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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 12, 2024, Vol. 27, No. 227

                           Headlines



A U S T R A L I A

AUSTRALIAN HOTEL: Historic Pub Enters Liquidation, Listed for Sale
MEDICAL CONCEPTS: Second Creditors' Meeting Set for Nov. 15
MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR,  Outlook Now Neg.
NICHELIVING HOLDINGS: First Creditors' Meeting Set for Nov. 18
PEPAJI PTY: First Creditors' Meeting Set for Nov. 15

PROFOUNDER ELECTRICAL: First Creditors' Meeting Set for Nov. 14
PROSPAROUS TRUST 2022-1: Moody's Ups Rating on Cl. D Notes to Ba2
SEACHANGE REALTY: First Creditors' Meeting Set for Nov. 19


B A N G L A D E S H

BANGLADESH: Faces Reduced Power Supplies Even After Adani Payment


C H I N A

RETO ECO-SOLUTIONS: Starlight Golden Stone Holds 5.6% Stake
SHINECO INC: Streeterville Capital, 2 Others Hold 9.99% Stake
XINYUAN REAL: Receives Consents for 2027 Senior Notes


I N D I A

ASHAPURA CHINA: CRISIL Keeps B Debt Ratings in Not Cooperating
ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
CHEEKA RICE: CARE Keeps C Debt Rating in Not Cooperating Category

COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
DIGI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
DUHAN ELECTRIC: CARE Lowers Rating on INR6.65cr LT Loan to D
GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
GURUDEVA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating

HIRMA POWER: Insolvency Resolution Process Case Summary
HYGIENE FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
JMK AUTO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KRISHNAGANGA SPINNING: CARE Keeps C Debt Rating in Not Cooperating
KRISHNAN FOOD: ICRA Reaffirms B- Rating on INR14.06cr Term Loan

ORIGO COMMODITIES: CARE Lowers Rating on INR54.80cr LT Loan to C
R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category
RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
RELIANCE COMM: Posts INR1,060cr Net Loss for Q2 Ended Sept. 30

RICE TECH: CARE Keeps D Debt Rating in Not Cooperating Category
SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
SAPPHIRE LIFESCIENCES: ICRA Withdraws B+ Rating on INR12.5cr Loan
SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating

SUBHASHREE PACKERS: CRISIL Keeps B Ratings in Not Cooperating
SUMMA REAL: ICRA Keeps B+ Debt Ratings Not Cooperating Category
T.K. GURUSAMY: CRISIL Keeps B Debt Rating in Not Cooperating
ZULAIKHA MOTORS: CARE Moves C Debt Ratings to Not Cooperating


I N D O N E S I A

[*] INDONESIA: Gives MSMEs Six-Month Window for Loan Forgiveness


J A P A N

[*] JAPAN: Rising Bankruptcies Cloud BOJ's Rate Hike Path


M O N G O L I A

MONGOLIAN MINING: Fitch Hikes LT Foreign-Currency IDR to 'B+'


N E W   Z E A L A N D

AMBA HOLDINGS: Court to Hear Wind-Up Petition on Dec. 3
COLLINS & CAMERON: Creditors' Proofs of Debt Due on Dec. 3
DELTA DOMOS: Creditors' Proofs of Debt Due on Dec. 5
ONBUILDS LIMITED: Creditors' Proofs of Debt Due on Dec. 3
SIMPLY CREATIVE: Court to Hear Wind-Up Petition on Dec. 13



S I N G A P O R E

CORDLIFE GROUP: Says Directors Committed to Waive Fees for FY24
JASCORP ENTERPRISE: Court Enters Wind-Up Order
MAG ENGINE: Creditors' Proofs of Debt Due on Dec. 5
MAXEON SOLAR: Appoints New CFO, Deputy CFO
MOORAH PTE: Court to Hear Wind-Up Petition on Nov. 22

PROGRESSSMG PTE: Commences Wind-Up Proceedings
SGPAPERRECYCLE PTE: Court Enters Wind-Up Order


T H A I L A N D

FUNAI ELECTRIC: Thailand Factory Shut After Parent Goes Bankrupt


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 4, 2024 to Nov. 8, 2024

                           - - - - -


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A U S T R A L I A
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AUSTRALIAN HOTEL: Historic Pub Enters Liquidation, Listed for Sale
------------------------------------------------------------------
realcommercial.com.au reports that a historic outback pub that
dates back to 1897 has entered into liquidation, and not of the
refreshing amber kind.

The Australian Hotel in Winton has hit the market by expressions of
interest with Resort Brokers, the report says.

"Established in 1913, this landmark hotel embodies over a century
of history," the listing said. "It is ideally positioned on
Winton's main street, close to popular tourist attractions, and
offers multiple revenue opportunities through on-site
accommodation, restaurant, and bar facilities."

In a media release to announce that liquidators had been appointed,
David Faiers of Resort Brokers said they had been engaged by WCT
Advisory, realcommercial.com.au relays.

Located on a 2821sq m block, the sale includes the freehold land,
buildings, nominated stock, plant and equipment.

It also includes 13 hotel pub-style accommodation rooms, and five
budget cabins.

"The hotel was trading with a licensed restaurant, multiple dining
areas and a large outdoor beer garden," the statement said.

The listing on realcommercial.com.au said the outback Queensland
property has the potential to expand accommodation offerings and
event-based experiences, and capitalise on local attractions such
as the various outback festivals and the Dinosaur Trail.

It is being sold "as is, where is", with inspections by
appointment.

Winton is famous for Banjo Paterson's iconic, Waltzing Matilda.

First settled in 1875 and originally called 'Pelican Waterhole',
Winton is home to Boulder opals and is close to Queensland's oldest
opal fields at Opalton, according to the Outback Queensland tourism
website.


MEDICAL CONCEPTS: Second Creditors' Meeting Set for Nov. 15
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Medical
Concepts Australia Pty Ltd has been set for Nov. 15, 2024 at 11:00
a.m. at the offices of Rodgers Reidy at Level 11, 385 Bourke Street
in Melbourne and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 13, 2024 at 5:00 p.m.

Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were
appointed as administrators of the company on Aug. 12, 2024.


MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR,  Outlook Now Neg.
---------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 corporate family rating of
Mineral Resources Limited (MinRes). At the same time, Moody's have
affirmed the Ba3 senior unsecured bond ratings and changed the
outlook to negative from stable.                    

RATINGS RATIONALE

MinRes' outlook change to negative reflects Moody's expectation
that leverage - as measured by Moody's adjusted gross debt to
EBITDA - will remain high and above Moody's 4.0x tolerance level
for the rating over the next 12 months reflecting elevated capital
spending and weak lithium prices. The negative outlook also
reflects Moody's expectation for negative free cash flow over the
next 12 to 18 months, which will require MinRes to manage future
capital spending in a prudent manner to maintain adequate liquidity
buffers.

MinRes' negative outlook also reflects the potential negative
implications of its corporate governance issues and therefore
governance is also a key driver of the rating action. Recent
governance issues have damaged the company's reputation and could
put further pressure to its already weak financial profile if there
is a deterioration in the company's relationship with key
stakeholders, including its customers, JV partners and lenders,
which could result in contract losses and/or reduced funding
access. The company's managing director transitioning from the role
over the next 12 to 18 months also creates uncertainties around the
company's future strategic direction and financial policy settings.
Moody's view the final financial, legal and reputational
implications pertaining to these issues are still uncertain.

The rating affirmation reflects Moody's expectation that MinRes'
EBITDA will improve in fiscal 2026 as the lower-cost Onslow iron
ore project ramps up and capital spending reduces, supporting
deleveraging and an overall improvement in the company's financial
profile to more commensurate levels for its rating. Earnings
improvement will also come from the capital charges MinRes will
receive on the infrastructure it owns and the mining services it
will provide to the project. Furthermore, MinRes will receive cash
flows in the form of loan repayments from its Onslow JV partners
given the company has funded their portion of the capital
expenditure for the mine.

However, the pace and magnitude of the improvement in the company's
credit metrics will be subject to the successful ramp up of the
Onslow iron ore project and no further deterioration in spodumene
and iron ore prices beyond Moody's expectation of USD$800-900 per
ton (t) and $90-95/t for the next 12 to 18 months, respectively.
Given the importance of Onslow to MinRes' ability to de-lever, the
negative outlook also reflects the execution risks around Onslow's
ramp up, the potential for deleveraging to take longer than
expected and risks around liquidity if capital spending is not
managed appropriately.

MinRes has been investing heavily in its Onslow iron ore project,
lithium and mining services segments over the last few years,
having funded a large portion of this spending with debt. However,
a material weakening in lithium prices, down nearly 90% compared to
its 2022 peaks, has resulted in a significant drop in lithium
earnings. These lower lithium earnings and higher debt levels have
increased MinRes' gross leverage, which sat at 5.5x as of June
2024. Moody's now expect MinRes gross leverage to peak in December
2024 and to remain high, above 6.5x by June 2025. This compares to
Moody's previous expectation of close to 4.1x for fiscal 2025 and
reflects mainly weaker commodity prices compared to Moody's
previous estimates and lower mining services earnings as the
company is reducing lithium production.

Given Moody's also expect MinRes to continue to register negative
free cash flows over the next 12 to 18 months, the company will
need to manage future capital spending in a prudent manner to
maintain adequate liquidity buffers. The company has identified
AUD300 million in operational and capital expenditure reductions
and has executed several asset sales recently.

Last week, MinRes also announced it had entered into binding
agreement with Hancock Energy (Hancock, unrated) to (1) divest its
Exploration Permits (EP) 368 & EP 426 in the Perth basin and (2)
enter into two joint ventures for its remaining Perth and Carnarvon
basin exploration permits, retaining a 50% interest and remaining
as the operator. Total transaction consideration is up to AUD1.13
billion, with AUD804 million in cash expected to be received upon
the transaction's completion, expected by the end of calendar 2024,
subject to customary consents. The remaining cash consideration is
subject to the results from resource definition at the Moriary Deep
Prospect, Lockyer Gas and Erregulla Oil discoveries, which will be
completed in fiscal 2025. If the transaction is approved and goes
ahead, MinRes' cash reserves will improve, helping the company to
withstand any delays in Onslow ramping up.

MinRes credit profile continues to benefit from the diversity of
its operations, which include good-quality lithium assets, a solid
position in mining services, providing some revenue stability, and
a portfolio of iron ore assets that will strengthen once Onslow is
fully ramped up.

MinRes holds a 60.3% direct and indirect stake in the Onslow iron
ore project and has a life-of-mine product off-take agreement in
place with Baosteel Resources International Company Ltd. (A3
stable), which is entitled to purchase between 50%-75% of the
MinRes volumes. MinRes Onslow iron ore project delivered its first
ore shipment in May 2024 and is expected to ramp up to its
nameplate capacity of 35 Mtpa by June 2025.

Constraining MinRes' credit profile are its direct and indirect
exposures to movements in commodity prices. In particular, MinRes'
earnings from its current iron ore operations are materially
exposed to weaker iron ore prices, due to their high unit costs and
breakeven levels at the mines. However, the lower cost operations
at Onslow will make the company more resilient to future downturns
in iron ore prices. Furthermore, Moody's expect that MinRes' capex
will remain elevated over the next 12-18 months.

