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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, November 5, 2024, Vol. 27, No. 222

                           Headlines



A U S T R A L I A

BIG CITY: First Creditors' Meeting Set for Nov. 7
INTERACTIVE COMMUNITY: First Creditors' Meeting Set for Nov. 7
MOSAIC BRANDS: Appoints KPMG as Receivers; FTI as Administrators
ON LINE: First Creditors' Meeting Set for Nov. 7
SEAFARMS GROUP: Project to Be Liquidated After Failed Court Appeal

SIJO #1: First Creditors' Meeting Set for Nov. 8
SYDNEY ROCKS: First Creditors' Meeting Set for Nov. 7


I N D I A

AKAL SPRING: Ind-Ra Moves BB Loan Rating to NonCooperating
AKS ALLOYS: Insolvency Resolution Process Case Summary
ALP NONWOVEN: CARE Keeps D Debt Rating in Not Cooperating Category
AMALTAS EDUCATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
ANTECH CONSTRUCTION: CRISIL Lowers LT/ST Debt Ratings to D

BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
BHARGAVA EDUCATIONAL: Ind-Ra Cuts Bank Loan Rating to B-
DHARTI COTTON: Insolvency Resolution Process Case Summary
DURGESHWARI INDUSTRIES: CARE Keeps D Rating in Not Cooperating
ENTALLY ASTHA: Ind-Ra Keeps D Loan Rating in NonCooperating

GALLIUM DEALER: Voluntary Liquidation Process Case Summary
GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating
GD DYESTUFF: Ind-Ra Moves BB Loan Rating to NonCooperating
GF TOLL ROAD: Insolvency Resolution Process Case Summary
GUPTA AND CO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable

GURU KRUPA: CRISIL Assigns D Ratings to INR10cr Loans
HCP PLASTENE: Ind-Ra Withdraws D Bank Loan Rating
HEM COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
INDIRA PRIYADARSHINI: Ind-Ra Keeps D Rating in Non-Cooperating
INDUSTRIAL SYSTEMS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable

ISWARYA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
J C T LIMITED: Insolvency Resolution Process Case Summary
JAYNEER INFRAPOWER: Insolvency Resolution Process Case Summary
JAYSHRI GAYATRI: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
MAHALASA EXPORTS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable

MEHTA DAIRIES: CRISIL Withdraws B Rating on INR4.5cr Whse Loan
MONSOON BOUNTY: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable
MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
NAKKHEERAN PUBLICATIONS: CARE Keeps D Ratings in Not Cooperating
NEXT GENERATION: Ind-Ra Keeps D Loan Rating in NonCooperating

PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating
PURE PETROCHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
RBA TEXTILES: CRISIL Lowers Rating on INR20cr Cash Loan to B+
S P INFRA: CARE Keeps D Debt Rating in Not Cooperating Category

S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
SAHYOG JANKALYAN: Ind-Ra Cuts Bank Loan Rating to BB-
SCHOLARS INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
SECURENS SYSTEMS: Ind-Ra Cuts Bank Loan Rating to BB
SPAZE TOWERS: Insolvency Resolution Process Case Summary

SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating
SUNVEST SOLUTIONS: Voluntary Liquidation Process Case Summary
THAKUR V. S.: CRISIL Reaffirms B Rating on INR7cr Loans
UTTHUNGA TECHNOLOGIES: Ind-Ra Cuts Bank Loan Rating to BB
V S EDUCATION: Ind-Ra Keeps C Loan Rating in NonCooperating

VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in NonCooperating
VERTEBRAND CONSULTING: Insolvency Resolution Process Case Summary
WARANA DAIRY: Ind-Ra Keeps D Loan Rating in NonCooperating
WRITER LIFESTYLE: Ind-Ra Withdraws D Bank Loan Rating



I N D O N E S I A

SRITEX: Gov't Allows Co. to Resume Operations Despite Bankruptcy
[*] INDONESIA: Seven State-Owned Companies Remain in the Red


M A L A Y S I A

CARZO HOLDINGS: External Auditor Flags Going Concern Status
SKS AIRWAYS: Aviation Regulator Suspends Air Operator Certificate


N E W   Z E A L A N D

CAMPBELL HAULAGE: Court to Hear Wind-Up Petition on Nov. 11
GYAKO WELLNESS: Grant Bruce Reynolds Appointed as Liquidator
INDUSTRY CIVIL: Creditors' Proofs of Debt Due on Dec. 6
SCRUBS SERVICES: Court to Hear Wind-Up Petition on Nov. 25
SUKHMANDER TRANSPORT: Creditors' Proofs of Debt Due on Dec. 9



S I N G A P O R E

HOMSTERS ASIA: Commences Wind-Up Proceedings
KALIMANTAN RAIL: Court Enters Wind-Up Order
LOGISTICS CONSTRUCTION: Court Enters Wind-Up Order
NO SIGNBOARD: Former Chairman/CEO Fined SGD420K for Price Rigging
PEAK VENTURE: Commences Wind-Up Proceedings

UNITED VENTURE: Commences Wind-Up Proceedings


S O U T H   K O R E A

[*] SOUTH KOREA: Credit Coops Rush to Hire Distressed Loan Experts


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 28, 2024 to Nov. 1, 2024

                           - - - - -


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

BIG CITY: First Creditors' Meeting Set for Nov. 7
-------------------------------------------------
A first meeting of the creditors in the proceedings of Big City
Production Services Pty. Limited will be held on Nov. 7, 2024 at
11:00 a.m. via virtual meeting only.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Oct. 28, 2024.


INTERACTIVE COMMUNITY: First Creditors' Meeting Set for Nov. 7
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Interactive
Community Care Pty Ltd will be held on Nov. 7, 2024 at 11:00 a.m.
at Level 1, 160 Pacific Highway in Charlestown.

Paul William Gidley of Shaw Gidley was appointed as administrator
of the company on Oct. 28, 2024.


MOSAIC BRANDS: Appoints KPMG as Receivers; FTI as Administrators
----------------------------------------------------------------
Celene Ignacio of Inside Retail reports that Mosaic Brands has
appointed KPMG's David Hardy, Gayle Dickerson, Ryan Eagle, and
Amanda Coneyworth to serve as receivers and managers.

Vaughan Strawbridge, Kathryn Evans, Kate Warwick, and David McGrath
from FTI Consulting will also act as the company's joint
administrators, notes the report.

According to Inside Retail, Mosaic failed to secure support from
several key stakeholders for its restructuring efforts, as well as
reach a commercially acceptable resolution with the Australian
Competition and Consumer Commission (ACCC).

Mosaic will continue trading as it focuses on brand rationalization
and broader restructuring plans, the report relates. The receivers
will manage daily operations, while the administrators will seek
opportunities for recapitalization or a potential sale of the
Mosaic Brands Group.

The fashion retailer had disclosed last September that it would
phase out five of its brands -- Rockmans, Autograph, Crossroads, W
Lane, and BeMe -- to concentrate on the remaining five, as it faces
challenges in staying afloat due to operational difficulties, the
report notes.

                   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.

ON LINE: First Creditors' Meeting Set for Nov. 7
------------------------------------------------
A first meeting of the creditors in the proceedings of On Line Pipe
& Cable Locating Pty. Ltd will be held on Nov. 7, 2024 via virtual
meeting only.

Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on Oct. 28, 2024.


SEAFARMS GROUP: Project to Be Liquidated After Failed Court Appeal
------------------------------------------------------------------
The NT Independent reports that failed mega prawn farm Project Sea
Dragon will be forced into liquidation following a Federal Court
ruling on Nov. 1, officially ending a controversial major project
that saw NT taxpayers fork out AUD56 million for the promise of
more than a thousand jobs that never eventuated.

According to the report, liquidators from KordaMentha were
appointed to wind up Project Sea Dragon -- a subsidiary of Seafarms
Group -- and oversee the payment for legal costs of AUD13.9 million
to construction company Canstruct.

Canstruct filed a lawsuit against Project Sea Dragon following the
termination of their contract in April 2022, the NT Independent
relates.

In February, a court determined that the proposed AUD1.5 billion
Project Sea Dragon had been insolvent since at least June 2020. The
judge subsequently ordered the appointment of liquidators to
oversee the winding up of the company at the time, but the company
appealed, the report recalls.

Seafarms had been developing Project Sea Dragon, a proposed giant
prawn farm on Legune Station, for over 10 years. The project, which
was touted as able to produce 100,000 tonnes of tiger prawns
annually and create 1,600 jobs, was granted major project status by
the NT Government in 2015, according to the report.

The NT Independent says governments invested heavily in the
project's road infrastructure, with the Federal Government
contributing AUD63 million, the NT Government contributing AUD56
million, and the WA Government contributing AUD15 million.

However, an internal company review in March 2022 deemed it "not
viable in its current form" due to significant risks related to its
remote location and other environmental concerns.

Following leadership changes, the project was put into voluntarily
administration in February 2023, after a costly contractual
dispute, the NT Independent notes.

Seafarms reported a net loss of AUD19.6 million for the 2023-24
financial year and sold some assets to mitigate the losses, the
report adds.

Shaun McKinnon and Andrew Fielding of BDO were appointed as
administrators of Project Sea Dragon Pty Ltd on Feb. 14, 2023.


SIJO #1: First Creditors' Meeting Set for Nov. 8
------------------------------------------------
A first meeting of the creditors in the proceedings of Sijo #1 Pty
Limited will be held on Nov. 8, 2024 at 10:30 a.m. via
teleconference and video conference only.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on Oct. 30, 2024.


SYDNEY ROCKS: First Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney Rocks
Brewing Company Pty Ltd will be held on Nov. 7, 2024 at 11:30 a.m.
via virtual meeting.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Oct. 29, 2024.




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

AKAL SPRING: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Akal
Spring Limited's (ASL) bank facilities' ratings to Negative from
Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR110 mil. Fund-based working capital limit Outlook revised
     to Negative; migrated to non-cooperating category with IND BB

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

-- INR23.72 mil. Term loan due on February 2026 Outlook revised
     to Negative; migrated to non-cooperating category with IND BB

     (ISSUER NOT COOPERATING)/Negative rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ASL while reviewing the
ratings. Ind-Ra had consistently followed up with ASL over emails
starting June 6, 2024, apart from phone calls. The issuer has
submitted no default statement until September 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ASL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. ASL has been
non-cooperative with the agency since June 6, 2024.

About the Company

ASL is a deemed limited family owned company, situated at Focal
Point, Ludhiana. ASL manufactures suspension parts, such as leaf
springs, for automobiles. It was incorporated in 1974 and commenced
commercial production in 1980. The company is managed by directors,
Jaspal Kaur, Sandeep Riat, Amrit Pal Singh and Harpreet Kaur Riat.

