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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, October 8, 2024, Vol. 27, No. 202

                           Headlines



A U S T R A L I A

ACRES RURAL: Second Creditors' Meeting Set for Oct. 10
AFAR RETAIL: First Creditors' Meeting Set for Oct. 14
AIR VANUATU: Set to Exit Liquidation After Court Approves Plan
B & T INVESTMENT: First Creditors' Meeting Set for Oct. 14
BRISON INDUSTRIES: First Creditors' Meeting Set for Oct. 14

FITNESS FIRST: Bondi Gym to Close After 20 Years
FLEXIBLE HOMES: Former Directors Hit With Massive Fine by Tribunal
OPEN SPARKZ: Second Creditors' Meeting Set for Oct. 14
PERENTI LIMITED: Moody's Ups CFR to Ba1, Alters Outlook to Stable
S&W SEED: Second Creditors' Meeting Set for Oct. 11



I N D I A

ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
ALLIANCE RESTAURANT: Liquidation Process Case Summary
AUTO MOTIVE: Voluntary Liquidation Process Case Summary
AZALIA DISTRIBUTION: Insolvency Resolution Process Case Summary

BALAJI POLYSACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
BELLSONICA AUTO: CRISIL Lowers Rating on INR10cr LT Loan to B
CAMERICH PAPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
DALMIA LIFE: Insolvency Resolution Process Case Summary
ESSEL LUCKNOW: Ind-Ra Cuts NonConvertible Debt Rating to D

EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURISTICS GARMENTS: Insolvency Resolution Process Case Summary
GLOBAL COAL: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable
HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Ratings in Not Cooperating
HOUNSLOW BUILDERS: Insolvency Resolution Process Case Summary

INTERNATIONAL TURNKEY: Voluntary Liquidation Process Case Summary
JUPITER LANDSCAPES: NCLT Initiates Insolvency Proceedings vs Firm
KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating
MACSTADIUM CLOUD: Voluntary Liquidation Process Case Summary

MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating
NANDI IRRIGATION: Insolvency Resolution Process Case Summary
NEELKANTH SURGICAL: Liquidation Process Case Summary
OCTOCHEM PHARMA: Ind-Ra Gives BB- Loan Rating, Outlook Stable
RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating

RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
SADBHAV INFRASTRUCTURE: Ind-Ra Keeps C Rating in NonCooperating
SANDHYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating

SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
SCS CONSTRUCTIONS: Ind-Ra Cuts Bank Loan Rating to D
SEAWAYS SHIPPING: Ind-Ra Cuts Bank Loan Rating to BB
SHAPOS SERVICES: Insolvency Resolution Process Case Summary
SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating

SSB STRUCTURAL: Liquidation Process Case Summary
STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPERIOR FILMS: Ind-Ra Hikes Bank Loan Rating to BB+
SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating
TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating

THREE C FACILITY: Insolvency Resolution Process Case Summary
TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating

VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating



M A L A Y S I A

SAPURA HOLDINGS: Gets Winding-Up Petition from Shareholder


M O N G O L I A

DEVELOPMENT BANK OF MONGOLIA: S&P Upgrades Long-Term ICR to 'B+'
MONGOLIA: S&P Raises Long-Term SCR to 'B+', Outlook Positive


N E W   Z E A L A N D

CENTRAL WASTE: Court to Hear Wind-Up Petition on Oct. 17
ELITE GROUP: BDO Tauranga Appointed as Liquidators
GETTING SAUCY: Court to Hear Wind-Up Petition on Oct. 17
KORU ASSETS: Creditors' Proofs of Debt Due on Nov. 29
QEX LOGISTICS: FMA Files Civil Proceedings vs. Firm and Director

TVNZ: Plans to End 1News Website in February
WAIKATO DAISY: Grant Bruce Reynolds Appointed as Liquidator


P H I L I P P I N E S

[*] PHILIPPINES: Banks' Bad Loan Ratio Continues to Climb


S I N G A P O R E

EASTORIA CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 18
HARBOUR HANDLERS: Court to Hear Wind-Up Petition on Oct. 18
PINGAN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 4
SUBHARA SINGAPORE P: Court to Hear Wind-Up Petition on Oct. 18


T H A I L A N D

MUANGTHAI CAPITAL: Fitch Rates USD Sr. Unsec. Bonds Final 'BB'


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 30, 2024 to Oct. 4, 2024

                           - - - - -


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

ACRES RURAL: Second Creditors' Meeting Set for Oct. 10
------------------------------------------------------
A second meeting of creditors in the proceedings of Acres Rural
Supplies Pty Ltd has been set for Oct. 10, 2024 at 1:30 p.m. at
Level 5, 34 East Street in Rockhampton.

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 Oct. 9, 2024 at 5:00 p.m.

Michael Beck of Worrells was appointed as administrator of the
company on Sept. 4, 2024.




AFAR RETAIL: First Creditors' Meeting Set for Oct. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Afar Retail
EF Pty Ltd will be held on Oct. 14, 2024 at 3:00 p.m. at the
offices of BRI Ferrier at Level 26, 25 Bligh Street in Sydney and
via Zoom meeting.

Jonathon Keenan and Peter Paul Krejci of BRI Ferrier were appointed
as administrators of the company on Oct. 1, 2024.


AIR VANUATU: Set to Exit Liquidation After Court Approves Plan
--------------------------------------------------------------
Radio New Zealand reports that the liquidator appointed to resolve
Air Vanuatu's financial woes said the airline is set to come out of
liquidation after the Supreme Court's approval of a creditor
compromise.

RNZ says the Deed of Compromise passed with a vote of 306 to 18 in
August but until now needed the final tick of approval from the
courts.

RNZ relates that the agreement, reached with the creditors of Air
Vanuatu (Operations) Limited (In Liquidation) at a creditor meeting
in August, was put forward by AV3 Ltd, and includes a US$3.3
million contribution fund to adjudicate creditor claims.

AV3 is wholly owned by the Vanuatu Ministry of Foreign Affairs was
incorporated in June.

One creditor has previously told local media he fears creditors and
employees will be left unpaid, RNZ notes.

In a statement an Ernst & Young spokesperson said the ownership has
been transferred to AV3.

According to RNZ, liquidator Morgan Kelly, partner in strategy &
transactions at Ernst & Young Australia, said the execution of the
Deed of Compromise is a positive outcome for the airline and its
creditors.

"The implementation of the Deed of Compromise maximises the return
to creditors and presents an opportunity for the Air Vanuatu
business to continue, saving jobs and providing vital aviation
services for Vanuatu."

RNZ adds that Mr. Kelly said the collaboration and assistance of
the Vanuatu government and the Civil Aviation Authority Vanuatu
have been instrumental in reaching this outcome.

Air Vanuatu flies from Sydney, Melbourne, Brisbane, Auckland,
Noumea, Nadi, Honiara to Vanuatu and domestically around the 83
Islands of Vanuatu.

Air Vanuatu, which employed 441 people, went into voluntary
liquidation in early May, with Ernst & Young estimating it owed at
least US$66 million.


B & T INVESTMENT: First Creditors' Meeting Set for Oct. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of B & T
Investment Group (Act) Pty Ltd will be held on Oct. 14, 2024 at
10:30 a.m. at the offices of Beacon Advisory at Level 6, 1 Hobart
Place in Canberra.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Oct. 1, 2024.


BRISON INDUSTRIES: First Creditors' Meeting Set for Oct. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Brison
Industries Pty Ltd will be held on Oct. 14, 2024 at 11:00 a.m. via
Microsoft Teams.

Aaron Torline of Slaven Torline was appointed as administrator of
the company on Oct. 1, 2024.


FITNESS FIRST: Bondi Gym to Close After 20 Years
------------------------------------------------
News.com.au reports that a popular Fitness First in Sydney will
close after 20 years after the chain failed to secure a tenancy
with Westfield, with the gym saying it is "disappointed" with the
decision.

According to news.com.au, members were informed by email last week
that the Bondi Platinum location on level six of Bondi Junction
Westfield would close later this year.

"Unfortunately, after 20 years of dedicated service to the
community, it's with deep sadness that we write to inform you of
the impending closure of our Fitness First Platinum Gym, at
Westfield Bondi Junction later this year," the email said, notes
the report. "We were hopeful of securing a new location within the
centre to build a new premium fitness facility, however, we were
disappointed to learn late last week that we were unsuccessful in
our tender bid."

Fitness First said it was still in negotiations with Westfield on a
timeline for the closure, and members would be contacted once dates
were confirmed, News.com.au relays, citing a Yahoo report.

There is another Fitness First Platinum just around the corner on
Spring Street, much smaller than the Westfield location.

"Please be assured that we are providing all the necessary support
to our team during this difficult period," the email said.

The chain currently has 37 gyms in Sydney, 12 in Melbourne and two
in Canberra.

FLEXIBLE HOMES: Former Directors Hit With Massive Fine by Tribunal
------------------------------------------------------------------
News.com.au reports that the former directors of a now-insolvent
builder misled homeowners by entering into contracts promising to
be the builder of the project when they were actually contracted to
other builders, a tribunal has been told.

Pavreet Singh and MD Touhidul Islam Sunny were the directors of
Perth-based builder Flexible Homes before it entered liquidation in
June 2023, impacting some 19 West Australian homeowners,
news.com.au discloses.

News.com.au relates that the pair have now been fined AUD50,000 by
the State Administrative Tribunal, which found the now-insolvent
builder engaged in conduct that was misleading during three
building projects in Shelley, Piara Waters and The Vines.

According to an agreed statement of facts following mediation in
August, Singh and Sunny were both directors of Flexible Homes
between 2021 and 2022 when it represented to clients that it would
be the builder of their houses.

In reality, the company intended for a third-party builder to be
engaged for this work.

According to news.com.au, the tribunal was told Flexible Homes
entered into preliminary work contracts that stated or implied it
would be the builder for the resulting projects when they were
actually contracted to other builders.

"Flexible Homes also processed the applications for building
permits and home indemnity insurance (HII) on behalf of these
third-party builders," WA's Department of Mines, Industry
Regulation and Safety said in a statement.

The company issued invoices and received payments for the building
work, as well as carrying out all customer contact and
administration during the projects, news.com.au relays.

One Shelley homeowner who needed her home demolished and renovated
had to wait eight months due to an "undue delay" from the company's
conduct.

This person then signed a contract with a third-party builder on
the recommendation of Flexible Homes - only to be told months later
this business could not obtain the required HII, according to the
agreed statement of facts.

"Flexible Homes arranged for a second builder to be contracted, but
another month passed before it was revealed this builder also
lacked HII access," the department's statement, as cited by
news.com.au, continued. "The client's final contract with a third
builder was not signed until August 2021."

Flexible Homes also made contract variations involving demands for
extra funds - making clients believe this was "arbitrary" by not
explicitly explaining the reasons or that the source of the request
was a third-party builder.

News.com.au says two price increases were also made without written
justification or verification and the same Shelley homeowner was
asked for a progress payment when the corresponding work had not
even started.

The tribunal was told Singh also signed a building contract on
behalf of a third-party builder that had not given him authority to
enter into any contracts on its behalf.

In addition, the tribunal found Flexible Homes had failed to comply
with a building remedy order after a neighbour's house was
damaged.

The tribunal ordered Singh and Sunny to pay AUD25,000 each for the
company's conduct, news.com.au adds.


OPEN SPARKZ: Second Creditors' Meeting Set for Oct. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Open Sparkz Pty
Ltd has been set for Oct. 14, 2024 at 2:00 p.m. online via
Microsoft Teams.

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 Oct. 11, 2024 at 5:00 p.m.

Joshua Taylor of Taylor Insolvency was appointed as administrator
of the company on Sept. 6, 2024.


PERENTI LIMITED: Moody's Ups CFR to Ba1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Perenti Limited's ("Perenti")
corporate family rating to Ba1 from Ba2 and changed the outlook to
stable from positive. At the same time, Moody's have also upgraded
the backed senior unsecured rating of Perenti Finance Pty Ltd to
Ba1 from Ba2 and changed the outlook to stable from positive.

RATINGS RATIONALE

The ratings upgrade to Ba1 reflects the strengthening in Perenti's
credit profile, demonstrated by the improvement in underlying
operations, financial performance, as well as management's
commitment to operating below its publicly articulated net leverage
target of 1x, as measured by net debt/underlying EBITDA.

Perenti has improved its scale and diversification, and reduced its
exposure to higher risk jurisdictions. The company's operations
were further enhanced by the acquisition and successful integration
of DDH1 Limited (DDH1), completed in October 2023, which
contributed AUD402 million in revenue in the fiscal year ended June
2024 (fiscal 2024) and provided further scale, geographic and
commodity diversification.

Perenti's rating upgrade to Ba1 also reflects the company's
improved operating performance over the last three years, stemming
from its focus on investment grade jurisdictions, quality clients
and cost reduction.

Perenti has been working to improve the quality of its earnings by
reweighting its operations towards lower risk jurisdictions, which
Moody's view as credit positive. Perenti's exposure to higher risk
jurisdictions decreased to 33% of revenue at fiscal 2024, compared
with 54% at fiscal 2020. Moody's expect Perenti's exposure to
higher risk jurisdictions, particularly West Africa, to continue to
decrease over time as it targets expansions and new projects in
North America, Botswana, Australia and through DDH1.

Perenti's stronger operating performance and earnings growth has
also supported an improvement in the company's leverage and free
cash flow generation, allowing the company to build cash reserves
ahead of its October 2025 bond maturity.

Moody's expect solid earnings growth to allow Perenti to repay debt
and continue reducing leverage over the next 12 to 18 months
allowing Moody's adjusted gross debt to EBITDA to reduce to around
1.1x-1.4x from 1.5x at fiscal 2024. This reflects the company's
conservative financial policies, including its publicly articulated
net leverage target of operating below 1.0x (as measured by net
debt/underlying EBITDA). While Moody's expect the company to
operate within its financial policy parameters, Moody's also expect
Perenti to increase returns to shareholders as evidenced by the
recent reinstatement of its dividend policy.

Perenti's Ba1 rating also reflects its solid market position in the
global mining services industry, with a diversified range of
counterparties and strong capabilities in the attractive
underground mining segment. Perenti has a solid operating track
record of contract wins and retention rates, which illustrates its
technical capabilities and its ability to execute the services it
provides. Perenti also benefits from its incumbent position at its
existing mine sites, as well as the logistical challenges posed by
mine owners if they want to change contractors.

Perenti's ratings are balanced by the cyclical nature of the mining
services sector and Moody's expectation that competition will
remain strong over the next 12-18 months.

However, Perenti's fiscal 2024 commodity exposure is diversified,
with 62% of revenues from gold, which Moody's consider to be a safe
haven commodity that is less prone to volatility, and 13% of
revenues from copper, which Moody's expect will benefit from global
trends around decarbonisation. Perenti also derives 24% of revenues
from nickel, iron ore and other commodities. Perenti does not have
direct exposure to volatility in commodity prices, however, its
revenue remains contingent on the production output of its
customers, which can sometimes be constrained by a weak commodity
price environment.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Perenti will
continue to renew its existing contracts, win new contracts and
operate within the financial parameters set for the rating.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Perenti's ESG credit impact score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating,
with potential for greater negative impact over time. Similar to
other mining services operators, the company has elevated
environmental and social risks but Moody's see these risks balanced
by the company's conservative approach to capital management.

LIQUIDITY

Perenti has very good liquidity. As of June 30, 2024, the company
held AUD459 million of cash and AUD367 million of undrawn revolving
credit facilities. Moody's expect these sources of liquidity,
combined with cash flow from operations, will be sufficient to
cover the company's capital spending, dividends payouts and bond
maturity in October 2025.

Perenti's next debt maturity is its October 2025 bonds with
outstanding principal of approximately USD203 million.

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

Moody's could upgrade the rating if the company continues to
improve its operating performance and credit profile, including:
(1) growing in scale and further diversifying its commodity
exposure without weakening its financial profile or increasing
execution risk; (2) continued reduction in exposure to higher risk
mining jurisdictions and (3) maintaining compliance with its
current stated financial policies.

Perenti's ratings could come under downward pressure if: (1) the
company fails to renew material contracts and/or win new contracts;
(2) operating conditions deteriorate such that its earnings or
profitability decline; and/or if (3) the company adopts more
aggressive financial policies such that adjusted debt/EBITDA
exceeds 1.75x.

METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

PROFILE

Perenti was established in 1987 as a drill and blast company in the
Australian mining services sector and has expanded to becoming a
provider of contract mining, drilling services, mining services and
technology solutions. Headquartered in Perth and with offices and
operations across four continents, Perenti employs more than 10,500
people across Australia, Africa, North America, and Europe.

S&W SEED: Second Creditors' Meeting Set for Oct. 11
---------------------------------------------------
A second meeting of creditors in the proceedings of S&W Seed
Company Australia Pty Ltd has been set for Oct. 11, 2024 at 12:30
p.m. online via MS Teams.

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 Oct. 10, 2024 at 4:00 p.m.

Travis Anderson and Glen Kanevsky of Deloitte were appointed as
administrator of the company on July 24, 2024.




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

ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Adhikari
Brothers Television Network Limited (SABTNL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              25         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              21         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               9         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SABTNL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SABTNL was incorporated on Dec. 19, 1994 by Mr. Gautam Adhikari and
Mr. Markand Adhikari, to take over the business of partnership firm
- Sri Adhikari Brothers. SABTNL is engaged in the business of
content production and syndication for television. The company is
listed on the Bombay and National Stock Exchanges.


AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ajit Singh
Malik and Co Owners (ASMC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.2        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ASMC for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

ASMC is a partnership concern established in 2014 by Ajit Singh
Malik and friends in Haryana. The firm offers warehouse space on
lease to HAFED for storage of food grains.


ALLIANCE RESTAURANT: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Alliance Restaurant & Bars Private Limited
        RF: Grd+1, W-P-20, Danarm House,
        Famous Studio, Mahalaxmi,
        Dr. E.moses Road, Jacob Circle,
        Mumbai-400011

Liquidation Commencement Date: September 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Anish Gupta
     105 Lotus Business Park,
            Ram Baug Lane, Off S V Road,
            Malad (West) Mumbai- 400064
            E-mail: ipanishgupta@gmail.com
            E-mail: liq.alliance@gmail.com

Last date for
submission of claims: October 20, 2024

AUTO MOTIVE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Auto Motive Power Mobility Private Limited
Unit No: 2201, 22nd Floor, Brigade Gateway
        World Trade Center, Malleshwaram,
        Bangalore-560055

Liquidation Commencement Date: September 18, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Venkataraman Jayagopal
     E-003, Victoria Haven,
            Patel Ram Reddy Road,
            Domlur 1st Stage,
            Bangalore-560071
            E-mail: ampower.vl@gmail.com
            E-mail: gopal_venus@hotmail.com
            Phone No: 9341240595

Last date for
submission of claims: October 18, 2024

AZALIA DISTRIBUTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s AZALIA DISTRIBUTION PRIVATE LIMITED
        Unit No. 503, 5th Floor, ARC Plaza Industrial Estate,
        48 Oshiwara Village, Jogeshwari (West),
        Mumbai, Maharashtra, India - 400102

Insolvency Commencement Date: September 9, 2024

Estimated date of closure of
insolvency resolution process: March 8, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Chandra Prakash Jain
              Truee IPE Private Limited
              D-501, Ganesh Meridian, Opp. High Court,
              S. G. Road, Ahmedabad - 380060
              E-mail: cirp.azalia@gmail.com
              E-mail: jain_cp@yahoo.com

              112, 1st Floor, Rex Chamber, Ballard Estate
              Walchand Hira Chand Marg
              Fort, Mumbai 400001
              E-mail: cirp.azalia@gmail.com
              E-mail: jain_cp@yahoo.com
  
Last date for
submission of claims: September 23, 2024


BALAJI POLYSACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Polysacks Private Limited (BPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          3         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        3         CRISIL D (Issuer Not
                                     Cooperating)
   Standby Letter          1         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan               0.95      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BPPL, incorporated in 1995 by Mr. Sajjan Kumar Agarwal, Mr. Sushil
Agarwal, and Mr. Naresh Kumar Agarwal, manufactures high-density
polyethylene (HDPE) bags, used primarily in the fertilizer industry
and in packaging grains. The company commenced commercial
production in 2000 and has capacity of 5400 tonne per annum. Its
operations are managed by Mr. Sushil Agarwal.


BELLSONICA AUTO: CRISIL Lowers Rating on INR10cr LT Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Bellsonica Auto Component India Private Limited (BACI) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         10         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BACI for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in August 2006 and based in Manesar, BACI started
operations in 2008. The company is a JV of BCJ (70% stake) and MSIL
(30%) and manufactures sheet metal components, primarily for MSIL.


CAMERICH PAPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Camerich
Papers Private Limited (CPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Letter         7         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Proposed Letter         8         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Proposed Short Term     3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              12         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              15         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              16         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              16         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CPPL, incorporated in 2014, produces specialty packaging boards
such as folding box boards and white top craft liners. Its facility
at Morbi in Gujarat has installed capacity of 9,000 metric tonne
per month. Mr. Yogesh Patel and Mr. Jaydeep Jadeja are the
promoters.


DALMIA LIFE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Dalmia Life Care Private Limited
97-B S/F Amritpuri, Garhi South Delhi,
        New Delhi-110065, India

Insolvency Commencement Date: September 12, 2024

Estimated date of closure of
insolvency resolution process: March 11, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:  Mr. Rakesh Kumar
        Flat M First Floor, Sagar Apartments,
               Tilak Marg, New Delhi-110001
               E-mail: rkattorney@gmail.com
               E-mail: Dalmia.cirp@gmail.com
  
Last date for
submission of claims: October 1, 2024



ESSEL LUCKNOW: Ind-Ra Cuts NonConvertible Debt Rating to D
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Essel Lucknow
Raebareli Toll Roads Limited's (ELRTRL) non-convertible debentures
(NCDs) to 'IND D' from 'IND BB+'. The Outlook was Negative.

The detailed rating action is:

-- INR2.631 bil. (reduced from INR2.889 bil.) Non-convertible
     debentures *downgraded with IND D rating.

* Details in annexure

Detailed Rationale of the Rating Action

The downgrade reflects ELRTRL's delays in the payment of principal
on NCD, specifically ISIN INE465N07181, which was due on September
30, 2024.

Detailed Description of Key Rating Drivers

Delay in Debt Servicing: The downgrade reflects ELRTRL's delay in
the repayment of principal amount due on September 30, 2024 for the
rated NCDs, because of project maintenance requirement. The rating
action is consistent with Ind-Ra's Default Recognition and
Post-Default Curing Period Policy.

Liquidity

Poor: ELRTRL's liquidity position is poor, as reflected by the
delay in the repayment of principal on NCDs due to requirement of
funds for maintenance requirement. As per management, a debt
service reserve of INR420 million and cash and fixed deposits of
INR400 million were available on September 30, 2024. The company
received INR482.3 million annuity on August 14, 2024 without any
deduction. Annuities have been received in a timely manner from
National Highways Authority of India (NHAI; 'IND AAA'/Stable) since
commissioning. Interest on all NCDs has been paid on the due date
of September 30, 2024.

About the Company

ELRTRL is a special purpose vehicle formed by Essel Infraprojects
Limited to expand the 70km Lucknow-Raebareli section of National
Highway 24B to four lanes. The project was awarded to the company
by NHAI under a competitive bidding process on a design, build,
finance, operate and transfer basis. The project commenced
provisional commercial operations on January 16, 2015 and the final
commercial operations on April 14, 2015.

EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Timbers
Private Limited (ETPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Kozhikode (Kerala), ETPL primarily trades in timber logs.


FUTURISTICS GARMENTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Futuristics Garments Private Limited
A-56 Ground Floor Parwana Road,
        Jitar Nagar, Delhi 110051

Insolvency Commencement Date: September 6, 2024

Estimated date of closure of
insolvency resolution process: March 5, 2025

Court: National Company Law Tribunal, New Delhi Bench-II

Insolvency
Professional: Ms. Taruna Goel
              SCO-1 A, Cabin No. 109,
              Sector 7C, Madhya Marg,
              Chandigarh
              E-mail: tarunagoelcs4@gmail.com
              Mobile No: +91-9915592699

              SCO-818, 1st Floor, Above Yes Bank,
              NAC, Manimajra, Chandigarh 160101
              E-mail: cirp.futuristicsgarments@gmail.com
              Mobile No: 77194-02001

Last date for
submission of claims: October 3, 2024




GLOBAL COAL: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Global Coal and
Mining Private Limited's (GCMPL) bank facilities to 'IND BB-' from
'IND D'. The Outlook is Stable.

The detailed rating actions are:

-- INR481.99 mil. (reduced from INR1.587 bil.) Term loan due on
     October 2028 upgraded with IND BB-/Stable rating;

-- INR4,740.72 bil. (reduced from INR9.510 bil.) Non-fund-based
     working capital limit upgraded with IND BB-/Stable/IND A4+
     rating; and

-- INR475 mil. (reduced from INR550 mil.) Fund-based working
     capital limit upgraded with IND BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects the timely servicing of principal and interest
by GCMPL May 2024 onwards. The improvement in debt servicing was
supported by healthy cash flow generation, and receipt of loans and
advances advanced to other group companies. The upgrade also
reflects Ind-Ra's expectation of an increase in EBITDA in FY25 on
account of the commencement of operations at its Lakahnpur washery.
GCMPL began operations at the Lakhanpur washery under
build-operate-maintain model for Mahanadi Coalfields Limited (MCL).
Ind-Ra expects GCMPL to generate EBITDA of INR500 million-600
million during FY25, sufficient to meet interest and principal
repayment obligations of INR500 million in FY25. GCMPL was able to
earn an EBITDA of INR260 million during 1QFY25.

Detailed Description of Key Rating Drivers

Working Capital Cycle Remains Stretched: GCMPL's working capital
cycle remained stretched at 154 days in FY24 (FY23: 152 days; FY22:
185 days) on account of a long receivable period of 162 days (134
days; 146 days). It had outstanding receivables of INR1,451 million
in FY24 (FY23: INR1,326 million; FY22: INR1,047 million) including
retention money of INR383 million for engineering, procurement, and
construction contract of Lakhanpur, which it received from MCL in
August 2024, along with an improvement in the collection days from
Telangana State Southern Power Distribution Company. Although trade
receivables are likely to improve during FY25, Ind-Ra expects the
debtor period to remain above 100 days. FY24 financials are
provisional.

Susceptible to Vulnerability on Renewal of Contracts for Talcher
Washery: GCMPL earned revenue of INR1,572 million in FY24 from
Talcher coal washery contract, which accounted for 48% of the total
revenue in FY24. Talcher washery contract includes revenue from
transporting raw coal to washery, coal beneficiation, transporting
washed coal to railways siding/ railway loading point, and loading
washed coal into railway wagon. Besides coal beneficiation, GCMPL
earns high margin from the sale of coal reject, which is contracted
in Tacher washery work order to be purchased from APPDCL.
Therefore, the renewal of washery contract becomes of utmost
importance for GCMPL to maintain cash flows and would be key
monitorable for the liquidity. In FY25, Ind-Ra expects the Talcher
washery to process 3.00MMT of raw coal. GCMPL's management
estimates Talcher washery can process up to 3.25MMT of raw coal in
a year.

Washery Utilization Improves during 1QFY25, Volumes to Improve
Further in FY25 with Commencement of Lakhanpur Washery: GCMPL
operates two washeries, one each, in Talcher and Lakhanpur. The
Lakhanpur washery is being operated under build-operate-maintain
model for 10 years. The total operational washery capacity is 14
million metric tons per annum (MMTPA). GCMPL also owns a washery in
IB Valley with a capacity of 4MMTPA, which is currently
non-operational due to MCL claiming the leased land on account of
discovery of coal beneath. Since the land is allocated to GCMPL by
Odisha Industrial Infrastructure Development Corporation (OIIDC).
The management expects the coal washery to be relocated by OIIDC.

GCMPL's total washery utilization improved to 44% in 1QFY25 (FY24:
31%; FY23: 32%; FY22: 24%) on account of renewal of 4MMTPA contract
with Andhra Pradesh Power Development Company Limited (APPDCL) and
the commencement of operations at the Lakhanpur washery in April
2024. GCMPL processed 1.98million metric tons (MMT) of raw coal in
1QFY25 (FY24: 2.44MMT; FY23: 3.01MMT; FY22: 2.12MMT). The
utilization at Talcher washery also improved to 76% in 1QFY25
(FY24: 61%; FY23: 55%; FY22: 26%) on account of the full capacity
tie-up with APPDCL till March 2025. Management has informed Ind-Ra
that the Talcher washery is operating at its maximum possible
capacity utilization. The utilization of Lakhanpur washery was 58%
in 1QFY25. Ind-Ra expects the Lakhanpur washery utilization to
improve further in the coming quarters to 65% for FY25. Thus,
Ind-Ra expects the EBITDA to increase to INR500 million-600 million
in FY25 on account of increase in volumes of raw coal processed.

Receipt of Group Company Investment: GCMPL receives inter-corporate
deposits (ICDs) from group companies through which the company has
largely funded the repayments of its long-term borrowings. The ICD
of GCMPL decreased to INR240 million at FYE24 (FYE23: INR853
million; FYE22: INR913 million). GCMPL's management does not expect
any scope of further prepayments of borrowings through ICDs.
Although the management has stated that the ICDs have been received
back from group companies on account of fulfilment of companies'
purpose for which the deposits were lent, Ind-Ra considers the risk
of an increase in investment in group companies which may impact
the company's liquidity and will be a key monitorable.

Improvement in Net Leverage in FY24: GCMPL's long-term borrowings
decreased to INR693 million at FYE24 (FYE23: INR1,247 million;
FYE22: INR1,742 million) and short-term borrowings marginally
decreased to INR422 million (INR456 million; INR514 million). The
repayments were largely funded by ICDs returned to GCMPL from group
companies and improved cash flow generation (FY24: INR645 million;
FY23: INR602 million; FY22: INR196 million) on account of improved
Talcher washery utilization. This led to an improvement in the net
leverage (net debt/EBITDA) to 1.69x in FY24 (FY23: 2.26x; FY22:
5.81x). However, the interest coverage (EBITDA/interest payments)
reduced to 2.0x in FY24 (FY23: 2.96x; FY22: 0.99x) due to a fall in
the EBITDA to INR426 million (INR727 million; INR334 million) due
to lower quantity of coal processed. GCMPL has scheduled repayments
of INR396 million and INR203 million in FY25 and FY26,
respectively, which would reduce to below INR50 million thereafter.


Liquidity

Stretched: GCMPL's cash and cash equivalent increased to INR392.66
million at FYE24 (FYE23: INR62.77 million; FY22: INR314.22
million). The average utilization for GCMPL's fund-based limits was
INR475 million was 81.39% during July 2024. Its cash flow from
operations increased to INR644.63 million during FY24 (FY23:
INR601.90 million; FY22: INR196.00 million) on account of
improvement in working capital. The company incurred a capex of
INR254.94 million during FY24 (FY23: INR152.97 million; FY22:
INR25.88 million). GCMPL has debt repayments of INR395.9 million
and INR203.3 million in FY25 and FY26, respectively, which Ind-Ra
expects will be sufficiently met from internal accruals. GCMPL has
provided a performance bank guarantee of INR3,927.6 million for
setting up and operating the Lakhanpur washery, which it shall
redeem annually by 10% from April 2025. GCMPL has also kept around
INR1,200 million as margin for this performance bank guarantee.

Furthermore, GCMPL is planning to incur capex of INR2,250 million
for setting up a 10MMT coking coal washery in FY26 in Jharkhand,
which would take three-to-four years. The management plans to fund
most of the capex through internal accruals and a bank loan of
around INR1,000 million. Ind-Ra estimates debt service coverage
ratio of 1.04x and 2.01x in FY25 and FY26, respectively. Thus,
Ind-Ra expects the setting up of washery to be detrimental for the
liquidity of the company as it may impact funds for existing debt
repayments.

Rating Sensitivities

Negative: Following development individually or collectively could
lead to a negative rating action:

- a failure to improve the utilization of washeries,

- an increase in debtors, non-renewal of contract of Talcher
washery or a decrease in tied up capacity, leading to
underutilization of washeries,

- a major increase in the investments and support to group and
other companies,

- the interest coverage reducing below 1.5x,

- delays in timely release of the performance bank guarantee and
corresponding cash,

- arranging of debt tie up for undertaking capex of the new
washery.

Positive: A significant increase in the revenue, along with an
improvement in the utilization levels of washeries and the signing
of new contracts, along with EBITDA generation from the coal
beneficiation as expected by Ind-Ra and/or an improvement in the
liquidity will be positive for the ratings.

About the Company

Incorporated in 1998, GCMPL is engaged in coal beneficiation,
transportation and logistics of coal, and coal trading in
mineral-rich states, Odisha, Andhra Pradesh, and Telangana. It has
a total installed capacity of 18mtpa distributed among its three
coal washeries located in Odisha at Talcher (4mtpa), IB Valley
(4mtpa), and Lakhanpur (owned by MCL & operated by GCMPL; 10mtpa).

HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hindustan
Fluorocarbons Limited (HFL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.50        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           5.15        CRISIL C (Issuer Not
                                     Cooperating)

   Letter of Credit      0.38        CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term    5.97        CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with HFL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

HFL is a Hyderabad-based company manufacturing poly tetra fluoro
ethylene (PTFE), an engineering plastic in India. HFL was
incorporated in 1983 as a subsidiary of Hindustan Organic Chemicals
Limited (HOCL).


HOUNSLOW BUILDERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hounslow Builders Private Limited
F-127, Harsh Vihar, Hari Nagar Extn. Part-3,
        Near Badarpur, New Delhi, India, 110044

Insolvency Commencement Date: September 6, 2024

Estimated date of closure of
insolvency resolution process: March 9, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Abhay Kumar
             307, Gyan Khand I,
             Indirapuram, Ghaziabad,
             Uttar Pradesh, 20101
             E-mail: km.abhay@gmail.com
  
Last date for
submission of claims: October 3, 2024










INTERNATIONAL TURNKEY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: International Turnkey Systems India Private Limited
New Site No. 3237, Vishwabharathi,
        HBCS Layout, 4th phase, Girinagar,
        Girinagar (Bangalore), Bangalore, Bangalore South,
        Karnataka, India, 560085

Liquidation Commencement Date: September 16, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: ANAGHA ANASINGARAJU
     1-2, AISHWARYA SANKUL,
            17 G.A. KULKARNI PATH,
            OPP. JOSHI'S RAILWAY MUSEUM,
            KOTHRUD, PUNE - 411038
            E-mail: rp.anagha@kanjcs.com
            Telephone No: 020-25466265/ 25461561

Last date for
submission of claims: October 16, 2024

JUPITER LANDSCAPES: NCLT Initiates Insolvency Proceedings vs Firm
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered the initiation of corporate insolvency
resolution process (CIRP) against Jupiter Landscapes following its
default on repayments of non-convertible debentures (NCDs) worth
INR573.98 crore.

