYANG ECONOMIC DEVE     7.50      04/30/26        CNY     42.22
GUIYANG ECONOMIC DEVE     7.90      10/29/25        CNY     41.25
GUIYANG ECONOMIC DEVE     7.90      10/29/25        CNY     41.24
GUIYANG ECONOMIC TECH     7.80      04/30/26        CNY     42.54
GUIYANG ECONOMIC TECH     7.80      04/30/26        CNY     42.45
GUIYANG HI-TECH HOLDI     8.00      11/25/26        CNY     62.49
GUIYANG HI-TECH HOLDI     8.00      11/25/26        CNY     60.27
GUIZHOU CHANGSHUN COU     8.50      03/19/26        CNY     42.59
GUIZHOU CHANGSHUN COU     8.50      03/19/26        CNY     40.00
GUIZHOU EAST LAKE CIT     8.00      12/07/25        CNY     41.77
GUIZHOU EAST LAKE CIT     8.00      12/07/25        CNY     41.09
GUIZHOU GUIAN DEVELOP     7.60      04/26/25        CNY      6.00
GUIZHOU HONGGUO ECONO     7.80      02/08/25        CNY     20.52
GUIZHOU HONGGUO ECONO     7.80      11/24/24        CNY     20.22
GUIZHOU HONGGUO ECONO     7.80      11/24/24        CNY     10.50
GUIZHOU JINFENGHUANG      7.60      08/19/26        CNY     63.05
GUIZHOU SHUANGLONG AI     7.50      04/20/30        CNY     60.00
GUIZHOU SHUICHENG ECO     7.50      10/26/25        CNY     41.38
GUIZHOU SHUICHENG ECO     7.50      10/26/25        CNY     19.50
GUIZHOU SHUICHENG WAT     8.00      11/27/25        CNY     41.39
GUIZHOU SHUICHENG WAT     8.00      11/27/25        CNY     41.38
GUIZHOU XINDONGGUAN C     7.70      09/05/24        CNY     20.06
GUIZHOU ZHONGSHAN DEV     8.00      03/18/29        CNY     70.00
HAIAN URBAN DEMOLITIO     8.00      12/21/25        CNY     41.82
HAIAN URBAN DEMOLITIO     7.74      05/02/25        CNY     20.73
HENGYANG CITY AND URB     7.80      12/14/24        CNY     20.36
HENGYANG CITY AND URB     7.80      12/14/24        CNY     20.36
HENGYANG CITY AND URB     7.50      09/22/24        CNY     20.11
HENGYANG CITY AND URB     7.50      09/22/24        CNY     20.11
HONGAN URBAN DEVELOPM     7.50      12/04/24        CNY     20.29
HONGAN URBAN DEVELOPM     7.50      12/04/24        CNY     20.00
HUAINAN SHAN NAN DEVE     7.94      04/01/26        CNY     42.43
HUAINAN SHAN NAN DEVE     7.94      04/01/26        CNY     40.00
HUAINAN URBAN CONSTRU     7.58      02/12/26        CNY     42.05
HUAINAN URBAN CONSTRU     7.50      03/20/25        CNY     20.63
HUAINAN URBAN CONSTRU     7.50      03/20/25        CNY     20.00
HUBEI DAYE LAKE HIGH-     7.50      04/01/26        CNY     42.20
HUBEI DAYE LAKE HIGH-     7.50      04/01/26        CNY     40.00
HUBEI JIAKANG CONSTRU     7.80      12/19/25        CNY     41.45
HUBEI YILING ECONOMIC     7.50      03/28/26        CNY     42.24
HUBEI YILING ECONOMIC     7.50      03/28/26        CNY     40.00
HUNAN CHUZHISHENG HOL     7.50      03/27/26        CNY     42.24
HUNAN CHUZHISHENG HOL     7.50      03/27/26        CNY     40.00
HUNAN MEISHAN RESOURC     8.00      03/21/26        CNY     42.45
HUNAN MEISHAN RESOURC     8.00      03/21/26        CNY     40.00
HUNAN TIANYI RONGTONG     8.00      10/24/25        CNY     41.54
HUNAN TIANYI RONGTONG     8.00      10/24/25        CNY     41.53
HUNAN TIANYI RONGTONG     7.50      09/17/25        CNY     41.20
HUNAN XUANDA CONSTRUC     7.50      01/23/26        CNY     41.85
HUNAN XUANDA CONSTRUC     7.50      01/24/26        CNY     41.85
HUNAN XUANDA CONSTRUC     7.50      01/24/26        CNY     40.00
HUNAN XUANDA CONSTRUC     7.50      01/23/26        CNY     40.00
HUZHOU NEW CITY INVES     7.50      11/23/24        CNY     20.31
HUZHOU NEW CITY INVES     7.50      11/23/24        CNY     20.00
HUZHOU WUXING NANTAIH     7.90      09/20/25        CNY     41.39
JIA COUNTY DEVELOPMEN     7.50      01/21/27        CNY     64.04
JIA COUNTY DEVELOPMEN     7.50      01/21/27        CNY     58.00
JIAHE ZHUDU DEVELOPME     7.50      03/13/25        CNY     20.58
JIAHE ZHUDU DEVELOPME     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     40.97
JIANGSU ZHONGNAN CONS     7.80      03/17/29        CNY     44.19
JIANGXI HUANGGANGSHAN     7.90      01/25/26        CNY     41.57
JIANGXI HUANGGANGSHAN     7.90      10/08/25        CNY     41.41
JIANGXI HUANGGANGSHAN     7.90      10/08/25        CNY     41.18