RATING OUTLOOK

The negative outlook reflects Moody's expectation that 1) MinRes'
credit metrics will remain at weak levels for the rating over the
next 12 months, with an improvement subject to the successful ramp
up of Onslow, and; 2) free cash flow will remain negative over the
next 12 to 18 months, which will require Min Res to manage future
capital spending in a prudent manner to maintain adequate liquidity
buffers in the current pricing environment. The negative outlook
also reflects uncertainties on the potential reputational and
financial implications of the recent corporate governance
findings.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

MinRes' CIS-3 indicates that the rating is lower than it would have
been if ESG risk exposures did not exist. MinRes has exposure to
environmental and social risks, but the company's lithium
operations face minimal carbon transition risk and benefit from
demographic and social trends of moving towards battery electric
vehicles. More importantly, MinRes has increased credit exposure to
governance risk arising from the recent corporate governance
findings, with the potential reputational and financial
implications of these still uncertain.

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

Moody's could stabilize the outlook if Onslow ramps up in line with
expectations, such that debt/EBITDA is below 4.0x and EBIT/Interest
expense is above 2.0x. A stabilization of the outlook would also
require the company to maintain good liquidity buffers.

An upgrade of the ratings is unlikely in the near term. However,
longer term, Moody's could upgrade the ratings if MinRes
successfully ramps up Onslow project and establishes a track record
of production, while operating with a conservative financial
policy. Specifically, an upgrade would also require: (1)
debt/EBITDA sustained below 2.5x and (2) EBIT/interest expense
sustained above 3.0x.

Moody's could downgrade the ratings if MinRes underperforms Moody's
earnings expectations as a result of 1) operational challenges at
its mines; 2) delays in the ramp-up of Onslow;  3) lower than
expected commodity prices for a protracted period of time, and/or;
4) material mining service contract losses. Ratings could also be
downgraded if MinRes commits to multiple growth projects that
increase funding needs to a level inconsistent with its current
financial policy. Specifically, Moody's could downgrade the ratings
if: (1) debt/EBITDA is sustained above 4.0x; (2) EBIT/interest
expense is sustained below 2.0x; (3) there is prolonged negative
free cash flow generation, and/or 4) its available liquidity (cash
and committed undrawn credit facilities) deteriorates materially.

LIQUIDITY

MinRes' liquidity is adequate. Moody's estimate that MinRes' had
just over AUD900 million in cash in hand and around AUD620 million
in undrawn revolver facilities as of September 2024. Moody's
understand that the company's revolving credit facility (RCF) has
financial maintenance covenants that, in light of prevailing
commodity prices, are becoming tight. This would potentially impact
their ability to draw down and access this source of liquidity.
However, given the company's long dated relationship with its
lenders and the RCF's position as the only secured debt in the
capital structure, Moody's expect this should not become a concern.
MinRes' senior unsecured notes do not have financial maintenance
covenants.

Moody's estimate liquidity will remain below recent averages until
Onslow ramps up on the back of weak lithium prices and still
elevated capital spending; Moody's anticipate negative free cash
flow over the next 12 to 18 months.  

However, Moody's expect the company to receive roughly AUD700
million (post tax) from the recent sale of its gas exploration
permits, subject to customary consents. Moody's expect all of these
sources to cover the company's capital expenditures and dividends
over the next 12 to 18 months. MinRes has no significant debt
maturities until May 2027.

METHODOLOGY

The principal methodology used in these ratings was Mining
published in October 2021.

COMPANY PROFILE

Mineral Resources Limited (ASX: MIN) is an ASX-listed company
operating across mining services, as well as mining of iron ore and
lithium minerals.

NICHELIVING HOLDINGS: First Creditors' Meeting Set for Nov. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nicheliving
Holdings Ltd, Rubix Future Building Technology Pty Ltd, and Projex
Management & Construction Pty Ltd will be held on Nov. 18, 2024 at
11:00 a.m. via virtual meeting only.

Richard Scott Tucker and John Allan Bumbak of KordaMentha were
appointed as administrators of the company on Nov. 6, 2024.


PEPAJI PTY: First Creditors' Meeting Set for Nov. 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of Pepaji Pty
Ltd will be held on Nov. 15, 2024 at 10:30 a.m. via a Teams
Videoconferencing Facility.

Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the company on Nov. 4, 2024.


PROFOUNDER ELECTRICAL: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Profounder
Electrical Pty Ltd will be held on Nov. 14, 2024 at 11:00 a.m. via
online video conference using Microsoft Teams from the offices of
Rodgers Reidy.

Jack Robert James and Nicole Jane Allmark of Rodgers Reidy were
appointed as administrators of the company on Nov. 4, 2024.


PROSPAROUS TRUST 2022-1: Moody's Ups Rating on Cl. D Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by PROSPArous Trust 2022-1.

The affected ratings are as follows:

Issuer: PROSPArous Trust 2022-1

Class A Notes, Upgraded to Aa2 (sf); previously on Dec 7, 2022
Definitive Rating Assigned Aa3 (sf)

Class B Notes, Upgraded to Aa2 (sf); previously on Dec 7, 2022
Definitive Rating Assigned Baa2 (sf)

Class C Notes, Upgraded to A2 (sf); previously on Dec 7, 2022
Definitive Rating Assigned Ba1 (sf)

Class D Notes, Upgraded to Ba2 (sf); previously on Dec 7, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by significant increase in note
subordination available for the affected notes and reduction in
portfolio credit risks, following the end of the revolving period.
The action also considered the collateral performance to date.

The transaction has become static following the February 2024
payment date, when the revolving period ended.

Following the October 2024 payment date, the note subordination
available for the Class A, Class B, Class C, and Class D Notes has
increased to 76.1%, 51.2%, 40.1% and 16.5%, respectively, from 29%,
19.5%, 15.3% and 6.3% at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes since the March 2024 payment date.
Current outstanding notes as a percentage of the total closing
balance is 38.1%. The large increase in note subordination over
this short period stems largely from the short-term nature of the
underlying small business loans.

As of end-September, 13.2% of the outstanding pool was 30-plus day
delinquent, and 7.4% was 90-plus day delinquent. The portfolio has
incurred 6.6% (as a percentage of the original pool balance plus
total replenishments) of gross losses to date, which have been
covered by excess spread.

As of end-September, line of credit facilities comprised 19.4% of
the outstanding pool compared to 38% at closing.

Based on the observed performance to date (including high
delinquencies) and loan attributes, Moody's have increased Moody's
expected gross loss assumption to 14% of the current portfolio
balance (equivalent to 9.4% of the original portfolio balance plus
total replenishments, compare to 8.3% at closing). The implied Aaa
portfolio credit enhancement for the pool is  49.4%.

Moody's analysis has also considered various scenarios involving
higher mean gross loss rates, lower yield and back-loaded losses to
evaluate the resiliency of the note ratings.

The transaction is a securitisation of Australian small business
loans and line of credit facilities.

The principal methodology used in these ratings was "SME
Asset-backed Securitizations" published in July 2024.

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

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

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

SEACHANGE REALTY: First Creditors' Meeting Set for Nov. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Seachange
Realty Rent Shop Pty Ltd will be held on Nov. 19, 2024 at 11:00
a.m. at the offices of Pitcher Partners at Level 11 12-14 The
Esplanade in Perth and via virtual meeting technology.

Daniel Bredenkamp of Pitcher Partners was appointed as
administrator of the company on Nov. 7, 2024.




===================
B A N G L A D E S H
===================

BANGLADESH: Faces Reduced Power Supplies Even After Adani Payment
-----------------------------------------------------------------
Arun Devnath and Sanjai P R at Bloomberg News report that
Bangladesh faces a continuing shortage of electricity, increasing
the risk of blackouts, even after making a partial payment to a
power plant in India that slashed supply because of unpaid bills.


Adani Power Ltd. has received a letter of credit for $170 million,
easing pressure from lenders, two officials said, declining to be
identified as internal discussions continue, Bloomberg relates. The
partial payment doesn't resolve the crisis, but the company won't
halt supplies for now, pending talks with the lenders of the Godda
thermal plant in Jharkhand, the officials said.

"Payments should have been made by this time," Ahsan H Mansur,
governor of Bangladesh Bank said in a phone interview on Nov. 8.
The central bank "issued an instruction for the payment" earlier
this week, Mansur said.

Electricity supplies from the plant, which had accounted for about
10 per cent of Bangladesh's total, were reduced to about 500
megawatts on Nov. 7, after being halved to about 700 megawatts
earlier, according to Power Grid Bangladesh data, Bloomberg relays.
Adani Power, controlled by Indian billionaire Gautam Adani, cut
supplies after overdue payments crossed $850 million.

Bloomberg says outages could fan discontent as the nation grapples
with a financial crisis after weeks of violent protests overthrew
Sheikh Hasina's government earlier this year. It also adds to
headwinds faced by the interim government, led by Muhammad Yunus,
that's already tackling billions of dollars in arrears.

                         About Bangladesh

Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Fitch Ratings has downgraded Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating to 'B+' from 'BB-'. The
Outlook is Stable.



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

RETO ECO-SOLUTIONS: Starlight Golden Stone Holds 5.6% Stake
-----------------------------------------------------------
Starlight Golden Stone Pte. Ltd. disclosed in a Schedule 13G Report
filed with the U.S. Securities and Exchange Commission that as of
August 30, 2024, Starlight and its affiliated entities -- Tai Bang
International Limited and Xijuan Zhao -- beneficially owned
1,086,957 Class A Shares, representing 5.6% of the 19,352,636 Class
A Shares outstanding as reported in ReTo Eco-Solutions, Inc.'s Form
F-3.

Starlight Golden Stone Pte. Ltd is wholly owned by Tai Bang
International Limited, which is wholly owned by Xijuan Zhao. Xijuan
Zhao therefore holds 100% equity interest in Starlight Golden Stone
Pte. He also serves as a director of Starlight Golden Stone Pte.
Accordingly, he is deemed to beneficially own all of the 1,086,957
Class A Shares held by Starlight Golden Stone Pte. Ltd.

A full-text copy of Starlight Golden's SEC Report is available at:

                  https://tinyurl.com/yu8sw8ju

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of December 31, 2023, ReTo Eco-Solutions had $25.2 million in
total assets, $20.4 million in total liabilities, and $4.9 million
in total shareholders' equity.

SHINECO INC: Streeterville Capital, 2 Others Hold 9.99% Stake
-------------------------------------------------------------
Streeterville Capital LLC, Streeterville Management LLC, and John
M. Fife disclosed in a Schedule 13G/A Report filed with the U.S.
Securities and Exchange Commission that as of October 25, 2024,
they beneficially owned 3,275,966 shares of Shineco, Inc.'s common
stock, representing 9.99% of the 32,792,456 shares outstanding on
September 16, 2024.

