/raid1/www/Hosts/bankrupt/TCRAP_Public/241022.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, October 22, 2024, Vol. 27, No. 212

                           Headlines



A U S T R A L I A

ANGLE ASSET 2023-3: Moody's Upgrades Rating on Class F Notes to B1
BUNYIP A'BECKETT: Second Creditors' Meeting Set for Oct. 24
CASE STATEWIDE: Second Creditors' Meeting Set for Oct. 25
CATERING AND HOSPITALITY: Second Creditors' Meeting Set for Oct 25
MA MONEY 2024-1: Moody's Assigns B2 Rating to AUD3.50MM F Notes

OZ LABOUR: Second Creditors' Meeting Set for Oct. 25
PELICAN ON-AIR: First Creditors' Meeting Set for Oct. 25


C H I N A

HO WAN KWOK: Court Affirms Preliminary Injunction Order
HOPSON DEVELOPMENT: Fitch Affirms 'B' LongTerm Foreign-Currency IDR
QUZHOU XIN'AN: Fitch Affirms Then Withdraws 'CCC+' Long-Term FC IDR
WENS FOODSTUFF: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
ZW DATA: Pau Chung Ho Resigns; Three New Directors Appointed



I N D I A

ANAND RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
AVEENA MILK: ICRA Keeps D Debt Ratings in Not Cooperating
BAFNA MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
BALAJI ICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
COCHIN SURFACTANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating

CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating
DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating
ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating
FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating

GLOBAL METAL: NCLT Rejects REC Plea vs. Firm Over Default Date
HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating
JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating
JAYPEE HEALTHCARE: NCLAT Closes Insolvency Proceedings
K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

MATRIX AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
MATRIX ENCLAVES: ICRA Withdraws B+ Rating on INR50cr Term Loan
NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
NEELKANTH PULP: ICRA Keeps B+ Debt Rating in Not Cooperating
PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating

RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
RBBR INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating
SONAMOTI AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating

SRINIVASA FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
UNIBAIT FEEDS: CARE Lowers Rating on INR12cr LT Loan to B
UNITY CARE: ICRA Keeps B+ Ratings in Not Cooperating Category
VENKATESHWARA ASSOCIATES: CARE Keeps B- Rating in Not Cooperating

YOUTH WELFARE: CARE Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Fitch Hikes LongTerm IDR to 'B-', Outlook Positive


M A L A Y S I A

KHEE SAN: Shareholders Approve Proposed Regularization Plan


N E W   Z E A L A N D

DU VAL: Minority Shareholders Taking Legal Action Against FMA
NEW ZEALAND CENTRE: Creditors' Proofs of Debt Due on Dec. 15
NEWLINE AMERICA: Creditors' Proofs of Debt Due on Nov. 14
NZ RESPIRATORS: Sells for NZD30,200 Leaving Former Owner in Debt
PRIVATE WEALTH: Court to Hear Wind-Up Petition on Oct. 31

SWILCAN LIMITED: BDO Tauranga Appointed as Liquidator
YESHE DEVELOPMENT: Court to Hear Wind-Up Petition on Nov. 15


S I N G A P O R E

ADVANCE APPROACH: Commences Wind-Up Proceedings
DEERFIELD PTE: Creditors' Proofs of Debt Due on Nov. 18
MAXEON SOLAR: Board Appoints Two New Members
MAXIMA LOGISTICS: Court to Hear Wind-Up Petition on Nov. 1
POWERBEE TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 1

SG-EPC PTE: Court to Hear Wind-Up Petition on Nov. 1
SUNRISE SHARES: SGX RegCo Reprimands Former Directors and CEO


S O U T H   K O R E A

S. KOREA: Delinquency Rate on Bank Loans Up for 2nd Month in Aug.


S R I   L A N K A

KOTAGALA PLANTATIONS: Fitch Lowers National LT Rating to 'CCC(lka)'


T H A I L A N D

ICON GROUP: 18 Arrested as Alleged Pyramid Scheme Losses Near $50M


V I E T N A M

VIETNAM OIL: Fitch Affirms 'BB+' LongTerm Foreign-Currency IDR


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 14, 2024 to Oct. 18, 2024

                           - - - - -


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

ANGLE ASSET 2023-3: Moody's Upgrades Rating on Class F Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on thirteen classes of
notes from three Angle Asset Finance transactions.

The affected ratings are as follows:

Issuer: Angle Asset Finance Trust 2022-1

Class C Notes, Upgraded to Aaa (sf); previously on Feb 15, 2024
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aaa (sf); previously on Feb 15, 2024
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to Aa1 (sf); previously on Feb 15, 2024
Upgraded to A2 (sf)

Class F Notes, Upgraded to Aa2 (sf); previously on Feb 15, 2024
Upgraded to Baa1 (sf)

Issuer: Angle Asset Finance - Radian Trust 2023-1

Class C Notes, Upgraded to Aa3 (sf); previously on Feb 15, 2024
Upgraded to A1 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Feb 15, 2024
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Feb 15, 2024
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Feb 15, 2024
Upgraded to B1 (sf)

Issuer: Angle Asset Finance - Radian Trust 2023-3

Class B Notes, Upgraded to Aa1 (sf); previously on Dec 15, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Dec 15, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Dec 15, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Dec 15, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Dec 15, 2023
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

For Angle Asset Finance Trust 2022-1, the upgrade was a result of
the large increase in credit enhancement available for the affected
notes and the collateral performance to date.

The upgrades for the other two Angle Asset Finance transactions
were also prompted by an increase in credit enhancement available
for the affected notes, and the collateral performance to date is
in line with Moody's expectations.

No action was taken on the remaining rated classes in the
transactions as credit enhancements for these classes remain
commensurate with the current ratings.

Angle Asset Finance Trust 2022-1

Following the September 2024 payment date, the credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 34.4%, 31%, 27.7% and 25.4% respectively, from 25.3%,
21.5%, 17.6%, and 15.1% at the time of the last rating action for
these notes in February 2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the March 2023 payment date. Current
outstanding notes as a percentage of the total closing balance is
25.6%.

As of end-August, 1.3% of the outstanding pool was 30-plus day
delinquent, and 0.5% was 90- plus day delinquent. The portfolio has
incurred losses of 1.2% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have updated Moody's mean loss assumption, inclusive of
residual value risk, to 2.2% as a percentage of the original pool
balance (equivalent to 5.2% as a percentage of current pool
balance) from 2.9% of the original pool balance at the time of the
last rating action in February 2024. Moody's have maintained the
Aaa portfolio credit enhancement at 26%.

Angle Asset Finance - Radian Trust 2023-1

Following the September 2024 payment date, the credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 17.5%, 13.7%, 8.7%, and 7.3% respectively, from 15.3%,
11.6%, 6.8%, and 5.5% at the time of the last rating action for
these notes in February 2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the April 2024 payment date. Current
outstanding notes as a percentage of the total closing balance is
54.9%.

As of end-August, 2.6% of the outstanding pool was 30-plus day
delinquent, and 0.9% was 90- plus day delinquent. The portfolio has
incurred losses of 1.6% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have updated Moody's mean default assumption to 4.6% as a
percentage of the current pool balance (equivalent to 4.4% as a
percentage of original pool balance), from 5.2% of the outstanding
pool balance (equivalent to 4.6% of the original pool balance) at
the time of the last rating action in February 2024. Moody's have
maintained the Aaa portfolio credit enhancement at 26%.

Angle Asset Finance - Radian Trust 2023-3

Following the September 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 22.1%, 16.1%, 12.5%, 6.9% and 4.9%
respectively, from 16.8%, 12.2%, 9.5%, 5.2% and 3.7%  at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current outstanding notes as a
percentage of the total closing balance is 75.8%.

As of end-August, 1.8% of the outstanding pool was 30-plus day
delinquent, and 0.7% was 90- plus day delinquent. The portfolio has
incurred losses of 0.9% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's mean default assumption at 5.8% as
a percentage of the original pool balance (equivalent to 6.3% as a
percentage of current pool balance) as at closing. Moody's have
also maintained the Aaa portfolio credit enhancement at 27%.

Moody's analysis has also considered various scenarios involving
different mean default rate, PCE, recovery rate and default timing
to evaluate the resiliency of the note ratings

The transactions are securitisations of auto and equipment loans
and operating leases by Angle Asset Finance, an Australian non-bank
asset finance provider. The obligors in the pool are primarily
small-to-medium enterprises domiciled in Australia. The underlying
assets backing the receivables include, among others, vehicles,
wheeled equipment, photocopiers, printers and telephony.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in July 2024.

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

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

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

BUNYIP A'BECKETT: Second Creditors' Meeting Set for Oct. 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bunyip
A'beckett Holdings Pty Ltd, Main Civil Constructions Pty Ltd, Payne
Pit Installations Pty. Ltd., and Civil Construction Holdings Pty
Ltd has been set for Oct. 24, 2024 at 1:00 p.m. via virtual
meeting.

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. 23, 2024 at 4:00 p.m.

David Coyne and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Sept. 20, 2024.


CASE STATEWIDE: Second Creditors' Meeting Set for Oct. 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Case Statewide
Solar Pty Ltd has been set for Oct. 25, 2024 at 10:30 a.m. by
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 24, 2024 at 5:00 p.m.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrators of the company on Sept. 18, 2024.


CATERING AND HOSPITALITY: Second Creditors' Meeting Set for Oct 25
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Catering and
Hospitality Services Pty Ltd has been set for Oct. 25, 2024 at
11:00 a.m. via Zoom.

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. 24, 2024 at 4:00 p.m.

Henry McKenna of Vincents was appointed as administrator of the
company on Sept. 19, 2024.


MA MONEY 2024-1: Moody's Assigns B2 Rating to AUD3.50MM F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited as trustee of
MA Money Residential Securitisation Trust 2024-1.

Issuer: MA Money Residential Securitisation Trust 2024-1

AUD145.00 million Class A1S Notes, Assigned Aaa (sf)

AUD230.00 million Class A1L Notes, Assigned Aaa (sf)

AUD51.50 million Class A2 Notes, Assigned Aaa (sf)

AUD40.00 million Class B Notes, Assigned Aa2 (sf)

AUD6.00 million Class C Notes, Assigned A2 (sf)

AUD9.50 million Class D Notes, Assigned Baa2 (sf)

AUD7.00 million Class E Notes, Assigned Ba2 (sf)

AUD3.50 million Class F Notes, Assigned B2 (sf)

The AUD4.50 million Class G1 Notes and AUD3.00 million Class G2
Notes are not rated by us.

The transaction is a securitisation of mortgage loans secured over
residential properties located in Australia. The loans were
originated and are serviced by MA Money Financial Services Pty Ltd
(MA Money, unrated).

MA Money is a wholly owned subsidiary of MA Financial Group, a
global alternative asset manager with AUD9.7 billion in assets
under management as of June 30, 2024.

In 2022, MA Financial Group acquired 100% of MKM Capital, a small
non-bank mortgage lender founded in 2004. Since January 2023, MKM
Capital launched and rebranded to MA Money and has approximately
AUD1.5 billion of Australian mortgage loans assets as of July 31,
2024.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.50% of the notes balance subject to a floor of
AUD750,000; the legal structure; and the presence of AMAL Asset
Management Limited as the standby servicer.

According to Moody's analysis, credit strengths of the transaction
include 25.0% subordination available to the Class A1S and Class
A1L (together, the Class A1) Notes, compared with 12.2% MILAN
Stressed Loss; and turbo amortisation of junior rated notes using
excess spread and principal allocations of the Class G1 and G2
notes upon satisfaction of certain criteria. However, Moody's note
that the transaction features some credit weaknesses such as a
portion of the portfolio underwritten on an alternative
documentation (alt doc) basis (47.2%), loans granted to
self-employed borrowers (63.0%), corporation borrowers (17.7%), and
borrowers who have credit impairment history (8.3%) based on
Moody's classifications.

Moody's Individual Loan Analysis (MILAN) stressed loss for the
collateral pool — representing the loss that Moody's expect the
portfolio to suffer in the event of a severe recession scenario —
is 12.2%. Moody's expected loss for this transaction is 1.4%, which
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- While the Class A2 Notes are subordinate to the Class A1S and
Class A1L Notes in relation to charge-offs, Class A2 and Class A1L
Notes rank pari passu in relation to principal payments, based on
their stated amounts, before the call option date. This feature
reduces the absolute amount of credit enhancement available to the
Class A1L Notes.

-- Principal collections will be distributed on a sequential basis
at first, with allocation to the Class A1L and Class A2 Notes
ranking pari passu in relation to principal payments before the
call option date.

-- Starting from the second anniversary from closing, and subject
to the step down criteria being satisfied, all notes will
participate in proportional principal distribution. However, the
Class G1 and Class G2 Notes' share of principal will be paid in
reverse sequential order starting from the Class F Notes. The step
down criteria include, among others, full repayment to the Class
A1S Notes, no unreimbursed charge-offs on any of the notes and
Class A2 note subordination of at least 29.4%.

The key pool features are as follows:

-- The pool has a weighted-average scheduled LTV ratio of 70.6%.

-- The portfolio has a weighted average seasoning of 8.6 months,
with 32.1% of loans originated in the last six months.

-- Around 47.2% of the loans were extended on an alternative
documentation basis.

-- 63.0% of loans are to self-employed borrowers.

-- 17.7% of loans are to corporation borrowers.

-- Investment and interest-only (IO) loans represent 40.3% and
22.5% of the pool, respectively.

-- Based on Moody's classifications, around 8.3% of borrowers have
credit impairment history.

Methodology Underlying the Rating Action:

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

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expect include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and
insufficient transactional governance.

OZ LABOUR: Second Creditors' Meeting Set for Oct. 25
----------------------------------------------------
A second meeting of creditors in the proceedings of Oz Labour
Solutions Pty Ltd and DW Project Services Pty Ltd has been set for
Oct. 25, 2024 at 10:00 a.m. virtually via Microsoft Teams
teleconference.