JIANGXI JIHU DEVELOPM     7.50      04/10/25        CNY     20.66
JIANGXI JIHU DEVELOPM     7.50      04/10/25        CNY     20.00
JIANGXI TONGGU CITY C     7.50      04/21/27        CNY     64.68
JIANGYOU XINGYI PARKI     7.50      05/07/26        CNY     52.03
JIANGYOU XINGYI PARKI     7.80      12/17/25        CNY     51.79
JIANLI FENGYUAN CITY      7.50      01/14/26        CNY     42.00
JIANLI FENGYUAN CITY      7.50      01/14/26        CNY     40.00
JILIN ECONOMY TECHNOL     8.00      03/26/28        CNY     64.04
JILIN ECONOMY TECHNOL     8.00      03/26/28        CNY     59.21
JINING NEW CITY DEVEL     7.60      03/23/25        CNY     20.58
JINING NEW CITY DEVEL     7.60      03/23/25        CNY     20.00
JINXIANG COUNTY CITY      7.50      03/20/26        CNY     42.19
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 CO     7.50      09/26/24        CNY     20.25
JUNAN COUNTY URBAN CO     7.50      09/26/24        CNY     20.12
KAILI GUIZHOU TOWN CO     7.98      03/30/27        CNY     65.20
KAILI GUIZHOU TOWN CO     7.98      03/30/27        CNY     65.20
LAOTING INVESTMENT GR     7.50      04/11/26        CNY     42.28
LAOTING INVESTMENT GR     7.50      04/11/26        CNY     39.80
LIJIN CITY CONSTRUCTI     7.50      04/26/26        CNY     42.39
LIJIN CITY CONSTRUCTI     7.50      12/20/25        CNY     41.59
LIJIN CITY CONSTRUCTI     7.50      04/26/26        CNY     40.00
LIJIN CITY CONSTRUCTI     7.50      12/20/25        CNY     40.00
LINFEN YAODU DISTRICT     7.50      09/19/25        CNY     41.20
LINYI COUNTY CITY DEV     7.78      03/21/25        CNY     20.66
LINYI COUNTY CITY DEV     7.78      03/21/25        CNY     20.00
LINYI ZHENDONG CONSTR     7.50      12/06/25        CNY     41.60
LINYI ZHENDONG CONSTR     7.50      11/26/25        CNY     41.54
LIUPANSHUI AGRICULTUR     8.00      04/26/27        CNY     60.59
LIUPANSHUI AGRICULTUR     8.00      04/26/27        CNY     60.58
LONGNAN ECO&TECH DEVE     7.50      07/26/26        CNY     42.68
LUANCHUAN COUNTY TIAN     8.50      01/23/26        CNY     42.19
LUANCHUAN COUNTY TIAN     8.50      01/23/26        CNY     40.00
LUOHE ECONOMIC DEVELO     7.50      12/18/25        CNY     41.63
LUOHE ECONOMIC DEVELO     7.50      12/18/25        CNY     41.63
LUOYANG XIYUAN STATE-     7.80      01/29/26        CNY     41.89
LUOYANG XIYUAN STATE-     7.80      01/29/26        CNY     41.37
LUOYANG XIYUAN STATE-     7.50      11/15/25        CNY     41.04
MAANSHAN NINGBO INVES     7.50      04/18/26        CNY     42.30
MAANSHAN NINGBO INVES     7.80      11/29/25        CNY     41.64
MAANSHAN NINGBO INVES     7.80      11/29/25        CNY     41.62
MAANSHAN NINGBO INVES     7.50      04/18/26        CNY     16.00
MEISHAN CITY DONGPO D     8.00      01/03/26        CNY     41.92
MEISHAN CITY DONGPO D     8.08      08/16/25        CNY     41.09
MEISHAN CITY DONGPO D     8.08      08/16/25        CNY     40.00
MEISHAN CITY DONGPO D     8.00      01/03/26        CNY     40.00
MEISHAN HONGSHUN PARK     7.50      12/10/25        CNY     51.98
MENGZHOU INVESTMENT A     8.00      11/06/25        CNY     41.57
MENGZHOU INVESTMENT A     8.00      09/03/25        CNY     41.19
MENGZHOU INVESTMENT A     8.00      11/06/25        CNY     40.00
MENGZHOU INVESTMENT A     8.00      09/03/25        CNY     40.00
MENGZI CITY DEVELOPME     8.00      03/25/26        CNY     42.39
MENGZI CITY DEVELOPME     8.00      03/25/26        CNY     42.06
MENGZI CITY DEVELOPME     7.65      09/25/24        CNY     20.12
MENGZI CITY DEVELOPME     7.65      09/25/24        CNY     20.11
MIAN YANG ECONOMIC DE     8.00      09/29/26        CNY     63.58
MIAN YANG ECONOMIC DE     8.00      09/29/26        CNY     60.00
MIAN YANG ECONOMIC DE     8.20      03/15/26        CNY     42.40
MIAN YANG ECONOMIC DE     8.20      03/15/26        CNY     40.00
MIANYANG ANZHOU INVES     7.90      11/25/26        CNY     64.03
MIANYANG ANZHOU INVES     7.90      11/25/26        CNY     60.00
MIANYANG ANZHOU INVES     8.10      11/22/25        CNY     41.69
MIANYANG ANZHOU INVES     8.10      11/22/25        CNY     40.00