A full-text copy of Streeterville's SEC Report is available at:

                    https://tinyurl.com/2j7kt6a3

                           About Shineco

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life'
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and
2023, the Company had accumulated deficit of US$54.3 million and
US$31.7 million, respectively, and as of June 30, 2024 and 2023,
the Company had negative working capital of US$6.7 million and
US28.9 million, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

As of June 30, 2024, Shineco had $84.18 million in total assets,
$47.60 million in total liabilities, and $36.58 million in total
equity.

XINYUAN REAL: Receives Consents for 2027 Senior Notes
-----------------------------------------------------
Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed
with the U.S. Securities and Exchange Commission that the Company
announced that it had received the requisite consents in connection
with its previously commenced consent solicitation relating to that
certain indenture dated August 18, 2023 and as amended by the
supplemental indenture dated as of April 29, 2024 relating to the
Company's 3.0% senior notes due 2027. The Consent Solicitation was
made pursuant to a consent solicitation statement dated October 21,
2024, which is available at: https://www.dfkingltd.com/xinyuan/.

The Company received valid consents in respect of 88.96% of the
aggregate principal amount of the outstanding Notes, which
constitutes the requisite consents to:

     (i) amend certain provisions of the Indenture to -- (a) remove
the minimum cash interest requirement for the interest payment
period from and including March 30, 2024 up to and excluding
September 30, 2024, (b) lower the minimum cash interest requirement
from 2.0% to 0.2% per annum for the period from and including
September 30, 2024 up to and excluding September 30, 2025 and from
3% to 0.2% per annum thereafter, and (c) delete certain mandatory
redemption provisions that require the Company to redeem certain
aggregate outstanding principal amount of the Notes on September
30, 2025 and on September 30, 2026, respectively -- and
    (ii) irrevocably and unconditionally waive all defaults under
the Indenture which have arisen from the failure of the Company to
make payment of cash interest on the Notes on September 30, 2024
(the "Waiver of Existing Defaults")

On October 29, 2024, the Company, certain subsidiary guarantors,
and Citicorp International Limited, as trustee, entered into the
Second Supplemental Indenture to the Indenture, to implement the
Proposed Amendment.

                     About Xinyuan Real Estate

Xinyuan Real Estate Co., Ltd. is a Chinese real estate company.
Xinyuan has traditionally engaged principally in residential real
estate development and the provision of property management
services, focusing on Tier II cities in China.

Singapore-based Assentsure PAC, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated May 15,
2024, citing that the Company's ability to generate funds to meet
short term operating cash requirements and loan repayments is
reliant on the Company's ability to sell the real estate properties
it holds, or to obtain alternative financing. The timing of these
sales is uncertain and as a result the Company is currently reliant
on long term investor loans being renewed when they come up for
repayment. These conditions raise substantial doubt about its
ability to continue as a going concern.

As of December 31, 2023, the Company had $5,333,393,231 in total
assets, $5,225,980,849 in total liabilities, and $107,412,382 in
total equity.



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

ASHAPURA CHINA: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashapura
China Clay Co LLP (ACCCL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with ACCCL for
obtaining information through letter and email dated October 10,
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 ACCCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACCCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACCCL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

ACCCL was set up in 1984 as a partnership between; it got
reconstituted into a limited liability partnership in 2011. This
Kutch-based firm undertakes processing and trading of china clay
(kaolin) including bentonite and silica. China clay is used in
ceramics, paper, paint, rubber, fiber glass, pesticides and
detergent industries. ACCCL processes several grades of china clay
to make it suitable for use by different industries, as per their
specifications.


ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Associate
Builders and Traders (ABT) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.15       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of ABT under the 'issuer
non-cooperating' category as ABT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ABT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 1, 2024,
September 11, 2024 and September 21, 2024 among others.

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

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

Analytical approach: Standalone

Associate Builders & Traders (ABT) was established as a partnership
firm in 1996. The current partners of the firm are Mr Atal Bihari
Tripathi and Mr Santosh Kumar Tripathi. The firm is engaged
construction of roads, flyovers, civil construction etc. mainly in
Uttar Pradesh region.

BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Beepee
Enterprise Private Limited (BEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.18       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.30       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 16,
2023, placed the rating(s) of BEPL under the 'issuer
non-cooperating' category as BEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 31, 2024,
September 10, 2024 and September 20, 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).

BEPL was incorporated in 2003 and promoted by Poddar family.
Company is manufacturer, supplier and exporter of linen i.e. of bed
sheets, tablecloths, serviettes, chair covers, table linen, duvets,
mats and other customized linen etc. the product find its
application in textile and hospitality industry (Hotels, Hospital
and Airlines).

Status of non-cooperation with previous CRA: CRISIL continues to
categorize rating assigned to the bank facilities of BEPL under
non-cooperation category vide PR dated January 12, 2024 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the company.

BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BNK Energy
Alternatives (BEA) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2023, placed the rating(s) of BEA under the 'issuer
non-cooperating' category as BEA had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BEA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 3, 2024,
September 13, 2024, September 23, 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).

Ghaziabad (Uttar Pradesh) based, BNK Energy Alternatives (BNK) was
established as a partnership firm in the year 2016 and is currently
being managed by its partners namely Mr. Santosh Kumar Rajgarhia,
Mr. Shailesh Ram Rajgarhia, Ms. Neetu Kumari, Ms. Sonu Kumari, Mr.
Sanjay Kumar Rajgarhia, Mr. Raminder Singh and Mr. Raj Kumar Roy.
The firm has succeeded an erstwhile proprietorship firm M/s BNK
Energy Alternatives which was established in 2006 by Mr. Santosh
Rajgharia. The firm is engaged into installation and commissioning
of solar power plants.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of CRM under the 'issuer
non-cooperating' category as CRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CRM continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 10, 2024,
September 20, 2024 and September 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).

Cheeka Rice Mills (CRM) was established in 1972 as a partnership
firm. The partners are Mr. Sat Pal and Ms. Darshana Devi with equal
profit sharing of 50% each. The firm is engaged in trading and
processing of rice. The firm is also engaged in processing of rice
for other rice millers on job work basis. The manufacturing unit is
located at Cheeka, Haryana.


COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Combine
Diamonds Private Limited (CDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       55.00      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 16,
2023, placed the rating(s) of CDPL under the 'issuer
non-cooperating' category as CDPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CDPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 31, 2024,
September 10, 2024 and September 20, 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

Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. CDPL is engaged in trading and processing of cut &
polished diamonds. The company is an export-oriented unit. The
company was initially established in 1998 as a proprietary concern
and later converted into closely held public limited company in the
year 2000. Later in 2016, the constitution changed to Private
Limited.

DIGI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Digi Export
Venture Private Limited (DEVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      16.00      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 DEVPL under the 'issuer
non-cooperating' category as DEVPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DEVPL 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).

Digi Export Venture Private Limited (DEVPL) was incorporated on
June 25, 2010 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder
Kaur Kalra. The company is involved in the manufacturing and
assembling of public address (PA) systems and components, including
loudspeakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipment.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of DEVPL into 'Issuer
not-cooperating' category vide press release dated January 17, 2024
on account of non-availability of requisite information from the
company.


DUHAN ELECTRIC: CARE Lowers Rating on INR6.65cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Duhan Electric Works (DEW), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2023, placed the rating(s) of DEW under the 'issuer
non-cooperating' category as DEW had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DEW continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 17, 2024,
September 27, 2024, October 7, 2024 and November 5, 2024 among
others.

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

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

The ratings assigned to the bank facilities of DEW have been
revised on account of non-availability of requisite information.
The rating revision also considers ongoing delays in debt servicing
as recognized from publicly available information i.e. CIBIL
filings made by the lender.

Analytical approach: Standalone

Duhan Electric Works (DEW) was established in 1997 as a
proprietorship firm by Mr. Kuldeep Singh. The firm is a Registered
Class-A Electrical Contractor in the State of Haryana & Uttar
Pradesh and is engaged in providing services in the electrical
sector. The firm undertakes contracts for laying of power
transmission lines, erection, testing and commissioning of
electrification works.


GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geeta
Educational TrustKurukshetra (GET) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of GET under the 'issuer
non-cooperating' category as GET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GET continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 1, 2024,
September 11, 2024 and September 21, 2024 among others.

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

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

Geeta Educational Trust (GET) got registered under the Society
Registration Act- 1860 in 2007 and is being managed by Mr. Rakesh
Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg and Mr.
Ramesh Goel as the trustees. The society was formed with an
objective to provide higher education in the field of engineering,
computer science and management. The society has established a
college, namely, Geeta Institute of Management and Technology
(GIMT) in Kurukshetra, Haryana in the year 2007.

Status of non-cooperation with previous CRA: ACUITE has continued
the ratings assigned to the bank facilities of GET into 'Issuer
not-cooperating' category vide press release dated August 18, 2023
on account of non-availability of requisite information from the
Society.

GURUDEVA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Gurudeva
Industries (SGI; part of the Basaveshwara group) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            8        CRISIL B/Stable (Issuer Not
   Overdraft facility               Cooperating)

   Long Term Loan          2.65     CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.35     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SGI for
obtaining information through letter and email dated October 10,
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 SGI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Sri Basaveshwara Rice Mill
(SBRM) and SGI. This is because both the entities, together
referred to as the Basaveshwara group, have a common management
team and sell their products under the BTC brand. Furthermore,
there are significant operational fungibilities between the two
entities, with common customer and supplier base, and a shared
storage facility.

The Basaveshwara group mills steamed and raw rice. Its
manufacturing facility is located at Chitradurga (Karnataka). The
group is promoted by Mr. H Basavaraj Setty, along with his brother
Mr. H Kotresh Setty and two brothers-in-law Mr. M R Sanjeev Setty
and Mr. M Sanjeev. The promoters have been in the rice milling
business since 2002.


HIRMA POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Hirma Power Limited
Raheja Point Wing B, 7th Floor, Nehru Rd.
        Nr Shamrao Vithal Bank, Vakola
        Santacruz (East), Mumbai,
        Maharashtra India - 400055

Insolvency Commencement Date: October 14, 2024

Estimated date of closure of
insolvency resolution process: April 12, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Chandra Prakash Jain
              D-501, Ganesh Meridian,
              Opp. High Court S. G. Road
              Ahmedabad - 380060
              Email: cirp.hirma@gmail.com
              Email: jain_cp@yahoo.com

Last date for
submission of claims: October 29, 2024

HYGIENE FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hygiene
Feeds & Farms Private Limited (HFFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       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 HFFPL under the 'issuer
non-cooperating' category as HFFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HFFPL 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

Hygiene Feeds & Farms Pvt Ltd (HFFPL), incorporated in May, 2010,
is promoted by Mr. Robin Dahiya and his family members. The company
is engaged in the manufacturing of poultry feeds (pre-starter,
starter and finished grades). The manufacturing facility of the
company is located in Panipat (Haryana).

JMK AUTO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JMK Auto
Private Limited (JAPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.0       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.8       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with JAPL for
obtaining information through letter and email dated October 10,
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 JAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JAPL was incorporated in 2007, promoted by the Jhansi (Uttar
Pradesh)-based Baghel family. The company is a dealer for HML
vehicles in Jhansi. It has a 3S (sales, service, and spares)
showroom. Mr. Rakesh Singh Baghel and Ms. Pratibha Singh Baghel are
the directors. Mr. Baghel manages the company's operations.