ET relates that the ruling was delivered after Edelweiss Asset
Reconstruction Company filed a petition against the company under
Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.  

The default occurred in March 2023, ET notes.

Jupiter Landscapes Pvt Ltd is a Mumbai-based real estate
developer.


KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kailash
Ginning and Pressing Private Limited (KGPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KGPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2006, KGPL is promoted by Mr. Dinesh Patel, who is based
in Rajkot, Gujarat. He has experience of more than two decades in
the cotton ginning industry. The company has a capacity of 240
bales per day.


KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Konark
Synthetic Limited (KSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9.25       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3.25       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       5.50       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KSL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KSL, incorporated in 1984, manufactures specialty yarn and fabrics;
trades in processed fabric; and undertakes job work for readymade
garments. The company has three facilities - a yarn unit in
Silvassa, a fabric unit in Sarigram (Gujarat) and a garment
manufacturing unit in Bengaluru. Mr. Prakash Dalmia and Mr. Ram
Tibrewala are the promoters.


MACSTADIUM CLOUD: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Macstadium Cloud Private Limited
61/9, Gayatri, United Western Society,
        Karvenagar, Pune,
        Maharashtra, India, 411062

Liquidation Commencement Date: September 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mrs. Shilpa Dixit
     
            Communication Address:
            502, Shree Malati Madhav
            CO.OP. HSG. SOC., Kohinoor Colony,
            Sahakar Nagar No. 2 Pune 411009

            Office Address:
            3rd Floor Satyagiri Apartment
            77, Vijaya Nagar Colony,
            2147 Sadishiv Peth, Pune-411030
            E-mail: Shilpa.dixit@kmdscs.com

Last date for
submission of claims: October 19, 2024


MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Melstar
Information Technologies Limited (MITL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      6         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MITL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MITL, part of the Yash Birla group of companies, primarily provides
staffing services to large information technology (IT) companies
and IT divisions of large corporations. MITL also provides
application development and implementation services, albeit on a
modest scale. MITL is listed on the Bombay Stock Exchange and the
National Stock Exchange.


NANDI IRRIGATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Nandi Irrigation Systems Limited
D.No.8-3-833/188, Plot No.188 1st Floor,
        PhaseII, Kamalapuri Colony, Hyderabad,
        Hyderabad, Telangana, India, 500073

Insolvency Commencement Date: September 18, 2024

Estimated date of closure of
insolvency resolution process: March 19, 2025

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Maruti Venkata Subba Rao Poluri  
              Flat No. A-50S, H.No. 14-20-677/1002,
              Vishnu Vistara Apartments,
              Bhagyanagar Colony Main Road,
              Madhapur, Hyderabad, Telangana 500081
              E-mail: cssubbarao@gmail.com
              Mobile: 9866684676

              Empire Square, Third Floor, TF-8,
              Road No.36, Jubilee Hills,
              Hyderabad, TG - 500033
              Email: ip.nandiirrigationsystems@gmail.com
              Mobile: 9866684676

  
Last date for
submission of claims: October 4, 2024


NEELKANTH SURGICAL: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Neelkanth Surgical Industries Private Limited
27/9 B.N. Road Lal Bagh. Lucknow
        Uttar Pradesh, Inida, 226001
  
Liquidation Commencement Date: September 17, 2024

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Shravan Kumar Vishnoi
     BCC Tower, 1008, 10th Floor,
            Arjunganj Lucknow, UP-226002
            E-mail: shravan.vishnoi@yahoo.com
            E-mail: liquidatorneelkanth@hotmail.com

Last date for
submission of claims: October 17, 2024


OCTOCHEM PHARMA: Ind-Ra Gives BB- Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Octochem Pharma and
Flavours Private Limited's (OPAFPL) bank facilities as follows:

-- INR310 mil. Fund-based working capital limit assigned with IND

     BB-/Stable/IND A4+ rating; and

-- INR80 mil. Term loan due on March 31, 2031 assigned with IND
     BB-/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect OPAFPL's small scale of operations and modest
EBITDA margins in FY24. Ind-Ra expects the revenue and margins to
improve in FY25, led by the company manufacturing an additional
line of product. The ratings also factor in the company's modest
credit metrics and its susceptibility to volatility in prices of
raw materials. However, the ratings are supported by the promoters'
nearly two decades of experience in the chemical manufacturing
industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: OPAFPL's scale of operations remained
small with its revenue increasing to INR963.76 million in FY24
(FY23: INR221.29 million), led by an increase in the manufacturing
of menthol as the company was not able to run the manufacturing
unit properly in the first year of operations in FY23. Ind-Ra
expects the revenue to improve further over FY25-FY26, due to the
company manufacturing an additional line of product and the better
execution of its orders.

Modest EBITDA Margins:  OPAFPL's EBITDA margins declined and
remained modest to 5.11% in FY24 (FY23: 7%) due to an increase in
its direct expenses as a percentage of revenue following a rise in
other manufacturing expenses. The return on capital employed
improved to 7% in FY24 (FY23: 5.8%). Ind-Ra expects the margins to
remain at similar level in the medium term.

Modest Credit Metrics: OPAFPL's net leverage (total adjusted net
debt/operating EBITDAR) reduced to 6.67x in FY24 (FY23: 12.51x) due
to an increase in the EBITDA to INR49.20 million in FY24 (FY23:
INR15.49 million) while the gross interest coverage (operating
EBITDA/gross interest expense) improved to 1.91x in FY24 (FY23:
1.25x). Ind-Ra expects the credit metrics to remain at the same
level in the medium term.

Experienced Promoters: The ratings are, however, supported by the
promoters' nearly two-decades of experience in the chemical
manufacturing industry, leading to established relationships with
customers and suppliers. In FY24, OPAFPL derived about 29% of its
revenue from customers who had relationship of more than three
years.

Liquidity

Stretched: OPAFPL's cash flow from operations remained negative
INR80.34 million in FY24 (FY23: negative INR55.56 million) due to
unfavorable changes in its working capital. The net working capital
cycle reduced to 108 days in FY24 (FY23: 119 days) due to a
decrease in the inventory days to 105 days (178 days). The average
maximum utilization of the fund-based limits was 85.27% in the 12
months ended August 2024. The cash and cash equivalents increased
to INR15.15 million at FYE24 (FYE23: INR0.95 million).  The company
has scheduled debt repayments of INR10 million each in FY25 and
FY26. OPAFPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A substantial decrease in the scale of operations or the
operating profitability, leading to deterioration in the overall
credit metrics or liquidity, all on a sustained basis, could lead
to a negative rating action.

Positive: An improvement in the scale of operations, while an
improvement in the credit metrics with the interest coverage
exceeding 2x along with an improvement in liquidity, all on a
sustained basis, could lead to a positive rating action.

About the Company

OPAFPL is private limited company incorporated on 1 December 2020,
by Chandan Agarwal, Shyam Agarwal and Dinesh Kumar Agarwal and the
family. The company started operations in FY23 and is manufacturing
and trading of essential oils such as mentha, menthol, mentha
crystals among others at its facilities in Chandausi, Uttar
Pradesh.

RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radha Rukmani
Spinners Private Limited (RRSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RRSPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2007, RRSPL trades in yarn and textiles. The
company, based in Mumbai, is promoted by Mr. Pradeep Kumar Goyal.


RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Cotex (SRC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRC for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2015 as a partnership firm, SRC gins and presses
cotton at its facility in Wardha (Maharashtra). Its day to day
operations are looked after by Mr. Sanjay Goyal and Mr. Dilip
Goyal.


RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranvik
Autocomponents Private Limited (RAPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.85       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.15       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RAPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, RAPL is promoted by Mr. Vishwas Manikrao
Jagtap and family. The company manufactures auto components such as
chassis and brake parts. The manufacturing unit is in Pune


RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rythu Mitra
Fertilizers Private Limited (RMF) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.75        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMF for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.



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* is withdrawn (paid in

     full); 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.

*Ind-Ra has withdrawn the rating on account of as the
non-convertible debentures have been fully repaid. This is
consistent with Ind-Ra's policy on withdrawal of ratings.

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

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category in
accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation. The agency has withdrawn the ratings assigned to
the non-convertible debentures (NCDs) as the NCDs have been paid in
full and there is no amount outstanding under the NCDs as on date
basis the confirmation received from the company and vide the
confirmation issued by the trustee to the company. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

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.  

SANDHYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sandhya
Poultry Farm (SPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        12          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPF for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Registered in 1997, SPF is a family-run poultry farm in Telangana.
It is managed by members of the Narsi family and was started by Mr.
A Narsimulu. The firm has a poultry farm with a capacity of 4 lakh
chickens.


SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saomya Fortune
Infra Ventures (SFIV) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SFIV for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SFIV is a partnership firm between Leofortune Infrabuildcon Pvt.
Ltd and Saomya Infra Pvt. Ltd. The firm is undertaking development
of a residential complex, 'Fortune Belleza' in Panvel, Navi
Mumbai.


SCS CONSTRUCTIONS: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SCS
Constructions India Private Limited's (SCS) bank facilities'
ratings to 'IND D (ISSUER NOT COOPERATING)' from 'IND B+/Negative
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating review despite continuous requests and follow-ups by the
agency. The rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The detailed rating actions are:

-- INR58 mil. Fund-based working capital limit (Long term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR122.60 mil. Non-fund-based working capital limit (Short
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR14.26 mil. Term loan (Long term) due on September 30, 2025
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by SCS, based on
information available in the public domain. However, Ind-Ra has not
been able to ascertain the reason for the delays, as the company
has been non-cooperative.

The ratings continue to be maintained in 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 SCS while reviewing the
rating. Ind-Ra had consistently followed up with SCS over emails,
apart from phone calls. The issuer has also not 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 SCS, 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. SCS has been
non-cooperative with the agency since September 1, 2021.

About the Company

Incorporated in 2016, SCS Constructions India is primarily engaged
in the construction of roads, bridges and irrigation projects in
Odisha. It is registered as a Super Class Contractor with the
government of Odisha and its registered office is in Bhubaneshwar.
Suresh Chandra Sahoo is the promoter. The company also operates a
fuel station near Puri in Odisha.

SEAWAYS SHIPPING: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Seaways Shipping and Logistics Limited's (Seaways) bank
facilities:

-- INR250 mil. Fund-based limits Long-term rating downgraded;
     short-term rating affirmed with IND BB/Stable/IND A4+ rating;

-- INR26.5 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR23.5 mil. Fund-based limits assigned with IND BB/Stable/IND

     A4+ rating.

Analytical Approach

Ind-Ra continues to fully consolidate Seaways' subsidiaries to
arrive at the ratings in view of the operational and strategic
linkages among them.

Detailed Rationale of the Rating Action

The downgrade reflects Seaways' weaker-than-Ind-Ra-expected
performance during FY24 and a significant variation in the FY23
estimated and audited numbers. The ratings also reflect the
company's subdued consolidated credit metrics and susceptibility of
operating performance to the volatility in freight rates.

The Stable Outlook reflects the agency's expectation of an
improvement in operational performance during FY25 on the back of
rising trend in freight rates, renegotiation of contracts with ship
liners and cost-saving initiatives undertaken by the company; the
same shall remain a key monitorable.

Detailed Description of Key Rating Drivers

Continued Weakness in Credit Metrics in FY24; although Some
Improvement Likely in FY25:  As per FY24 provisional financials,
the consolidated revenue declined to INR5,481 million (FY23:
INR8,947 million) on the back of normalization in freight rates,
which impacted its non-vessel operating common carrier (NVOCC) and
freight forwarding segments. A low gross margin from the NVOCC
segment coupled with under-absorption of fixed cost on the back of
a decline in the scale of operations led to continued operating
losses during FY24. The company reported consolidated EBITDA losses
of INR378 million during FY24 (FY23: loss of INR484 million).
Moreover, there has been a significant variation in the estimated
and audited numbers for FY23. Any material deviation in the audited
numbers as compared to the provisional numbers for FY24 will remain
key monitorable.

As per management, to mitigate the impact of freight rate
volatility, Seaways has undertaken various measures such as
reduction in exposure to dead freight contracts and renegotiation
of contracts with ship liners, while rationalizing employee and
other indirect expenses. Ind-Ra expects the operational performance
to improve during FY25 supported by upward trajectory of freight
rates from January 2024 and the cost-rationalization efforts.
However, any lower than Ind-Ra-expected-profitability or any
unforeseen losses, thereby impacting the company's debt serving
ability for the rated debt will be negative for ratings.

Of the total debt outstanding of INR1,560 million (including lease
liabilities of INR35 million) as of March 2024, only 30% was from
banks/ financial institutions while the balance 70% was from
private entities. Given the EBITDA losses during FY23 and FY24, the
coverage and leverage metrics are not meaningful. The ability of
the company to recover the operational performance in terms of
generating EBITDA profits leading to an improvement in the credit
metrics, would remain a key rating monitorable.

Deterioration in Liquidity during FY24: Seaways' liquidity profile
worsened during FY24 owing to the operating losses. However,
extension of loan by promoters, flexibility around deferral of
interest payment or extension of maturity on debt availed from
private entities, and elongation of payable cycle, along with other
working capital release enabled the company to manage liquidity
during FY24.

Susceptible to EXIM Volumes and Volatility in Freight Rates:
Seaways' operating performance remains susceptible to the EXIM
volumes and global container freight rates, which is linked to
global macroeconomic conditions. The company is taking constant
efforts to consolidate its customer base and would focus only on
profitable trade routes and commodities to mitigate its
susceptibility to volatility in freight rates.

Established Market Presence: Seaways provides ocean logistics
services and has an operational track record of more than three
decades. The company has an established domestic and international
presence and has a strong network of own offices and exclusive
agents. Seaways operates across 30 locations in India, and also has
an international presence, with operations in Singapore, Malaysia,
and the UAE through various subsidiaries. The company, through its
Singapore-based subsidiary, Maxicon Container Line Pte Ltd
(Maxicon), carries out its NVOCC business with an inventory of
approximately 17,000 twenty equivalent units, with a presence in 23
countries, including Singapore, India, Malaysia, China, Indonesia,
Vietnam, Thailand, Bangladesh, Oman, Myanmar, and the United Arab
Emirates.

Diversified Revenue Profile: Seaways operates across four major
business verticals - NVOCC, freight forwarding, bulk logistics and
warehousing. The company also provides project cargo logistics
services and offshore services. The revenue from NVOCC, freight
forwarding, bulk logistics and warehousing accounted for 71%, 15%,
12% and 2%, respectively, of the total revenue during FY24 (FY23:
70%, 18%, 11% and 1%, respectively).

Liquidity

Stretched: On a consolidated basis, the cash and bank balances
stood at about INR75 million at FYE24 (FYE23: INR95 million), with
a sizeable portion being held at Maxicon. The fund-based working
capital limit of INR300 million was almost fully utilized during
the 12 months ended July 2024. The company has a minimal scheduled
external term debt repayment of INR23 million and INR16 million in
FY25 and FY26, respectively, which provides some respite in a
stretched liquidity scenario. The company extended additional ICDs
of INR10 million to a promoter group company in FY24 taking the
total ICDs outstanding to INR561 million as of March 2024. Any
further cash outflow to support group companies and/or inability of
the company to upstream cash from Maxicon to Seaways would remain a
key rating monitorable. Although some portion of the debt availed
from private entities has maturity in FY26, Ind-Ra draws comfort
from management's articulation around flexibility of deferral of
coupon and/ or extension of maturity on these borrowings.

Rating Sensitivities

Negative: Poor operational performance resulting in the interest
coverage below 1.25x, on a sustained and consolidated basis, will
be negative for the ratings.

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

-   a sustained improvement in the revenue and profitability,
leading to the gross interest coverage ratio exceeding 1.75x, both
on a consolidated and sustained bases; and

-   strengthening of the liquidity with reasonable cash
fungibility between the subsidiaries domiciled across geographies,
enhanced flexibility in terms of unutilized working capital limit
and limited support been extended to promoter group companies.

Any Other Information

Standalone Performance: As per FY24 provisional financials,
Seaways' standalone revenue declined 39% yoy to INR1,644 million
during FY24. The company continued to record an EBITDA loss of
INR60 million (FY23: loss of INR99 million).

About the Company

Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services. Its wholly-owned subsidiary in Singapore,
Maxicon is intra-Asia NVOCC. Maxicon operates over 17,000
containers, around 60% of which are owned by it and the balance are
on lease.