MIANYANG ANZHOU INVES     8.10      05/04/25        CNY     20.81
MIANYANG HUIDONG INVE     8.10      04/28/25        CNY     20.80
MIANYANG HUIDONG INVE     8.10      02/10/25        CNY     20.57
MIANZHU CITY JINSHEN      7.87      12/18/25        CNY     41.77
MIANZHU CITY JINSHEN      7.87      12/18/25        CNY     41.46
MILE AGRICULTURAL INV     7.60      02/27/26        CNY     42.08
MILE AGRICULTURAL INV     8.00      10/25/25        CNY     41.50
MILE AGRICULTURAL INV     7.60      02/27/26        CNY     41.00
MUDANJIANG LONGSHENG      7.50      09/27/25        CNY     41.22
NANCHONG JIALING DEVE     7.98      05/23/25        CNY     20.87
NANCHONG JIALING DEVE     7.80      12/12/24        CNY     20.36
NANCHONG JIALING DEVE     7.80      12/12/24        CNY     20.36
NANCHONG JIALING DEVE     7.98      05/23/25        CNY     20.00
NEOGLORY HOLDING GROU     8.10      11/23/18        CNY     72.00
NEOGLORY HOLDING GROU     8.00      09/25/20        CNY     60.00
NEOGLORY HOLDING GROU     8.00      10/22/20        CNY     56.00
NINGXIA SHENG YAN IND     7.50      09/27/28        CNY     42.45
PANJIN CITY SHUANGTAI     8.50      01/29/26        CNY     42.23
PANJIN CITY SHUANGTAI     8.50      01/29/26        CNY     42.23
PANJIN CITY SHUANGTAI     8.70      12/20/25        CNY     42.07
PANJIN CITY SHUANGTAI     8.70      12/20/25        CNY     42.07
PANJIN LIAODONGWAN ZH     7.50      12/28/26        CNY     64.00
PEIXIAN ECONOMIC DEVE     7.51      11/04/26        CNY     63.52
PEIXIAN ECONOMIC DEVE     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     20.81
PENGZE CITY DEVELOPME     7.60      08/31/25        CNY     41.25
PENGZE CITY DEVELOPME     7.60      08/31/25        CNY     41.09
PINGLIANG CHENGXIANG      7.80      03/29/26        CNY     42.33
PINGLIANG CHENGXIANG      7.80      03/29/26        CNY     41.43
PUDING YELANG STATE-O     8.00      03/13/25        CNY     20.70
PUDING YELANG STATE-O     8.00      03/13/25        CNY     20.65
PUDING YELANG STATE-O     7.79      11/13/24        CNY     20.26
PUDING YELANG STATE-O     7.79      11/13/24        CNY     20.16
PUER CITY SI MAO GUO      7.50      03/14/26        CNY     42.12
PUER CITY SI MAO GUO      7.50      03/14/26        CNY     41.91
QIANDONGNAN TRANSPORT     8.00      01/15/27        CNY     64.63
QIANDONGNAN TRANSPORT     8.00      01/15/27        CNY     64.62
QIANNANZHOU INVESTMEN     8.00      01/02/26        CNY     41.92
QIANXINAN AUTONOMOUS      8.00      06/22/27        CNY     65.30
QIANXINAN AUTONOMOUS      8.00      06/22/27        CNY     65.22
QIANXINAN PREFECTURE      7.99      06/10/27        CNY     65.93
QIANXINAN PREFECTURE      7.99      06/10/27        CNY     60.00
QINGHAI PROVINCIAL IN     7.88      03/22/21        USD      1.44
QINGZHEN CITY CONSTRU     7.50      03/18/26        CNY     42.13
QINGZHEN CITY CONSTRU     7.50      03/18/26        CNY     42.13
QINGZHOU HONGYUAN PUB     7.60      06/17/27        CNY     49.12
QINZHOU BINHAI NEW CI     7.70      08/15/26        CNY     63.10
QINZHOU BINHAI NEW CI     7.70      08/15/26        CNY     63.10
QUJING CITY QILIN DIS     8.50      01/21/26        CNY     42.22
QUJING CITY QILIN DIS     8.50      01/21/26        CNY     40.00
RENHUAI WATER INVESTM     8.00      12/26/25        CNY     40.58
RENHUAI WATER INVESTM     7.98      07/26/25        CNY     21.03
RENHUAI WATER INVESTM     7.98      02/24/25        CNY     20.37
RUCHENG SHUNXING INVE     7.50      01/07/26        CNY     41.82
RUCHENG SHUNXING INVE     7.50      01/07/26        CNY     40.00
RUDONG NEW WORLD INVE     7.50      12/06/26        CNY     63.94
RUDONG NEW WORLD INVE     7.50      12/06/26        CNY     60.00
RUILI RENLONG INVESTM     8.00      09/20/26        CNY     62.77
SHAANXI XIYUE HUASHAN     7.50      12/27/26        CNY     63.95
SHANDONG HONGHE HOLDI     7.50      01/29/26        CNY     41.86
SHANDONG OCEAN CULTUR     7.50      04/25/26        CNY     42.08
SHANDONG OCEAN CULTUR     7.50      03/28/26        CNY     41.87
SHANDONG RENCHENG RON     7.50      01/23/26        CNY     41.56
SHANDONG RUYI TECHNOL     7.90      09/18/23        CNY     52.10