AKS ALLOYS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: AKS Alloys Private Limited

        Registered Address:
        No.770, T H Road, Chennai,
        Tamil Nadu, 600081

Insolvency Commencement Date: October 25, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 23, 2025

Insolvency professional: Piyush Kisanlal Jani

Interim Resolution
Professional: Piyush Kisanlal Jani
              Om Ashray, Behind Mazar,
              New Laxminagar, Ring Road,
              Gondia, Maharashtra, 441614
              Email ID: capiyushj@gmail.com

              -- and --

              Plot No. 212, 2nd Floor, Chatrapati Square,
              Near Kalpavruksha Hospital, Pragati Colony,
              Nagpur, Maharashtra 440015
              Email: aksalloys.cirp@gmail.com

Last date for
submission of claims: November 8, 2024


ALP NONWOVEN: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alp
Nonwoven Private Limited (ANPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.41       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

Modasa-based (Gujarat) ANPL was incorporated in 2012, by Mr
Hareshkumar Dahyabhai Patel and is currently managed by Mr
Mahendrakumar Hansarajbhai Patel and Mr Jagdish Ratilal Patel. The
company is engaged into the manufacturing of nonwoven technical
fabrics. ANPL operates from its sole manufacturing facility located
in Modasa (Gujarat).

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of ANPL under Issuer Not
Cooperating category vide press release dated August 14, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


AMALTAS EDUCATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amaltas
Educational Welfare Society's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR100 mil. Bank Guarantee maintained in non-cooperating
     Category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR370 mil. Term loan due on March 31, 2025 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Amaltas Educational Welfare
Society while reviewing the rating. Ind-Ra had consistently
followed up with Amaltas Educational Welfare Society over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Amaltas Educational
Welfare Society on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Amaltas Educational Welfare
Society's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Amaltas Educational Welfare Society has been registered as a
society under the Society Registration Act, 1860. It provides
medical services through its hospital and education via its medical
school. Both facilities are in the Bangar village, Madhya Pradesh.

ANTECH CONSTRUCTION: CRISIL Lowers LT/ST Debt Ratings to D
----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Antech Construction Co. (ACC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing.

                       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 ACC for
obtaining information through letters and emails dated January 16,
2024 and February 12, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ACC, which restricts CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACC
is consistent with Assessing Information Adequacy Risk.

Based on the last available information, the ratings on the bank
facilities of  ACC have been downgraded to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing.

Analytical Approach

CRISIL Ratings has taken a standalone view of the business and
financial risk profiles of ACC

ACC was established in 2009 as partnership firm by Mr. Anish
Markose and Mr. Anil Markose. It is engaged in civil construction
works such as construction of roads, bridges, water irrigation,
tunnels etc for state; central government entities located in
Kerala.


BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Backbone
Projects Limited (BPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 5,
2023, placed the rating(s) of BPL under the 'issuer
non-cooperating' category as BPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 21, 2024, July
31, 2024, August 10, 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.

Backbone Projects Limited (BPL) was initially constituted as a
partnership firm Backbone Construction Company in 1987 by Mr.
Jayantibhai M Jakasania and subsequently converted into public
limited company in 1995. The company is in the business of
construction of canals, dams, roads and bridges. BPL mainly
executes projects for government and semi-government authorities.

BHARGAVA EDUCATIONAL: Ind-Ra Cuts Bank Loan Rating to B-
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhargava
Educational Society rating to IND B-/Negative (ISSUER NOT
COOPERATING). The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR5 mil. Fund/Non-Fund Based Working Capital Limit downgraded

     with IND B-/Negative (ISSUER NOT COOPERATING) rating; and

-- INR58 mil. Term loan downgraded with IND B-/Negative (ISSUER
     NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Bhargava Educational Society
while reviewing the rating. Ind-Ra had consistently followed up
with Bhargava Educational Society over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Bhargava Educational
Society on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Bhargava Educational Society's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Bhargava Educational Society has a registered office in Banga,
Punjab and was established in 2011 under the Societies Registration
Act, 1860. It runs one school – Darrick International School –
in Gunachaur, Punjab.

DHARTI COTTON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dharti Cotton Private Limited

        Registered Address:
        S. No. 190/2, Atkot-Bhavnagar Highway, Vil Jangvad
        Opp. Sumbham Ginning and Pressing Pvt. Ltd.
        Jasdan, Gujarat, India 360040

Insolvency Commencement Date: October 25, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 23, 2025

Insolvency professional: Rahul Nareshbhai Shah

Interim Resolution
Professional: Rahul Nareshbhai Shah
              20, Sudershan Society, Part 2,
              Near Naranpura Bus Stop,
              Naranpura, Ahmadabad, Gujarat 380014
              Email: carahulnshah@gmail.com

              -- and --

              Shop No. 6, Samprati Residency,
              Opp Paliyadnagar AMC Garden,
              Naranpura, Ahmadabad, Gujarat 380014
              Email: cirp.dharti@gmail.com

Last date for
submission of claims: November 11, 2024


DURGESHWARI INDUSTRIES: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgeshwari
Industries Limited (DIL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2023, placed the rating(s) of DIL under the 'issuer
non-cooperating' category as DIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DIL 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).

Analytical approach: Standalone

DIL, was initially established in 1994, as a seed processing
company under the name Durgeshwari Seeds Private Limited and was
further converted into Public Ltd Company under the current name in
the year 2011. The operations of the entity are being handled by
Mr. Vijay Agrawal and his brothers. The entity operates from its
sole manufacturing plant at Parbhani (Maharashtra).

ENTALLY ASTHA: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Entally Astha's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR100 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Entally Astha while
reviewing the rating. Ind-Ra had consistently followed up with
Entally Astha over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Entally Astha on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Entally Astha's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Entally Astha, established in 2004-2005, was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through the self-help group model and various livelihood
programmes.

GALLIUM DEALER: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Gallium Dealer Pvt. Ltd.
        15/B, Clive Row,
        Kolkata 700001, West Bengal

Liquidation Commencement Date: October 23, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sudipta Ghosh
            8, N. N.  Mukherjee 3rd Lane,
            Uttarpara, Hooghly 712258
            Email: sudipta_ghosh08@yahoo.com
            Email: +91-9230823033 / 7003384289

Last date for
submission of claims: November 22, 2024



GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gaurisankar
Electro Castings Private Limited (GECPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.26       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 11,
2023, placed the rating(s) of GECPL under the 'issuer
non-cooperating' category as GECPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GECPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
27, 2024, August 6, 2024, August 16, 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).

GECPL, incorporated in 2001 by Mr. Ramjeet Prasad and Mr. Sunil
Kumar based out of Jharkhand with the objective of manufacturing of
iron & steel products. Since inception, the company is engaged in
manufacturing of mild steel (MS) bars and the facility of the
company is located at Giridih, Jharkhand.


GD DYESTUFF: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on GD
Dyestuff Industries Limited's (GDDIPL) bank facilities to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB'/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit Outlook revised
     to negative and migrated to non-cooperating category with IND

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

-- INR53mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR23.80 mil. Term loan due on March 2027 Outlook revised to
     negative and migrated to non-cooperating category with IND
     BB/Negative (ISSUER NOT COOPERATING) rating.

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with GDDIPL while reviewing the
ratings. Ind-Ra had consistently followed up with GDDIPL over
emails starting from July 17, 2024, apart from phone calls.
However, the issuer has submitted no default statement until
September 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GDDIPL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. GDDIPL has been
non-cooperative with the agency since July 17, 2024.

About the Company

Established in 1987, GDDIL manufactures acetic anhydride at its
Dahej unit in Gujarat with an annual capacity of 7,200 metric tons.

GF TOLL ROAD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: GF Toll Road Private Limited

        Registered Address:
        Reliance Centre,
        19, Walchand Hirachand Marg,
        Ballard Estate, Mumbai
        Maharashtra, India 400001

Insolvency Commencement Date: October 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2025

Insolvency professional: Rahul Jindal

Interim Resolution
Professional: Rahul Jindal
              52/24, Ramjas Road,
              Karol Bagh, New Delhi 110005
              Email Id: jindalrahul60@gmail.com

              -- and --

              6772/2, Dev Nagar,
              Karol bagh, New Delhi 110005

Last date for
submission of claims: November 6, 2024


GUPTA AND CO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Gupta and Co's (GAC)
bank facilities as follows:

-- INR278.58 mil. Term loan due on March 31, 2031 assigned with
     IND BB/Stable rating;

-- INR85.75 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating;

-- INR1 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating; and

-- INR234.67 mil. Proposed-fund based working capital limit
     assigned with IND BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect GAC's small scale of operations, modest EBITDA
margins, modest credit metrics and customer concentration risk.
However, Ind-Ra expects the revenue and EBITDA margins to improve
in FY25. The ratings also factor in the likely steady lease rentals
form the company's commercial property leased out in FY25 and the
presence of experienced promoters. FY24 numbers are provisional.

Detailed Description of Key Rating Drivers

Small Scale of Operations: The ratings reflect GAC's small scale of
operations as indicated by revenue of INR420.11 million in FY24
(FY23: INR626.24 million) and EBITDA of INR64.85 million in
(INR95.84 million). In FY24, the revenue declined due to a slowdown
in the receipt of orders. GAC booked revenue of INR70.10 million
during 1QFY25, and had an order book of INR41.56 million as of
August 2024, to be executed by November 2024. Ind-Ra expects the
revenue to improve in FY25, considering the YTD revenue and
expected improvement in orders from the customers.

Modest EBITDA Margins: The ratings also factor in GAC's modest
EBITDA margin of 15.44% in FY24 (FY23: 15.30%) with a return on
capital employed of 5.40% (12.7%). The EBITDA margin were somewhat
unchanged in FY24, due to stability in garment prices. Ind-Ra
expects the EBITDA margin to improve in FY25, considering the
likely steady income from lease rentals.

Modest Credit Metrics: The ratings also reflect GAC's modest credit
metrics, with an interest coverage ratio (operating EBITDA/gross
interest expenses) of 1.75x in FY24 (FY23: 5.18x) and a net
leverage ratio of (total adjusted net debt/operating EBITDAR) of
5.88x (3.60x). The credit metrics declined in FY24, due to the
decrease in EBITDA. Ind-Ra expects the credit metrics to improve in
FY25, due to an expected improvement in EBITDA in the absence of
capex.

Customer Concentration Risk: GAC's top five customers accounted for
93.41 % of its total revenue in FY24 (FY23: 92.64%). Furthermore,
the company derives about 28.72 % of its total revenue from a
single client. GAC has been focusing on expanding its client base
in the domestic market and catering to mid-sized international
brands.

Support from Lease Rentals: GAC has diversified its revenue streams
by leasing out their commercial property from FY25. Ind-Ra expects
the revenue from leasing out to remain stable over the medium
term.

Experienced Promoters: The ratings are supported by the promoters'
nearly four decades of experience in the textile industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: GAC's cash flow from operations turned negative to
INR61.35 million in FY24 (FY23: INR114.94 million) on account of
the decreased EBITDA and unfavorable change in working capital. The
free cash flow also turned negative to INR105.75 million (FY23:
INR2.37 million) due to capex. Also, the net working capital cycle
elongated to 99 days in FY24 (FY23: 17 days) on account of
increased debtor days of 105 days (30 days). GAC has debt repayment
obligations of INR79.50 million and INR78.50 million in FY25 and
FY26, respectively. The cash and cash equivalents stood at INR9.85
million at FYE24 (FYE23: INR20.51 million). Furthermore, GAC does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. Average
maximum utilization of the fund-based limits was 29.90% during the
12 months ended July 2024.