SHAPOS SERVICES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shapos Services Private Limited (SSPL)
        & Shapos Farms Private Limited (SFPL)

        Registered Address:
        #1207/343, 9th Main, 7th Sector,
        HSR Layout, Bengaluru-560102

        Business Address:
        30 Feet Cross Road, Harlur Main Road,
        Kasavanahalli, Varthur,
        Hobli Bengaluru-560103

Insolvency Commencement Date: September 17, 2024

Estimated date of closure of
insolvency resolution process: March 16, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Ravidra Beleyur
              Shreevathsa, 428, 19th B Cross,
              3d Block, Jayanagar
              Bengaluru-560 011
              Email: ravi@beleyur.com
              Telephone: +91 8026540193             
              E-mail SSPL: shapos.services@beleyur.com
              E-mail SFPL: cirp.shapos.services@beleyur.com
  
Last date for
submission of claims: October 4, 2024


SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Jyoti
Furnace Private Limited (SJFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        1.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SJFPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder Garg,
SJFPL manufactures mild steel ingots. Its manufacturing facility is
in Abu Road (Rajasthan).


SSB STRUCTURAL: Liquidation Process Case Summary
------------------------------------------------
Debtor: SSB Structural & Galvanising Private Limited
Plot No 900, Sy No 229 to 246,
        BN Reddy Nagar, CHE Cherla Pally,
        HCL Post, Hyderabad, Telengana-5600062

Liquidation Commencement Date: September 19, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Ravuru Hari Prasad
     Flat. 304, Sai Neelakanta Towers,
            Chandulal Bowli, Sikh Village,
            Secunderabad, Near Tadbund Hanuman Temple
            Hyderabad, Telangana-5000009
            E-mail: hariprasadr17@gmail.com
            E-mail: liquidationssbsgpl@gmail.com
            Phone: 9867140700

Last date for
submission of claims: October 19, 2024

STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sta-co Nutra
Products Private Limited (SNPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5.4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SNPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2013 by Mr. Shivaji Sankpal and Ms Rohini Satkar,
SNPPL is setting up a unit in Ranjangaon, Pune, to manufacture
allopathic and ayurvedic lozenges and oncology active
pharmaceutical ingredients.


SUPERIOR FILMS: Ind-Ra Hikes Bank Loan Rating to BB+
----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Superior Films
Private Limited's (SFPL) bank facilities' ratings to 'IND BB+' from
'IND B+/Stable (ISSUER NOT COOPERATING)' with a Stable Outlook.

The instrument-wise rating actions are:

-- INR633.70 mil. Term loan due on May 31, 2029 upgraded with IND

     BB+/Stable rating; and

-- INR11.30 mil. Non-fund-based working capital limit upgraded
     with IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in SFPL's revenue, EBITDA
margin and credit metrics in FY24 (provisional numbers). However,
the margins continue to be modest, and credit metrics remain
average. The ratings also reflect the customer concentration risk.
The ratings are supported by the company's stable source of revenue
in the form of lease rentals, with a steady growth rate based on an
escalation clause in the lease agreements. The ratings derive
comfort from the escrow account mechanism with predefined waterfall
to ensure timely repayment of debt, providing an additional
liquidity cushion.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins: SFPL's EBITDA margin remained modest but
improved to 55.80% in FY24 (FY23:47.91%), due to a decline in
overall expenses. The company's return on capital employed was 5.7%
in FY24 (FY23: 4.7%). Ind-Ra expects the margin to remain at
largely similar levels in FY25, though it might be marginally
impacted by higher inflation.

Average Credit Metrics: The company's credit metrics improved in
FY24 on account of an increase in the EBITDA to INR133.17 million
(FY23: INR106.42 million). Its gross interest coverage (operating
EBITDA/gross interest expense) was 2.31x in FY24 (FY23: 1.74x) and
the net leverage (adjusted net debt/operating EBITDA) was 4.81x
(6.94x). Ind-Ra expects the credit metrics to remain at similar
levels in FY25, considering the absence of any major debt-led capex
plans.

Customer Concentration Risk: The rating is also constrained by
customer concentration risk, as 99.1% of the total leasable area,
i.e. 108,763.38 square feet has been leased to PVR INOX Limited
('IND AA'/Stable) for 15 years starting from 2014.

Small Scale of Operations; Growth in Revenue:  There is a rent
escalation clause after every three years in SFPL's lease
agreements. The rent revision is due in FY25, and it was effective
January 2024. SFPL's revenue improved to INR238.67 million in FY24
(FY23: INR222.11 million) due to the increase in the lease rentals
in the last few months of the year and a rise in common area
maintenance charges.  The agency expects the revenue to increase on
a yoy basis in FY25 due to the aforementioned rent escalation.

Escrow Mechanism Ensuring Timely Debt Servicing: SFPL's rentals
from the tenants will directly flow through to the escrow account,
on which the lender has the first charge. This serves as a
ring-fence to cash flow movement outside the company before
obligations are paid off. The interest as well as repayment amounts
are transferred first to the loan accounts, and the balance, if
any, is transferred to the company's current account for meeting
other operational expenses.

Long-Term Contracts with PVR Inox: The ratings are supported by the
long-term nature of the contracts with PVR INOX, which is India's
largest multiplex chain having a presence in 110 cities, resulting
in high revenue visibility in the coming financial years. There is
a lock-in period of three years during which neither party can
terminate the agreements. In February 2023, INOX merged with PVR
Limited, which is India's largest multiplex chain. Ind-Ra expects
the long-term contract with PVR INOX to provide a steady income
stream to SFPL over the medium term.

Liquidity

Stretched: SFPL's debt service coverage ratio (DSCR) for FY24 was
1.03x (FY23: 0.99x). The cash and cash equivalents stood at INR5.97
million at FYE24 (FYE23: INR2.13 million).  The company has
scheduled repayments of INR81.60 million and INR85.20 million in
FY25 and FY26, respectively. Ind-Ra expects the company's average
DSCR to remain over 1x over FY25-FY27. The average maximum monthly
utilization of non-fund-based limits was 20% during the 12 months
ended August 2024. SFPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: Any decline in the occupancy levels and/or delays in the
receipt of rental income, leading to a deterioration in the DSCR,
all on a sustained basis, will be negative for the ratings.

Positive: Higher-than-expected rental income, leading to higher
cash generation and/or a substantial decline in the debt, resulting
in an improvement in the DSCR, all on a sustained basis, will be
positive for the ratings.

About the Company

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

SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swadisht Oils
Private Limited (SOPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

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

   Cash Credit             5         CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SOPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

On February 22, 2016, Mr. Tilak Raj Sharma (and family; referred to
as the TRS group) bought out the stake of Mr. Dinesh Arora (and his
family; referred to as the DA group) and took full control from
them. Commercial operations were restarted from December 2016.
Swadisht undertakes solvent extraction of varieties of edible and
nonedible oil seeds such as soy and mustard with the capacity of
300 tonne per day (tpd) at Rania, Kanpur. Beside this, the company
has an oil refining unit with refining capacity of 100 tpd.


TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tamilnadu Jai
Bharath Mill Limited (TNJBL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit           26          CRISIL D (Issuer Not
                                     Cooperating)

   Key Loan              10          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         9          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    25.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with TNJBL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1989, TNJBL is part of the Ramalinga group of companies,
which has diversified interests in businesses such as spinning and
cargo transportation. The company manufactures cotton yarn and
operations are currently managed by Mr. TR Dhinakaran and his son,
Mr. D Senthilkumar.


THREE C FACILITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Three C Facility Management Private Limited (In CIRP)

Reg. Office:
        C-23 Greater Kailash Enclave,
        Part-I, New Delhi - 110048

        Corporate Office:
        Tech Boulevard, Central Block,
        Plot No. 6, Sector-127,
        Noida, Uttar Pradesh - 201301

Insolvency Commencement Date: August 8, 2024

Estimated date of closure of
insolvency resolution process: February 4, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Devendra Umrao
              94D, Pocket - F, Mayur Vihar Phase 2,
              New Delhi - 110091
              E-mail: devumraoibc@gmail.com

              GF-14, The Corenthum,
              Sector-62, Noida (U.P.)- 201301
              E-mail: cirp.threecfacility@gmail.com
  
Last date for
submission of claims: October 3, 2024




TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans Tech
Turnkey Private Limited (TTTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit       60         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Letter of credit      135         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Short Term    10         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TTTPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply, and
installation services, mainly to pharmaceutical and
chemical companies.


TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Transport
Solutions India Private Limited (TSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with TSIPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HLM India Pvt Ltd (HIPL),
Lohr India Automotive Pvt Ltd (LIAPL), and TSIPL. This is because
the three companies, together referred to as the TSI group, are in
similar lines of business and have significant intercompany
transactions. Also, TSIPL has extended corporate guarantee for bank
loan facilities of LIAPL and HIPL.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.


TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tripathi
Hospital Private Limited (THPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              20         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with THPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Tripathi Hospital Private Limited, incorporated in November 2001,
provides medical services in the fields of orthopaedics and
gynaecology/obstetrics. It was originally established as a
partnership firm in 2000 and was reconstituted as a private limited
company in 2001. The company is managed by Mr. B K Tripathi and his
wife Ms. Nidhi Tripathi. It has a 100-bed hospital at Noida in
Uttar Pradesh.


TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tulsi Rocks
Private Limited (TRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         3          CRISIL D (Issuer Not
   Credit                            Cooperating)

   Long Term Loan        15          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TRPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).


VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VE-7 Ceramic
(VEC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.65        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3.00        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.95        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VEC for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014 and promoted by members of Morbi-based Patel
family, VEC manufactures wall tiles.


VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Veeteejay
Motors Private Limited (VMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund Based             10.0       CRISIL D (Issuer Not
   Facilities- LT                    Cooperating)

CRISIL Ratings has been consistently following up with VMPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The company is an authorized dealer of passenger vehicles of
Hyundai Motor India Ltd (HMIL) and is based in Kochi, Kerala. It
operates two 3S (sales, service and spares) showrooms and three
sales outlets in Kochi. It is promoted by Mr. Thomas J.


VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya
Krishna Agro Food Processing Private Limited (VKAFPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             5.00        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VKAFPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014, VKAFPL, promoted by Mr. G Vijaya Kumar and
family, is engaged in processing and sale of guava and mango pulp.
Its pulp processing unit near Vijayawada, Andhra Pradesh.


VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrundavan
Ceramic Private Limited (VCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           9.75        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       3.30        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term    0.70        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital       9.00        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VCPL, incorporated in Morbi (Gujarat) as a limited company in 2000,
was promoted by Mr. O T Patel. It was reconstituted as a private
limited company in 2003. VCPL manufactures floor and wall tiles
that are sold under the Vrundavan and Spaniso brands. Gangotri is a
partnership firm engaged in the same line of business.


WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of White Lotus
Cotyledon Private Limited (WLCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.05        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term   10.45        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with WLCPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

WLCPL, established by Shah family in Aurangabad (Maharashtra), is
engaged in ginning and pressing of raw cotton. The company's unit,
located at Vaijapur in Aurangabad, has a manufacturing capacity of
1500 quintals per day.




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

SAPURA HOLDINGS: Gets Winding-Up Petition from Shareholder
----------------------------------------------------------
The Edge Malaysia reports that one of the three shareholders of
Sapura Holdings Sdn Bhd - Datuk Shahriman Shamsudin - filed a
petition with the High Court on Sept. 23 to wind up the family's
investment vehicle, according to a court document.

Shahriman and his elder brother Tan Sri Shahril Shamsudin own a
direct stake of 40.5% each in Sapura Holdings. Meanwhile, Brothers
Capital Sdn Bhd, their other vehicle, holds a 15% stake and Datuk
Rameli Musa owns 4%, as stated in the court document, the Edge
relays.

According to the Edge, the assets owned by Sapura Holdings include
a 51.1% stake in Sapura Resources Bhd and an 11% stake in Sapura
Energy Bhd. Shahril also holds a direct stake of 18.4% in Sapura
Resources. The investment vehicle owns several private companies
that are involved in businesses such as rail operations, luxury
watches and services for the defence sector.

The hearing date has been set for Oct. 21, The Edge notes. Shahril
has 14 days to file his response with the court.

When contacted, Shahril told The Edge that he is abroad currently.
"It's business as usual in the company. Yes, I understand there is
a petition. As I am travelling, I have no comment at this time," he
told The Edge.

Shahriman had not responded to The Edge's query at press time.

The Edge, citing court filing, says the two brothers started
discussions on the separation of wealth in early 2023. They sought
consultation with EY Malaysia to advise them on the valuation of
Sapura Holdings for the purpose of separation. The consultation
included an indicative share valuation analysis on each company in
the Sapura Group.

However, the discussions were not fruitful. Consequently, Shahriman
opted to wind up Sapura Holdings in order to speed up the asset
separation process, The Edge notes.

"The assets of Sapura Holdings can then be distributed equitably by
an independent liquidator. Only by winding up Sapura Holdings will
that be possible. Only by winding up Sapura Holdings can a clean
break be achieved," the document reads.

According to The Edge, the two brothers have differences on the 50%
ownership of Permata Sapura, a stone's throw from the landmark KLCC
Twin Towers. It is dubbed Project Apex in the court document.

In summary to the document, Shahriman reckoned that Sapura
Resources has no financial means to continue with Project Apex,
referring to Permata Sapura Tower. He suggested that Sapura
Resources sell its stake in the project.

Sapura Rescouces holds a 50% stake in a joint venture with KLCC
Holdings Sdn Bhd (KLCCH) to develop an office block - Permata
Sapura along Jalan Pinang in Kuala Lumpur. The building was
completed in 2020.

For the six months ended July 31, 2024, Sapura Resources continued
to be in the red, posting a net loss of MYR27.61 million compared
with a net loss of MYR39.34 million in the same period a year
earlier, despite a 45% jump in revenue to MYR37.16 million from
MYR25.63 million previously, The Edge discloses.

According to The Edge, Sapura Holdings' company filing shows that
its total assets amounted to MYR2.10 billion and it had total
liabilities of MYR1.33 billion. It had net assets of MYR680
million.

For the financial year ended Jan. 31, 2023, Sapura Holdings posted
a profit after tax of MYR13.58 million, compared with a loss of
MYR595.42 million a year earlier. For the period in review, the
group paid out MYR128.36 million in dividends.

Sapura Holdings Sdn. Bhd. operates as a holding company. The
Company, through its subsidiaries, provides oil and gas, secured
technologies, industrial manufacturing, aviation, education, and
property development services. Sapura Holdings serves customers
worldwide.





===============
M O N G O L I A
===============

DEVELOPMENT BANK OF MONGOLIA: S&P Upgrades Long-Term ICR to 'B+'
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Development Bank of Mongolia LLC (DBM) to 'B+' from 'B'. The rating
outlook is positive. At the same time, S&P affirmed its 'B'
short-term issuer credit rating on the Mongolia-based policy bank.

S&P said, "The upgrade follows our rating action on Mongolia. We
believe DBM will continue to play critical policy roles as the only
policy bank with export-import and development bank functions. We
also expect the bank to maintain its integral link with the
government, its sole owner.

"DBM will likely remain a government-related entity with an almost
certain likelihood of receiving extraordinary government support if
needed. We therefore equalize the ratings on DBM with those on
Mongolia. We do not assign a stand-alone credit profile to DBM
because we do not consider this to be a significant rating factor.

"We expect DBM to continue to support Mongolia's economic growth
and stability. The bank is the main provider of funding for
projects that are essential to the country's export-related sectors
and economic development. It should issue at least 60% of its loans
to promote export-related sectors such as mining, agriculture, and
transportation. DBM currently focuses on asset recovery and
monetizing its repossessed assets. However, we expect the bank to
gradually resume extending policy loans in the coming years."

The Mongolian government will likely provide timely support to DBM
when needed. The government has a record of supporting the bank. It
injected capital of about Mongolian tugrik (MNT) 850 billion in
2016 and MNT120 billion in 2017 into DBM. In addition, it
guaranteed DBM's JPY30 billion samurai bonds that matured in 2023,
although the bank was able to repay without the government's
support.

S&P said, "We do not believe the likelihood of government support
for DBM is subject to transition risk. The policy bank's role
cannot be easily undertaken by commercial banks, given that a large
portion of the bank's loans are long-term and could be risky owing
to Mongolia's volatile economy. In addition, we view DBM as a
non-severable arm of the government, given it executes strategic
government policies.

"Our assessment of DBM's role and link with the Mongolian
government is comparable with that of other policy banks in
Asia-Pacific. This includes Korea Development Bank (KDB) and China
Development Bank (CDB). KDB provides long-term facility loans on
the back of its development financing role, with a specialty in
corporate financing. Similarly, CDB plays a critical role as the
government's key vehicle for development finance in China. They are
both also fully owned by their respective governments.

"We anticipate DBM can manage refinancing risks on its bonds
maturing in 2024.The bank is in a process of refinancing its
MNT142.5 billion bonds due on Oct. 20, 2024. We believe DBM has
sufficient liquid assets to redeem the bonds even if the
refinancing does not proceed as planned.

"The positive outlook on DBM reflects that on the sovereign credit
rating on Mongolia (B+/Positive/B). We expect the bank to remain a
government-related entity with an almost certain likelihood of
receiving extraordinary government support, when needed, at least
for the next few years.

"Our view considers the bank's critical policy role in development
and export-import banking, and integral link with the government,
its sole owner. We therefore equalize the ratings on DBM with those
on the sovereign.

"We could revise the outlook on DBM to stable if we revise the
outlook on the sovereign ratings to stable.

"This could happen if the economic growth trajectory is derailed,
leading us to assess that Mongolia's growth prospects is no longer
superior to peers'. Such a scenario will lead to a material
degradation of the sovereign's fiscal and debt metrics.