SHANDONG SANXING GROU     7.90      08/30/24        CNY     58.00
SHANDONG URBAN CAPITA     7.50      04/12/26        CNY     41.98
SHANDONG URBAN CAPITA     7.50      04/12/26        CNY     40.00
SHANGLI INVESTMENT CO     7.80      01/22/26        CNY     41.73
SHANGLI INVESTMENT CO     7.80      01/22/26        CNY     40.49
SHANGLI INVESTMENT CO     7.50      06/01/25        CNY     20.81
SHANGLI INVESTMENT CO     7.50      06/01/25        CNY     20.75
SHANGRAO GUANGXIN URB     7.95      07/24/25        CNY     21.01
SHANGRAO GUANGXIN URB     7.95      07/24/25        CNY     20.96
SHANXI JINZHONG STATE     7.50      05/05/26        CNY     42.39
SHAOYANG SAISHUANGQIN     8.00      11/28/25        CNY     41.70
SHAOYANG SAISHUANGQIN     8.00      11/28/25        CNY     40.00
SHEHONG STATE OWNED A     7.60      10/25/25        CNY     41.43
SHEHONG STATE OWNED A     7.50      08/22/25        CNY     41.05
SHEHONG STATE OWNED A     7.60      10/25/25        CNY     40.00
SHEHONG STATE OWNED A     7.60      10/22/25        CNY     40.00
SHEHONG STATE OWNED A     7.50      08/22/25        CNY     40.00
SHEHONG STATE OWNED A     7.60      10/22/25        CNY     21.22
SHENWU ENVIRONMENTAL      9.00      03/14/19        CNY     12.00
SHEYANG URBAN CONSTRU     7.80      11/27/24        CNY     20.26
SHEYANG URBAN CONSTRU     7.80      11/27/24        CNY     20.26
SHIFANG CITY NATIONAL     8.00      12/05/25        CNY     41.56
SHIFANG CITY NATIONAL     8.00      12/05/25        CNY     40.00
SHIYAN CITY CHENGTOU      7.80      02/13/26        CNY     45.55
SHUANGYASHAN DADI CIT     8.50      12/16/26        CNY     64.72
SHUANGYASHAN DADI CIT     8.50      12/16/26        CNY     64.72
SHUANGYASHAN DADI CIT     8.50      08/26/26        CNY     63.67
SHUANGYASHAN DADI CIT     8.50      08/26/26        CNY     63.66
SHUANGYASHAN DADI CIT     8.50      04/30/26        CNY     42.86
SHUANGYASHAN DADI CIT     8.50      04/30/26        CNY     42.86
SHUOZHOU INVESTMENT C     7.80      12/25/25        CNY     41.79
SHUOZHOU INVESTMENT C     7.80      12/25/25        CNY     41.74
SHUOZHOU INVESTMENT C     7.50      10/23/25        CNY     41.60
SHUOZHOU INVESTMENT C     7.50      10/23/25        CNY     41.35
SICHUAN CHENG'A DEVEL     7.50      11/29/24        CNY     20.29
SICHUAN CHENG'A DEVEL     7.50      11/06/24        CNY     20.20
SICHUAN CHENG'A DEVEL     7.50      11/29/24        CNY     20.00
SICHUAN CHENG'A DEVEL     7.50      11/06/24        CNY     20.00
SICHUAN COAL INDUSTRY     7.70      01/09/18        CNY     45.00
SICHUAN LANGUANG DEVE     7.50      07/23/22        CNY     42.00
SICHUAN LANGUANG DEVE     7.50      08/12/21        CNY     12.63
SICHUAN LANGUANG DEVE     7.50      07/11/21        CNY     12.63
SIYANG JIADING INDUST     7.50      12/14/25        CNY     41.86
SIYANG JIADING INDUST     7.50      12/14/25        CNY     41.66
SIYANG JIADING INDUST     7.50      04/27/25        CNY     20.70
SIYANG JIADING INDUST     7.50      04/27/25        CNY     20.70
TAHOE GROUP CO LTD        7.50      08/15/20        CNY     27.00
TAHOE GROUP CO LTD        8.50      08/02/21        CNY      6.00
TAHOE GROUP CO LTD        7.50      09/19/21        CNY      6.00
TAHOE GROUP CO LTD        7.50      10/10/20        CNY      4.71
TAIXING CITY CHENGXIN     7.60      04/24/26        CNY     42.48
TAIXING CITY CHENGXIN     7.60      04/04/26        CNY     42.31
TAIXING CITY CHENGXIN     7.80      03/05/26        CNY     42.28
TAIXING CITY CHENGXIN     7.80      03/05/26        CNY     40.00
TAIXING CITY CHENGXIN     7.60      04/24/26        CNY     40.00
TAIXING CITY CHENGXIN     7.60      04/04/26        CNY     40.00
TAIXING XINGHUANG INV     8.50      11/15/25        CNY     41.42
TAIXING XINGHUANG INV     8.50      11/15/25        CNY     39.59
TAIZHOU FENGCHENGHE C     7.90      12/29/24        CNY     20.34
TAIZHOU FENGCHENGHE C     7.90      12/29/24        CNY     20.00
TAIZHOU HUACHENG MEDI     8.50      12/26/25        CNY     42.04
TAIZHOU HUACHENG MEDI     8.50      12/26/25        CNY     40.00
TANCHENG COUNTY CITY      7.50      04/09/26        CNY     42.27