Rating Sensitivities

Negative: A decline in the scale of operations leading to
deterioration in the credit metrics and/or any deterioration in the
liquidity position and lack of promoter support, all on a sustained
basis, could lead to a negative rating action.

Positive: An improvement in the scale of operations leading to an
improvement in the credit metrics with the gross interest coverage
exceeding 2x, along with an improvement in the liquidity position,
all on a sustained basis, could be positive for the ratings.

About the Company

Established in 1985, GAC is an apparel and garment manufacturer and
exporter based out of Chennai with a capacity to produce five lakh
pieces annually. The partners in the firm are Ashish Gupta, S. K.
Gupta, Shagun Gupta and Shweta Gupta.

GURU KRUPA: CRISIL Assigns D Ratings to INR10cr Loans
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings on the
bank loan facilities of Sri Guru Krupa Constructions (SGKC)

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Assigned)
   Cash Credit             6        CRISIL D (Assigned)

The rating reflects delay in servicing of debt due to weak
liquidity. The rating also factors in the modest scale of
operations and the highly leveraged capital structure. These
weaknesses are offset by extensive experience of the partners in
the water management infrastructure segment.

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SGKC.

Key rating drivers & detailed description

Weaknesses:

* Delay in servicing of debt obligation: Weak liquidity is
reflected in instances of continuous over-utilisation of the cash
credit limit for over 30 days.

* Modest scale of operations: Intense competition in the industry
limits scalability, profitability and negotiating power with
customers and suppliers. As a result, revenue was modest at INR23
crore in fiscal 2024, though it has risen from INR6.3 crore in
fiscal 2023. It is likely to gradually increase over the medium
term.

* Leveraged capital structure: Networth was low at INR2.6 crore as
on March 31, 2024. Reliance on external debt to cover the working
capital requirement, has led to high gearing and total outside
liabilities to adjusted networth ratios of 4.9 times and 8.3 times,
respectively, as on the same date. Capital structure is expected to
remain leveraged over the medium term.

Strength:

* Extensive experience of the partners: The partners have been
engaged in the water management infrastructure segment for over 15
years. This has enabled them to gain a strong understanding of
market dynamics and maintain healthy relationships with suppliers
and counterparties.

Liquidity: Poor

Liquidity remains weak, as reflected by continuous over-utilisation
of the cash credit account beyond 30 days.

Rating sensitivity factors

Upward factors:

* Timely service of debt consistently for 90 days, reflecting
improvement in liquidity
* Steady ramp in revenue and operating margin, leading to higher
cash accrual

SGKC was set up as a partnership between Mr. Karthikey and Mr.
Boopathiraja in 2018. The firm executes water management and supply
projects for the government within Tamil Nadu. It undertakes works
such as construction of sewage treatment plants and faecal sludge
treatment plant (FSTP) systems, irrigation lines, underground
sewage etc.


HCP PLASTENE: Ind-Ra Withdraws D Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
HCP Plastene Bulkpack Limited (formerly Gopala Polyplast Limited)
as follows:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR225.70
     mil. Term loan due on March 31, 2021 is withdrawn;

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR500 mil.

     Cash credit facility is withdrawn; and

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR23 mil.
     Non-fund-based limits is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating, as the agency
has received no-dues certificate from the lenders and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.

About the Company

HPBL manufactures FIBC bags, FIBC liners, geotextiles , woven
fabric and multi filament yarn.

HEM COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hem Cotex
(HC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HC 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 HC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in June 2013, HC gins and presses cotton bales with
capacity of 45,000 bales per annum at its facility in Rajkot
(Gujarat). Operations are managed by Mr. Dinesh Parsottam Davda.
The plant commenced operations in May 2014.


INDIRA PRIYADARSHINI: Ind-Ra Keeps D Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indira
Priyadarshini Hydro Power Private Limited's term loan in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR238.4 mil. Term loan (Long-term) due on August 30, 2028
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
14, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with IPHPPL while reviewing the
ratings. Ind-Ra had consistently followed up with IPHPPL over
emails, apart from phone calls. The issuer has also not been
submitting the no default statement since the 12 months ended
September 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of IPHPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. IPHPPL has been
non-cooperative with the agency since May 2018.

About the Company

IPHPPL is sponsored by the Ind-Barath group of companies, which is
mainly engaged in the power development business. The company was
incorporated to set up a 4.8MW run-of-the-river hydel power plant
in Kangra, Himachal Pradesh.

INDUSTRIAL SYSTEMS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Industrial Systems
LLP's (ISL) bank facilities as follows:

-- INR300 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR50 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects ISL's medium scale of operations in FY24, and
the likelihood of a continued improvement in the same during the
medium term. The ratings are also supported by the company's
diversified order book and promoter's over 20 years of experience
in the construction and infrastructure industry. However, the
ratings are constrained by the tender-based nature of operations
and intense industry competition along with average credit metrics
and stretched liquidity.

Detailed Description of Key Rating Drivers

Average Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.53x in FY24 (FY23:
2.73x; FY22: 4.89x), due to an increase in interest expenses.
However, the net leverage (adjusted net debt/operating EBITDA)
improved to 3.78x in FY24 (FY23: 4.89x; FY22: 3.87x), owing to less
utilization of the fund-based facility and an increase in the
absolute EBITDA to INR181.8 million (INR166.6 million; INR120.6
million). Ind-Ra expects the credit metrics to improve from FY25
due to a likely increase in EBITDA and repayment of debt.  FY24
financials are provisional in nature.

Stretched Liquidity: ISL's has an elongated net working capital
cycle of 223 days in FY24 (FY23: 228 days), mainly on account of
high debtor days of 323 days (311 days) and high creditor days of
113 days (87 days). ISL's average maximum utilization of the
fund-based limits was 94% and non-fund-based limits was 67% during
the  12 months ended July 2024. Furthermore, ISL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The adjusted gross
working capital to revenue ratio increased to 94% in FY24 (FY23:
91%; FY22: 76.27%).

LnK

Tender-based Operations; Intense Competition: Given the intense
competition, the revenue and profitability entirely depend on the
ability to win tenders. Thus, the company has to bid aggressively
to obtain contracts, leading to thin operating margin.

Medium Scale of Operations: The revenue increased to INR1,622.2
million in FY24 (FY23: 1,573.93 million; FY22: INR1,504.3 million)
owing to higher revenue from Assam (FY24: INR835 million, FY23:
INR276.28 million) due to new orders taken in the region. Ind-Ra
expects the revenue to improve from FY25 due to an increase in
order book size.

Healthy EBITDA Margins: The EBITDA increased to INR181.76 million
in FY24 (FY23: INR166.58 million; FY22: INR120.62 million), leading
to an improvement in the EBITDA margins to 11.2% (10.6%; 8.02%).
The margins increased as the company executed a higher number of
projects in the north eastern region, which fetch higher margins.
The return on capital employed (EBIT/average capital) was around
15.2% in FY24 (FY23: 16.8%).

Diversified Order Book: As of April 2024, ISL had an outstanding
order book of INR2,383.6 million with additional orders to bid
during FY25. Orders from Assam and Manipur accounted for 58.5% of
the total outstanding order book. Orders pertaining to electricals
such lighting works accounted for 50.7% of the outstanding order
value, followed by water supply works at 23.66%. ISL had an
orderbook to revenue ratio of 1.17x as of April 30, 2024. The
company expects to execute the order book in the next 18-24 months,
giving revenue visibility over the medium term.

Experienced Promoters: The promoters have more than two decades of
experience in the construction and infrastructure industry. ISL is
a registered class contractor 1 with the works contract department
of the governments of Assam, Manipur and Meghalaya.

Liquidity

Stretched: The cash flow from operations rose to INR30.96 million
in FY24 (FY23: negative INR385.08 million) due to changes in
working capital level. Furthermore, the free cash flow increased to
INR11.36 million (FY23: negative INR386.69 million), due to the
absence of capex. ISL has debt repayment obligations of INR12.2
million and INR13.4 million in FY25 and FY26, respectively. The
cash and cash equivalents stood at INR17.77 million at FYE24
(FYE23: INR50.25 million).

Rating Sensitivities

Negative: Deterioration in the scale of profitability, and/or a
stretch in the working capital days leading to deterioration in
liquidity with an interest cover ratio of below 2x , on a sustained
basis, would be negative for the ratings.

Positive: Sustenance of the scale of profitability while
maintaining an interest cover ratio above 2.5x with gross working
capital falling below 80% of revenue, on a sustained basis would be
positive for the ratings.

About the Company

ISL was established in 2001 and executes EPC and turnkey projects
along with the supply of pipes and fittings.  Ajay Bhoopal and
Rajni Bhoopal are the partners. It is located in Guwahati region,
Assam.

ISWARYA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Iswarya
Enterprises (IE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility       9        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IE 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 IE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of IE
continues to be 'CRISIL D Issuer Not Cooperating'.

Formed in 2004 as a partnership firm, IE is engaged in processing
of groundnut kernels. The firm is based out of Nallacheruvu, Andhra
Pradesh and is promoted by Mr. Ramanath.


J C T LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: J C T Limited

        Registered Address:
        G.T. Road, Phagwara District, Kapurthala,
        Thaper Colony Phagwara,
        Kapurthala, Phagwara,
        Punjab, India, 144401

        Address where Books of Account are maintained:
        601, Prabhat Kiran 17, Rajendra Place,
        Central Delhi, New Delhi,
        Delhi, India, 110008

Insolvency Commencement Date: October 25, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 23, 2025

Insolvency professional: Hasti Mal Kachhara

Interim Resolution
Professional: Hasti Mal Kachhara
              A-602, Nirman Apartments, Pump House,
              Vikas Nagar, Andheri (East), Mumbai City,
              Maharashtra, 400093

              -- and --

              1221, Maker Chamber V,
              Nariman Point, Mumbai - 400021
              Email: cirp.jctlimited@gmail.com

Last date for
submission of claims: November 11, 2024


JAYNEER INFRAPOWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Jayneer Infrapower & Multiventures Private Limited

        Registered Address:
        135, Continental Building,
        Dr. Annie Besant Road,
        Worli, Mumbai, Maharashtra, India 400018

Insolvency Commencement Date: October 25, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 23, 2025

Insolvency professional: Hari Kishan Bhoklay

Interim Resolution
Professional: Hari Kishan Bhoklay
              905 E Raheja Residency
              Off General A K Vaidya Marg
              Malad East Mumbai
              Mumbai Suburban, Maharashtra 400097
              Email: bhoklay.hk@hotmail.com

              -- and --

              Unit # 207, Kshitij
              Near Azad Nagar Metro Station
              Veera Desai Road, Andheri West,
              Mumbai 400053
              Email: cirp.jayneerinfra@gmail.com

Last date for
submission of claims: November 8, 2024


JAYSHRI GAYATRI: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jayshri Gayatri Food Products Private Limited (JGFPPL)
and its debt instruments:

-- Issuer rating affirmed with IND BB+/Stable rating;

-- INR980 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR200.41 mil. Proposed-fund based working capital limit
     assigned with IND BB+/Stable/IND A4+ rating; and

-- INR419.59 mil. Term loan due on March 2028 assigned with IND
     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect the lodging of first information report (FIR)
by The Madhya Pradesh Economic Offences Wing (EOW) in July 2024 and
an ongoing investigation into the fraud committed by JGFPPL's
erstwhile chief executive officer (CEO). The ratings are also
constrained by environmental compliance challenges and the impact
of the same on the company's business, and intense competition in
the dairy industry. However, the ratings are supported by an
increase in JGFPPL's revenue and EBITDA margins, and an improvement
in the credit metrics in FY24.

