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

                     A S I A   P A C I F I C

          Tuesday, October 29, 2024, Vol. 27, No. 217

                           Headlines



A U S T R A L I A

LEESON SOLAR: Second Creditors' Meeting Set for Nov. 1
MOSAIC BRANDS: Enters Administration; Thousands of Jobs at Risk
N & A PETROPOULOS: First Creditors' Meeting Set for Nov. 4
PATEL HOSPITALITY: First Creditors' Meeting Set for Nov. 4
PERENTI LTD: S&P Upgrades Long-Term ICR to 'BB+', Outlook Stable

RECYCLE & RESOURCE: $375MM Bank Debt Trades at 16% Discount
RETIREMENT AND INVESTMENT: First Creditors' Meeting Set for Nov. 1
SMS PLUMBING: Second Creditors' Meeting Set for Nov. 4


H O N G   K O N G

TWENTY ONE: Foreclosed Hotel Sells for 60% Below Asking Price


I N D I A

ADITI DEVA: CARE Keeps B- Debt Rating in Not Cooperating Category
ASTER INFRAHOME: CARE Keeps D Debt Rating in Not Cooperating
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
EDISON ENERGY: CARE Lowers Rating on INR45.02cr LT Loan to B-

ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
GOYAL ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
HOUSING DEVELOPMENT: NCLT Rejects JC Flowers' Claim
JAINAM ALTERNATE: CRISIL Keeps B- Debt Ratings in Not Cooperating

KADAM AND KADAM: CARE Keeps D Debt Ratings in Not Cooperating
KRISHNA CONSTRUCTIONS: CRISIL Cuts Rating on LT/ST Loan to D
LONDON STAR: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA SARADESWARI: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAPRABHU RESIDENCY: CARE Cuts Rating on INR65cr LT Loan to B+

MANDHANA PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
MARIA RUG: CRISIL Keeps D Debt Ratings in Not Cooperating Category
MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
MASCONS ENGINEERING: CRISIL Keeps D Rating in Not Cooperating

NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
RIDHI SIDHI: CARE Keeps D Debt Rating in Not Cooperating Category
S.S.S. RICE: CRISIL Moves D Debt Ratings to Not Cooperating

SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
VEERGANAPATHI STEELS: CRISIL Keeps D Rating in Not Cooperating
WIPRO LTD: NCLT Bengaluru Dismisses Insolvency Plea Against Co.


I N D O N E S I A

SRITEX: Government Backs Company as it Fights Bankruptcy


N E W   Z E A L A N D

ARTISAN DESIGN: Court to Hear Wind-Up Petition on Nov. 29
BEVBRAND 2021: Creditors' Proofs of Debt Due on Dec. 6
BROTHERS CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 29
FLEXIBLE PROPERTY: Court to Hear Wind-Up Petition on Nov. 8
STONEARK LIMITED: Creditors' Proofs of Debt Due on Nov. 29

WHITE BY DESIGN: Fashion Retail Shuts Doors


S I N G A P O R E

ESRW SINGAPORE: Creditors' Proofs of Debt Due on Nov. 25
MAXEON SOLAR: CEO to Retire in January; Ex-TCL Boss Named Successor
PROSPERE HOLDINGS: Creditors' Proofs of Debt Due on Nov. 25
REGAL MOTORING: Court to Hear Wind-Up Petition on Nov. 15
STRAITS PROPERTIES: Creditors' Proofs of Debt Due on Nov. 25

WICKHAM INVESCO: Creditors' Proofs of Debt Due on Nov. 25


S R I   L A N K A

SRI LANKA: Meets With Bondholders; Aims to Exit Default Soon


X X X X X X X X

[*] Asia Expects Insolvency Rise as China's Economy Slows
[*] BOND PRICING: For the Week Oct. 21, 2024 to Oct. 25, 2024

                           - - - - -


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

LEESON SOLAR: Second Creditors' Meeting Set for Nov. 1
------------------------------------------------------
A second meeting of creditors in the proceedings of Leeson Solar
Pty Ltd has been set for Nov. 1, 2024 at 11:00 a.m. virtually 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. 31, 2024 at 5:00 p.m.

Ivan Glavas of Worrells was appointed as administrator of the
company on Sept. 30, 2024.


MOSAIC BRANDS: Enters Administration; Thousands of Jobs at Risk
---------------------------------------------------------------
News.com.au reports that major Australian fashion retailer Mosaic
Brands has entered voluntary administration, putting thousands of
jobs at risk.

The ASX-listed retailer, which holds iconic brands such as Rivers,
Katies, Millers and Noni B, announced its move into administration
on Oct. 28, news.com.au relates.

"Following recent attempts by the company to informally restructure
its operations, the Board of Mosaic has determined that voluntary
administration is now the most appropriate way to restructure the
group," the company said.

The company has appointed Vaughan Strawbridge, Kathryn Evans, Kate
Warwick and David McGrath from FTI Consulting as administrators,
news.com.au discloses.

According to news.com.au, Mosaic's senior secured lender has
appointed KMPG as receivers and managers to work alongside the
administrators in the restructure process.

News.com.au says the administration process means control of Mosaic
will shift to FTI Consulting and KPMG, who will assess the
company's accounts and determine whether it can be restructured to
continue trading or whether it is in the best interest of creditors
and employees to enter liquidation.

The company has some 2,700 employees and more than 700 stores
nationwide but has moved to "rationalise" or downsize its
operations in recent months.

On September 30, it exited the Rockmans, Autograph, Crossroads,
W.Lane and BeMe brands and closed some 200 stores as it moved to
focus on "five core growth brands".

"The Group will now capitalise on and invest in its Millers, Noni
B, Rivers and Katies brands, along with a stand-alone online Mosaic
marketplace," the company said in a statement, news.com.au relays.

On Oct. 28, Mosaic said it would further progress its brand
"rationalisation".

"With the group continuing to trade, management intends to progress
its brand rationalisation and wider restructuring plan and to focus
on the key Christmas and holiday trading period," the company
said.

Shares in the company have plummeted in the past 12 months,
tumbling from 10c to 3.6c to give the business a market
capitalisation of just AUD6.4 million.

But Mosaic chief executive Erica Berchtold said the company could
reverse its flagging fortunes.