TANCHENG COUNTY CITY      7.50      04/09/26        CNY     40.00
TANGSHAN HOLDING DEVE     7.60      05/16/25        CNY     20.82
TAOYUAN COUNTY CONSTR     8.00      10/17/26        CNY     63.83
TAOYUAN COUNTY CONSTR     7.50      09/11/26        CNY     62.99
TAOYUAN COUNTY CONSTR     8.00      10/17/26        CNY     60.00
TAOYUAN COUNTY CONSTR     7.50      09/11/26        CNY     60.00
TAOYUAN COUNTY ECONOM     8.20      09/06/25        CNY     41.29
TAOYUAN COUNTY ECONOM     8.20      09/06/25        CNY     41.25
TEMPUS GROUP CO LTD       7.50      06/07/20        CNY      2.00
TENGCHONG SHIXINGBANG     7.50      05/05/26        CNY     52.83
TIANJIN REAL ESTATE G     7.70      03/16/21        CNY     21.49
TONGCHENG CITY CONSTR     7.50      07/23/25        CNY     20.95
TONGCHENG CITY CONSTR     7.50      07/23/25        CNY     20.00
TONGHUA FENGYUAN INVE     7.80      04/30/26        CNY     42.53
TONGHUA FENGYUAN INVE     8.00      12/18/25        CNY     41.83
TONGHUA FENGYUAN INVE     7.80      04/30/26        CNY     41.70
TONGHUA FENGYUAN INVE     8.00      12/18/25        CNY     40.00
TONGREN WATER GROUP C     8.00      11/29/28        CNY     74.32
TONGXIANG CHONGDE INV     7.88      11/29/25        CNY     41.72
TONGXIANG CHONGDE INV     7.88      11/29/25        CNY     41.70
TUNGHSU GROUP CO LTD      8.18      10/25/21        CNY     22.00
URUMQI ECO TECH DEVEL     7.50      10/19/25        CNY     41.30
URUMQI ECO TECH DEVEL     7.50      10/19/25        CNY     40.00
WEIHAI LANCHUANG CONS     7.70      10/11/25        CNY     41.15
WEIHAI WENDENG URBAN      7.70      05/02/28        CNY     64.95
WEINAN CITY INDUSTRIA     7.50      06/30/27        CNY     65.48
WEINAN CITY INDUSTRIA     7.50      06/30/27        CNY     60.00
WEINAN CITY INDUSTRIA     7.50      04/28/26        CNY     42.18
WEINAN CITY INDUSTRIA     7.50      04/28/26        CNY     40.00
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      7.70      11/15/20        CNY     43.63
WINTIME ENERGY GROUP      7.50      04/04/21        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
WUSU CITY XINGRONG CO     7.50      10/25/25        CNY     41.38
WUSU CITY XINGRONG CO     7.50      10/25/25        CNY     40.00
WUXUE URBAN CONSTRUCT     7.50      04/12/26        CNY     42.13
WUXUE URBAN CONSTRUCT     7.50      04/12/26        CNY     40.00
WUZHOU CANGHAI CONSTR     8.00      05/31/28        CNY     66.42
WUZHOU CITY CONSTRUCT     7.90      03/26/29        CNY     73.20
XIAN LINTONG URBAN IN     7.69      04/22/26        CNY     42.27
XIAN LINTONG URBAN IN     7.69      04/22/26        CNY     40.00
XIFENG COUNTY URBAN C     8.00      03/14/26        CNY     42.26
XINFENG COUNTY URBAN      7.80      04/16/26        CNY     42.37
XINFENG COUNTY URBAN      7.80      04/16/26        CNY     41.88
XINFENG COUNTY URBAN      7.80      12/05/25        CNY     41.67
XINFENG COUNTY URBAN      7.80      12/05/25        CNY     40.00
XINGYI XINHENG URBAN      8.00      11/21/25        CNY     41.56
XINGYI XINHENG URBAN      7.90      01/31/25        CNY     20.44
XINGYI XINHENG URBAN      7.90      01/31/25        CNY     20.00
XINPING URBAN DEVELOP     7.70      01/24/26        CNY     41.88
XINYU CITY YUSHUI DIS     7.50      09/24/26        CNY     63.21
XIPING COUNTY INDUSTR     7.50      12/26/24        CNY     20.37
XIPING COUNTY INDUSTR     7.50      12/26/24        CNY     20.00
XIUSHAN HUAXING ENTER     7.50      09/25/25        CNY     41.21
XIUSHAN HUAXING ENTER     7.50      09/25/25        CNY     41.21
XUZHOU CITY JIAWANG C     7.98      05/06/26        CNY     42.68
XUZHOU CITY JIAWANG C     7.88      01/28/26        CNY     42.22
XUZHOU CITY JIAWANG C     7.88      01/28/26        CNY     40.58
XUZHOU CITY JIAWANG C     7.98      05/06/26        CNY     40.50
YANCHENG URBANIZATION     7.50      03/04/27        CNY     64.77
YANGLING URBAN RURAL      7.80      06/19/26        CNY     42.83
YANGLING URBAN RURAL      7.80      02/20/26        CNY     42.12
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 S     8.10      11/28/25        CNY     41.77
YIBIN NANXI CAIYUAN S     8.10      11/28/25        CNY     41.73