Detailed Description of Key Rating Drivers

Madhya Pradesh EOW Raid and Ongoing Investigation into Fraud
Committed by Erstwhile CEO: In July 2024, the Madhya Pradesh EOW
conducted searches at JGFPPL's facility in Sehore and subsequently
lodged another FIR alleging misuse of emulsifiers and forged lab
report for export license. However, the company's directors have
challenged the FIR and sought quashing of FIR by filing a writ
petition before the Madhya Pradesh court in Jabalpur.  The said
petition is pending consideration and the interim protection is
continued.

As per JGFPPL's FY23 audit report and publicly available
information, an alleged fraud of INR150 million was committed by
the CEO and several other individuals. Accordingly, the CEO was
terminated, and the matter was reported to the police, whereby an
FIR was registered against the CEO and the others accused on August
29, 2023. The matter is under investigation by the police.

Prior to this in June 2022, an income tax raid was conducted at
multiple offices of JGFPPL. The assessment of income in pursuance
thereof was yet to be completed as per FY23's audit report. The
company declared a sum of INR80 million as undisclosed income
during the income tax search. Of this, INR30 million was recorded
in FY22 and INR50 million in FY23.

Environmental Compliance Challenges and Business Impact: In
response to villagers' complaints about release of chemical waste
into the Seewan River, the MPPCB had issued a closure directive to
JGFPPL on January 19, 2022. This was followed by Madhya Pradesh's
electricity board disconnecting the company's power on February 26,
2022 due to non-compliance. The MPPCB had imposed environmental
compensation of INR12.5 million on JGFPPL, which was paid by the
company. Despite these challenges, the company resumed operations
with a business continuation order from the MPPCB on March 16,
2022. JGFPPL's ongoing commitment to comply with pollution control
norms is crucial for the sustained operations of the business.

Intense Competition in Dairy Industry: JGFPPL has been facing the
risk of volatility in milk prices due to demand-supply dynamics,
and the unpredictable nature of monsoon, which affects cattle feed,
and thus milk production. The company has also been facing
competition from established players  such as Anand Milk Union
Limited (AMUL), Mother Dairy Fruit & Vegetable Pvt. Ltd., SMC Foods
Limited ('IND A'/Negative). JGFPPL has been focusing on
institutional sales and exports of dairy products to navigate these
competitive challenges. In FY23, exports accounted for 17.65% of
JGFPPL's revenue (FY22: 23.92%).

Medium Scale of Operations; Growth in Revenue in FY24: As per FY24
provisional financials, JGFPPL's revenue increased at a CAGR of
20.41% during FY21-FY24 to INR4,798.06 million (FY23: INR4,641.56
million; FY22: INR3,353.57 million), led by an increase in the
overall sales to business-to-business customers. However, Ind-Ra
expects the revenue to decline in FY25 led by lower scale of
operations in 1HFY25 as compared to the corresponding period in
FY23 and FY24. In 1HFY25, the company recorded a lower turnover of
INR1,259.57 million (1HFY24: INR1,898.75 million, 1HFY23:
INR2,144.16 million).

EBITDA Margins to Remain Healthy in Near-to-medium Term:  In FY24,
JGFPPL's EBITDA margin increased to 15.21% (FY23: 14.47%; FY22:
14.04%), driven by better absorption of fixed cost due  to revenue
growth. The return on capital employed was 21.8% in FY24 (FY23:
28.20%; FY22: 28.0%). Ind-Ra expects the margin to remain at
similar levels in the near-to-medium term due to the similar nature
of operations.

Sustained Comfortable Credit Metrics:  The interest coverage
(EBITDA/gross interest expense) improved to 5.16x in FY24 (FY23:
4.42x; FY22: 7.34x) and net leverage (total net debt/EBITDA)  to
2.01x (2.21x; 1.78x) led by an increase in the absolute EBITDA to
INR729.99 million (INR671.47 million; INR470.74 million). However,
Ind-Ra expects the credit metrics to deteriorate  in FY25 led by
the fall in scale of operations.

Liquidity

Stretched: JGFPPL's average utilization of the fund-based limit was
around 99.45% for the 12 months ended August 2024, with two
instances of overutilization. The fund-based working capital has
been enhanced by INR200 million since February 2024 to fund the
increase in the scale of operations. The cash flow from operations,
which turned negative to INR442.61 million in FY23 (FY22: INR170.06
million), is likely to have turned positive in FY24 on account of
favorable changes in working capital. The net working capital cycle
elongated to 109 days in FY24 (FY23: 99 days), mainly on account of
a short payable period of 41 days (56 days). At FYE24, the cash and
cash equivalents stood at INR82.30 million (FYE23: INR57.73million;
FYE22: INR11.37 million). JGFPPL has repayment obligations of
INR102.5 million and INR84.5 million in FY25 and FY26,
respectively, which are likely to be met via internal accruals.

Rating Sensitivities

Negative: Any deterioration in the revenue or liquidity position or
weakening of profitability, adversely affecting its credit metrics,
could lead to a negative rating action.

Positive: Sustaining of the scale of operations and credit metrics,
along with an improvement in the liquidity and internal controls,
all on a sustained basis, could lead to a positive rating action.

About the Company

Established in 2013, JGFPPL is a dairy product manufacturer based
out of Madhya Pradesh, India. The entity caters to B2B, B2C and the
export market. The manufacturing facility is located in Sehore,
Madhya Pradesh, which manufactures various value-added dairy
products such as cottage cheese, butter, clarified butter, cheese,
and skimmed milk powder.

MAHALASA EXPORTS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mahalasa
Exports' (ME) bank facilities' long-term rating to 'IND BB' from
'IND BB+/Stable (ISSUER NOT COOPERATING)' as follows:

-- INR400 mil. Fund-based working capital limits Long-term rating

     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating; and

-- INR6 mil. Derivative limits affirmed with IND A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects a decline in ME's revenue and EBITDA margins
in FY24, leading to deterioration in the credit metrics, thereby
breaching Ind-Ra's negative rating guidelines for interest
coverage, as well as a stretch in the liquidity position. Ind-Ra
expects the scale of operations to remain small and the credit
metrics to remain modest in the medium term, owing to lower demand
for cashews. The ratings, however, are supported by the promoters'
three decades of experience in the cashew industry.

Detailed Description of Key Rating Drivers

Decline in Revenue in FY24: The downgrade reflects a decline in
ME's revenue to INR2,992.99 million in FY24 (FY23: INR3,599.85
million) owing to lower demand for cashews, a decline in revenue
from kernels led by a global slump, along with a reduction in the
overall cashew kernel exports in FY24. The sales volume declined
4.19% yoy to 4.104 million kg in FY24. The scale of operations
remains small. Ind-Ra expects the revenue growth to normalize in
the near-to-medium term owing to increase in demand for kernels.

Deterioration in Credit Metrics in FY24: The gross interest
coverage (operating EBITDA/gross interest expenses) deteriorated
to 1.53x in FY24 (FY23: 2.1x), due to a decrease in the EBITDA to
INR65.52 million (INR68.14 million) coupled with an increase in the
gross interest expense to INR42.89 million (INR32.46 million).
However, the net leverage (total adjusted debt/operating EBITDAR)
improved marginally to 7.35x in FY24 (FY23: 8.07x), due to a
decrease in the total debt to INR481.87 million (INR549.95
million). Ind-Ra expects the credit metrics to remain at similar
levels in the medium term due to the similar nature of operations
in FY25 coupled with the scheduled debt repayments and the absence
of any debt-led capex.

Continued Modest EBITDA Margins: The EBITDA margins declined to
2.19% in FY24 (FY23: 1.89%) with a return on capital employed of
6.2% (6.9%). The increase in margins was due to a decrease in price
of raw materials. The EBITDA margins remained at 1.7%-2.19% over
FY21-FY24 due to the low value add associated with the cashew
processing business. Ind-Ra expects the EBITDA margins to remain
under pressure in FY25, due to reduced export incentives and
increasing competition from Vietnam, which benefits from higher
level of automation.

Stretched Liquidity:  Please refer to the liquidity section below.

Experienced Promoters: The promoters have over three decades of
experience in the cashew industry, leading to established
relationships with its customers and suppliers.

Liquidity

Stretched: The cash flow from operations decreased further to
negative INR133.41 million in FY24 (FY23: negative INR65.18
million) due to unfavorable changes in working capital.
Consequently, the free cash flow declined to negative INR156.92
million (FY23: negative INR68.62 million). The net working capital
cycle elongated to 73 days in FY24 (FY23: 51 days) owing to an
increase in the inventory holding period to 67 days (44 days) and
receivable period to 16 days (9 days) partially offset by  an
increase in the payable period to 10 days (1 day). ME's average
utilization of the fund-based limits was 93.06% during the 12
months ended August 2024.  ME does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash and cash equivalents stood at
INR83.09 million at FYE24 (FYE23: INR195.88 million). It has
scheduled repayments of INR38.3 million and INR22.1 million in FY25
and FY26, respectively.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the liquidity position and credit metrics with the
interest coverage increasing above 2.0x, on a sustained basis, will
be positive for the ratings.

Negative: A decline in the scale of operations leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, could lead to a negative rating
action.

About the Company

Established in 1993 as a partnership firm, Karnataka-based ME is
involved in the processing and packaging of cashew kernels for the
domestic as well export markets. The exports are concentrated in
the Middle East, the UK and the US. Basthi Rohidas Pai, B Vanitha
Pai, B Priya R Pai, B Nagesh Pai and B Yashaswini Pai are the
promoters.

MEHTA DAIRIES: CRISIL Withdraws B Rating on INR4.5cr Whse Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Mehta Dairies (MD) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

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

   Proposed Working       0.5       CRISIL B/Stable/Issuer Not   
   Capital Facility                 Cooperating (Withdrawn)

   Term Loan              1         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Warehouse Receipts     4.5       CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with MD for
obtaining information through letter and email dated April 19,
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 MD. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MD
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of MD.

MD was set up as a partnership firm between Mr. Kirit Mehta and his
family members in 1988. It processes milk and sells pasteurised
milk and other value-added products under the Sphurti brand. Its
facility is in Kolhapur, and has processing capacity of which is
1.5 lakh litres of milk per day.