"We could upgrade DBM if we raise the sovereign ratings on Mongolia
while the bank remains a critical policy bank for the government.

"We could raise the ratings on Mongolia if its external settings or
fiscal position improve, such that narrow net external debt
declines below 50% of current account receipts, or if net general
government debt falls below 30% of GDP.

"We could also raise the ratings if Mongolia materially improves
its institutional settings, especially the predictability of
policymaking."


MONGOLIA: S&P Raises Long-Term SCR to 'B+', Outlook Positive
------------------------------------------------------------
On Oct. 4, 2024, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on Mongolia to 'B+'
from 'B'. The outlook on the long-term rating is positive.

At the same time, S&P affirmed its 'B' short-term foreign and local
currency sovereign credit ratings.

S&P also revised the transfer and convertibility assessment to
'BB-' from 'B+'.

Outlook

The positive outlook reflects S&P's view that Mongolia will sustain
robust economic expansion to enhance currently weak external
metrics and reduce government indebtedness over the next 12 months.
This is against a backdrop of expected continued policy stability
under the newly formed coalition government.

Upside scenario

S&P said, "We could raise the ratings on Mongolia if its external
settings or fiscal position improve, such that narrow net external
debt declines below 50% of current account receipts, or if net
general government debt falls below 30% of GDP. This scenario would
be underpinned by continued strong mining sector growth and
political commitment to fiscal consolidation.

"We could also raise the ratings if Mongolia materially improves
its institutional settings, especially the predictability of
policymaking."

Downside scenario

S&P could revise the outlook to stable if the economic growth
trajectory is derailed, leading us to assess that Mongolia's growth
prospects is no longer superior to peers'. Such a scenario will
lead to a material degradation of the sovereign's fiscal and debt
metrics.

Rationale

Mongolia has experienced a remarkable turnaround over the past 18
months, spurred by strong commodities exports. The country has
significantly lifted its growth prospects. In S&P's view, this
indicates economic strength more compatible with a higher rating.

The upgrade is also predicated on improved fiscal settings.
Government revenue has soared on the back of exuberant mining
sector activities. The government has had two consecutive years of
fiscal surpluses, enabling it to deleverage and reduce
interest-servicing costs.

S&P's ratings on Mongolia reflect the country's elevated external
imbalances and evolving institutional settings. It weighs these
factors against Mongolia's strong growth prospects and the
government's recent track record of fiscal discipline. Mongolia's
steady access to concessional funding from multilateral and
bilateral partners also supports the ratings. Nevertheless,
Mongolia continues to face significant vulnerabilities stemming
from a concentrated economic base and elevated external
indebtedness.

Institutional and economic profile: Mineral export boom to propel
economic growth momentum

-- S&P expects Mongolia's economy to maintain strong growth in
2024, with support from surging exports following the removal of
border restrictions and smoother passage of coal to China.

-- Economic prospects over the next two to three years are likely
to outpace sovereign peers' and will continue to be propelled by
strong foreign direct investments in mining.

-- S&P believes political stability following the general
elections in June should facilitate constructive policymaking.

China's demand for coal from Mongolia has surged. Friction with
trading partners has meant that China has increasingly turned to
Mongolia for high-quality coking coal used in steel production.
Mongolia's export volume of coal reached an all-time high of 69.7
million tons in 2023--more than double the year before. This
momentum has continued in 2024, with 54 million tons of coal
exported in the first eight months.

S&P therefore forecasts Mongolia's real GDP will increase 6.0% in
2024, after a solid 7.4% growth in 2023, outperforming its earlier
expectations. The Mongolian economy is off to a strong start after
expanding by 5.7% year on year in first-half 2024, amid robust
exports. Moderating inflation and higher public sector wages have
increased household consumption. That, combined with higher
government spending, will further sustain the economic expansion.

Simplified customs clearance at the China-Mongolia border has eased
trucking bottlenecks. This has facilitated smoother and faster
transportation of coal by trucks. The government's progress in
developing new railway lines will also significantly increase
carrying capacity. Further increases in coal export volumes will
depend on the completion of transshipping facilities to reconcile
the Mongolian broad-gauge rail with the Chinese standard gauge.

S&P said, "Mongolia has a promising economic outlook, in our view.
We forecast real GDP growth will average about 6% annually through
2027, on the back of sustained investments in the Tavan Tolgoi and
Oyu Tolgoi mining projects." The government concluded negotiations
with Rio Tinto on Oyu Tolgoi in 2022; those talks covered loan
waivers, cost overruns, development delays, and power supply
issues. Expansion work began at the underground site and copper
production increased in March 2023.

Nevertheless, downside risks to growth remain. Mongolia's economy
is highly vulnerable to exogenous shocks due to its heavy
dependence on mineral exports to China. This was evident when
restrictions at the Chinese border prevented Mongolia from fully
capitalizing on high commodity prices in 2022. The ongoing
Russia-Ukraine conflict exacerbated the situation and added to
inflationary pressures then. Acute shifts in commodity cycles could
also heighten volatility in economic and fiscal outcomes.

The Mongolian People's Party (MPP) returned to power in June 2024
but with a much smaller majority. The elections mark an overture
toward better accountability, with the December 2023 constitutional
amendment increasing parliamentary seats and introducing a new
mixed electoral system. With a less dominant position in the
expanded parliament, the MPP signed an agreement with the main
opposition parties to form a grand coalition government in July
2024.

S&P expects the new government to maintain Mongolia's recent record
of constructive economic policymaking. These steps included a
return to prudent fiscal settings, and close collaboration with
multilateral partners to accelerate reforms and ensure continued
access to concessional financing. However, institutional and
governance weaknesses remain rating limitations. The most recent
high-profile corruption case, involving state-owned mining company
Erdenes Tavan Tolgoi JSC's coal deliveries to China, resulted in
widespread public protests.

Flexibility and performance profile: Fiscal setting has improved
along with favorable external conditions

-- Mongolia's fiscal position has improved materially, and the
government will likely maintain modest deficits as its
implementation capability catches up to revenue growth.

-- External indebtedness relative to current account receipts
improved in 2023, and continued growth in commodity exports should
strengthen external metrics over the next three years.

-- The sovereign's steady access to concessional funding mitigates
some credit risks associated with elevated levels of external
indebtedness.

S&P said, "After Mongolia's two consecutive years of fiscal
surplus, we project its fiscal position will balance in 2024. We
expect the general government balance to return to deficits (albeit
modest) from 2025 as execution capacity catches up to strong
revenue growth. Even so, we anticipate public debt ratios will
improve as net general government debt averages 33% of GDP through
to 2027."

Bumper fiscal revenue led to a surplus of 2.6% of GDP in 2023 at
the general government level, an even larger surplus from 0.7% of
GDP in 2022. This is a stark reversal from the pandemic years of
2020 and 2021, when deficits averaged 5.5% of GDP. Government
receipts increased on average 30% annually over the past two years
as windfall profits from the mineral sector filled fiscal coffers
through royalties, dividends, and corporate taxes.

S&P's forecast for a balanced budget in 2024 is in line with the
amended budget passed by the new government in August 2024. The
initial budget projected a surplus of 1.9% of GDP. Additional
allocations for the completion of ongoing mega projects were made
by the new government in the amended budget.

Mongolia's fiscal revenue for 2024 appears to be on track to match
the performance in the past two years. In the first eight months,
tax collection was up 30% year on year. Expenditures too registered
a 35.4% growth with heavy investments on public infrastructure
projects.

S&P expects Mongolia to record modest fiscal deficits averaging
1.7% of GDP over 2025-2027. Government spending will remain high as
the authorities continue supporting the economy through investment
projects. That said, we believe deficits will be contained due to
the recently amended Fiscal Stabilization Law, which should anchor
prudence. The new rules mandate a "base" fiscal surplus of at least
2% of GDP from 2025. This is after including net new borrowings,
and surpluses can only be used to pay down government debt.
Essentially, the priority is to use concessional borrowing to
replace commercial loans.

High nominal GDP growth alongside fiscal consolidation has enabled
Mongolia to reduce its debt burden significantly. Net general
government debt to GDP declined by 36 percentage points to 42% of
GDP in 2023 from 2020 level. S&P said, "We forecast this ratio will
decline to 35.8% in 2024 and stay just above 30% by 2027. The
robust revenue has also enabled Mongolia to reduce its
debt-servicing cost, as measured by the ratio of government
interest payment to revenue. This had gone below 5% since 2022 and
we expect it to stay so." A substantial concessional component caps
Mongolia's borrowing costs.

Nevertheless, Mongolia's fiscal outcomes can be volatile, driven by
the vagaries of commodity cycles. The government's revenue base is
highly dependent on the mining sector. Debt stock dynamics can, at
times, be disconnected from budget performance as the bulk of
government debt is denominated in foreign currencies. For example,
in 2022, despite a general government surplus of 0.7% of GDP, net
government debt increased by 7.8% of GDP because of a sharp
depreciation of the Mongolia tugrik.

S&P said, "We view Mongolia's financial and public enterprise
sectors as posing limited contingent liabilities to the government.
This is due to the modest size of the financial sector. That said,
the country's banks remain vulnerable to risks associated with an
under-developed, primarily commodity-based, low-income economy.

"We also observe continued weaknesses in Mongolia's regulatory
framework, transparency, and disclosures. Our Bank Industry Credit
Risk Assessment for Mongolia is '9' (with '1' being the highest
assessment and '10' being the lowest)."

Mongolia's external metrics improved in 2023. The current account
turned surplus for the first time in 15 years (albeit modest at
0.6% of GDP). The turnaround was driven by record coal exports.
Likewise, trade balance reached a record high of 22.4% of GDP.

These trade flows have reversed so far in 2024 (January-July).
Mongolia's current account has returned to a deficit amounting
US$608 million (2.5% of GDP), fueled by an increase in imports due
to required capital investments. These import requirements may
weigh on the trade surplus, coupled with normalization of coal
demand from China and lower commodity prices. Over the medium term,
S&P forecasts the current account deficit will stay at 1.5%-2.0% of
GDP.

S&P said, "Our key measure of external assessment, narrow net
external debt to current account receipts, has been rapidly
declining for Mongolia due to high growth in the denominator. From
184% in 2020, we estimate the ratio will decrease to 71% in 2024.
However, due to the country's large inflows of foreign direct
investments into mining projects, Mongolia has a much higher net
liability position compared with its narrow net external debt. We
expect this to remain above 200%."

Mongolia's external liquidity position, as measured by its gross
external financing needs (current account payments plus short-term
external debt), will also likely stay above 100% of current account
receipts plus usable reserves, indicating that liquidity pressures
will remain elevated.

Risks associated with Mongolia's high external indebtedness and
financing needs are partially mitigated by strong donor and lending
support from both bilateral and multilateral partners. In August
2023, the Bank of Mongolia (BoM) extended a Chinese renminbi (RMB)
15 billion swap agreement with the People's Bank of China, valid
until 2026.

S&P said, "We include the drawdown on this swap line in our
calculation of Mongolia's general government debt stock. Notably,
due to the strong accumulation of foreign reserves over the past 12
months, the authorities paid down RMB6 billion of the RMB12 billon
previously drawn. This resulted in our calculation for government
debt stock to reduce faster than budget outturns would indicate in
2023 and 2024.

"Although we continue to assess BoM's currency regime as floating,
persistent intervention over time could lead to lower reserve
coverage and an overvalued exchange rate. Gross reserves declined
steeply to US$2.7 billion in August 2022 from US$4.4 billion at
end-2021, partly due to central bank intervention. However,
reserves recovered to US$4.7 billion at the end of August 2024,
attributable to higher exports."

S&P does not expect further rate cuts in Mongolia for the rest of
the year because credit growth remains high at more than 20%,
mostly driven by households. Headline inflation has abated to 5.7%
in May 2024 after reaching 10%-15% in 2022 and 2023. The BoM
embarked on a 700-basis-point (bp) monetary tightening to combat
high inflation, pushing policy rate to a record-high 13%. The BoM
has so far in 2024 lowered the policy rate by 300 bps.

Mongolia's central bank had previously executed quasi-fiscal
spending programs on behalf of the government. Therefore, S&P deems
the bank's independence as limited. Although the central bank has
strengthened governance through reforms adopted from 2016 onward,
its track record of operational independence remains short.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  UPGRADED  
                                           TO      FROM
  MONGOLIA

  Transfer & Convertibility Assessment

  Local Currency                           BB-      B+

  MONGOLIA

  Senior Unsecured                         B+       B

  UPGRADED; CREDITWATCH/OUTLOOK ACTION; RATINGS AFFIRMED  

                                           TO      FROM
  MONGOLIA

  Sovereign Credit Rating         B+/Positive/B    B/Stable/B




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

CENTRAL WASTE: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------
A petition to wind up the operations of Central Waste Limited will
be heard before the High Court at Whanganui on Oct. 17, 2024, at
9:30 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 15, 2024.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington


ELITE GROUP: BDO Tauranga Appointed as Liquidators
--------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
Sept. 23, 2024, were appointed as liquidators of Elite Group
Private Limited (trading as Eastern Superette).

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


GETTING SAUCY: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------
A petition to wind up the operations of Getting Saucy Limited will
be heard before the High Court at Palmerston North on Oct. 17,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue, filed the petition against the
company on Aug. 28, 2024.

The Petitioner's solicitor is:

          Julia Marie Snelson
          Legal Services
          5th Floor, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington



KORU ASSETS: Creditors' Proofs of Debt Due on Nov. 29
-----------------------------------------------------
Creditors of Koru Assets Limited are required to file their proofs
of debt by Nov. 29, 2024, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


QEX LOGISTICS: FMA Files Civil Proceedings vs. Firm and Director
----------------------------------------------------------------
The Financial Markets Authority (FMA) has filed civil proceedings
against QEX Logistics Ltd (QEX) and its sole director, Jingjie Xue,
for failing to comply with financial reporting requirements under
the Financial Markets Conduct Act 2013 (FMC Act).

The FMA alleges that QEX, an FMC reporting entity, failed to
prepare and lodge its financial statements for the year ending
March 31, 2021, 2022, and 2023 with the Registrar of Companies. To
date, none of these financial statements have been filed.  

QEX is a logistics company that was listed on the New Zealand Stock
Exchange (NZX) between 2018-2022. QEX's NZX listing was cancelled
in 2022 by NZRegCo - NZX's regulatory function - in part because of
failing to meet its financial reporting obligations.  

The FMA is seeking a declaration from the court that QEX and Mr
Xue, as sole director, contravened the FMC Act. The FMA is also
seeking orders that the defendants pay pecuniary penalties to the
Crown and that the court impose a management ban or restriction
against Mr. Xue.  

Alleged FMC Act breaches:

   * Section 461 - Group financial statements must be prepared
   * Section 461H - Lodgement of financial statements
   * Section 534 - Directors treated as having contravened in case

     of financial reporting contravention


TVNZ: Plans to End 1News Website in February
--------------------------------------------
Radio New Zealand reports that TVNZ is planning to scrap its 1News
website next year under a proposal to save the struggling
state-owned broadcaster's finances.

A whole staff meeting was called on Oct. 7 to go over the proposal,
aiming to find NZD30 million in savings, RNZ relates.

The broadcaster earlier this year cut a number of news and current
affairs shows, including Fair Go and its midday and late night
bulletins.

According to RNZ, the proposal presented to staff at the meeting
included:

     - Closing the 1News website from February next year
     - Outsourcing some content workflows and technology
     - Consolidating business areas "to align with our strategy"
     - Investing more in TVNZ+, its on-demand platform, and
       establishing a new team
     - Changing roster patterns
     - Changing its youth-oriented platform Re: News to focus
       "solely on video storytelling"
     - Creating a "centre for excellence for data, analytics and
       AI" and a "creative hub".

"TVNZ today shared proposed strategic changes focused on how we
might achieve our NZD30 million target, deliver on our Digital+
strategy and ensure the business remains sustainable and relevant
for all New Zealanders," the company said in a statement following
the meeting, RNZ relays. "We are now seeking feedback on the
proposals, and we will not be making any decisions until after we
have considered all the feedback from our people."

According to RNZ, chief executive Jodi O'Donnell in August said
TVNZ had sufficient cash to fund its digital strategy over the next
three years, but would not pay a dividend.

The broadcaster reported a loss of NZD85 million against a NZD1.7
million profit the year before, driven by a NZD62 million write
down in asset values, which were not specified, and a NZD39 million
drop in revenue, RNZ discloses.


WAIKATO DAISY: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Sept. 30, 2024,
was appointed as liquidator of Waikato Daisy Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




=====================
P H I L I P P I N E S
=====================

[*] PHILIPPINES: Banks' Bad Loan Ratio Continues to Climb
---------------------------------------------------------
The Philippine Star reports that Philippine banks saw their
non-performing loan (NPL) ratio climb for the fifth consecutive
month in August, hitting a new two-year high as rising interest
rates continue to strain borrowers.

Based on preliminary data from the Bangko Sentral ng Pilipinas
(BSP), the industry's NPL ratio rose to 3.59 percent in August from
3.58 percent in July, the Philippine Star discloses. It marked the
fastest pace in 26 months or since the 3.60 percent in June 2022.

According to the Philippine Star, Michael Ricafort, chief economist
at Rizal Commercial Banking Corp., attributed the slight increase
in NPLs to still-elevated borrowing costs for consumers,
businesses, governments and other borrowers, despite the
25-basis-point interest rate cut from the BSP in August.