YIBIN NANXI CAIYUAN S     8.10      07/24/25        CNY     20.95
YIBIN NANXI CAIYUAN S     8.10      07/24/25        CNY     20.00
YICHANG CHUANGYUAN HO     7.80      11/06/25        CNY     41.53
YINGKOU BEIHAI NEW CI     7.98      01/25/25        CNY     20.49
YINGKOU BEIHAI NEW CI     7.98      01/25/25        CNY     20.49
YINGTAN JUNENG INVEST     8.00      05/06/26        CNY     42.72
YINGTAN JUNENG INVEST     8.00      05/06/26        CNY     40.00
YIYANG COUNTY CITY CO     7.90      11/05/25        CNY     42.01
YIYANG COUNTY CITY CO     7.90      11/05/25        CNY     41.58
YIYANG COUNTY CITY CO     7.50      06/07/25        CNY     20.70
YIYANG COUNTY CITY CO     7.50      06/07/25        CNY     20.00
YIYANG LONGLING CONST     7.60      01/23/26        CNY     41.83
YIYANG LONGLING CONST     7.60      01/23/26        CNY     40.30
YIYUAN HONGDING ASSET     7.50      08/17/25        CNY     41.15
YIYUAN HONGDING ASSET     7.50      08/17/25        CNY     41.02
YONGAN STATE-OWNED AS     8.50      11/26/25        CNY     41.52
YONGAN STATE-OWNED AS     8.50      11/26/25        CNY     40.00
YONGCHENG COAL & ELEC     7.50      02/02/21        CNY     39.88
YONGXIU CITY CONSTRUC     7.80      08/27/25        CNY     41.05
YONGXIU CITY CONSTRUC     7.80      08/27/25        CNY     40.00
YONGXIU CITY CONSTRUC     7.50      05/02/25        CNY     20.60
YONGXIU CITY CONSTRUC     7.50      05/02/25        CNY     20.00
YOUYANG COUNTY TAOHUA     7.50      09/28/25        CNY     41.23
YUANJIANG CITY CONSTR     7.50      01/18/26        CNY     41.84
YUANJIANG CITY CONSTR     7.50      01/18/26        CNY     41.84
YUDU ZHENXING INVESTM     7.50      05/03/25        CNY     20.65
YUDU ZHENXING INVESTM     7.50      05/03/25        CNY     20.49
YUEYANG CITY JUNSHAN      7.96      03/13/27        CNY     65.29
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 INVEST     7.50      12/23/26        CNY     64.23
YUEYANG HUILIN INVEST     7.50      12/23/26        CNY     60.00
YUSHEN ENERGY DEVELOP     7.50      05/07/27        CNY     65.11
YUSHEN ENERGY DEVELOP     7.50      05/07/27        CNY     60.00
YUTAI XINDA ECONOMIC      7.50      04/10/26        CNY     42.28
ZHANGJIAJIE LOULI TOW     7.50      03/26/26        CNY     42.18
ZHANGJIAJIE LOULI TOW     7.50      03/26/26        CNY     42.18
ZHANGZI NATIONAL OWNE     7.50      10/18/26        CNY     63.66
ZHANGZI NATIONAL OWNE     7.50      10/18/26        CNY     60.00
ZHEJIANG CHANGXING HU     7.50      05/16/26        CNY     42.43
ZHEJIANG CHANGXING HU     7.50      12/26/25        CNY     41.70
ZHEJIANG CHANGXING HU     7.50      05/16/26        CNY     41.60
ZHEJIANG CHANGXING HU     7.50      12/26/25        CNY     40.00
ZHEJIANG HUZHOU NANXU     7.80      08/21/25        CNY     41.88
ZHEJIANG WUYI CITY CO     8.00      12/21/25        CNY     41.85
ZHEJIANG WUYI CITY CO     8.00      12/21/25        CNY     41.77
ZHEJIANG WUYI CITY CO     8.00      08/10/25        CNY     21.09
ZHEJIANG WUYI CITY CO     8.00      08/10/25        CNY     20.00
ZHONGHONG HOLDING CO      8.00      07/04/19        CNY      2.75
ZHONGTIAN FINANCIAL G     8.50      08/16/27        CNY     31.04
ZHONGXIANG CITY CONST     7.50      07/05/26        CNY     42.66
ZHONGXIANG CITY CONST     7.50      07/05/26        CNY     40.00
ZHOUSHAN ISLANDS NEW      7.50      01/30/27        CNY     59.37
ZHOUSHAN ISLANDS NEW      7.50      01/30/27        CNY     55.00
ZHUZHOU HI-TECH AUTO      8.00      08/14/25        CNY     51.34
ZHUZHOU RAILWAY INDUS     7.50      09/25/24        CNY     20.11
ZIGUI COUNTY CHUYUAN      7.80      02/12/28        CNY     66.03
ZIGUI COUNTY CHUYUAN      7.80      02/12/28        CNY     60.00
ZIYANG KAILI INVESTME     8.00      02/14/26        CNY     42.18
ZOUCHENG CITY LONGCHE     7.50      01/16/29        CNY     61.35
ZUNYI BOZHOU URBAN CO     7.85      10/24/24        CNY     20.19
ZUNYI BOZHOU URBAN CO     7.85      10/24/24        CNY     20.17
ZUNYI ROAD & BRIDGE C     8.00      05/08/29        CNY     72.26
ZUNYI TRAFFIC TRAVEL      7.80      03/07/29        CNY     70.00