KRISHNAGANGA SPINNING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Krishnaganga Spinning Mills Private Limited (KSMPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           3.35       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; 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 KSMPL under the 'issuer
non-cooperating' category as KSMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KSMPL 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).

Analytical approach: Standalone

Krishnaganga Spinning Mills Private Limited (KSMPL) was
incorporated on September 06, 1983 and was promoted by Mr. G
Punnaiah Choudary as a public limited company, 'Krishnaganga
Spinning Mills Limited' near Guntur, Andhra Pradesh. It was
converted into a private limited company on March 10, 2003. The
company is engaged into manufacturing of synthetic blended yarns.


KRISHNAN FOOD: ICRA Reaffirms B- Rating on INR14.06cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Krishnan
Food Processor (KFP), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term
   Fund-Based         14.06     [ICRA]B-(Stable); Reaffirmed
   Term Loan                    

   Long-term         (13.00)    [ICRA]B-(Stable); Reaffirmed
   Interchangeable              

   Short-term
   Fund-based         16.30     [ICRA]A4; Reaffirmed

   Short-term
   Non-Fund Based      2.00     [ICRA]A4; Reaffirmed

   Short-term
   Interchangeable   (16.00)    [ICRA]A4; Reaffirmed

Rationale

The ratings reaffirmation for bank loan ratings of KFP considers
the overall weak performance of the entity in FY2024 and a likely
modest recovery over the medium term, supported by its established
presence in the cashew processing sector and long relationships
with its key customers.

The ratings, however, remain constrained by the entity's continued
weak performance, moderating its financial profile. KFP's capital
structure and debt protection metrics remained weak owing to
continued losses, resulting in erosion of net worth. These credit
metrics are likely to remain weak over the medium term. Income
received from the sale of property at Kollam, Kerala for ~INR10.7
crore had supported its liquidity in FY2024. Further, the entity is
planning to dispose of a couple of properties in FY2025, which is
likely to support its liquidity and reduce its bank borrowings.
Timely receipt of proceeds from the sale of property/receipt of
funds from the promoter is critical to meet its funding
requirements towards working capital and term loan repayment, and
the same would be a key rating monitorable. The ratings also remain
constrained by subdued cashew kernels prices and intense
competition in the cashew processing industry amid slowdown in
demand and low value addition in the business. Given the intense
cost competition faced from other processors, KFP's operating
performance is likely to remain at a moderate level over the medium
term. The ratings also consider the fragmented nature of the
industry and low product differentiation, which limit KFP's pricing
flexibility, exerting pressure on the margins.

The Stable outlook on the long-term rating reflects ICRA's
expectation that KFP is likely to improve its earnings and coverage
metrics. Further, the outlook underlines ICRA's expectation that
the entity's incremental capex, if any, to further increase the
capacity will be funded in a manner that it is able to durably
maintain its debt protection metrics commensurate with the existing
ratings.

Key rating drivers and their description

Credit strengths

* Established presence and long relationship with its customers:
KFP has been involved in processing cashew kernels and trading in
raw cashew nuts (RCN) for around four decades. Over the years, the
entity has been able to establish a strong relationship with its
suppliers, ensuring timely receipt of materials. The entity also
enjoys long association with its key customers, comprising traders
and food processors, aiding in repeat orders.

Credit challenges

* Weak financial profile: KFP's continuous losses over the past
seven years have caused erosion in its net worth and deterioration
of debt protection metrics. Besides the high working capital
intensity and related firm debt levels, the financial profile of
the entity had been adversely impacted by the reducing scale of
operations over the years, operating losses and high interest
costs. While the earnings remained weak, proceeds received from the
sale of the property located at Kollam, Kerala for ~Rs. 10.7 crore
had supported its liquidity in FY2024. The proposed sale of a
couple of more properties is expected to support its liquidity in
FY2025, despite likely cash losses. Timely receipt of funds from
the promoter is critical to meet its funding requirements towards
working capital and term loan repayment, and the same would be a
key rating monitorable.

* Intense competition limits pricing flexibility: The domestic
cashew industry is highly fragmented, with the presence of numerous
unorganised players owing to low entry barriers. Further, exports
face tough competition from Vietnamese and other processors, which
enjoy cost advantage on account of cheaper labour and mechanised
processing. Intense price competition, along with low product
differentiation, limits the entity's pricing flexibility, exposing
its margins to volatility in kernels and raw cashew prices.

Liquidity position: Stretched

KFP's liquidity position is likely to stretched owing to continued
weak performance and high working capital requirements in the
business. Further, its average working capital utilisation in the
past 12 months ending in September 2024 remained high at 95.8% of
its sanctioned limit of INR16.0 crore. Given its weak cash flow
from operations, the entity is expected to remain
dependent on timely fund infusion from the promoter to meet its
working capital and debt servicing requirements.

Rating sensitivities

Positive factors – The ratings could be upgraded if the entity is
able to demonstrate a healthy growth in revenues and improves its
profitability, resulting in better debt protection metrics and
liquidity position.

Negative factors – Pressure on the ratings could arise if there
is sustained pressure on earnings or a deterioration in the working
capital cycle, which could adversely impact the liquidity position
of the entity. Further, lack of timely financial support from the
promoter to support cash flows might also result in ratings
downgrade.

Established in 1983, Krishnan Food Processors processes plain
cashew kernels from RCNs. The entity imports RCNs mainly from
Africa and processes them in its three manufacturing facilities in
Kerala and Tamil Nadu, having an aggregate installed capacity to
process 1,800 MTPA. It sells processed cashew kernels in domestic
and overseas markets. The entity also trades in RCNs through high
sea sales and local markets and sells other byproducts such as
cashew husk and cashew nutshell in Kerala. KFP is run by Mr. G.
Krishnan Nair and employs mostly unskilled workers.


ORIGO COMMODITIES: CARE Lowers Rating on INR54.80cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Origo Commodities India Private Limited (OCIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            54.80      CARE C; Stable Downgraded from
   Bank Facilities                 CARE BB-; Negative

   Long Term/           26.60      CARE C; Stable/CARE A4
   Short Term                      LT rating downgraded from
   Bank Facilities                 CARE BB-; Outlook revised from
                                   Negative and ST rating
                                   reaffirmed

   Market Linked
   Debentures              -       Withdrawn

   Non Convertible
   Debentures              -       Withdrawn

Rationale and key rating drivers

The revision in ratings long term ratings assigned to the bank
facilities of OCIPL to CARE C; Stable while reaffirming the rating
of the short-term bank facilities takes into account non-payment of
interest on Compulsory Convertible Debentures (CCDs) on or before
due date as per auditor remarks in annual report for FY24 and
stretched liquidity position owing to delay in equity infusion and
recovery of insurance claims. However, OCIPL has been regular in
servicing the obligations of debt rated by CARE Ratings Limited.
The revision is in line with CARE Ratings' policy of default
recognition.

CARE Ratings Limited notes that there was a verbal approval from
two investors i.e., BSI Commercial Limited and International
Trading Company for non-payment of interest obligation and waiver
of interest from OikoCredit Ecumenical Development Cooperative
Society USA. However, the written confirmation from these investors
was received post the due date resulting in auditor remarks leading
to the revision in rating. In current fiscal, there has been a
restructuring of interest due and change in repayment terms of CCD
from other 2 investors i.e., BSI Commercial Limited and Internation
Trading Company.

Further, there is a delay in receipt of equity amounting to USD 1.1
mn (approx. INR8.50 crores) from OikoCredit Ecumenical Development
Cooperative Society USA and Triodos Bank. The said funds were
expected to be received in July 2024 and the same are yet to be
infused. Further, insurance claims amounting to INR8.35 crores
which were expected to be received by August 2024 of which Rs.0.40
crore was received as of October 23, 2024 resulting in lower than
envisaged cash inflow. However, the company performance in H1FY25
has witnessed a turnaround with OCIPL reporting operating profit as
against loss incurred in last fiscal.

The ratings continues to be tempered by presence in limited
commodities with high concentration on few agri-commodities,
moderate capital structure with weak debt coverage indicators,
weakening of liquidity position with low cushion between
unencumbered cash available as against repayment obligations for
next 2 quarters, working capital intensive nature of operations for
procurement/supply chain business leading to elongated operating
cycle and risks associated with significant volatility in the
agricultural commodity prices along with Government control and
regulation risk, arbitration for receivables pending against the
Punjab Grain Procurement Corporation Limited (PUNGRAIN), moderate
financial risk profile of its subsidiary Origo Finance Private
Limited (OFPL) in which OCIPL has an investment of Rs.48 crore.

The ratings, however, continue to derive comfort from its
experienced promoters and investor base, comprehensive business
model of the company with presence in the entire supply chain
management for agri commodities, established presence in
warehousing space, adequate audit and risk policy adopted, reputed
clientele.

CARE Ratings Ltd. has withdrawn the rating assigned to the Market
Linked Debentures (MLDs) and Non-Convertible Debentures (NCDs)
issue of OCIPL with immediate effect, as the company has repaid the
aforementioned facility in full and there is no amount outstanding
under the said issue as on date.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Equity infusion as envisaged in timely manner resulting in
improvement in liquidity

* Overall gearing adjusted for group exposure below 1.5x

Negative factors

* Continued pressure on liquidity position

* Significant debt funding led growth resulting in adjusted overall
gearing ratio exceeding 3x

Analytical approach: Standalone. Standalone factoring in support
extended to group companies i.e., Origo Finance Private Limited and
Origo Markets Private Limited.

Outlook: Stable. The rating outlook is 'Stable' on account of
expected infusion in the equity and insurance claims by Q3FY25 will
improve the liquidity position.

Detailed description of key rating drivers:

Key weaknesses

* Delay in interest payment due on Compulsorily Convertible
Debentures (CCDs): In FY24 annual report, auditor commented that
interest on Compulsorily convertible debentures which is due for
amount INR1.26 crores was not paid. The interest payments are due
in January 2024 and March 2024. The auditors had mentioned that
OCIPL had requested the investors for waiver and was awaiting
investors approval. Though, CARE has not rated those instruments,
rating action taken as per CARE's policy on default recognition,
citing the absence of documented approval from investors regarding
the waiver of interest prior to due date. However, the management
had indicated that there is a verbal approval from all the
investors for waiver/non payment of interest. However, we had noted
that one of the investor i.e., Oikocredit Ecumenical Development
Cooperative Society USA had agreed for in principle to waive the
interest on CCD and further invest approximately USD 0.5 mn in the
Series B equity. This includes early conversion of existing CCDs
into equity along with interest waiver which is expected to
conclude in November 2024. Furthermore, for the two other investors
mentioned by the auditor, revised repayment terms and unpaid
interest were formally agreed upon, with agreements finalized in
May 2024.