"Mosaic Brands continues to be an exciting opportunity to reshape a
business with a clearly defined market proposition for its target
customers, and employees, that we can be proud of," news.com.au
quotes Ms. Berchtold as saying on Oct. 28. "Our priority is to
accelerate the rationalisation plans we have in place to focus on
the core brands to service current and attract new customers across
metropolitan and importantly regional Australia."

In a statement, KPMG turnaround and restructuring partner David
Hardy said his firm would seek to "stabilise" Mosaic's operations.

"The Mosaic Brands group owns a portfolio of iconic fashion labels
whose clothing and products are much loved by generations of
Australians," Mr. Hardy said, notes the report. "We will be seeking
to stabilise the operations of Mosaic to preserve the underlying
value of the business while endeavouring to serve its customers,
with support from its employees and suppliers to minimise business
interruption."

News.com.au relates that the consulting firm flagged "structural
challenges and disruptions relating to suppliers and inventory
management" for Mosaic's struggles.

KPMG will overseeing the trading operations of Mosaic, while the
Administrators will be seeking offers to recapitalise or acquire
the business, the report adds.

                        About Mosaic Brands

Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) --
https://www.mosaicbrandslimited.com.au/ -- engages in the retail of
women's apparel and accessories in Australia and New Zealand. The
company sells its products under the Millers, Rockmans, Noni B,
Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy
brand names. It operates through a network of 804 stores and online
digital department platforms. The company was formerly known as
Noni B Limited and changed its name to Mosaic Brands Limited in
November 2019.

At June 30, 2023, the Company had AUD317.09 million in total assets
against AUD383.17 million in total liabilities and shareholders'
deficit of AUD66.08 million.


N & A PETROPOULOS: First Creditors' Meeting Set for Nov. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of N & A
Petropoulos Pty Ltd will be held on Nov. 4, 2024 at 12:00 p.m. via
videoconference facilities only.

Richard Albarran and Brent Kijurina of Hall Chadwick were appointed
as administrators of the company on Oct. 23, 2024.


PATEL HOSPITALITY: First Creditors' Meeting Set for Nov. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Patel
Hospitality Pty Ltd will be held on Nov. 4, 2024 at 11:00 a.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 23, 2024.


PERENTI LTD: S&P Upgrades Long-Term ICR to 'BB+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Perenti Ltd. to 'BB+' from 'BB'. At the same time, S&P raised its
issue ratings to 'BB+' (recovery rating of '3') on the company's
US$202.9 million and US$350 million senior unsecured notes. S&P
also affirmed its 'BBB-' issue rating (recovery rating of '1') on
the company's A$445 million senior secured bank facilities.

S&P said, "The stable rating outlook reflects our expectation that
Perenti will continue to expand its contract book, while renewal
rates will remain strong. Accordingly, we believe the company will
sustain its solid operating performance while maintaining low
leverage and prudent financial policies.

"Perenti will maintain its credit metrics at levels consistent with
a higher rating, in our view.  Under our base-case forecast, we
project the company's ratio of gross adjusted debt to EBITDA will
be about 1.5x in fiscal 2025 (ending June 30) and 1.0x in fiscal
2026. This reflects our view that the company's portfolio of mining
contracts will continue to deliver cash flow growth as it benefits
from prior capital expenditure (capex) investments.

"In our assessment, Perenti has evolved to largely self-fund a base
line capex level of about 10% of revenue, even though it remains an
inherently capital-intensive business. This will help the company
maintain moderate growth in revenue and earnings. Hence, we now
expect Perenti to consistently achieve positive free operating cash
flow, enabling the company to sustain conservative leverage
levels."

Additionally, Perenti's gold-focused clients are more likely to
target higher production volumes because of favorable prices. This
should boost revenue, given that gold is the company's key
commodity exposure. Perenti will likely prioritize growing its
order book to support higher revenue while improving EBITDA margins
through unit cost reductions.

S&P said, "Perenti's disciplined adherence to its stated leverage
target is key to maintaining credit metrics headroom to withstand
the inherent volatility in commodity cycles, in our assessment.
The company aims to operate with a company-defined net leverage
range of below 1.0x. This translates to S&P Global Ratings-adjusted
gross leverage of about 1.5x. The difference mainly reflects our
focus on gross leverage, given that S&P typically does not net cash
for companies with a weak business risk assessment."

S&P believes Perenti should have the headroom in its credit metrics
to manage its growth strategy, fund capex, and return excess
capital to shareholders in line with the company's updated dividend
policy.

DDH1 has been integrated and will continue to be a material
earnings contributor to Perenti's earnings.  In S&P's view, the
larger scale of the company's portfolio improves resilience through
commodity cycles. The drilling services division, which includes
DDH1, contributed about 17% of the company's reported total EBITDA
for fiscal 2024, despite a relatively soft performance in the
second half of the year. The division has the potential for
earnings growth when drilling activity increases, in its view.

Though Perenti is targeting increased revenue from low-risk
jurisdictions, the company remains exposed to West Africa.  While
the DDH1 business increases the company's exposure to lower-risk
jurisdictions, the company continues to have a material exposure to
higher-risk countries in West Africa (28% in fiscal 2024).

The transition away from West Africa will take time. Accordingly,
Perenti will remain subject to potential cash flow disruption
risks. This exposure is factored into our business risk and
liquidity assessments.

The stable outlook reflects S&P's expectation that Perenti will
continue to grow its order book over the next 12-24 months across
its businesses. The company's commitment to its financial policies
should support an S&P Global Ratings-adjusted gross debt-to-EBITDA
ratio of below 1.5x through commodity price cycles.

S&P could lower the rating if it expects Perenti to maintain an S&P
Global Ratings-adjusted gross debt-to-EBITDA ratio of about 2.0x or
more. This could occur if:

-- The company's operating performance or market share
significantly deteriorates;

-- The company weakened its financial policies such that it
undertakes material debt-funded growth capex, acquisitions, or
shareholder-friendly actions that increase debt.

Downward rating pressure could also arise if the company materially
increases its exposure to high-risk jurisdictions such as West
Africa.

S&P considers an upgrade of Perenti unlikely over the next two
years.

That said, S&P could consider an upgrade if the company:

-- Reduces its exposure to higher-risk jurisdictions, such as West
Africa, to immaterial levels;

-- Considerably increases its scale thereby further improving its
resilience to industry cycles; and

-- Maintains conservative financial policies.