   HONG KONG
   ---------

CHINA SOUTH CITY HOLD     9.00      04/12/24        USD     29.02
CHINA SOUTH CITY HOLD     9.00      06/26/24        USD     28.09
CHINA SOUTH CITY HOLD     9.00      10/09/24        USD     27.93
CHINA SOUTH CITY HOLD     9.00      12/11/24        USD     27.78
HAINAN AIRLINES HONG     12.00      10/29/21        USD      1.14
HONGKONG IDEAL INVEST    14.75      10/08/22        USD      1.57
YANGO JUSTICE INTERNA     7.88      09/04/24        USD      0.50
YANGO JUSTICE INTERNA     8.25      11/25/23        USD      0.39
YANGO JUSTICE INTERNA     9.25      04/15/23        USD      0.33
YANGO JUSTICE INTERNA     7.50      02/17/25        USD      0.32
YANGO JUSTICE INTERNA    10.00      02/12/23        USD      0.14
YANGO JUSTICE INTERNA    10.25      09/15/22        USD      0.10
YANGO JUSTICE INTERNA     7.50      04/15/24        USD      0.09
YANGO JUSTICE INTERNA    10.25      03/18/22        USD      0.03
ZENSUN ENTERPRISES LT    12.50      04/23/24        USD      5.29
ZENSUN ENTERPRISES LT    12.50      09/13/23        USD      4.69