Loans are classified as non-performing when they are left unpaid at
least 90 days beyond the due date, the report notes. They are
considered as a risk to banks' asset quality as borrowers are
likely to default on these debts.

The Philippine Star, citing central bank data, discloses that the
soured loans rose by 15.8 percent to PHP512.7 billion in August
from PHP442.6 billion in the same month last year.

Philippine banks booked a 10.3-percent increase in loan
disbursements to PHP14.3 trillion in August from PHP12.96 trillion
in the same month last year.

The banking sector's past due loans grew by 17.3 percent to
PHP631.42 billion in August from PHP537.9 billion a year ago as
restructured loans slipped by 4.2 percent to PHP293.16 billion from
PHP306.05 billion, the report relays.

Amid the rising soured loans and past due loans, Philippine banks
beefed up their loan loss reserves by 5.8 percent to PHP482.49
billion in August from PHP456 billion in the same month last year.

This translated to a loan loss reserve level of 3.37 percent and an
NPL coverage ratio of 94.11 percent in August.

The Philippine Star adds that Mr. Ricafort said rate cuts from the
BSP and the US Federal Reserve over the next three years would help
reduce borrowing costs and lead to better economic conditions.

"This would all lead to more sales and incomes for different
borrowers, which would improve their ability to pay their loans and
would eventually help reduce bad loans going forward, with some lag
effects," the report quotes Mr. Ricafort as saying.




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

EASTORIA CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 18
----------------------------------------------------------------
A petition to wind up the operations of Eastoria Construction Pte
Ltd will be heard before the High Court of Singapore on Oct. 18,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 27, 2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542



HARBOUR HANDLERS: Court to Hear Wind-Up Petition on Oct. 18
-----------------------------------------------------------
A petition to wind up the operations of Harbour Handlers (Private)
Limited will be heard before the High Court of Singapore on Oct.
18, 2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 27, 2024.

The Petitioner's solicitors are:

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


PINGAN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 4
----------------------------------------------------------
Creditors of Pingan Technology International Pte. Ltd. are required
to file their proofs of debt by Nov. 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 24, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory  
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531



SUBHARA SINGAPORE P: Court to Hear Wind-Up Petition on Oct. 18
--------------------------------------------------------------
A petition to wind up the operations of Subhara Singapore P Pte Ltd
will be heard before the High Court of Singapore on Oct. 18, 2024,
at 10:00 a.m.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Sept. 24, 2024.

The Petitioner's solicitors are:

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





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

MUANGTHAI CAPITAL: Fitch Rates USD Sr. Unsec. Bonds Final 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned Muangthai Capital Public Company
Limited's (MTC, BB/Stable) US dollar senior unsecured bonds a final
rating of 'BB'.

The rating action follows the receipt of final documents conforming
to the information already received. The final rating is in line
with the expected rating assigned on 12 September 2024. The
proceeds will be used for eligible projects under MTC's social bond
framework.

Key Rating Drivers

Fitch rates the bonds at the same level as MTC's Long-Term Issuer
Default Rating (IDR), as they represent its unsubordinated and
unsecured obligations. MTC's IDR is driven by its standalone credit
profile. MTC is one of Thailand's largest non-bank consumer finance
companies with a strong market share in vehicle title loans.

For further details on MTC's key rating drivers and sensitivities,
see Fitch Assigns Muangthai Capital First-Time 'BB' IDR; Outlook
Stable; Rate Proposed Bonds 'BB(EXP)', dated 12 September 2024.

RATING SENSITIVITIES

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

The senior bonds' rating will move in tandem with MTC's Long-Term
IDR. Hence, a downgrade of MTC's IDR would lead to a downgrade of
the rating on the senior unsecured bonds.

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

An upgrade of MTC's IDR would lead to an upgrade of the rating on
the senior unsecured bonds.

Date of Relevant Committee

02 September 2024

ESG Considerations

MTC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance company
sector. This reflects its retail-focused operations, which expose
it to risks around fair lending practices, pricing transparency,
repossession, foreclosure and collection practices, whereby
aggressive practices in these areas may subject the company to
legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.

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

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Muangthai Capital
Public Company Limited

   senior unsecured      LT   BB  New Rating   BB(EXP)



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

[*] BOND PRICING: For the Week Sept. 30, 2024 to Oct. 4, 2024
-------------------------------------------------------------
Issuer                 Coupon    Maturity      Currency    Price
------                 ------    --------      --------    -----


   AUSTRALIA
   ---------

ACN 113 874 712 PTY      13.25    02/15/18        USD       0.22
ACN 113 874 712 PTY      13.25    02/15/18        USD       0.22
VIRGIN AUSTRALIA HOL      7.88    10/15/21        USD       0.47
VIRGIN AUSTRALIA HOL      7.88    10/15/21        USD       0.47
VIRGIN AUSTRALIA HOL      8.25    05/30/23        AUD       0.31
VIRGIN AUSTRALIA HOL      8.08    03/05/24        AUD       0.30
VIRGIN AUSTRALIA HOL      8.00    11/26/24        AUD       0.28
VIRGIN AUSTRALIA HOL      8.13    11/15/24        USD       0.19
VIRGIN AUSTRALIA HOL      8.13    11/15/24        USD       0.19