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. 24, 2024 at 4:00 p.m.

Simon Thorn of PKF Australia was appointed as administrator of the
company on Sept. 19, 2024.



PELICAN ON-AIR: First Creditors' Meeting Set for Oct. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pelican
On-Air Productions Pty Limited will be held on Oct. 25, 2024 at
11:00 a.m. via Zoom Videoconferencing.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Oct. 16, 2024.




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

HO WAN KWOK: Court Affirms Preliminary Injunction Order
-------------------------------------------------------
In the case captioned HO WAN KWOK, Debtor-Appellant, v. PACIFIC
ALLIANCE ASIA OPPORTUNITY FUND, and LUC A. DESPINS, Appellees,
CIVIL NO. 3:23-CV-102 (KAD) (D. Conn.), Judge Kari A. Dooley of the
United States District Court for the District of Connecticut
affirmed the order of the United States Bankruptcy Court for the
District of Connecticut granting Appellees' motion for preliminary
injunction against Ho Wan Kwok.

Pending before the Court was Ho Wan Kwok's appeal from the
Bankruptcy Court's preliminary injunction order against him and
those within his control prohibiting the intimidation and
harassment of, principally, the Chapter 11 Trustee, Luc A. Despins,
and Appellant's largest creditor, Pacific Alliance Asia Opportunity
Fund ("PAX").

On November 22, 2022, PAX, the Debtor's largest creditor, filed a
complaint and an application for a temporary restraining order and
a preliminary injunction against the Debtor. PAX alleged that the
Debtor had orchestrated a campaign of harassment and intimidation
directed at PAX, its officers, and their families as a means of
disrupting the bankruptcy proceedings. PAX sought to enjoin the
Debtor and others from posting false and harassing materials about
-- as well as the personal information of -- the Trustee, PAX, and
their officers, employees, and relatives, and encouraging or
funding protests that were occurring at their homes and offices.
PAX also requested that the Debtor be  rdered to remove social
media posts that disclosed personal information of the Trustee,
PAX, and their officers, employees, and relatives, or otherwise
encouraged protests at their homes and offices.

The Trustee filed a motion to intervene as a plaintiff that same
day, which was subsequently granted.

The Bankruptcy Court held an expedited hearing on the TRO
application on November 23, 2022. PAX proffered evidence in the
form of social media posts, screenshots, and information that the
Debtor had been "defaming, harassing, and encouraging and
organizing protests against individuals involved in the [Debtor's]
Chapter 11 case, including PAX, family members of PAX's chairman,
PAX's counsel, the Chapter 11 Trustee, family members of the
Chapter 11 Trustee, and the Chapter 11 Trustee's counsel."
Accordingly, the Bankruptcy Court entered a TRO pursuant to Federal
Rule of Civil Procedure 65 and 11 U.S.C. Sec. 105(a), finding that
imminent, irreparable harm to the bankruptcy estate and process was
likely absent a TRO, and the need to protect against such harm
outweighed any restraint on the Debtor's speech.

The TRO enjoined the Debtor and his "officers, agents, servants,
employees, and attorneys and other persons who are in active
concert of participation with" him from: (1) posting false and
harassing material about or personal information of the Trustee,
PAX or PAG's officers or employees, counsel to the trustee or PAX,
and their respective relatives and encouraging, inciting,
suggesting, or funding protests at their homes or offices; and (2)
interfering with the integrity of the bankruptcy proceedings (such
as by threatening the safety of the Trustee, PAX, PAG, and their
officers, employees, counsel, and relatives,); and further (3)
ordered the Debtor to remove social media posts that contained
false or harassing material about or the personal information of
the aforementioned persons or encouraging similar conduct towards
those persons.

On December 5, 2022, the Bankruptcy Court began what would be a
four-day evidentiary hearing on PAX's motion for a preliminary
injunction. Following the evidentiary hearing, on January 11, 2023,
the Bankruptcy Court issued the PI, enjoining the Debtor from the
already restrained behavior and dissolving the TRO.

Appellant challenges the PI as violative of the First Amendment to
the United States Constitution. Appellant makes two principal
arguments: (1) that the PI is an impermissible prior restraint; and
(2) that the scope of the PI is not sufficiently narrowly tailored
to survive strict scrutiny review.

The Court concludes that the PI is sufficiently narrowly tailored
to serve two compelling state interests.

The PI serves two compelling state interests: (1) the state
interest in protecting the "wellbeing, tranquility, and privacy of
the home," ; and (2) the state interest in protecting the integrity
of the bankruptcy proceedings.

Appellant argues that the PI is not adequately narrowly tailored
because of the "breadth of locations and people protected;
arbitrary buffer zones; arbitrary time restrictions; and breadth of
activities prohibited."

Appellees disagree, and argue that restricting Appellant and his
associates from targeting the protected parties directly in front
of their homes and offices and imposing certain time and location
buffers is narrowly tailored to address the compelling state
interests identified herein.

On balance, the Court agrees with Appellees and, upon review of the
Bankruptcy Court's extensive factual findings supporting the PI,
concludes that the PI is narrowly tailored to achieve its
identified goals.

Appellant next challenges the PI as vague, ambiguous, and overly
broad. Specifically, Appellant argues that the PI: (a) fails to
adequately define key terms such as "disparaged," "harassing,"
"action or beliefs," and "interfering"; (b) is overly broad in who
it purports to protect and the sort of conduct it restrains; and
(c) accordingly, fails to put this Court on notice of what it is
reviewing. By contrast, Appellee contends that the PI is neither
vague, ambiguous, nor overbroad, because it bars specific acts at
specific places during specific times, and otherwise explicitly
apprises Appellant of the conduct it prohibits.

The Court agrees with Appellee and concludes that the PI, which was
carefully crafted following a four-day evidentiary hearing, is
sufficiently clear to give explicit notice of precisely what
conduct is prohibited and to whom it applies.

Appellant argues that most of the Bankruptcy Court's fact finding
was impermissibly based on inadmissible hearsay, namely, unsworn
"social media posts and internet videos." In response, Appellee
asserts that the Bankruptcy Court was permitted to rely on hearsay
evidence for the limited purpose of determining whether to award a
preliminary injunction. The Court agrees with Appellees, and finds
that the Bankruptcy Court appropriately considered the hearsay
evidence in determining whether to grant the PI.

A copy of the Court's decision is available at
https://urlcurt.com/u?l=nmFPTI

                      About Ho Wan Kwok

Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.

Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.

Luc A. Despins was appointed Chapter 11 Trustee in the case.


HOPSON DEVELOPMENT: Fitch Affirms 'B' LongTerm Foreign-Currency IDR
-------------------------------------------------------------------
Fitch has affirmed China-based Hopson Development Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B'. The Outlook is Stable. Fitch has also affirmed the company's
senior unsecured rating at 'B' with a Recovery Rating of 'RR4'.

The affirmation reflects its view that the company faces manageable
refinancing risk, as its liquidity on hand, together with free cash
flow (FCF), should be sufficient to meet near-term debt repayments,
despite the decline in sales. Hopson's access to bank funding also
remains strong, underpinned by its quality asset base.

Key Rating Drivers

Manageable Refinancing Risk: Hopson had HKD30.6 billion of
short-term debt as of end-1H24, most of which was onshore bank
loans, which Fitch expects to be rolled over given its strong
banking relationships and quality asset base. It also refinanced
HKD8.2 billion of commercial mortgage-backed securities with
long-dated operating loans in July 2024. Considering the above,
Fitch believes the company's short-term repayment needs primarily
consists of a syndicated loan maturity in March 2025, which can be
repaid using its liquidity on hand and free cash flow.

Hopson had HKD12.5 billion of available cash, excluding regulated
pre-sales funds, as of end-1H24 (end-2023: HKD7.0 billion), and
Fitch expects the company to generate around HKD1.6 billion of FCF
in the next 12 months in its rating case. Fitch believes the
company's liquidity is adequate to cover its short-term maturities
and that it will have no further capital market debt or syndicated
loans beyond this.

FCF Generative, Despite Sales Decline: Fitch forecasts Hopson's
contracted sales to fall by 41% to CNY19.3 billion (HKD21.2
billion) in 2024 and by a further 10% in 2025, as China's property
market has yet to stabilise and the sustainability of recent policy
boosts is uncertain. That said, the company generated HKD2.2
billion of FCF in 1H24 by limiting land and construction cost
outflow and Fitch expects it to remain FCF positive in 2024 and
2025.

Sufficient Quality Saleable Resources: Fitch thinks Hopson has
sufficient saleable resources to support its contracted sales
without near-term pressure to replenish its land bank. Its
aggregate property-development land bank in Beijing, Guangzhou and
Shanghai reached 14 million square metres, or 51% of the total, by
end-1H24, while saleable resources by value stood at around CNY59
billion, which should support sales for multiple years without
material land purchases.

Additional Buffer from Financial Investments: Fitch believes Hopson
could liquidate its financial investments to provide an additional
liquidity buffer. It had HKD3.4 billion of financial investments
(net of margin loans) as of end-1H24, including HKD315 million of
Hong Kong-listed equities (net of margin loans) and HKD3.1 billion
of unlisted investments.

Derivation Summary

Hopson's rating reflects its manageable refinancing risk, as the
majority of its debt is secured and can be rolled over or
refinanced. Fitch expects the company's available cash and FCF
generation will sufficiently cover syndicated loan maturities in
1H25. Hopson's business profile is weaker than that of its closest
peer, China Vanke Co., Ltd. (B+/Negative).

Key Assumptions

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

- Contracted sales to drop by 41% in 2024 (9M24: 49% drop) and by
10% in 2025, remaining flat thereafter

- Land acquisitions at 3%-5% of sales proceeds in 2024-2027

- Construction costs at 38% of sales proceeds in 2024 and 42% in
2025-2027

- Development property gross profit margin of 23% in 2024-2027
(1H24: 23%)

Recovery Analysis

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Hopson would be liquidated in
bankruptcy. The liquidation value approach usually results in a
much higher value than the going concern approach, given the nature
of homebuilding. Fitch assumes a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects its view of the value of
balance-sheet assets that can be realised in a sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

- 58% advance rate applied to net inventory. Hopson's inventory
mainly consists of completed properties held for sale, properties
under development and deposits/prepayments for land acquisitions.
Fitch applies different advance rates to the various inventory
categories to derive the blended advance rate for net inventory.

- 50% advance rate applied to property under development, which is
at various stages of completion and is more difficult to sell than
completed projects. The property under development balance - prior
to applying the advance rate - is the net of margin-adjusted
customer deposits.

- 60% advance rate applied to completed properties held for sale.
Completed commodity-housing units are closer to readily marketable
inventory and had a gross margin of 23% in 2023. Therefore, Fitch
applied a higher advance rate than the typical 50% in the
criteria.

- 80% advance rate applied to deposits/prepayments for land
acquisitions. Land held for development is closer to readily
marketable inventory, similar to completed commodity-housing units,
given that Hopson's land is well located. Therefore, Fitch applied
a higher advance rate than the typical 50% in the criteria.

- 80% advance rate applied to investment properties. Hopson's
investment property portfolio mainly consists of commercial
buildings located in higher-tier cities, such as Beijing and
Shanghai. The portfolio has an average rental yield of 5%. Fitch
applied an 80% advance rate, as it implies a 6% rental yield on the
liquidation value, which Fitch considers as reasonable.

- 80% advance rate applied to trade receivables. Account
receivables constitute a small percentage of Hopson's total assets,
as is typical for China's homebuilding industry. Fitch adopted an
80% advance rate in line with the criteria.

- 50% advance rate applied to property, plant and equipment, which
mainly consists of land and buildings, the value of which is
insignificant.

- 0% advance rate applied to excess cash. China's homebuilding
regulatory environment means that available cash, including
pre-sales that are regulated as cash, is typically prioritised for
project completion, including for trade payables. Net payables
(trade payables - available cash) are included in the debt
waterfall ahead of secured debt. However, Fitch does not assume
that available cash in excess of outstanding trade payables is
available for other debt-servicing purposes and therefore apply an
advance rate of 0%.

- 0% advance rate applied to financial investments. Fitch typically
assigns a 0%-40% cash credit to such investments due to their
liquidity and volatility. Fitch has conservatively applied a 0%
advance rate, taking into consideration the margin loan.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR2' for the offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debts is capped
at 'RR4' because, under Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, China falls into Group D for creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

- Sustained stabilisation in company and sector sales

- Sustained improvement in liquidity and debt maturity profile

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

- Weaker contracted sales or FCF generation than Fitch expects

- Deterioration in liquidity or funding access

Liquidity and Debt Structure

Weak liquidity: Hopson had HKD12.5 billion in available cash
(excluding regulated pre-sale funds) at end-1H24 relative to its
short-term debt of HKD30.6 billion, suggesting a liquidity ratio of
0.4x. However, the majority of its debt is secured and Fitch
expects it to be rolled over or refinanced.

Issuer Profile

Hopson is a China-based developer that specialises in medium-to
high-end large-scale residential properties in higher-tier cities.
It recorded CNY13 billion of contracted sales in 9M24 and had 27
million square metres of property-development land bank as of
end-June 2024. The company also has a portfolio of investment
properties, mainly in Beijing and Shanghai, that have generated
around HKD3.7 billion of annual rental income over the past three
years.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Hopson has an ESG Relevance Score of '4' for Group Structure, due
to uncertainty regarding the financial health of related parties
and the associated risks. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

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       Recovery   Prior
   -----------               ------       --------   -----
Hopson Development
Holdings Limited       LT IDR B  Affirmed            B

   senior unsecured    LT     B  Affirmed   RR4      B

QUZHOU XIN'AN: Fitch Affirms Then Withdraws 'CCC+' Long-Term FC IDR
-------------------------------------------------------------------
Fitch Ratings has affirmed Chinese homebuilder Quzhou Xin'an
Development Co., Ltd.'s (Quzhou Development) Long-Term
Foreign-Currency Issuer Default Rating at 'CCC+', and removed the
rating from Rating Watch Negative (RWN). At the same time, Fitch
has withdrawn the rating.