   INDONESIA
   ---------

WIJAYA KARYA PERSERO      9.25      12/18/25        IDR     73.51
WIJAYA KARYA PERSERO      9.25      12/18/25        IDR     73.42
WIJAYA KARYA PERSERO      9.10      03/03/26        IDR     71.46
WIJAYA KARYA PERSERO      9.10      03/03/26        IDR     71.08
WIJAYA KARYA PERSERO      8.55      09/08/26        IDR     66.17
WIJAYA KARYA PERSERO      8.55      09/08/26        IDR     65.80
WIJAYA KARYA PERSERO     10.90      11/03/29        IDR     65.25
WIJAYA KARYA PERSERO     10.90      11/03/29        IDR     65.25
WIJAYA KARYA PERSERO     10.50      11/03/27        IDR     64.60
WIJAYA KARYA PERSERO     10.50      11/03/27        IDR     64.60
WIJAYA KARYA PERSERO      9.75      03/03/28        IDR     62.46
WIJAYA KARYA PERSERO      9.75      03/03/28        IDR     62.23
WIJAYA KARYA PERSERO      9.85      12/18/27        IDR     62.18
WIJAYA KARYA PERSERO      7.75      02/18/27        IDR     62.06
WIJAYA KARYA PERSERO      9.85      12/18/27        IDR     61.73
WIJAYA KARYA PERSERO      7.75      02/18/27        IDR     61.59
WIJAYA KARYA PERSERO      9.25      09/08/28        IDR     60.41
WIJAYA KARYA PERSERO      9.25      09/08/28        IDR     60.34
WIJAYA KARYA PERSERO      8.30      02/18/29        IDR     57.71
WIJAYA KARYA PERSERO      8.30      02/18/29        IDR     57.63
WIJAYA KARYA PERSERO      8.60      12/18/25        IDR     43.34


   INDIA
   -----

AVANTI FINANCE PVT LT     9.25      08/29/25        INR     71.07
AXIS FINANCE LTD          8.10      11/17/28        INR     74.68
BHARAT SANCHAR NIGAM      7.55      03/20/34        INR     61.53
IIFL SAMASTA FINANCE     10.75      02/24/25        INR     37.68
IKF FINANCE LTD          10.60      03/27/25        INR     37.56
MAHANAGAR TELEPHONE N     7.51      03/06/34        INR     53.12
PIRAMAL CAPITAL & HOU     8.50      04/18/23        INR     34.25


   MALAYSIA
   --------

CAPITAL A BHD             8.00      12/29/28        MYR      0.79


   PHILIPPINES
   -----------

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


   SINGAPORE
   ---------

BAKRIE TELECOM PTE LT    11.50      05/07/15        USD      0.76
BAKRIE TELECOM PTE LT    11.50      05/07/15        USD      0.76
BLD INVESTMENTS PTE L     8.63      03/23/15        USD      6.75
DAVOMAS INTERNATIONAL    11.00      12/08/14        USD      0.36
DAVOMAS INTERNATIONAL    11.00      12/08/14        USD      0.36
DAVOMAS INTERNATIONAL    11.00      05/09/11        USD      0.36
DAVOMAS INTERNATIONAL    11.00      05/09/11        USD      0.36
ENERCOAL RESOURCES PT     9.25      08/05/14        USD     45.75
ITNL OFFSHORE PTE LTD     7.50      01/18/21        CNY     20.29
MICLYN EXPRESS OFFSHO     8.75      11/25/18        USD      0.82
NOMURA INTERNATIONAL      7.65      10/04/37        AUD     67.16
NOMURA INTERNATIONAL     19.50      08/28/28        TRY     66.92
ORO NEGRO DRILLING PT     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      8.30      09/10/14        KRW     70.00
SAMPYO CEMENT CO LTD      8.30      04/20/14        KRW     70.00
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      7.50      07/20/14        KRW     70.00


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT     12.40      04/15/30        LKR     74.94
SRI LANKA GOVERNMENT     12.40      05/15/31        LKR     71.37
SRI LANKA GOVERNMENT     12.40      06/15/32        LKR     68.44
SRI LANKA GOVERNMENT      7.50      01/15/33        LKR     64.48
SRI LANKA GOVERNMENT     12.40      02/15/34        LKR     61.89
SRI LANKA GOVERNMENT     12.40      03/15/35        LKR     60.01
SRI LANKA GOVERNMENT     12.40      04/15/36        LKR     58.46
SRI LANKA GOVERNMENT     12.40      05/15/37        LKR     57.22
SRI LANKA GOVERNMENT     12.40      06/15/38        LKR     56.24
SRI LANKA GOVERNMENT      7.85      03/14/29        USD     55.48
SRI LANKA GOVERNMENT      7.85      03/14/29        USD     55.44
SRI LANKA GOVERNMENT      7.55      03/28/30        USD     55.00
SRI LANKA GOVERNMENT      7.55      03/28/30        USD     54.92



                           *********


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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