RECYCLE & RESOURCE: $375MM Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Recycle & Resource
Operations Pty Ltd is a borrower were trading in the secondary
market around 84.4 cents-on-the-dollar during the week ended
Friday, Oct. 25, 2024, according to Bloomberg's Evaluated Pricing
service data.

The $375 million Term loan facility is scheduled to mature on
August 9, 2028. The amount is fully drawn and outstanding.

Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion. The Company's country of
domicile is Australia.

RETIREMENT AND INVESTMENT: First Creditors' Meeting Set for Nov. 1
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Retirement and Investment Centre Pty Ltd will be held on Nov. 1,
2024 at 11:00 a.m. via virtual meeting.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on Oct. 23, 2024.


SMS PLUMBING: Second Creditors' Meeting Set for Nov. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of SMS Plumbing
Pty Ltd has been set for Nov. 4, 2024 at 11:00 a.m. via telephone
conference from Suite 1 Level 20, 20 Bond Street in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 1, 2024 at 4:00 p.m.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Sept. 27, 2024.




=================
H O N G   K O N G
=================

TWENTY ONE: Foreclosed Hotel Sells for 60% Below Asking Price
-------------------------------------------------------------
Mingtiandi reports that a hotel near Hong Kong's Causeway Bay
retail hub has sold for 60 percent less than the former owner's
asking price a year ago, as investors hunt for bargains amid
plunging property valuations in the Asian financial centre.

Receivers acting on behalf of creditors have sold the 54-key Twenty
One Whitfield hotel in the Tin Hau area to an undisclosed buyer for
HK$260 million ($33.5 million), or HK$4.8 million per key,
according to market sources who spoke to Mingtiandi. The property's
former owner, said to be a Taiwanese investor, had reportedly tried
to sell the asset in March of last year for HK$650 million.

Mingtiandi relates that the sale comes as transactions involving
distressed and loss-making deals made up nearly half of Hong Kong's
commercial investment in the third quarter, as investors taking
advantage of steep discounts helped inject signs of life into the
city's moribund market, according to Colliers.

"In Q3 2024, the Hong Kong property investment market showed
resilience, with total big-ticket (greater than HK$100 million)
deal investment volume reaching HK$9.9 billion, a 13 percent
quarter-on-quarter increase," Colliers said in a report this week.
"Notably, distressed and assets sold at a capital loss made up 48
percent of the big-ticket volume during the quarter, as investors
took advantage of significant price discounts amid the ongoing
market adjustments."

At HK$7,471 per square foot, the transaction price represents a 34
percent mark-down from the HK$395 million the former owner paid to
acquire the property in 2014, Mingtiandi notes.

According to Mingtiandi, located an eight-minute walk from the Tin
Hau MTR station on Whitfield Road, the 32-storey hotel has a total
floor area of around 34,803 square feet (3,233 square metres) and
has gained popularity for its views of Victoria Harbour.

The hotel's 54 rooms are situated on the sixth through 36th floors,
with two rooms on each floor. The property had secured a mortgage
from a major bank in 2019 and fell into foreclosure in September,
according to local media accounts.




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

ADITI DEVA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditi Deva
Mills Private Limited (ADMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.92       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 16,
2023, placed the rating(s) of ADMPL under the 'issuer
non-cooperating' category as ADMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ADMPL 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).

Incorporated in February 2013, Aditi Deva Mills Private Limited
(ADMPL) is engaged in the rice milling activities at its plant
located at Aurangabad, Bihar with aggregate installed capacity of
39,936 MTPA. The company has started commercial operations from
November, 2016 onwards. The company procures its raw material from
local market and sells its finished products across India.
Mr. Manish Kumar (aged, 45 years), having more than decade long
experience in the rice milling industry, looks after the day to day
operations of the company. He is supported by other directors Mr.
Alok Kumar (aged, 39 years) and a team of experienced
professionals.


ASTER INFRAHOME: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aster
Infrahome Pvt Ltd (AIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      50.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated Nov 10, 2023,
continued the rating of AIPL under the 'issuer non-cooperating'
category as AIPL had failed to provide information for monitoring
of the rating agreed to in its Rating Agreement. AIPL continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and email dated September
27, 2024, October 1, 2024, and October 14, 2024, etc. 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 rating takes into account delays in servicing of debt
obligations by the company owing to poor liquidity position.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

At the time of last rating on November 10, 2023, the following were
the rating weaknesses.

Key weaknesses

* Delays in servicing of debt obligations: There have been ongoing
delays in servicing of its debt obligations, in both principal and
interest due to stressed liquidity position. The interest due for
September 30, 2024, has been received by the Debenture holders as
on October 3, 2024, however principal due has not been received as
of October 16, 2024.

Liquidity: Poor

The liquidity profile of Aster Infrahome Private Limited remains
poor as there has been delays in the principal repayments and
interest servicing of the company.

Aster Infrahome Pvt Ltd (AIPL), a real estate development company,
incorporated in May 2011, is a part of the 'Shree Vardhman Group'.
The company is currently engaged in developing a residential
project 'Green Court' located in Sector90, Gurgaon, having total
saleable area of 8.19 lsf. Shree Vardhman group has been engaged in
real estate development and is developing several projects through
different SPVs (Special Purpose Vehicles). The group has already
completed a township at Kurukshetra and group housing project at
Sonipat constituting total saleable area of 13.34 lsf. Ongoing
projects of the Group includes Shree Vardhman Gardenia, Shree
Vardhman Olive, Shree Vardhman Flora (Shree Vardhman Infrahome Pvt
Ltd), Shree Vardhman Mantra (Shree Vardhman Buildprop Pvt Ltd),
Green Space (Green Space Infraheights Pvt Ltd) etc. The total area
being developed in various group entities is 67.09 lsf.


BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benara Autos
Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          2.5         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill         0.5         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Letter of Credit     0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit       1.5         CRISIL D (Issuer Not
                                    Cooperating)

   Standby Fund-        0.4         CRISIL D (Issuer Not
   Based Limits                     Cooperating)

CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.


CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chahal
Spintex Limited (CSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       1.29        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         16.00        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan           22.81        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CSL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his
family members. The company manufactures cotton yarn in counts of
20 to 30 at its unit in Bhatinda, Punjab; it sells to traders and
merchant exporters. The promoters also manage a ginning and oil
unit under group concern, Chahal Cotton Factory.