Fitch has removed the RWN as the company obtained funds to
repurchase the bonds before they were tendered and accepted for
exchange, and repaid the remainder upon maturity. The 'CCC+' rating
reflects the uncertainties in the business model, which is
undergoing transformation, and its weak liquidity but manageable
debt repayment needs in the near term.

Fitch has chosen to withdraw the rating on Quzhou Development for
commercial reasons.

Key Rating Drivers

Bonds Repurchased Before Exchange: Quzhou Development has completed
the exchange offer for USD312.8 million bonds due 28 September 2024
and repaid the remaining USD2.7 million upon maturity. Fitch does
not view the bond exchange as a distressed debt exchange (DDE) as
the company confirmed to Fitch that it had repurchased the bonds
before they were exchanged. Its assessment of a DDE is restricted
to debt instruments owned by third-party investors.

Manageable Debt Repayment. Fitch believes the company can refinance
its CNY600 million onshore bonds due November 2024, the CNY766
million onshore bonds due in February 2025 and the syndicated loans
of CNY4 billion due 1Q25, as they are pledged by financial
investments. Fitch also expects it to be able to refinance its
onshore bank loans, which are secured by assets.

Shanghai Sales May Support Refinancing: Quzhou Development launched
two redevelopment projects for sale in May and August,
respectively, in prime locations in Shanghai. It reported that
total contracted sales jumped by 146% yoy to CNY4.3 billion and
attributable sales surged by 142% yoy to CNY2.8 billion in 1H24.
The Shanghai projects contributed nearly 50% of the contracted
sales in 1H24. Fitch believes the sales prospects of the projects
may support the company's refinancing needs.

Controlling Shareholder Change: Quzhou Industrial Holding Group Co.
Ltd., a state-owned enterprise based in Quzhou, Zhejiang province,
became the controlling shareholder of the company in August 2024
with a 28.9% stake after it obtained control of the board on 17
July 2024. Fitch believes the shareholder change is supportive of
Quzhou Development's access to banks, as it signed a strategic
co-operative agreement with a few financial institutions and
obtained a total of CNY9.5 billion in credit facilities in July
2024.

Derivation Summary

Quzhou Development's rating is significantly lower than that of
rated peers and is driven by its weak business profile and
liquidity. The company is undergoing a business transformation, and
Fitch believes there is uncertainty over the progress of its new
businesses.

RATING SENSITIVITIES

Not applicable, as the ratings have been withdrawn.

Liquidity and Debt Structure

Weak Liquidity: Quzhou Development had unrestricted cash of CNY3.4
billion as of end-June 2024, while its short-term debt amounted to
CNY18.9 billion, including CNY3.7 billion of bonds maturing in a
year. The company has redeemed CNY800 million of onshore bonds that
matured in August 2024. It obtained funds to repurchase the US
dollar bonds for USD312.8 million before the completion of the
exchange and repaid the remainder of USD2.7 million upon maturity
on 28 September 2024.

Issuer Profile

Quzhou Development has been listed on the Shanghai Stock Exchange
since 1999. It focuses on property development in the Yangtze River
Delta, with a few redevelopment projects around the Shanghai Inner
Ring Road. It also has substantial non-property equity investments.
The company changed its name from Xinhu Zhongbao Co., Ltd. in
August 2024.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Fitch does not provide ESG relevance scores for Quzhou Xin'an
Development Co.,Ltd.. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
any ESG factor that is a key rating driver in the key rating
drivers section of the relevant rating action commentary.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Quzhou Xin'an
Development Co.,Ltd.   LT IDR CCC+ Affirmed   CCC+
                       LT IDR WD   Withdrawn

WENS FOODSTUFF: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Chinese hog and broiler
producer Wens Foodstuff Group Co., Ltd. to Stable from Negative and
affirmed its Long-Term Foreign-Currency Issuer Default Rating at
'BB'. Fitch has also affirmed Wens' senior unsecured and US dollar
note ratings at 'BB'.

The Outlook revision reflects the normalisation in hog prices
starting 2H24 as the industry oversupply eases, leading to a
recovery in Wens' profitability. Fitch expects Wens to return to
profitability from 2024, assuming a stabilisation in hog and feed
price cycles as well as African swine fever (ASF) outbreaks.

The affirmation reflects Wens' market position as the
second-largest hog breeder in China and its strong cost leadership
throughout hog cycles. However, the rating is constrained by
uncertainty over post-ASF mid-cycle hog prices with supply-demand
dynamics remaining volatile.

Key Rating Drivers

Industry Oversupply Alleviated: Fitch believes the extended
oversupply in the Chinese hog-breeding industry has eased. Still,
Fitch expects the industry's supply-demand balance to remain
fragile in the near term as it is an extremely fragmented market.
Even the largest producers only have single-digit market share,
with the top-five players having a combined 18% share in 2023,
meaning it could take longer for supply to reach a balance.

The industry has accelerated capacity reduction in 2024. Fitch
estimates that the top-10 breeders' hog production volume growth
slowed to 4% in 1H24, from 16% in 2023, 25% in 2022 and 78% in
2021. The national sow herd size also dropped to a monthly average
of 40.2 million in January-August 2024, from 43 million in
2022-2023 and 44 million in 2021, although it is still slightly
above the recently revised government target of 39 million.

Hog Price Normalisation: Hog prices have risen gradually in 2H24,
helping to restore Wens' profitability. However, prices are subject
to increased volatility due to bouts of ASF infections as well as
stronger pricing influence by large breeders, which possess
significant production capacity and enhanced breeding technology to
quickly increase hog supply. The recent industry downturn
significantly exceeded the length of previous cycles, and hog
prices have been below breakeven for more than half of 2021-2023.

Profit Volatility Constrains Rating: Fitch expects a near-term
recovery in profitability, but there is uncertainty over the
medium-term price outlook, which will affect Wens' cash generation.
Fitch expects EBITDA of CNY10 billion-15 billion in 2024-2025 to
reduce Wens' leverage below 2.5x, assuming average hog prices
remain CNY1-2/kg above Wens' unit production cost, similar to the
CNY2-3/kg year to date in 2024. However, Fitch believes the
increasing hog cycle volatility after ASF has reduced pricing
visibility, causing uncertainty over the ability to sustain
reasonable mid-cycle profitability.

Neutral FCF, Controlled Capex: Fitch expects Wens to maintain
neutral free cash flow (FCF) as profitability recovers and capex
remains stable. Wens' fixed-asset capex has been stable at CNY3
billion-4 billion per year, in line with management's guidance,
spent mostly on community farm buildup, and slaughtering and
processing facilities. Fixed-asset capex is flexible when the
company faces stress but is likely to be spent if cash flow is
sufficient.

Fitch also expects Wens to maintain stable growth in its sow herd
at 100,000 heads per year (2023: 90,000 heads), resulting in stable
capex for both biological-asset expansion and maintenance in the
next few years.

Cost Leader: Wens remains one of the cost leaders in the
hog-breeding industry. Fitch believes Wens is on track to achieve
its full-year average all-in hog production cost of CNY14.2-14.8/kg
in 2024. Wens has demonstrated the ability to control costs amid
high grain prices in 2022-2023. All-in cost was lowered to
CNY13.8/kg in August 2024, from CY16/kg in 2023, CNY17/kg in 2022
and CNY24/kg in 2021. The cost reduction in 1H24 was mainly
attributed to a feed cost decline and improving disease control
procedures.

Market Position Maintained: Fitch believes Wens' business profile
is supported by its market position. Its hog volume and poultry
scale place it in a leading position in China's protein industry.
It also has broad domestic coverage, but protein diversification
may have fewer benefits during downcycles due to the high share of
its hog business.

Derivation Summary

Wens' credit profile is comparable with that of 'BB' category
protein peers. Its business profile is as strong as that of Minerva
S.A. (BB/Stable) and BRF S.A. (BB+/Stable) for its normalised
EBITDA generation and broad coverage in domestic pork consumption.
Wens' mid-cycle leverage is also comparable, but China's volatile
hog cycle has dampened the company's deleveraging capacity.

Wens has a weaker financial profile than investment-grade protein
peers, such as China-based WH Group Limited (BBB+/Stable) and
US-based Pilgrim's Pride Corporation (BBB-/Stable), amid the
inherent volatility of China's hog-breeding industry. Wens'
mid-cycle EBITDA, market position and protein diversification
between swine and poultry show some low investment-grade
characteristics, but are offset by minimal margin stability during
industry cycles.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Hog sales volume of 32 million in 2024, 35 million in 2025 and 37
million in 2026 (2023: 26.3 million);

- Broiler sales volume flat at 1.2 billion per year in 2024-2026
(2023: 9% growth yoy);

- 14% EBITDA margin in 2024 and 8%-9% in 2025-2026 (2023: -0.5%);

- Capex intensity of 5%-6% in 2024-2026 (2023: 7%), mainly on sow
maintenance and expansion, community farming and processing
facilities;

- Dividend payout rate of 30%;

- CNY600 million share buyback in 2024 and CNY1,200 million in
2025.

RATING SENSITIVITIES

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

- Sustained positive FCF, while maintaining EBITDA net leverage
below 2.5x (2023: not meaningful as EBITDA was negative)

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

- Sustained negative FCF due to weak operating cash flow generation
or high capex;

- EBITDA net leverage sustained above 3.5x.

Liquidity and Debt Structure

Adequate Liquidity: The company reported CNY5.7 billion in readily
available cash at end-1H24. Fitch-defined available cash was CNY7.5
billion in 1H24, including CNY2 billion in wealth-management
products as 70% cash, as management said the products have
principal protection. The available cash is sufficient to cover
CNY7.2 billion in short-term debt, all of which are short-term bank
loans and can be rolled over. Wens had CNY27.6 billion in undrawn
credit facilities at end-1H24.

Wens also has CNY6.9 billion in other financial investments managed
mainly by its 100%-owned subsidiary, Wens Investment Limited. The
subsidiary's operations are separate from the parent's, but
management said the cash is available to Wens and the investments
can be liquidated to provide a liquidity buffer when needed. Wens'
only onshore bond outstanding is a CNY7.7 billion convertible bond
due 2027. Wens 2025 offshore US dollar notes have an outstanding
USD216 million from the initial USD350 million and its 2030 notes
have USD118 million remaining from the initial USD250 million. Wens
plans to repay the 2025 notes with available cash.

Issuer Profile

Wens is the second-largest hog breeder and the largest
yellow-feather broiler breeder in China as of end-1H24. The company
also operates other poultry, dairy production and animal
farming-related businesses.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt               Rating          Prior
   -----------               ------          -----
Wens Foodstuff
Group Co., Ltd.        LT IDR BB  Affirmed   BB

   senior unsecured    LT     BB  Affirmed   BB

ZW DATA: Pau Chung Ho Resigns; Three New Directors Appointed
------------------------------------------------------------
ZW Data Action Technologies Inc.disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
October 3, 2024, Pau Chung Ho resigned as a director of the Company
and as a member of the Company's audit, compensation, and
nominating and corporate governance committees. Mr. Pau's
resignation did not result from any disagreement with the Company.

On that same day, Mr. Chung Wang Yiu (Ron) was appointed to fill
the vacancy created from Mr. Pau's resignation. The Company also
appointed Fernando Chen and Kelvin Choi as new independent
directors.

Chung Wang Yiu (Ron), age 36, is an experienced marketing
professional with a robust background in regional marketing,
specializing in a diverse range of sectors including e-commerce,
B2C lifestyle, corporate, and B2B technology brands. Since November
2020, Mr. Yiu has been served as the Content Lead APAC, Foodpanda,
Bangkok, where he oversees the marketing strategies for Hong Kong
and Cambodia, managing regional marketing campaigns and execution.
From June 2018 to November 2020, Mr. Yiu served as Senior Account
Executive of TEAM LEWIS, Hong Kong. At TEAM LEWIS, he managed
content development, social media management, client servicing,
regional coordination, media relations, and influencer engagement
for high-profile clients such as Equinix, Ferrari, Foreo, NTT Ltd.,
Skyscanner, Sophos, and The LYCRA Company. From August 2017 to May
2019, Mr. Yiu served as Account Executive of Newell Public
Relations, Hong Kong. At Newell Public Relations, Mr. Yiu was
responsible for content development, social media management, media
relations, and event support for clients including Adobe, Belkin,
GfK, Parallels, and Software AG. From August 2015 to March 2017,
Mr. Yiu worked as Project Coordinator of Creative Concept
Construction, Hong Kong where he managed client servicing,
coordination with internal and external parties, document
preparation, and administrative support, including reporting and
database updates. Mr. Yiu holds a Bachelor of Arts (Hons) in
Translation from Lingnan University. With a strong track record in
integrated communications, Mr. Yiu brings expertise in digital
marketing, copywriting, social media management, project
management, influencer engagement, and public relations.

Fernando Chen I-Ting, age 41, brings over 15 years of specialized
experience in commercial sales within the public authority, law
enforcement, and defense industry sectors in South-East Asia. He
has developed a deep understanding of the industry's unique
requirements and challenges, demonstrating a consistent ability to
manage extensive sales operations, cultivate robust client
relationships, and deliver high-value solutions. Since 2019, Mr.
Chen has served as Partner and Asia Commercial Sales Program
Manager of Marck & Balsan Group, responsible for the Taiwan, the
Philippines, Vietnam, and Japan markets. Between 2014 and 2019, Mr.
Chen worked as partner and Asia sales at GK Pro Group, a company
focusing on law enforcement personal protection gear. Prior to
that, Mr. Chen worked at Seggan International Limited, apprenticed
in trading materials and equipment across multiple international
markets including the United States, Europe, New Zealand, Japan,
and Taiwan. Mr. Chen holds a Bachelor's degree in Marketing from
the University of Auckland and has continually refined his skills
through various certifications. Mr. Chen brings in extensive
background and strategic insight in the Asia region.