MONSOON BOUNTY: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Monsoon Bounty Foods Manufacturing Private Limited's
(MBFMPL) bank facilities:

-- INR118 mil. Fund-based working capital limit assigned with IND

     BB-/Stable/IND A4+ rating;

-- INR32 mil. Term loans due on March 31, 2028 assigned with IND
     BB-/Stable rating; and

-- INR250 mil. Fund-based working capital limit affirmed with IND

     BB-/Stable/IND A4+ rating.

Detailed Description of Key Rating Drivers

Small Scale of Operations: MBFMPL's revenue increased to INR734.87
million in FY24 (FY23: INR431.47 million; FY22: INR400.93 million),
led by an increase in its revenue from Japan (INR579.5 million;
INR98.9 million) following higher orders from the country. The
scale of operations remained small. Ind-Ra expects the revenue to
improve further in FY25, supported by an increase in orders from
Japan.

Modest EBITDA Margins: MBFMPL's EBITDA margins remained modest and
reduced to 4.1% in FY24 (FY23: 5.36%; FY22: 5.7%), due to increased
raw material prices. The availability of seafood varies, depending
on climatic and aquatic changes, leading to fluctuations in prices.
The company purchases raw material daily based on availability. The
margins remained at 4%-5% during FY22-FY24. The return on capital
employed was around 6.5% in FY24 (FY23: 5.8%). In the medium term,
Ind-Ra expects the margins to improve due to a reduction in
dealership margin from suppliers to some extent.

Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.96x in FY24 (FY23:
2.56x; FY22: 1.97x), due to an increase in interest expenses. The
net leverage (adjusted net debt/operating EBITDA) reduced to 9.44x
in FY24 (FY23: 10.78x; FY22: 7.15x), owing to an increase in the
absolute EBITDA to INR30.1 million (INR23.12 million; INR22.9
million). Ind-Ra expects the credit metrics to improve from FY25
due to a likely increase in the absolute EBITDA.

Poor Liquidity: The net working capital cycle remained stretched
and reduced to 114 days in FY24 (FY23: 186 days; FY22: 115 days)
due to a reduction in the inventory holding period to 145 days (203
days), due to an increase in sales. Ind-Ra expects the working
capital cycle to remain at similar levels in the short term. It has
repayment obligations of INR23.5 million and INR11.4 million for
FY25 and FY26, respectively. The debt service coverage ratio (DSCR)
stood at 0.7x in FY24 and Ind-Ra expects the DSCR to improve from
FY25. MBFMPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

Experienced Promoters: The promoters have over a decade of
experience in the frozen seafood industry, leading to established
relationships with suppliers and customers. The firm derives its
revenue from exports, primarily to Japan, Taiwan, South Korea, and
other middle eastern countries.

Liquidity

Poor: The average month-end utilization of the company's fund-based
limit was 84.28% for the 12 months ended August 2024. The company
had a cash balance of INR0.07 million at FYE24 (FYE23: INR0.03
million). The cash flow from operations turned positive to INR170
million in FY24 (FY23: negative INR75.6 million) due to unfavorable
working capital changes. The free cash flow also turned positive to
INR166.8 million in FY24 (FY23: negative INR76.8 million) due to
the absence of any capex.

Rating Sensitivities

Positive: An improvement in the scale of operations, credit metrics
with the interest coverage rising above 2x and an improvement in
liquidity, on a sustained basis, will be positive for the ratings.

Negative: Deterioration in the scale of operations or the credit
metrics, or liquidity on a sustained basis, will be negative for
the ratings.

About the Company

Incorporated in 2020, Tamil Nadu-based MBFMPL commenced its
operations in FY21.  The company processes and exports Vannamei
shrimp and fish. It has two processing units at Gummidipoondi and
Royapuram (leased facility). MBFMPL has an installed capacity of
6,000 metric tons along with a cold storage facility.

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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

Analytical approach: Standalone

MSE Industries (MI) is a partnership firm established in the year
2006 by Mr. K.B. Mahesh Kumar and his wife Mrs. Sreelatha with
equal profit-sharing ratio. The commercial operations of the firm
were started from the year 2007. The firm is engaged in the
manufacturing of Hangers & Suspensions, Load hangers namely
Constant load hangers and Variable load hangers (patented
design manufactured based on "Lisega Technology", Germany),
Conveyor systems, Coal handling systems & Bunkers, ducts and
Pre-Engineered Building (steel structures).


NAKKHEERAN PUBLICATIONS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nakkheeran
Publications (NP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.95      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2023, placed the rating(s) of NP under the 'issuer non-cooperating'
category as NP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NP continues to be
non-cooperative despite repeated requests for submission of
information through emails dated July 24, 2024, August 3, 2024,
August 13, 2024 among others.

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

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

Analytical approach: Standalone

Chennai based, Nakkheeran Publications (NP) was incorporated in the
year 1988 by Mr. Nakkheeran Gopal. The firm is engaged in printing
of magazines and journals.


NEXT GENERATION: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Next Generation
Charitable Trust's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR53.11 mil. Term loan due on March 31, 2019 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Next Generation Charitable
Trust while reviewing the rating. Ind-Ra had consistently followed
up with Next Generation Charitable Trust over emails, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Next Generation
Charitable Trust on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Next Generation Charitable
Trust's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Next Generation Charitable Trust was established in 2013 by Chandan
Agarwal. The trust established its first school G.D. Goenka Public
School in collaboration with G. D. Goenka Private Limited in
Bareilly.

PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Chempro (PC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2023, placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PC 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).

Analytical approach: Standalone

PC was established in the year 2015 by Patel family of Nagpur. The
entity has recently (April 2018) completed its project to set up a
Formaldehyde unit at Butibori, Nagpur, Maharashtra.

PURE PETROCHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pure
Petrochem India Private Limited (PPIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PPIPL 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 PPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PPIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PPIPL was set up in 1989 as a proprietary concern by Mr.
Padmakumar. In 2003, it was converted into a private limited
company with the current name. The company manufactures of all
types of lubricants and grease for diverse industries.


RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rama
Krishna Spintex Private Limited (RKSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      77.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.70       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 RKSPL under the 'issuer
non-cooperating' category as RKSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RKSPL 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).

Analytical approach: Standalone

Rama Krishna Spintex Private Limited (RKSPL), based in Bathinda
(Punjab), was set up in Feb-2007 as a private limited company. It
commenced operations in Jan-2008. The company is currently being
managed by Mr. Makhan Lal Mangla, Mr. Mahavir Kumar, Mr. Siddharth
Mangla and Mr. Parvesh Mangla. RKS is engaged in the business of
manufacturing of cotton yarn such as stubbed cotton yarn, grey
cotton yarn and waxed cotton yarn. The plant is located in
Bathinda, Punjab.

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


RBA TEXTILES: CRISIL Lowers Rating on INR20cr Cash Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of RBA Textiles Pvt Ltd (RTPL) to 'CRISIL B+/Stable'
from 'CRISIL BB/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Rupee Term Loan        10        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects sharp decline in profitability over the last
two fiscals resulting in lower net cash accruals and weak debt
protection metrics. The profitability is expected to remain low in
near term, leading to accruals being inadequate to meet repayment
obligations. Support from promoters will be critical for timely
repayments.

The rating reflects the modest scale of operations amid intense
competition and susceptibility to volatility in raw material
prices, moderate working capital requirements, and subdued debt
protection metrics. These weaknesses are partially offset by
extensive experience of the promoters in the yarn industry and
their fund support leading to moderate capital structure.

Analytical approach

The unsecured loan of INR38 crore (as on March 31, 2024) from the
promoters has been treated as debt.

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of RTPL.

Key rating drivers and detailed description

Weaknesses:

* Exposure to intense competition and susceptibility to volatility
in raw material prices: The yarn industry is highly fragmented, and
the resultant intense competition, along with commoditised
products, may continue to constrain scalability, pricing power and
profitability. The operating margins declined to a negative 0.5% in
fiscal 2024 from 2.4% in fiscal 2023 due to fluctuations in cotton
prices, which the company was unable to pass on to its customers.

* Moderate working capital requirement: Gross current assets (GCAs)
have been 140-196 days during the past three fiscals ended fiscal
2024 (196 days in fiscal 2024) because of inventory levels of
120-130 days and receivables of 30-40 days. Working capital cycle
is estimated to remain moderate with high inventory requirements.

* Subdued debt protection metrics: Debt protection metrics are
subdued, with operating losses in fiscal 2024. With modest
performance in fiscal 2025, the debt protection metrics are
expected to remain weak.

Strengths:

* Extensive experience of the promoters and their established
relationships with customers: RTPL belongs to the Agarwal group,
which has business interests in the real estate, iron castings,
glassware, garments and yarn industries. The four-decade-long
experience of the promoters, their strong understanding of local
market dynamics and healthy relationships with suppliers and
customers should continue to support the business risk profile.

* Fund support from promoters leading to moderate capital
structure: Promoters have infused unsecured loans of INR38 crores,
as on March 31, 2024 which support liquidity and capital structure.
Gearing and total outside liabilities to adjusted networth was
around 2.5 times as on March 31, 2024.

Liquidity: Stretched

Expected cash accrual will be insufficient to meet term debt
obligation of INR1.61 crore to INR2 crore over the medium term.
However, unsecured loan from the promoters will support liquidity.
Bank limit utilisation averaged 60% for the 12 months through
September 2024. The current ratio was healthy at 2.36 times as on
March 31, 2024.

Outlook: Stable

CRISIL Ratings believes RTPL will continue to benefit from the
extensive experience of its promoters in the yarn industry.

Rating sensitivity factors

Upward factors:

* Volume-led growth in revenue and significant improvement in
operating margin resulting in net cash accrual above INR2 crore
* Improvement of the financial risk profile

Downward factors:

* Further decline in revenue below INR80 crores or weaker operating
margin leading to lower-than-expected cash accrual
* Large, debt-funded capital expenditure, or stretch in the working
capital cycle weakening the financial risk profile

Established in 2006 by Mr. Narendra Kumar Agarwal and his brother,
Mr. Anil Kumar, RTPL is a Mumbai based company that manufactures
cotton yarn. The manufacturing unit is in Chittoor (Andhra
Pradesh).


S P INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S P Infra
(SPI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.08       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Vadodara (Gujarat) based S P Infra (SPI) is a partnership firm
established in December 2015 by seven partners. During November
2016 the partnership deed was revised and currently the firm is
being managed by four partners named Mr. Manishbhai B. Pansuriya,
Mr. Sureshbhai B. Pansuriya, Mr. Pravinbhai B. Pansuriya and Mr.
Kishorbhai B. Pansuriya. SPI is a part of Vadodara based S P Group,
which is into real estate business for more than a decade.

S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S. S. Rice
Mill (SSRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 4,
2023, placed the rating(s) of SSRM under the 'issuer
non-cooperating' category as SSRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 19, 2024,
August 29, 2024, September 8, 2024 among others.