EDISON ENERGY: CARE Lowers Rating on INR45.02cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Edison Energy India Private Limited (EEIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      45.02       CARE B-; Stable; ISSUER NOT
   Facilities                      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 17,
2023, placed the rating(s) of EEIPL under the 'issuer
non-cooperating' category as EEIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
2, 2024, July 12, 2024, July 22, 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).

Edison Energy India Private Limited (EEIPL) was incorporated in May
2015 and is engaged in generation of power through solar energy,
located in Tamil Nadu. EEIPL has two solar power plants of capacity
15.25 MW located in Illupur, Pudukottai & 2 MW located in Dindugal.
Both the plants started generating units since March 2016. The
company has tied up with Tamil Nadu Generation & Distribution
Corporation Limited (TANGEDCO) for both the plants under long term
PPA (25 years) for sale of power at the fixed tariff of INR7.01 per
unit. The day to day operations of the EEIPL are managed by Mr. C
Prasanna Kumar, the Managing Director of the company.

ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Essma Textiles
Private Limited (ETPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.


FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Frost Falcon
Distilleries Limited (FFDL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit           5.00       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.61       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             1.09       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with FFDL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in Sonipat in 1980 by Mr. O.P Katyal, FFDL manufactures
extra-neural alcohol and rectified spirits. Currently the day to
days operations are being managed by Mr. Rajesh Katyal, son of Mr.
O.P Katyal.


GOYAL ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goyal Energy
and Steel Private Limited (GESPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with GESPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004 and promoted by Mr Deepak Agarwal and Mr
Ritesh Agarwal, GESPL manufactures billets and structural steel
products such as angles, rounds, strips, sections and channels, and
trades in steel products. It has two manufacturing units in Raipur,
Chhattisgarh.


HOUSING DEVELOPMENT: NCLT Rejects JC Flowers' Claim
---------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) dismissed a liability claim by JC Flowers ARC Pvt Ltd
against Housing Development & Infrastructure Ltd. (HDIL), ruling
that the debt did not qualify as a "financial debt" under the
Insolvency and Bankruptcy Code (IBC) as it was not due or payable
at the time of HDIL's corporate insolvency resolution process
(CIRP) commencement.

ET relates that the decision, by NCLT members Charanjeet Singh
Gulati and Lakshmi Gurung, sets a precedent for lenders with
similar claims that may not meet the IBC's threshold for financial
debt recognition.

In this case, originally Yes Bank had extended a loan of INR70
crore to Carnival Films, with HDIL providing three multiplex
properties in Mumbai and Vasai as collateral, ET relays. In its
claim, Yes Bank argued that HDIL, as the mortgagee of the secured
properties, should be considered a financial debtor due to its
liability to cover any deficiency in debt repayment. On March 16,
2022, Yes Bank assigned the loan to JC Flowers ARC along with all
rights, titles and interests.

According to ET, the tribunal ruled that although HDIL had
mortgaged its properties to secure the loan, it did not qualify as
a financial creditor to Carnival Films under the IBC, as HDIL had
not received any direct disbursement from the loan.

Referencing several Supreme Court and National Company Law
Appellate Tribunal rulings, the NCLT emphasised that a financial
debt must involve disbursed funds to the corporate debtor, or a
guarantee issued on its behalf, neither of which applied to HDIL in
this case.

The tribunal in its order observed that a mere mortgage or
collateral arrangement does not automatically translate to a
financial debt under section 5(8) of the IBC, ET says.

According to ET, the debts in question are in the form of
third-party security, given by HDIL to secure loans granted to
Carnival Films, the order said. Such a debt cannot be classified as
financial debt within the meaning of the IBC and hence Yes Bank
cannot be considered a financial creditor of HDIL, it said.

ET relates that the lender's claim was further undermined by the
fact that no default had occurred as of HDIL's CIRP commencement in
August 2019. The loan repayment schedule was structured to commence
only after a 27-month moratorium, meaning no portion of the loan
was due when HDIL's insolvency process began.

Accordingly, Yes Bank's notice to Carnival Films demanding
repayment was issued nearly two years after the CIRP initiation,
which the NCLT noted rendered the claim ineligible under the IBC,
ET relays.

Housing Development & Infrastructure Limited (HDIL) is real estate
development company. The Company's services include residential,
commercial, and retail real estate development.


JAINAM ALTERNATE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jainam
Alternate Energy Private Limited (PPPL; previously known as
Pithampur Petro Pharma Private Limited) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

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

   Long Term Loan          2         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PPPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The company, incorporated in 2000 and based in Dhar, Madhya Pradesh
(MP), manufactures and sells bitumen in the domestic market. Mr.
Pravin Jain and Mr. Shailesh Jain manage the operations.


KADAM AND KADAM: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kadam and
Kadam Jewellers Private Limited (KKJPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          60.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2023, placed the rating(s) of KKJPL under the 'issuer
non-cooperating' category as KKJPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KKJPL 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).

Kadam and Kadam Jewellers Pvt Ltd (KKJPL) was established in the
year 2000 in Mumbai by Mr. Nitin Kadam, who is also one of the
founder directors of The All-India Gems & Jewellery Trade
Federation. KKJPL is in the business of manufacturing and trading
of gold/silver/diamond studded jewellery and sells them to
retailers, wholesalers and traders across India. KKJPL has a
subsidiary company named “Kadam & Kadam International DMCC” in
Dubai.

Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of KKJPL into
ISSUER NOT COOPERATING category vide press release dated July 14,
2024 on account of its inability to carry out a
review in the absence of requisite information from the company.


KRISHNA CONSTRUCTIONS: CRISIL Cuts Rating on LT/ST Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Krishna Constructions (KC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with KC through
letter and email dated February 15, 2024, among others, apart from
telephonic communication, for obtaining information. However, the
issuer has remained non-cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the firm's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of KC, which restricts the ability
of CRISIL Ratings to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating action on KC is
consistent with 'Assessing Information Adequacy Risk'.

Based on last-available information, CRISIL Ratings has downgraded
its ratings on the bank facilities of KC to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' as the cash credit account was overdrawn for more than
30 days.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of KC and Kanakadurga Highway
Builders (KHB), together referred to as the KC group. This is
because these entities have common promoters and bankers, are in
the same business, and have fungible cash flow.