   CHINA
   -----

ALETAI CITY JUJIN UR      7.73    10/26/24        CNY      25.06
ANHUI PINGTIANHU INV      7.50    08/13/26        CNY      42.29
ANHUI PINGTIANHU INV      7.50    08/13/26        CNY      40.00
ANLU CONSTRUCTION DE      7.80    11/28/26        CNY      64.48
ANLU CONSTRUCTION DE      7.80    11/28/26        CNY      60.00
ANNING DEVELOPMENT I      8.00    12/04/25        CNY      21.45
ANNING DEVELOPMENT I      8.00    12/04/25        CNY      21.03
ANNING DEVELOPMENT I      8.80    09/11/25        CNY      20.95
ANSHANG WANGTONG CON      7.50    05/06/26        CNY      41.96
ANSHANG WANGTONG CON      7.50    05/06/26        CNY      41.80
ANSHUN CITY XIXIU IN      8.00    01/29/26        CNY      41.58
ANSHUN CITY XIXIU IN      7.90    11/15/25        CNY      41.15
ANSHUN CITY XIXIU IN      7.90    11/15/25        CNY      40.00
ANSHUN TRANSPORTATIO      7.50    10/31/24        CNY      20.05
ANSHUN TRANSPORTATIO      7.50    10/31/24        CNY      20.03
ANYUE XINGAN CITY DE      7.50    05/06/26        CNY      41.86
ANYUE XINGAN CITY DE      7.50    01/30/25        CNY      20.29
ANYUE XINGAN CITY DE      7.50    01/30/25        CNY      20.27
BIJIE CITY ANFANG CO      7.80    01/18/26        CNY      41.63
BIJIE CITY ANFANG CO      7.80    01/18/26        CNY      41.60
BIJIE QIXINGGUAN DIS      8.05    08/16/25        CNY      20.86
BIJIE QIXINGGUAN DIS      8.05    08/16/25        CNY      20.00
BIJIE TIANHE URBAN C      8.05    12/03/25        CNY      41.29
BIJIE TIANHE URBAN C      8.05    12/03/25        CNY      41.00
BIJIE XINTAI INVESTM      7.80    11/01/24        CNY      20.06
BIJIE XINTAI INVESTM      7.80    11/01/24        CNY      20.04
CAOXIAN SHANG DU INV      7.80    10/28/26        CNY      63.12
CAOXIAN SHANG DU INV      7.80    10/28/26        CNY      63.07
CHANGDE DEYUAN INVES      7.70    06/11/25        CNY      20.70
CHANGDE DEYUAN INVES      7.70    06/11/25        CNY      20.69
CHANGDE DINGCHENG JI      7.58    10/19/25        CNY      40.99
CHANGDE DINGCHENG JI      7.58    10/19/25        CNY      40.96
CHENGDU GARDEN WATER      8.00    06/13/25        CNY      20.69
CHENGDU GARDEN WATER      8.00    06/13/25        CNY      20.00
CHISHUI CITY CONSTRU      8.50    01/18/26        CNY      41.66
CHISHUI CITY CONSTRU      8.50    01/18/26        CNY      41.61
CHONGQING HONGYE IND      7.50    12/24/26        CNY      63.37
CHONGQING JIANGLAI I      7.50    10/26/25        CNY      40.98
CHONGQING JIANGLAI I      7.50    10/26/25        CNY      40.00
CHONGQING NANCHUAN C      7.80    08/06/26        CNY      42.54
CHONGQING SHUANGFU C      7.50    09/09/26        CNY      42.77
CHONGQING THREE GORG      7.80    03/01/26        CNY      41.82
CHONGQING THREE GORG      7.80    03/01/26        CNY      40.00
CHONGQING TONGRUI AG      7.50    09/18/26        CNY      42.73
CHONGQING TONGRUI AG      7.50    09/18/26        CNY      40.00
CHONGQING WANSHENG E      7.50    03/27/25        CNY      20.73
CHONGQING WANSHENG E      7.50    03/27/25        CNY      20.46
CHONGQING YUDIAN STA      8.00    11/30/25        CNY      41.29
CHUYING AGRO-PASTORA      8.80    06/26/19        CNY       2.00
DALI URBAN DEVELOPME      8.00    12/25/25        CNY      41.87
DALI URBAN DEVELOPME      8.00    12/25/25        CNY      41.46
DAWA COUNTY CITY CON      7.80    01/30/26        CNY      41.54
DAWA COUNTY CITY CON      7.80    01/30/26        CNY      38.80
DAWU COUNTY URBAN CO      7.50    09/20/26        CNY      42.79
DAWU COUNTY URBAN CO      7.50    09/20/26        CNY      40.00
DING NAN CITY CONSTR      7.80    04/08/26        CNY      41.74
DING NAN CITY CONSTR      7.80    04/08/26        CNY      40.00
DUJIANGYAN NEW CITY       7.80    10/11/25        CNY      41.44
DUJIANGYAN NEW CITY       7.80    10/11/25        CNY      40.94
DUJIANGYAN NEW CITY       7.80    05/02/25        CNY      20.55
DUJIANGYAN NEW CITY       7.80    05/02/25        CNY      20.00
DUJIANGYAN XINGYAN I      7.50    11/01/26        CNY      62.99
FANGCHENG GANGSHI WE      7.93    12/25/25        CNY      41.37
FANGCHENG GANGSHI WE      7.95    10/11/25        CNY      41.03
FANGCHENG GANGSHI WE      7.93    12/25/25        CNY      40.00
FANGCHENG GANGSHI WE      7.95    10/11/25        CNY      40.00
FANTASIA GROUP CHINA      7.50    06/30/28        CNY      73.70
FANTASIA GROUP CHINA      7.80    06/30/28        CNY      44.53
FUJIAN FUSHENG GROUP      7.90    12/17/21        CNY      70.99
FUJIAN FUSHENG GROUP      7.90    11/19/21        CNY      60.00
FUZHOU LINCHUAN URBA      8.00    02/26/26        CNY      42.00
GANZHOU NANKANG DIST      8.00    01/23/26        CNY      41.65
GANZHOU NANKANG DIST      8.00    10/29/25        CNY      41.17
GANZHOU NANKANG DIST      8.00    09/27/25        CNY      41.09
GANZHOU NANKANG DIST      8.00    01/23/26        CNY      40.00
GANZHOU NANKANG DIST      8.00    10/29/25        CNY      40.00
GANZHOU NANKANG DIST      8.00    09/27/25        CNY      20.00
GANZHOU ZHANGGONG CO      7.80    10/16/25        CNY      42.68
GANZHOU ZHANGGONG CO      7.80    10/16/25        CNY      41.10
GOME APPLIANCE CO LT      7.80    12/21/24        CNY      37.00
GUANGAN XINHONG INVE      7.50    06/03/26        CNY      43.09
GUANGAN XINHONG INVE      7.50    06/03/26        CNY      42.01
GUANGDONG PEARL RIVE      7.50    10/26/26        CNY      19.23
GUANGXI BAISE EXPERI      7.59    01/08/26        CNY      41.36
GUANGXI BAISE EXPERI      7.60    12/24/25        CNY      41.21
GUANGXI BAISE EXPERI      7.60    12/24/25        CNY      40.00
GUANGXI BAISE EXPERI      7.59    01/08/26        CNY      39.39
GUANGXI CHONGZUO URB      8.50    09/26/25        CNY      21.12
GUANGXI CHONGZUO URB      8.50    09/26/25        CNY      21.09
GUANGXI NINGMING HUI      8.50    11/05/26        CNY      63.52
GUANGXI NINGMING HUI      8.50    11/05/26        CNY      62.76
GUANGXI NINGMING HUI      8.50    12/07/25        CNY      41.34
GUANGXI TIANDONG COU      7.50    06/04/27        CNY      40.00
GUANGYUAN CITY DEVEL      7.50    10/25/27        CNY      37.14
GUANGYUAN YUANQU CHU      7.50    07/15/26        CNY      74.42
GUANGYUAN YUANQU CON      7.50    12/23/26        CNY      63.21
GUANGYUAN YUANQU CON      7.50    10/30/26        CNY      62.18
GUANGYUAN YUANQU CON      7.50    12/23/26        CNY      60.00
GUANGYUAN YUANQU CON      7.50    10/30/26        CNY      60.00
GUANGZHOU FINELAND R     13.60    07/27/23        USD       0.37
GUCHENG CONSTRUCTION      7.88    04/27/25        CNY      20.63
GUCHENG CONSTRUCTION      7.88    04/27/25        CNY      20.00
GUIXI STATE OWNED HO      7.50    09/17/26        CNY      43.42
GUIXI STATE OWNED HO      7.50    09/17/26        CNY      42.53
GUIYANG BAIYUN INDUS      7.50    03/06/26        CNY      41.65
GUIYANG BAIYUN INDUS      8.30    03/21/25        CNY      20.51
GUIYANG BAIYUN INDUS      8.30    03/21/25        CNY      20.46
GUIYANG ECONOMIC DEV      7.50    04/30/26        CNY      41.89
GUIYANG ECONOMIC DEV      7.90    10/29/25        CNY      41.10
GUIYANG ECONOMIC DEV      7.90    10/29/25        CNY      40.90
GUIYANG ECONOMIC TEC      7.80    04/30/26        CNY      42.01
GUIYANG ECONOMIC TEC      7.80    04/30/26        CNY      41.96
GUIYANG HI-TECH HOLD      8.00    11/25/26        CNY      62.34
GUIYANG HI-TECH HOLD      8.00    11/25/26        CNY      60.27
GUIZHOU CHANGSHUN CO      8.50    03/19/26        CNY      42.10
GUIZHOU CHANGSHUN CO      8.50    03/19/26        CNY      40.00
GUIZHOU EAST LAKE CI      8.00    12/07/25        CNY      41.33
GUIZHOU EAST LAKE CI      8.00    12/07/25        CNY      40.93
GUIZHOU GUIAN DEVELO      7.50    01/14/25        CNY      15.25
GUIZHOU HONGGUO ECON      7.80    02/08/25        CNY      20.32
GUIZHOU HONGGUO ECON      7.80    11/24/24        CNY      20.12
GUIZHOU HONGGUO ECON      7.80    11/24/24        CNY      10.50
GUIZHOU JINFENGHUANG      7.60    08/19/26        CNY      42.53
GUIZHOU SHUANGLONG A      7.50    04/20/30        CNY      60.00
GUIZHOU SHUICHENG EC      7.50    10/26/25        CNY      40.97
GUIZHOU SHUICHENG EC      7.50    10/26/25        CNY      19.50
GUIZHOU SHUICHENG WA      8.00    11/27/25        CNY      41.08
GUIZHOU SHUICHENG WA      8.00    11/27/25        CNY      41.04
GUIZHOU ZHONGSHAN DE      8.00    03/18/29        CNY      70.00
HAIAN URBAN DEMOLITI      8.00    12/21/25        CNY      41.43
HAIAN URBAN DEMOLITI      7.74    05/02/25        CNY      20.55
HENGYANG CITY AND UR      7.80    12/14/24        CNY      20.20
HENGYANG CITY AND UR      7.80    12/14/24        CNY      20.18
HONGAN URBAN DEVELOP      7.50    12/04/24        CNY      20.14
HONGAN URBAN DEVELOP      7.50    12/04/24        CNY      20.00
HUAINAN SHAN NAN DEV      7.94    04/01/26        CNY      42.50
HUAINAN SHAN NAN DEV      7.94    04/01/26        CNY      40.00
HUAINAN URBAN CONSTR      7.58    02/12/26        CNY      41.79
HUAINAN URBAN CONSTR      7.50    03/20/25        CNY      20.42
HUAINAN URBAN CONSTR      7.50    03/20/25        CNY      20.00
HUBEI DAYE LAKE HIGH      7.50    04/01/26        CNY      41.76
HUBEI DAYE LAKE HIGH      7.50    04/01/26        CNY      40.75
HUBEI JIAKANG CONSTR      7.80    12/19/25        CNY      41.18
HUBEI YILING ECONOMI      7.50    03/28/26        CNY      41.80
HUBEI YILING ECONOMI      7.50    03/28/26        CNY      40.00
HUNAN CHUZHISHENG HO      7.50    03/27/26        CNY      41.94
HUNAN CHUZHISHENG HO      7.50    03/27/26        CNY      40.00
HUNAN MEISHAN RESOUR      8.00    03/21/26        CNY      41.98
HUNAN MEISHAN RESOUR      8.00    03/21/26        CNY      40.00
HUNAN TIANYI RONGTON      8.00    10/24/25        CNY      41.18
HUNAN TIANYI RONGTON      8.00    10/24/25        CNY      41.14
HUNAN TIANYI RONGTON      7.50    09/17/25        CNY      20.91
HUNAN XUANDA CONSTRU      7.50    01/24/26        CNY      41.49
HUNAN XUANDA CONSTRU      7.50    01/23/26        CNY      41.49
HUNAN XUANDA CONSTRU      7.50    01/24/26        CNY      40.00
HUNAN XUANDA CONSTRU      7.50    01/23/26        CNY      40.00
HUZHOU NEW CITY INVE      7.50    11/23/24        CNY      20.09
HUZHOU NEW CITY INVE      7.50    11/23/24        CNY      20.00
HUZHOU WUXING NANTAI      7.90    09/20/25        CNY      21.00
JIA COUNTY DEVELOPME      7.50    01/21/27        CNY      63.29
JIA COUNTY DEVELOPME      7.50    01/21/27        CNY      58.00
JIAHE ZHUDU DEVELOPM      7.50    03/13/25        CNY      20.40
JIAHE ZHUDU DEVELOPM      7.50    03/13/25        CNY      20.00
JIANGSU YANGKOU PORT      7.60    08/17/25        CNY      22.50
JIANGSU YANGKOU PORT      7.60    08/17/25        CNY      20.77
JIANGSU ZHONGNAN CON      7.80    03/17/29        CNY      44.19
JIANGXI HUANGGANGSHA      7.90    01/25/26        CNY      41.27
JIANGXI HUANGGANGSHA      7.90    10/08/25        CNY      41.01
JIANGXI HUANGGANGSHA      7.90    10/08/25        CNY      40.90
JIANGXI JIHU DEVELOP      7.50    04/10/25        CNY      20.46
JIANGXI JIHU DEVELOP      7.50    04/10/25        CNY      20.00
JIANGXI TONGGU CITY       7.50    04/21/27        CNY      64.23
JIANGYOU XINGYI PARK      7.50    05/07/26        CNY      52.33
JIANGYOU XINGYI PARK      7.80    12/17/25        CNY      51.56
JIANLI FENGYUAN CITY      7.50    01/14/26        CNY      41.35
JIANLI FENGYUAN CITY      7.50    01/14/26        CNY      40.00
JILIN ECONOMY TECHNO      8.00    03/26/28        CNY      62.97
JILIN ECONOMY TECHNO      8.00    03/26/28        CNY      59.21
JINING NEW CITY DEVE      7.60    03/23/25        CNY      20.42
JINING NEW CITY DEVE      7.60    03/23/25        CNY      20.00
JINXIANG COUNTY CITY      7.50    03/20/26        CNY      41.76
JINXIANG COUNTY CITY      7.50    03/20/26        CNY      40.92
JINZHOU CIHANG GROUP      9.00    04/05/20        CNY      33.63
KAILI GUIZHOU TOWN C      7.98    03/30/27        CNY      64.47
KAILI GUIZHOU TOWN C      7.98    03/30/27        CNY      64.42
KAIYUAN CITY XINGYUA      7.50    09/22/27        CNY      65.11
LAOTING INVESTMENT G      7.50    04/11/26        CNY      41.86
LAOTING INVESTMENT G      7.50    04/11/26        CNY      39.80
LIJIN CITY CONSTRUCT      7.50    04/26/26        CNY      41.94
LIJIN CITY CONSTRUCT      7.50    12/20/25        CNY      41.30
LIJIN CITY CONSTRUCT      7.50    04/26/26        CNY      40.00
LIJIN CITY CONSTRUCT      7.50    12/20/25        CNY      40.00
LINFEN YAODU DISTRIC      7.50    09/19/25        CNY      20.87
LINYI COUNTY CITY DE      7.78    03/21/25        CNY      20.44
LINYI COUNTY CITY DE      7.78    03/21/25        CNY      20.00
LINYI ZHENDONG CONST      7.50    11/26/25        CNY      41.43
LINYI ZHENDONG CONST      7.50    12/06/25        CNY      41.17
LINYI ZHENDONG CONST      7.50    11/26/25        CNY      41.01
LINYI ZHENDONG CONST      7.50    12/06/25        CNY      40.63
LIUPANSHUI AGRICULTU      8.00    04/26/27        CNY      59.74
LIUPANSHUI AGRICULTU      8.00    04/26/27        CNY      59.69
LONGNAN ECO&TECH DEV      7.50    07/26/26        CNY      42.30
LUANCHUAN COUNTY TIA      8.50    01/23/26        CNY      41.69
LUANCHUAN COUNTY TIA      8.50    01/23/26        CNY      40.00
LUOHE ECONOMIC DEVEL      7.50    12/18/25        CNY      41.32
LUOHE ECONOMIC DEVEL      7.50    12/18/25        CNY      41.26
LUOYANG XIYUAN STATE      7.80    01/29/26        CNY      41.50
LUOYANG XIYUAN STATE      7.80    01/29/26        CNY      41.40
LUOYANG XIYUAN STATE      7.50    11/15/25        CNY      41.39
LUOYANG XIYUAN STATE      7.50    11/15/25        CNY      40.96
MAANSHAN NINGBO INVE      7.50    04/18/26        CNY      41.80
MAANSHAN NINGBO INVE      7.80    11/29/25        CNY      41.38
MAANSHAN NINGBO INVE      7.80    11/29/25        CNY      41.23
MAANSHAN NINGBO INVE      7.50    04/18/26        CNY      16.00
MEISHAN CITY DONGPO       8.00    01/03/26        CNY      41.48
MEISHAN CITY DONGPO       8.00    01/03/26        CNY      40.00
MEISHAN CITY DONGPO       8.08    08/16/25        CNY      20.89
MEISHAN CITY DONGPO       8.08    08/16/25        CNY      20.00
MEISHAN HONGSHUN PAR      7.50    12/10/25        CNY      51.60
MENGZHOU INVESTMENT       8.00    11/06/25        CNY      41.13
MENGZHOU INVESTMENT       8.00    11/06/25        CNY      40.00
MENGZHOU INVESTMENT       8.00    09/03/25        CNY      20.90
MENGZHOU INVESTMENT       8.00    09/03/25        CNY      20.00
MENGZI CITY DEVELOPM      8.00    03/25/26        CNY      41.88
MIAN YANG ECONOMIC D      8.00    09/29/26        CNY      42.67
MIAN YANG ECONOMIC D      8.20    03/15/26        CNY      41.75
MIAN YANG ECONOMIC D      8.00    09/29/26        CNY      40.00
MIAN YANG ECONOMIC D      8.20    03/15/26        CNY      40.00
MIANYANG ANZHOU INVE      7.90    11/25/26        CNY      63.32
MIANYANG ANZHOU INVE      7.90    11/25/26        CNY      60.00
MIANYANG ANZHOU INVE      8.10    11/22/25        CNY      41.27
MIANYANG ANZHOU INVE      8.10    11/22/25        CNY      40.00
MIANYANG ANZHOU INVE      8.10    05/04/25        CNY      20.60
MIANYANG ANZHOU INVE      8.10    05/04/25        CNY      20.25
MIANYANG HUIDONG INV      8.10    04/28/25        CNY      20.57
MIANYANG HUIDONG INV      8.10    02/10/25        CNY      20.40
MIANZHU CITY JINSHEN      7.87    12/18/25        CNY      41.37
MIANZHU CITY JINSHEN      7.87    12/18/25        CNY      41.29
MILE AGRICULTURAL IN      7.60    02/27/26        CNY      41.60
MILE AGRICULTURAL IN      8.00    10/25/25        CNY      41.01
MILE AGRICULTURAL IN      7.60    02/27/26        CNY      41.00
MUDANJIANG LONGSHENG      7.50    09/27/25        CNY      20.89
NANCHONG JIALING DEV      7.98    05/23/25        CNY      20.65
NANCHONG JIALING DEV      7.80    12/12/24        CNY      20.20
NANCHONG JIALING DEV      7.80    12/12/24        CNY      20.18
NANCHONG JIALING DEV      7.98    05/23/25        CNY      20.00
NINGXIA SHENG YAN IN      7.50    09/27/28        CNY      42.45
PANJIN CITY SHUANGTA      8.50    01/29/26        CNY      41.76
PANJIN CITY SHUANGTA      8.50    01/29/26        CNY      41.72
PANJIN CITY SHUANGTA      8.70    12/20/25        CNY      41.60
PANJIN CITY SHUANGTA      8.70    12/20/25        CNY      41.56
PANJIN LIAODONGWAN Z      7.50    12/28/26        CNY      63.31
PEIXIAN ECONOMIC DEV      7.51    11/04/26        CNY      63.00
PEIXIAN ECONOMIC DEV      7.51    11/04/26        CNY      60.00
PENGSHAN DEVELOPMENT      7.98    05/03/25        CNY      21.59
PENGSHAN DEVELOPMENT      7.98    05/03/25        CNY      20.58
PENGZE CITY DEVELOPM      7.60    08/31/25        CNY      20.91
PENGZE CITY DEVELOPM      7.60    08/31/25        CNY      20.85
PINGLIANG CHENGXIANG      7.80    03/29/26        CNY      41.86
PINGLIANG CHENGXIANG      7.80    03/29/26        CNY      41.67
PUDING YELANG STATE-      8.00    03/13/25        CNY      20.45
PUDING YELANG STATE-      7.79    11/13/24        CNY      20.08
PUDING YELANG STATE-      7.79    11/13/24        CNY      20.00
PUER CITY SI MAO GUO      7.50    03/14/26        CNY      41.91
PUER CITY SI MAO GUO      7.50    03/14/26        CNY      41.63
QIANDONGNAN TRANSPOR      8.00    01/15/27        CNY      63.81
QIANDONGNAN TRANSPOR      8.00    01/15/27        CNY      63.76
QIANNANZHOU INVESTME      8.00    01/02/26        CNY      41.44
QIANNANZHOU INVESTME      8.00    01/02/26        CNY      40.80
QIANXINAN AUTONOMOUS      8.00    06/22/27        CNY      63.70
QIANXINAN AUTONOMOUS      8.00    06/22/27        CNY      63.43
QIANXINAN PREFECTURE      7.99    06/10/27        CNY      64.96
QIANXINAN PREFECTURE      7.99    06/10/27        CNY      60.00
QIANXINAN WATER RESO      7.50    09/25/27        CNY      65.33
QIANXINAN WATER RESO      7.50    09/25/27        CNY      65.28
QINGHAI PROVINCIAL I      7.88    03/22/21        USD       1.50
QINGZHEN CITY CONSTR      7.50    03/18/26        CNY      41.74
QINGZHEN CITY CONSTR      7.50    03/18/26        CNY      41.74
QINGZHOU HONGYUAN PU      7.60    06/17/27        CNY      48.35
QINZHOU BINHAI NEW C      7.70    08/15/26        CNY      42.65
QINZHOU BINHAI NEW C      7.70    08/15/26        CNY      42.61
QUJING CITY QILIN DI      8.50    01/21/26        CNY      41.70
QUJING CITY QILIN DI      8.50    01/21/26        CNY      40.00
RENHUAI WATER INVEST      8.00    12/26/25        CNY      40.68
RENHUAI WATER INVEST      7.98    07/26/25        CNY      20.79
RENHUAI WATER INVEST      7.98    02/24/25        CNY      20.22
RUCHENG SHUNXING INV      7.50    01/07/26        CNY      41.41
RUCHENG SHUNXING INV      7.50    01/07/26        CNY      40.00
RUDONG NEW WORLD INV      7.50    12/06/26        CNY      63.33
RUDONG NEW WORLD INV      7.50    12/06/26        CNY      60.00
RUILI RENLONG INVEST      8.00    09/20/26        CNY      42.79
RUILI RENLONG INVEST      8.00    09/20/26        CNY      41.65
SHAANXI XIYUE HUASHA      7.50    12/27/26        CNY      63.21
SHAANXI XIYUE HUASHA      7.50    12/27/26        CNY      62.80
SHANDONG HONGHE HOLD      7.50    01/29/26        CNY      41.42
SHANDONG OCEAN CULTU      7.50    04/25/26        CNY      41.75
SHANDONG OCEAN CULTU      7.50    03/28/26        CNY      41.70
SHANDONG RENCHENG RO      7.50    01/23/26        CNY      41.40
SHANDONG RUYI TECHNO      7.90    09/18/23        CNY      52.10
SHANDONG SANXING GRO      7.90    08/30/27        CNY      58.00
SHANDONG URBAN CAPIT      7.50    04/12/26        CNY      41.73
SHANDONG URBAN CAPIT      7.50    04/12/26        CNY      40.00
SHANGLI INVESTMENT C      7.80    01/22/26        CNY      41.35
SHANGLI INVESTMENT C      7.80    01/22/26        CNY      40.49
SHANGLI INVESTMENT C      7.50    06/01/25        CNY      20.63
SHANGLI INVESTMENT C      7.50    06/01/25        CNY      20.58
SHANGRAO GUANGXIN UR      7.95    07/24/25        CNY      20.68
SHANGRAO GUANGXIN UR      7.95    07/24/25        CNY      20.67
SHANXI JINZHONG STAT      7.50    05/05/26        CNY      41.95
SHAOYANG SAISHUANGQI      8.00    11/28/25        CNY      41.26
SHAOYANG SAISHUANGQI      8.00    11/28/25        CNY      40.00
SHEHONG STATE OWNED       7.60    10/25/25        CNY      41.00
SHEHONG STATE OWNED       7.60    10/25/25        CNY      40.00
SHEHONG STATE OWNED       7.60    10/22/25        CNY      40.00
SHEHONG STATE OWNED       7.60    10/22/25        CNY      20.95
SHEHONG STATE OWNED       7.50    08/22/25        CNY      20.79
SHEHONG STATE OWNED       7.50    08/22/25        CNY      20.00
SHENWU ENVIRONMENTAL      9.00    03/14/19        CNY      12.00
SHEYANG URBAN CONSTR      7.80    11/27/24        CNY      20.13
SHEYANG URBAN CONSTR      7.80    11/27/24        CNY      20.11
SHIFANG CITY NATIONA      8.00    12/05/25        CNY      41.28
SHIFANG CITY NATIONA      8.00    12/05/25        CNY      40.00
SHIYAN CITY CHENGTOU      7.80    02/13/26        CNY      45.07
SHUANGYASHAN DADI CI      8.50    12/16/26        CNY      63.93
SHUANGYASHAN DADI CI      8.50    12/16/26        CNY      63.87
SHUANGYASHAN DADI CI      8.50    08/26/26        CNY      43.04
SHUANGYASHAN DADI CI      8.50    08/26/26        CNY      43.01
SHUANGYASHAN DADI CI      8.50    04/30/26        CNY      42.34
SHUANGYASHAN DADI CI      8.50    04/30/26        CNY      42.31
SHUOZHOU INVESTMENT       7.50    10/23/25        CNY      41.60
SHUOZHOU INVESTMENT       7.80    12/25/25        CNY      41.49
SHUOZHOU INVESTMENT       7.80    12/25/25        CNY      41.45
SHUOZHOU INVESTMENT       7.50    10/23/25        CNY      40.91
SICHUAN CHENG'A DEVE      7.50    11/29/24        CNY      20.12
SICHUAN CHENG'A DEVE      7.50    11/06/24        CNY      20.06
SICHUAN CHENG'A DEVE      7.50    11/29/24        CNY      20.00
SICHUAN CHENG'A DEVE      7.50    11/06/24        CNY      20.00
SICHUAN COAL INDUSTR      7.70    01/09/18        CNY      45.00
SICHUAN LANGUANG DEV      7.50    07/23/22        CNY      42.00
SICHUAN LANGUANG DEV      7.50    08/12/21        CNY      12.63
SICHUAN LANGUANG DEV      7.50    07/11/21        CNY      12.63
SIYANG JIADING INDUS      7.50    12/14/25        CNY      41.86
SIYANG JIADING INDUS      7.50    12/14/25        CNY      41.28
SIYANG JIADING INDUS      7.50    04/27/25        CNY      20.53
SIYANG JIADING INDUS      7.50    04/27/25        CNY      20.51
TAHOE GROUP CO LTD        7.50    09/19/21        CNY       2.20
TAHOE GROUP CO LTD        8.50    08/02/21        CNY       2.20
TAHOE GROUP CO LTD        7.50    10/10/20        CNY       2.20
TAHOE GROUP CO LTD        7.50    08/15/20        CNY       1.90
TAIXING CITY CHENGXI      7.60    04/24/26        CNY      42.02
TAIXING CITY CHENGXI      7.80    03/05/26        CNY      41.83
TAIXING CITY CHENGXI      7.60    04/04/26        CNY      41.81
TAIXING CITY CHENGXI      7.60    04/24/26        CNY      40.00
TAIXING CITY CHENGXI      7.60    04/04/26        CNY      40.00
TAIXING CITY CHENGXI      7.80    03/05/26        CNY      40.00
TAIXING XINGHUANG IN      8.50    11/15/25        CNY      41.06
TAIXING XINGHUANG IN      8.50    11/15/25        CNY      39.59
TAIZHOU FENGCHENGHE       7.90    12/29/24        CNY      20.21
TAIZHOU FENGCHENGHE       7.90    12/29/24        CNY      20.00
TAIZHOU HUACHENG MED      8.50    12/26/25        CNY      41.64
TAIZHOU HUACHENG MED      8.50    12/26/25        CNY      40.00
TANCHENG COUNTY CITY      7.50    04/09/26        CNY      41.77
TANCHENG COUNTY CITY      7.50    04/09/26        CNY      40.00
TANGSHAN HOLDING DEV      7.60    05/16/25        CNY      20.45
TAOYUAN COUNTY CONST      8.00    10/17/26        CNY      63.14
TAOYUAN COUNTY CONST      8.00    10/17/26        CNY      60.00
TAOYUAN COUNTY CONST      7.50    09/11/26        CNY      42.42
TAOYUAN COUNTY ECONO      8.20    09/06/25        CNY      21.25
TAOYUAN COUNTY ECONO      8.20    09/06/25        CNY      20.97
TEMPUS GROUP CO LTD       7.50    06/07/20        CNY       2.00
TENGCHONG SHIXINGBAN      7.50    05/05/26        CNY      52.79
TIANJIN REAL ESTATE       7.70    03/16/21        CNY      21.49
TONGCHENG CITY CONST      7.50    07/23/25        CNY      20.75
TONGCHENG CITY CONST      7.50    07/23/25        CNY      20.00
TONGHUA FENGYUAN INV      7.80    04/30/26        CNY      42.05
TONGHUA FENGYUAN INV      7.80    04/30/26        CNY      41.70
TONGHUA FENGYUAN INV      8.00    12/18/25        CNY      41.40
TONGHUA FENGYUAN INV      8.00    12/18/25        CNY      40.00
TONGREN WATER GROUP       8.00    11/29/28        CNY      74.75
TONGXIANG CHONGDE IN      7.88    11/29/25        CNY      41.70
TONGXIANG CHONGDE IN      7.88    11/29/25        CNY      41.21
TUNGHSU GROUP CO LTD      8.18    10/25/21        CNY      22.00
URUMQI ECO TECH DEVE      7.50    10/19/25        CNY      40.87
URUMQI ECO TECH DEVE      7.50    10/19/25        CNY      40.00
WEIHAI LANCHUANG CON      7.70    10/11/25        CNY      40.90
WEIHAI LANCHUANG CON      7.70    10/11/25        CNY      40.85
WEIHAI WENDENG URBAN      7.70    05/02/28        CNY      64.57
WEINAN CITY INDUSTRI      7.50    06/30/27        CNY      64.26
WEINAN CITY INDUSTRI      7.50    06/30/27        CNY      60.00
WEINAN CITY INDUSTRI      7.50    04/28/26        CNY      41.78
WEINAN CITY INDUSTRI      7.50    04/28/26        CNY      40.00
WINTIME ENERGY GROUP      7.50    04/04/21        CNY      43.63
WINTIME ENERGY GROUP      7.90    03/29/21        CNY      43.63
WINTIME ENERGY GROUP      7.90    12/22/20        CNY      43.63
WINTIME ENERGY GROUP      7.50    12/06/20        CNY      43.63
WINTIME ENERGY GROUP      7.50    11/16/20        CNY      43.63
WINTIME ENERGY GROUP      7.70    11/15/20        CNY      43.63
WUSU CITY XINGRONG C      7.50    10/25/25        CNY      41.04
WUSU CITY XINGRONG C      7.50    10/25/25        CNY      40.00
WUXUE URBAN CONSTRUC      7.50    04/12/26        CNY      41.78
WUXUE URBAN CONSTRUC      7.50    04/12/26        CNY      40.00
WUZHOU CANGHAI CONST      8.00    05/31/28        CNY      65.23
WUZHOU CITY CONSTRUC      7.90    03/26/29        CNY      73.20
XIAN LINTONG URBAN I      7.69    04/22/26        CNY      41.84
XIAN LINTONG URBAN I      7.69    04/22/26        CNY      40.00
XIFENG COUNTY URBAN       8.00    03/14/26        CNY      41.15
XINFENG COUNTY URBAN      7.80    04/16/26        CNY      42.12
XINFENG COUNTY URBAN      7.80    04/16/26        CNY      41.88
XINFENG COUNTY URBAN      7.80    12/05/25        CNY      41.35
XINFENG COUNTY URBAN      7.80    12/05/25        CNY      40.00
XINGYI XINHENG URBAN      8.00    11/21/25        CNY      41.17
XINGYI XINHENG URBAN      7.90    01/31/25        CNY      20.28
XINGYI XINHENG URBAN      7.90    01/31/25        CNY      20.00
XINPING URBAN DEVELO      7.70    01/24/26        CNY      41.51
XINYU CITY YUSHUI DI      7.50    09/24/26        CNY      42.77
XIPING COUNTY INDUST      7.50    12/26/24        CNY      20.20
XIPING COUNTY INDUST      7.50    12/26/24        CNY      20.00
XIUSHAN HUAXING ENTE      7.50    09/25/25        CNY      20.93
XIUSHAN HUAXING ENTE      7.50    09/25/25        CNY      20.91
XUZHOU CITY JIAWANG       7.98    05/06/26        CNY      42.11
XUZHOU CITY JIAWANG       7.88    01/28/26        CNY      40.65
XUZHOU CITY JIAWANG       7.88    01/28/26        CNY      40.58
XUZHOU CITY JIAWANG       7.98    05/06/26        CNY      40.50
YANCHENG URBANIZATIO      7.50    03/04/27        CNY      64.03
YANGLING URBAN RURAL      7.80    06/19/26        CNY      42.35
YANGLING URBAN RURAL      7.80    02/20/26        CNY      41.68
YANGLING URBAN RURAL      7.80    06/19/26        CNY      40.00
YANGLING URBAN RURAL      7.80    02/20/26        CNY      40.00
YIBIN NANXI CAIYUAN       8.10    11/28/25        CNY      41.49
YIBIN NANXI CAIYUAN       8.10    11/28/25        CNY      41.33
YIBIN NANXI CAIYUAN       8.10    07/24/25        CNY      20.77
YIBIN NANXI CAIYUAN       8.10    07/24/25        CNY      20.00
YICHANG CHUANGYUAN H      7.80    11/06/25        CNY      41.06
YINGKOU BEIHAI NEW C      7.98    01/25/25        CNY      20.33
YINGKOU BEIHAI NEW C      7.98    01/25/25        CNY      20.31
YINGTAN JUNENG INVES      8.00    05/06/26        CNY      42.24
YINGTAN JUNENG INVES      8.00    05/06/26        CNY      40.00
YIYANG COUNTY CITY C      7.90    11/05/25        CNY      42.01
YIYANG COUNTY CITY C      7.90    11/05/25        CNY      41.12
YIYANG COUNTY CITY C      7.50    06/07/25        CNY      20.56
YIYANG COUNTY CITY C      7.50    06/07/25        CNY      20.00
YIYANG LONGLING CONS      7.60    01/23/26        CNY      41.37
YIYANG LONGLING CONS      7.60    01/23/26        CNY      40.30
YIYUAN HONGDING ASSE      7.50    08/17/25        CNY      21.15
YIYUAN HONGDING ASSE      7.50    08/17/25        CNY      20.73
YONGAN STATE-OWNED A      8.50    11/26/25        CNY      41.27
YONGAN STATE-OWNED A      8.50    11/26/25        CNY      40.00
YONGCHENG COAL & ELE      7.50    02/02/21        CNY      39.88
YONGXIU CITY CONSTRU      7.80    08/27/25        CNY      20.80
YONGXIU CITY CONSTRU      7.50    05/02/25        CNY      20.44
YONGXIU CITY CONSTRU      7.80    08/27/25        CNY      20.00
YONGXIU CITY CONSTRU      7.50    05/02/25        CNY      20.00
YOUYANG COUNTY TAOHU      7.50    09/28/25        CNY      21.15
YOUYANG COUNTY TAOHU      7.50    09/28/25        CNY      20.89
YUANJIANG CITY CONST      7.50    01/18/26        CNY      41.47
YUANJIANG CITY CONST      7.50    01/18/26        CNY      41.43
YUDU ZHENXING INVEST      7.50    05/03/25        CNY      20.53
YUDU ZHENXING INVEST      7.50    05/03/25        CNY      20.49
YUEYANG CITY JUNSHAN      7.96    03/13/27        CNY      64.14
YUEYANG CITY JUNSHAN      7.96    03/13/27        CNY      60.51
YUEYANG CITY JUNSHAN      7.96    04/23/26        CNY      41.88
YUEYANG CITY JUNSHAN      7.96    04/23/26        CNY      40.00
YUEYANG HUILIN INVES      7.50    12/23/26        CNY      63.23
YUEYANG HUILIN INVES      7.50    12/23/26        CNY      60.00
YUSHEN ENERGY DEVELO      7.50    05/07/27        CNY      64.28
YUSHEN ENERGY DEVELO      7.50    05/07/27        CNY      60.00
YUTAI XINDA ECONOMIC      7.50    04/10/26        CNY      41.78
ZHANGJIAJIE LOULI TO      7.50    03/26/26        CNY      41.78
ZHANGJIAJIE LOULI TO      7.50    03/26/26        CNY      41.78
ZHANGZI NATIONAL OWN      7.50    10/18/26        CNY      62.73
ZHANGZI NATIONAL OWN      7.50    10/18/26        CNY      60.00
ZHEJIANG CHANGXING H      7.50    05/16/26        CNY      41.93
ZHEJIANG CHANGXING H      7.50    05/16/26        CNY      41.60
ZHEJIANG CHANGXING H      7.50    12/26/25        CNY      41.26
ZHEJIANG CHANGXING H      7.50    12/26/25        CNY      40.00
ZHEJIANG HUZHOU NANX      7.80    08/21/25        CNY      21.88
ZHEJIANG WUYI CITY C      8.00    12/21/25        CNY      41.44
ZHEJIANG WUYI CITY C      8.00    12/21/25        CNY      41.41
ZHEJIANG WUYI CITY C      8.00    08/10/25        CNY      20.89
ZHEJIANG WUYI CITY C      8.00    08/10/25        CNY      20.00
ZHONGHONG HOLDING CO      8.00    07/04/19        CNY       2.75
ZHONGTIAN FINANCIAL       8.50    08/16/27        CNY      31.04
ZHONGXIANG CITY CONS      7.50    07/05/26        CNY      42.36
ZHONGXIANG CITY CONS      7.50    07/05/26        CNY      40.00
ZHOUSHAN ISLANDS NEW      7.50    01/30/27        CNY      59.38
ZHOUSHAN ISLANDS NEW      7.50    01/30/27        CNY      55.00
ZHUZHOU HI-TECH AUTO      8.00    08/14/25        CNY      26.05
ZIGUI COUNTY CHUYUAN      7.80    02/12/28        CNY      65.11
ZIGUI COUNTY CHUYUAN      7.80    02/12/28        CNY      60.00
ZIYANG KAILI INVESTM      8.00    02/14/26        CNY      41.64
ZUNYI BOZHOU URBAN C      7.85    10/24/24        CNY      20.06
ZUNYI BOZHOU URBAN C      7.85    10/24/24        CNY      20.04
ZUNYI ROAD & BRIDGE       8.00    05/08/29        CNY      71.60