Kelvin Choi Hio Tong, age 41, has over two decades of extensive
experience across a diverse range of industries encompassing
fintech, real estate valuation and financing, quick service
restaurant integrations, customer engagement, supermarket
automation, transport systems, digital marketing, accounting
platforms, tourism, and security software products. Mr. Choi is
actively involved in property real estate investment and is a
member of the Australian Property Investment Association (APIA) and
the New Zealand Property Investors' Federation (NZPIF). Since 2013,
Mr. Choi served as a director of Amazing Solutions Limited, a
software development company specialized in software solutions.
Since 2022, Mr. Choi also served as a chief engineer for TASK Group
Holdings (ASX: TSK) and its holding company PAR Technology
Corporation (NYSE:PAR), a leading provider of technology solutions
for the global hospitality sector. Between 2008 and 2010, Mr. Choi
served as Intermediate Developer for Marshal Software Limited.
Prior to that, Mr. Choi was a junior developer at Affinity iD.
Academically, Mr. Choi holds a Master's Degree in Software
Engineering with Honors from the University of Auckland, as well as
a Bachelor's Degree from Auckland Howick College. Mr. Choi brings a
comprehensive blend of technical acumen and business insight to
drive innovation and deliver substantial value across various
sectors.

The Company has determined that each Mr. Yiu, Mr. Chen and Mr. Choi
qualifies as independent director as such term is defined by Rule
5605(a)(2) of the Marketplace Rules of The Nasdaq Stock Market,
Inc. and Section 10A(m)(3) of the Securities Exchange Act of 1934,
as amended.

None of Mr. Yiu, Mr. Chen, or Mr. Choi has any family relationships
with any of the executive officers or directors of the Company.
Additionally, there have been no transactions in the past two years
to which the Company or any of its subsidiaries was or is to be a
party, in which Mr. Yiu, Mr. Chen, or Mr. Choi had, or will have, a
direct or indirect material interest.

                 About ZW Data Action Technologies

Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2024, ZW Data had $10.8 million in total assets,
$5.6 million in total liabilities, and $5.3 million in total
stockholders' equity.



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

ANAND RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Anand
Rice Mills (ARM) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        39.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Anand Rice Mill (ARM) is engaged in the business of milling of
Basmati Rice. The company has processing unit with capacity of 8
tons per hour which is in Nissing (Distt. Karnal)- Haryana. The
Company caters to both domestic as well as export markets. Out of
total sales in FY17 ~95% is contributed by domestic sales and rest
by export market sales. The partners in the firm are
Mr. Sunil Kumar, Mr. Pankaj Singla and Mr. Surinder Kumar.


AVEENA MILK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Aveena
Milk Products (AMP) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

   Long Term-            5.00      [ICRA] D; ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
  
As part of its process and in accordance with its rating agreement
with AMP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Aveena Milk Products (AMP) is partnership firm registered on 6th of
January 2014 which deals in Milk and Milk products with all allied
and necessary activities in relation to production of Milk and its
consumption.


BAFNA MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Bafna
Motors (Mumbai) Private Limited (BMMPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        59.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-       150.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

BMMPL is an authorized dealer of Tata Motors Limited (TML; rated
[ICRA]AA-(Negative)/[ICRA]A1+), dealing in commercial vehicles as
well as in their spare parts and servicing. The company serves the
three regions of Mumbai, Thane, and Raigad district in Maharashtra.
The company was established on November 5, 2001. Its registered
office is at World Trade Centre, Cuffe Parade, Mumbai. The Bafna
Group was promoted by Mr. M. C. Bafna, with its first dealership in
Nanded (Maharashtra). mily managed company is also engaged in the
production of table eggs and trading in wheat, rice, paddy, animal
and poultry feed. Based out of Nagpur, the company is operating 16
sheds on a 28-acre land.



BALAJI ICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Shree
Balaji Ice and Cold Storage (SBICS) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.90       [ICRA] B(Stable) ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category
   
   Long Term-         1.95       [ICRA] B(Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2008, SBICS provides cold storage facilities to
potato manufacturers on a rental basis. The firm has a cold storage
facility at Sasni, Uttar Pradesh and has a capacity to store 19601
Metric Tons (MT) of potatoes.


COCHIN SURFACTANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Cochin
Surfactants Private Limited (CSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.50        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2002, CSPL can manufacture 1800 MT of activated
carbon in a year from its plant set up in Edayar, Kochi. It caters
majorly caters to IGCL's requirement. Incorporated in 2004, ACPPL
can manufacture 4680MTPA of activated carbon in a year from its
plant set up in Edayar, Kochi.


CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Creative
Chain Stores Private Limited (CCSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     45.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2023, placed the rating(s) of CCSPL under the 'issuer
non-cooperating' category as CCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2024, August 23, 2024 and September 2, 2024 among others.

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

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

Incorporated in June 1987, Creative Chain Stores Private Limited
(CCSPL) is engaged in the manufacturing and exports of readymade
garments. Its product profile comprises of Ladies wear primarily
woven fabrics. It exports mainly to US and Europe and sells the
balance in the domestic market. CSPL has four manufacturing
facilities (in Delhi and Faridabad).


DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings for the Bank
Facility of DMK Particleboard LLP in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         7.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         0.65      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Established in February 2016, DMK Particleboard LLP is engaged in
manufacturing of wooden plain particleboard and pre laminated
particleboard in the dimension of 8"x4" and 8"x3" used in the
furniture. The commercial operations of the firm began in April
2017 at its manufacturing facility located in Morbi (Gujarat). The
firm currently has an installed capacity of manufacturing 6,00,000
sheets per annum. The partners are also associated with Nidhi
Minerals (engaged in trading of ceramic raw material), Amardeep
Industries (engaged in manufacturing sanitary wares) and Umiya
Electricals (engaged in trading of electrical goods).


ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polymers (EP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.70       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2023, placed the rating(s) of EP under the 'issuer non-cooperating'
category as EP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. EP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 13, 2024, August 23, 2024
and September 2, 2024 among others.

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

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

Eco Polymers (EP) was established in May, 2016 as a partnership
firm and is currently being managed by Mr. Ashok Goyal, Mr Vinod
Goyal, Mr. Ayush Goyal and Mr. Aman Goyal as its partners sharing
profit and loss in the ratio of 11%, 33%, 23% and 33% respectively.
EP is established with an aim to set up a manufacturing unit at
Panipat, Haryana for manufacturing of Propylene (PP) fabrics and
woven sacks.

FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ferromet
Steels Private Limited (FSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.55      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short Term-       (4.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel (MS)
Flat, MS Angle, MS Round, MS Square, MS Channels. The company
started its manufacturing operations with a capacity of 19,200 TPA
in 2008 and later added additional capacity by setting up another
rolling mill with a capacity of 21,600 TPA, which
commenced operations during April 2012 (total installed capacity of
40,800 TPA). Apart from manufacturing structural steels, FSPL also
engages in trading of structural steels to cater to customer
orders, which are not produced in house. FSPL was initially
incorporated under the name of S. R. M. C. Exports Limited in the
year 1995 and was subsequently renamed in 2008. FSPL is promoted
and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel,
current directors of the company.


FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Friends Agro Industries (FAI) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Friends Agro Industries (FAI) is a partnership firm established in
January 2010. The firm is primarily engaged in milling of basmati
rice and non-basmati rice. FAI's milling unit is based out of
Jalalabad, Punjab. The firm purchases paddy from the local mandis
and markets in and around Jalalabad. The partners purchased the
mill in January 2010 and installed a Sortex machine. Now the firm
sells value added sorted rice instead of raw rice which the earlier
entity sold. The distribution is done through a network of brokers
situated across Delhi, Rajasthan, Punjab, and Haryana. The product
is sold under an unregistered brand named "Aneja Gold".


GLOBAL METAL: NCLT Rejects REC Plea vs. Firm Over Default Date
--------------------------------------------------------------
The Economic Times reports that the bankruptcy tribunal rejected
REC Ltd's application against Global Metal & Energy Pvt Ltd, saying
the default occurred when initiation of insolvency proceedings was
barred amid the Covid disruption.

This decision sets a precedent, highlighting that lenders cannot
change the date of default by issuing fresh notices post the
prohibited period, ET says.

Global Metal & Energy Pvt Ltd operates a 2.55 MW and 10 MW
wind-based power plants in District Sangli, Maharashtra. The 10 MW
project had a project cost of INR67.27 crore has been funded by
term loan (from Rural Electrification Corporation Limited) of
INR47.09 crore and equity of INR20.18 crore.


HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Shree
Hanuman Trust (SHT) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        59.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 1982, Shree Hanuman Trust (SHT) is engaged in
leasing of the 3rd floor of Mittal Court developed by the Mittal
Group with an area of 22,111 sq. ft. at 244, Nariman Point, Mumbai
to The Income Tax Department, Government of India. The trust is a
part of the Mittal Group, which is engaged in real estate
development since 1952.



JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Jajodia Exports Pvt Ltd
(JEPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         7.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, Jajodia Exports Pvt Ltd (JEPL) is engaged in
the trading of food grains, diesel engines for irrigation pumps and
completely knocked down E-rickshaw components. The promoters of
JEPL started operations in the year 1995 as a partnership firm
under the name of Jajodia Exports and were initially engaged in the
trading of food grains only. Over the
period of time the entity has also ventured into trading of diesel
engines for irrigation pumps and completely knocked down
E-rickshaws. JEPL primarily sells food grains and E-rickshaws (CKD)
in the state of West Bengal, while diesel engines are sold in the
state of Uttar Pradesh, Bihar and West Bengal.


JAYPEE HEALTHCARE: NCLAT Closes Insolvency Proceedings
------------------------------------------------------
The Economic Times report that the National Company Law Appellate
Tribunal (NCLAT) has closed the insolvency proceedings against
Jaypee Healthcare after the financial creditors' dues were settled
by Max Healthcare. The appellate tribunal's direction to close the
Corporate Insolvency Resolution Process (CIRP) against Jaypee
Healthcare Ltd (JHL) came after the financial creditor submitted
that they had received the amount of INR1,035.29 crore as part of
the settlement and no claim had survived.

"In view of the fact that the entire claim has now been satisfied
and the amount deposited has been disbursed, we see no reason to
continue the CIRP any further," said the NCLAT order passed on Oct.
17.

According to ET, CIRP against JHL was initiated by the Allahabad
bench of the National Company Law Tribunal (NCLT) on June 14 this
year, over a petition filed by its lead creditor JC Flowers Asset
Reconstruction Ltd.

This was challenged by the Manoj Gaur-led parent group firm Jaypee
Infratech Ltd (JAL) before the appellate tribunal NCLAT.

During the insolvency, Max Healthcare on September 13, announced to
acquire 64 per cent stake in JHL for an enterprise value of Rs
1,660 crore, ET relates.

It had entered into a strategic agreement with Lakshdeep Group, the
promoter of Jaypee Healthcare, which operated a 500-bed Jaypee
Hospital in Noida, as well as two other hospitals located in
Bulandshahr and Anoopshahar - in Uttar Pradesh.

"Strategic Partner (Max Healthcare) had deposited an amount
equivalent to the admitted financial creditor claim (Rs 1,035.29
crore settlement amount) in the designated bank account of the
Corporate Debtor (JHL) which had subsequently been distributed to
the financial creditors of the Corporate Debtor in terms of the
Lakshdeep Proposal," said an affidavit filed by JHL before NCLAT.

It further said the CoC (Committee of Creditors) members
acknowledged receipt of the Settlement Amount on a non-recourse
basis and took note of the implementation of the Lakshdeep
Proposal, ET relays.

Observing the development, NCLAT in its order said,"In view of the
aforesaid, we set aside the Order dated June 14, 2024, impugned . .
. Both the Appeals are disposed of accordingly and CIRP stands
closed."

India-based Jaypee Healthcare Limited provides dental care, liver
transplant, radiology and imaging, chest surgery, ophthalmology,
pain management, plastic surgery, diabetes, kidney diseases, spine,
cancer treatment, and rehabilitation services.

Jaypee Healthcare commenced insolvency proceedings on June 14,
2024.


K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of K.P. Saha Private Limited
Unit: Maa Bameswari Rice Mill in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.69        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term-          0.13        [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

K.P. Saha Private Limited was set up in 1990 and its rice mill unit
Maa Bameswari Rice Mill (MBRM) was set up and started operations in
December 2010 at Dhaniakhali, West Bengal. K.P. Saha also owns two
cinema halls at Kalyani and Kolkata, West Bengal. MBRM is engaged
in production of parboiled rice and has a milling capacity of 96 MT
per day on a double-shift basis,
translating into an annual milling capacity of 28,800 MT.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      31.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of MAPL under the 'issuer non-cooperating'
category as MAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. MAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 18, 2024, June 28, 2024,
July 8, 2024 among others.

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

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

Matrix Agro Private Limited (MAPL) has been promoted by Mrs Shobana
Kamineni and Mr. K. Sri Harsha to set up a biomass-based power
plant of 6-MW capacity in Polakpalli village, Gulbarga district,
Karnataka. The power generated from the power plant is being sold
to the Apollo group of hospitals (Apollo Hospitals, Apollo
Speciality, and Apollo BGS), Distant Learning Internet India
Limited, Vydehi Institute of Medical Sciences & Research Centre,
and Srinivasa trust through Karnataka Power Transmission
Corporation’s (KPTCL) and respective Bangalore Electricity supply
company Limited (BESCOM). The company has achieved COD on December
09, 2015 (against earlier envisaged December 2014).