* Declined financial performance with continued losses in FY24:
During FY24, OCIPL recorded total operating income of INR429.49
crores against Rs.1280.82 crores in FY23 which is a significant
decline by 66.47% primarily on account of slowdown in the business
segments like procurement finance and trade facilitation due to
high interest cost on trade facilitation segment squeezes or
nullifies their margins and in procurement finance, company will be
heading towards platform model to reduce debt on company's books.
Additionally, slowdown in warehousing business with low occupancy
rate as procurement of wheat by public and private entities is
decreased with sustained raise in prices till H1FY24 and
non-renewal of contract up on expiry with its major customer
PUNGRAIN from its client portfolio. In line with TOI, OCIPLs
profitability also witnessed moderation with loss incurred at
operational level. The company used to earn profitability of about
3% at operating level from warehousing business and decline in the
same had led to significant decline in profits. This coupled with
high fixed overhead expenses and provisioning for bad debts led to
OCIPL reporting operating loss of INR1.42 crores in FY24 (FY23:
Rs.2.79 crore). Further, interest cost of the company remained high
at INR22.70 crores despite of significant declined in sales led to
net loss of INR17.45 crore and cash loss of Rs.15.69 crore in
FY24.

* Moderate capital structure with weak debt coverage indicators:
OCIPLs capital structure marked by overall gearing ratio stood at
0.65x as on March 31, 2024 (PYE: 1.33x). Total debt of company
includes pledge loans, working capital term loans, demand loans,
Non-Convertible Debentures (NCDs). Delay in equity infusion and
reliance on high-cost debt to meet working capital requirements
coupled with net loss resulted in moderate financial risk profile.
Adjusted Tangible net worth considering investment in subsidiaries
i.e., OFPL and OMPL, loans to OFPL amounting to INR53.20 crores and
arbitration proceedings with PUNGRAIN amounting to INR72.59 crores,
stood at INR39.03 crores as on March 31, 2024. Adjusted overall
gearing ratio of the company improved but remained leveraged at
INR2.77x as on March 31, 2024, against 6.10x as on March 31, 2023
on account of infusion of equity of around INR24 crores in FY24 and
reduction in utilisation of bank limits with slowdown in business.
Nevertheless, debt coverage indicators of the company remained weak
with operating losses recorded in FY24. In Q1FY25, the adjusted
overall gearing ratio remained high at 2.85x, and the interest
coverage ratio was modest at 0.49x. With ongoing improvements in
profitability, the financial risk profile is expected to improve in
coming years.

* Delay in proposed equity infusion: OCIPL proposed to infuse
equity amounting to INR75 crores to 100 crores by April 2024. But
same has been revised to equity infusion of amount 1.1 Mn$
excluding interest waiver (i.e., INR8.00 crores) by July 2024
followed by external raise of 6-7Mn$ (INR50 to 60 crores) by
March/April 2025. Out of the proposed equity, OCIPL raised equity
amounting to INR24 crores in the form of compulsory convertible
debentures in FY24 which is lower than envisaged resulted in
further deterioration in financial risk profile as on March 31,
2024. Further, Series B equity infusion of USD 1.1 mn which is
expected to be received was delayed on account of procedural and
documentation compliances. However, management is expecting to
receive the funds by first week of November 2024. Majority of
external debt currently availed by the company is carrying high
interest cost ranging from 11.00% to 18.50% due to which the
interest expenses are on a higher side adding on to the pressure on
profitability. However, OCIPL is selective in procurenow business
and opting to execute orders with high margin thereby reducing the
reliance on debt which in turn is leading to lower finance costs.
These measures are likely to result in better profitability. As of
August 2024, OCIPL has total debt of INR103 crores against INR215
crores as of March 31, 2023. Despite reduction, debt levels of the
company continue to remain high for given scale of operations.
OCIPLs ability to continue to replace the high-cost debt resulting
in cost reduction and infusion of equity resulting in healthy
financial risk profile will be key from credit perspective.

* Arbitration for receivables pending from PUNGRAIN: Punjab State
Grains Procurement Corporation Limited (PUNGRAIN) is the nodal
agency appointed by Food Corporation of India for managing
warehouses in Punjab. The company has been providing warehousing
services to PUNGRAIN for more than 15 years and agreement with
PUNGRAIN was closed in the month of December 2022. The company have
been receiving partial ad-hoc payments against invoices and
following for recovery of its dues. Receivables which are pending
and accumulated since 2012 amounting to INR72.59 crores (net of bad
debts & provisions) as on March 31, 2024. The company has initiated
arbitration proceedings and filed claim as per the terms of the
contract for recovery of dues. The company's ability to recover the
dues will be critical toward improvement of liquidity.

* Client concentration in the warehousing business and presence in
limited commodities: The business model of the company is majorly
contract based with both the warehousing business and Structured
Trade segment largely driven by firm contracts. Till FY23, OCIPL
provided large scale warehousing service to few clients with Punjab
State Grains Procurement Corporation Ltd. (PUNGRAIN) accounting for
the more than 50% of revenue share from WH segment. Contract with
PUNGRAIN expired in December 2022, OCIPL has diversified the client
base to other ware housing corporations like Madhya Pradesh
Rajasthan and Haryana etc., Further, OCIPL deals in few commodities
with maximum exposure in paddy, wheat, and maize. While the
commodities are easy to liquidate, the risk of price volatility and
credit risk of clients remains high. OCIPL has entered into
agreements with Madhya Pradesh and Rajasthan state governments for
a period of 4 to 5 years providing long term revenue visibility,
but the scale of operations is relatively low compared to PUNGRAIN.
Ability of the company to generate significant revenue which is
major profitable segment is important from credit perspective.

* Working capital intensive operations: Operating cycle of OCIPL
elongated from 69 days in FY23 to 152 days in FY24 on account of
stretched receivables and quick payments to creditors. Collection
period elongated from 45 days in FY23 to 132 days in FY24 which is
on account of high value of receivables pending from Pungrain and
average collection of other receivables stood at around 4 months.
Also. reduction in Supply chain business as operating cycle in this
segment is lesser as comparative to Warehousing resulted in
elongated operating cycle. Out of total debtors, O/s as on March
31, 2024, about 56% of total receivables are pending from Punjab
State Grains Procurement Corporation Limited (PUNGRAIN) and the
company has initiated arbitration proceedings against PUNGRAIN as
per the terms of the contract for recovery of dues. OCIPL is
confident of recovery of entire amount from PUNGRAIN. Further, 34%
of the receivables are pending from more than 3 months resulted in
stretched working capital cycle.

As mentioned by the management, Company's focus on reducing the
collection period of warehousing segment from 4 months to 2 months
i.e., reducing the invoice clearance time will improve the
operating cycle in the near term.

* Susceptibility to volatility in agri-commodity prices and
government regulation: Origo has two types of contracts under its
Supply Chain vertical – receivables backed financing and
inventory backed. For receivables backed financing, there risk is
mitigated from commodity price fluctuations since goods are
delivered to the clients and risk passes onto the buyers. For
inventory backed contract, Origo is protected by 20-25% margin
received upfront and also by margin calls for any drop in prices of
commodities. The government's control in commodity space is
comparatively higher and it can intervene and change the dynamics
of existing market by introducing additional duties and tariffs,
export and import restrictions, price restrictions, etc. Depending
on the price of commodities in the market, government has
previously introduced restrictions on hoarding, price control,
suspension of trading, etc., on rice/paddy, wheat, pulses, sugar
and other essential commodities in which Origo provides services.

Key strengths

* Experienced promoters and reputed investor base: OCIPL is part of
Origo group and is the flagship company of the group, promoted by
Mr. Mayank Dhanuka (Director) and Mr. Sunoor Kaul (Director). They
are supported by a well-structured management team which takes care
of the day-to-day operations and has about 300 employees working in
various departments across the country. Besides, the company has
witnessed investment from reputed investors which includes Oiko
Credit Ecumenical Development Cooperative Society U.A., Caspian
Impact Investments Private Limited and Triodos Investment
Management.

* Improved financial performance in H1FY25: During H1FY25, OCIPL
reported TOI of INR114.30 crores with operational profit of INR9.30
crores (as against operational loss of INR17.45 crore in FY24) with
improvement in margin to 8.13%. This increase in profitability is
primarily attributed to higher revenue contributions from the
warehousing business which provides better margins. Though, OCIPL
reported net loss of INR1.00 crores, GCA turned positive to INR2.00
crores in H1FY25 against
cash losses in FY24.

* Comprehensive business model: OCIPL provides the entire supply
chain solutions for Agri commodities, being engaged in trade
facilitation services, warehousing services, and collateral
management services to public and private entities. The company
also provides allied services such as inventory management,
warehouse inspections, maintenance, preservation, testing,
certification, and security. Thus, the company serves as a
multi-model single window supply chain solutions provider and
bridges the supply chain gap between the farmers and the commodity
buyers by eliminating factors such as output price fluctuations,
credit linkages and sourcing of standardized quality produce.

* Pan-India operations with reputed clientele base: OCIPL operates
a chain of around 300 warehouses (on lease basis) across PAN India
with capacity of 33.4 lakh tons. The group has been in operations
for almost a decade and has served various government and private
entities. The pan-India presence helps the group to offer various
services to its customers ranging from commodity handling in the
agricultural sector to collateral services including risk
management services (crop intelligence, storage, and preservation,
etc.) to clients across the country. OCIPL also provides collateral
risk management for lenders as well as risk management of physical
deliveries for commodity exchanges, along with warehousing
services, supply chain management solutions and testing &
certification. The clientele includes reputed organizations like
Punjab State Grains Procurement Corporation Ltd, Haryana State
Co-op Supply & Marketing DD International Private Limited, B L Agro
Industries Limited and Paramesu Biotech Pvt Ltd. etc.

* Adequate audit and risk policy adopted: OCIPL has defined audit
policy for the warehousing and Supply Chain business. The
operational audit is done on monthly rolling basis; except for the
Trade Facilitation (TF) warehouses where the audit is done in every
15 days. Physical verification by deep digging of 50% of stock
needs is done and reported for Trade Facilitation (TF) warehouses.
OCIPL has an adequate risk management policy for the Trade
Facilitation (TF) business and the services are provided only to
clients after proper due diligence and based on internal credit
assessment. The procurement is undertaken against advance of about
20% and is based on firm contract with the client (1-year
contract). The price of the respective commodity is monitored
daily and whenever the prices fall below the permissible limit
(varies from commodity to commodity) the client is required to
respond to the margin call, else the company has right to dispose
off equivalent quantity of the commodity to maintain the margin.
The company majorly deals in 3-4 commodities viz. paddy, wheat,
basmati, maize etc. The company also covers the inventory for the
TF business through adequate insurance.

Liquidity: Stretched.

Liquidity is stretched marked by GCA of INR2.00 crores in H1FY25
against debt repayment obligation of INR13.30 crores for next 6
months i.e., October 2024 to March 2025. Average utilisation of
working capital limits stood high at 99% for last 6 months ended
August 2024. However, OCIPL has free cash balance amounting to
INR5.90 crore as on September 30, 2024. Also, with fresh equity
expected in November 2024, amounting to USD 1.1 mn (approx. INR8.5
crores) and realization of insurance claims, the company shall
utilise these funds to meet the repayment obligations. Further,
with another round of equity amounting to USD6-7 mn (approx. INR50
to 60 crores) expected by March/April 2025, liquidity position of
OCIPL is envisaged to improve. Infusion of funds and receipt of
insurance claims would be key from credit perspective.