   HONG KONG
   ---------

CHINA SOUTH CITY HOL      9.00    04/12/24        USD      28.58
CHINA SOUTH CITY HOL      9.00    06/26/24        USD      28.25
CHINA SOUTH CITY HOL      9.00    12/11/24        USD      27.72
CHINA SOUTH CITY HOL      9.00    10/09/24        USD      27.72
HAINAN AIRLINES HONG     12.00    10/29/21        USD       1.92
HONGKONG IDEAL INVES     14.75    10/08/22        USD       1.83
YANGO JUSTICE INTERN      8.25    11/25/23        USD       0.52
YANGO JUSTICE INTERN     10.25    09/15/22        USD       0.45
YANGO JUSTICE INTERN      7.50    04/15/24        USD       0.36
YANGO JUSTICE INTERN      9.25    04/15/23        USD       0.16
YANGO JUSTICE INTERN      7.50    02/17/25        USD       0.16
YANGO JUSTICE INTERN     10.00    02/12/23        USD       0.14
YANGO JUSTICE INTERN      7.88    09/04/24        USD       0.11
YANGO JUSTICE INTERN     10.25    03/18/22        USD       0.01
ZENSUN ENTERPRISES L     12.50    04/23/24        USD       5.51
ZENSUN ENTERPRISES L     12.50    09/13/23        USD       4.69


   INDONESIA
   ---------

WIJAYA KARYA PERSERO      9.10    03/03/26        IDR      73.94
WIJAYA KARYA PERSERO      9.10    03/03/26        IDR      73.65
WIJAYA KARYA PERSERO      8.50    03/03/26        IDR      73.18
WIJAYA KARYA PERSERO      8.50    03/03/26        IDR      73.18
WIJAYA KARYA PERSERO      8.55    09/08/26        IDR      68.45
WIJAYA KARYA PERSERO      8.55    09/08/26        IDR      68.17
WIJAYA KARYA PERSERO     10.90    11/03/29        IDR      67.77
WIJAYA KARYA PERSERO     10.90    11/03/29        IDR      67.77
WIJAYA KARYA PERSERO     10.50    11/03/27        IDR      66.67
WIJAYA KARYA PERSERO     10.50    11/03/27        IDR      66.67
WIJAYA KARYA PERSERO      9.75    03/03/28        IDR      64.62
WIJAYA KARYA PERSERO      9.75    03/03/28        IDR      64.43
WIJAYA KARYA PERSERO      9.85    12/18/27        IDR      64.36
WIJAYA KARYA PERSERO      7.75    02/18/27        IDR      64.30
WIJAYA KARYA PERSERO      9.85    12/18/27        IDR      64.00
WIJAYA KARYA PERSERO      7.75    02/18/27        IDR      63.92
WIJAYA KARYA PERSERO      9.25    09/08/28        IDR      62.73
WIJAYA KARYA PERSERO      9.25    09/08/28        IDR      62.67
WIJAYA KARYA PERSERO      8.30    02/18/29        IDR      60.15
WIJAYA KARYA PERSERO      8.30    02/18/29        IDR      60.09
WIJAYA KARYA PERSERO      8.60    12/18/25        IDR      51.27


   INDIA
   -----

AVANTI FINANCE PVT L      9.25    08/29/25        INR      57.69
BHARAT SANCHAR NIGAM      7.55    03/20/34        INR      69.53
EARLYSALARY SERVICES     11.75    03/18/25        INR      68.97
IIFL SAMASTA FINANCE     10.75    02/24/25        INR      25.14
IKF FINANCE LTD          10.60    03/27/25        INR      37.52
MAHANAGAR TELEPHONE       7.51    03/06/34        INR      51.40
PIRAMAL CAPITAL & HO      8.50    04/18/23        INR      34.25
SHRIRAM FINANCE LTD       8.55    04/28/28        INR      62.71


   MALAYSIA
   --------

CAPITAL A BHD             8.00    12/29/28        MYR       0.89


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT     15.00    07/15/06        USD      15.22
BAYAN TELECOMMUNICAT     15.00    07/15/06        USD      15.22


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L     11.50    05/07/15        USD       0.68
BLD INVESTMENTS PTE       8.63    03/23/15        USD       6.75
DAVOMAS INTERNATIONA     11.00    05/09/11        USD       0.33
DAVOMAS INTERNATIONA     11.00    05/09/11        USD       0.33
DAVOMAS INTERNATIONA     11.00    12/08/14        USD       0.33
DAVOMAS INTERNATIONA     11.00    12/08/14        USD       0.33
ENERCOAL RESOURCES P      9.25    08/05/14        USD      45.75
ITNL OFFSHORE PTE LT      7.50    01/18/21        CNY      21.47
MICLYN EXPRESS OFFSH      8.75    11/25/18        USD       0.83
NOMURA INTERNATIONAL      7.65    10/04/37        AUD      66.09
NOMURA INTERNATIONAL     19.50    08/28/28        TRY      64.78
ORO NEGRO DRILLING P      7.50    01/24/24        USD       0.51
RICKMERS MARITIME         8.45    05/15/17        SGD       5.00
SWIBER HOLDINGS LTD       7.75    09/18/17        CNY       6.13


   SOUTH KOREA
   -----------

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


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT      9.00    06/01/43        LKR      72.83
SRI LANKA GOVERNMENT     12.40    05/15/31        LKR      72.22
SRI LANKA GOVERNMENT     12.40    06/15/32        LKR      68.77
SRI LANKA GOVERNMENT      7.50    01/15/33        LKR      65.12
SRI LANKA GOVERNMENT      7.50    02/15/34        LKR      61.96
SRI LANKA GOVERNMENT      7.50    03/15/35        LKR      59.45
SRI LANKA GOVERNMENT      7.85    03/14/29        USD      58.28
SRI LANKA GOVERNMENT      7.85    03/14/29        USD      58.27
SRI LANKA GOVERNMENT      7.55    03/28/30        USD      57.85
SRI LANKA GOVERNMENT      7.55    03/28/30        USD      57.80
SRI LANKA GOVERNMENT     12.40    04/15/36        LKR      57.54
SRI LANKA GOVERNMENT     12.40    05/15/37        LKR      56.24
SRI LANKA GOVERNMENT     12.40    06/15/38        LKR      55.20



                           *********


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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