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of MAPL to
the ‘issuer not-cooperating’ category vide press release dated
February 8, 2024 on account of its inability to carryout review in
the absence of requisite information from the company.


MATRIX ENCLAVES: ICRA Withdraws B+ Rating on INR50cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Matrix Enclaves Projects Developments Private Limited (MEPDPL) at
the request of the company based on the No Dues Certificate
received from its bankers and in accordance with ICRA's policy on
withdrawal.  

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term loan                       

The key rating drivers, liquidity position, rating sensitivities
and key financial indicators have not been captured as the rated
instruments are being withdrawn.   

Matrix Enclaves Projects Developments Private Limited (MEPDPL) was
incorporated in 2007. The promoters, the MMR-based Marathon Group,
Mr. Mayur Ramniklal Shah and his nephew Mr. Kaivalya Chetan Shah,
hold a 50% stake each in MEPDPL. The company owns ~100 acres of
land in Dombivali (E), where a mega township (Marathon Nexworld) is
being developed. Till date, the Marathon Group has launched three
towers in the township, of which two are being developed by
MEPDPL.


NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navbharat
Explosive Company Limited (NECL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Rationale and key rating drivers

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

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

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

Incorporated in the year 1983, Navbharat Explosives Company Limited
(NECL) is a part of the Navbharat group of companies based in
Raipur, Chattisgarh. Controlled by the Singh family, the group has
interests in steel, mining, explosives and real estate sector. NECL
is a manufacturer of industrial explosives and accessories, which
encompass cartridge explosives, bulk explosives, detonating fuse
and cast booster. The company has three manufacturing facilities.
Apart from NECL, the Navbharat group carries out the explosives
business through another legal entity i.e. Navbharat Fuse Company
Limited. The Navbharat group also has interest in real estate
activities which it carries out through its group companies. The
main promoters of the group –the Singh family of Raipur –have
over three decades of track record in the industrial explosives
segment.


NEELKANTH PULP: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Neelkanth Pulp & Paper Boards (NPPB) in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           7.00       [ICRA]B+ (Stable); ISSUER NOT  
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           3.48       [ICRA]B+ (Stable); ISSUER NOT  
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-          7.94       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Neelkanth Pulp & Paper Boards (NPPB) was incorporated in the year
2010 for manufacturing kraft paper and is managed by Mr. Hitesh
Gondalia and other partners. The manufacturing operations commenced
from August 2011. The firm's manufacturing facility is in Rajkot
(Gujarat) with an installed manufacturing capacity of 31000 MT per
annum. NPPB primarily manufactures Kraft paper in varying gram mage
(100-300 Grams per sq. meter) and burst factor (16-22).


PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      43.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 26,
2023, placed the rating(s) of PET under the 'issuer
non-cooperating' category as PET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PET continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 11, 2024,
August 21, 2024 and August 31, 2024 among others.

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

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

Uttar Pradesh based PET was established in 1997 with an objective
to provide education services. The society is managed by Mr. B. P.
Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr. Palash P Yadav
(Vice Chairman). PET provides undergraduate and post-graduate
courses in various fields of Engineering, Computers Science,
Management and Pharma. The college is affiliated to Uttar Pradesh
Technical University, Dr. Ram Manohar Lohia Avadh University and is
approved by the All-India Council for Technical Education (AICTE).
The society also operates a CBSE school in the name of Prasad
International School providing primary and secondary education from
Nursery to class XIIth. The school is affiliated to Central Board
of Secondary Education (CBSE).


RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Agro Sciences Private Limited (SRASPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 26,
2023, placed the rating(s) of SRASPL under the 'issuer
non-cooperating' category as SRASPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRASPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
11, 2024, August 21, 2024 and August 31, 2024 among others.

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

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

Rudrapur-based (Uttarakhand) Shri Ram Agro Sciences Private Limited
(SRASPL) was incorporated in 2011 by Mr. Jasvinder Singh, Mrs
Jasmeet Kaur, Mr. Jeetender Singhal, and Mr. Manpreet Singh. The
company is engaged in processing and trading of wheat, paddy,
vegetables, green manure, and fodder seeds.

RBBR INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RBBR
Infrastructure Private Limited (RIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 7, 2023,
placed the rating(s) of RIPL under the 'issuer non-cooperating'
category as RIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 22, 2024, July 2, 2024, July
12, 2024 among others.

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

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

RBBR Infrastructure Private Limited (RIPL) was incorporated on
March 28, 1996, by the promoters of Daga Group- a group with
interests in mining, mineral processing, dental products and real
estate. RIPL is engaged in the manufacturing of concrete products
such as RCC (Reinforced Cement Concrete) pipes, pre-cast manholes,
chambers, box culverts, slabs, tanks, staircases, etc. under
the brand name of READYCRETETM. Its manufacturing facility is
located at Hosur, Tamil Nadu. The Company procures its raw
materials from across Southern India and has a reputed clientele
located across Andhra Pradesh, Karnataka, Kerala and Tamil
Nadu.

RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Ronald Colaco in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Ronald Colaco is a proprietorship firm set up in 1996, which has
been functioning under Mr. Ronald Colaco, one of Bangalore's
leading Non-Resident Indian entrepreneurs. The firm has two
separate entities under it namely, the Clarks Exotica Resorts &
Spa, and Continental Builders & Developers. Started in 2008, the
Clarks Exotica Resorts & Spa is a fivestar hotel in Devanahalli,
Bangalore, which is spread across 75 acres. It consists of 151
rooms, two convention centers, one restaurant, and a host of other
facilities. Ronald Colaco – Land, the parent entity, is engaged
in sale and purchase of landholdings; while Continental Builders &
Developers is involved in the development of these landholdings
into plots. The firm has completed and sold two residential
layouts—'Hollywood Town' and 'Swiss Town' at Devanahalli in
Bangalore.


SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shaktiman
Bio Agro Industries PRivate Limited (SBAIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.78       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 25,
2023, placed the rating(s) of SBAIPL under the 'issuer
non-cooperating' category as SBAIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBAIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
10, 2024, August 20, 2024 and August 30, 2024 among others.

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

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

Yamuna Nagar (Haryana) based, Shaktiman Bio Agro Industries Private
Limited (SBAIPL) was incorporated in 2007 as a private limited
company. The company is primarily engaged in trading of gunny bags
and Poly Propylene (PP) woven bags which find its application in
packaging industry. The company is also engaged in manufacturing of
corrugated boxes at its facility located in
Yamuna Nagar, Haryana.

SONAMOTI AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sonamoti
Agrotech Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.78      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 8, 2023,
placed the rating(s) of SAPL under the 'issuer non-cooperating'
category as SAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 23, 2024, July 3, 2024, July
13, 2024 among others.

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

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

Incorporated in April 2010, Sonamoti Agrotech Private Limited
(SAPL) was promoted by the Kasera family of Patna, Bihar for
setting up a paddy milling and processing unit at Karmali Chak,
Patna, Bihar. The company commenced commercial production from
November, 2013 with rice processing capacity of 58,400 metric ton
per annum (MTPA).

Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of SAPL
into Issuer Not Cooperating category vide press release dated
September 12, 2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.



SRINIVASA FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Srinivasa
Fashions Private Limited (SFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     65.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 16,
2023, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 1, 2024, July
11, 2024, July 21, 2024 among others.

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

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

Srinivasa Fashions Private Limited (SFPL) is a closely-held family
business incorporated in the year 2005 by Mr. C.V Ravindran, a
first-generation entrepreneur along with his wife Mrs Vijaylakshmi
Ravindran. The company is engaged in the manufacture and export of
readymade garments (RMG) (mainly men's wear) to Europe and USA. One
of the lenders of the company has confirmed that the entity has not
availed moratorium on COVID-19 for its sanctioned facilities.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SFPL into Issuer Not
Cooperating category vide press release dated October 20, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tranformex
Ferrous Private Limited (TFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 29,
2023, placed the rating(s) of TFPL under the 'issuer
non-cooperating' category as TFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 14, 2024, July
24, 2024, August 3, 2024 among others.

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

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

Vadodara (Gujarat) based TFPL incorporated in 2013 is engaged into
the business of recycling of Steel Scrap, TFPL imports Light metal
scraps (LMS) from Istambul, Dubai. LMS comprised of rubber and
steel. TFPL removes the rubber and process the remaining steel it
in order to convert it into Mild Steel Scrap. TFPL is operating
from its sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12000metric tonnes per annum
(MTPA) for MS Steel Scrap.


UNIBAIT FEEDS: CARE Lowers Rating on INR12cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Unibait Feeds Private Limited (UFPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      12       CRISIL B/Stable; ISSUER NOT
   Bank Loan Facility               COOPERATING (Rating continues
                                    to remain under ISSUER NOT
                                    COOPERATING category and
                                    Downgraded from CARE B+;
                                    Stable)

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of UFPL under the 'issuer non-cooperating'
category as UFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. UFPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 18, 2024, June 28, 2024,
July 8, 2024 among others.

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

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

The ratings assigned to the bank facilities of UFPL have been
revised on account of non-availability of requisite information.

Unibait Feeds Private Limited (UFPL) was incorporated in 2015 and
is being primarily promoted by Mr. Koganti Anjaneyulu and Mr.
Koganti Venkata Gopala Krishna. UFPL is engaged in manufacturing of
premium shrimp feed and floating fish feed by way of job works
offered to Kwality Feeds Limited (KFL), in which promoters hold
majority stake. KFL has a total installed capacity of 57,200 MT for
manufacturing aqua feed (shrimp, fish etc). UFPL has entered into a
technological collaboration with INVIVO NSA from France,
specialists in Aqua feed nutrition, with years of experience in
handling different species of Aquaculture. Further, the quality
standards and operation system in Unibait are accredited by ISO
9000:2008 system.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of UFPL to the 'issuer
not-cooperating' category vide press release dated October 30, 2023
on account of its inability to carryout review in the absence of
requisite information from the company.


UNITY CARE: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Unity Care & Health Services
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.05        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Overdraft                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.45        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in October 2000, Unity Care & Health Services Private
Limited owns a 250-bed multi-specialty hospital named Unity Health
Complex (UHC) in Mangalore. The company has been promoted by Dr.
C.P. Habeeb Rahman, who started the hospital in 1978 as a
partnership concern under the name, Unity Health Complex.
Witnessing healthy growth, Dr. Rahman also commenced Nursing
Diploma course in 1982 and a degree college (Nursing) in 1999
within the hospital complex to cater to
the captive demand for trained medical staff. With sustained growth
in demand for healthcare services, in 2000, Dr. Rahman converted
his venture into a private limited company under the name, Unity
Care & Health Services Private Limited. The hospital offers
treatments across various specialties including cardiology,
neurology, nephrology, urology, orthopedics, gastroenterology,
oncology, ophthalmology, pulmonology and emergency and trauma care.



VENKATESHWARA ASSOCIATES: CARE Keeps B- Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Venkateshwara Associates (VA) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       26.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2023, placed the rating(s) of VA under the 'issuer non-cooperating'
category as VA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. VA continues to be
non-cooperative despite repeated requests for submission of
information through emails dated August 12, 2024, August 22, 2024
and September 1, 2024 among others.

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

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

In 1993, Mr. Abhijit Jadhav started a partnership firm
Venkateshwara Construction. In 2005, Mr. Nitin Tarate, joined hands
with Venkateshwara Construction to create Venkateshwara Realty the
flagship firm of Venkateshwara Realty ('VR') group. In 2007, VA was
formed by Mr. Abhijit Jadhav, Mrs. Soniya Jadhav, Mrs. Shailaja
Tarte and Tarte Housing Private Limited. VA is currently
executing one project 'The Ridges' in Bhugaon, Pune. The Ridges is
a luxury project with 38 Bungalows including amenities such as
private pool, studios, party lounge, Play Park etc. CARE does not
have any update on the latest developments in this regard.

YOUTH WELFARE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Youth
Welfare Association (YWA) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.04       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2023, placed the rating(s) of YWA under the 'issuer
non-cooperating' category as YWA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
YWA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 12, 2024,
August 22, 2024, September 1, 2024 among others.

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

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

Youth Welfare Association (YWA) was registered in July, 1985 under
the Society registration Act. The operations of the society,
however, started in the year 2002. The society was established by
Mr. C P Sharma (President), Mrs. Tara Sharma (Treasurer) and Mr.
Chetan Sharma (Secretary) and is running a school and a polytechnic
college by the name of Mt. Littera Zee School and
Pt. Gauri Shankar Memorial Polytechnic College, respectively, at
Shimla, Himachal Pradesh. The various diploma courses being offered
at the college are approved by AICTE (All India Council of
Technical Education) while the school is affiliated to Central
Board of Secondary Education (CBSE) and currently offers classes
from 1st standard to 10th standard.




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

LIPPO KARAWACI: Fitch Hikes LongTerm IDR to 'B-', Outlook Positive
------------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based PT Lippo Karawaci Tbk's
(LPKR) Long-Term Issuer Default Rating (IDR) to 'B-', from 'CCC+'.
The Outlook is Positive. Fitch has also upgraded the ratings on
LPKR's US dollar notes due January 2025 and October 2026 issued by
Theta Capital Pte. Ltd. to 'B-' from 'CCC+' with a Recovery Rating
of 'RR4'. At the same time, Fitch Ratings Indonesia has upgraded
LPKR's National Long-Term Rating to 'BBB-(idn)' from 'BB-(idn)'.
The Outlook is also Positive.

The upgrade reflects LPKR addressing its US dollar notes' maturity,
as the company has recently announced it plans to use most of the
proceeds from selling a partial stake in PT Siloam International
Hospital (SILO) to deleverage. The Positive Outlook reflects its
expectation that LPKR's financial profile will improve from the
planned debt reduction, while its pre-sales will remain modest.

'BBB' National Ratings denote a moderate level of default risk
relative to other issuers or obligations in the same country or
monetary union.