Incorporated in 2011, Origo Commodities India Private Limited
(OCIPL) has been promoted by Mr. Mayank Dhanuka and Mr. Sunoor
Kaul. OCIPL provides the entire supply chain solutions for agri
commodities and is engaged in trade facilitation services,
warehousing services and collateral management services to public
and private entities. OCIPL operates on leased warehouses
across 17 states with over 800 warehouses with storage capacity of
more than 35 Mn metric tonnes. The company bridges the supply chain
gap between the farmers and the commodity buyers by eliminating
factors such as output price fluctuations, credit linkages and
sourcing of standardized quality produce.


R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Dream
Land Private Limited (RDLPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

Raipur (Chhattisgarh) based R.S. Dream Land Private Limited (RDLPL)
was incorporated in January 2006. Earlier the company was doing the
marketing for other real estate companies. Since March 2014, the
company has started its own real estate project. The company is
currently developing its first project 'Empressia Elite' commonly
known as E2 with an aggregate project cost of Rs.26.55 crore with a
saleable area of 1.66 lakh square feet. The project is located in
the prime location of Raipur, Chhattisgarh. The construction work
of the project is given to G.K. Construction and RDLPL is focusing
mainly on marketing aspects. The promoters have satisfactory
business experience of more than two decade in real estate
industry.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of RDLPL into ISSUER NOT
COOPERATING category vide press release dated December 18, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.


RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratnagarbha
Agro Private Limited (RAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.99       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 13,
2023, placed the rating(s) of RAPL under the 'issuer
non-cooperating' category as RAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 28, 2024,
September 7, 2024 and September 17, 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

Hardoi (U.P) based Ratnagarbha Agro Private Limited (RAPL) was
incorporated in February, 2007 by Mr. Shri Kishan Agrawal and his
son Mr. Ram Kishan Agrawal. However, the company started its
commercial operations in October 2013. RAPL is engaged in
processing of wheat into refined flour (Maida), Suji and flour
(Atta).


REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reddy and
Reddy Import and Exports (RRIE) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
Rationale and key rating drivers

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

Reddy and Reddy Import and Exports (RRIE), is a partnership firm,
incorporated in 1997 and is promoted by Mr. Goluguri Rama Krishna
Reddy, Mr. Venakata Reddy and Mr. Sri Rama Reddy. Mr. Goluguri Rama
Krishna Reddy is the firm's managing partner. The firm primarily
trades in prawn feed in and around West Godavari district, Andhra
Pradesh. The firm also derives about 10-
12% of its revenue from manufacturing shirt buttons. RRIE belongs
to Reddy and Reddy Group which has diverse interests including
trading and manufacturing of prawns feed, authorized dealership of
Maruthi Suzuki India Limited (MSIL) and Hero Motors.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of RRIE to
the 'issuer not-cooperating' category vide press release dated
October 18, 2024 on account its inability to carryout review in the
absence of requisite information from the firm.

RELIANCE COMM: Posts INR1,060cr Net Loss for Q2 Ended Sept. 30
--------------------------------------------------------------
indiantelevision.com reports that in the latest financial
disclosure, Reliance Communications Limited (RCOM) reported its
unaudited standalone and consolidated financial results for the
quarter and half-year ending Sept. 30, 2024. The announcement,
dated Nov. 9, 2024, was made under the oversight of the resolution
professional, Anish Niranjan Nanavaty, as the company remains under
corporate insolvency resolution since June 28, 2019.

For the quarter ending Sept. 30, 2024, RCOM's consolidated total
income stood at INR97 crore, reflecting a slight decrease from
INR100 crore in the previous quarter, indiantelevision.com
discloses. The company reported an operating loss of INR32 crore,
widening from a loss of INR19 crore in the preceding quarter. The
net loss for the quarter was INR1,060 crore, an improvement from
the INR1,965 crore loss reported in the previous quarter.  

indiantelevision.com says the operating margin for the quarter was
-32.99 per cent, compared to -19 per cent in the previous quarter,
indicating increased operational challenges. The depreciation and
amortisation expenses rose to INR34 crore from INR32 crore,
suggesting ongoing capital expenditure and asset utilisation.

Since the initiation of the insolvency process in June 2019, RCOM
has faced multiple operational and structural obstacles, with the
National Company Law Tribunal overseeing its recovery and
management efforts, indiantelevision.com states. The impact of
these challenges is evident in the subdued financial performance
across segments. Cost-cutting initiatives, though visible, remain
inadequate to counterbalance the income reductions from
discontinued services and stagnant growth.

As RCOM pivots its strategy to maximise value during insolvency
proceedings, its existing customer base and asset utilisation are
pivotal to short-term stabilization, indiantelevision.com says.
Nonetheless, substantial debt obligations and restricted access to
capital raise questions about RCOM's capability to weather the
long-term implications of market pressures without a viable merger
or acquisition plan.

indiantelevision.com adds that the future trajectory of RCOM hinges
largely on its restructuring efforts and external support from
potential investors. While the telecom industry's competitive
intensity shows no signs of abating, any potential buyer would
inherit both the legacy issues and opportunities presented by
RCOM's extensive infrastructure. Stakeholders continue to monitor
how RCOM will leverage or offload these assets within the
constraints of its insolvency resolution process.

                    About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.

RICE TECH: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rice Tech
Agro Mills (RTAM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 15,
2023, placed the rating(s) of RTAM under the 'issuer
non-cooperating' category as RTAM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RTAM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 31, 2024,
August 10, 2024, August 20, 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

Rice Tech Agro Mills (RTAM) was established in 1998 as a
partnership firm. Mr. A. M. Koya, Mr. A. M. Sijumon, Mrs. Mini
Koya, Mrs. Laila Makkar and Mrs. A. M. Seemon are partners of the
firm. The firm belongs to the 'Beepath' Group and is engaged in the
business of milling and trading of rice.


SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samraddhi
Cot Fibers Private Limited (SCFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.01       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 7,
2023, placed the rating(s) of SCFPL under the 'issuer
non-cooperating' category as SCFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
23, 2024, August 2, 2024, August 12, 2024 among others.

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

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

Analytical approach: Standalone

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing.

SAPPHIRE LIFESCIENCES: ICRA Withdraws B+ Rating on INR12.5cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Sapphire Lifesciences Private Limited (SLPL) at the request of the
company and in accordance with ICRA's policy on withdrawal of
ratings. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        12.50       [ICRA] B+ (Stable) ISSUER NOT
   Fund-Based                    COOPERATING; withdrawn  
   Cash Credit                    

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

SLPL, earlier known as Sapphire Capsules Pvt. Ltd., manufactures
pharmaceutical formulations, in the form of tablets and capsules,
across various therapeutic areas. SLPL's registered office is in
Mumbai and its manufacturing plant, which holds the GMP
certification by WHO, is at Palghar in Thane district of
Maharashtra. Its current installed manufacturing capacity is 300
crore tablets and 250 crore of capsules.


SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SCG
Exports Private Limited (SEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     340.00      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 20,
2023, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 5, 2024,
August 15, 2024 and August 25, 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

SCG Exports Private Ltd (SEPL), promoted by the Gouti family
commenced its operations in January 2007. SEPL started its
operation by selling 'hand-made gold Jewellery' to Middle East
markets where its entire hand-made jewellery is sold to SCG
Jewellers LLC (SJL) and ALL Amirats Jeweller LLC (AAJL), (not
related) based in Dubai, which in turn caters to countries in the
Middle East. During FY14, SEPL forayed into Indian markets.


SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Soni
Traders (ST) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       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 17,
2023, placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 1, 2024, September 11,
2024 and September 21, 2024 among others.

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

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

Soni Traders was constituted as a sole proprietorship firm in 2004
and later in October 2015 was reconstituted as a partnership firm
with Mr. P.L. Soni and Ms. Munni Devi Soni as partners. The firm is
engaged in the business of trading of Bitumen products such as
Industrial Bitumen, Bitumen 80/100, Black Bitumen, Industrial
Cutback bitumen etc.


SUBHASHREE PACKERS: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Subhashree
Packers Private Limited (SPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Term Loan              3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated October 10,
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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SPPL, incorporated in 2015, is an Odisha-based company that
manufactures corrugated boxes used in the packaging industry. Its
facility in Gunjarpur has manufacturing capacity of 1,000 tonne per
month. Mr K C Nayak and Mr Prashant Nayak are the promoters.


SUMMA REAL: ICRA Keeps B+ Debt Ratings Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Summa Real
Media Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category
   
   Long Term-        15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-       (15.00)      [ICRA]B+ (Stable) ISSUER NOT
   Interchangeable               COOPERATING; Rating continues
   Others                        to remain in the 'Issuer Not
                                 Cooperating' category

   Short Term-        2.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based-               COOPERATING; Rating continues
   Others                        to remain under 'Issuer Not
                                 Cooperating' category

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

SRMPL was incorporated in January 2010 and is promoted by Dr.
Manojranjan Nayak. SRMPL is engaged in the business of printing and
distribution of an Odiya language daily newspaper, by the name of
'Prameya'. The operations commenced in May, 2011, with full-fledged
commercial operations being in place from 2013 onwards.


T.K. GURUSAMY: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of T.K. Gurusamy
Nadar And Sons Sri Koodalingam Pattu Centre Private Limited (TKG)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.3       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TKG for
obtaining information through letter and email dated October 10,
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 TKG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TKG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TKG continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

TKG was originally set up as a proprietorship concern in 1959; it
was reconstituted as a partnership firm in 1961, and then as a
private limited company in 2006. The company retails apparel in
Kovilpatti, Tamil Nadu. Its operations are managed by its promoter,
Mr. A Suthahar.


ZULAIKHA MOTORS: CARE Moves C Debt Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Zulaikha
Motors Private Limited (ZMPL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            10.00      CARE C; ISSUER NOT COOPERATING
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING Category

   Long Term/          116.00      CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING Category

   Long Term/            4.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING Category

   Short Term           20.00      CARE A4; ISSUER NOT COOPERATING
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING Category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from ZMPL to monitor
the ratings vide e-mail communications dated September 2,2024,
November 5,2024 among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.

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. The rating of ZMPL's bank facilities will
now be denoted as CARE D/CARE D, CARE C/CARE A4; ISSUER NOT
COOPERATING.

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

CARE Ratings has assigned the ratings to the bank facilities (Sr.
No. III) on account of the delay in servicing the same. Further,
the rating assigned to the other bank facilities (in Sr. No. I, II
& IV) takes into account the tight liquidity position as evidenced
by nearly full utilization of working capital limits and instances
of temporary overdraft limit being sought. The rating further
continues to be constrained by, leveraged capital structure and
thin profitability margin.

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating on May 24, 2024 the following were the
rating strengths and weaknesses.