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

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

Analytical approach: Standalone

S. S. Rice Mill was established in 2016, commenced its operation in
December 2017, with an objective to enter into the rice milling and
processing business. The manufacturing unit is located at
Dongargarh, Rajnandgaon, Chhattisgarh. The current installed
capacity of the unit is 28,800 tons per annum. The entity is
procuring raw paddy from the local farmers. Mr. Prateek Jain (aged
40 years) having five years of experience and Mr. Vinod Lalwani
(aged 43 years) having 10 years of experience in similar line of
business, looks after the day to day operations of the firm along
with other partners and a team of experienced professionals.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SSRM into ISSUER NOT
COOPERATING category vide press release dated June 24, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the firm.

Brickwork has continued the rating assigned to the bank facilities
of SSRM into ISSUER NOT COOPERATING category vide press release
dated September 16, 2024 on account of its inability to carry out a
review in the absence of requisite information from the firm.


SAHYOG JANKALYAN: Ind-Ra Cuts Bank Loan Rating to BB-
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sahyog Jankalyan
Samiti rating to IND BB-/Negative(ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR617.4 mil. Term loan due on August 31, 2026 downgraded with

     IND BB-/Negative (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Working Capital Facilities downgraded with IND BB-/

     Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sahyog Jankalyan Samiti
while reviewing the rating. Ind-Ra had consistently followed up
with Sahyog Jankalyan Samiti over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sahyog Jankalyan Samiti
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Sahyog Jankalyan Samiti's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

Status of Non-Cooperation with previous rating agency

Sahyog Jankalyan Samiti is listed under the Non-Cooperation Issuer

Category by BWR,CRISIL due to the inadequate information provided
by the company.

SCHOLARS INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Scholars
International Educational Foundation's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR12.5 mil. Fund/Non-Fund Based Working Capital Limit
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR97.61 mil. Term loan maintained in non-cooperating category

     with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Scholars International
Educational Foundation while reviewing the rating. Ind-Ra had
consistently followed up with Scholars International Educational
Foundation over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Scholars International
Educational Foundation on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect Scholars International
Educational Foundation's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Scholars International Educational Foundation is regulated under
the Societies Registration Act, 1861. It offers undergraduate and
postgraduate courses in engineering, management, teaching and
polytechnic.

SECURENS SYSTEMS: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Securens Systems
Private Limited's (SSPL) bank facilities' ratings as  follows:

-- INR7.5 mil. Fund-based working capital limit Long-term rating
     downgraded; short-term rating affirmed with IND BB/Stable/IND

     A4+ rating;

-- INR50 mil. Non-fund-based working capital limit affirmed  with

     IND A4+ rating; and

-- INR256.32 mil. (reduced from INR311.06 mil.) Term loan due on  

     December 2028 downgraded with IND BB/Stable rating.

Detailed Description of Key Rating Drivers

Decline in Revenue and EBITDA Margins: SSPL's revenue continued to
decline in FY24, falling to INR772.12 million (FY23:
INR813.78million; FY 22:INR 934.42 million), due to the completion
of its contracts with two of its top five customers in the banking,
and financial services segment, Punjab National Bank (IND
AAA/Stable) and State Bank of India (IND AAA/Stable), at 3QFYE23.
The scale of operations remained small. The EBITDA margins also
continued to drop in FY24 due to lower absorption of fixed costs,
due to the decline in revenue, and increased expenses for the
international business. The margin fell to a modest 12.33% in FY24
(FY23: 16.30%; FY22: 39.38%). The ROCE  was negative in FY24 (FY23:
0.2%). SSPL plans to expand its operations internationally, with
the company intending to explore growth opportunities in the US,
Bangladesh and Kenya. However, Ind-Ra expects the scale of
operations to remain at similar levels  over the medium term.

Capital-Intensive Business: SSPL incurs installation cost of
INR40,000-50,000 per ATM site, which is financed through bank
loans. SSPL recovers the installation cost from the customers at
the initial stage only in case of small retailers. Thus, timely
availability of funds to install new sites remains a risk. As per
SSPL's management, the company undertook capex of INR60 million-70
million in 1HFY25 for the execution of its new  orders in hand.
However, given the weak operational performance, Ind-Ra believes
the company would require additional financing to execute the new
orders in the short-to-medium term.

Modest Credit Metrics; Continued Deterioration in Metrics during
FY23-FY24: SSPL's credit metrics weakened over FY23-FY24 due to
continued decline in EBITDA (FY24: INR95.20 million; FY23:
INR132.62  million; FY22: INR367.94 million) and an increase in
interest expenses (FY24: INR44.99 million; FY23: INR35.96 million;
FY22: INR 65.80 million). The net leverage (adjusted net
debt/operating EBITDAR) deteriorated significantly to  13.35x in
FY24 (FY23: 9.70x,FY22:3.19x). The adjusted net debt includes the
cumulative compulsorily convertible preference shares (CCCPS),
which contain a put option. The management does not expect the
lenders to exercise their right to sell. Excluding CCCPS, the net
leverage weakened to 2.71x in FY24 (FY23: 2.06x: FY22: 0.86x).  The
gross interest coverage deteriorated to around 2.12x in FY24 (FY23:
3.69x; FY22: 5.59x). Ind-Ra expects the credit metrics to remain
weak in the near-to-medium term due to continued low EBITDA levels.


Experienced Promoters: The promoters have experience of over a
decade  in the security services industry, resulting in established
relationships with its customers as well as suppliers.

Liquidity

Stretched: The company's average utilization of the fund-based
limits was  11.34% for the 12 months ended September 2024. Ind-Ra
believes the utilization level have been similar in October 2024.
The working capital cycle improved in FY24 though it remained
elongated. In FY24, despite a decline in the payables period to 93
days (FY23: 138 days; FY22: 139 days), the working capital cycle
improved to 84 days (93 days;71 days) because of a reduction in the
inventory holding period to 104 days (132 days; 111 days). SSPL has
debt repayment obligations of INR95.30 million and INR92.46 million
in FY25 and FY26, respectively. The cash flow from operations
decreased to INR123.70 million in FY24 (FY23: INR215.51 million;
FY22: INR196.52 million) because of the decrease in the absolute
EBITDA. SSPL had cash and cash equivalents of INR41.12 million at
FYE24 (FYE23: INR85.52 million; FYE22: INR158.83 million). Ind-Ra
expects the liquidity to remain stretched over the near-to-medium
term.

Rating Sensitivities

Negative: Substantial deterioration in the scale of operations or
liquidity or the net leverage remaining above 6x would be negative
for the ratings.

Positive: Substantial improvement in the scale of operations and
the liquidity, with  the net leverage declining below 5x, would be
positive for the ratings.

About the Company

Incorporated in 2011, SSPL is an e-surveillance company that
provides security and safety services to banks, warehouses,
factories and other retail clients. It is promoted by Sunil Udupa.

SPAZE TOWERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Spaze Towers Private Limited

        Registered Address:
        Unit No. 714 To 724 And 726-726A,
        7th Floor, Spaze Platinum Tower,
        Sector 47 Gurugram,
        Haryana, India, 122002

Insolvency Commencement Date: October 21, 2024

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional: Gaurav Katiyar
              D-32, East of Kailash, New Delhi - 110065
              Email: cagauravkatiyar@gmail.com
              Email: spaze.cirp@gmail.com

Last date for
submission of claims: November 6, 2024


SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sreekanth
Pipes Private Limited (SPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2023, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 24, 2024,
August 3, 2024, August 13, 2024 among others.

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

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

Sreekanth Pipes Private Limited (SPPL), incorporated in 2002, is
part of Nandyal (Andhra Pradesh) based Nandi Group of companies.
Promoted by Mr. Sajjala Sreedhar Reddy, SPPL is engaged in the
business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes
and fittings at its facility located at Medak District, Telangana.
The products are widely used in irrigation, telecommunication,
potable water supplies, electrical industry, construction industry,
sewerage, and drainage etc.


SUNVEST SOLUTIONS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Sunvest Solutions Private Limited
        HD-588, WeWork Enam Sambhav,
        C - 20, G Block Road, GBlock BKC
        Bandra Kurla Complex, Bandra (East)
        Mumbai, India 400051

Liquidation Commencement Date: October 28, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Dilipkumar Natvarlal Jagad
            803/804, Ashok Heights
            Opp Saraswati Apartment,
            Nikalas Wadi Road, Near Bhuta School,
            Old Nagar X Road, Gundavali,
            Andheri East, Mumbai City,
            Maharashtra 400069
            Email: dilipjagad@hotmail.com
            Email: sunvestvol@gmail.com
            Tel: +91-9821142587

Last date for
submission of claims: November 27, 2024


THAKUR V. S.: CRISIL Reaffirms B Rating on INR7cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Thakur V. S. Bidi Works, Poona
(TBWP).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.5      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan               3.5      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average financial
risk profile, large working capital requirement, and exposure to
volatile raw material prices, regulatory risks and intense
competition. These weaknesses are partially offset by the extensive
experience of the partners in the bidi industry and their funding
support.

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of TBWP. Of the unsecured loan of INR8.7 crore (as on
March 31, 2024) from the partners, 75% has been treated as equity
and the remaining as debt because this should be retained in the
business in the long term.


Key rating drivers & detailed description

Weaknesses:

* Below-average financial risk profile: Financial risk profile is
likely to remain constrained by low cash accrual amid modest
profitability and frequent capital withdrawals. Total outside
liabilities to adjusted networth ratio was weak at 4.7 times as on
March 31, 2024. Debt protection metrics were muted, with interest
coverage ratio at negative 0.4 time in fiscal 2024.

* Large working capital requirement: Gross current assets were
sizeable at 203 days as on March 31, 2024, due to large inventory
(tendu patta and tobacco) of 158 days and moderate receivables of
32 days.

* Exposure to volatile raw material prices, regulatory risk, and
intense competition: Sales and profitability are susceptible to the
availability of tobacco and tendu patta, and intense competition
from other bidi manufacturers and substitute products such as
cigarettes. Amid prevailing supply shortage of tendu patta, and
hence price volatility, operating performance remains monitorable.
Furthermore, the firm is exposed to changes in government
regulations.

Strength:

* Extensive experience and funding support of the partners:
Benefits from the five-decade-long experience of the partners,
their strong understanding of market dynamics, healthy relations
with customers and suppliers, and timely, need-based unsecured
loans should continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation was 85% for the 12 months through June 2024.
Cash accrual is expected to be insufficient to meet term debt
obligation of INR0.4-0.6 crore over the medium term. Current ratio
was estimated at 1.24 times as on March 31, 2024. The promoters are
likely to extend equity and unsecured loans to meet working capital
requirement and debt obligation. Strong gearing and moderate
networth support financial flexibility and provide cushion against
any adverse condition or downturn in the business.

Outlook: Stable

The firm is likely to continue to benefit from the extensive
experience and funding support of its partners.

Rating sensitivity factors

Upward factors:

* Substantial and sustainable increase in revenue and operating
margin leading to steady cash accrual of over INR0.8 crore per
annum
* Improvement in the working capital cycle and capital structure


Downward factors:

* Continued fall in revenue or operating margin leading to further
decline in networth and deterioration in gearing above 5 times
* Further stretch in working capital cycle

Set up in 1999 as a partnership firm by Mr. Vijaykumar S Thakur and
Mr. Parikshat V Thakur, Pune-based TBWP manufactures bidis for the
Rajasthan, Uttar Pradesh, Gujarat, and Madhya Pradesh markets under
the Langar and Taurus brands.