At the same time, Fitch has withdrawn LPKR's senior unsecured class
rating because it is no longer relevant to the agency's coverage.

Key Rating Drivers

Early Note Redemption: LPKR in September 2024 sold an 18.57% stake
in SILO for IDR6.9 trillion, reducing its holdings to 29.09%, by
participating in a voluntary tender offer by Sight Investment,
another stakeholder in SILO. LPKR said it will use IDR3.9 trillion
of the sales proceeds to repay debt, including redeeming USD130.8
million of its outstanding US dollar notes due in October 2026 on
31 October 2024. This addresses its refinancing risk, which Fitch
earlier viewed as high due to LPKR's insufficient internal cash
flow and a highly leveraged profile.

Material Deleveraging Plans: The company will also use the
earmarked IDR3.9 trillion to repay the outstanding balance of
USD63.6 million on its other US dollar note upon maturity in
January 2025. In addition, it plans to prepay a small portion of
its syndicated facility, which amounted to IDR4.9 trillion at
end-June 2024. In July 2024, LPKR sold a 10.4% stake in SILO and
used the sales proceeds of IDR3.9 trillion for partial redemption
of its US dollar notes, materially lessening the refinancing risk
for its 2025 US dollar note.

Fitch expects the leverage (net debt/net property assets) of LPKR,
excluding SILO and subsidiary PT Lippo Cikarang Tbk (LPCK), to
improve to around 25% from 2024 (2023: 65%), which will provide
room to raise new debt, if needed. LPKR plans to use the remaining
IDR3 trillion from the SILO stake sale proceeds for other business
purposes, including working capital and project completions, which
may support its liquidity. It also intends to make new investments,
although these plans have yet to be finalised and Fitch will treat
these as an event risk.

Cash Flow to Improve: Fitch expects LPKR to have positive free cash
flow (FCF) from 2025 after a deficit in the past few years. The
improvement should come from total debt reduction and the lowering
of foreign-currency debt and the associated hedging costs amid a
weakening rupiah to the US dollar. LPKR (excluding SILO and LPCK)
debt is denominated in rupiah except the two US dollar notes, which
made up 40% of its total debt at end-June 2024.

These improvements will be partly offset by a decline in annual
dividend income from SILO to less than IDR100 billion from 2025
(2023: IDR148 billion) due to the reduced stake in SILO. LPKR has
historically used asset disposals and one-off bulk land sales to
SILO to generate additional cash flow. Fitch believes these ad hoc
liquidity sources have shrunk with LPKR's reduced stake in SILO,
which is one of its prime assets. A sustained improvement in
operating cash flow will therefore be crucial to supporting a
higher rating, in its view.

Steady Pre-Sales: LPKR's marketing pre-sales, including land sales
but excluding LPCK, rose by 30% yoy to IDR2.4 trillion in 1H24,
contributing 58% of its 2024 estimate of IDR4.1 trillion (2023:
IDR3.8 trillion). Fitch expects pre-sales to rise from new launches
and a supportive economic environment from an expected decline in
interest rates and steady GDP growth.

Unencumbered Assets: LPKR has unencumbered land at book value of
around IDR13.5 trillion that is mostly unpledged, excluding land
inventory booked under LPCK. There are, however, challenges in
mortgaging the land bank if the land is not contiguous.
Furthermore, part of the vacant land is needed to launch new
developments. Fitch believes LPKR has to replenish its land bank
materially to sustain its scale over the medium-to-long term. LPKR
pledged land with a book value of IDR1.25 trillion as security for
the syndication loans it obtained for the tender offer of its
capital-market debt in January 2023.

Ratings Based on Standalone Profile: Fitch assesses LPKR's ratings
based on the standalone company and closely held subsidiaries, and
exclude its key listed subsidiary, LPCK. This is to reflect limited
cash fungibility between LPKR, which is the obligor of most of the
consolidated group's debt, and LPCK. LPKR has deconsolidated SILO
following the stake sales and classifies it as an associate
starting 13 June 2024. This will have no impact on its rating case,
as Fitch has been excluding SILO for LPKR's rating assessment.

Derivation Summary

LPKR can be compared with close Indonesia-based peer PT Kawasan
Industri Jababeka Tbk (KIJA; IDR: B-/Stable; National Rating: BB+
(idn)/Stable) on both the international and national rating scales.
KIJA's rating is constrained by its small pre-sales scale, which
Fitch expects to remain below IDR1 trillion in the next few years
compared with LPKR's more than IDR3.5 trillion.

KIJA has high exposure to industrial land sales, which could be
more volatile in economic downturns, while LPKR has higher exposure
to less-cyclical residential sales. KIJA's profile, however,
benefits from non-development income from its power plant, dry port
and estate-management services, which covers its interest expense
by more than 1x. Fitch believes, after LPKR's announced
deleveraging plan, both companies have similar liquidity profiles,
with manageable loan amortisations in the next two-three years.
LPKR's larger pre-sales than KIJA is reflected in its Positive
Outlook.

Key Assumptions

Fitch's Key Assumptions Within its Rating Case for the Issuer
Include:

- Pre-sales, excluding LPKR's bulk land and LPCK, of IDR3.6
trillion-3.8 trillion a year over 2024-2026;

- FCF to improve and stay above IDR100 billion from 2025;

- Average annual dividend income from key subsidiaries of IDR100
billion during 2024-2026;

- Neutral EBITDA from recurring-income businesses, such as hotels,
malls and property management by end-2024.

Recovery Analysis

Recovery Rating Assumptions:

- LPKR, excluding SILO and LPCK, will be liquidated during
bankruptcy because it is primarily an asset-trading company;

- 10% administrative claims;

- A 25% haircut on trade receivables, in line with domestic and
regional peers;

- A 50% haircut on the book value of adjusted inventory, in line
with domestic and regional peers;

- A 50% haircut on net property, plant and equipment;

- Proceeds from the disposal of LPKR's 29.09% stake in SILO and
47.29% stake in Lippo Malls Indonesia Retail Trust (LMIRT, CCC+)
will be available during a liquidation. Fitch used SILO's share
price (IDR3,000) and LMIRT's unit price (SGD0.022) on 8 October
2024 as the basis to calculate the recovery value from both
entities' shares.

- A 60% haircut on LMIRT and 30% to SILO's market value, given
LPKR's meaningful stake;

- Proceeds from the recent SILO stake sales of IDR3.9 trillion,
which LPKR has earmarked for debt repayment;

- Fitch estimates, based on its calculation of the adjusted
liquidation value after administrative claims, the recovery rate of
the senior unsecured bonds to be 100%, which corresponds to a
Recovery Rating of 'RR2'. However, Fitch has rated the senior
unsecured bonds 'B-'/'RR4' because Indonesia falls into Group D of
creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings Criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at 'RR4'.

RATING SENSITIVITIES

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

- Sustained improvement in FCF.

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

Fitch will revises the Outlook to Stable if the positive triggers
are not met for an extended period.

Liquidity and Debt Structure

Adequate Liquidity: LPKR has sufficient funds from the SILO stake
sale to cover its notes' maturities, which were its key and lumpy
debt maturities in the next two years. After the note settlement,
LPKR will benefit from a spread-out debt maturity profile from the
amortising nature of its remaining debt.

Fitch expects cash flow to improve but LPKR will have to rely on
new borrowings to partly cover annual bank loan amortisation, which
Fitch expects will rise above IDR500 billion from 2026.
Nevertheless, Fitch thinks LPKR's deleveraging plan should
strengthen its funding access, which should help cover liquidity
gaps. LPKR had cash of around IDR1.4 trillion at end-June 2024
against IDR699 billion in debt maturing in 2H24, which included a
IDR500 billion working-capital loan.

Issuer Profile

LPKR is an Indonesia-based homebuilder with over 1,000 hectares of
land bank, which the company says is sufficient for more than a
decade of development. It also has a small portfolio of investment
properties consisting of retail malls and hotels, and a property
and portfolio management business.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt             Rating             Recovery   Prior
   -----------             ------             --------   -----
PT Lippo
Karawaci Tbk      LT IDR    B-       Upgrade             CCC+
                  Natl LT   BBB-(idn)Upgrade             BB-(idn)
                  LC LT IDR B-       Upgrade             CCC+

   senior
   unsecured      LT        B-       Upgrade    RR4      CCC+

   senior
   unsecured      LT        WD       Withdrawn

Theta Capital
Pte. Ltd.

   senior
   unsecured      LT        B-       Upgrade    RR4      CCC+



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

KHEE SAN: Shareholders Approve Proposed Regularization Plan
-----------------------------------------------------------
The Sun reports that Khee San Berhad (KSB), a well-established
Malaysian candy confectionery manufacturer and distributor, is set
to chart a path to recovery as shareholders approved its Proposed
Regularisation Plan at an Extraordinary General Meeting (EGM).

According to The Sun, the Group demonstrated resilience by
recording seven consecutive quarters of profitability, laying a
strong foundation to uplift its PN17 status.

The Sun relates that the comprehensive regularisation plan includes
a proposed rights issue with warrants, a scheme of arrangement with
creditors, and a share capital reduction. These measures are
expected to strengthen the company's financial position, ensuring
its ability to meet obligations and pursue growth opportunities.

The Sun says the rights issue is expected to raise up to RM96
million, which will be used to fund the Group's restructuring
efforts and restore financial stability. KSB will also introduce an
Employees' Share Scheme as part of the regularisation plan, aimed
at attracting and retaining key talent to support its future
growth.

Following its PN17 status, KSB has already taken steps to achieve a
turnaround, with new majority shareholders and the finalisation of
the regularisation plan laying the groundwork for sustained
profitability and growth.

Since then, KSB has actively tapped into opportunities to expand
its distribution channels and product range to boost revenue
growth. Alongside securing new retail channels in Malaysia, the
Group has also penetrated new export markets including New Zealand,
Mauritius and Taiwan through distribution partners. KSB has also
modernised its market approach by launching its 'Candy Kingdom'
social media platform and establishing a presence on e-commerce
platforms.

Meanwhile, as part of its product development efforts, KSB
introduced new additions to its popular Fruit Plus range, as well
as launching Beyond Fruit Plus, a new range of vegan and
gluten-free candy products, catering to growing consumer demand for
more health-conscious confectionery options, The Sun reports.

Looking ahead, Malaysia's sugar confectionery retail sales is
expected to grow to RM485 million by 2026. To tap into
opportunities, KSB has outlined robust expansion plans, including
investment in a new high-speed production line to increase
manufacturing capacity, entry into additional new export markets,
as well as continued product development.

"Since our establishment in 1976, we have a strong track record of
48 years of experience in manufacturing high quality and
diversified candy products. We have built recognisable and enduring
brands across different geographies and target markets. We will
continue to build on this in order to position the Group for
sustained growth in the competitive confectionery market," the
report quotes KSB executive chairman Yong Loong Chen as saying.

"Towards this end, the approval of the regularisation plan is a
significant step forward for Khee San. With a solid plan for
financial recovery, we are confident that the Group is on the right
path toward long-term success," concluded Yong.

                          About Khee San

Khee San Berhad is a Malaysia-based investment holding company. The
Company, through its subsidiaries, manufactures sweets and
confectionery products.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17)
company after its wholly-owned subsidiary was placed under judicial
management.

In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com said.




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

DU VAL: Minority Shareholders Taking Legal Action Against FMA
-------------------------------------------------------------
Stuff.co.nz reports that a group of Du Val minority shareholders
have started legal action against the Financial Markets Authority
over the property company being put into statutory management.

Papers were filed at the High Court on Oct. 18, which Stuff has
made an application to see.

In a statement, the statutory regulator confirmed the court action
against them, Stuff relays.

"We have just received the proceedings and we are considering," the
statement said, notes the report. "We are not in a position to
comment further at this time."

According to Stuff, the minority shareholders were unhappy with the
FMA advising Commerce and Consumer Affairs Minister Andrew Bayly to
place the company into statutory management in August after it was
initially put into interim receivership.

Du Val founder Kenyon Clarke is not part of the minority
shareholder group, which has a 22% stake in the company, but told
Stuff he was pleased to see this group start legal proceedings.

"I'm delighted to see the minority shareholders lead this action
against the FMA," Stuff quotes Mr. Clarke as saying. "If the FMA
had done their job and investigated properly, the business would
still be trading and delivering hundreds of homes."

The minority shareholders have at least twice written to Mr. Bayly
asking him to reverse the statutory management of the Du Val
Property Group, Stuff notes.

Shareholder Karl Lindeman wrote to Mr. Bayly on September 17
stating that he and the other minority shareholders had lost
confidence in PwC as the company's statutory managers.

"Let me be absolutely clear, this statutory management decision is
not only eroding the financial standing of Du Val, it is actively
jeopardising the livelihoods of its shareholders, investors, and
the broader market," Mr. Lindeman wrote, Stuff recalls. "If the
statutory management is not reversed immediately, the loss to
creditors, including mortgage fund investors, will be catastrophic,
and the destruction of shareholder value will be irreversible."

A PwC spokesperson told Stuff shortly after that letter was sent
that they don't agree with the information and position set out in
it.

"Whilst our view in respect of solvency remains unchanged, our
analysis and investigations of this complex group are ongoing and
it is not appropriate for us to comment further on our findings or
potential shortfall outcomes at this time," the spokesperson said.

                         About Du Val Group

Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.

As reported in the Troubled Company Reporter-Asia Pacific in late
August 2024, the Financial Markets Authority on Aug. 21, 2024,
confirmed that the Governor-General, on the advice of the Minister
of Commerce and Consumer Affairs given in accordance with a
recommendation from the FMA, declared a number of entities within
the Du Val group be placed in statutory management under the terms
of the Corporations (Investigation and Management) Act 1989 (the
Corporations Act).

Statutory management for these entities was announced by the
Minister on Aug. 21, effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.