Key Weakness

* Delay in debt servicing in one of the credit facilities availed
by the company: As per the FY23 audited financial statements of the
company, it was observed that the company has unpaid dues towards
Reliance Capital Ltd. Management has written back the loan
liability towards Reliance Capital Ltd from the financial
statements and considered as contingent liability as on March 31,
2022. However, debt servicing of other credit facilities are
regular as per the interaction with the lenders.

* Leveraged capital structure: The overall capital structure of the
company also stands leveraged with overall gearing of 2.95x as on
March 31, 2024. Further, the total debt/GCA of the company stood
high at 19.50 years during FY24.
* Thin profitability margin albeit improvement in FY'24: As per the
provisional financials for FY'24, PBILDT margin has improved to
4.60% (PY: 3.30%). The profitability margin remains thin due to the
inherent dealership nature of the business. The margins on vehicle
sales for the dealers are set by the OEM's which is around 3-5%
whereas dealers derive higher margin on service and spare sales.
Furthermore, the nature of operations entails working capital
requirements, with inventory to be stocked upfront for sales, and
minimal credit period available from OEMs.

Key strengths

* Improvement in scale of operation and diversified revenue stream:
TOI has grown at 14% CAGR during FY'20 to FY'23 period. Company has
achieved TOI of Rs 248.73 crores in FY'24 (prov.) (PY:
Rs 249.39 crores). Sale of vehicles contributes around 82% of the
revenue followed by spares parts and accessories of 11% and service
income of 5% and rest through their other operating revenue which
majorly includes, incentives received from M&M.

* Prominent dealer of Mahindra & Mahindra vehicles in Chennai: ZMPL
is an auto dealer for Mahindra & Mahindra (M&M) and continues to be
one of the known dealers in Chennai for the sales and service of
M&M's range of vehicles. ZMPL has three showrooms and two workshops
in Chennai, Tamil Nadu.

Zulaikha Motors Private Limited (ZMPL) was incorporated in March
2010 and is engaged in dealership of Mahindra and Mahindra (M&M)
vehicles in Chennai through outlets and workshops in Chennai.
The company was previously part of the 'Buhari group'. However,
from FY19, new promoter Thomas William Pangaraj infused equity and
subsequently Buhari group divested it shares. As on FY23 end per
the audited financial statement, Buhari group does not have any
shareholdings in the company.




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

[*] INDONESIA: Gives MSMEs Six-Month Window for Loan Forgiveness
----------------------------------------------------------------
Reuters reports that Indonesia has opened a six-month window until
May 2025 for certain businesses to receive full loan forgiveness
from state banks, a policy that aims to boost loan and economic
growth, according to details of a new regulation.

Indonesia's President Prabowo Subianto last week signed off on a
government regulation that allows state lenders to fully write off
bad debts of certain micro, small, and medium enterprises (MSMEs),
which are major contributors to Indonesia's gross domestic product,
according to Reuters.

"We hope this could help our brothers and sisters who work in
agriculture, MSMEs, and as fishermen who are very important food
producers. They can continue their businesses and they can be more
useful for the nation," Reuters quotes Prabowo as saying in a
statement.

Reuters relates that Prabowo has pledged to lift Indonesia's annual
economic growth by 3 percentage points to 8% under his current
presidential term, which will last until 2029. Boosting food
production is one of his key programmes.

The beneficiaries of the new regulation are MSMEs with bad debts of
up to IDR500 million ($31,887.76), and the loans need to have been
written off by banks at least five years before the forgiveness
policy took effect, according to the regulation.

Under the policy, the affected MSMEs can now tap new loans, Reuters
notes. Previously, even though their bad debts had been written
off, the banks were still holding the right to collect, prohibiting
the MSMEs from accessing financing.

Reuters adds that State bank Rakyat Indonesia (BRI), which focuses
on MSME lending, said the policy will open new loan opportunities,
while Bank Mandiri said the policy will have no financial impact.

The regulation also ensures state banks and their boards of
directors would not be charged with creating state losses, an
offence that can lead to jail time, when writing off the bad
debts.




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

[*] JAPAN: Rising Bankruptcies Cloud BOJ's Rate Hike Path
---------------------------------------------------------
Reuters reports that Japan's service-sector sentiment worsened and
bankruptcy cases rose in October, data showed on Nov. 11, casting
doubt on the central bank's view the country was on track to meet
its 2% inflation target driven by robust domestic demand.

According to Reuters, the findings align with concerns voiced by
some Bank of Japan (BOJ) board members at last month's policy
meeting that intensifying labour shortages could constrain growth,
rather than lead to higher wages.

"There's a risk Japan's economic growth will slow if labour supply
constraints force firms to shrink operations by withdrawing from
low-profit businesses," one member was quoted as saying in a
summary of opinions released on Nov. 11, Reuters relays.

An index measuring sentiment among service-sector firms like taxi
drivers and restaurants stood at 47.5 in October, down 0.3 point
from the previous month to mark the second straight month of
declines, the government's "economy watchers" showed.

A gauge of firms' sentiment on the economic outlook also fell 1.4
points to 48.3, worsening for the second month and highlighting the
fragility of Japan's recovery.

"Corporate sentiment remained strong for quite a long time but
seems to be worsening somewhat, which is a concern," Reuters quotes
Nobuyasu Atago, chief economist at Rakuten Securities Economic
Research Institute, as saying.

"It raises some questions as to whether rising wages will boost
consumption and lift service-sector sentiment, as the BOJ
predicts," he said.

According to Reuters, the "economy watchers" survey is closely
watched by markets as a leading indicator of household spending and
the broader economy, due to the polled firms' proximity to
consumers.

Corporate bankruptcy cases are also creeping up as rising raw
material costs and labour shortages squeeze profits particularly
for small and medium-sized firms.

The number of companies that went bankrupt hit 925 in October, the
second largest this year following 1,016 cases in May and up 17.1%
from year-before levels, Reuters discloses citing a survey by
private think tank Teikoku Databank on Nov. 11.

Of the total, a record 287 cases were caused by trouble hiring
staff, the survey showed, a sign some firms were struggling to earn
enough profits to pay higher wages.

The BOJ exited a radical stimulus programme in March and raised its
short-term policy rate to 0.25% in July.

BOJ Governor Kazuo Ueda has said the central bank will continue to
raise rates if robust domestic demand, backed by higher wages, keep
inflation sustainably around its 2% target, Reuters adds.




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

MONGOLIAN MINING: Fitch Hikes LT Foreign-Currency IDR to 'B+'
-------------------------------------------------------------
Fitch Ratings has upgraded coal producer Mongolian Mining
Corporation's (MMC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'B+' from 'B'. The Outlook is Stable. Fitch has
also upgraded MMC's senior unsecured notes due 2026 to 'B+' from
'B' with a Recovery Rating of 'RR4'. The notes are jointly and
severally issued by MMC and its wholly owned subsidiary, Energy
Resources LLC.

The upgrade reflects its assessment of reduced regulatory
volatility for the mining operations following an upgrade of
Mongolia's sovereign rating to 'B+' from 'B' in September 2024.
MMC's IDR is constrained by the concentration of end customers,
small scale and high country-risk for the mining operations in
Mongolia.

Key Rating Drivers

Reduced Regulatory Volatility: Fitch believes the regulatory
volatility for MMC's mining operations has reduced with lower
policy uncertainty after parliamentary elections in June as well as
Mongolia's stronger ability to withstand shocks due to larger
foreign-exchange reserves, lower debt and more manageable external
debt maturities compared to Fitch's previous forecasts.
Nevertheless, Mongolia is still highly vulnerable to external
conditions.

Robust Operations: Border throughput after the Covid-19 pandemic
reached about 900 trucks a day on average in 2023 and averaged
around 1,000 trucks a day in 9M24, exceeding the average of about
600-700 trucks on average before Covid-19. MMC also benefited from
a new mining commodity trading platform that expanded its customer
reach. Over 50% of revenue was through the trading platform in
9M24. As a result, MMC's run-of-mine coal output reached to 14.6
million tonnes (mt) in 2023 and 13mt in 9M24 from around 10mt in
2019.

MMC sold 6.7mt of washed coking coal products in 2023 and 6mt in
9M24, compared with the historical annual average of 4.5mt-5mt. The
average selling price (ASP) per tonne of washed hard coking coal
remained strong at USD160 in 2023 and USD174 in 1H24, against
USD147 in 2022.

Strong Financial Profile: Fitch expects the EBITDA margin to trend
down in 2024-2027 as coking coal prices fall but will remain above
40% (2023: 47%), supported by steady volume and a low-cost
position. Fitch forecasts EBITDA net leverage to remain below 0.4x
in 2024-2027, after decreasing to 0.4x in 2023 from 3.4x in 2022.
Fitch expects high interest coverage to continue in 2024-2027,
after EBITDA interest coverage reached 15.4x in 2023.

Acquisitions Drive Diversification and Growth: MMC started
diversifying into other metals through its latest acquisition of
50% of gold and precious metal exploration company Erdene Mongol
LLC. However, the coal segment will remain its dominant revenue
contributor in the short to medium term. Fitch does not expect
aggressive M&A in 2024-2027, as management has indicated a cautious
approach to acquisitions. Still, Fitch will evaluates any
debt-funded investment larger than Fitch expects as an event-driven
risk and assess the effects on MMC's financial flexibility and
credit profile.

Geographical Concentration: Fitch believes that MMC's main
end-customer base is in northern China, even though the
concentration of the top 10 customers decreased to 54% in 2023 from
93% in 2019. MMC's heavy reliance on Chinese customers makes it
vulnerable to economic conditions and regulatory changes in China.
This was particularly evident in the Covid-19 pandemic when border
throughput fell sharply, resulting in MMC's sales volume dropping
to 1.6 mt in 2021, from an average of 5mt historically.

In addition, MMC's cash cost is on the first quartile of the global
coking-coal cost curve, but its cost advantage is limited to
northern China due to additional transportation costs beyond the
region, which Fitch believes will put MMC in the higher quartiles
of the global coking-coal cost curve.

Small Scale, Single Product: MMC's scale is small by EBITDA
compared with Fitch-rated coal miners globally. Fitch expects
EBITDA to be slightly above USD400 million in 2024-2027 (2023:
USD481 million) due to stable volumes and a lower coking coal ASP.
Washed coking coal products were 99% of total revenue in 2023, in
line with historical levels. Its 2023 coal reserve statement shows
total marketable coking coal reserves of just under 300mt, or a
reserve life slightly over 20 years. MMC's small scale and product
concentration constrain its business profile.

Country Risk Remains High: MMC's mining assets are all in Mongolia
and are subject to local regulations. Fitch believes the volatile
mining regulations have a meaningful impact on MMC's financials.
This was the case during the pandemic when the effective rate for
the royalty reference price was raised to over 20%, from 5%-8%,
increasing financial pressure on MMC. The reference price has
fallen and stabilised after the pandemic and the mining product
exchange has established a more transparent reference price from
October 2023, but the record of stable regulation is short.