UTTHUNGA TECHNOLOGIES: Ind-Ra Cuts Bank Loan Rating to BB
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Utthunga
Technologies Private Limited's (UTPL) bank facilities' ratings to
'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND  BBB-/
Negative (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR300 mil. Fund-based working capital limit downgraded with
     IND BB Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade and Negative Outlook are in accordance with Ind-Ra's
Guidelines on What Constitutes Non-Cooperation. As per the
guidelines, if an issuer has an investment grade rating outstanding
while being noncooperative for more than six months with Ind-Ra,
then Ind-Ra will necessarily downgrade such rating to the
non-investment grade, while maintaining the Issuer Not Cooperating
status.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with UTPL while reviewing the
ratings. Ind-Ra had consistently followed up with the company over
emails since October 16, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of UTPL, as the agency does not have adequate
information to review the ratings. Hence, the current outstanding
rating might not reflect the company's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The company has been non-cooperative with the agency since December
15, 2023.

About the Company

Established in 2007, UTPL provides technology services and
automation solutions to businesses and specializes in end-to-end
product engineering such as application software, hardware and
firmware application, industrial internet of things applications,
and Open Platform Communications-Unified Architecture. The
Bengaluru-headquartered company has sales offices in the US, Japan
and Germany to cater offshore clients.

V S EDUCATION: Ind-Ra Keeps C Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained V S Education
Foundation's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND C (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR75 mil. Term loan due on March 31, 2024 maintained in non-
     cooperating category with IND C (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with V S Education Foundation
while reviewing the rating. Ind-Ra had consistently followed up
with V S Education Foundation over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of V S Education Foundation
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect V S Education Foundation's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

V S Education Foundation, established by Vishal Kansal, operates
Delhi Public World School in Ludhiana, Punjab, in collaboration
with DPS World Foundation.

VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VBC
Renewable Energy Private Limited (VREPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2023, placed the rating(s) of VREPL under the 'issuer
non-cooperating' category as VREPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VREPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
24, 2024, August 3, 2024, August 13, 2024 among others.

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

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

VBC Renewable Energy Private Limited (VREPL) was incorporated in
the year 2013 and promoted by Mr C Pattabhi Rama Rao and his
relatives. The company has setting up 3-MW solar photovoltaic (PV)
power plant at Penubarthi Village, Visakhapatnam. The project
achieved commercial operational from July 12, 2016 as envisaged.
VREPL has an entered into long-term power purchase agreement with
APEPDCL dated December 4, 2014, for supply of 3-MW power at a
tariff of INR5.99/KWh.


VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR121.70 mil. Term loan due on February 28, 2023 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Shri Venkateshwara Shikshan
Sanstha while reviewing the rating. Ind-Ra had consistently
followed up with Shri Venkateshwara Shikshan Sanstha over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Shri Venkateshwara
Shikshan Sanstha on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Shri Venkateshwara Shikshan
Sanstha's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Shri Venkateshwara Shikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It runs 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career academy.
It is situated in Peth near Pune.

VERTEBRAND CONSULTING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vertebrand Consulting And Solutions Private Limited

        Registered Address:
        No. 209, 1st Floor, 1st AB Cross 2nd Main,
        Kasturinagar, Banaswadi, Bangalore North,
        Karnataka, India 560043

Insolvency Commencement Date: October 17, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: April 15, 2025

Insolvency professional: Sandeep Kumar Agrawal

Interim Resolution
Professional: Sandeep Kumar Agrawal
              523, Pocket - E, Mayur Vihar
              Phase - 2, Delhi 110091
              Email: ipsandeepagrawal@gmail.com
              Email: vcspl.cirp@gmail.com

Last date for
submission of claims: October 31, 2024


WARANA DAIRY: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Warana Dairy And
Agro Industries Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are follows:

-- INR485.19 mil. Bank Loan maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Warana Dairy And Agro
Industries Ltd while reviewing the rating. Ind-Ra had consistently
followed up with Warana Dairy And Agro Industries Ltd over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Warana Dairy And Agro
Industries Ltd on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Warana Dairy And Agro
Industries Ltd.'s credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Formed in 2008, Warana Dairy and Agro Industries is engaged in milk
processing and milk product manufacturing.

WRITER LIFESTYLE: Ind-Ra Withdraws D Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Writer Lifestyle
Private Limited's (WLPL) bank facility rating as follows:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR137.3
     mil. Bank overdraft (short term) is withdrawn; and

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR307.4
     mil. Term loan (long term) due on  August 27, 2024 is
     withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-due certificates from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

WLPL is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.



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

SRITEX: Gov't Allows Co. to Resume Operations Despite Bankruptcy
----------------------------------------------------------------
Jakarta Globe reports that the government has given the green light
for textile giant Sri Rejeki Isman, better known as Sritex, to
resume its export-import activities despite a bankruptcy verdict,
according to Chief Economic Affairs Minister Airlangga Hartarto.

The Semarang Commercial Court recently declared Sritex bankrupt
after the company failed to pay its debts. The court has also
appointed curators to deal with the company's assets and legal
matters. According to the report, the government said it would
respect the court's decision, while also preparing some strategies
to save 50,000 people from losing their jobs. This includes letting
the company resume export-import operations.

"All that matters is that the company still operates to this day.
The customs office has also granted permission for import-export
activities. The curators will handle the management, and the
supervising judge will determine the next steps," Airlangga told
reporters in Jakarta on Oct. 30.

The Jakarta Globe relates that Airlangga said that the government
was also working on some rescue plans to prevent systemic problems
from hitting Indonesia's labor-intensive industries. A number of
textile firms also faced issues in the past but were able to
survive by making major changes within the company. The minister
added: "Restructuring is one of the possible solutions that the
government will push."

Sritex has operations across Central Java. Despite Sritex'
bankruptcy, the Indonesian textile industry -- particularly in the
Central Javan province including Kendal -- reported an increase in
investments. Many of the companies are also export-oriented.
"Productivity is key when it comes to global competition,"
Airlangga said, the Jakarta Globe relays.

President Prabowo Subianto has instructed his freshly installed
cabinet to save Sritex, the report adds.

The company supplies camouflage military uniforms to NATO
countries. Sritex also sews clothes for global brands such as Zara
and Uniqlo.

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.

[*] INDONESIA: Seven State-Owned Companies Remain in the Red
------------------------------------------------------------
Jakarta Globe reports that State-Owned Enterprise (SOE) Minister
Erick Thohir revealed on Nov. 4 that seven out of 47 state-run
companies remain unprofitable.

"We still have seven SOEs that need to work hard to turn a profit
over the next few years," Jakarta Globe quotes Erick as saying
during a hearing with a House of Representatives commission at the
legislative complex in Jakarta.

One of the companies, Krakatau Steel, continues to struggle under a
significant debt burden that hampers its profitability, the report
relays. While the Cilegon-based steel manufacturer has undergone
debt restructuring, a major fire in 2019 further strained its
financial position, Erick explained.

Biofarma, a state-owned pharmaceutical company, is another on the
list, the report discloses. Erick attributed its losses to the
significant costs incurred during the production and distribution
of free COVID-19 vaccines and the substantial debts accumulated by
its subsidiaries, Indofarma and Kimia Farma.

According to Jakarta Globe, state construction firms Wijaya Karya
and Waskita Karya also face financial difficulties, heavily relying
on government funding to sustain operations amid high operational
costs and a decline in project orders.

Jakarta Globe adds that Erick noted that the government is
currently in the process of liquidating the state-owned insurer
Jiwasraya, which suffered from a massive corruption scandal and an
inability to settle insurance claims.

Meanwhile, the low-cost housing provider Perumnas continues to
struggle with profitability, and state printing company PNRI faces
severe revenue challenges due to a lack of orders, Erick added.




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

CARZO HOLDINGS: External Auditor Flags Going Concern Status
-----------------------------------------------------------
The Malaysian Reserve reports that the external auditors of Carzo
Holdings Bhd, which gained LEAP Market listing two years ago, has
been flagged for its going concern status.

Messrs Nexia SSY PLT had expressed a disclaimer of opinion on the
financial statements position as at June 30, 2024, according to an
exchange filing by Carzo on Oct. 28, The Malaysian Reserve
relates.

According to the report, Nexia SSY said that Carzo incurred a net
loss of MYR6.55 million and MYR840,096 at the group and company
level, respectively.

As of that date, it said the group's and the company's current
liabilities exceeded its current assets by MYR11.55 million and
MYR401,670 and recorded a capital deficiency of MYR12.08 million
and MYR401,670 respectively, The Malaysian Reserve discloses.

As at June 30, 2024, it said banks were contractually entitled to
request for immediate repayment of the group's outstanding
borrowings amount of MYR6.64 million.

"As at the date of this report, the Directors do not have any clear
future plan to regularise the Group's operations to achieve
sustainable and viable operations and generate adequate cash flows
to continue as going concerns.

"The aforementioned events or conditions indicate that material
uncertainties exist that may cast significant doubt on the Group's
and the Company's ability to continue as going concerns," according
to the external auditor, The Malaysian Reserve relays.

On its part, Carzo said the company was taking the necessary steps
to address its capital deficiency position via focusing on cost
saving measures to reduce its operational expenses such as
undergoing the restructuring of its existing fresh fruits business
to reduce the operational costs and expenses, according to the
report.

Among the measures listed were scaling down the distribution and
retailing of a variety of fresh fruits, reducing the number of
headcounts to reduce the operational cost as well as disposing of
identified fixed assets which were no longer in use and no longer
bring any economic value to the group in order to improve its
cashflows.

It said it has been following up with the previous two major
customers, RTZ Fruits Distribution Sdn Bhd and EL Fruits Export Sdn
Bhd, to recover some of the outstanding sum of MYR7.7 million to
improve the cashflows of the group, The Malaysian Reserve relates.

Carzo Holdings Berhad is a Malaysia-based fruit wholesaler,
distributor, and importer. The principal activities of the Company
are wholesale of fruits, provision of management services and
activities of investment holding companies.


SKS AIRWAYS: Aviation Regulator Suspends Air Operator Certificate
-----------------------------------------------------------------
The Edge Malaysia reports that the Civil Aviation Authority of
Malaysia (CAAM), which regulates the safety and security of the
country's civil aviation industry, has suspended the air operator's
certificate (AOC) of SKS Airways Sdn Bhd for 90 days until Jan. 21
next year. The commercial airline is owned by Johor-based SKS Group
of companies, which engages in property development, retail,
hospitality and credit finance.

Asked to comment by The Edge, CAAM CEO Datuk Captain Norazman
Mahmud confirmed that the temporary suspension was issued on Oct.
22 as SKS Airways "did not satisfy the AOC requirements". He did
not elaborate.

According to The Edge, SKS Airways' AOC is due to expire only on
Sept 30, 2025, while its air service licence (ASL), which is issued
by economic aviation regulator Malaysian Aviation Commission
(Mavcom), is due to expire on Dec 31. Airlines require both the ASL
and AOC to operate a scheduled passenger or cargo airline
business.