NEW ZEALAND CENTRE: Creditors' Proofs of Debt Due on Dec. 15
------------------------------------------------------------
Creditors of New Zealand Centre For International Exchange Limited
are required to file their proofs of debt by Dec. 15, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 15, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140


NEWLINE AMERICA: Creditors' Proofs of Debt Due on Nov. 14
---------------------------------------------------------
Creditors of Newline America Limited are required to file their
proofs of debt by Nov. 14, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


NZ RESPIRATORS: Sells for NZD30,200 Leaving Former Owner in Debt
----------------------------------------------------------------
Stuff.co.nz reports that New Zealand Respirators and Masks, a mask
manufacturing business once worth more than NZD2.2 million, has
sold for just NZD30,200 leaving the former owners still in debt.

According to Stuff, New Zealand's only respirators and surgical
mask manufacturing company was up for sale on Trade Me last week
after being purchased by 23-year-old Andre Taylor at the beginning
of the year for NZD88,000.

The company was currently worth NZD2.2 million on paper but had
been in "hibernation" following its last contract which was to
supply 17 million masks to Health NZ for one year.

But despite being praised by former prime minister Jacinda Ardern
during the Covid-19 pandemic, the Government was now purchasing
respirators and masks from China, which left the factory out of
pocket, Stuff says.

According to Stuff, Mr. Taylor said despite having a NZD1 reserve
on the company, it did not sell for "what I had expected and was
hoping for" and still left him in debt.

"I needed closer to NZD80,000 to wipe the slate clean," the report
quotes Mr. Taylor as saying.  "I have negotiated with my creditors
to pay off what I owe weekly over the next year or so. All my
creditors have been extremely obliging supportive and
understanding."

But the sale had given the young entrepreneur "some relief".

"But on the other hand it has made me feel sadness and
disappointment that myself and my dad were not able to see New
Zealand Respirators and Masks to its full potential.

"It has been a heck of a learning curve for me."

Things were getting so financially tough for Mr. Taylor that his
dad was willing to sell his house to help with the business.

Mr. Taylor said the new owner of the company had the expertise,
track record, experience and contacts to make New Zealand
Respirators and Masks a strong and successful business, Stuff
relays.

The company came with a leased plant in Whanganui that had
equipment that enabled immediate operation and the capability of
making more than 30 million masks.

It included five main machines, two level two and three ear loop
surgical masks, with a value of NZD146,000 and three N95 duck bill
respirator machines worth NZD345,000.

Stock on hand included 72,000 boxes of masks and respirators, with
the same items selling on Trade Me for NZD9 a box.

"But the New Zealand Government must get on board and support local
manufacturers like New Zealand Respirators and Masks instead of
sourcing out of China," Mr. Taylor said.


PRIVATE WEALTH: Court to Hear Wind-Up Petition on Oct. 31
---------------------------------------------------------
A petition to wind up the operations of Private Wealth Management
Limited will be heard before the High Court at Christchurch on Oct.
31, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 25, 2024.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


SWILCAN LIMITED: BDO Tauranga Appointed as Liquidator
-----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Oct.
15, 2024, were appointed as liquidators of Swilcan Limited.

The liquidators may be reached at:

          Paul Thomas Manning
          Thomas Lee Rodewald
          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


YESHE DEVELOPMENT: Court to Hear Wind-Up Petition on Nov. 15
------------------------------------------------------------
A petition to wind up the operations of Yeshe Development Limited
will be heard before the High Court at Auckland on Nov. 15, 2024,
at 10:00 a.m.

Easternmanor Development Limited filed the petition against the
company on Sept. 26, 2024.

The Petitioner's solicitor is:

          Lin-Chung Liu
          Heritage Law
          Level 8, South British Insurance Building
          3–13 Shortland Street
          Auckland 1010




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

ADVANCE APPROACH: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Advance Approach (S) Pte. Ltd. on Oct. 8, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531


DEERFIELD PTE: Creditors' Proofs of Debt Due on Nov. 18
-------------------------------------------------------
Creditors of Deerfield Pte. Ltd. are required to file their proofs
of debt by Nov. 18, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 8, 2024.

The company's liquidators are:

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


MAXEON SOLAR: Board Appoints Two New Members
--------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
October 3, 2024, the Board of Directors appointed Wang Yanjun and
Wang Cheng to serve as members of the Board and Wang Cheng as
designated chairman of the Company's Strategy & Transformation
Committee.

Both are designees of Zhonghuan Singapore Investment and
Development Pte. Ltd, pursuant to the Shareholders Agreement dated
August 26, 2020, as amended and supplemented on June 20, 2024,
between the Company, TZE and TotalEnergies Solar INTL SAS and
TotalEnergies Gaz Electricite Holdings France SAS. Mr. Wang Yanjun
is replacing Mr. Shen Haoping and Mr, Wang Cheng is replacing Mr.
Li Dongsheng, whose resignations from the Board were effective
September 23, 2024. Simultaneously with Mr. Shen and Mr. Li's
resignations and Mr. Wang and Mr Wang's appointments, Mr. Wang
Cheng has been appointed as replacement for Sean S J Wang as
designated Chair of the Company's Strategy & Transformation
Committee.

Mr. Wang Yanjun serves as a director designated by TZE on Maxeon's
Board of Directors. He is currently the chief executive officer of
TZE, responsible for the overall industrial development and upgrade
of the company. He joined TZE in 2006 and has served in several
leadership roles including chief engineer and head of the
manufacturing department. Mr. Wang was appointed as a vice
president of TZE in 2017, and in this role, he was in charge of
strategic planning and operational management of the company. Mr.
Wang is currently pursuing a Ph.D. degree in electronic information
at the Institute of Nanoscience and Nanotechnology, University of
Science and Technology of China.

Mr. Wang Cheng serves as a director designated by TZE on Maxeon's
Board of Directors. Since 2021, he has been the Chief Operating
Officer of TCL Technology Group. He is also the Deputy Chairman of
the First High-end Manufacturing Industry Committee of the China
Association for Public Companies, Chairperson of the Electronic
Information Industry Association of Huizhou, and President of both
the Huizhou Enterprises Federation and Entrepreneurs Association.
Wang earned a Bachelor's degree in Economics in July 1997. In
December 2005, he graduated from the Executive Master of Business
Administration (EMBA) program at the University of Texas in
Arlington, U.S. After graduating, Wang joined TCL and held various
management positions.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.

MAXIMA LOGISTICS: Court to Hear Wind-Up Petition on Nov. 1
----------------------------------------------------------
A petition to wind up the operations of Maxima Logistics Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 1, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 10, 2024.

The Petitioner's solicitors are:

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


POWERBEE TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 1
---------------------------------------------------------------
A petition to wind up the operations of Powerbee Technologies Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 1,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 8, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


SG-EPC PTE: Court to Hear Wind-Up Petition on Nov. 1
----------------------------------------------------
A petition to wind up the operations of SG-EPC Pte. Ltd. will be
heard before the High Court of Singapore on Nov. 1, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 8, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


SUNRISE SHARES: SGX RegCo Reprimands Former Directors and CEO
-------------------------------------------------------------
The Business Times reports that Singapore Exchange Regulation (SGX
RegCo) has reprimanded four former directors and the ex-CEO of
Sunrise Shares for breaching listing rules, citing lapses in
internal controls and inaccurate financial reporting.

BT relates that the reprimand, issued on Oct. 18, named former
chairman and executive director Wong Siu Fai, former CEO Liang
Yongdong, and three ex-directors: Zheng Aimin, Tang An, and Wang
Ziquan.

As part of the regulatory action, SGX RegCo has barred Wong from
serving as a director or executive officer for two years, while
Liang faces a one-year prohibition, both effective from Oct. 18.

According to BT, SGX RegCo found that the company had failed to put
in place adequate risk management systems and internal controls,
including financial, operational, compliance, and information
technology controls.

It also noted that the company's financial results for the first
half of 2022 contained errors that overstated its financial
performance.

Specifically, the results showed a net profit of S$205,000, while
the company was actually in a net loss position of S$890,000, BT
relays.

BT says the errors were attributed to the incorrect classification
of a US$300,000 withdrawal from a foreign exchange trading platform
as revenue, and the omission of US$498,000 in trading losses from
its financial statements.

These inaccuracies were not detected until February 2023, when the
company was preparing its financial results for the full year, SGX
RegCo said.

BT relates that the regulator also highlighted the company's
failure to appoint a qualified chief financial officer (CFO) or
other executives with relevant expertise, after the resignation of
its CFO in 2021.

Instead, Liang, who lacked prior experience or expertise in
financial accounting, assumed oversight of the finance functions on
Wong's behalf.

Additionally, Liang's personal assistant, who had no accounting
training or familiarity with financial accounting requirements, was
solely responsible for liaising with the external service provider
on those matters.

"There was a total absence of an adequately resourced finance
function at the company," SGX RegCo said.

"For almost two years, the company blithely operated without a CFO
or any staff with the appropriate expertise and experience to
manage the company's accounting and financial reporting matters,"
it added.

Catalist-listed Sunrise Shares'principal business activities
include providing property consultancy and management-related
services.




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

S. KOREA: Delinquency Rate on Bank Loans Up for 2nd Month in Aug.
-----------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate on loans
extended by local banks rose for a second consecutive month in
August, due largely to a sharp increase in the rate for corporate
loans, data showed on Oct. 18.

The delinquency rate on banks' won-denominated loans came to 0.53
percent as of end-August, up 0.06 percentage point from a month
earlier, Yonhap discloses citing preliminary data from the
Financial Supervisory Service (FSS).

From a year earlier, the reading marks a 0.10 percentage-point
increase.

Yonhap relates that the amount of newly delinquent loans came to
KRW3 trillion (US$2.19 billion) in August, up KRW300 billion from
the previous month. The amount of resolved loans, on the other
hand, slipped to KRW1.4 trillion from KRW1.5 trillion over the same
period.

The delinquency rate on corporate loans stood at 0.62 percent at
end-August, up 0.09 percentage point from a month before, while the
rate on household loans also gained 0.02 percentage point to 0.40
percent over the cited period, Yonhap discloses.

The report comes after the country's central bank slashed its key
rate by 25 basis points to 3.25 percent, marking its first rate cut
since August 2021, which the financial regulator earlier said will
help reduce interest payments by "hundreds of billions of won" if
not trillions of won.

"Financial burdens of borrowers are expected to be eased once the
impact of the key rate reduction takes effect, but there still
remains a need to prepare for possible losses for the time being
since the delinquency rate of small and medium-sized businesses,
which are more sensitive to economic conditions, continues to
remain high," the FSS said in a press release.




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

KOTAGALA PLANTATIONS: Fitch Lowers National LT Rating to 'CCC(lka)'
-------------------------------------------------------------------
Fitch Ratings has downgraded Kotagala Plantations PLC's National
Long-Term Rating to 'CCC(lka)', from 'B+(lka)', and its listed
unsecured debentures of LKR251 million due between the financial
years ending March 2025 (FY25) and FY27 to 'CCC-(lka)', from
'B+(lka)'.

The downgrade follows a major weakening in liquidity. Fitch expects
the statutory increase in labour costs effective September 2024 to
dampen free cash flow (FCF), leading to a high likelihood that
Kotagala will amend or extend the terms of its debt facilities as
they fall due over the next two years. Fitch is likely to consider
such transactions to be distressed debt-exchanges under its rating
criteria, as they would significantly reduce the contract terms and
allow the issuer to avoid a probable default. This would lead to a
downgrade of the National Long-Term Rating to 'C(lka)' or 'RD(lka)'
(restricted default).

Kotagala's senior unsecured notes are rated one-notch below the
issuer's rating to reflect the subordination to Kotagala's secured
bank debt, which comprises the large majority of its capital
structure.

Key Rating Drivers

Weak Liquidity, Default Risk: Fitch expects Kotagala to generate
thinner annual FCF of around LKR100 million over FY25 and FY26,
significantly below the LKR130 million in 1QFY25 and an annual
average of LKR300 million over FY23-FY24. This, together with cash
and cash equivalents of LKR170 million as of end-June 2024, will be
insufficient to repay debt of LKR540 million and LKR496 million due
in FY25 and FY26, respectively.

Kotagala has weak access to banks, although it was able to borrow
around LKR500 million from two banks backed by corporate guarantees
from its immediate parent, Consolidated Tea Plantations Limited,
and affiliate, Lankem Ceylon PLC, which are ultimately held by The
Colombo Fort Land & Building PLC (CFLB, 41% effective stake in
Kotagala). These loans were drawn specifically to fund statutory
repayments of LKR972 million and it is unclear whether CFLB or its
affiliates will provide timely support to prevent future payment
defaults or amendments to borrowing terms.

No Uplift for Parental Support: The corporate guarantees from
Kotagala's immediate parent and affiliate leads to its 'Medium'
assessment of the legal incentive for the ultimate parent, CFLB, to
provide support to Kotagala and could result in a one-notch rating
uplift. However, Fitch applied an analytical overlay to not include
this uplift, given the limited visibility of receiving timely
support to avoid future payment defaults or debt restructuring.

Fitch also assesses the operational and strategic incentives for
CFLB to support Kotagala as 'Weak'. This is because the subsidiary
contributes less than 10% to CFLB's EBIT. In addition, Kotagala's
tea and rubber plantations, which drive most of its revenue, are
structurally weakening amid Sri Lanka's high production costs and
there is low avoidance cost of the subsidiary's operational
benefits to the parent.

Volatile Demand and Prices: Global tea prices are sensitive to
supply and demand, with bulk-tea sellers unable to pass on
production cost increases. Most domestic tea producers are price
takers, with the majority of revenue coming from bulk sales. About
45% of tea is exported in bulk, without value addition. This also
raises the risk of substitution. Tea auction prices have fluctuated
in the last four years, even though Sri Lanka's tea attracts better
prices due to its quality. Exports are mainly to politically and
economically volatile regions, like parts of the Middle East and
Russia.