                         About the group

KC was set up in May 2008 in Andhra Pradesh as a partnership. The
firm lays bitumen and concrete roads and is registered as a special
class contractor with government bodies.

KHB, a partnership firm, lays bitumen roads. The firm is registered
as a Class 1 contractor with the Department of Roads & Buildings,
Andhra Pradesh, which primarily focuses on small contracts.


LONDON STAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of London Star
Diamond Company India Private Limited (London Star) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Post Shipment          6.00      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment          6.85      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment         10.80      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Proposed Long Term    14.35      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with London Star
for obtaining information through letter and email dated September
9, 2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1964 in Mumbai by the late Mr. S G Jhaveri, London Star
trades in polished diamonds. It is currently managed by Mr. Kamlesh
Jhaveri and his son, Mr. Rishabh Jhaveri.


MAA SARADESWARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa
Saradeswari Heemghar Private Limited (MSHPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             6.2        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      0.7        CRISIL D (Issuer Not
                                      Cooperating)

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

   Term Loan               4.4        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MSHPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012 and promoted by Mr Shyamal Dandapat, MSHPL
provides cold storage facilities in Tamluk, West Bengal, to potato
farmers and traders; it also trades in potatoes.


MAHAPRABHU RESIDENCY: CARE Cuts Rating on INR65cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahaprabhu Residency LLP (MRL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      65.00       CARE B+; Stable; ISSUER NOT
   Facilities                      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 29,
2023, placed the rating(s) of MRL under the 'issuer
non-cooperating' category as MRL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MRL continues to be non-cooperative despite repeated requests for
submission of information through emails 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).

MRL was incorporated on April 25, 2019 by Mr Devansh Patel, Mr
Jayprakash Patel and ten other partners to construct a residential
real estate project 'Harmony Harikesh'. The MRLLP is a part of
Ahmedabad-based 'Harmony & Times' group. The project; Harmony
Harikesh is a residential project (registered under Gujarat
Registration No.
PR/GJ/AHMEDABAD/AHMEDABADCITY/AUDA/RAA09838/210222) consisting of
three high-rise residential buildings of 30 floors aggregating 348
flats. MRLLP has launched the project in December 2021. The project
is located at Science city road, Sola in Ahmedabad.


MANDHANA PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mandhana
Plastics Private Limited (MPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4         CRISIL D (Issuer Not
                                   Cooperating)

   Letter of Credit      2.5       CRISIL D (Issuer Not
                                   Cooperating)

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

   Proposed Long Term    0.22      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

   Term Loan             0.28      CRISIL D (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MPPL was incorporated in 2009, promoted by Mr Ramkishore Mandhana.
The company manufactures PVC sheets and flexible sheets.


MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manidhari
Oils Private Limited (MOPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       4         CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with MOPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MOPL, together referred to
as the Ritisha group, on account of their similar lines of business
and common promoters.

In 2012, Mr. Ramit Jain set up MOPL, which trades in edible oils
and has the same set of customers and suppliers as Ritisha Oils
Private Limited.

Ritisha Oils Private Limited was set up in 2009 by Mr. Ramit Jain.
The company is based in Delhi and trades in edible oils.


MARIA RUG: CRISIL Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maria Rug
International (MRI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Purchase         4.0        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.5        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MRI for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MRI was set up in 2005 as a partnership firm between Mr Zakir
Husain Ansari and his brothers, Mr Shabir Ahmad and Mr Abdul
Quadir. The firm manufactures and exports rugs, carpets, and home
furnishing products made of wool, cotton, and leather under the
brand MRI.


MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marigold
Constructions (MC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          9.84       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.16       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MC for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MC, set up by Mr. Bharat Prajapati and Mr. Bhavin Sheth in Mumbai,
is a real estate developer. It is developing Marigold Exotic, a
residential project with 30 units at Mulund in Mumbai.


MASCONS ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mascons
Engineering & Contracting Company Private Limited (MASCONS)
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               5        CRISIL D (Issuer Not    
                                    Cooperating)

CRISIL Ratings has been consistently following up with Mascons for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004, in Chennai and promoted by Mr. Said Mohammed,
Mascons undertakes civil construction and real estate development.


NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nafref
Engineers Private Limited (Nafref; part of the Nafref group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.6        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Nafref for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of National Ref and Air Cond
Engg (National) and Nafref. This is because the two companies,
together referred to as the Nafref group, have a common management
and are in the same business. Moreover, Nafref was incorporated to
take over the business of National, which is likely to be wound up
within a couple of years.

Incorporated in 2013 and promoted by Mr Bal and his family, Nafref
is engaged in engineering, procurement, and construction of air
conditioning plants and fire-fighting systems, and has also started
undertaking civil construction contracts for government
authorities. The company is also empanelled with Military
Engineering Services. Operations are managed by Mr Sital Singh
Bal.


NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Navdurga Agro
Industries (NAI) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with NAI for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2009, NAI is a proprietorship firm promoted by Unjha,
Gujarat-based Ms Dakshaben Patel. The firm processes melon seed
kernels and trades in cattle feed.


PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pallavi
Enterprises (Pallavi) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             2        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         10        CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Receipts      8        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Pallavi for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his
wife Tatikonda Savithri. Girija Modern Rice Mill was set up in 2007
by Mr. Viswanadham and his daughter. Both the firms mill and
process paddy into rice; they also generate by-products such as
broken rice, bran, and husk. The rice mills of both these firms are
in Vijayawada (Andhra Pradesh).


RIDHI SIDHI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ridhi Sidhi
Pulses (RSP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.62       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 October 11,
2023, placed the rating(s) of RSP under the 'issuer
non-cooperating' category as RSP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RSP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 26, 2024,
September 5, 2024 and September 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).

Merta City (Rajasthan) based Ridhi Sidhi Pulses (RSP) was formed in
2013 as a proprietorship concern by Mr. Shreekant Mantri with an
objective to set up a dall mill. RSP has completed its project and
started commercial operations from January 2014. The firm is
engaged in the business of manufacturing of chana dall from chana
and moong mogar as well as moong polish dall from
moong.