The Edge relates that Norazman said SKS Airways will not be able to
operate during the 90-day suspension but must work to "correct its
deficiencies", after which CAAM will carry out another safety audit
to reassess the airline's capability and then decide whether to
lift the suspension, extend it beyond the 90 days or revoke SKS
Airways' AOC.

"Revocation means that they have to reapply and go through the
whole AOC approval process again, which involves a longer time," he
says.

A check on CAAM's website shows that for the purpose of issuance or
renewal of an AOC, the airline's fleet must have a minimum two
aeroplanes or helicopters to operate scheduled passenger flights.
This specification may, however, be reduced to one
aircraft/helicopter for non-scheduled operations. The airline must
also ensure that it has the financial resources to conduct its
operations, the report says.

In May last year, SKS Airways had signed a 12-year operating lease
agreement with US-based aircraft lessor Azorra Aviation Holdings
LLC for 10 new Embraer E195-E2s. The airline was due to take
delivery of the first E195-E2 from Azorra in June. The new aircraft
were supposed to form the core of its expansion plans out of Sultan
Abdul Aziz Shah Airport in Subang, Selangor, (Subang Airport), as
well as to replace the two ageing 19-seater DHC-6-300 Twin Otter
turboprops in its fleet.

However, according to a July report by The Edge, quoting sources,
Azorra has approached potential lessees to take on the narrow-body
jets abandoned by SKS Airways after the airline failed to secure
the desired number of landing and take-off slots at the airport.
Industry insiders say the airline had applied to operate 40 flights
per day to ensure the economic viability of its operations, but the
number of slots granted by airport operator Malaysia Airports
Holdings Bhd knocked back that plan.

SKS Airways was one of six airlines that were slated to resume jet
operations out of Subang Airport in August, The Edge notes. So far,
Firefly, Air­Asia, Batik Air Malaysia, Indonesia's TransNusa Air
Services and Singapore's Scoot have restarted their narrow-body
passenger services.

MAHB said SKS Airways was allocated four departure jet slots at
Subang Airport, effective Aug 1.

"Airlines are given 90 days to commence jet operations before the
slot allocation expires," said MAHB in an email response to
questions from The Edge.

SKS Airways has yet to announce its new plans, The Edge says. The
airline was incorporated in November 2017 and took off in January
2022 during the Covid-19 pandemic, with a focus on serving island
holiday destinations in Malaysia such as Pangkor, Tioman and Redang
islands. However, its flights have been suspended since October
2023. The airline is part of SKS Group, founded by low-profile
businessman Alan Sim See Kiong.

Companies Commission of Malaysia (SSM) data shows that SKS Airways'
net loss wi­dened to MYR32.28 million for the financial year ended
Dec. 31, 2023 (FY2023) from MYR23.95 million in the previous year.
Revenue rose 3.9% to MYR3.21 million from MYR3.09 million. Its
accumulated losses stood at MYR85.67 million as at end-December
2023, The Edge discloses.




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

CAMPBELL HAULAGE: Court to Hear Wind-Up Petition on Nov. 11
-----------------------------------------------------------
A petition to wind up the operations of Campbell Haulage Limited
will be heard before the High Court at Timaru on Nov. 11, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 19, 2024.

The Petitioner's solicitor is:

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


GYAKO WELLNESS: Grant Bruce Reynolds Appointed as Liquidator
------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Oct. 30, 2024, was
appointed as liquidator of Gyako Wellness Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


INDUSTRY CIVIL: Creditors' Proofs of Debt Due on Dec. 6
-------------------------------------------------------
Creditors of Industry Civil Limited are required to file their
proofs of debt by Dec. 6, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2024.

The company's liquidators are:

          Kristal Pihama
          Leon Francis Bowker
          KPMG Auckland
          18 Viaduct Harbour Avenue
          PO Box 1584
          Shortland Street
          Auckland 1140


SCRUBS SERVICES: Court to Hear Wind-Up Petition on Nov. 25
----------------------------------------------------------
A petition to wind up the operations of Scrubs Services Limited
will be heard before the High Court at Hamilton on Nov. 25, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 2, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


SUKHMANDER TRANSPORT: Creditors' Proofs of Debt Due on Dec. 9
-------------------------------------------------------------
Creditors of Sukhmander Transport Limited are required to file
their proofs of debt by Dec. 9, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 29, 2024.

The company's liquidator is:

          Bryan Edward Williams
          c/o BWA Insolvency Limited,
          PO Box 609
          Kumeu 084




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

HOMSTERS ASIA: Commences Wind-Up Proceedings
--------------------------------------------
Members of Homsters Asia Pte. Ltd. on Oct. 29, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Yoo Loo Ping
          c/o Agile 8 Advisory
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


KALIMANTAN RAIL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Kalimantan Rail Pte. Ltd.

Joint Stock Company UTLC Finance filed the petition against the
company.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


LOGISTICS CONSTRUCTION: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on Oct. 24, 2024, to
wind up the operations of Logistics Construction Pte. Ltd.

The company's liquidator is:

          Ellyn Tan Huixian
          c/o Forvis Mazars Consulting
          135 Cecil St, #10-01
          Singapore 069536


NO SIGNBOARD: Former Chairman/CEO Fined SGD420K for Price Rigging
-----------------------------------------------------------------
The Business Times reports that No Signboard's former executive
chairman and chief executive officer Lim Yong Sim was convicted and
sentenced to a fine of SGD420,000 on Nov. 1 after pleading guilty
to three charges of false trading under the Securities and Futures
Act.

In a news release published on Nov. 1, the police said that an
investigation was opened into his trading activities after the
Singapore Exchange referred the case, BT relates.

According to BT, Mr. Lim admitted to purchasing 4.3 million No
Signboard shares between June 19, 2018, and June 29, 2018, using
GuGong's account to falsely push up the price of the company's
shares.

BT relates that the police noted that Mr. Lim was the director and
majority shareholder of GuGong, which was a controlling shareholder
of No Signboard.

"As a result of Mr. Lim's false trades, No Signboard's share price
rose by 27 per cent from SGD0.154 to SGD0.196, against the backdrop
of a decline of 1.69 per cent in the Straits Times Index during the
same period," the police said.

The police noted that after the company announced a loss for its
FY2018 financial results on Nov. 29 that year, the company's share
price fell to SGD0.137, BT relays.

A day later, Mr. Lim purchased more shares to cushion the fall of
the company's share price after the financial results were
released. In total, he purchased 3.5 million No Signboard shares
between Nov. 30, 2018, and Jan. 11, 2019, using GuGong's trading
account.

Later, on Jan. 31, 2019, Mr. Lim used No Signboard's corporate
share buyback account to purchase more shares, said the police.
This was to buffer the further decline in the company's share price
one day before it posted a loss for the first quarter of its
FY2019.

In total, Mr. Lim purchased 1.1 million No Signboard shares at
prices higher than the limit stipulated in the company's share
buyback mandate. This led the company's share price to rise by 15.7
per cent over the previous day's close.

In a deal announced in March this year, No Signboard said it would
sell its trademarks under a settlement agreement with Mr. Lim,
former controlling shareholder GuGong, and Mattar Road No Signboard
Seafood Restaurant.

As part of the deal, the company sold its "No Signboard" trademarks
to GuGong for SGD10,000, BT notes.

Since July 2, the company has been renamed to Bromat Holdings on
SGX's Catalist board.

                        About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
23, 2024, No Signboard said in its annual report release on Jan. 19
that the company's auditor, PKF-CAP, flagged uncertainty over the
company's ability to continue as a going concern.

According to The Business Times, the auditor noted that the company
posted a net loss of SGD4.7 million for the financial year ended
Sept. 30, 2022, with net cash outflow from operating activities of
SGD982,000.

In addition, it noted that the company's current liabilities
exceeded current assets by SGD6.6 million, while total liabilities
exceeded total assets by SGD7.1 million as at Sept. 30, 2022.

The net current liabilities included bank borrowings of SGD2.1
million that were reclassified from non-current to current as the
company defaulted on monthly repayments due to insufficient funds.

PEAK VENTURE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Peak Venture Pte. Ltd. on Oct. 28, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People’s Park Centre
          Singapore 058357


UNITED VENTURE: Commences Wind-Up Proceedings
---------------------------------------------
Members of United Venture Development (NO.1) Pte. Ltd. on Oct. 29,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People's Park Centre
          Singapore 058357




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

[*] SOUTH KOREA: Credit Coops Rush to Hire Distressed Loan Experts
------------------------------------------------------------------
The Korea Times reports that credit, agriculture and fisheries
cooperatives are rushing to establish nonperforming loan (NPL)
servicing firms and employ experts to manage the distressed loans,
in an industry-wide move to bolster corporate financial soundness,
market watchers said on Nov. 1.

A loan is nonperforming if interest payments are 90 days past due
and are therefore considered unlikely to be repaid.

Underlying these efforts is a sustained spike in distressed loans
over the past few post-pandemic years of monetary tightening,
particularly in the sectors of savings banks and project financing
involving builders and their creditors, the Korea Times relates.

According to the financial industry, the Seoul office of the
National Credit Union Federation of Korea put up a hiring notice
for experienced and entry-level NPL purchase workers.

The Korea Times says the new hires will work at the subsidiary of
the union, a wholly owned entity of the federation set up in May.

Similarly, the National Federation of Fisheries Cooperatives' board
recently passed a motion to invest KRW50 billion ($36 million) to
establish a subsidiary during a board meeting.

They will soon alter company policy to expedite the lawful
practice, followed by the founding ceremony, the report relays.

The fisheries cooperatives' NPL stood at KRW584.9 billion, as of
end-2021, but has since spiked to KRW2.03 trillion as of end-June.

Data submitted to Rep. Kim Hyun-jung of the main opposition
Democratic Party Korea, a member of the National Assembly National
Policy Committee, showed that the distressed loans sold off to debt
servicing firms over the past five years came to KRW14.35 trillion,
the Korea Times discloses.

The debts were previously held by commercial lenders, savings
banks, credit card firms, real estate insurers and life insurers.

According to the Korea Times, Financial Supervisory Service data
showed that the balance of NPLs at the 873 credit unions nationwide
came to KRW4.82 trillion by end-December, last year.

This was significantly up from KRW2.36 trillion as of end-2021.

The figure for the first six months of this year stood at KRW7.29
trillion, up 51.2 percent from six months earlier, the report
adds.




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

[*] BOND PRICING: For the Week Oct. 28, 2024 to Nov. 1, 2024
------------------------------------------------------------
Issuer                 Coupon    Maturity      Currency    Price
------                 ------    --------      --------    -----


   AUSTRALIA
   ---------

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


   CHINA
   -----

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


   HONG KONG
   ---------

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


   INDONESIA
   ---------

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


   INDIA
   -----

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


   MALAYSIA
   --------

CAPITAL A BHD             8.00    12/29/28        MYR       0.89


   PHILIPPINES
   -----------

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


   SINGAPORE
   ---------

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


   SOUTH KOREA
   -----------

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


   SRI LANKA
   ---------

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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