Narrowing EBITDA Margin: Fitch forecasts the EBITDA margin to
narrow to 11.5% in FY25 and 10.0% by FY28 (FY23: 25%, FY24: 15%)
amid structural industry weaknesses, including the higher
LKR1,350/day wages from September 2024, a 35% hike yoy. The margin
will be further affected by depressed plantation yields, due to
labour shortages and ageing crops. Tea yields fell again in 1QFY25,
after a recovery in FY24 following three consecutive years of
declines. Replanting costs are also increasing. Sri Lanka already
has the lowest productivity and the highest cost among major tea
producing countries.

Derivation Summary

Kotagala's rating reflects a high level of default risk relative to
other Fitch-rated issuers in Sri Lanka, due to its weak liquidity
and funding access, volatile operating cash flow and limited
medium-term business prospects.

Key Assumptions

- Revenue to increase by 2.4% in FY25 and 0.7% in FY26, with better
auction prices, however impacted by falling yields

- EBITDA margin to decline to around 11.5% in FY25-FY26, due to
wage-hike driven costs

- Capex of around LKR230 million a year in FY25 and FY26 for field
development work

- No dividend payments over FY25-FY26

RATING SENSITIVITIES

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

- Further weakening in liquidity or funding access

- A payment delay or default or debt restructuring that Fitch
classifies as a distressed debt exchange

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

- A sustained improvement in liquidity and funding access

Liquidity and Debt Structure

Kotagala's liquidity is weak with its cash on hand and its forecast
for FCF unlikely to cover its debt repayments in the next two
years. This could lead the company to restructure its debt terms.

Issuer Profile

Kotagala is a domestic plantation company engaged in the
cultivation and sale of tea, rubber and palm oil.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

   Entity/Debt                    Rating                 Prior
   -----------                    ------                 -----
Kotagala Plantations PLC   Natl LT CCC(lka)  Downgrade   B+(lka)

   senior unsecured        Natl LT CCC-(lka) Downgrade   B+(lka)



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

ICON GROUP: 18 Arrested as Alleged Pyramid Scheme Losses Near $50M
------------------------------------------------------------------
Reuters reports that Thai police have arrested 18 people and seized
luxury goods after receiving nearly 5,600 complaints about an
alleged pyramid scheme, saying on Oct. 21 they estimate investors
have lost at least THB1.61 billion (US$48 million).

According to Reuters, the Central Investigation Bureau (CIB) said
it had seized assets worth THB225 million, including 29 cars, three
houses and luxury watches, from the alleged perpetrators, who have
been charged with defrauding the public and violating the computer
crimes act.

Reuters relates that police said the case involved the iCon Group,
which recruited people to sell beauty products and health
supplements, providing them training with the promise of quick
profits.

The firm uses celebrity endorsements, and its social media has
showcased their top distributors on European vacations.

So far 18 people, including three celebrities, have been arrested
and denied bail, according to police, who said the investigation
was ongoing, Reuters relays.

All 18 arrested, including iCon Group founder Waratpol
Waratworakul, deny the charges, lawyer Withoon Kengngan told
Reuters. Withoon is representing Waratpol, and his law firm is
representing the company.

"We are fighting the case because this is a real business, selling
products online through direct marketing," he said, adding that
there was no fraud.

Reuters notes that multi-level marketing, direct selling and
marketing is legal in Thailand, with many companies successfully
using the model to sell products.

Thailand has a history of fraudulent get-rich-quick schemes and
other frauds such as call centre and phoney investment scams. There
have been over 500,000 cases of financial fraud between March 2022
and May 2024, according to police data, with losses totalling THB63
billion, Reuters says.




=============
V I E T N A M
=============

VIETNAM OIL: Fitch Affirms 'BB+' LongTerm Foreign-Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Oil and Gas Group's (PVN)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'
with a Stable Outlook. Fitch has also affirmed PVN's senior
unsecured rating at 'BB+'.

PVN's IDR reflects its Standalone Credit Profile (SCP) of 'bb+',
which is the same as the Vietnam sovereign rating (BB+/Stable).
PVN's ratings will remain equalised with those of the sovereign
under Fitch's Government-Related Entities Rating Criteria even if
the SCP weakens, provided its assessment of PVN's strong likelihood
of receiving state support under the criteria remains unchanged.
PVN is wholly owned by the state, which exerts significant
influence over its operating and financial policies.

PVN's 'bb+' SCP reflects its conservative financial profile and
market position as Vietnam's largest upstream oil and gas producer
with strong vertical integration across midstream and downstream
segments in the energy value chain. PVN's stable gas distribution
operations and power generation earnings help offset its high-cost
upstream operations and the lower complexity of its refinery.

Key Rating Drivers

'Very Strong' State Involvement: Fitch assesses government
involvement in decision-making and oversight as 'Very Strong'.
PVN's strategic objectives are set and approved by the government
and management is state-appointed. PVN's chairperson is directly
nominated by Vietnam's prime minister. The precedents of state
support are 'Strong', as PVN is granted exclusive rights to
Vietnam's oil and gas reserves by regulation.

'Very Strong' State Incentive to Support: Fitch assesses PVN's
preservation of the government's policy role as 'Very Strong' due
to its role in preserving Vietnam's energy security. PVN is the
only Vietnamese company with access to the country's oil and gas
reserves and supplies one-third of the country's refined-product
consumption, in addition to being the sole midstream gas supplier
and owner of Vietnam's gas pipeline network. PVN's fertiliser
production also accounts for 80% of the domestic market, a
strategic segment given Vietnam's reliance on agriculture.

Fitch evaluates contagion risk as 'Very Strong', as PVN is a
prominent borrower in Vietnam, which means a default by the company
could substantially affect the availability and cost of domestic
and foreign financing options for the state and other
government-related entities (GREs).

Upstream Production Decline: PVN's mature upstream operations and
higher-cost structure relative to regional peers weigh down its
SCP. Fitch expects lower upstream EBITDA on a production decline
due to depletion and oil prices falling to the mid-cycle level in
the next four years until PVN's upcoming Block B integrated gas and
power project (Block B project) starts operating. Upstream gas
sales in Vietnam are typically based on long-term volume contracts
characterised by volume commitments and low-price volatility with a
floor.

Favourable Demand for Refined Products: PVN's refinery has a strong
market position, accounting for 43% of installed refinery capacity
domestically and supplying nearly 35% of domestic fuel demand in
2023 in an energy-deficit market. Fitch expects the refinery's
utilisation to stay high at around 100% over the next three-to-four
years, except during scheduled maintenance periods. PVN's refinery
is constrained by its low complexity but is undergoing an upgrade
to improve its feedstock flexibility.

Gas, Power Operations Enhance Stability: Fitch expects PVN's
utility-related business segments to augment the group's resilience
against the inherently cyclical nature of oil prices. Gas
distribution and power generation segments will collectively
contribute 40%-55% of the group's EBITDA in the next four years
until the completion of PVN's upstream expansion and refinery
upgrade.

PVN's gas distribution segment has high earnings visibility due to
a combination of long-term tariff-based contracts for gas
transportation and gas sales contracts with a minimum selling price
set at the wellhead, or buying, price. PVN's power segment is
bolstered by long-term power purchase agreements, affording a
robust foundation for revenue stability in this business segment.
Both operations have substantial exposure to the state power
company, Vietnam Electricity (EVN, BB+/Stable).

Large Capex to Support Growth: PVN has reached a final investment
decision for its Block B upstream project and DungQuat refinery
upgrade. Capex for these projects will account for 50%-60% of PVN's
investments over the next four years. The remaining portion will be
directed towards gas infrastructure and power projects.

Project Execution Is Key: Earnings contribution from PVN's key
capex investments will only have a more pronounced impact beyond
2027 when these investments commence operations. Fitch views
project execution for these strategic investments as crucial for
its operations because substantial delays will push back cash
generation from the expansion while aggravating the gas deficit in
Vietnam, resulting in a greater reliance on liquefied natural gas
for gas power generation, which can be more expensive.

Conservative Financial Profile: PVN expects its expansion projects
to be funded by a mix of equity and debt. PVN's free cash flow will
turn negative as capex ramps up over the next two-three years but
Fitch expects PVN's credit metrics, excluding Vietnam Public Joint
Stock Commercial Bank (PVCom Bank), to still stay strong during the
investment phase, buffered by its large cash position. PVN remained
net cash at end-2023.

Excluding PVCombank: Fitch excludes PVCombank in calculating PVN's
credit metrics due to the impending restructuring of the bank,
which will result in PVN deconsolidating the bank from its
financials. PVCombank accounted for about 76% of PVN's consolidated
debt at end-2023 and its earnings contribution to PVN is small.
Fitch does not anticipate major financial support from PVN to
PVCombank during the restructuring.

Derivation Summary

PVN's 'bb+' SCP is a notch lower than that of Indonesia's PT
Pertamina (Persero) (BBB/Stable, SCP: bbb-). Pertamina has much
larger integrated oil and gas operations and its upstream business
is in a better cost position. This is partially offset by PVN's
greater earnings diversification from its stable gas distribution
and power business, higher refinery utilisation and stronger
balance sheet than Pertamina.

PVN's IDR will remain equalised with that of Vietnam even if its
SCP deteriorates below the sovereign rating. The GRE scoring
assessment is comparable with that of both EVN and Pertamina, which
are also linked to their sovereigns. PVN's 'Very Strong' assessment
of the government's decision-making and oversight factor is the
same as its assessment of EVN and Pertamina, as they are also
wholly state-owned entities and their strategies, operations and
investments are subject to a very high degree of government control
and influence.

Precedents of state support are 'Strong' for both PVN and EVN,
compared with 'Very Strong' for Pertamina. Its assessment for EVN
is supported by state guarantees and subsidies while PVN is granted
the exclusive rights to Vietnam's oil and gas reserves by
regulation. PLN is assessed 'Very Strong', as the Indonesian
government supports PLN through various mechanisms, including
subsidy reimbursements for electricity sold under the state's
public-service obligation mandate.

The contagion risk of a default is 'Very Strong' for PVN, EVN and
Pertamina. They are key borrowers in their countries, which means a
default would significantly affect the costs and availability of
funding for their governments and GREs.

Fitch deems the preservation of government policy role as 'Very
Strong' for PVN - higher than that of EVN - as any disruptions to
PVN's operations would have a profound impact on the entire energy
value chain in Vietnam. The 'Strong' assessment for EVN reflects
the presence of other state-owned entities capable of stepping in
to produce power if EVN is in financial distress, and the
procurement of feedstock for power generation, which is mostly from
other state-owned enterprises. Pertamina's preservation of
government policy role, akin to PVN, is also assessed as 'Very
Strong' for similar reasons.

Key Assumptions

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

- Crude prices in line with Fitch's Brent price deck assumptions;
USD80/barrel (bbl) in 2024, USD70/bbl in 2025, and USD65/bbl in
2026 and 2027;

- Oil production at 3.1 million tonnes in 2024 before gradually
declining to 1.8 million tonnes by 2026 (2023: 3.1 million
tonnes);

- Gas production to stay flat at around 1.0 billion cubic metres
(bcm) between 2024 and 2026 (2023: 1.3bcm);

- PVN's subsidiary Binh Son Refining and Petrochemical Joint Stock
Company's (BB+/Stable) refining volume at 5.8-6.5 million metric
tons in 2024-2026 (2023: 7.3 million metric tons). Gross refining
margins of above USD4 per bbl in 2024 and USD3.6/bbl thereafter;

- Dry gas sales prices in line with contracts, which are typically
higher than the market-driven price and wellhead price;

- PVN's subsidiary PetroVietnam Power Corporation Joint Stock
Company's (BB+/Stable) power sales volume to improve to 15.7
million kWh in 2024 (2023: 14.5 million kWh) and rise gradually to
24.6 million kWh in 2027 with contribution from new gas plant
projects starting 2025;

- Capex of around VND45 trillion in 2024 and around VND60 trillion
per annum thereafter (2023: VND30 trillion).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Positive action on the sovereign, provided the likelihood of
sovereign support remains intact.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Negative rating action on the sovereign.

Sensitivities for the Vietnam Sovereign

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

- Public Finances: Crystallisation of contingent liabilities on the
sovereign's balance sheet or a sustained period of higher fiscal
deficits, which would lead to a failure to stabilise government
debt over the medium term.

- External Finances: A sustained decline in foreign-exchange
reserves associated with pressure on the exchange rate that would
contribute to a weaker net external creditor position.

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

- Macroeconomic Policy and Performance: Sustained high growth,
without the creation of economic vulnerabilities, that reduces the
GDP per capita gap with rating peers, and improvements in the
economic policy framework to include enhanced transparency.

- Public Finances: Significant reduction in risks associated with
contingent liabilities, including through better accounting of such
risks and more clarity on government commitments to address them if
they materialise.

Liquidity and Debt Structure

Strong Liquidity: PVN, excluding PVCombank, is in a net cash
position. It had a readily available cash balance of VND255
trillion as of end-2023, against total debt of about VND80
trillion. Fitch expects PVN's liquidity to stay strong given its
large cash buffer, despite its large capex commitment for the next
two-three years.

PVN also has financial flexibility from its status as one of
Vietnam's most important state-owned enterprises, which allows it
to raise funds to support its investment plans in the domestic
market.

Issuer Profile

PVN is Vietnam's national oil company. It is fully owned by the
state and operates across the entire oil and gas value chain
through its subsidiaries, including upstream oil and gas
production, midstream gas distribution, refining and retail, with
further diversification into fertilisers and power generation.

Public Ratings with Credit Linkage to other ratings

The ratings of PVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent will result in a change in the rating on
PVN.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Vietnam Oil and
Gas Group             LT IDR BB+  Affirmed   BB+

   senior unsecured   LT     BB+  Affirmed   BB+



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

[*] BOND PRICING: For the Week Oct. 14, 2024 to Oct. 18, 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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