S.S.S. RICE: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of S.S.S.
Rice Mill Private Limited (SSSRMPL) to 'CRISIL D/CRISIL D Issuer
not cooperating' from 'CRISIL D /CRISIL D'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.15        CRISIL D (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL D')

   Cash Credit            2           CRISIL D (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL D')

   Cash Credit           16           CRISIL D (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL D')

   Proposed Long Term     0.25        CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Migrated from
                                      'CRISIL D')

   Proposed Short Term    1           CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Migrated from
                                      'CRISIL D')

   Working Capital        1.6         CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING; Migrated from
                                      'CRISIL D')

CRISIL Ratings has been consistently following up with SSSRMPL for
obtaining information through letter and email dated September 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSSRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSRMPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSSRMPL to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL D /CRISIL D'.

Incorporated in 2007 and promoted by Kolkata-based Mr Nimai Purkait
Chand and Ms Arati Purkait, SSSRMPL mills and processes non-basmati
parboiled rice at its facility outside Kolkata that has capacity of
75,000 tonne per annum.


SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik Coal
Corporation Private Limited (SCCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting       9.85        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            0.50        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            1           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            4.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            4           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            1.5         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      55           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      19.5         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      70           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      55           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      32.5         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      20           CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility    10           CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     3           CRISIL D (Issuer Not
                                      Cooperating)

  Overdraft Facility      2.65        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SCCPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SCCPL, Arka Carbon Fuels
Pvt Ltd (Arka Carbon), and Shree Ganpatlal Onkarlal Agarwal &
Company (Shree Ganpatlal). This is because the three entities,
together referred to as the Swastik group, are held and managed by
the same promoters and have operational and financial linkages.

                          About the Group

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members of
the Bindal family for trading in indigenous coal, the group is now
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in India.


UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unilec
Engineers Limited (UEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee     12.13         CRISIL D (Issuer Not
                                    Cooperating)

  Cash Credit          6.32         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with UEL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1993, UEL manufactures electrical control panels,
low-voltage switchgears, and bus ducts for power generation,
transmission, and distribution companies. The company has
manufacturing and technical service divisions in Gurgaon and Bawal
(both in Haryana).


VEERGANAPATHI STEELS: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri
Veerganapathi Steels Private Limited (SVSPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVSPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SVSPL was established in 1998 and trades in steel products such as
channels, pipes, angles, plates, thermo-mechanically treated bars,
and round/square bars.


WIPRO LTD: NCLT Bengaluru Dismisses Insolvency Plea Against Co.
---------------------------------------------------------------
CNBCTV18.com reports that the National Company Law Tribunal (NCLT)
in Bengaluru has reportedly dismissed an insolvency plea filed
against tech giant Wipro by California-based cloud service provider
Ivalua Inc.

The plea, filed under Section 9 of the Insolvency and Bankruptcy
Code (IBC), 2016, alleged that Wipro had failed to clear
outstanding payments amounting to $300,000 (INR2.8 crore) for cloud
services rendered by Ivalua, according to Bar and Bench.

According to CNBCTV18.com, the report said that Ivalua contended
that the unpaid amount stemmed from services provided under a July
2021 service agreement, for which it issued three invoices, each
exceeding $100,000. The company further argued that Wipro did not
respond to the statutory demand notice within the seven-day period
stipulated by the IBC.

In response, Wipro maintained that it was not obligated to pay the
invoices, as the services provided by Ivalua were limited to the
proof-of-concept stage, which is a testing phase before full
adoption of the service, CNBCTV18.com relays. Wipro stated that it
had already made payments for this phase and argued that Ivalua,
having not rendered services beyond this stage, could not be
classified as an operational creditor.

After hearing the arguments, the NCLT accepted Wipro's stance and
dismissed the plea.

Wipro Limited -- https://www.wipro.com/ -- provides information
technology, consultant and business process services.




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

SRITEX: Government Backs Company as it Fights Bankruptcy
--------------------------------------------------------
Jakarta Globe reports that Sri Rejeki Isman (Sritex) responded to
the Semarang Commercial Court's Oct. 21 bankruptcy ruling, which
declared the company and four key subsidiaries bankrupt after a
creditor nullified a prior debt restructuring deal. Sritex has
filed for cassation and assured stakeholders that operations will
remain unaffected.

In an official statement on Oct. 25, Sritex affirmed its respect
for the ruling while emphasizing its commitment to resolving the
legal matter swiftly, Jakarta Globe relates. The company promptly
began internal consolidation efforts to ensure continuity and is
actively consulting with its stakeholders, which include creditors,
suppliers, and employees.

"Today, we have filed for cassation to conclude this matter
responsibly and uphold the interests of all stakeholders," Sritex
said, reiterating its dedication to minimizing any disruption
caused by the court's decision, Jakarta Globe relays.

According to Jakarta Globe, Sritex's Human Resources General
Manager, Haryo Ngadiyono, clarified that despite the court's
ruling, the company's core operations, including production
schedules, remain unaffected. "Our factories continue to operate
normally across three shifts, and we urge employees not to be
distracted by this news," Mr. Haryo said in a meeting with local
labor officials.

He further stressed that the bankruptcy ruling does not stem from
internal financial distress but rather from legal action taken by a
third-party creditor, which has no bearing on day-to-day activities
at Sritex's production facilities.

"This ruling does not mean we are insolvent. Our company's assets
and resources are intact, and we remain a viable business," he
affirmed.

According to Jakarta Globe, the court's decision affects four
Sritex subsidiaries located in different parts of Central Java,
with approximately 15,000 employees directly impacted. However,
Sritex maintains additional subsidiaries beyond these four
companies. Mr. Haryo assured employees that the management has
conducted extensive briefings, requesting their ongoing dedication
while the legal process is underway.

As Sritex navigates these challenges, the Indonesian government has
signaled its support, prioritizing measures to protect the
company's workforce. Jakarta Globe says Industry Minister Agus
Gumiwang Kartasasmita revealed that President Prabowo Subianto has
tasked the Industry Ministry, Finance Ministry, State-Owned
Enterprises Ministry, and Manpower Ministry to coordinate and
devise strategies to help Sritex and its employees. Agus said that
the government's focus is to prevent layoffs and maintain
operational stability.

"The President has directed us to look into all possible options to
save Sritex, as it is essential to Indonesia's textile industry,"
Agus noted, says the report.

Jakarta Globe adds that the Manpower Ministry also issued a
statement urging Sritex to avoid layoffs until the cassation
process is complete. Director-General of Industrial Relations Indah
Anggoro Putri said that the company should prioritize constructive
dialogue with labor unions and develop interim solutions.