Derivation Summary

MMC can be compared with Guangyang Antai Holdings Limited
(B/Stable), which has revenue of more than 7x that of MMC.
Guangyang Antai's EBITDA is smaller than that of MMC due to its
low-single-digit EBITDA margin while MMC's is high at over 40%.
Fitch expects MMC to be in a net cash position on average during
2024-2027, while Guangyang Antai's EBITDA net leverage will be
around 3.0x.

MMC is a single-product coal miner, similar to Indonesia-based
miner peers PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy
Mines Tbk (GEMS, BB-/Stable). Its operational profile in terms of
mine life is over 20 years, against GEMS's slightly under 20 years
and Indika's around 16 years. Still, MMC's concentrated customer
base and Mongolia's volatile mining regulations compare
unfavourably with that of rated peers.

Compared to Indika, MMC is slightly larger in terms of EBITDA due
to a high EBITDA margin of above 40%, against Indika's margin in
the low teens. MMC's EBITDA net leverage is lower at 0.4x than
Indika's 1.7x in 2023. Compared with GEMS, MMC is smaller in terms
of EBITDA, but MMC's EBITDA margin is higher than GEMS' 25%. GEMS
also has better leverage, with a net cash position in 2023.

Key Assumptions

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

- Total annual coal sales volume on average slightly below 8mt a
year in 2024-2027;

- Mid-single-digit coal revenue decline a year in 2024-2026 as
coking coal prices trend down;

- EBITDA margin to remain above 40% in 2024-2027, supported by
steady volume and normalised costs;

- Capex to average over 15% of revenue a year during 2024-2027.

- No dividend payments in 2024-2027 based on current expectations.

RATING SENSITIVITIES

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

- Positive rating action is not envisaged in light of MMC's limited
scale and diversification.

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

- EBITDA net leverage above 3.0x for a sustained period;

- Adverse changes in mining regulations that affect the operating
environment in Mongolia.

Liquidity and Debt Structure

Comfortable Liquidity: MMC had cash on hand of USD279 million at
end-June 2024, with no short-term maturities within the next 12
months.

The company has redeemed of all outstanding perpetual notes with
face value of USD122.5 million on 2 October 2024 with available
cash. MMC's USD220 million bonds issued with Energy Resources LLC
mature in 2026, and Fitch estimates the company will generate
enough cash to redeem them without the need for refinancing. MMC
also has USD30 million of unused committed bank facilities
available.

Issuer Profile

MMC is the largest producer and exporter of high-quality hard
coking coal in Mongolia. It owns and operates the Ukhaa Khudag and
Baruun Naran open-pit coking coal mines in South Gobi province. MMC
processed 14.1mt of run-of-mine coal in 2023, which yielded around
6.7mt of washed coking coal as a primary product and 2mt of
middlings as a secondary product.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating       Recovery   Prior
   -----------                ------       --------   -----
Mongolian Mining
Corporation             LT IDR B+  Upgrade            B

   senior unsecured     LT     B+  Upgrade   RR4      B

Energy Resources LLC

   senior unsecured     LT     B+  Upgrade   RR4      B



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

AMBA HOLDINGS: Court to Hear Wind-Up Petition on Dec. 3
-------------------------------------------------------
A petition to wind up the operations of Amba Holdings Limited will
be heard before the High Court at Wellington on Dec. 3, 2024, at
10:00 a.m.

Susan Musgrave and Others filed the petition against the company on
Sept. 18, 2024.

The Petitioner's solicitor is:

          John Greenwood
          Greenwood Roche Solicitors
          Level 13, 36 Customhouse Quay
          Wellington


COLLINS & CAMERON: Creditors' Proofs of Debt Due on Dec. 3
----------------------------------------------------------
Creditors of Collins & Cameron Limited are required to file their
proofs of debt by Dec. 3, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 5, 2024.

The company's liquidator is:

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


DELTA DOMOS: Creditors' Proofs of Debt Due on Dec. 5
----------------------------------------------------
Creditors of Delta Domos Limited are required to file their proofs
of debt by Dec. 5, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is Ryan Eathorne in InSolve Partners.


ONBUILDS LIMITED: Creditors' Proofs of Debt Due on Dec. 3
---------------------------------------------------------
Creditors of Onbuilds Limited are required to file their proofs of
debt by Dec. 3, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 5, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SIMPLY CREATIVE: Court to Hear Wind-Up Petition on Dec. 13
----------------------------------------------------------
A petition to wind up the operations of Simply Creative Limited
will be heard before the High Court at Auckland on Dec. 13, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 17, 2024.

The Petitioner's solicitor is:

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




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

CORDLIFE GROUP: Says Directors Committed to Waive Fees for FY24
---------------------------------------------------------------
The Business Times reports that embattled cord-blood bank Cordlife
said that its remaining directors have committed to waive their
directors' fees for the financial year ended Dec. 31, 2024, in
response to questions raised ahead of the company's extraordinary
general meeting (EGM) on Nov. 14.

The EGM is being called to appoint new auditors and approve its
directors' fees.

In a bourse filing on Nov. 10, the company said that
non-independent non-executive directors Zhai Lingyun, Yiu Ming Yiu
and Chow Wai Leong will not be receiving directors' fees, BT
relates.

However, Chen Xiaoling, who was redesignated as group executive
director as at Jul 17, 2024, will receive her remuneration for the
role.

She will also not receive any directors' fees as long as she serves
as group executive director, the company said.

According to BT, Cordlife added that further consideration may be
made in due course as to whether Zhai, Yiu and Chow will continue
to waive their fees after FY24.

They will take into account factors such as time spent and the
effort and individual responsibilities of each director, as well as
the financial condition of the company, it said.

On why the company was "downgrading" to a smaller audit firm,
PKF-Cap, after KPMG did not seek reappointment, the company said
that it only received two fee proposals, the other of which came
from another mid-sized audit firm, BT reports.

The company added that audit partner Lee Eng Kian has 29 years of
experience auditing listed issuers such as USP Group, Bromat
Holdings - formerly known as No Signboard - and Zico Holdings.

                           About Cordlife

Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.  

As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.

These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).

KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.

According to BT, the auditor said it was unable to obtain
sufficient audit evidence over the number of affected customers
with confirmed damaged cord blood arising from temperature
excursions as at Dec. 31 2023 - and therefore the "quantification
and significance" on any adjustments to be recorded in Cordlife's
financial statements as a result.

KPMG further highlighted that "there are no alternative audit
procedures that can be performed" in applying the going concern
basis of preparation for Cordlife's financial statements.

This is because investigations by MOH and CAD remain ongoing, while
Cordlife's business in Singapore remains suspended.

JASCORP ENTERPRISE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Jascorp Enterprise Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


MAG ENGINE: Creditors' Proofs of Debt Due on Dec. 5
---------------------------------------------------
Creditors of Mag Engine Systems Private Limited are required to
file their proofs of debt by Dec. 5, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          Yio Swee Khim
          c/o 20 Peck Seah Street
          #05-00
          Singapore 079312


MAXEON SOLAR: Appoints New CFO, Deputy CFO
------------------------------------------
Maxeon Solar Technologies, Ltd disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that Dimitri Hu
has been appointed as Chief Financial Officer of the Company. Ken
Olson, currently interim Chief Financial Officer, has been
appointed as Deputy Chief Financial Officer.

Prior to joining the Company, since 2020, Mr. Hu has held key
leadership roles at TCL Industries Holdings Ltd., including Chief
Financial Officer, Executive Director, and Board Secretary of TCL
Electronics. He also served as VP and General Manager of Global
Consumer Service Center of TCL Industries. He was appointed
Chairman of Guangdong TCL Smart Home Appliances Co. Ltd. in 2021,
where he led the successful restructuring and strategic refocusing
of the company. Mr. Hu has been named 2022 Greater China
Outstanding CFO of the Year by GeLongHui Finance, and he won Best
CFO honors at the 2021/2022 Hong Kong Golden Stock Award. He was
also recognized as the Best CFO – Developed Market/Consumer
Discretionary Sector by Institutional Investor in 2019 and 2020,
among other prestigious awards. Prior to his role at TCL
Industries, he was Chief Financial Officer, and later Head of
Strategy and Investment Department of Yue Yuen Industrial
(Holdings) Limited, Chief Financial Officer of Gogoro Inc. and has
held various roles with Deutsche Asset Management (Taiwan), CLSA
Asia Pacific Markets and Goldman Sachs (Asia) L.L.C.. Mr. Hu
graduated from Leonard N. Stern School of Business, New York
University, with a Master of Business Administration Degree in
Finance and Accounting in 2006 and from National Taiwan University
with a Bachelor of Business Administration Degree in Finance in
2001.

                        About Maxeon Solar

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

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

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

MOORAH PTE: Court to Hear Wind-Up Petition on Nov. 22
-----------------------------------------------------
A petition to wind up the operations of Moorah Pte. Ltd. will be
heard before the High Court of Singapore on Nov. 22, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 29, 2024.

The Petitioner's solicitors are:

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


PROGRESSSMG PTE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Progresssmg Pte. Ltd. on Oct. 1, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Jason Kardachi
          Cosimo Borrelli      
          Kroll Pte. Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315


SGPAPERRECYCLE PTE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Nov. 1, 2024, to
wind up the operations of SGPaperrecycle Pte. Ltd.

CBH Resources Pte. Ltd. filed the petition against the company.

The company's liquidator is:

          R S Ramasamy
          c/o Mirai Consulting SG  
          6 Jalan Lembah Kallang
          Singapore 339562




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

FUNAI ELECTRIC: Thailand Factory Shut After Parent Goes Bankrupt
----------------------------------------------------------------
The Nation reports that the Labour Ministry is probing the shutdown
of Funai (Thailand) Ltd, an electronics manufacturer in Nakhon
Ratchasima province, to make sure its 862 employees are properly
compensated.

According to The Nation, the company, which produced radio
receivers and audio/video recorders, announced on Oct. 29 that it
would halt operations on November 1 and terminate employment of all
staff. It promised to pay compensation to staff at 75% of their
last salary, as required by Section 75 of the Labour Protection
Act.

Funai Ltd said the move came after its Japanese parent, Funai
Electric, received court approval for its bankruptcy plan on
October 24. This resulted in the Thai subsidiary being no longer
able to import materials for its production, it said, The Nation
relays.

The factory in the northeastern province had a total of 862
employees, 310 males and 552 females, Labour Ministry spokesman
Phumiphat Mueanchan said on Nov. 1.

He said provincial labour officers have been visiting the factory
to make sure that it complies with legal requirements regarding
compensation to terminated employees. Officials will also make sure
affected employees receive all benefits under the social security
programme, he added.

As reported in the Troubled Company Reporter-Asia Pacific in late
October 2024, Funai Electric received court approval for its
bankruptcy plan on Oct. 24, credit research firm Teikoku Databank
said.  The Japan Times, citing Teikoku Databank, related that Funai
Electric, based in Daito, Osaka Prefecture, had some JPY46.1
billion ($303.6 million) in liabilities.




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

[*] BOND PRICING: For the Week Nov. 4, 2024 to Nov. 8, 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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