"We request that Sritex refrain from rushing any layoffs, as the
legal process is still ongoing," the report quotes Indah as saying,
adding that the ministry is closely monitoring the situation to
ensure workers' welfare.

With Sritex's appeal for cassation now underway, the company has
urged all parties involved to exercise patience as it works toward
a resolution. The management also reiterated its hope that, with
government backing, Sritex can continue contributing to the
nation's textile industry for years to come, Jakarta Globe adds.

PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.




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

ARTISAN DESIGN: Court to Hear Wind-Up Petition on Nov. 29
---------------------------------------------------------
A petition to wind up the operations of Artisan Design Limited will
be heard before the High Court at Auckland on Nov. 29, 2024, at
10:00 a.m.

Mei Yan Chen filed the petition against the company on Oct. 1,
2024.

The Petitioner's solicitor is:

          Oscar Joseph Ward
          Urlich Milne Lawyers Limited
          3 Owens Road
          Epsom
          Auckland 1023


BEVBRAND 2021: Creditors' Proofs of Debt Due on Dec. 6
------------------------------------------------------
Creditors of Bevbrand 2021 Limited, Bristow Holdings Limited and
Maxconcrete Limited are required to file their proofs of debt by
Dec. 6, 2024, to be included in the company's dividend
distribution.

Bevbrand 2021 Limited commenced wind-up proceedings on Oct. 18,
2024.
Bristow Holdings Limited commenced wind-up proceedings on Oct. 21,
2024.
Maxconcrete Limited commenced wind-up proceedings on Oct. 22,
2024.

The company's liquidators are:

          Benjamin Francis
          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


BROTHERS CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 29
---------------------------------------------------------------
Creditors of Brothers Construction Limited are required to file
their proofs of debt by Nov. 29, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 18, 2024.

The company's liquidators are:

          David Edward Thomas
          Don't Be Limited
          C/- 4 Willow Street
          Tauranga Central


FLEXIBLE PROPERTY: Court to Hear Wind-Up Petition on Nov. 8
-----------------------------------------------------------
A petition to wind up the operations of Flexible Property
Maintenance Limited will be heard before the High Court at Auckland
on Nov. 8, 2024, at 10:45 a.m.

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

The Petitioner's solicitor is:

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


STONEARK LIMITED: Creditors' Proofs of Debt Due on Nov. 29
----------------------------------------------------------
Creditors of Stoneark Limited, St Lukes Toys Limited and Huntlo
Limited are required to file their proofs of debt by Nov. 29, 2024,
to be included in the company's dividend distribution.

The High Court at Auckland appointed Iain McLennan and Keaton Pronk
of McDonald Vague Limited as liquidators on Oct. 16, 2024.


WHITE BY DESIGN: Fashion Retail Shuts Doors
-------------------------------------------
Otago Daily Times reports that after nearly two decades in fashion
retail in Dunedin, Wendy Jones is calling it quits.

White By Design, originally established in Roslyn Village in 2006,
has most latterly been based in the Centre City Mall, but the
end-of-lease closing down sale signs are up and Ms. Jones will
close the doors by the end of the year, ODT says.

Born into the Dunedin rag trade, Ms. Jones shifted from Roslyn to
George St in 2014, when the area began losing its vibrancy, and was
in two different locations in the main street before moving to
Centre City Mall.

Retail was very tough, particularly in Dunedin, she said.

The redevelopment of the retail quarter had made it difficult for
people to shop, as they did not know what streets were open and
could not be bothered coming into the heart of the city.

Parking was both difficult and expensive, Ms. Jones said, ODT
relays.

Trade had been down 50% in the past year, her business was no
longer viable and it was time to move on after making what was a
"really tough decision".

The fashion industry had also changed; people often did not want to
pay for quality, something which she prided herself on.

She would miss her customers and she also paid tribute to her staff
- most recently she had one part-time employee - saying customers
loved getting service and having conversations, ODT relays.

To improve retail in Dunedin, people had to "be brave" and come
back into the city, while the Dunedin City Council needed to sort
out parking, or free buses needed to be offered, she said.




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

ESRW SINGAPORE: Creditors' Proofs of Debt Due on Nov. 25
--------------------------------------------------------
Creditors of ESRW Singapore Pte. Ltd. are required to file their
proofs of debt by Nov. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 21, 2024.

The company's liquidator is:

          Farooq Ahmad Mann
          No. 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


MAXEON SOLAR: CEO to Retire in January; Ex-TCL Boss Named Successor
-------------------------------------------------------------------
Maxeon Solar Technologies, Ltd. announced that Bill Mulligan, Chief
Executive Officer, will retire at the end of January 2025.

In compliance with Section 168 of the Companies Act 1967 of
Singapore, the Company discloses that in connection with his
stepping down as the Company's CEO and member of the Board and in
accordance with his employment agreement, the Company will provide
Mr. Mulligan the following:

     a. lump sum payment of $700,000 reflecting his annual base
salary
     b. lump sum payment of $48,000 for health insurance coverage,
and
     c. acceleration of 3,368 restrictive stock units and 4,518
performance restricted stock units, which at October 15 closing
stock price are valued at $48,735.

The aggregate value of the compensation described in clauses a
through c above, does not exceed the total emoluments paid to Mr.
Mulligan during 2023.

George Guo, formerly an advisor to the Chairman of TCL Group and
previous CEO of TCL Communication Technology, has assumed the role
of Maxeon CEO and joined its Board of Directors effective October
11, 2024. Mulligan will aid the leadership transition through
January.

Based in Silicon Valley, Guo brings nearly 40 years of experience
and an exceptional track record of technology leadership,
scaling-up high-volume manufacturing, and driving growth in
multiple technology business segments. Guo's career spans corporate
strategy, product positioning, go-to-market, supply chain and
operations management and includes leadership roles at IBM's Santa
Teresa Lab, Chief Technology Officer and head of R&D for Zhaodaola
Internet, and several executive roles at TCL Communications,
culminating in six years serving as Chief Executive Officer.

"We are very grateful to Bill Mulligan for his invaluable work as
Maxeon CEO, helping to guide the Company through a period of
transition and significant challenges," said Donald Colvin,
Maxeon's Chairman of the Board. "Bill is a true solar industry
pioneer, and we wish him the very best for his next chapter. George
Guo is an exceptional technology executive, and we are pleased to
welcome him as Maxeon's new Chief Executive Officer. His experience
in turnarounds and his proven capabilities in leading teams to
commercialize product innovation are extremely relevant to Maxeon's
current market position."

"I am excited to join Maxeon at this inflection point for the
Company and the industry," said George Guo, Maxeon's incoming CEO.
"There is tremendous opportunity to capitalize on the accelerating
global transition to renewable energy, even as many companies
including Maxeon are challenged to overcome near-term pressure on
revenue and profitability. Our advantages include world-leading
technology and products that span utility-scale, commercial and
residential markets, a deep patent portfolio, and key strategic
partnerships. By improving our efficiency, reducing costs, and
providing an optimal combination of performance, reliability, and
value in our solar products, I intend for Maxeon to be the partner
of choice for solar solutions going forward and come through this
current downturn in a strong position."

Additionally, Lindsey Roon Wiedmann will step down as Chief Legal &
Sustainability Officer of the Company effective November 1, 2024.
The Company plans to appoint Frank Jeng as Interim Chief Legal
Officer effective November 1, 2024. Mrs. Wiedmann's last date of
employment with the Company will be January 10, 2025 to help with
transition matters.

                        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.

PROSPERE HOLDINGS: Creditors' Proofs of Debt Due on Nov. 25
-----------------------------------------------------------
Creditors of Prospere Holdings Pte. Ltd. are required to file their
proofs of debt by Nov. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 25, 2024.

The company's liquidator is:

         Tan Chin Ren
         Tan, Chan & Partners
         26 Eng Hoon Street
         Singapore 169776


REGAL MOTORING: Court to Hear Wind-Up Petition on Nov. 15
---------------------------------------------------------
A petition to wind up the operations of Regal Motoring Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 15, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 21, 2024.

The Petitioner's solicitors are:

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


STRAITS PROPERTIES: Creditors' Proofs of Debt Due on Nov. 25
------------------------------------------------------------
Creditors of Straits Properties Limited are required to file their
proofs of debt by Nov. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 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


WICKHAM INVESCO: Creditors' Proofs of Debt Due on Nov. 25
---------------------------------------------------------
Creditors of Wickham Invesco Pte. Ltd. are required to file their
proofs of debt by Nov. 25, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Tan Chin Ren
         Tan, Chan & Partners
         26 Eng Hoon Street
         Singapore 169776




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

SRI LANKA: Meets With Bondholders; Aims to Exit Default Soon
------------------------------------------------------------
Reuters reports that Sri Lanka met last week with its bondholders
in Washington to discuss a debt exchange as the South Asian country
aims to emerge from default as soon as possible, central bank
Governor Nandalal Weerasinghe said on Oct. 25.

He said the talks, which happened on the sidelines of the IMF/World
Bank meetings in Washington, aim to quickly get Sri Lanka "out of
this default category," Reuters relates.

Reuters says Citibank will act as dealer manager to take charge of
a consent solicitation, the next step for the island nation to exit
default.

Sri Lanka defaulted in 2022 for the first time ever after being hit
by an economic crisis, and reached in September a draft deal with
creditors to restructure $12.5 billion of international bonds,
Reuters notes. Earlier this month the International Monetary Fund
and official bilateral creditors backed the proposal.

According to Reuters, Weerasinghe said the next review of the IMF
program will be delayed, but did not give a timeline on when it
would happen or if it would be before the end of this year.

The fund said earlier this month after a visit to Colombo that it
would continue to engage with Sri Lanka's economic team to set a
date for the third review, Reuters relays.

Looking forward, Weerasinghe said depending on how fast economic
reforms can be implemented he expects the Sri Lankan economy to
grow "around 3%" in 2025, adds Reuters.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on Oct. 24, 2024, affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings, and 'CCC+/C'
long- and short-term local currency ratings on Sri Lanka. The
outlook on the 'CCC+' long-term local currency rating is stable.
S&P also revised upward its transfer and convertibility assessment
on Sri Lanka to 'CCC' from 'CC' previously.



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

[*] Asia Expects Insolvency Rise as China's Economy Slows
---------------------------------------------------------
The 2024 edition of the Atradius Payment Practices Barometer survey
reveals that companies across Asia are concerned over the outlook
for insolvencies in the coming months, adversely affecting
prospects for B2B trade on credit.

A rising level of insolvency risk has emerged as a major concern
looking ahead for half of companies surveyed by Atradius across
Asia, with widespread worries it could negatively impact B2B trade
on credit. Businesses are preparing for ripple effects and payment
risks, adding to further anxiety about future profitability.

At the heart of the concern is the current uncertain economic
landscape, largely driven by the slowdown in China's growth.
Notably, however, the survey reveals Chinese companies show least
anxiety about future insolvency risk.

This is the key finding of the 2024 Atradius Payment Practices
Barometer survey across Asia (China, Hong Kong, India, Indonesia,
Japan, Singapore, Taiwan and Vietnam).

India, Indonesia, Japan and Singapore are the markets most
preoccupied about future insolvency risk but worry right across
Asia reflects the view outlined by Atradius economists in the
latest Insolvency report which forecasts an increase in
insolvencies across Asia in 2024.

Anxiety is compounded by an already challenging credit risk
environment, with late payments affecting an average 46% of B2B
credit sales and bad debts standing at 4% of B2B sales invoices
issued by Asian companies. Concern around business profitability
thus continues to weigh heavily.

"The global economy is set to grow by 2.7% this year, but weak
demand and tight credit conditions are straining businesses," says
Andreas Tesch, Chief Market Officer of Atradius.

"We expect global insolvencies to increase by 23% in 2024, and
China's current economic slowdown is raising concern about rising
insolvencies among many Asian companies. This could lead to
deteriorating credit quality and B2B payment behaviour in several
economies across Asia."

The complete report highlighting the findings of the 2024 edition
of the Atradius Payment Practices Barometer for Asia can be found
in the Publications section of Atradius.com website.

                          About Atradius

Atradius is a global provider of credit insurance, bond and surety,
collections and information services, with a strategic presence in
over 50 countries. The products offered by Atradius protect
companies around the world against the default risks associated
with selling goods and services on credit. Atradius is a member of
GCO, one of the leading companies in the Spanish insurance sector
and one of the largest credit insurers in the world.


[*] BOND PRICING: For the Week Oct. 21, 2024 to Oct. 25, 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


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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